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or","page_number":2,"box":{"x":121,"y":583,"width":763,"height":13}},{"id":"bc530cde-bfc4-4a54-bdab-9785edc4b3bc","block_type":"box","text":"organisation to which one or more Member States belong.","page_number":2,"box":{"x":121,"y":599,"width":502,"height":13}},{"id":"5bac2c0b-963c-43be-9ebd-c0ea3bb3988f","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":632,"width":763,"height":13}},{"id":"b6328d28-78ca-4fec-9118-3ccfe2f2934e","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":648,"width":763,"height":13}},{"id":"654cf8ee-4d94-42fa-905e-4989d8094688","block_type":"box","text":"article 1(4) of Commission Delegated Directive (EU) 2017/593 of 7 April 2016 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In addition, most if not all of the protections provided under the United","page_number":3,"box":{"x":121,"y":236,"width":763,"height":13}},{"id":"189312b7-9513-4363-a06f-49e5d43e871f","block_type":"box","text":"Kingdom regulatory system will not apply to investment in the Fund. The rights of","page_number":3,"box":{"x":121,"y":252,"width":763,"height":13}},{"id":"acc77b75-f7b6-482b-860e-f739ee5c0f77","block_type":"box","text":"Shareholders may not be protected by the investors compensation scheme in the United","page_number":3,"box":{"x":121,"y":269,"width":763,"height":13}},{"id":"647f0844-df55-42a8-ad22-8652eca46587","block_type":"box","text":"Kingdom.","page_number":3,"box":{"x":121,"y":285,"width":86,"height":13}},{"id":"8a516363-9b98-4681-9eb3-d29f912757be","block_type":"box","text":"Distribution of this Prospectus is not authorised in any jurisdiction unless accompanied by a","page_number":3,"box":{"x":121,"y":318,"width":763,"height":13}},{"id":"80d6705e-be60-4045-a0a8-8b7522cd77ba","block_type":"box","text":"copy of the then latest published annual report and unaudited accounts. Such reports and this","page_number":3,"box":{"x":121,"y":334,"width":763,"height":13}},{"id":"b8a9e9ac-7d35-4304-94ca-175372b23ac7","block_type":"box","text":"Prospectus together form the prospectus for the issue of Shares in the Fund.","page_number":3,"box":{"x":121,"y":351,"width":614,"height":13}},{"id":"b079c22c-6eb9-473a-8838-e7ccf971c648","block_type":"box","text":"This Prospectus may not be used for the purpose of an offer or solicitation in any jurisdiction","page_number":3,"box":{"x":121,"y":384,"width":763,"height":12}},{"id":"9d2abbd7-ac2f-47ad-a303-85d5ae545ab3","block_type":"box","text":"or in any circumstances in which such offer or solicitation is unlawful or not authorised. In","page_number":3,"box":{"x":121,"y":400,"width":763,"height":13}},{"id":"c34bd8c6-8ef4-42f9-9b5b-507bcb609cf5","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":416,"width":763,"height":13}},{"id":"e12e0d05-35d0-4a10-b2fd-425c48a41993","block_type":"box","text":"or the securities laws of the United States. The Shares may not be offered or sold directly or","page_number":3,"box":{"x":121,"y":433,"width":763,"height":13}},{"id":"82f6e18c-33bd-442f-9929-c0611ef1d518","block_type":"box","text":"indirectly in the United States or to or for the account or benefit of any U.S. Person or in a","page_number":3,"box":{"x":121,"y":449,"width":763,"height":13}},{"id":"f7361cf8-f248-46b4-b7ec-056726cc65a5","block_type":"box","text":"transaction not subject to the regulatory requirements of, the Securities Act of 1933 and any","page_number":3,"box":{"x":121,"y":465,"width":763,"height":13}},{"id":"43be2097-aa05-4573-9455-e9014b812cae","block_type":"box","text":"applicable state securities laws. Any re-offer or resale of Shares in the United States or to U.S.","page_number":3,"box":{"x":121,"y":482,"width":763,"height":13}},{"id":"3728ab16-a9a6-449a-9ec4-4e472cd79dab","block_type":"box","text":"Persons may constitute a violation of U.S. law. 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A prospective investor may be required at the","page_number":3,"box":{"x":121,"y":728,"width":763,"height":13}},{"id":"eaea3e44-e2f1-4e1c-91d0-ef86834e3c26","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":744,"width":763,"height":13}},{"id":"32f72b2d-2c2a-4fbd-be7a-7c43ee9e0207","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":761,"width":763,"height":12}},{"id":"f562d848-e3a4-441c-87b0-22cb4dd78934","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":777,"width":763,"height":13}},{"id":"39cad5d7-88f2-4c94-adfd-718ba2ad1cce","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":793,"width":763,"height":13}},{"id":"6f44406c-2a89-429c-87d0-6296fc07dd1c","block_type":"box","text":"application.","page_number":3,"box":{"x":121,"y":810,"width":99,"height":12}},{"id":"f6481173-8645-4a09-a69f-5a20358beb56","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":842,"width":763,"height":13}},{"id":"cf0e5678-fb8a-4802-8601-314ae5cb263c","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":859,"width":763,"height":13}},{"id":"79b128cd-10b5-4574-af18-1b7658018fc2","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":875,"width":763,"height":13}},{"id":"620c793d-87c8-440f-96b2-47a2e5183845","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":892,"width":763,"height":12}},{"id":"9c03ce2d-7877-4af6-815a-d753dc51ff22","block_type":"box","text":"4","page_number":4,"box":{"x":495,"y":928,"width":15,"height":9}},{"id":"94299b22-5a4f-4b64-a33c-3ac187e5fdcb","block_type":"box","text":"or government authority or by virtue of which such person is not qualified to hold such Shares","page_number":4,"box":{"x":121,"y":89,"width":763,"height":12}},{"id":"22133cb6-0ebf-475d-97bf-0fdfea88dec2","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":105,"width":763,"height":13}},{"id":"8580e6c2-f65a-4334-823a-f50aca65f587","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":121,"width":763,"height":13}},{"id":"7bfc104e-324a-4dcf-9743-a65d9fb8b655","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":138,"width":763,"height":13}},{"id":"1c5b0fe4-4ffd-4a78-8396-35f60e63f208","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":154,"width":763,"height":13}},{"id":"8bd2f50a-e0b1-4868-954d-90d2526f16e8","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":170,"width":763,"height":13}},{"id":"5dfef922-2cd5-4144-9d0c-c2b0145cf664","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":187,"width":763,"height":13}},{"id":"5321ff7b-fe08-4086-95e0-809636ddff59","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":203,"width":763,"height":13}},{"id":"b4ca250c-8074-4618-bc31-1d79b39392eb","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":220,"width":763,"height":12}},{"id":"6c59f807-33c5-4f8d-9460-ce92550e43df","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":236,"width":763,"height":13}},{"id":"7684f251-54d4-4e36-b1ed-37eb16718461","block_type":"box","text":"taxation purposes and pay the proceeds thereof to the Irish Revenue Commissioners.","page_number":4,"box":{"x":121,"y":252,"width":687,"height":13}},{"id":"1c5b573a-c620-498d-8039-9b284f89ab3d","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":285,"width":763,"height":13}},{"id":"091d0306-652c-4d53-8dc0-254d77e1f395","block_type":"box","text":"the same information and have the same meanings as this English language document. 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Neither the","page_number":4,"box":{"x":121,"y":564,"width":763,"height":13}},{"id":"d0a74eb2-b739-4dba-a26b-e483561aa51b","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":580,"width":763,"height":13}},{"id":"3fe0e537-bad1-48ab-ba2b-ad7349090749","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":597,"width":763,"height":12}},{"id":"d0e7bb20-9a9d-4ea3-80a2-08f8d4e9e3a5","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":613,"width":763,"height":13}},{"id":"4d316ce1-255f-452f-9497-22c18a86bfe1","block_type":"box","text":"updated and intending subscribers should enquire of the Manager, the Investment Manager or","page_number":4,"box":{"x":121,"y":629,"width":763,"height":13}},{"id":"f555b10a-f032-401e-8efb-d1b1d59fb3d5","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":646,"width":763,"height":13}},{"id":"53eb4e7e-e97d-4263-baef-95245644d164","block_type":"box","text":"accounts of the Fund.","page_number":4,"box":{"x":121,"y":662,"width":178,"height":10}},{"id":"57ed7fb0-5626-4b3a-a432-3dbc8cb51a42","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":695,"width":763,"height":13}},{"id":"69aeb6bd-b47a-4f24-b31f-ed6b69adf04b","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":711,"width":763,"height":13}},{"id":"6feb1b59-58e5-4159-84c6-aaf2c753038f","block_type":"box","text":"are available as mentioned herein.","page_number":4,"box":{"x":121,"y":728,"width":279,"height":10}},{"id":"7d213f03-7eaa-47aa-bfcc-6567018d2058","block_type":"box","text":"This Prospectus shall be governed by and construed in accordance with Irish Law.","page_number":4,"box":{"x":121,"y":761,"width":668,"height":12}},{"id":"f33fcddb-d8ba-4705-8e03-0de42dc722c0","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":793,"width":763,"height":13}},{"id":"0ffc082f-ea85-41f9-b6b0-d1bf28d99d59","block_type":"box","text":"Definitions section below.","page_number":4,"box":{"x":121,"y":810,"width":217,"height":10}},{"id":"86a9c9ce-be72-4527-a57c-733444024f9b","block_type":"box","text":"5","page_number":5,"box":{"x":495,"y":928,"width":15,"height":9}},{"id":"76cf5f40-af85-4b65-a551-061e662f65b0","block_type":"box","text":"___________________________________________________________________________","page_number":5,"box":{"x":120,"y":99,"width":756,"height":1}},{"id":"a3d1219e-66d4-4bf0-8158-e73956e65a3d","block_type":"box","text":"TABLE OF CONTENTS","page_number":5,"box":{"x":392,"y":121,"width":221,"height":10}},{"id":"f555d111-52d6-4df2-b417-db77ce10fff2","block_type":"box","text":"___________________________________________________________________________","page_number":5,"box":{"x":122,"y":147,"width":761,"height":2}},{"id":"e0be8fa0-cb96-4723-997e-3279ee0e808c","block_type":"box","text":"Page","page_number":5,"box":{"x":847,"y":154,"width":40,"height":13}},{"id":"cfd2779a-b37d-4e92-89a5-7a020822b252","block_type":"box","text":"DIRECTORY ........................................................................................................................................................ 9","page_number":5,"box":{"x":121,"y":205,"width":757,"height":8}},{"id":"6fe9a063-febc-4bcb-abfd-d27a87b7c193","block_type":"box","text":"INTRODUCTION .............................................................................................................................................. 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...................................................................................................................... 23","page_number":5,"box":{"x":141,"y":649,"width":737,"height":11}},{"id":"e7b88d67-9f3f-490d-82c1-b7857a671f3d","block_type":"box","text":"Risk Management Process ............................................................................................................................... 23","page_number":5,"box":{"x":141,"y":670,"width":737,"height":11}},{"id":"e3c867e5-86f3-4b1d-aef5-3909fefa4322","block_type":"box","text":"Sustainability Disclosures ................................................................................................................................ 24","page_number":5,"box":{"x":142,"y":691,"width":736,"height":10}},{"id":"117f4612-a299-49c0-8066-2512b57986de","block_type":"box","text":"Rating Award ................................................................................................................................................... 24","page_number":5,"box":{"x":141,"y":712,"width":737,"height":10}},{"id":"94421ba5-f242-419e-b832-47f3ef33f4a4","block_type":"box","text":"Profile of Typical Investor ............................................................................................................................... 25","page_number":5,"box":{"x":141,"y":732,"width":737,"height":11}},{"id":"5d887a02-3a57-488d-a9d7-34b7a5a45806","block_type":"box","text":"Risk Factors ..................................................................................................................................................... 25","page_number":5,"box":{"x":141,"y":753,"width":737,"height":8}},{"id":"502d0d4b-a1e5-4888-965a-27f6a984430f","block_type":"box","text":"Dividend Policy ............................................................................................................................................... 25","page_number":5,"box":{"x":141,"y":774,"width":737,"height":11}},{"id":"0a9fa453-f5de-413a-9fb3-c79a2fd6d98a","block_type":"box","text":"Key Information for Purchasing and Redeeming ............................................................................................ 26","page_number":5,"box":{"x":142,"y":795,"width":736,"height":10}},{"id":"996d3c40-556b-4971-9a44-17dde7956427","block_type":"box","text":"Fees and Expenses ........................................................................................................................................... 28","page_number":5,"box":{"x":141,"y":815,"width":737,"height":11}},{"id":"946e6a1d-bb75-4dbe-b285-8212c9aefbe6","block_type":"box","text":"AVIVA INVESTORS EURO LIQUIDITY FUND .......................................................................................... 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When calculating the weighted average maturity of investments,","page_number":13,"box":{"x":121,"y":302,"width":763,"height":12}},{"id":"b0f4cd8a-b534-4393-82cb-c6e882562051","block_type":"box","text":"the maturity of a floating rate instrument shall be deemed to be its next interest readjustment","page_number":13,"box":{"x":121,"y":318,"width":763,"height":13}},{"id":"8a02af46-a3b7-45e6-b4e0-46b4b79978f8","block_type":"box","text":"date. The weighted average life of the Sub-Fund’s investments will not exceed 120 days.","page_number":13,"box":{"x":121,"y":334,"width":720,"height":13}},{"id":"2e1cea4c-a667-436b-82c3-1e1735fec355","block_type":"box","text":"The Sub-Fund may also hold ancillary liquid assets such as bank deposits.","page_number":13,"box":{"x":121,"y":351,"width":603,"height":13}},{"id":"42826778-dc49-44f1-b889-9f9bf76f0389","block_type":"box","text":"The Sub-Fund is subject to and managed in accordance with the portfolio rules of Article 24 of","page_number":13,"box":{"x":121,"y":384,"width":763,"height":12}},{"id":"34bc0058-9923-4251-a73f-23dc115dd060","block_type":"box","text":"the Money Market Fund Regulation.","page_number":13,"box":{"x":121,"y":400,"width":300,"height":13}},{"id":"38a66227-9ff1-4b82-a287-9450f93e0f99","block_type":"box","text":"Investment Restrictions","page_number":13,"box":{"x":121,"y":433,"width":209,"height":10}},{"id":"938aafe5-7d20-4632-a839-7b785db1aeac","block_type":"box","text":"The investment restrictions are as prescribed in the Money Market Fund Regulation as set out","page_number":13,"box":{"x":121,"y":465,"width":763,"height":13}},{"id":"a3e9a9b1-6d5b-4c7a-9c76-20e603333708","block_type":"box","text":"in Appendix IV of the Prospectus.","page_number":13,"box":{"x":121,"y":482,"width":280,"height":13}},{"id":"12f27dee-d665-4115-86d0-7aec987a31cf","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":13,"box":{"x":121,"y":515,"width":763,"height":12}},{"id":"e8b57eb3-824b-4660-9798-f56605c19356","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":13,"box":{"x":121,"y":531,"width":763,"height":13}},{"id":"f2352853-d298-48fe-acd5-fff0af6c2db7","block_type":"box","text":"shares of any single Short Term Money Market Fund.","page_number":13,"box":{"x":121,"y":547,"width":432,"height":13}},{"id":"eadfcb70-f607-4d9e-b146-a39743380cb9","block_type":"box","text":"The Directors may from time to time impose such further investment restrictions as shall be","page_number":13,"box":{"x":121,"y":580,"width":763,"height":13}},{"id":"542cf1d1-b603-4917-9125-e1b6f1127b4e","block_type":"box","text":"compatible with or in the interests of Shareholders, in order to comply with the laws and","page_number":13,"box":{"x":121,"y":597,"width":763,"height":12}},{"id":"acde9167-2d85-4753-92f6-a314ee48076d","block_type":"box","text":"regulations of the countries where Shareholders are located. 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Additional Shares will be issued to Shareholders at","page_number":16,"box":{"x":121,"y":777,"width":763,"height":13}},{"id":"89702330-3603-4e97-96f5-6283b3cbaae3","block_type":"box","text":"a price calculated in the same way as for other issues of the Shares on the same date. 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Share Class T is only","page_number":17,"box":{"x":121,"y":744,"width":763,"height":13}},{"id":"45d90b16-da7d-4475-bc1f-87e791a2b1ba","block_type":"box","text":"available to those investors who satisfy the conditions for issue of T Shares and Digital Tokens","page_number":17,"box":{"x":121,"y":761,"width":763,"height":12}},{"id":"5e0464b5-8e97-4f62-8c84-9cb83e3e5cc4","block_type":"box","text":"described below in the section “Token Classes” in Part 2 of the Prospectus.","page_number":17,"box":{"x":121,"y":777,"width":611,"height":13}},{"id":"697eeece-f9f3-4381-b880-30b5b828c435","block_type":"box","text":"The Directors may for each relevant class of Shares waive such Minimum Initial Subscription","page_number":17,"box":{"x":121,"y":810,"width":763,"height":12}},{"id":"d3b8e914-3ae7-45b5-ad17-b33f9afa4cb2","block_type":"box","text":"and/or Minimum Holding amounts in their absolute discretion.","page_number":17,"box":{"x":121,"y":826,"width":511,"height":13}},{"id":"b2489b42-4631-4a06-a2f6-dde74c67ee58","block_type":"box","text":"Dealing Deadline","page_number":17,"box":{"x":121,"y":859,"width":152,"height":13}},{"id":"64258119-f303-4c3a-bf26-cde6a87789f0","block_type":"box","text":"1.30 p.m. (Irish time) on each Dealing Day, except in the case of any Dealing Day occurring","page_number":17,"box":{"x":123,"y":892,"width":761,"height":12}},{"id":"faceebaa-a118-4aa2-a9c8-47f4613cc890","block_type":"box","text":"18","page_number":18,"box":{"x":492,"y":928,"width":23,"height":9}},{"id":"c3ee0735-44d7-45a9-b801-ff0068ed61c8","block_type":"box","text":"on 24 December and/or on 31 December in each calendar year, on which Dealing Days the","page_number":18,"box":{"x":121,"y":89,"width":763,"height":12}},{"id":"a4c60e96-36d6-4d2b-bd5a-fb59f20c0ec1","block_type":"box","text":"Dealing Deadline shall be 12 p.m. (Irish time).","page_number":18,"box":{"x":121,"y":105,"width":381,"height":13}},{"id":"de6fbb04-40d8-4280-8484-adc5eacbeaed","block_type":"box","text":"The Investment Manager reserves the right to advance the time of the Dealing Deadline on any","page_number":18,"box":{"x":121,"y":138,"width":763,"height":13}},{"id":"38b34714-a7f3-4565-9343-50375f2fc5f4","block_type":"box","text":"Business Day such as a Business Day when the principal bond markets close early in advance","page_number":18,"box":{"x":121,"y":154,"width":763,"height":13}},{"id":"f3860f81-2380-4aaf-b5ed-4d56dfb00ff6","block_type":"box","text":"of a holiday customarily observed by participants in such markets or in the case of the","page_number":18,"box":{"x":121,"y":170,"width":763,"height":13}},{"id":"63e94287-b76f-4658-bd74-3a23548f0fe3","block_type":"box","text":"happening of an event outside the control of the Fund which precipitates the early closing of","page_number":18,"box":{"x":121,"y":187,"width":763,"height":13}},{"id":"5ebfb70f-8540-4424-8f42-daa62730ee49","block_type":"box","text":"the principal bond markets. Prior notification of the revised Dealing Deadline will be sent by","page_number":18,"box":{"x":121,"y":203,"width":763,"height":13}},{"id":"808686ff-2b68-4d81-98a6-a80182f5ef3e","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":18,"box":{"x":121,"y":220,"width":763,"height":12}},{"id":"a9260d9d-7d1b-4326-8175-41916b8aa8bf","block_type":"box","text":"of an event outside the control of the Fund.","page_number":18,"box":{"x":121,"y":236,"width":352,"height":10}},{"id":"4297f912-df02-4b1f-88d6-a126ef945816","block_type":"box","text":"The Investment Manager reserves the right to alter the Dealing Deadline. Prior notification of","page_number":18,"box":{"x":121,"y":269,"width":763,"height":13}},{"id":"af1ea0a8-7444-4c6c-9adf-70da1ad434ac","block_type":"box","text":"the revised Dealing Deadline shall be sent by email or by post to Shareholders in the event that","page_number":18,"box":{"x":121,"y":285,"width":763,"height":13}},{"id":"fc96cf31-cc49-4b44-ba03-649ae1babd6f","block_type":"box","text":"the revised Dealing Deadline is in place on a temporary basis. If introduced on a permanent","page_number":18,"box":{"x":121,"y":302,"width":763,"height":12}},{"id":"bd63ac1e-7185-4c9f-944b-a680e5b78793","block_type":"box","text":"basis, the Prospectus will be updated and Shareholders will be notified in advance of such","page_number":18,"box":{"x":121,"y":318,"width":763,"height":13}},{"id":"07b029c3-95fd-4681-8b0e-fc3eb3f5eb85","block_type":"box","text":"changes.","page_number":18,"box":{"x":121,"y":334,"width":74,"height":13}},{"id":"b117eea3-a98a-47a6-a752-cffd70f7df2b","block_type":"box","text":"Interim Dealing Cycles","page_number":18,"box":{"x":121,"y":367,"width":203,"height":13}},{"id":"7745bef9-62b6-46b8-8e6c-0a02aa6e1954","block_type":"box","text":"Subject to the section of the Prospectus entitled “Interim Dealing Cycles – Money Market","page_number":18,"box":{"x":121,"y":400,"width":763,"height":13}},{"id":"1de100b3-a635-40e8-9a3b-6f3004779fb3","block_type":"box","text":"Funds”, the Aviva Investors Sterling Liquidity Fund intends to run one or more Interim Dealing","page_number":18,"box":{"x":121,"y":416,"width":763,"height":13}},{"id":"c1e7574e-ab4b-4bcb-9586-c1f4cf4062c0","block_type":"box","text":"Cycles on a Dealing Day as the Manager may from time to time determine.","page_number":18,"box":{"x":121,"y":433,"width":612,"height":13}},{"id":"65834c4a-cba8-44f2-bcaf-8899d9275d40","block_type":"box","text":"Issue Price for Class 1-9 Shares,","page_number":18,"box":{"x":121,"y":465,"width":312,"height":13}},{"id":"cbd6cc6e-6570-4abd-831c-f9d9bc8f55b7","block_type":"box","text":"Class W (Accumulating) Shares and Class W","page_number":18,"box":{"x":447,"y":465,"width":437,"height":13}},{"id":"212c05ad-28ab-4b3b-b333-b8a30a07bc52","block_type":"box","text":"(Distributing) Shares","page_number":18,"box":{"x":121,"y":482,"width":187,"height":13}},{"id":"a060b6e1-99dc-4a5e-beb9-927757663eb3","block_type":"box","text":"Net Asset Value per Share of the relevant Class on the relevant Dealing Day.","page_number":18,"box":{"x":121,"y":515,"width":626,"height":12}},{"id":"ddc1389d-10e1-414c-a269-91782b3277c9","block_type":"box","text":"Issue Price for Class 10-14 Shares","page_number":18,"box":{"x":121,"y":547,"width":295,"height":10}},{"id":"cd656bd0-2e96-4e8a-80ad-63983cdad258","block_type":"box","text":"The Issue Price per Share of the relevant Class shall be £1,000.0000 during the Initial Offer","page_number":18,"box":{"x":121,"y":580,"width":763,"height":13}},{"id":"4bb0ebd1-2191-4036-88c6-a51e8ad67644","block_type":"box","text":"Period and thereafter the Net Asset Value per Share of the relevant Class on the relevant","page_number":18,"box":{"x":121,"y":597,"width":763,"height":12}},{"id":"678dd211-ce86-46cc-a0e2-b9e2b9432141","block_type":"box","text":"Dealing Day.","page_number":18,"box":{"x":121,"y":613,"width":112,"height":13}},{"id":"ef47ad8c-cecf-4263-9db2-fd999d9b1849","block_type":"box","text":"Issue Price for Class T Shares","page_number":18,"box":{"x":121,"y":646,"width":262,"height":10}},{"id":"2cdcceeb-a0af-4acb-aa9a-ae82971ac22d","block_type":"box","text":"The Issue Price per Share of the relevant Class shall be £1 during the Initial Offer Period and","page_number":18,"box":{"x":121,"y":679,"width":763,"height":12}},{"id":"6fa8e737-24bc-4454-b584-806c640af849","block_type":"box","text":"thereafter the Net Asset Value per Share on the relevant Dealing Day.","page_number":18,"box":{"x":121,"y":695,"width":568,"height":13}},{"id":"ba27a715-b4f6-4075-a23d-119c238dc384","block_type":"box","text":"Offer Period for Class 1-9 Shares, Class W (Accumulating) Shares and Class W","page_number":18,"box":{"x":121,"y":728,"width":763,"height":12}},{"id":"335392fb-ad8f-49c1-b5d9-9621d7d5b148","block_type":"box","text":"(Distributing) Shares","page_number":18,"box":{"x":121,"y":744,"width":187,"height":13}},{"id":"d70473cb-31e2-4f70-a474-f6e84ac3e85d","block_type":"box","text":"Shares are continuously available for subscriptions on any Dealing Day.","page_number":18,"box":{"x":121,"y":777,"width":587,"height":13}},{"id":"b5a4d8e5-70f8-4a22-8ab0-e68072331eb7","block_type":"box","text":"Offer Period for Class 10-14 Shares and Class T Shares","page_number":18,"box":{"x":121,"y":810,"width":481,"height":10}},{"id":"16f3d00d-50a0-4aee-8c65-dca0d269ae1d","block_type":"box","text":"The Initial Offer Period for each of Class 10-14 Shares will run from 9.00 am (Irish Time) on","page_number":18,"box":{"x":121,"y":842,"width":763,"height":13}},{"id":"f0bb4d13-69b7-41f9-92d5-f7db20e258a3","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":18,"box":{"x":121,"y":859,"width":763,"height":13}},{"id":"f3cafa20-fe2a-478d-8cf0-b390a6135724","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":18,"box":{"x":121,"y":875,"width":763,"height":13}},{"id":"f1692a0a-93e6-42cf-8810-f18e36ddc3b5","block_type":"box","text":"a shorter or longer period for each Class as the Directors may determine on behalf of the Sub-","page_number":18,"box":{"x":121,"y":892,"width":757,"height":12}},{"id":"e5c23714-15f4-4bb4-80a2-b1dacdbf98a9","block_type":"box","text":"19","page_number":19,"box":{"x":492,"y":928,"width":23,"height":10}},{"id":"bfa98a8b-14d4-4575-8563-2facb2a6ce9a","block_type":"box","text":"Fund (in accordance with the requirements of the Central Bank) and notify to the Administrator","page_number":19,"box":{"x":121,"y":89,"width":763,"height":12}},{"id":"f51c1ed1-053d-4607-b211-6422e29a121e","block_type":"box","text":"for a class. Where the offer period is shortened or extended, the Fund will notify the Central","page_number":19,"box":{"x":121,"y":105,"width":763,"height":13}},{"id":"c781a744-3341-424f-b99c-1a8730d721e8","block_type":"box","text":"Bank, where required, in accordance with the Central Banks requirements. After the Initial","page_number":19,"box":{"x":121,"y":121,"width":763,"height":13}},{"id":"480b40b3-8270-44bc-b235-8a2d55b9fe75","block_type":"box","text":"Offer Period, shares will be continuously available for subscriptions on any dealing day.","page_number":19,"box":{"x":121,"y":138,"width":717,"height":13}},{"id":"94d195fb-8d62-4639-ac9b-d7fca5da4d08","block_type":"box","text":"Minimum Fund Size","page_number":19,"box":{"x":121,"y":170,"width":181,"height":10}},{"id":"a2248f39-69fd-4b67-8a7f-0895bca4c7a3","block_type":"box","text":"£10,000,000.","page_number":19,"box":{"x":121,"y":203,"width":110,"height":12}},{"id":"78192b46-2f06-4817-910a-318dcb53800a","block_type":"box","text":"Minimum Initial Subscription and Minimum Holding","page_number":19,"box":{"x":121,"y":236,"width":467,"height":13}},{"id":"b63db7ed-3de7-4b91-a683-434fb6ec252a","block_type":"box","text":"The Minimum Initial Subscription and Minimum Holding in respect of each class of Shares","page_number":19,"box":{"x":121,"y":269,"width":763,"height":13}},{"id":"b20a8464-5da7-47b5-a8e1-815352dfa0b1","block_type":"box","text":"shall be as set out above, or such lower amount as the Directors may from time to time","page_number":19,"box":{"x":121,"y":285,"width":763,"height":13}},{"id":"3d7ee6d8-3c2b-47aa-9459-b10a4ff3ecf6","block_type":"box","text":"determine.","page_number":19,"box":{"x":121,"y":302,"width":90,"height":9}},{"id":"a5a02b05-1345-4e96-b808-38a4bea59f30","block_type":"box","text":"Settlement Date for Class 1-14 Shares and Class T Shares","page_number":19,"box":{"x":121,"y":334,"width":499,"height":10}},{"id":"582fdd2e-cd32-4f1c-a834-b98d0d96bbdd","block_type":"box","text":"In the case of subscription(s), a completed Subscription Form (and in the case of an initial","page_number":19,"box":{"x":121,"y":367,"width":763,"height":13}},{"id":"6c6bc6bf-e155-4739-9311-8cf2904659e2","block_type":"box","text":"investment, a completed Application Form) must have been received and accepted by the Fund","page_number":19,"box":{"x":121,"y":384,"width":763,"height":12}},{"id":"2d20285c-a5b3-4e96-90ae-0c9a2269496a","block_type":"box","text":"care of the Administrator before the Dealing Deadline for the relevant Dealing Day unless","page_number":19,"box":{"x":121,"y":400,"width":763,"height":13}},{"id":"8ff1e71d-dd62-4169-846f-d11cc6107121","block_type":"box","text":"otherwise approved by the Directors and provided the completed Subscription Form is received","page_number":19,"box":{"x":121,"y":416,"width":763,"height":13}},{"id":"a854c311-fdb4-4a2f-a645-ebda9fef1321","block_type":"box","text":"before the relevant Valuation Point. Cleared funds must be received by the Fund’s close of","page_number":19,"box":{"x":121,"y":433,"width":763,"height":13}},{"id":"d8c5f92b-74f4-4cf8-b5a4-cf1739283eb7","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":19,"box":{"x":121,"y":449,"width":763,"height":13}},{"id":"a6afffcb-126b-4827-a77e-b2cd44e96f33","block_type":"box","text":"business on the Dealing Day, then any interest costs and/or directly related charges will be","page_number":19,"box":{"x":121,"y":465,"width":763,"height":13}},{"id":"90e52cae-62d0-4bbe-9d4d-ddb7d2f90b44","block_type":"box","text":"reimbursed by the subscriber unless otherwise agreed by the Directors at their absolute","page_number":19,"box":{"x":121,"y":482,"width":763,"height":13}},{"id":"0e6d7f1b-3fb7-4f6b-8353-9f7e92f868f2","block_type":"box","text":"discretion.","page_number":19,"box":{"x":121,"y":498,"width":89,"height":10}},{"id":"29dcddbc-be87-4268-b1f5-b927d650c1c9","block_type":"box","text":"In the case of redemptions, proceeds will usually be paid by telegraphic transfer to a specified","page_number":19,"box":{"x":121,"y":531,"width":763,"height":13}},{"id":"f6ae32e8-2207-45d1-a906-9948e45e3ea4","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":19,"box":{"x":121,"y":547,"width":763,"height":13}},{"id":"c34e26ba-7572-4551-93a5-db2a88138ae5","block_type":"box","text":"Business Days) after the receipt of the relevant duly signed redemption documentation.","page_number":19,"box":{"x":121,"y":564,"width":708,"height":13}},{"id":"0866eaa1-cf4d-4e38-b05d-e42cc3d5717c","block_type":"box","text":"Settlement Date for Class W (Accumulating) and Class W (Distributing) Shares","page_number":19,"box":{"x":121,"y":596,"width":689,"height":13}},{"id":"4346bcce-e7f4-488c-bf07-05620c7fc0a6","block_type":"box","text":"In the case of subscription(s), a completed Subscription Form (and in the case of an initial","page_number":19,"box":{"x":121,"y":629,"width":763,"height":13}},{"id":"d307af83-bdcc-4a17-b922-a6f9d910f598","block_type":"box","text":"investment, a completed Application Form) must have been received and accepted by the Fund","page_number":19,"box":{"x":121,"y":646,"width":763,"height":13}},{"id":"caeaae9a-dffc-4fd4-87fb-b580f88437d8","block_type":"box","text":"care of the Administrator before the Dealing Deadline for the relevant Dealing Day unless","page_number":19,"box":{"x":121,"y":662,"width":763,"height":13}},{"id":"f13f4130-1568-4fd0-b697-7fd7f83b6759","block_type":"box","text":"otherwise approved by the Directors and provided the completed Subscription Form is received","page_number":19,"box":{"x":121,"y":679,"width":763,"height":12}},{"id":"6e48f577-49e2-4fc9-98eb-43001f35737f","block_type":"box","text":"before the relevant Valuation Point. Cleared funds must be received by the Fund’s close of","page_number":19,"box":{"x":121,"y":695,"width":763,"height":13}},{"id":"fb10158e-6360-4c6d-92a3-e7467fb6e2d9","block_type":"box","text":"bank business on the Business Day following the relevant Dealing Day. If cleared funds are","page_number":19,"box":{"x":121,"y":711,"width":763,"height":13}},{"id":"c233484e-1256-4b70-b69f-23cb29a44dd3","block_type":"box","text":"not received by the Fund’s close of bank business on the Business Day following the relevant","page_number":19,"box":{"x":121,"y":728,"width":763,"height":13}},{"id":"6076fb98-1da6-4b04-a2e5-56bbf08132e5","block_type":"box","text":"Dealing Day, then any interest costs and/or directly related charges will be reimbursed by the","page_number":19,"box":{"x":121,"y":744,"width":763,"height":13}},{"id":"c20b7d54-782c-47c5-9ce5-3790dd28f4eb","block_type":"box","text":"subscriber unless otherwise agreed by the Directors at their absolute discretion.","page_number":19,"box":{"x":121,"y":761,"width":644,"height":12}},{"id":"eca85f09-efcd-40e4-a5d8-babe1b16a127","block_type":"box","text":"In the case of redemptions, proceeds will usually be paid by telegraphic transfer to a specified","page_number":19,"box":{"x":121,"y":793,"width":763,"height":13}},{"id":"8c3e5559-066e-4328-a297-6ea2cb82cf83","block_type":"box","text":"account at the Shareholder’s risk on the Business Day following the relevant Dealing Day (and","page_number":19,"box":{"x":121,"y":810,"width":763,"height":12}},{"id":"d1593a2a-275f-4a1e-8dbf-c1914db085dd","block_type":"box","text":"in any event no later than 10 Business Days) after the receipt of the relevant duly signed","page_number":19,"box":{"x":121,"y":826,"width":763,"height":13}},{"id":"54a196ca-f81d-447b-87e4-edbdee464e7f","block_type":"box","text":"redemption documentation","page_number":19,"box":{"x":121,"y":842,"width":221,"height":13}},{"id":"c0936448-02be-4d63-929d-1a18bd36b4d3","block_type":"box","text":"Valuation Point","page_number":19,"box":{"x":121,"y":875,"width":141,"height":10}},{"id":"a74f4700-d75d-43a5-b63b-2f7de4f9f369","block_type":"box","text":"20","page_number":20,"box":{"x":490,"y":928,"width":25,"height":9}},{"id":"f0268e21-4667-46c1-ba41-0a467f4947e7","block_type":"box","text":"1.30 p.m. (Irish time) on the Business Day prior to the relevant Dealing Day. The Valuation","page_number":20,"box":{"x":123,"y":89,"width":761,"height":12}},{"id":"6331aa92-2f84-43c8-8560-80d9dad4ed39","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":20,"box":{"x":121,"y":105,"width":763,"height":13}},{"id":"6323f1da-650b-4893-b152-20e06cc384cb","block_type":"box","text":"delegate determines that there has been a Valuation Deviation. In such circumstances,","page_number":20,"box":{"x":121,"y":121,"width":763,"height":13}},{"id":"8077eed6-fb1d-4629-b978-6bd0955f7a8f","block_type":"box","text":"Shareholders and applicants for Shares should note that the Valuation Point for the purposes of","page_number":20,"box":{"x":121,"y":138,"width":763,"height":13}},{"id":"013ede9d-3ec4-4f24-8195-b6120f5411ee","block_type":"box","text":"requests to issue or redeem Shares received on or before the Dealing Deadline on that Dealing","page_number":20,"box":{"x":121,"y":154,"width":763,"height":13}},{"id":"97b2150c-3004-472a-9da2-bae49acdd7a1","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":20,"box":{"x":121,"y":170,"width":763,"height":13}},{"id":"c1881a1d-ba5e-4615-b6a6-77cbcf2a9735","block_type":"box","text":"immediately following any day on which there has been a Valuation Deviation the Valuation","page_number":20,"box":{"x":121,"y":187,"width":763,"height":13}},{"id":"520602b5-6756-4768-a5c1-85a45bca2e42","block_type":"box","text":"Point shall also be 1.30 p.m. (Irish time) on the same Dealing Day.","page_number":20,"box":{"x":121,"y":203,"width":543,"height":13}},{"id":"4eff2430-879f-4542-8595-272cef13b3a2","block_type":"box","text":"Fees and Expenses","page_number":20,"box":{"x":121,"y":236,"width":165,"height":13}},{"id":"270d30e3-e1cc-41c3-ba03-c1426abe0a56","block_type":"box","text":"The Manager shall be entitled to receive out of the assets of the Sub-Fund different fees for","page_number":20,"box":{"x":121,"y":269,"width":763,"height":13}},{"id":"30fc3c68-8079-419c-8a67-0046d97a36d9","block_type":"box","text":"each class of Shares as set out below.","page_number":20,"box":{"x":121,"y":285,"width":306,"height":10}},{"id":"d85e9e50-2b99-4478-9614-ce1593ddf317","block_type":"box","text":"Class of Shares","page_number":20,"box":{"x":121,"y":318,"width":136,"height":10}},{"id":"aaea925d-c26e-437f-aa6b-ae64269b44bc","block_type":"box","text":"Annual Charges and Expenses","page_number":20,"box":{"x":363,"y":318,"width":267,"height":13}},{"id":"8e78bcdf-1075-4cf1-9023-2552da66cdb0","block_type":"box","text":"Class 1","page_number":20,"box":{"x":121,"y":351,"width":63,"height":10}},{"id":"d8cbf954-28da-4c69-9505-2c94b17dd33d","block_type":"box","text":"0.20% of the Net Asset Value of the Class 1 Shares","page_number":20,"box":{"x":363,"y":351,"width":419,"height":10}},{"id":"358e3571-0c8a-4d6e-a75a-70a0a4064675","block_type":"box","text":"Class 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The Manager will absorb (directly by first the waiver of its fees","page_number":20,"box":{"x":121,"y":711,"width":763,"height":13}},{"id":"3c6b2186-b6b3-4a6d-8372-262d8b538b98","block_type":"box","text":"and to the extent necessary reimbursing the other operating costs of each class of Shares), any","page_number":20,"box":{"x":121,"y":728,"width":763,"height":13}},{"id":"5011e8df-c49e-4d11-819b-e516b8fe710c","block_type":"box","text":"additional fees, ordinary costs or expenses over the Fixed Rate that may arise in respect of the","page_number":20,"box":{"x":121,"y":744,"width":763,"height":13}},{"id":"02f70ccc-8307-47e2-9723-a0a63fb1e044","block_type":"box","text":"actual cost of management and operation of the Sub-Fund attributable to each class of Share.","page_number":20,"box":{"x":121,"y":761,"width":763,"height":12}},{"id":"77395a58-4506-4a33-a894-0527281bc5da","block_type":"box","text":"The Manager may from time to time elect to increase the Fixed Rate of any class of Shares","page_number":20,"box":{"x":121,"y":777,"width":763,"height":13}},{"id":"2e3287ed-4eb5-4ece-a883-8fd45c07d1bf","block_type":"box","text":"(provided that it may not increase the aggregate fees payable to itself and the Investment","page_number":20,"box":{"x":121,"y":793,"width":763,"height":13}},{"id":"e5441325-648c-4f9f-a719-a2f196056bd6","block_type":"box","text":"Manager as set out above without prior Shareholder approval) by notice to the Fund, and the","page_number":20,"box":{"x":121,"y":810,"width":763,"height":12}},{"id":"def1c4cc-9fff-4d4a-aabd-bbe309e0b928","block_type":"box","text":"Fund will notify the holders of the relevant class of Shares if the Fixed Rate is to be increased","page_number":20,"box":{"x":121,"y":826,"width":763,"height":13}},{"id":"97b938df-57fe-4a92-8f3f-b42d258653a4","block_type":"box","text":"and the increase shall take effect 90 days after such notice has been given by the Fund.","page_number":20,"box":{"x":121,"y":842,"width":704,"height":13}},{"id":"de6d8f12-b98f-405c-825b-bc8dfc6925f3","block_type":"box","text":"Fees will be accrued on each Dealing Day, be payable monthly in arrears and be calculated","page_number":20,"box":{"x":121,"y":875,"width":763,"height":13}},{"id":"803e9292-36d6-4554-b87f-d7e619538476","block_type":"box","text":"with reference to the average net assets of the Sub-Fund on a monthly basis (i.e. which equals","page_number":20,"box":{"x":121,"y":892,"width":763,"height":12}},{"id":"589c8d35-fc2b-48c4-aa71-0bd2fa548e95","block_type":"box","text":"21","page_number":21,"box":{"x":490,"y":928,"width":25,"height":9}},{"id":"db186920-459e-4a62-b226-a09940deb498","block_type":"box","text":"the aggregate of the net assets of the Sub-Fund on each Dealing Day during a calendar month","page_number":21,"box":{"x":121,"y":89,"width":763,"height":12}},{"id":"d45af716-8781-4364-a708-9dfa66dd4e72","block_type":"box","text":"divided by the number of Dealing Days in that calendar month). The Manager and the","page_number":21,"box":{"x":121,"y":105,"width":763,"height":13}},{"id":"3696653d-29fa-41ab-b7bc-f522444c82f7","block_type":"box","text":"Investment Manager shall also be entitled to be repaid all of its reasonable costs and out of","page_number":21,"box":{"x":121,"y":121,"width":763,"height":13}},{"id":"f2e75461-5272-4eea-ae48-6916a5756eb4","block_type":"box","text":"pocket expenses out of the assets of the Sub-Fund. No performance fees will be payable by","page_number":21,"box":{"x":121,"y":138,"width":763,"height":13}},{"id":"400d0f77-c627-4d9d-9b9e-3a8c6b29ff0c","block_type":"box","text":"the Sub-Fund to the Manager or the Investment Manager.","page_number":21,"box":{"x":121,"y":154,"width":469,"height":13}},{"id":"9ef3e941-a100-49b3-ac5f-8e1eef5d5ac6","block_type":"box","text":"The Fixed Rate covers all other fees, costs and expenses connected with the management and","page_number":21,"box":{"x":121,"y":187,"width":763,"height":13}},{"id":"b8cf5961-66dd-429c-a0b9-7db0bf535cfe","block_type":"box","text":"operation of the Sub-Fund including, but not limited to, investment management,","page_number":21,"box":{"x":121,"y":203,"width":763,"height":13}},{"id":"0361c4bd-5dff-45ea-ab2a-b7efee2c3dbe","block_type":"box","text":"administration, registration, the fees payable to the Digital Custodian and the Tokenisation","page_number":21,"box":{"x":121,"y":220,"width":763,"height":12}},{"id":"15abea71-dad1-4da0-a4e4-de06ef27c4cf","block_type":"box","text":"Platform Provider in respect of the T Share Class, transfer agency, custody, sub-custody (which","page_number":21,"box":{"x":121,"y":236,"width":763,"height":13}},{"id":"aeddea95-a51c-436c-aa29-346a0d173e18","block_type":"box","text":"fees will be at normal commercial rates) and transfer fees and other fees and expenses incurred","page_number":21,"box":{"x":121,"y":252,"width":763,"height":13}},{"id":"4c545a20-fa63-4d3d-9178-925c9afb626a","block_type":"box","text":"in relation to preparing, translating, printing, publishing and distributing the Prospectus, annual","page_number":21,"box":{"x":121,"y":269,"width":763,"height":13}},{"id":"3040329e-f2e9-418d-a793-9501b1c28dfe","block_type":"box","text":"and semi-annual reports and other documents to the Shareholders, the costs and expenses of","page_number":21,"box":{"x":121,"y":285,"width":763,"height":13}},{"id":"02dd13a3-0999-43bf-8a50-357618d93c3b","block_type":"box","text":"obtaining authorisations or registrations of the Sub-Fund with any regulatory authority in any","page_number":21,"box":{"x":121,"y":302,"width":763,"height":12}},{"id":"5a78dceb-6232-4cf3-b645-41abfffafcf7","block_type":"box","text":"jurisdiction, professional fees and expenses, annual audit fees and Directors’ fees.","page_number":21,"box":{"x":119,"y":318,"width":666,"height":13}},{"id":"3a60da5d-f8f9-422f-9356-5257eecc0da6","block_type":"box","text":"The Fixed Rate excludes withholding, stamp duty or other taxes on the investments of the Sub","page_number":21,"box":{"x":121,"y":351,"width":757,"height":13}},{"id":"ac16025d-209d-43c5-8d35-6f6963b9cbae","block_type":"box","text":"Fund, commissions and brokerage fees incurred with respect to the Sub-Fund’s investments,","page_number":21,"box":{"x":121,"y":367,"width":763,"height":13}},{"id":"3040f956-14f4-4275-9a3a-6b37535de062","block_type":"box","text":"interest on borrowings and bank charges incurred in negotiating, effecting or varying the terms","page_number":21,"box":{"x":121,"y":384,"width":763,"height":12}},{"id":"c3a5a408-db26-4eef-966e-502572605682","block_type":"box","text":"of such borrowings, any commissions charged by intermediaries in relation to an investment","page_number":21,"box":{"x":121,"y":400,"width":763,"height":13}},{"id":"3946c214-a149-49b7-99fd-70610fde920f","block_type":"box","text":"in Shares of the Sub-Fund, any out-of-pocket expenses incurred by any of the service providers","page_number":21,"box":{"x":121,"y":416,"width":763,"height":13}},{"id":"433185e8-816f-46b2-941c-1d0d41a79ab6","block_type":"box","text":"on behalf of the Sub-Fund, the establishment and organisation costs of the Fund set out in Part","page_number":21,"box":{"x":121,"y":433,"width":763,"height":13}},{"id":"2396a60a-19b9-4bf5-b14e-5a0feaff3791","block_type":"box","text":"2 of the Prospectus and such extraordinary or exceptional costs and expenses (if any) as may","page_number":21,"box":{"x":121,"y":449,"width":763,"height":13}},{"id":"0d8a591d-73ba-4bf4-b6fb-4496836ac380","block_type":"box","text":"arise from time to time, such as material litigation in relation to the Fund. Such additional fees,","page_number":21,"box":{"x":121,"y":465,"width":763,"height":13}},{"id":"fd634c16-3a0c-46b4-8c0e-a939a0ef875a","block_type":"box","text":"costs or expenses shall be paid out of the assets of the Sub-Fund.","page_number":21,"box":{"x":121,"y":482,"width":527,"height":13}},{"id":"5f2f115a-bdc8-4ae8-a1af-28effb2920ef","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":21,"box":{"x":121,"y":515,"width":763,"height":12}},{"id":"f7a27784-ef96-4f0e-bd33-730ce2ebd0b7","block_type":"box","text":"the Prospectus.","page_number":21,"box":{"x":121,"y":531,"width":127,"height":13}},{"id":"61103e6b-d832-4feb-b8f3-d47104f8d58d","block_type":"box","text":"Preliminary Charge","page_number":21,"box":{"x":121,"y":564,"width":177,"height":12}},{"id":"38acd933-af3a-41e5-add0-8ccad26eacdc","block_type":"box","text":"No preliminary charge will be payable on the issue of Shares in the Sub-Fund.","page_number":21,"box":{"x":121,"y":597,"width":636,"height":12}},{"id":"5a609048-b723-425b-9fd0-8a26faf0811f","block_type":"box","text":"Exchange Charge","page_number":21,"box":{"x":121,"y":629,"width":157,"height":13}},{"id":"38e3e3c7-8f1e-417d-a31f-86ec00b85dc8","block_type":"box","text":"None.","page_number":21,"box":{"x":121,"y":662,"width":53,"height":10}},{"id":"b5f43de6-65d9-4eb2-a639-85ec269b77e1","block_type":"box","text":"Redemption Charge","page_number":21,"box":{"x":121,"y":695,"width":179,"height":13}},{"id":"ace63744-be90-40da-be8c-113a62798e65","block_type":"box","text":"None.","page_number":21,"box":{"x":121,"y":712,"width":53,"height":9}},{"id":"9b9b84fe-4708-484d-a2ae-3c40b1e48e6f","block_type":"box","text":"Liquidity Fees","page_number":21,"box":{"x":121,"y":747,"width":128,"height":12}},{"id":"54bdddeb-0e2f-48a7-9c52-76e1f1f821d3","block_type":"box","text":"The Sub-Fund may charge liquidity fees (by applying an anti-dilution levy) as further described","page_number":21,"box":{"x":121,"y":780,"width":763,"height":12}},{"id":"6df7628c-5287-4be5-8398-3a94a503d37a","block_type":"box","text":"in the Liquidity Management Procedures section in part 2 of the Prospectus.","page_number":21,"box":{"x":121,"y":796,"width":618,"height":13}},{"id":"20e315cc-6117-420c-a0d9-fd760d4d6ee1","block_type":"box","text":"22","page_number":22,"box":{"x":490,"y":928,"width":25,"height":9}},{"id":"ea745b9c-e4c7-411e-953d-ecc8373b33f3","block_type":"box","text":"AVIVA INVESTORS STERLING LIQUIDITY PLUS FUND","page_number":22,"box":{"x":191,"y":89,"width":623,"height":14}},{"id":"1fd10645-4b97-4691-9946-6f9b5d222645","block_type":"box","text":"Investment Objective and Policies","page_number":22,"box":{"x":121,"y":124,"width":296,"height":13}},{"id":"d4863a17-aae7-40c4-9163-c98a6042a962","block_type":"box","text":"The investment objective of the Sub-Fund is to provide an investment return with a low level","page_number":22,"box":{"x":121,"y":157,"width":763,"height":13}},{"id":"c4d8abe5-f025-4e99-b9ff-9886e7b203fe","block_type":"box","text":"of capital volatility whilst maintaining liquidity. The performance of the Sub-Fund will be","page_number":22,"box":{"x":121,"y":173,"width":763,"height":13}},{"id":"a26b1a2d-8968-4553-9155-0d03756dbe97","block_type":"box","text":"benchmarked against the SONIA rate.","page_number":22,"box":{"x":121,"y":190,"width":305,"height":12}},{"id":"a751bb93-3098-4b98-87e2-26e44f4bf910","block_type":"box","text":"2","page_number":22,"box":{"x":428,"y":190,"width":5,"height":5}},{"id":"a145f328-a0ab-4748-ab22-4e32c081e553","block_type":"box","text":"In order to achieve its investment objective, the Sub-Fund is actively managed and will invest","page_number":22,"box":{"x":121,"y":222,"width":763,"height":13}},{"id":"da67d00a-6e51-4ec5-bea9-98fe9018eb16","block_type":"box","text":"in a diversified portfolio of short term debt and debt related instruments which are primarily","page_number":22,"box":{"x":121,"y":239,"width":763,"height":13}},{"id":"5eaeb106-dd43-4e11-aac8-f35e6c672644","block_type":"box","text":"denominated in Sterling but may also be denominated in other currencies and hedged back to","page_number":22,"box":{"x":121,"y":255,"width":763,"height":13}},{"id":"8193e754-e2fc-4cf0-b9e1-3f941b3040e4","block_type":"box","text":"Sterling, and which are traded on the Markets listed in Appendix II of the Prospectus or which","page_number":22,"box":{"x":121,"y":272,"width":763,"height":12}},{"id":"8cd8a499-5945-41d7-9aea-a59d57c66763","block_type":"box","text":"are traded on such Markets within a year of being issued. No less than 80% of the Sub-Fund's","page_number":22,"box":{"x":121,"y":288,"width":763,"height":13}},{"id":"1acd7684-81e9-472e-848a-1fc1b8093b2e","block_type":"box","text":"investments will be denominated in Sterling. The Sub-Fund’s investments will include fixed","page_number":22,"box":{"x":121,"y":304,"width":763,"height":13}},{"id":"0e565fec-6a5c-4473-a3c7-c525591c87aa","block_type":"box","text":"or floating rate instruments including but not limited to commercial paper, floating rate notes,","page_number":22,"box":{"x":121,"y":321,"width":763,"height":13}},{"id":"3fe22f78-c2c0-474e-8cb4-c1a6a35bf367","block_type":"box","text":"certificates of deposit, freely transferable promissory notes, debentures, asset-backed securities","page_number":22,"box":{"x":121,"y":337,"width":763,"height":13}},{"id":"cb269e16-1c43-461c-9e83-2a13c1b51a4f","block_type":"box","text":"and bonds. The maximum final maturity for fixed rate securities is up to 10 years in respect of","page_number":22,"box":{"x":121,"y":353,"width":763,"height":13}},{"id":"d98c00bf-cf9b-48cc-bdfe-28363d233a3d","block_type":"box","text":"each individual issue. 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The Investment Manager intends where possible, to manage","page_number":22,"box":{"x":121,"y":632,"width":763,"height":13}},{"id":"649739ec-7493-4b43-8b96-ae081e4b4d70","block_type":"box","text":"the Sub-Fund according to the restrictions imposed by the rating agency in order to maintain","page_number":22,"box":{"x":121,"y":648,"width":763,"height":13}},{"id":"e2eebc69-7ec3-45b9-8f67-3349d2dcd0cd","block_type":"box","text":"an overall credit rating of Aaa.","page_number":22,"box":{"x":121,"y":665,"width":252,"height":13}},{"id":"3e0d1bc0-97a2-46c6-bf43-f5d4b9201813","block_type":"box","text":"Investment Restrictions","page_number":22,"box":{"x":121,"y":698,"width":209,"height":10}},{"id":"80221fee-3e63-44d5-92e3-911e06822c6d","block_type":"box","text":"The general investment restrictions as set out in Appendix V of the Prospectus shall apply.","page_number":22,"box":{"x":121,"y":730,"width":735,"height":13}},{"id":"39133627-6566-4529-b523-400402d73a93","block_type":"box","text":"The Directors may from time to time impose such further investment restrictions as shall be","page_number":22,"box":{"x":121,"y":763,"width":763,"height":13}},{"id":"b71ff056-435a-4a6c-8f2b-8344501fe3b4","block_type":"box","text":"compatible with or in the interests of Shareholders, in order to comply with the laws and","page_number":22,"box":{"x":121,"y":780,"width":763,"height":12}},{"id":"81a7d136-139a-4429-b9e6-d04c53a3879c","block_type":"box","text":"regulations of the countries where Shareholders are located. 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The Fund may not lend to, or act as guarantor on behalf","page_number":23,"box":{"x":121,"y":157,"width":763,"height":13}},{"id":"177327c0-379c-4c54-9e4b-d49262840aed","block_type":"box","text":"of third parties.","page_number":23,"box":{"x":121,"y":173,"width":128,"height":13}},{"id":"b17a5cfe-44b3-4f37-9a41-fde0896871f8","block_type":"box","text":"Efficient Portfolio Management","page_number":23,"box":{"x":121,"y":206,"width":278,"height":13}},{"id":"95bb6ea8-2870-46e4-9053-8078533a1081","block_type":"box","text":"Subject to the Regulations and to the conditions and limits laid down by the Central Bank from","page_number":23,"box":{"x":121,"y":239,"width":763,"height":13}},{"id":"4658febd-0387-4933-bc56-b81887527e1a","block_type":"box","text":"time to time, the Sub-Fund may utilise currency forwards and swaps dealt in on a Market listed","page_number":23,"box":{"x":121,"y":255,"width":763,"height":13}},{"id":"8e8fd04f-7cca-4205-a05f-db9297e5e746","block_type":"box","text":"in Appendix II of the Prospectus and/or over the counter derivatives “OTCs” which will be","page_number":23,"box":{"x":121,"y":272,"width":763,"height":12}},{"id":"a4979822-01b9-457f-8b98-91179775fff8","block_type":"box","text":"used solely for the purposes of hedging exchange rate risks inherent in investments of the Sub","page_number":23,"box":{"x":121,"y":288,"width":757,"height":13}},{"id":"f011a73e-8653-45e1-bc0d-c045b088564a","block_type":"box","text":"Fund. The underlying of such derivative instruments will be foreign exchange rates, and","page_number":23,"box":{"x":121,"y":304,"width":763,"height":13}},{"id":"9b4db5ce-cffd-46d3-a81c-3a7c2eddae6d","block_type":"box","text":"currencies.","page_number":23,"box":{"x":121,"y":321,"width":92,"height":10}},{"id":"1d6d2b98-88ae-405f-95c3-623a10e05039","block_type":"box","text":"The Sub-Fund may also utilise repurchase agreements and reverse repurchase agreements","page_number":23,"box":{"x":121,"y":353,"width":763,"height":13}},{"id":"ecd28551-de8e-4715-9a4d-6687a0dbee03","block_type":"box","text":"which shall be within the conditions and the limits laid down by the Central Bank. The purpose","page_number":23,"box":{"x":121,"y":370,"width":763,"height":13}},{"id":"094389a0-88aa-45d6-adca-4cfffceebbb8","block_type":"box","text":"of investing in the repurchase agreements is (i) the reduction of risk, (ii) reduction of costs,","page_number":23,"box":{"x":121,"y":386,"width":763,"height":13}},{"id":"9ef75da7-1e0c-487e-9c87-a50a3940bb96","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":23,"box":{"x":121,"y":403,"width":763,"height":12}},{"id":"9a70fab9-8788-4b7e-ab31-6e3d6d170ba3","block_type":"box","text":"acceptably low level of, risk. The Sub-Fund may also enter into reverse repurchase agreements","page_number":23,"box":{"x":121,"y":419,"width":763,"height":13}},{"id":"9ac30bdc-c613-48e3-b88d-26c79931310d","block_type":"box","text":"for liquidity management purposes and to generate additional capital or income to the Sub","page_number":23,"box":{"x":121,"y":435,"width":757,"height":13}},{"id":"6aabd11b-120f-4db5-8bc0-c869e0b9011a","block_type":"box","text":"Fund provided that it is within the conditions and limits laid down by the Central Bank.","page_number":23,"box":{"x":121,"y":452,"width":710,"height":13}},{"id":"c7f0a090-ee1b-4898-8aa3-d9c5b36077d4","block_type":"box","text":"Under the Regulations, the Sub-Fund may utilise financial derivative instruments subject to the","page_number":23,"box":{"x":121,"y":485,"width":763,"height":12}},{"id":"06114640-c37d-458d-94c0-d3a51792c029","block_type":"box","text":"following terms and conditions:-","page_number":23,"box":{"x":121,"y":501,"width":268,"height":13}},{"id":"53624dcf-63e5-49c3-8b9b-499b2f014941","block_type":"box","text":"1.","page_number":23,"box":{"x":123,"y":534,"width":11,"height":10}},{"id":"c1d746da-72cc-4a8b-9258-0cbfd83a387a","block_type":"box","text":"The global exposure of the Sub-Fund relating to financial derivative instruments must","page_number":23,"box":{"x":181,"y":534,"width":703,"height":13}},{"id":"74ece600-869e-4ae2-a5d3-bb45b37f66c0","block_type":"box","text":"not exceed its total net asset value calculated using the commitment approach;","page_number":23,"box":{"x":181,"y":550,"width":636,"height":13}},{"id":"65db9d98-492e-450d-94e7-96f71d759a77","block_type":"box","text":"2.","page_number":23,"box":{"x":121,"y":583,"width":13,"height":10}},{"id":"d97687b5-1f88-4264-8e26-181178bf3d7e","block_type":"box","text":"The position exposure to the underlying assets of financial derivative instruments","page_number":23,"box":{"x":181,"y":583,"width":703,"height":13}},{"id":"696e3c91-cf6b-47de-9c17-44767a1fd126","block_type":"box","text":"including embedded financial derivative instruments in transferable securities or money","page_number":23,"box":{"x":181,"y":599,"width":703,"height":13}},{"id":"958e772c-af88-4b09-aba2-2051e52c3ba3","block_type":"box","text":"market instruments when combined where relevant with positions resulting from direct","page_number":23,"box":{"x":181,"y":616,"width":703,"height":13}},{"id":"39110139-a30b-4c25-811c-4f860a451596","block_type":"box","text":"instruments must not exceed the investment limits specified under the heading","page_number":23,"box":{"x":181,"y":632,"width":703,"height":13}},{"id":"7125ef1c-9b45-4813-a0f1-35f40bfddae5","block_type":"box","text":"Investment Restrictions above; 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It","page_number":24,"box":{"x":121,"y":334,"width":763,"height":13}},{"id":"b2b8d19f-bbab-4a88-88bb-953c10ea59b9","block_type":"box","text":"may however not be possible to perform ESG analysis on investments used for hedging and","page_number":24,"box":{"x":121,"y":351,"width":763,"height":13}},{"id":"cb53d987-dffc-4426-97d7-abcbbf56b5be","block_type":"box","text":"efficient portfolio management purposes.","page_number":24,"box":{"x":121,"y":367,"width":337,"height":13}},{"id":"a8c720ce-9f85-434c-8599-a249b9a76efb","block_type":"box","text":"The Investment Manager actively engages with companies and use voting rights with the aim","page_number":24,"box":{"x":121,"y":400,"width":763,"height":13}},{"id":"04ba8239-c9cc-4f0c-a912-e958fe9703bd","block_type":"box","text":"of positively influencing company behaviour and helping to generatecompetitive returns. 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affiliates.","page_number":26,"box":{"x":121,"y":711,"width":424,"height":13}},{"id":"a007d6ca-44d8-4a7d-bb82-9b3332f14a0c","block_type":"box","text":"The Directors may for each relevant class of Shares waive such Minimum Initial Subscription","page_number":26,"box":{"x":121,"y":744,"width":763,"height":13}},{"id":"570b7a4a-51cf-4267-bd40-2080b79bbbb1","block_type":"box","text":"and/or Minimum Holding amounts in their absolute discretion.","page_number":26,"box":{"x":121,"y":761,"width":511,"height":12}},{"id":"83424a0d-8daa-4085-9152-2a345d42840a","block_type":"box","text":"Dealing Deadlines","page_number":26,"box":{"x":121,"y":793,"width":160,"height":13}},{"id":"667e8efe-b6a9-46c9-b14e-ad54d1805b44","block_type":"box","text":"1 p.m. (Irish time) on the Business Day immediately preceding the relevant Dealing Day,","page_number":26,"box":{"x":123,"y":826,"width":761,"height":13}},{"id":"1ca493f8-4b5a-4b30-8f2b-cf56caee5a9f","block_type":"box","text":"except in the case of any Dealing Day occurring on 24 December and/or on 31 December in","page_number":26,"box":{"x":121,"y":842,"width":763,"height":13}},{"id":"8f196ece-999d-41d9-9e20-84face4c4e48","block_type":"box","text":"each calendar year, on which Dealing Days the Dealing Deadline shall be 12 p.m. (Irish time)","page_number":26,"box":{"x":121,"y":859,"width":763,"height":13}},{"id":"471ee79a-3199-4f9b-80b6-277ea1d5818c","block_type":"box","text":"on the Business Day immediately preceding the relevant Dealing Day.","page_number":26,"box":{"x":121,"y":875,"width":572,"height":13}},{"id":"e73b8c70-8ea1-4d3a-86d0-64cf2f2e81d3","block_type":"box","text":"27","page_number":27,"box":{"x":490,"y":928,"width":25,"height":9}},{"id":"ea276130-0720-498d-bb5f-4c4155045c58","block_type":"box","text":"The Investment Manager reserves the right to advance the time of the Dealing Deadline for","page_number":27,"box":{"x":121,"y":89,"width":763,"height":12}},{"id":"1c498c1e-4e8b-4967-b56d-2d81ac321e6c","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":105,"width":763,"height":13}},{"id":"1429153f-d6ed-4507-a15b-cadb20fde20b","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":121,"width":763,"height":13}},{"id":"b509dff3-3df6-443d-afdb-db5e0b80785d","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":138,"width":763,"height":13}},{"id":"0dc1f22b-994f-4691-9758-afff09adaf37","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":154,"width":763,"height":13}},{"id":"64a461a3-1a7c-4219-8517-cf5b37e9e4f1","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":170,"width":763,"height":13}},{"id":"e385c01f-e917-4962-816c-8078dbf43873","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":187,"width":631,"height":13}},{"id":"e274ba63-1902-400d-89eb-3b0a8539b949","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":220,"width":763,"height":12}},{"id":"53c60a12-82f1-41a0-9746-6f0c9e35c814","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":236,"width":763,"height":13}},{"id":"4230dcdf-7d29-4daa-81d3-f84bff23c1c7","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":252,"width":763,"height":13}},{"id":"17c7d40f-097d-44d3-a621-b4ad1c64c34f","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":269,"width":763,"height":13}},{"id":"362bdada-41e7-4485-a077-e1d4d1b8a31c","block_type":"box","text":"be notified in advance of such changes.","page_number":27,"box":{"x":121,"y":285,"width":322,"height":13}},{"id":"ef465f23-7c98-4584-b9ed-725b252d5231","block_type":"box","text":"Issue Price for Class 1-4 and Class W (Accumulating) Shares","page_number":27,"box":{"x":121,"y":318,"width":528,"height":13}},{"id":"1dc65f61-0b4e-455c-83eb-76d83c2a03d1","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":351,"width":621,"height":13}},{"id":"12adb243-3abd-4cfc-a998-2744832f1780","block_type":"box","text":"Issue Price for Class W (Distributing) Shares","page_number":27,"box":{"x":121,"y":383,"width":392,"height":13}},{"id":"f75ca4ec-ddf0-4cc4-bf65-2a9bd56a22f0","block_type":"box","text":"The Issue Price per Share of the Class W (Distributing) Shares shall be £1,000.0000 during the","page_number":27,"box":{"x":121,"y":416,"width":763,"height":13}},{"id":"c90121a1-580a-49c1-bc8b-9f513d7dc804","block_type":"box","text":"Initial Offer Period and thereafter the Net Asset Value per Share of the relevant Class on the","page_number":27,"box":{"x":121,"y":433,"width":763,"height":13}},{"id":"cf3350d9-ecb6-445f-8bbd-137284b3ec84","block_type":"box","text":"relevant Dealing Day.","page_number":27,"box":{"x":121,"y":449,"width":182,"height":13}},{"id":"807cd0db-3909-43ea-9adb-375081218a2c","block_type":"box","text":"Offer Period for Class 1-4 and Class W (Accumulating) Shares","page_number":27,"box":{"x":121,"y":482,"width":544,"height":13}},{"id":"1d77d56c-0b35-4315-8da0-18b0fa6dd7d4","block_type":"box","text":"Shares are continuously available for subscriptions on any Dealing Day.","page_number":27,"box":{"x":121,"y":515,"width":587,"height":12}},{"id":"03cd62fd-0138-48cd-84e7-8ec384fbe417","block_type":"box","text":"Offer Period for Class W (Distributing) Shares","page_number":27,"box":{"x":121,"y":547,"width":408,"height":13}},{"id":"b2c61e12-71d6-4cf7-a22e-f662b328df21","block_type":"box","text":"The Initial Offer Period for Class W (Distributing) Shares will run from 9.00 am (Irish Time)","page_number":27,"box":{"x":121,"y":580,"width":763,"height":13}},{"id":"050e93f3-061e-4e87-b021-69019fb28ad0","block_type":"box","text":"on 24 September 2026 to 5.00 pm (Irish Time) on 23 March 2027 or such a shorter or longer","page_number":27,"box":{"x":121,"y":597,"width":763,"height":12}},{"id":"3bd47171-0fad-47f8-afed-34df8e4c547c","block_type":"box","text":"period for each Class as the Directors may determine on behalf of the Sub-Fund (in accordance","page_number":27,"box":{"x":121,"y":613,"width":763,"height":13}},{"id":"27d6be2a-ed1e-4164-b60d-ace9dc679a9d","block_type":"box","text":"with the requirements of the Central Bank) and notify to the Administrator for a class. Where","page_number":27,"box":{"x":121,"y":629,"width":763,"height":13}},{"id":"89bbc155-8b22-4f9d-a997-eca7bc551426","block_type":"box","text":"the offer period is shortened or extended, the Fund will notify the Central Bank, where required,","page_number":27,"box":{"x":121,"y":646,"width":763,"height":13}},{"id":"a2aa8860-afa2-4947-9a3f-12a65ee2307d","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":662,"width":763,"height":13}},{"id":"6693be91-df7c-40dc-9e49-83f7530fcb4e","block_type":"box","text":"be continuously available for subscriptions on any dealing day.","page_number":27,"box":{"x":121,"y":679,"width":507,"height":12}},{"id":"579385dc-1c6f-428f-9cbf-a039e60c7e2c","block_type":"box","text":"Minimum Fund Size","page_number":27,"box":{"x":121,"y":711,"width":181,"height":10}},{"id":"b555fff0-09f9-4cb5-b1e5-83abe495ac17","block_type":"box","text":"£500,000.","page_number":27,"box":{"x":121,"y":744,"width":85,"height":12}},{"id":"88f97263-91cf-43cf-a205-9cf8c36a2e42","block_type":"box","text":"Minimum Initial Subscription and Minimum Holding","page_number":27,"box":{"x":121,"y":777,"width":467,"height":13}},{"id":"d4ef5c97-891c-454b-afce-a66fcb13f547","block_type":"box","text":"The Minimum Initial Subscription and Minimum Holding in respect of each class of Shares","page_number":27,"box":{"x":121,"y":810,"width":763,"height":12}},{"id":"78bd2db4-62f7-4fba-86c5-7a5a295861b8","block_type":"box","text":"shall be as set out above, or such lower amount as the Directors may from time to time","page_number":27,"box":{"x":121,"y":826,"width":763,"height":13}},{"id":"3aab108a-dc8a-4119-b34d-60eecee93f78","block_type":"box","text":"determine.","page_number":27,"box":{"x":121,"y":842,"width":90,"height":10}},{"id":"d71f1abd-b062-4d25-972b-e280f6283f26","block_type":"box","text":"Settlement Date for Class 1-4 Shares","page_number":27,"box":{"x":121,"y":875,"width":319,"height":10}},{"id":"5b481f3e-d494-492b-9205-5aaf1c6eac17","block_type":"box","text":"28","page_number":28,"box":{"x":490,"y":928,"width":25,"height":9}},{"id":"3a457546-abd2-49d4-8f37-18d3f72214e8","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":89,"width":763,"height":12}},{"id":"323ee20e-1835-4856-a3b3-29bc8a4b0e15","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":105,"width":763,"height":13}},{"id":"8e6c4514-16e1-4095-83c2-f09c881fc6c5","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":121,"width":763,"height":13}},{"id":"c6ef1ab7-fc15-4336-a1c0-3c645a0b41e3","block_type":"box","text":"otherwise approved by the Directors and provided the completed Subscription Form is received","page_number":28,"box":{"x":121,"y":138,"width":763,"height":13}},{"id":"d33c5506-3ba0-4273-8398-11b3f8b7b995","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":154,"width":763,"height":13}},{"id":"96a3dfda-147b-45e2-bd00-a105407edf83","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":170,"width":763,"height":13}},{"id":"4135380b-3780-43c8-b85c-ee9fc84386f7","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":187,"width":763,"height":13}},{"id":"7806ee1a-90ef-45d9-90de-519e28472943","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":203,"width":763,"height":13}},{"id":"e4787970-6123-42b0-99ca-8c0d77b44b6c","block_type":"box","text":"subscriber unless otherwise agreed by the Directors at their absolute discretion.","page_number":28,"box":{"x":121,"y":220,"width":644,"height":12}},{"id":"1b30e83a-45bd-4edd-88af-cd0d48733f49","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":252,"width":763,"height":13}},{"id":"4d79b424-ed79-43fb-8621-94a25a230bc6","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":269,"width":763,"height":13}},{"id":"d28868b9-9d74-48e0-964a-b4f9faec78d0","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":285,"width":763,"height":13}},{"id":"113f6c02-f351-4a2d-b45b-5c6cf7019007","block_type":"box","text":"redemption documentation.","page_number":28,"box":{"x":121,"y":302,"width":226,"height":12}},{"id":"4684bf02-9074-4989-938e-d21babc9bbcd","block_type":"box","text":"Settlement Date for Class W (Accumulating) and Class W (Distributing) Shares","page_number":28,"box":{"x":121,"y":334,"width":689,"height":13}},{"id":"e7e11b5f-0d32-47a6-b432-d6ebc2b3612e","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":367,"width":763,"height":13}},{"id":"099d6c14-7d9c-45e2-87b7-e79192af451e","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":384,"width":763,"height":12}},{"id":"7a34618c-76a8-42c9-a0e4-8e0ff88b8e26","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":400,"width":763,"height":13}},{"id":"cb39657a-f956-4997-b061-4c644a19721f","block_type":"box","text":"otherwise approved by the Directors and provided the completed Subscription Form is received","page_number":28,"box":{"x":121,"y":416,"width":763,"height":13}},{"id":"be5a4f59-fc91-4dcc-a6bd-b6ae117d3b77","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":433,"width":763,"height":13}},{"id":"4fc9bd8b-336b-455f-9778-b016435da08a","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":449,"width":763,"height":13}},{"id":"ecaf374a-1729-4ea9-b81a-56b942fa963b","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":465,"width":763,"height":13}},{"id":"1dbd2a60-b8ce-4c0e-ab7e-565a087fbdf4","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":482,"width":763,"height":13}},{"id":"c8a69274-c0dc-4acb-9638-e95283a9f249","block_type":"box","text":"subscriber unless otherwise agreed by the Directors at their absolute discretion.","page_number":28,"box":{"x":121,"y":498,"width":644,"height":13}},{"id":"7328b90d-4c15-492a-9be5-e3544e797ec2","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":531,"width":763,"height":13}},{"id":"04bdeec3-7de5-44ea-830e-582e5546b41a","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":547,"width":763,"height":13}},{"id":"fd18e2bd-7112-4d36-8447-4fecdd423170","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":564,"width":763,"height":13}},{"id":"47424476-6cd6-4a15-8af0-9330890e43f6","block_type":"box","text":"redemption documentation","page_number":28,"box":{"x":121,"y":580,"width":221,"height":13}},{"id":"739c37fa-16f3-488f-aab9-8d8c23f3d3b7","block_type":"box","text":"Valuation Point","page_number":28,"box":{"x":121,"y":613,"width":141,"height":10}},{"id":"e405366b-197d-4f7a-9aa0-56b74dd4f34e","block_type":"box","text":"1 p.m. (Irish time) on each Dealing Day.","page_number":28,"box":{"x":123,"y":646,"width":330,"height":13}},{"id":"ae1455ea-6013-4929-9e66-a35e0afdb20f","block_type":"box","text":"Fees and Expenses","page_number":28,"box":{"x":121,"y":679,"width":165,"height":12}},{"id":"837d3ce1-74f1-4c60-a41b-3ac6d4dc480f","block_type":"box","text":"The Manager shall be entitled to receive out of the assets of the Sub-Fund different fees for","page_number":28,"box":{"x":121,"y":711,"width":763,"height":13}},{"id":"e04b626a-47c8-4010-a69e-458776084bd2","block_type":"box","text":"each class of Shares as set out below.","page_number":28,"box":{"x":121,"y":728,"width":306,"height":10}},{"id":"cdee8563-caca-4fd3-ba78-66de868ba532","block_type":"box","text":"Class of Shares","page_number":28,"box":{"x":121,"y":760,"width":136,"height":11}},{"id":"567a830d-1674-4869-baa2-02b7a7271736","block_type":"box","text":"Annual Charges and Expenses","page_number":28,"box":{"x":363,"y":760,"width":267,"height":13}},{"id":"c93878cf-8203-4fef-b608-17746766630e","block_type":"box","text":"Class 1","page_number":28,"box":{"x":121,"y":793,"width":63,"height":10}},{"id":"728f5f7f-a006-4afb-8cae-a8b1dd7cbf62","block_type":"box","text":"0.20% of the Net Asset Value of the Class 1 Shares","page_number":28,"box":{"x":363,"y":793,"width":419,"height":10}},{"id":"95da1572-82d7-4ab3-ba2f-2578344c886e","block_type":"box","text":"Class 2","page_number":28,"box":{"x":121,"y":810,"width":63,"height":10}},{"id":"ff7559fc-8423-4d0f-87ff-adb4de7808c6","block_type":"box","text":"0.15% of the Net Asset Value of the Class 2 Shares","page_number":28,"box":{"x":363,"y":810,"width":419,"height":10}},{"id":"e4f49920-76a3-4ad2-97bc-7de6f3dbe171","block_type":"box","text":"Class 3","page_number":28,"box":{"x":121,"y":826,"width":63,"height":10}},{"id":"f4fcb239-d902-4225-a2e7-6a48cfdadc20","block_type":"box","text":"0.10% of the Net Asset Value of the Class 3 Shares","page_number":28,"box":{"x":363,"y":826,"width":419,"height":10}},{"id":"ce985397-f534-43e3-8b00-0530ecdb996b","block_type":"box","text":"Class 4","page_number":28,"box":{"x":121,"y":842,"width":63,"height":10}},{"id":"7d0db391-74d6-4576-8bb3-e787d355d82b","block_type":"box","text":"None","page_number":28,"box":{"x":363,"y":843,"width":48,"height":9}},{"id":"bacea974-a403-44e9-b180-2f2c733b2cae","block_type":"box","text":"Class W (Accumulating)","page_number":28,"box":{"x":121,"y":859,"width":205,"height":13}},{"id":"a0523727-0181-4936-bc0d-4319a2a38649","block_type":"box","text":"0.15% of the Net Asset Value of the Class W (Accumulating)","page_number":28,"box":{"x":363,"y":859,"width":521,"height":13}},{"id":"4e7fce4f-3738-4e3a-8bb8-46910558ae02","block_type":"box","text":"Shares","page_number":28,"box":{"x":363,"y":875,"width":58,"height":10}},{"id":"df2e4e6d-ca38-4821-a5af-26e3b60c7219","block_type":"box","text":"Class W (Distributing)","page_number":28,"box":{"x":121,"y":892,"width":188,"height":12}},{"id":"51cc5fbd-e128-4677-9215-0ffc7812f825","block_type":"box","text":"0.15% of the Net Asset Value of the Class W (Distributing)","page_number":28,"box":{"x":363,"y":892,"width":521,"height":12}},{"id":"3b230044-ddf1-45e8-87d0-cb20166b5314","block_type":"box","text":"29","page_number":29,"box":{"x":490,"y":928,"width":25,"height":10}},{"id":"1a59aa0d-7c3f-4187-87ed-e7432b01a80c","block_type":"box","text":"Shares","page_number":29,"box":{"x":363,"y":89,"width":58,"height":9}},{"id":"17794ce9-8673-41b3-af32-dd3715d4ab05","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":121,"width":708,"height":13}},{"id":"74a89ae9-9997-4e1e-8128-e888f761afe9","block_type":"box","text":"The fees payable to the Depositary, the Administrator, the Investment Manager and the","page_number":29,"box":{"x":121,"y":154,"width":763,"height":13}},{"id":"5390811e-4576-4186-b167-371adc0898ab","block_type":"box","text":"Distributor shall be paid by the Manager out of its fee.","page_number":29,"box":{"x":121,"y":170,"width":443,"height":13}},{"id":"9415ffad-b708-4c89-9dfa-8c53a8a5e1e2","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":203,"width":763,"height":13}},{"id":"299477f2-9beb-4b2e-90f7-e64e9c607f03","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":220,"width":763,"height":12}},{"id":"0bf21c90-b6b9-4f82-ab17-dbe4bc7236a2","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":236,"width":763,"height":13}},{"id":"94b93441-2059-47b0-9876-49f1c19f90f7","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":252,"width":763,"height":13}},{"id":"ead9e1ed-b42a-4e12-ad0c-35f3f10682c1","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":269,"width":763,"height":13}},{"id":"cb72da52-6c88-4196-aebf-629ec2ee2669","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":285,"width":763,"height":13}},{"id":"a235d212-211b-4fb4-8f0a-f8ae3a48c146","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":302,"width":763,"height":12}},{"id":"9b0301c7-6dc1-40c5-a33f-b8dd13544b48","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":318,"width":763,"height":13}},{"id":"9ff6863d-7279-4b60-881d-dc3d22fceaad","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":334,"width":763,"height":13}},{"id":"56b245f9-c580-4ec0-b8a4-e419006c807c","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":351,"width":763,"height":13}},{"id":"111b90e3-d287-4b3b-a265-e07b2b3cd875","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":367,"width":704,"height":13}},{"id":"eccc454d-334f-417d-b108-0054a216684e","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":400,"width":763,"height":13}},{"id":"4f969f7e-829a-414e-8cf2-1ba4631a0948","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":416,"width":763,"height":13}},{"id":"6be65d7a-4cbc-44d0-b693-3d4aae0ea649","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":433,"width":763,"height":13}},{"id":"1a6bdf22-955d-48a6-879d-af41b8c41bcb","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":449,"width":763,"height":13}},{"id":"a358d0fd-e4c7-48bd-87de-06bd2ce6625e","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":465,"width":763,"height":13}},{"id":"e591b64b-a1b9-401a-9662-c7eb13a2e3f9","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":482,"width":763,"height":13}},{"id":"98aed34b-43db-45a9-87bf-d060560ae39c","block_type":"box","text":"the Sub-Fund to the Manager or the Investment Manager.","page_number":29,"box":{"x":121,"y":498,"width":469,"height":13}},{"id":"34ff85ec-37b3-4c78-9051-483da0c8ba74","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":531,"width":763,"height":13}},{"id":"d0c1f5d0-f4dd-4fb6-b38f-677972954039","block_type":"box","text":"operation of the Sub-Fund including, but not limited to, investment management,","page_number":29,"box":{"x":121,"y":547,"width":763,"height":13}},{"id":"de65b665-367b-4d48-81e1-22f7f079bb3a","block_type":"box","text":"administration, registration, transfer agency, custody, sub-custody (which fees will be at","page_number":29,"box":{"x":121,"y":564,"width":763,"height":13}},{"id":"a1d6a2e5-0aca-40ed-9264-fa4d3a9de637","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":580,"width":763,"height":13}},{"id":"f10d5a10-ab09-4959-8100-51d6662be73e","block_type":"box","text":"preparing, translating, printing, publishing and distributing the Prospectus, annual and semi","page_number":29,"box":{"x":121,"y":597,"width":757,"height":12}},{"id":"300e3305-e3ab-461d-8578-1ddf40bb2b8e","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":613,"width":763,"height":13}},{"id":"5c227ac6-5ac2-406c-94cf-8c75b2ecc349","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":629,"width":763,"height":13}},{"id":"339d218a-7439-443d-b1f1-6f7d4779a4a3","block_type":"box","text":"professional fees and expenses, annual audit fees and Directors’ fees.","page_number":29,"box":{"x":121,"y":646,"width":563,"height":13}},{"id":"147fa8c9-015b-4714-8f98-57bf39e03898","block_type":"box","text":"The Fixed Rate excludes withholding, stamp duty or other taxes on the investments of the Sub","page_number":29,"box":{"x":121,"y":679,"width":757,"height":12}},{"id":"e862db49-6227-47e2-875f-72b5f0983103","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":695,"width":763,"height":13}},{"id":"9a5c0b80-97c6-49cd-a3e4-317ab29fd3cf","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":711,"width":763,"height":13}},{"id":"c7d27c49-0a08-402b-822f-3682e7f788d5","block_type":"box","text":"of such borrowings, any commissions charged by intermediaries in relation to an investment","page_number":29,"box":{"x":121,"y":728,"width":763,"height":13}},{"id":"1739e80d-3c58-437e-9509-edcbebcbf6ee","block_type":"box","text":"in Shares of the Sub-Fund, any out-of-pocket expenses incurred by any of the service providers","page_number":29,"box":{"x":121,"y":744,"width":763,"height":13}},{"id":"6e8cda40-40b8-4bc8-9d21-bbc74e15d7a9","block_type":"box","text":"on behalf of the Sub-Fund, the establishment and organisation costs of the Fund set out in Part","page_number":29,"box":{"x":121,"y":761,"width":763,"height":12}},{"id":"30d28de4-c754-4029-908c-2c7fb80ace8a","block_type":"box","text":"2 of the Prospectus and such extraordinary or exceptional costs and expenses (if any) as may","page_number":29,"box":{"x":121,"y":777,"width":763,"height":13}},{"id":"14584bd3-87eb-45d1-86b9-a55fa3bdfaff","block_type":"box","text":"arise from time to time, such as material litigation in relation to the Fund. Such additional fees,","page_number":29,"box":{"x":121,"y":793,"width":763,"height":13}},{"id":"46fea6a1-3fa2-4965-b0ee-91d808db2347","block_type":"box","text":"costs or expenses shall be paid out of the assets of the Sub-Fund.","page_number":29,"box":{"x":121,"y":810,"width":527,"height":12}},{"id":"65643c77-99ee-4556-bec4-69ecd309a6bd","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":29,"box":{"x":121,"y":842,"width":763,"height":13}},{"id":"3ec97fcf-9b4d-440c-98ac-2fc32b57acf3","block_type":"box","text":"the Prospectus.","page_number":29,"box":{"x":121,"y":859,"width":127,"height":13}},{"id":"5f9f1106-fdb7-4b03-be4f-f94526c5b0af","block_type":"box","text":"Preliminary Charge","page_number":29,"box":{"x":121,"y":892,"width":177,"height":12}},{"id":"2157eb93-a327-4de2-a636-765b8530e5c7","block_type":"box","text":"30","page_number":30,"box":{"x":490,"y":928,"width":25,"height":9}},{"id":"d0157eb3-6573-4628-97e7-8228d10ecf02","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":105,"width":636,"height":13}},{"id":"7754e36d-9012-4525-908e-b996e76f19d0","block_type":"box","text":"Exchange Charge","page_number":30,"box":{"x":121,"y":138,"width":157,"height":12}},{"id":"23c6a12a-838b-4a87-a90f-1151ad22039f","block_type":"box","text":"None.","page_number":30,"box":{"x":121,"y":171,"width":53,"height":9}},{"id":"1b3c727c-782e-461c-84cd-54f53e06c49c","block_type":"box","text":"Redemption Charge","page_number":30,"box":{"x":121,"y":203,"width":179,"height":13}},{"id":"b256209b-9ca7-4678-b0f1-b3a68f43ceb0","block_type":"box","text":"None.","page_number":30,"box":{"x":121,"y":236,"width":53,"height":10}},{"id":"fdb166ac-b2b5-49c4-bc7e-a4fd924a25bf","block_type":"box","text":"31","page_number":31,"box":{"x":490,"y":928,"width":25,"height":9}},{"id":"834d5348-5911-4347-aa0a-bdd1de4e9203","block_type":"box","text":"AVIVA INVESTORS EURO LIQUIDITY FUND","page_number":31,"box":{"x":251,"y":89,"width":504,"height":14}},{"id":"769ded1c-c191-4451-905e-1aefca7c0b57","block_type":"box","text":"Investment Objective and Policies","page_number":31,"box":{"x":121,"y":124,"width":296,"height":13}},{"id":"aadd8a40-d3da-4a65-8a75-0975194730b9","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":"2951bf91-5365-4f21-8875-ebd1f63dd6cf","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":"16ae1920-e67a-4530-a57c-faf0a8630598","block_type":"box","text":"benchmarked against the Euro Short Term Rate.","page_number":31,"box":{"x":121,"y":190,"width":387,"height":12}},{"id":"b267a77d-c864-49ab-99f7-0c97057c301e","block_type":"box","text":"3","page_number":31,"box":{"x":510,"y":190,"width":4,"height":5}},{"id":"7fdb5e1f-7fba-4091-a8f2-b88ce0a29000","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":"3a9e3424-cef5-468e-9fd3-90e7e6ee8b4f","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":"7b1fc6d5-e63e-4d08-9c5f-4da9385e5a77","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":"3fd8ddc0-9b77-4573-bc47-a23136d5ff91","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":"360fbe1a-8b74-49da-83e3-d13e008543aa","block_type":"box","text":"shall be denominated in Euro and all of the Sub-Fund's assets may be invested in the above","page_number":31,"box":{"x":121,"y":288,"width":757,"height":13}},{"id":"08d96e8c-0cf8-467a-a48a-0593918c2048","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":"d7df73a8-cfe1-4ab4-8a93-1efe99cf2274","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":"d45ef0ac-c547-4da1-9f75-10a5ea28a3cc","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":"5083bc91-76d8-4993-8801-02fd104e8b83","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":"a1e70130-a5ce-4693-b771-088906184680","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":"b503f694-d628-4560-afd0-04bf5cd5c3a8","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":"6b099d01-0839-4ec1-88e5-8d4d009b8b48","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":"aa0ee548-284f-4dd1-8658-577463358bb7","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":"20704392-10e2-4a1f-9742-2f3f543199c3","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":"da23d31f-054b-4015-812e-8d02c98d04b5","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":"d84502e9-6760-47f4-ace5-21ddfabefaf7","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":"b3ad7250-33f0-4dd7-b669-3e59ff310c58","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":"eb924162-5829-47fe-ab64-8ee5b21409b9","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":"bd867ddc-ded2-4dc9-84f8-ad62f9410a19","block_type":"box","text":"comparable quality by the Investment Manager.","page_number":31,"box":{"x":121,"y":534,"width":391,"height":13}},{"id":"3ef7eae7-55f5-47a1-a57c-19939d8bc6c9","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":"96c2c2c1-2a20-435f-93bc-c931dd790109","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":"66b12fea-4262-4dc5-90b9-4085fa1fcea6","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":"b1f43f52-2a9d-45fb-8fb4-b1251b51eb8a","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":"30a1e5d4-bfac-4f27-9f53-71907064d193","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":"aef7a353-0ec8-4572-8fc3-81beb344c131","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":"d94ab7da-c171-4188-98ec-029e1cfe5719","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":"03ec26ce-d51d-4baf-8455-c37dc7208c3a","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":"a3e47c03-294b-4a1f-b9bb-a1fa00a61dca","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":"f1f0525e-7985-48af-a192-e34aa56d6ce1","block_type":"box","text":"investments will not exceed 120 days.","page_number":31,"box":{"x":121,"y":730,"width":311,"height":13}},{"id":"8f0cf764-472e-4656-b3af-9a36a71489ec","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":"a581b87d-d034-4eb7-808d-52c907196fa2","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":"c6e9ee7d-ab65-4a94-be28-bacf92129057","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":"e5b43d63-e903-4929-b2ae-2c9624b51558","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":"660598b5-5699-46dc-9dc6-5fc7c2800594","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":"7a869531-9d03-43ff-bcf9-dda591900555","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":"ca907f07-1b99-4e2a-83e1-44f36e0ec063","block_type":"box","text":"3","page_number":31,"box":{"x":121,"y":877,"width":4,"height":6}},{"id":"a5581962-a164-4697-880e-038e4cbb7453","block_type":"box","text":"The Euro Short Term Rate","page_number":31,"box":{"x":133,"y":880,"width":165,"height":7}},{"id":"37610e7d-8049-40ab-9178-2adab7b99663","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":"81a7dd75-a043-479d-b297-d2e35ccbc58c","block_type":"box","text":"area. 