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The granting of prior consent by the Fund to an investment","page_number":3,"box":{"x":121,"y":662,"width":763,"height":13}},{"id":"d6d9e68a-8c57-4c16-8136-96e329e27296","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":678,"width":763,"height":13}},{"id":"a3b92d56-c74a-44e8-baaa-3aa72d3c08ed","block_type":"box","text":"application.","page_number":3,"box":{"x":121,"y":695,"width":99,"height":13}},{"id":"02598cac-0784-4539-a99c-4e2e52bc7b26","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":728,"width":763,"height":13}},{"id":"6c0db0aa-805d-44f1-851a-3484becf01c2","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":744,"width":763,"height":13}},{"id":"3a975d51-5cfa-4b85-b89f-06129d11f9a9","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":760,"width":763,"height":13}},{"id":"e08eae47-1791-4833-af4f-1b5b6bf7e954","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":122,"y":777,"width":762,"height":13}},{"id":"e634ecfc-f6ae-4099-8972-dc02819a8e09","block_type":"box","text":"or government authority or by virtue of which such person is not qualified to hold such Shares","page_number":3,"box":{"x":121,"y":793,"width":763,"height":13}},{"id":"49451b95-6d94-4036-ae35-9ecf40352ebb","block_type":"box","text":"or by any person or persons in circumstances (whether directly or indirectly affecting such","page_number":3,"box":{"x":121,"y":810,"width":763,"height":12}},{"id":"56927a97-19af-4472-aedd-926de33ff5ea","block_type":"box","text":"person or persons, and whether taken alone or in conjunction with any other person or persons,","page_number":3,"box":{"x":120,"y":826,"width":764,"height":13}},{"id":"8a1c9001-77aa-44e8-a8ff-98407dfb73c2","block_type":"box","text":"connected or not, or any other circumstances appearing to the Directors to be relevant) which,","page_number":3,"box":{"x":121,"y":842,"width":763,"height":13}},{"id":"45ee7cc0-d95e-4a7d-ba6f-220b03299cc4","block_type":"box","text":"in the opinion of the Directors, might result in the Fund incurring any liability to taxation or","page_number":3,"box":{"x":121,"y":859,"width":763,"height":13}},{"id":"ac205d7f-1034-4db9-a06e-8069f8db34e0","block_type":"box","text":"suffering any other pecuniary legal or administrative disadvantages or being in breach of any","page_number":3,"box":{"x":121,"y":875,"width":763,"height":13}},{"id":"612a7b7c-b07f-4573-9b29-fa7536e73d12","block_type":"box","text":"law or regulation which the Fund might not otherwise have incurred, suffered or breached.","page_number":3,"box":{"x":121,"y":891,"width":763,"height":13}},{"id":"a14bfd81-8b91-49d2-8518-5ccde6cdf917","block_type":"box","text":"M-40331875-102","page_number":4,"box":{"x":121,"y":948,"width":101,"height":7}},{"id":"8cccc46f-698b-4c59-80b4-e86bfe7fccc6","block_type":"box","text":"4","page_number":4,"box":{"x":496,"y":949,"width":7,"height":8}},{"id":"525ed279-af8c-4a19-ad1c-cff0b24a72b5","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":88,"width":763,"height":13}},{"id":"75a8fce8-a388-46f3-89df-c5fa629e749c","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":105,"width":763,"height":13}},{"id":"a3f22021-f32d-433a-aa58-cd02c0e8e746","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":121,"width":763,"height":13}},{"id":"42a4e7d3-4db3-4342-a1b8-5fe3d313222d","block_type":"box","text":"taxation purposes and pay the proceeds thereof to the Irish Revenue Commissioners.","page_number":4,"box":{"x":121,"y":138,"width":687,"height":12}},{"id":"8e7de190-ef1e-4c6d-ab77-5b5a6a3914d3","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":170,"width":763,"height":13}},{"id":"054b7495-b2a2-4372-88a2-2a9435ea237b","block_type":"box","text":"the same information and have the same meanings as this English language document. To