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On the introduction of any new Sub","page_number":12,"box":{"x":166,"y":795,"width":641,"height":9}},{"id":"9bcfaadf-9236-46de-ac7c-775b397a5d86","block_type":"box","text":"-","page_number":12,"box":{"x":809,"y":799,"width":4,"height":1}},{"id":"dcf8cbc0-dbaa-4725-b8b9-603ac0f90f3a","block_type":"box","text":"fund, a","page_number":12,"box":{"x":813,"y":795,"width":42,"height":9}},{"id":"a7d00b12-321e-4202-bb90-2320f6337819","block_type":"box","text":"revised prospectus will be prep","page_number":12,"box":{"x":167,"y":808,"width":189,"height":9}},{"id":"6bf4dc25-9fdd-4d4f-913d-82f4a0d3ac22","block_type":"box","text":"ared setting out the relevant details of each Sub","page_number":12,"box":{"x":358,"y":808,"width":293,"height":9}},{"id":"c5e51848-d9e8-4b81-8d07-63d243efa81b","block_type":"box","text":"-","page_number":12,"box":{"x":652,"y":812,"width":4,"height":1}},{"id":"a89caa41-2e45-47c5-931d-2438ef6fdf79","block_type":"box","text":"fund.","page_number":12,"box":{"x":657,"y":808,"width":31,"height":7}},{"id":"89296fcf-7505-477f-8208-21e43b4e713f","block_type":"box","text":"The ACS is a UK UCITS scheme.","page_number":12,"box":{"x":166,"y":835,"width":187,"height":8}},{"id":"671a900d-743d-4e6f-8a1e-21694cb11b20","block_type":"box","text":"The assets of each Sub","page_number":12,"box":{"x":166,"y":862,"width":137,"height":8}},{"id":"3a934ddb-b5f2-413e-b517-406871158b5e","block_type":"box","text":"-","page_number":12,"box":{"x":305,"y":867,"width":3,"height":0}},{"id":"926b68d3-88b8-49b7-aaaf-d4c2ad50be0f","block_type":"box","text":"fund are beneficially owned by the Unitholders in that Sub","page_number":12,"box":{"x":309,"y":862,"width":357,"height":10}},{"id":"aaff3107-c072-4dfa-985c-f3389b2f772f","block_type":"box","text":"-","page_number":12,"box":{"x":668,"y":867,"width":3,"height":0}},{"id":"93d4dc92-86e1-4cad-95e4-558ba4394b51","block_type":"box","text":"fund as tenants in common and","page_number":12,"box":{"x":672,"y":862,"width":193,"height":8}},{"id":"71c2730e-bc50-40f8-8e6e-831524159b77","block_type":"box","text":"must not be used to discharge any liabilities of, or meet any claims against, any person other than the Unitholders","page_number":12,"box":{"x":167,"y":875,"width":697,"height":10}},{"id":"fce718b9-91fe-4b93-a311-a6a5118f2a88","block_type":"box","text":"in that Sub","page_number":12,"box":{"x":167,"y":889,"width":64,"height":7}},{"id":"16ad5118-1730-43bd-a8c5-1d64bf01349e","block_type":"box","text":"-","page_number":12,"box":{"x":232,"y":893,"width":4,"height":1}},{"id":"80a52cdb-80e3-4c48-9722-f20087764b4b","block_type":"box","text":"fund. 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Investment of the assets of each of the Sub","page_number":12,"box":{"x":193,"y":915,"width":300,"height":7}},{"id":"70d6a84f-08b9-48ca-8cf9-c3695a0cf298","block_type":"box","text":"-","page_number":12,"box":{"x":495,"y":919,"width":3,"height":1}},{"id":"a2904c12-d149-47ac-9c6e-9e859879393a","block_type":"box","text":"f","page_number":12,"box":{"x":499,"y":915,"width":4,"height":7}},{"id":"385301c1-0604-4577-9732-77e91182088c","block_type":"box","text":"unds must comply with the COLL Sourcebook and the","page_number":12,"box":{"x":504,"y":915,"width":326,"height":9}},{"id":"c2ec611b-aca8-4a00-b934-a1b9c94c59c2","block_type":"box","text":"investment objective and policy of the relevant Sub","page_number":12,"box":{"x":167,"y":928,"width":313,"height":9}},{"id":"3cc93e1c-fd78-436c-9c01-ff8a454107fd","block_type":"box","text":"-","page_number":12,"box":{"x":482,"y":932,"width":3,"height":1}},{"id":"c6029c4b-3caf-400e-a217-ff55318e7d9d","block_type":"box","text":"fund.","page_number":12,"box":{"x":486,"y":928,"width":31,"height":7}},{"id":"9d7c48ba-e652-439b-8fd6-73e9cbb3c8da","block_type":"box","text":"8","page_number":13,"box":{"x":493,"y":974,"width":6,"height":7}},{"id":"95104fff-893d-4cee-a705-ebbc2fb988b5","block_type":"box","text":"Subject to the above, each Sub","page_number":13,"box":{"x":166,"y":87,"width":188,"height":9}},{"id":"240ebfd0-78de-4ac5-b70a-71512fbf8a27","block_type":"box","text":"-","page_number":13,"box":{"x":355,"y":92,"width":4,"height":0}},{"id":"782d1cb6-9e17-4843-a1ff-92c4cd5781a1","block_type":"box","text":"fund will be charged with the liabilities, expenses, costs and charges of the ACS","page_number":13,"box":{"x":360,"y":87,"width":483,"height":9}},{"id":"4f17b125-8173-4ffa-b276-45b3c74e202b","block_type":"box","text":"attributable to that Sub","page_number":13,"box":{"x":166,"y":100,"width":144,"height":8}},{"id":"e0d6981f-f7dc-4752-8336-65d40d071dfc","block_type":"box","text":"-","page_number":13,"box":{"x":311,"y":105,"width":3,"height":0}},{"id":"1572b9a8-fb75-4ef5-abab-a8b674dd3c11","block_type":"box","text":"fund, and within each Sub","page_number":13,"box":{"x":315,"y":100,"width":159,"height":9}},{"id":"79b8a89d-552a-41a2-898b-068c0c381463","block_type":"box","text":"-","page_number":13,"box":{"x":475,"y":105,"width":4,"height":0}},{"id":"d9142f8b-8cce-4548-be27-a6c753ecaa53","block_type":"box","text":"fund charges will be allocated between Classes in accordance","page_number":13,"box":{"x":479,"y":100,"width":375,"height":9}},{"id":"859ffd12-1836-4efe-84c3-c42496caad6d","block_type":"box","text":"with the terms of issue of Unit","page_number":13,"box":{"x":166,"y":113,"width":185,"height":8}},{"id":"d885dc11-e47a-426b-8dc6-d0a63901d544","block_type":"box","text":"s of those Classes. Any assets, liabilities, expenses, costs or charges not attributable","page_number":13,"box":{"x":353,"y":113,"width":509,"height":10}},{"id":"ab37651b-cc6a-4210-8b7e-6fe3ac03eafb","block_type":"box","text":"to a particular Sub","page_number":13,"box":{"x":166,"y":126,"width":112,"height":10}},{"id":"79c4549c-b0e6-4b97-934c-8d0af6371bf3","block_type":"box","text":"-","page_number":13,"box":{"x":279,"y":131,"width":3,"height":0}},{"id":"bca05837-99fe-4b16-a707-26ebb3f79335","block_type":"box","text":"fund may be allocated by the ACS Manager in a manner which it believes is fair to the","page_number":13,"box":{"x":283,"y":126,"width":523,"height":10}},{"id":"f4206a94-fdca-4b06-afe1-7fe7991fe642","block_type":"box","text":"Unitholders generally. This will normally be pro rata to the","page_number":13,"box":{"x":167,"y":139,"width":356,"height":10}},{"id":"48d72ffd-fa23-4b46-8f9a-3ca5bd593eac","block_type":"box","text":"Net Asset Value of the relevant Sub","page_number":13,"box":{"x":529,"y":139,"width":215,"height":8}},{"id":"05a72bba-f0fb-4ebb-a6cc-d0a95afa99b9","block_type":"box","text":"-","page_number":13,"box":{"x":745,"y":144,"width":4,"height":0}},{"id":"071e6c0d-ef94-4d83-8cdb-63f6684b625c","block_type":"box","text":"funds.","page_number":13,"box":{"x":750,"y":139,"width":37,"height":8}},{"id":"1e8a34f3-69c4-4179-b0c0-c07eb4a8cc45","block_type":"box","text":"Please see paragraph 5.51 below “Umbrella Fund Structure Risk”.","page_number":13,"box":{"x":167,"y":167,"width":398,"height":9}},{"id":"43ffa260-7a01-4eea-b6b8-4ecd12c78ea5","block_type":"box","text":"Details of the","page_number":13,"box":{"x":167,"y":194,"width":80,"height":7}},{"id":"7870d3bb-ac05-4eef-94f5-1b55f8876267","block_type":"box","text":"Sub","page_number":13,"box":{"x":252,"y":194,"width":21,"height":7}},{"id":"64916e89-57d0-4102-8264-cb7f82de759e","block_type":"box","text":"-","page_number":13,"box":{"x":274,"y":198,"width":4,"height":1}},{"id":"af469616-ce07-4c46-a9c1-5cb87c157c48","block_type":"box","text":"funds, including their investment objectives and policies and charges, are set out in Appendix I.","page_number":13,"box":{"x":279,"y":194,"width":581,"height":9}},{"id":"23342e03-b697-4f56-a692-76bd4bd53313","block_type":"box","text":"The eligible securities markets and eligible derivatives markets on which the Sub","page_number":13,"box":{"x":166,"y":221,"width":491,"height":9}},{"id":"7f9e5926-34ed-409f-a827-6e83aa88ce84","block_type":"box","text":"-","page_number":13,"box":{"x":659,"y":226,"width":3,"height":0}},{"id":"0341ee64-d72c-485c-8af3-471bd244b252","block_type":"box","text":"funds may invest are set out in","page_number":13,"box":{"x":663,"y":221,"width":188,"height":9}},{"id":"f47d7851-bdda-462a-a7c0-eb6e7802a81c","block_type":"box","text":"Appendix II. A detailed statement of the general investment and borrowing restrictions in respect of each type of","page_number":13,"box":{"x":166,"y":234,"width":693,"height":9}},{"id":"f496ca8d-976d-44f5-bff7-e95f97ee0708","block_type":"box","text":"Sub","page_number":13,"box":{"x":166,"y":247,"width":22,"height":8}},{"id":"d4a13b48-6881-4643-b4d9-ed895435ba7e","block_type":"box","text":"-","page_number":13,"box":{"x":189,"y":252,"width":3,"height":0}},{"id":"ad80488c-aee7-435c-b25e-71e4f53a8bb3","block_type":"box","text":"fund is set out in Appen","page_number":13,"box":{"x":193,"y":247,"width":145,"height":10}},{"id":"04552442-2c3c-40a7-a1d8-3b67a8971fb0","block_type":"box","text":"dix III.","page_number":13,"box":{"x":340,"y":247,"width":35,"height":8}},{"id":"e7bf1b65-a047-49f8-9a50-5b21c56c1a62","block_type":"box","text":"2.2.2","page_number":13,"box":{"x":121,"y":275,"width":30,"height":7}},{"id":"ac888e26-e23d-498d-a434-309a7d6afa3d","block_type":"box","text":"Eligible","page_number":13,"box":{"x":167,"y":275,"width":43,"height":9}},{"id":"0bfbdbb9-d1b5-4f61-927d-8f8ad24d0cb9","block_type":"box","text":"investors","page_number":13,"box":{"x":215,"y":275,"width":56,"height":7}},{"id":"e9df3f63-ace1-4783-9b11-214d2c5eda66","block_type":"box","text":"Units