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Any","page_number":32,"box":{"x":121,"y":711,"width":763,"height":13}},{"id":"809a5122-df6f-4bc3-92eb-c37f94e01de5","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":"c27bda1d-544b-4555-8893-ed63217c432c","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":"5db955ca-3c51-4e1b-b6bc-ba81f06cc5ea","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":"8b7e3631-f5b0-48ed-8809-591ce9f1299e","block_type":"box","text":"representing one of those categories.","page_number":32,"box":{"x":121,"y":777,"width":299,"height":13}},{"id":"65c003ec-9755-4a86-a7eb-0d4e99300175","block_type":"box","text":"Sustainability Disclosures","page_number":32,"box":{"x":121,"y":810,"width":226,"height":12}},{"id":"c69a5359-f72b-4b69-88cc-78e6ff83d073","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":"469d6bb7-a1a3-40f6-bdb4-fa26e83f5dc3","block_type":"box","text":"sustainable investment objective.","page_number":32,"box":{"x":121,"y":859,"width":271,"height":13}},{"id":"c2b25d45-ff38-4a46-a15a-f5fc47e6942c","block_type":"box","text":"33","page_number":33,"box":{"x":490,"y":928,"width":25,"height":9}},{"id":"06628c16-6d4d-4a03-89a6-908af5887634","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":"2ba6364c-5324-4b61-a644-f5f1b1965d49","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":"7dfb0f97-6f19-4ec9-9814-ecc10100f981","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":"ef81bae6-cd1f-430d-a344-11c0966e9bc2","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":"3339adc8-c094-40b7-ae71-6827e95417fd","block_type":"box","text":"efficient portfolio management purposes.","page_number":33,"box":{"x":121,"y":154,"width":337,"height":13}},{"id":"1059a7f8-bd22-43ea-8865-6529cc118da1","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":"1c8b8e71-1a59-4531-962c-1aeadd62c682","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":"e5c1a27b-41fc-4127-80c7-df23e8bede94","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":"a2fb4a21-707e-446a-ad84-07fdb95ee250","block_type":"box","text":"impacts into its investment processes.","page_number":33,"box":{"x":121,"y":236,"width":309,"height":13}},{"id":"25020457-6241-4315-a629-1384d774aebd","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":"4b02c310-1faa-4f77-b09b-efc86bcef051","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":"595befd4-5c7a-4609-af23-4114536c4e37","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":"bcbacb8a-260a-4078-8d37-602a7f3be682","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":"c7595712-5abe-4f4f-abbd-1435a2353593","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":"63019514-c3a0-4d86-9cfb-a7b006bf10d5","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":"742eb3fb-a4cd-4e3e-b078-dd0d792ed670","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":"935534a3-1bbf-40ee-ab70-2876c05dd6e4","block_type":"box","text":".","page_number":33,"box":{"x":874,"y":392,"width":9,"height":1}},{"id":"1f41484c-0cc4-43fb-8720-7dbf6bbf333a","block_type":"box","text":"Rating Award","page_number":33,"box":{"x":121,"y":416,"width":127,"height":13}},{"id":"87c595e4-2788-4caa-a19a-ecc96108a3d1","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":"110dcfc8-a19f-4ab1-af88-6151ee3bf308","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":"03f73325-31bd-4f05-881e-3aac9aed9999","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":"0a710f3a-06b7-4a44-bf7a-4c79db4b71cc","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":"46fbb25d-0a37-4b54-9d2b-4515ee2bf1d8","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":"1ff370e3-34b6-49e2-8d01-0a6ee548c8e0","block_type":"box","text":"requirements to maintain the rating award. The rating was solicited or financed by the Sub","page_number":33,"box":{"x":121,"y":531,"width":757,"height":13}},{"id":"d90e6817-0625-48be-9399-70d0cf7bc813","block_type":"box","text":"Fund or its Investment Manager.","page_number":33,"box":{"x":121,"y":547,"width":268,"height":13}},{"id":"30486ee6-2f1f-4227-9209-981d77ab20cf","block_type":"box","text":"Profile of Typical Investor","page_number":33,"box":{"x":121,"y":580,"width":231,"height":13}},{"id":"15bbebdf-8fce-4a09-96e1-f228e2fe98ef","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":"2f097d5c-4702-4c5b-8c03-c7db6a0f6be3","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":"629798d3-bfef-4081-a482-77392773f505","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":"bf601662-0e5d-4f30-9196-49fa412c5e20","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":"ebbaeb02-5d60-4980-8c2a-9395471a6659","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":"049185d2-8d0f-4ed5-b00b-8f4ae22122ac","block_type":"box","text":"Risk Factors","page_number":33,"box":{"x":121,"y":728,"width":114,"height":10}},{"id":"7d603e06-8615-46ad-9a56-2b11c5196d58","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":"c103ab35-d1b5-413e-ad0b-9227943ef6ca","block_type":"box","text":"general risk factors outlined in Part 2 of the Prospectus, investors should also note that the Sub","page_number":33,"box":{"x":121,"y":777,"width":757,"height":13}},{"id":"0a4b18e4-237f-42ef-bba5-4c821d0b2861","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":"c655befb-19e8-46a9-8c39-e04ae961dae7","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":"427fb86c-cd80-46bd-8a61-ce05b9f8fdf0","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":"61271c21-de40-4488-b667-9e0ca9a713d5","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":"db0ef028-6d8d-4a02-b673-916e69b1a269","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":"670a56d3-8eac-4e8e-be1e-65b478268f79","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":"cf3724b8-9f87-43ec-bc19-71f7ca5ec0bd","block_type":"box","text":"34","page_number":34,"box":{"x":490,"y":928,"width":25,"height":9}},{"id":"5a59e20a-fc29-453e-835c-0f535397a2c5","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":"4b9fe01d-7a9b-4457-8f33-e27c124c2dfe","block_type":"box","text":"substantial adverse movements in interest rates.","page_number":34,"box":{"x":121,"y":105,"width":389,"height":10}},{"id":"58734595-61e9-45c6-8f02-f2a38a0ac7ad","block_type":"box","text":"Dividend Policy","page_number":34,"box":{"x":121,"y":138,"width":141,"height":12}},{"id":"079733a1-3746-444e-a2d8-e4d0c1ac892b","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":"f6c1a964-bd93-4086-9527-65a4cb6a070a","block_type":"box","text":"(Accumulating) Shares","page_number":34,"box":{"x":121,"y":187,"width":202,"height":13}},{"id":"46afbe00-63f8-47fe-ba02-a9c141d5bbd2","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":"8c22b8f8-67f3-468c-8e00-269d241bf423","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":"df6824f5-009b-4a82-bcca-a0240d9f6f1b","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":"d82c5fb1-d1b0-440f-b16e-f478a6aa6d91","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":"119d392e-61dd-47d7-8495-d885eb5dbb83","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":"d8878996-de71-493b-9f57-624fae29a2bc","block_type":"box","text":"Dealing Deadline","page_number":35,"box":{"x":121,"y":597,"width":152,"height":12}},{"id":"8432622c-99cd-4618-86eb-e71e7f793fa0","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":"fc369418-aeeb-48fa-b49d-4193f9d99d2a","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":"2d123a07-3288-4d5a-bc2d-8f1e87a6a2eb","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":"54c7183a-1f6e-441d-a1dc-d5da28f2ef10","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":"bd0c4135-e9c4-4d5e-b2f3-930921bdf13d","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":"531178e2-666a-4346-958a-f83efe49be41","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":"eca2af56-f9e1-4570-8624-50f7fbeef0e6","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":"10d14410-6571-48c7-909c-24615c87b7e7","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":"4931f7e8-ccec-4575-a820-8f9779ce5067","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":"f82be1c3-04e1-450e-b77a-3598b1dd1357","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":"dcff3923-e850-409a-9b32-8375ef21c804","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":"4fadf29b-dbba-4fb9-aef1-633ec6e9bb36","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":"b3c305ed-30ab-4cfe-ae71-c5827352a08f","block_type":"box","text":"changes.","page_number":35,"box":{"x":121,"y":859,"width":74,"height":13}},{"id":"ef8f7003-0744-4489-b220-070baa9ea246","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":"fdcd84cc-c083-414d-8e37-45b7d45fe1d7","block_type":"box","text":"36","page_number":36,"box":{"x":490,"y":928,"width":25,"height":9}},{"id":"5d48c322-a9d1-44d0-a290-55932304ebd9","block_type":"box","text":"(Accumulating) Shares","page_number":36,"box":{"x":121,"y":88,"width":202,"height":13}},{"id":"1b53ad6b-27cf-4939-8f06-f695c7bac7c6","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":"8d1d2f7d-3146-4ac5-98dc-e32e59e35a98","block_type":"box","text":"Issue Price for Class W (Distributing) Shares","page_number":36,"box":{"x":121,"y":154,"width":392,"height":13}},{"id":"51e3da61-9688-46d1-899b-aa192808d619","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":"d8a6bfb9-9ee6-412a-a950-bdf1a907b552","block_type":"box","text":"€","page_number":36,"box":{"x":674,"y":187,"width":10,"height":10}},{"id":"975e508f-0924-49b5-b295-7477d077c391","block_type":"box","text":"1.0000 during the","page_number":36,"box":{"x":687,"y":187,"width":146,"height":13}},{"id":"b618085e-b1ae-415f-91ab-debf97529cc0","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":"92f52e27-7fa3-48fa-ad10-a17787368745","block_type":"box","text":"relevant Dealing Day","page_number":36,"box":{"x":121,"y":220,"width":177,"height":12}},{"id":"eb1a8bcb-5731-4a15-8db8-e5490e28141c","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":"98781be7-bff8-411a-87de-570e71e7bf47","block_type":"box","text":"(Accumulating) Shares","page_number":36,"box":{"x":121,"y":285,"width":202,"height":13}},{"id":"9e4dcdf0-336d-49dd-a358-cd97f31f40ad","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":"f36373ec-c728-48b1-8d38-2d0455b818cc","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":"2797fc7c-472c-42af-adea-5e139d4eba0c","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":"07f36ad4-f118-4edb-99bd-c3f6ce89e53f","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":"9dbfce58-3f71-4f30-a1dd-ef3f37cbf3f9","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":"07f46ee7-eb04-4180-8260-2d91efca325d","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":"064207ec-cfa7-4707-9dd0-b3c11a874ea8","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":"84e9c0c8-41d9-4156-bdd2-1866ce16c570","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":"2fc9c270-aa95-49e1-86d8-fa16d4fa1285","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":"e8d38890-bbf7-452e-96b4-669e8c7fc38f","block_type":"box","text":"Minimum Fund Size","page_number":36,"box":{"x":121,"y":515,"width":181,"height":10}},{"id":"29600d14-a44a-411a-9c23-bb6af44da491","block_type":"box","text":"€","page_number":36,"box":{"x":120,"y":547,"width":10,"height":10}},{"id":"ccb59c14-5826-40be-825e-e9f6f8f4eb15","block_type":"box","text":"10,000,000.","page_number":36,"box":{"x":133,"y":548,"width":98,"height":11}},{"id":"9bb97d0f-8789-434d-953e-c19ece8431c6","block_type":"box","text":"Minimum Initial Subscription and Minimum Holding","page_number":36,"box":{"x":121,"y":580,"width":467,"height":13}},{"id":"c2d7e4e3-9aa2-43e3-bd45-670016f7e525","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":"12bf8004-fc96-4a58-92e6-21cf89d7964b","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":"4f567428-1b57-4ab4-9d1c-255d4ebac6c0","block_type":"box","text":"determine.","page_number":36,"box":{"x":121,"y":646,"width":90,"height":10}},{"id":"1c565891-eeae-4229-aa25-d1711f829bc3","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":"51935070-62df-4a01-b48c-f952da6efbf9","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":"931c144a-d089-47a6-afd9-364ac6d83cdb","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":"908d678c-7520-4a36-b255-09cac331a18a","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":"d4688fff-679d-4eb0-8332-1b608de27f30","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":"3b40d8d6-180b-4ffe-9c0a-f36d2e9c62f1","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":"42813965-986a-40e4-ac97-939371b29d61","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":"6fb27141-ad85-4607-95d8-079014675a2b","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":"31924346-c32a-404a-9dc7-6d31239d5adb","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":"0c81237c-4539-4ede-b8b3-d3da69f4ce72","block_type":"box","text":"discretion.","page_number":36,"box":{"x":121,"y":842,"width":89,"height":10}},{"id":"6aded9e6-9e18-463a-825b-f7b6329a91bd","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":"a250b095-fbce-425a-b099-54d5b2321ae0","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":"4b1c95cc-6412-4a49-9ad9-0cadacf824f7","block_type":"box","text":"37","page_number":37,"box":{"x":490,"y":928,"width":25,"height":9}},{"id":"1aab6359-f359-4cdb-aadf-3ed093a3df9d","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":"89ecd997-474f-4f65-8407-2f575bb3c241","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":"2e122f53-e64d-4306-bd15-39a480a0b111","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":"b5a796de-8877-4c90-950d-220164eb3edf","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":"ff324200-f079-42a2-bfa8-5e00e7898f57","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":"60b6c5bc-1d9e-4c95-b2a2-8408a8e6e3c5","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":"334b3609-a361-4379-afb9-f5668dabbb54","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":"8a9c490f-bdc8-4bab-94e1-03f09d6d5029","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":"185eaf90-4c4c-4654-9c85-fb5c3d1825dd","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":"7969ddc5-8515-44f0-9e19-3cdee4f3134d","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":"11ebf7ea-e801-4e07-a58f-bada1d0d8361","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":"c02cbd20-980c-4746-ad17-a38a697fc587","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":"152803c3-8c81-441c-a14d-8b73117ef189","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":"3afc1890-16d9-45b5-ba5b-0a8632bc4674","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":"576e94f4-b30d-4cd6-a984-bc596cd40f96","block_type":"box","text":"redemption documentation.","page_number":37,"box":{"x":121,"y":367,"width":226,"height":13}},{"id":"dcda36ae-e96f-43f3-8d50-a507010c43bd","block_type":"box","text":"Valuation Point4","page_number":37,"box":{"x":121,"y":400,"width":136,"height":10}},{"id":"48a0a023-84ba-476f-8b62-00d4e9154ab4","block_type":"box","text":"t4","page_number":37,"box":{"x":257,"y":400,"width":5,"height":6}},{"id":"a29414d4-878d-42ac-8433-3dd7b5c8c646","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":"b12cb009-9e59-4072-a052-e1b9c507c773","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":"23fca1d4-402b-4aa0-b064-3a9a7b51e198","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":"77a40440-47d5-4cde-941a-97064fa257da","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":"3e6143cd-f406-4e6b-96b9-d12051ca46f1","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":"bf1eee77-4bc2-44bd-a6a6-d0a5a1fe366a","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":"4f12c3ab-c06a-4a56-8d00-10a6547a46fe","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":"15164303-b43e-44fa-880a-dc32bbaa8150","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":"6c408b04-e16f-49d3-933b-9ec1eba798fc","block_type":"box","text":"Fees and Expenses","page_number":37,"box":{"x":121,"y":580,"width":165,"height":13}},{"id":"7cb7f3be-f403-488f-82e9-147df2607fe4","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":"6c9eda30-5918-4fd4-beb4-e1b25943dcff","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":"11c95f0f-7be2-4108-90e7-bbca30a79588","block_type":"box","text":"Class of Shares","page_number":37,"box":{"x":121,"y":662,"width":136,"height":10}},{"id":"b48b55b9-4c32-4a89-9971-3190f4747ff4","block_type":"box","text":"Annual Charges and Expenses","page_number":37,"box":{"x":363,"y":662,"width":267,"height":13}},{"id":"ef7a2203-c724-432f-8be7-dc3d99a944d4","block_type":"box","text":"Class 1","page_number":37,"box":{"x":121,"y":695,"width":63,"height":10}},{"id":"774fd47d-b3e3-4b56-a58e-33dabd50e685","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":"86cbee83-8e61-42b6-b156-fefb07d8e333","block_type":"box","text":"Class 2","page_number":37,"box":{"x":121,"y":711,"width":63,"height":10}},{"id":"1e6b8d15-21ae-4f95-aac5-22caf83ad59c","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":"9a878a13-e776-4081-86c8-4386e6a1950b","block_type":"box","text":"Class 3","page_number":37,"box":{"x":121,"y":728,"width":63,"height":10}},{"id":"322db389-3841-4cae-ad19-98b91081aab7","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":"e682663e-22e2-4e37-a156-77eb8fc41ec4","block_type":"box","text":"Class 5","page_number":37,"box":{"x":121,"y":744,"width":63,"height":10}},{"id":"0f8f33fc-43b2-4213-afb1-440fd4db78c1","block_type":"box","text":"None","page_number":37,"box":{"x":363,"y":744,"width":48,"height":10}},{"id":"193fb002-6043-460a-b28c-d30fcba92ec7","block_type":"box","text":"Class 6","page_number":37,"box":{"x":121,"y":761,"width":63,"height":9}},{"id":"ed78c0b9-114b-48c1-a704-6b189dd350e6","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":"bd08cc0e-b055-48e3-829b-d913a2623c31","block_type":"box","text":"Class 7","page_number":37,"box":{"x":121,"y":777,"width":63,"height":10}},{"id":"d35e366b-050f-4e84-9b74-c62e12a94d57","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":"d6c96200-bb5b-4279-84c1-f4086cae5fb2","block_type":"box","text":"Class 8","page_number":37,"box":{"x":121,"y":793,"width":63,"height":10}},{"id":"2b56a1c0-ae99-4bd6-81f7-4ee703bcdae3","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":"17565876-f52f-4730-b7be-3571f97411f1","block_type":"box","text":"Class 9","page_number":37,"box":{"x":121,"y":810,"width":63,"height":10}},{"id":"7c9a66b8-a8ee-421c-9d8a-d11f4a5e08c1","block_type":"box","text":"None","page_number":37,"box":{"x":363,"y":810,"width":48,"height":10}},{"id":"7849b979-da66-4bf0-9669-3bca371d3ed6","block_type":"box","text":"Class W (Accumulating)","page_number":37,"box":{"x":121,"y":826,"width":205,"height":13}},{"id":"c2a70277-7930-4565-bcd7-27fcc9042fe8","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":"10317837-67f8-4f99-9ee2-1784977ed21c","block_type":"box","text":"Shares","page_number":37,"box":{"x":363,"y":842,"width":58,"height":10}},{"id":"457f9bb6-b71e-4d75-8a8e-4adfeca2ddf5","block_type":"box","text":"4","page_number":37,"box":{"x":121,"y":888,"width":5,"height":6}},{"id":"cbd08da2-b943-4427-b845-843730f0566f","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":"fc775ee7-c471-4d4b-bbd1-afc3a69f32cd","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":"26931081-9630-45a7-b78a-4ead9e887d18","block_type":"box","text":"38","page_number":38,"box":{"x":490,"y":928,"width":25,"height":9}},{"id":"12bcca3c-b161-4cc9-961c-3b3c56692384","block_type":"box","text":"Class W (Distributing)","page_number":38,"box":{"x":121,"y":89,"width":188,"height":12}},{"id":"2192f340-9279-4789-a353-574f0e37caa2","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":"98241c84-a168-4efd-8126-56d856838d9e","block_type":"box","text":"Shares","page_number":38,"box":{"x":363,"y":105,"width":58,"height":10}},{"id":"0e6b4e1c-8f25-4d75-b7c5-e2e37c509a59","block_type":"box","text":"Class Z (Accumulating)","page_number":38,"box":{"x":121,"y":121,"width":198,"height":13}},{"id":"31a95eb2-2aed-430f-92e0-fd0b05d67bdd","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":"a599f6e0-75fa-4fc7-a056-46ae18a4552e","block_type":"box","text":"Shares","page_number":38,"box":{"x":363,"y":138,"width":58,"height":10}},{"id":"5935b682-f973-4064-8000-66968cfa5b89","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":"dfd30cd3-958a-4330-b7ce-e3d5e5701719","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":"f84b45ad-3fa1-4342-8155-f19370add933","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":"5d466e55-4b6f-4e4a-aeef-d929380c8579","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":"901fb898-9e72-46e5-8a6d-6d7cf7505bdf","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":"cbef76c9-1b6a-42ff-a191-388561e9e13c","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":"f36a114b-04b8-43d9-bb18-8f0a468e86a2","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":"33f4402a-c0ad-497f-ae2d-fe25db46324c","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":"3572ec65-2edc-4f65-8bf5-6e5017bbcf5d","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":"a251ebe8-7cc1-47d6-81de-d57d5436a3ef","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":"1f746e1d-29ff-49de-b60a-22a479adadce","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":"bbbf784f-bc6c-4b70-b917-d94e0fd92464","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":"8c6c5421-51d0-461f-902e-bef121c55f12","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":"886f2c45-9e10-46f6-9efa-17faf1bb9c28","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":"1d635d2d-33ce-46e3-8235-3e47f2a396a4","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":"4e103393-ceb8-41d1-a0b4-914e8e7656d1","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":"fccffec9-6f4c-4170-97a8-3967a32ce860","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":"af5a0e74-1149-4ae5-9170-489ca2b5b3e6","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":"593d1361-45ec-497d-9de8-85a6b5e174da","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":"0a0af41a-958a-489e-82d6-2908a7bb3a07","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":"1c0d5faa-3811-475f-925a-a983e821a057","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":"79fd8cbf-36d4-40db-95b5-f1bc655d352e","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":"28d95eeb-be07-4600-a5c6-0e2f5cb8c0bf","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":"a69aba00-1d42-4394-9832-5f85c1b7d316","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":"6dc034e2-585d-4c75-ab73-4d7d38f3f3ad","block_type":"box","text":"preparing, translating, printing, publishing and distributing the Prospectus, annual and semi","page_number":38,"box":{"x":121,"y":613,"width":757,"height":13}},{"id":"dacf9902-64b8-4c63-98f9-9dd041fc9475","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":"25423104-6049-41ba-8a0b-0aea3038912b","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":"412258d8-f455-4a83-84ad-17e4178e23e8","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":"eaecf1e4-9860-4ebd-8e40-78f34cc7ed46","block_type":"box","text":"The Fixed Rate excludes withholding, stamp duty or other taxes on the investments of the Sub","page_number":38,"box":{"x":121,"y":695,"width":757,"height":13}},{"id":"39f9ed9f-2769-49ff-9444-4af86d664c35","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":"125b9a09-1988-4c15-940c-4a13d33a5c09","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":"732ca67c-c2a7-4382-86fb-373b29776a96","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":"6478d7ce-06be-49ef-a71d-c577f9ff111c","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":"2e91f5a8-898c-44b5-aabe-1ef64318a6c7","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":"5703c300-4a5e-4414-a051-e482c0d6a97f","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":"08cedc37-e590-4fa7-bc07-085618049d23","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":"8838163b-22bc-43aa-8eab-27549735a501","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":"d716470c-3c8e-43e5-ab01-681ff787b134","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":"e3c0f72e-50fe-4eac-a690-b33796f7526d","block_type":"box","text":"the Prospectus.","page_number":38,"box":{"x":121,"y":875,"width":127,"height":13}},{"id":"ab7a92c5-260d-4e83-8a52-803b18b70a50","block_type":"box","text":"39","page_number":39,"box":{"x":490,"y":928,"width":25,"height":10}},{"id":"d29fda5f-0d94-424b-9245-4c7f4b90c4ec","block_type":"box","text":"Preliminary Charge","page_number":39,"box":{"x":121,"y":88,"width":177,"height":13}},{"id":"1f044150-7d38-41fb-8da8-331b73b0b882","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":"2b0f0f27-b026-4bb5-9df6-57219f6d8319","block_type":"box","text":"Exchange Charge","page_number":39,"box":{"x":121,"y":154,"width":157,"height":13}},{"id":"3bcc6c41-b67b-4425-a576-5bb61f6e1c57","block_type":"box","text":"None.","page_number":39,"box":{"x":121,"y":187,"width":53,"height":10}},{"id":"a7980b52-fec2-4eb6-9686-f8b70ba2a14a","block_type":"box","text":"Redemption Charge","page_number":39,"box":{"x":121,"y":220,"width":179,"height":12}},{"id":"2e048172-9029-4f3c-bd2c-68ca421c883e","block_type":"box","text":"None.","page_number":39,"box":{"x":121,"y":253,"width":53,"height":9}},{"id":"487fc0f4-a63c-41ff-84a9-a7120772dc08","block_type":"box","text":"40","page_number":40,"box":{"x":490,"y":928,"width":25,"height":9}},{"id":"b1730744-ab0b-4326-8aba-aaf66e82f8f7","block_type":"box","text":"AVIVA INVESTORS STERLING GOVERNMENT LIQUIDITY FUND","page_number":40,"box":{"x":134,"y":89,"width":737,"height":14}},{"id":"9b731997-1a2a-4b83-90da-48c2b664d905","block_type":"box","text":"Investment Objective and Policies","page_number":40,"box":{"x":121,"y":124,"width":296,"height":13}},{"id":"53042fdd-f624-4dce-992b-fdc402f727a4","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":"4ed4778b-b92f-4a18-b42a-2ad99d4e1189","block_type":"box","text":"and preserve the value of the investment.","page_number":40,"box":{"x":121,"y":173,"width":335,"height":13}},{"id":"787636c5-f513-448d-9251-28338975967b","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":"080b8462-0d8d-403f-a528-81f70b6bf643","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":"69237fb9-dfe4-429d-858e-310e17f0ab71","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":"ad3f9f8f-896f-4ee4-b0cd-1cf6ab963c2d","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":"14bdf93b-b512-4877-b17b-ffc9930e1506","block_type":"box","text":"will be benchmarked against the SONIA rate.","page_number":40,"box":{"x":121,"y":272,"width":366,"height":12}},{"id":"b401d53a-8a88-4880-ad60-a2ec1acb6a61","block_type":"box","text":"5","page_number":40,"box":{"x":489,"y":272,"width":4,"height":5}},{"id":"f9331392-7cd2-4c89-8039-c543575b42a9","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":"0f665e22-dd58-4d97-92bf-6250d61c1b40","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":"9f551335-aaf4-4a07-8374-0933f78c865b","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":"c4395a98-8d6b-47e3-9e79-9d0033b8963c","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":"5d0d6f52-56c7-49f3-aa77-1c5c20087df0","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":"0116fa44-a984-498c-9752-c7866a028b85","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":"437a5922-1d3e-4e95-85fb-c2f2b16c0943","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":"f4ff704f-108c-4cf9-b87a-6cba4cf9c432","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":"c3d9b184-6fc7-44af-a833-d3efe192d685","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":"fa4cfa61-c8b2-4e4a-8a27-74c66f3f8082","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":"c0b1fd63-f0d7-4ff7-9662-0df365948d2d","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":"27160f6f-4882-4e77-9d5e-854f57e3edca","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":"4f664a1c-a070-438e-89a2-564c473153ac","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":"82d20207-37d4-4994-92f2-c7a2eaff4777","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":"a2129d2c-cd7f-4727-95c9-7ea99bb11211","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":"1127d04d-ab61-49de-9711-323922076e60","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":"a7acfc35-9026-41ef-b92e-146da33b1d36","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":"4e648261-b0eb-45d7-ba37-1b3d419cfa13","block_type":"box","text":"date. 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(Accumulating)","page_number":44,"box":{"x":121,"y":859,"width":205,"height":13}},{"id":"d1a0670a-8966-4603-a176-bf767a7e3575","block_type":"box","text":"£500,000","page_number":44,"box":{"x":363,"y":859,"width":80,"height":12}},{"id":"53da7c02-f637-4b96-8a26-e11564dadf8e","block_type":"box","text":"£500,000","page_number":44,"box":{"x":544,"y":859,"width":80,"height":12}},{"id":"84394a7c-0691-41ab-8bde-8d9494a126ab","block_type":"box","text":"None","page_number":44,"box":{"x":726,"y":859,"width":48,"height":10}},{"id":"86454ca8-cd3b-4e0f-a6eb-d964f5b19ed1","block_type":"box","text":"Class W (Distributing)","page_number":44,"box":{"x":121,"y":875,"width":188,"height":13}},{"id":"2ad47375-91a8-4ea6-87c2-5e580dfc783a","block_type":"box","text":"£500,000","page_number":44,"box":{"x":363,"y":875,"width":80,"height":12}},{"id":"0889ed41-eb3f-4210-bfdf-3c722054bd5e","block_type":"box","text":"£500,000","page_number":44,"box":{"x":544,"y":875,"width":80,"height":12}},{"id":"94f6c300-862c-4285-9131-f137899d1cae","block_type":"box","text":"None","page_number":44,"box":{"x":726,"y":876,"width":48,"height":9}},{"id":"eb0b90a7-1e75-48b1-9840-0b1ba88691cc","block_type":"box","text":"45","page_number":45,"box":{"x":490,"y":928,"width":25,"height":9}},{"id":"e7e0e151-e2ac-4a7e-bb49-731a5bce3de3","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":"72b0e0c5-d9f4-4618-a99a-1259a0d980bf","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":"52149b22-d8f3-4c31-baca-fbe623b849de","block_type":"box","text":"Dealing Deadline","page_number":45,"box":{"x":121,"y":138,"width":152,"height":12}},{"id":"f82fca07-91fa-4df4-a1f2-60767167aeb1","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":"08cf799a-c023-4334-826d-97a1c45b6e49","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":"5067e39b-0286-45d6-99ff-5d3b1c543194","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":"93d13cc3-ce15-453b-868f-7c9bd8cf3781","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":"6a183c0a-aa86-46d8-849f-3ecf4ab77f7c","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":"385287da-b95a-491c-ac7d-937d165a75cb","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":"f71eccaf-d622-4dd7-8e91-19f784bc3a3a","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":"b93db602-eea8-4545-a7b9-9867a341d8e6","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":"4ca3e865-06d4-4e00-b0c9-a48df86b3786","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":"30112b65-c582-4375-8336-97effdeb5367","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":"6dde2774-1ebe-4e0a-b4ec-c2c4f3c0b9a2","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":"bc698dab-f309-4152-a145-516e864722ef","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":"6b25393c-682e-40ce-b124-cd3b4b1080ac","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":"aba71c7c-d378-4317-ae54-3d4359c5e183","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":"2fed0f43-cc6e-4729-817b-df92d21aa8a7","block_type":"box","text":"changes.","page_number":45,"box":{"x":121,"y":433,"width":74,"height":13}},{"id":"71a3c805-049a-47c1-b925-cf1e5925aabd","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":"d650da50-641a-4661-ad89-5bdc265389fc","block_type":"box","text":"(Distributing) Shares","page_number":45,"box":{"x":121,"y":482,"width":187,"height":13}},{"id":"fef7110d-ecd0-4e8c-bd58-a58c0cf0b55c","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":"a37161e3-b46c-44aa-b0e8-2d182b003a11","block_type":"box","text":"Offer Period for Class 1-8 Shares","page_number":45,"box":{"x":121,"y":547,"width":291,"height":10}},{"id":"7e105acd-6b30-4758-b394-6a04a7e610e1","block_type":"box","text":",","page_number":45,"box":{"x":414,"y":556,"width":9,"height":3}},{"id":"b57287fa-b106-4850-b2ce-eaff6dfbfeb0","block_type":"box","text":"Class W (Accumulating) and Class W (Distributing)","page_number":45,"box":{"x":425,"y":547,"width":459,"height":13}},{"id":"30e422b2-1a8d-42bb-a815-25eeccf75baf","block_type":"box","text":"Shares","page_number":45,"box":{"x":121,"y":564,"width":63,"height":10}},{"id":"7d7b2e38-10a7-4ef4-abba-5571b370ab4a","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":"cd3c70d9-05e8-48ce-ae19-7522b1b9912f","block_type":"box","text":"Minimum Fund Size","page_number":45,"box":{"x":121,"y":629,"width":181,"height":10}},{"id":"a7973d62-fa95-4157-9bbd-fc8bfa304729","block_type":"box","text":"£10,000,000.","page_number":45,"box":{"x":121,"y":662,"width":110,"height":12}},{"id":"d6403d45-13d3-4a63-9194-3fe1ec1a784d","block_type":"box","text":"Minimum Initial Subscription and Minimum Holding","page_number":45,"box":{"x":121,"y":695,"width":467,"height":13}},{"id":"525f88b6-5873-4e05-8dee-8f5951c646a1","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":"b81d8ab9-afc2-43f7-9d48-d28e677db245","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":"0863c2ee-7dde-4d76-893e-77d061e80650","block_type":"box","text":"determine.","page_number":45,"box":{"x":121,"y":761,"width":90,"height":9}},{"id":"dd39df43-0f35-45f2-8350-3531170fb4de","block_type":"box","text":"Settlement Date for Class 1-8 Shares","page_number":45,"box":{"x":121,"y":793,"width":319,"height":10}},{"id":"14ba3ece-911e-41d8-9957-d16fc9536235","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":"fa56a882-f2ed-47a1-a368-349c0642c7ad","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":"e98183a3-7e80-4c45-9883-32bcaf52b547","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":"4e2dab06-89c0-494d-9865-735acdb42b09","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":"bcb51aaa-f3c2-4e16-b828-0dde46dacf82","block_type":"box","text":"before the relevant Valuation Point. Cleared funds must be received by the Fund’s close of","page_number":45,"box":{"x":121,"y":892,"width":763,"height":12}},{"id":"ccbbfa47-f885-4575-852f-210ea5e50fe9","block_type":"box","text":"46","page_number":46,"box":{"x":490,"y":928,"width":25,"height":9}},{"id":"c50921b1-eea7-4d28-bbb6-07ea7e765c6d","block_type":"box","text":"bank business on the Dealing Day. 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":"6315ece0-60f3-40de-a877-2e8065ed48d5","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":"d6f3e700-8b0b-4978-817c-b371bdc02e1e","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":"8c728136-cab9-4911-ab15-f37059e2b9c5","block_type":"box","text":"discretion.","page_number":46,"box":{"x":121,"y":138,"width":89,"height":10}},{"id":"08d3cec4-0f8d-46dd-90a2-f266cce7a0d6","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":"1fa519b8-2741-4a37-b6c3-93cda9963823","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":"e8e77748-96ec-4cd7-8eed-fb507373e086","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":"7219081f-8bab-4bc8-a333-b070a9fe473e","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":"1ece56ca-2384-4923-b7ce-a3e85a5db345","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":"81d20915-6cf5-4d90-8b85-1c0231528ebf","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":"89eb7601-a7cf-46af-80a9-03170cd3fd94","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":"75ace5fb-73c0-46dd-92bc-8212b5837719","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":"9d5214f4-172f-4cb6-a0bf-084c6557c8a5","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":"2750ca02-66e7-411b-b1d1-8d6d497721bb","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":"3f98fe6e-3a94-4e38-a8d0-a469447ea796","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":"03e2c49c-5c40-478f-b855-9179a22dabc1","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":"287c498e-8d8a-418c-8cc5-b51c945efd3f","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":"e2a6c2ad-ee1a-4422-8404-07fe01c12d0c","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":"7e27751d-ad92-46ae-92c3-169779f25952","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":"d0e11217-b919-42f4-bc21-5228afdd3e2f","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":"6b3cbd59-978d-4ef4-ab36-567f9a19a2d9","block_type":"box","text":"redemption documentation.","page_number":46,"box":{"x":121,"y":482,"width":226,"height":13}},{"id":"b894e2d1-c1b4-4016-a3e2-fbffe4bb7b56","block_type":"box","text":"Valuation Point","page_number":46,"box":{"x":121,"y":515,"width":136,"height":10}},{"id":"641b3c27-1963-40cd-9795-5c14315b30cc","block_type":"box","text":"6","page_number":46,"box":{"x":257,"y":515,"width":5,"height":5}},{"id":"5852dbcd-8c70-4233-ac93-2bb6445455df","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":"c86943c6-0d1f-4a86-ae48-221bedcfe3a3","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":"2a021bf2-93fa-4369-aa22-546336ae03c8","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":"ad5859ea-31d3-429d-9d0b-d745c4b08003","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":"a3bc31a8-d4fb-4ca7-9eb4-e45e5518a6a4","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":"dad8bcf7-2363-4f25-9bd9-b1481bdb3e0b","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":"d5ea331a-2e16-4648-892e-44ce8824d74c","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":"d1b3c93d-390a-4cbd-9eb4-07f54e0547ca","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":"cf9bd4d1-8b1c-4c0f-997c-75bdc6bd6ad5","block_type":"box","text":"Fees and Expenses","page_number":46,"box":{"x":121,"y":695,"width":165,"height":13}},{"id":"de7e285e-db81-42d2-8317-86f2cb23d50c","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":"93a124f5-4060-4003-a845-b8d69a7ab86c","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":"11b7aaf5-b3fc-498e-b7a8-43f4e41e267e","block_type":"box","text":"Class of Shares","page_number":46,"box":{"x":121,"y":777,"width":136,"height":10}},{"id":"ce62ea01-a6b8-430b-badf-9328393abfca","block_type":"box","text":"Annual Charges and Expenses","page_number":46,"box":{"x":363,"y":777,"width":267,"height":13}},{"id":"dcbffd71-a18d-4f14-ab28-8b7fe0ba0db8","block_type":"box","text":"Class 1","page_number":46,"box":{"x":121,"y":810,"width":63,"height":10}},{"id":"02a29f7d-67d0-47b8-b0e5-423902ee229b","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":"9aa32c34-c510-4720-a5f0-ced846c25bb7","block_type":"box","text":"Class 2","page_number":46,"box":{"x":121,"y":826,"width":63,"height":10}},{"id":"de429710-34cf-413d-b5e0-487dc8404f30","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":"2e43db1b-fdc5-4748-97fe-bf0695bd29dd","block_type":"box","text":"Class 3","page_number":46,"box":{"x":121,"y":842,"width":63,"height":10}},{"id":"476b3ad6-3c6b-4cf6-97ac-a3cc2ad8701c","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":"660c5ce3-eb50-40af-8cc6-50f6f7add8f3","block_type":"box","text":"6","page_number":46,"box":{"x":121,"y":889,"width":5,"height":5}},{"id":"c4cb0c72-c3b3-4354-9a6f-ef6dd4c49247","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":"191710c7-55dc-46a8-bf85-f03227375fc3","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":"f25f1228-7719-4a18-b224-953b3553cb64","block_type":"box","text":"47","page_number":47,"box":{"x":490,"y":928,"width":25,"height":9}},{"id":"92b475d1-109b-48db-b388-98936b5840b9","block_type":"box","text":"Class 4","page_number":47,"box":{"x":121,"y":89,"width":63,"height":9}},{"id":"ad4fd053-4bba-4a84-ad41-5be6f2246f95","block_type":"box","text":"None","page_number":47,"box":{"x":363,"y":89,"width":48,"height":9}},{"id":"c16354df-fcd8-4b05-b6d4-658c709b29bd","block_type":"box","text":"Class 5","page_number":47,"box":{"x":121,"y":105,"width":63,"height":10}},{"id":"773e75e8-08f2-465b-961c-663909807965","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":"a49efb97-de0b-4480-9387-2632af645615","block_type":"box","text":"Class 6","page_number":47,"box":{"x":121,"y":121,"width":63,"height":10}},{"id":"cb103104-c5ee-49e4-9d7e-2cdaea2ef7a4","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":"34290544-a697-4b72-a30f-5c51062d749b","block_type":"box","text":"Class 7","page_number":47,"box":{"x":121,"y":138,"width":63,"height":10}},{"id":"9b1df333-befb-43c7-ab0c-de931ddaccc6","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":"e42ea00d-2ca2-49a1-95e3-d8811cb1ccef","block_type":"box","text":"Class 8","page_number":47,"box":{"x":121,"y":154,"width":63,"height":10}},{"id":"38d5e9a0-3a58-4711-b433-c36ee9a6aea3","block_type":"box","text":"None","page_number":47,"box":{"x":363,"y":154,"width":48,"height":10}},{"id":"a40d367c-3c29-4bf5-a114-a0d18c90da31","block_type":"box","text":"Class W (Accumulating)","page_number":47,"box":{"x":121,"y":170,"width":205,"height":13}},{"id":"ba1b79a4-304e-4651-8edf-c85d7e65837f","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":"63bfeb71-4ba3-4dbf-8221-2fbf06620bec","block_type":"box","text":"Shares","page_number":47,"box":{"x":363,"y":187,"width":58,"height":10}},{"id":"8d375dcf-28b5-4095-a2d0-31a1c021e2fb","block_type":"box","text":"Class W (Distributing)","page_number":47,"box":{"x":121,"y":203,"width":188,"height":13}},{"id":"39fd4a57-b7c0-4d3a-b5de-4f4ea56a9950","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":"fe69f9b9-2434-4f9d-9115-f096d3771963","block_type":"box","text":"Shares","page_number":47,"box":{"x":363,"y":220,"width":58,"height":10}},{"id":"c4540541-07d4-4a36-8c55-cbe2e5dd890c","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":"0ea05ed3-caaa-40c9-a8d9-750ddec415b3","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":"bc6d3c2b-b8b8-438c-91e5-24268b402bcf","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":"b940cf77-c5fb-4cbe-8763-b16829040fd0","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":"3ec2cd64-2432-4f36-a28d-0686aa7c4d17","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":"e2f42cad-5f31-49d1-8e52-4972ec0be751","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":"56d1b6ed-b0bf-4070-8988-9baf83b14c90","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":"20d3cebc-41d5-4585-9681-ac28dbfe51f7","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":"a6d43fbd-eca4-4a4e-9b92-d80b81f0d5c2","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":"273c7cda-f16d-42de-b7b8-f4159ffee41e","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":"16a9b71b-d24f-42a5-a195-5f9f7a8b5401","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":"d8f3b300-2732-42b6-9e11-220ca3fc59fe","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":"b4b28c91-1a62-442a-b859-6773be0dfed6","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":"bd94b439-f963-4be8-9938-f26f2a3c59ce","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":"28198aae-9ef0-493d-b4f7-d8d90804bce3","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":"96b516aa-a2dc-4969-a22d-fdda832a6039","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":"9fc5857f-14af-411e-8218-1cceb8705050","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":"2cc99988-8ad7-428b-ba68-f7b957645891","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":"e5e8183f-54f3-40b0-b856-07a31d35feab","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":"3231dcd8-cdae-4b58-a444-4186ac517a0f","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":"f3a7b327-2118-40b3-85d6-f1afb9c4e93b","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":"281ba897-3be6-4444-aee0-a1b8ad9f9556","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":"98e49381-ff99-47b6-a8dd-8470d7e2fe10","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":"32831aca-e3f7-49be-b966-cdc589873c67","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":"2cd5e347-9d8c-4af5-b927-68ae8e6597dc","block_type":"box","text":"preparing, translating, printing, publishing and distributing the Prospectus, annual and semi","page_number":47,"box":{"x":121,"y":695,"width":757,"height":13}},{"id":"bdcc1b3a-47bb-4afe-b91b-9991d81f9d4e","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":"37cff47b-513e-4f85-835f-7422ff9187b6","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":"24baa16c-fb5d-4e53-8543-35ecf5b19476","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":"27e98ab9-675f-459a-aa54-753e942be67a","block_type":"box","text":"The Fixed Rate excludes withholding, stamp duty or other taxes on the investments of the Sub","page_number":47,"box":{"x":121,"y":777,"width":757,"height":13}},{"id":"5bd340cd-0602-46aa-9178-3e4d6baad475","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":"1f1daf22-a343-4dd3-80bf-8bbd03c97f6b","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":"8842bce7-8875-4856-bcd6-fbd21a27f51f","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":"44c42ec5-bf35-4abf-b25a-1d04bcd82ce4","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":"819953b5-1128-4ecb-99d8-68b5d91bf9c0","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":"57c2e7e4-b818-4d40-a725-665b595846d4","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":"0026d55f-8f44-4d27-ad24-f578cdfc2538","block_type":"box","text":"48","page_number":48,"box":{"x":490,"y":928,"width":25,"height":9}},{"id":"b561071a-41ea-4e3f-8158-56d2b23e4fee","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":"9c4d0120-083b-4495-923a-f98386d60b27","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":"a0831734-f69c-4c0b-a72e-ec0fcf9e2a6e","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":"5c0ba11b-7537-4689-912c-343f9279dd84","block_type":"box","text":"the Prospectus.","page_number":48,"box":{"x":121,"y":154,"width":127,"height":13}},{"id":"af5bb160-7fa7-4b36-b607-ba82727e4c6c","block_type":"box","text":"Preliminary Charge","page_number":48,"box":{"x":121,"y":187,"width":177,"height":13}},{"id":"6ba93c3e-d6b1-4083-8f54-afe416181f52","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":"5c4a2d03-18e7-48db-93dc-cde25269ed25","block_type":"box","text":"Exchange Charge","page_number":48,"box":{"x":121,"y":252,"width":157,"height":13}},{"id":"8defd0e9-a6ee-4ad1-9031-ef8133c11574","block_type":"box","text":"None.","page_number":48,"box":{"x":121,"y":286,"width":53,"height":9}},{"id":"3c25681b-1c46-4437-9301-41fe28fe4852","block_type":"box","text":"Redemption Charge","page_number":48,"box":{"x":121,"y":318,"width":179,"height":13}},{"id":"b1634d79-1f4d-425f-a4da-1272ff2338d2","block_type":"box","text":"None.","page_number":48,"box":{"x":121,"y":351,"width":53,"height":10}},{"id":"ef9d7499-8ae7-452c-8fc0-7e74985ce5c6","block_type":"box","text":"Liquidity Fees","page_number":48,"box":{"x":121,"y":381,"width":128,"height":13}},{"id":"3d4bb31a-5093-4b03-b942-116db3a7e140","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":"61f79902-4647-4229-bcb7-62373d190a82","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":"6e8a182b-d789-4d53-a659-7283e53e9f63","block_type":"box","text":"49","page_number":49,"box":{"x":490,"y":928,"width":25,"height":10}},{"id":"ba33267f-f99a-4622-9b98-14e7520dc218","block_type":"box","text":"AVIVA INVESTORS US DOLLAR LIQUIDITY FUND","page_number":49,"box":{"x":217,"y":105,"width":572,"height":15}},{"id":"db84d6c0-c119-460e-a993-3697863f0ebc","block_type":"box","text":"Investment Objective and Policies","page_number":49,"box":{"x":121,"y":159,"width":296,"height":13}},{"id":"12682590-23f4-42ee-8d3d-58fe613a33a7","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":"c7196f8f-b0ca-4dad-ae77-83dca1d228ac","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":"f401aded-76e3-4b04-ad99-2133bca924cb","block_type":"box","text":"benchmarked against the Secured Overnight Financing Rate (","page_number":49,"box":{"x":121,"y":225,"width":495,"height":13}},{"id":"3818f8bc-e754-49df-96d5-0b547f3b674d","block_type":"box","text":"SOFR","page_number":49,"box":{"x":618,"y":225,"width":53,"height":10}},{"id":"163abd4e-a01b-49f4-bd65-c25cda585257","block_type":"box","text":") .","page_number":49,"box":{"x":671,"y":225,"width":15,"height":12}},{"id":"c050525f-1f20-42fe-abf3-7919f1ee0817","block_type":"box","text":"7","page_number":49,"box":{"x":688,"y":226,"width":4,"height":5}},{"id":"74442ec2-b352-40d0-a634-e6863197e84a","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":"a9916771-3267-40a9-bf51-a343e35a0cea","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":"880b047a-8a5c-4bf5-8ea5-27dee452e87e","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":"3a75b77e-26d3-48c7-9749-78b98ddd2123","block_type":"box","text":"transferable promissory notes, debentures, asset-backed securities and bonds. The investments","page_number":49,"box":{"x":121,"y":307,"width":763,"height":13}},{"id":"b14f13fb-d65c-4407-9ea1-18d6a8b72b89","block_type":"box","text":"shall be denominated in US Dollars and all of the Sub-Fund's assets may be invested in the","page_number":49,"box":{"x":121,"y":323,"width":763,"height":13}},{"id":"2faafd37-3d39-4539-a7c1-332ff9ab3fa1","block_type":"box","text":"above-listed investments which are issued or guaranteed as to principal or interest by sovereign","page_number":49,"box":{"x":121,"y":340,"width":763,"height":13}},{"id":"0dc3bf97-ac44-48aa-a57f-75ffcddb077e","block_type":"box","text":"governments, their agencies and instrumentalities, supranational entities and US and non US","page_number":49,"box":{"x":121,"y":356,"width":763,"height":13}},{"id":"c9906c06-10fd-40fc-83d8-1d125650902e","block_type":"box","text":"corporations and financial institutions who are incorporated or domiciled in, or listed or dealt","page_number":49,"box":{"x":121,"y":373,"width":763,"height":12}},{"id":"8602247d-530f-4f4e-a28d-995f73de5c7a","block_type":"box","text":"on a Market located in those jurisdictions listed in Appendix II hereto or in securities of issuers","page_number":49,"box":{"x":121,"y":389,"width":763,"height":13}},{"id":"542f0544-d9b5-4606-8f10-637ae765be68","block_type":"box","text":"that, while not located in those jurisdictions, conduct substantial business in them as determined","page_number":49,"box":{"x":121,"y":405,"width":763,"height":13}},{"id":"a379ee21-dbfb-43c4-9e9b-be5694a0864b","block_type":"box","text":"by the Investment Manager, including (i) companies which have substantial assets in those","page_number":49,"box":{"x":121,"y":422,"width":763,"height":13}},{"id":"5f955170-4493-40d3-bdcb-f7ea6fdac0b5","block_type":"box","text":"jurisdictions or (ii) companies which derive a substantial portion of their total revenues from","page_number":49,"box":{"x":119,"y":438,"width":765,"height":13}},{"id":"cf1cddd8-2d66-45e0-a95a-093e22c72974","block_type":"box","text":"either goods and services produced in, or sales made in, those jurisdictions.","page_number":49,"box":{"x":121,"y":455,"width":612,"height":12}},{"id":"3cc322e6-3732-4ed6-86fb-c778ef80d431","block_type":"box","text":"The Investment Manager intends to manage the Sub-Fund according to its classification as a","page_number":49,"box":{"x":121,"y":487,"width":763,"height":13}},{"id":"d376a6ef-30ff-4c82-b395-6cddc9122e80","block_type":"box","text":"Short Term Money Market Fund and the restrictions imposed by recognised rating agencies in","page_number":49,"box":{"x":121,"y":504,"width":763,"height":13}},{"id":"8129d965-2440-4a0b-af49-598297891ece","block_type":"box","text":"order to maintain an overall credit rating of Aaa which may include where applicable ensuring","page_number":49,"box":{"x":121,"y":520,"width":763,"height":13}},{"id":"838bc28a-b1b0-4cb7-894e-b128ad1a77b2","block_type":"box","text":"that the Sub-Fund's investments may have such ratings as may be required from time to time","page_number":49,"box":{"x":121,"y":536,"width":763,"height":13}},{"id":"491e0b4f-4ab1-4c9e-8c52-c52c7d2451f3","block_type":"box","text":"by the relevant rating agency to maintain the credit rating, or if unrated, be deemed to be of","page_number":49,"box":{"x":121,"y":553,"width":763,"height":13}},{"id":"e91e9346-90c0-4211-b72b-63b6f66296c6","block_type":"box","text":"comparable quality by the Investment Manager.","page_number":49,"box":{"x":121,"y":569,"width":391,"height":13}},{"id":"533390b7-90fd-41fb-94ed-1a7cde442a89","block_type":"box","text":"The Investment Manager intends to manage the Sub-Fund in accordance with the ESG","page_number":49,"box":{"x":121,"y":602,"width":763,"height":13}},{"id":"c31b6173-026e-4693-b83b-bc7e975b4658","block_type":"box","text":"Considerations as detailed further below. The Sub-Fund seeks to promote, among other","page_number":49,"box":{"x":121,"y":618,"width":763,"height":13}},{"id":"0e47adb0-8084-4b32-a547-eb56ea52fcee","block_type":"box","text":"characteristics, environmental or social characteristics in line with Article 8 of Regulation (EU)","page_number":49,"box":{"x":121,"y":635,"width":763,"height":13}},{"id":"ce79e6c5-3785-44b6-ab3c-381ce6ae7c1f","block_type":"box","text":"2019/2088, the Sustainable Finance Disclosure Regulation (the “SFDR”).","page_number":49,"box":{"x":121,"y":651,"width":599,"height":13}},{"id":"d5e1b027-bdf2-4f56-a132-bf0e52629241","block_type":"box","text":"In accordance with Regulation 17 (7) of the Money Market Fund Regulation, the Sub-Fund","page_number":49,"box":{"x":121,"y":684,"width":763,"height":13}},{"id":"e894c09b-9de2-41a9-bb4c-01c54c610985","block_type":"box","text":"may invest up to 100% of its assets in different money market instruments issued or guaranteed","page_number":49,"box":{"x":121,"y":700,"width":763,"height":13}},{"id":"06d20e51-f13f-4017-946c-1f4d91cc0300","block_type":"box","text":"separately or jointly by the European Union, the national, regional and local administrations or","page_number":49,"box":{"x":121,"y":717,"width":763,"height":13}},{"id":"e0e04341-e8a3-467d-bc56-991d4abe8b3a","block_type":"box","text":"their central banks, the European Central Bank, the European Investment Bank, the European","page_number":49,"box":{"x":121,"y":733,"width":763,"height":13}},{"id":"e286729f-25f5-4ccf-bee5-8aace858a1a6","block_type":"box","text":"Investment Fund, the European Stability Mechanism, the European Financial Stability Facility,","page_number":49,"box":{"x":121,"y":750,"width":763,"height":12}},{"id":"7ab80b22-a317-4d50-967f-34c2ccfbff68","block_type":"box","text":"a central authority or central bank of a third country, the International Monetary Fund, the","page_number":49,"box":{"x":121,"y":766,"width":763,"height":13}},{"id":"2df22363-95ef-46d6-83ef-a3e3e34a7915","block_type":"box","text":"International Bank for Reconstruction and Development, the Council of Europe Development","page_number":49,"box":{"x":121,"y":782,"width":763,"height":13}},{"id":"7d07f022-92e5-40ab-9055-f6d2abadd4da","block_type":"box","text":"Bank, the European Bank for Reconstruction and Development, the Bank for International","page_number":49,"box":{"x":121,"y":799,"width":763,"height":13}},{"id":"f1b2b03d-a374-454c-a9bf-61795282c045","block_type":"box","text":"Settlements, or any other relevant international financial institution or organisation to which","page_number":49,"box":{"x":121,"y":815,"width":763,"height":13}},{"id":"13e26e58-a8bd-4874-b99f-5e3820940595","block_type":"box","text":"one or more Member States belong.","page_number":49,"box":{"x":121,"y":831,"width":293,"height":13}},{"id":"83bfa62e-84cd-4a4a-96a9-5831ca901d06","block_type":"box","text":"7","page_number":49,"box":{"x":121,"y":878,"width":4,"height":5}},{"id":"0d182078-9eb3-4ab4-8940-31d177a577aa","block_type":"box","text":"SOFR is a a benchmark interest rate that measures the cost of borrowing cash overnight collateralized by U.S. Treasury","page_number":49,"box":{"x":132,"y":880,"width":747,"height":9}},{"id":"ab8d1ee3-235f-4301-b78c-5f92b2360226","block_type":"box","text":"Securities. This benchmark has been selected as a comparator for performance measurement because it is representative of the","page_number":49,"box":{"x":121,"y":892,"width":758,"height":10}},{"id":"8bebba0b-b6cf-4b57-a4d3-f9cabe874839","block_type":"box","text":"level of return that is achievable by investing in liquid money market securities.","page_number":49,"box":{"x":121,"y":904,"width":481,"height":10}},{"id":"001bea87-876d-4f49-8df7-78d1bcdad81a","block_type":"box","text":"50","page_number":50,"box":{"x":490,"y":928,"width":25,"height":9}},{"id":"54f8a9ec-9080-412f-a652-7cf1c995a35d","block_type":"box","text":"The weighted average maturity of the Sub-Fund's investments will not exceed 60 days and in","page_number":50,"box":{"x":121,"y":105,"width":763,"height":13}},{"id":"4cc16a0c-495b-4209-9341-dcdecc7ebe66","block_type":"box","text":"any event the Sub-Fund’s investments will have a residual maturity until the legal redemption","page_number":50,"box":{"x":121,"y":121,"width":763,"height":13}},{"id":"8e01a424-4426-4657-94b4-8f7c48b96ac2","block_type":"box","text":"date not exceeding 397 days. When calculating the weighted average maturity of investments,","page_number":50,"box":{"x":121,"y":138,"width":763,"height":13}},{"id":"ee64614a-65e4-4968-88b0-c3a455dd0e98","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":"f042b217-94cb-4843-af60-7c698c75fddb","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":"4a16927b-de3b-47e0-9303-6b4e1246e401","block_type":"box","text":"investments will not exceed 120 days.","page_number":50,"box":{"x":121,"y":187,"width":311,"height":13}},{"id":"1d9be265-a837-4881-8f1b-63f4f7d632bd","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":"bb9e2d9d-3665-4235-be76-d3cf29e8586a","block_type":"box","text":"Funds.","page_number":50,"box":{"x":121,"y":236,"width":59,"height":10}},{"id":"9bd98ad5-62fe-42e4-a70c-48eb3141fd1b","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":"7bfe6c51-2018-4f9e-8cd0-c4c9c26c0b9e","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":"70484e07-d3a6-4024-874a-4397c0941941","block_type":"box","text":"the Money Market Fund Regulation.","page_number":50,"box":{"x":121,"y":318,"width":300,"height":13}},{"id":"ded103ac-4ee0-4ee9-8a24-0e4fa9eed7d1","block_type":"box","text":"Investment Restrictions","page_number":50,"box":{"x":121,"y":351,"width":209,"height":10}},{"id":"fdddce4e-098b-4413-b334-52ee59e98db2","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":"54b7c5e2-2e32-4ff2-9392-c5d1e7b4f36f","block_type":"box","text":"in Appendix IV of the Prospectus.","page_number":50,"box":{"x":121,"y":400,"width":280,"height":13}},{"id":"95b60be1-3938-43a5-aa1f-17a2997d6596","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":"36f7235e-defd-4f68-b740-4b2bd71536a7","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":"19b9e742-3cca-4302-ba02-5d216fc16018","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":"a7c4ff29-2a72-47a3-8817-749e8f26b495","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":"e642da3d-2a63-40d1-8fc2-68b28b43e0df","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":"43fe47f4-dc76-4255-9d28-bf66a8ce0c96","block_type":"box","text":"regulations of the countries where Shareholders are located. 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The Fund will, on request, provide","page_number":50,"box":{"x":121,"y":859,"width":763,"height":13}},{"id":"98af20ff-d5ae-487e-bc94-6cd84187327d","block_type":"box","text":"supplementary information to Shareholders relating to the risk management methods","page_number":50,"box":{"x":121,"y":875,"width":763,"height":13}},{"id":"d753d852-adb5-4892-80a6-41bfa9f708e5","block_type":"box","text":"employed, including the quantitative limits that are applied and any recent developments in the","page_number":50,"box":{"x":121,"y":892,"width":763,"height":12}},{"id":"a1ece026-dde2-43e9-ad22-ed7e293831a0","block_type":"box","text":"51","page_number":51,"box":{"x":490,"y":928,"width":25,"height":9}},{"id":"94975264-17b7-446c-a1e9-514676b89b90","block_type":"box","text":"risk and yield characteristics of the main categories of investments in financial derivative","page_number":51,"box":{"x":121,"y":89,"width":763,"height":12}},{"id":"7fc5b01b-e4ca-4324-a51f-6defa9b38baf","block_type":"box","text":"instruments.","page_number":51,"box":{"x":121,"y":105,"width":104,"height":10}},{"id":"d17c4e60-3842-4fd0-8cb1-6a646e8ac1ab","block_type":"box","text":"Under the Regulations, the Sub-Fund may utilise financial derivative instruments subject to the","page_number":51,"box":{"x":121,"y":138,"width":763,"height":13}},{"id":"126dcf56-1246-4288-9b3f-3f65568e8970","block_type":"box","text":"following terms and conditions:-","page_number":51,"box":{"x":121,"y":154,"width":268,"height":13}},{"id":"7ea6624e-a7ae-4774-92b1-c3e96e9e14a3","block_type":"box","text":"1.","page_number":51,"box":{"x":123,"y":187,"width":11,"height":10}},{"id":"df3382e2-829f-462e-94e0-209408a5811c","block_type":"box","text":"The global exposure of the Sub-Fund relating to financial derivative instruments must","page_number":51,"box":{"x":181,"y":187,"width":703,"height":13}},{"id":"514e2827-fb4a-43e5-90fd-3930bb1e87fb","block_type":"box","text":"not exceed its total net asset value;","page_number":51,"box":{"x":181,"y":203,"width":285,"height":12}},{"id":"892ef3cf-fdb3-47c8-aad3-b2104ae926ca","block_type":"box","text":"2.","page_number":51,"box":{"x":121,"y":236,"width":13,"height":10}},{"id":"81440cc6-eecf-4476-a289-fbfc8b409f0e","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":"1707e726-a525-46fb-85a5-d9bb3b09d5c1","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":"69803403-4f58-4542-9441-b9c3b3c0c844","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":"62ec9e3e-d2c4-4f36-b105-a3ff37fe89e5","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":"300abca2-313e-4abf-8d61-be4954b62481","block_type":"box","text":"Investment Restrictions above.","page_number":51,"box":{"x":181,"y":302,"width":254,"height":10}},{"id":"66c7fd36-a52f-4fe2-9b17-40a0f16d43d1","block_type":"box","text":"3.","page_number":51,"box":{"x":121,"y":334,"width":13,"height":10}},{"id":"bcbaebf8-dfeb-44d3-a3ad-5ed47c81c1ad","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":"9399e522-35e1-4026-a59c-0fb8f274bf84","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":"6c5e8efe-df99-4c94-9900-b266ae4cb9d0","block_type":"box","text":"the Central Bank.","page_number":51,"box":{"x":181,"y":367,"width":147,"height":10}},{"id":"32dcf4d3-c878-4f3a-b138-16d24da1e679","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":"c60b138a-01ab-4010-b11b-d38e77364ec2","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":"85e51417-222f-48df-a5aa-ed95422675a8","block_type":"box","text":"Regulation respectively.","page_number":51,"box":{"x":121,"y":433,"width":201,"height":13}},{"id":"1c5a5aa9-aae2-4ebc-a4ba-ff31d464b206","block_type":"box","text":"Further information on the use of financial derivatives instruments, reverse 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Additional Shares will be issued to Shareholders at","page_number":53,"box":{"x":121,"y":465,"width":763,"height":13}},{"id":"2f3211a0-10c7-4773-919c-466e8007104f","block_type":"box","text":"a price calculated in the same way as for other issues of the Shares on the same date. 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investment","page_number":54,"box":{"x":121,"y":400,"width":763,"height":13}},{"id":"e378673d-db2d-4fe8-9288-2c21db0a6d39","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":"ebd6f2a8-4cc6-41ce-9d2f-bda82074ce90","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":"7c411fe9-fb0c-438f-8449-d294fda31fe3","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":"cc962429-b993-43f4-8ef7-7489cad7e628","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":"9135fb3c-b5df-4ead-a5ce-58b4be38d2c6","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":"c56d1b93-a480-4b13-afa4-4261e77f9df0","block_type":"box","text":"Dealing Deadline","page_number":54,"box":{"x":121,"y":531,"width":152,"height":13}},{"id":"1502eb3f-8acc-4fc8-a88b-2ed98632b7d8","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":"4505dbfe-047e-41d6-8fd2-e178e12a83dd","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":"bac51110-3e96-45eb-b186-6329b2e54264","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":"6690a63e-48c8-407f-8c3a-3210239d5fb1","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":"d860d7f5-834e-467b-b27e-6456bac09000","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":"340afd78-4878-4eef-81d6-cc2a7abb1115","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":"e9265756-0016-4f4c-9730-e5bab378021d","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":"eab1e722-7a14-43c6-a709-a44d0916d76f","block_type":"box","text":"changes.","page_number":54,"box":{"x":121,"y":793,"width":74,"height":13}},{"id":"646681bb-a8e5-4969-997d-8b629af5eb3b","block_type":"box","text":"Interim Dealing Cycles","page_number":54,"box":{"x":121,"y":826,"width":203,"height":13}},{"id":"84c73427-10bf-4839-be14-7f52a8b327d9","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":"2e437991-266d-4f3d-b8af-b8ad6f9658b5","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":"6a2a6da9-d74a-4b33-9249-6d1c593a0b2e","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":"6c3880bc-e1f5-4a4b-b2b8-5ba5eb164b89","block_type":"box","text":"55","page_number":55,"box":{"x":490,"y":928,"width":25,"height":9}},{"id":"552b161c-ea94-4301-81dc-162c86c9660b","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":"06d3a433-5870-4a4c-a971-a5d2c9c9f35c","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":"d7178617-0508-4460-a2e7-682d29b667fa","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":"c67243f6-b735-48e6-8502-1f437169da50","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":"f3c4568c-a2ac-4c81-aaec-50ba90cef2d3","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":"95b2faea-0ce2-4743-ae26-d5baf30b5899","block_type":"box","text":"Dealing Day.","page_number":55,"box":{"x":121,"y":236,"width":112,"height":13}},{"id":"0f15a834-f6e1-450c-9152-ec2716a1af4a","block_type":"box","text":"Issue Price for Class T Shares","page_number":55,"box":{"x":121,"y":269,"width":262,"height":10}},{"id":"0e89fdd6-6012-4798-b79e-b954e311aa9f","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":"433c20cc-cea6-4620-8d57-90e73e2e7b21","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":"2a0940f0-f1d2-4ee0-abde-578687978341","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":"511c86d3-e316-44d2-9707-788ef5aabc7c","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":"335b4833-5ec0-49b2-86dc-7002bc35bb2f","block_type":"box","text":"Offer Period for Class 5-8 Shares","page_number":55,"box":{"x":121,"y":416,"width":291,"height":10}},{"id":"6fa207b4-58ed-4049-82aa-a82820b1a908","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":"b84f5240-8bb3-4c1e-83ea-b804c6944d66","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":"be5be8a3-317d-4d66-a6b4-e7282b43e2ba","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":"808a4472-d607-4f26-b8e6-d40684e12c44","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":"f794c7e2-ba80-4bd5-a8a2-4a1c2a01bf31","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":"457318ea-9022-4aaa-bde1-1f8ace5cb3b0","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":"244b2c0b-719a-4603-a58b-419b276c8095","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":"572e69f0-2e29-486e-a00d-d053f1a3052c","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":"9e46ab1f-ad76-47e9-a782-bbe425e8fdb5","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":"230a228d-9f8f-4efd-9a9a-6c8246f1251e","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":"e0cfa7bc-f4b5-450c-81dd-191096bfe677","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":"1c53a717-11a7-4305-b92d-e2973ca520e9","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":"f0204fb7-bb39-4875-9548-36c12f4f7999","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":"665b7787-d72b-4558-8812-de55be4e4c1d","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":"0824877a-bcc9-4b0e-a8f3-ce51718c9396","block_type":"box","text":"Dealing day.","page_number":55,"box":{"x":121,"y":711,"width":108,"height":13}},{"id":"236f2254-630f-434c-ad06-3b7503e72058","block_type":"box","text":"Minimum Fund Size","page_number":55,"box":{"x":121,"y":744,"width":181,"height":10}},{"id":"56c1f0e4-09fb-4ceb-9b59-d8bc073a74f5","block_type":"box","text":"$10,000,000.","page_number":55,"box":{"x":121,"y":776,"width":110,"height":13}},{"id":"23d589bc-7656-47ee-82bd-ad92bf406a16","block_type":"box","text":"Minimum Initial Subscription and Minimum Holding","page_number":55,"box":{"x":121,"y":810,"width":467,"height":12}},{"id":"607992dc-8b4b-468b-ba13-fc224afd51d4","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":"f7b66596-b2fa-4f60-a6c4-49ed51648a86","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":"0e98f5af-4997-46fa-af17-41c952417d55","block_type":"box","text":"determine.","page_number":55,"box":{"x":121,"y":875,"width":90,"height":10}},{"id":"b7818b7c-7f9d-420e-90cd-51f34fd3e972","block_type":"box","text":"56","page_number":56,"box":{"x":490,"y":928,"width":25,"height":9}},{"id":"809d9270-1d80-4278-b597-88d5b09d46af","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":"eb85dbfc-58d0-47f9-aea0-d4f3c7bc5e4c","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":"51053395-84f3-4a3d-9e5c-5898199a4d3f","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":"54e7326b-7aad-4653-a941-0f99b09661ee","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":"f63b72fb-47d4-4055-b59d-7db98035d396","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":"11c31ca1-38ef-484b-9eb9-cbe175f79f90","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":"d8dcaa6f-ff4d-4099-909f-9a9b02121a02","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":"ee250391-ee22-420e-95e3-e6faeb20d030","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":"5800c84e-efe9-43ef-abc2-791a4371fa16","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":"c1aee375-261b-40a2-872f-2b398d41a59f","block_type":"box","text":"discretion.","page_number":56,"box":{"x":121,"y":252,"width":89,"height":10}},{"id":"78375378-af63-409e-b378-0e64be3e38c8","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":"ffe5ff75-4e7a-42a0-a120-c06f2804bcfe","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":"76fe84f0-f6f8-49d5-8a7b-6fc2e92fe79c","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":"65197380-f7bf-4e6c-95a8-87d758eae063","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":"6a8e491a-ffa4-48ec-bc79-d274dc71e55c","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":"4340421e-6da4-49c5-ab47-e4ff30a2075c","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":"e51dd226-8846-4675-b468-d467d08e4d7c","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":"ce8e0c0a-d8a8-4aa1-868e-c0d1cf7c0140","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":"15768988-3e7b-4e8c-910f-6a229c6585ec","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":"2725cc37-ca65-45ad-b6bd-ff0c922eb43c","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":"08ad655d-7457-4493-9032-2d685add01a3","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":"431d201c-3472-466c-a219-238bfda76fc3","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":"d6f8fd2f-25eb-4581-90b0-1f433bc36948","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":"71af86f7-c534-4b01-9ea2-5c68a5c80954","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":"28cd578b-ba85-493f-bba3-e498912f9f77","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":"3fc5cdcb-6112-413a-bf91-fcd3b3f172d6","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":"576f9774-337e-4ea9-b9d5-dc59dae1123b","block_type":"box","text":"redemption documentation.","page_number":56,"box":{"x":121,"y":597,"width":226,"height":12}},{"id":"0e93f44b-2558-4c5a-b2f4-be266e9e0e09","block_type":"box","text":"Valuation Point","page_number":56,"box":{"x":121,"y":629,"width":141,"height":10}},{"id":"3b135d57-2124-4fd9-a83e-b6e7465d4ece","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":"6de7beeb-43e3-48c5-96ac-de8a0241ea0b","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":"92a35590-31e7-45f6-b09d-768b3b3d629d","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":"72653ea3-8a57-415c-9d81-01632875df7c","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":"a90da311-e142-4e13-a65a-d87ffadfe89c","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":"4657081c-e24d-4fa7-9ebe-1cbb8782b88c","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":"f8ff2ab1-e41a-4421-b979-68c0be684828","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":"44344757-60d9-4aed-8bf6-735083816180","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":"bbf12dbb-0733-49d5-a86a-8dfface97924","block_type":"box","text":"Fees and Expenses","page_number":56,"box":{"x":121,"y":810,"width":165,"height":12}},{"id":"644992ae-7768-4a38-81d6-0513644ee594","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":"7193d536-c92b-46a8-8903-333bd1075016","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":"2f0aeaeb-7329-4800-a79b-b62da8cf5b5a","block_type":"box","text":"Class of Shares","page_number":56,"box":{"x":121,"y":891,"width":136,"height":11}},{"id":"9115550d-50d8-43e4-bf75-7ec05ec34652","block_type":"box","text":"Annual Charges and Expenses","page_number":56,"box":{"x":363,"y":892,"width":267,"height":12}},{"id":"44aa9b08-e7c3-4bae-832c-57bdf44e736e","block_type":"box","text":"57","page_number":57,"box":{"x":490,"y":928,"width":25,"height":9}},{"id":"06d66ceb-d21a-4cba-b852-f1d7e7c4ccf6","block_type":"box","text":"Class 1","page_number":57,"box":{"x":121,"y":105,"width":63,"height":10}},{"id":"f2d91891-7c76-4769-b887-5a8dc639dddf","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":"584a58e2-ae40-493d-bfd3-e22e887cf627","block_type":"box","text":"Class 2","page_number":57,"box":{"x":121,"y":121,"width":63,"height":10}},{"id":"66803e6e-5e94-466a-a226-edc9be9c409b","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":"ffe4a59d-2606-4a21-b49f-2ac000f104e5","block_type":"box","text":"Class 3","page_number":57,"box":{"x":121,"y":138,"width":63,"height":10}},{"id":"8847a6b4-6ff8-476f-b3a2-4c41a42ab558","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":"f4dbad31-87a2-4a44-b91b-0da68da008fd","block_type":"box","text":"Class 4","page_number":57,"box":{"x":121,"y":154,"width":63,"height":10}},{"id":"093611a3-b4d4-450b-8126-de5d30d0f909","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":"374be570-43dd-48bb-abcd-d8677f3e40be","block_type":"box","text":"Class 5","page_number":57,"box":{"x":121,"y":170,"width":63,"height":10}},{"id":"83a62eb8-176e-49a9-8774-11637fe47e44","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":"90935a12-7f21-4ff3-a263-3459891d6794","block_type":"box","text":"Class 6","page_number":57,"box":{"x":121,"y":187,"width":63,"height":10}},{"id":"1f1e67fa-1960-4ca0-80a6-ab0397a5c7f9","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":"403405a3-35ac-423d-b4c5-74c990fb9a36","block_type":"box","text":"Class 7","page_number":57,"box":{"x":121,"y":203,"width":63,"height":10}},{"id":"74a72382-7fbf-4dfb-8886-9b854071f7ee","block_type":"box","text":"0.10% of the Net Asset Value of the Class 7 Shares","page_number":57,"box":{"x":363,"y":203,"width":419,"height":10}},{"id":"6cbff613-768b-479e-8b70-981c5290a3bd","block_type":"box","text":"Class 8","page_number":57,"box":{"x":121,"y":220,"width":63,"height":10}},{"id":"f7459ee3-b28b-47ff-9875-34cc12307ae5","block_type":"box","text":"0.00% of the Net Asset Value of the Class 8 Shares","page_number":57,"box":{"x":363,"y":220,"width":419,"height":10}},{"id":"ba07b885-3d69-4a40-a6bb-7c16553a7c22","block_type":"box","text":"Class W (Accumulating)","page_number":57,"box":{"x":121,"y":236,"width":205,"height":13}},{"id":"d00759f3-5c39-40f3-8a3f-e7957acfe281","block_type":"box","text":"0.10% of the Net Asset Value of the Class W (Accumulating)","page_number":57,"box":{"x":363,"y":236,"width":521,"height":13}},{"id":"2fb8beb8-9631-44c5-98c3-0a7e38fb4f47","block_type":"box","text":"Shares","page_number":57,"box":{"x":363,"y":252,"width":58,"height":10}},{"id":"d0049e26-a5b3-40dc-9e3d-26ca3576d36b","block_type":"box","text":"Class W (Distributing)","page_number":57,"box":{"x":121,"y":269,"width":188,"height":13}},{"id":"ce7cb532-82ac-4289-b4c3-13ff1c1c4548","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":"414d3d08-5a65-4be5-ae02-3fc87128d61c","block_type":"box","text":"Shares","page_number":57,"box":{"x":363,"y":285,"width":58,"height":10}},{"id":"d45ce67b-1d3b-465e-b384-df64e042f226","block_type":"box","text":"Class T","page_number":57,"box":{"x":121,"y":302,"width":66,"height":10}},{"id":"22a4375f-d1c0-43d5-ae54-f98b3f7f93f6","block_type":"box","text":"0.20% of the Net Asset Value of the Class T 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She has over 30 years’ experience in","page_number":60,"box":{"x":121,"y":342,"width":763,"height":13}},{"id":"fc63a469-66fc-4647-932c-95bde520ac09","block_type":"box","text":"international financial services. She is a former partner of Dillon Eustace Solicitors (1999 to","page_number":60,"box":{"x":121,"y":359,"width":763,"height":13}},{"id":"5b4d5201-e24f-4b8b-b4d4-485a1c7953ca","block_type":"box","text":"2005) prior to which (1988 to 1999) she held senior executive roles at Bank of Ireland including","page_number":60,"box":{"x":121,"y":375,"width":763,"height":13}},{"id":"d5ea13e1-4848-4d7f-9bbc-ade70b975b91","block_type":"box","text":"Head of Client Services and Head of Legal Affairs at Bank of Ireland Securities Services (since","page_number":60,"box":{"x":121,"y":392,"width":763,"height":12}},{"id":"c2b5fd7c-a735-4690-b5f4-8bbc64ee9853","block_type":"box","text":"acquired by Northern Trust) and, in Bank of Ireland Asset Management, as a Senior Manager.","page_number":60,"box":{"x":121,"y":408,"width":763,"height":13}},{"id":"d3686034-ebb6-4a5a-ae11-0524c303c0b8","block_type":"box","text":"Denise is a past Chairperson of Irish Funds, the Irish funds industry association and its legal","page_number":60,"box":{"x":121,"y":424,"width":763,"height":13}},{"id":"33498fb7-1551-4f02-8974-31a3adbea8d2","block_type":"box","text":"and regulatory sub-committee and represented the industry on a number of key funds industry","page_number":60,"box":{"x":121,"y":441,"width":763,"height":13}},{"id":"e5e16a5e-5837-4cac-844d-62265077accb","block_type":"box","text":"working groups including An Taoiseach's International Financial Services Committee and","page_number":60,"box":{"x":121,"y":457,"width":763,"height":13}},{"id":"76b7e83e-9c51-4dff-bd6a-716d14b33d3f","block_type":"box","text":"FEFSI (now EFAMA). She served on the Committee on Collective Investment Governance","page_number":60,"box":{"x":121,"y":474,"width":763,"height":12}},{"id":"ac826eee-e2af-4bfd-b943-fbf5f21e9a9c","block_type":"box","text":"formed by the Central Bank of Ireland to develop recommendations for good governance","page_number":60,"box":{"x":121,"y":490,"width":763,"height":13}},{"id":"265e86dc-5bf5-4b05-b249-b0878efe3c82","block_type":"box","text":"practice for funds. Ms. Kinsella was consulting editor to \"Collective Investment Schemes in","page_number":60,"box":{"x":121,"y":506,"width":763,"height":13}},{"id":"cab09e8d-9a68-45cd-807d-2c7109da3461","block_type":"box","text":"Luxembourg, Law and Practice\" published by Oxford University Press and has lectured on","page_number":60,"box":{"x":121,"y":523,"width":763,"height":13}},{"id":"e24ffb06-6fa5-422d-9a4f-7e49afb02123","block_type":"box","text":"financial services law at the Law Society of Ireland. She graduated in law from Trinity College","page_number":60,"box":{"x":121,"y":539,"width":763,"height":13}},{"id":"34e2c601-7718-4965-8ce7-ff5ad62f9cf3","block_type":"box","text":"Dublin (1983), was admitted as a solicitor by the Law Society of Ireland (1987) and holds a","page_number":60,"box":{"x":121,"y":556,"width":763,"height":12}},{"id":"a9509e6e-3512-4e28-9383-608a74d0b16c","block_type":"box","text":"diploma in company direction from the Institute of Directors (UK) (2011). She is a founding","page_number":60,"box":{"x":121,"y":572,"width":763,"height":13}},{"id":"744492a5-21a5-4d39-892b-46641be8f54e","block_type":"box","text":"member and past Director of the Irish funds’ industry charity, basis.point.","page_number":60,"box":{"x":121,"y":588,"width":599,"height":13}},{"id":"430b26b3-c1a3-4e72-b270-3b70c2569b4d","block_type":"box","text":"Ms. Deirdre Gormley (Irish Resident)","page_number":60,"box":{"x":121,"y":621,"width":330,"height":13}},{"id":"9c45df0d-e1d5-47d4-b9d5-0bd6242de330","block_type":"box","text":"Deirdre Gormley (Irish) is an independent investment fund director with over 30 years'","page_number":60,"box":{"x":121,"y":654,"width":763,"height":13}},{"id":"b07b4fc2-5acd-4684-9d90-bd68c2b605e6","block_type":"box","text":"experience in the asset management and investment funds industry, having held senior","page_number":60,"box":{"x":121,"y":670,"width":763,"height":13}},{"id":"8fc14895-e8c4-4a4c-806c-f0a6bf4da4a2","block_type":"box","text":"executive and board positions in large international organizations. 