the","page_number":4,"box":{"x":121,"y":187,"width":763,"height":13}},{"id":"5e3e1620-52cb-4f7f-a66c-ecbf57026ff1","block_type":"box","text":"extent that there is any inconsistency between this English language document and the","page_number":4,"box":{"x":121,"y":203,"width":763,"height":13}},{"id":"5df1e22f-8c01-4d05-beb7-191485357b3a","block_type":"box","text":"document in another language, this English language document shall prevail except to the","page_number":4,"box":{"x":121,"y":219,"width":763,"height":13}},{"id":"cd7cf56c-821f-48cd-8827-a78b63cdbe0d","block_type":"box","text":"extent (but only to the extent) required by the laws of any jurisdiction where the Shares are","page_number":4,"box":{"x":121,"y":236,"width":763,"height":13}},{"id":"ff44bceb-1ff5-4529-aea3-1de32e5a336c","block_type":"box","text":"sold so that in an action based upon disclosure in a document of a language other than English,","page_number":4,"box":{"x":121,"y":252,"width":763,"height":13}},{"id":"32008286-a356-4187-b574-badb264bb23c","block_type":"box","text":"the language of the document on which such action is based shall prevail.","page_number":4,"box":{"x":121,"y":269,"width":597,"height":13}},{"id":"15dbd5b4-06e0-424e-b24c-d2c661ae77df","block_type":"box","text":"Potential subscribers and purchasers of Shares should inform themselves as to (a) the possible","page_number":4,"box":{"x":121,"y":301,"width":763,"height":13}},{"id":"276ee548-d099-4759-8b7f-818af5acba52","block_type":"box","text":"tax consequences, (b) the legal requirements, (c) any foreign exchange restrictions or exchange","page_number":4,"box":{"x":121,"y":318,"width":763,"height":13}},{"id":"bb59e213-befc-43d6-aa81-e9b500678707","block_type":"box","text":"control requirements and (d) any other requisite governmental or other consents or formalities","page_number":4,"box":{"x":121,"y":334,"width":763,"height":13}},{"id":"9cffdaf9-663a-4839-8fb4-70dd391ca4be","block_type":"box","text":"which they might encounter under the laws of the countries of their incorporation, citizenship,","page_number":4,"box":{"x":121,"y":351,"width":763,"height":13}},{"id":"413a71c8-1fd0-4942-83a1-e89696735be9","block_type":"box","text":"residence or domicile and which might be relevant to the subscription, purchase, holding or","page_number":4,"box":{"x":121,"y":367,"width":763,"height":13}},{"id":"2852099f-ac2f-4742-8b75-3c350dbb8758","block_type":"box","text":"disposal of Shares.","page_number":4,"box":{"x":121,"y":383,"width":156,"height":13}},{"id":"2b1e71a9-fc1f-4bbc-9ab2-84929fc6b0b1","block_type":"box","text":"Any information given, or representations made, by any dealer, salesman or other person which","page_number":4,"box":{"x":121,"y":416,"width":763,"height":13}},{"id":"1a018612-ca18-429e-b6b5-3109f4fc25fc","block_type":"box","text":"are not contained in this Prospectus or in any reports and accounts of the Fund forming part","page_number":4,"box":{"x":121,"y":433,"width":763,"height":13}},{"id":"eb2caaba-4dc0-4351-af6f-d2305608e179","block_type":"box","text":"hereof must be regarded as unauthorised and accordingly must not be relied upon. Neither the","page_number":4,"box":{"x":121,"y":449,"width":763,"height":13}},{"id":"d97b1f26-9256-446f-a903-670e521ce5ac","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":465,"width":763,"height":13}},{"id":"ebe1153c-4a2a-416f-bf4f-e40b96ce68f5","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":482,"width":763,"height":13}},{"id":"9dd7b962-22dc-43f4-aa2c-a9c29dd1cfdd","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":498,"width":763,"height":13}},{"id":"7cd34a2e-c956-4607-ba36-a4e7c0708743","block_type":"box","text":"updated and intending subscribers should enquire of the Manager, the Investment Manager