may not be issued to a person other than an Eligible Investor.","page_number":13,"box":{"x":167,"y":302,"width":410,"height":9}},{"id":"4280d9b1-0bcd-4c36-9094-3a850e80c10e","block_type":"box","text":"In addition to the Certificate of Eligibility in the form set out in Appendix V, investors will be required to provide the","page_number":13,"box":{"x":167,"y":329,"width":706,"height":9}},{"id":"bb3583ff-6626-44da-9918-9c3ca5668a55","block_type":"box","text":"ACS Manager with such information and documents as it may require regarding the investor and its tax status to","page_number":13,"box":{"x":166,"y":342,"width":688,"height":9}},{"id":"71a26f66-4e56-4b26-8183-f3f2677ad98c","block_type":"box","text":"enable appropriate tax","page_number":13,"box":{"x":166,"y":355,"width":139,"height":10}},{"id":"dacaace4-1014-4109-ace9-7900de68d7cc","block_type":"box","text":"treatment and benefits to be available.","page_number":13,"box":{"x":310,"y":355,"width":238,"height":8}},{"id":"18ecf57e-5a63-4c45-8b7b-59731d92a3cc","block_type":"box","text":"In addition, investors must also meet any other investment criteria for any Class in which they intend to invest.","page_number":13,"box":{"x":167,"y":383,"width":677,"height":9}},{"id":"6cc4a7ea-9dba-4805-9184-9b428d2f6b83","block_type":"box","text":"In the event that the ACS Manager becomes aware that the Units are vested in a person other than an Eligible","page_number":13,"box":{"x":167,"y":410,"width":672,"height":9}},{"id":"32b2bf5b-6513-41b9-bcad-7cea00241e91","block_type":"box","text":"Investor (or reasonably believes this to be the case) the ACS Manager reserves the right to redeem such Units","page_number":13,"box":{"x":167,"y":423,"width":670,"height":9}},{"id":"8c103017-de9a-411d-89af-b1913b9b9139","block_type":"box","text":"forthwith. 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Units do not carry preferential or pre","page_number":13,"box":{"x":326,"y":834,"width":281,"height":9}},{"id":"b9619973-adae-4ed7-8c17-ca67984c0773","block_type":"box","text":"-","page_number":13,"box":{"x":608,"y":838,"width":4,"height":1}},{"id":"841213ef-3449-48da-8a27-a7edd08b60ca","block_type":"box","text":"emptive rights to acquire further Units.","page_number":13,"box":{"x":613,"y":834,"width":239,"height":9}},{"id":"67791674-dfb5-4768-b2b9-5d50e43d9f29","block_type":"box","text":"The details of the Units presently available for each Sub","page_number":13,"box":{"x":166,"y":861,"width":340,"height":9}},{"id":"c627af90-30d4-4d16-bd12-dc6fd4a944d6","block_type":"box","text":"-","page_number":13,"box":{"x":507,"y":865,"width":4,"height":1}},{"id":"ddb7b449-8112-41f2-bbd4-290218eec563","block_type":"box","text":"fund, including details of their criteria for eligibility,","page_number":13,"box":{"x":511,"y":861,"width":314,"height":9}},{"id":"27613791-f919-43e5-a29c-7b0e01b14840","block_type":"box","text":"subscription and fee structure, are set out in Appendix I. Units may be available as both income and accumulation","page_number":13,"box":{"x":166,"y":874,"width":696,"height":9}},{"id":"8599f281-563a-4ab0-a45e-5224a1ca1644","block_type":"box","text":"Units in respect of each","page_number":13,"box":{"x":167,"y":887,"width":142,"height":9}},{"id":"c171bf98-65b7-4d19-a58e-f92a5f21be6f","block_type":"box","text":"Sub","page_number":13,"box":{"x":314,"y":887,"width":22,"height":8}},{"id":"6f43bc97-9d36-414b-a65f-f6367492dffc","block_type":"box","text":"-","page_number":13,"box":{"x":337,"y":891,"width":3,"height":1}},{"id":"d4967a89-c3aa-44a1-9901-39332b2caae4","block_type":"box","text":"fund. Further details of the Units presently available for each Sub","page_number":13,"box":{"x":341,"y":887,"width":399,"height":9}},{"id":"00024f91-e55c-468c-85d7-e39baaa40ba4","block_type":"box","text":"-","page_number":13,"box":{"x":741,"y":891,"width":4,"height":1}},{"id":"98c61d3d-409b-4782-8c07-c935325111d3","block_type":"box","text":"fund, including","page_number":13,"box":{"x":746,"y":887,"width":90,"height":9}},{"id":"6a025e4c-6dd4-492a-9056-837d3ca0f5ba","block_type":"box","text":"details of their criteria for subscription and fee structure, are set out in Appendix I. 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This income will be reflected in the price of an accumulation Unit. The classes of accumulation","page_number":14,"box":{"x":166,"y":126,"width":682,"height":10}},{"id":"5affccde-3e49-4eae-a660-65fb11a3e8e1","block_type":"box","text":"Units available at the date of this Prospectus have interim i","page_number":14,"box":{"x":167,"y":139,"width":359,"height":10}},{"id":"a130a6b1-e725-4d26-b544-ce724dc06953","block_type":"box","text":"ncome allocation dates on every Business Day save the","page_number":14,"box":{"x":528,"y":139,"width":336,"height":10}},{"id":"bdb1fe0f-83cb-460d-ac39-a6304b6d9ff1","block_type":"box","text":"annual accounting date.","page_number":14,"box":{"x":166,"y":152,"width":146,"height":10}},{"id":"85c35565-df35-4c04-9d0d-351a7bb96034","block_type":"box","text":"If any distribution Units should be issued, then their holders will be entitled to be paid the distributable income","page_number":14,"box":{"x":167,"y":180,"width":680,"height":9}},{"id":"1805ea49-7a3b-43cd-8a43-e68354248d7d","block_type":"box","text":"attributed to those Units and the Prospectus will be updated accordingly to set out this procedure.","page_number":14,"box":{"x":166,"y":193,"width":603,"height":9}},{"id":"f5f2f1e3-468b-422d-90d7-bcdff602b675","block_type":"box","text":"Further Classes of Unit may be established from time to time by the ACS Manager with the agreement of the","page_number":14,"box":{"x":167,"y":220,"width":665,"height":9}},{"id":"6ae6b271-d5d2-4e6c-b630-f16e75ff4732","block_type":"box","text":"Depositary and in accordance with the ACS Deed and the Regulations. On the introduction of any new Class, either","page_number":14,"box":{"x":167,"y":233,"width":701,"height":9}},{"id":"336986a3-76f4-4a15-8f52-da2b5fd663a7","block_type":"box","text":"a revised prospectus or a supplementa","page_number":14,"box":{"x":166,"y":246,"width":236,"height":9}},{"id":"cb94c366-ccbc-4acb-809e-d6a1d5b1d045","block_type":"box","text":"l prospectus will be prepared, setting out the details of each Class.","page_number":14,"box":{"x":405,"y":246,"width":403,"height":9}},{"id":"b1286a9e-1dfe-4406-90fa-41a4f4bc5a4f","block_type":"box","text":"The currency of denomination for each new Class of Units will be determined at the date of creation and set out in","page_number":14,"box":{"x":166,"y":274,"width":701,"height":9}},{"id":"9172c369-ffe5-4b40-8209-e1f1cc228786","block_type":"box","text":"the Prospectus issued in respect of the new Class of Units. 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Such funds may be subject to negative interest (if applicable).","page_number":16,"box":{"x":166,"y":365,"width":597,"height":9}},{"id":"637ba0b7-7f05-4529-b899-fba9d67d1fb4","block_type":"box","text":"A purchase of Units in writing or via any other communication media made available is a legally binding contract.","page_number":16,"box":{"x":166,"y":392,"width":690,"height":9}},{"id":"4752e699-f735-42f1-9512-69cb6643722a","block_type":"box","text":"Applications to purchase, which have been approved by the ACS Manager are, unless subsequently agreed","page_number":16,"box":{"x":166,"y":405,"width":651,"height":9}},{"id":"90d266ec-cdc6-4490-a28a-af8061ab851e","block_type":"box","text":"otherwise by the ACS Manager, irrevocabl","page_number":16,"box":{"x":166,"y":418,"width":256,"height":9}},{"id":"66c37302-69e2-4d47-82ec-4cbe9094b13d","block_type":"box","text":"e. 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The ACS","page_number":16,"box":{"x":167,"y":780,"width":175,"height":8}},{"id":"9537a9c6-41c4-49c8-bd3e-b0fa3ab62c1a","block_type":"box","text":"Manager may use this discretion at any time. Failure not to do so immediately after","page_number":16,"box":{"x":347,"y":780,"width":511,"height":9}},{"id":"affe0d3e-57d0-46d8-a27c-7aab729e209c","block_type":"box","text":"such redemption, Switch or Conversion does not remove this right.","page_number":16,"box":{"x":166,"y":793,"width":409,"height":10}},{"id":"e6a78a5a-fe51-4d43-ae52-8fee0ee27cca","block_type":"box","text":"3.1.4","page_number":16,"box":{"x":121,"y":821,"width":30,"height":7}},{"id":"0c1b5f27-ee04-4bc0-9ddb-687b2be1694f","block_type":"box","text":"Issue of Units in exchange for in specie","page_number":16,"box":{"x":167,"y":821,"width":240,"height":9}},{"id":"d2875b0c-7fd7-46a2-8b53-1ed75c4ea944","block_type":"box","text":"assets","page_number":16,"box":{"x":412,"y":822,"width":37,"height":6}},{"id":"fd7a38f9-948f-458a-9e4a-6643247c8c21","block_type":"box","text":"The ACS Manager may, at its discretion, arrange for the ACS to issue Units in","page_number":16,"box":{"x":166,"y":848,"width":466,"height":9}},{"id":"cc4b0d2b-1bc7-490a-94bd-a1a59b2c1d72","block_type":"box","text":"exchange for assets other than cash,","page_number":16,"box":{"x":638,"y":848,"width":222,"height":9}},{"id":"3013b789-6051-490f-93b7-53c7f5ad0303","block_type":"box","text":"but will only do so where the Depositary has taken reasonable care to determine that the ACS’s acquisition of