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Ms Gormley is the former","page_number":60,"box":{"x":121,"y":736,"width":763,"height":13}},{"id":"8a850ac7-3125-4cc0-9978-add57a632408","block_type":"box","text":"CEO/Head of Management Company for Northern Trust Asset Management in Dublin Ireland.","page_number":60,"box":{"x":121,"y":752,"width":763,"height":13}},{"id":"6a119e86-9e43-4f8f-a932-0b8c43376979","block_type":"box","text":"In this role she was responsible for the management of UCITS and IPM business which","page_number":60,"box":{"x":121,"y":769,"width":763,"height":12}},{"id":"18723ec7-e5a3-43c1-8787-d5bb15f402ad","block_type":"box","text":"included Money Market, Equity, Fixed Income and ETF products. 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He","page_number":61,"box":{"x":121,"y":138,"width":763,"height":13}},{"id":"816d76fa-8599-480c-a041-19669a442fdc","block_type":"box","text":"primarily focuses on the UK corporate and institutional space and maintaining the correct","page_number":61,"box":{"x":121,"y":154,"width":763,"height":13}},{"id":"6005f2b4-79be-4fba-a7e8-63ca0dd21722","block_type":"box","text":"framework within which business operates. 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He joined the investment industry","page_number":61,"box":{"x":121,"y":236,"width":763,"height":13}},{"id":"8b60d957-0203-41f5-8324-e1604e08f78e","block_type":"box","text":"after an initial career in ecommerce and interbank broking, which began in 1988.","page_number":61,"box":{"x":121,"y":252,"width":657,"height":13}},{"id":"4bc68537-bd9e-48bd-83c2-3dec9bf95cde","block_type":"box","text":"Mr. Martin Bell","page_number":61,"box":{"x":121,"y":285,"width":143,"height":10}},{"id":"45b685d4-5ab4-4f1a-ba1c-2f040452a858","block_type":"box","text":"Mr Bell is the Director of Global Funds Services, which was created in April 2017 to bring","page_number":61,"box":{"x":121,"y":318,"width":763,"height":13}},{"id":"92181d04-5493-4bc2-a506-17652fef8825","block_type":"box","text":"together the activities of the UK and Luxembourg Management Companies covering all Aviva","page_number":61,"box":{"x":121,"y":334,"width":763,"height":13}},{"id":"4646517b-1723-4ce7-885b-455e32067a5b","block_type":"box","text":"Investors regulated funds business. Prior to moving into the Head of GFS role, Mr Bell was","page_number":61,"box":{"x":121,"y":351,"width":763,"height":13}},{"id":"c5f49737-0fda-4ee2-83de-43c0cf2f025d","block_type":"box","text":"instrumental in building and leading the GFS Investment Oversight team with responsibility","page_number":61,"box":{"x":121,"y":367,"width":763,"height":13}},{"id":"24e739a2-89bf-4977-b03f-c960e042d0cf","block_type":"box","text":"for the OEIC, SICAV, TTF, Liquidity Funds and AIFM Fund ranges. The GFS Investment","page_number":61,"box":{"x":121,"y":384,"width":763,"height":12}},{"id":"ddcd0835-bf49-4b0c-a257-29718adc18dc","block_type":"box","text":"Oversight team is responsible for the oversight of the internal and external Investment","page_number":61,"box":{"x":121,"y":400,"width":763,"height":13}},{"id":"0b86d658-4476-4081-b03a-a525a12bc8bc","block_type":"box","text":"Managers with a total of £150bn AUM. Mr Bell was previously responsible for the Integration","page_number":61,"box":{"x":121,"y":416,"width":763,"height":13}},{"id":"45af4b38-a257-4ecb-83c9-1b761ac75c37","block_type":"box","text":"of the Friends Life Assets into the Aviva Investors Investment Strategy and Operating Model.","page_number":61,"box":{"x":121,"y":433,"width":761,"height":13}},{"id":"f6754e95-cd6b-4688-ac84-663521886f81","block_type":"box","text":"He was a key SME on the OBOE Project to land £60bn of Client assets at Aviva Investors.","page_number":61,"box":{"x":121,"y":449,"width":738,"height":13}},{"id":"a035328d-76f9-4b88-b37e-b62ba969ff37","block_type":"box","text":"Mr Bell has spent time in both Asset Management and Investment Banking. His first role in","page_number":61,"box":{"x":121,"y":482,"width":745,"height":13}},{"id":"82207dfa-2f15-4e67-8f37-36d80210bbce","block_type":"box","text":"Asset Management was Asset Allocation with Merrill Lynch Investment Management, from","page_number":61,"box":{"x":121,"y":498,"width":763,"height":13}},{"id":"d4b8229f-4ea0-4882-be3c-588368183869","block_type":"box","text":"where he moved to Morgan Stanley, spending ten years in the Portfolio Products Team. He","page_number":61,"box":{"x":121,"y":515,"width":763,"height":12}},{"id":"2b212572-2e2e-4ecb-b9e7-628761e6de57","block_type":"box","text":"moved back to Asset Management as Head of the Investment Transitions team at Aviva","page_number":61,"box":{"x":121,"y":531,"width":763,"height":13}},{"id":"644164a7-f8c2-4621-bb77-8dbc1b74f770","block_type":"box","text":"Investors. Mr Bell holds a Bachelor of Arts degree in Financial Services and a Postgraduate","page_number":61,"box":{"x":121,"y":547,"width":763,"height":13}},{"id":"8081d83e-51ea-48e6-9814-ed095d0fe26f","block_type":"box","text":"Diploma in Strategy & Innovation from Said Business School, University of Oxford. He is an","page_number":61,"box":{"x":121,"y":564,"width":763,"height":13}},{"id":"c833497f-401a-4cba-a3e6-faaa010b895f","block_type":"box","text":"Associate of the CFA Society of the UK and holds the IMC.","page_number":61,"box":{"x":121,"y":580,"width":490,"height":13}},{"id":"4bec357b-cf4e-4158-9921-f876020fff52","block_type":"box","text":"No Director has:","page_number":61,"box":{"x":121,"y":613,"width":139,"height":10}},{"id":"e11b3c9a-2492-4ee1-904b-45d1d69bf303","block_type":"box","text":"(i) any unspent convictions in relation to indictable offences; or","page_number":61,"box":{"x":121,"y":646,"width":557,"height":13}},{"id":"eefe394b-d9a4-4b48-ba64-d4ee4d8ac735","block_type":"box","text":"(ii) been a director of any company or partnership which, while he was a director with an","page_number":61,"box":{"x":121,"y":679,"width":763,"height":12}},{"id":"17dc426e-8536-47b1-a96d-42195bf3050a","block_type":"box","text":"executive function or partner at the time of or within the 12 months preceding such events,","page_number":61,"box":{"x":121,"y":695,"width":763,"height":13}},{"id":"d85fc1ff-b340-4a4f-b5d0-b4d08ffac520","block_type":"box","text":"been declared bankrupt, went into receivership, liquidation, administration or voluntary","page_number":61,"box":{"x":121,"y":711,"width":763,"height":13}},{"id":"c40c5012-b7b6-406c-9760-ba1f6a3ef407","block_type":"box","text":"arrangements; or","page_number":61,"box":{"x":121,"y":729,"width":141,"height":12}},{"id":"701783f7-386c-4439-96c0-ac3f4fd61d00","block_type":"box","text":"(iii) been subject to any official public incrimination and/or sanctions by statutory or","page_number":61,"box":{"x":121,"y":761,"width":763,"height":12}},{"id":"1f29afd7-f4fd-4aec-b6f8-5f8056e0b1c5","block_type":"box","text":"regulatory authorities (including designated professional bodies); or been disqualified by a","page_number":61,"box":{"x":121,"y":777,"width":763,"height":13}},{"id":"9f5c8fa1-0848-4dc3-8fa5-ea1316add137","block_type":"box","text":"court from acting as a director of a company or from acting in the management or conduct of","page_number":61,"box":{"x":121,"y":793,"width":763,"height":13}},{"id":"0640e4a1-f5bd-41cc-a02e-f60ceae87f35","block_type":"box","text":"affairs of any company.","page_number":61,"box":{"x":121,"y":810,"width":196,"height":12}},{"id":"66c04b09-3fb1-40e0-9b19-12814158d47f","block_type":"box","text":"For the purposes of this Prospectus, the address of all the Directors is the registered office of","page_number":61,"box":{"x":121,"y":842,"width":763,"height":13}},{"id":"02048c3a-a26d-40a6-80ad-56a2d51a488e","block_type":"box","text":"the Fund.","page_number":61,"box":{"x":121,"y":859,"width":81,"height":10}},{"id":"77497c94-1957-4d92-a9ef-f8347aad8df7","block_type":"box","text":"The Fund has appointed the Manager as its UCITS management company.","page_number":61,"box":{"x":121,"y":892,"width":607,"height":12}},{"id":"f7ab1377-1272-4f9b-80fd-e0cab797cefb","block_type":"box","text":"62","page_number":62,"box":{"x":490,"y":928,"width":25,"height":9}},{"id":"063f17ad-f283-4519-a1f6-17c08ddc27ec","block_type":"box","text":"The Manager has delegated the day to day investment management and administration of the","page_number":62,"box":{"x":121,"y":105,"width":763,"height":13}},{"id":"f22a2645-b025-4879-99f2-9250971ad1be","block_type":"box","text":"Fund to the Investment Manager and the Administrator respectively. Consequently, all","page_number":62,"box":{"x":121,"y":121,"width":763,"height":13}},{"id":"edb1916b-e779-4473-b2e5-461bb23d7449","block_type":"box","text":"Directors of the Fund are non-executive.","page_number":62,"box":{"x":121,"y":138,"width":331,"height":10}},{"id":"81be6220-dfcd-410b-af2c-85eab0c44de6","block_type":"box","text":"The Manager","page_number":62,"box":{"x":121,"y":171,"width":122,"height":12}},{"id":"3c5f539c-e635-424b-be83-49a6a9384f55","block_type":"box","text":"Aviva Investors Luxembourg S.A., whose registered office is situated at 2, rue du Fort","page_number":62,"box":{"x":121,"y":203,"width":763,"height":13}},{"id":"3d18312a-80be-4703-94d9-eafb2e089280","block_type":"box","text":"Bourbon, L-1249 Luxembourg, is a company established under the laws of the Grand Duchy","page_number":62,"box":{"x":121,"y":220,"width":763,"height":12}},{"id":"3bfd9b14-d368-478f-b892-3559749b8774","block_type":"box","text":"of Luxembourg and is a wholly owned subsidiary of Aviva Investors Holdings Limited. Aviva","page_number":62,"box":{"x":121,"y":236,"width":763,"height":13}},{"id":"e1788cc6-21a2-4413-8927-b3526a6bcbe0","block_type":"box","text":"Investors Luxembourg is subject to the supervision of the Commission de Surveillance du","page_number":62,"box":{"x":121,"y":252,"width":763,"height":13}},{"id":"20489790-59ed-4b94-92a2-3680b5941a3e","block_type":"box","text":"Secteur Financier. As at 31 March 2021 Aviva Investors Luxembourg S.A. had","page_number":62,"box":{"x":121,"y":269,"width":763,"height":13}},{"id":"535088bd-53c1-4df9-95f1-0787d3f4fb4d","block_type":"box","text":"€","page_number":62,"box":{"x":120,"y":285,"width":10,"height":10}},{"id":"310d587e-3094-4e92-888d-009a1e1f84ce","block_type":"box","text":"78,468,726,653 in assets under management. Aviva Investors Luxembourg S.A. was","page_number":62,"box":{"x":131,"y":285,"width":753,"height":13}},{"id":"5b7b87dd-cd52-445c-ac43-5c8633b01bcc","block_type":"box","text":"incorporated on the 9 of March 1987.","page_number":62,"box":{"x":121,"y":302,"width":306,"height":12}},{"id":"ba4cc3e9-9879-4b73-8043-4265253bcc4b","block_type":"box","text":"The Manager has responsibility for investment management services, administrative services","page_number":62,"box":{"x":121,"y":334,"width":763,"height":13}},{"id":"164cbd34-a208-4857-9491-7cb88a63b8ae","block_type":"box","text":"and distribution services. As detailed futher below the Manager has delegated to third parties","page_number":62,"box":{"x":121,"y":351,"width":763,"height":13}},{"id":"18c0e0b3-ddd5-46f2-ab9a-557c0fee4c38","block_type":"box","text":"some or all of its responsibilities, subject to applicable laws and the consent and supervision of","page_number":62,"box":{"x":121,"y":367,"width":763,"height":13}},{"id":"6aec7f32-b34f-49c9-a1e0-b8ad928371e4","block_type":"box","text":"the Board.","page_number":62,"box":{"x":121,"y":384,"width":88,"height":9}},{"id":"3d4b391d-5d41-40c9-80d8-73766925b172","block_type":"box","text":"For example, so long as it retains control and supervision, the Manager can appoint one or more","page_number":62,"box":{"x":121,"y":416,"width":763,"height":13}},{"id":"063e23fa-0bd4-4128-8253-291252aad242","block_type":"box","text":"investment managers to handle the day-to-day management of the Fund’s assets, or one or more","page_number":62,"box":{"x":121,"y":433,"width":763,"height":13}},{"id":"b1ecd41b-170b-4635-8784-57c994b7be64","block_type":"box","text":"advisors to provide investment information, recommendations and research concerning","page_number":62,"box":{"x":121,"y":449,"width":763,"height":13}},{"id":"30442487-b772-41f3-a5b6-167bf33f7918","block_type":"box","text":"prospective and existing investments.","page_number":62,"box":{"x":121,"y":465,"width":307,"height":13}},{"id":"ab2a99a4-0ccc-4615-b80a-9356c48d1231","block_type":"box","text":"Directors of the Manager","page_number":62,"box":{"x":120,"y":498,"width":212,"height":13}},{"id":"5f1010ab-aa9b-4eba-8083-4b150a57d84e","block_type":"box","text":"The Directors of the Manager are described below:-","page_number":62,"box":{"x":121,"y":531,"width":423,"height":13}},{"id":"b10ab3c9-53b3-4a05-a63a-005f4bd9bc92","block_type":"box","text":"Management Board","page_number":62,"box":{"x":121,"y":564,"width":176,"height":12}},{"id":"ada5b3e2-fbab-48fe-93ad-7c173cac8ab9","block_type":"box","text":"Mrs. Victoria Kernan","page_number":62,"box":{"x":121,"y":597,"width":192,"height":10}},{"id":"59d1ae97-c341-4d51-99ad-54624391858d","block_type":"box","text":"Mrs Kernan is Head of Transfer Agency oversight for Aviva Investors and is also one of the","page_number":62,"box":{"x":121,"y":629,"width":763,"height":13}},{"id":"1445876d-958a-4541-b76e-fb8ceb333f21","block_type":"box","text":"Manager’s conducting officers. Mrs. Kernan joined Aviva Investors Luxembourg in 2009 and","page_number":62,"box":{"x":121,"y":646,"width":763,"height":13}},{"id":"fadfc7ca-ffcf-45cf-84a4-6233906d73fb","block_type":"box","text":"has been primarily responsible for the outsourcing of core Transfer Agency activity. She","page_number":62,"box":{"x":121,"y":662,"width":763,"height":13}},{"id":"9f1ff9a2-2f35-43f5-a5e8-7af8d7c2f6dc","block_type":"box","text":"established the framework for the Vendor Management process in Luxembourg.","page_number":62,"box":{"x":121,"y":679,"width":652,"height":12}},{"id":"28c701f5-2b56-4c06-902d-98f90f891021","block_type":"box","text":"Mrs. Kernan has been working in the fund industry for 20 years and has held various positions","page_number":62,"box":{"x":121,"y":711,"width":763,"height":13}},{"id":"bd4a2217-f45b-4e5b-a632-1413892b97d0","block_type":"box","text":"with previous employers including State Street and Deutsche Bank. 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BNY Mellon is a leading provider of financial services for institutions, corporations","page_number":67,"box":{"x":121,"y":334,"width":763,"height":13}},{"id":"2c054058-ff6b-44ec-9235-455a64e6be93","block_type":"box","text":"and high-net-worth individuals, providing superior asset management and wealth management,","page_number":67,"box":{"x":121,"y":351,"width":763,"height":13}},{"id":"bd41e1c0-7403-42d0-a4cd-ec8f27bfcb05","block_type":"box","text":"asset servicing, issuer services, clearing services and treasury services through a worldwide","page_number":67,"box":{"x":121,"y":367,"width":763,"height":13}},{"id":"f349df8d-cbe0-434e-a6af-b21596372a81","block_type":"box","text":"client-focused team.","page_number":67,"box":{"x":121,"y":384,"width":168,"height":9}},{"id":"f8a33039-15e0-4789-98e4-460f21f1ed4a","block_type":"box","text":"The Duties of the Depositary","page_number":67,"box":{"x":122,"y":416,"width":236,"height":13}},{"id":"514d4c2c-d482-4aa4-ac15-a904e1c70660","block_type":"box","text":"The Depositary acts as the depositary of the Sub-Funds for the purposes of the Regulations","page_number":67,"box":{"x":121,"y":449,"width":763,"height":13}},{"id":"daf0ada1-d226-4723-a80c-014061004985","block_type":"box","text":"and, in doing so, shall comply with the provisions of the Regulations. In this capacity, the","page_number":67,"box":{"x":121,"y":465,"width":763,"height":13}},{"id":"86ba7ba0-570b-4f56-9dbe-ceafa502e6a4","block_type":"box","text":"Depositary's duties include, amongst others, the following:","page_number":67,"box":{"x":121,"y":482,"width":479,"height":13}},{"id":"13634a51-ddc0-4890-8221-0bf4443d0b49","block_type":"box","text":"(i) ensuring that each Fund’s cash flows are properly monitored, and that all payments made","page_number":67,"box":{"x":121,"y":515,"width":763,"height":12}},{"id":"b431c3ff-8015-4934-99b6-02a61e8811e2","block_type":"box","text":"by or on behalf of investors upon the subscription of Shares of the Sub-Funds have been","page_number":67,"box":{"x":121,"y":531,"width":763,"height":13}},{"id":"64dc0b21-a579-4e50-8b1b-9ff777846928","block_type":"box","text":"received;","page_number":67,"box":{"x":121,"y":547,"width":78,"height":12}},{"id":"43365715-b6e5-470a-88f2-02e52a90f7c2","block_type":"box","text":"(ii) safekeeping the assets of the Sub-Funds, which includes (a) holding in custody all financial","page_number":67,"box":{"x":121,"y":580,"width":763,"height":13}},{"id":"9327c004-bd33-4b92-89d5-4ccdc9ee9167","block_type":"box","text":"instruments that can be registered in a financial instrument account opened in the Depositary’s","page_number":67,"box":{"x":121,"y":597,"width":763,"height":12}},{"id":"f9f0708b-6a75-429d-8521-2d29245ff6ee","block_type":"box","text":"books and all financial instruments that can be physically delivered to the Depositary; and (b)","page_number":67,"box":{"x":121,"y":613,"width":763,"height":13}},{"id":"72f7cd88-5cce-4629-abf5-da82bd1a9010","block_type":"box","text":"for other assets, verifying the ownership by the Company of such assets and the maintenance","page_number":67,"box":{"x":121,"y":629,"width":763,"height":13}},{"id":"a6031562-1187-426c-b03a-aeef95a06373","block_type":"box","text":"of a record accordingly (the \"Safekeeping Function\");","page_number":67,"box":{"x":121,"y":646,"width":439,"height":13}},{"id":"170ba84c-9738-4e97-b020-70429a4c65c1","block_type":"box","text":"(iii) ensuring that the sale, issue, re-purchase, redemption and cancellation of Shares of each","page_number":67,"box":{"x":121,"y":679,"width":763,"height":12}},{"id":"61a98e69-e065-4614-a733-bc4c7ecc25f9","block_type":"box","text":"Fund are carried out in accordance with the Regulations and the Articles;","page_number":67,"box":{"x":121,"y":695,"width":594,"height":13}},{"id":"b09a7d65-40bb-46dc-962d-c7e61971a742","block_type":"box","text":"(iv) ensuring that the value of the Shares of each Fund is calculated in accordance with the","page_number":67,"box":{"x":121,"y":728,"width":763,"height":13}},{"id":"9243f0f4-7b2a-4052-9a34-6fad3cfd777b","block_type":"box","text":"Regulations and the Articles;","page_number":67,"box":{"x":121,"y":744,"width":239,"height":13}},{"id":"84ce2d06-261f-4705-94bb-0749b7e2950c","block_type":"box","text":"(v) carrying out the instructions of the Manager and the Company unless such instructions","page_number":67,"box":{"x":121,"y":777,"width":763,"height":13}},{"id":"7dfee37a-8444-4ea8-82b9-33525a3ed795","block_type":"box","text":"conflict with the Regulations or the Articles;","page_number":67,"box":{"x":121,"y":793,"width":364,"height":13}},{"id":"3ae1fed2-d68b-4f70-b7ae-960b5bfd31a4","block_type":"box","text":"(vi) ensuring that in transactions involving each Fund’s assets any consideration is remitted to","page_number":67,"box":{"x":121,"y":826,"width":763,"height":13}},{"id":"c3187535-842f-49d5-a019-94670da8abe2","block_type":"box","text":"the relevant Fund within the usual time limits; and","page_number":67,"box":{"x":121,"y":842,"width":411,"height":12}},{"id":"659e6842-8f20-463f-8418-3562ea94dee2","block_type":"box","text":"(vii) ensuring that the Sub-Funds' income is applied in accordance with the Regulations and","page_number":67,"box":{"x":121,"y":875,"width":763,"height":13}},{"id":"b3646736-49d6-49a1-89d3-85f167738854","block_type":"box","text":"the Articles.","page_number":67,"box":{"x":121,"y":892,"width":103,"height":9}},{"id":"f6bdcb73-659d-44c8-8f11-a72bebaa7fc8","block_type":"box","text":"68","page_number":68,"box":{"x":490,"y":928,"width":25,"height":9}},{"id":"953b9de7-fd39-4665-af59-302ee39f0f01","block_type":"box","text":"Apart from cash (which shall be held and maintained in accordance with the terms of the","page_number":68,"box":{"x":121,"y":105,"width":763,"height":13}},{"id":"49ec20d6-b5a9-4e0a-8055-8b35ea8a20c9","block_type":"box","text":"Regulations), all other assets of the Sub-Funds shall be segregated from the assets of the","page_number":68,"box":{"x":121,"y":121,"width":763,"height":13}},{"id":"24da48dc-9a98-4147-9737-4638224c17de","block_type":"box","text":"Depositary, its sub-custodians and from assets held as a fiduciary, custodian or otherwise by","page_number":68,"box":{"x":121,"y":138,"width":763,"height":13}},{"id":"4ec61280-a8cb-45c4-ac9e-0df079cb664d","block_type":"box","text":"the Depositary or sub-custodians or both for other customers. The Depositary shall maintain","page_number":68,"box":{"x":121,"y":154,"width":763,"height":13}},{"id":"2b1ae644-8e12-4e50-a5ce-6bce3ddec180","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":68,"box":{"x":121,"y":170,"width":763,"height":13}},{"id":"92900143-f076-4312-a5b2-ef80a2b76af7","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":68,"box":{"x":121,"y":187,"width":763,"height":13}},{"id":"58ea34d3-9334-4e7b-a7da-f87a09fc2646","block_type":"box","text":"to the Depositary or any of its affiliates, sub-custodians or delegates or any of their affiliates.","page_number":68,"box":{"x":121,"y":203,"width":753,"height":13}},{"id":"0ce3fc6b-98bd-4fbc-8498-4155bb82df0e","block_type":"box","text":"The Depositary has entered into sub-custody agreements delegating the performance of its","page_number":68,"box":{"x":121,"y":236,"width":763,"height":13}},{"id":"26d44c2d-8913-4042-9db7-40eb0686eaa7","block_type":"box","text":"Safekeeping Function in certain agreed markets to the sub-custodians as set out in Schedule","page_number":68,"box":{"x":121,"y":252,"width":763,"height":13}},{"id":"28eb67d2-e625-4dd4-afa8-09f890a43d3c","block_type":"box","text":"III. The liability of the Depositary will not be affected by the fact that it has entrusted the","page_number":68,"box":{"x":121,"y":269,"width":763,"height":13}},{"id":"46e7b921-c80e-445e-baea-a0071a45af1f","block_type":"box","text":"Safekeeping Function to a third party.","page_number":68,"box":{"x":121,"y":285,"width":310,"height":13}},{"id":"eb9035ff-2022-4b36-b49a-3ae821c1bd73","block_type":"box","text":"The Depositary must ensure that the sub-custodians:","page_number":68,"box":{"x":121,"y":318,"width":427,"height":13}},{"id":"d4c61a0d-4f46-4251-8580-ae90c0060229","block_type":"box","text":"(i) have adequate structures and expertise;","page_number":68,"box":{"x":121,"y":351,"width":344,"height":13}},{"id":"6ecf5aac-6ad6-4b7e-8517-cf5a67e0672a","block_type":"box","text":"(ii) in circumstances where custody of financial instruments is delegated to them, are subject","page_number":68,"box":{"x":121,"y":384,"width":763,"height":12}},{"id":"4966e390-daa1-4b88-8d9d-3dc2ce92ad2f","block_type":"box","text":"to effective prudential regulation, including minimum capital requirements, and supervision in","page_number":68,"box":{"x":121,"y":400,"width":763,"height":13}},{"id":"7552ad04-8548-4629-9db8-8273bd469050","block_type":"box","text":"the jurisdiction concerned, as well as an external periodic audit to ensure that the financial","page_number":68,"box":{"x":121,"y":416,"width":763,"height":13}},{"id":"a72f31ec-a1e7-44ae-83db-95c806a919c3","block_type":"box","text":"instruments are in their possession;","page_number":68,"box":{"x":121,"y":433,"width":288,"height":13}},{"id":"9c3e5241-f5dc-48b7-8f57-fbf85b470994","block_type":"box","text":"(iii) segregate the assets of the Depositary’s clients from their own assets and assets of the","page_number":68,"box":{"x":121,"y":465,"width":763,"height":13}},{"id":"6fbc906c-21e3-4fc1-bb3f-8fda38b7835c","block_type":"box","text":"Depositary in such a way that such assets can, at any time, be clearly identified as belonging to","page_number":68,"box":{"x":121,"y":482,"width":763,"height":13}},{"id":"64eaa1ef-0cf2-49cd-a5f1-beaa7cebe204","block_type":"box","text":"the Depositary’s clients;","page_number":68,"box":{"x":121,"y":498,"width":201,"height":13}},{"id":"57da7cdf-ee0c-4490-a5fd-720f86dbd509","block_type":"box","text":"(iv) ensure that in the event of their insolvency, assets of the Company held by the sub","page_number":68,"box":{"x":121,"y":531,"width":757,"height":13}},{"id":"f553f017-f5bf-499e-8b13-bb686d572e49","block_type":"box","text":"custodians are unavailable for distribution among, or realisation for the benefit of, creditors of","page_number":68,"box":{"x":121,"y":547,"width":763,"height":13}},{"id":"1ebd7e5e-f65f-45a0-b477-7b535c988c7d","block_type":"box","text":"the sub-custodians; and","page_number":68,"box":{"x":121,"y":564,"width":194,"height":12}},{"id":"7cb82ae4-ac09-4688-a8da-a29d8cac2d2d","block_type":"box","text":"(v) are appointed by way of a written contract and comply with the general obligations and","page_number":68,"box":{"x":121,"y":597,"width":763,"height":12}},{"id":"83667bfb-c59c-4dc0-b1d5-2011578cc94a","block_type":"box","text":"prohibitions in relation to the Safekeeping Function, reuse of assets and conflicts of interest.","page_number":68,"box":{"x":121,"y":613,"width":748,"height":13}},{"id":"1b25012c-01ca-49ea-b931-7240fad170c4","block_type":"box","text":"Where the law of a third country requires that certain financial instruments be held in custody","page_number":68,"box":{"x":121,"y":646,"width":763,"height":13}},{"id":"44d3a6dd-615d-4055-956f-c28ece6c268f","block_type":"box","text":"by a local entity and no local entities are subject to effective prudential regulation, including","page_number":68,"box":{"x":121,"y":662,"width":763,"height":13}},{"id":"fcc79f9f-0827-4b16-a6a3-3f6cb7b55295","block_type":"box","text":"minimum capital requirements and supervision in the jurisdiction concerned, the Company","page_number":68,"box":{"x":121,"y":679,"width":763,"height":12}},{"id":"d7c3cdac-5bea-40a0-be7c-e5e571498ba7","block_type":"box","text":"may instruct the Depositary to delegate its functions to such a local entity only to the extent","page_number":68,"box":{"x":121,"y":695,"width":763,"height":13}},{"id":"dc7e8090-7be3-42a7-a4ba-5099a373ae6d","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":68,"box":{"x":121,"y":711,"width":763,"height":13}},{"id":"d258274d-025a-4c51-bf82-2217b67cf1e5","block_type":"box","text":"satisfy the aforementioned regulation, capital and supervision requirements. In the event that","page_number":68,"box":{"x":121,"y":728,"width":763,"height":13}},{"id":"3a7f8143-8ee8-425a-8682-7b713c67631f","block_type":"box","text":"custody is delegated to such local entities, prior Shareholder notice will be provided advising","page_number":68,"box":{"x":121,"y":744,"width":763,"height":13}},{"id":"db78c530-de39-4542-b31f-cfc77b6238fe","block_type":"box","text":"of the risks involved in such delegation.","page_number":68,"box":{"x":121,"y":761,"width":327,"height":12}},{"id":"8e695d38-4043-427e-b5eb-57dd340783f0","block_type":"box","text":"Please refer to the section of this Prospectus entitled ‘Conflicts of Interest’ for details of","page_number":68,"box":{"x":121,"y":793,"width":763,"height":13}},{"id":"86125a64-32f9-4faf-a277-a04818161436","block_type":"box","text":"potential conflicts that may arise involving the Depositary.","page_number":68,"box":{"x":121,"y":810,"width":478,"height":12}},{"id":"d466dbf9-64aa-433e-8867-110c89a6cca1","block_type":"box","text":"The Depositary must ensure that the assets of the Sub-Funds held in custody by the Depositary","page_number":68,"box":{"x":121,"y":842,"width":763,"height":13}},{"id":"d088ed53-02e3-4983-81b8-ed80f91b13d6","block_type":"box","text":"shall not be reused by the Depositary, or by any third party to whom the custody function has","page_number":68,"box":{"x":121,"y":859,"width":763,"height":13}},{"id":"0678931c-92c7-47c7-9c36-37e1a1d2a788","block_type":"box","text":"been delegated, for their own account. Reuse comprises any transaction of assets of the Sub","page_number":68,"box":{"x":121,"y":875,"width":757,"height":13}},{"id":"ff77e475-d359-47ee-ad8e-dc029d38e30e","block_type":"box","text":"Funds held in custody including, but not limited to, transferring, pledging, selling and lending.","page_number":68,"box":{"x":121,"y":892,"width":763,"height":12}},{"id":"a38910be-1e6d-4005-85c5-2b367b821e5a","block_type":"box","text":"69","page_number":69,"box":{"x":490,"y":928,"width":25,"height":10}},{"id":"7d9e2e81-70d5-4814-98c1-2e487dadf2b8","block_type":"box","text":"Reuse of the assets of a Fund held in custody is only allowed where:","page_number":69,"box":{"x":121,"y":89,"width":556,"height":12}},{"id":"423c1622-a8f0-4c3d-8dd7-24dd07c8a12d","block_type":"box","text":"(a) the reuse of the assets is carried out for the account of the Fund;","page_number":69,"box":{"x":121,"y":121,"width":548,"height":13}},{"id":"6c77f78b-ef93-4df1-b510-0a3f5531b587","block_type":"box","text":"(b) the Depositary is carrying out the instructions of the Manager on behalf of the Fund;","page_number":69,"box":{"x":121,"y":154,"width":714,"height":13}},{"id":"b8860a5b-f4e0-4cde-8240-4de424fe8099","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":69,"box":{"x":121,"y":187,"width":734,"height":12}},{"id":"7748486e-e446-4d3e-b48b-9023c40c8eec","block_type":"box","text":"(d) the transaction is covered by high quality and liquid collateral received by the Fund under","page_number":69,"box":{"x":121,"y":220,"width":763,"height":12}},{"id":"631885a2-7aa1-4bf5-b6be-d492d8b24574","block_type":"box","text":"a title transfer arrangement with a market value at all times at least equivalent to the market","page_number":69,"box":{"x":121,"y":236,"width":763,"height":13}},{"id":"70820297-ca46-4a1f-bbce-b83f617388b3","block_type":"box","text":"value of the reused assets plus a premium.","page_number":69,"box":{"x":121,"y":252,"width":345,"height":13}},{"id":"1594b898-b56e-4ef1-980e-36893cb9fb9b","block_type":"box","text":"The Depositary is liable to the Sub-Funds for the loss of financial instruments of the Sub-Funds","page_number":69,"box":{"x":121,"y":285,"width":763,"height":13}},{"id":"e8afa374-a147-4acb-9106-8ef0d82d1a6f","block_type":"box","text":"which are held in custody as part of the Depositary’s Safekeeping Function (irrespective of","page_number":69,"box":{"x":121,"y":302,"width":763,"height":12}},{"id":"f840d6da-8a64-418b-bc4d-3aae6c0d5997","block_type":"box","text":"whether or not the Depositary has delegated its Safekeeping Function in respect of such","page_number":69,"box":{"x":121,"y":318,"width":763,"height":13}},{"id":"3e596c7a-c6cf-4bba-910c-01102bd2eaac","block_type":"box","text":"financial instruments) unless it can prove that the loss of financial instruments held in custody","page_number":69,"box":{"x":121,"y":334,"width":763,"height":13}},{"id":"9e29e5bf-e048-4082-ace8-108e42b4f07e","block_type":"box","text":"has arisen as a result of an external event beyond its reasonable control, the consequences of","page_number":69,"box":{"x":121,"y":351,"width":763,"height":13}},{"id":"4e5305e1-832f-4bb6-a77b-c13b5707f2b9","block_type":"box","text":"which would have been unavoidable despite all reasonable efforts to the contrary. This standard","page_number":69,"box":{"x":121,"y":367,"width":763,"height":13}},{"id":"e9cb60a0-fe64-4fb2-b9ae-7e181db6e052","block_type":"box","text":"of liability only applies to assets capable of being registered or held in a securities account in","page_number":69,"box":{"x":121,"y":384,"width":763,"height":12}},{"id":"ba8fdc6b-7a1b-4af2-bdf6-14d9bfd17fa0","block_type":"box","text":"the name of the Depositary or a sub-custodian and assets capable of being physically delivered","page_number":69,"box":{"x":121,"y":400,"width":763,"height":13}},{"id":"adbb1393-fc8c-4098-ab5f-9070b5c3277a","block_type":"box","text":"to the Depositary. The Depositary shall also be liable to the Sub-Funds for all other losses","page_number":69,"box":{"x":121,"y":416,"width":763,"height":13}},{"id":"4e4ca58b-16dd-4603-a3b2-dc1fd87119ff","block_type":"box","text":"suffered as a result of the Depositary’s negligent or intentional failure to properly fulfil its","page_number":69,"box":{"x":121,"y":433,"width":763,"height":13}},{"id":"7ee6b25b-f089-4bd1-882d-c1fa7053fe36","block_type":"box","text":"obligations pursuant to the Regulations.","page_number":69,"box":{"x":121,"y":449,"width":325,"height":13}},{"id":"59b22715-ffce-43fa-8102-cebfc73a54a3","block_type":"box","text":"The Depositary Agreement provides that the Company will be liable to the Depositary for any","page_number":69,"box":{"x":121,"y":482,"width":763,"height":13}},{"id":"d9e42fc1-6e46-43db-befe-c5f106e28321","block_type":"box","text":"losses that may imposed on, suffered by or asserted against the Depositary in connection with","page_number":69,"box":{"x":121,"y":498,"width":763,"height":13}},{"id":"04ecdd79-fdee-48cf-b6cc-51654d45e2a9","block_type":"box","text":"or arising out of the Depositary’s proper performance of its obligations and that the Company","page_number":69,"box":{"x":121,"y":515,"width":763,"height":12}},{"id":"a261c371-e442-4b34-a7e4-5f52f0f83356","block_type":"box","text":"will indemnify the Depositary against, and hold it harmless from, any losses arising from third","page_number":69,"box":{"x":121,"y":531,"width":763,"height":13}},{"id":"a38359e6-0cf8-4c79-862e-0ba7e2f42754","block_type":"box","text":"party claims that may be suffered by or asserted against the Depositary in connection with or","page_number":69,"box":{"x":121,"y":547,"width":763,"height":13}},{"id":"b4cde51f-88c8-4d95-be3d-debb5c99db2b","block_type":"box","text":"arising out of the Depositary’s proper performance of its obligations.","page_number":69,"box":{"x":121,"y":564,"width":560,"height":13}},{"id":"38c7f129-6a7e-4dba-9b24-3eec737d1543","block_type":"box","text":"Up-to-date information regarding the Depositary including the duties of the Depositary, the","page_number":69,"box":{"x":121,"y":597,"width":763,"height":12}},{"id":"39830073-dcc8-4b77-90e5-a949bb68575d","block_type":"box","text":"delegation arrangements and any conflicts of interest that may arise shall be made available to","page_number":69,"box":{"x":121,"y":613,"width":763,"height":13}},{"id":"7688d5e3-0db5-4ce2-94e4-5e04f6d3f6b1","block_type":"box","text":"investors upon request to the Manager.","page_number":69,"box":{"x":121,"y":629,"width":318,"height":13}},{"id":"6e677f43-62d5-486b-bc4d-692d3d999320","block_type":"box","text":"Administrator","page_number":69,"box":{"x":121,"y":662,"width":129,"height":10}},{"id":"8e9860cf-15e3-45e4-8976-a1cdfe8b7575","block_type":"box","text":"The Manager has appointed BNY Mellon Fund Services (Ireland) Designated Activity","page_number":69,"box":{"x":121,"y":695,"width":763,"height":13}},{"id":"5001ced1-9e0d-43a4-b80f-6b04d9d8300f","block_type":"box","text":"Company to act as administrator, registrar and transfer agent of the Company with","page_number":69,"box":{"x":121,"y":711,"width":763,"height":13}},{"id":"f199b331-12ab-4a48-a905-e9a864323267","block_type":"box","text":"responsibility for performing the day to day administration of the Company, including the","page_number":69,"box":{"x":121,"y":728,"width":763,"height":13}},{"id":"5b3903a5-3f31-4e45-bcf0-32e13ace8a74","block_type":"box","text":"calculation of the Net Asset Value and the Net Asset Value per Share of each Fund.","page_number":69,"box":{"x":121,"y":744,"width":680,"height":13}},{"id":"fe61f172-9e7f-4fda-953a-b0cf7aace397","block_type":"box","text":"The Administrator is a private limited company incorporated in Ireland on 31st May 1994 and","page_number":69,"box":{"x":121,"y":777,"width":763,"height":13}},{"id":"69c1238e-0189-4c38-9789-e7c4c05e1928","block_type":"box","text":"is engaged in the provision of fund administration, accounting, registration, transfer agency","page_number":69,"box":{"x":121,"y":793,"width":763,"height":13}},{"id":"651749be-6be1-493b-88e0-1825a54f04fe","block_type":"box","text":"and related shareholders services to collective investment schemes and investment funds. The","page_number":69,"box":{"x":121,"y":810,"width":763,"height":10}},{"id":"04cd4cab-dd64-42ff-9186-de95beb28c29","block_type":"box","text":"Administrator is a wholly owned indirect subsidiary of The Bank of New York Mellon","page_number":69,"box":{"x":121,"y":826,"width":763,"height":13}},{"id":"df02872b-9b8a-4f26-a5f2-6af050bbf0a1","block_type":"box","text":"Corporation. The Administrator is authorised by the Central Bank under the Investment","page_number":69,"box":{"x":121,"y":842,"width":763,"height":13}},{"id":"c168e56d-aca8-471f-b4f1-425fa1d5c855","block_type":"box","text":"Intermediaries Act, 1995.","page_number":69,"box":{"x":121,"y":859,"width":211,"height":12}},{"id":"fd551320-3deb-4b0c-8c68-fb2133042f5c","block_type":"box","text":"Investment Objective and Policies","page_number":69,"box":{"x":121,"y":875,"width":296,"height":13}},{"id":"01c441f9-9792-430e-ba10-2c2b414e0962","block_type":"box","text":"70","page_number":70,"box":{"x":490,"y":928,"width":25,"height":9}},{"id":"48fc7a46-d79f-480b-8c13-fa477c708498","block_type":"box","text":"The Articles provide that the investment objective and policies for each Sub-Fund will be","page_number":70,"box":{"x":121,"y":89,"width":763,"height":12}},{"id":"644392dd-6f7c-4dfe-8cd2-087faba56440","block_type":"box","text":"formulated by the Directors at the time of the creation of that Sub-Fund. Details of the","page_number":70,"box":{"x":121,"y":105,"width":763,"height":13}},{"id":"cd73c541-bfe7-4200-86e7-2ca95cc79b5b","block_type":"box","text":"investment objective and policies for each Sub-Fund of the Fund appear in the relevant section","page_number":70,"box":{"x":121,"y":121,"width":763,"height":13}},{"id":"e92e943d-e5dc-4313-b8c2-cea9770c30d7","block_type":"box","text":"of Part 1 for the relevant Sub-Fund.","page_number":70,"box":{"x":121,"y":138,"width":292,"height":10}},{"id":"c76df29f-234c-4739-bbe8-656c9abc58e6","block_type":"box","text":"Any change in the investment objective or material change to the investment policies of a Sub","page_number":70,"box":{"x":121,"y":170,"width":757,"height":13}},{"id":"994d1450-1063-4337-abd3-33d46b531547","block_type":"box","text":"Fund may only be made with the approval of an ordinary resolution of the Shareholders of the","page_number":70,"box":{"x":121,"y":187,"width":763,"height":13}},{"id":"f48ee6c3-d858-472d-82a9-af34a56de6c6","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":70,"box":{"x":121,"y":203,"width":763,"height":13}},{"id":"561a10f7-b066-4afc-8a80-c3428cbd7f26","block_type":"box","text":"Manager will ensure that a reasonable notification period must be given to each Shareholder of","page_number":70,"box":{"x":121,"y":220,"width":763,"height":12}},{"id":"b62ed9f1-61d5-48c3-a267-3bc47bc05a99","block_type":"box","text":"the Sub-Fund to enable a Shareholder to have its Shares redeemed prior to the implementation","page_number":70,"box":{"x":121,"y":236,"width":763,"height":13}},{"id":"73c1eeba-5838-455e-aacd-70dcdedbf7a8","block_type":"box","text":"of such change.","page_number":70,"box":{"x":121,"y":252,"width":131,"height":13}},{"id":"c8985a8b-0c8e-42d2-b577-8e6636c41f96","block_type":"box","text":"In the event that the Fund utilises financial derivative instruments for a sub-fund, the Fund will","page_number":70,"box":{"x":121,"y":285,"width":763,"height":12}},{"id":"940a0fa2-87e0-4d2a-a8fd-fb6e6a4079d9","block_type":"box","text":"upon request provide information to Shareholders on the risk management methods employed","page_number":70,"box":{"x":121,"y":302,"width":762,"height":12}},{"id":"d9397e93-81f7-45bc-9183-90e2c9883a28","block_type":"box","text":"in respect of the relevant Sub-Fund including the quantitative limits that are applied and any","page_number":70,"box":{"x":121,"y":318,"width":748,"height":13}},{"id":"13f5e5f4-1922-4929-b551-4268fdce0938","block_type":"box","text":"recent developments in the risk and yield characteristics of the main categories of investments.","page_number":70,"box":{"x":121,"y":334,"width":763,"height":13}},{"id":"9162b0bb-455e-4f8e-80f9-c5ce83de2116","block_type":"box","text":"Efficient Portfolio Management","page_number":70,"box":{"x":121,"y":367,"width":278,"height":13}},{"id":"8cd77946-7bec-47ee-840a-f53d2f8dd24a","block_type":"box","text":"Subject to the Regulations and to the conditions within the limits laid down by the Central Bank","page_number":70,"box":{"x":121,"y":400,"width":763,"height":13}},{"id":"fd5dc347-d888-4679-9fe7-31c16aee67f4","block_type":"box","text":"from time to time, the Fund, on behalf of a Sub-Fund may employ techniques and instruments","page_number":70,"box":{"x":121,"y":416,"width":763,"height":13}},{"id":"069ac279-e2dc-4e00-8e92-e1fc48df38a5","block_type":"box","text":"including financial derivative instruments solely for the purposes of (i) the reduction of risk,","page_number":70,"box":{"x":121,"y":433,"width":763,"height":13}},{"id":"3f86b653-734f-4d64-b0b9-edb8593df968","block_type":"box","text":"(ii) the reduction of costs, and/ or (iii) the generation of additional capital or income for the","page_number":70,"box":{"x":121,"y":449,"width":763,"height":13}},{"id":"3029b110-7111-41a4-bac7-dd6eb1423e80","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":70,"box":{"x":121,"y":465,"width":763,"height":13}},{"id":"cd05f24b-6f2c-4c9d-becc-ad1f96ecd73c","block_type":"box","text":"relevant section of Part 1 for the relevant Sub-Fund. Where the Sub-Fund utilises financial","page_number":70,"box":{"x":121,"y":482,"width":763,"height":10}},{"id":"093388c4-4307-46f4-b0ea-127708b17a30","block_type":"box","text":"derivatives instruments, such instruments will be dealt in on a regulated market specified in the","page_number":70,"box":{"x":121,"y":498,"width":763,"height":13}},{"id":"928af487-80cb-4ad4-8463-f52c2edd87f4","block_type":"box","text":"Articles and/or over the counter derivatives “OTCs”.","page_number":70,"box":{"x":121,"y":515,"width":430,"height":10}},{"id":"2778533a-ad47-4ed7-ab3c-ccb9cd73e5e0","block_type":"box","text":"The following is a description of the types of financial derivative instruments which may be","page_number":70,"box":{"x":121,"y":547,"width":763,"height":13}},{"id":"ff67b20f-7308-45f3-870d-8c2ed02a1e4c","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":70,"box":{"x":121,"y":564,"width":763,"height":13}},{"id":"46461820-2159-4a1e-8b58-e30528a9088c","block_type":"box","text":"","page_number":70,"box":{"x":122,"y":601,"width":7,"height":5}},{"id":"05713568-d56b-4cdf-8ec3-c2895a98b1c4","block_type":"box","text":"Currency Swaps","page_number":70,"box":{"x":152,"y":597,"width":146,"height":13}},{"id":"033b3c24-5f52-4174-9bb4-26b552894945","block_type":"box","text":"In a standard swap transaction, two parties agree to exchange returns (or differentials in rates","page_number":70,"box":{"x":121,"y":630,"width":763,"height":13}},{"id":"c99bdd28-1b8a-4f4b-a3ec-ee6c8d641bba","block_type":"box","text":"of return) calculated with respect to a notional amount, e.g. the return on or increase in value","page_number":70,"box":{"x":121,"y":647,"width":763,"height":13}},{"id":"13662e55-484c-4bca-9704-e69e57722b19","block_type":"box","text":"of a particular dollar amount invested at a particular interest rate, in a particular foreign","page_number":70,"box":{"x":121,"y":663,"width":763,"height":13}},{"id":"25c8b06b-4359-4447-8661-2bb1b5ab1f0b","block_type":"box","text":"currency. Swaps in which a Sub-Fund may invest include currency swaps. A currency swap is","page_number":70,"box":{"x":121,"y":680,"width":763,"height":12}},{"id":"cac75b12-b388-4649-af98-da34d2414a1f","block_type":"box","text":"an agreement negotiated between two parties to exchange the return on cash for the return on","page_number":70,"box":{"x":121,"y":696,"width":763,"height":13}},{"id":"dab6808f-383a-476b-bd3d-09b3b4052ebf","block_type":"box","text":"varying currencies.","page_number":70,"box":{"x":121,"y":712,"width":159,"height":13}},{"id":"e606ae95-7334-4c36-abea-ad82cb6697e2","block_type":"box","text":"","page_number":70,"box":{"x":122,"y":749,"width":7,"height":5}},{"id":"13211ea4-4bf9-4d6d-b667-8701551977cb","block_type":"box","text":"Currency Forwards","page_number":70,"box":{"x":152,"y":746,"width":176,"height":13}},{"id":"d832d50f-0837-4d7f-a3b3-0b5bfcc17b79","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":70,"box":{"x":121,"y":779,"width":763,"height":13}},{"id":"737ea8c9-7344-4c0c-9db9-b510f1b03ca1","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":70,"box":{"x":121,"y":795,"width":763,"height":13}},{"id":"d4d64405-e3f3-4b13-ad38-210b89cb2c46","block_type":"box","text":"and restrictions adopted by the Central Bank from time to time to reduce the risks of adverse","page_number":70,"box":{"x":121,"y":812,"width":763,"height":12}},{"id":"55b5075a-cd6e-4102-b7a1-567efae478b1","block_type":"box","text":"changes in exchange rates. A forward currency exchange contract, which involves an obligation","page_number":70,"box":{"x":121,"y":828,"width":763,"height":13}},{"id":"14e51ac5-eb46-4df9-9d7f-da590befd69b","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":70,"box":{"x":121,"y":844,"width":763,"height":13}},{"id":"f3326131-7efa-4f1c-bd67-77f3492975b9","block_type":"box","text":"reduces a Sub-Fund's exposure to changes in the value of the currency it will deliver and","page_number":70,"box":{"x":121,"y":861,"width":763,"height":13}},{"id":"9318669a-eebc-42f0-b5f6-a7d933828a32","block_type":"box","text":"increases its exposure to changes in the value of the currency it will receive for the duration of","page_number":70,"box":{"x":121,"y":877,"width":763,"height":13}},{"id":"ad6b4995-3270-4f0f-ab99-346fef735175","block_type":"box","text":"the contract. A contract to sell currency would limit any potential gain, which might be realised","page_number":70,"box":{"x":121,"y":894,"width":763,"height":12}},{"id":"8ea4c35c-fa2a-43fa-92ed-5a47ddd4130c","block_type":"box","text":"71","page_number":71,"box":{"x":490,"y":928,"width":25,"height":9}},{"id":"4463a5d3-b0fd-4960-a4d9-48f8ca6de993","block_type":"box","text":"if the value of the hedged currency increases.","page_number":71,"box":{"x":121,"y":89,"width":369,"height":12}},{"id":"d1538981-b651-42b4-86b2-38ffa92fae15","block_type":"box","text":"","page_number":71,"box":{"x":122,"y":125,"width":7,"height":6}},{"id":"19521034-caee-4e62-b918-69c411319b2f","block_type":"box","text":"Futures","page_number":71,"box":{"x":151,"y":122,"width":72,"height":10}},{"id":"e7b1b45f-7eb4-462f-87b0-e8bd5686f22c","block_type":"box","text":"Futures are contracts to buy or sell a standard quantity of a specific asset (or, in some cases,","page_number":71,"box":{"x":121,"y":155,"width":763,"height":13}},{"id":"3725c6f6-b78a-432e-9ffe-de923b4ee9bf","block_type":"box","text":"receive or pay cash based on the performance of an underlying asset, instrument or index) at a","page_number":71,"box":{"x":121,"y":171,"width":763,"height":13}},{"id":"4ba452e1-87d2-42de-91e2-661b7489269b","block_type":"box","text":"pre-determined future date and at a price agreed through a transaction undertaken on an","page_number":71,"box":{"x":121,"y":188,"width":763,"height":13}},{"id":"7cee6a7a-3b8d-4c08-94f5-e80c17e8478b","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":71,"box":{"x":121,"y":237,"width":763,"height":13}},{"id":"5ecb2692-20f9-47fb-9e98-12c3ed2191d6","block_type":"box","text":"position, exit from their obligation to buy or sell the underlying assets prior to the contract's","page_number":71,"box":{"x":121,"y":253,"width":763,"height":13}},{"id":"824f1092-6b87-4676-9e7f-15868365f398","block_type":"box","text":"delivery date.","page_number":71,"box":{"x":121,"y":270,"width":114,"height":13}},{"id":"59683a3c-a498-4cd3-bc83-f761bc7d8e4e","block_type":"box","text":"","page_number":71,"box":{"x":122,"y":307,"width":7,"height":5}},{"id":"703bc62d-ddfe-4b87-8060-6bbdc6c03d08","block_type":"box","text":"Options","page_number":71,"box":{"x":151,"y":303,"width":73,"height":13}},{"id":"ae6de708-b40a-4ea8-b143-415474f69e91","block_type":"box","text":"The seller (writer) of a call option which is covered (i.e. the writer holds the underlying","page_number":71,"box":{"x":121,"y":336,"width":763,"height":13}},{"id":"a009a2a5-14e1-4307-b394-01e0721dbba5","block_type":"box","text":"security) assumes the risk of a decline in the market price of the underlying security below the","page_number":71,"box":{"x":121,"y":353,"width":763,"height":13}},{"id":"de2c3255-b372-4741-862c-94f210f1eca1","block_type":"box","text":"purchase price of the underlying security less the premium received, and gives up the","page_number":71,"box":{"x":121,"y":369,"width":763,"height":13}},{"id":"a9c73f7b-bbd8-4153-9aab-d3304176979b","block_type":"box","text":"opportunity for gain on the underlying security above the exercise price of the option. The","page_number":71,"box":{"x":121,"y":386,"width":763,"height":12}},{"id":"8ea7bef1-0c72-4efd-92a1-ea7e685b7396","block_type":"box","text":"seller of an uncovered call option assumes the risk of a theoretically-unlimited increase in the","page_number":71,"box":{"x":121,"y":402,"width":763,"height":13}},{"id":"b398533d-38d8-4e5e-bed5-4703093d18a1","block_type":"box","text":"market price of the underlying security above the exercise price of the option. The securities","page_number":71,"box":{"x":121,"y":418,"width":763,"height":13}},{"id":"de15432b-8a85-4118-bd09-7c436abaf36e","block_type":"box","text":"necessary to satisfy the exercise of the call option may be unavailable for purchase except at","page_number":71,"box":{"x":121,"y":435,"width":763,"height":13}},{"id":"4e74e9ee-9dad-4e38-9572-aa02988818bd","block_type":"box","text":"much higher prices. Purchasing securities to satisfy the exercise of the call option can itself","page_number":71,"box":{"x":121,"y":451,"width":763,"height":13}},{"id":"ddc7634c-d982-48b7-bdb8-b419e8c1f6fd","block_type":"box","text":"cause the price of the securities to rise further, sometimes by a significant amount, thereby","page_number":71,"box":{"x":121,"y":467,"width":763,"height":13}},{"id":"f3125b7d-fa0e-452a-8930-e5846dd9a9dd","block_type":"box","text":"exacerbating the loss. The buyer of a call option assumes the risk of losing its entire investment","page_number":71,"box":{"x":121,"y":484,"width":763,"height":13}},{"id":"28f2b9fe-70dc-4d6b-9336-42e3651072f8","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":71,"box":{"x":121,"y":500,"width":763,"height":13}},{"id":"a761dc69-c951-446f-940c-a64c1d9a5c24","block_type":"box","text":"position in the underlying security) assumes the risk of an increase in the market price of the","page_number":71,"box":{"x":121,"y":517,"width":763,"height":12}},{"id":"04676fb2-1ec0-4f56-b528-ba1c93ed6626","block_type":"box","text":"underlying security above the sales price (in establishing the short position) of the underlying","page_number":71,"box":{"x":121,"y":533,"width":763,"height":13}},{"id":"2d179c75-3fb0-4b92-8221-bbb35b627658","block_type":"box","text":"security plus the premium received, and gives up the opportunity for gain on the underlying","page_number":71,"box":{"x":121,"y":549,"width":763,"height":13}},{"id":"ee848f5d-ca8a-4329-b5cd-306e941f4561","block_type":"box","text":"security below the exercise price of the option. The seller of an uncovered put option assumes","page_number":71,"box":{"x":121,"y":566,"width":763,"height":13}},{"id":"76fa95f4-cbd7-4876-b322-b45d94d099c3","block_type":"box","text":"the risk of a decline in the market price of the underlying security below the exercise price of","page_number":71,"box":{"x":121,"y":582,"width":763,"height":13}},{"id":"22c9d20d-ae82-4b7c-b685-a5165373d25d","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":71,"box":{"x":121,"y":599,"width":763,"height":12}},{"id":"e0e1aede-5428-44c0-af33-9c856c3cfca2","block_type":"box","text":"option.","page_number":71,"box":{"x":121,"y":615,"width":61,"height":13}},{"id":"458f21e4-8c12-4af7-aec3-cba0dd943e50","block_type":"box","text":"A Sub-Fund may enter into these contracts to hedge against exchange risk. Suitable hedging","page_number":71,"box":{"x":121,"y":648,"width":763,"height":13}},{"id":"e2d78ff7-1f5d-4dd5-add3-a03bf97d3db3","block_type":"box","text":"transactions may not be available in all circumstances and there can be no assurance that the","page_number":71,"box":{"x":121,"y":664,"width":763,"height":13}},{"id":"58979cd7-e9e7-4dba-b24a-02b4b892cedd","block_type":"box","text":"Sub-Fund will engage in such transactions at any given time or from time to time.","page_number":71,"box":{"x":121,"y":681,"width":665,"height":12}},{"id":"18a11691-5379-47c8-bb3b-f7c81cbb1f22","block_type":"box","text":"Operational Costs/Fees","page_number":71,"box":{"x":121,"y":713,"width":204,"height":13}},{"id":"fe233443-d0ce-4389-bc45-7a187fdf14d0","block_type":"box","text":"Direct and indirect operational costs and/or fees arising from the use of techniques and","page_number":71,"box":{"x":121,"y":746,"width":763,"height":13}},{"id":"8624661d-d3af-4e7e-8bbd-5c541adae385","block_type":"box","text":"instruments for Efficient Portfolio Management purposes on behalf of a Sub-Fund may be","page_number":71,"box":{"x":121,"y":763,"width":763,"height":12}},{"id":"832b2e72-d65e-42fd-91ea-6dbfb61bddd2","block_type":"box","text":"deducted and the Manager will ensure that the balance of such revenue is delivered to the","page_number":71,"box":{"x":121,"y":779,"width":763,"height":13}},{"id":"f9f0a2fc-871a-488b-8e40-777fedc6faef","block_type":"box","text":"relevant Sub-Fund. These costs and/or fees will be charged at normal commercial rates and","page_number":71,"box":{"x":121,"y":795,"width":763,"height":13}},{"id":"06de4a71-cc0c-4854-87e0-27de149b7f01","block_type":"box","text":"will not include hidden revenue.","page_number":71,"box":{"x":121,"y":812,"width":265,"height":10}},{"id":"f1576da6-095e-4d06-8036-8105a92727cb","block_type":"box","text":"Where applicable, the entities to which such direct and indirect operational costs and/or fees","page_number":71,"box":{"x":121,"y":844,"width":763,"height":13}},{"id":"be166ade-8e90-4e34-a811-582269f979bd","block_type":"box","text":"have been paid during the annual period to the relevant accounting year end of the Fund","page_number":71,"box":{"x":121,"y":861,"width":763,"height":13}},{"id":"ac14c0eb-b3f2-403f-b119-3546c7b0d375","block_type":"box","text":"(including whether such entities are related to the Fund or Depositary) will be disclosed in the","page_number":71,"box":{"x":121,"y":877,"width":763,"height":13}},{"id":"bb4497f6-113c-4b4c-8936-ba60e1c12893","block_type":"box","text":"annual report for such period.","page_number":71,"box":{"x":121,"y":894,"width":244,"height":12}},{"id":"b8d906a1-3a0a-45ed-b1b3-db1fab94df22","block_type":"box","text":"72","page_number":72,"box":{"x":490,"y":928,"width":25,"height":9}},{"id":"0141f350-f4d3-48eb-840f-0e101b84ea43","block_type":"box","text":"Collateral Policy – Money Market Funds","page_number":72,"box":{"x":121,"y":105,"width":357,"height":13}},{"id":"0cefa1cd-0358-4078-b5b9-dd5ed63cbf16","block_type":"box","text":"1.","page_number":72,"box":{"x":122,"y":138,"width":13,"height":10}},{"id":"56ca5e5a-aa4b-4b99-9595-81f1ac524f1a","block_type":"box","text":"Repurchase Agreements","page_number":72,"box":{"x":181,"y":138,"width":215,"height":12}},{"id":"2fcc3e3f-5cd7-44c1-a029-ae70129769c0","block_type":"box","text":"1.1.","page_number":72,"box":{"x":122,"y":189,"width":23,"height":8}},{"id":"5b6178a0-2c5f-490e-875b-57d268ff9278","block_type":"box","text":"Where a Money Market Fund enters into a repurchase agreement, it shall be in","page_number":72,"box":{"x":181,"y":187,"width":639,"height":13}},{"id":"6da76d24-9480-43b2-a762-68ba63eab859","block_type":"box","text":"accordance with the following conditions:","page_number":72,"box":{"x":182,"y":203,"width":343,"height":13}},{"id":"1a1b1e40-057f-41bc-977b-a91621d032ff","block_type":"box","text":"a)","page_number":72,"box":{"x":151,"y":236,"width":14,"height":12}},{"id":"99d9c26f-95a5-4787-af6e-cf3657fb3408","block_type":"box","text":"The repurchase agreement will be used on a temporary basis, for no more than 7","page_number":72,"box":{"x":181,"y":236,"width":703,"height":13}},{"id":"f4a79333-eb70-41e1-bb0e-549ad89450ef","block_type":"box","text":"working days and shall only be used for liquidity management purposes and not for","page_number":72,"box":{"x":181,"y":252,"width":703,"height":13}},{"id":"ee0b5801-5d2c-4730-acc1-5eb838ba7efd","block_type":"box","text":"investment purposes other than as referred to in point (c);","page_number":72,"box":{"x":181,"y":269,"width":468,"height":13}},{"id":"c51419ba-93f7-4a08-b2fd-b6423a548b11","block_type":"box","text":"b)","page_number":72,"box":{"x":151,"y":302,"width":16,"height":12}},{"id":"2ab2897a-6e64-430f-95ab-2cac0d03fe8a","block_type":"box","text":"The counterparty receiving the assets transferred by the Money Market Fund as","page_number":72,"box":{"x":181,"y":302,"width":703,"height":12}},{"id":"89cc860b-acc0-4bdc-abd6-2c0dd480f2c7","block_type":"box","text":"collateral under the repurchase agreement shall be prohibited from selling, investing,","page_number":72,"box":{"x":181,"y":318,"width":703,"height":13}},{"id":"5a4efc7b-b9c3-4fcd-b45b-50718f2643da","block_type":"box","text":"pledging or otherwise transferring those assets without the prior consent of the Money","page_number":72,"box":{"x":181,"y":334,"width":703,"height":13}},{"id":"04f936fd-2ced-41a4-a0b5-035a877bca24","block_type":"box","text":"Market Fund;","page_number":72,"box":{"x":181,"y":351,"width":115,"height":12}},{"id":"b81de186-5ea7-414d-b0e5-2d78bcd65883","block_type":"box","text":"c)","page_number":72,"box":{"x":151,"y":384,"width":14,"height":12}},{"id":"2fed291e-e902-4728-a2ef-10a76b081bd4","block_type":"box","text":"The cash received by the Money Market Fund as part of the repurchase agreement must","page_number":72,"box":{"x":181,"y":384,"width":703,"height":12}},{"id":"32b2c2a8-5533-4db0-87c9-d7c2ab7f4852","block_type":"box","text":"be able to be:","page_number":72,"box":{"x":181,"y":400,"width":113,"height":10}},{"id":"3e28f117-d49e-4fe1-85ea-a80352ed8673","block_type":"box","text":"i.","page_number":72,"box":{"x":201,"y":433,"width":9,"height":10}},{"id":"43760f2f-abc8-4bc9-b790-d46c571c8845","block_type":"box","text":"placed on deposits in accordance with (f) of Article 50 of the UCITS V","page_number":72,"box":{"x":242,"y":433,"width":642,"height":13}},{"id":"bb08ae80-6232-4d0d-9f9a-1ad2d6cf9128","block_type":"box","text":"Directive; or","page_number":72,"box":{"x":242,"y":449,"width":107,"height":12}},{"id":"9588e586-100b-46ea-8c7f-879c79b1b4e6","block_type":"box","text":"ii.","page_number":72,"box":{"x":195,"y":465,"width":15,"height":10}},{"id":"6d13e2e7-8c33-4958-90a1-061f76e5a181","block_type":"box","text":"invested in assets referred to Article 15 (6) of the Money Market Fund","page_number":72,"box":{"x":242,"y":465,"width":642,"height":13}},{"id":"4c5f90e0-c92f-4cf2-8b86-18ed7fa6aeca","block_type":"box","text":"Regulation, but shall not otherwise be invested in eligible assets as referred to","page_number":72,"box":{"x":242,"y":482,"width":642,"height":13}},{"id":"9780535d-c176-4c90-a800-27d5f56097f5","block_type":"box","text":"in Article 9 of the Money Market Fund Regulation, transferred or otherwise","page_number":72,"box":{"x":242,"y":498,"width":642,"height":13}},{"id":"ca750bad-53b0-4e25-97e8-de15ca69abff","block_type":"box","text":"reused;","page_number":72,"box":{"x":242,"y":515,"width":63,"height":11}},{"id":"64068c3f-ce1d-4587-8234-c1d9a3e7cecc","block_type":"box","text":"d)","page_number":72,"box":{"x":151,"y":547,"width":16,"height":13}},{"id":"ac055458-56f5-4580-8ebc-3902c5047d94","block_type":"box","text":"the cash received by the Money Market Fund as part of the repurchase agreement does","page_number":72,"box":{"x":181,"y":547,"width":703,"height":13}},{"id":"cea687b9-3b17-4da0-b7d3-758677c80028","block_type":"box","text":"not exceed 10% of its assets;","page_number":72,"box":{"x":181,"y":564,"width":237,"height":12}},{"id":"e79a4c3d-e094-4872-bf5b-1ebaf888a5f2","block_type":"box","text":"e)","page_number":72,"box":{"x":151,"y":597,"width":14,"height":12}},{"id":"da58971b-c59e-4a7e-8b7b-11b46b6def66","block_type":"box","text":"the Money Market Fund has the right to terminate the agreement at any time upon","page_number":72,"box":{"x":181,"y":597,"width":703,"height":12}},{"id":"61cd6cd9-099a-42a8-aed1-17c26008b4f5","block_type":"box","text":"giving prior notice of no more than 2 working days.","page_number":72,"box":{"x":182,"y":613,"width":422,"height":13}},{"id":"148a2bb4-55e4-42f6-bf59-0e902432883e","block_type":"box","text":"2.","page_number":72,"box":{"x":121,"y":646,"width":14,"height":10}},{"id":"b1c2a780-f281-41b0-a8d5-dd07d4c3bfdc","block_type":"box","text":"Reverse Repurchase Agreements","page_number":72,"box":{"x":181,"y":646,"width":288,"height":12}},{"id":"136ec86b-573e-495f-91b8-ce31b31e8ddb","block_type":"box","text":"2.1.","page_number":72,"box":{"x":121,"y":680,"width":24,"height":8}},{"id":"722d13dc-5627-419e-b94a-0a0174624eb3","block_type":"box","text":"Where a Money Market Fund enters into a reverse repurchase agreement, it shall be in","page_number":72,"box":{"x":181,"y":679,"width":702,"height":12}},{"id":"192e8e9b-57ef-43e6-990a-969c7238ee81","block_type":"box","text":"accordance with the following conditions:","page_number":72,"box":{"x":182,"y":695,"width":343,"height":13}},{"id":"3029d3b3-9070-4140-9f92-333a1b4abcb3","block_type":"box","text":"a)","page_number":72,"box":{"x":151,"y":728,"width":14,"height":12}},{"id":"7b4a7d71-8a00-4108-8115-7f755da4fbc7","block_type":"box","text":"the Money Market Fund has the right to terminate the agreement at any time upon","page_number":72,"box":{"x":181,"y":728,"width":703,"height":13}},{"id":"a753cfb9-685d-4291-9786-e6a05f02c493","block_type":"box","text":"giving prior notice of no more than 2 working days;","page_number":72,"box":{"x":182,"y":744,"width":422,"height":13}},{"id":"8507d795-7279-49ff-813f-6851957e237d","block_type":"box","text":"b)","page_number":72,"box":{"x":151,"y":777,"width":16,"height":12}},{"id":"fccf246b-229f-485b-80f8-ea49cdef552b","block_type":"box","text":"the market value of the assets received as part of the reverse repurchase agreement is at","page_number":72,"box":{"x":181,"y":777,"width":703,"height":13}},{"id":"e38fb59e-bef0-4b24-bb27-2f8573d0d76f","block_type":"box","text":"all times at least equal to the value of the cash paid out.","page_number":72,"box":{"x":182,"y":793,"width":450,"height":13}},{"id":"b96b4261-5dc3-42de-8bfd-ca3a9f1395e6","block_type":"box","text":"2.2.","page_number":72,"box":{"x":121,"y":828,"width":24,"height":8}},{"id":"39babd64-fb5a-495c-a020-164d4f50fadf","block_type":"box","text":"The assets received by a Money Market Fund as part of a reverse repurchase","page_number":72,"box":{"x":181,"y":826,"width":623,"height":13}},{"id":"74779232-d7cc-47df-8b8f-9969cc74a273","block_type":"box","text":"agreement shall not be sold, reinvested, pledged or otherwise transferred.","page_number":72,"box":{"x":182,"y":842,"width":594,"height":13}},{"id":"4a947d8d-cc0d-4242-97b0-d8e83eea5971","block_type":"box","text":"2.3.","page_number":72,"box":{"x":121,"y":877,"width":24,"height":8}},{"id":"4f592757-3338-4cd6-b6d2-586adf3ec043","block_type":"box","text":"Securitisations (as defined in Article 4(1)(61) of Regulation EU 575/2013) and","page_number":72,"box":{"x":182,"y":875,"width":640,"height":13}},{"id":"b9e99869-d35f-4ad7-900b-727f95c79f16","block_type":"box","text":"ABCPs shall not be received by a Money Market Fund as part of a reverse repurchase","page_number":72,"box":{"x":181,"y":892,"width":697,"height":12}},{"id":"7031a8f1-c04d-4e66-bf9d-89dd662117e5","block_type":"box","text":"73","page_number":73,"box":{"x":490,"y":928,"width":25,"height":9}},{"id":"c605b788-7978-4fa9-9254-38d79cb04799","block_type":"box","text":"agreement.","page_number":73,"box":{"x":182,"y":90,"width":93,"height":11}},{"id":"2143256b-5369-4e4e-8c1d-a89d5cf75aaa","block_type":"box","text":"2.4.","page_number":73,"box":{"x":121,"y":123,"width":24,"height":8}},{"id":"d61c249a-aece-4f07-ae4d-3dc0b8c5e511","block_type":"box","text":"The assets received by a Money Market Fund as part of a reverse repurchase","page_number":73,"box":{"x":181,"y":121,"width":623,"height":13}},{"id":"d749be04-b5a4-4384-ac48-0c0375edcceb","block_type":"box","text":"agreement shall be sufficiently diversified with a maximum exposure to a given issuer","page_number":73,"box":{"x":182,"y":138,"width":700,"height":13}},{"id":"981a15e3-4c68-454c-9713-3e814c796dbe","block_type":"box","text":"of 15% of the Money Market Fund's Net Asset Value, except where those assets take","page_number":73,"box":{"x":182,"y":154,"width":690,"height":13}},{"id":"88924e29-23ee-41bd-a628-6875a5e01d22","block_type":"box","text":"the form of money market instruments that fulfil the requirements of Article 17(7) of","page_number":73,"box":{"x":181,"y":170,"width":689,"height":13}},{"id":"4ef8db15-3a62-4cfe-8d93-ccd1f3462ae5","block_type":"box","text":"the Money Market Fund Regulation. In addition, the assets received by a Money","page_number":73,"box":{"x":181,"y":187,"width":655,"height":13}},{"id":"6cb97498-021e-40f9-a86d-d5b6b40afb48","block_type":"box","text":"Market Fund as part of a reverse repurchase agreement shall be issued by an entity","page_number":73,"box":{"x":181,"y":203,"width":671,"height":13}},{"id":"74a651f6-ec38-44f4-bd39-56ef0a15bcad","block_type":"box","text":"that is independent from the counterparty and is expected not to display a high","page_number":73,"box":{"x":181,"y":220,"width":637,"height":12}},{"id":"9f23f3c2-dc19-45cc-9aa7-d43b4f254038","block_type":"box","text":"correlation with the performance of the counterparty.","page_number":73,"box":{"x":181,"y":236,"width":433,"height":13}},{"id":"b3096ac4-cecb-4ab9-832d-891bc64bac15","block_type":"box","text":"2.5.","page_number":73,"box":{"x":121,"y":271,"width":24,"height":8}},{"id":"f0375f5c-4303-4c44-bea0-87adcce1cfcb","block_type":"box","text":"Where a Money Market Fund enters into a reverse repurchase agreement it shall","page_number":73,"box":{"x":181,"y":269,"width":653,"height":13}},{"id":"9f41c18e-f3fc-45e1-aef4-70fc2a7a71eb","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":73,"box":{"x":181,"y":285,"width":690,"height":13}},{"id":"075dc134-201f-44cf-a62e-0920336a890a","block_type":"box","text":"basis or a mark-to-market basis. When cash is recallable at any time on a mark-to","page_number":73,"box":{"x":181,"y":302,"width":662,"height":12}},{"id":"71f6c436-888c-43ff-bb05-095d8dc1ccad","block_type":"box","text":"market basis, the mark-to-market value of the reverse repurchase agreement shall be","page_number":73,"box":{"x":181,"y":318,"width":685,"height":13}},{"id":"6d82734d-fce9-4287-806a-447c0c536f9f","block_type":"box","text":"used for calculation of the Net Asset Value of the Money Market Fund.","page_number":73,"box":{"x":181,"y":334,"width":581,"height":13}},{"id":"c837c46a-efbe-4754-b355-441451318f3e","block_type":"box","text":"2.6.","page_number":73,"box":{"x":121,"y":369,"width":24,"height":8}},{"id":"03bd1798-5829-4a33-b570-0a048735562f","block_type":"box","text":"By way of derogation from paragraph 2.2. above, a Money Market Fund may receive","page_number":73,"box":{"x":181,"y":367,"width":692,"height":13}},{"id":"f01e2d46-41b3-48d8-9a7d-fb766af6e08b","block_type":"box","text":"as part of a reverse repurchase agreement, liquid transferable securities or money","page_number":73,"box":{"x":182,"y":384,"width":658,"height":12}},{"id":"18243da1-c972-4ef6-a6d0-e4385645142f","block_type":"box","text":"market instruments other than those that fulfil the requirements set out in Article 10","page_number":73,"box":{"x":181,"y":400,"width":680,"height":13}},{"id":"f0996230-0818-48f9-9366-d6e048847106","block_type":"box","text":"provided that those assets comply with one of the following conditions:","page_number":73,"box":{"x":181,"y":416,"width":582,"height":13}},{"id":"7960c3b3-879c-4582-b63e-5f8d9f9507cb","block_type":"box","text":"a)","page_number":73,"box":{"x":151,"y":449,"width":14,"height":12}},{"id":"f747b241-2576-46c3-9104-58ebd8d91829","block_type":"box","text":"They are issued or guaranteed by the European Union, a central authority or central","page_number":73,"box":{"x":181,"y":449,"width":703,"height":13}},{"id":"3cffa193-1bb8-4a2a-b703-b88ccbfc5e6b","block_type":"box","text":"bank of a Member State, the European Central Bank, the European Investment Bank,","page_number":73,"box":{"x":181,"y":465,"width":703,"height":13}},{"id":"eb317f44-04bd-43d7-abee-6a925af8200b","block_type":"box","text":"the European Stability Mechanism or the European Financial Stability Facility provided","page_number":73,"box":{"x":181,"y":482,"width":703,"height":13}},{"id":"f4d74c73-b5ec-428e-b8e2-c34d3e9fd37d","block_type":"box","text":"that a favourable assessment has been received pursuant to Articles 19 to 22 of the","page_number":73,"box":{"x":181,"y":498,"width":703,"height":13}},{"id":"18d7b58c-7119-45f5-8532-24baf830123e","block_type":"box","text":"Money Market Fund Regulation.","page_number":73,"box":{"x":181,"y":515,"width":271,"height":12}},{"id":"0ea4f259-44aa-44a5-8aca-45e864bd5cc7","block_type":"box","text":"b)","page_number":73,"box":{"x":151,"y":547,"width":16,"height":13}},{"id":"27775f4e-d70a-4f2f-8501-8f8adcb0d9ba","block_type":"box","text":"They are issued or guaranteed by a central authority or central bank of a third country,","page_number":73,"box":{"x":181,"y":547,"width":703,"height":13}},{"id":"5ec002e8-5b7d-48d3-88bb-4dd13e4c166e","block_type":"box","text":"provided that a favourable assessment has been received pursuant to Article 19 to 22 of","page_number":73,"box":{"x":181,"y":564,"width":703,"height":13}},{"id":"75885eb5-62f4-4b9e-a6e4-85e1d31458e2","block_type":"box","text":"the Money Market Fund Regulation.","page_number":73,"box":{"x":181,"y":580,"width":300,"height":13}},{"id":"e150fbaa-cdb7-419d-948f-a77a5d8f1571","block_type":"box","text":"The assets received as part of the reverse repurchase agreement in accordance with the","page_number":73,"box":{"x":181,"y":613,"width":703,"height":13}},{"id":"01977787-0b5a-4136-885a-a7f3ad68ed5c","block_type":"box","text":"first subparagraph of this paragraph shall fulfil the requirements of Article 17(7) of the","page_number":73,"box":{"x":181,"y":629,"width":703,"height":13}},{"id":"85259e20-3558-40ab-a819-3f18437162fa","block_type":"box","text":"Money Market Fund Regulation.","page_number":73,"box":{"x":181,"y":646,"width":271,"height":13}},{"id":"84066ca7-9be6-44f7-91e1-bb58e8cfa7a4","block_type":"box","text":"Collateral Policy – Non Money Market Funds","page_number":73,"box":{"x":121,"y":678,"width":398,"height":13}},{"id":"1859f315-6224-4388-8d3e-093404e95319","block_type":"box","text":"1.","page_number":73,"box":{"x":122,"y":711,"width":13,"height":10}},{"id":"51bc5df1-e689-4175-9448-b2310423de1f","block_type":"box","text":"Permitted Types of Collateral","page_number":73,"box":{"x":181,"y":711,"width":261,"height":13}},{"id":"dca2a7ba-a6eb-4540-ba00-09669291875c","block_type":"box","text":"1.1.","page_number":73,"box":{"x":122,"y":746,"width":23,"height":8}},{"id":"93de2b41-dc40-403a-ac89-312d4e5931a0","block_type":"box","text":"Non-Cash Collateral","page_number":73,"box":{"x":181,"y":744,"width":183,"height":10}},{"id":"46ef0934-6674-4d11-a2ba-c2fb2eb7a980","block_type":"box","text":"1.1.1.","page_number":73,"box":{"x":183,"y":777,"width":42,"height":10}},{"id":"5bf05334-6f7e-4bb2-bbf0-4c63d54a7a1b","block_type":"box","text":"Liquidity","page_number":73,"box":{"x":242,"y":777,"width":80,"height":13}},{"id":"f9bfa8fe-6c85-419a-9dce-b7a895a9a98b","block_type":"box","text":": Non-cash collateral should be highly liquid and traded on a regulated","page_number":73,"box":{"x":324,"y":777,"width":560,"height":13}},{"id":"f5ec7963-ed92-4ff2-84eb-abe766b7c163","block_type":"box","text":"market or multilateral trading facility with transparent pricing in order that it","page_number":73,"box":{"x":242,"y":793,"width":642,"height":13}},{"id":"d546afe4-0e86-41dd-a18b-724f11b6b63a","block_type":"box","text":"can be sold quickly at a price that is close to pre-sale valuation. Collateral","page_number":73,"box":{"x":242,"y":810,"width":642,"height":12}},{"id":"33992d35-6025-4e56-8046-1af37869afee","block_type":"box","text":"received should also comply with the provisions of Regulation 74 of the UCITS","page_number":73,"box":{"x":242,"y":826,"width":642,"height":13}},{"id":"8671bb11-cb41-408c-857a-c3682ca5dce3","block_type":"box","text":"Regulations (sections 5.1-5.3 in the section entitled “Investment Restrictions,","page_number":73,"box":{"x":242,"y":842,"width":642,"height":13}},{"id":"572e46c3-739f-41c4-852f-950c91590d1b","block_type":"box","text":"General Provisions” above);","page_number":73,"box":{"x":242,"y":859,"width":233,"height":12}},{"id":"e02bb968-6e9a-4ddf-8ab6-99e95d31002a","block_type":"box","text":"1.1.2.","page_number":73,"box":{"x":183,"y":892,"width":42,"height":9}},{"id":"9ef54c5e-075d-4c33-bd54-31f73f42f106","block_type":"box","text":"Valuation","page_number":73,"box":{"x":242,"y":892,"width":84,"height":10}},{"id":"03c15ace-5e60-4c34-92ea-5350618d4485","block_type":"box","text":": Collateral should be valued on at least a daily basis and assets that","page_number":73,"box":{"x":328,"y":892,"width":556,"height":12}},{"id":"3f27276e-f148-4405-9aff-2463441cbaf9","block_type":"box","text":"74","page_number":74,"box":{"x":490,"y":928,"width":25,"height":9}},{"id":"2f09ff54-c2b7-465c-a29c-78727386e04a","block_type":"box","text":"exhibit high price volatility should not be accepted as collateral unless suitably","page_number":74,"box":{"x":242,"y":89,"width":642,"height":12}},{"id":"5204e62f-77ec-4537-9f04-6bdf595f8c1e","block_type":"box","text":"conservative haircuts are in place;","page_number":74,"box":{"x":242,"y":105,"width":279,"height":13}},{"id":"87cf2000-8072-41b0-b2cb-0842e047fa13","block_type":"box","text":"1.1.3.","page_number":74,"box":{"x":183,"y":138,"width":42,"height":10}},{"id":"b9378095-2fdd-43ad-9b62-150a741fe746","block_type":"box","text":"Issuer credit quality","page_number":74,"box":{"x":242,"y":138,"width":174,"height":12}},{"id":"d93291a0-6d2d-49a1-b4a4-501974a3a0b3","block_type":"box","text":": Collateral received should be of high quality. The Fund","page_number":74,"box":{"x":418,"y":138,"width":466,"height":13}},{"id":"1c23fd8e-e6b0-43d4-a1cd-9e4d8523115c","block_type":"box","text":"shall ensure that:","page_number":74,"box":{"x":242,"y":154,"width":141,"height":10}},{"id":"cbb0f84d-2bca-40cb-8d7c-d4aba5be4a8d","block_type":"box","text":"(a) where the issuer was subject to a credit rating by an agency registered and","page_number":74,"box":{"x":242,"y":170,"width":642,"height":13}},{"id":"b9a4024a-bbef-4675-8b2d-27c72da2f93d","block_type":"box","text":"supervised by ESMA that rating shall be taken into account by the Fund in the","page_number":74,"box":{"x":242,"y":187,"width":642,"height":13}},{"id":"6e26d656-7147-4341-9b0f-3af3f2e1f4a0","block_type":"box","text":"credit assessment process;","page_number":74,"box":{"x":242,"y":203,"width":216,"height":13}},{"id":"70ab54ef-2da7-48e6-80fa-3e48fdf185da","block_type":"box","text":"(b) where an issuer is downgraded below the two highest shot-term credit","page_number":74,"box":{"x":242,"y":236,"width":642,"height":13}},{"id":"ec0ff91e-5c87-4942-b4ca-dd327b8896c7","block_type":"box","text":"ratings by the credit rating agency referred to in (i) this shall result in a new","page_number":74,"box":{"x":242,"y":252,"width":642,"height":13}},{"id":"2a9e0e43-8266-4ea0-929e-a01048a9a855","block_type":"box","text":"credit assessment being conducted of the issuer by the Fund without delay","page_number":74,"box":{"x":242,"y":269,"width":603,"height":13}},{"id":"b85215b1-1b25-46c9-9eae-3cece73fd783","block_type":"box","text":"1.1.4.","page_number":74,"box":{"x":183,"y":302,"width":42,"height":9}},{"id":"0f3eeadf-eea5-4761-a11e-5676398f286b","block_type":"box","text":"Correlation","page_number":74,"box":{"x":242,"y":301,"width":100,"height":11}},{"id":"ab5396df-e698-4974-87b5-99b62929fc29","block_type":"box","text":": Collateral received should be issued by an entity that is","page_number":74,"box":{"x":344,"y":302,"width":540,"height":12}},{"id":"9af671fe-7c85-4f6a-8dea-9113f169034d","block_type":"box","text":"independent from the counterparty and is not expected to display a high","page_number":74,"box":{"x":242,"y":318,"width":642,"height":13}},{"id":"e4e73845-1990-41ad-8ce4-b2ef56713f74","block_type":"box","text":"correlation