or","page_number":4,"box":{"x":120,"y":515,"width":764,"height":12}},{"id":"3bec2bc9-c4d7-43dc-b2a3-1559485b5770","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":531,"width":763,"height":13}},{"id":"7adb8a71-8977-4faa-b61e-6ac7fdcaa46e","block_type":"box","text":"accounts of the Fund.","page_number":4,"box":{"x":121,"y":547,"width":178,"height":10}},{"id":"c41729e2-21e4-4230-af6b-818b6e7477f6","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":580,"width":763,"height":13}},{"id":"0961619f-b6b6-478c-86f7-7339a7593b03","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":596,"width":763,"height":13}},{"id":"798f8127-6888-44d5-a0b6-5995034e993e","block_type":"box","text":"are available as mentioned herein.","page_number":4,"box":{"x":121,"y":613,"width":279,"height":10}},{"id":"4de2858b-a46f-4cf0-a665-114300419c8d","block_type":"box","text":"This Prospectus shall be governed by and construed in accordance with Irish Law.","page_number":4,"box":{"x":121,"y":646,"width":668,"height":13}},{"id":"68d99bf5-d02c-4e50-b635-bbd5f51eef4e","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":678,"width":763,"height":13}},{"id":"d7736230-dd5f-4a59-9519-d388b35a3b91","block_type":"box","text":"Definitions 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Limits............................................................................................................................................. 23","page_number":5,"box":{"x":141,"y":587,"width":736,"height":10}},{"id":"a7678d97-c488-4bf6-9f95-fdc083d73e97","block_type":"box","text":"Efficient Portfolio Management ...................................................................................................................... 23","page_number":5,"box":{"x":141,"y":608,"width":736,"height":10}},{"id":"b5db33b9-84fe-4e20-a150-e57602d6c90a","block_type":"box","text":"Risk Management Process ............................................................................................................................... 23","page_number":5,"box":{"x":141,"y":628,"width":736,"height":11}},{"id":"a876e9ee-9097-48a0-a125-eb6e906847ea","block_type":"box","text":"Sustainability Disclosures ................................................................................................................................ 24","page_number":5,"box":{"x":142,"y":649,"width":736,"height":11}},{"id":"f11c655c-a377-497f-b307-c7dce5b459da","block_type":"box","text":"Rating Award ................................................................................................................................................... 24","page_number":5,"box":{"x":141,"y":670,"width":737,"height":11}},{"id":"f7603853-b062-4de5-9b50-fe7382ac2809","block_type":"box","text":"Profile of Typical Investor ............................................................................................................................... 25","page_number":5,"box":{"x":141,"y":691,"width":737,"height":10}},{"id":"326ff11c-0a3f-422d-8a0c-6a6b6f207163","block_type":"box","text":"Risk Factors ..................................................................................................................................................... 25","page_number":5,"box":{"x":141,"y":711,"width":737,"height":9}},{"id":"594ad25d-6545-443b-a214-15df6f446f45","block_type":"box","text":"Dividend Policy ............................................................................................................................................... 25","page_number":5,"box":{"x":141,"y":732,"width":737,"height":11}},{"id":"0834aeb1-5a17-49e2-965a-6858c4700ff6","block_type":"box","text":"Key Information for Purchasing and Redeeming ............................................................................................ 