those","page_number":16,"box":{"x":167,"y":861,"width":707,"height":9}},{"id":"5dd73840-1cfe-4df4-ba25-b9ad5c94c6e4","block_type":"box","text":"assets in exchange for the Units concerned is not likely to result in any material prejudice to the int","page_number":16,"box":{"x":166,"y":874,"width":605,"height":9}},{"id":"ca64ab0f-bb78-4e99-981f-1b623c0730c5","block_type":"box","text":"erests of","page_number":16,"box":{"x":773,"y":874,"width":52,"height":7}},{"id":"4723bf40-d5dc-4d9a-9e2f-6edb878e7c3d","block_type":"box","text":"Unitholders. If any fee, cost or expense is incurred by the ACS in connection with the in specie transfer of assets by","page_number":16,"box":{"x":167,"y":887,"width":701,"height":9}},{"id":"9ec7cbac-aa88-48d1-b8e6-5176ceb04dc8","block_type":"box","text":"an investor then the number of Units issued to the investor will be reduced accordingly by the ACS Manager. Where","page_number":16,"box":{"x":166,"y":900,"width":710,"height":9}},{"id":"863a290d-242c-4112-aece-76d8dfa57018","block_type":"box","text":"the ACS Manag","page_number":16,"box":{"x":166,"y":913,"width":93,"height":9}},{"id":"9fa6c4bc-acad-46b2-a85f-6659709fc362","block_type":"box","text":"er considers the deal to be substantial in relation to the total size of the Sub","page_number":16,"box":{"x":260,"y":913,"width":463,"height":7}},{"id":"f645b31c-3956-4264-ab59-4ce5056d612f","block_type":"box","text":"-","page_number":16,"box":{"x":725,"y":917,"width":4,"height":1}},{"id":"c85c14a0-c326-433c-a785-8331dd1ec38c","block_type":"box","text":"fund it may require the","page_number":16,"box":{"x":729,"y":913,"width":142,"height":9}},{"id":"b377d86e-acd3-4ac6-a3c7-1c7a0f5e0e81","block_type":"box","text":"investor to contribute in specie.","page_number":16,"box":{"x":167,"y":926,"width":193,"height":9}},{"id":"62a7ec19-bbe1-4b50-88b2-187847c52b7e","block_type":"box","text":"12","page_number":17,"box":{"x":494,"y":974,"width":12,"height":6}},{"id":"122e673a-dc5f-490c-84e4-f5ce5087e773","block_type":"box","text":"The ACS Manager will ensure that the beneficial interest in the assets is transferred to the ACS with effect from the","page_number":17,"box":{"x":166,"y":87,"width":704,"height":9}},{"id":"0a3d2545-6995-49fa-a523-d5984546e895","block_type":"box","text":"issue of the Units.","page_number":17,"box":{"x":167,"y":100,"width":107,"height":8}},{"id":"a8f38d95-707c-46da-976c-b3d72366ada9","block_type":"box","text":"The ACS Manager will not issue Units in any Sub","page_number":17,"box":{"x":166,"y":128,"width":293,"height":9}},{"id":"0a0ac5e4-c25d-4a5e-bf5b-1b3747a1cc2e","block_type":"box","text":"-","page_number":17,"box":{"x":460,"y":132,"width":3,"height":1}},{"id":"6f2db0fd-a06a-4eae-bb64-94f412d1465a","block_type":"box","text":"fund in exchange for assets the holding of which would be","page_number":17,"box":{"x":464,"y":128,"width":356,"height":9}},{"id":"d038d6f0-411d-49a2-bb97-b9aa2bfa7950","block_type":"box","text":"inconsistent with the investment objective or policy of that Sub","page_number":17,"box":{"x":167,"y":141,"width":386,"height":9}},{"id":"6a3c2f83-0070-41e1-b073-6e2226a6733f","block_type":"box","text":"-","page_number":17,"box":{"x":555,"y":145,"width":3,"height":1}},{"id":"45889c27-c5f8-4418-ac1a-126b5ecbec5c","block_type":"box","text":"fund.","page_number":17,"box":{"x":559,"y":141,"width":31,"height":7}},{"id":"72db7f0f-be59-475c-b1dd-c83e6f93e941","block_type":"box","text":"3.2","page_number":17,"box":{"x":121,"y":169,"width":20,"height":7}},{"id":"1cb3b00a-04e0-499c-9fe9-53294f68451e","block_type":"box","text":"Redeeming","page_number":17,"box":{"x":167,"y":168,"width":77,"height":10}},{"id":"53f49e43-2aa7-437c-a88a-80e5508c86d4","block_type":"box","text":"Units","page_number":17,"box":{"x":249,"y":169,"width":35,"height":7}},{"id":"61e09883-1e20-4f05-bc7b-a97f6797d9e5","block_type":"box","text":"3.2.1","page_number":17,"box":{"x":121,"y":197,"width":30,"height":7}},{"id":"a0344233-1326-416f-a40c-85431897af5a","block_type":"box","text":"Procedure","page_number":17,"box":{"x":167,"y":197,"width":63,"height":7}},{"id":"6cce90ec-5fec-495a-85fe-be2504ae6808","block_type":"box","text":"Every","page_number":17,"box":{"x":167,"y":224,"width":32,"height":9}},{"id":"50ed3992-d5a2-4933-a3b3-791901cdcb85","block_type":"box","text":"Unitholder has the right to require the redemption of their Units on any Dealing Day, unless the value of Units","page_number":17,"box":{"x":204,"y":224,"width":673,"height":9}},{"id":"13ac9411-8602-43ac-bb75-bcefe3e1c253","block_type":"box","text":"which a Unitholder wishes to redeem will mean that the Unitholder will hold Units with a value less than the","page_number":17,"box":{"x":166,"y":237,"width":664,"height":7}},{"id":"fe98057a-c150-44e5-8a7c-00001f49ada0","block_type":"box","text":"required minimum holding.","page_number":17,"box":{"x":167,"y":250,"width":166,"height":9}},{"id":"63f6a70b-1c23-4363-bbae-f1590f6c4c63","block_type":"box","text":"An investor may effect a redemption of Units in a Sub","page_number":17,"box":{"x":166,"y":277,"width":327,"height":10}},{"id":"b345a6a0-16ab-4957-b48c-4ef20471753f","block_type":"box","text":"-","page_number":17,"box":{"x":495,"y":282,"width":3,"height":0}},{"id":"bf6f4a47-a47e-450b-b991-58a598261da4","block_type":"box","text":"Fund by sending a duly completed dealing form to the","page_number":17,"box":{"x":500,"y":277,"width":330,"height":10}},{"id":"d2bf332a-fa1c-4674-9039-eb47c7257683","block_type":"box","text":"Registrar and Transfer Agent for review and acceptance by the Registrar and Transfer Agent. Valid instructions to","page_number":17,"box":{"x":167,"y":290,"width":691,"height":10}},{"id":"9d17173d-edc0-49db-a28a-27bbae8bee98","block_type":"box","text":"redeem Units received before a Deal","page_number":17,"box":{"x":167,"y":303,"width":222,"height":8}},{"id":"da8d6fe1-9c05-4f17-b0cf-55d06092c18c","block_type":"box","text":"ing Cut Off Point by the ACS Manager will be processed at the Unit price","page_number":17,"box":{"x":392,"y":303,"width":440,"height":10}},{"id":"f4d64500-b2a7-4da3-93f2-eddb5ae1999a","block_type":"box","text":"calculated, based on the Net Asset Value per Unit, at the next Valuation Point following receipt of the instruction","page_number":17,"box":{"x":166,"y":316,"width":690,"height":10}},{"id":"93e4e7f7-d6f6-4ca6-aab0-309bb0564c21","block_type":"box","text":"and subject to the application of any applicable dilution levy, exc","page_number":17,"box":{"x":166,"y":330,"width":396,"height":9}},{"id":"b9680359-d8f7-4449-bc56-40aed1be1535","block_type":"box","text":"ept in the case where dealing in a Sub","page_number":17,"box":{"x":563,"y":330,"width":231,"height":9}},{"id":"10ad7d7c-068b-4d23-8519-b8a85e251aad","block_type":"box","text":"-","page_number":17,"box":{"x":795,"y":334,"width":3,"height":1}},{"id":"f95687a7-3ac9-41ca-a042-75f159e94a53","block_type":"box","text":"fund has","page_number":17,"box":{"x":799,"y":330,"width":52,"height":7}},{"id":"fa09aea2-5c76-468e-bd3d-f36a27a57ee5","block_type":"box","text":"been suspended as set out in paragrap","page_number":17,"box":{"x":167,"y":343,"width":235,"height":9}},{"id":"a09ee63d-20d3-463b-a9c8-cafd1d0446ff","block_type":"box","text":"h 3.9.","page_number":17,"box":{"x":404,"y":343,"width":32,"height":7}},{"id":"1fa9c414-2787-4812-856b-1c3ed3555184","block_type":"box","text":"Please refer to Appendix I for the Dealing Cut Off Point applicable to each Sub","page_number":17,"box":{"x":167,"y":370,"width":475,"height":9}},{"id":"274ac67c-ed27-4757-bde8-ecddd866ce52","block_type":"box","text":"-","page_number":17,"box":{"x":643,"y":374,"width":4,"height":1}},{"id":"fcc8e8c2-6e20-4044-988e-b9d9da23b4ab","block_type":"box","text":"fund.","page_number":17,"box":{"x":647,"y":370,"width":31,"height":7}},{"id":"db0cc16e-05de-4fa1-9e1a-fac3a17f494c","block_type":"box","text":"A redemption instruction in respect of Units in writing or via any other communication media made available is a","page_number":17,"box":{"x":166,"y":397,"width":690,"height":9}},{"id":"05f8a84e-47c8-433a-a27c-d6879b3feef0","block_type":"box","text":"legally binding contract. However, an instruction to the ACS Manager to redeem Units, although irrevocable, may","page_number":17,"box":{"x":167,"y":410,"width":693,"height":9}},{"id":"5b94dfc0-b9fd-4d91-8390-ae617e3023cd","block_type":"box","text":"not be settled if the redemptio","page_number":17,"box":{"x":167,"y":423,"width":187,"height":10}},{"id":"b3c3984d-2caf-46c5-9e99-41c42be65ae7","block_type":"box","text":"n represents Units where the money due on the earlier purchase of those Units has","page_number":17,"box":{"x":356,"y":423,"width":510,"height":10}},{"id":"319a25bb-2aeb-4c82-ad1a-2c6a809f2926","block_type":"box","text":"not yet been received or if insufficient documentation or anti","page_number":17,"box":{"x":167,"y":436,"width":373,"height":10}},{"id":"f6aa47ea-9a7f-479e-a4ce-a798e882a612","block_type":"box","text":"-","page_number":17,"box":{"x":542,"y":441,"width":3,"height":0}},{"id":"5d51610a-84b4-4ecf-afda-127c51acc8af","block_type":"box","text":"money laundering information has been received by","page_number":17,"box":{"x":547,"y":436,"width":319,"height":10}},{"id":"d1519fbd-cd12-47cc-afd1-c1c41e225aae","block_type":"box","text":"the ACS Manager.","page_number":17,"box":{"x":166,"y":449,"width":109,"height":10}},{"id":"3d3629a6-22dd-44c1-890f-1f24cd73ef53","block_type":"box","text":"In