with the performance of the counterparty;","page_number":74,"box":{"x":242,"y":334,"width":433,"height":13}},{"id":"fba00bee-1b03-430b-b5b6-e5e70bbbd56b","block_type":"box","text":"1.1.6","page_number":74,"box":{"x":183,"y":367,"width":38,"height":10}},{"id":"34f84485-0e8f-4a4d-9202-3554f3be87aa","block_type":"box","text":"Diversification (asset concentration)","page_number":74,"box":{"x":221,"y":367,"width":335,"height":12}},{"id":"5b0b4bcb-0079-4f79-870b-5c241429577c","block_type":"box","text":":","page_number":74,"box":{"x":558,"y":370,"width":9,"height":7}},{"id":"d7eced25-9cb0-4bc5-8c27-22b863e59bad","block_type":"box","text":"(a) Subject to (b) below collateral should be sufficiently diversified in terms of","page_number":74,"box":{"x":242,"y":400,"width":642,"height":13}},{"id":"18debb55-3385-4715-b5ba-94bdcea47d3a","block_type":"box","text":"country, markets and issuers with a maximum exposure to a given issuer of 20%","page_number":74,"box":{"x":242,"y":416,"width":642,"height":13}},{"id":"05eafd0c-b4f8-4aad-93bd-3c61fe609256","block_type":"box","text":"of the Net Asset Value of the relevant Sub-Fund. When a Sub-Fund is exposed","page_number":74,"box":{"x":242,"y":433,"width":642,"height":13}},{"id":"0b4d3458-8b72-4f42-949b-34b36f4800b1","block_type":"box","text":"to different counterparties, the different baskets of collateral should be","page_number":74,"box":{"x":242,"y":449,"width":642,"height":13}},{"id":"f159c834-0d74-4c8c-925e-fe438f7d7146","block_type":"box","text":"aggregated to calculate the 20% limit of exposure to a single issuer;","page_number":74,"box":{"x":242,"y":465,"width":550,"height":13}},{"id":"97090fa7-5480-41f8-91e0-35f591fdaa52","block_type":"box","text":"(b) A Sub-Fund may be fully collateralised in different transferable securities","page_number":74,"box":{"x":242,"y":498,"width":642,"height":13}},{"id":"0af615d1-3ad6-4cc9-82db-3d6bf24baac2","block_type":"box","text":"and money market instruments issued or guaranteed by a Member State, one or","page_number":74,"box":{"x":242,"y":515,"width":642,"height":12}},{"id":"658e8f0e-a7c8-4345-a0fb-c118d4045738","block_type":"box","text":"more of its local authorities, a third country, or a public international body to","page_number":74,"box":{"x":242,"y":531,"width":642,"height":13}},{"id":"4f3c5985-6128-47c5-99a5-d53b30052a8d","block_type":"box","text":"which one or more Member States belong. Such a Sub-Fund should receive","page_number":74,"box":{"x":242,"y":547,"width":642,"height":13}},{"id":"c0f7daee-2740-4d60-bf71-00788a51161b","block_type":"box","text":"securities from at least 6 different issues, but securities from any single issue","page_number":74,"box":{"x":242,"y":564,"width":642,"height":13}},{"id":"ac053ffe-cbad-43ce-9b81-5af1f52a22ab","block_type":"box","text":"should not account for more than 30% of a Sub-Fund's Net Value.","page_number":74,"box":{"x":242,"y":580,"width":538,"height":10}},{"id":"551bdef4-4709-485b-b460-2eabdd58ac86","block_type":"box","text":"1.1.7","page_number":74,"box":{"x":183,"y":613,"width":37,"height":10}},{"id":"9d5e9a4a-9c75-4906-8b49-779186e3b6b5","block_type":"box","text":"Immediately available","page_number":74,"box":{"x":221,"y":613,"width":213,"height":13}},{"id":"77d10e08-b5ba-4b90-bee4-3a7757023b78","block_type":"box","text":": Collateral received should be capable of being fully","page_number":74,"box":{"x":436,"y":613,"width":448,"height":13}},{"id":"8a269b3c-d2ed-4f31-a8bc-e73cfaa3f3c6","block_type":"box","text":"enforced by the Fund at any time without reference to or approval from the","page_number":74,"box":{"x":242,"y":629,"width":642,"height":13}},{"id":"6c5cc113-bc2b-443b-8de4-11f8eda1db02","block_type":"box","text":"relevant counterparty; and","page_number":74,"box":{"x":242,"y":646,"width":216,"height":13}},{"id":"cad099f4-7f50-4f64-9ddf-9cee195aead4","block_type":"box","text":"1.1.8 Non-cash collateral received cannot be sold, pledged or reinvested by the Fund.","page_number":74,"box":{"x":183,"y":679,"width":701,"height":12}},{"id":"d195e8af-c682-42e2-8e44-470a105f763e","block_type":"box","text":"1.2.","page_number":74,"box":{"x":122,"y":713,"width":23,"height":8}},{"id":"c56415d8-ce08-4907-a431-1c1a5b22caab","block_type":"box","text":"Cash collateral","page_number":74,"box":{"x":182,"y":711,"width":133,"height":10}},{"id":"8412088b-a41c-4157-85e5-96655095e294","block_type":"box","text":"1.2.1 Reinvestment of cash collateral must be in accordance with the following requirements:","page_number":74,"box":{"x":123,"y":744,"width":761,"height":13}},{"id":"1b4778a4-1c11-4fb1-8f15-6b6bc0a5a1c9","block_type":"box","text":"1.2.2 cash received as collateral may only be invested in the following:","page_number":74,"box":{"x":123,"y":777,"width":591,"height":13}},{"id":"fb68e468-4daa-4fc6-b3fd-2b6a09e3e8e5","block_type":"box","text":"(a) deposits with a credit institution authorised in the European Economic Area (EEA)","page_number":74,"box":{"x":182,"y":810,"width":702,"height":12}},{"id":"efdf8a2b-b654-4147-886c-31636e88fbea","block_type":"box","text":"(EU Member States, Norway, Iceland, Liechtenstein), a credit institution authorised","page_number":74,"box":{"x":182,"y":826,"width":702,"height":13}},{"id":"1e091aca-a782-4afb-a83f-65ea88bdec96","block_type":"box","text":"within a signatory state, other than an EU Member State or a Member State of EEA, to","page_number":74,"box":{"x":181,"y":842,"width":703,"height":13}},{"id":"24fe80b0-74d3-445b-97e5-8ed1be0f90ee","block_type":"box","text":"the Basle Capital Convergence Agreement of July 1988 (Switzerland, Canada, Japan,","page_number":74,"box":{"x":181,"y":859,"width":703,"height":13}},{"id":"d4d8baa7-935f-4bbc-b18d-3023d6971387","block_type":"box","text":"United States, UK) or a credit institution authorised in Jersey, Guernsey, the Isle of","page_number":74,"box":{"x":181,"y":875,"width":703,"height":13}},{"id":"10414829-fb51-4eaf-b072-846c4b12b024","block_type":"box","text":"Man, Australia or New Zealand (the","page_number":74,"box":{"x":181,"y":892,"width":297,"height":12}},{"id":"556184c5-6560-49e0-a1aa-47230c090651","block_type":"box","text":"Relevant Institutions","page_number":74,"box":{"x":479,"y":892,"width":179,"height":10}},{"id":"69cedef5-b3f5-4cdf-85a3-0208b628c0b4","block_type":"box","text":");","page_number":74,"box":{"x":659,"y":892,"width":16,"height":12}},{"id":"d2361c29-aa77-4168-b4b9-5a3cfd3334f7","block_type":"box","text":"75","page_number":75,"box":{"x":490,"y":928,"width":25,"height":9}},{"id":"f35f574d-b257-471f-8936-f3bf3981864b","block_type":"box","text":"(b) high quality government bonds;","page_number":75,"box":{"x":182,"y":105,"width":290,"height":13}},{"id":"1f0c2bdc-6605-4142-a120-363f47284eee","block_type":"box","text":"(c) reverse repurchase agreements provided the transactions are with credit institutions","page_number":75,"box":{"x":182,"y":138,"width":702,"height":13}},{"id":"ebf8f4ce-d7d3-464b-a558-50c046bfccc2","block_type":"box","text":"subject to prudential supervision and the Fund is able to recall at any time the full","page_number":75,"box":{"x":182,"y":154,"width":702,"height":13}},{"id":"0a883960-ab54-42d6-bfaf-0b14380e8bd9","block_type":"box","text":"amount of cash on an accrued basis;","page_number":75,"box":{"x":182,"y":170,"width":295,"height":12}},{"id":"0bfd8b1a-b821-443a-b276-1636a133c423","block_type":"box","text":"(d)short-term money market funds as defined in the ESMA Guidelines on a Common","page_number":75,"box":{"x":182,"y":203,"width":702,"height":13}},{"id":"8806b050-e90e-42f3-a9fb-6f39251a20f5","block_type":"box","text":"Definition of European Money Market Funds (ref CESR/10-049);","page_number":75,"box":{"x":181,"y":220,"width":537,"height":12}},{"id":"b9ed7c41-a540-40aa-94d8-6cba8d87f879","block_type":"box","text":"1.2.3 invested cash collateral must be diversified in accordance with the requirements in","page_number":75,"box":{"x":123,"y":252,"width":761,"height":13}},{"id":"c2359845-2b45-4af3-8b2c-10b33d5a4d9a","block_type":"box","text":"section (A) 1.1.5 above;","page_number":75,"box":{"x":182,"y":269,"width":198,"height":12}},{"id":"c7078a9a-ba2f-4168-b9c5-ece62d8abfb9","block_type":"box","text":"1.2.4 invested cash collateral may not be placed on deposit with the counterparty or a related","page_number":75,"box":{"x":123,"y":302,"width":761,"height":12}},{"id":"8c94e561-6f50-4cca-8226-3eebded90513","block_type":"box","text":"entity.","page_number":75,"box":{"x":181,"y":318,"width":56,"height":13}},{"id":"0984d1a0-3a16-460a-ac23-05f2628904d6","block_type":"box","text":"2.","page_number":75,"box":{"x":121,"y":351,"width":14,"height":10}},{"id":"811f6183-9d9d-4a06-9335-ec6b8accfccc","block_type":"box","text":"Level of collateral required","page_number":75,"box":{"x":181,"y":351,"width":239,"height":12}},{"id":"d150ca35-91aa-4e2d-ac64-be167d68f772","block_type":"box","text":"Unless otherwise specified in respect of a Sub-Fund in Part 1 of this Prospectus, the","page_number":75,"box":{"x":181,"y":384,"width":703,"height":12}},{"id":"a9dfe5b8-5fe7-4066-a6ac-17c2a35c2eff","block_type":"box","text":"levels of collateral required are as follows:","page_number":75,"box":{"x":181,"y":400,"width":349,"height":13}},{"id":"d13d33da-5f0a-4e25-838d-8116442f0e88","block_type":"box","text":"Repurchase agreements","page_number":75,"box":{"x":190,"y":433,"width":216,"height":13}},{"id":"0c5dd2cb-17ee-4e0c-8f6c-f14c78df95c4","block_type":"box","text":"at least 100% of the exposure to the","page_number":75,"box":{"x":436,"y":433,"width":286,"height":13}},{"id":"547896ce-b901-410d-95af-210ff781e430","block_type":"box","text":"counterparty","page_number":75,"box":{"x":435,"y":451,"width":101,"height":11}},{"id":"6beddc2e-0a6c-418f-af9f-71561034e901","block_type":"box","text":"Reverse repurchase","page_number":75,"box":{"x":190,"y":467,"width":222,"height":12}},{"id":"ee033595-ee38-4cc1-b3ba-e67551b2e874","block_type":"box","text":"agreements","page_number":75,"box":{"x":191,"y":485,"width":90,"height":11}},{"id":"3d527697-273a-47b8-934c-32bdd7b44ad9","block_type":"box","text":"at least 100% of the exposure to the","page_number":75,"box":{"x":436,"y":467,"width":286,"height":12}},{"id":"603c9f93-c80e-4481-8d4e-397bfce1e425","block_type":"box","text":"counterparty","page_number":75,"box":{"x":435,"y":485,"width":107,"height":11}},{"id":"2490438f-ef82-4fcf-814f-a17c85e4b3ba","block_type":"box","text":"Lending of portfolio","page_number":75,"box":{"x":190,"y":500,"width":222,"height":13}},{"id":"cc05dee9-176b-430f-b93a-b792be1ab32b","block_type":"box","text":"securities","page_number":75,"box":{"x":191,"y":516,"width":74,"height":10}},{"id":"2d83176e-8d04-4419-93b1-9bd9d9497b4e","block_type":"box","text":"at least 100% of the exposure to the","page_number":75,"box":{"x":436,"y":500,"width":286,"height":13}},{"id":"118170b3-693d-466a-8538-1416eb97cba2","block_type":"box","text":"counterparty","page_number":75,"box":{"x":435,"y":518,"width":101,"height":11}},{"id":"c5fdcbc4-5c35-4c01-9c00-fd40ca55d8e4","block_type":"box","text":"OTC derivatives","page_number":75,"box":{"x":191,"y":533,"width":138,"height":10}},{"id":"7324e9df-923f-420f-8287-d4422ec57478","block_type":"box","text":"Such collateral to ensure, in any","page_number":75,"box":{"x":436,"y":533,"width":286,"height":13}},{"id":"04b556cc-b743-46cf-bd75-c5b21202cacc","block_type":"box","text":"event, that counterparty exposure 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repurchase","page_number":75,"box":{"x":121,"y":665,"width":763,"height":13}},{"id":"1c977c40-23b8-45c2-a24d-ee32416126cd","block_type":"box","text":"agreements, the Investment Manager will determine what, if any, haircut may be required and","page_number":75,"box":{"x":121,"y":681,"width":763,"height":13}},{"id":"05e991fe-8205-4902-8ad1-80b3e8500d6a","block_type":"box","text":"is acceptable for each class of asset to be received as collateral, which will be set out in the","page_number":75,"box":{"x":121,"y":698,"width":763,"height":13}},{"id":"541c81a3-ccb3-4b32-a044-547cb4aba538","block_type":"box","text":"agreement with the relevant counterparty or otherwise documented at the time of entering into","page_number":75,"box":{"x":121,"y":714,"width":763,"height":13}},{"id":"7f75d3b4-7ca8-42ff-8be5-2c65b2238322","block_type":"box","text":"such agreement. Such haircut will take into account the characteristics of the asset such as the","page_number":75,"box":{"x":121,"y":731,"width":763,"height":12}},{"id":"135f48ee-33af-4078-9848-092304fbbb55","block_type":"box","text":"credit standing or price volatility of the assets received as collateral and, where applicable, the","page_number":75,"box":{"x":121,"y":747,"width":763,"height":13}},{"id":"8e3fd6ac-487e-4e04-b470-5236cd50b086","block_type":"box","text":"outcome of any stress test performed in accordance with the Central Bank's requirements.","page_number":75,"box":{"x":121,"y":763,"width":727,"height":13}},{"id":"6afff97a-a5d1-48b8-892c-d32a3b053dfc","block_type":"box","text":"In the event that a Sub-Fund may enter into a securities lending transaction, the Investment","page_number":75,"box":{"x":121,"y":796,"width":763,"height":13}},{"id":"d70dff94-2af7-4383-95ec-14211d25dc98","block_type":"box","text":"Manager does not intend to apply a haircut to any non-cash assets received as collateral but","page_number":75,"box":{"x":121,"y":813,"width":763,"height":12}},{"id":"a8f42357-9700-4dcd-9f73-603cae2d48fc","block_type":"box","text":"instead, in accordance with market practice, intends to operate a policy of over-collateralisation","page_number":75,"box":{"x":121,"y":829,"width":763,"height":13}},{"id":"63c8e84a-7a48-4e14-a198-d9be19ab5201","block_type":"box","text":"whereby collateral will be marked to market on an on-going basis. Counterparties may be","page_number":75,"box":{"x":121,"y":845,"width":763,"height":13}},{"id":"e4691229-2d62-4875-b628-e11506544d2a","block_type":"box","text":"required to post additional collateral from time to time.","page_number":75,"box":{"x":121,"y":862,"width":442,"height":13}},{"id":"6b49ff99-e379-44c7-8785-c8099753699f","block_type":"box","text":"Securities Financing Transactions","page_number":75,"box":{"x":121,"y":894,"width":297,"height":13}},{"id":"cee07715-1d00-4eb8-b895-b57c92761753","block_type":"box","text":"76","page_number":76,"box":{"x":490,"y":928,"width":25,"height":9}},{"id":"2ba6fb26-9253-47df-86f4-ec307f21b3e1","block_type":"box","text":"Subject to the requirements of the Central Bank, and, in the case of Money Market Funds, the","page_number":76,"box":{"x":121,"y":105,"width":763,"height":13}},{"id":"1c20ec2e-9c1d-490d-bf4c-25914feffac6","block_type":"box","text":"Money Market Fund Regulation, and where specified in the relevant section of Part 1 for each","page_number":76,"box":{"x":121,"y":121,"width":763,"height":13}},{"id":"bb209774-de2b-4dd7-a423-faa2d3175b63","block_type":"box","text":"Sub-Fund, each Sub-Fund may engage in repurchase agreements, reverse repurchase","page_number":76,"box":{"x":121,"y":138,"width":763,"height":13}},{"id":"9f9623a5-5798-449f-b0f6-fb04a8ea8cd9","block_type":"box","text":"agreements and/or (save in the case of Money Market Funds) securities lending (","page_number":76,"box":{"x":121,"y":154,"width":674,"height":13}},{"id":"2d0eb0a8-a7d1-49c2-ae76-2fd39d9d261b","block_type":"box","text":"Securities","page_number":76,"box":{"x":796,"y":154,"width":88,"height":10}},{"id":"ad953ba9-5dd5-4150-9d5c-525b47b4bd11","block_type":"box","text":"Financing Transactions","page_number":76,"box":{"x":121,"y":170,"width":203,"height":13}},{"id":"807c24c7-69c5-4c6b-9be8-0f30c4080ba2","block_type":"box","text":") for efficient portfolio management purposes. The assets that can be","page_number":76,"box":{"x":324,"y":170,"width":560,"height":13}},{"id":"12450d4b-3692-4a86-9aca-94374942319b","block_type":"box","text":"subject to Securities Financing Transactions are the assets described in the investment policy","page_number":76,"box":{"x":121,"y":187,"width":763,"height":13}},{"id":"6b13bd7d-c055-4303-9f7b-9e3024368d15","block_type":"box","text":"for each Sub-Fund. The expected proportion of assets under management and the maximum","page_number":76,"box":{"x":121,"y":203,"width":763,"height":13}},{"id":"926a6565-c409-4fdb-bbad-5c3260ccd1da","block_type":"box","text":"proportion of assets under management that may be subject to reverse repurchase agreements","page_number":76,"box":{"x":121,"y":220,"width":763,"height":12}},{"id":"2697aa1f-6e7c-4051-b07f-272d9535180f","block_type":"box","text":"is set out in the table below.","page_number":76,"box":{"x":121,"y":236,"width":230,"height":10}},{"id":"a2004916-842d-4488-a929-2da2e2e65d9a","block_type":"box","text":"Expected Proportion of AUM subject to","page_number":76,"box":{"x":269,"y":269,"width":391,"height":13}},{"id":"f5bab00f-0d08-4f0c-98c4-e91510dedf88","block_type":"box","text":"Securities Financing Transactions","page_number":76,"box":{"x":269,"y":286,"width":297,"height":12}},{"id":"84bcdaaf-2280-4cef-9879-38e7e2b1ac5a","block_type":"box","text":"Maximum Proportion","page_number":76,"box":{"x":674,"y":269,"width":200,"height":13}},{"id":"bd1c9105-98a2-4859-9edb-d2deeea3e46d","block_type":"box","text":"of AUM subject to","page_number":76,"box":{"x":674,"y":286,"width":200,"height":12}},{"id":"63c224fe-1c0f-4c31-8435-93329f2e5326","block_type":"box","text":"Securities Financing","page_number":76,"box":{"x":674,"y":302,"width":201,"height":13}},{"id":"4e60ffdb-9e6f-4ba8-bd5d-8132bf4de868","block_type":"box","text":"Transactions","page_number":76,"box":{"x":674,"y":318,"width":116,"height":10}},{"id":"3b3e32e7-6bdf-4701-9a2c-bbc8f9615e56","block_type":"box","text":"Reverse","page_number":76,"box":{"x":130,"y":336,"width":70,"height":9}},{"id":"8f040ebd-74b4-47f7-b593-c5204fc7a503","block_type":"box","text":"Repurchase","page_number":76,"box":{"x":130,"y":352,"width":99,"height":13}},{"id":"a1cf8643-45ab-47d5-8ff5-0acf43555a89","block_type":"box","text":"Agreements","page_number":76,"box":{"x":130,"y":368,"width":102,"height":13}},{"id":"b4721d71-584b-4ba4-8203-69bcc8c31f7b","block_type":"box","text":"Between 0%-100% of Net Asset Value of the","page_number":76,"box":{"x":269,"y":336,"width":391,"height":10}},{"id":"6a2d1d45-8df5-45b6-8c84-9efd93848505","block_type":"box","text":"relevant Sub-Fund but in normal market","page_number":76,"box":{"x":269,"y":352,"width":391,"height":10}},{"id":"ea67bec1-508c-44a3-a50d-47d44aa68875","block_type":"box","text":"conditions, the typical expected proportion of","page_number":76,"box":{"x":269,"y":368,"width":391,"height":13}},{"id":"12b5a6ee-6aaf-4c7e-a176-94d7e56054e5","block_type":"box","text":"AUM would be the following:","page_number":76,"box":{"x":269,"y":385,"width":255,"height":13}},{"id":"a9d83bae-b650-403f-aa81-e96db35d76f0","block_type":"box","text":"Aviva Investors Sterling","page_number":76,"box":{"x":278,"y":402,"width":216,"height":12}},{"id":"c2ab8b76-5ee3-492a-a38a-b55d5fd8d4ec","block_type":"box","text":"Government Liquidity","page_number":76,"box":{"x":279,"y":418,"width":215,"height":13}},{"id":"eb4f4d58-cd4f-4d6f-9d41-c1cf47f3b88e","block_type":"box","text":"Fund","page_number":76,"box":{"x":278,"y":434,"width":41,"height":10}},{"id":"cb6b1286-9c96-42e5-8eee-116a089f3bfc","block_type":"box","text":"90% of Net","page_number":76,"box":{"x":508,"y":402,"width":129,"height":10}},{"id":"fb887598-3e10-4179-af3c-d941eace70bd","block_type":"box","text":"Asset Value","page_number":76,"box":{"x":507,"y":418,"width":103,"height":10}},{"id":"1d1352ba-8307-4531-a430-52e70600371b","block_type":"box","text":"Aviva Investors Sterling","page_number":76,"box":{"x":278,"y":451,"width":216,"height":13}},{"id":"3148d8f5-824a-4525-9c58-27509f1b922a","block_type":"box","text":"Liquidity Fund","page_number":76,"box":{"x":278,"y":468,"width":122,"height":13}},{"id":"6c2d43ae-48f0-4a3b-a17a-d5aedbac76b2","block_type":"box","text":"15% of Net","page_number":76,"box":{"x":509,"y":451,"width":128,"height":11}},{"id":"60c6c515-519f-4c41-b304-909b20269d35","block_type":"box","text":"Asset Value","page_number":76,"box":{"x":507,"y":468,"width":97,"height":10}},{"id":"f32606f3-7209-4568-8811-be702ee967f3","block_type":"box","text":"Aviva Investors Sterling","page_number":76,"box":{"x":278,"y":485,"width":216,"height":13}},{"id":"d0b74801-4ee5-402f-b570-11a02c116921","block_type":"box","text":"Liquidity","page_number":76,"box":{"x":278,"y":501,"width":80,"height":13}},{"id":"be11527b-118e-43c3-8ee8-0b26662ea4b4","block_type":"box","text":"Plus","page_number":76,"box":{"x":359,"y":501,"width":39,"height":10}},{"id":"0bf7649d-f45b-4309-bdde-484ecb50b49f","block_type":"box","text":"Fund","page_number":76,"box":{"x":399,"y":501,"width":40,"height":10}},{"id":"785ee117-8b1e-416f-8e8d-8b530ff786ae","block_type":"box","text":"10% of Net","page_number":76,"box":{"x":509,"y":485,"width":128,"height":10}},{"id":"f0ce7fda-c493-4780-8718-88a6092066a4","block_type":"box","text":"Asset Value","page_number":76,"box":{"x":507,"y":501,"width":97,"height":10}},{"id":"cc78ae6e-ca54-4119-81e5-97099e68126a","block_type":"box","text":"Aviva Investors Euro","page_number":76,"box":{"x":278,"y":518,"width":216,"height":10}},{"id":"539d5dc6-3210-42a0-8997-aa0639bfa5be","block_type":"box","text":"Liquidity Fund","page_number":76,"box":{"x":278,"y":535,"width":122,"height":12}},{"id":"42499515-1143-4a01-8bc2-fcb0e618df6b","block_type":"box","text":"10% of Net","page_number":76,"box":{"x":509,"y":518,"width":128,"height":10}},{"id":"2177b461-4c15-4769-8f3a-423f45d58394","block_type":"box","text":"Asset Value","page_number":76,"box":{"x":507,"y":535,"width":97,"height":9}},{"id":"eaf8cc4e-c780-4976-aac7-c3f1dc2c0637","block_type":"box","text":"Aviva Investors US","page_number":76,"box":{"x":278,"y":552,"width":216,"height":9}},{"id":"bf542fd8-8ca4-4eba-ae39-14faa5e17c53","block_type":"box","text":"Dollar Liquidity Fund","page_number":76,"box":{"x":278,"y":568,"width":183,"height":13}},{"id":"a3cc9557-7453-4b55-867d-a878a1892651","block_type":"box","text":"15% of Net","page_number":76,"box":{"x":509,"y":552,"width":128,"height":10}},{"id":"8f8d87a6-2483-482f-ac73-c65be9dc2c08","block_type":"box","text":"Asset Value","page_number":76,"box":{"x":507,"y":568,"width":103,"height":10}},{"id":"1c5ecbe9-cd47-4094-a764-6cfa9c7f5e67","block_type":"box","text":"100% of the Net Asset","page_number":76,"box":{"x":675,"y":336,"width":199,"height":10}},{"id":"e62381a3-0f9e-44a4-b313-4eda3ff6a8eb","block_type":"box","text":"Value of the relevant","page_number":76,"box":{"x":674,"y":352,"width":200,"height":10}},{"id":"99f52ce3-9a0e-4250-a32e-a26f9d3e36f2","block_type":"box","text":"Sub-Fund","page_number":76,"box":{"x":674,"y":368,"width":84,"height":10}},{"id":"fcf0b929-7ef8-46b6-a0b2-244e833cc1ef","block_type":"box","text":"Counterparties to the Sub-Funds may include central counterparties authorised or recognised","page_number":76,"box":{"x":121,"y":638,"width":763,"height":13}},{"id":"f8568958-6398-48b2-b538-09c827d99380","block_type":"box","text":"by ESMA, credit institutions or entities that have an investment grade credit rating or are","page_number":76,"box":{"x":121,"y":655,"width":763,"height":13}},{"id":"afaed699-56d6-4af6-9388-a864f4f00baf","block_type":"box","text":"indemnified by an institution that has an investment grade credit rating. The Investment","page_number":76,"box":{"x":121,"y":671,"width":763,"height":13}},{"id":"704faf35-8398-4e0f-9962-868b32cf63bf","block_type":"box","text":"Manager will only select counterparties that are in a position to value transactions at least daily","page_number":76,"box":{"x":121,"y":688,"width":763,"height":12}},{"id":"72d35605-57c9-48bd-a566-d0f7566f2910","block_type":"box","text":"and to provide weekly valuations to the Investment Manager. The Sub-Funds may adopt","page_number":76,"box":{"x":121,"y":704,"width":763,"height":13}},{"id":"bd2a02d3-f1d9-4453-9119-c1239afbde53","block_type":"box","text":"collateral arrangements as described under the Collateral Policy section above in order to","page_number":76,"box":{"x":121,"y":720,"width":763,"height":13}},{"id":"a0be20fa-ba30-4bbd-bb2e-38755f644c0d","block_type":"box","text":"reduce exposure to any counterparties to Securities Financing Transactions. Cash will be","page_number":76,"box":{"x":121,"y":737,"width":763,"height":13}},{"id":"f98d9d96-e7b3-4da9-a766-501f278f4df9","block_type":"box","text":"valued at par value, other securities will be valued on a mark-to-market basis. Assets and","page_number":76,"box":{"x":121,"y":753,"width":763,"height":13}},{"id":"6770d25f-8bab-4294-bf83-36eb9e0649bc","block_type":"box","text":"collateral subject to Securities Financing Transactions will be held by the Depositary on behalf","page_number":76,"box":{"x":121,"y":769,"width":763,"height":13}},{"id":"48b8ee30-d2d4-4756-85d4-b409fcc05316","block_type":"box","text":"of the relevant Sub-Fund. The re-use of collateral is not permitted by the Sub-Funds. All","page_number":76,"box":{"x":121,"y":786,"width":763,"height":13}},{"id":"42dc93e8-c61c-49e8-b6e3-24fedec2c2bd","block_type":"box","text":"proceeds of Securities Financing Transactions shall be allocated to the relevant Sub-Fund","page_number":76,"box":{"x":121,"y":802,"width":763,"height":13}},{"id":"06b7aedf-d378-4a02-8b24-4cf4c64da08f","block_type":"box","text":"minus any reasonable costs borne by the Investment Manager, or fees and costs of third party","page_number":76,"box":{"x":121,"y":819,"width":763,"height":12}},{"id":"79d7763d-0797-4d83-9249-88c037ce9d9c","block_type":"box","text":"agents which are not related to the Investment Manager, which shall be at normal commercial","page_number":76,"box":{"x":121,"y":835,"width":763,"height":13}},{"id":"3b364565-c14d-4433-97a4-88cdf78561fd","block_type":"box","text":"rates.","page_number":76,"box":{"x":121,"y":853,"width":48,"height":8}},{"id":"ecce498b-5b0e-4bb4-a6a7-e400b92c16c1","block_type":"box","text":"Borrowing and Lending Powers","page_number":76,"box":{"x":121,"y":884,"width":279,"height":13}},{"id":"009596c5-f5a3-4f86-89e9-124ae8f3af3a","block_type":"box","text":"77","page_number":77,"box":{"x":490,"y":928,"width":25,"height":9}},{"id":"ab81111a-dd10-415b-819e-e3c275077bdf","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":77,"box":{"x":121,"y":89,"width":763,"height":12}},{"id":"704ba69a-8c8f-47d9-b859-38c02fd1d766","block_type":"box","text":"provided this borrowing is on a temporary basis for the purpose of meeting redemption requests","page_number":77,"box":{"x":121,"y":105,"width":763,"height":13}},{"id":"00e2585b-91b9-4c72-bf67-6144a034d61b","block_type":"box","text":"or defraying operational expenses. The Depositary may give a charge over the assets of the","page_number":77,"box":{"x":121,"y":121,"width":763,"height":13}},{"id":"91f6bef5-b6bd-43d6-b44f-d9a34e96a5f7","block_type":"box","text":"Fund in order to secure borrowings. Credit balances (e.g. cash) may not be offset against","page_number":77,"box":{"x":121,"y":138,"width":763,"height":13}},{"id":"f47dfe95-1c99-458e-bc3b-232937e26223","block_type":"box","text":"borrowings when determining the percentage of borrowings outstanding. Without prejudice to","page_number":77,"box":{"x":121,"y":154,"width":763,"height":13}},{"id":"6f5bb388-5190-408f-b081-aaa6b5e0a806","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":77,"box":{"x":121,"y":170,"width":763,"height":13}},{"id":"e69a6523-d53d-454a-bccf-70bf24df6fbd","block_type":"box","text":"guarantor on behalf of, third parties. A Sub-Fund may acquire debt securities and securities","page_number":77,"box":{"x":121,"y":187,"width":763,"height":13}},{"id":"a8f78dc3-bedc-481a-a474-ded071e36620","block_type":"box","text":"which are not fully paid.","page_number":77,"box":{"x":121,"y":203,"width":202,"height":13}},{"id":"e20d1464-c04a-4177-9acb-b7fbfddf383d","block_type":"box","text":"A Sub-Fund may acquire foreign currency by means of a back-to-back loan agreement.","page_number":77,"box":{"x":121,"y":236,"width":763,"height":13}},{"id":"c2f2903f-a85f-4613-81bb-9332d391a205","block_type":"box","text":"Foreign currency obtained in this manner is not classed as borrowings for the purposes of the","page_number":77,"box":{"x":121,"y":252,"width":763,"height":13}},{"id":"6d5f3cb4-485c-443e-ae9e-3a25b4e855d8","block_type":"box","text":"borrowing restriction provided that the offsetting deposit is denominated in the Base Currency","page_number":77,"box":{"x":121,"y":269,"width":763,"height":13}},{"id":"58596831-d801-4ad5-8f48-38560053b8ce","block_type":"box","text":"of the Sub-Fund and equals or exceeds the value of the foreign currency loan outstanding.","page_number":77,"box":{"x":121,"y":285,"width":763,"height":13}},{"id":"45c1dfd0-ee80-4083-955c-6444707f046a","block_type":"box","text":"However, where foreign currency borrowings exceed the value of the back-to-back deposit, the","page_number":77,"box":{"x":121,"y":302,"width":763,"height":12}},{"id":"35a3cfad-4cb2-4a7c-8d11-283e112ebf7b","block_type":"box","text":"Manager will ensure that any excess is regarded as borrowing for the purpose of this restriction.","page_number":77,"box":{"x":121,"y":318,"width":763,"height":13}},{"id":"d3d6eda2-1dec-4bcd-9569-829aca2b3578","block_type":"box","text":"Dividend Policy","page_number":77,"box":{"x":121,"y":351,"width":141,"height":12}},{"id":"df0a5a7b-a4ed-406b-b79f-aaed2466f6fa","block_type":"box","text":"The Directors decide the dividend policy and arrangements relating to each Sub-Fund and","page_number":77,"box":{"x":121,"y":384,"width":763,"height":12}},{"id":"f002fa0e-1b8f-4b20-b1f8-817ccb6480a8","block_type":"box","text":"details are set out where applicable in the relevant section of Part 1 for the relevant Sub-Fund.","page_number":77,"box":{"x":121,"y":400,"width":762,"height":13}},{"id":"7aa14962-dc37-4bf7-aeca-3e4a6a64bfc7","block_type":"box","text":"The Directors intend to operate a distribution policy designed to enable certain Sub-Funds to","page_number":77,"box":{"x":121,"y":433,"width":763,"height":13}},{"id":"f6a9134b-7ad7-495d-aae2-2be503ed5e55","block_type":"box","text":"qualify as distributing funds for the purposes of United Kingdom taxation. In relation to these","page_number":77,"box":{"x":121,"y":449,"width":763,"height":13}},{"id":"25981841-f419-48d1-bd0a-148ebd500632","block_type":"box","text":"Sub-Funds, the Directors intend to distribute sufficient surplus net income to enable the","page_number":77,"box":{"x":121,"y":465,"width":763,"height":13}},{"id":"607cd9a6-5b7a-41da-ad84-56387ea3d710","block_type":"box","text":"relevant Sub-Fund to qualify as a distributing fund for the purposes of United Kingdom taxation","page_number":77,"box":{"x":121,"y":482,"width":763,"height":13}},{"id":"fd763aa3-7e08-433c-bf50-7f80f74dc3bf","block_type":"box","text":"as outlined in Part 1.","page_number":77,"box":{"x":121,"y":498,"width":171,"height":10}},{"id":"b03e5c38-d38b-450d-8636-70e716441a8c","block_type":"box","text":"Under the Articles, the Directors are entitled to declare dividends as appear to the Directors to","page_number":77,"box":{"x":121,"y":531,"width":763,"height":13}},{"id":"baa44eb2-3427-4b97-addf-fa489871a99a","block_type":"box","text":"be justified out of the profits of the relevant Sub-Fund being: (i) the accumulated revenue","page_number":77,"box":{"x":121,"y":547,"width":763,"height":13}},{"id":"92d11041-3021-4d20-8460-f9c0367e8b4e","block_type":"box","text":"(consisting of all revenue accrued including interest and dividends) less charges and expenses","page_number":77,"box":{"x":121,"y":564,"width":763,"height":13}},{"id":"6b1ed742-35f8-45ab-ae6b-3fcf667f265c","block_type":"box","text":"and/or (ii) realised and unrealised capital gains on the disposal/ valuation of investments and","page_number":77,"box":{"x":121,"y":580,"width":763,"height":13}},{"id":"6c0e4ded-9113-4930-a14d-665f9811bcaa","block_type":"box","text":"other funds less realised and unrealised accumulated capital losses of the relevant Sub-Fund.","page_number":77,"box":{"x":121,"y":597,"width":751,"height":12}},{"id":"bb5077cf-d66c-4e94-a9c7-b04c444f9d1c","block_type":"box","text":"Where the Directors consider the following action to be in the best interest of Shareholders, the","page_number":77,"box":{"x":121,"y":629,"width":763,"height":13}},{"id":"017650ec-696e-4e56-a3df-515a0823d147","block_type":"box","text":"Directors may temporarily or permanently alter the distribution policy of a class of distributing","page_number":77,"box":{"x":121,"y":646,"width":763,"height":13}},{"id":"509ad793-f417-4820-b3c1-91b01aab2937","block_type":"box","text":"Shares to reflect that of accumulating Shares and, where the alteration is temporary, may revert","page_number":77,"box":{"x":121,"y":663,"width":763,"height":13}},{"id":"dcab9b66-2746-4cd5-a282-bdceb693aa48","block_type":"box","text":"back to the original distribution policy of the relevant class of distributing Shares where the","page_number":77,"box":{"x":121,"y":679,"width":763,"height":13}},{"id":"55c7f57a-9b70-4bf9-8373-9830fe2159f6","block_type":"box","text":"Directors deem it appropriate to do so having regard to market conditions.","page_number":77,"box":{"x":121,"y":696,"width":603,"height":13}},{"id":"c578196d-42fe-468c-9fa1-6028c8d09f90","block_type":"box","text":"In the event that the Directors determine to change the dividend policy for a class of Shares on","page_number":77,"box":{"x":121,"y":729,"width":763,"height":13}},{"id":"7c20f1c2-3307-4fdd-a1ce-e946816b4fe7","block_type":"box","text":"a permanent basis (to accumulating/distributing as appropriate), full details will be provided in","page_number":77,"box":{"x":121,"y":745,"width":763,"height":13}},{"id":"ab558bfe-9f7a-4b63-9226-36737f7b0da7","block_type":"box","text":"an updated Prospectus and all relevant Shareholders will be notified in advance.","page_number":77,"box":{"x":121,"y":762,"width":650,"height":12}},{"id":"600e595f-156c-42a8-9a37-8cbbfa9440f5","block_type":"box","text":"The Directors will be obliged and entitled to deduct an amount in respect of Irish taxation from","page_number":77,"box":{"x":121,"y":794,"width":763,"height":13}},{"id":"30714716-f3b5-4fa9-919b-170cd5520896","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":77,"box":{"x":121,"y":811,"width":763,"height":13}},{"id":"ef956a7a-dd53-40fe-850f-023e6a95f3f0","block_type":"box","text":"Irish Person and pay such sum to the Irish tax authorities. Dividends not claimed within six","page_number":77,"box":{"x":121,"y":827,"width":763,"height":13}},{"id":"da6c30b9-1abc-4603-85a3-13aded0bc430","block_type":"box","text":"years from their due date will lapse and revert to the relevant Sub-Fund.","page_number":77,"box":{"x":121,"y":844,"width":585,"height":12}},{"id":"f296925d-5ecd-4e5d-a90b-2bc53c12cf95","block_type":"box","text":"Liquidity Management Procedures – LVNAV Sub-Funds","page_number":77,"box":{"x":121,"y":876,"width":497,"height":13}},{"id":"0b166f61-4a9a-4e7f-8ea1-35841ffa3475","block_type":"box","text":"78","page_number":78,"box":{"x":490,"y":928,"width":25,"height":9}},{"id":"d50ca36e-487c-4e44-98d5-dd409a1d2c91","block_type":"box","text":"The Manager applies the following liquidity management procedures for each LVNAV Sub","page_number":78,"box":{"x":121,"y":89,"width":757,"height":12}},{"id":"27f2a9df-134e-4790-a76f-ed47a65e8f57","block_type":"box","text":"Fund in order to ensure that there is sufficient liquidity available in those Sub-Funds to meet","page_number":78,"box":{"x":121,"y":105,"width":763,"height":13}},{"id":"2183cbce-9a8b-46f4-943b-0ae31034bcc2","block_type":"box","text":"the weekly liquidity thresholds applicable in accordance with the Money Market Fund","page_number":78,"box":{"x":121,"y":121,"width":763,"height":13}},{"id":"998dfef5-334e-45fd-98cc-83a19b7c50de","block_type":"box","text":"Regulation.","page_number":78,"box":{"x":121,"y":138,"width":98,"height":13}},{"id":"898151be-8c7e-4f79-bf43-fcf571013aa9","block_type":"box","text":"If the proportion of weekly maturing assets within the portfolio of a LVNAV Sub-Fund falls","page_number":78,"box":{"x":121,"y":170,"width":763,"height":13}},{"id":"6afc7f73-234e-4f75-b94c-fe02f06403fe","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":78,"box":{"x":121,"y":187,"width":763,"height":13}},{"id":"49cf925a-b570-48e6-bb39-acf92f9b3b10","block_type":"box","text":"Dealing Day exceed 10% of the total assets of that Sub-Fund, the Investment Manager shall","page_number":78,"box":{"x":121,"y":203,"width":763,"height":13}},{"id":"032057e7-0751-424c-8ca2-c327a4ac493f","block_type":"box","text":"immediately inform the board of directors of the Manager. A documented assessment shall be","page_number":78,"box":{"x":121,"y":220,"width":763,"height":12}},{"id":"df88714e-ba32-4c80-b9d7-861323717786","block_type":"box","text":"completed of the situation to determine the appropriate course of action having regard to the","page_number":78,"box":{"x":121,"y":236,"width":763,"height":13}},{"id":"cc1f25f7-09c3-42c2-943c-2ad2320a3aad","block_type":"box","text":"interests of Shareholders of the relevant Sub-Fund together with the supporting rationale for","page_number":78,"box":{"x":121,"y":252,"width":763,"height":13}},{"id":"dbd749f6-ca5e-467d-88a8-613f6646c129","block_type":"box","text":"that course of action. Following this assessment, the Manger, in conjunction with the","page_number":78,"box":{"x":121,"y":269,"width":763,"height":13}},{"id":"9c885e61-ccbe-43c1-8895-9b844b541182","block_type":"box","text":"Investment Manager shall consider, and if appropriate apply, one or more of the measures","page_number":78,"box":{"x":121,"y":285,"width":763,"height":13}},{"id":"4061fd88-c3fe-423c-a31a-27478f7ee14c","block_type":"box","text":"described below:","page_number":78,"box":{"x":121,"y":302,"width":142,"height":10}},{"id":"1183f0b4-f50d-4c40-b484-377ff6afe0f3","block_type":"box","text":"(a) application of an Anti-Dilution Levy for such LVNAV Sub-Fund on any redemption","page_number":78,"box":{"x":121,"y":334,"width":763,"height":13}},{"id":"635188ac-8386-47d2-9d88-a18982fe6371","block_type":"box","text":"requests so that the cost incurred by the Sub-Fund to achieve liquidity to settle that","page_number":78,"box":{"x":181,"y":351,"width":703,"height":13}},{"id":"5edd2fe3-fb70-48c4-b5e1-fd76293a0250","block_type":"box","text":"redemption request and to ensure that Shareholders remaining in the Sub-Fund are not","page_number":78,"box":{"x":181,"y":367,"width":703,"height":13}},{"id":"40eff2c0-dfb4-462a-9036-398fc7089110","block_type":"box","text":"unfairly disadvantaged when other Shareholders redeem Shares during the period that","page_number":78,"box":{"x":181,"y":384,"width":703,"height":12}},{"id":"f378bb2c-f86c-4b5e-a036-eeacd304d211","block_type":"box","text":"the weekly liquidity is exceeded;","page_number":78,"box":{"x":181,"y":400,"width":270,"height":13}},{"id":"030daad5-78a9-4841-8456-7361776e5e7e","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":78,"box":{"x":121,"y":433,"width":763,"height":13}},{"id":"8e2ae1c1-d11e-4136-a285-486f4f708b33","block_type":"box","text":"maximum of 10 % of the Shares in the Sub-Fund for any period up to 15 Business Days;","page_number":78,"box":{"x":181,"y":449,"width":703,"height":13}},{"id":"0a6ee92a-5ab5-4f8c-91e1-0361b5233f79","block_type":"box","text":"(c) suspend redemptions for any period up to 15 Business Days; or","page_number":78,"box":{"x":121,"y":482,"width":576,"height":13}},{"id":"0923fdbc-e1db-4d53-8802-1bf4fd2f7b68","block_type":"box","text":"(d) take no immediate action other than fulfilling the obligations laid down in Money","page_number":78,"box":{"x":121,"y":515,"width":763,"height":12}},{"id":"229e4902-15b9-4600-ab12-b35c3b207940","block_type":"box","text":"Market Fund Regulation.","page_number":78,"box":{"x":181,"y":531,"width":208,"height":13}},{"id":"0daeca1e-07cb-4159-812a-9e5c0aedb025","block_type":"box","text":"If the proportion of weekly maturing assets within the portfolio of a LVNAV Sub-Fund falls","page_number":78,"box":{"x":121,"y":564,"width":763,"height":13}},{"id":"75a56c3d-d61b-4e68-82a5-493f5c3efc74","block_type":"box","text":"below 10% of the total assets of that Sub-Fund, the Investment Manager shall immediately","page_number":78,"box":{"x":121,"y":580,"width":763,"height":13}},{"id":"b4e1e970-bb8f-4a76-b791-ab59ce2cfede","block_type":"box","text":"inform the board of directors of the Manager. A documented assessment shall be completed","page_number":78,"box":{"x":121,"y":597,"width":763,"height":12}},{"id":"872e544f-3e86-4684-91ec-4949579bcb18","block_type":"box","text":"of the situation to determine the appropriate course of action having regard to the interests of","page_number":78,"box":{"x":121,"y":613,"width":763,"height":13}},{"id":"74d32b0c-192e-458e-8b5a-fa1e54c26964","block_type":"box","text":"Shareholders of the relevant Sub-Fund together with the supporting rationale for that course of","page_number":78,"box":{"x":121,"y":629,"width":763,"height":13}},{"id":"dd8fef52-3f7c-4505-9e4b-92c135be5e74","block_type":"box","text":"action. Following this assessment, the Manger, in conjunction with the Investment Manager","page_number":78,"box":{"x":121,"y":646,"width":763,"height":13}},{"id":"a6af971f-f799-4ee1-b35b-7233177dcf1e","block_type":"box","text":"shall consider, and apply one or more of the measures described below and document the","page_number":78,"box":{"x":121,"y":662,"width":763,"height":13}},{"id":"2c1d14ca-bd3d-494e-8445-eec93f9e73d4","block_type":"box","text":"reasons for its choice:","page_number":78,"box":{"x":121,"y":679,"width":181,"height":9}},{"id":"deba5abe-59a2-4bff-9738-8b763c7f095b","block_type":"box","text":"(a) application of an Anti-Dilution Levy for such LVNAV Sub-Fund on any redemption","page_number":78,"box":{"x":121,"y":711,"width":763,"height":13}},{"id":"17095c2e-7de5-4287-90db-3b5c94459d7f","block_type":"box","text":"requests so that the cost incurred by the Sub-Fund to achieve liquidity to settle that","page_number":78,"box":{"x":181,"y":728,"width":703,"height":13}},{"id":"2c4d5847-f2ec-41d3-b9d3-510b62c12ee7","block_type":"box","text":"redemption request and to ensure that Shareholders remaining in the Sub-Fund are not","page_number":78,"box":{"x":181,"y":744,"width":703,"height":13}},{"id":"4909c2ca-2c2c-45fd-a305-bc5618bb05fd","block_type":"box","text":"unfairly disadvantaged when other Shareholders redeem Shares during the period that","page_number":78,"box":{"x":181,"y":761,"width":703,"height":12}},{"id":"9a7e1963-9fb0-4439-ac09-dfb9d4d4f1f1","block_type":"box","text":"the weekly liquidity is exceeded; or","page_number":78,"box":{"x":181,"y":777,"width":292,"height":13}},{"id":"2387f787-3a81-4726-bf21-9f18a6add11a","block_type":"box","text":"(b) suspend redemptions for any period up to 15 Business Days.","page_number":78,"box":{"x":121,"y":810,"width":553,"height":12}},{"id":"eef1eb3b-0bb5-459c-9b46-13abd070b210","block_type":"box","text":"Internal Credit Quality Assessment Procedures – Money Market Funds","page_number":78,"box":{"x":121,"y":842,"width":620,"height":13}},{"id":"61f833b7-c76d-431a-81f9-5f6cd42c7b3a","block_type":"box","text":"Internal Credit Quality Assessment Procedures","page_number":78,"box":{"x":121,"y":875,"width":383,"height":13}},{"id":"16fbd74e-ecad-489d-b7bd-43c4976d3788","block_type":"box","text":"79","page_number":79,"box":{"x":490,"y":928,"width":25,"height":10}},{"id":"eadfe3ed-9950-4719-bdb4-b0d49106ad2b","block_type":"box","text":"The Investment Manager's analysts monitor holdings by reading regulatory filings, financial","page_number":79,"box":{"x":121,"y":89,"width":763,"height":12}},{"id":"abc886d6-6216-4dc3-8887-db7247b2cdb9","block_type":"box","text":"report and accounts, monitoring relevant security and industry news and events (through, for","page_number":79,"box":{"x":121,"y":105,"width":763,"height":13}},{"id":"9c453eba-bc0c-4513-8ab1-4148fe746aa6","block_type":"box","text":"example, Bloomberg (or equivalent) and street (market) research), maintaining robust financial","page_number":79,"box":{"x":121,"y":121,"width":763,"height":13}},{"id":"78f9cd58-0c6a-4663-a066-45d176767350","block_type":"box","text":"models, and keeping dialogue with management teams (earnings conference calls, phone calls,","page_number":79,"box":{"x":121,"y":138,"width":763,"height":13}},{"id":"5bf47fe1-edd7-4f47-899a-bd57c17fe5c1","block_type":"box","text":"on-site visits, etc.) to continuously monitor portfolio holdings. This helps the Investment","page_number":79,"box":{"x":121,"y":154,"width":763,"height":13}},{"id":"20c5f137-eaf0-47c2-8681-f8f17d1a3c30","block_type":"box","text":"Manager stay dynamic with its investment recommendations and helps ensure the relevant Sub","page_number":79,"box":{"x":121,"y":170,"width":757,"height":13}},{"id":"2a06a391-add6-4f69-bd94-d54dff2e2205","block_type":"box","text":"Funds' portfolios incorporate the securities with the optimal risk/return profile.","page_number":79,"box":{"x":121,"y":187,"width":639,"height":13}},{"id":"290c5dfa-dca2-4447-9a73-b739bb9239ab","block_type":"box","text":"Internal rating","page_number":79,"box":{"x":120,"y":220,"width":125,"height":12}},{"id":"b12ce0d1-7210-446b-abd8-06809161a48e","block_type":"box","text":"The internal rating conveys probability of default and loss given default over a two year","page_number":79,"box":{"x":121,"y":252,"width":763,"height":13}},{"id":"10c9944c-5954-48a7-80df-844b55485edd","block_type":"box","text":"horizon. To establish this rating, analysts conduct a detailed review of the company, including","page_number":79,"box":{"x":121,"y":269,"width":763,"height":13}},{"id":"1b61752f-932d-425c-b0a6-2246efee169b","block_type":"box","text":"understanding key risks in the company’s business model, financials and financial policies, and","page_number":79,"box":{"x":121,"y":285,"width":763,"height":13}},{"id":"5a616c2b-e875-453b-84df-624d07d179dc","block_type":"box","text":"ESG factors (as described below). The credit fundamental review process can be broadly","page_number":79,"box":{"x":121,"y":302,"width":763,"height":12}},{"id":"3c6e0217-86e0-4166-ba6f-0e258b636665","block_type":"box","text":"separated into assessing the business risks inherent in the company’s operating model and the","page_number":79,"box":{"x":121,"y":318,"width":763,"height":13}},{"id":"d8564380-049e-4c6f-8da7-591df3dd80c6","block_type":"box","text":"resultant financial risks. The Investment Manager does not rely on external credit ratings, and","page_number":79,"box":{"x":121,"y":334,"width":763,"height":13}},{"id":"e384c5ec-7970-4f68-8310-5b4a3f54bc3d","block_type":"box","text":"therefore undertakes internal rating assignments to act as an independent assessment of an","page_number":79,"box":{"x":121,"y":351,"width":763,"height":13}},{"id":"27867775-59fb-4ece-9fa2-7e9012de4f75","block_type":"box","text":"issuer’s credit quality.","page_number":79,"box":{"x":121,"y":367,"width":183,"height":13}},{"id":"9710a3db-0974-4789-9ddc-b422d0b4c436","block_type":"box","text":"The review of financials is driven by detailed analysis of published statements and discussions","page_number":79,"box":{"x":121,"y":400,"width":763,"height":13}},{"id":"7aeff838-5c6e-43ba-8ea3-e02923541e88","block_type":"box","text":"with management with respect to financial policies, recent performance indicators and future","page_number":79,"box":{"x":121,"y":416,"width":763,"height":13}},{"id":"e85401db-06ae-450e-9216-618da8ba18e5","block_type":"box","text":"performance outlook. Specific factors will vary across industries but will likely involve a mix","page_number":79,"box":{"x":121,"y":433,"width":763,"height":13}},{"id":"a68b43ce-577e-47fa-94ed-a9ca86bc9759","block_type":"box","text":"of solvency/leverage measures, size and profitability measures, among other factors. Both cash","page_number":79,"box":{"x":121,"y":449,"width":763,"height":13}},{"id":"7bd888bc-182d-4f93-83eb-5bbdad042aff","block_type":"box","text":"flow and balance sheet risks are evaluated and important.","page_number":79,"box":{"x":121,"y":465,"width":466,"height":13}},{"id":"010cfe0b-db42-4440-b1f8-0ebdb5f80767","block_type":"box","text":"It is important to note that while the internal rating captures an assessment of borrower","page_number":79,"box":{"x":121,"y":498,"width":763,"height":13}},{"id":"84dd61cb-ec86-4b01-9d0c-614003fc7cce","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":79,"box":{"x":121,"y":515,"width":763,"height":12}},{"id":"f25f21cf-f8a0-4a7e-949b-3bf6963e8038","block_type":"box","text":"include their best estimate of where the fundamentals are heading over the time horizon, given","page_number":79,"box":{"x":121,"y":531,"width":763,"height":13}},{"id":"62a3481d-0308-4feb-8c0b-4f86f114ed27","block_type":"box","text":"all available information. The internal rating captures where the analyst sees the issuer heading","page_number":79,"box":{"x":121,"y":547,"width":763,"height":13}},{"id":"c0477d54-e475-4689-ab31-ca7667578b8e","block_type":"box","text":"in the long-term.","page_number":79,"box":{"x":121,"y":564,"width":139,"height":13}},{"id":"c152a555-201f-4cb9-92cc-6f01805c3bf4","block_type":"box","text":"The internal rating is expressed on a scale comparable to those used in the rating agencies, with","page_number":79,"box":{"x":121,"y":597,"width":763,"height":12}},{"id":"f7994bb4-7814-4366-a3bf-4aa887feb7d9","block_type":"box","text":"iAAA being the highest, and iC- the lowest.","page_number":79,"box":{"x":121,"y":613,"width":359,"height":13}},{"id":"6043fe23-19f7-44de-af07-9b0d11c24fbb","block_type":"box","text":"Fundamental (“F” score)","page_number":79,"box":{"x":121,"y":646,"width":214,"height":12}},{"id":"a985cb8e-4b86-451c-98e4-046aacfcc0f9","block_type":"box","text":"The factors driving the F score are similar to those considered by the internal rating, though the","page_number":79,"box":{"x":121,"y":679,"width":763,"height":12}},{"id":"ecd07501-8e87-4259-95bb-54bab6d10c91","block_type":"box","text":"F score conveys the marginal change in fundamentals, therefore reflecting a six month time","page_number":79,"box":{"x":121,"y":695,"width":763,"height":13}},{"id":"a05d1d1d-9f78-47a9-8a08-5db549be8a09","block_type":"box","text":"horizon. There may be periods where these two measures are at odds, as an analyst may see","page_number":79,"box":{"x":121,"y":711,"width":763,"height":13}},{"id":"0f4ffd12-bd25-4ee3-825f-1d9e6f1df6d8","block_type":"box","text":"long-term improvements in an issuer who is subject to shorter-term cyclical deterioration. F","page_number":79,"box":{"x":121,"y":728,"width":763,"height":13}},{"id":"4d757373-44a5-4eba-997b-a57329af15ad","block_type":"box","text":"scores provide the analyst's view of the direction and magnitude of change in underlying","page_number":79,"box":{"x":121,"y":744,"width":763,"height":13}},{"id":"fa044a4a-8242-4954-b14e-e461a540cc91","block_type":"box","text":"fundamentals at the issuer level over a six to twelve month time horizon. It is scored on a scale","page_number":79,"box":{"x":121,"y":761,"width":763,"height":9}},{"id":"0c9719c4-c135-475a-8514-aa1997b682de","block_type":"box","text":"of 1 to 5, with 1 being an expected sharp deterioration and 5 being an expected sharp","page_number":79,"box":{"x":121,"y":777,"width":763,"height":13}},{"id":"2ccfe62f-1df0-43e5-a9f2-ead0b9c3daaf","block_type":"box","text":"improvement.","page_number":79,"box":{"x":121,"y":793,"width":117,"height":13}},{"id":"9bdd942d-c77d-4048-ac0f-03584ddbc28d","block_type":"box","text":"Subscriptions and Redemptions Account","page_number":79,"box":{"x":121,"y":826,"width":355,"height":13}},{"id":"6b150d93-233e-442e-8cc4-e807944d7e62","block_type":"box","text":"The Fund has established an Umbrella Cash Account through which all subscription,","page_number":79,"box":{"x":121,"y":859,"width":763,"height":13}},{"id":"35c7348f-3c0a-4a95-b1b9-10b24a8b9ba9","block_type":"box","text":"redemptions, dividends or cash distributions payable to or from a Sub-Fund are channelled and","page_number":79,"box":{"x":121,"y":875,"width":763,"height":13}},{"id":"40685fdb-e3d0-469e-94dd-f92192e004a4","block_type":"box","text":"managed.","page_number":79,"box":{"x":121,"y":892,"width":82,"height":12}},{"id":"aa460354-6d8d-4ad6-9db2-3a90e11b7f35","block_type":"box","text":"80","page_number":80,"box":{"x":491,"y":928,"width":24,"height":9}},{"id":"0e49bd8b-ff89-4301-97b0-b9acf2816623","block_type":"box","text":"The Umbrella Cash Account is an asset of the Fund held in the name of the Depositary. 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These obligations include the requirement for the Depositary to have clear","page_number":80,"box":{"x":121,"y":170,"width":763,"height":13}},{"id":"a158979a-9238-4224-ab1b-cff810fc8af7","block_type":"box","text":"oversight and monitor the Fund's cash flows as well as be informed about all payments made","page_number":80,"box":{"x":121,"y":187,"width":763,"height":13}},{"id":"2056d9cd-d499-4949-ab38-284b97921384","block_type":"box","text":"by or on behalf of investors upon the subscription of Shares in a Sub Fund. 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As such, investors will not benefit from","page_number":80,"box":{"x":121,"y":416,"width":763,"height":13}},{"id":"32ae7c62-1bfa-42fb-beac-d04a50db8729","block_type":"box","text":"any appreciation in the Net Asset Value of the relevant Sub-Fund or any other Shareholder","page_number":80,"box":{"x":121,"y":433,"width":763,"height":13}},{"id":"395c8637-38cb-4815-abf4-9078ad42d441","block_type":"box","text":"rights (including dividend entitlement) until such time as Shares are issued on the relevant","page_number":80,"box":{"x":121,"y":449,"width":763,"height":13}},{"id":"b13fd5c2-feed-4e41-af9d-5c1c1bff141a","block_type":"box","text":"Dealing Day. In the event of an insolvency of the Fund or the Sub-Fund, there is no guarantee","page_number":80,"box":{"x":121,"y":465,"width":763,"height":13}},{"id":"eade7548-597e-40c5-ad7c-9584ee651399","block_type":"box","text":"that the Fund or the Sub-Fund will have sufficient funds to pay unsecured creditors in full.","page_number":80,"box":{"x":121,"y":482,"width":734,"height":13}},{"id":"a6696188-cd64-4d4d-9af0-b24eebf0e8b5","block_type":"box","text":"-issues of Shares and the payment of redemption proceeds and dividends in respect of a","page_number":80,"box":{"x":121,"y":515,"width":763,"height":12}},{"id":"db51ac6a-c069-4322-b9ad-05756aa1c928","block_type":"box","text":"particular Sub-Fund is subject to receipt by the Administrator of the subscription documents","page_number":80,"box":{"x":121,"y":531,"width":763,"height":13}},{"id":"e21b15aa-1feb-4ba7-ad40-6320a9bfd265","block_type":"box","text":"(with the original, where required, to follow by post) and compliance with all anti-money","page_number":80,"box":{"x":121,"y":547,"width":763,"height":13}},{"id":"b64d8943-1e08-4095-b518-27700f726455","block_type":"box","text":"laundering/ financial crime procedures and any further particulars detailed in the section","page_number":80,"box":{"x":121,"y":564,"width":763,"height":13}},{"id":"94dda5bb-c223-430a-997c-cff6abfe2620","block_type":"box","text":"entitled “Share Dealings” of this Prospectus. 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Failure to do so is at such Shareholder’s own risk.","page_number":80,"box":{"x":121,"y":793,"width":742,"height":13}},{"id":"cf0224d8-d4f7-416c-8e00-b1565f5f8243","block_type":"box","text":"- in the event of the insolvency of another Sub-Fund of the Fund (the","page_number":80,"box":{"x":121,"y":826,"width":608,"height":13}},{"id":"a3b4f89a-79f2-4f4d-ad38-7ebd2619508a","block_type":"box","text":"Insolvent Fund","page_number":80,"box":{"x":733,"y":826,"width":134,"height":10}},{"id":"50904d17-a5d2-4a7f-8335-939a392b92e2","block_type":"box","text":"),","page_number":80,"box":{"x":868,"y":826,"width":16,"height":12}},{"id":"160fe0ee-832f-41f5-b7f6-46686ca309f7","block_type":"box","text":"recovery of any amounts held in the Umbrella Cash Subscriptions and Redemptions Account","page_number":80,"box":{"x":121,"y":842,"width":763,"height":13}},{"id":"926b44f5-5eb9-4a9b-9986-c7bdfd57b459","block_type":"box","text":"to which another Sub-Fund is entitled (the","page_number":80,"box":{"x":121,"y":859,"width":345,"height":12}},{"id":"3d8c1845-fc96-4153-a063-45a0bf92c60a","block_type":"box","text":"Entitled Fund","page_number":80,"box":{"x":466,"y":859,"width":120,"height":10}},{"id":"e9f1a593-bc0d-465b-bd52-d5c202714171","block_type":"box","text":"), but which may have transferred to","page_number":80,"box":{"x":587,"y":859,"width":297,"height":13}},{"id":"3983f729-1bb6-4a3b-a5c0-624b281accae","block_type":"box","text":"the Insolvent Fund as a result of the operation of the Umbrella Cash Subscriptions and","page_number":80,"box":{"x":121,"y":875,"width":763,"height":13}},{"id":"14bfaa08-43b7-491b-885d-87464389e470","block_type":"box","text":"Redemptions Account, will be subject to the principles of Irish insolvency law and the terms","page_number":80,"box":{"x":121,"y":892,"width":763,"height":12}},{"id":"e861c1a1-8f9e-4f51-9cac-57b0b0e5a407","block_type":"box","text":"81","page_number":81,"box":{"x":491,"y":928,"width":24,"height":9}},{"id":"583e9e9b-2b2d-4aa3-b42b-c6d595695a47","block_type":"box","text":"and conditions for the Umbrella Cash Subscriptions and Redemptions Account. 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Investors may not initiate","page_number":82,"box":{"x":121,"y":848,"width":763,"height":13}},{"id":"db016f03-9f51-4ff3-b1df-a0035e8a1b6a","block_type":"box","text":"subscriptions for T Shares through the Tokenisation Platform or their Digital Tokens.","page_number":82,"box":{"x":121,"y":864,"width":693,"height":13}},{"id":"14400dbb-1f49-4d83-b6d1-dee8ff3ca0ac","block_type":"box","text":"Digital Tokens will be Minted and issued to the Token Shareholder after the issue of the T","page_number":82,"box":{"x":121,"y":897,"width":763,"height":13}},{"id":"061ffc57-82a7-44b4-8df4-acc86af580d8","block_type":"box","text":"83","page_number":83,"box":{"x":491,"y":928,"width":24,"height":9}},{"id":"66c35e67-0bc4-4738-95ba-65b8b55411c5","block_type":"box","text":"Shares.","page_number":83,"box":{"x":121,"y":89,"width":57,"height":9}},{"id":"c65909ad-1d3c-4231-ae1d-4bca722f9888","block_type":"box","text":"Digital Tokens will be held in custody with the Digital Custodian on behalf of the","page_number":83,"box":{"x":186,"y":89,"width":698,"height":12}},{"id":"f39ca277-6e28-4967-8f10-0a931300127c","block_type":"box","text":"investor. 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Investors may not initiate redemptions of T Shares through","page_number":83,"box":{"x":121,"y":236,"width":763,"height":13}},{"id":"babf39ad-30e6-4136-98cb-5c658e48abdf","block_type":"box","text":"the Tokenisation Platform or their Digital Tokens.","page_number":83,"box":{"x":121,"y":252,"width":410,"height":13}},{"id":"7d9bb2e5-3784-4d43-ad2d-eae6c3959472","block_type":"box","text":"The Burning of the Digital Tokens initially on the Tokenisation Platform, and then in the","page_number":83,"box":{"x":121,"y":285,"width":763,"height":13}},{"id":"174759f7-faab-4e91-9ed0-2c30e8895dac","block_type":"box","text":"Digital Wallets maintained with the Digital Custodian, once the redemption request is","page_number":83,"box":{"x":121,"y":302,"width":763,"height":12}},{"id":"1fba4451-af51-4143-8ca6-cbca5adfa01e","block_type":"box","text":"processed.","page_number":83,"box":{"x":121,"y":318,"width":89,"height":13}},{"id":"80e5d1b1-bf5f-4861-be58-4fb5c93adca9","block_type":"box","text":"Conditions for issue of T Shares and Digital Tokens","page_number":83,"box":{"x":121,"y":351,"width":437,"height":12}},{"id":"8de86365-3b84-4ecd-84b1-17821499b329","block_type":"box","text":"In order for investors to be issued T Shares and corresponding Digital Tokens the following","page_number":83,"box":{"x":121,"y":384,"width":745,"height":12}},{"id":"4ca2babb-53a8-47df-868d-f9fe3500b9ee","block_type":"box","text":"pre-conditions will need to be satisfied:","page_number":83,"box":{"x":121,"y":400,"width":323,"height":13}},{"id":"759b155a-4209-42f4-b1a6-c638d9f3e526","block_type":"box","text":"a)","page_number":83,"box":{"x":151,"y":433,"width":14,"height":12}},{"id":"ac2947c8-97a2-4a93-910e-5e9d378f2f72","block_type":"box","text":"the investor has successfully onboarded with the Digital Custodian, cleared the Digital","page_number":83,"box":{"x":181,"y":433,"width":703,"height":13}},{"id":"bcd40770-a68c-4c3b-aff6-59f92c251a2b","block_type":"box","text":"Custodian’s AML/KYC, and anti-sanctions screening checks, and created a Digital","page_number":83,"box":{"x":182,"y":449,"width":702,"height":13}},{"id":"504bc47f-d9d7-4a00-83d6-20c77b4b62b4","block_type":"box","text":"Wallet with the Digital Custodian in accordance with the Digital Custodian’s terms and","page_number":83,"box":{"x":181,"y":465,"width":703,"height":13}},{"id":"e08fce3e-532e-4766-b0bb-d6f3199b75c9","block_type":"box","text":"conditions.;","page_number":83,"box":{"x":181,"y":482,"width":100,"height":12}},{"id":"c0a3b4b5-c8b2-40f7-a312-35b728127cb6","block_type":"box","text":"b)","page_number":83,"box":{"x":151,"y":515,"width":16,"height":12}},{"id":"fc88d119-24d2-47d6-9437-40d9c63c48a6","block_type":"box","text":"the investor has completed onboarding on the Tokenisation Platform and is recognised","page_number":83,"box":{"x":181,"y":515,"width":703,"height":12}},{"id":"c46c6e35-3f60-4779-a295-6ad4d52106a4","block_type":"box","text":"as an eligible institutional investor (Professional Client under MiFID II, or applicable","page_number":83,"box":{"x":182,"y":531,"width":702,"height":13}},{"id":"cfbfba02-fe2c-4f86-820f-3eba22abf8b3","block_type":"box","text":"equivalent in its jurisdiction of establishment). 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Similarly, upon a redemption of T","page_number":84,"box":{"x":151,"y":433,"width":733,"height":13}},{"id":"91635a23-4f8f-4afa-a28b-0adaf0b2dff5","block_type":"box","text":"Shares, Digital Tokens will be withdrawn from the investor’s Digital Wallet for ‘Burning’.","page_number":84,"box":{"x":152,"y":449,"width":732,"height":13}},{"id":"f14b663d-623f-4b13-89be-b1e918d89ce2","block_type":"box","text":"Use of Blockchain Distributed Ledger Technology (DLT)","page_number":84,"box":{"x":151,"y":482,"width":488,"height":13}},{"id":"059c554f-72f8-4638-9429-0fc6f6717964","block_type":"box","text":"The Digital Tokens are issued and recorded on XRP Ledger which is a blockchain","page_number":84,"box":{"x":151,"y":515,"width":733,"height":12}},{"id":"da4b6fe8-7058-4e36-ba1c-05d2022cc08d","block_type":"box","text":"distributed ledger technology or DLT organising data into a linked chain of blocks. Digital","page_number":84,"box":{"x":151,"y":531,"width":733,"height":13}},{"id":"e1fbf52d-91e1-43e9-9362-04c564a91cc6","block_type":"box","text":"Wallets will be hosted on this network.","page_number":84,"box":{"x":151,"y":547,"width":320,"height":10}},{"id":"26303e12-364d-4d1e-a003-0c8859e86472","block_type":"box","text":"XRP Ledger is a blockchain distributed ledger which securely records transactions between","page_number":84,"box":{"x":151,"y":580,"width":733,"height":13}},{"id":"12d4707e-c021-4df6-a7d0-1032539930c5","block_type":"box","text":"two parties in a verifiable and append-only manner using cryptographic techniques.","page_number":84,"box":{"x":151,"y":597,"width":733,"height":12}},{"id":"7621461f-6924-45d2-b580-14b9ff20a146","block_type":"box","text":"Transactions on DLT are verified and authenticated by computers on the network, which","page_number":84,"box":{"x":151,"y":613,"width":733,"height":13}},{"id":"e61b8927-92c0-4225-b717-60a87d222c4e","block_type":"box","text":"receive, propagate, verify, and execute these transactions. This authentication process in","page_number":84,"box":{"x":151,"y":629,"width":733,"height":13}},{"id":"636007ae-e4da-4374-9059-2bfa5fd425ba","block_type":"box","text":"respect of a transaction before it is recorded in the DLT ensures that only valid and","page_number":84,"box":{"x":151,"y":646,"width":733,"height":13}},{"id":"ddc23fcc-9b4b-49ff-9089-173776979508","block_type":"box","text":"authorized transactions are permanently recorded on the DLT in groups of transactions.","page_number":84,"box":{"x":151,"y":662,"width":733,"height":13}},{"id":"c4cd59b6-2329-49dc-a93a-a00c8105a7b0","block_type":"box","text":"Each DLT network operates based on software source code that defines and governs its","page_number":84,"box":{"x":151,"y":679,"width":733,"height":12}},{"id":"1ce5408a-65f7-4d92-ab57-eec5dc681920","block_type":"box","text":"cryptographic system for transaction verification.","page_number":84,"box":{"x":151,"y":695,"width":403,"height":13}},{"id":"9665c7b5-4bb5-454c-b95d-1e31dc4c9c84","block_type":"box","text":"The Digital Token security model is based on cryptographic key management technology","page_number":84,"box":{"x":151,"y":728,"width":733,"height":13}},{"id":"10c50283-4021-4c38-8ee8-fb6a9bb95f65","block_type":"box","text":"designed to enable the safe use of Digital Tokens on a distributed ledger through the Token","page_number":84,"box":{"x":151,"y":744,"width":733,"height":13}},{"id":"a4b31d76-d240-4bce-8feb-06db6b9dbaba","block_type":"box","text":"Key. The private cryptographic Token Key associated with the Digital Tokens is managed","page_number":84,"box":{"x":151,"y":761,"width":733,"height":12}},{"id":"524fae7d-b1bc-4e73-9ac8-01bf95434c46","block_type":"box","text":"using hardware security modules (“HSMs”). The private Token Keys are encrypted and","page_number":84,"box":{"x":151,"y":777,"width":733,"height":13}},{"id":"e853a008-8f0f-4393-b568-548ab8dcfd18","block_type":"box","text":"stored in the HSM. Access to the Token Keys stored in the HSM goes through strict","page_number":84,"box":{"x":152,"y":793,"width":732,"height":13}},{"id":"46ffd627-eab5-4a53-8a8b-e29fffbe53c8","block_type":"box","text":"governance policies, requiring multiple approvals to be collected before transactions are","page_number":84,"box":{"x":151,"y":810,"width":733,"height":12}},{"id":"18a7d5b8-c257-4f05-b98e-374741794c1c","block_type":"box","text":"signed and broadcast to the distributed ledger.","page_number":84,"box":{"x":152,"y":826,"width":375,"height":13}},{"id":"ad1e1fac-da11-4bdd-9712-caff3faff01e","block_type":"box","text":"Public blockchain networks such as XRP Ledger require the payment of transaction fees to","page_number":84,"box":{"x":151,"y":859,"width":733,"height":13}},{"id":"f2994abb-3e2d-44de-a148-f0f84da484c3","block_type":"box","text":"validate transactions. These fees are used to carry out the maintenance of the network and","page_number":84,"box":{"x":151,"y":875,"width":733,"height":13}},{"id":"c51ab69a-9c04-418b-9f18-e0e812175978","block_type":"box","text":"to help protecting it from frivolous or malicious activity. The Manager or Tokenisation","page_number":84,"box":{"x":151,"y":892,"width":733,"height":12}},{"id":"1c04fe38-035a-4fbc-af04-e377e9a36b28","block_type":"box","text":"85","page_number":85,"box":{"x":491,"y":928,"width":24,"height":9}},{"id":"e3f9faa4-1892-4104-a913-91ac8072b2d1","block_type":"box","text":"Platform Provider will discharge any such fees associated with the transactions in Digital","page_number":85,"box":{"x":151,"y":89,"width":733,"height":12}},{"id":"d96767a7-55d3-4cfa-9b21-c0c185624ce5","block_type":"box","text":"Tokens under the Company’s Tokenisation Model. Investors in the Token Share Classes","page_number":85,"box":{"x":151,"y":105,"width":733,"height":13}},{"id":"36b5cb95-79f6-49f9-bade-25151876bfa8","block_type":"box","text":"will not be required to purchase any native digital assets to transact on the blockchain XRP","page_number":85,"box":{"x":151,"y":121,"width":733,"height":13}},{"id":"51380e49-c35f-478e-89b7-b2f557050830","block_type":"box","text":"Ledger.","page_number":85,"box":{"x":151,"y":138,"width":67,"height":13}},{"id":"49518e35-9bc4-4c02-80b5-701ce9e7dd8e","block_type":"box","text":"The Company and/or the Manager reserve the right to reassess the suitability of XRP","page_number":85,"box":{"x":151,"y":170,"width":733,"height":13}},{"id":"6b8a8ee0-9e10-4831-8d1e-a6325b04008d","block_type":"box","text":"Ledger as the blockchain network in use in the Company’s Tokenisation Model, and/ or to","page_number":85,"box":{"x":151,"y":187,"width":733,"height":13}},{"id":"071c9d67-0872-499c-8165-779036b606a8","block_type":"box","text":"add other blockchain networks to compliment or replace the use of XRP Ledger as the","page_number":85,"box":{"x":151,"y":203,"width":733,"height":13}},{"id":"b4686dca-e044-4b5d-a532-6f4d2b6e0a4a","block_type":"box","text":"blockchain network in use in the Company’s Tokenisation Model.","page_number":85,"box":{"x":151,"y":220,"width":539,"height":12}},{"id":"8529e827-d322-47e3-a34f-48bef0d3eb1d","block_type":"box","text":"The use of blockchain technology remains relatively new within the fund management","page_number":85,"box":{"x":151,"y":252,"width":733,"height":13}},{"id":"ed49a827-cfe2-4008-b73d-6117e8649d1e","block_type":"box","text":"industry and carries specific risks, which are further outlined in the","page_number":85,"box":{"x":151,"y":269,"width":547,"height":13}},{"id":"200eeede-ba10-403b-8b6f-9ec54bfeb3f3","block_type":"box","text":"section entitled “Risk","page_number":85,"box":{"x":705,"y":269,"width":179,"height":10}},{"id":"dbc3a5bc-9ea9-4a80-b3ea-5149bb376fec","block_type":"box","text":"Factors Relating to the Token Share Classes and Digital Tokens” in the “Risk Factors”","page_number":85,"box":{"x":151,"y":285,"width":727,"height":13}},{"id":"cec748c2-b2b7-4f19-ae12-ae1fb86c1f6b","block_type":"box","text":"section of this Prospectus.","page_number":85,"box":{"x":152,"y":302,"width":214,"height":12}},{"id":"9448bb98-86c7-44cc-92bd-dccd919da587","block_type":"box","text":"86","page_number":86,"box":{"x":491,"y":928,"width":24,"height":9}},{"id":"f1346736-228b-4951-abb5-207571130521","block_type":"box","text":"__________________________________________________________________________","page_number":86,"box":{"x":120,"y":115,"width":751,"height":1}},{"id":"39738a92-26e6-4261-9e0e-ad1acbe49975","block_type":"box","text":"RISK FACTORS","page_number":86,"box":{"x":412,"y":122,"width":181,"height":12}},{"id":"df4f3e00-4d00-41e8-bdc0-f6a8e9bc5dff","block_type":"box","text":"___________________________________________________________________________","page_number":86,"box":{"x":120,"y":150,"width":762,"height":2}},{"id":"1275532f-db76-4e58-84a7-b5c8616ce930","block_type":"box","text":"Persons considering purchasing Shares should inform themselves as to (i) the legal","page_number":86,"box":{"x":121,"y":173,"width":763,"height":13}},{"id":"5c079c3e-5d24-4d0b-a4a5-e5e83545f141","block_type":"box","text":"requirements within their own countries for the purchase of Shares, (ii) any foreign exchange","page_number":86,"box":{"x":121,"y":190,"width":763,"height":12}},{"id":"e2effaae-0cff-4d37-b36a-26aa86d37ad5","block_type":"box","text":"restrictions which may be applicable and (iii) the income and other tax consequences of","page_number":86,"box":{"x":121,"y":206,"width":763,"height":13}},{"id":"52a725b3-6115-4a48-ab59-e13015df94ce","block_type":"box","text":"purchase and redemption of Shares.","page_number":86,"box":{"x":121,"y":222,"width":293,"height":13}},{"id":"57ab0fa9-8e40-4c48-ba0c-63d68f573ceb","block_type":"box","text":"General","page_number":86,"box":{"x":121,"y":255,"width":74,"height":10}},{"id":"4b62cf20-b5f7-4dd3-b4ab-588ccb35ec99","block_type":"box","text":"The investments of a Sub-Fund in securities are subject to normal market fluctuations and other","page_number":86,"box":{"x":121,"y":288,"width":763,"height":13}},{"id":"bb4554f1-3cb9-42b6-ba61-2df0b5d982f9","block_type":"box","text":"risks inherent in investing in securities. The value of investments and the income from them,","page_number":86,"box":{"x":121,"y":304,"width":763,"height":13}},{"id":"c9f480d9-3330-4d2a-ac6c-5983fa6af1ae","block_type":"box","text":"and therefore the value of and income from Shares relating to each Sub-Fund can go down as","page_number":86,"box":{"x":121,"y":321,"width":763,"height":13}},{"id":"b747bb29-204c-44dd-886b-d7a635389130","block_type":"box","text":"well as up and an investor may not get back the amount he invests. Changes in exchange rates","page_number":86,"box":{"x":121,"y":337,"width":763,"height":13}},{"id":"63714283-b8e4-40d5-8551-f3ce4cde7478","block_type":"box","text":"between currencies or the conversion from one currency to another may also cause the value","page_number":86,"box":{"x":121,"y":353,"width":763,"height":13}},{"id":"a4a06b88-e490-4560-8830-8c8bc9287582","block_type":"box","text":"of the investments to diminish or increase. The value of Shares expressed in a currency other","page_number":86,"box":{"x":121,"y":370,"width":763,"height":13}},{"id":"d429f374-5e21-4617-9e2c-387366bfb7a2","block_type":"box","text":"than the Base Currency will be subject to exchange rate risk in relation to the Base Currency.","page_number":86,"box":{"x":121,"y":386,"width":755,"height":13}},{"id":"56b6a9bd-4342-4a56-abe5-e4e7263af05e","block_type":"box","text":"Segregated Liability between the Funds","page_number":86,"box":{"x":121,"y":419,"width":345,"height":13}},{"id":"4179c11b-2744-41e3-90ec-1c487306287f","block_type":"box","text":"Each Sub-Fund is a segregated portfolio of assets and will accordingly bear its own liabilities","page_number":86,"box":{"x":121,"y":452,"width":763,"height":13}},{"id":"e75f7ba5-84b3-4618-983f-852ec25fda17","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":86,"box":{"x":121,"y":468,"width":763,"height":13}},{"id":"df31fd91-ba21-4a22-a5bc-c9c453dee6a9","block_type":"box","text":"the provisions of the Companies Act 2014 provide for segregated liability between Sub-Funds,","page_number":86,"box":{"x":121,"y":485,"width":763,"height":12}},{"id":"b219d32c-da3a-4b2e-8a4a-eedd6164ee4c","block_type":"box","text":"these provisions have yet to be tested in foreign courts, in particular, in satisfying local creditor","page_number":86,"box":{"x":121,"y":501,"width":763,"height":13}},{"id":"5bf5e842-e170-40e5-9e8e-3e0db113db1d","block_type":"box","text":"claims. At the date of this Prospectus, the Directors are not aware of any such existing or","page_number":86,"box":{"x":121,"y":517,"width":763,"height":13}},{"id":"7032fe6f-b441-4bee-b5c7-30557fc93d3a","block_type":"box","text":"contingent liability.","page_number":86,"box":{"x":121,"y":534,"width":162,"height":13}},{"id":"4b488a02-80fe-472b-a5c8-756a133a8d55","block_type":"box","text":"Control of Investments","page_number":86,"box":{"x":121,"y":566,"width":203,"height":11}},{"id":"b47ed9a5-3f22-4108-8b7e-6994797e8eae","block_type":"box","text":"The Fund and the Investment Manager will not have control over the activities of any company","page_number":86,"box":{"x":121,"y":599,"width":763,"height":13}},{"id":"08274b7e-d258-41c7-aa9b-a149467a0d05","block_type":"box","text":"or collective investment scheme invested in by a Sub-Fund. Managers of collective investment","page_number":86,"box":{"x":121,"y":616,"width":763,"height":13}},{"id":"b0a44179-85d1-4555-b5d0-02159f73dc80","block_type":"box","text":"schemes and companies in which a Sub-Fund may invest may manage the collective investment","page_number":86,"box":{"x":121,"y":632,"width":763,"height":13}},{"id":"a9b6b7ba-8824-4615-854e-2200bf087a33","block_type":"box","text":"schemes or be managed in a manner not anticipated by the Fund or the Investment Manager.","page_number":86,"box":{"x":121,"y":648,"width":750,"height":13}},{"id":"19dbcc1c-5d2c-4e56-b924-7a6b97b6be7f","block_type":"box","text":"Conflict of Interest Risk","page_number":86,"box":{"x":121,"y":681,"width":212,"height":10}},{"id":"a8396950-f5a5-4622-b199-5202e5658900","block_type":"box","text":"Subject to the Regulations, and, in the case of Money Market funds, the MMFR, a Sub-Fund","page_number":86,"box":{"x":121,"y":714,"width":763,"height":13}},{"id":"be1642ba-5297-491c-a97b-ed8d396fb012","block_type":"box","text":"may invest a portion of its assets in unquoted investments. The Fund may consult the Manager","page_number":86,"box":{"x":121,"y":730,"width":763,"height":13}},{"id":"453cadbf-01b0-4f87-8443-11374efbd913","block_type":"box","text":"and/or the Investment Manager with respect to the valuation of unquoted investments. There","page_number":86,"box":{"x":121,"y":747,"width":763,"height":13}},{"id":"5fc20e65-0e9d-4d0f-aac5-5db8072e826d","block_type":"box","text":"is an inherent conflict of interest between the involvement of the Manager and the Investment","page_number":86,"box":{"x":121,"y":763,"width":763,"height":13}},{"id":"2ad35f05-16cf-4339-b671-86fe4aded53d","block_type":"box","text":"Manager in determining the valuation price of a Sub-Fund’s unquoted investments and the","page_number":86,"box":{"x":121,"y":780,"width":763,"height":12}},{"id":"95ff313f-a36f-4c72-9174-d760273e068e","block_type":"box","text":"Manager's and the Investment Manager’s other responsibilities. Furthermore, as the fees of the","page_number":86,"box":{"x":121,"y":796,"width":763,"height":13}},{"id":"5e22ad10-ad9a-4843-bf3a-2475f3626cac","block_type":"box","text":"Manager and the Investment Manager are based on the Net Asset Value, if the Net Asset Value","page_number":86,"box":{"x":121,"y":812,"width":763,"height":13}},{"id":"9c6ae7b1-6aa8-4116-a77d-59af7204618d","block_type":"box","text":"increases so too does the fees payable to such parties and accordingly there is a conflict of","page_number":86,"box":{"x":121,"y":829,"width":763,"height":13}},{"id":"af50e573-f982-4270-8b31-1f9719aab19f","block_type":"box","text":"interest for the Manager and the Investment Manager in determining the valuation price of a","page_number":86,"box":{"x":121,"y":845,"width":763,"height":13}},{"id":"17614e35-a93c-4bc0-b9c7-8079a319cbca","block_type":"box","text":"Sub-Fund’s investments.","page_number":86,"box":{"x":121,"y":862,"width":205,"height":9}},{"id":"089a2856-3a1b-4881-8e0a-adf9efca4bf2","block_type":"box","text":"87","page_number":87,"box":{"x":491,"y":928,"width":24,"height":9}},{"id":"5bea9966-c15a-40dc-9061-46a27e773048","block_type":"box","text":"Witholding Tax","page_number":87,"box":{"x":121,"y":88,"width":141,"height":13}},{"id":"f1bfa410-68dc-4287-9c52-8a1f3de8b8d1","block_type":"box","text":"The income and gains of a Sub-Fund from its assets may suffer withholding tax which may not","page_number":87,"box":{"x":121,"y":121,"width":763,"height":13}},{"id":"ea182f67-edd6-47cd-9302-4f855d1af463","block_type":"box","text":"be reclaimable in the countries where such income and gains arise. If this position changes in","page_number":87,"box":{"x":121,"y":138,"width":763,"height":13}},{"id":"6bf7b1bf-9ddd-4126-8b33-bbf3caf6dcd5","block_type":"box","text":"the future and the application of a lower rate results in a repayment to the relevant Sub-Fund,","page_number":87,"box":{"x":121,"y":154,"width":763,"height":13}},{"id":"7a02de4d-e630-4bc1-a03d-7c3f2eef868e","block_type":"box","text":"the Net Asset Value will not be re-stated and the benefit will be allocated to the existing","page_number":87,"box":{"x":121,"y":170,"width":763,"height":13}},{"id":"4bed4bb0-e3e1-4724-80b9-9736fc13fece","block_type":"box","text":"Shareholders rateably at the time of repayment.","page_number":87,"box":{"x":121,"y":187,"width":387,"height":13}},{"id":"7e7381c5-fb95-494a-96e8-4a88052956a0","block_type":"box","text":"Stocklending Risk","page_number":87,"box":{"x":121,"y":220,"width":161,"height":12}},{"id":"d138efd2-cc1c-459e-95c6-51e6ff18bc7e","block_type":"box","text":"Subject to the Regulations, a Sub-Fund (that is not a Money Market Fund), where specified in","page_number":87,"box":{"x":121,"y":252,"width":763,"height":13}},{"id":"8b67e7b8-38ca-4325-989c-e962ded2c192","block_type":"box","text":"the relevant section of Part 1, may enter into stocklending arrangements for Efficient Portfolio","page_number":87,"box":{"x":121,"y":269,"width":763,"height":13}},{"id":"09b22088-bb0d-4f86-8b87-8f3b4b02b636","block_type":"box","text":"Management purposes and there are risks in the exposure to market movements if recourse has","page_number":87,"box":{"x":121,"y":285,"width":763,"height":13}},{"id":"f0716515-1cb8-4c1c-818c-d760057dedda","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":87,"box":{"x":121,"y":302,"width":763,"height":12}},{"id":"8f00a01d-b961-47c7-bd03-26892f83399a","block_type":"box","text":"Manager or lending agent. In addition there is an operational risk associated with marking to","page_number":87,"box":{"x":121,"y":318,"width":763,"height":13}},{"id":"ff10bc95-f21f-4585-92b9-b688babb0a92","block_type":"box","text":"market daily valuations and there are the potential stability risks of providers of collateral. The","page_number":87,"box":{"x":121,"y":334,"width":763,"height":13}},{"id":"b6a8f01d-ba92-492e-a45b-b1a1065aacd8","block_type":"box","text":"principal risk in such stocklending arrangements is the insolvency or default of the borrower.","page_number":87,"box":{"x":121,"y":351,"width":763,"height":13}},{"id":"8c6e7521-e610-4d5a-83e5-8e9ba469b95b","block_type":"box","text":"In this event the Sub-Fund could experience delays in recovering its securities and such