25","page_number":5,"box":{"x":141,"y":753,"width":737,"height":11}},{"id":"a74a72b7-fee9-438a-85d4-1865dcac84f5","block_type":"box","text":"Fees and Expenses ........................................................................................................................................... 27","page_number":5,"box":{"x":141,"y":774,"width":737,"height":10}},{"id":"da4b1fe0-ab43-4c7f-8af6-4f1fa14e49a0","block_type":"box","text":"AVIVA INVESTORS EURO LIQUIDITY FUND .......................................................................................... 30","page_number":5,"box":{"x":121,"y":802,"width":757,"height":10}},{"id":"30397357-7abc-47fc-8954-d681d6d9f9e5","block_type":"box","text":"Investment Objective and Policies ................................................................................................................... 30","page_number":5,"box":{"x":141,"y":822,"width":737,"height":11}},{"id":"210bc000-2f3b-4a66-9b32-fd2d33862cc9","block_type":"box","text":"Investment Restrictions.................................................................................................................................... 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................................................................................................................................................... 60","page_number":6,"box":{"x":141,"y":858,"width":737,"height":10}},{"id":"7f0987a6-9e9e-43d1-bfee-589798892c28","block_type":"box","text":"Profile of Typical Investor ............................................................................................................................... 60","page_number":6,"box":{"x":141,"y":878,"width":737,"height":11}},{"id":"31ff9962-102a-4be1-8523-ac2efb4fddd5","block_type":"box","text":"Risk Factors ..................................................................................................................................................... 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................................................................................................................................................. 110","page_number":8,"box":{"x":141,"y":199,"width":737,"height":8}},{"id":"dc96ca5e-eab9-4d58-b62c-ebef0863fb0d","block_type":"box","text":"Other Jurisdictions ......................................................................................................................................... 114","page_number":8,"box":{"x":142,"y":220,"width":736,"height":8}},{"id":"269e3d9e-a4b5-472e-b06b-f090b89d9974","block_type":"box","text":"Information for UK Shareholders .................................................................................................................. 115","page_number":8,"box":{"x":141,"y":241,"width":737,"height":8}},{"id":"052e800e-5e21-4374-a3df-584d7219552a","block_type":"box","text":"GENERAL INFORMATION .......................................................................................................................... 119","page_number":8,"box":{"x":121,"y":269,"width":757,"height":8}},{"id":"0c18db16-1d17-443e-99f4-354d49d22f13","block_type":"box","text":"Reports and Accounts .................................................................................................................................... 119","page_number":8,"box":{"x":141,"y":289,"width":737,"height":11}},{"id":"28bbef5e-fb16-483d-b660-80e935228af3","block_type":"box","text":"Incorporation and Share Capital .................................................................................................................... 119","page_number":8,"box":{"x":141,"y":310,"width":737,"height":11}},{"id":"6c4088c1-62ab-4a5a-9199-a21d58f7d8f8","block_type":"box","text":"Memorandum and Articles of Association .................................................................................................... 