addition, on redemption a Unitholder’s income in the form of a tax reclaim which is accrued in the Net Asset","page_number":17,"box":{"x":167,"y":477,"width":678,"height":9}},{"id":"dce2c932-ea63-4569-8011-f684f0480094","block_type":"box","text":"Value per Unit but not yet received by the relevant Sub","page_number":17,"box":{"x":166,"y":490,"width":337,"height":9}},{"id":"107729a3-971b-46a3-807a-dad3ac2f3c13","block_type":"box","text":"-","page_number":17,"box":{"x":505,"y":494,"width":3,"height":1}},{"id":"fb17ebed-3c89-469d-a3e2-6bae49e6c5a1","block_type":"box","text":"fund, will be taken into account in the calculation of the Net","page_number":17,"box":{"x":509,"y":490,"width":368,"height":9}},{"id":"ef8fc3b7-dc7e-471b-a61f-952d0b1e86d0","block_type":"box","text":"Asset Value per Unit for","page_number":17,"box":{"x":166,"y":503,"width":146,"height":9}},{"id":"470b5904-e0e8-4599-998c-949b959a54b3","block_type":"box","text":"the purposes of the redemption. Following a redemption, if it transpires that any such","page_number":17,"box":{"x":316,"y":503,"width":525,"height":9}},{"id":"712d37bb-b345-48bb-ab3a-1e21b2e95923","block_type":"box","text":"amount is paid to the former Unitholder and not paid to the relevant Sub","page_number":17,"box":{"x":166,"y":516,"width":448,"height":9}},{"id":"9ffc80dc-41d2-4f8f-a8c9-960f373880fe","block_type":"box","text":"-","page_number":17,"box":{"x":615,"y":520,"width":4,"height":1}},{"id":"4ec0e9ee-d4d7-4815-acd8-a55d08e11dbd","block_type":"box","text":"fund or the former Unitholder was not","page_number":17,"box":{"x":620,"y":516,"width":235,"height":7}},{"id":"9da729b0-3eee-4b51-91ae-70cf11100a67","block_type":"box","text":"entitled to the tax reclaimed or the relevant tax reclaim","page_number":17,"box":{"x":166,"y":529,"width":339,"height":7}},{"id":"ec0e3caa-a2f9-40c3-861e-f92f17d163ff","block_type":"box","text":"fails in whole or in part (otherwise than through the","page_number":17,"box":{"x":510,"y":529,"width":318,"height":9}},{"id":"9624d193-8b19-42c3-bcb1-3f39de70cdc7","block_type":"box","text":"negligence, fraud or wilful default of the ACS Manager, the Depositary or any other service provider), then the","page_number":17,"box":{"x":167,"y":542,"width":673,"height":9}},{"id":"2f13212d-28d6-4bdc-9a9a-5a7896ab73e9","block_type":"box","text":"former Unitholder will be required to pay over to the Sub","page_number":17,"box":{"x":166,"y":555,"width":351,"height":9}},{"id":"9f3e7ef3-6baa-4b8c-8d6d-4bcc582007e9","block_type":"box","text":"-","page_number":17,"box":{"x":518,"y":559,"width":4,"height":1}},{"id":"a153c3a1-4e45-4d2d-a17c-74ccd985f3ca","block_type":"box","text":"fund a matching or equivalent am","page_number":17,"box":{"x":522,"y":555,"width":206,"height":9}},{"id":"3ba6a2be-ed31-4f46-af28-f6c4a4ef58e0","block_type":"box","text":"ount or amounts to","page_number":17,"box":{"x":730,"y":556,"width":119,"height":6}},{"id":"3da75591-b592-47b7-9fe2-915f9a0d7f3f","block_type":"box","text":"each cancelled part of the accrual (the “Relevant Accrual Amount”) in the price of the relevant Units (while all","page_number":17,"box":{"x":166,"y":568,"width":671,"height":9}},{"id":"bc448229-8243-458b-ae08-694fa69d91ef","block_type":"box","text":"foreign exchange risk will be borne by the Unitholder).In the event that a former Unitholder does not make good","page_number":17,"box":{"x":166,"y":581,"width":690,"height":9}},{"id":"5365816a-9fa4-4817-bf3e-b15529731540","block_type":"box","text":"any such amo","page_number":17,"box":{"x":166,"y":594,"width":83,"height":9}},{"id":"506ee4d5-8da7-4d92-a9e9-c343fb4683bd","block_type":"box","text":"unt for whatever reason, the liability will remain with the relevant Sub","page_number":17,"box":{"x":251,"y":594,"width":429,"height":9}},{"id":"323b261e-512b-4436-83c7-80a8ba2eaa8b","block_type":"box","text":"-","page_number":17,"box":{"x":682,"y":598,"width":3,"height":1}},{"id":"344f493b-fd51-4fc8-951f-fde05f6c1c4d","block_type":"box","text":"fund. If the Unitholder does","page_number":17,"box":{"x":686,"y":594,"width":170,"height":7}},{"id":"f3c2d232-ba05-4eeb-8e18-d69b23e75ecb","block_type":"box","text":"not, upon request, pay to the relevant Sub","page_number":17,"box":{"x":167,"y":607,"width":259,"height":9}},{"id":"3f96b235-5abd-43e1-9a6f-728d976e9473","block_type":"box","text":"-","page_number":17,"box":{"x":427,"y":612,"width":3,"height":0}},{"id":"19c7110f-dfc5-4f2b-8600-dee656faab58","block_type":"box","text":"fund an amount equivalent to the Relevant Accrual Amount the ASC","page_number":17,"box":{"x":431,"y":607,"width":417,"height":9}},{"id":"3dfb1e88-7a1c-40dd-a3cf-c4951aebc8b9","block_type":"box","text":"Manager has discretion to redeem any remaining","page_number":17,"box":{"x":167,"y":620,"width":301,"height":9}},{"id":"3b760e6e-ffe6-4971-9bd4-82eb1db41c12","block_type":"box","text":"Units in any Sub","page_number":17,"box":{"x":473,"y":620,"width":97,"height":9}},{"id":"caf0d243-4160-43ab-bef5-2cec45104079","block_type":"box","text":"-","page_number":17,"box":{"x":571,"y":624,"width":4,"height":1}},{"id":"92558829-a676-4896-b4df-5cd479dc7ebd","block_type":"box","text":"fund belonging to such Unitholder for an amount","page_number":17,"box":{"x":575,"y":620,"width":301,"height":9}},{"id":"f6e1f4df-f0c8-4c91-ad7d-2fc514ad4094","block_type":"box","text":"equivalent to (so far as reasonably practicable) the value of such Relevant Accrual Amount.","page_number":17,"box":{"x":166,"y":633,"width":556,"height":9}},{"id":"12917015-d411-4619-b2a0-c201c09acbd8","block_type":"box","text":"The ACS Manager has the discretion to withhold payment of an amount equivalent to any tax reclaim which is","page_number":17,"box":{"x":166,"y":661,"width":673,"height":9}},{"id":"1927dc50-254d-456f-b541-3fd728991d37","block_type":"box","text":"accrued in the Net Asset Value per Unit, but which has not 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Late Trading is not permitted. 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Switching requests","page_number":19,"box":{"x":358,"y":193,"width":467,"height":9}},{"id":"93b21ffe-5208-484f-a884-d4adcb4a1a4c","block_type":"box","text":"received after a Dealing Cut Off Point will be held over until the next Dealing Day in each of the relevant Sub","page_number":19,"box":{"x":167,"y":206,"width":661,"height":9}},{"id":"4e360a2e-5d70-4e52-b397-f6c8955e71fd","block_type":"box","text":"-","page_number":19,"box":{"x":829,"y":210,"width":4,"height":1}},{"id":"f8cb3e79-f901-49f9-9878-cdbb8e61ec47","block_type":"box","text":"fund","page_number":19,"box":{"x":834,"y":206,"width":27,"height":7}},{"id":"64b7d04a-316b-49c1-9d4d-4409073f5ad4","block_type":"box","text":"or Sub","page_number":19,"box":{"x":166,"y":219,"width":38,"height":7}},{"id":"7ddd3f0c-8f35-4a9f-8c71-22e8b5f630df","block_type":"box","text":"-","page_number":19,"box":{"x":206,"y":223,"width":3,"height":1}},{"id":"e43f1c8f-a2a1-47a9-b914-694651b1a4ac","block_type":"box","text":"funds.","page_number":19,"box":{"x":210,"y":219,"width":37,"height":7}},{"id":"91efc84d-6a6b-4799-affe-ac56d2662603","block_type":"box","text":"The ACS Manager may adjust the number of New Units to be issued to reflect the application of any charge on","page_number":19,"box":{"x":166,"y":246,"width":675,"height":9}},{"id":"afadd7be-ac89-4ba1-9d7a-ea7121043d5f","block_type":"box","text":"Switching together with any other charges or levies in respect of the application for the New Units or redemption of","page_number":19,"box":{"x":166,"y":259,"width":711,"height":9}},{"id":"ae2998ab-e5f1-47b6-948e-4c8c8ae0adac","block_type":"box","text":"the Original Units as may be pe","page_number":19,"box":{"x":166,"y":272,"width":190,"height":9}},{"id":"79ca8421-622d-4f32-9777-d5935d298f71","block_type":"box","text":"rmitted pursuant to the COLL Sourcebook.","page_number":19,"box":{"x":358,"y":272,"width":258,"height":9}},{"id":"c2364c19-06b8-41a3-a4e9-3b454db62d46","block_type":"box","text":"Please note that under UK tax law a Switch of Units in one Sub","page_number":19,"box":{"x":167,"y":300,"width":380,"height":7}},{"id":"6726058c-d754-4c01-b5ef-9549b4d6050f","block_type":"box","text":"-","page_number":19,"box":{"x":549,"y":304,"width":3,"height":1}},{"id":"ed84827d-f2f9-4e17-973f-c6e6f2f7c87d","block_type":"box","text":"fund for Units in any other Sub","page_number":19,"box":{"x":553,"y":300,"width":188,"height":9}},{"id":"801ade84-e3c8-4fc5-a284-7fad7c27ad80","block_type":"box","text":"-","page_number":19,"box":{"x":742,"y":304,"width":4,"height":1}},{"id":"23751ef1-b601-459f-b262-cc309784ec28","block_type":"box","text":"fund is treated as a","page_number":19,"box":{"x":746,"y":300,"width":117,"height":7}},{"id":"23b33ebb-1a8e-4cdd-8554-026d9ab0225a","block_type":"box","text":"redemption of the Original Units and a purchase of New Units and will, for persons subject to taxation, be a","page_number":19,"box":{"x":167,"y":313,"width":656,"height":9}},{"id":"804164f1-48e4-4ed6-b814-7300c046ad7f","block_type":"box","text":"realisation of the Original Uni","page_number":19,"box":{"x":167,"y":326,"width":178,"height":9}},{"id":"57887191-4d34-443a-82ac-d5b98aecd9b6","block_type":"box","text":"ts for the purposes of UK capital gains taxation, which may give rise to a liability to tax,","page_number":19,"box":{"x":346,"y":326,"width":530,"height":9}},{"id":"2ea3a7fe-15e1-4e0a-95b8-fe9eed741876","block_type":"box","text":"depending upon the Unitholder’s circumstances. 