event","page_number":87,"box":{"x":121,"y":367,"width":763,"height":13}},{"id":"23029829-d2ac-469d-9580-fbdfe9472a92","block_type":"box","text":"could possibly result in capital losses. As with any extensions of credit, there are risks of delay","page_number":87,"box":{"x":121,"y":384,"width":763,"height":12}},{"id":"65ec3c0f-06c0-447b-aedb-433b18c47070","block_type":"box","text":"and recovery. For securities lending made with connected persons of the Depositary, it must","page_number":87,"box":{"x":121,"y":400,"width":763,"height":13}},{"id":"fcdc185e-2d6c-48ec-9afd-4fe341957e36","block_type":"box","text":"be made on arm’s length commercial terms and the Depositary’s written consent is required.","page_number":87,"box":{"x":121,"y":416,"width":763,"height":13}},{"id":"415e8903-1fb6-46e5-ab1e-4ff93dcebe93","block_type":"box","text":"Investors should refer to the section entitled “Portfolio Transactions and Conflicts of Interest”","page_number":87,"box":{"x":121,"y":433,"width":763,"height":10}},{"id":"f8e94115-cdd0-443c-8d95-7855b516ea7c","block_type":"box","text":"below for further details.","page_number":87,"box":{"x":121,"y":449,"width":205,"height":10}},{"id":"d6821a21-156a-405e-a2d4-95f89fea5808","block_type":"box","text":"Collateral Risk","page_number":87,"box":{"x":121,"y":482,"width":135,"height":10}},{"id":"9094b3ee-4426-4577-a924-38c38a0c6e09","block_type":"box","text":"Cash received as collateral may be invested in other eligible securities, including shares of a","page_number":87,"box":{"x":121,"y":515,"width":763,"height":12}},{"id":"adec86fc-0aa4-4775-993b-a8730db6cf78","block_type":"box","text":"short term money market fund in accordance with the requirements of the Central Bank, and,","page_number":87,"box":{"x":121,"y":531,"width":763,"height":13}},{"id":"f8953700-b460-4a2f-b98a-42fc79bc26c3","block_type":"box","text":"in the case of a Money Market Fund, the requirements set out in the Money Market Fund","page_number":87,"box":{"x":121,"y":547,"width":763,"height":13}},{"id":"e226c2b0-7399-484e-8211-49d33d45a337","block_type":"box","text":"Regulation. Investing this cash subjects that investment, as well as any securities loaned, to","page_number":87,"box":{"x":121,"y":564,"width":763,"height":13}},{"id":"316c25ae-a770-4857-a766-fc3878336632","block_type":"box","text":"market appreciation or depreciation and the risks associated with such investments, such as","page_number":87,"box":{"x":121,"y":580,"width":763,"height":13}},{"id":"b59a834e-4243-4acc-8c2f-0a6ffd7c4629","block_type":"box","text":"failure or default of the issuer of the relevant security.","page_number":87,"box":{"x":121,"y":597,"width":439,"height":12}},{"id":"efa53974-dd15-4bdc-bd04-3e43c67610d9","block_type":"box","text":"Repurchase Agreements","page_number":87,"box":{"x":121,"y":629,"width":215,"height":13}},{"id":"6f8d0b12-4ac2-4892-84f0-b5ab6ffe277f","block_type":"box","text":"Subject to the conditions and limits set out in the Central Bank UCITS Regulations, and, in the","page_number":87,"box":{"x":121,"y":662,"width":763,"height":13}},{"id":"6c19a55c-6d26-44b4-98fa-c926da0b3031","block_type":"box","text":"case of a Money Market Fund, the requirements set out in the Money Market Fund Regulation,","page_number":87,"box":{"x":121,"y":679,"width":763,"height":12}},{"id":"503e2305-0d2a-44c7-8b1a-86abd5b8bc45","block_type":"box","text":"a Sub-Fund may enter into repurchase agreements, where specified in the relevant section of","page_number":87,"box":{"x":121,"y":695,"width":750,"height":13}},{"id":"155bc40d-3d78-4afc-b731-b3f17706fecc","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":87,"box":{"x":121,"y":711,"width":763,"height":13}},{"id":"ba1c180e-6217-4f7d-89d8-44df910cf51c","block_type":"box","text":"price at which the counterparty has agreed to purchase the security. If the other party to a","page_number":87,"box":{"x":121,"y":728,"width":763,"height":13}},{"id":"f70a16df-191c-47fb-9602-058608342218","block_type":"box","text":"repurchase agreement should default, the Sub-Fund might suffer a loss to the extent that the","page_number":87,"box":{"x":121,"y":744,"width":763,"height":13}},{"id":"75a90bce-da39-46f8-b4b1-ac7372cd8e38","block_type":"box","text":"proceeds from the sale of the underlying securities and other collateral held by the Fund in","page_number":87,"box":{"x":121,"y":761,"width":763,"height":12}},{"id":"f9475cb4-4df2-4823-8bf8-7e70a361bdc4","block_type":"box","text":"connection with the refuted repurchase agreement are less than the repurchase price. In","page_number":87,"box":{"x":121,"y":777,"width":763,"height":13}},{"id":"d963164c-fb3f-4ecd-a274-51d4c1d877d2","block_type":"box","text":"addition, in the event of bankruptcy or similar proceedings of the other party to the repurchase","page_number":87,"box":{"x":121,"y":793,"width":763,"height":13}},{"id":"0b97aeed-b672-4a6f-8906-e375463aae65","block_type":"box","text":"agreement or its failure to repurchase the securities as agreed, the Sub-Fund could suffer losses,","page_number":87,"box":{"x":121,"y":810,"width":763,"height":12}},{"id":"6ed2b3c3-b3ca-4fb2-933e-2c8a330353ab","block_type":"box","text":"including loss of interest on or principal of the security and costs associated with delay and","page_number":87,"box":{"x":121,"y":826,"width":763,"height":13}},{"id":"4e1fb0f3-6f29-45c5-aa19-c13e0293c037","block_type":"box","text":"enforcement of the repurchase agreement.","page_number":87,"box":{"x":121,"y":842,"width":343,"height":13}},{"id":"d620d4c8-7c81-4fe3-84cd-2d666ee515a6","block_type":"box","text":"88","page_number":88,"box":{"x":491,"y":928,"width":24,"height":9}},{"id":"ce758daa-56f4-40a6-b17d-2893ec368c0e","block_type":"box","text":"Reverse Repurchase Agreements","page_number":88,"box":{"x":121,"y":88,"width":288,"height":13}},{"id":"bd78ef8f-0a76-4845-a497-698d21d8952d","block_type":"box","text":"Reverse repurchase transactions involve risks in that (a) in the event of the failure of the","page_number":88,"box":{"x":121,"y":121,"width":763,"height":13}},{"id":"0c6062c2-c9e5-449c-b1c7-39753be34a09","block_type":"box","text":"counterparty with which cash of a Sub-Fund has been placed there is the risk that collateral","page_number":88,"box":{"x":121,"y":138,"width":763,"height":13}},{"id":"cfccca4a-ddac-4a76-a501-214794604234","block_type":"box","text":"received may realise less than the cash placed out, whether because of inaccurate pricing of the","page_number":88,"box":{"x":121,"y":154,"width":763,"height":13}},{"id":"61d4deeb-a6a5-4e77-985a-9252c5ec5218","block_type":"box","text":"collateral, adverse market movements, a deterioration in the credit rating of issuers of the","page_number":88,"box":{"x":121,"y":170,"width":763,"height":13}},{"id":"aca3a9c9-d588-4068-ad54-ed0531a9998d","block_type":"box","text":"collateral, or the illiquidity of the market in which the collateral is traded; and that (b) (i)","page_number":88,"box":{"x":121,"y":187,"width":763,"height":13}},{"id":"58a99a51-1406-47fc-a28f-db0bc37a8e4d","block_type":"box","text":"locking cash in transactions of excessive size or duration, (ii) delays in recovering cash placed","page_number":88,"box":{"x":121,"y":203,"width":763,"height":13}},{"id":"137bd75f-c793-4e80-8866-1d91e6f1180a","block_type":"box","text":"out, or (iii) difficulty in realising collateral may restrict the ability of the Sub-Fund to meet","page_number":88,"box":{"x":121,"y":220,"width":763,"height":12}},{"id":"12456272-e7f1-4007-9af4-79037a3164a3","block_type":"box","text":"redemption requests, security purchases or, more generally, reinvestment.","page_number":88,"box":{"x":121,"y":236,"width":599,"height":13}},{"id":"9596e9cc-9c1e-4622-978f-c9e1b57d7bb8","block_type":"box","text":"Derivatives Risk","page_number":88,"box":{"x":121,"y":269,"width":146,"height":10}},{"id":"30a42834-ed59-47a3-8488-11ccaf24ec4e","block_type":"box","text":"While the prudent use of financial derivative instruments can be beneficial, it can also involve","page_number":88,"box":{"x":121,"y":302,"width":763,"height":12}},{"id":"ed2765c9-ccd2-4f51-8a01-f732c52db17c","block_type":"box","text":"risks different from, and in certain cases greater than, the risks presented by more traditional","page_number":88,"box":{"x":121,"y":318,"width":763,"height":13}},{"id":"776bd60b-ad6c-43d0-a9a9-2a956828906c","block_type":"box","text":"investments. The use of techniques and instruments also involves certain special risks,","page_number":88,"box":{"x":121,"y":334,"width":763,"height":13}},{"id":"c2280d12-ad6c-4d78-975b-d5aa74f49952","block_type":"box","text":"including (1) dependence on the ability to predict movements in the prices of securities being","page_number":88,"box":{"x":121,"y":351,"width":763,"height":13}},{"id":"2dcafab3-bbcd-475b-8a01-9310d6ee404d","block_type":"box","text":"hedged and movements in interest rates, (2) imperfect correlation between the hedging","page_number":88,"box":{"x":121,"y":367,"width":763,"height":13}},{"id":"36565858-a705-4e9a-b808-09e69f2e23b6","block_type":"box","text":"instruments and the securities or market sectors being hedged, (3) the fact that skills needed to","page_number":88,"box":{"x":121,"y":384,"width":763,"height":12}},{"id":"6a225092-9aa6-47fc-aa28-66173043b19c","block_type":"box","text":"use these instruments are different from those needed to select the Sub-Fund’s securities and","page_number":88,"box":{"x":121,"y":400,"width":763,"height":10}},{"id":"2426c568-f2b9-4176-b63f-05319a762b70","block_type":"box","text":"(4) the possible absence of a liquid market for any particular instrument at any particular time,","page_number":88,"box":{"x":121,"y":416,"width":763,"height":13}},{"id":"28f411b4-8cfd-4a1f-a53c-dc3637a45e13","block_type":"box","text":"and (5) possible impediments to Effective Portfolio Management.","page_number":88,"box":{"x":121,"y":433,"width":534,"height":13}},{"id":"7f7be5ab-72e8-4270-a791-f973c6c2f3ae","block_type":"box","text":"Futures","page_number":88,"box":{"x":121,"y":466,"width":67,"height":9}},{"id":"dc9b26cf-5e4d-4918-b785-e28e829f8e62","block_type":"box","text":"Transactions in futures involve the obligation to make, or to take, delivery of the underlying","page_number":88,"box":{"x":121,"y":498,"width":763,"height":13}},{"id":"0859e58f-8e1e-4551-aa2d-8db4ce3ad396","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":88,"box":{"x":121,"y":515,"width":763,"height":12}},{"id":"897380bf-b55b-4211-bbdf-c3243cd547ef","block_type":"box","text":"They may carry a higher degree of risk. The gearing or leverage often obtainable in futures","page_number":88,"box":{"x":121,"y":531,"width":763,"height":13}},{"id":"8aae4016-8f56-432b-a013-8e2c96e1973d","block_type":"box","text":"(where applicable) trading means that a small deposit or down payment can lead to large losses","page_number":88,"box":{"x":121,"y":547,"width":763,"height":13}},{"id":"8bffe7d7-4bd4-4f69-8dcb-a23949d87bc5","block_type":"box","text":"as well as gains. It also means that a relatively small market movement can lead to a","page_number":88,"box":{"x":121,"y":564,"width":763,"height":13}},{"id":"6a399df9-a2ca-4b89-ac90-0fa9798d657e","block_type":"box","text":"proportionately much larger movement in the value of the Fund’s investment, and this can work","page_number":88,"box":{"x":121,"y":580,"width":763,"height":13}},{"id":"572b5525-8092-481a-b71f-2e5448924ada","block_type":"box","text":"against the Fund as well as for the Fund. Futures transactions have a contingent liability, and","page_number":88,"box":{"x":121,"y":597,"width":763,"height":12}},{"id":"089e84ed-372d-47e8-94f5-d8f83c94e363","block_type":"box","text":"investors should be aware of the implications of this, in particular the margining requirements.","page_number":88,"box":{"x":121,"y":613,"width":763,"height":13}},{"id":"027638b3-165a-4070-a635-69d423a095a9","block_type":"box","text":"Options","page_number":88,"box":{"x":122,"y":646,"width":67,"height":12}},{"id":"4678f03d-2926-4723-944a-f777c1245cf4","block_type":"box","text":"The seller (writer) of a call option which is covered (i.e. the writer holds the underlying","page_number":88,"box":{"x":121,"y":679,"width":763,"height":12}},{"id":"3862f07d-6462-4ab8-8bc1-682fb41e0073","block_type":"box","text":"security) assumes the risk of a decline in the market price of the underlying security below the","page_number":88,"box":{"x":121,"y":695,"width":763,"height":13}},{"id":"4cad9c26-80b6-426d-a9b7-1b1216a00811","block_type":"box","text":"purchase price of the underlying security less the premium received, and gives up the","page_number":88,"box":{"x":121,"y":711,"width":763,"height":13}},{"id":"690ed4eb-bc85-4eea-845d-7f4c38f5a31a","block_type":"box","text":"opportunity for gain on the underlying security above the exercise price of the option. The","page_number":88,"box":{"x":121,"y":728,"width":763,"height":13}},{"id":"96d64138-5b86-459d-9d7e-5d2ee4a3e33d","block_type":"box","text":"seller of an uncovered call option assumes the risk of a theoretically-unlimited increase in the","page_number":88,"box":{"x":121,"y":744,"width":763,"height":13}},{"id":"5a185f55-43c8-4542-a1c7-bc100759fcf5","block_type":"box","text":"market price of the underlying security above the exercise price of the option. The securities","page_number":88,"box":{"x":121,"y":761,"width":763,"height":12}},{"id":"a0b3fa1a-4646-4aee-b4c9-0bda20b5010b","block_type":"box","text":"necessary to satisfy the exercise of the call option may be unavailable for purchase except at","page_number":88,"box":{"x":121,"y":777,"width":763,"height":13}},{"id":"71016a8a-d1ec-4cc5-8bea-d1dd235f1491","block_type":"box","text":"much higher prices. Purchasing securities to satisfy the exercise of the call option can itself","page_number":88,"box":{"x":121,"y":793,"width":763,"height":13}},{"id":"b8baeab2-f7db-49c8-81a5-ac460e15e67f","block_type":"box","text":"cause the price of the securities to rise further, sometimes by a significant amount, thereby","page_number":88,"box":{"x":121,"y":810,"width":763,"height":12}},{"id":"c2f91480-f324-4736-a873-e28f633bdd3a","block_type":"box","text":"exacerbating the loss. The buyer of a call option assumes the risk of losing its entire investment","page_number":88,"box":{"x":121,"y":826,"width":763,"height":13}},{"id":"10d075ab-c3ac-4d74-8863-5571ba2bb463","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":88,"box":{"x":121,"y":842,"width":763,"height":13}},{"id":"c0a8468a-2b83-441e-b7ea-5b85937a5a68","block_type":"box","text":"position in the underlying security) assumes the risk of an increase in the market price of the","page_number":88,"box":{"x":121,"y":859,"width":763,"height":13}},{"id":"93487067-03e6-4514-ac07-99c4498f86e5","block_type":"box","text":"underlying security above the sales price (in establishing the short position) of the underlying","page_number":88,"box":{"x":121,"y":875,"width":763,"height":13}},{"id":"3def616a-495a-4375-a07b-18f2d5de1fca","block_type":"box","text":"security plus the premium received, and gives up the opportunity for gain on the underlying","page_number":88,"box":{"x":121,"y":892,"width":763,"height":12}},{"id":"5f2c034c-1ca4-4639-8dc3-e8945d06bbba","block_type":"box","text":"89","page_number":89,"box":{"x":491,"y":928,"width":24,"height":10}},{"id":"abde343d-613b-453d-a690-9be17c5f5446","block_type":"box","text":"security below the exercise price of the option. The seller of an uncovered put option assumes","page_number":89,"box":{"x":121,"y":89,"width":763,"height":12}},{"id":"805047de-a535-4554-8769-194a77632b91","block_type":"box","text":"the risk of a decline in the market price of the underlying security below the exercise price of","page_number":89,"box":{"x":121,"y":105,"width":763,"height":13}},{"id":"7b9229ee-1b59-481b-b6c7-c08b44c353eb","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":89,"box":{"x":121,"y":121,"width":763,"height":13}},{"id":"72d02f3c-e4de-400f-b42a-3c44a46da047","block_type":"box","text":"option.","page_number":89,"box":{"x":121,"y":138,"width":61,"height":13}},{"id":"0c77ee4d-5fb2-4baf-b442-33e08a6e51bd","block_type":"box","text":"Sustainability Risk","page_number":89,"box":{"x":121,"y":170,"width":168,"height":13}},{"id":"50184dc0-0d3c-4f76-ad80-f84228e20021","block_type":"box","text":"When considering Sustainability Risks, the Investment Manager primarily relies on its in-house","page_number":89,"box":{"x":121,"y":203,"width":763,"height":13}},{"id":"af4311a9-c7a8-464c-a7af-8e75e5caaf9f","block_type":"box","text":"Environmental, Social & Governance (ESG) analysis and climate risk indicators to categorise","page_number":89,"box":{"x":121,"y":220,"width":763,"height":12}},{"id":"f2a25db0-64d1-4358-ba1a-2073f3798208","block_type":"box","text":"the potential level of Sustainability Risks in a Sub-Fund. Sustainability Risks may arise in","page_number":89,"box":{"x":121,"y":236,"width":763,"height":13}},{"id":"69fa7989-bb36-4911-9aa0-66ed713b0f7b","block_type":"box","text":"respect of an issuer itself, its affiliates or in its supply chain and/or apply to a particular","page_number":89,"box":{"x":121,"y":252,"width":763,"height":13}},{"id":"d78b136f-9bd8-40ec-a921-394c30c7a2c8","block_type":"box","text":"economic sector, geographic area or political region. Environmental risks, including risks","page_number":89,"box":{"x":121,"y":269,"width":763,"height":13}},{"id":"745e27fa-cffc-497a-87c6-1885a2ec1ae2","block_type":"box","text":"arising from climate change, may be associated with events or conditions affecting the natural","page_number":89,"box":{"x":121,"y":285,"width":763,"height":13}},{"id":"e56491e0-5bb3-4289-8609-1348a2a51f1a","block_type":"box","text":"environment. Social risks may be internal or external to an issuer and may be associated with","page_number":89,"box":{"x":121,"y":302,"width":763,"height":12}},{"id":"9e710709-a854-4450-a6a0-876312ff50e0","block_type":"box","text":"employees, local communities or customers of companies or populations of countries and/or","page_number":89,"box":{"x":121,"y":318,"width":763,"height":13}},{"id":"20de35ce-f2c2-4feb-907b-dc237e41d700","block_type":"box","text":"regions. Governance risks may be associated with the quality, effectiveness and process for the","page_number":89,"box":{"x":121,"y":334,"width":763,"height":13}},{"id":"074bbef9-5a02-4835-8a77-52ca51dfa7c4","block_type":"box","text":"oversight of day to day management of companies, or the governance structures of countries","page_number":89,"box":{"x":121,"y":351,"width":763,"height":13}},{"id":"a42c4a19-8869-4b41-8123-efe5c1ef858c","block_type":"box","text":"or regions.The level of Sustainability Risk may fluctuate depending on which counterparties","page_number":89,"box":{"x":121,"y":367,"width":763,"height":13}},{"id":"05c0907b-9553-439e-b8c7-79cc8f899682","block_type":"box","text":"and issuers the Investment Manager identifies. A Sub-Fund may be exposed to Sustainability","page_number":89,"box":{"x":121,"y":384,"width":763,"height":12}},{"id":"879a84d2-5e61-4020-8a8b-9b8c1cd3fb5e","block_type":"box","text":"Risks which may impact the value of its investments and may negatively impact upon the Net","page_number":89,"box":{"x":121,"y":400,"width":763,"height":13}},{"id":"853421e2-709d-4760-a402-9fe51f0249c1","block_type":"box","text":"Asset Value and returns of the Sub-Fund.","page_number":89,"box":{"x":121,"y":416,"width":339,"height":10}},{"id":"e642cd23-9c14-4f4f-91a1-2fb402b20330","block_type":"box","text":"Currency Risk","page_number":89,"box":{"x":121,"y":449,"width":132,"height":13}},{"id":"daf26032-7ad3-487c-a9d1-b2f9b609c0d9","block_type":"box","text":"The Fund may from time to time utilise techniques and instruments to seek to protect (hedge)","page_number":89,"box":{"x":121,"y":482,"width":763,"height":13}},{"id":"cffbafb9-2006-4c2e-adc7-48be7e2add7d","block_type":"box","text":"against currency fluctuations either on a spot basis or by buying currency exchange forward or","page_number":89,"box":{"x":121,"y":498,"width":763,"height":13}},{"id":"1b184ef9-78e0-45c5-a608-5137abfad552","block_type":"box","text":"swap contracts. Currency spot, forward or swap contracts do not eliminate fluctuations in the","page_number":89,"box":{"x":121,"y":515,"width":763,"height":12}},{"id":"f7ae1cf5-b290-4d99-88fd-48865a888ab9","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":89,"box":{"x":121,"y":531,"width":763,"height":13}},{"id":"67519f01-8e9e-4202-a9da-7ab33d5183b1","block_type":"box","text":"Sub-Fund's securities should decline. Although these transactions are intended to minimise the","page_number":89,"box":{"x":121,"y":547,"width":763,"height":13}},{"id":"8c38e89d-3d1e-4ba7-b88f-cd935078d2aa","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":89,"box":{"x":121,"y":564,"width":763,"height":13}},{"id":"cddc3279-831b-4428-be4c-1e9692f673a3","block_type":"box","text":"that might be realised should the value of the hedged currency increase. The precise matching","page_number":89,"box":{"x":121,"y":580,"width":763,"height":13}},{"id":"61f214dc-1578-459b-8891-817945c872ad","block_type":"box","text":"of the relevant contract amounts and the value of the securities involved will not generally be","page_number":89,"box":{"x":121,"y":597,"width":763,"height":12}},{"id":"c11fd14a-72ef-432c-b5de-070ff1714d3d","block_type":"box","text":"possible because the future value of such securities will change as a consequence of market","page_number":89,"box":{"x":121,"y":613,"width":763,"height":13}},{"id":"98aa18a0-4a23-416b-834a-bc6a874682c6","block_type":"box","text":"movements in the value of such securities between the date when the relevant contract is","page_number":89,"box":{"x":121,"y":629,"width":763,"height":10}},{"id":"05869492-7476-4b66-80b3-598c0827f7e8","block_type":"box","text":"entered into and the date when it matures. The successful execution of a hedging strategy which","page_number":89,"box":{"x":121,"y":646,"width":763,"height":13}},{"id":"a8258070-4eb9-4ce5-9a02-542676af47ec","block_type":"box","text":"matches exactly the profile of the investments of any Sub-Fund cannot be assured. It may not","page_number":89,"box":{"x":121,"y":662,"width":763,"height":13}},{"id":"6ea78593-bb0f-4a33-994e-4da6600e0693","block_type":"box","text":"be possible to hedge against generally anticipated exchange rate fluctuations at a price","page_number":89,"box":{"x":121,"y":679,"width":763,"height":12}},{"id":"c3533ac9-f95d-4b57-ae1a-9fef04ee1e55","block_type":"box","text":"sufficient to protect the assets from the anticipated decline in value of the portfolio positions","page_number":89,"box":{"x":121,"y":695,"width":763,"height":13}},{"id":"01991ccc-9ce7-4b76-b4fc-b7d5250a5ddc","block_type":"box","text":"as a result of such fluctuations. In addition, a Sub-Fund may be exposed to credit risks with","page_number":89,"box":{"x":121,"y":711,"width":763,"height":13}},{"id":"ca47c829-f9d3-464e-9b08-21a44138339a","block_type":"box","text":"regard to counterparties with whom the Fund trades as well as risks relating to settlement","page_number":89,"box":{"x":121,"y":728,"width":763,"height":13}},{"id":"904a5c6f-6253-4590-b9b7-264cc4184b78","block_type":"box","text":"default. Such risks could result in substantial losses to a Sub-Fund.","page_number":89,"box":{"x":121,"y":744,"width":544,"height":10}},{"id":"c13ddda3-53a0-4f7c-9e34-99773d9921a6","block_type":"box","text":"Cyber Security Risk","page_number":89,"box":{"x":121,"y":777,"width":179,"height":13}},{"id":"63b4c8e4-79e5-4aac-a864-f2b67fe7341c","block_type":"box","text":"The Fund and its service providers' use of internet, technology and information systems may","page_number":89,"box":{"x":121,"y":810,"width":763,"height":12}},{"id":"a9ac06bd-97ac-4845-8de0-17ae4102f21e","block_type":"box","text":"expose the Fund and the Sub-Funds to potential risks linked to cyber security breaches of those","page_number":89,"box":{"x":121,"y":826,"width":763,"height":13}},{"id":"7c7575e1-39ae-4a33-8a50-c478eda4db87","block_type":"box","text":"technological or information systems. Cyber security breaches, amongst other things, could","page_number":89,"box":{"x":121,"y":842,"width":763,"height":13}},{"id":"da0085de-e473-4847-9220-c08e63885105","block_type":"box","text":"allow an unauthorized party to gain access to proprietary information, customer data, or fund","page_number":89,"box":{"x":121,"y":859,"width":763,"height":13}},{"id":"6b0a5bdb-5d0a-48f2-b94d-33352e6408cd","block_type":"box","text":"assets, or cause a Sub-Fund and/or its service providers to suffer data corruption or lose","page_number":89,"box":{"x":121,"y":875,"width":763,"height":13}},{"id":"be59f198-f770-48e4-853e-27ef7541b57c","block_type":"box","text":"operational functionality.","page_number":89,"box":{"x":121,"y":892,"width":208,"height":12}},{"id":"18b78e79-c971-4bb6-b252-3320fb16fcd8","block_type":"box","text":"90","page_number":90,"box":{"x":490,"y":928,"width":25,"height":10}},{"id":"a8d7e5f4-7f6b-4742-829b-21c7f8096498","block_type":"box","text":"Suspension of Redemptions","page_number":90,"box":{"x":121,"y":105,"width":241,"height":13}},{"id":"db624c6e-22cf-4ef5-9e77-f92ed3c7f66e","block_type":"box","text":"A LVNAV Money Market Fund or a Public Debt CNAV Money Market Fund will cease to be","page_number":90,"box":{"x":121,"y":138,"width":763,"height":13}},{"id":"718bc566-750b-415e-ad66-d9c8b758e500","block_type":"box","text":"treated as such a Money Market Fund, in accordance with the Money Market Fund Regulations,","page_number":90,"box":{"x":121,"y":154,"width":763,"height":13}},{"id":"3556d009-7003-45b0-84bc-58583cec164d","block_type":"box","text":"when the period of suspension of redemptions exceeds 15 days in a 90 day period.","page_number":90,"box":{"x":121,"y":170,"width":668,"height":13}},{"id":"111b1c5e-9785-4462-a159-13351a2e1001","block_type":"box","text":"Pandemic Risk","page_number":90,"box":{"x":121,"y":203,"width":134,"height":10}},{"id":"c1fa74a8-98e5-40b3-bcb3-ccda4a1ee7ae","block_type":"box","text":"An outbreak of an infectious disease, pandemic or any other serious public health concern could","page_number":90,"box":{"x":121,"y":236,"width":763,"height":13}},{"id":"903b9ef9-847d-44a1-bf5d-9a20f9eec404","block_type":"box","text":"occur in any one or more jurisdictions in which a Sub-Fund may invest, leading to changes in","page_number":90,"box":{"x":121,"y":252,"width":763,"height":13}},{"id":"26efd073-e05b-4d27-a6b5-4b483abeb992","block_type":"box","text":"regional and global economic conditions and cycles which may have a negative impact on the","page_number":90,"box":{"x":121,"y":269,"width":763,"height":13}},{"id":"3ff758af-0e13-45cc-bfa7-bf933f6349b7","block_type":"box","text":"Fund’s investments and consequently its Net Asset Value. Any such outbreak may also have","page_number":90,"box":{"x":121,"y":285,"width":763,"height":13}},{"id":"dd6f5280-4f71-4dfb-a604-18b144ed88bc","block_type":"box","text":"an adverse effect on the wider global economy and/or markets, such as the ability of exchanges","page_number":90,"box":{"x":121,"y":302,"width":763,"height":12}},{"id":"9af4b823-ce40-4cbd-ae9b-1a890d9addac","block_type":"box","text":"to trade securities and clear and settle transactions, which may negatively impact a Sub- Fund’s","page_number":90,"box":{"x":121,"y":318,"width":763,"height":13}},{"id":"6cd9102b-3b64-4d66-94a3-883cd4d9bc1c","block_type":"box","text":"investments more generally. In addition a serious outbreak of infectious disease may also be a","page_number":90,"box":{"x":121,"y":334,"width":763,"height":13}},{"id":"b6739153-b4d0-4fc7-9c86-86fb5ddbe43d","block_type":"box","text":"force majeure event under contracts that the Fund or a Sub-Fund has entered into thereby","page_number":90,"box":{"x":121,"y":351,"width":763,"height":13}},{"id":"f6124375-5f94-4d30-8ec9-201244cf887a","block_type":"box","text":"relieving a counterparty of the timely performance of the services such counterparties have","page_number":90,"box":{"x":121,"y":367,"width":763,"height":13}},{"id":"91c9670e-3f9e-4a6e-8376-14b82d17d612","block_type":"box","text":"contracted to provide to a Fund or a Sub-Fund (the nature of the services will vary depending","page_number":90,"box":{"x":121,"y":384,"width":763,"height":12}},{"id":"c8c79195-21a9-4a76-92a9-5b0f6d6fcdfc","block_type":"box","text":"on the agreement in question).","page_number":90,"box":{"x":121,"y":400,"width":249,"height":13}},{"id":"5e66adbe-9919-4133-bc14-d40a3ec037ca","block_type":"box","text":"Risk Factors Relating to the Token Share Classes and Digital Tokens","page_number":90,"box":{"x":121,"y":433,"width":597,"height":12}},{"id":"57467583-b889-48dd-93e5-b9809e8358e5","block_type":"box","text":"Investors in the Token Share Classes should carefully consider the following risk factors in","page_number":90,"box":{"x":121,"y":465,"width":763,"height":13}},{"id":"f01f9af2-ea3a-4036-a8cb-9fdddd5ab14f","block_type":"box","text":"addition to the general risk factors applicable to all Shares of the Sub-Funds. The risks","page_number":90,"box":{"x":121,"y":482,"width":763,"height":13}},{"id":"f88dce23-368f-4df3-9ae0-8b044c5b820c","block_type":"box","text":"described below relate specifically to the Token Share Classes and the Digital Tokens issued","page_number":90,"box":{"x":121,"y":498,"width":763,"height":13}},{"id":"695d8bcc-6d1a-45f8-b87f-fdd6725f6e3a","block_type":"box","text":"in respect of holdings of T Shares.","page_number":90,"box":{"x":121,"y":515,"width":282,"height":12}},{"id":"0047ecd1-69af-45ae-914f-1400e0a7dfa7","block_type":"box","text":"Nature and Status of Digital Tokens","page_number":90,"box":{"x":120,"y":547,"width":296,"height":13}},{"id":"bfd1ea1a-b860-46ad-8f08-dc65b34704bb","block_type":"box","text":"Digital Tokens are issued on the XRP Ledger as a digital representation of an investor's holding","page_number":90,"box":{"x":121,"y":580,"width":763,"height":13}},{"id":"12b49c47-4638-47ab-af59-191c150b2edf","block_type":"box","text":"of T Shares. A Digital Token does not itself constitute a share in the Company, a financial","page_number":90,"box":{"x":121,"y":597,"width":763,"height":12}},{"id":"f2bfe7d3-5801-4049-89d0-be601969f378","block_type":"box","text":"instrument or a transferable security; it is a record on the XRP Ledger that signifies the","page_number":90,"box":{"x":121,"y":613,"width":763,"height":13}},{"id":"d4d6f22f-671a-4793-babc-db6acba81b40","block_type":"box","text":"investor's holding of T Shares as recorded on the Share Register. There is no established legal","page_number":90,"box":{"x":121,"y":629,"width":763,"height":13}},{"id":"f37161dc-5764-46d5-9c0f-51bdd5704f6e","block_type":"box","text":"precedent governing the characterisation of digital tokens of this nature. There is a risk that","page_number":90,"box":{"x":121,"y":646,"width":763,"height":13}},{"id":"4b859d4b-abb1-4d7e-bb97-497104e064b6","block_type":"box","text":"courts or regulatory authorities in Ireland or elsewhere may in future seek to classify or","page_number":90,"box":{"x":121,"y":662,"width":763,"height":13}},{"id":"fa223449-bcdc-4642-b752-0403e5f59d36","block_type":"box","text":"reclassify such digital tokens in a manner that imposes additional regulatory requirements,","page_number":90,"box":{"x":121,"y":679,"width":763,"height":12}},{"id":"312e287b-2bd9-47b9-94a4-8ca054c8eb45","block_type":"box","text":"restricts their use, or creates adverse consequences for holders of T Shares. Investors' rights as","page_number":90,"box":{"x":121,"y":695,"width":763,"height":13}},{"id":"a9c22a4c-c431-4496-8267-2408536fa763","block_type":"box","text":"shareholders derive solely from their holding of T Shares as recorded on the Share Register","page_number":90,"box":{"x":121,"y":711,"width":763,"height":13}},{"id":"a8698fd1-b2fd-44f3-919c-068f88ff9ef3","block_type":"box","text":"maintained by the Administrator, and not from the holding of Digital Tokens.","page_number":90,"box":{"x":121,"y":728,"width":630,"height":13}},{"id":"446f83f7-f121-4f8f-9c69-02d3a400135c","block_type":"box","text":"Distributed Ledger Technology and the XRP Ledger","page_number":90,"box":{"x":120,"y":761,"width":428,"height":12}},{"id":"8476d0d1-e2a0-472f-bad4-66b08864506f","block_type":"box","text":"Digital Tokens are issued and recorded on the XRP Ledger, a public distributed ledger","page_number":90,"box":{"x":121,"y":793,"width":763,"height":13}},{"id":"23d667d1-69ea-4cb9-85dc-413c315b08b9","block_type":"box","text":"technology network. The continued and proper functioning of the XRP Ledger is outside the","page_number":90,"box":{"x":121,"y":810,"width":763,"height":12}},{"id":"61613896-d9a8-435b-98ea-708c749c5834","block_type":"box","text":"control of the Company, the Manager and each of their respective service providers. The XRP","page_number":90,"box":{"x":121,"y":826,"width":763,"height":13}},{"id":"20994152-3f8e-49a9-890c-b899e4c058df","block_type":"box","text":"Ledger is a decentralised network and there is no single entity responsible for its operation,","page_number":90,"box":{"x":121,"y":842,"width":763,"height":13}},{"id":"d35d7724-2b63-45c1-8f37-cc60fc9783ec","block_type":"box","text":"maintenance or continued availability. If the XRP Ledger experiences technical failures,","page_number":90,"box":{"x":121,"y":859,"width":763,"height":13}},{"id":"4292cb82-0478-4dfd-ba76-7cefd13d4f03","block_type":"box","text":"network disruptions, consensus protocol issues or prolonged downtime, investors' Digital","page_number":90,"box":{"x":121,"y":875,"width":763,"height":13}},{"id":"64c8655a-870f-48ea-91e5-2868a32df24e","block_type":"box","text":"Tokens may temporarily become inaccessible or the Minting and Burning of Digital Tokens","page_number":90,"box":{"x":121,"y":892,"width":763,"height":12}},{"id":"cccb8205-a8cb-482c-9e31-94ed959fe150","block_type":"box","text":"91","page_number":91,"box":{"x":490,"y":928,"width":25,"height":10}},{"id":"4b043d08-cff9-4d3d-8e82-316ce808bb6f","block_type":"box","text":"may be delayed.","page_number":91,"box":{"x":121,"y":89,"width":136,"height":12}},{"id":"628f16f6-cc44-4104-a378-eb287d4fcb16","block_type":"box","text":"The XRP Ledger may also be subject to protocol upgrades, changes to the consensus","page_number":91,"box":{"x":121,"y":121,"width":763,"height":13}},{"id":"7a87dac0-adc0-4762-ae87-f3948f130fe3","block_type":"box","text":"mechanism, or forks (where the ledger splits into two or more separate chains). In the event of","page_number":91,"box":{"x":121,"y":138,"width":763,"height":13}},{"id":"32679d29-a787-4d8a-a164-c673d75c77d5","block_type":"box","text":"a fork or significant protocol change, there may be uncertainty as to the status or visibility of","page_number":91,"box":{"x":121,"y":154,"width":763,"height":13}},{"id":"05e44b57-21b3-4e30-8a51-078b5a28d704","block_type":"box","text":"the Digital Tokens, which could result in temporary disruption to the Tokenisation Model.","page_number":91,"box":{"x":121,"y":170,"width":763,"height":13}},{"id":"8da10785-be07-4d90-8e6b-3017f1e4fc54","block_type":"box","text":"Whilst the XRP Ledger's consensus protocol is designed to resist permanent forks (which could","page_number":91,"box":{"x":121,"y":187,"width":763,"height":13}},{"id":"8029da25-0142-452b-8884-d5ce5b103a3c","block_type":"box","text":"occur if the blockchain splits into two or more separate chains), there can be no assurance that","page_number":91,"box":{"x":121,"y":203,"width":763,"height":13}},{"id":"4d0fe09e-5769-434c-af4b-ebe97e6528d6","block_type":"box","text":"all such events will be resolved without operational impact.","page_number":91,"box":{"x":121,"y":220,"width":484,"height":12}},{"id":"afa6a9a1-63a6-4a24-8e17-94c1959795f1","block_type":"box","text":"A significant security breach, technical failure, or fraud affecting another blockchain network","page_number":91,"box":{"x":121,"y":252,"width":763,"height":13}},{"id":"7eb17b18-ec58-43ae-a9f9-095375116b11","block_type":"box","text":"or a high-profile tokenised product could undermine broader confidence in distributed ledger","page_number":91,"box":{"x":121,"y":269,"width":763,"height":13}},{"id":"72866b0e-c70a-4c39-bfaa-744e7c91f2fe","block_type":"box","text":"technology as a whole. Such an event could lead to increased regulatory scrutiny of tokenised","page_number":91,"box":{"x":121,"y":285,"width":763,"height":13}},{"id":"9574f1cf-eb0c-43a5-912b-8133d0d0ec5f","block_type":"box","text":"fund structures, reduced investor appetite for products involving distributed ledger technology,","page_number":91,"box":{"x":121,"y":302,"width":763,"height":12}},{"id":"f674d457-4cc9-4061-afb4-7241dbf14e4b","block_type":"box","text":"or reputational harm to the Company and its service providers, notwithstanding that the XRP","page_number":91,"box":{"x":121,"y":318,"width":763,"height":13}},{"id":"21b98618-c95b-46da-a75c-ca5097855403","block_type":"box","text":"Ledger and the Tokenisation Model were not directly affected.","page_number":91,"box":{"x":121,"y":334,"width":510,"height":13}},{"id":"94d2419f-10dc-43b7-bce4-a62786dd26c4","block_type":"box","text":"Reconciliation of the Share Register and the XRP Ledger","page_number":91,"box":{"x":120,"y":367,"width":467,"height":13}},{"id":"02dc14de-ca6a-4ca5-a1ef-ebebad128b0a","block_type":"box","text":"The Share Register maintained by the Administrator is the sole authoritative record of","page_number":91,"box":{"x":121,"y":400,"width":763,"height":13}},{"id":"758e8106-2c56-4a00-81b8-e6228e1b32f4","block_type":"box","text":"ownership of T Shares for all legal purposes. The records of Digital Tokens on the XRP Ledger","page_number":91,"box":{"x":121,"y":416,"width":763,"height":13}},{"id":"4ee76e83-0c59-4739-a41d-736944793bc2","block_type":"box","text":"are reconciled by the Manager with the Share Register on a daily basis. There is a risk that","page_number":91,"box":{"x":121,"y":433,"width":763,"height":13}},{"id":"f3aeba65-2858-4f5e-993f-33237972ef18","block_type":"box","text":"discrepancies may arise between the Share Register and the XRP Ledger records due to delays","page_number":91,"box":{"x":121,"y":449,"width":763,"height":13}},{"id":"66e34e55-2bff-4589-8e8c-e0cabfb787ad","block_type":"box","text":"in Minting or Burning of Digital Tokens, network or system outages, processing errors or","page_number":91,"box":{"x":121,"y":465,"width":763,"height":13}},{"id":"574d1891-f68b-4dcd-8774-00aecaada816","block_type":"box","text":"failures in the reconciliation process itself. In the event of any discrepancy between the Share","page_number":91,"box":{"x":121,"y":482,"width":763,"height":13}},{"id":"7e3e4238-bb1b-459f-afda-6c0b095cdae0","block_type":"box","text":"Register and the records on the XRP Ledger, the Share Register shall prevail and investors'","page_number":91,"box":{"x":121,"y":498,"width":763,"height":13}},{"id":"d74d2732-d3a8-49f9-9c1e-996b7beea9a4","block_type":"box","text":"rights shall be determined solely by reference to the Share Register. Discrepancies, if they arise,","page_number":91,"box":{"x":121,"y":515,"width":763,"height":12}},{"id":"aec2cdaa-e38a-4c62-9c4b-470ff0af651a","block_type":"box","text":"may result in a temporary mismatch between an investor's visible Digital Token balance and","page_number":91,"box":{"x":121,"y":531,"width":763,"height":13}},{"id":"0e4f5b25-7302-4006-904a-b36afb748eb5","block_type":"box","text":"their actual shareholding.","page_number":91,"box":{"x":121,"y":547,"width":209,"height":13}},{"id":"97277a00-d759-4dfd-8bf7-d55d4dc3d917","block_type":"box","text":"Irreversibility of Blockchain Transactions","page_number":91,"box":{"x":120,"y":580,"width":344,"height":13}},{"id":"eaeb9b3c-0cbe-4edc-8b1f-99c2840f0b35","block_type":"box","text":"Transactions recorded on the XRP Ledger, including the Minting and Burning of Digital","page_number":91,"box":{"x":121,"y":613,"width":763,"height":13}},{"id":"d727d248-f644-486d-b549-e76d12bde22a","block_type":"box","text":"Tokens, are immutable and cannot be reversed once a ledger close has occurred. Unlike","page_number":91,"box":{"x":121,"y":629,"width":763,"height":13}},{"id":"dacdde5b-3da8-4f6e-9c9b-71125d3080a1","block_type":"box","text":"traditional fund administration systems, an error in the Minting or Burning process cannot be","page_number":91,"box":{"x":121,"y":646,"width":763,"height":13}},{"id":"55d1c1e6-a567-4a79-bb1b-3159a8d696b9","block_type":"box","text":"corrected by amending the original record. Any correction would require a subsequent","page_number":91,"box":{"x":121,"y":662,"width":763,"height":13}},{"id":"d15a90a9-18d2-447c-8ca9-cb6158eb83f8","block_type":"box","text":"offsetting transaction, with the original erroneous transaction remaining permanently visible","page_number":91,"box":{"x":121,"y":679,"width":763,"height":12}},{"id":"0d05d364-7c4b-416e-b757-d91212cef6ba","block_type":"box","text":"on the ledger. In all cases, the Share Register will remain the sole authoritative record of","page_number":91,"box":{"x":121,"y":695,"width":763,"height":13}},{"id":"de3aa231-4882-418b-bbc0-f67c40151f45","block_type":"box","text":"ownership.","page_number":91,"box":{"x":121,"y":711,"width":93,"height":13}},{"id":"aade6823-6642-4ee9-b4e6-49202cf2b981","block_type":"box","text":"Custody Provider and Digital Wallet Risks","page_number":91,"box":{"x":122,"y":744,"width":349,"height":13}},{"id":"44f8d4d1-4202-4f9e-8a0d-80dabfd37d06","block_type":"box","text":"Investors in the Token Share Classes are required to hold their Digital Tokens in a Digital","page_number":91,"box":{"x":121,"y":777,"width":763,"height":13}},{"id":"06c660c7-0b0f-4631-9e66-ad15ebe3f889","block_type":"box","text":"Wallet maintained with the Digital Custodian. If the Digital Custodian experiences an","page_number":91,"box":{"x":121,"y":793,"width":763,"height":13}},{"id":"b7f90ef5-7a2e-49b5-a3c5-1a352a76b208","block_type":"box","text":"operational failure, a security breach, insolvency or ceases to provide custody services,","page_number":91,"box":{"x":121,"y":810,"width":763,"height":12}},{"id":"4b0fbeca-f3f6-4058-92e0-01756eeee5a2","block_type":"box","text":"investors' access to their Digital Tokens and their ability to view Digital Token balances on the","page_number":91,"box":{"x":121,"y":826,"width":763,"height":13}},{"id":"1c18a6f6-38da-4d76-8394-fe4d5676cc97","block_type":"box","text":"Tokenisation Platform may be disrupted. However, as Digital Tokens are a representation of T","page_number":91,"box":{"x":121,"y":842,"width":763,"height":13}},{"id":"086fe87d-7bcd-4065-a565-077326208ce9","block_type":"box","text":"Shares rather than the T Shares themselves, a disruption to Digital Token custody would not","page_number":91,"box":{"x":121,"y":859,"width":763,"height":13}},{"id":"6acb35a0-48f9-4006-90b1-b60442762cc5","block_type":"box","text":"affect investors' ownership of or rights in respect of T Shares as recorded on the Share Register.","page_number":91,"box":{"x":121,"y":875,"width":763,"height":13}},{"id":"8e401194-efcb-449e-b77f-1316e6c7e6e1","block_type":"box","text":"92","page_number":92,"box":{"x":490,"y":928,"width":25,"height":10}},{"id":"a034a644-b588-4737-b184-5d99bbef5f91","block_type":"box","text":"Non-Transferability of T Shares and Digital Tokens","page_number":92,"box":{"x":120,"y":89,"width":424,"height":12}},{"id":"19c0045d-ee9f-44ee-8af2-56193925740e","block_type":"box","text":"Investors may only subscribe for and redeem T Shares through the Administrator in accordance","page_number":92,"box":{"x":121,"y":121,"width":763,"height":13}},{"id":"6e30d57a-7c60-42f8-a2f9-cea50b264097","block_type":"box","text":"with the procedures set out in this Prospectus. 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There is a risk that, through","page_number":92,"box":{"x":121,"y":449,"width":763,"height":13}},{"id":"d0322a6f-2111-44aa-9316-8a687097e565","block_type":"box","text":"analysis of transaction patterns or correlation with other data sources, it may be possible to link","page_number":92,"box":{"x":121,"y":465,"width":763,"height":13}},{"id":"e06d86d7-a3dd-4868-bff5-25a011cebb18","block_type":"box","text":"a wallet address to an investor's identity. 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Tax authorities may adopt different positions as to whether the issuance,","page_number":92,"box":{"x":121,"y":842,"width":763,"height":13}},{"id":"12beaa99-c2d9-4498-94ad-40f16a6314cc","block_type":"box","text":"holding, or cancellation of a Digital Token alongside a Token Share gives rise to a taxable","page_number":92,"box":{"x":121,"y":859,"width":763,"height":13}},{"id":"7f0e282b-117a-4b5f-861e-cff2c75444d7","block_type":"box","text":"event or alters the tax treatment that would otherwise apply to the holding of shares in the Sub","page_number":92,"box":{"x":121,"y":875,"width":757,"height":13}},{"id":"839acd9e-814e-48af-9958-efa0eef87dad","block_type":"box","text":"Funds. Investors should consult their own tax advisers regarding the tax consequences of","page_number":92,"box":{"x":121,"y":892,"width":763,"height":12}},{"id":"28ef6338-a946-4927-aef0-dc34b4dfd642","block_type":"box","text":"93","page_number":93,"box":{"x":490,"y":928,"width":25,"height":10}},{"id":"b9e3d27d-571b-4c41-8e03-2a24ac3257f8","block_type":"box","text":"investing in T Shares and holding the corresponding Digital Tokens, having regard to their","page_number":93,"box":{"x":121,"y":89,"width":763,"height":12}},{"id":"82e7b21c-a71f-4c24-b116-af8f64cea0e6","block_type":"box","text":"particular circumstances.","page_number":93,"box":{"x":121,"y":105,"width":206,"height":13}},{"id":"c8650c01-da9c-424b-b711-fe49444a05da","block_type":"box","text":"Novel Technology","page_number":93,"box":{"x":120,"y":138,"width":152,"height":12}},{"id":"d9e125a1-91c1-43c0-a68f-4100dcfdcd51","block_type":"box","text":"The Tokenisation Model uses relatively new technology. The processes, service providers and","page_number":93,"box":{"x":121,"y":170,"width":763,"height":13}},{"id":"6a3efe69-d94c-4ec0-97a1-0dd77f7cba33","block_type":"box","text":"technology underpinning the Tokenisation Model have not been tested at scale or over a","page_number":93,"box":{"x":121,"y":187,"width":763,"height":13}},{"id":"677394f0-ceec-4c0e-afc5-dd994b657945","block_type":"box","text":"prolonged period in respect of this Company. Investors should be aware that the Tokenisation","page_number":93,"box":{"x":121,"y":203,"width":763,"height":13}},{"id":"cfb6a54e-be91-49f6-abc9-0e5a844b0e79","block_type":"box","text":"Model may be modified or discontinued at any time in response to technological, regulatory or","page_number":93,"box":{"x":121,"y":220,"width":763,"height":12}},{"id":"9c5047dc-7117-4203-8890-c1e9d847e549","block_type":"box","text":"operational developments.","page_number":93,"box":{"x":121,"y":236,"width":217,"height":13}},{"id":"8b8c55ef-7d99-4c67-a5c4-5a74887d9d96","block_type":"box","text":"Additional risk factors (if any) in respect of each Sub-Fund are set out the relevant section of","page_number":93,"box":{"x":121,"y":285,"width":763,"height":13}},{"id":"a360bcdf-6e37-4b5b-a615-c4b725b68e49","block_type":"box","text":"Part 1 for the relevant Sub-Fund.","page_number":93,"box":{"x":121,"y":302,"width":270,"height":10}},{"id":"6da8628b-fa3d-4086-aed3-f81c339627bf","block_type":"box","text":"94","page_number":94,"box":{"x":490,"y":928,"width":25,"height":10}},{"id":"19d7b724-2a5b-4bf1-82d5-94e555a82fc7","block_type":"box","text":"__________________________________________________________________________","page_number":94,"box":{"x":120,"y":98,"width":751,"height":2}},{"id":"3ce0fc79-9b70-41cc-8d87-d53a8da16db0","block_type":"box","text":"SHARE DEALINGS","page_number":94,"box":{"x":410,"y":105,"width":185,"height":10}},{"id":"4b170f8c-b581-406f-b6fe-80640bf4ed7a","block_type":"box","text":"___________________________________________________________________________","page_number":94,"box":{"x":120,"y":131,"width":762,"height":2}},{"id":"bea1b4ac-7392-4b28-81af-6e2078de2532","block_type":"box","text":"SUBSCRIPTION FOR SHARES","page_number":94,"box":{"x":121,"y":154,"width":289,"height":10}},{"id":"843807f5-feda-4494-8340-edd6129ec943","block_type":"box","text":"Purchases of Shares","page_number":94,"box":{"x":121,"y":187,"width":177,"height":10}},{"id":"ee88f667-4e77-477a-b6b8-0bd981232dda","block_type":"box","text":"Issues of Shares will normally be made with effect from a Dealing Day in respect of","page_number":94,"box":{"x":121,"y":220,"width":763,"height":12}},{"id":"c0bffaef-c7a8-47dd-b85c-bc5efef6238e","block_type":"box","text":"applications received on or prior to the Dealing Deadline. 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In","page_number":94,"box":{"x":121,"y":367,"width":763,"height":13}},{"id":"7beb2e0c-64ca-42b9-9c73-a774d6a5b9d2","block_type":"box","text":"the case of retail investors, subscription requests must be sent through an independent financial","page_number":94,"box":{"x":121,"y":384,"width":763,"height":12}},{"id":"19935fb8-96d5-4fa3-8eea-d352290d3a79","block_type":"box","text":"adviser or other intermediary. However, this should not result in such investors paying more","page_number":94,"box":{"x":121,"y":400,"width":763,"height":13}},{"id":"e98d59d3-400c-431b-a16b-c7b184edbefc","block_type":"box","text":"fees than otherwise would have been paid for a direct investment.","page_number":94,"box":{"x":121,"y":416,"width":534,"height":13}},{"id":"1dd3b8a5-0924-428f-9465-6bb90b72de7f","block_type":"box","text":"A subscription request in respect of T Shares must be processed by the Administrator in the","page_number":94,"box":{"x":121,"y":449,"width":763,"height":13}},{"id":"6a64082f-1aaf-429e-beb6-496d1e61a86f","block_type":"box","text":"manner described above and reflected in the Share Register and subscription confirmed before","page_number":94,"box":{"x":121,"y":465,"width":763,"height":13}},{"id":"827c2aad-e2a9-415c-9793-e3b10e4c6ab3","block_type":"box","text":"the Digital Tokens are then Minted. 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the","page_number":94,"box":{"x":121,"y":793,"width":763,"height":12}},{"id":"f4fee9a9-36cb-44bc-8735-5979383fb5dd","block_type":"box","text":"Depositary, the Manager, the Investment Manager and the other Shareholders for any loss","page_number":94,"box":{"x":121,"y":810,"width":763,"height":12}},{"id":"e5b8cfd9-dc42-493c-9395-010915149e04","block_type":"box","text":"suffered by them as a result of certain applicants acquiring or holding Shares.","page_number":94,"box":{"x":121,"y":826,"width":629,"height":13}},{"id":"9da5952a-cf14-41b2-b46b-abb60734373b","block_type":"box","text":"If an application is rejected, the Administrator at the risk of the applicant will return application","page_number":94,"box":{"x":121,"y":859,"width":763,"height":13}},{"id":"1eb5df5f-4a54-480d-bf13-dd61aec34823","block_type":"box","text":"monies or the balance thereof by telegraphic transfer to the account from which it was 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the","page_number":95,"box":{"x":121,"y":154,"width":763,"height":13}},{"id":"d7398688-4a79-484e-ba49-ba7479667400","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":95,"box":{"x":121,"y":170,"width":763,"height":10}},{"id":"ed1cffe8-1e66-45ac-b156-f8d1b4a7545f","block_type":"box","text":"Sub-Fund.","page_number":95,"box":{"x":121,"y":187,"width":89,"height":10}},{"id":"8c2a6c10-b7fe-41a2-8216-ccd3025da401","block_type":"box","text":"The issue price at which Shares of any Sub-Fund will be issued on a Dealing Day after the","page_number":95,"box":{"x":121,"y":220,"width":763,"height":12}},{"id":"f82ef469-0d4b-43f8-9009-842eeb2bf0f4","block_type":"box","text":"Initial Offer Period is calculated by ascertaining the Net Asset Value per Share of the relevant","page_number":95,"box":{"x":121,"y":236,"width":763,"height":13}},{"id":"d91ab25a-0e45-4df4-af72-ef60856094c4","block_type":"box","text":"class on the relevant Dealing Day.","page_number":95,"box":{"x":121,"y":252,"width":281,"height":13}},{"id":"411ff6e2-1cbc-4d2f-9882-afa61d5b2e74","block_type":"box","text":"The Administrator may, in calculating the issue price, include in the issue price in respect of","page_number":95,"box":{"x":121,"y":285,"width":763,"height":13}},{"id":"1d7fd79b-493e-498d-8f79-0ed59d866d80","block_type":"box","text":"each Sub-Fund, for its own account, a charge sufficient to cover stamp duties and taxation (if","page_number":95,"box":{"x":121,"y":302,"width":763,"height":12}},{"id":"8119533a-48d9-4857-abc8-72ce23e9bc3e","block_type":"box","text":"any) in respect of the issue of Shares or certificates and delivery and insurance costs in respect","page_number":95,"box":{"x":121,"y":318,"width":763,"height":13}},{"id":"4b490878-be0f-45ae-8b21-d7f13d8c5092","block_type":"box","text":"of certificates.","page_number":95,"box":{"x":121,"y":334,"width":120,"height":10}},{"id":"560d084a-7cc7-40ac-a5aa-4945a31dd49a","block_type":"box","text":"No Preliminary Charge will be payable on the issue of Shares of the Fund.","page_number":95,"box":{"x":121,"y":367,"width":605,"height":13}},{"id":"05876539-e2fd-4994-a56b-671b29de10ab","block_type":"box","text":"Payment for Shares","page_number":95,"box":{"x":121,"y":400,"width":175,"height":13}},{"id":"531b1e45-f252-402a-8da6-2e534f3096ce","block_type":"box","text":"Payment in respect of the issue of Shares must be made by the relevant Settlement Date by","page_number":95,"box":{"x":121,"y":433,"width":763,"height":13}},{"id":"7861ab3c-0394-4882-8640-03946cebfe1b","block_type":"box","text":"telegraphic transfer in cleared funds in the Base Currency of the relevant Sub-Fund. The","page_number":95,"box":{"x":121,"y":449,"width":763,"height":13}},{"id":"4aa5802f-05e9-4927-9aee-856cdf95cf76","block_type":"box","text":"Directors or their delegates may, at their discretion, accept payment in other currencies, but","page_number":95,"box":{"x":121,"y":465,"width":763,"height":13}},{"id":"9fc5d57b-af5b-43f0-ab94-70a7a490d546","block_type":"box","text":"such payments will be converted into the relevant Base Currency at the then prevailing","page_number":95,"box":{"x":121,"y":482,"width":763,"height":13}},{"id":"65401eac-c3f4-4ef5-ad19-ebe23cd714ce","block_type":"box","text":"exchange rate available to the Administrator and only the net proceeds (after deducting the","page_number":95,"box":{"x":121,"y":498,"width":763,"height":13}},{"id":"c0330dce-bef5-49d2-9627-792b43255527","block_type":"box","text":"conversion expenses) will be applied towards payment of the subscription monies. This may","page_number":95,"box":{"x":121,"y":515,"width":763,"height":12}},{"id":"b5f31dca-9b7c-41de-890a-fb1430417ac4","block_type":"box","text":"result in a delay in processing the application.","page_number":95,"box":{"x":121,"y":531,"width":374,"height":13}},{"id":"241b591f-ed0f-4a22-8bf7-31a840c279e8","block_type":"box","text":"If payment in full has not been received by the Settlement Date, or in the event of non-clearance","page_number":95,"box":{"x":121,"y":564,"width":763,"height":13}},{"id":"95c31dfb-07cb-4ee3-b8ca-950a7445132f","block_type":"box","text":"of funds, all or part of any allotment of Shares made in respect of such application may, at the","page_number":95,"box":{"x":121,"y":580,"width":763,"height":13}},{"id":"4c079a82-25c2-4831-8d2f-c828dd5dd41b","block_type":"box","text":"discretion of the Directors, be cancelled, or, alternatively, the Directors may treat the","page_number":95,"box":{"x":121,"y":597,"width":763,"height":12}},{"id":"4297af51-5419-4c46-8892-b66b6284c792","block_type":"box","text":"application as an application for such number of Shares as may be purchased with such","page_number":95,"box":{"x":121,"y":613,"width":763,"height":13}},{"id":"48fe66f4-ed4f-48b2-bdff-8cdfc8fbdf53","block_type":"box","text":"payment on the Dealing Day next following receipt of payment in full or of cleared funds. In","page_number":95,"box":{"x":121,"y":629,"width":763,"height":13}},{"id":"3e6dffa5-379a-49df-83ab-4f9e14b0c522","block_type":"box","text":"such cases the Fund may charge the applicant for any resulting loss incurred by the relevant","page_number":95,"box":{"x":121,"y":646,"width":763,"height":13}},{"id":"2442938c-83fb-477e-9a9c-6c7fe030e3cd","block_type":"box","text":"Sub-Fund.","page_number":95,"box":{"x":121,"y":662,"width":89,"height":10}},{"id":"deb14a4a-7bdb-4b92-9ee0-53fb0ec02b67","block_type":"box","text":"In Specie Issues","page_number":95,"box":{"x":121,"y":695,"width":140,"height":13}},{"id":"dc41e9f1-3d05-428f-b6db-16e4cf38de87","block_type":"box","text":"The Directors may in their absolute discretion, provided that they are satisfied that no material","page_number":95,"box":{"x":121,"y":728,"width":763,"height":13}},{"id":"8ee437bb-5b59-4817-8507-f6e24a5b0b2a","block_type":"box","text":"prejudice would result to any existing Shareholder and subject to the provisions of the","page_number":95,"box":{"x":121,"y":744,"width":763,"height":13}},{"id":"1279e7c6-b245-4329-bb92-36ef3c4106f1","block_type":"box","text":"Companies Acts 2014, allot Shares in any Sub-Fund against the vesting in the Depositary on","page_number":95,"box":{"x":121,"y":761,"width":763,"height":12}},{"id":"1d08f766-7045-494d-be05-d26695eb5daf","block_type":"box","text":"behalf of the Fund of investments which would form part of the assets of the relevant Sub","page_number":95,"box":{"x":121,"y":777,"width":757,"height":13}},{"id":"321f1292-5e9e-4b0f-b6b9-11f78ceedea2","block_type":"box","text":"Fund. The number of Shares to be issued in this way shall be the number which would on the","page_number":95,"box":{"x":121,"y":793,"width":763,"height":13}},{"id":"bd047cfb-045c-4537-bdb7-7b8577b82bd4","block_type":"box","text":"day the investments are vested in the Depositary on behalf of the Fund have been issued for","page_number":95,"box":{"x":121,"y":810,"width":763,"height":12}},{"id":"c0e94f9e-f999-4051-8a67-331591a80c64","block_type":"box","text":"cash against the payment of a sum equal to the value of the investments. The value of the","page_number":95,"box":{"x":121,"y":826,"width":763,"height":13}},{"id":"731d5166-7611-4851-bde6-ee9bf369954a","block_type":"box","text":"investments to be vested shall be on such basis as the Directors may decide, but such value","page_number":95,"box":{"x":121,"y":842,"width":763,"height":13}},{"id":"01cc9803-83fb-4cd5-a321-9ec567292b37","block_type":"box","text":"cannot exceed the highest amount at which they would be valued by applying the valuation","page_number":95,"box":{"x":121,"y":859,"width":763,"height":13}},{"id":"3c89cf64-36fa-4dc9-ae9f-0f2695ab02d7","block_type":"box","text":"methods described below under the heading “Calculation of Net Asset Value/ Valuation of","page_number":95,"box":{"x":121,"y":875,"width":763,"height":13}},{"id":"35c92ab5-f6f6-4831-ab70-b2d2902d409b","block_type":"box","text":"Assets.”","page_number":95,"box":{"x":121,"y":892,"width":71,"height":9}},{"id":"87daa502-f735-4bcb-9ec7-abbe206812a2","block_type":"box","text":"96","page_number":96,"box":{"x":490,"y":928,"width":25,"height":10}},{"id":"3794186b-38e6-40e9-aa97-22d447c4a0af","block_type":"box","text":"Anti-Money Laundering Provisions","page_number":96,"box":{"x":121,"y":105,"width":310,"height":13}},{"id":"75271396-0074-424d-bafb-5a28fbc5b9ed","block_type":"box","text":"Measures provided for in the Criminal Justice (Money Laundering and Terrorist Financing)","page_number":96,"box":{"x":121,"y":138,"width":763,"height":13}},{"id":"82af992b-af9f-4aae-b5a1-1ad58d69f1dd","block_type":"box","text":"Act, 2010, as amended and the Criminal Justice (Terrorist Offences) Act, 2005 which are aimed","page_number":96,"box":{"x":121,"y":154,"width":763,"height":12}},{"id":"5a30ac0a-6b44-4761-b4d8-21454413ad32","block_type":"box","text":"towards the prevention of money laundering, require detailed verification of each applicant’s","page_number":96,"box":{"x":121,"y":170,"width":763,"height":13}},{"id":"67064be2-24d9-4758-adf4-a9ece7704889","block_type":"box","text":"identity; for example an individual may be required to produce a copy of his passport or","page_number":96,"box":{"x":121,"y":187,"width":763,"height":13}},{"id":"df1ec5c8-66b2-4240-a0e8-81e8153a1a2c","block_type":"box","text":"identification card together with evidence of his address such as a utility bill or bank statement","page_number":96,"box":{"x":121,"y":203,"width":763,"height":13}},{"id":"d0af5b43-a697-4322-b408-4a160bd42082","block_type":"box","text":"and his date of birth. In the case of corporate applicants this may require production of a","page_number":96,"box":{"x":121,"y":220,"width":763,"height":12}},{"id":"c8876d11-43c0-4b26-9021-2b366b5a9384","block_type":"box","text":"certified copy of the certificate of incorporation (and any change of name), memorandum and","page_number":96,"box":{"x":121,"y":236,"width":763,"height":13}},{"id":"a96b9cbc-44ef-4f57-a0a6-b8d08506f347","block_type":"box","text":"articles of association (or equivalent) and the names, occupations, dates of birth and residential","page_number":96,"box":{"x":121,"y":252,"width":763,"height":13}},{"id":"6dd21336-ec43-4028-b0bb-0b661e1d2c4a","block_type":"box","text":"and business address of the directors and beneficial owners of the Fund.","page_number":96,"box":{"x":121,"y":269,"width":585,"height":10}},{"id":"66f6b02f-1ebf-4ab3-b68d-02670ec5029b","block_type":"box","text":"The Administrator, Manager and the Fund reserve the right to request such information as is","page_number":96,"box":{"x":121,"y":302,"width":763,"height":12}},{"id":"74f011ed-9c58-42ab-8807-5431861f10f9","block_type":"box","text":"necessary to verify the identity of an applicant. In the event of delay or failure by the applicant","page_number":96,"box":{"x":121,"y":318,"width":763,"height":13}},{"id":"71bbbce8-c4da-425e-8884-a0b569ea2fbd","block_type":"box","text":"to produce any information required for verification purposes, the Administrator may refuse to","page_number":96,"box":{"x":121,"y":334,"width":763,"height":13}},{"id":"d9acb6e1-6573-43fd-9f4b-46cb474c56ef","block_type":"box","text":"accept the application and return all subscription monies. If an application is rejected, and","page_number":96,"box":{"x":121,"y":351,"width":763,"height":13}},{"id":"e19129a0-1e0e-4d04-a01a-8fe94ddec3ca","block_type":"box","text":"where appropriate to do so, the Administrator will return application monies or the balance","page_number":96,"box":{"x":121,"y":367,"width":763,"height":13}},{"id":"08fe5ea6-51dc-4edb-bfaf-e7485e03f969","block_type":"box","text":"thereof by telegraphic transfer to the account from which it was paid at the cost and risk of the","page_number":96,"box":{"x":121,"y":384,"width":763,"height":12}},{"id":"a3b9f285-b5bb-44d2-8780-66c5aadcf3b5","block_type":"box","text":"applicant.","page_number":96,"box":{"x":121,"y":400,"width":84,"height":13}},{"id":"fd203f93-a895-42c7-a06c-935b107874ee","block_type":"box","text":"Depending on the circumstances of each application, a detailed verification may not be required","page_number":96,"box":{"x":121,"y":433,"width":763,"height":13}},{"id":"6809533c-076e-41e6-a4c9-8ddbf7cd1585","block_type":"box","text":"where: (a) the applicant makes payment from an account held in the applicant’s name at a","page_number":96,"box":{"x":121,"y":449,"width":763,"height":13}},{"id":"31aeaae3-eebf-4c49-8a29-d6ddd44354f4","block_type":"box","text":"recognised financial institution, or (b) the application is made through a recognised","page_number":96,"box":{"x":121,"y":465,"width":763,"height":13}},{"id":"7d1e26a0-f779-4611-af02-b71bded0927c","block_type":"box","text":"intermediary, or (c) investment is made by a recognised intermediary or financial institution.","page_number":96,"box":{"x":121,"y":482,"width":763,"height":13}},{"id":"240ee914-a5ac-4c00-8684-6eea75c14029","block_type":"box","text":"These exceptions will only apply if the financial institution or intermediary referred to above","page_number":96,"box":{"x":121,"y":498,"width":763,"height":13}},{"id":"a809f583-31dd-46cf-a70a-4e4f917be2ec","block_type":"box","text":"is located in a country, which has equivalent anti-money laundering legislation to that in place","page_number":96,"box":{"x":121,"y":515,"width":763,"height":12}},{"id":"d5e2cd68-2622-4a1a-8779-cd5846761d2f","block_type":"box","text":"in Ireland and the Fund will make the ultimate decision whether the detailed verification is","page_number":96,"box":{"x":121,"y":531,"width":763,"height":10}},{"id":"70e01583-1550-48fa-842a-9471384dd243","block_type":"box","text":"required. Applicants may contact the Administrator or the Fund in order to determine whether","page_number":96,"box":{"x":121,"y":547,"width":763,"height":13}},{"id":"42585e7e-b8d1-4aaf-ad6b-c87665d89b37","block_type":"box","text":"they meet the above exceptions. The Fund or the Manager will make the ultimate decision","page_number":96,"box":{"x":121,"y":564,"width":763,"height":13}},{"id":"7ac9a774-e4fb-4c9e-98d5-7e6576e71026","block_type":"box","text":"whether the detailed verification is required.","page_number":96,"box":{"x":121,"y":580,"width":362,"height":13}},{"id":"9e1f7ca2-1c70-40d7-ba65-4404bfdc18ba","block_type":"box","text":"In accordance with section 54 of the Criminal Justice (Money Laundering and Terrorist","page_number":96,"box":{"x":121,"y":613,"width":763,"height":13}},{"id":"f9f7b1c0-1b69-4cb0-b22d-b11644340d86","block_type":"box","text":"Financing) Act, 2010, as amended, The Administrator and the Fund reserve the right to request","page_number":96,"box":{"x":121,"y":629,"width":763,"height":13}},{"id":"719c7931-dfe0-460e-8156-0b7d6f1bad4b","block_type":"box","text":"additional information and documentation in respect of keeping Investor information and","page_number":96,"box":{"x":121,"y":646,"width":763,"height":13}},{"id":"71543388-45a9-4cd7-b08b-10f2c0f995f7","block_type":"box","text":"documentation up to date. In the event of delay or failure by the applicant to produce any","page_number":96,"box":{"x":121,"y":662,"width":763,"height":13}},{"id":"02326ec5-5d91-4b20-80a9-f489b8f94462","block_type":"box","text":"information or documentation required for ongoing verification purposes, the Administrator","page_number":96,"box":{"x":121,"y":679,"width":763,"height":12}},{"id":"8ad0e15a-7af7-46f3-bfcc-f0decc20db24","block_type":"box","text":"and the Fund may refuse to accept subscriptions, or permit, process, or release the investor's","page_number":96,"box":{"x":121,"y":695,"width":763,"height":13}},{"id":"fc181329-3357-4474-81c0-07ebc8e2c43b","block_type":"box","text":"investment.","page_number":96,"box":{"x":121,"y":711,"width":98,"height":10}},{"id":"e4e8d037-6a47-43b3-9d89-09e906b13400","block_type":"box","text":"FATCA","page_number":96,"box":{"x":121,"y":744,"width":74,"height":10}},{"id":"735f21ba-94c4-4f0d-9ac4-b563e5a4f91a","block_type":"box","text":"Due to tax regulations which are implemented as a result of the Irish government entering into","page_number":96,"box":{"x":121,"y":777,"width":763,"height":13}},{"id":"3eaffecd-5e42-4650-b16f-30d460235f0a","block_type":"box","text":"an intergovernmental agreement with the United States, there is a requirement to share tax","page_number":96,"box":{"x":121,"y":793,"width":763,"height":13}},{"id":"4a6413ad-0f63-410b-8455-5ed8d0d8ffb6","block_type":"box","text":"information, where applicable, with overseas tax authorities. As a financial institution, the Fund","page_number":96,"box":{"x":121,"y":810,"width":763,"height":12}},{"id":"9298eda1-1d64-4ae9-8c21-545875bd125f","block_type":"box","text":"is obliged to comply with Irish legislation, and is obliged to collect details of all Shareholders’","page_number":96,"box":{"x":121,"y":826,"width":763,"height":13}},{"id":"f9bc24b5-fde5-4021-a9a8-caa9a16f5825","block_type":"box","text":"tax residency and taxpayer identification numbers and any other information as directed by the","page_number":96,"box":{"x":121,"y":842,"width":763,"height":13}},{"id":"713808b6-d5ba-46e4-a1ab-e19b888c16cf","block_type":"box","text":"Office of the Revenue Commissioners. The Fund will pass such information to the Office of","page_number":96,"box":{"x":121,"y":859,"width":763,"height":13}},{"id":"2759ebb1-a57e-40dd-9ca5-755200d14308","block_type":"box","text":"the Revenue Commissioners, who will in turn exchange this information with the United States.","page_number":96,"box":{"x":121,"y":875,"width":763,"height":13}},{"id":"2d3ac660-0f14-4622-a858-bb7f10aff271","block_type":"box","text":"97","page_number":97,"box":{"x":490,"y":928,"width":25,"height":10}},{"id":"5cc506c3-081d-44cb-9411-2df3f12e7741","block_type":"box","text":"The extent to which the Fund is able to report to the Office of the Revenue Commissioners will","page_number":97,"box":{"x":121,"y":89,"width":763,"height":12}},{"id":"adb92a5c-8eb4-4723-a33b-11d91a587195","block_type":"box","text":"depend on each affected Shareholder in the Fund providing the Fund or its delegate with any","page_number":97,"box":{"x":121,"y":105,"width":763,"height":13}},{"id":"b9f2bf43-de7d-4694-9eeb-3512cdd732ad","block_type":"box","text":"information that the Fund determines is necessary to satisfy such obligations.","page_number":97,"box":{"x":121,"y":121,"width":627,"height":13}},{"id":"b6fd90f4-aa93-479b-997f-5a09169aeb69","block_type":"box","text":"By signing the Application Form to subscribe for Shares in the Fund, each affected Shareholder","page_number":97,"box":{"x":121,"y":154,"width":763,"height":13}},{"id":"be4e63c5-2159-4c40-9ca4-5aa4a86d601f","block_type":"box","text":"is agreeing to provide such information upon request from the Fund or its delegate. The Fund","page_number":97,"box":{"x":121,"y":170,"width":763,"height":13}},{"id":"c44ae9c1-8069-4165-819c-abceda02c455","block_type":"box","text":"may exercise its right to redeem completely an affected Shareholder if the Shareholder fails to","page_number":97,"box":{"x":121,"y":187,"width":763,"height":13}},{"id":"dff5cbb9-c162-4ac3-be95-c6e0f23fb7f7","block_type":"box","text":"provide the Fund with the information the Fund requests to satisfy its obligations under","page_number":97,"box":{"x":121,"y":203,"width":763,"height":13}},{"id":"94aa8d7c-1b9f-4167-974b-fbd8a34242a4","block_type":"box","text":"FATCA. Shareholders are encouraged to consult with their own tax advisers regarding the","page_number":97,"box":{"x":121,"y":220,"width":763,"height":12}},{"id":"059408ed-48ea-43a1-bb8f-a994f925d1b2","block_type":"box","text":"possible implications of FATCA on their interest in the Fund.","page_number":97,"box":{"x":121,"y":236,"width":502,"height":13}},{"id":"0c06ef20-a8f9-4814-b81e-6fee09f3a721","block_type":"box","text":"Limitations on Purchases","page_number":97,"box":{"x":121,"y":269,"width":223,"height":10}},{"id":"0bc221b1-9688-490e-8597-143d21fce535","block_type":"box","text":"Shares may not be issued or sold by the Fund during any period when the calculation of the","page_number":97,"box":{"x":121,"y":302,"width":763,"height":12}},{"id":"e22910d2-08e2-40c2-9085-6e66be16d449","block_type":"box","text":"Net Asset Value of the relevant Sub-Fund is suspended in the manner described under","page_number":97,"box":{"x":121,"y":318,"width":763,"height":13}},{"id":"04f4895b-90aa-497a-a8e4-0f92c03defa5","block_type":"box","text":"“Suspension of Calculation of Net Asset Value” below. Applicants for Shares will be notified","page_number":97,"box":{"x":121,"y":334,"width":763,"height":13}},{"id":"c5d7df22-35be-4bc9-a27e-c05960c77e73","block_type":"box","text":"of such postponement and, unless withdrawn, their ap","page_number":97,"box":{"x":121,"y":351,"width":763,"height":13}},{"id":"de71941b-7a93-4332-a8b8-5f806ab2e640","block_type":"box","text":"plications will be considered as at the next Dealing Day following the ending of such","page_number":97,"box":{"x":121,"y":367,"width":763,"height":13}},{"id":"f6ba569a-5395-4ea9-be9c-dada718334cb","block_type":"box","text":"suspension.","page_number":97,"box":{"x":121,"y":384,"width":98,"height":12}},{"id":"47750bad-aac8-496a-8383-07457a05d1fc","block_type":"box","text":"The Fund, at its discretion, reserves the right to refuse to accept any application for initial or","page_number":97,"box":{"x":121,"y":416,"width":763,"height":13}},{"id":"4c2ed63d-5f29-4bdf-af42-3e4592ce6bbd","block_type":"box","text":"subsequent subscriptions, or to compulsorily redeem Shares held by any Shareholder, without","page_number":97,"box":{"x":121,"y":433,"width":763,"height":13}},{"id":"eca40016-ed26-416b-ac1f-331b454ae506","block_type":"box","text":"giving any reason where the Fund suspects market timing. Without limiting the foregoing, and","page_number":97,"box":{"x":121,"y":449,"width":763,"height":13}},{"id":"cf2f2f6d-9452-4592-ae77-582222619359","block_type":"box","text":"as further described below, the Fund may not be used as a vehicle for frequent trading in","page_number":97,"box":{"x":121,"y":465,"width":763,"height":13}},{"id":"a106e701-4045-4b23-b101-608fdda67920","block_type":"box","text":"response to short term market fluctuations (so called “market timing”). Accordingly, the Fund","page_number":97,"box":{"x":121,"y":482,"width":763,"height":13}},{"id":"fd9a4ecc-5d11-40a9-9641-48e0180053bb","block_type":"box","text":"may reject any subscriptions (or may compulsorily redeem Shares) from any investor that it","page_number":97,"box":{"x":121,"y":498,"width":763,"height":13}},{"id":"b9a7cc1c-99b6-49a6-92c3-80b84b795a59","block_type":"box","text":"determines is engaged in market timing or other activity which it believes is harmful to the","page_number":97,"box":{"x":121,"y":515,"width":763,"height":12}},{"id":"98a83410-9031-4369-ba7a-dbb3ac1f8919","block_type":"box","text":"Fund or any Sub-Fund.","page_number":97,"box":{"x":121,"y":531,"width":191,"height":13}},{"id":"d458694d-7200-4bba-b52d-efdb3f5821bc","block_type":"box","text":"Shares may not be directly or indirectly offered or sold in the United States or purchased or","page_number":97,"box":{"x":121,"y":564,"width":763,"height":13}},{"id":"16bc34c8-ea08-42b4-b301-b9cb8247f7c1","block_type":"box","text":"held by or for U.S. Persons except in a transaction which does not violate United States","page_number":97,"box":{"x":121,"y":580,"width":763,"height":13}},{"id":"0ee42fff-1471-481b-9bea-7ea92a45c1fc","block_type":"box","text":"securities laws.","page_number":97,"box":{"x":121,"y":597,"width":128,"height":10}},{"id":"caf115f7-13c1-4eaa-8254-506f0c3d9689","block_type":"box","text":"REDEMPTION OF SHARES","page_number":97,"box":{"x":350,"y":630,"width":306,"height":12}},{"id":"78f45101-45df-4465-8372-91acb73bafa0","block_type":"box","text":"Redemptions of Shares","page_number":97,"box":{"x":121,"y":665,"width":203,"height":13}},{"id":"67803b46-30ea-4712-91a2-58f460eeded5","block_type":"box","text":"Requests for the redemption of Shares should be made to the Fund care of the Administrator","page_number":97,"box":{"x":121,"y":698,"width":763,"height":12}},{"id":"433b8dd1-a4f1-43b9-94c3-41c61b636cfc","block_type":"box","text":"in writing, by facsimile, by telephone, or by other electronic methods (save for applications","page_number":97,"box":{"x":121,"y":714,"width":763,"height":13}},{"id":"ae426391-c65e-4fd1-aba9-6513b87fb902","block_type":"box","text":"for the redemption of T Shares which may not be submitted by facsimile ot telephone), where","page_number":97,"box":{"x":121,"y":730,"width":763,"height":13}},{"id":"bd2264ba-60ab-4f88-8e69-ad6c91077c68","block_type":"box","text":"specifically agreed to in advance by the Fund, and must quote the relevant account number, the","page_number":97,"box":{"x":121,"y":747,"width":763,"height":13}},{"id":"2b452dff-71f1-406c-853d-9305ef4b5fe3","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":97,"box":{"x":121,"y":763,"width":763,"height":13}},{"id":"39b4c9df-71d1-40f8-b021-9f8da7e10266","block_type":"box","text":"Shareholder before payment of redemption proceeds can be made. In the case of retail","page_number":97,"box":{"x":121,"y":780,"width":763,"height":12}},{"id":"c56b62cc-1608-43e6-b03b-f90e8d9ff59f","block_type":"box","text":"investors, redemption requests must be sent through an independent financial adviser or other","page_number":97,"box":{"x":121,"y":796,"width":763,"height":13}},{"id":"f26cff59-759b-408a-95cf-ae67cd02b947","block_type":"box","text":"intermediary. However, this should not result in such investors paying more fees than","page_number":97,"box":{"x":121,"y":812,"width":763,"height":13}},{"id":"7a91c742-57da-4eb8-9b07-29e05f716f69","block_type":"box","text":"otherwise would have been paid for a direct investment.","page_number":97,"box":{"x":121,"y":829,"width":456,"height":13}},{"id":"690ac3fe-ef0b-4926-b19f-9e77347764ae","block_type":"box","text":"A redemption request in respect of T Shares must be processed by the Administrator in the","page_number":97,"box":{"x":121,"y":862,"width":763,"height":12}},{"id":"631c0f4c-6e52-4cd2-b65f-b30f6bc7e660","block_type":"box","text":"manner described above and reflected in the Share Register and redemption confirmed before","page_number":97,"box":{"x":121,"y":878,"width":763,"height":13}},{"id":"2fefb964-2200-4f32-a2a7-b242e77c7620","block_type":"box","text":"the Digital Tokens are then burned. The Burning of the Digital Tokens initially on the","page_number":97,"box":{"x":121,"y":894,"width":763,"height":13}},{"id":"9661a9cd-7efe-4303-8494-f09fd7d89ea6","block_type":"box","text":"98","page_number":98,"box":{"x":490,"y":928,"width":25,"height":10}},{"id":"eb5460d9-8da4-4a70-af8f-34459ea74276","block_type":"box","text":"Tokenisation Platform, and then in the Digital Wallets, will be executed once redemption","page_number":98,"box":{"x":121,"y":89,"width":763,"height":12}},{"id":"2f89952c-7964-4ae4-a105-1134b1811d08","block_type":"box","text":"proceeds have been released.","page_number":98,"box":{"x":121,"y":105,"width":238,"height":13}},{"id":"3fa63110-773a-4b6a-b14c-23df0200bd47","block_type":"box","text":"Requests received on or prior to the relevant Dealing Deadline will, subject as mentioned in","page_number":98,"box":{"x":121,"y":138,"width":763,"height":13}},{"id":"c785ea67-b2a0-4041-a5f7-c185780a4849","block_type":"box","text":"this section, normally be dealt with on the relevant Dealing Day. Redemption requests received","page_number":98,"box":{"x":121,"y":154,"width":763,"height":13}},{"id":"1491c039-e6aa-4711-9251-0eab492690c3","block_type":"box","text":"after the Dealing Deadline shall, unless the Directors shall otherwise agree and provided they","page_number":98,"box":{"x":121,"y":170,"width":763,"height":13}},{"id":"1380d1d0-ea5e-4b50-b263-eb4b3d87dce3","block_type":"box","text":"are received before the relevant Valuation Point, be treated as having been received by the","page_number":98,"box":{"x":121,"y":187,"width":763,"height":13}},{"id":"7d10d40e-9b79-4b26-b71c-dc532bd4498e","block_type":"box","text":"following Dealing Deadline. Redemption requests made by facsimile or telephone as set out","page_number":98,"box":{"x":121,"y":203,"width":763,"height":13}},{"id":"bd3d6eec-a604-4738-80bc-528427ce843f","block_type":"box","text":"above must be followed by subsequent confirmation in writing.","page_number":98,"box":{"x":121,"y":220,"width":516,"height":12}},{"id":"5c8c96b1-5ac8-41e1-8720-ed487f74bc88","block_type":"box","text":"A redemption request will not be capable of withdrawal after acceptance by the Administrator.","page_number":98,"box":{"x":121,"y":252,"width":763,"height":13}},{"id":"7dc9e502-7c30-49e3-a07a-ee9249c88a30","block_type":"box","text":"If requested, the Directors may, in their absolute discretion and subject to the prior approval of","page_number":98,"box":{"x":121,"y":269,"width":763,"height":13}},{"id":"ade82d65-a859-401a-8176-8693c30fd185","block_type":"box","text":"the Depositary, agree to designate additional Dealing Days and Valuation Points for the","page_number":98,"box":{"x":121,"y":285,"width":763,"height":13}},{"id":"b50fd073-cf7a-46a9-87c8-16849a0cb1a1","block_type":"box","text":"redemption of Shares relating to any Sub-Fund which will be open to all Shareholders.","page_number":98,"box":{"x":121,"y":302,"width":703,"height":12}},{"id":"d84197b0-4d5d-496e-8035-840f22b4c5f9","block_type":"box","text":"The Directors or their delegates may decline to effect a redemption request which would have","page_number":98,"box":{"x":121,"y":334,"width":763,"height":13}},{"id":"04a77ab2-8f72-4229-9548-a03db51f8413","block_type":"box","text":"the effect of reducing the value of any holding of Shares relating to any Sub-Fund below the","page_number":98,"box":{"x":121,"y":351,"width":763,"height":13}},{"id":"cbb61d3b-dcc6-4f8d-86c6-a66442931a6a","block_type":"box","text":"Minimum Holding for that class of Shares of that Sub-Fund. Any redemption request having","page_number":98,"box":{"x":121,"y":367,"width":763,"height":13}},{"id":"cc3a3976-fc98-4445-b6d3-c0cc441b9790","block_type":"box","text":"such an effect may be treated by the Fund as a request to redeem the Shareholder’s entire","page_number":98,"box":{"x":121,"y":384,"width":763,"height":12}},{"id":"7c8fc718-1c3c-4eae-9f9c-c01ac97b23dc","block_type":"box","text":"holding of that class of Shares.","page_number":98,"box":{"x":121,"y":400,"width":253,"height":13}},{"id":"ed00a915-0dc2-494f-a76d-f1d405ebeb77","block_type":"box","text":"The Administrator will not accept redemption requests, which are incomplete, until all the","page_number":98,"box":{"x":121,"y":433,"width":763,"height":13}},{"id":"afb41313-13f3-4cc1-9cb8-7a1d72e5432e","block_type":"box","text":"necessary