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129","page_number":8,"box":{"x":141,"y":455,"width":737,"height":11}},{"id":"b0f6dcdb-d9bf-4280-b4fa-015b6821916e","block_type":"box","text":"Facilities in the United Kingdom ................................................................................................................... 130","page_number":8,"box":{"x":141,"y":476,"width":737,"height":11}},{"id":"6e1d360d-5c7a-4d94-9868-cd25ff360671","block_type":"box","text":"Aviva Investors’ Responsible Investment Philosophy ................................................................................... 131","page_number":8,"box":{"x":141,"y":497,"width":736,"height":11}},{"id":"68bea90a-bb89-4f8e-820a-59c6487eae33","block_type":"box","text":"APPENDIX I ..................................................................................................................................................... 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Where the offer period is shortened or extended, the Fund will notify","page_number":18,"box":{"x":121,"y":564,"width":763,"height":13}},{"id":"5c824546-0a75-4287-865d-ae5d3fb2b907","block_type":"box","text":"the Central Bank, where required, in accordance with the Central Banks requirements. After","page_number":18,"box":{"x":121,"y":580,"width":763,"height":13}},{"id":"5a347ab0-a6a9-435f-a618-a5dad6612b24","block_type":"box","text":"the Initial Offer Period, shares will be continuously available for subscriptions on any dealing","page_number":18,"box":{"x":121,"y":596,"width":763,"height":13}},{"id":"9bec830e-fc24-43d9-ac29-946bb35093b3","block_type":"box","text":"day.","page_number":18,"box":{"x":121,"y":613,"width":32,"height":13}},{"id":"6fb8f3fc-8046-4330-9863-7a929a36d235","block_type":"box","text":"Minimum Fund Size","page_number":18,"box":{"x":121,"y":646,"width":181,"height":10}},{"id":"8a5b243e-b721-47f0-87df-8d6e9a2b472b","block_type":"box","text":"£10,000,000.","page_number":18,"box":{"x":121,"y":679,"width":110,"height":12}},{"id":"abf527d2-b1b7-4782-b942-e956725c256f","block_type":"box","text":"Minimum Initial Subscription and Minimum Holding","page_number":18,"box":{"x":121,"y":711,"width":467,"height":13}},{"id":"d7850bdd-feed-4a0a-865e-b420f3a97b30","block_type":"box","text":"The Minimum Initial Subscription and Minimum Holding in respect of each class of Shares","page_number":18,"box":{"x":121,"y":744,"width":763,"height":13}},{"id":"eb6e9f30-63d3-471f-9735-0c3a5f6a0389","block_type":"box","text":"shall be as set out above, or such lower amount as the Directors may from time to time","page_number":18,"box":{"x":121,"y":760,"width":763,"height":13}},{"id":"62ee1acb-9ea5-4659-b155-bea4c2852a20","block_type":"box","text":"determine.","page_number":18,"box":{"x":121,"y":777,"width":90,"height":10}},{"id":"42656bed-8445-41b4-a828-f0d00844ef78","block_type":"box","text":"Settlement Date for Class 1-14 Shares","page_number":18,"box":{"x":122,"y":810,"width":328,"height":10}},{"id":"38c555c7-0e71-4c6b-bcaf-fcf18ce36abb","block_type":"box","text":"In the case of subscription(s), a completed Subscription Form (and in the case of an initial","page_number":18,"box":{"x":121,"y":842,"width":763,"height":13}},{"id":"f762693c-5ed7-414e-bc2c-d7ad3a75c580","block_type":"box","text":"investment, a completed Application Form) must have been received and accepted by the Fund","page_number":18,"box":{"x":121,"y":859,"width":763,"height":13}},{"id":"61a1a8e7-aa60-4cb0-84bc-8ceb0c4b7f3a","block_type":"box","text":"care of the Administrator before the Dealing Deadline for the relevant Dealing Day unless","page_number":18,"box":{"x":121,"y":875,"width":763,"height":13}},{"id":"560a4486-f66b-4466-8f71-92b6d2b370b5","block_type":"box","text":"otherwise approved by the Directors and provided the completed Subscription Form is