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Unitholders should note that because of these requirements, Conversions may not be","page_number":19,"box":{"x":167,"y":595,"width":674,"height":10}},{"id":"0955ced2-2f23-4609-a5b8-b01e5ad509ac","block_type":"box","text":"possible.","page_number":19,"box":{"x":167,"y":608,"width":51,"height":10}},{"id":"d6f80962-a97f-460e-bd53-8848f54c8a63","block_type":"box","text":"Where Conversions are possible, the ACS Manager will carry out instructions to Convert Units as soon as possible","page_number":19,"box":{"x":166,"y":636,"width":692,"height":9}},{"id":"84455770-c228-4e88-992e-15a45c18c355","block_type":"box","text":"but this may not be at the next Valuation Point and instructions may be held over and processed with Conversion","page_number":19,"box":{"x":167,"y":649,"width":692,"height":9}},{"id":"ec19dadf-88fc-401a-b96f-59a5376bcc3e","block_type":"box","text":"instructions given by other Uni","page_number":19,"box":{"x":167,"y":662,"width":186,"height":9}},{"id":"65c6dae1-dc0b-4bd5-9234-7d2bd2358124","block_type":"box","text":"tholders and in some cases may not be effected until the end of the relevant","page_number":19,"box":{"x":354,"y":662,"width":469,"height":9}},{"id":"a974452a-5199-4ad2-a495-2507cc9b12b6","block_type":"box","text":"accounting period. Unitholders should contact the ACS Manager for further information on when a Conversion may","page_number":19,"box":{"x":166,"y":675,"width":707,"height":9}},{"id":"6939c040-e0db-4d0d-b536-aa2b6cb10356","block_type":"box","text":"be effected.","page_number":19,"box":{"x":167,"y":688,"width":71,"height":7}},{"id":"5bd7b9de-e018-4b02-9010-359818751e91","block_type":"box","text":"The number of Units to be issued in the new Class will be calculated relative to the latest price of the Units being","page_number":19,"box":{"x":166,"y":715,"width":690,"height":9}},{"id":"1a873c4e-f7dc-4e55-97d7-4519cf4d1897","block_type":"box","text":"Converted and the Units being issued.","page_number":19,"box":{"x":166,"y":728,"width":232,"height":10}},{"id":"3b13f494-73fd-4474-a7aa-0738c93d0815","block_type":"box","text":"Where a Conversion of Units would, if effected in accordance with the terms of any Conversion notice, result in a","page_number":19,"box":{"x":166,"y":756,"width":691,"height":9}},{"id":"aef4943d-8b6b-45ad-83cf-8f24d78fe5ca","block_type":"box","text":"Unitholder holding less than the permitted minimum holding (by number or value) of Units in either Class as set out","page_number":19,"box":{"x":167,"y":769,"width":708,"height":9}},{"id":"e41b512c-9b7e-4f95-802a-dd32702f151d","block_type":"box","text":"in the Prospectus from tim","page_number":19,"box":{"x":167,"y":782,"width":161,"height":9}},{"id":"c0c38fed-7714-4f2a-bb35-503c30674850","block_type":"box","text":"e to time, then the ACS Manager may (at its discretion) decide either 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to give effect to the conversion notice in","page_number":19,"box":{"x":212,"y":849,"width":288,"height":10}},{"id":"ee10cf66-600a-4431-b1d5-f1667ce7445f","block_type":"box","text":"question.","page_number":19,"box":{"x":505,"y":850,"width":56,"height":9}},{"id":"b9c8aa3a-dd6a-49a0-9385-0d514fada114","block_type":"box","text":"For the avoidance of doubt, each Conversion notice shall relate only to the Conversion of Units of a single Class.","page_number":19,"box":{"x":167,"y":877,"width":682,"height":9}},{"id":"304d3c06-e707-4923-ae68-d226b8a5a54f","block_type":"box","text":"15","page_number":20,"box":{"x":494,"y":974,"width":11,"height":7}},{"id":"20a53eb6-8f8d-4c81-b0b8-0d9cec04c999","block_type":"box","text":"The ACS Manager may at its discretion make a charge on the Conversion of Units between Classes in a 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The ACS Manager may make a dilution adjustment if, in its opinion, the existing Unitholders (prior to sales) or","page_number":21,"box":{"x":166,"y":340,"width":700,"height":9}},{"id":"fd0a10a9-6c62-47d3-b2e3-1f9277483e6d","block_type":"box","text":"remaining Unitholders (follow","page_number":21,"box":{"x":167,"y":353,"width":182,"height":9}},{"id":"76bda51c-3a0d-4868-aea3-60f87b95f5a9","block_type":"box","text":"ing redemptions) are likely to be economically adversely affected.","page_number":21,"box":{"x":351,"y":353,"width":400,"height":9}},{"id":"797e21a3-480e-44c9-bd1e-1cec3ade208d","block_type":"box","text":"Unless the ACS Manager determines otherwise (and it is in the interests of Unitholders), a dilution adjustment will","page_number":21,"box":{"x":167,"y":380,"width":697,"height":10}},{"id":"105490e2-5f53-4203-9ab7-d71c07a39a15","block_type":"box","text":"be made in the following 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The Net Asset Value per Unit of a Sub","page_number":24,"box":{"x":271,"y":211,"width":379,"height":10}},{"id":"6fd6bfd0-cc6c-41ba-ac50-44c9cd4d9680","block_type":"box","text":"-","page_number":24,"box":{"x":651,"y":216,"width":4,"height":0}},{"id":"d9d0bc45-79a9-4302-81f6-e22f022befd1","block_type":"box","text":"fund is currently calculated on each","page_number":24,"box":{"x":655,"y":211,"width":217,"height":10}},{"id":"7bb8cc82-575d-469a-b174-bfd72fde51bc","block_type":"box","text":"Dealing Day at t","page_number":24,"box":{"x":167,"y":225,"width":95,"height":9}},{"id":"9f7e341d-eb26-4e24-8850-cac3a6056858","block_type":"box","text":"he Valuation Point of the Sub","page_number":24,"box":{"x":264,"y":225,"width":178,"height":7}},{"id":"5642933a-ec72-4e8e-aae5-dc5d5ef6bfc7","block_type":"box","text":"-","page_number":24,"box":{"x":443,"y":229,"width":4,"height":1}},{"id":"23d6fe4b-7cfe-4cd1-b0c0-4ca8b5571ad9","block_type":"box","text":"fund. 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The ACS","page_number":24,"box":{"x":166,"y":278,"width":658,"height":9}},{"id":"b8630543-e84c-4cc2-a523-751858da9ef5","block_type":"box","text":"Manager shall inform the Depos","page_number":24,"box":{"x":167,"y":291,"width":195,"height":9}},{"id":"921dc3ed-5a5c-4667-9552-dce23abc6a0a","block_type":"box","text":"itary of any decision to carry out any such additional valuation. Valuations may be","page_number":24,"box":{"x":364,"y":291,"width":500,"height":9}},{"id":"0d6c0bd5-bd78-4772-9103-f050a79a1dba","block_type":"box","text":"carried out for effecting a scheme of amalgamation or reconstruction, which do not create a Valuation Point for the","page_number":24,"box":{"x":166,"y":304,"width":708,"height":9}},{"id":"7cf62738-b29e-45a3-8969-936673940754","block_type":"box","text":"purposes of dealings.","page_number":24,"box":{"x":167,"y":317,"width":128,"height":9}},{"id":"bc786687-c548-4327-ae1d-059c94ead431","block_type":"box","text":"Where permitted and subject to the Regulations, the ACS Manager may, in certain circumstances (for example","page_number":24,"box":{"x":166,"y":344,"width":676,"height":10}},{"id":"9ca8f2cc-6200-4c13-b2a6-71162db0fb01","block_type":"box","text":"where a significant event has occurred since the closure of a market) substitute a price with a more appropriate","page_number":24,"box":{"x":166,"y":357,"width":684,"height":10}},{"id":"a570c042-7853-4d01-8899-970cc515436e","block_type":"box","text":"price which in its opinion","page_number":24,"box":{"x":167,"y":371,"width":151,"height":9}},{"id":"6d6a7534-a834-483e-a1a7-feedc3a26b8b","block_type":"box","text":"reflects a fair and reasonable price for that investment.","page_number":24,"box":{"x":324,"y":370,"width":336,"height":10}},{"id":"411c35f6-bf7f-45b1-a41c-7410a72ab4ce","block_type":"box","text":"The ACS Manager will, upon completion of each valuation, notify the Depositary of the price of Units of each Class","page_number":24,"box":{"x":166,"y":398,"width":698,"height":9}},{"id":"4b260531-aa07-4b28-8873-5d0340780868","block_type":"box","text":"of each Sub","page_number":24,"box":{"x":166,"y":411,"width":70,"height":7}},{"id":"e57248ac-4473-4c19-9082-bab4e8d1e603","block_type":"box","text":"-","page_number":24,"box":{"x":237,"y":415,"width":4,"height":1}},{"id":"9d20f6c4-e444-4e40-a489-299c5bc54256","block_type":"box","text":"fund and the amount of any dilution levy made in respect of any purchase or redemption of Units.","page_number":24,"box":{"x":242,"y":411,"width":600,"height":9}},{"id":"ebd1f178-d5df-4ef1-943b-8b70bc7c7a1b","block_type":"box","text":"A request for dealing in Units must be received by the Dealing Cut Off Point in order to be processed for the next","page_number":24,"box":{"x":166,"y":438,"width":690,"height":9}},{"id":"074e6e1f-9af3-481b-a808-4479a501c503","block_type":"box","text":"Valuation Point. 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Investments in depositary receipts may be less","page_number":31,"box":{"x":492,"y":553,"width":355,"height":9}},{"id":"cb6558e4-4e96-4507-b28a-95d8978ff28d","block_type":"box","text":"liquid and more volatile than the underlying secu","page_number":31,"box":{"x":167,"y":566,"width":298,"height":9}},{"id":"541ac440-f046-429c-abd9-50863dc92bf3","block_type":"box","text":"rities in their primary trading market. 