information is obtained.","page_number":98,"box":{"x":121,"y":449,"width":281,"height":13}},{"id":"979d15e8-f1ef-414d-b4fc-dff25ef471b8","block_type":"box","text":"Redemption Price","page_number":98,"box":{"x":121,"y":482,"width":160,"height":13}},{"id":"89b7ce83-5022-47f8-9384-8a0e29e3b79e","block_type":"box","text":"The price at which Shares will be redeemed on a Dealing Day is also calculated by ascertaining","page_number":98,"box":{"x":121,"y":515,"width":763,"height":12}},{"id":"12e29896-317f-4cf0-b3b0-8566166aac37","block_type":"box","text":"the Net Asset Value per Share of the relevant class on the relevant Dealing Day. The method","page_number":98,"box":{"x":121,"y":531,"width":763,"height":13}},{"id":"45933297-982d-44c0-821f-591b3d724d41","block_type":"box","text":"of establishing the Net Asset Value of any Sub-Fund and the Net Asset Value per Share of any","page_number":98,"box":{"x":121,"y":547,"width":763,"height":13}},{"id":"db97bfa8-60a7-444f-aa53-da074fd8ff8d","block_type":"box","text":"class of Shares in a Sub-Fund is set out in the Articles as described herein under the heading","page_number":98,"box":{"x":121,"y":564,"width":763,"height":13}},{"id":"ba6cefaa-4530-474a-b4b8-780644454da9","block_type":"box","text":"“Calculation of Net Asset Value/Valuation of Assets” below.","page_number":98,"box":{"x":121,"y":580,"width":499,"height":10}},{"id":"0d2b75bd-ea62-400e-b206-5e5ef1c4b5c8","block_type":"box","text":"No Redemption Charge will be payable on the redemption of Shares in the Fund.","page_number":98,"box":{"x":121,"y":613,"width":652,"height":13}},{"id":"cb92a711-9441-42a5-b9cd-2433026ec86a","block_type":"box","text":"When a redemption request has been submitted by an investor who is or is deemed to be a","page_number":98,"box":{"x":121,"y":646,"width":763,"height":13}},{"id":"3360caa7-1f7b-4daf-9028-281d2cc681a6","block_type":"box","text":"Taxable Irish Person or is acting on behalf of a Taxable Irish Person, the Fund shall deduct","page_number":98,"box":{"x":121,"y":662,"width":763,"height":13}},{"id":"2617df77-cd65-41ee-8842-b620d9950b8c","block_type":"box","text":"from the redemption proceeds an amount which is equal to the tax payable by the Fund to the","page_number":98,"box":{"x":121,"y":679,"width":763,"height":12}},{"id":"a6e396d1-e517-4c3c-aa6e-a41ca9af6d1b","block_type":"box","text":"Irish Revenue Commissioners in respect of the relevant transaction.","page_number":98,"box":{"x":121,"y":695,"width":551,"height":13}},{"id":"f9edbe97-93ce-4241-b374-8447d4ba3565","block_type":"box","text":"If redemption requests in respect of any Shares are received by the Fund the implementation","page_number":98,"box":{"x":121,"y":728,"width":763,"height":13}},{"id":"ddda0472-ffea-4f4a-9804-be0389d4dc5f","block_type":"box","text":"on any Dealing Day of which will, in the opinion of the Directors, necessitate the breaking of","page_number":98,"box":{"x":121,"y":744,"width":763,"height":13}},{"id":"7dbd55f6-8dc8-4235-9fdf-24a0f0151551","block_type":"box","text":"deposits at a penalty, the redemption price attributable to such Shares will be reduced by a","page_number":98,"box":{"x":121,"y":761,"width":763,"height":12}},{"id":"ec523300-92fc-4228-8ef8-c34231a9e024","block_type":"box","text":"proportionate part of such reduction in value or penalty, which, will be suffered by the relevant","page_number":98,"box":{"x":121,"y":777,"width":763,"height":13}},{"id":"935b5d15-7b9d-4565-9a67-e0d74c4f1364","block_type":"box","text":"Sub-Fund in such manner, as the Directors may consider fair and equitable and is approved by","page_number":98,"box":{"x":121,"y":793,"width":763,"height":13}},{"id":"1336f8dd-a8e4-42e3-9d40-97ae6b5f7ed5","block_type":"box","text":"the Depositary. Alternatively, the Directors may arrange for the Fund to borrow monies in","page_number":98,"box":{"x":121,"y":810,"width":763,"height":12}},{"id":"adb4c150-6189-474b-a9ec-8d735d448e9d","block_type":"box","text":"accordance with the “Borrowing and Lending Powers” section set out above and the costs of","page_number":98,"box":{"x":121,"y":826,"width":763,"height":13}},{"id":"4522cbbc-5b84-45d5-b6d5-dbe2f9238608","block_type":"box","text":"such borrowing will be apportioned as aforesaid to such extent as the Directors may consider","page_number":98,"box":{"x":121,"y":842,"width":763,"height":13}},{"id":"47c8b3a6-6c07-4407-a330-982b0c2fe2f7","block_type":"box","text":"fair and equitable. The Directors consider that the provisions of this paragraph shall only be","page_number":98,"box":{"x":121,"y":859,"width":763,"height":13}},{"id":"7dc9104b-7f8d-4a58-a771-0b6d26de0af8","block_type":"box","text":"utilised in exceptional circumstances.","page_number":98,"box":{"x":121,"y":875,"width":307,"height":13}},{"id":"645a9f5a-e659-4676-930b-2c7728ddd0bb","block_type":"box","text":"99","page_number":99,"box":{"x":490,"y":928,"width":25,"height":10}},{"id":"247a274d-fe8f-442c-87f4-c779c8d79fc6","block_type":"box","text":"Payment of Redemption Proceeds","page_number":99,"box":{"x":121,"y":88,"width":295,"height":13}},{"id":"e5df74f8-dec0-499d-8133-46d2d0dc748c","block_type":"box","text":"The amount due on redemption of Shares will be paid by telegraphic transfer to an account","page_number":99,"box":{"x":121,"y":121,"width":763,"height":13}},{"id":"4c35812e-63a8-4a38-b80b-d4a7e2b2c864","block_type":"box","text":"nominated by the Shareholder in the Base Currency of the relevant Sub-Fund (or in such other","page_number":99,"box":{"x":121,"y":138,"width":763,"height":13}},{"id":"cca5aed0-d736-44fe-aed5-71f5744c8088","block_type":"box","text":"currency as the Directors shall determine) by the Settlement Date. Payment of redemption","page_number":99,"box":{"x":121,"y":154,"width":763,"height":13}},{"id":"735b002a-de77-4aba-b053-b58077c31c88","block_type":"box","text":"proceeds will be made to the registered Shareholder or in favour of the joint registered","page_number":99,"box":{"x":121,"y":170,"width":763,"height":13}},{"id":"578a9901-2f7f-4362-92a8-e1cc5965734c","block_type":"box","text":"Shareholders as appropriate. Third party payments are not permitted. The proceeds of the","page_number":99,"box":{"x":121,"y":187,"width":763,"height":13}},{"id":"de5a9628-f3a2-46ee-b7cc-a7b4b3e835f8","block_type":"box","text":"redemption of the Shares will only be paid on receipt by the Administrator of the Application","page_number":99,"box":{"x":121,"y":203,"width":763,"height":13}},{"id":"3edc3967-0431-41f1-aeb6-598ef610a1ed","block_type":"box","text":"Form and any supporting anti-money laundering/ financial crime or related documentation","page_number":99,"box":{"x":121,"y":220,"width":763,"height":12}},{"id":"c95df354-a645-42dc-aea7-27b6d141c5ed","block_type":"box","text":"(with the original documentation, where required, to follow by post) as the Fund or the","page_number":99,"box":{"x":121,"y":236,"width":763,"height":13}},{"id":"8a17f987-d37c-4838-9866-2f491434c349","block_type":"box","text":"Administrator may require.","page_number":99,"box":{"x":121,"y":252,"width":224,"height":13}},{"id":"027df0c8-4d3b-4f2c-ac85-997fdce644eb","block_type":"box","text":"The Fund will be required to withhold Irish tax on redemption monies, at the applicable rate,","page_number":99,"box":{"x":121,"y":285,"width":763,"height":13}},{"id":"59ba5b49-5bec-4558-8afd-4ebed42ee651","block_type":"box","text":"unless it has received from the Shareholder a Relevant Declaration in the prescribed form, (the","page_number":99,"box":{"x":121,"y":302,"width":763,"height":12}},{"id":"57a4cd5e-6cfe-4c3f-a35c-d98928b52247","block_type":"box","text":"Subscription Agreement, Finance Act Declaration and supporting documentation should be","page_number":99,"box":{"x":121,"y":318,"width":763,"height":13}},{"id":"a1c497fd-d2df-41ea-87a8-171335098196","block_type":"box","text":"remitted by post thereafter) confirming that the Shareholder is not an Irish Resident and not an","page_number":99,"box":{"x":121,"y":334,"width":763,"height":13}},{"id":"1fce2be4-78e6-4749-8767-f68f2d988aa4","block_type":"box","text":"Irish Ordinary Resident investor in respect of whom it is necessary to deduct tax.","page_number":99,"box":{"x":121,"y":351,"width":657,"height":13}},{"id":"887394e9-667b-4236-addb-43b8ee2edeff","block_type":"box","text":"Limitations on Redemptions","page_number":99,"box":{"x":121,"y":383,"width":249,"height":13}},{"id":"1bfbab59-e325-48f5-b025-57231cc5d282","block_type":"box","text":"The Fund may not redeem Shares of any Sub-Fund during any period when the calculation of","page_number":99,"box":{"x":121,"y":416,"width":763,"height":13}},{"id":"6b02e354-76f7-456c-bd9e-c23257d59fa2","block_type":"box","text":"the Net Asset Value of the relevant Sub-Fund is suspended in the manner described under","page_number":99,"box":{"x":121,"y":433,"width":763,"height":13}},{"id":"665aa75b-fd44-440b-b435-fd64f2d93353","block_type":"box","text":"“Suspension of Calculation of Net Asset Value”","page_number":99,"box":{"x":121,"y":449,"width":387,"height":13}},{"id":"aee76516-623f-4bcc-8ca0-e43fccd3a3ca","block_type":"box","text":"below. Applicants for redemptions of Shares","page_number":99,"box":{"x":514,"y":449,"width":370,"height":13}},{"id":"94035c59-b7be-4969-8127-cb107320596b","block_type":"box","text":"will be notified of such postponement and, unless withdrawn, their applications will be","page_number":99,"box":{"x":121,"y":465,"width":763,"height":13}},{"id":"31d1e273-f5b2-42db-9697-38d553516fdf","block_type":"box","text":"considered as at the next Dealing Day following the ending of such suspension.","page_number":99,"box":{"x":121,"y":482,"width":646,"height":13}},{"id":"86b51d13-5439-4e83-838c-6e1a2c1aea7d","block_type":"box","text":"The Directors are entitled to limit the number of Shares of any Sub-Fund repurchased on any","page_number":99,"box":{"x":121,"y":515,"width":763,"height":12}},{"id":"7807387b-56fd-45f3-ad87-170a6a565739","block_type":"box","text":"Dealing Day to Shares representing 10 per cent of the total Net Asset Value of that Sub-Fund","page_number":99,"box":{"x":121,"y":531,"width":763,"height":13}},{"id":"9dca0006-0cf2-4543-a31c-c6072aa91a53","block_type":"box","text":"on that Dealing Day (for LVNAV Sub-Funds, such gate may apply for up to 15 Business Days","page_number":99,"box":{"x":121,"y":547,"width":763,"height":13}},{"id":"d55edf6e-4080-48d7-ac80-f5d16320a02b","block_type":"box","text":"at a time). In this event, the limitation will apply p","page_number":99,"box":{"x":121,"y":564,"width":404,"height":13}},{"id":"46f2d739-eb97-4c99-8806-3ba5530e574f","block_type":"box","text":"pro rata","page_number":99,"box":{"x":524,"y":566,"width":69,"height":10}},{"id":"6a9e5152-9530-426a-992d-305a102dbf8f","block_type":"box","text":"so that all Shareholders wishing to","page_number":99,"box":{"x":593,"y":564,"width":291,"height":13}},{"id":"069bde1f-7f50-4228-86b3-3ce318f0faf6","block_type":"box","text":"have Shares of that Sub-Fund redeemed on that Dealing Day realise the same proportion of","page_number":99,"box":{"x":121,"y":580,"width":763,"height":13}},{"id":"76b372c9-7e40-4b0b-bffc-8d244000d651","block_type":"box","text":"such Shares. Shares not redeemed, but which would otherwise have been redeemed, will be","page_number":99,"box":{"x":121,"y":597,"width":763,"height":11}},{"id":"bab40b36-bcf4-4d52-95e8-53b187959874","block_type":"box","text":"carried forward for redemption on the next Dealing Day. If requests for redemption are so","page_number":99,"box":{"x":121,"y":613,"width":763,"height":13}},{"id":"d1aca866-c88c-4a7b-ad4b-6a63b0853fd4","block_type":"box","text":"carried forward, the Administrator will inform the Shareholders affected.","page_number":99,"box":{"x":121,"y":629,"width":593,"height":12}},{"id":"4c490973-a7b5-4b4b-88d4-b7e5d8823c6a","block_type":"box","text":"The Articles contain special provisions where a redemption request received from a","page_number":99,"box":{"x":121,"y":662,"width":763,"height":13}},{"id":"5afffb46-00bd-4922-83c1-e7b28b2a5c86","block_type":"box","text":"Shareholder would result in Shares representing more than five per cent of the Net Asset Value","page_number":99,"box":{"x":121,"y":679,"width":763,"height":12}},{"id":"b0e77de6-bd7e-4af5-9f48-26851e2350bb","block_type":"box","text":"of any Sub-Fund being redeemed by the Fund on any Dealing Day. In such a case, the Fund","page_number":99,"box":{"x":121,"y":695,"width":763,"height":13}},{"id":"e4828d67-3da4-4a16-a9ce-50770e6d5a58","block_type":"box","text":"may satisfy the redemption request by a distribution of investments of the relevant Sub-Fund","page_number":99,"box":{"x":121,"y":711,"width":763,"height":13}},{"id":"1fad33ef-9353-44d8-ac12-aa4b5c1949f0","block_type":"box","text":"in specie provided that such a distribution would not be prejudicial to the interests of the","page_number":99,"box":{"x":121,"y":728,"width":763,"height":13}},{"id":"cdb1169f-1cd0-4ff7-a866-e32dec8b0bde","block_type":"box","text":"remaining Shareholders of that Sub-Fund. Where the Shareholder requesting such redemption","page_number":99,"box":{"x":121,"y":744,"width":763,"height":13}},{"id":"00a67c68-ef12-459f-ad03-a27e7ae16f72","block_type":"box","text":"receives notice of the Fund’s intention to elect to satisfy the redemption request by such a","page_number":99,"box":{"x":121,"y":761,"width":763,"height":12}},{"id":"a264f181-ffee-421b-95b4-579d6e1a4f36","block_type":"box","text":"distribution of assets that Shareholder may require the Fund instead of transferring those assets","page_number":99,"box":{"x":121,"y":777,"width":763,"height":13}},{"id":"25bf0542-6790-43f2-8bec-5aea541f3dd5","block_type":"box","text":"to arrange for their sale and the payment of the proceeds of sale to that Shareholder less any","page_number":99,"box":{"x":121,"y":793,"width":763,"height":13}},{"id":"c1f97dd5-de3e-4075-92a2-441522b2b63c","block_type":"box","text":"costs incurred in connection with such sale.","page_number":99,"box":{"x":121,"y":810,"width":356,"height":10}},{"id":"1af1a642-8f00-498e-9c30-e0dd2639ee1c","block_type":"box","text":"The Articles provide that the Fund cannot effect a redemption of Shares, if after payment of","page_number":99,"box":{"x":121,"y":842,"width":763,"height":13}},{"id":"c3b48721-7a4b-4f87-a81a-173ce8db8716","block_type":"box","text":"any amount in connection with such redemption, the Net Asset Value of the issued share capital","page_number":99,"box":{"x":121,"y":859,"width":763,"height":13}},{"id":"97a89dd9-425f-41d6-abca-b5a74e1171aa","block_type":"box","text":"of the Fund would be equal to or less than Euro 40,000","page_number":99,"box":{"x":121,"y":875,"width":439,"height":13}},{"id":"236e0b63-d683-4423-9a14-7d927f875e31","block_type":"box","text":"or its foreign currency equivalent. This","page_number":99,"box":{"x":566,"y":875,"width":318,"height":13}},{"id":"97d71497-83f6-4a5a-9f7c-9ec853bed2fd","block_type":"box","text":"will not apply to a redemption request accepted by the Directors in contemplation of the","page_number":99,"box":{"x":121,"y":892,"width":763,"height":12}},{"id":"029a984c-6251-4010-a389-65b2b756b7ad","block_type":"box","text":"100","page_number":100,"box":{"x":487,"y":928,"width":33,"height":9}},{"id":"55775a6c-708b-423d-99ea-bdb9b349a98d","block_type":"box","text":"dissolution of the Fund.","page_number":100,"box":{"x":121,"y":89,"width":196,"height":9}},{"id":"8bffebe0-62d9-4c70-ad41-98fee6b81156","block_type":"box","text":"The Fund, at its discretion, reserves the right to refuse to accept any request for redemption, or","page_number":100,"box":{"x":121,"y":121,"width":763,"height":13}},{"id":"fee2bc93-dfc0-4604-a15b-b90e2f82891f","block_type":"box","text":"to compulsorily redeem Shares held by any Shareholder, without giving any reason where the","page_number":100,"box":{"x":121,"y":138,"width":763,"height":13}},{"id":"4150de34-35f2-4606-88ee-0f16c503b0e9","block_type":"box","text":"Fund suspects market timing. Without limiting the foregoing, and as further described below,","page_number":100,"box":{"x":121,"y":154,"width":763,"height":13}},{"id":"7b1dc6fe-344c-4610-b4a4-f660dd9f9fa2","block_type":"box","text":"the Fund may not be used as a vehicle for frequent trading in response to short term market","page_number":100,"box":{"x":121,"y":170,"width":763,"height":13}},{"id":"69c2968f-69e8-4522-9e56-4dd48d22957c","block_type":"box","text":"fluctuations (so called “market timing”). Accordingly, the Fund may reject any redemption","page_number":100,"box":{"x":121,"y":187,"width":763,"height":13}},{"id":"d8ab59b3-3067-40ea-9814-b82faba3f7a0","block_type":"box","text":"requests (or may compulsorily redeem Shares) from any investor that it determines is engaged","page_number":100,"box":{"x":121,"y":203,"width":763,"height":13}},{"id":"891bd505-7cfd-4e78-b41d-2bb75f843b81","block_type":"box","text":"in market timing or other activity which it believes is harmful to the Fund or any Sub-Fund.","page_number":100,"box":{"x":121,"y":220,"width":744,"height":12}},{"id":"350dea5b-a09f-46c5-8dce-9e56408b9590","block_type":"box","text":"Mandatory Redemptions","page_number":100,"box":{"x":121,"y":252,"width":220,"height":13}},{"id":"3c6cacae-3e67-43cf-ae8a-36fecd70fa80","block_type":"box","text":"The Fund may compulsorily repurchase all of the Shares of any Sub-Fund if the Net Asset","page_number":100,"box":{"x":121,"y":285,"width":763,"height":13}},{"id":"8db0b5f9-37f9-46d5-90cd-08fce4b23d07","block_type":"box","text":"Value of the relevant Sub-Fund is less than the Minimum Fund Size of the relevant Sub-Fund,","page_number":100,"box":{"x":121,"y":302,"width":763,"height":11}},{"id":"0654cbfe-b98d-4448-95e7-7eeb28d02837","block_type":"box","text":"details of which are set out in the relevant section of Part 1 for each Sub-Fund.","page_number":100,"box":{"x":121,"y":318,"width":639,"height":10}},{"id":"97f97f47-cfae-43a4-9045-b35edcce3eee","block_type":"box","text":"The Fund reserves the right to redeem any Shares which are or become owned, directly or","page_number":100,"box":{"x":121,"y":351,"width":763,"height":13}},{"id":"2d537f00-0d25-4f05-b7c8-b8ece35fae96","block_type":"box","text":"indirectly, by a U.S. Person (unless pursuant to an exemption under U.S. securities laws), by","page_number":100,"box":{"x":121,"y":367,"width":763,"height":13}},{"id":"042d67c0-43aa-4e9c-b0f4-f544697f807a","block_type":"box","text":"any person who appears to be in breach of any law or requirement of any country or","page_number":100,"box":{"x":121,"y":384,"width":763,"height":12}},{"id":"79e60005-6273-4a5d-968d-4c1dbb19f420","block_type":"box","text":"governmental authority or by virtue of which such person is not qualified to hold such Shares,","page_number":100,"box":{"x":121,"y":400,"width":763,"height":13}},{"id":"ac4794ec-0281-4143-9591-0480345dab77","block_type":"box","text":"or by any person or person in circumstances which might result in the relevant Sub-Fund","page_number":100,"box":{"x":121,"y":416,"width":763,"height":13}},{"id":"336632dc-551f-465f-86c7-a2a3bd1f4e20","block_type":"box","text":"incurring any liability to taxation or suffering any other pecuniary legal or material","page_number":100,"box":{"x":121,"y":433,"width":763,"height":13}},{"id":"4fa8be7c-91d8-4dcf-97ed-70cf62d079f8","block_type":"box","text":"administrative disadvantages or being in breach of any law or regulation which the relevant","page_number":100,"box":{"x":121,"y":449,"width":763,"height":13}},{"id":"8a5778f8-4ce8-40c6-b291-c1d10260d0f4","block_type":"box","text":"Sub-Fund might not otherwise have incurred, suffered or breached. In particular, the Fund may","page_number":100,"box":{"x":121,"y":465,"width":763,"height":13}},{"id":"7bb1114e-b7dc-4b06-b0c1-cdb4d849dd78","block_type":"box","text":"exercise its right to redeem completely an affected Shareholder if the Shareholder fails to","page_number":100,"box":{"x":121,"y":482,"width":763,"height":13}},{"id":"b7b711c1-1fb4-4d23-b275-8c147d25141f","block_type":"box","text":"provide the Fund with the information the Fund requests to satisfy its obligations under","page_number":100,"box":{"x":121,"y":498,"width":763,"height":13}},{"id":"7fc4d22a-0853-4f12-ab8a-7be46e7a05bd","block_type":"box","text":"FATCA.","page_number":100,"box":{"x":121,"y":515,"width":76,"height":10}},{"id":"11d0eacf-b42d-4978-8a4a-932fb3c81910","block_type":"box","text":"Where Taxable Irish Persons acquire and hold Shares, the Fund shall, where necessary for the","page_number":100,"box":{"x":121,"y":547,"width":763,"height":13}},{"id":"355a1194-da43-40fe-bcd4-37a7373e46e0","block_type":"box","text":"collection of Irish Tax, redeem and cancel Shares held by a person who is or is deemed to be a","page_number":100,"box":{"x":121,"y":564,"width":763,"height":13}},{"id":"3937789a-abc3-4b7c-b5e8-d979a08f2c04","block_type":"box","text":"Taxable Irish Person or is acting on behalf of a Taxable Irish Person on the occurrence of a","page_number":100,"box":{"x":121,"y":580,"width":763,"height":13}},{"id":"8468dbd0-14b8-451e-b240-a7869a8353c1","block_type":"box","text":"chargeable event for taxation purposes and to pay the proceeds thereof to the Irish Revenue","page_number":100,"box":{"x":121,"y":597,"width":763,"height":12}},{"id":"45601535-4cc1-40c0-8285-1fa975e60459","block_type":"box","text":"Commissioners.","page_number":100,"box":{"x":121,"y":613,"width":135,"height":10}},{"id":"893ac4c6-0431-485c-984c-cdca511b484a","block_type":"box","text":"The Fund reserves the right to compulsorily redeem T Shares where an investor ceases to","page_number":100,"box":{"x":121,"y":646,"width":763,"height":13}},{"id":"59283c35-d960-4e31-a1c7-cb006fd62f3e","block_type":"box","text":"satisfy the eligibility requirements for the Token Share Classes, where an investor fails to","page_number":100,"box":{"x":121,"y":662,"width":763,"height":13}},{"id":"230a2d98-12c9-4867-ae32-df9da3b8bf77","block_type":"box","text":"maintain an active user account and Digital Wallet with the Digital Custodian or an active user","page_number":100,"box":{"x":121,"y":679,"width":763,"height":12}},{"id":"f594bbd8-5853-44c2-a968-9b4b6796a82d","block_type":"box","text":"account with the Tokenisation Platform, or where the Directors otherwise determine that","page_number":100,"box":{"x":121,"y":695,"width":763,"height":12}},{"id":"04b805e0-87c0-4973-95b1-24eaf975ca1f","block_type":"box","text":"compulsory redemption is in the interests of the Company or is required for regulatory","page_number":100,"box":{"x":121,"y":711,"width":763,"height":13}},{"id":"2922acf2-b601-4c4b-8c59-441cf3756eb6","block_type":"box","text":"compliance.","page_number":100,"box":{"x":121,"y":728,"width":102,"height":13}},{"id":"d0dce3d2-15c5-4814-a47c-884a18d8eb9f","block_type":"box","text":"Exchange of Shares","page_number":100,"box":{"x":121,"y":760,"width":174,"height":13}},{"id":"25a853f9-55c4-4d30-aead-e0b0180b14b4","block_type":"box","text":"Shareholders will be able to apply to exchange on any Dealing Day all or part of their holding","page_number":100,"box":{"x":121,"y":793,"width":763,"height":13}},{"id":"f95caa16-7eca-48b8-bd39-8f5de2312a83","block_type":"box","text":"of Shares of any class in any Sub-Fund (the “First Class”) for Shares in a corresponding class","page_number":100,"box":{"x":121,"y":810,"width":763,"height":12}},{"id":"ae9a81bb-1ac1-45be-903e-0d6e3f62abce","block_type":"box","text":"in another Sub-Fund which are being offered at that time (the “New Class”) provided that all","page_number":100,"box":{"x":121,"y":826,"width":763,"height":13}},{"id":"76c585bb-16d2-4a19-b3b2-131024147435","block_type":"box","text":"the criteria for applying for Shares in the New Class have been met and by giving notice to the","page_number":100,"box":{"x":121,"y":842,"width":763,"height":13}},{"id":"063b9171-df80-4222-bc53-1aebecf79841","block_type":"box","text":"Administrator on or prior to the Dealing Deadline for the relevant Dealing Day. Unless","page_number":100,"box":{"x":121,"y":859,"width":763,"height":13}},{"id":"1d29f0d4-e9cd-4f2b-89f0-b97581452ac4","block_type":"box","text":"otherwise determined by the Directors, a Shareholder may exchange Shares of one class in any","page_number":100,"box":{"x":121,"y":875,"width":763,"height":13}},{"id":"b8eba4f6-12bd-458f-8350-7b1255ad52d4","block_type":"box","text":"Sub-Fund for Shares in another class of the same Sub-Fund. The Directors may however at","page_number":100,"box":{"x":121,"y":892,"width":763,"height":12}},{"id":"44d916fb-4fec-4aa8-9ec3-6d591cccc1e9","block_type":"box","text":"101","page_number":101,"box":{"x":487,"y":928,"width":33,"height":9}},{"id":"a6ba2a2d-ee06-4e11-b410-7b7104c4d3cb","block_type":"box","text":"their discretion agree to accept requests for exchange received after the relevant Dealing","page_number":101,"box":{"x":121,"y":89,"width":763,"height":12}},{"id":"31a87a45-99b2-46af-a7b8-0419f0a91ee6","block_type":"box","text":"Deadline provided they are received prior to the relevant Valuation Point. The general","page_number":101,"box":{"x":121,"y":105,"width":763,"height":13}},{"id":"61673cb6-a2b0-4be5-91b6-5e9b5c026fa2","block_type":"box","text":"provisions and procedures relating to the issue and redemption of Shares will apply equally to","page_number":101,"box":{"x":121,"y":121,"width":763,"height":13}},{"id":"f351b568-972a-4da3-ba7f-90325d2c5851","block_type":"box","text":"exchanges save in relation to charges payable details of which are set out below and in Part 1","page_number":101,"box":{"x":121,"y":138,"width":763,"height":13}},{"id":"ffc3d008-f24d-43e4-a858-03345f88b5a8","block_type":"box","text":"for the relevant Sub-Fund.","page_number":101,"box":{"x":121,"y":154,"width":217,"height":10}},{"id":"86e02122-ee3a-43e8-a9e8-223079ddebc7","block_type":"box","text":"When requesting the exchange of Shares as an initial investment in a Sub-Fund, Shareholders","page_number":101,"box":{"x":121,"y":187,"width":763,"height":13}},{"id":"c98a1fb6-a23c-4b56-a012-e09b2f57970b","block_type":"box","text":"should ensure that the value of the Shares exchanged is equal to or exceeds the Minimum Initial","page_number":101,"box":{"x":121,"y":203,"width":763,"height":13}},{"id":"80206ef3-c2db-45f5-95cb-b4bc50d4d2ae","block_type":"box","text":"Subscription for the relevant New Class specified in the relevant section of Part 1 for the","page_number":101,"box":{"x":121,"y":220,"width":763,"height":12}},{"id":"601aecd7-5072-4051-81fb-dfded920a1aa","block_type":"box","text":"relevant Sub-Fund. In the case of an exchange of a partial holding only, the value of the","page_number":101,"box":{"x":121,"y":236,"width":763,"height":13}},{"id":"b147f02a-0d98-463e-afce-cbf867bd16bb","block_type":"box","text":"remaining holding must also be at least equal to the Minimum Holding for the First Class.","page_number":101,"box":{"x":121,"y":252,"width":730,"height":13}},{"id":"9ef12a2f-544d-43a0-9e24-ada1704624df","block_type":"box","text":"The number of Shares of the New Class to be issued will be calculated in accordance with the","page_number":101,"box":{"x":121,"y":285,"width":763,"height":10}},{"id":"c02096c3-eec9-4058-99f4-d1b4bed3a349","block_type":"box","text":"following formula:","page_number":101,"box":{"x":121,"y":302,"width":150,"height":12}},{"id":"762135ad-a8fa-4f69-a763-3a2ad9eb8fc5","block_type":"box","text":"S = [R x (RP x ER)] – F","page_number":101,"box":{"x":400,"y":334,"width":206,"height":13}},{"id":"70cd74c4-a3d7-4435-a9fc-a93f7430104c","block_type":"box","text":"SP","page_number":101,"box":{"x":489,"y":351,"width":22,"height":10}},{"id":"5b2bee35-59ad-42c4-b63b-0d7ed1620262","block_type":"box","text":"where:","page_number":101,"box":{"x":121,"y":367,"width":59,"height":10}},{"id":"c190a6d6-69e9-4ea2-9ac6-55c72ba3bb49","block_type":"box","text":"R","page_number":101,"box":{"x":121,"y":400,"width":14,"height":10}},{"id":"cfda9682-bb0b-40ea-baf0-76af0b7bf51c","block_type":"box","text":"=","page_number":101,"box":{"x":245,"y":404,"width":16,"height":6}},{"id":"526bfc99-78f8-4933-b38f-b24ed14c7550","block_type":"box","text":"the number of Shares of the First Class to be exchanged;","page_number":101,"box":{"x":302,"y":400,"width":461,"height":13}},{"id":"4836cec9-0c0a-4597-a277-1e5a93f8655d","block_type":"box","text":"S","page_number":101,"box":{"x":121,"y":433,"width":10,"height":10}},{"id":"7babcba5-c8da-416e-876f-15e5fe3ac1c2","block_type":"box","text":"=","page_number":101,"box":{"x":245,"y":437,"width":16,"height":5}},{"id":"f5596703-f9ae-47a2-a49d-3bae75a0aa00","block_type":"box","text":"the number of Shares of the New Class to be issued;","page_number":101,"box":{"x":302,"y":433,"width":426,"height":11}},{"id":"7fe887b0-1141-45ac-baf4-489ccddd9d08","block_type":"box","text":"RP","page_number":101,"box":{"x":121,"y":466,"width":26,"height":9}},{"id":"1bc175c1-302b-4c2c-8ea0-9457ab9e8d71","block_type":"box","text":"=","page_number":101,"box":{"x":245,"y":470,"width":16,"height":5}},{"id":"e3509f49-c476-4a6b-8678-354ee6aae14e","block_type":"box","text":"the redemption price per Share of the First Class as at the Valuation","page_number":101,"box":{"x":302,"y":465,"width":582,"height":13}},{"id":"f1544421-b65c-4034-9764-ec337f302ba1","block_type":"box","text":"Point for the relevant Dealing Day;","page_number":101,"box":{"x":245,"y":482,"width":289,"height":13}},{"id":"92faddfc-a5e3-42ce-9f83-190f367de580","block_type":"box","text":"ER","page_number":101,"box":{"x":121,"y":515,"width":27,"height":9}},{"id":"8d068ac3-f28e-4d82-ab28-c63ba2739de0","block_type":"box","text":"=","page_number":101,"box":{"x":245,"y":519,"width":16,"height":5}},{"id":"d41d1969-ef27-414d-9e11-56409205d957","block_type":"box","text":"in the case of an exchange of Shares designated in the same Base","page_number":101,"box":{"x":302,"y":515,"width":582,"height":12}},{"id":"ad40091a-ccf9-4472-9daf-7e12df677b82","block_type":"box","text":"Currency is 1. In any other case, it is the currency conversion factor determined","page_number":101,"box":{"x":245,"y":531,"width":639,"height":13}},{"id":"91e6d511-1986-4952-b243-68382a9cb46d","block_type":"box","text":"by the Directors at the Valuation Point for the relevant Dealing Day as","page_number":101,"box":{"x":245,"y":547,"width":639,"height":13}},{"id":"78846bcf-b8b5-4f9f-9ca7-2791c159ff1a","block_type":"box","text":"representing the effective rate of exchange applicable to the transfer of assets","page_number":101,"box":{"x":245,"y":564,"width":639,"height":13}},{"id":"20013c83-5d18-4cf5-9ed3-c69c1ff79f2b","block_type":"box","text":"relating to the First and New Classes of Shares after adjusting such rate as may","page_number":101,"box":{"x":245,"y":580,"width":639,"height":13}},{"id":"6a28b0f2-c026-4e46-80e0-f276142b7ed0","block_type":"box","text":"be necessary to reflect the effective costs of making such transfer;","page_number":101,"box":{"x":245,"y":597,"width":537,"height":12}},{"id":"3fef8c06-82a5-4b1c-bbc8-e3df2016e374","block_type":"box","text":"SP","page_number":101,"box":{"x":121,"y":629,"width":23,"height":10}},{"id":"684483ea-27c2-4293-9cdd-8d7e05e9cc3c","block_type":"box","text":"=","page_number":101,"box":{"x":242,"y":634,"width":16,"height":5}},{"id":"1006f449-3ce3-494a-a496-67346b34d1da","block_type":"box","text":"the issue price per Share of the New Class as at the Valuation Point for","page_number":101,"box":{"x":302,"y":629,"width":582,"height":13}},{"id":"8a6d0e02-8378-4c6d-9fd5-941428e23f32","block_type":"box","text":"the applicable Dealing Day; and","page_number":101,"box":{"x":242,"y":646,"width":264,"height":13}},{"id":"bf016aba-efea-4574-9042-009b78d97912","block_type":"box","text":"F","page_number":101,"box":{"x":121,"y":679,"width":17,"height":9}},{"id":"0e3efa41-7061-426c-86fb-546b426c9094","block_type":"box","text":"=","page_number":101,"box":{"x":242,"y":683,"width":16,"height":5}},{"id":"3d3f7f00-f133-4809-84ad-3a2d0a872559","block_type":"box","text":"the Exchange Charge (if any) payable on the exchange of Shares.","page_number":101,"box":{"x":302,"y":679,"width":532,"height":12}},{"id":"4d742461-a6bc-41b6-8ef3-6b2472155123","block_type":"box","text":"An Exchange Charge of up to 2% of the redemption price of the Shares being exchanged may","page_number":101,"box":{"x":121,"y":711,"width":763,"height":13}},{"id":"679818ca-74c4-4837-97a8-3a45af5070eb","block_type":"box","text":"be charged by the Fund on the exchange of Shares but it is the intention of the Directors that","page_number":101,"box":{"x":121,"y":728,"width":763,"height":13}},{"id":"5da7f83b-d453-403b-a44e-37fe4a8fa0ad","block_type":"box","text":"such charge (if any) should not exceed such amount as is set out in Part I for the relevant Sub","page_number":101,"box":{"x":121,"y":744,"width":757,"height":13}},{"id":"47daf0ca-2c7e-4d4f-affa-406f97ba6263","block_type":"box","text":"Fund.","page_number":101,"box":{"x":121,"y":761,"width":51,"height":9}},{"id":"d22c019f-640a-4da5-9934-edd95b6782e2","block_type":"box","text":"Where there is an exchange of Shares, Shares of the New Class will be allotted and issued in","page_number":101,"box":{"x":121,"y":793,"width":763,"height":13}},{"id":"93bbae7e-3a79-44f6-9212-a4a2e4fe31cc","block_type":"box","text":"respect of and in proportion to the Shares of the First Class in the proportion S to R.","page_number":101,"box":{"x":121,"y":810,"width":681,"height":12}},{"id":"198ba9a5-4a5f-414a-99a0-a79d26b6adbb","block_type":"box","text":"In certain circumstances, at the discretion of the Directors, Shareholders will be deemed to","page_number":101,"box":{"x":121,"y":842,"width":763,"height":12}},{"id":"6dbc0896-4899-4742-b974-b26b3ae9c288","block_type":"box","text":"have exchanged their Shares in one class of Shares for Shares in another Class of Shares where","page_number":101,"box":{"x":121,"y":859,"width":763,"height":13}},{"id":"12560e73-cc48-46fa-adb5-b617f96dd4e3","block_type":"box","text":"the Sub-Fund operates a tier mechanism between Share Classes (for example Share Classes 4","page_number":101,"box":{"x":121,"y":875,"width":763,"height":13}},{"id":"2339e73a-67ba-48db-8c81-cf1c95fa0ccd","block_type":"box","text":"to 7 of the Aviva Investors Sterling Liquidity Fund). In such an event the above provisions","page_number":101,"box":{"x":121,"y":892,"width":763,"height":12}},{"id":"da86f932-ffe3-4570-95a5-892bb08e271e","block_type":"box","text":"102","page_number":102,"box":{"x":487,"y":928,"width":33,"height":9}},{"id":"451a45d0-678b-436b-86fc-dfe7f6889c3b","block_type":"box","text":"will apply except that the Shareholders will not be required to submit an exchange request and","page_number":102,"box":{"x":121,"y":89,"width":763,"height":12}},{"id":"b3bebfe0-be67-4b94-adf6-a3ad96631cf9","block_type":"box","text":"the “Exchange Charge” will be waived.","page_number":102,"box":{"x":121,"y":105,"width":324,"height":13}},{"id":"c182bf09-f15d-4a86-a908-06bb43df7026","block_type":"box","text":"Limitations on Exchange","page_number":102,"box":{"x":121,"y":138,"width":219,"height":12}},{"id":"5365e02d-addb-48a7-8f71-f5a86a81d5d5","block_type":"box","text":"Shares may not be exchanged for Shares of a different class during any period when the","page_number":102,"box":{"x":121,"y":170,"width":763,"height":13}},{"id":"4053dab2-9faf-4f05-bc13-376e3dba19cb","block_type":"box","text":"calculation of the Net Asset Value of the relevant Sub-Fund or Sub-Funds is suspended in the","page_number":102,"box":{"x":121,"y":187,"width":763,"height":13}},{"id":"ca91444d-6304-4563-bff0-46519ae44b1a","block_type":"box","text":"manner described under “Suspension of Calculation of Net Asset Value” below. Applicants","page_number":102,"box":{"x":121,"y":203,"width":763,"height":13}},{"id":"620080b2-4236-4779-b9bb-b0d640a5944f","block_type":"box","text":"for exchange of Shares will be notified of such postponement and, unless withdrawn, their","page_number":102,"box":{"x":121,"y":220,"width":763,"height":12}},{"id":"2c42df48-9175-46ce-b2c3-4811f5867a75","block_type":"box","text":"applications will be considered as at the next Dealing Day following the ending of such","page_number":102,"box":{"x":121,"y":236,"width":763,"height":13}},{"id":"cd1d4e36-a4f6-49c5-910e-57164ccf045c","block_type":"box","text":"suspension.","page_number":102,"box":{"x":121,"y":252,"width":98,"height":13}},{"id":"7457c75c-7d8a-41a9-96a3-8937d7f068fd","block_type":"box","text":"The Fund, at its discretion, reserves the right to refuse to accept any application for exchange,","page_number":102,"box":{"x":121,"y":285,"width":763,"height":13}},{"id":"78881316-84d2-4fb0-a937-86ca0cf8dd26","block_type":"box","text":"or to compulsorily redeem Shares held by any Shareholder, without giving any reason where","page_number":102,"box":{"x":121,"y":302,"width":763,"height":12}},{"id":"2c208f75-659f-4321-8e6a-a70bb3d2ef02","block_type":"box","text":"the Fund suspects market timing. Without limiting the foregoing, and as further described","page_number":102,"box":{"x":121,"y":318,"width":763,"height":13}},{"id":"326910f4-1844-4a66-8271-5c3955af8c96","block_type":"box","text":"below, the Fund may not be used as a vehicle for frequent trading in response to short term","page_number":102,"box":{"x":121,"y":334,"width":763,"height":13}},{"id":"6b6c64cd-ef61-4023-8483-daccdc1492f7","block_type":"box","text":"market fluctuations (so called “market timing”). Accordingly, the Fund may reject any","page_number":102,"box":{"x":121,"y":351,"width":763,"height":13}},{"id":"4938792a-c032-4eed-84fb-b33687f0074f","block_type":"box","text":"exchange requests (or may compulsorily redeem Shares) from any investor that it determines","page_number":102,"box":{"x":121,"y":367,"width":763,"height":13}},{"id":"1f8ebbbc-ee8e-4e0f-ae27-72038b3ea4c8","block_type":"box","text":"is engaged in market timing or other activity which it believes is harmful to the Fund or any","page_number":102,"box":{"x":121,"y":384,"width":763,"height":12}},{"id":"6f59a928-6572-4626-b7cf-857955215ebb","block_type":"box","text":"Sub-Fund.","page_number":102,"box":{"x":121,"y":400,"width":89,"height":10}},{"id":"5dfc1357-d27c-4495-9aa5-4c0d8789a401","block_type":"box","text":"Shares in a Token Share Class cannot be exchanged for Shares of a different class at any time.","page_number":102,"box":{"x":121,"y":433,"width":763,"height":13}},{"id":"b263b6fe-0c36-47f5-afc4-0ede276799bc","block_type":"box","text":"Calculation of Net Asset Value/Valuation of Assets","page_number":102,"box":{"x":121,"y":465,"width":439,"height":10}},{"id":"8f78eab2-b155-4bba-b419-cb62298de76d","block_type":"box","text":"General","page_number":102,"box":{"x":121,"y":498,"width":74,"height":10}},{"id":"fc6e4188-fb35-466d-a980-c8c60f710b81","block_type":"box","text":"Where there is more than one class of Shares in a Sub-Fund in issue, the Net Asset Value per","page_number":102,"box":{"x":121,"y":531,"width":763,"height":13}},{"id":"98c8eb86-a886-41f9-980d-5a447482de13","block_type":"box","text":"Share of any class is calculated by the Directors or their delegate by ascertaining the Net Asset","page_number":102,"box":{"x":121,"y":547,"width":763,"height":13}},{"id":"1edd1525-9aa2-4e99-9bf8-c014f0370f20","block_type":"box","text":"Value of the relevant Sub-Fund as at the Valuation Point for that Sub-Fund for the relevant","page_number":102,"box":{"x":121,"y":564,"width":763,"height":10}},{"id":"09504f71-4a99-45f4-96f7-b5d49c6861a3","block_type":"box","text":"Dealing Day (to which the Directors or their delegate may apply a provision for duties and","page_number":102,"box":{"x":121,"y":580,"width":763,"height":13}},{"id":"9d1a510f-a7d1-4b30-aeb4-66e751baa024","block_type":"box","text":"charges) and determining the amount of the Net Asset Value which is attributable to the","page_number":102,"box":{"x":121,"y":597,"width":763,"height":12}},{"id":"3fb7acef-1734-4c59-91ba-a726e5596ff1","block_type":"box","text":"relevant class of Shares. The Net Asset Value per Share of the relevant class is calculated by","page_number":102,"box":{"x":121,"y":613,"width":763,"height":13}},{"id":"e9430fce-4036-4ad9-ab9a-72bdaa8aa2d2","block_type":"box","text":"dividing that proportion of the Net Asset Value of the Sub-Fund which is attributable to the","page_number":102,"box":{"x":121,"y":629,"width":763,"height":13}},{"id":"54273eb4-a464-4822-b215-853b97d439c7","block_type":"box","text":"relevant class by the total number of Shares of the relevant class in issue at the relevant","page_number":102,"box":{"x":121,"y":646,"width":763,"height":13}},{"id":"1b2382ab-1ef3-4a34-b611-fc2ddbe4a52d","block_type":"box","text":"Valuation Point. The Valuation Point for each Sub-Fund is set out in Part 1 for the relevant","page_number":102,"box":{"x":121,"y":662,"width":763,"height":10}},{"id":"453dbd4b-7569-48d1-afb1-3f29a451c56b","block_type":"box","text":"Sub-Fund. The Net Asset Value per Share is the resulting sum rounded to the nearest seven","page_number":102,"box":{"x":121,"y":679,"width":763,"height":12}},{"id":"0961f622-ac65-4dfa-9ea6-ee45757a5409","block_type":"box","text":"decimal places (or such other amount as may be determined by the Directors at their discretion).","page_number":102,"box":{"x":121,"y":695,"width":763,"height":13}},{"id":"8bd580ac-a221-4bbe-9e43-6fb3f203468d","block_type":"box","text":"The Articles provide for the method of valuation of the assets and liabilities of each Sub-Fund","page_number":102,"box":{"x":121,"y":728,"width":763,"height":13}},{"id":"0e03e55b-ce34-4e55-9cea-7d51cd289cac","block_type":"box","text":"and of the Net Asset Value of each Fund. Pursuant to the terms of the Management Agreement,","page_number":102,"box":{"x":121,"y":744,"width":763,"height":13}},{"id":"4692597d-a516-4ceb-ba16-ea72daf6f928","block_type":"box","text":"the Directors have, among other things, delegated to the Manager all of their powers relating","page_number":102,"box":{"x":121,"y":761,"width":763,"height":12}},{"id":"021d86fc-bfdb-4a05-ac1d-163f0545deab","block_type":"box","text":"to the valuation of assets and liabilities of each Sub-Fund.","page_number":102,"box":{"x":121,"y":777,"width":472,"height":10}},{"id":"ae93d473-283d-469b-acc8-d792f28e4219","block_type":"box","text":"Calculation of Net Asset Value per share for LVNAV Money Market Funds","page_number":102,"box":{"x":121,"y":810,"width":655,"height":12}},{"id":"bf3d95bf-69cc-4466-b62d-d68c2c1da745","block_type":"box","text":"Any LVNAV Money Market Fund shall calculate a constant Net Asset Value per share as the","page_number":102,"box":{"x":121,"y":842,"width":763,"height":13}},{"id":"d5182ff9-466d-424f-ad4e-3b28459d8396","block_type":"box","text":"difference between the sum of all of its assets valued in accordance with the amortised cost","page_number":102,"box":{"x":121,"y":859,"width":763,"height":10}},{"id":"6fa0f214-3cea-436c-bb80-ce9b02e02d2e","block_type":"box","text":"method as described below and the sum of all its liabilities divided by the number of its","page_number":102,"box":{"x":121,"y":875,"width":763,"height":13}},{"id":"0c551f28-d14d-438a-a624-35b924190d53","block_type":"box","text":"outstanding shares. The constant Net Asset Value per Share of a LVNAV Money Market Fund","page_number":102,"box":{"x":121,"y":892,"width":763,"height":12}},{"id":"3680d225-a41b-4d37-be1d-126cf7992ed0","block_type":"box","text":"103","page_number":103,"box":{"x":487,"y":928,"width":33,"height":9}},{"id":"092ebc0b-b1b5-4261-b8cf-676a89aad269","block_type":"box","text":"shall be rounded to the nearest percentage point or its equivalent when the constant Net Asset","page_number":103,"box":{"x":121,"y":89,"width":763,"height":12}},{"id":"f548600d-4090-43b8-82c9-d059562dc77e","block_type":"box","text":"Value is published in a currency unit.","page_number":103,"box":{"x":121,"y":105,"width":306,"height":13}},{"id":"b56afe16-1db4-4142-a10c-f5a8c16239d7","block_type":"box","text":"The constant Net Asset Value per Share shall be calculated at least daily. The difference","page_number":103,"box":{"x":121,"y":138,"width":763,"height":13}},{"id":"20484fd8-cf5f-499c-9cdb-5bb7eed4ebf3","block_type":"box","text":"between the constant Net Asset Value per Share and the Net Asset Value per share calculated","page_number":103,"box":{"x":121,"y":154,"width":763,"height":13}},{"id":"dc012df3-c884-4ce0-93d6-c27bce8aff62","block_type":"box","text":"in accordance with Article 30 of the Money Market Fund Regulation shall be monitored and","page_number":103,"box":{"x":121,"y":170,"width":763,"height":13}},{"id":"c23fdff7-22f9-4fc0-8d72-0d20687574d6","block_type":"box","text":"published daily on www.avivainvestors.com.","page_number":103,"box":{"x":121,"y":187,"width":374,"height":13}},{"id":"39b0f69c-6898-4164-b90a-7d568f6abf0f","block_type":"box","text":"Where the constant Net Asset Value per Share deviates from the Net Asset Value per Share as","page_number":103,"box":{"x":121,"y":221,"width":763,"height":13}},{"id":"0d9f677e-486e-4100-b9bf-211eadcf8d93","block_type":"box","text":"calculated using the methodology for Variable NAV Money Market Funds (as provided for","page_number":103,"box":{"x":121,"y":237,"width":763,"height":13}},{"id":"fa41bc31-5d00-4a4a-8e1b-5d704bcfa88a","block_type":"box","text":"below) by more than 20 basis points any following subscriptions and redemptions in the Fund","page_number":103,"box":{"x":121,"y":254,"width":763,"height":13}},{"id":"8b2ae875-b7bf-47cb-abbf-0fbdf4f11c74","block_type":"box","text":"shall be undertaken at a price that is equal to the NAV per share calculated in accordance with","page_number":103,"box":{"x":121,"y":270,"width":763,"height":13}},{"id":"1668859a-b118-4903-8938-af7d4a57646d","block_type":"box","text":"the Variable NAV MMF valuation while (i) such 20 basis point deviation subsists or (ii) such","page_number":103,"box":{"x":121,"y":286,"width":763,"height":13}},{"id":"57fe83bd-b374-4889-8cbf-1a6fc4acd1ac","block_type":"box","text":"deviation does decrease below 20 basis points but is above 15 basis points and in the case of","page_number":103,"box":{"x":121,"y":303,"width":763,"height":13}},{"id":"ea5ae915-f261-416d-a4e2-6dcaed05a85c","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":103,"box":{"x":121,"y":319,"width":763,"height":13}},{"id":"c65ec332-95fe-4143-9283-f5b332d0f7b2","block_type":"box","text":"use the Variable NAV MMF Valuation.","page_number":103,"box":{"x":121,"y":336,"width":326,"height":10}},{"id":"e3055867-a07b-4c9b-a293-81f2884b8ae1","block_type":"box","text":"Calculation of Net Asset Value per share for Variable NAV Money Market Funds","page_number":103,"box":{"x":121,"y":368,"width":707,"height":13}},{"id":"32505553-8b9e-4d0d-bab8-2bff168e344a","block_type":"box","text":"Any variable Money Market Fund shall calculate the Net Asset Value per Share as the","page_number":103,"box":{"x":121,"y":401,"width":763,"height":13}},{"id":"9de44918-1f89-442a-b5a5-d95aac84328c","block_type":"box","text":"difference between the sum of all assets of the Money Market Fund and the sum of all liabilities","page_number":103,"box":{"x":121,"y":418,"width":763,"height":12}},{"id":"69ed890d-18b0-43d4-bbba-0137262f9bff","block_type":"box","text":"of the Money Market Fund valued in accordance with the mark-to-market or mark-to-model,","page_number":103,"box":{"x":121,"y":434,"width":763,"height":13}},{"id":"a4d1d26e-69e5-4f6f-8909-735ed94e07cf","block_type":"box","text":"or both divided by the number of outstanding shares of the Money Market Fund. The Net Asset","page_number":103,"box":{"x":121,"y":450,"width":763,"height":13}},{"id":"6078d538-668d-4e75-bd1b-d47eafc41b5d","block_type":"box","text":"Value per Share shall be rounded to the nearest basis point or its equivalent when the Net Asset","page_number":103,"box":{"x":121,"y":467,"width":763,"height":13}},{"id":"9e6df580-9104-4814-b016-8c5ae7331f16","block_type":"box","text":"Value is published in a currency unit. The Net Asset Value per Share shall be calculated and","page_number":103,"box":{"x":121,"y":483,"width":763,"height":13}},{"id":"cf263e5b-1104-4ff7-aa29-40bb2932ffe0","block_type":"box","text":"published at least daily.","page_number":103,"box":{"x":121,"y":500,"width":195,"height":12}},{"id":"afc75b28-cb0f-4d2f-a31d-f0023f6193c9","block_type":"box","text":"Interim Dealing Cycles – Money Market Funds","page_number":103,"box":{"x":121,"y":532,"width":411,"height":13}},{"id":"120a1917-9464-413c-93eb-8dab7a82b4a4","block_type":"box","text":"The Fund may offer intra-day dealing for Money Market Funds through Interim Dealing Cycles","page_number":103,"box":{"x":121,"y":565,"width":763,"height":13}},{"id":"c3c766ad-7992-41ac-b423-fbd4b682fbeb","block_type":"box","text":"within which subscriptions and redemptions may be accepted for execution in that Interim","page_number":103,"box":{"x":121,"y":581,"width":763,"height":13}},{"id":"4b3bedbb-b747-4a84-bda7-6e3d6f5abea0","block_type":"box","text":"Dealing Cycle where provided for in the relevant section of the Prospectus for a LVNAV Sub","page_number":103,"box":{"x":121,"y":598,"width":757,"height":13}},{"id":"20a932c9-d3c5-499f-a299-585d801a7da4","block_type":"box","text":"Fund.","page_number":103,"box":{"x":121,"y":614,"width":51,"height":10}},{"id":"eb0f8d43-1c43-4195-820c-7bea94f26ed9","block_type":"box","text":"Where Interim Dealing Cycles are offered to investors, it is done so at the discretion of the","page_number":103,"box":{"x":121,"y":647,"width":763,"height":13}},{"id":"3711c8f6-922d-4f0e-82af-61dd8d971ed3","block_type":"box","text":"Manager. The Manager may, in its absolute discretion, run more or less Interim Dealing Cycles","page_number":103,"box":{"x":121,"y":663,"width":763,"height":13}},{"id":"b78bafd1-dd39-480b-91ba-39c27785236b","block_type":"box","text":"for a particular Class or Sub-Fund. Interim Dealing Cycles will be immediately suspended in","page_number":103,"box":{"x":121,"y":680,"width":763,"height":13}},{"id":"b927f364-181e-4654-a23b-b948799c8fce","block_type":"box","text":"the event of a Valuation Deviation. In addition to the calculation of Net Asset Value of an","page_number":103,"box":{"x":121,"y":696,"width":763,"height":10}},{"id":"baa06e54-316d-4392-9a87-7d1c296306d7","block_type":"box","text":"LVNAV MMF and review for a Valuation Deviation at each Valuation Point, the Net Asset","page_number":103,"box":{"x":121,"y":713,"width":763,"height":11}},{"id":"83c2ac19-06ba-4af9-933d-f23644d7ec3a","block_type":"box","text":"Value will be subject to intra-day checks during Interim Dealing Cycles and at the Dealing","page_number":103,"box":{"x":121,"y":729,"width":763,"height":13}},{"id":"dfce484b-3d27-4ee7-b5a1-bb85fc6f461a","block_type":"box","text":"Deadline to protect against undetected Valuation Deviations. The Manager, and its delegates,","page_number":103,"box":{"x":121,"y":745,"width":763,"height":13}},{"id":"41650b8d-e6d5-45fd-9e65-58ad1a38a043","block_type":"box","text":"continually monitor for market and credit risks which may give rise to such a Valuation","page_number":103,"box":{"x":121,"y":762,"width":763,"height":13}},{"id":"3dd8efba-3a9c-4908-bf57-a544598a3d50","block_type":"box","text":"Deviation.","page_number":103,"box":{"x":121,"y":778,"width":89,"height":10}},{"id":"ae14c3af-e2f9-4d68-90ed-3c6f34a09934","block_type":"box","text":"Shareholders should note that Interim Dealing Cycles may be impacted by operational and","page_number":103,"box":{"x":121,"y":811,"width":763,"height":13}},{"id":"e5d1aeee-016a-4ce8-a773-f9604498bee1","block_type":"box","text":"settlement challenges and accordingly are subject to change. The number and/or time of Interim","page_number":103,"box":{"x":121,"y":827,"width":763,"height":13}},{"id":"6647e2ff-a096-4137-b14e-a8d59f8c4975","block_type":"box","text":"Dealing Cycles on any Dealing Day may vary as a result of such challenges. Subscriptions,","page_number":103,"box":{"x":121,"y":844,"width":763,"height":13}},{"id":"63658b8b-6534-4ac6-bf86-89ef7ad36e9a","block_type":"box","text":"Share transfers and redemptions may be included in a later Interim Dealing Cycle or at the","page_number":103,"box":{"x":121,"y":860,"width":763,"height":13}},{"id":"74d47a83-4429-4d09-97e7-8b54c238d782","block_type":"box","text":"Dealing Deadline for a Dealing Day if, for any reason, their application was not processed in","page_number":103,"box":{"x":121,"y":877,"width":763,"height":12}},{"id":"3279aa15-c725-437b-bae1-8515d9cb36e6","block_type":"box","text":"time for the intended Interim Dealing Cycle.","page_number":103,"box":{"x":121,"y":893,"width":363,"height":13}},{"id":"1c821ac6-f73c-4b5f-9863-8c69f7d99a37","block_type":"box","text":"104","page_number":104,"box":{"x":487,"y":928,"width":33,"height":9}},{"id":"3b809804-a60a-4fa7-b21a-9d7376eb5c04","block_type":"box","text":"Valuation of Money Market Funds","page_number":104,"box":{"x":121,"y":105,"width":305,"height":13}},{"id":"d08117ef-b82f-4062-ab1a-77e548f779ba","block_type":"box","text":"1.","page_number":104,"box":{"x":153,"y":138,"width":11,"height":10}},{"id":"16846025-d886-47d7-84c7-90495c89cd4c","block_type":"box","text":"The assets of Money Market Funds shall be valued at the relevant Valuation Point using","page_number":104,"box":{"x":181,"y":138,"width":703,"height":13}},{"id":"aab8ea1f-a6c0-4a87-946a-f39902fda640","block_type":"box","text":"mark-to-market whenever possible subject to the derogation set out in paragraphs 4 and","page_number":104,"box":{"x":181,"y":154,"width":703,"height":13}},{"id":"123c25a8-e678-45e6-863d-18971d60bd4e","block_type":"box","text":"5 below.","page_number":104,"box":{"x":182,"y":170,"width":73,"height":10}},{"id":"fd4a7497-ead0-41e9-b910-162779bb27d6","block_type":"box","text":"2.","page_number":104,"box":{"x":151,"y":203,"width":13,"height":10}},{"id":"c2c41efd-100d-482c-ae02-1d60a3c67107","block_type":"box","text":"When using mark-to-market, the assets of the Money Market Fund shall be valued at","page_number":104,"box":{"x":181,"y":203,"width":703,"height":13}},{"id":"c779b980-af8d-403c-a070-db6a6109a12c","block_type":"box","text":"the more prudent side of bid and offer unless the asset can be closed out at mid-market.","page_number":104,"box":{"x":181,"y":220,"width":703,"height":12}},{"id":"7b2d7147-0dab-4fc9-982e-8f9695548123","block_type":"box","text":"The Manager will only use good quality market data and such data shall be assessed by","page_number":104,"box":{"x":181,"y":236,"width":703,"height":13}},{"id":"2971ed68-a19b-459f-af02-1fb027d957e1","block_type":"box","text":"the Manager on the basis of all of the following factors:","page_number":104,"box":{"x":181,"y":252,"width":454,"height":13}},{"id":"35b153ad-0566-4811-aff5-c0be0b2ad779","block_type":"box","text":"","page_number":104,"box":{"x":152,"y":289,"width":7,"height":5}},{"id":"b3d68a7d-4e9a-4dd0-b960-5832eba9db01","block_type":"box","text":"The number and quality of the counterparties;","page_number":104,"box":{"x":181,"y":286,"width":375,"height":13}},{"id":"e42e8708-6b33-4e3e-a15e-ea2dc79fdb4c","block_type":"box","text":"","page_number":104,"box":{"x":152,"y":307,"width":7,"height":5}},{"id":"610dbbb1-c081-4192-aea5-1f7be3a4c33a","block_type":"box","text":"The volume and turnover in the market of the asset of the Money Market Fund;","page_number":104,"box":{"x":181,"y":304,"width":646,"height":12}},{"id":"8bf216ce-cf39-45b0-9b01-45acba8d1abe","block_type":"box","text":"","page_number":104,"box":{"x":152,"y":324,"width":7,"height":5}},{"id":"b279f339-e626-4872-9428-b0f219aecc67","block_type":"box","text":"The issue size and the portion of the issue that the Money Market Fund plans to buy or","page_number":104,"box":{"x":181,"y":321,"width":703,"height":13}},{"id":"445993b2-972b-4934-a53a-cb87d26a7d43","block_type":"box","text":"sell.","page_number":104,"box":{"x":182,"y":337,"width":37,"height":10}},{"id":"15aecf85-ee9f-41ba-b05a-ebf36c8428ea","block_type":"box","text":"3.","page_number":104,"box":{"x":152,"y":370,"width":12,"height":10}},{"id":"87ea6795-8143-4b8f-9503-9238d7ae94e3","block_type":"box","text":"Where use of mark-to-market is not possible or the market data is not of sufficient","page_number":104,"box":{"x":181,"y":370,"width":703,"height":13}},{"id":"571a1f46-ab6b-4c54-ac68-bbff499e3c8a","block_type":"box","text":"quality, an asset of a Money Market Fund shall be valued conservatively by using mark","page_number":104,"box":{"x":181,"y":387,"width":697,"height":12}},{"id":"a959f903-2a27-4c7d-a298-d57fc527f5cf","block_type":"box","text":"to-model. The model shall accurately estimate the intrinsic value of the asset of a","page_number":104,"box":{"x":181,"y":403,"width":703,"height":13}},{"id":"8bfa2578-6cb7-498e-b574-0fa26e733a45","block_type":"box","text":"Money Market Fund, based on all of the following up-to-date key factors:","page_number":104,"box":{"x":181,"y":419,"width":601,"height":13}},{"id":"03a8dd74-6372-46db-8281-f7d9c35f3dbe","block_type":"box","text":"","page_number":104,"box":{"x":152,"y":456,"width":7,"height":5}},{"id":"1ca7b093-ab80-4c85-a464-0b3e9d905bed","block_type":"box","text":"The volume and turnover in the market of that asset;","page_number":104,"box":{"x":181,"y":453,"width":428,"height":12}},{"id":"148f4019-624a-461b-8db2-2c2d415610f2","block_type":"box","text":"","page_number":104,"box":{"x":152,"y":474,"width":7,"height":5}},{"id":"d82ca8dc-fefe-403a-8a8f-2d97318f6c64","block_type":"box","text":"The issue size and the portion of the issue that the Money Market Fund plans to buy or","page_number":104,"box":{"x":181,"y":470,"width":703,"height":13}},{"id":"bc0ec010-21d7-4e57-8a66-4c1069a75141","block_type":"box","text":"sell;","page_number":104,"box":{"x":182,"y":487,"width":38,"height":12}},{"id":"a9152c42-dc42-455b-88b2-e27ef5f28f18","block_type":"box","text":"","page_number":104,"box":{"x":152,"y":507,"width":7,"height":6}},{"id":"b79c4f29-cbba-4981-a471-010b39d6db20","block_type":"box","text":"Market risk, interest rate risk, credit risk attached to the asset.","page_number":104,"box":{"x":181,"y":504,"width":502,"height":12}},{"id":"62e675d2-f9bb-44ee-8299-dc92781760b4","block_type":"box","text":"When using the mark-to-model, the amortised cost method shall not be used.","page_number":104,"box":{"x":181,"y":537,"width":625,"height":13}},{"id":"a38e1972-2c20-4ae0-b0f3-77e4b52a9435","block_type":"box","text":"4.","page_number":104,"box":{"x":151,"y":570,"width":13,"height":10}},{"id":"89d17385-bbe7-45d3-8a3c-f57c39b4886d","block_type":"box","text":"By way of a derogation from the above, the assets of LVNAV Money Market Sub","page_number":104,"box":{"x":181,"y":570,"width":697,"height":13}},{"id":"a7977722-ab44-4f26-b651-e225dc85d630","block_type":"box","text":"Funds that have a residual maturity of up to 75 days will be valued using amortised cost","page_number":104,"box":{"x":181,"y":586,"width":703,"height":13}},{"id":"cb417176-7e0c-42e8-b4f6-ce5cc0805b07","block_type":"box","text":"method.","page_number":104,"box":{"x":181,"y":603,"width":71,"height":10}},{"id":"960098af-92c0-4fbc-9cca-4c102a446c8e","block_type":"box","text":"5.","page_number":104,"box":{"x":151,"y":636,"width":13,"height":9}},{"id":"b8ae293a-741d-4bf0-83f4-684397e1ad07","block_type":"box","text":"The amortised cost method shall only be used for valuing an asset of a LVNAV Money","page_number":104,"box":{"x":181,"y":636,"width":703,"height":12}},{"id":"713dc75e-7a25-497e-a3a7-20a86d3a047a","block_type":"box","text":"Market Fund in circumstances where the price of that asset calculated in accordance","page_number":104,"box":{"x":181,"y":652,"width":703,"height":13}},{"id":"9ad939e4-ada8-4b36-9009-7069cc37d838","block_type":"box","text":"with the paragraphs 1,2 and 3 does not deviate from the price of that asset calculated in","page_number":104,"box":{"x":181,"y":668,"width":703,"height":13}},{"id":"0fbf801b-c70a-4d1b-93fc-e444f4bb654a","block_type":"box","text":"accordance with the amortised cost method by more than 10 basis points. In the event","page_number":104,"box":{"x":182,"y":685,"width":702,"height":13}},{"id":"5c2f9b12-ca81-4185-8127-577df3051ad2","block_type":"box","text":"of such deviation, the price of that asset shall be calculated in accordance with","page_number":104,"box":{"x":182,"y":701,"width":702,"height":13}},{"id":"ca0b2a32-ac9b-4263-badd-1e87ff59db6d","block_type":"box","text":"paragraphs 1, 2 and 3 (as applicable).","page_number":104,"box":{"x":181,"y":717,"width":306,"height":13}},{"id":"294b44f7-1991-47e3-8421-33faf5209f26","block_type":"box","text":"General Valuation – Non Money market Funds","page_number":104,"box":{"x":121,"y":750,"width":411,"height":13}},{"id":"e4a937cd-0819-4757-9a46-8a4a78cee2f7","block_type":"box","text":"Money market instruments in a non-money market Sub-Fund may be valued by the Directors","page_number":104,"box":{"x":121,"y":783,"width":763,"height":13}},{"id":"84f0ba28-b80a-4cdd-93d5-4c77c389f9a7","block_type":"box","text":"or their delegates at their amortised cost, in accordance with the Central Bank’s requirements.","page_number":104,"box":{"x":121,"y":799,"width":761,"height":13}},{"id":"d17fce33-3dc1-43ce-8051-4a86e44f63ee","block_type":"box","text":"Subject to the foregoing, any investments owned or contracted for by a Sub-Fund which are","page_number":104,"box":{"x":121,"y":832,"width":763,"height":13}},{"id":"6d40cce4-49a0-4909-a705-6492e01cf3fd","block_type":"box","text":"listed or dealt in on a Market the value thereof shall be based on the “latest mid-market price”,","page_number":104,"box":{"x":121,"y":849,"width":763,"height":12}},{"id":"10f5f0a3-8f87-4508-90bb-bd0444750e2a","block_type":"box","text":"being the mean price between bid and offer prices for such security last available as at the","page_number":104,"box":{"x":121,"y":865,"width":763,"height":13}},{"id":"6d06d6a3-850e-473f-9e5e-55cefe762de2","block_type":"box","text":"relevant Valuation Point. Where such Investment is listed or dealt in on more than one Market","page_number":104,"box":{"x":121,"y":881,"width":763,"height":10}},{"id":"3a889e09-0af6-4b39-9bc2-e4f28dee9af3","block_type":"box","text":"the Manager shall select the Market which constitutes the main market for the foregoing","page_number":104,"box":{"x":121,"y":898,"width":763,"height":13}},{"id":"cb349174-2107-4104-8a07-b337bc9d62ca","block_type":"box","text":"105","page_number":105,"box":{"x":487,"y":928,"width":33,"height":9}},{"id":"d8da6c51-6a72-46f8-9828-65bb04883896","block_type":"box","text":"purposes. Investments listed or traded on a regulated market but acquired at a premium or at a","page_number":105,"box":{"x":121,"y":89,"width":763,"height":12}},{"id":"4e4dcda9-6176-4fa6-b4f0-0f69d6bb2cc9","block_type":"box","text":"discount outside the relevant market may be valued taking into account the level of premium","page_number":105,"box":{"x":121,"y":105,"width":763,"height":13}},{"id":"7e4f7130-775f-4cb9-b046-c3b79e741f56","block_type":"box","text":"or discount at the date of valuation.","page_number":105,"box":{"x":121,"y":121,"width":289,"height":10}},{"id":"e460f21f-15a3-447d-989e-de2696b43288","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":105,"box":{"x":121,"y":154,"width":763,"height":13}},{"id":"9285b757-0ac3-4313-a0ae-9fbdc9a25a92","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":105,"box":{"x":121,"y":170,"width":763,"height":13}},{"id":"1f4b50be-2ca6-4a17-a7b0-25ee404df6be","block_type":"box","text":"which (i) the Manager (as the Fund's delegate) shall determine that the amortised cost method","page_number":105,"box":{"x":121,"y":187,"width":763,"height":13}},{"id":"0a7c5c61-a96a-4396-997a-474eb72c9784","block_type":"box","text":"of valuation is not appropriate and (ii) the middle market price is currently unavailable or the","page_number":105,"box":{"x":121,"y":203,"width":763,"height":13}},{"id":"952faa44-4d5e-4bf0-abf0-7d0903235518","block_type":"box","text":"current price of which does not in the opinion of the Manager represent fair market value shall","page_number":105,"box":{"x":121,"y":220,"width":763,"height":12}},{"id":"c51024cf-d497-491d-8daa-11edbc38087b","block_type":"box","text":"be the probable realisation value thereof estimated with care and in good faith by the Manager","page_number":105,"box":{"x":121,"y":236,"width":763,"height":13}},{"id":"53b03454-8420-4e76-9669-f1b7e6897531","block_type":"box","text":"or a competent person appointed by the Manager, in each case approved, for such purpose, by","page_number":105,"box":{"x":121,"y":252,"width":763,"height":13}},{"id":"fe4abec4-67db-40fa-98f7-61aab056ce2e","block_type":"box","text":"the Depositary. In determining the probable realisation value of any such investment, a","page_number":105,"box":{"x":121,"y":269,"width":763,"height":13}},{"id":"354abb2c-af08-45eb-9cb9-cbf02f09d49f","block_type":"box","text":"certified valuation thereof provided by a competent independent person or, in the absence of","page_number":105,"box":{"x":121,"y":285,"width":763,"height":13}},{"id":"3ed168b3-d15a-4019-9314-f35674020ba3","block_type":"box","text":"any independent person, the Investment Manager, who in each case shall have been approved","page_number":105,"box":{"x":121,"y":302,"width":763,"height":12}},{"id":"d8db6739-1ddf-48ae-8920-a287a4c15f4d","block_type":"box","text":"for such purposes by the Depositary, shall be sufficient.","page_number":105,"box":{"x":121,"y":318,"width":454,"height":13}},{"id":"92489157-0975-4693-9c8c-030ec908bd2c","block_type":"box","text":"The Articles also provide that valuations of units or shares or other similar participation in any","page_number":105,"box":{"x":121,"y":351,"width":763,"height":13}},{"id":"833e9691-ac02-4e9a-83e2-102e094a9c8d","block_type":"box","text":"collective investment scheme, which provides for the units or shares or other similar","page_number":105,"box":{"x":121,"y":367,"width":763,"height":13}},{"id":"e17cf727-7db9-4a3b-8f88-912281c6c0de","block_type":"box","text":"participation therein to be redeemed at the option of the holder out of the assets of that","page_number":105,"box":{"x":121,"y":384,"width":763,"height":12}},{"id":"9fe55ca7-5e2e-4511-ab68-c97b531f9d81","block_type":"box","text":"undertaking, shall be valued at the last available net asset value per unit or share or other similar","page_number":105,"box":{"x":121,"y":400,"width":763,"height":13}},{"id":"e05179a5-18b0-44da-83af-b75990800c14","block_type":"box","text":"participation as at the relevant Valuation Point or if bid and offer prices are published at the","page_number":105,"box":{"x":121,"y":416,"width":763,"height":13}},{"id":"c53215e5-0525-43bd-beed-8e2bf7f9aa23","block_type":"box","text":"last available bid price.","page_number":105,"box":{"x":121,"y":433,"width":191,"height":13}},{"id":"e3c7f47e-c766-4bfa-9ffc-68e050fdbd64","block_type":"box","text":"The Articles further provide that the value of any cash in hand or on deposit, prepaid expenses,","page_number":105,"box":{"x":121,"y":465,"width":763,"height":13}},{"id":"71799f20-0ec5-4b56-97eb-f9760855724c","block_type":"box","text":"cash dividends and interest declared or accrued and not yet received as at a Valuation Point","page_number":105,"box":{"x":121,"y":482,"width":763,"height":13}},{"id":"81a29df4-2d05-4386-8f5c-fb7a7b18722d","block_type":"box","text":"shall be deemed to be the face value thereof with interest accrued where applicable, unless in","page_number":105,"box":{"x":121,"y":498,"width":763,"height":13}},{"id":"e97be714-522d-4d1c-8f9b-ec00091aa6d6","block_type":"box","text":"any case the Directors are of the opinion that the same is unlikely to be paid or received in full","page_number":105,"box":{"x":121,"y":515,"width":763,"height":12}},{"id":"c93f095d-240b-4067-b204-ddff3d686023","block_type":"box","text":"in which case the value thereof shall be arrived at after making such discount as the Directors","page_number":105,"box":{"x":121,"y":531,"width":763,"height":13}},{"id":"6d3f7e63-1570-4fec-9e0a-0a799d08c242","block_type":"box","text":"may consider appropriate in such case to reflect the true value thereof as at any Valuation Point.","page_number":105,"box":{"x":121,"y":547,"width":763,"height":13}},{"id":"5839d824-e50b-4091-9e54-ff892d3b5b4b","block_type":"box","text":"The value of any demand notes, promissory notes and accounts receivable shall be deemed to","page_number":105,"box":{"x":121,"y":580,"width":763,"height":13}},{"id":"17af641f-93be-46a7-9c42-8c626b4d0fd8","block_type":"box","text":"be the face value or full amount thereof after making such discount as the Manager may","page_number":105,"box":{"x":121,"y":597,"width":763,"height":12}},{"id":"15c4a096-f901-4719-9c8b-3e67806ed676","block_type":"box","text":"consider appropriate to reflect the true current value thereof as at the relevant Valuation Point.","page_number":105,"box":{"x":121,"y":613,"width":763,"height":13}},{"id":"93c9e691-c819-4ecf-86ec-7c019a756ecb","block_type":"box","text":"Certificates of deposit, treasury bills, bank acceptances, trade bills and other negotiable","page_number":105,"box":{"x":121,"y":646,"width":763,"height":13}},{"id":"096a98bb-58c1-4c0d-a436-3d1a3dc4fc88","block_type":"box","text":"instruments shall each be valued by reference to the best price available for certificates of","page_number":105,"box":{"x":121,"y":662,"width":763,"height":13}},{"id":"8b3a74c8-8154-4cc1-a00e-80eb1507a885","block_type":"box","text":"deposit, treasury bills, bank acceptances, trade bills and other negotiable instruments of like","page_number":105,"box":{"x":121,"y":679,"width":763,"height":12}},{"id":"59f2ab6d-324d-448a-b1f2-0a8008643757","block_type":"box","text":"maturity, amount and credit risk at the relevant Valuation Point.","page_number":105,"box":{"x":121,"y":695,"width":520,"height":13}},{"id":"1e4676f8-779d-4f94-989a-a66af2cfafa4","block_type":"box","text":"Forward foreign exchange contracts shall be valued by reference to the price as at the relevant","page_number":105,"box":{"x":121,"y":728,"width":763,"height":13}},{"id":"c9206c3c-5833-4a9d-a25c-ada3a979464f","block_type":"box","text":"Valuation Point at which a new forward contract of the same size and maturity could be","page_number":105,"box":{"x":121,"y":744,"width":763,"height":13}},{"id":"d64d7986-3006-4022-b91b-2364f709c8d2","block_type":"box","text":"undertaken, or, if unavailable, at the settlement price provided by the counterparty. The value","page_number":105,"box":{"x":121,"y":761,"width":763,"height":12}},{"id":"c021cf50-945d-44cc-bb97-9537979c3406","block_type":"box","text":"of any exchange traded futures contracts, share price index futures contracts and options and","page_number":105,"box":{"x":121,"y":777,"width":763,"height":13}},{"id":"4b629fea-bcb3-4c49-95db-a79fd13f4abc","block_type":"box","text":"other derivatives contracts which are dealt in on a Market shall be the settlement price as","page_number":105,"box":{"x":121,"y":793,"width":763,"height":13}},{"id":"6700f35c-4675-4b88-8d30-5be4db62c957","block_type":"box","text":"determined by the Market in question as at the relevant Valuation Point, provided that where it","page_number":105,"box":{"x":121,"y":810,"width":763,"height":12}},{"id":"a7e564fb-754f-4ff5-8923-750bbdd42919","block_type":"box","text":"is not the practice for the relevant Market to quote a settlement price or such settlement price","page_number":105,"box":{"x":121,"y":826,"width":763,"height":13}},{"id":"7dd45754-3376-4c45-8ae5-6730cab251e4","block_type":"box","text":"is not available for any reason as at the relevant Valuation Point, such value shall be the","page_number":105,"box":{"x":121,"y":842,"width":763,"height":13}},{"id":"a94e2ed3-86f0-4fce-8adf-073b1a993ec1","block_type":"box","text":"probable realisation value thereof estimated with care and in good faith by the Administrator","page_number":105,"box":{"x":121,"y":859,"width":763,"height":13}},{"id":"ce9bcc85-7121-4cdb-8370-ef58c617ea9c","block_type":"box","text":"or another competent person provided that the Administrator or such other competent person","page_number":105,"box":{"x":121,"y":875,"width":763,"height":13}},{"id":"194f131f-b4be-4eb6-9b5a-c51683843f6a","block_type":"box","text":"have been approved for such purpose by the Depositary.","page_number":105,"box":{"x":121,"y":892,"width":459,"height":12}},{"id":"b872120b-d0ff-4706-aa1f-ed2d62c3efc9","block_type":"box","text":"106","page_number":106,"box":{"x":487,"y":928,"width":33,"height":9}},{"id":"ffde9e2b-0278-4cd6-b7bd-41e990a987ff","block_type":"box","text":"The value of any off-exchange derivative contracts shall be the quotation from the counterparty","page_number":106,"box":{"x":121,"y":105,"width":763,"height":13}},{"id":"050fcd25-67d7-4a64-abc4-0b37ae57d3ed","block_type":"box","text":"to such contracts at the Valuation Point and shall be valued at least daily. The valuation will","page_number":106,"box":{"x":121,"y":121,"width":763,"height":13}},{"id":"9a9f51b0-cefa-47f8-93d7-0b29f5b8e105","block_type":"box","text":"be verified at least weekly by a party independent of the counterparty, who has been approved","page_number":106,"box":{"x":121,"y":138,"width":763,"height":13}},{"id":"18e57188-67c1-4f2a-a47c-24decd382baf","block_type":"box","text":"for such purpose by the Depositary.","page_number":106,"box":{"x":121,"y":154,"width":292,"height":13}},{"id":"9587cb12-004f-42fa-ac93-e716d69d6682","block_type":"box","text":"Any value expressed otherwise than in the Base Currency of the relevant Sub-Fund (whether","page_number":106,"box":{"x":121,"y":187,"width":763,"height":13}},{"id":"bacc275e-f8f9-48ff-a481-45539749ed46","block_type":"box","text":"of any investment or cash) and any non-Base Currency borrowing shall be converted into the","page_number":106,"box":{"x":121,"y":203,"width":763,"height":13}},{"id":"12d270a8-4e30-4943-9671-3003491fab14","block_type":"box","text":"Base Currency at the rate (whether official or otherwise) which the Manager shall determine to","page_number":106,"box":{"x":121,"y":220,"width":763,"height":12}},{"id":"3940e6af-8fbf-4675-a7fc-9366eff7fd41","block_type":"box","text":"be appropriate in the circumstances.","page_number":106,"box":{"x":121,"y":236,"width":295,"height":13}},{"id":"c8afeba3-4e23-4df1-b7b6-10f535f057f4","block_type":"box","text":"Notwithstanding any of the foregoing, the Manager may with the approval of the Depositary","page_number":106,"box":{"x":121,"y":269,"width":763,"height":13}},{"id":"f80d0a15-f5a2-421e-b6df-ba9b8f9e715c","block_type":"box","text":"adjust the value of any investment or other asset if, having regard to currency, applicable rate","page_number":106,"box":{"x":121,"y":285,"width":763,"height":13}},{"id":"af85a1ce-c689-4283-a440-b0b49fa53c91","block_type":"box","text":"of interest, anticipated rate of dividend, maturity, marketability, liquidity and/or such other","page_number":106,"box":{"x":121,"y":302,"width":763,"height":12}},{"id":"1674e60b-1e52-4a2c-ba82-eb7ab5c3cbf6","block_type":"box","text":"considerations as they may deem relevant, they consider that such adjustment is required to","page_number":106,"box":{"x":121,"y":318,"width":763,"height":13}},{"id":"db3dcb1c-603f-45bb-a417-afdf2091754d","block_type":"box","text":"reflect the fair value thereof as at the relevant Valuation Point.","page_number":106,"box":{"x":121,"y":334,"width":508,"height":10}},{"id":"59ede9e1-bad5-4e77-bf63-8e1d4d119a38","block_type":"box","text":"If in any case a particular value is not ascertainable as above provided or if the Directors shall","page_number":106,"box":{"x":121,"y":367,"width":763,"height":13}},{"id":"d90e0ccc-b3d5-40c7-9c02-d6903d06556c","block_type":"box","text":"consider that some other method of valuation better reflects the fair value of the relevant","page_number":106,"box":{"x":121,"y":384,"width":763,"height":9}},{"id":"5220e621-197e-4846-b855-6d32509131b4","block_type":"box","text":"investment, then in such case the method of valuation of the relevant investment shall be such","page_number":106,"box":{"x":121,"y":400,"width":763,"height":12}},{"id":"d79540b7-1bf3-4ab3-922d-041b259a09be","block_type":"box","text":"as the Manager shall determine, such method of valuation to be approved by the Depositary","page_number":106,"box":{"x":121,"y":416,"width":763,"height":13}},{"id":"216f3199-b655-4c00-98d6-ea871f2546e7","block_type":"box","text":"and the rationale used shall be clearly documented.","page_number":106,"box":{"x":121,"y":433,"width":417,"height":13}},{"id":"be1d01da-38bb-4dd2-baa1-949518bd7e1a","block_type":"box","text":"Suspension of Calculation of Net Asset Value","page_number":106,"box":{"x":121,"y":465,"width":391,"height":13}},{"id":"1a39dc4e-8c84-48a5-8cd0-e6b851dabd04","block_type":"box","text":"The Directors may at any time temporarily suspend the calculation of the Net Asset Value of","page_number":106,"box":{"x":121,"y":498,"width":763,"height":13}},{"id":"f60cdf76-f15c-4ccf-9f5f-95093e103088","block_type":"box","text":"any Sub-Fund and the issue, redemption and exchange of Shares and the payment of","page_number":106,"box":{"x":121,"y":515,"width":763,"height":12}},{"id":"6b12d24f-d1d9-4c14-b79c-b936e9ab9781","block_type":"box","text":"redemption proceeds during:","page_number":106,"box":{"x":121,"y":531,"width":236,"height":13}},{"id":"a5af4da5-c55d-4591-a1a9-81365dc27ab3","block_type":"box","text":"(i) any period when any of the Markets on which a substantial portion of the investments","page_number":106,"box":{"x":121,"y":564,"width":763,"height":13}},{"id":"833a5088-1c43-4485-bec6-5340cd9fa6f8","block_type":"box","text":"of the relevant Sub-Fund from time to time are quoted is closed, otherwise than for","page_number":106,"box":{"x":182,"y":580,"width":702,"height":13}},{"id":"acc9d8fc-1392-4206-b1bf-525ce281ee3d","block_type":"box","text":"ordinary holidays, or during which dealings therein are restricted or suspended; or","page_number":106,"box":{"x":182,"y":597,"width":666,"height":12}},{"id":"60ac25cf-7f80-4edf-841c-8246a57fecd9","block_type":"box","text":"(ii) any period when, as a result of political, economic, military or monetary events or any","page_number":106,"box":{"x":121,"y":613,"width":761,"height":13}},{"id":"d368ed94-cb54-4e17-ae79-3fece9e916c4","block_type":"box","text":"circumstances outside the control, responsibility and power of the Directors, disposal","page_number":106,"box":{"x":181,"y":629,"width":703,"height":13}},{"id":"6bc98af7-94d2-42aa-9e42-4a31ca7787bd","block_type":"box","text":"or valuation of a substantial portion of the investments of the relevant Sub-Fund is not","page_number":106,"box":{"x":182,"y":646,"width":702,"height":13}},{"id":"e9de6ef1-cf1f-4639-b26c-ea451bda8dd4","block_type":"box","text":"reasonably practicable without this being seriously detrimental to the interests of","page_number":106,"box":{"x":181,"y":662,"width":703,"height":13}},{"id":"221effbb-6585-42d9-a1ad-328f143af724","block_type":"box","text":"Shareholders of the relevant Sub-Fund or if, in the opinion of the Directors, the Net","page_number":106,"box":{"x":182,"y":679,"width":702,"height":12}},{"id":"99a203fc-6a62-4032-8bd7-773c3b4b3398","block_type":"box","text":"Asset Value of the Sub-Fund cannot be fairly calculated; or","page_number":106,"box":{"x":181,"y":695,"width":485,"height":13}},{"id":"2b765329-cdc5-41c5-bdaf-70e7add0ed74","block_type":"box","text":"(iii) any breakdown in the means of communication normally employed in determining the","page_number":106,"box":{"x":121,"y":711,"width":763,"height":13}},{"id":"f857b97c-d531-4ac4-825f-57791e12adda","block_type":"box","text":"price of a substantial portion of the investments of the relevant Sub-Fund or when for","page_number":106,"box":{"x":181,"y":728,"width":703,"height":13}},{"id":"df66aeb9-cf22-428f-8316-6166797e2cab","block_type":"box","text":"any other reason the current prices on any Market of any of the investments of the","page_number":106,"box":{"x":182,"y":744,"width":702,"height":13}},{"id":"9c5f47c8-9a7b-45d5-bc81-dacf162ba3ce","block_type":"box","text":"relevant Sub-Fund cannot be promptly and accurately ascertained; or","page_number":106,"box":{"x":181,"y":761,"width":561,"height":12}},{"id":"8b5cbd45-eb14-421b-b0cb-848e3d004b13","block_type":"box","text":"(iv) any period during which any transfer of funds involved in the realisation or","page_number":106,"box":{"x":121,"y":777,"width":672,"height":13}},{"id":"faf419c1-4344-4036-aebd-0ccb897a2ac1","block_type":"box","text":"acquisition of investments of the relevant Sub-Fund cannot, in the opinion of the","page_number":106,"box":{"x":182,"y":793,"width":702,"height":13}},{"id":"48ad5777-da80-4161-89b4-42c9aadf177f","block_type":"box","text":"Directors, be effected at normal prices or rates of exchange; or","page_number":106,"box":{"x":181,"y":810,"width":509,"height":12}},{"id":"78de6ea5-5f08-40e0-8736-7b3f2eb853e6","block_type":"box","text":"(v) any period when the Fund is unable to repatriate funds required for the purpose of","page_number":106,"box":{"x":121,"y":826,"width":726,"height":13}},{"id":"c7e0a382-baaa-4ef3-a129-a19c7a5b04b2","block_type":"box","text":"making payments due on the redemption of Shares in the relevant Sub-Fund; or","page_number":106,"box":{"x":181,"y":842,"width":647,"height":13}},{"id":"b5dca280-fc2a-49f6-b76d-fe849985cc00","block_type":"box","text":"(vi) any period when the Directors consider it to be in the best interest of the relevant Sub","page_number":106,"box":{"x":121,"y":859,"width":757,"height":13}},{"id":"53c92ccf-b703-4b25-a14c-4571d9ac36d5","block_type":"box","text":"Fund; or","page_number":106,"box":{"x":181,"y":875,"width":74,"height":12}},{"id":"1559cb24-1773-444a-86dd-8f51380c6339","block_type":"box","text":"(vii) when any other reason makes it impracticable to determine the value of a meaningful","page_number":106,"box":{"x":121,"y":892,"width":763,"height":12}},{"id":"1f724774-53e5-4344-881d-1c7c2665136d","block_type":"box","text":"107","page_number":107,"box":{"x":487,"y":928,"width":33,"height":9}},{"id":"cff6411a-576d-43b5-998b-d519071ab787","block_type":"box","text":"portion of the investments of the Fund or any Sub-Fund.","page_number":107,"box":{"x":181,"y":89,"width":460,"height":12}},{"id":"992ddb2f-6c1c-4f7b-b0cc-7c8d7c9b1867","block_type":"box","text":"Where possible, all reasonable steps will be taken to bring any period of suspension to an end","page_number":107,"box":{"x":121,"y":121,"width":763,"height":13}},{"id":"3dcd6575-94fa-49c7-aee2-2503c2a1e1b7","block_type":"box","text":"as soon as possible.","page_number":107,"box":{"x":121,"y":138,"width":162,"height":13}},{"id":"bac3a8e6-5518-4b38-a31e-7224a054066c","block_type":"box","text":"Shareholders who have requested issue or redemptions of Shares of any class or exchanges of","page_number":107,"box":{"x":121,"y":170,"width":763,"height":13}},{"id":"c3063295-4584-4a5c-88d5-290895384c5f","block_type":"box","text":"Shares of one class to another will be notified of any such suspension in such manner as may","page_number":107,"box":{"x":121,"y":187,"width":763,"height":13}},{"id":"ec289c5a-8692-494a-858c-5b42c30204d8","block_type":"box","text":"be directed by the Directors and, unless withdrawn but subject to the limitation referred to","page_number":107,"box":{"x":121,"y":203,"width":763,"height":13}},{"id":"1f8e0233-1b4e-469f-a8c8-badd997cdb8b","block_type":"box","text":"above, their requests will be dealt with on the first relevant Dealing Day after the suspension","page_number":107,"box":{"x":121,"y":220,"width":763,"height":12}},{"id":"ac9417db-c466-4a6d-93f1-a54c83917dac","block_type":"box","text":"is lifted. Any such suspension will be notified without delay and in any event on the same","page_number":107,"box":{"x":121,"y":236,"width":763,"height":13}},{"id":"00f6e694-36e9-44e8-a451-f274f3f85761","block_type":"box","text":"Business Day to the Central Bank and will be communicated without delay to the competent","page_number":107,"box":{"x":121,"y":252,"width":763,"height":13}},{"id":"34ec9628-2afb-4755-8e9d-4cb93669dced","block_type":"box","text":"authorities in the Member States in which it markets its Shares.","page_number":107,"box":{"x":121,"y":269,"width":515,"height":10}},{"id":"f19b2d22-890f-4c06-a554-d573c4e6eea4","block_type":"box","text":"Form of Shares and Transfer of Shares","page_number":107,"box":{"x":121,"y":301,"width":342,"height":11}},{"id":"1f45493c-91ac-474c-ba4c-eabf9425bdfe","block_type":"box","text":"Shares will be issued in registered form. Contract notes providing details of the trade will","page_number":107,"box":{"x":121,"y":334,"width":763,"height":13}},{"id":"ac2fd187-04a9-4932-a698-368b18de1bfc","block_type":"box","text":"normally be issued within three Business Days of the relevant Dealing Day. Written","page_number":107,"box":{"x":121,"y":351,"width":763,"height":13}},{"id":"8cd41e25-599c-4c06-82b1-66d85ea5f0ba","block_type":"box","text":"confirmations of ownership evidencing entry in the register will be issued within 30 days of","page_number":107,"box":{"x":121,"y":367,"width":763,"height":13}},{"id":"2cd8f56d-be2c-4f57-b86f-8c7b401862d7","block_type":"box","text":"the relevant Dealing Day upon receipt of all documentation required by the Administrator.","page_number":107,"box":{"x":121,"y":384,"width":734,"height":12}},{"id":"a1aee343-6123-497d-a5fb-b63760807de8","block_type":"box","text":"Shares in each Sub-Fund will be transferable by instrument in writing in common form or in","page_number":107,"box":{"x":121,"y":416,"width":763,"height":13}},{"id":"4a173216-6bf1-421b-b6e7-8478cf59849f","block_type":"box","text":"any other form approved by the Directors and signed by (or, in the case of a transfer by a body","page_number":107,"box":{"x":121,"y":433,"width":763,"height":13}},{"id":"296f7f6e-8f70-412b-a564-dee9971763f4","block_type":"box","text":"corporate, signed on behalf of or sealed by) the transferor. Transferees will be required to","page_number":107,"box":{"x":121,"y":449,"width":763,"height":13}},{"id":"05e57d1b-dae8-4664-bf58-26c35d251d07","block_type":"box","text":"complete an Application Form and provide any other documentation reasonably required by","page_number":107,"box":{"x":121,"y":465,"width":763,"height":13}},{"id":"232c51af-aa9c-408c-a99d-127c9e129bd5","block_type":"box","text":"the Fund or the Administrator. 