received","page_number":18,"box":{"x":121,"y":891,"width":763,"height":13}},{"id":"dafe767e-3a08-4f5e-975a-a1cf42e9e7b6","block_type":"box","text":"M-40331875-102","page_number":19,"box":{"x":121,"y":948,"width":101,"height":7}},{"id":"34494779-74a6-422f-a324-026b854f85ff","block_type":"box","text":"19","page_number":19,"box":{"x":493,"y":949,"width":14,"height":8}},{"id":"fa5b5784-1148-428e-9d4e-77638472bafc","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":120,"y":88,"width":764,"height":13}},{"id":"9fa8e695-75e9-450d-af22-f73089443ab2","block_type":"box","text":"bank business on the Dealing Day. If cleared funds are not received by the Fund’s close of","page_number":19,"box":{"x":120,"y":105,"width":764,"height":13}},{"id":"a521698e-7a03-4dd7-b901-028ea2f1df15","block_type":"box","text":"bank business on the Dealing Day, then any interest costs and/or directly related charges will","page_number":19,"box":{"x":120,"y":121,"width":764,"height":13}},{"id":"8c7868c0-f84e-4b3c-889d-3e1d554b7de8","block_type":"box","text":"be reimbursed by the subscriber unless otherwise agreed by the Directors at their absolute","page_number":19,"box":{"x":120,"y":138,"width":764,"height":12}},{"id":"eb4f2704-1aa4-43ed-836e-703102a31076","block_type":"box","text":"discretion.","page_number":19,"box":{"x":121,"y":154,"width":89,"height":10}},{"id":"16797f46-456a-4766-94f9-de626af07ba1","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":187,"width":763,"height":13}},{"id":"7a1042a1-d600-47fe-b5a6-b9153875e13f","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":203,"width":763,"height":13}},{"id":"04b101b0-df41-4201-be0d-5a2cde43485f","block_type":"box","text":"Business Days) after the receipt of the relevant duly signed redemption documentation.","page_number":19,"box":{"x":121,"y":219,"width":708,"height":13}},{"id":"614371c8-df68-41ac-a4a0-0f5a601edd83","block_type":"box","text":"Settlement Date for Class W (Accumulating) and Class W (Distributing) Shares","page_number":19,"box":{"x":122,"y":253,"width":688,"height":12}},{"id":"1b006d88-a4da-475a-a328-97af45d4111c","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":285,"width":763,"height":13}},{"id":"a622f03b-ba3b-4345-bfb2-90e0a8bc1bd0","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":301,"width":763,"height":13}},{"id":"4d5814da-9886-4edd-b725-ed938e39864e","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":318,"width":763,"height":13}},{"id":"bf01827c-44ab-442c-a6e9-4391c860c8fb","block_type":"box","text":"otherwise approved by the Directors and provided the completed Subscription Form is received","page_number":19,"box":{"x":121,"y":334,"width":763,"height":13}},{"id":"5c3558fb-807e-440b-bf20-d3da8b470402","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":120,"y":351,"width":764,"height":13}},{"id":"66035c0e-a7e0-4257-8e4c-9a5d43baf37e","block_type":"box","text":"bank business on the Business Day following the relevant Dealing Day. If cleared funds are","page_number":19,"box":{"x":120,"y":367,"width":764,"height":13}},{"id":"a0b27812-251f-4360-b593-c25cfdc4fb8b","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":383,"width":763,"height":13}},{"id":"4257f056-6bb4-4f04-b8b4-37ff42e306bb","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":400,"width":763,"height":13}},{"id":"03a10db0-c6bf-4ec0-9eae-05b82318b445","block_type":"box","text":"subscriber unless otherwise agreed by the Directors at their absolute discretion.","page_number":19,"box":{"x":121,"y":416,"width":644,"height":13}},{"id":"ba0b3219-069c-4f10-af40-927182083543","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":449,"width":763,"height":13}},{"id":"479a135e-6366-450f-a426-dc7b7a206bce","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":465,"width":763,"height":13}},{"id":"99e6dca6-536b-44aa-95df-6852d697b997","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":482,"width":763,"height":13}},{"id":"c036cb85-ed04-40cb-97f7-21bf552f87a6","block_type":"box","text":"redemption