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There may be less","page_number":31,"box":{"x":635,"y":592,"width":196,"height":9}},{"id":"e665591c-8525-44da-9a47-3fbcbfa7af46","block_type":"box","text":"publicly available information regarding the issuer of the securities underlying a depositary receipt than if those","page_number":31,"box":{"x":167,"y":605,"width":682,"height":9}},{"id":"6bb52bc5-b3cb-4e9e-8d7f-4aad6c6d8633","block_type":"box","text":"securities were traded directly. Depositary receipts may or may not be sponsored by the issuers of the und","page_number":31,"box":{"x":166,"y":618,"width":653,"height":9}},{"id":"08463a77-7bd1-47c2-bd67-922b284d0874","block_type":"box","text":"erlying","page_number":31,"box":{"x":821,"y":618,"width":40,"height":9}},{"id":"3646403b-0db5-47f3-963a-bb96e0712b27","block_type":"box","text":"securities, and information regarding issuers of securities underlying unsponsored depositary receipts may be more","page_number":31,"box":{"x":166,"y":631,"width":708,"height":9}},{"id":"af75b13c-acd6-40b3-abc3-7c64d272f306","block_type":"box","text":"limited than for sponsored depositary receipts. The values of depository receipts may decline for a number of","page_number":31,"box":{"x":167,"y":644,"width":671,"height":9}},{"id":"bddea253-93ce-431f-b707-90f3e0f48a00","block_type":"box","text":"reasons relating to the","page_number":31,"box":{"x":167,"y":657,"width":136,"height":9}},{"id":"89a3794e-315f-481f-b445-8d8ecdcb00ae","block_type":"box","text":"issuers or sponsors of the depository receipts, including, but not limited to, insolvency of the","page_number":31,"box":{"x":309,"y":657,"width":566,"height":9}},{"id":"3cea6303-b32e-4eda-b956-b2418d84da23","block_type":"box","text":"issuer or sponsor. 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Appendix I will indicate if and how each Sub","page_number":31,"box":{"x":167,"y":752,"width":331,"height":10}},{"id":"92f04aae-1e81-4284-8aba-2e9e341f21a4","block_type":"box","text":"-","page_number":31,"box":{"x":499,"y":757,"width":4,"height":0}},{"id":"0a7fa8d9-8299-4f6b-b503-f75616bcb5ca","block_type":"box","text":"fund intends to use derivative instruments. A Sub","page_number":31,"box":{"x":503,"y":752,"width":302,"height":8}},{"id":"e089909c-d346-4eb5-a39e-f4a900e1fc21","block_type":"box","text":"-","page_number":31,"box":{"x":807,"y":757,"width":3,"height":0}},{"id":"1024e012-7b16-40a7-84b9-9217087394e5","block_type":"box","text":"fund’s use","page_number":31,"box":{"x":811,"y":752,"width":62,"height":8}},{"id":"ba74a33b-1031-480a-a439-a7d10bfd05a4","block_type":"box","text":"of derivative instruments involves risks different from, and possibly greater than, the ri","page_number":31,"box":{"x":166,"y":765,"width":531,"height":10}},{"id":"e8061441-1a2c-4e7e-bfdc-45d8debfd6e8","block_type":"box","text":"sks associated with investing","page_number":31,"box":{"x":699,"y":765,"width":175,"height":10}},{"id":"7ef5d1b0-5a74-42ae-b868-0eeda2e38f3b","block_type":"box","text":"directly in securities.","page_number":31,"box":{"x":166,"y":779,"width":125,"height":9}},{"id":"d973b0c0-3f11-459f-a3b0-4498e07ec255","block_type":"box","text":"A derivative is a financial contract the value of which depends on, or is derived from, the value of an underlying","page_number":31,"box":{"x":166,"y":806,"width":681,"height":9}},{"id":"8adf93c6-ef3e-4d04-b057-2577fa4e14f7","block_type":"box","text":"asset, interest rate, or index. Derivative transactions typically involve leverage and may have significant volatility. It","page_number":31,"box":{"x":166,"y":819,"width":705,"height":9}},{"id":"7e15bb68-de95-4e8f-8722-efe774b59b8c","block_type":"box","text":"is possible that a","page_number":31,"box":{"x":167,"y":832,"width":100,"height":9}},{"id":"8d1d7c1f-8ac5-4eae-96d1-221d51a60d60","block_type":"box","text":"derivative transaction will result in a loss greater than the principal amount invested, and the Sub","page_number":31,"box":{"x":272,"y":832,"width":596,"height":9}},{"id":"1f1ef648-5e0a-462c-922e-91cc2a98d6ff","block_type":"box","text":"fund may not be able to close out a derivative transaction at a favourable time or price. Risks associated with","page_number":31,"box":{"x":166,"y":845,"width":667,"height":9}},{"id":"8a061bcb-c2a6-499f-adee-319125a02ed7","block_type":"box","text":"derivative instruments include potential","page_number":31,"box":{"x":166,"y":858,"width":244,"height":9}},{"id":"08446b86-ac09-4941-be10-2e18915cab40","block_type":"box","text":"changes in value in response to interest rate changes or other market","page_number":31,"box":{"x":416,"y":858,"width":425,"height":9}},{"id":"8437080f-9457-4e36-86b3-29bdef1eeeb0","block_type":"box","text":"developments or as a result of the counterparty’s credit quality; the potential for the derivative transaction not to","page_number":31,"box":{"x":166,"y":871,"width":697,"height":9}},{"id":"0572cc29-9ff2-47c6-848c-921b17ba88c6","block_type":"box","text":"have the effect the Investment Manager anticipated or a different or less favourable effect than the Investment","page_number":31,"box":{"x":167,"y":884,"width":683,"height":9}},{"id":"59d66f71-dea5-4621-a179-38096b013bb1","block_type":"box","text":"Manager anticipated; the f","page_number":31,"box":{"x":167,"y":897,"width":163,"height":9}},{"id":"f4c73b39-c385-473f-83b1-e12a18295b37","block_type":"box","text":"ailure of the counterparty to the derivative transaction to perform its obligations under","page_number":31,"box":{"x":330,"y":897,"width":535,"height":9}},{"id":"63644f4e-66d4-4a2b-a73d-5cd4bf23ca38","block_type":"box","text":"the transaction or to settle a trade; possible mispricing or improper valuation of the derivative instrument;","page_number":31,"box":{"x":166,"y":910,"width":652,"height":9}},{"id":"22291fca-338f-41a7-802f-491bb04482ae","block_type":"box","text":"imperfect correlation in the value of a derivative with","page_number":31,"box":{"x":167,"y":923,"width":325,"height":10}},{"id":"a012fb71-b516-4673-a5fd-cfcec5f2a038","block_type":"box","text":"the asset, currency, rate, or index underlying the derivative;","page_number":31,"box":{"x":497,"y":923,"width":366,"height":10}},{"id":"7da65fb3-53bd-480d-8201-c1c87a51548b","block_type":"box","text":"27","page_number":32,"box":{"x":493,"y":974,"width":13,"height":6}},{"id":"12cd0d91-e893-4cd8-901c-6bfa49d278b7","block_type":"box","text":"the risk that the Sub","page_number":32,"box":{"x":166,"y":87,"width":123,"height":8}},{"id":"b1ec69ec-2ec2-49db-a3bb-9bad60afc6e5","block_type":"box","text":"-","page_number":32,"box":{"x":290,"y":92,"width":4,"height":0}},{"id":"4bf66b1e-79d3-47df-833d-5091df102799","block_type":"box","text":"fund may be required to post collateral or margin with its counterparty, and will not be able to","page_number":32,"box":{"x":295,"y":87,"width":579,"height":9}},{"id":"faac22ef-129f-4dc8-9580-7c1fb804e180","block_type":"box","text":"recover the collateral or margin in the event of the counterparty’s insolvency or bankruptcy; 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The ACS Manager may delegate its management and administration functions, but not responsibility,","page_number":44,"box":{"x":166,"y":524,"width":699,"height":9}},{"id":"405a3947-b5d6-4e7a-9929-c83ab7126b4c","block_type":"box","text":"to third parties, including Associates","page_number":44,"box":{"x":166,"y":537,"width":221,"height":9}},{"id":"4260ac5b-bbea-4034-b204-d13dbf478bb0","block_type":"box","text":"subject to the rules in the COLL Sourcebook.","page_number":44,"box":{"x":392,"y":537,"width":270,"height":9}},{"id":"22555ef1-b883-430a-8b3c-d2cf1ade5409","block_type":"box","text":"The ACS Manager has authority to enter into contracts on behalf of the Unitholders for the purposes of, or in","page_number":44,"box":{"x":166,"y":564,"width":667,"height":9}},{"id":"1d760cc6-f9c0-408e-989e-7b077047a827","block_type":"box","text":"connection with, the acquisition, management and/or disposal of Scheme Property. The ACS may on behalf of","page_number":44,"box":{"x":166,"y":577,"width":674,"height":9}},{"id":"c1f15ae2-b33e-4202-8bd3-38c9b2e6609c","block_type":"box","text":"Unitholders exercise rights under an Aut","page_number":44,"box":{"x":167,"y":590,"width":246,"height":9}},{"id":"68468705-c422-485e-a693-1ef1ec269f8b","block_type":"box","text":"horised Contract, bring and defend proceedings for the resolution of any","page_number":44,"box":{"x":415,"y":590,"width":444,"height":9}},{"id":"b26ae618-401c-41a4-a289-c5c815ef6f67","block_type":"box","text":"matter relating to an Authorised Contract, and take action in relation to the enforcement of any judgment given in","page_number":44,"box":{"x":167,"y":603,"width":699,"height":10}},{"id":"21b8cffe-1fe1-4a58-8e95-89cd502b519e","block_type":"box","text":"such proceedings.","page_number":44,"box":{"x":166,"y":616,"width":109,"height":10}},{"id":"bc50c005-e789-4174-b7ea-adc56bfe8ba2","block_type":"box","text":"The ACS Manager is also the authorised fund manager of certain authorised unit trusts details of which are set out","page_number":44,"box":{"x":166,"y":642,"width":700,"height":10}},{"id":"55944767-7f79-496e-9d35-4263ada36f33","block_type":"box","text":"in Appendix VII.","page_number":44,"box":{"x":167,"y":656,"width":94,"height":9}},{"id":"3f81c0dd-eff5-4ad8-8885-34650c7e9672","block_type":"box","text":"The ACS Manager has delegated its activities relating to investment management, fund promotion, registration and","page_number":44,"box":{"x":166,"y":683,"width":706,"height":9}},{"id":"c65be4ef-83cd-4399-aabc-f4b51a9a8665","block_type":"box","text":"transfer agency to State Street Global Advisors Limited, which also has the power to sub","page_number":44,"box":{"x":166,"y":696,"width":539,"height":9}},{"id":"134e1ece-941d-4387-b769-b38dc95c841b","block_type":"box","text":"-","page_number":44,"box":{"x":706,"y":700,"width":4,"height":1}},{"id":"e811839b-dd48-4740-ad61-85e8af309600","block_type":"box","text":"delegate and appoint sub","page_number":44,"box":{"x":711,"y":696,"width":155,"height":9}},{"id":"18a758a5-bf74-4948-8b22-bba01fbe4e55","block_type":"box","text":"distributors. 