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Registration of any transfer may be refused by the Directors if,","page_number":107,"box":{"x":121,"y":875,"width":763,"height":13}},{"id":"f596ccf3-fa43-41cb-8ce7-6886de4217ea","block_type":"box","text":"following the transfer, either transferor or transferee would hold Shares having a value less","page_number":107,"box":{"x":121,"y":892,"width":763,"height":12}},{"id":"274cbeb8-bbee-455b-ae46-2e45ca6bb71c","block_type":"box","text":"108","page_number":108,"box":{"x":487,"y":928,"width":33,"height":9}},{"id":"21e76343-2e69-49fd-a8bb-6baf9433d7d4","block_type":"box","text":"than the Minimum Holding for that class of Shares specified in the relevant section of Part 1","page_number":108,"box":{"x":121,"y":89,"width":763,"height":12}},{"id":"cc8885dc-8fa1-46a3-a400-6cabccd694dd","block_type":"box","text":"for the relevant Sub-Fund","page_number":108,"box":{"x":121,"y":105,"width":212,"height":10}},{"id":"aa7d5246-5eb0-408b-aced-9f9b34fe1a51","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":108,"box":{"x":121,"y":138,"width":763,"height":13}},{"id":"50a23f21-ec00-4f4c-99e4-c0e97271170e","block_type":"box","text":"is entitled to redeem and cancel a sufficient portion of the transferor’s Shares as will enable the","page_number":108,"box":{"x":121,"y":154,"width":763,"height":13}},{"id":"7ccd985d-571a-4464-a0e7-302cab7327ee","block_type":"box","text":"Fund to pay the tax payable in respect of the transfer to the Revenue Commissioners in Ireland.","page_number":108,"box":{"x":121,"y":170,"width":757,"height":13}},{"id":"03c2961e-1a34-4415-a70d-e09bc39f676b","block_type":"box","text":"Notification of Prices","page_number":108,"box":{"x":121,"y":203,"width":186,"height":10}},{"id":"4e516c6a-fd6c-4f0e-97dd-58a9e651f76b","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":108,"box":{"x":121,"y":236,"width":763,"height":13}},{"id":"d9adf318-e10e-4efc-abcd-2a72bf899561","block_type":"box","text":"the Administrator.","page_number":108,"box":{"x":121,"y":252,"width":152,"height":10}},{"id":"132a68d0-e5cb-4c58-b9ab-9b6a2a85226a","block_type":"box","text":"The Net Asset Value per Share as calculated on any Dealing Day with respect to each class of","page_number":108,"box":{"x":121,"y":285,"width":762,"height":13}},{"id":"936e4855-311c-4cee-9bc6-f726f42da545","block_type":"box","text":"Shares in each Sub-Fund will be published on","page_number":108,"box":{"x":121,"y":302,"width":375,"height":12}},{"id":"a4736a49-e63f-481f-9919-f292b7ae6f52","block_type":"box","text":"www.avivainvestors.com","page_number":108,"box":{"x":496,"y":302,"width":204,"height":10}},{"id":"6f4fb7a9-a989-4432-8287-1187733e91f1","block_type":"box","text":".","page_number":108,"box":{"x":702,"y":310,"width":9,"height":1}},{"id":"7fe45fbb-1e36-4e09-8ae0-60289b98f8d8","block_type":"box","text":"109","page_number":109,"box":{"x":487,"y":928,"width":33,"height":10}},{"id":"068912ad-dcae-4777-be55-74c3b1b7cf0e","block_type":"box","text":"_______________________________________________________________________","page_number":109,"box":{"x":120,"y":98,"width":721,"height":2}},{"id":"ddfac1ea-bb9a-48a9-a696-f6718a3294f3","block_type":"box","text":"CHARGES AND EXPENSES","page_number":109,"box":{"x":351,"y":105,"width":305,"height":12}},{"id":"26fbecf2-0886-4625-8578-ec134c9b560a","block_type":"box","text":"___________________________________________________________________________","page_number":109,"box":{"x":120,"y":135,"width":756,"height":1}},{"id":"8b36bdcd-e312-4169-8b9e-a13ed8d36807","block_type":"box","text":"Particulars of the charges and expenses (including performance fees, if any) payable to the","page_number":109,"box":{"x":121,"y":157,"width":763,"height":13}},{"id":"837f04cb-8241-4162-884d-b9aa2f99d662","block_type":"box","text":"Manager and the Investment Manager out of the assets of each Sub-Fund are set out in the","page_number":109,"box":{"x":121,"y":173,"width":763,"height":13}},{"id":"f8d4c894-7dde-4447-80eb-b85f0e562a7a","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":109,"box":{"x":121,"y":190,"width":763,"height":12}},{"id":"b7120bb8-62a9-4442-bb3f-7c2eebd9d77d","block_type":"box","text":"charges and expenses payable to the Depositary (including the charges and expenses of sub","page_number":109,"box":{"x":121,"y":206,"width":757,"height":13}},{"id":"b5478459-afb4-47ec-878a-0294917106d6","block_type":"box","text":"custodians which will be at normal commercial rates), the Administrator, the Distributor, the","page_number":109,"box":{"x":121,"y":222,"width":763,"height":13}},{"id":"3e324211-eb5f-4cc5-9bcd-7ef0f000fe2f","block_type":"box","text":"Digital Custodian, the Tokenisation Platform Provider and the Directors, and all other annual","page_number":109,"box":{"x":121,"y":239,"width":763,"height":13}},{"id":"9787d85f-ee7e-4ab3-8a70-a7ba3d14b492","block_type":"box","text":"charges and expenses of each Sub-Fund on the terms provided for in the relevant section of","page_number":109,"box":{"x":121,"y":255,"width":763,"height":13}},{"id":"90245e85-889f-4a88-9a07-fd28f101303d","block_type":"box","text":"Part 1 for each Sub-Fund.","page_number":109,"box":{"x":121,"y":272,"width":212,"height":9}},{"id":"65ab88bf-4459-4b72-887b-89ed27409f8d","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":109,"box":{"x":121,"y":304,"width":763,"height":13}},{"id":"ad5e9413-b4b8-47f3-a222-def38ab19089","block_type":"box","text":"expenses payable to the Manager, the Investment Manager, the Depositary, the Administrator,","page_number":109,"box":{"x":121,"y":321,"width":763,"height":13}},{"id":"0bfa1b8f-da2a-4542-8736-4fedb92606c4","block_type":"box","text":"any Distributor, the Digital Custodian, the Tokenisation Platform Provider, the charges and","page_number":109,"box":{"x":121,"y":337,"width":763,"height":13}},{"id":"e50bc9b8-113a-4cd5-b58a-29bdce2130e6","block_type":"box","text":"expenses of sub-custodians which will be at normal commercial rates, the charges and expenses","page_number":109,"box":{"x":121,"y":353,"width":763,"height":13}},{"id":"390b44c3-721c-442a-85c9-899dbecd6c2d","block_type":"box","text":"of the Directors, any charges in respect of circulating details of the Net Asset Value, stamp","page_number":109,"box":{"x":121,"y":370,"width":763,"height":13}},{"id":"08222581-48d7-45ae-a147-43d64ed3e50b","block_type":"box","text":"duties, taxes, company secretarial fees, any costs incurred in respect of meetings of","page_number":109,"box":{"x":121,"y":386,"width":763,"height":13}},{"id":"37a0823d-6797-4c0e-92a2-b78f09435ac1","block_type":"box","text":"Shareholders, distribution costs, investment transaction charges, costs incurred in respect of","page_number":109,"box":{"x":121,"y":403,"width":763,"height":12}},{"id":"5f965501-9bed-4293-b992-b384500a4a83","block_type":"box","text":"the distribution of income to Shareholders, the charges and expenses of any paying agent or","page_number":109,"box":{"x":121,"y":419,"width":763,"height":13}},{"id":"17a0d323-a363-4ced-b39c-f40cf731241b","block_type":"box","text":"representative appointed in compliance with the requirements of another jurisdiction, any","page_number":109,"box":{"x":121,"y":435,"width":763,"height":13}},{"id":"2e72411e-ad13-4618-bd4e-f4c1a24e6d8d","block_type":"box","text":"amount payable under indemnity provisions contained in the Articles or any agreement with","page_number":109,"box":{"x":121,"y":452,"width":763,"height":13}},{"id":"c921c006-453b-410d-9018-584e82710901","block_type":"box","text":"any appointee of the Fund, all sums payable in respect of directors’ and officers’ liability","page_number":109,"box":{"x":121,"y":468,"width":763,"height":13}},{"id":"0d07b6fd-bdcb-4057-b972-a36c0217fa26","block_type":"box","text":"insurance cover, brokerage or other expenses of acquiring and disposing of investments, the","page_number":109,"box":{"x":121,"y":485,"width":763,"height":12}},{"id":"b3f46f2c-bf41-4adb-8663-9ea859c8d4dc","block_type":"box","text":"charges and expenses of the auditors, tax and legal advisers and registering the Fund for sale","page_number":109,"box":{"x":121,"y":501,"width":763,"height":13}},{"id":"a345611d-e2e4-49d3-8a14-a4b477473d6b","block_type":"box","text":"in other jurisdictions. The costs of printing and distributing this Prospectus, reports, accounts","page_number":109,"box":{"x":121,"y":517,"width":763,"height":13}},{"id":"2843400d-41eb-46ff-a236-4ea4abf96188","block_type":"box","text":"and any explanatory memoranda, any necessary translation fees, the costs of publishing prices","page_number":109,"box":{"x":121,"y":534,"width":763,"height":13}},{"id":"0a46bd03-4b89-459b-891b-98662571dc51","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":109,"box":{"x":121,"y":550,"width":763,"height":13}},{"id":"3cb62e68-3544-4938-b4a1-7a4f0405bb7a","block_type":"box","text":"or the introduction of any new law (including any costs incurred as a result of compliance with","page_number":109,"box":{"x":121,"y":567,"width":763,"height":12}},{"id":"28a6d5e9-5b52-4120-8978-9ae8c4b062a1","block_type":"box","text":"any applicable code, whether or not having the force of law) will also be paid by the Fund.","page_number":109,"box":{"x":121,"y":583,"width":735,"height":13}},{"id":"b0e2514c-060a-4594-8a5a-3004235adfec","block_type":"box","text":"Alternatively, the Manager may in its own discretion discharge such costs listed in the above","page_number":109,"box":{"x":121,"y":616,"width":763,"height":13}},{"id":"a2ab66d8-28ee-47df-ae66-832df85a9af3","block_type":"box","text":"paragraph out of its own fees. In such circumstances details will be set out in the relevant","page_number":109,"box":{"x":121,"y":632,"width":763,"height":13}},{"id":"ce10d1e3-2901-4d95-833f-4ecd67c2a797","block_type":"box","text":"section of Part 1 for each Sub-Fund.","page_number":109,"box":{"x":121,"y":648,"width":296,"height":10}},{"id":"827ce145-d8c8-4450-ab3e-32608311995b","block_type":"box","text":"Such fees, charges and duties will be charged to the Sub-Fund in respect of which they were","page_number":109,"box":{"x":121,"y":681,"width":763,"height":13}},{"id":"c245d00d-aae6-46a5-bade-c7521d85ac8e","block_type":"box","text":"incurred or, where an expense is not considered by the Directors to be attributable to any one","page_number":109,"box":{"x":121,"y":698,"width":763,"height":12}},{"id":"4da84b66-12f0-4d7b-968c-fb206ad24230","block_type":"box","text":"Sub-Fund, the expense will be allocated by the Directors with the approval of the Depositary,","page_number":109,"box":{"x":121,"y":714,"width":763,"height":13}},{"id":"06456131-6e15-4232-9542-7f49fe59e9b4","block_type":"box","text":"in such manner and on such basis as the Directors in their discretion deem fair and equitable.","page_number":109,"box":{"x":121,"y":730,"width":763,"height":13}},{"id":"a0cc7950-e329-468b-8097-bff4cfdc3766","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":109,"box":{"x":121,"y":747,"width":763,"height":13}},{"id":"068dccb1-c9cb-4abb-b8ce-66240a68b965","block_type":"box","text":"the Directors may calculate such fees, charges and expenses on an estimated figure for yearly","page_number":109,"box":{"x":121,"y":763,"width":763,"height":13}},{"id":"2dcc94bd-23bb-403a-9456-b735aed39791","block_type":"box","text":"or other periods in advance and accrue the same in equal proportions over any period.","page_number":109,"box":{"x":121,"y":780,"width":696,"height":12}},{"id":"5bd5cc8f-e374-484d-91be-4a009da82608","block_type":"box","text":"The Directors will be entitled to be reimbursed for their reasonable out of pocket expenses","page_number":109,"box":{"x":121,"y":812,"width":763,"height":13}},{"id":"3c0a635b-dd10-4e54-aefb-1ad594ead2ae","block_type":"box","text":"incurred in discharging their duties as directors.","page_number":109,"box":{"x":121,"y":829,"width":389,"height":13}},{"id":"8a294f6e-02f3-4262-a54f-9c64f7d0029c","block_type":"box","text":"The cost of establishing the Fund, the initial Sub-Fund, obtaining authorisation from any","page_number":109,"box":{"x":121,"y":862,"width":763,"height":12}},{"id":"c4d06d94-ab09-4498-932a-4c38a5baec1e","block_type":"box","text":"authority, listing the Shares on Euronext Dublin, filing fees, the preparation and printing of this","page_number":109,"box":{"x":121,"y":878,"width":763,"height":13}},{"id":"7cb180db-8857-40dd-884e-0e9d09b62f76","block_type":"box","text":"Prospectus, and the fees of all professionals relating to it were borne by the Fund and have been","page_number":109,"box":{"x":121,"y":894,"width":763,"height":13}},{"id":"e3cb7b77-561f-4a58-bed9-c7f56d9b1259","block_type":"box","text":"110","page_number":110,"box":{"x":487,"y":928,"width":33,"height":9}},{"id":"c0af272f-5065-409e-a85f-ccbd1802e177","block_type":"box","text":"amortised. The cost of establishing the Aviva Investors Euro Liquidity Fund, the Aviva","page_number":110,"box":{"x":121,"y":89,"width":763,"height":12}},{"id":"ce109adc-7f73-4733-96f6-cadc02250331","block_type":"box","text":"Investors Sterling Liquidity Plus Fund and Aviva Investors Sterling Government Liquidity","page_number":110,"box":{"x":121,"y":105,"width":763,"height":13}},{"id":"93a80950-2b74-44ce-b573-3e77431abe3f","block_type":"box","text":"Fund, obtaining authorisation from any authority, listing the Shares on Euronext Dublin, filing","page_number":110,"box":{"x":121,"y":121,"width":763,"height":13}},{"id":"ecd659a3-0d08-43e7-b95e-4ef0050e297e","block_type":"box","text":"fees, the preparation and printing of this Prospectus, and the fees of all professionals relating","page_number":110,"box":{"x":121,"y":138,"width":763,"height":13}},{"id":"73f275b4-ad30-455a-90db-c366665f809a","block_type":"box","text":"to it were borne by the relevant Sub-Fund and have been amortised.","page_number":110,"box":{"x":121,"y":154,"width":551,"height":13}},{"id":"829ad87c-fa5a-4b76-8997-44959375d879","block_type":"box","text":"In relation to the Aviva Investors US Dollar Liquidity Fund, the cost of establishing the relevant","page_number":110,"box":{"x":121,"y":187,"width":763,"height":13}},{"id":"4fcc5f95-59d6-4d12-9b4e-ad9e0e736b7b","block_type":"box","text":"Sub-Fund, obtaining authorisation from the Central Bank, listing the Shares on Euronext","page_number":110,"box":{"x":121,"y":203,"width":763,"height":13}},{"id":"eda0b64b-68c6-412c-b721-3b30fb80021f","block_type":"box","text":"Dublin where relevant, filing fees, the preparation and printing of the revised Prospectus, and","page_number":110,"box":{"x":121,"y":220,"width":763,"height":12}},{"id":"7e0592ef-1063-46e8-b32c-367935a646c8","block_type":"box","text":"the fees of all professionals relating to the relevant Sub-Fund amount to approximately £50,000","page_number":110,"box":{"x":121,"y":236,"width":763,"height":13}},{"id":"f23299b2-6de7-455a-ad17-84229a9b9f90","block_type":"box","text":"(including VAT) and will be borne by the relevant Sub-Fund and will be amortised over the","page_number":110,"box":{"x":121,"y":252,"width":763,"height":13}},{"id":"90c963d3-1082-4301-a85a-847c895f934c","block_type":"box","text":"first five accounting periods of the Sub-Fund's existence.","page_number":110,"box":{"x":121,"y":269,"width":464,"height":13}},{"id":"3704e129-7879-4352-a195-db1a2b9c8c10","block_type":"box","text":"Unless otherwise determined at the time of establishment of the relevant Sub-Fund, the cost of","page_number":110,"box":{"x":121,"y":302,"width":763,"height":11}},{"id":"b04478f3-c30d-494b-b11d-8d7ac6cfca13","block_type":"box","text":"establishing subsequent Sub-Funds will be charged to the relevant Sub-Fund.","page_number":110,"box":{"x":121,"y":318,"width":627,"height":13}},{"id":"c519be60-357b-415a-adeb-a2061e629fd6","block_type":"box","text":"Portfolio Transactions and Conflicts of Interest","page_number":110,"box":{"x":121,"y":351,"width":412,"height":10}},{"id":"c9f8a4a6-7bbd-4b3b-8f0c-87fa747f1c8a","block_type":"box","text":"Subject to the provisions of this section, the Manager, the Investment Manager, the","page_number":110,"box":{"x":121,"y":384,"width":763,"height":12}},{"id":"adc4b405-45f2-4344-86ea-30b2292651d5","block_type":"box","text":"Administrator, the Depositary and the Directors and any of their respective subsidiaries,","page_number":110,"box":{"x":121,"y":400,"width":763,"height":13}},{"id":"1aaea34d-4a9f-4ef6-b47e-2d83462f1f56","block_type":"box","text":"affiliates, associates, agents or delegates (each a “Connected Person”) may contract or enter","page_number":110,"box":{"x":121,"y":416,"width":763,"height":13}},{"id":"c9a93890-a2c0-428d-a141-cdbc5ef7b935","block_type":"box","text":"into any financial, banking or other transaction with one another or with the Fund. This","page_number":110,"box":{"x":121,"y":433,"width":763,"height":13}},{"id":"fc082963-352d-4b20-97e0-2f070358179b","block_type":"box","text":"includes, without limitation, investment by the Fund in securities of any Connected Person or","page_number":110,"box":{"x":121,"y":449,"width":763,"height":13}},{"id":"1d068bd8-c42c-4165-881e-761fe35c2c38","block_type":"box","text":"investment by any Connected Persons in any company or bodies any of whose investments","page_number":110,"box":{"x":121,"y":465,"width":763,"height":13}},{"id":"3c5d62a2-831f-4cbe-a66e-f808a48d0392","block_type":"box","text":"form part of the assets comprised in any Sub-Fund or be interested in any such contract or","page_number":110,"box":{"x":121,"y":482,"width":763,"height":13}},{"id":"ebf9e27e-7d8e-4de5-b56a-20ad98b1bb37","block_type":"box","text":"transactions. In addition, any Connected Person may invest in and deal in Shares relating to","page_number":110,"box":{"x":121,"y":498,"width":763,"height":13}},{"id":"3c5dc1fb-45b6-407f-8aa1-73722018b2d5","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":110,"box":{"x":121,"y":515,"width":763,"height":12}},{"id":"befa72e5-5150-4c77-ac55-8aa184ef1174","block_type":"box","text":"respective individual accounts or for the account of someone else.","page_number":110,"box":{"x":121,"y":531,"width":536,"height":13}},{"id":"37f1d8b8-e855-4995-a4b9-2bb7acda3b00","block_type":"box","text":"Any cash of the Fund may be deposited, subject to the provisions of the Central Bank Acts","page_number":110,"box":{"x":121,"y":564,"width":763,"height":13}},{"id":"e58ac0da-48e5-4d3e-b8ed-f9ef60939d00","block_type":"box","text":"1942 to 2010, with any Connected Person or invested in certificates of deposit or banking","page_number":110,"box":{"x":123,"y":580,"width":761,"height":13}},{"id":"5c660b6e-47e7-499c-9665-ed46b10b61c5","block_type":"box","text":"instruments issued by any Connected Person. Banking and similar transactions may also be","page_number":110,"box":{"x":121,"y":597,"width":763,"height":12}},{"id":"272993c9-11b0-4bdc-92d3-6e9ba79d9165","block_type":"box","text":"undertaken with or through a Connected Person.","page_number":110,"box":{"x":121,"y":613,"width":394,"height":13}},{"id":"8f3ca24d-853b-4b45-8a07-7485c35e533c","block_type":"box","text":"Any Connected Person may also deal as agent or principal in the sale or purchase of securities","page_number":110,"box":{"x":121,"y":646,"width":763,"height":13}},{"id":"5b670e0c-62be-4539-9c30-ce037e5f9854","block_type":"box","text":"and other investments to or from the Fund. There will be no obligation on the part of any","page_number":110,"box":{"x":121,"y":662,"width":763,"height":13}},{"id":"037db83e-1f0d-4d58-a4f1-6980346cc52b","block_type":"box","text":"Connected Person to account to the Fund or to Shareholders for any benefits so arising, and","page_number":110,"box":{"x":121,"y":679,"width":763,"height":12}},{"id":"16bc6f40-6ce9-4db0-ae50-0e6134d964f7","block_type":"box","text":"any such benefits may be retained by the relevant party, provided that such transactions are","page_number":110,"box":{"x":121,"y":695,"width":763,"height":13}},{"id":"6dcdc728-72eb-4e35-9d20-778dc751217a","block_type":"box","text":"carried out as if effected on normal commercial terms negotiated at arm's length, are consistent","page_number":110,"box":{"x":121,"y":711,"width":763,"height":13}},{"id":"a7701ddc-24f3-4d05-9869-6f8ec34c4176","block_type":"box","text":"with the best interests of the Shareholders and:","page_number":110,"box":{"x":121,"y":728,"width":381,"height":10}},{"id":"205063e1-aa11-4c04-804d-8f3a0cb4257b","block_type":"box","text":"(a) a certified valuation of such transaction by a person approved by the Depositary (or in","page_number":110,"box":{"x":121,"y":761,"width":763,"height":12}},{"id":"0c3b6cd0-ae3d-470c-aa09-ffccdf66be10","block_type":"box","text":"the case of any such transaction entered into by the Depositary, the Directors) as","page_number":110,"box":{"x":181,"y":777,"width":703,"height":13}},{"id":"7568dd06-a860-4dc5-bdab-c8c9cd7806c8","block_type":"box","text":"independent and competent has been obtained; or","page_number":110,"box":{"x":181,"y":793,"width":404,"height":13}},{"id":"b877cb55-e570-490d-8deb-0124d5dac1d1","block_type":"box","text":"(b) such transaction has been executed on best terms reasonably available on an organised","page_number":110,"box":{"x":121,"y":826,"width":763,"height":13}},{"id":"845020dc-fec5-41cc-b37b-3d53f2c9db35","block_type":"box","text":"investment exchange under its rules; or","page_number":110,"box":{"x":181,"y":842,"width":321,"height":13}},{"id":"3c15fdd7-61c0-4f65-b891-a6877482f7c4","block_type":"box","text":"(c) where (a) and (b) are not reasonably practicable, such transaction has been executed on","page_number":110,"box":{"x":121,"y":875,"width":763,"height":13}},{"id":"f869d6ae-03bd-4077-9787-b3018da9210b","block_type":"box","text":"terms which the Depositary is (or in the case of any such transaction entered into by the","page_number":110,"box":{"x":181,"y":892,"width":703,"height":12}},{"id":"3200f391-6d6f-41c1-a087-b7928e197738","block_type":"box","text":"111","page_number":111,"box":{"x":487,"y":928,"width":33,"height":9}},{"id":"ff5e261d-3837-4d5b-873c-47986aeeb563","block_type":"box","text":"Depositary, the Directors are) satisfied conform with the principle that such transactions","page_number":111,"box":{"x":181,"y":89,"width":703,"height":12}},{"id":"be29cc69-2fff-4d51-83a3-8147abc5e460","block_type":"box","text":"be carried out as if effected on normal commercial terms negotiated at arm’s length.","page_number":111,"box":{"x":181,"y":105,"width":683,"height":13}},{"id":"43bc0d08-ccce-49a8-b3c7-aabff9a4de67","block_type":"box","text":"Conflicts of Interests may arise as part of the use of techniques and instruments for Efficient","page_number":111,"box":{"x":121,"y":138,"width":763,"height":13}},{"id":"4d2b2063-8039-46fa-b614-3fa484f48d1d","block_type":"box","text":"Portfolio Management purposes. If any such conflict arises, the Manager will have regard to","page_number":111,"box":{"x":121,"y":154,"width":763,"height":13}},{"id":"3a9dba79-7960-4e4b-83a3-8463836d6272","block_type":"box","text":"its obligations under the Management Agreement and the Investment Manager will have regard","page_number":111,"box":{"x":121,"y":170,"width":763,"height":13}},{"id":"6f35725e-2d0d-49c4-9123-f2e83d4f4fb0","block_type":"box","text":"to its obligations under the Investment Management Agreement to act in the best interest of the","page_number":111,"box":{"x":121,"y":187,"width":763,"height":13}},{"id":"2a55ebf9-0246-4374-acf6-124ea73a50b1","block_type":"box","text":"Fund and the Shareholders. 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As is the","page_number":114,"box":{"x":119,"y":239,"width":765,"height":13}},{"id":"b735c152-e85c-41a3-8fb3-84d46b06669e","block_type":"box","text":"case with any investment, there can be no guarantee that the tax position or proposed tax","page_number":114,"box":{"x":121,"y":255,"width":763,"height":13}},{"id":"a807acac-3c87-4497-87ab-41fc874eccf2","block_type":"box","text":"position prevailing at the time an investment in the Fund is made will endure indefinitely as","page_number":114,"box":{"x":121,"y":272,"width":763,"height":12}},{"id":"381dc62e-63c4-40cf-8c57-a5c41a22e53d","block_type":"box","text":"the basis for, and rates of, taxation can fluctuate.","page_number":114,"box":{"x":121,"y":288,"width":396,"height":12}},{"id":"2bf28443-b5b2-4dfb-b001-3ce81c56547c","block_type":"box","text":"Prospective Shareholders should familiarise themselves with and, where appropriate, take","page_number":114,"box":{"x":121,"y":321,"width":763,"height":13}},{"id":"310b0d09-51fd-4255-a57f-f74b63e129eb","block_type":"box","text":"advice on the laws and regulations (such as those relating to taxation and exchange controls)","page_number":114,"box":{"x":121,"y":337,"width":763,"height":13}},{"id":"7b78d338-c212-4c01-b69f-c796008d4d19","block_type":"box","text":"applicable to the subscription for, and the holding and redemption of, Shares in the places of","page_number":114,"box":{"x":121,"y":353,"width":763,"height":13}},{"id":"aaa2e543-5749-4073-a444-a9066acdaf15","block_type":"box","text":"their citizenship, residence and domicile.","page_number":114,"box":{"x":121,"y":370,"width":335,"height":13}},{"id":"484d047f-9648-444c-b81b-f44daa591e94","block_type":"box","text":"Irish Taxation","page_number":114,"box":{"x":121,"y":403,"width":128,"height":10}},{"id":"8ff697ee-925a-4652-987e-2045c9202e02","block_type":"box","text":"Tax on Income and Capital Gains","page_number":114,"box":{"x":121,"y":435,"width":295,"height":13}},{"id":"6e9d8f3c-75b3-4301-adb1-54bf2ddec9a2","block_type":"box","text":"The Fund","page_number":114,"box":{"x":121,"y":468,"width":89,"height":10}},{"id":"7874bdf3-9ada-4314-ac11-b9ddee16bd26","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":114,"box":{"x":121,"y":501,"width":763,"height":13}},{"id":"23b2b177-e233-45e1-b250-19def9447102","block_type":"box","text":"Consolidation Act 1997 TCA dealing with Irish real estate funds.","page_number":114,"box":{"x":121,"y":517,"width":531,"height":13}},{"id":"2d2b4243-662b-488c-acb5-6e6f588df18e","block_type":"box","text":"The Directors have been advised that the Fund will only be subject to tax on chargeable events","page_number":114,"box":{"x":121,"y":550,"width":763,"height":13}},{"id":"cdb86420-8fd2-4745-a6eb-f6d85f6a9fea","block_type":"box","text":"in respect of Shareholders who are Taxable Irish Persons (generally persons who are resident","page_number":114,"box":{"x":121,"y":567,"width":763,"height":12}},{"id":"0490a3d0-4f12-42c0-8bcc-59fe3457ef66","block_type":"box","text":"or ordinarily resident in Ireland for tax purposes)(see relevant Irish tax definitions for more","page_number":114,"box":{"x":121,"y":583,"width":763,"height":13}},{"id":"c2a4a407-e870-4880-bdb3-b65c2a43e75b","block_type":"box","text":"details).","page_number":114,"box":{"x":121,"y":599,"width":69,"height":13}},{"id":"c4d9a9cd-4050-4574-a844-b9d5d96fd3fa","block_type":"box","text":"A chargeable event occurs on, for example:","page_number":114,"box":{"x":121,"y":632,"width":356,"height":13}},{"id":"50ec7dc0-d4a4-4792-9b8c-599783ef0259","block_type":"box","text":"(a) a payment of any kind to a Shareholder by the Fund;","page_number":114,"box":{"x":121,"y":665,"width":491,"height":13}},{"id":"251926dd-a2dd-44b1-9a58-4e79f680fe72","block_type":"box","text":"(b) a transfer, cancellation, redemption or repurchase of Shares; and","page_number":114,"box":{"x":121,"y":698,"width":586,"height":12}},{"id":"8af83568-e8b4-49ed-a5e8-51f9704cbf21","block_type":"box","text":"(c) on the eighth anniversary of a Shareholder acquiring Shares and every subsequent eight","page_number":114,"box":{"x":121,"y":730,"width":763,"height":13}},{"id":"da73872f-c189-4c37-b120-1e0b261cbffe","block_type":"box","text":"anniversary;","page_number":114,"box":{"x":181,"y":747,"width":103,"height":13}},{"id":"fa292d3c-1d4d-42c2-98f8-ebaddde02c7a","block_type":"box","text":"but does not include for example any transaction in relation to Shares held in a clearing system","page_number":114,"box":{"x":121,"y":780,"width":763,"height":12}},{"id":"b2eaf389-832b-44ff-a02f-878f35f8c527","block_type":"box","text":"recognised by the Irish Revenue Commissioners, certain transfers arising as a result of an","page_number":114,"box":{"x":121,"y":796,"width":763,"height":13}},{"id":"7c69d493-920f-4d3d-acfd-193fa5d16629","block_type":"box","text":"amalgamation or reconstruction of fund vehicles and certain transfers between spouses or","page_number":114,"box":{"x":121,"y":812,"width":763,"height":13}},{"id":"48b6ce68-e150-43fd-bd75-3498c3be8b62","block_type":"box","text":"former spouses.","page_number":114,"box":{"x":121,"y":829,"width":132,"height":13}},{"id":"473e9c72-c712-4154-b2c0-05524861a5b6","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":114,"box":{"x":121,"y":862,"width":763,"height":12}},{"id":"7e2222d4-2c0c-4328-882c-e5f82bc79580","block_type":"box","text":"will be payable on that chargeable event in respect of that Shareholder.","page_number":114,"box":{"x":121,"y":878,"width":577,"height":13}},{"id":"38f5eaeb-b47f-45d0-97a3-cb35a240013e","block_type":"box","text":"115","page_number":115,"box":{"x":487,"y":928,"width":33,"height":9}},{"id":"c2f0a78c-7b07-4016-872f-196636ed081a","block_type":"box","text":"Where tax is payable on a chargeable event, subject to the comments below, it is a liability of","page_number":115,"box":{"x":121,"y":89,"width":763,"height":12}},{"id":"dadc7907-946a-4b71-aa1e-41b910192768","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":115,"box":{"x":121,"y":105,"width":763,"height":13}},{"id":"bedad6c0-7ab6-462b-b615-0b005a9debe2","block_type":"box","text":"rolling chargeable event by cancellation or appropriation of Shares from the relevant","page_number":115,"box":{"x":121,"y":121,"width":763,"height":13}},{"id":"f6ff6be6-99c6-45ad-a5c8-82a7857ab8c6","block_type":"box","text":"Shareholders. In certain circumstances, and only after notification by the Fund to a Shareholder,","page_number":115,"box":{"x":121,"y":138,"width":763,"height":13}},{"id":"61a83782-5857-4324-b114-4be6d9368c3b","block_type":"box","text":"the tax payable on the eight year rolling chargeable event can at the election of the Fund become","page_number":115,"box":{"x":121,"y":154,"width":763,"height":13}},{"id":"a3e0c3bc-ee8d-4bda-911a-8109fd4cc686","block_type":"box","text":"a liability of the Shareholder rather than the Fund. In such circumstances the Shareholder must","page_number":115,"box":{"x":121,"y":170,"width":763,"height":13}},{"id":"d073f355-7803-491c-99be-8c7f33396227","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":115,"box":{"x":121,"y":187,"width":763,"height":13}},{"id":"4ecc0f7f-792f-41bc-8367-9f17c7dba2cc","block_type":"box","text":"Revenue Commissioners.","page_number":115,"box":{"x":121,"y":203,"width":211,"height":10}},{"id":"ba3a16e9-8413-4e00-bdff-953f1c9c02e7","block_type":"box","text":"In the absence of the appropriate declaration being received by the Fund that a Shareholder is","page_number":115,"box":{"x":121,"y":236,"width":763,"height":13}},{"id":"7749bf56-65ff-408a-9b59-0b3b2a7dd893","block_type":"box","text":"not a Taxable Irish Person or if the Fund has information that would reasonably suggest that a","page_number":115,"box":{"x":121,"y":252,"width":763,"height":13}},{"id":"ac62719d-0a02-4407-99c1-d918ae126d82","block_type":"box","text":"declaration is incorrect , and in the absence of written notice of approval from the Revenue","page_number":115,"box":{"x":121,"y":269,"width":763,"height":13}},{"id":"7fdcc33d-fb48-4733-a132-571b11227913","block_type":"box","text":"Commissioners to the effect that the requirement to have been provided with such declaration","page_number":115,"box":{"x":121,"y":285,"width":763,"height":13}},{"id":"da69bd9f-abfa-40da-a2bd-52d51d90d9d9","block_type":"box","text":"is deemed to have been complied with (or following the withdrawal of, or failure to meet any","page_number":115,"box":{"x":121,"y":302,"width":763,"height":12}},{"id":"357e71d7-125b-41c1-9562-3126d3c9ae37","block_type":"box","text":"conditions attaching to such approval), the Fund will be obliged to pay tax on the occasion of","page_number":115,"box":{"x":121,"y":318,"width":763,"height":13}},{"id":"b0f3d567-1e77-46ac-9782-6e4a0c041658","block_type":"box","text":"a chargeable event (even if, in fact, the Shareholder is neither resident nor ordinarily resident","page_number":115,"box":{"x":121,"y":334,"width":763,"height":13}},{"id":"0eb4b010-2a79-4370-baaa-06d2a06716d0","block_type":"box","text":"in Ireland). Where the chargeable event is an income distribution tax will be deducted at the","page_number":115,"box":{"x":121,"y":351,"width":763,"height":13}},{"id":"67af48a8-d581-4286-922b-9a16ee6faabd","block_type":"box","text":"rate of 38% or at the rate of 25% where the Shareholder is a company and the appropriate","page_number":115,"box":{"x":121,"y":367,"width":763,"height":13}},{"id":"ea8979f1-6d31-4576-b184-f079d870da00","block_type":"box","text":"declaration has been made, on the amount of the distribution. Where the chargeable event","page_number":115,"box":{"x":121,"y":384,"width":763,"height":12}},{"id":"a8d1fba9-53b1-4b88-8a27-6f3ece816463","block_type":"box","text":"occurs on any other payment to a Shareholder, not being a company which has made the","page_number":115,"box":{"x":121,"y":400,"width":763,"height":13}},{"id":"a4c2702e-389c-4e2f-a917-693b6260263d","block_type":"box","text":"appropriate declaration, on a transfer of Shares and on the eight year rolling chargeable event,","page_number":115,"box":{"x":121,"y":416,"width":763,"height":13}},{"id":"6ae3bf29-5505-4576-8973-239c5b63867e","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":115,"box":{"x":121,"y":433,"width":763,"height":10}},{"id":"3011f250-3e33-4d10-9872-4f457ef557f8","block_type":"box","text":"acquisition. Tax will be deducted at the rate of 25% on such transfers where the Shareholder is","page_number":115,"box":{"x":121,"y":449,"width":763,"height":13}},{"id":"0bf56fdb-6dda-4487-bfa5-6f690cf03132","block_type":"box","text":"a company and the appropriate declaration has been made. In respect of the eight year rolling","page_number":115,"box":{"x":121,"y":465,"width":763,"height":13}},{"id":"fed868f7-b8b5-4f90-a896-59975c7fe8ff","block_type":"box","text":"chargeable event, there is a mechanism for obtaining a refund of tax where the Shares are","page_number":115,"box":{"x":121,"y":482,"width":763,"height":13}},{"id":"67a62776-9c1f-4e00-9e60-ed28858fc31a","block_type":"box","text":"subsequently disposed of for a lesser value.","page_number":115,"box":{"x":121,"y":498,"width":355,"height":13}},{"id":"eff8c1a2-ee8c-4404-8148-45343b70169f","block_type":"box","text":"Where a Shareholder holds Shares in a nominee capacity, a declaration is required from the","page_number":115,"box":{"x":121,"y":531,"width":763,"height":13}},{"id":"98c0273e-ab42-41cb-a474-fe975c914741","block_type":"box","text":"Shareholder that, to the best of its knowledge and belief, the beneficial owner is neither resident","page_number":115,"box":{"x":121,"y":547,"width":763,"height":13}},{"id":"a16e3ee0-7aaa-40bc-8116-74656a4330ac","block_type":"box","text":"nor ordinarily resident in Ireland if a tax liability is not to arise on a chargeable event.","page_number":115,"box":{"x":121,"y":564,"width":695,"height":13}},{"id":"085c371e-ff49-48d1-9369-4ed92329679a","block_type":"box","text":"An anti-avoidance provision increases the 38% rate of tax to 60% (80% where details of the","page_number":115,"box":{"x":121,"y":597,"width":763,"height":12}},{"id":"1a475aa7-b572-444a-b087-346d732afcf6","block_type":"box","text":"payment/disposal are not correctly included in the individual's tax return) if, under the terms of","page_number":115,"box":{"x":121,"y":613,"width":763,"height":13}},{"id":"631d440f-5b1f-441f-958e-a45af3f612bd","block_type":"box","text":"an investment in a Sub-Fund, the investor or certain persons associated with the investor have","page_number":115,"box":{"x":121,"y":629,"width":763,"height":13}},{"id":"7468dab7-c3cb-4280-8eae-967590c32b98","block_type":"box","text":"an ability to influence the selection of the assets of the Sub-Fund.","page_number":115,"box":{"x":121,"y":646,"width":532,"height":13}},{"id":"3fb9c056-7b4d-42b8-9f9d-7f035850a4ab","block_type":"box","text":"Other than in the circumstances described above the Fund will have no liability to Irish taxation","page_number":115,"box":{"x":121,"y":679,"width":763,"height":12}},{"id":"a9f9f540-0188-4ea7-8b71-fc1e1a23737b","block_type":"box","text":"on income or chargeable gains.","page_number":115,"box":{"x":121,"y":695,"width":256,"height":13}},{"id":"804475b5-a262-4fa9-b3ec-df26f2b326e1","block_type":"box","text":"Shareholders","page_number":115,"box":{"x":121,"y":728,"width":119,"height":10}},{"id":"577e5f07-f853-45a4-97f8-d620b96fce6e","block_type":"box","text":"Shareholders who are neither resident nor ordinarily resident in Ireland in respect of whom the","page_number":115,"box":{"x":121,"y":761,"width":763,"height":12}},{"id":"bcc8d23b-45c9-48ba-a9f4-ebf23b0291cd","block_type":"box","text":"appropriate declarations have been made (or in respect of whom written notice of approval","page_number":115,"box":{"x":121,"y":777,"width":763,"height":13}},{"id":"7511a209-d054-4bd7-9b67-43bd567e8ce3","block_type":"box","text":"from the Revenue Commissioners has been obtained by the Fund to the effect that the","page_number":115,"box":{"x":121,"y":793,"width":763,"height":13}},{"id":"4f3442db-ab10-480e-9eee-8c4ab08378ea","block_type":"box","text":"requirement to have been provided with such declaration from that Shareholder or class of","page_number":115,"box":{"x":121,"y":810,"width":763,"height":12}},{"id":"bc44c8b0-779e-4099-a5f9-08446c8d2454","block_type":"box","text":"shareholders to which the Shareholder belongs is deemed to have been complied with) will not","page_number":115,"box":{"x":121,"y":826,"width":763,"height":13}},{"id":"b307176d-9375-42de-8225-1f01dd54af8a","block_type":"box","text":"be subject to tax on any distributions from the Fund or any gain arising on redemption or","page_number":115,"box":{"x":121,"y":842,"width":763,"height":13}},{"id":"ca50075f-36a0-4d60-a8df-df2138e6b667","block_type":"box","text":"transfer of their Shares provided the Shares are not held through a branch or agency in Ireland.","page_number":115,"box":{"x":121,"y":859,"width":763,"height":13}},{"id":"ec48f15d-6c5d-48d4-b050-267f8f559c1c","block_type":"box","text":"No tax will be deducted from any payments made by the Fund to those Shareholders who are","page_number":115,"box":{"x":121,"y":875,"width":763,"height":13}},{"id":"d014b8b7-2b6d-44fa-b0b2-faf1cd1bda03","block_type":"box","text":"not Taxable Irish Persons.","page_number":115,"box":{"x":121,"y":892,"width":215,"height":9}},{"id":"a498f35f-86b9-414e-8f32-eaadc2bd891d","block_type":"box","text":"116","page_number":116,"box":{"x":487,"y":928,"width":33,"height":9}},{"id":"06c61bca-7e82-42c8-adc2-f7d1b78fdba0","block_type":"box","text":"Shareholders who are Irish resident or ordinarily resident or who hold their Shares through a","page_number":116,"box":{"x":121,"y":105,"width":763,"height":13}},{"id":"e9d361c6-2841-4405-a8b5-fa51b23414f7","block_type":"box","text":"branch or agency in Ireland may have a liability under the self-assessment system to pay tax or","page_number":116,"box":{"x":121,"y":121,"width":763,"height":13}},{"id":"a5eab95d-0929-4676-b9cf-38096c66ad0d","block_type":"box","text":"further tax on any distribution or gain arising from their holdings of Shares. In particular where","page_number":116,"box":{"x":121,"y":138,"width":763,"height":13}},{"id":"b0d6977d-aacd-4c7e-8982-f3118d299674","block_type":"box","text":"the Fund has elected not to deduct tax at the occasion of the eight year rolling chargeable event","page_number":116,"box":{"x":121,"y":154,"width":763,"height":13}},{"id":"34d86e0b-b958-436f-b643-9d3da86e68a6","block_type":"box","text":"a Shareholder will have an obligation to file a self-assessment tax return and pay the appropriate","page_number":116,"box":{"x":121,"y":170,"width":763,"height":13}},{"id":"2a892150-6ddf-467e-9958-78afa6886d75","block_type":"box","text":"amount of tax to the Irish Revenue Commissioners. Certain Irish resident an ordinarily resident","page_number":116,"box":{"x":121,"y":187,"width":763,"height":13}},{"id":"cf5381ee-6d96-4c4e-ba20-3542d9fbb204","block_type":"box","text":"Shareholders will be exempt from exit tax on distributions and gains on redemptions by the","page_number":116,"box":{"x":121,"y":203,"width":763,"height":13}},{"id":"3ae55852-e14b-4156-915b-20eef2d69862","block_type":"box","text":"Fund provided the appropriate declaration is in place.","page_number":116,"box":{"x":121,"y":220,"width":436,"height":12}},{"id":"155bbd7c-9f1d-4c22-b452-a505ff518a6a","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":116,"box":{"x":121,"y":252,"width":763,"height":13}},{"id":"c5d19a7d-c06c-48a6-a132-c2ef5155899d","block_type":"box","text":"a chargeable event are generally not available except in the case of certain corporate","page_number":116,"box":{"x":121,"y":269,"width":763,"height":13}},{"id":"70096984-c4e0-4220-8493-4a3f36f75855","block_type":"box","text":"Shareholders within the charge to Irish corporation tax.","page_number":116,"box":{"x":121,"y":285,"width":450,"height":13}},{"id":"119bc664-b4d8-42b7-9e20-cad9221d890c","block_type":"box","text":"Stamp Duty","page_number":116,"box":{"x":121,"y":318,"width":108,"height":13}},{"id":"46fc519c-72df-4cc7-b558-375488f8e476","block_type":"box","text":"No Irish stamp duty will be payable on the subscription, transfer or redemption of Shares","page_number":116,"box":{"x":121,"y":351,"width":763,"height":13}},{"id":"3cf850ba-ba8c-4f87-b8f3-b0818247d3d8","block_type":"box","text":"provided that no application for Shares or redemption or redemption of Shares is satisfied by","page_number":116,"box":{"x":121,"y":367,"width":763,"height":13}},{"id":"be8128b2-91f4-4121-941a-cc16f0cc6f02","block_type":"box","text":"an in specie transfer of any Irish situated property.","page_number":116,"box":{"x":121,"y":384,"width":410,"height":12}},{"id":"3ec25853-ad83-41ed-8236-2f27a616be45","block_type":"box","text":"Capital Acquisitions Tax","page_number":116,"box":{"x":121,"y":416,"width":218,"height":13}},{"id":"6d2bd499-7961-4c76-a227-b71a6a2b8e40","block_type":"box","text":"No Irish gift tax or inheritance tax (capital acquisitions tax) liability will arise on a gift or","page_number":116,"box":{"x":121,"y":449,"width":763,"height":13}},{"id":"5d822cce-8842-4743-a65d-f875e8c516ca","block_type":"box","text":"inheritance of Shares provided that:-","page_number":116,"box":{"x":121,"y":465,"width":299,"height":13}},{"id":"36c535e1-00e4-44db-89ae-756b66d4914b","block_type":"box","text":"(a) at the date of the disposition the transferor is neither domiciled nor ordinarily resident","page_number":116,"box":{"x":121,"y":498,"width":763,"height":13}},{"id":"8187081a-06a8-4166-a178-65a10d74671b","block_type":"box","text":"in Ireland and at the date of the gift or inheritance the transferee of the Shares is neither","page_number":116,"box":{"x":181,"y":515,"width":703,"height":12}},{"id":"c522fc03-4b59-413b-ac55-fde054f08b9c","block_type":"box","text":"domiciled nor ordinarily resident in Ireland; and","page_number":116,"box":{"x":181,"y":531,"width":394,"height":13}},{"id":"3793ca66-a2ae-44b1-8fc0-22ed2e817c05","block_type":"box","text":"(b) the Shares are comprised in the disposition at the date of the gift or inheritance and the","page_number":116,"box":{"x":121,"y":564,"width":763,"height":13}},{"id":"1ef65cbf-34a3-4915-8bc5-1db39a0ab147","block_type":"box","text":"valuation date.","page_number":116,"box":{"x":181,"y":580,"width":124,"height":10}},{"id":"238b9b70-ef3c-4727-b1f1-12ff98a221c6","block_type":"box","text":"Other Irish Tax Matters","page_number":116,"box":{"x":121,"y":613,"width":215,"height":10}},{"id":"49d5eda4-d85c-4864-9d34-eb6a5e083fe9","block_type":"box","text":"The income and/or gains of the Fund from its securities and assets may suffer withholding tax","page_number":116,"box":{"x":121,"y":646,"width":763,"height":13}},{"id":"d2df48ff-dc74-42ae-807a-1571b7523f2a","block_type":"box","text":"in the countries where such income and/or gains arise. The Fund may not be able to benefit","page_number":116,"box":{"x":121,"y":662,"width":763,"height":13}},{"id":"e26b28bd-e58d-45a6-8ca9-7623fbd90667","block_type":"box","text":"from reduced rates of withholding tax in double taxation agreements between Ireland and such","page_number":116,"box":{"x":121,"y":679,"width":763,"height":12}},{"id":"ac4fa8bc-cd03-42d3-94ea-90a84b7db3ea","block_type":"box","text":"countries. If this position changes in the future and the application of a lower rate results in","page_number":116,"box":{"x":121,"y":695,"width":763,"height":13}},{"id":"073a076b-e3b7-4b0c-a182-675be90c6baa","block_type":"box","text":"repayment to the Fund, the Net Asset Value of the relevant Sub-Fund will not be restated and","page_number":116,"box":{"x":121,"y":711,"width":763,"height":13}},{"id":"51cc005f-905a-4e18-8e59-eab9db5129a4","block_type":"box","text":"the benefit will be allocated to the existing Shareholders in the relevant Sub-Fund rateably at","page_number":116,"box":{"x":121,"y":728,"width":763,"height":13}},{"id":"6fb1416d-9743-453c-beb1-68533e71a0b4","block_type":"box","text":"the time of repayment.","page_number":116,"box":{"x":121,"y":744,"width":187,"height":13}},{"id":"cf256c9f-540c-47e3-b91a-c92895d45a63","block_type":"box","text":"Relevant Irish Tax Definitions","page_number":116,"box":{"x":121,"y":777,"width":265,"height":10}},{"id":"87669104-9e73-4e1c-b958-10ccf34be9ae","block_type":"box","text":"Irish residence and ordinary residence for tax purposes:","page_number":116,"box":{"x":121,"y":810,"width":488,"height":12}},{"id":"08eab9ed-a142-447b-8271-a9a6b9528051","block_type":"box","text":"(i)","page_number":116,"box":{"x":121,"y":842,"width":23,"height":13}},{"id":"782abf42-d3ab-4724-9920-820afd85a1da","block_type":"box","text":"Residence - Company","page_number":116,"box":{"x":183,"y":842,"width":182,"height":13}},{"id":"a24ad0ef-4311-4677-91f1-9b6a41a3fecb","block_type":"box","text":"Prior to Finance Act 2014, company residence was determined with regard to the long","page_number":116,"box":{"x":121,"y":875,"width":757,"height":13}},{"id":"8a194faf-3c01-4a31-816b-50c320748ad0","block_type":"box","text":"established common law rules based on central management and control. These rules were","page_number":116,"box":{"x":121,"y":892,"width":763,"height":12}},{"id":"cc7c4ebc-6e3c-429f-a962-3a14f1fbd8d0","block_type":"box","text":"117","page_number":117,"box":{"x":487,"y":928,"width":33,"height":9}},{"id":"c3f16f58-c46c-450d-9df9-8168a8f207bc","block_type":"box","text":"significantly revised in Finance Act 2014 to provide that a company incorporated in the State","page_number":117,"box":{"x":121,"y":89,"width":763,"height":12}},{"id":"2a7aa3bd-cfec-45e5-be9f-68e6a91ff04e","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":117,"box":{"x":121,"y":105,"width":763,"height":13}},{"id":"39f992c8-ce38-47b3-8d32-6ac78b3df620","block_type":"box","text":"treaty partner country by virtue of a double taxation treaty. While the common law rule based","page_number":117,"box":{"x":121,"y":121,"width":763,"height":13}},{"id":"1f672cef-9029-4e93-908e-a22d60a378a2","block_type":"box","text":"on central management and control remains in place, it is subject to the statutory rule for","page_number":117,"box":{"x":121,"y":138,"width":763,"height":13}},{"id":"cdd22d77-000a-436e-8390-ffdb1b74c83e","block_type":"box","text":"determining company residence based on incorporation in the State set out in the revised","page_number":117,"box":{"x":121,"y":154,"width":763,"height":13}},{"id":"46756934-8f9f-4abc-be50-ab13489c76b7","block_type":"box","text":"section 23A of the TCA.","page_number":117,"box":{"x":121,"y":170,"width":203,"height":10}},{"id":"f815cf4f-3b49-4dbf-a76a-ed5fe1c0064c","block_type":"box","text":"The incorporation rule for determining the tax residence of a company incorporated in the State","page_number":117,"box":{"x":121,"y":203,"width":763,"height":13}},{"id":"6b37b3a7-39ee-442d-8bc4-f9bebfe89e6c","block_type":"box","text":"applies to companies incorporated on or after 1 January 2015. For companies incorporated in","page_number":117,"box":{"x":121,"y":220,"width":763,"height":12}},{"id":"740c9857-d88f-4121-9bc3-6f1e62ae400b","block_type":"box","text":"the State before this date, a transition period applied until 31 December 2020.","page_number":117,"box":{"x":121,"y":236,"width":631,"height":13}},{"id":"852eff1a-a0b8-4622-a40e-16ca516bbeac","block_type":"box","text":"(ii) Residence - Individual","page_number":117,"box":{"x":121,"y":269,"width":249,"height":12}},{"id":"37304c3c-0386-4425-afd0-36ee61e05c43","block_type":"box","text":"An individual will be regarded as being resident in Ireland for a tax year if s/he:","page_number":117,"box":{"x":121,"y":302,"width":648,"height":12}},{"id":"28c379b7-17f5-4504-a709-eeb76853ba73","block_type":"box","text":"1.","page_number":117,"box":{"x":123,"y":334,"width":18,"height":10}},{"id":"a547048c-45b9-4a7c-a301-1e5cbd7e7b2f","block_type":"box","text":"spends 183 days or more in the State in that tax year; or","page_number":117,"box":{"x":183,"y":334,"width":454,"height":13}},{"id":"4c2aa661-b522-4274-9fec-49b53cec320f","block_type":"box","text":"2.","page_number":117,"box":{"x":121,"y":367,"width":20,"height":10}},{"id":"a124daef-5143-48f0-9a50-e72226ce92ad","block_type":"box","text":"has a combined presence of 280 days in the State, taking into account the number of","page_number":117,"box":{"x":181,"y":367,"width":703,"height":13}},{"id":"c9549de0-e83e-4792-a296-768de1d85454","block_type":"box","text":"days spent in the State in that tax year together with the number of days spent in the","page_number":117,"box":{"x":181,"y":384,"width":703,"height":12}},{"id":"bb4c0755-3c73-4cd1-9bfc-6c654de80541","block_type":"box","text":"State in the preceding year.","page_number":117,"box":{"x":182,"y":400,"width":224,"height":13}},{"id":"982f7fa9-652f-43f9-acc6-5f31637009ea","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":117,"box":{"x":121,"y":433,"width":763,"height":13}},{"id":"9bbb744b-2776-498a-acaa-1761165ff847","block_type":"box","text":"reckoned for the purpose of applying the two year test. P","page_number":117,"box":{"x":121,"y":449,"width":452,"height":13}},{"id":"27f9d80d-bdc3-4436-8fd6-7e9ee32ad6f6","block_type":"box","text":"resence in the State for a day means","page_number":117,"box":{"x":574,"y":449,"width":310,"height":13}},{"id":"043c14cc-4dc4-4488-a7ee-7f39de134d71","block_type":"box","text":"the personal presence of an individual at any time during the day.","page_number":117,"box":{"x":121,"y":465,"width":569,"height":13}},{"id":"d6a6a10b-92bd-487e-b8ae-4f6e0799e629","block_type":"box","text":"(iii) Ordinary Residence - Individual","page_number":117,"box":{"x":120,"y":498,"width":328,"height":13}},{"id":"26400e30-b5da-4ff6-9b4c-e9caf7e69b34","block_type":"box","text":"The term “ordinary residence” as distinct from “residence”, relates to a person’s normal pattern","page_number":117,"box":{"x":121,"y":531,"width":763,"height":13}},{"id":"3e983246-915d-43d9-9b63-6a5390a39a8c","block_type":"box","text":"of life and denotes residence in a place with some degree of continuity.","page_number":117,"box":{"x":121,"y":547,"width":578,"height":13}},{"id":"19b82b0e-36c7-42d6-945f-87d20422a1fc","block_type":"box","text":"An individual who has been resident in the State for three consecutive tax years becomes","page_number":117,"box":{"x":121,"y":580,"width":763,"height":13}},{"id":"14f00588-9023-48c8-8bc9-4f956f61e181","block_type":"box","text":"ordinarily resident with effect from the commencement of the fourth tax year.","page_number":117,"box":{"x":121,"y":597,"width":632,"height":12}},{"id":"05ca8d99-6e0f-4f85-84ef-1082c50ddc53","block_type":"box","text":"An individual who has been ordinarily resident in the State ceases to be ordinarily resident at","page_number":117,"box":{"x":121,"y":629,"width":763,"height":13}},{"id":"1c8ccc21-e10e-4bc0-8b75-559f6d8059de","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":117,"box":{"x":121,"y":646,"width":763,"height":13}},{"id":"388f88b7-0a0a-4e95-b740-b9800fe4c65f","block_type":"box","text":"is resident and ordinarily resident in the State in 2026 and departs from the State in that tax","page_number":117,"box":{"x":121,"y":662,"width":763,"height":13}},{"id":"2407d570-0872-4821-b07a-21b854dad53c","block_type":"box","text":"year will remain ordinarily resident up to the end of the tax year in 2029.","page_number":117,"box":{"x":121,"y":679,"width":592,"height":12}},{"id":"d38f2f25-e57e-438d-b16a-3679b3eaa17b","block_type":"box","text":"(iv) Intermediary","page_number":117,"box":{"x":121,"y":711,"width":170,"height":13}},{"id":"8007b88e-c1ea-4b19-9eeb-16f6ab377c5b","block_type":"box","text":"This means a person who:-","page_number":117,"box":{"x":121,"y":744,"width":222,"height":13}},{"id":"5893013e-1ba6-47ca-aaee-19ebcaa9bc5c","block_type":"box","text":"(a) carries on a business which consists of, or includes, the receipt of payments from an","page_number":117,"box":{"x":121,"y":777,"width":763,"height":13}},{"id":"a75fc334-871e-41e6-989b-72b5d2988031","block_type":"box","text":"investment undertaking resident in Ireland on behalf of other persons; or","page_number":117,"box":{"x":181,"y":793,"width":590,"height":13}},{"id":"dbfbdaad-a0f8-4e7a-88e5-e263b7fb0239","block_type":"box","text":"(b) holds units or shares in an investment undertaking on behalf of other persons.","page_number":117,"box":{"x":121,"y":826,"width":692,"height":13}},{"id":"de0c0902-6dcf-4f9b-a35f-949e8b110cad","block_type":"box","text":"118","page_number":118,"box":{"x":487,"y":928,"width":33,"height":9}},{"id":"9ce74135-a668-46f5-b144-f63c85d7103a","block_type":"box","text":"Other Jurisdictions","page_number":118,"box":{"x":121,"y":88,"width":172,"height":11}},{"id":"ade61fd0-14bd-4d32-9169-46b891d51a0d","block_type":"box","text":"As Shareholders are no doubt aware, the tax consequences of any investment can vary","page_number":118,"box":{"x":121,"y":121,"width":763,"height":13}},{"id":"498c8b7a-bd0f-4961-880e-a6cb924c8a1c","block_type":"box","text":"considerably from one jurisdiction to another, and ultimately will depend on the tax regime of","page_number":118,"box":{"x":121,"y":138,"width":763,"height":13}},{"id":"eb318720-d74f-43c8-ad84-648202966546","block_type":"box","text":"the jurisdictions within which a person is tax resident. Therefore the Directors strongly","page_number":118,"box":{"x":121,"y":154,"width":763,"height":13}},{"id":"7425f417-8d71-4ca0-8224-d82655c8dfea","block_type":"box","text":"recommend that Shareholders obtain tax advice from an appropriate source in relation to the","page_number":118,"box":{"x":121,"y":170,"width":763,"height":13}},{"id":"98f8fc6f-570e-4fb8-8e0c-89eea984ee66","block_type":"box","text":"tax liability arising from the holding of Shares in the Fund and any investment returns from","page_number":118,"box":{"x":121,"y":187,"width":763,"height":13}},{"id":"5cd54cde-66af-4473-bc7a-9a52ae431f73","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":118,"box":{"x":121,"y":203,"width":763,"height":13}},{"id":"fc24395a-c32b-4834-8a10-0e37700613c4","block_type":"box","text":"become resident outside of Ireland for tax purposes.","page_number":118,"box":{"x":121,"y":220,"width":423,"height":12}},{"id":"d5de46aa-43e3-49ca-b991-a6f3ddf99943","block_type":"box","text":"Irish reporting financial institutions, which may include the Fund have reporting obligations in","page_number":118,"box":{"x":121,"y":252,"width":763,"height":13}},{"id":"b769800d-ba7a-4104-9b63-e9e48a06cbab","block_type":"box","text":"respect of certain investors under FATCA as implemented pursuant to the Ireland – US","page_number":118,"box":{"x":121,"y":269,"width":763,"height":13}},{"id":"cf09b2e6-376f-4161-87ae-ccda92167d36","block_type":"box","text":"intergovernmental agreement and/or the OECD's Common Reporting Standard (see below).","page_number":118,"box":{"x":121,"y":285,"width":745,"height":13}},{"id":"8f62ad8b-88fc-4af4-a67f-e5eb2d46444d","block_type":"box","text":"Information exchange and the implementation of FATCA in Ireland","page_number":118,"box":{"x":121,"y":334,"width":592,"height":13}},{"id":"74da1cf7-053f-468a-8dac-516c677f8bcc","block_type":"box","text":"Since 1 July 2014, the Fund is obliged to report certain information in respect of U.S. investors","page_number":118,"box":{"x":121,"y":367,"width":763,"height":13}},{"id":"b18e7822-73ec-4a97-aa85-73be718bae09","block_type":"box","text":"in the Fund to the Irish Revenue Commissioners. The Irish Revenue Commissioners share that","page_number":118,"box":{"x":121,"y":384,"width":763,"height":9}},{"id":"55f2daf7-3e3a-4491-a49b-12b3418578f2","block_type":"box","text":"information with the U.S. tax authorities. FATCA imposes a 30% U.S. withholding tax on","page_number":118,"box":{"x":121,"y":400,"width":763,"height":13}},{"id":"dba946d2-9e82-41f6-b0dc-cfb40b8a533d","block_type":"box","text":"certain withholdable payments made on or after 1 July 2014 unless the payee enters into and","page_number":118,"box":{"x":121,"y":416,"width":763,"height":13}},{"id":"e8f3f212-b3ca-482c-9961-0b6c60df486d","block_type":"box","text":"complies with an agreement with the U.S. Internal Revenue Services (","page_number":118,"box":{"x":121,"y":433,"width":595,"height":13}},{"id":"b5ca5855-1e91-43bf-9153-343cbb7e65cf","block_type":"box","text":"IRS","page_number":118,"box":{"x":717,"y":433,"width":32,"height":10}},{"id":"fcee6ac7-97d5-42ac-badf-cb06c240c927","block_type":"box","text":") to collect and","page_number":118,"box":{"x":750,"y":433,"width":134,"height":12}},{"id":"484d87b9-ba20-43db-9b14-2789cd62e3ae","block_type":"box","text":"provide to the IRS substantial information regarding direct and indirect owners and account","page_number":118,"box":{"x":121,"y":449,"width":763,"height":13}},{"id":"0fa88b8c-1edb-4ad2-a66b-5177000bc6eb","block_type":"box","text":"holders.","page_number":118,"box":{"x":121,"y":465,"width":69,"height":10}},{"id":"9bcb5e49-e5e4-4ca1-8d5d-0855bb63ba2e","block_type":"box","text":"On 21 December 2012, Ireland signed an Intergovernmental Agreement","page_number":118,"box":{"x":121,"y":498,"width":592,"height":13}},{"id":"49ba2749-8e06-49b7-a8b7-9e5daa71af15","block_type":"box","text":"(IGA","page_number":118,"box":{"x":714,"y":498,"width":44,"height":12}},{"id":"6fdc5201-c5d2-4d44-9613-d528ca060d63","block_type":"box","text":") with the U.S.","page_number":118,"box":{"x":759,"y":498,"width":125,"height":13}},{"id":"c7bff94e-f319-49e7-90d5-a3f6c4eceb02","block_type":"box","text":"to Improve International Tax Compliance and to Implement FATCA. Under this IGA, Ireland","page_number":118,"box":{"x":121,"y":515,"width":763,"height":12}},{"id":"690964ab-ff46-4f83-af86-f9f810bf6694","block_type":"box","text":"agreed to implement legislation to collect certain information in connection with FATCA and","page_number":118,"box":{"x":121,"y":531,"width":763,"height":13}},{"id":"ac8ed39e-67c6-42e0-94e7-711fffe6e61f","block_type":"box","text":"the Revenue Commissioners and IRS have agreed to automatically exchange this information.","page_number":118,"box":{"x":121,"y":547,"width":763,"height":13}},{"id":"239e508e-8dee-45eb-8b1b-b853e14b25f2","block_type":"box","text":"The IGA provides for the annual automatic exchange of information in relation to accounts and","page_number":118,"box":{"x":121,"y":564,"width":763,"height":13}},{"id":"d6519391-772b-4472-9db0-1a992df7a67f","block_type":"box","text":"investments held by certain U.S. persons in a broad category of Irish financial institutions and","page_number":118,"box":{"x":121,"y":580,"width":763,"height":13}},{"id":"59a7c821-55dd-4b1b-a070-b5619c6bb6b4","block_type":"box","text":"vice versa.","page_number":118,"box":{"x":121,"y":597,"width":91,"height":10}},{"id":"dbe1e4d6-fc5d-431a-ae1f-d75116e30222","block_type":"box","text":"Under the IGA and the Financial Accounts Reporting (United States of America) Regulations","page_number":118,"box":{"x":121,"y":629,"width":763,"height":13}},{"id":"3526bbec-449d-4379-9b2a-4c5e598b1645","block_type":"box","text":"2014 (as amended) (the","page_number":118,"box":{"x":121,"y":646,"width":219,"height":12}},{"id":"68f931dc-99d7-4090-9569-454b8848b4c8","block_type":"box","text":"Irish Regulations","page_number":118,"box":{"x":349,"y":646,"width":156,"height":12}},{"id":"952fae13-eae9-4dd0-8a64-6ca0c9cf456b","block_type":"box","text":") implementing the information disclosure","page_number":118,"box":{"x":506,"y":646,"width":378,"height":13}},{"id":"1ff1554d-bad1-4624-b4fe-8bd0acf585a6","block_type":"box","text":"obligations, Irish financial institutions such as the Fund are required to report certain","page_number":118,"box":{"x":121,"y":662,"width":763,"height":13}},{"id":"5491d234-7afc-48fd-8949-8c1d893aed5c","block_type":"box","text":"information with respect to U.S. account holders to the Revenue Commissioners. The Revenue","page_number":118,"box":{"x":121,"y":679,"width":763,"height":12}},{"id":"400d89ae-6800-433a-9e68-56523956fa5b","block_type":"box","text":"Commissioners automatically provide that information annually to the IRS. The Fund (and/or","page_number":118,"box":{"x":121,"y":695,"width":763,"height":13}},{"id":"fdd51bd3-2daa-415d-90a8-1f9b515419bb","block_type":"box","text":"the Administrator, the Manager or the Investment Manager on behalf of the Fund) must obtain","page_number":118,"box":{"x":121,"y":711,"width":763,"height":13}},{"id":"2107d3d6-48c6-4491-9451-73a79ae7a310","block_type":"box","text":"the necessary information from investors required to satisfy the reporting requirements whether","page_number":118,"box":{"x":121,"y":728,"width":763,"height":13}},{"id":"8f6e239f-5d2f-4cb7-9a0f-6543ab3467b2","block_type":"box","text":"under the IGA, the Irish Regulations or any other applicable legislation published in connection","page_number":118,"box":{"x":121,"y":744,"width":763,"height":13}},{"id":"e4cd9a5e-681d-4331-a710-0430cfc80d68","block_type":"box","text":"with FATCA and such information is being sought as part of the application process for shares","page_number":118,"box":{"x":121,"y":761,"width":763,"height":12}},{"id":"8d81d59b-61c7-43b8-ae3f-47cd44f2be40","block_type":"box","text":"in the Fund. It should be noted that the Irish Regulations require the collection of information","page_number":118,"box":{"x":121,"y":777,"width":763,"height":13}},{"id":"c8c6ebee-2ec7-44b1-9729-bf3e94129141","block_type":"box","text":"and filing of returns with the Irish Revenue Commissioners regardless as to whether the Fund","page_number":118,"box":{"x":121,"y":793,"width":763,"height":13}},{"id":"da9c4731-6a83-4aee-8afc-138e91c5fceb","block_type":"box","text":"holds any U.S. assets or has any U.S. investors.","page_number":118,"box":{"x":121,"y":810,"width":387,"height":12}},{"id":"ce3f7518-54d8-499b-bf25-bf69e65d4a5d","block_type":"box","text":"If a Shareholder causes the Fund to suffer a withholding for or on account of FATCA (","page_number":118,"box":{"x":121,"y":842,"width":688,"height":13}},{"id":"38bc9a8e-b1e7-4831-9883-b1a7263b83f2","block_type":"box","text":"FATCA","page_number":118,"box":{"x":810,"y":842,"width":74,"height":10}},{"id":"bca6d0d8-64c9-40db-91ae-c5896aa3586e","block_type":"box","text":"Deduction","page_number":118,"box":{"x":121,"y":859,"width":88,"height":10}},{"id":"86823d06-7da0-4374-b3f0-5798ab8531e9","block_type":"box","text":") or other financial penalty, cost, expense or liability, the Fund may compulsorily","page_number":118,"box":{"x":210,"y":859,"width":674,"height":13}},{"id":"452b4629-1bfd-4a0e-b526-d4315452e464","block_type":"box","text":"redeem any Shares of such Shareholder and/or take any actions required to ensure that such","page_number":118,"box":{"x":121,"y":875,"width":763,"height":13}},{"id":"4a15a4c5-a3eb-4976-9b4d-9dcbaac06419","block_type":"box","text":"FATCA Deduction or other financial penalty, cost, expense or liability is economically born","page_number":118,"box":{"x":121,"y":892,"width":763,"height":12}},{"id":"880cabaa-6e54-48ef-abb8-ad9b8a854f4c","block_type":"box","text":"119","page_number":119,"box":{"x":487,"y":928,"width":33,"height":10}},{"id":"45182471-95aa-4f52-9c34-3b020c90f5a5","block_type":"box","text":"by such Shareholder. While the IGA and Irish Regulations should serve to reduce the burden","page_number":119,"box":{"x":121,"y":89,"width":763,"height":12}},{"id":"f4978e58-dcc4-4a95-8517-4db1cf6d5e1d","block_type":"box","text":"of compliance with FATCA, and accordingly the risk of a FATCA withholding on payments","page_number":119,"box":{"x":121,"y":105,"width":763,"height":13}},{"id":"a2ac19b1-a8c4-4a73-adf3-102ed6a9d19b","block_type":"box","text":"to the Fund in respect of its assets, no assurance can be given in this regard. As such,","page_number":119,"box":{"x":121,"y":121,"width":763,"height":13}},{"id":"14cf5562-3189-46e5-a403-9b40aa4bfcf9","block_type":"box","text":"Shareholders should obtain independent tax advice in relation to the potential impact of","page_number":119,"box":{"x":121,"y":138,"width":763,"height":13}},{"id":"73c98f6a-4d70-40e5-b818-8e6f62dd563d","block_type":"box","text":"FATCA before investing.","page_number":119,"box":{"x":121,"y":154,"width":211,"height":13}},{"id":"9f0462c6-74d8-4ac9-9355-a87220d6b2ca","block_type":"box","text":"CRS","page_number":119,"box":{"x":121,"y":187,"width":45,"height":10}},{"id":"703e7e3a-19e9-48d5-a1ca-539f3de45216","block_type":"box","text":"The goal of the CRS is to provide for the annual automatic exchange between governments of","page_number":119,"box":{"x":121,"y":220,"width":763,"height":12}},{"id":"a6b082fe-700c-48a5-97a0-dc63f9996193","block_type":"box","text":"financial account information reported to them by local Financial Institutions (","page_number":119,"box":{"x":121,"y":236,"width":635,"height":13}},{"id":"fd272f71-6aa3-463b-9c14-ca828ac07f16","block_type":"box","text":"FI","page_number":119,"box":{"x":757,"y":236,"width":19,"height":10}},{"id":"d5b32332-19ce-4296-a812-da2818571dd8","block_type":"box","text":"s) relating to","page_number":119,"box":{"x":778,"y":236,"width":106,"height":13}},{"id":"6d19bfcf-34ba-4748-b156-e32930b83d40","block_type":"box","text":"account holders tax resident in other participating countries to assist in the efficient collection","page_number":119,"box":{"x":121,"y":252,"width":763,"height":13}},{"id":"712f3a47-b840-4933-a90c-67ce03986081","block_type":"box","text":"of tax. The OECD, in developing the CRS, have used FATCA concepts and as such the","page_number":119,"box":{"x":121,"y":269,"width":763,"height":13}},{"id":"9d44ba51-e476-4ebe-8ab3-02e62ef737bc","block_type":"box","text":"Standard is broadly similar to the FATCA requirements, albeit with numerous alterations. It","page_number":119,"box":{"x":121,"y":285,"width":763,"height":13}},{"id":"5aee9ebd-71c1-405a-8d3d-563886dd518c","block_type":"box","text":"has resulted in a significantly higher number of reportable persons due to the increased","page_number":119,"box":{"x":121,"y":302,"width":763,"height":12}},{"id":"fe24a953-43f6-433e-9b14-f6f35bddf5b0","block_type":"box","text":"instances of potentially in-scope accounts and the inclusion of multiple jurisdictions to which","page_number":119,"box":{"x":121,"y":318,"width":763,"height":13}},{"id":"4309a22b-7334-4e9e-a80c-3828182572e9","block_type":"box","text":"accounts must be reported.","page_number":119,"box":{"x":121,"y":334,"width":221,"height":13}},{"id":"2c494784-881c-442b-8b05-2ffe386eaaf6","block_type":"box","text":"Ireland is a signatory jurisdiction to a Multilateral Competent Authority Agreement on the","page_number":119,"box":{"x":121,"y":367,"width":763,"height":13}},{"id":"d833ed25-219d-40ff-b29c-671a7067e80b","block_type":"box","text":"automatic exchange of financial account information in respect of CRS while the Sections 891F","page_number":119,"box":{"x":121,"y":384,"width":763,"height":12}},{"id":"b3d29111-5e5e-4ad3-b3dd-24ed03a6811f","block_type":"box","text":"and 891G of the TCA contain measures necessary to implement the CRS internationally and","page_number":119,"box":{"x":121,"y":400,"width":763,"height":13}},{"id":"3ed9e3ff-4e47-488c-9354-f0c93d408151","block_type":"box","text":"across the European Union, respectively. The Returns of Certain Information by Reporting","page_number":119,"box":{"x":121,"y":416,"width":763,"height":13}},{"id":"b3b53009-6a1f-4f52-9a02-dedf1bb5b128","block_type":"box","text":"Financial Institutions Regulations 2015 as amended by the Returns of Certain Information by","page_number":119,"box":{"x":121,"y":433,"width":763,"height":13}},{"id":"5a8aa42c-ff93-41bd-b7d5-2238353386e4","block_type":"box","text":"Reporting Financial Institutions (Amendment) Regulations 2025 (the","page_number":119,"box":{"x":121,"y":449,"width":591,"height":13}},{"id":"c127ac2e-1b33-45ad-86ac-a87975cac66c","block_type":"box","text":"CRS","page_number":119,"box":{"x":717,"y":449,"width":38,"height":10}},{"id":"81a24faa-59e6-4ad4-977f-c0f8f1e532ea","block_type":"box","text":"Regulations","page_number":119,"box":{"x":766,"y":449,"width":101,"height":13}},{"id":"931826f9-41c7-463c-843e-7c509da46a35","block_type":"box","text":"),","page_number":119,"box":{"x":868,"y":449,"width":16,"height":12}},{"id":"c9e24c82-8d86-4533-abf9-1da63fb96def","block_type":"box","text":"gave effect to the CRS from 1 January 2016 with the amending regulations coming into","page_number":119,"box":{"x":121,"y":465,"width":763,"height":13}},{"id":"ebc1ae3d-78b5-4218-b9a1-475e6ce6ba7d","block_type":"box","text":"operation on 1 January 2026.","page_number":119,"box":{"x":121,"y":482,"width":239,"height":13}},{"id":"fc896a4f-7985-427b-9fa9-9d57678cc899","block_type":"box","text":"Directive 2014/107/EU on Administrative Cooperation in the Field of Taxation (","page_number":119,"box":{"x":121,"y":515,"width":662,"height":12}},{"id":"124fa6a2-946a-4380-b443-44e8fafd8b78","block_type":"box","text":"DAC II","page_number":119,"box":{"x":783,"y":515,"width":65,"height":10}},{"id":"973afa0f-1806-429e-899d-fd8a4b19bd8b","block_type":"box","text":")(as","page_number":119,"box":{"x":849,"y":515,"width":35,"height":12}},{"id":"61dcb2cd-9487-4a71-a309-7900371ccba0","block_type":"box","text":"amended) implements CRS in a European context and creates a mandatory obligation for all","page_number":119,"box":{"x":121,"y":531,"width":763,"height":13}},{"id":"7bf203c0-f26f-4ad7-bcc1-86fba6471aa9","block_type":"box","text":"EU Member States to exchange financial account information in respect of residents in other","page_number":119,"box":{"x":121,"y":547,"width":763,"height":13}},{"id":"158793f1-1c33-47d6-a04e-285838e02af8","block_type":"box","text":"EU Member States on an annual basis. Section 891G of the TCA contained measures necessary","page_number":119,"box":{"x":121,"y":564,"width":763,"height":13}},{"id":"b73f33a8-eff7-4857-8600-d2f76a2e39d8","block_type":"box","text":"to implement the DAC II. The Mandatory Automatic Exchange of Information in the Field of","page_number":119,"box":{"x":121,"y":580,"width":763,"height":13}},{"id":"3ef66dea-67c9-4d91-adc6-97fef739836a","block_type":"box","text":"Taxation Regulations 2015 as amended by the Mandatory Automatic Exchange of Information","page_number":119,"box":{"x":121,"y":597,"width":763,"height":12}},{"id":"040d4934-edca-4b7c-ab7f-a1f14e3921d6","block_type":"box","text":"in the Field of Taxation (Amendment) Regulations 2025 (together with the CRS Regulations,","page_number":119,"box":{"x":121,"y":613,"width":763,"height":13}},{"id":"561dda01-ae6e-4a19-89c1-e66fb884fe04","block_type":"box","text":"the","page_number":119,"box":{"x":121,"y":629,"width":29,"height":10}},{"id":"1ab6fb00-dd05-4e1b-bf53-cd1a966a2499","block_type":"box","text":"Regulations","page_number":119,"box":{"x":151,"y":629,"width":101,"height":13}},{"id":"8c9370cc-fcaf-4222-a184-86c77c8d7748","block_type":"box","text":"), gave effect to DAC II from 1 January 2016 with the amending regulations","page_number":119,"box":{"x":253,"y":629,"width":631,"height":13}},{"id":"972f14e2-2236-4e0b-9d04-13b6cac84746","block_type":"box","text":"coming into operation on 1 January 2026.","page_number":119,"box":{"x":121,"y":646,"width":341,"height":13}},{"id":"440ec0bb-abba-4a65-b9b2-8f7e149f9a70","block_type":"box","text":"Under the Regulations reporting financial institutions, are required to collect certain","page_number":119,"box":{"x":121,"y":679,"width":763,"height":12}},{"id":"b0ad1546-5a27-47f3-b514-2a7542a97d90","block_type":"box","text":"information on accountholders and on certain Controlling Persons in the case of the","page_number":119,"box":{"x":121,"y":695,"width":763,"height":13}},{"id":"c7749d2c-54da-494e-a41a-f8fb791cf4d8","block_type":"box","text":"accountholder(s) being an Entity, as defined for CRS purposes, (e.g. name, address, jurisdiction","page_number":119,"box":{"x":121,"y":711,"width":763,"height":13}},{"id":"81c42b9c-f2f8-4504-a229-c2db045cd3ad","block_type":"box","text":"of residence, TIN, date and place of birth (as appropriate), the account number and the account","page_number":119,"box":{"x":121,"y":728,"width":763,"height":13}},{"id":"3520882e-0b24-4e02-91d8-de0f3f0498c7","block_type":"box","text":"balance or value at the end of each calendar year) to identify accounts which are reportable to","page_number":119,"box":{"x":121,"y":744,"width":763,"height":13}},{"id":"f2809639-1d4e-4036-a116-2b2a6f7b70c7","block_type":"box","text":"the Irish tax authorities. The Irish tax authorities shall in turn exchange such information with","page_number":119,"box":{"x":121,"y":761,"width":763,"height":12}},{"id":"40e41d84-72ff-49f7-9960-eeec08e4293c","block_type":"box","text":"their counterparts in participating jurisdictions. Further information in relation to CRS and","page_number":119,"box":{"x":121,"y":777,"width":763,"height":13}},{"id":"a5ae4705-5fcb-4036-a13e-e4c7ef82c1b2","block_type":"box","text":"DAC II can be found on the Automatic Exchange of Information (AEOI) webpage on","page_number":119,"box":{"x":121,"y":793,"width":763,"height":13}},{"id":"34624610-f895-45a7-b21f-69053ac148c5","block_type":"box","text":"www.revenue.ie","page_number":119,"box":{"x":121,"y":810,"width":131,"height":10}},{"id":"70f06527-836b-4672-8d17-ae6efc9f01b8","block_type":"box","text":"Information for UK Shareholders","page_number":119,"box":{"x":121,"y":842,"width":295,"height":10}},{"id":"1ad134bc-6f1d-4760-912e-1bf0b29c9801","block_type":"box","text":"This information is a general summary of tax laws and practices; Shareholders should not","page_number":119,"box":{"x":121,"y":875,"width":763,"height":13}},{"id":"7333f5f4-2ef7-4b0e-a4de-a5df1aa44240","block_type":"box","text":"consider it to be legal or tax advice, or as a guarantee of any particular tax result. The","page_number":119,"box":{"x":121,"y":892,"width":763,"height":12}},{"id":"8ddea26d-70f3-4a5b-a748-8bba2967e236","block_type":"box","text":"120","page_number":120,"box":{"x":487,"y":928,"width":33,"height":9}},{"id":"77a8f0be-12fc-44ec-8db1-a9316f65c93c","block_type":"box","text":"information is current as of the date of this Prospectus but may become out of date. The Fund","page_number":120,"box":{"x":121,"y":89,"width":763,"height":12}},{"id":"40926a6a-2157-4b08-bff6-756a58bfc793","block_type":"box","text":"recommends that Shareholders consult an investment advisor and a tax advisor before","page_number":120,"box":{"x":121,"y":105,"width":763,"height":10}},{"id":"dafba146-523f-4bd6-a6d2-61b00d32b431","block_type":"box","text":"investing. 