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The registered office of the Registrar and Transfer Agent is at 20 Churchill Place, Canary","page_number":47,"box":{"x":166,"y":492,"width":701,"height":10}},{"id":"32373742-8d74-4837-8c42-915619cb6546","block_type":"box","text":"Wharf, London E14 5HJ.","page_number":47,"box":{"x":166,"y":505,"width":146,"height":9}},{"id":"f724aa50-6aa7-4f56-aed8-139ceb72533f","block_type":"box","text":"The Register of Unitholders will be kept by the Registrar and Transfer Agent at the address of its registered office as","page_number":47,"box":{"x":166,"y":533,"width":708,"height":9}},{"id":"1b277f11-bbb7-4c04-b9ec-e832a718d1de","block_type":"box","text":"noted above where it is open to inspection by Unitholders between 9.00 a.m. and 5.00 p.m. on any London","page_number":47,"box":{"x":167,"y":546,"width":654,"height":9}},{"id":"854eb0d2-8a82-45ac-8fb7-44f369b69c50","block_type":"box","text":"Business Day.","page_number":47,"box":{"x":167,"y":559,"width":81,"height":9}},{"id":"aa117cac-82a1-414f-8483-0ad7321f8229","block_type":"box","text":"The Register of Unitholders shall be conclusive evidence as to the persons entitled to the Units entered in the","page_number":47,"box":{"x":166,"y":586,"width":670,"height":9}},{"id":"ea430a88-a273-4249-b9c0-f7edf5a0d03f","block_type":"box","text":"Register. 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The ACS may enter into derivatives transactions or other transactions with or","page_number":47,"box":{"x":318,"y":763,"width":516,"height":10}},{"id":"d497b089-491f-4e2d-9918-232ecc15cb3b","block_type":"box","text":"through the ACS Manager or one of its affiliates. The ACS may invest in other pooled investment vehicles","page_number":47,"box":{"x":166,"y":777,"width":641,"height":9}},{"id":"15f48b9c-dd5b-4f34-a2d7-f7b74b393a67","block_type":"box","text":"sponsored, managed, or otherwise affiliated with the ACS Manager,","page_number":47,"box":{"x":166,"y":790,"width":415,"height":9}},{"id":"8e6fc2ca-1a33-4bb3-8c01-d593d02e4933","block_type":"box","text":"in which event the ACS will bear a share of the","page_number":47,"box":{"x":586,"y":790,"width":283,"height":7}},{"id":"2879964c-9b85-429b-bb4b-3e0626490b74","block_type":"box","text":"expenses of those other pooled investment vehicles; those investment vehicles may pay fees and other amounts to","page_number":47,"box":{"x":166,"y":803,"width":707,"height":9}},{"id":"9518fdb5-b7dc-4c62-a6ab-cedd33fc4844","block_type":"box","text":"the ACS Manager or its affiliates, which might have the effect of increasing the expenses of th","page_number":47,"box":{"x":166,"y":816,"width":572,"height":9}},{"id":"081e4ff8-e26d-40ac-aec1-f7a48c65fdd2","block_type":"box","text":"e ACS. 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There is no assurance that the rates","page_number":47,"box":{"x":166,"y":842,"width":689,"height":9}},{"id":"cad69d69-454f-41da-8c09-581b9f31f62c","block_type":"box","text":"at","page_number":47,"box":{"x":861,"y":843,"width":11,"height":6}},{"id":"0b989535-aa4d-409e-8d7e-22718e916111","block_type":"box","text":"which the ACS pays fees or expenses to the ACS Manager or its affiliates, or the terms on which it enters into","page_number":47,"box":{"x":166,"y":855,"width":666,"height":9}},{"id":"1b054768-9d5c-4171-b74c-fcd269a28d39","block_type":"box","text":"transactions with the ACS Manager or its affiliates or on which it invests in any such other investment vehicles will","page_number":47,"box":{"x":166,"y":868,"width":698,"height":9}},{"id":"ae467676-a8fe-40e8-86da-05c4bc81474d","block_type":"box","text":"be the most favourable a","page_number":47,"box":{"x":167,"y":881,"width":151,"height":7}},{"id":"37a6c873-16be-42b0-b90e-90fb62059c96","block_type":"box","text":"vailable in the market generally or as favourable as the rates the ACS Manager makes","page_number":47,"box":{"x":320,"y":881,"width":522,"height":9}},{"id":"d6927fe1-238d-4877-8886-9d32d9102748","block_type":"box","text":"available to other clients. There will be no independent oversight of fees or expenses paid to, or services provided","page_number":47,"box":{"x":166,"y":894,"width":697,"height":9}},{"id":"a66c48ab-5c49-4c1d-90ef-2353a14a4b4a","block_type":"box","text":"by, those entities. Because of its financial interest,","page_number":47,"box":{"x":167,"y":907,"width":305,"height":9}},{"id":"0b6a265c-4463-4cef-a560-e06c33199497","block_type":"box","text":"the ACS Manager may have an incentive to enter into","page_number":47,"box":{"x":477,"y":907,"width":327,"height":9}},{"id":"9fc66179-7e5f-4d49-b1de-f241d50f3ad9","block_type":"box","text":"transactions or arrangements on behalf of the ACS with or through itself or its affiliates in circumstances where","page_number":47,"box":{"x":166,"y":920,"width":681,"height":9}},{"id":"f98aa556-a890-4e37-a496-03a84235022d","block_type":"box","text":"it","page_number":47,"box":{"x":850,"y":920,"width":7,"height":7}},{"id":"42a1eb55-08d2-4aeb-a367-41dd2fcc5d0c","block_type":"box","text":"43","page_number":48,"box":{"x":493,"y":974,"width":12,"height":7}},{"id":"2cc259c1-e2c8-4f63-a5d8-ec5bd6c8adf5","block_type":"box","text":"might not","page_number":48,"box":{"x":167,"y":87,"width":58,"height":9}},{"id":"a6a3a31f-6b94-46fb-b97e-b8df6c299ae1","block_type":"box","text":"have done so in the absence of that interest. Transactions and services with or through the ACS Manager","page_number":48,"box":{"x":230,"y":87,"width":642,"height":9}},{"id":"e2e38fef-e5a5-4f6f-9023-6615132ad5f1","block_type":"box","text":"or its affiliates will however be effected in accordance with the FCA Handbook.","page_number":48,"box":{"x":166,"y":100,"width":482,"height":8}},{"id":"6966f68a-f26f-4be9-9249-c2292a64bbd2","block_type":"box","text":"The ACS Manager and its affiliates serve as an investment manager to other clients and may make investment","page_number":48,"box":{"x":166,"y":128,"width":673,"height":9}},{"id":"c0bba2b4-9833-4927-9f06-e61b4de1b32e","block_type":"box","text":"decisions for their own accounts and for the accounts of others, including other funds, that may be different from","page_number":48,"box":{"x":166,"y":141,"width":696,"height":9}},{"id":"e96e8a2b-26bd-4e4d-ac33-6c26160ad72d","block_type":"box","text":"those that will be made by the ACS","page_number":48,"box":{"x":166,"y":154,"width":213,"height":9}},{"id":"600e5a58-c9e8-4409-961f-33f10cb62bbb","block_type":"box","text":"Manager on behalf of the ACS. In particular, the ACS Manager may provide asset","page_number":48,"box":{"x":384,"y":154,"width":493,"height":9}},{"id":"a61432f4-10e2-4153-80c0-89f62fbe021b","block_type":"box","text":"allocation advice to some clients that may include a recommendation to invest or redeem from a scheme while not","page_number":48,"box":{"x":166,"y":167,"width":705,"height":9}},{"id":"7c39df7f-1fb7-4bf0-9363-3c1bb7c05e89","block_type":"box","text":"providing that same recommendation to all clients invested in th","page_number":48,"box":{"x":167,"y":180,"width":394,"height":9}},{"id":"41d74f0d-e0a3-4238-8ce2-494e50b83dd7","block_type":"box","text":"e same or similar schemes. 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The quorum for an adjourned meeting is one person entitled to be counted in a quorum.","page_number":51,"box":{"x":167,"y":739,"width":664,"height":9}},{"id":"d919e61c-c697-4354-8dbc-c310d6cc45f3","block_type":"box","text":"Notices of meetings and adjourned meetings will be sent to Unitholders at their registered addresses.","page_number":51,"box":{"x":167,"y":752,"width":621,"height":10}},{"id":"a431fc0c-6457-4b49-8b76-e46101bb82cd","block_type":"box","text":"9.4","page_number":51,"box":{"x":121,"y":781,"width":20,"height":7}},{"id":"20f67de9-ce3c-4c32-9caf-43423ea42f22","block_type":"box","text":"Voting","page_number":51,"box":{"x":166,"y":780,"width":45,"height":10}},{"id":"70f4c7cc-bf90-4bb7-a415-6defddede918","block_type":"box","text":"Rights","page_number":51,"box":{"x":216,"y":780,"width":42,"height":10}},{"id":"183e631d-3203-43cf-9ac7-64abbff98fd6","block_type":"box","text":"At a general meeting, on a show of hands every Unitholder who (being an individual) is present in person or (being","page_number":51,"box":{"x":166,"y":808,"width":701,"height":10}},{"id":"00e9196a-809d-4241-a1f3-25ea795ef4ca","block_type":"box","text":"a corporation) is present by its representative properly authorised in that regard, has one vote.","page_number":51,"box":{"x":166,"y":821,"width":581,"height":10}},{"id":"c90e1490-8924-4b74-b44f-8904ae8146af","block_type":"box","text":"On a poll vote, a Unitholder may vote either in person or by proxy. 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Sub","page_number":52,"box":{"x":166,"y":274,"width":169,"height":7}},{"id":"66aa7b8e-4f66-4db8-a3fe-175f7079cbd0","block_type":"box","text":"-","page_number":52,"box":{"x":337,"y":278,"width":3,"height":1}},{"id":"d4f40997-4387-42dc-bbb8-e91c1548821e","block_type":"box","text":"fund are registered to, or held by, the ACS Manager or its associates and they are","page_number":52,"box":{"x":341,"y":274,"width":497,"height":9}},{"id":"dadc313b-7ecc-4d93-aed1-4e66d2a9ac4a","block_type":"box","text":"therefore prohibited from voting and a resolution (including an extraordinary resolution) is required to conduct","page_number":52,"box":{"x":166,"y":287,"width":682,"height":9}},{"id":"7e9e6b34-f118-457f-88f5-ab0c28d716de","block_type":"box","text":"business at a meeting, it shall","page_number":52,"box":{"x":167,"y":300,"width":178,"height":9}},{"id":"df3464d9-e8a0-4222-9ee0-5eb4ddcfbfe5","block_type":"box","text":"not be necessary to convene such a meeting and a resolution may, with the prior","page_number":52,"box":{"x":351,"y":300,"width":494,"height":9}},{"id":"d47fa337-7105-4f70-83ea-dbd5b930da9d","block_type":"box","text":"written agreement of the Depositary, instead be passed with the written consent of Unitholders representing 50%","page_number":52,"box":{"x":166,"y":313,"width":700,"height":9}},{"id":"af7e11c1-ad4c-4716-8b4c-6148453e0b65","block_type":"box","text":"or more, or for an extraordinary resolution 75% or more, of the","page_number":52,"box":{"x":166,"y":326,"width":388,"height":9}},{"id":"863e76dc-b45b-43eb-8fae-ece5b3b89dfc","block_type":"box","text":"Units in issue.","page_number":52,"box":{"x":559,"y":326,"width":83,"height":7}},{"id":"d8121c4f-b871-4238-8199-e724872f27bf","block_type":"box","text":"“Unitholders” in this context means Unitholders entered on the Register at a time to be determined by the 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as to the implications of their subscribing for, purchasing, holding, switching, exchanging","page_number":52,"box":{"x":166,"y":477,"width":704,"height":10}},{"id":"11b784a2-2a6c-4fa6-936a-5fea034416de","block_type":"box","text":"or disposing of Units","page_number":52,"box":{"x":166,"y":490,"width":125,"height":10}},{"id":"52c9f815-bb80-4119-b84b-b575c3a96f97","block_type":"box","text":"under the laws of any jurisdiction in which they may be subject to tax.","page_number":52,"box":{"x":296,"y":490,"width":427,"height":10}},{"id":"37416094-ce7e-45f6-9c32-2fa75b4955fe","block_type":"box","text":"These statements are based on United Kingdom law and HMRC practice as known at the date of this document.","page_number":52,"box":{"x":166,"y":518,"width":683,"height":9}},{"id":"d249f080-db9c-47ea-8b2d-966c104eaea4","block_type":"box","text":"Unitholders are recommended to consult their professional advisers if they are in any doubt about their tax","page_number":52,"box":{"x":167,"y":531,"width":657,"height":9}},{"id":"94df2a7d-2296-4590-95ae-7f6d8821aed9","block_type":"box","text":"position.","page_number":52,"box":{"x":167,"y":544,"width":51,"height":9}},{"id":"fe784f94-ca4d-425f-befc-d3f15f178e4c","block_type":"box","text":"The information below is a general guide based on current UK law and HMRC practice, which are subject to change.","page_number":52,"box":{"x":166,"y":571,"width":707,"height":9}},{"id":"6abc6838-1e0e-4998-b4b9-e12558d7b02b","block_type":"box","text":"It summarises the tax position of the Sub","page_number":52,"box":{"x":167,"y":584,"width":249,"height":9}},{"id":"2bf986c1-61b9-415d-aed2-3b2134741bfe","block_type":"box","text":"-","page_number":52,"box":{"x":417,"y":588,"width":4,"height":1}},{"id":"53d0da55-be4d-420a-86e3-f20799852b5b","block_type":"box","text":"fund and of UK resident investors who hold Units as investments. The tax","page_number":52,"box":{"x":422,"y":584,"width":448,"height":7}},{"id":"7393e092-3bf7-4f50-836e-55780d2e338e","block_type":"box","text":"position of investors will d","page_number":52,"box":{"x":167,"y":597,"width":158,"height":9}},{"id":"c3635888-1c07-4278-b7c7-5f0ee1dc59ef","block_type":"box","text":"epend on their precise status and circumstances. Prospective investors who are","page_number":52,"box":{"x":327,"y":597,"width":487,"height":9}},{"id":"3c6ea8a9-3557-4dc1-9799-eb8ef8e1ac33","block_type":"box","text":"concerned about their tax position, and in particular who may be subject to tax in a jurisdiction other than the UK,","page_number":52,"box":{"x":166,"y":610,"width":698,"height":9}},{"id":"716607a9-3153-434e-982b-1f40314d3d90","block_type":"box","text":"are recommended to take professional advice.","page_number":52,"box":{"x":166,"y":623,"width":284,"height":9}},{"id":"9f6314d2-e78f-46fa-9542-a844030aabed","block_type":"box","text":"10.2","page_number":52,"box":{"x":122,"y":651,"width":27,"height":8}},{"id":"ff14bdad-f1b6-40cd-b711-ab4848b5b543","block_type":"box","text":"The","page_number":52,"box":{"x":166,"y":651,"width":25,"height":8}},{"id":"67d857f3-a4b0-4603-be3e-1051745708b2","block_type":"box","text":"Sub","page_number":52,"box":{"x":196,"y":651,"width":25,"height":8}},{"id":"81521856-2da0-4139-808c-fd7b7950f4b8","block_type":"box","text":"-","page_number":52,"box":{"x":222,"y":655,"width":4,"height":2}},{"id":"f8447674-b21f-48e2-8e29-3ae95f0f5737","block_type":"box","text":"funds","page_number":52,"box":{"x":227,"y":651,"width":38,"height":8}},{"id":"4046efc2-a23f-4146-87d2-2170e673f427","block_type":"box","text":"Each Sub","page_number":52,"box":{"x":167,"y":679,"width":53,"height":8}},{"id":"f8a75cfc-ec8d-4441-b755-fd3614d521e7","block_type":"box","text":"-","page_number":52,"box":{"x":221,"y":684,"width":4,"height":0}},{"id":"56abd695-fe2c-4648-a328-bb5b1caf94fe","block_type":"box","text":"fund is treated as a collective investment scheme for UK tax purposes and as a separate collective","page_number":52,"box":{"x":226,"y":679,"width":598,"height":10}},{"id":"c4d72021-2f22-4bde-a72b-9df454da6c5c","block_type":"box","text":"investment scheme from any other Sub","page_number":52,"box":{"x":167,"y":692,"width":240,"height":10}},{"id":"fbda5d39-73cb-4681-b434-a097a9a4d91d","block_type":"box","text":"-","page_number":52,"box":{"x":409,"y":697,"width":3,"height":0}},{"id":"16d87f95-75d1-4ddf-86a2-3b6fadb4ac90","block_type":"box","text":"fund for such purposes. The ACS itself is not regarded as a collective","page_number":52,"box":{"x":413,"y":692,"width":416,"height":10}},{"id":"47fd5066-2a3c-4d53-b434-a62997d48ed4","block_type":"box","text":"investment scheme.","page_number":52,"box":{"x":167,"y":705,"width":121,"height":8}},{"id":"25191481-ff02-401d-9bd6-83f23392baf5","block_type":"box","text":"Each Sub","page_number":52,"box":{"x":167,"y":733,"width":53,"height":7}},{"id":"b8d5bcf4-1bc3-485b-b155-339a1eab320e","block_type":"box","text":"-","page_number":52,"box":{"x":221,"y":737,"width":4,"height":1}},{"id":"d8686067-65c3-4173-b8a0-4c706b73cb96","block_type":"box","text":"fund is transparent and is not a taxable entity for UK tax purposes. As such, each Sub","page_number":52,"box":{"x":226,"y":733,"width":518,"height":9}},{"id":"cb4a112f-bfe3-43f1-9357-c8a7de3bbeb4","block_type":"box","text":"-","page_number":52,"box":{"x":745,"y":737,"width":4,"height":1}},{"id":"216cfc82-6ecd-41c6-8941-ebe500e7905e","block_type":"box","text":"fund is not subject","page_number":52,"box":{"x":750,"y":733,"width":113,"height":9}},{"id":"42adf6b5-53c2-4973-925f-4d8c5de16be4","block_type":"box","text":"to tax in the UK on income or gains arising on underlying investments. Furthermore, it is intended that each Sub","page_number":52,"box":{"x":166,"y":746,"width":685,"height":9}},{"id":"deb15ce6-a97b-4771-b42c-b3d76cd10367","block_type":"box","text":"fund does not have access","page_number":52,"box":{"x":166,"y":759,"width":160,"height":7}},{"id":"afce1b5c-5a0f-4bef-8d0f-35e7f967bdba","block_type":"box","text":"in its own right to the UK’s double taxation agreements that it has concluded with other","page_number":52,"box":{"x":331,"y":759,"width":538,"height":9}},{"id":"eb68837e-fd9f-41c2-afbc-adf129166717","block_type":"box","text":"jurisdictions. 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The ACS","page_number":53,"box":{"x":166,"y":739,"width":287,"height":9}},{"id":"2be75f5f-327f-4970-9b5d-81e2289c9fba","block_type":"box","text":"and its Sub","page_number":53,"box":{"x":458,"y":739,"width":66,"height":7}},{"id":"7aebc182-d090-4fa4-98d4-d49e7019f896","block_type":"box","text":"-","page_number":53,"box":{"x":525,"y":743,"width":4,"height":1}},{"id":"2b335aae-7e32-4ed2-a44f-7a32b8c65ee1","block_type":"box","text":"funds are considered to be tax transparent by HMRC.","page_number":53,"box":{"x":530,"y":739,"width":325,"height":9}},{"id":"f5c6a642-4608-4255-9da7-88c376a650d6","block_type":"box","text":"The ACS and its Sub","page_number":53,"box":{"x":166,"y":752,"width":120,"height":7}},{"id":"95219edc-a824-40b3-918d-8bc5e0e441e8","block_type":"box","text":"-","page_number":53,"box":{"x":287,"y":756,"width":3,"height":1}},{"id":"c2ac7888-0714-42d7-ba23-4aac8193f89e","block_type":"box","text":"funds have generally been constituted by the ACS Manager with the objective that they would","page_number":53,"box":{"x":291,"y":752,"width":577,"height":9}},{"id":"62019d79-ba5d-4cc5-aef2-d90ea0e44cb5","block_type":"box","text":"be viewed as tax transparent in most other jurisdictions. 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