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Subject to disenfranchisement in the event of non-compliance with any","page_number":124,"box":{"x":269,"y":482,"width":615,"height":13}},{"id":"36bd18b5-9543-45c2-b75a-825aed774859","block_type":"box","text":"notice requiring disclosure of the beneficial ownership of Shares and subject to any rights","page_number":124,"box":{"x":151,"y":498,"width":733,"height":13}},{"id":"bd61dcbb-c5ea-4aca-81a8-bc85a24c113a","block_type":"box","text":"or restrictions for the time being attached to any class or classes of Shares, on a show of","page_number":124,"box":{"x":151,"y":515,"width":733,"height":12}},{"id":"7c31c1d6-04cf-4b91-970b-46f72637bce9","block_type":"box","text":"hands, every holder who is present in person or by proxy shall have one vote and the","page_number":124,"box":{"x":151,"y":531,"width":733,"height":13}},{"id":"57f7f602-4c20-4b36-ac2e-8f761c464035","block_type":"box","text":"holder(s) of subscriber shares present in person or by proxy shall have one vote in respect","page_number":124,"box":{"x":151,"y":547,"width":733,"height":13}},{"id":"419714b0-073f-4d98-a194-daad20387166","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":124,"box":{"x":151,"y":564,"width":733,"height":13}},{"id":"e18cec71-1285-449a-a904-3c49ee6888b0","block_type":"box","text":"shall have one vote for every Share of which he is the holder and every holder of a","page_number":124,"box":{"x":152,"y":580,"width":732,"height":13}},{"id":"38f33f91-bd2a-4f09-8b73-25fccef1a444","block_type":"box","text":"subscriber share present in person or by proxy shall have one vote in respect of his holding","page_number":124,"box":{"x":152,"y":597,"width":732,"height":12}},{"id":"e50715b4-d7c8-4931-8751-a229088c94e2","block_type":"box","text":"of subscriber shares. Holders who hold a fraction of a Share may not exercise any voting","page_number":124,"box":{"x":151,"y":613,"width":733,"height":13}},{"id":"a91e0e91-f9c9-44ad-b1fa-2dc6e36bf9be","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":124,"box":{"x":151,"y":629,"width":696,"height":13}},{"id":"d223546f-987b-444c-9e18-7f9b9b0a915d","block_type":"box","text":"d)","page_number":124,"box":{"x":121,"y":662,"width":15,"height":12}},{"id":"e393837c-adab-49cd-9caf-91832b0d84b4","block_type":"box","text":"Alteration of Share Capital","page_number":124,"box":{"x":149,"y":662,"width":236,"height":13}},{"id":"a8bf8762-a92d-45f1-bc56-bc78da8adf56","block_type":"box","text":". The Fund may from time to time by ordinary resolution","page_number":124,"box":{"x":386,"y":662,"width":498,"height":13}},{"id":"abe3814d-1650-4bc2-ac92-e199b6ce8aa8","block_type":"box","text":"increase the share capital by such amount and/or number as the resolution may prescribe;","page_number":124,"box":{"x":151,"y":679,"width":724,"height":12}},{"id":"9984a1b9-45ad-4048-b111-c88feabcefc1","block_type":"box","text":"The Fund may also by ordinary resolution:","page_number":124,"box":{"x":181,"y":711,"width":350,"height":13}},{"id":"80a1a2f0-dfe1-4d9e-8e41-28b417f8c76a","block_type":"box","text":"i)","page_number":124,"box":{"x":181,"y":728,"width":11,"height":12}},{"id":"2a3ebb81-9786-40d6-9ae7-283a1e21ce80","block_type":"box","text":"consolidate and divide all or any of its share capital into Shares of larger amount;","page_number":124,"box":{"x":212,"y":728,"width":659,"height":13}},{"id":"0857e9d6-f433-484d-9ece-6056525cf350","block_type":"box","text":"ii)","page_number":124,"box":{"x":181,"y":744,"width":17,"height":12}},{"id":"e1e6e209-1eb7-45b1-afdb-9cb4996cf355","block_type":"box","text":"subdivide its Shares, or any of them, into Shares of smaller amount or value;","page_number":124,"box":{"x":212,"y":744,"width":622,"height":13}},{"id":"539f7b74-e36e-48c3-9e28-dfbf06181ced","block_type":"box","text":"iii)","page_number":124,"box":{"x":181,"y":761,"width":23,"height":12}},{"id":"923f151a-0d8e-4134-96da-c00cef77d354","block_type":"box","text":"cancel any Shares which, at the date of the passing of the resolution, have not been","page_number":124,"box":{"x":212,"y":761,"width":672,"height":12}},{"id":"dbb0ccfc-bceb-4a86-b628-82e9e18e8d5f","block_type":"box","text":"taken or agreed to be taken by any person and reduce the amount of its authorised","page_number":124,"box":{"x":211,"y":777,"width":673,"height":13}},{"id":"8afc116a-3f79-4473-9de7-8ecf812647cb","block_type":"box","text":"share capital by the amount of the Shares so cancelled; or","page_number":124,"box":{"x":212,"y":793,"width":468,"height":13}},{"id":"7eb63bc9-738b-4263-913b-a6119e3cc479","block_type":"box","text":"iv)","page_number":124,"box":{"x":181,"y":810,"width":21,"height":12}},{"id":"0e366a5d-902e-4e20-b216-974921394fdc","block_type":"box","text":"redenominate the currency of any class of Shares.","page_number":124,"box":{"x":211,"y":810,"width":406,"height":12}},{"id":"2a77fbb8-a4bf-4265-b72f-3b01db258914","block_type":"box","text":"e)","page_number":124,"box":{"x":121,"y":843,"width":14,"height":12}},{"id":"c5f755d9-6222-4320-8c9a-d5a4e145f4cc","block_type":"box","text":"Directors’ Interests","page_number":124,"box":{"x":150,"y":842,"width":164,"height":10}},{"id":"633a5b62-dc2d-4c3d-b4e9-2241add0a6d0","block_type":"box","text":". Provided that the nature and extent of his/ her interest shall be","page_number":124,"box":{"x":317,"y":842,"width":567,"height":10}},{"id":"66e1543e-a173-431f-b145-3e226e04efb9","block_type":"box","text":"disclosed as set out below, no Director or intending Director shall be disqualified by his/","page_number":124,"box":{"x":151,"y":859,"width":733,"height":13}},{"id":"7418e2d6-8951-4816-835c-c001b47ccad9","block_type":"box","text":"her office from contracting with the Fund nor shall any such contract or any contract or","page_number":124,"box":{"x":151,"y":875,"width":733,"height":13}},{"id":"df3887d5-019a-4453-853e-1f0aa80c3680","block_type":"box","text":"arrangement entered into by or on behalf of any other company in which any Director shall","page_number":124,"box":{"x":151,"y":892,"width":733,"height":12}},{"id":"9b56b748-9777-408e-a52d-c59556319bc0","block_type":"box","text":"125","page_number":125,"box":{"x":487,"y":928,"width":33,"height":9}},{"id":"e00ad431-ac79-4488-901f-121115cbb9af","block_type":"box","text":"be in any way interested be avoided nor shall any Director so contracting or being so","page_number":125,"box":{"x":151,"y":89,"width":733,"height":12}},{"id":"306a237e-6610-4100-8474-3f08efb74686","block_type":"box","text":"interested be liable to account to the Fund for any profit realised by any such contract or","page_number":125,"box":{"x":151,"y":105,"width":733,"height":13}},{"id":"87bbd5d9-41e8-47d3-beb4-f2d154ed4a94","block_type":"box","text":"arrangement by reason of such Director holding that office or of the fiduciary relationship","page_number":125,"box":{"x":151,"y":121,"width":733,"height":13}},{"id":"d006beb1-9b51-4069-9ffd-83a3cfe273c2","block_type":"box","text":"thereby established.","page_number":125,"box":{"x":151,"y":138,"width":165,"height":13}},{"id":"275567cb-f524-4cb4-8619-3d5decf230cf","block_type":"box","text":"The nature of a Director’s interest must be declared by him at the meeting of the Directors","page_number":125,"box":{"x":151,"y":170,"width":733,"height":13}},{"id":"48e87610-16aa-40f5-8045-912ce4c334cb","block_type":"box","text":"at which the question of entering into the contract or arrangement is first taken into","page_number":125,"box":{"x":151,"y":187,"width":733,"height":13}},{"id":"19034d58-fa19-447b-bf2d-f01eb02bbcb6","block_type":"box","text":"consideration, or if the Director was not at the date of that meeting interested in the","page_number":125,"box":{"x":151,"y":203,"width":733,"height":13}},{"id":"e34f0c0d-ab05-4e54-b0fd-56da4e3ad921","block_type":"box","text":"proposed contract or arrangement at the next meeting of the Directors held after he/ she","page_number":125,"box":{"x":151,"y":220,"width":733,"height":12}},{"id":"4191b322-b145-4150-b215-1540ec3574ba","block_type":"box","text":"became so interested, and in a case where the Director becomes interested in a contract or","page_number":125,"box":{"x":151,"y":236,"width":733,"height":12}},{"id":"d692cc30-912c-494a-80c3-1b333c897689","block_type":"box","text":"arrangement after it is made, at the first meeting of the Directors held after he/ she becomes","page_number":125,"box":{"x":151,"y":252,"width":733,"height":13}},{"id":"ed2b1b5e-894c-4079-8f63-09974f9b9cb3","block_type":"box","text":"so interested.","page_number":125,"box":{"x":152,"y":269,"width":110,"height":10}},{"id":"44acc9cd-fbd0-4c3d-b252-964f7e8f6b55","block_type":"box","text":"A Director shall not vote at a meeting of the Directors or of any committee established by","page_number":125,"box":{"x":151,"y":302,"width":733,"height":12}},{"id":"3fc7b517-dfc7-44d8-8b14-bc1c0f8e53b6","block_type":"box","text":"the Directors on any resolution concerning a matter in which he/ she has, directly or","page_number":125,"box":{"x":151,"y":318,"width":733,"height":13}},{"id":"bec76a30-321d-4d80-8621-8eac67f0899b","block_type":"box","text":"indirectly, an interest which is material (other than an interest arising by virtue of his/ her","page_number":125,"box":{"x":151,"y":334,"width":733,"height":13}},{"id":"1bafebf9-80a4-48c8-868f-5778513d4589","block_type":"box","text":"interest in Shares or debentures or other securities or otherwise in or through the Fund) or","page_number":125,"box":{"x":151,"y":351,"width":733,"height":13}},{"id":"b47a90c5-134e-45b0-8d83-da55d8939c77","block_type":"box","text":"a duty which conflicts or may conflict with the interests of the Fund. A Director shall not","page_number":125,"box":{"x":151,"y":367,"width":733,"height":13}},{"id":"2125dfd7-9401-49db-b382-6d2b4aa26595","block_type":"box","text":"be counted in the quorum present at a meeting in relation to any such resolution on which","page_number":125,"box":{"x":151,"y":384,"width":733,"height":12}},{"id":"3f87a9f1-6a1c-41f6-a0a5-4a54d649f3db","block_type":"box","text":"he/ she is not entitled to vote.","page_number":125,"box":{"x":151,"y":400,"width":242,"height":10}},{"id":"071e622a-22bb-4a18-bbe6-dd8a16de7dbc","block_type":"box","text":"f)","page_number":125,"box":{"x":121,"y":433,"width":12,"height":12}},{"id":"a86ddc09-6ae5-4007-adb9-1d34baa7636f","block_type":"box","text":"Borrowing Powers","page_number":125,"box":{"x":150,"y":433,"width":155,"height":12}},{"id":"e2a23bae-ffd0-46eb-841f-baa73fc6dbf1","block_type":"box","text":". Subject to the Regulations, the Directors may exercise all the powers","page_number":125,"box":{"x":308,"y":433,"width":576,"height":13}},{"id":"d219c96e-ab59-4eb4-b774-775c651436f2","block_type":"box","text":"of the Fund to borrow or raise money and to mortgage or charge its undertaking, property","page_number":125,"box":{"x":151,"y":449,"width":733,"height":13}},{"id":"204972e3-72c1-47a5-ba85-ff3514b182f0","block_type":"box","text":"and assets (both present and future) and uncalled capital or any part thereof and to issue","page_number":125,"box":{"x":151,"y":465,"width":733,"height":13}},{"id":"ddb56ec6-7942-4257-a662-bfb175d6791b","block_type":"box","text":"other securities, whether outright or as collateral security for any debt, liability or obligation","page_number":125,"box":{"x":151,"y":482,"width":733,"height":13}},{"id":"b007b350-e876-4665-ab1c-1ae8d4f8c18a","block_type":"box","text":"of the Fund provided that all such borrowings shall be within the limits and conditions laid","page_number":125,"box":{"x":151,"y":498,"width":733,"height":13}},{"id":"f4a7fb75-3aeb-4fe9-8688-1de4bcee970a","block_type":"box","text":"down by the Central Bank;","page_number":125,"box":{"x":151,"y":515,"width":222,"height":12}},{"id":"5d8609de-f963-442c-98c7-66be1910efa2","block_type":"box","text":"g)","page_number":125,"box":{"x":121,"y":548,"width":15,"height":12}},{"id":"095cfe47-3e5d-4b48-8479-e1d9e4f405c4","block_type":"box","text":"Delegation to Committee","page_number":125,"box":{"x":150,"y":547,"width":218,"height":13}},{"id":"86430c5e-188d-4d87-a1c7-1fbc68dabca3","block_type":"box","text":".","page_number":125,"box":{"x":369,"y":556,"width":3,"height":1}},{"id":"39fa8bc9-6a4c-4b35-8398-9f4eacd2c7b6","block_type":"box","text":"The Directors may delegate any of their powers to any","page_number":125,"box":{"x":374,"y":547,"width":510,"height":13}},{"id":"8e7cd463-0d99-48b9-a83d-aca02f43966f","block_type":"box","text":"committee whether or not consisting of Directors. Any such delegation may be made","page_number":125,"box":{"x":151,"y":564,"width":733,"height":13}},{"id":"1590708e-d6c4-46cb-9721-cb4871b43184","block_type":"box","text":"subject to any conditions the Directors may impose, and either collaterally with or to the","page_number":125,"box":{"x":152,"y":580,"width":732,"height":13}},{"id":"e9ce3eeb-381a-42a9-9ee3-d6d8f52ed2d6","block_type":"box","text":"exclusion of their own powers and may be revoked. Subject to any such conditions, the","page_number":125,"box":{"x":151,"y":597,"width":733,"height":12}},{"id":"2908d801-878f-4c90-9225-2950873be162","block_type":"box","text":"proceedings of a committee with two or more members shall be governed by the provisions","page_number":125,"box":{"x":151,"y":613,"width":733,"height":13}},{"id":"2f285cb0-5048-4bed-a75c-6a9529388103","block_type":"box","text":"of the Articles of Association regulating the proceedings of Directors so far as they are","page_number":125,"box":{"x":151,"y":629,"width":733,"height":13}},{"id":"3cfe9e3e-5407-41ac-9ff8-9ceee1a6881a","block_type":"box","text":"capable of applying;","page_number":125,"box":{"x":151,"y":646,"width":169,"height":13}},{"id":"b3fdd887-55c1-4511-9e65-e8f8cdc76323","block_type":"box","text":"h)","page_number":125,"box":{"x":121,"y":679,"width":15,"height":12}},{"id":"3dd74ece-3ffd-4e4b-b7eb-762a8da9e9bb","block_type":"box","text":"Retirement of Directors","page_number":125,"box":{"x":150,"y":678,"width":199,"height":13}},{"id":"40db2923-8419-495c-9000-29a9b5087dab","block_type":"box","text":". The Directors shall not be required to retire by rotation or by","page_number":125,"box":{"x":352,"y":679,"width":532,"height":12}},{"id":"1dd21dd4-0121-4384-a421-b322e7b72877","block_type":"box","text":"virtue of their attaining a certain age;","page_number":125,"box":{"x":151,"y":695,"width":304,"height":13}},{"id":"6985df8e-8ff0-4f92-934b-2cc60d0fc260","block_type":"box","text":"i)","page_number":125,"box":{"x":121,"y":728,"width":11,"height":12}},{"id":"613d527c-de06-4ac7-b9f3-8963753c77e0","block_type":"box","text":"Directors’ Remuneration.","page_number":125,"box":{"x":150,"y":728,"width":214,"height":10}},{"id":"2289752d-e9df-4d1f-bd5b-708f61e4bc9c","block_type":"box","text":"Unless and until otherwise determined from time to time by","page_number":125,"box":{"x":367,"y":728,"width":517,"height":13}},{"id":"075dd2e0-1e4a-498e-9884-ff67f0fac31d","block_type":"box","text":"the Fund in general meeting, the ordinary remuneration of each Director shall be","page_number":125,"box":{"x":151,"y":744,"width":733,"height":13}},{"id":"c5d27e4e-feda-465b-a549-c531655fc2d4","block_type":"box","text":"determined from time to time by resolution of the Directors.","page_number":125,"box":{"x":151,"y":761,"width":490,"height":12}},{"id":"47f90e54-b548-4168-896f-f2cc7887b3f2","block_type":"box","text":"j)","page_number":125,"box":{"x":119,"y":793,"width":13,"height":13}},{"id":"f5503855-ad3f-4af1-bdda-63317bcfe501","block_type":"box","text":"Transfer of Shares","page_number":125,"box":{"x":152,"y":793,"width":154,"height":13}},{"id":"91d6461b-3f9e-43f7-952e-f67f8acf66c9","block_type":"box","text":". Subject to the restrictions set out below, the Shares of any holder may","page_number":125,"box":{"x":308,"y":793,"width":576,"height":13}},{"id":"920ae10b-3ee7-4679-9890-d7913cb96545","block_type":"box","text":"be transferred by instrument in writing in any usual or common form or any other form,","page_number":125,"box":{"x":151,"y":810,"width":733,"height":12}},{"id":"d72afb4b-42c5-448d-bf34-02e18f4237a3","block_type":"box","text":"which the Directors may approve.","page_number":125,"box":{"x":151,"y":826,"width":278,"height":13}},{"id":"e246cdd2-777b-4a2f-8c7a-03420caac43b","block_type":"box","text":"The Directors in their absolute discretion and without assigning any reason therefor may","page_number":125,"box":{"x":151,"y":859,"width":733,"height":13}},{"id":"5e38cd19-a2db-48bd-b415-c619a9137e8c","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":125,"box":{"x":151,"y":875,"width":733,"height":13}},{"id":"2c7aa205-5ac4-493d-89fa-d0caf68178a8","block_type":"box","text":"holding Shares, would be in breach of any law or requirement of any country or","page_number":125,"box":{"x":151,"y":892,"width":733,"height":12}},{"id":"d5e8ea9d-bfd9-4bfb-b4c6-be369be45753","block_type":"box","text":"126","page_number":126,"box":{"x":487,"y":928,"width":33,"height":9}},{"id":"7b1a8474-c989-4315-8c53-c3d9e47f34f4","block_type":"box","text":"governmental authority or by virtue of which such person is not qualified to hold such","page_number":126,"box":{"x":151,"y":89,"width":733,"height":12}},{"id":"dc4f8a90-2b24-4fd5-9c03-d41318832469","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":126,"box":{"x":152,"y":105,"width":732,"height":13}},{"id":"3e67cb75-f287-43bd-8555-e3dcb3a25e30","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":126,"box":{"x":151,"y":121,"width":733,"height":13}},{"id":"f7e838e6-f276-49e0-a8f7-80a7948dda7d","block_type":"box","text":"authorized; or (iii) might result in a Sub-Fund incurring any liability to taxation or suffering","page_number":126,"box":{"x":151,"y":138,"width":733,"height":13}},{"id":"471b9207-02d3-4767-b918-adddfa9e8ae2","block_type":"box","text":"pecuniary legal or material administrative disadvantages or being in breach of any law or","page_number":126,"box":{"x":151,"y":154,"width":733,"height":13}},{"id":"9c4ca23b-41c3-4be3-90b1-bf918efce89a","block_type":"box","text":"regulation which the relevant Sub-Fund might not otherwise have incurred, suffered","page_number":126,"box":{"x":151,"y":170,"width":733,"height":13}},{"id":"b522e459-2c35-4036-acff-41fe6c0229bd","block_type":"box","text":"(including without limitation, where a Shareholder fails to provide the Fund with","page_number":126,"box":{"x":152,"y":187,"width":732,"height":13}},{"id":"4dfee621-62c4-4b9b-ad2c-104d74f58f22","block_type":"box","text":"information required to satisfy the obligations under any tax requirements or regulations or","page_number":126,"box":{"x":151,"y":203,"width":733,"height":13}},{"id":"ea6f3a46-8b45-4442-8bf2-8e4af5f52922","block_type":"box","text":"any automatic exchange of information obligations or other similar requirements of the","page_number":126,"box":{"x":151,"y":220,"width":733,"height":12}},{"id":"82821447-d5ef-423b-be6c-edc39584ad66","block_type":"box","text":"Fund, the Depositary, the Administrator, the Investment Manager or any delegate thereof,","page_number":126,"box":{"x":151,"y":236,"width":733,"height":13}},{"id":"069887be-1842-4533-866e-457240af1cf3","block_type":"box","text":"or where the Directors suspect market timing) or might result in the relevant Sub-Fund, the","page_number":126,"box":{"x":151,"y":252,"width":733,"height":13}},{"id":"d398d035-3283-484b-aacc-ec8c5392eb8a","block_type":"box","text":"Fund, Investment Manager or Investment Manager's group of companies being required to","page_number":126,"box":{"x":151,"y":269,"width":733,"height":13}},{"id":"01a82ce2-1905-4876-b12f-e4c1c5543aa8","block_type":"box","text":"comply with registration or filing requirements in any jurisdiction with which it would not","page_number":126,"box":{"x":151,"y":285,"width":733,"height":13}},{"id":"12707313-519b-4a1a-a579-0f91c5990e50","block_type":"box","text":"otherwise be required to comply or is otherwise prohibited by the Articles; or (iv) any","page_number":126,"box":{"x":151,"y":302,"width":733,"height":12}},{"id":"d9ccaeed-2875-4187-87bc-26b95ea242e4","block_type":"box","text":"transfer to or by a minor or a person of unsound mind; or (v) any transfer unless the","page_number":126,"box":{"x":151,"y":318,"width":733,"height":13}},{"id":"9d23e41c-724a-46e8-8657-eccf6ffd0145","block_type":"box","text":"transferee of such Shares would following such transfer be the holder of Shares with a value","page_number":126,"box":{"x":151,"y":334,"width":733,"height":13}},{"id":"28fe6d91-ea42-4f7c-a55d-99d7160c4729","block_type":"box","text":"at the then current subscription price equal to or greater than the Minimum Initial","page_number":126,"box":{"x":151,"y":351,"width":733,"height":13}},{"id":"5ae7f87f-a4af-4ab5-a06a-6df93e814767","block_type":"box","text":"Subscription; or (vi) any transfer in circumstances where as a result of such transfer the","page_number":126,"box":{"x":152,"y":367,"width":732,"height":13}},{"id":"cc596458-35ce-4cdd-b3e9-b7fae854b58a","block_type":"box","text":"transferor or transferee would hold less than the Minimum Holding and any transfer in","page_number":126,"box":{"x":151,"y":384,"width":733,"height":12}},{"id":"040b9a46-1171-4886-a5da-e1e51d871a5a","block_type":"box","text":"regard to which any payment of taxation remains outstanding.","page_number":126,"box":{"x":151,"y":400,"width":505,"height":13}},{"id":"fc88014a-0fbd-4422-8076-7f4bfa10f972","block_type":"box","text":"The Directors may decline to recognise any instrument of transfer unless it is accompanied","page_number":126,"box":{"x":151,"y":433,"width":733,"height":13}},{"id":"e75f3b99-5d24-45a9-9d8a-75aff5432f1c","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":126,"box":{"x":151,"y":449,"width":733,"height":13}},{"id":"bf065209-1507-4f01-b073-4c72fb91262d","block_type":"box","text":"Shares only, is in favour of not more than four transferees and is lodged at the registered","page_number":126,"box":{"x":152,"y":465,"width":732,"height":13}},{"id":"b9b5e787-4e64-44f3-8388-069bd73261d4","block_type":"box","text":"office or at such other place as the Directors may appoint;","page_number":126,"box":{"x":151,"y":482,"width":472,"height":13}},{"id":"7f3722bf-053c-4fe0-8229-0caec762e84b","block_type":"box","text":"k)","page_number":126,"box":{"x":121,"y":515,"width":15,"height":12}},{"id":"70b392f8-15fb-45c5-a37a-e27e81081dc9","block_type":"box","text":"Right of Redemption","page_number":126,"box":{"x":150,"y":514,"width":173,"height":13}},{"id":"8109f5f2-d3f2-4210-9df1-e1b7b0b2ebe2","block_type":"box","text":".","page_number":126,"box":{"x":325,"y":522,"width":9,"height":3}},{"id":"dc473cea-5710-46dd-baab-d643d35105c7","block_type":"box","text":"Shareholders have the right to request the Fund to repurchase their","page_number":126,"box":{"x":340,"y":515,"width":544,"height":12}},{"id":"527a149a-178a-441b-846a-e750646ee7b6","block_type":"box","text":"Shares in accordance with the provisions of the Articles of Association;","page_number":126,"box":{"x":152,"y":531,"width":582,"height":13}},{"id":"d9876118-57be-4114-92bd-ad693496fb04","block_type":"box","text":"l)","page_number":126,"box":{"x":121,"y":564,"width":11,"height":12}},{"id":"b260b28b-eb09-4d7c-9c9c-f2fe3831d5d3","block_type":"box","text":"Dividends","page_number":126,"box":{"x":150,"y":564,"width":82,"height":10}},{"id":"dd0f3b2e-cc81-468a-bd3c-4584372963e0","block_type":"box","text":". The Articles of Association permit the Directors to declare such dividends on","page_number":126,"box":{"x":235,"y":564,"width":649,"height":13}},{"id":"dec0dc6f-4c2a-4a2c-a4eb-b1ce8aa38e84","block_type":"box","text":"any class of Shares as appear to the Directors to be justified by the profits of the relevant","page_number":126,"box":{"x":151,"y":580,"width":733,"height":13}},{"id":"20dadb56-b552-4389-bde6-6a9a8865e0e4","block_type":"box","text":"Sub-Fund. The Directors may satisfy any dividend due to holders of Shares in whole or in","page_number":126,"box":{"x":152,"y":597,"width":732,"height":12}},{"id":"f7adb50d-3ef6-4df5-9cfe-69511dee24d1","block_type":"box","text":"part by distributing to them in specie any of the assets of the relevant Sub-Fund and, in","page_number":126,"box":{"x":151,"y":613,"width":733,"height":13}},{"id":"9ee65636-aa9e-41d0-8a01-3c2e22011c8f","block_type":"box","text":"particular, any investments to which the relevant Sub-Fund is entitled. A holder may","page_number":126,"box":{"x":151,"y":629,"width":733,"height":13}},{"id":"52c86b1e-5a1b-45ae-8216-da627dc8c4d4","block_type":"box","text":"require the Directors instead of transferring any assets in specie to him, to arrange for a sale","page_number":126,"box":{"x":151,"y":646,"width":733,"height":13}},{"id":"82081cc5-662d-4ff7-9baa-2f2b455f5989","block_type":"box","text":"of the assets and for payment to the holder of the net proceeds of same. Any dividend","page_number":126,"box":{"x":151,"y":662,"width":733,"height":13}},{"id":"a719ac3f-6164-4e64-b1da-01a75b3ca7b7","block_type":"box","text":"unclaimed for six years from the date of declaration of such dividend shall be forfeited and","page_number":126,"box":{"x":151,"y":679,"width":733,"height":12}},{"id":"49aeb5f7-9c25-4237-8f8f-fa60c154b36b","block_type":"box","text":"shall revert to the relevant Sub-Fund;","page_number":126,"box":{"x":152,"y":695,"width":304,"height":12}},{"id":"26425884-9575-472e-965f-fcaa8d30064b","block_type":"box","text":"m)","page_number":126,"box":{"x":121,"y":728,"width":21,"height":12}},{"id":"5a40022a-b424-4b6e-90ef-8e85059ef505","block_type":"box","text":"Funds","page_number":126,"box":{"x":150,"y":727,"width":54,"height":11}},{"id":"e8053cbe-0a37-4608-81a7-23a006710174","block_type":"box","text":". The Directors are required to establish a separate portfolio of assets for each Sub","page_number":126,"box":{"x":206,"y":728,"width":672,"height":13}},{"id":"f0d5326d-6146-4c61-acd7-2e59ca74a189","block_type":"box","text":"Fund created by the Fund from time to time, to which the following shall apply:-","page_number":126,"box":{"x":151,"y":744,"width":656,"height":13}},{"id":"5ff80efd-60e2-4502-9fe0-3461e94e58d9","block_type":"box","text":"i)","page_number":126,"box":{"x":151,"y":777,"width":11,"height":12}},{"id":"794d8f8a-4420-4f4c-bc5b-0f8a46647811","block_type":"box","text":"for each Sub-Fund the Fund shall keep separate books and records in which all","page_number":126,"box":{"x":181,"y":777,"width":703,"height":13}},{"id":"ceee0c05-62ad-4666-8385-f11033c1ee23","block_type":"box","text":"transactions relating to the relevant Sub-Fund shall be recorded and, in particular, the","page_number":126,"box":{"x":181,"y":793,"width":703,"height":13}},{"id":"3f3fe4ad-2eaa-486e-a738-48b10669589c","block_type":"box","text":"proceeds from the allotment and issue of Shares of each class in the Sub-Fund, the","page_number":126,"box":{"x":181,"y":810,"width":703,"height":12}},{"id":"8aa2867f-d30c-4394-923a-c892389f25ae","block_type":"box","text":"investments and the liabilities and income and expenditure attributable thereto shall be","page_number":126,"box":{"x":181,"y":826,"width":703,"height":13}},{"id":"9413e761-86fe-41cd-9357-d7856a0aaf2b","block_type":"box","text":"applied or charged to such Sub-Fund subject to the provisions of the Articles;","page_number":126,"box":{"x":182,"y":842,"width":629,"height":13}},{"id":"2706fb80-7305-463d-8116-ccd41b4536f2","block_type":"box","text":"ii)","page_number":126,"box":{"x":151,"y":875,"width":17,"height":12}},{"id":"81838188-7a1b-470d-82a6-c098810b4cd1","block_type":"box","text":"any asset derived from any other asset(s) (whether cash or otherwise) comprised in any","page_number":126,"box":{"x":182,"y":875,"width":702,"height":13}},{"id":"e3a84f6a-2a4f-4a39-94dd-5a8caa3b2ab5","block_type":"box","text":"Sub-Fund, shall be applied in the books and records of the Fund to the same Sub-Fund","page_number":126,"box":{"x":182,"y":892,"width":702,"height":12}},{"id":"deb8f008-c4aa-487f-9797-72e8447892ab","block_type":"box","text":"127","page_number":127,"box":{"x":487,"y":928,"width":33,"height":9}},{"id":"fc995f8b-9eb0-492a-8314-30872b7fc72d","block_type":"box","text":"as the asset from which it was derived and any increase or diminution in the value of","page_number":127,"box":{"x":182,"y":89,"width":702,"height":12}},{"id":"f50e3fe0-1535-4035-8545-a9677fcfc226","block_type":"box","text":"such an asset shall be applied to the relevant Sub-Fund;","page_number":127,"box":{"x":182,"y":105,"width":452,"height":13}},{"id":"55173f22-0a43-44c7-87fd-7abf80d450cc","block_type":"box","text":"iii)","page_number":127,"box":{"x":151,"y":138,"width":22,"height":12}},{"id":"0b986b2d-fb0b-4f81-8b88-c9235d07c94a","block_type":"box","text":"in the event that there are any assets of the Fund which the Directors do not consider","page_number":127,"box":{"x":181,"y":138,"width":703,"height":13}},{"id":"0313be64-9922-4140-81ee-5fd8329d2f42","block_type":"box","text":"are attributable to a particular Sub-Fund or Sub-Funds, the Directors shall, with the","page_number":127,"box":{"x":182,"y":154,"width":702,"height":13}},{"id":"8490b7c8-e3ac-44e7-9a93-c91d269c9d29","block_type":"box","text":"approval of the Depositary, allocate such assets to and among any one or more of the","page_number":127,"box":{"x":182,"y":170,"width":702,"height":13}},{"id":"040d6427-8cb1-4b38-aa9d-2732e05f4aa5","block_type":"box","text":"Sub-Funds in such manner and on such basis as they, in their discretion, deem fair and","page_number":127,"box":{"x":182,"y":187,"width":702,"height":13}},{"id":"60fefc17-98f4-4e42-83aa-c97a97abac34","block_type":"box","text":"equitable; and the Directors shall have the power to and may at any time and from time","page_number":127,"box":{"x":181,"y":203,"width":703,"height":13}},{"id":"6f0a5a32-f1ab-4439-a4d3-8fe981580b92","block_type":"box","text":"to time, with the approval of the Depositary, vary the basis in relation to assets","page_number":127,"box":{"x":181,"y":220,"width":703,"height":12}},{"id":"6167b71f-336b-47f4-9562-c07dab52330e","block_type":"box","text":"previously allocated;","page_number":127,"box":{"x":181,"y":236,"width":174,"height":13}},{"id":"7cf7a31f-dc96-4e04-b5e0-529b687c0440","block_type":"box","text":"iv)","page_number":127,"box":{"x":151,"y":269,"width":21,"height":12}},{"id":"46fe33cd-11d8-4b07-8657-92f85ec3589f","block_type":"box","text":"each Sub-Fund shall be charged with the liabilities, expenses, costs, charges or reserves","page_number":127,"box":{"x":181,"y":269,"width":703,"height":13}},{"id":"8b4a724a-ccf5-4a05-82b1-a1c1766853b3","block_type":"box","text":"of the Fund in respect of or attributable to that Sub-Fund and any such liabilities,","page_number":127,"box":{"x":182,"y":285,"width":702,"height":13}},{"id":"af68884c-67db-47dd-9fbe-97cffe7f8a3d","block_type":"box","text":"expenses, costs, charges, or reserves of the Fund not attributable to any particular Sub","page_number":127,"box":{"x":181,"y":302,"width":697,"height":12}},{"id":"ec2723c0-af81-4a2a-8642-293c7fec83d0","block_type":"box","text":"Fund or Sub-Funds shall be allocated and charged by the Directors, with the approval","page_number":127,"box":{"x":181,"y":318,"width":703,"height":13}},{"id":"6efb810d-9b02-473b-8e8f-018b96c13950","block_type":"box","text":"of the Depositary, in such manner and on such basis as the Directors, in their sole and","page_number":127,"box":{"x":182,"y":334,"width":702,"height":13}},{"id":"9f804956-9fa4-4264-8d43-2eec47da584a","block_type":"box","text":"absolute discretion deem fair and equitable, and the Directors shall have the power to","page_number":127,"box":{"x":182,"y":351,"width":702,"height":13}},{"id":"2bb439b8-eb0b-401e-ad9b-e62948131891","block_type":"box","text":"and may at any time and from time to time, with the approval of the Depositary, vary","page_number":127,"box":{"x":182,"y":367,"width":702,"height":13}},{"id":"207c7578-dd3e-4022-9397-0f163ce01456","block_type":"box","text":"such basis including, where circumstances so permit, the re-allocation of such","page_number":127,"box":{"x":182,"y":384,"width":702,"height":12}},{"id":"de75ebfc-033d-4e61-91cb-cbe7c10fb4d4","block_type":"box","text":"liabilities, expenses, costs, charges and reserves;","page_number":127,"box":{"x":181,"y":400,"width":396,"height":13}},{"id":"46b11fd8-98df-4266-b611-df3db7e15a9c","block_type":"box","text":"v)","page_number":127,"box":{"x":151,"y":433,"width":16,"height":12}},{"id":"e1396420-e422-4b6c-b461-c0dae282ea40","block_type":"box","text":"in the event that any Asset attributable to a Sub-Fund is taken in execution of a liability","page_number":127,"box":{"x":181,"y":433,"width":703,"height":13}},{"id":"55334987-ebee-40a3-90f0-8bb59094e338","block_type":"box","text":"not attributable to that Sub-Fund, the provisions of section 1407 of the Companies Act","page_number":127,"box":{"x":181,"y":449,"width":703,"height":13}},{"id":"c28b2fd2-ac5a-45f2-a92e-182ecd0c61c3","block_type":"box","text":"2014 shall apply;","page_number":127,"box":{"x":182,"y":465,"width":143,"height":13}},{"id":"4fc5cac5-f5c2-4509-a2e2-4b8d42a0da24","block_type":"box","text":"n)","page_number":127,"box":{"x":121,"y":498,"width":15,"height":13}},{"id":"b99ca9ef-7254-41c5-9ad7-7f4d0cca806c","block_type":"box","text":"Fund Exchanges.","page_number":127,"box":{"x":150,"y":498,"width":147,"height":13}},{"id":"6ae464ca-1d31-412c-a1f7-0f17a7e3b9ae","block_type":"box","text":"Subject to the provisions of the Articles of Association, a Shareholder","page_number":127,"box":{"x":307,"y":498,"width":577,"height":13}},{"id":"495e1ac6-0bea-4c70-9f30-3b4676c4b482","block_type":"box","text":"holding Shares in any class in a Sub-Fund on any Dealing Day shall have the right from","page_number":127,"box":{"x":151,"y":515,"width":733,"height":12}},{"id":"6a970c7d-6a46-4439-844a-43df0a580304","block_type":"box","text":"time to time to exchange all or any of such Shares for Shares of another class (such class","page_number":127,"box":{"x":151,"y":531,"width":733,"height":13}},{"id":"db047f1a-8d7b-4884-8051-0ea92abaa4ba","block_type":"box","text":"being either an existing class or a class agreed by the Directors to be brought into existence","page_number":127,"box":{"x":151,"y":547,"width":733,"height":13}},{"id":"cbfb0c6f-825c-4acc-b1a1-554395417e8d","block_type":"box","text":"with effect from that Dealing Day);","page_number":127,"box":{"x":151,"y":564,"width":291,"height":13}},{"id":"2d57c0bf-3dec-42bf-98bc-df60e1381d60","block_type":"box","text":"o)","page_number":127,"box":{"x":121,"y":597,"width":15,"height":12}},{"id":"0afd7b39-a396-4421-a93f-7a0b97271919","block_type":"box","text":"Winding up.","page_number":127,"box":{"x":152,"y":596,"width":100,"height":13}},{"id":"a54cf6a9-74f2-443f-8e3d-fa8b83c71145","block_type":"box","text":"The Articles contain provisions to the following effect:","page_number":127,"box":{"x":254,"y":597,"width":459,"height":12}},{"id":"b4fe2c21-98ae-4fcd-8ad0-6e2a242b2577","block_type":"box","text":"i)","page_number":127,"box":{"x":151,"y":627,"width":11,"height":13}},{"id":"41386789-a0f6-4f2c-82d3-bd9e20d2730d","block_type":"box","text":"If the Fund shall be wound up the liquidator shall, subject to the provisions of the","page_number":127,"box":{"x":181,"y":627,"width":703,"height":13}},{"id":"93002e36-bff5-423a-a6b0-e60a8d975c79","block_type":"box","text":"Companies Act 2014, apply the assets of each Sub-Fund in such manner and order as","page_number":127,"box":{"x":182,"y":644,"width":702,"height":12}},{"id":"4e5a343a-c08b-4ae7-ae34-fb716944e14b","block_type":"box","text":"he thinks fit in satisfaction of creditors’ claims relating to that 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to the holders of Shares in the relevant class in the proportion","page_number":127,"box":{"x":182,"y":742,"width":702,"height":13}},{"id":"b63ce428-3a60-41f0-81b9-280cef0d4a3a","block_type":"box","text":"that the number of Shares held by each holder bears to the total number of Shares","page_number":127,"box":{"x":181,"y":758,"width":703,"height":13}},{"id":"ce6c113d-8e70-4c2e-b9d4-76c3b6d969d1","block_type":"box","text":"relating to each such class of Shares in issue as at the date of commencement to wind","page_number":127,"box":{"x":181,"y":775,"width":703,"height":13}},{"id":"37ca33a9-ddaa-40ef-a31b-0acdc63ab574","block_type":"box","text":"up; secondly, in payment to the holder(s) of the subscriber shares of sums up to the","page_number":127,"box":{"x":181,"y":791,"width":703,"height":13}},{"id":"0b62496a-b8fb-4fb2-921c-764bae712aec","block_type":"box","text":"nominal amount paid thereon out of the assets of the Fund not attributable to any class","page_number":127,"box":{"x":181,"y":808,"width":703,"height":12}},{"id":"ab7be5af-afc3-457f-86f0-6680e0fe6d01","block_type":"box","text":"of Share. In the event that there are insufficient assets to enable such payment in full","page_number":127,"box":{"x":182,"y":824,"width":702,"height":13}},{"id":"05c91e28-0572-4b13-9ab2-291f6bdae86f","block_type":"box","text":"to be made, no recourse shall be had to the assets of the Fund attributable to each class","page_number":127,"box":{"x":181,"y":840,"width":703,"height":12}},{"id":"1778bc0c-eeb6-4426-be9c-316d2258b82b","block_type":"box","text":"of Share; and thirdly, any balance then remaining and not attributable to any of the","page_number":127,"box":{"x":182,"y":857,"width":702,"height":13}},{"id":"cb6570a2-e34d-42f8-85fe-94757370fce9","block_type":"box","text":"classes of Shares shall be apportioned pro-rata as between the classes of Shares based","page_number":127,"box":{"x":181,"y":873,"width":703,"height":13}},{"id":"5fe76682-5ea8-40e9-bed0-e4f45e02c465","block_type":"box","text":"on the Net Asset Value attributable to each class of Shares as at the date of","page_number":127,"box":{"x":182,"y":889,"width":702,"height":10}},{"id":"70476a36-397b-47b2-8cd7-3da201baada6","block_type":"box","text":"128","page_number":128,"box":{"x":487,"y":928,"width":33,"height":9}},{"id":"a2b1cfe5-1128-423f-b6aa-421caee6ee4c","block_type":"box","text":"commencement to wind up and the amount so apportioned to a class shall be distributed","page_number":128,"box":{"x":181,"y":89,"width":703,"height":12}},{"id":"171039c9-5873-489f-a31b-3e938d69fb39","block_type":"box","text":"to holders pro-rata to the number of Shares in that class of Shares held by them;","page_number":128,"box":{"x":181,"y":105,"width":648,"height":13}},{"id":"c08f5d41-87e0-49e9-8cfc-3beb9d87f4a8","block_type":"box","text":"iii)","page_number":128,"box":{"x":151,"y":138,"width":22,"height":12}},{"id":"16891338-942f-4093-8876-abeb55d9c2bf","block_type":"box","text":"A Sub-Fund may be wound up pursuant to Section 1407 of the Companies Act and in","page_number":128,"box":{"x":181,"y":138,"width":703,"height":13}},{"id":"a45e0c49-6eb4-4cfa-bb4c-96053592c196","block_type":"box","text":"such event the provisions in this paragraph (o) shall apply mutatis mutandis in respect","page_number":128,"box":{"x":182,"y":154,"width":702,"height":13}},{"id":"cc2a900a-b6c4-4911-91d1-a5521d827cc9","block_type":"box","text":"of the Sub-Fund;","page_number":128,"box":{"x":182,"y":170,"width":141,"height":12}},{"id":"8eed03bc-eaa1-4618-8f8f-f86f579c6430","block_type":"box","text":"iv)","page_number":128,"box":{"x":151,"y":203,"width":21,"height":13}},{"id":"c8648fa2-5d3b-427a-82aa-7decbf1d67ec","block_type":"box","text":"If the Fund shall be wound up (whether the liquidation is voluntary, under supervision","page_number":128,"box":{"x":181,"y":203,"width":703,"height":13}},{"id":"666f8f40-e217-4811-bc43-28ff038ae340","block_type":"box","text":"or by the court) the liquidator may, with the authority of a special resolution of the","page_number":128,"box":{"x":182,"y":220,"width":702,"height":12}},{"id":"3f80495f-dd90-442f-a87a-23b1189aab23","block_type":"box","text":"relevant holders and any other sanction required by the Companies Act 2014, divide","page_number":128,"box":{"x":181,"y":236,"width":703,"height":13}},{"id":"184b7a5d-af90-45f0-8744-2c662a728e87","block_type":"box","text":"among the holders of Shares of any class or classes within a Sub-Fund in specie the","page_number":128,"box":{"x":182,"y":252,"width":702,"height":13}},{"id":"eff6416d-6205-4d5f-92fb-bcaea0b3a92c","block_type":"box","text":"whole or any part of the assets of the Fund relating to that Sub-Fund, and whether or","page_number":128,"box":{"x":181,"y":269,"width":703,"height":13}},{"id":"f446f78c-c95e-44b6-a4df-07cc935bcabc","block_type":"box","text":"not the assets shall consist of property of a single kind, and may for such purposes set","page_number":128,"box":{"x":181,"y":285,"width":703,"height":13}},{"id":"896bcb25-0829-4f7f-b879-91414406b79e","block_type":"box","text":"such value as he deems fair upon any one or more class or classes of property, and may","page_number":128,"box":{"x":182,"y":302,"width":702,"height":12}},{"id":"171cb02a-a6b4-4051-aedf-0cd64c2270e3","block_type":"box","text":"determine how such division shall be carried out as between all the holders of Shares","page_number":128,"box":{"x":181,"y":318,"width":703,"height":10}},{"id":"940e6e81-4dd4-4931-b3c0-9c7af5178f51","block_type":"box","text":"of the Sub-Fund or the holders of different classes of Shares in a Sub-Fund. The","page_number":128,"box":{"x":182,"y":334,"width":702,"height":10}},{"id":"f0e701be-e90f-4c2a-99ea-c889ec3d135c","block_type":"box","text":"liquidator may, with the like authority, vest any part of the assets in trustees upon such","page_number":128,"box":{"x":181,"y":351,"width":703,"height":13}},{"id":"f09e96a5-3546-44bd-86a2-c97f827790fd","block_type":"box","text":"trusts for the benefit of holders as the liquidator, with the like authority, shall think fit,","page_number":128,"box":{"x":181,"y":367,"width":703,"height":13}},{"id":"ef2b0634-0770-40ff-bebb-e634d1ba9988","block_type":"box","text":"and the liquidation of the Fund may be closed and the Fund dissolved, but so that no","page_number":128,"box":{"x":182,"y":384,"width":702,"height":12}},{"id":"59ec5379-6d73-493b-b50e-ecdd58eecf8f","block_type":"box","text":"holder shall be compelled to accept any assets in respect of which there is a liability. A","page_number":128,"box":{"x":181,"y":400,"width":703,"height":13}},{"id":"df6ea358-d61c-452c-acd8-b3a7fed0d3bf","block_type":"box","text":"holder may require the liquidator instead of transferring any asset in specie to him/her","page_number":128,"box":{"x":181,"y":416,"width":703,"height":13}},{"id":"82caee90-143f-4449-9a60-e5d9cf05b985","block_type":"box","text":"to arrange for a sale of the assets with the costs of the sale charged to that Shareholder","page_number":128,"box":{"x":181,"y":433,"width":703,"height":13}},{"id":"543b8995-6824-441e-99ad-d8bec4e17e4a","block_type":"box","text":"and for payment to the holder of the net proceeds of same.","page_number":128,"box":{"x":182,"y":449,"width":474,"height":13}},{"id":"764dccf6-1f21-4de8-8039-c9529b0217b9","block_type":"box","text":"p)","page_number":128,"box":{"x":121,"y":482,"width":15,"height":13}},{"id":"3a88fb17-c879-4ac9-be7a-8efe783be339","block_type":"box","text":"Share Qualification","page_number":128,"box":{"x":151,"y":482,"width":164,"height":13}},{"id":"5c67971a-4936-4279-9611-aac8e15f542d","block_type":"box","text":".","page_number":128,"box":{"x":317,"y":490,"width":2,"height":2}},{"id":"4b7a7ffe-9c2e-4422-bdf3-9c43ed32e641","block_type":"box","text":"The Articles do not contain a share qualification for Directors.","page_number":128,"box":{"x":321,"y":482,"width":518,"height":13}},{"id":"680319c3-d587-4562-9dcd-e957a69a7c9e","block_type":"box","text":"q)","page_number":128,"box":{"x":121,"y":515,"width":15,"height":12}},{"id":"4c3a15de-1468-4253-89cf-fe5511d2c114","block_type":"box","text":"Termination of Sub-Funds.","page_number":128,"box":{"x":152,"y":514,"width":228,"height":13}},{"id":"6e75528a-e037-4896-a8f7-d46fa8d29245","block_type":"box","text":"Any Sub-Fund may be terminated by the Directors in their","page_number":128,"box":{"x":383,"y":515,"width":501,"height":12}},{"id":"d2b08c02-4086-4a2d-bbd5-535634ba171e","block_type":"box","text":"sole and absolute discretion by notice in writing to the Depositary in any of the following","page_number":128,"box":{"x":152,"y":531,"width":732,"height":13}},{"id":"74997e06-92de-4e5e-9d69-e74cee1c965d","block_type":"box","text":"events:-","page_number":128,"box":{"x":151,"y":549,"width":69,"height":8}},{"id":"9101a31c-94ad-4b15-b84e-e0627ca375d3","block_type":"box","text":"i)","page_number":128,"box":{"x":151,"y":580,"width":11,"height":12}},{"id":"789cfb41-db8f-4c49-aa46-68078e6f85cb","block_type":"box","text":"if at any time the Net Asset Value of the relevant Sub-Fund shall be less than the","page_number":128,"box":{"x":181,"y":580,"width":703,"height":13}},{"id":"763eb56f-c8ed-4d6d-83ce-d9d7be100756","block_type":"box","text":"Minimum Fund Size; or","page_number":128,"box":{"x":181,"y":597,"width":199,"height":11}},{"id":"e8c15a6d-c4ed-4e95-a793-74da99c75f28","block_type":"box","text":"ii)","page_number":128,"box":{"x":151,"y":629,"width":17,"height":13}},{"id":"c3a072d5-1493-4a47-b02a-522c181f4dd3","block_type":"box","text":"if any Sub-Fund shall cease to be authorised or otherwise officially approved; or","page_number":128,"box":{"x":181,"y":629,"width":653,"height":13}},{"id":"fd07e1bf-8bda-45e7-af8e-f471a69d811e","block_type":"box","text":"iii)","page_number":128,"box":{"x":151,"y":662,"width":22,"height":12}},{"id":"6b1e6d17-04f2-4bda-a2a6-eecb70248954","block_type":"box","text":"if any law shall be passed which renders it illegal or in the opinion of the Directors","page_number":128,"box":{"x":181,"y":662,"width":703,"height":13}},{"id":"60bf6b62-afcc-4c4f-8c17-8febdd54b5ee","block_type":"box","text":"impracticable or inadvisable to continue the relevant Sub-Fund; or","page_number":128,"box":{"x":181,"y":679,"width":540,"height":12}},{"id":"01b53003-e006-4210-949d-b5480c664cdb","block_type":"box","text":"iv)","page_number":128,"box":{"x":151,"y":711,"width":21,"height":13}},{"id":"ceb47c0c-e0c2-4747-9cba-ab56ca296961","block_type":"box","text":"if there is a change in material aspects of the business or in the economic or political","page_number":128,"box":{"x":181,"y":711,"width":703,"height":13}},{"id":"7b956de1-c971-4cf9-a84a-2a7aad45cfed","block_type":"box","text":"situation relation to a Fund which the Directors consider would have material adverse","page_number":128,"box":{"x":182,"y":728,"width":702,"height":10}},{"id":"ebc5233b-b9c0-44b7-8887-2bd66ddcafb1","block_type":"box","text":"consequences on the Shareholders and/or the investments of the Fund; or","page_number":128,"box":{"x":181,"y":744,"width":594,"height":13}},{"id":"915da421-4f83-4671-a9a4-9f54836bc0ff","block_type":"box","text":"v)","page_number":128,"box":{"x":151,"y":777,"width":16,"height":12}},{"id":"7c0e00e8-6453-495c-9482-94c70b9dea4e","block_type":"box","text":"if the Directors consider that it is in the best interests of the Shareholders of the Fund;","page_number":128,"box":{"x":181,"y":777,"width":703,"height":12}},{"id":"31d669a3-c9d9-4e42-8ce5-a683f87ba03b","block_type":"box","text":"or","page_number":128,"box":{"x":182,"y":796,"width":21,"height":7}},{"id":"e52147db-d4a4-4a89-ba81-2c07a26dd15a","block_type":"box","text":"vi)","page_number":128,"box":{"x":151,"y":826,"width":21,"height":12}},{"id":"e80d3385-b2df-4bd4-a83b-3b6dd60ccc7f","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":128,"box":{"x":181,"y":826,"width":703,"height":13}},{"id":"078a8042-313f-457c-a9f2-1da06d269ab0","block_type":"box","text":"is a change in material aspects of the business or in the economic or political situation","page_number":128,"box":{"x":181,"y":842,"width":703,"height":13}},{"id":"6d452348-4901-429f-9c96-b3cee7d19f72","block_type":"box","text":"relating to a Fund which the Directors consider would have material adverse","page_number":128,"box":{"x":181,"y":859,"width":703,"height":13}},{"id":"50347141-484f-4bf1-99af-300f9f9fbc2c","block_type":"box","text":"consequences on the Shareholders and/or the investments of the Fund.","page_number":128,"box":{"x":181,"y":875,"width":572,"height":13}},{"id":"3341fa19-1eac-45ee-ab97-6adb7fb84ee9","block_type":"box","text":"129","page_number":129,"box":{"x":487,"y":928,"width":33,"height":10}},{"id":"c99bf3cd-c524-4409-b024-baa3b6a26757","block_type":"box","text":"The Directors shall give notice of termination of a Sub-Fund to the Shareholders of the","page_number":129,"box":{"x":151,"y":89,"width":733,"height":12}},{"id":"9cf42563-4af0-473e-ba22-4ea650a0852f","block_type":"box","text":"relevant Sub-Fund and by such notice fix the date at which such termination is to take","page_number":129,"box":{"x":151,"y":105,"width":733,"height":13}},{"id":"f1852ab0-d93a-4885-bf5b-2ace46f81d20","block_type":"box","text":"effect, which date shall be for such period after the service of such notice as the Directors","page_number":129,"box":{"x":151,"y":121,"width":733,"height":13}},{"id":"34ef2060-af1d-44c2-82ab-a794633db002","block_type":"box","text":"shall in their sole and absolute discretion determine.","page_number":129,"box":{"x":152,"y":138,"width":424,"height":10}},{"id":"18dc5b74-1bcd-4df0-ae31-908805dfeace","block_type":"box","text":"Data Protection Notice","page_number":129,"box":{"x":121,"y":170,"width":200,"height":10}},{"id":"c78dea0f-a8b4-4285-8e6f-687fe3921ecd","block_type":"box","text":"In the course of business, the Fund will collect, record, store, adapt, transfer and otherwise","page_number":129,"box":{"x":121,"y":203,"width":763,"height":13}},{"id":"e5b1231b-8d65-48b9-a959-e688bce1443b","block_type":"box","text":"process information by which prospective investors or investors may be directly or indirectly","page_number":129,"box":{"x":121,"y":220,"width":763,"height":12}},{"id":"f03cf7bc-5627-4b3d-a496-228b85682108","block_type":"box","text":"identified. The Fund is a data controller within the meaning of Data Protection Legislation and","page_number":129,"box":{"x":121,"y":236,"width":763,"height":13}},{"id":"effb7657-cbbf-4de5-8c2f-1c92ecaa0890","block_type":"box","text":"will hold any personal data provided by investors in accordance with Data Protection","page_number":129,"box":{"x":121,"y":252,"width":763,"height":13}},{"id":"ee9fd353-1463-4582-8b8c-0af3f6c8e5b5","block_type":"box","text":"Legislation.","page_number":129,"box":{"x":121,"y":269,"width":94,"height":13}},{"id":"01d1c0d7-7592-4293-ba28-9e10bd010bc5","block_type":"box","text":"The Fund and/or any of its delegates or service providers may process prospective investor's","page_number":129,"box":{"x":121,"y":302,"width":763,"height":12}},{"id":"7c74e576-4adf-4373-912d-603f1d904959","block_type":"box","text":"personal data for any one or more of the following purposes and legal bases:","page_number":129,"box":{"x":121,"y":318,"width":621,"height":13}},{"id":"957b8c17-b8a4-4d96-9126-59e98fb7ba05","block_type":"box","text":"","page_number":129,"box":{"x":152,"y":355,"width":7,"height":5}},{"id":"98d87a86-3e5c-4135-a557-ab506b77ee54","block_type":"box","text":"to operate the Sub-Funds, including managing and administering a Shareholder's","page_number":129,"box":{"x":181,"y":352,"width":703,"height":13}},{"id":"8718ad40-e7de-48a8-a50b-32e23647bfea","block_type":"box","text":"investment in the relevant Fund on an on-going basis which enables the Fund to satisfy","page_number":129,"box":{"x":181,"y":368,"width":703,"height":13}},{"id":"af8f8f8b-3c6d-4d3e-98e9-16eac8340ee6","block_type":"box","text":"its contractual duties and obligations to the Shareholder;","page_number":129,"box":{"x":181,"y":385,"width":459,"height":12}},{"id":"a43e3a34-80d1-4e5f-9a20-4936a4876167","block_type":"box","text":"","page_number":129,"box":{"x":152,"y":421,"width":7,"height":6}},{"id":"7b5d494b-eea1-4ba0-b70d-cc8aa6ad48d7","block_type":"box","text":"to operate the issue of Digital Tokens alongside the Shares issued in respect of the","page_number":129,"box":{"x":181,"y":418,"width":703,"height":13}},{"id":"80c90be1-ef85-4e12-a873-cbd065f0ba91","block_type":"box","text":"Token Share Classes;","page_number":129,"box":{"x":181,"y":435,"width":179,"height":11}},{"id":"91dd1f2f-16eb-49f4-ad0e-66e38ab06a10","block_type":"box","text":"","page_number":129,"box":{"x":152,"y":472,"width":7,"height":5}},{"id":"d862c4d4-cc30-44e0-aaf2-5c46d4a5975b","block_type":"box","text":"to comply with any applicable legal, tax or regulatory obligations on the Fund, for","page_number":129,"box":{"x":181,"y":468,"width":703,"height":13}},{"id":"53d0a36a-7340-4759-b450-616767cdf174","block_type":"box","text":"example, under the Companies Acts 2014 and anti-money laundering and counter","page_number":129,"box":{"x":181,"y":485,"width":697,"height":13}},{"id":"f5298d97-d248-4208-aae7-58cf22015663","block_type":"box","text":"terrorism legislation;","page_number":129,"box":{"x":181,"y":501,"width":174,"height":13}},{"id":"7b50c9df-a7a2-46e0-b896-1628c146432c","block_type":"box","text":"","page_number":129,"box":{"x":152,"y":538,"width":7,"height":5}},{"id":"96eeab92-3d08-4503-9002-0fa547108ac8","block_type":"box","text":"for any other legitimate business interests' of the Fund or a third party to whom personal","page_number":129,"box":{"x":181,"y":535,"width":703,"height":13}},{"id":"dd6ab81e-70a6-4a9d-be40-d27364d072a0","block_type":"box","text":"data is disclosed, where such interests are not overridden by the interests of the investor,","page_number":129,"box":{"x":181,"y":551,"width":703,"height":13}},{"id":"a0f08955-cd59-447e-8ccc-c6dd2fd871cf","block_type":"box","text":"including for statistical analysis and market research purposes; or","page_number":129,"box":{"x":181,"y":568,"width":533,"height":13}},{"id":"b92b29d7-c432-4739-bdef-c097a7351bee","block_type":"box","text":"","page_number":129,"box":{"x":152,"y":605,"width":7,"height":5}},{"id":"dd621e5b-6414-4060-bcfd-5e68697b9624","block_type":"box","text":"for any other specific purposes where investors have given their specific consent and","page_number":129,"box":{"x":181,"y":602,"width":703,"height":12}},{"id":"1da1213c-0539-4b12-90dd-c4ff18643e94","block_type":"box","text":"where processing of personal data is based on consent, the investors will have the right","page_number":129,"box":{"x":181,"y":618,"width":703,"height":13}},{"id":"47c28457-b8ad-4e5a-b695-2439361251fb","block_type":"box","text":"to withdraw it at any time.","page_number":129,"box":{"x":181,"y":635,"width":218,"height":12}},{"id":"c610a351-02d9-4053-a5ba-8566c97abb0b","block_type":"box","text":"The Fund and/or any of its delegates or service providers may disclose or transfer personal","page_number":129,"box":{"x":121,"y":667,"width":763,"height":13}},{"id":"5032bd5b-aee6-4755-98d8-1ea4711c3d56","block_type":"box","text":"data, whether in Ireland or elsewhere (including entities situated in countries outside of the","page_number":129,"box":{"x":121,"y":684,"width":763,"height":13}},{"id":"2e33de89-35e9-4c45-b99c-7b24571b6b00","block_type":"box","text":"EEA), to other delegates, duly appointed agents and service providers of the Fund (and any of","page_number":129,"box":{"x":121,"y":700,"width":763,"height":13}},{"id":"b5b599f2-aa76-45ec-8aed-de87c84af3b2","block_type":"box","text":"their respective related, associated or affiliated companies or sub-delegates) and to third parties","page_number":129,"box":{"x":121,"y":716,"width":763,"height":13}},{"id":"34208e8d-7851-4117-9186-a3bbc3beced1","block_type":"box","text":"including advisers, regulatory bodies, taxation authorities, auditors, technology providers for","page_number":129,"box":{"x":121,"y":733,"width":763,"height":13}},{"id":"efe559e2-01ec-4367-8c0a-d90439fc158d","block_type":"box","text":"the purposes specified above.","page_number":129,"box":{"x":121,"y":749,"width":242,"height":13}},{"id":"b4f0d55f-3eb4-4844-99ee-6e65019ccc3f","block_type":"box","text":"The Fund will not keep personal data for longer than is necessary for the purpose(s) for which","page_number":129,"box":{"x":121,"y":782,"width":763,"height":13}},{"id":"f42b1bb3-6299-4a54-8dc0-b843c7f492eb","block_type":"box","text":"it was collected. In determining appropriate retention periods, the Fund shall have regard to the","page_number":129,"box":{"x":121,"y":798,"width":763,"height":13}},{"id":"93f42727-7b31-4d7f-9a7d-6908ed484aa9","block_type":"box","text":"Statute of Limitations Act 1957, as amended, and any statutory obligations to retain","page_number":129,"box":{"x":121,"y":815,"width":763,"height":12}},{"id":"98026f42-3ec1-49c9-b003-04a3348cfec9","block_type":"box","text":"information, including anti-money laundering, counter-terrorism, tax legislation. The Fund will","page_number":129,"box":{"x":121,"y":831,"width":763,"height":13}},{"id":"e15161cb-1bd7-4857-835d-184493ecb076","block_type":"box","text":"take all reasonable steps to destroy or erase the data from its systems when they are no longer","page_number":129,"box":{"x":121,"y":847,"width":763,"height":13}},{"id":"891bb2e1-4a9e-400c-b5e1-2d7cb7c9fcf8","block_type":"box","text":"required.","page_number":129,"box":{"x":121,"y":864,"width":77,"height":13}},{"id":"0167a17d-09f0-4e51-8e28-fd84ad9dd7d5","block_type":"box","text":"Where specific processing is based on an investor's consent, that investor has the right to","page_number":129,"box":{"x":121,"y":897,"width":763,"height":12}},{"id":"719d61b3-93e9-4db5-b62c-4b4cff0f6b71","block_type":"box","text":"130","page_number":130,"box":{"x":487,"y":928,"width":33,"height":9}},{"id":"a266e6b7-8a8e-4342-b7f4-05496b16f00c","block_type":"box","text":"withdraw it at any time. Investors have the right to request access to their personal data kept","page_number":130,"box":{"x":121,"y":89,"width":763,"height":12}},{"id":"df0faf9e-fbcb-4119-8ae7-49d2427479c2","block_type":"box","text":"by the Fund and the right to rectification or erasure of their data; to restrict or object to","page_number":130,"box":{"x":121,"y":105,"width":763,"height":13}},{"id":"86517935-8946-4bce-bbd5-4f706251b65f","block_type":"box","text":"processing of their data, and to data portability, subject to any restrictions imposed by Data","page_number":130,"box":{"x":121,"y":121,"width":763,"height":13}},{"id":"57d0de59-d462-4497-bb42-f7d383c77933","block_type":"box","text":"Protection Legislation and any statutory obligation to retain information.","page_number":130,"box":{"x":121,"y":138,"width":591,"height":13}},{"id":"e421fb64-bfc2-4dac-b03f-823f46d55113","block_type":"box","text":"The Fund and/or any of its delegates and service providers will not transfer personal data to a","page_number":130,"box":{"x":121,"y":170,"width":763,"height":13}},{"id":"3efd31f1-e26b-41b4-b84b-849302ee980f","block_type":"box","text":"country outside of the EEA unless that country ensures an adequate level of data protection or","page_number":130,"box":{"x":121,"y":187,"width":763,"height":13}},{"id":"589e7291-30ba-4431-ba93-3532e3cceb2a","block_type":"box","text":"appropriate safeguards are in place. The European Commission has prepared a list of countries","page_number":130,"box":{"x":121,"y":203,"width":763,"height":13}},{"id":"39feebef-09c3-45f5-8c12-d066bf355a3a","block_type":"box","text":"that are deemed to provide an adequate level of data protection which, to date, includes","page_number":130,"box":{"x":121,"y":220,"width":763,"height":12}},{"id":"f4ae4fb7-347a-49a9-b142-10e4a3e9537a","block_type":"box","text":"Switzerland, Guernsey, Argentina, the Isle of Man, Faroe Islands, Jersey, Andorra, Israel, New","page_number":130,"box":{"x":121,"y":236,"width":763,"height":13}},{"id":"ea987e6c-803b-4e4a-a4ee-bec9fad4c77e","block_type":"box","text":"Zealand and Uruguay. Further countries may be added to this list by the European Commission","page_number":130,"box":{"x":121,"y":252,"width":763,"height":13}},{"id":"33fbbab5-bc68-48f7-9e6b-cc966d073c36","block_type":"box","text":"at any time. The US is also deemed to provide an adequate level of protection where the US","page_number":130,"box":{"x":121,"y":269,"width":763,"height":13}},{"id":"5f70aa4e-4784-48e1-b43a-dca9b6984400","block_type":"box","text":"recipient of the data is privacy shield-certified. If a third country does not provide an adequate","page_number":130,"box":{"x":121,"y":285,"width":763,"height":13}},{"id":"134b5b21-3b84-4d14-af36-455615c2e56a","block_type":"box","text":"level of data protection, then the Fund and/or any of its delegates and service providers will","page_number":130,"box":{"x":121,"y":302,"width":763,"height":12}},{"id":"58b8582c-f226-45f3-9c4e-121628e1f9dd","block_type":"box","text":"ensure it puts in place appropriate safeguards such as the model clauses (which are standardised","page_number":130,"box":{"x":121,"y":318,"width":763,"height":13}},{"id":"79b13d27-8dde-4ae0-b3cf-f1aff5d8b1f5","block_type":"box","text":"contractual clauses, approved by the European Commission) or binding corporate rules, or","page_number":130,"box":{"x":121,"y":334,"width":763,"height":13}},{"id":"18cba7e0-6d41-47bc-a74f-d9af32d80c88","block_type":"box","text":"relies on one of the derogations provided for in Data Protection Legislation.","page_number":130,"box":{"x":121,"y":351,"width":616,"height":13}},{"id":"e455f322-1abb-4a07-9ce7-0f9ca527234d","block_type":"box","text":"Where processing is carried out on behalf of the Fund, the Fund shall engage a data processor,","page_number":130,"box":{"x":121,"y":384,"width":763,"height":12}},{"id":"521e7a7c-61db-49bd-b79a-0b2e4937470f","block_type":"box","text":"within the meaning of Data Protection Legislation, which implements appropriate technical","page_number":130,"box":{"x":121,"y":400,"width":763,"height":13}},{"id":"e06f7072-3f73-4d02-bf3b-6698984ac9cc","block_type":"box","text":"and organisational security measures in a manner that such processing meets the requirements","page_number":130,"box":{"x":121,"y":416,"width":763,"height":13}},{"id":"8ad0f18a-0d01-4975-a87b-c6891b207d47","block_type":"box","text":"of Data Protection Legislation, and ensures the protection of the rights of investors. The Fund","page_number":130,"box":{"x":121,"y":433,"width":763,"height":13}},{"id":"177abca9-115a-43f8-a757-34330b05ec58","block_type":"box","text":"will enter into a written contract with the data processor which will set out the data processor's","page_number":130,"box":{"x":121,"y":449,"width":763,"height":13}},{"id":"17f2cba3-2477-4875-a0a4-90a3c9cec5fd","block_type":"box","text":"specific mandatory obligations laid down in Data Protection Legislation, including to process","page_number":130,"box":{"x":121,"y":465,"width":763,"height":13}},{"id":"dfcc0fc6-4b3b-4f9a-9bb3-a30ac320b11f","block_type":"box","text":"personal data only in accordance with the documented instructions from the Fund.","page_number":130,"box":{"x":121,"y":482,"width":667,"height":13}},{"id":"eec8ca1a-2b0b-4a70-a654-b829ce63c301","block_type":"box","text":"As part of the Fund's business and ongoing monitoring, the Fund may from time to time carry","page_number":130,"box":{"x":121,"y":515,"width":763,"height":12}},{"id":"597d4fa2-925a-40fb-a574-306f14bda1ea","block_type":"box","text":"out automated decision-making in relation to investors, including, for example, profiling of","page_number":130,"box":{"x":121,"y":531,"width":763,"height":13}},{"id":"b15e0486-d774-453d-a5db-b3c3ba62c7dd","block_type":"box","text":"investors in the context of anti-money laundering/ financial crime reviews, and this may result","page_number":130,"box":{"x":121,"y":547,"width":763,"height":13}},{"id":"84004abb-d437-4a0a-a994-9ac532391131","block_type":"box","text":"in an investor being identified to the revenue authorities, law enforcement authorities and to","page_number":130,"box":{"x":121,"y":564,"width":763,"height":13}},{"id":"df8b7a9a-9745-4330-8d21-71472b16a4cf","block_type":"box","text":"other entities where required by law, and the Fund terminating its relationship with the investor.","page_number":130,"box":{"x":121,"y":580,"width":763,"height":13}},{"id":"f27143ab-0f22-4abf-b877-339ad1b6127f","block_type":"box","text":"Investors are required to provide their personal data for statutory and contractual purposes.","page_number":130,"box":{"x":121,"y":613,"width":763,"height":13}},{"id":"a0c71322-ff46-482d-b611-2349a2c62532","block_type":"box","text":"Failure to provide the required personal data will result in the Fund being unable to permit,","page_number":130,"box":{"x":121,"y":629,"width":763,"height":13}},{"id":"81dcbb1e-194c-4cd3-a2c2-6f5360da48a5","block_type":"box","text":"process, or release the investor's investment in the Sub-Funds and this may result in the Fund","page_number":130,"box":{"x":121,"y":646,"width":763,"height":13}},{"id":"abdc422f-c4b9-498d-938e-da3317812df6","block_type":"box","text":"terminating its relationship with the investor. Investors have a right to lodge a complaint with","page_number":130,"box":{"x":121,"y":662,"width":763,"height":13}},{"id":"445beb49-8e26-4605-ae23-d7e0c58f0c78","block_type":"box","text":"the Data Protection Commission if they are unhappy with how the Fund is handling their data.","page_number":130,"box":{"x":121,"y":679,"width":763,"height":12}},{"id":"a16f199c-3fc9-41d2-b6ea-7090966f20d1","block_type":"box","text":"Any questions about the operation of the Fund's data protection policy should be referred in","page_number":130,"box":{"x":121,"y":711,"width":763,"height":13}},{"id":"85d13df5-5022-4cd5-b8f9-9f38584486ff","block_type":"box","text":"the first instance to the Manager at, Aviva Investors Luxembourg, 2 rue du Fort Bourbon, 1st","page_number":130,"box":{"x":121,"y":728,"width":763,"height":13}},{"id":"2322f0e7-a44a-43d4-a0c9-501681eb0f07","block_type":"box","text":"Floor PO Box 1375 L-1013 Luxembourg.","page_number":130,"box":{"x":121,"y":744,"width":347,"height":13}},{"id":"4b871b18-d710-4641-a917-269a962b7db6","block_type":"box","text":"Litigation and Arbitration","page_number":130,"box":{"x":121,"y":777,"width":232,"height":13}},{"id":"a9222b79-5cad-4bb3-b7bd-c281c847b221","block_type":"box","text":"Since incorporation the Fund has not been involved in any litigation or arbitration nor are the","page_number":130,"box":{"x":121,"y":810,"width":763,"height":12}},{"id":"f303fbf9-407d-4be8-8e0d-587f04d75b11","block_type":"box","text":"Directors aware of any pending or threatened litigation or arbitration.","page_number":130,"box":{"x":121,"y":826,"width":563,"height":13}},{"id":"3c924b21-74ff-433f-b1a0-00be4edf9a58","block_type":"box","text":"Directors’ Interests","page_number":130,"box":{"x":121,"y":859,"width":172,"height":10}},{"id":"c0de90a0-2629-4528-8766-378706eea59f","block_type":"box","text":"131","page_number":131,"box":{"x":487,"y":928,"width":33,"height":9}},{"id":"35b35e7d-4fd6-4234-83bd-8183361665bd","block_type":"box","text":"a)","page_number":131,"box":{"x":121,"y":89,"width":20,"height":12}},{"id":"ac9827b6-3f93-4d04-9fc7-7a4da702df21","block_type":"box","text":"There are no service contracts in existence between the Fund and any of its Directors,","page_number":131,"box":{"x":181,"y":89,"width":703,"height":12}},{"id":"3c5dd110-bf3f-44db-a35a-bc670fc1c032","block_type":"box","text":"nor are any such contracts proposed;","page_number":131,"box":{"x":181,"y":105,"width":300,"height":13}},{"id":"6e7a44a2-9014-45df-91f4-7466fc4dbcaf","block_type":"box","text":"b)","page_number":131,"box":{"x":121,"y":138,"width":21,"height":12}},{"id":"bc663ae1-7a73-4a3f-b468-a1ebe81a261a","block_type":"box","text":"At the date of this Prospectus, no Director has any interest, direct or indirect, in any","page_number":131,"box":{"x":181,"y":138,"width":703,"height":13}},{"id":"0b9b7008-d418-416e-b672-31e234f760cb","block_type":"box","text":"assets which have been or are proposed to be acquired or disposed of by, or issued to,","page_number":131,"box":{"x":182,"y":154,"width":702,"height":13}},{"id":"631970fc-10ce-4cf6-8dde-07f6ea828cef","block_type":"box","text":"the Fund and save as provided in (d) below no Director is materially interested in any","page_number":131,"box":{"x":181,"y":170,"width":703,"height":13}},{"id":"a5d12bfd-46e1-45df-9c00-b005cb1f0dc4","block_type":"box","text":"contract or arrangement subsisting at the date hereof which is unusual in its nature and","page_number":131,"box":{"x":181,"y":187,"width":703,"height":13}},{"id":"53229c1a-2f6a-4bcc-99b9-1c3bceaf8438","block_type":"box","text":"conditions or significant in relation to the business of the Fund;","page_number":131,"box":{"x":181,"y":203,"width":516,"height":13}},{"id":"310207b9-d9db-4d32-b3d3-242b7a6963be","block_type":"box","text":"c)","page_number":131,"box":{"x":121,"y":236,"width":20,"height":12}},{"id":"926100a3-4975-4b4d-930b-850baa723fc0","block_type":"box","text":"At the date of this Prospectus neither the Directors nor any Person Closely Associated","page_number":131,"box":{"x":181,"y":236,"width":703,"height":13}},{"id":"548960b7-3401-4f78-b4d0-2198583c9a17","block_type":"box","text":"have any beneficial interest in the share capital of the Fund or any options in respect of","page_number":131,"box":{"x":181,"y":252,"width":703,"height":13}},{"id":"a65b70cc-271a-4a8b-b7c4-f364c4227c7c","block_type":"box","text":"such capital;","page_number":131,"box":{"x":182,"y":269,"width":105,"height":13}},{"id":"fb28f929-fb0d-4384-a6e6-ebaf6959f1f7","block_type":"box","text":"d)","page_number":131,"box":{"x":121,"y":302,"width":21,"height":12}},{"id":"f6737656-9c3d-48bf-9f30-2c5d735c14ab","block_type":"box","text":"Anthony Callcott is a Director of the Fund and is an officer of the Investment Manager.","page_number":131,"box":{"x":181,"y":302,"width":703,"height":12}},{"id":"9a51843e-70c2-49db-8cf7-ed5091ef42a0","block_type":"box","text":"Material Contracts","page_number":131,"box":{"x":121,"y":334,"width":170,"height":10}},{"id":"25ae3c23-6d88-4ed8-9315-829e2120c9c0","block_type":"box","text":"The following contracts have been entered into otherwise than in the ordinary course of the","page_number":131,"box":{"x":121,"y":367,"width":763,"height":13}},{"id":"23adc1f1-5eaa-43f7-9942-ef5a4556b450","block_type":"box","text":"business intended to be carried on by the Fund and are or may be material:","page_number":131,"box":{"x":121,"y":384,"width":606,"height":12}},{"id":"d41223c9-9b5b-4976-8b39-5c410de36c77","block_type":"box","text":"a)","page_number":131,"box":{"x":121,"y":416,"width":14,"height":13}},{"id":"56f0cbcf-19cb-4021-923c-ce3b52e4706f","block_type":"box","text":"The Depositary Agreement d","page_number":131,"box":{"x":175,"y":416,"width":236,"height":13}},{"id":"4b0e9aa6-0505-49e9-a943-a3168170b13b","block_type":"box","text":"dated 1 November 2024 (effective at 00.01 on 4 November","page_number":131,"box":{"x":411,"y":416,"width":473,"height":13}},{"id":"c968682d-475d-4c9e-8719-c390c3aedbf0","block_type":"box","text":"2024) between the Fund, the Manager and the Depositary. 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Subject to and without prejudice to","page_number":131,"box":{"x":175,"y":711,"width":709,"height":13}},{"id":"1cafb14a-8a54-4ed2-a413-fdef4880ec40","block_type":"box","text":"the general liability of the Depositary pursuant to the Depositary Agreement, the Fund","page_number":131,"box":{"x":175,"y":728,"width":709,"height":13}},{"id":"46beca7d-a902-4698-8358-46e9c55fe6a1","block_type":"box","text":"shall indemnify and keep indemnified and hold harmless the Depositary and each of its","page_number":131,"box":{"x":176,"y":744,"width":708,"height":13}},{"id":"5bc4b8fa-0eb0-4a52-a873-774012e394d0","block_type":"box","text":"directors, officers, servants, employees and agents from and against any and all actions,","page_number":131,"box":{"x":175,"y":761,"width":709,"height":12}},{"id":"d28eb335-0265-43ae-bb1b-4ccdfcb2ff8d","block_type":"box","text":"proceedings, claims, demands, losses, damages, costs and expenses (including legal and","page_number":131,"box":{"x":175,"y":777,"width":709,"height":13}},{"id":"76fc0d62-06df-436a-9241-9d855c7a47da","block_type":"box","text":"professional fees and expenses arising therefrom or incidental thereto and including any","page_number":131,"box":{"x":175,"y":793,"width":709,"height":13}},{"id":"d415f73b-56c9-493b-b299-a7f0f0b4ca29","block_type":"box","text":"loss suffered or incurred by the Depositary arising out of the failure of a settlement","page_number":131,"box":{"x":175,"y":810,"width":709,"height":12}},{"id":"6b96b8fb-84ff-471f-ab05-61f8bc634a00","block_type":"box","text":"system to effect a settlement) other than actions, proceedings, losses, damages, costs and","page_number":131,"box":{"x":176,"y":826,"width":708,"height":13}},{"id":"fd3968dd-ab28-4610-81ff-ef2491778cb2","block_type":"box","text":"expenses of any nature suffered or incurred as a result of the Depositary’s material","page_number":131,"box":{"x":175,"y":842,"width":709,"height":13}},{"id":"a259ef96-e054-47f5-890b-5b5b3460b669","block_type":"box","text":"breach of the Depositary Agreement, tort (including negligence), wilful default, fraud ,","page_number":131,"box":{"x":175,"y":859,"width":709,"height":13}},{"id":"45fafc3c-34eb-4132-90e0-fb006f6d1dfd","block_type":"box","text":"or the negligent or intentional failure of the Depositary to perform its obligations","page_number":131,"box":{"x":175,"y":875,"width":709,"height":13}},{"id":"40f2898d-61d6-4b3f-8482-7a2f90e31495","block_type":"box","text":"pursuant to the UCITS Regulations and the Directive, which may be made or brought","page_number":131,"box":{"x":175,"y":892,"width":709,"height":12}},{"id":"232d2c7d-73c0-4ad1-97dd-1a746ac39647","block_type":"box","text":"132","page_number":132,"box":{"x":487,"y":928,"width":33,"height":9}},{"id":"4068bf13-9400-4e8b-94a8-41d562c3bb06","block_type":"box","text":"against or directly or indirectly suffered or incurred by the Depositary or any of its","page_number":132,"box":{"x":175,"y":89,"width":709,"height":12}},{"id":"a2a40324-72e6-4d27-934e-d2c0257bc8fe","block_type":"box","text":"directors, officers, servants, employees arising out of or in connection with the","page_number":132,"box":{"x":175,"y":105,"width":709,"height":13}},{"id":"75e50840-153d-458d-8dad-c4d5845c40cc","block_type":"box","text":"performance or non-performance of the Depositary’s duties under the Depositary","page_number":132,"box":{"x":175,"y":121,"width":709,"height":13}},{"id":"c89dba82-dd50-4961-b6f5-ad8a966d289b","block_type":"box","text":"Agreement. 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Following the initial term the Agreement will continue unless and","page_number":132,"box":{"x":175,"y":269,"width":709,"height":13}},{"id":"1748af74-b3dc-4a2b-b008-e720aafd1383","block_type":"box","text":"until terminated by either party giving to the other not less than 90 days’ written notice","page_number":132,"box":{"x":175,"y":285,"width":709,"height":13}},{"id":"e0cfd55e-5878-4b3f-acb4-433834ed1be8","block_type":"box","text":"although in certain circumstances the Agreement may be terminated forthwith by notice","page_number":132,"box":{"x":175,"y":302,"width":709,"height":12}},{"id":"0fc43c13-f516-467d-aff3-2c684a17ed9e","block_type":"box","text":"in writing by either party to the other; this Agreement contains certain indemnities in","page_number":132,"box":{"x":175,"y":318,"width":709,"height":13}},{"id":"f5fd937a-e75f-475b-b8ea-60cc2d7430a6","block_type":"box","text":"favour of the Administrator which are restricted to exclude matters arising by reason of","page_number":132,"box":{"x":175,"y":334,"width":709,"height":13}},{"id":"cfeba612-fbaf-4cb1-a4a4-cebc649fbc55","block_type":"box","text":"breach of contract, negligence, wilful default or fraud by the Administrator or any of its","page_number":132,"box":{"x":175,"y":351,"width":709,"height":13}},{"id":"c3aba59a-3694-4370-a896-f057cd68e346","block_type":"box","text":"directors, officers, employees or agents in the performance of its obligations or duties","page_number":132,"box":{"x":175,"y":367,"width":709,"height":13}},{"id":"8bfaeefe-9807-474c-9488-280423f91ca3","block_type":"box","text":"and certain provisions regarding its legal responsibilities and limitations thereon.","page_number":132,"box":{"x":175,"y":384,"width":657,"height":12}},{"id":"8bc99d4a-2eda-4a40-9b63-be09c0b98de4","block_type":"box","text":"c)","page_number":132,"box":{"x":121,"y":416,"width":14,"height":13}},{"id":"08ad1ae0-62cd-4248-98b7-ece565d53876","block_type":"box","text":"The Management Agreement","page_number":132,"box":{"x":175,"y":416,"width":254,"height":13}},{"id":"a5db9202-45dc-4078-bf8a-2b556ab1c1dc","block_type":"box","text":"t dated 7 June 2018 (effective at 00.01 on 8 June 2018)","page_number":132,"box":{"x":429,"y":416,"width":455,"height":13}},{"id":"ecb36a7f-acdd-48fa-904b-ec0c80d532e7","block_type":"box","text":"between the Fund and the Manager; this agreement provides for the appointment of the","page_number":132,"box":{"x":175,"y":433,"width":709,"height":13}},{"id":"f9b9d8fd-da76-4d01-bc09-c103989e2bd1","block_type":"box","text":"Manager as the Fund's management company within the meaning of the UCITS","page_number":132,"box":{"x":175,"y":449,"width":709,"height":13}},{"id":"d958c7c4-74c2-44ea-a7b6-2725656c6559","block_type":"box","text":"Regulations. 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authority.","page_number":132,"box":{"x":175,"y":711,"width":170,"height":13}},{"id":"510e1420-1f9f-4052-80fd-b0d4a18066e0","block_type":"box","text":"d)","page_number":132,"box":{"x":121,"y":744,"width":15,"height":12}},{"id":"6b382fa3-657f-4d50-b0da-91b0cdde7385","block_type":"box","text":"The Investment Management Agreement","page_number":132,"box":{"x":175,"y":744,"width":370,"height":13}},{"id":"478f22d2-5c9e-4082-a74c-fccca700c1b5","block_type":"box","text":"t dated 19 February 2025 between the","page_number":132,"box":{"x":545,"y":744,"width":339,"height":13}},{"id":"bb3e634e-0fb7-400b-a31a-8911b1399a24","block_type":"box","text":"Manager, the Fund and the Investment Manager; this Agreement provides that the","page_number":132,"box":{"x":175,"y":761,"width":709,"height":12}},{"id":"67015f97-27e5-4e48-b689-19e1b28713cb","block_type":"box","text":"appointment of the Investment Manager will continue in force unless and 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of","page_number":174,"box":{"x":242,"y":170,"width":568,"height":13}},{"id":"4e7e8c0a-ccec-4741-a345-361cec587015","block_type":"box","text":"calculating the limits referred to in paragraphs 2(I) to 2(VIII).","page_number":174,"box":{"x":242,"y":187,"width":502,"height":13}},{"id":"1c24d4f7-ffe5-42f4-9c0b-da3e5265278f","block_type":"box","text":"3.","page_number":174,"box":{"x":152,"y":220,"width":12,"height":10}},{"id":"462e4725-b840-4962-aca5-1f8bfbce2237","block_type":"box","text":"Eligible units or shares of Money Market Funds","page_number":174,"box":{"x":181,"y":220,"width":392,"height":12}},{"id":"8007efc9-e41a-4057-a7cf-d046925f30df","block_type":"box","text":"I.","page_number":174,"box":{"x":200,"y":253,"width":10,"height":9}},{"id":"85c6e456-542c-491b-9126-d9d6395bba3d","block_type":"box","text":"A Money Market Fund may acquire the units or shares of any other 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in","page_number":175,"box":{"x":242,"y":856,"width":642,"height":13}},{"id":"76430f5f-4131-4ff2-bc5a-8209e921d55d","block_type":"box","text":"paragraph 1.","page_number":175,"box":{"x":242,"y":872,"width":105,"height":13}},{"id":"d1563324-919c-480a-8cb2-68e91b998d90","block_type":"box","text":"M-40331875-102","page_number":176,"box":{"x":121,"y":948,"width":101,"height":7}},{"id":"047db682-0718-48de-811a-a652a5735f9b","block_type":"box","text":"176","page_number":176,"box":{"x":489,"y":949,"width":23,"height":8}},{"id":"2607125d-7983-4915-97e5-676be9968cc2","block_type":"box","text":"(b) A Sub-Fund may invest no more than 10% of its net assets in recently issued","page_number":176,"box":{"x":182,"y":89,"width":702,"height":12}},{"id":"4e55884e-12ef-4199-aca4-ce5471a28903","block_type":"box","text":"transferable securities which will be admitted to official listing on a stock","page_number":176,"box":{"x":242,"y":105,"width":642,"height":13}},{"id":"18fb5c47-b045-45d3-a8e0-e6f551d7f925","block_type":"box","text":"exchange or other market (as described in Appendix II) within a year. 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This waiver is applicable only if in its investment policies the","page_number":179,"box":{"x":302,"y":679,"width":582,"height":12}},{"id":"7faaafab-822f-4283-b4c8-c13048a84e40","block_type":"box","text":"company from the non-EU Member State complies with the limits laid","page_number":179,"box":{"x":302,"y":695,"width":582,"height":13}},{"id":"e31183a7-05a5-4569-ac52-8301d0907238","block_type":"box","text":"down in paragraphs 2(c)-(k), 3(a), (b) and 5(a), (b), (d), (e) and provided","page_number":179,"box":{"x":302,"y":711,"width":582,"height":13}},{"id":"1ba9cf3e-320d-4c32-bc01-0acc54517b0c","block_type":"box","text":"that where these limits are exceeded, paragraphs 5(e) and 5(f) below are","page_number":179,"box":{"x":302,"y":728,"width":582,"height":13}},{"id":"a2736397-40bd-4f69-9964-3e4d26246146","block_type":"box","text":"observed;","page_number":179,"box":{"x":302,"y":744,"width":83,"height":12}},{"id":"7ccf895e-16b2-4e7b-8359-80e40d6006f5","block_type":"box","text":"(5) shares 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or","page_number":180,"box":{"x":201,"y":334,"width":231,"height":13}},{"id":"914b71d7-f31a-484f-b6f9-e49e6fa319d3","block_type":"box","text":"(4) financial derivative instruments.","page_number":180,"box":{"x":201,"y":351,"width":371,"height":12}},{"id":"f9859677-ef61-44f7-84e0-8a06e4eb999a","block_type":"box","text":"(h) A Sub-Fund may hold ancillary liquid assets.","page_number":180,"box":{"x":181,"y":384,"width":428,"height":12}},{"id":"c053fda9-2870-4d3b-ba1e-0d36a8faac79","block_type":"box","text":"6.","page_number":180,"box":{"x":121,"y":416,"width":14,"height":10}},{"id":"717916e8-068c-4f2e-b8ca-802d76b1e0a4","block_type":"box","text":"Financial Derivative Instruments (FDIs)","page_number":180,"box":{"x":181,"y":416,"width":352,"height":12}},{"id":"92947e76-3bef-4a6d-ba45-49161db1f073","block_type":"box","text":"(a) A Sub-Fund’s global exposure (as prescribed in the Central Bank 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