documentation","page_number":19,"box":{"x":121,"y":498,"width":221,"height":13}},{"id":"db35a855-3c0b-4c91-9f56-c2a889dc5e9f","block_type":"box","text":"Valuation Point","page_number":19,"box":{"x":121,"y":531,"width":141,"height":10}},{"id":"7c5dc521-867c-490a-b1e9-f8132ac27c8d","block_type":"box","text":"1.00 p.m. (Irish time) on the Business Day prior to the relevant Dealing Day. The Valuation","page_number":19,"box":{"x":123,"y":564,"width":761,"height":13}},{"id":"47870de0-d615-467f-ac4b-79a05f9d2c6a","block_type":"box","text":"Point may change if, on or prior to the Dealing Deadline on a Dealing Day, the Manager or its","page_number":19,"box":{"x":121,"y":580,"width":763,"height":13}},{"id":"358a0e1a-7b77-4ea3-b01e-a2981f0e46eb","block_type":"box","text":"delegate determines that there has been a Valuation Deviation. In such circumstances,","page_number":19,"box":{"x":121,"y":596,"width":763,"height":13}},{"id":"4781aa16-dc97-4440-8202-82711598026a","block_type":"box","text":"Shareholders and applicants for Shares should note that the Valuation Point for the purposes","page_number":19,"box":{"x":122,"y":613,"width":762,"height":13}},{"id":"fea804a3-5087-421c-8d0e-27559c6740f0","block_type":"box","text":"of requests to issue or redeem Shares received on or before the Dealing Deadline on that","page_number":19,"box":{"x":121,"y":629,"width":763,"height":13}},{"id":"d979a11f-f891-419c-b96a-0c15c62da7f8","block_type":"box","text":"Dealing Day shall be 1.00 p.m. (Irish time) on the same Dealing Day. Furthermore, on the","page_number":19,"box":{"x":121,"y":646,"width":763,"height":13}},{"id":"c7c6fa34-2d54-4056-9b32-f1f45ebdc255","block_type":"box","text":"Dealing Day immediately following any day on which there has been a Valuation Deviation","page_number":19,"box":{"x":121,"y":662,"width":763,"height":13}},{"id":"f0671034-76ab-4141-9325-4aed37a5e56c","block_type":"box","text":"the Valuation Point shall also be 1.00 p.m. (Irish time) on the same Dealing Day.","page_number":19,"box":{"x":121,"y":678,"width":658,"height":13}},{"id":"13da3599-f16f-4d14-8cfd-00d0cdf7582d","block_type":"box","text":"Fees and Expenses","page_number":19,"box":{"x":121,"y":712,"width":165,"height":12}},{"id":"6e937c7d-7f16-4ca7-bf1c-f1ffebb2290e","block_type":"box","text":"The Manager shall be entitled to receive out of the assets of the Sub-Fund different fees for","page_number":19,"box":{"x":121,"y":744,"width":763,"height":13}},{"id":"2fb1a1de-bfba-4378-8d49-c86304a7e588","block_type":"box","text":"each class of Shares as set out below.","page_number":19,"box":{"x":121,"y":760,"width":306,"height":10}},{"id":"1316aae1-55c9-47c9-a540-d1ac187a6fa2","block_type":"box","text":"Class of Shares","page_number":19,"box":{"x":121,"y":793,"width":136,"height":10}},{"id":"bd902672-2fe4-46f2-ad42-a2603e7d4eba","block_type":"box","text":"Annual Charges and Expenses","page_number":19,"box":{"x":363,"y":793,"width":267,"height":13}},{"id":"89ed8e7d-c649-4aa7-a262-3da4b6a16fdd","block_type":"box","text":"Class 1","page_number":19,"box":{"x":121,"y":826,"width":63,"height":10}},{"id":"6afa0ede-2197-4222-8bf9-be52ca24e72d","block_type":"box","text":"0.20% of the Net Asset Value of the Class 1 Shares","page_number":19,"box":{"x":363,"y":826,"width":419,"height":10}},{"id":"bfbb738d-a157-4941-92e0-c825e5f5505c","block_type":"box","text":"Class 2","page_number":19,"box":{"x":121,"y":842,"width":63,"height":10}},{"id":"c190402f-4d07-44a7-986a-8c40ca94eaba","block_type":"box","text":"0.15% of the Net Asset Value of the Class 2 Shares","page_number":19,"box":{"x":363,"y":842,"width":419,"height":11}},{"id":"571ab60b-fb6a-44d8-974b-0f479774cf28","block_type":"box","text":"Class 3","page_number":19,"box":{"x":121,"y":859,"width":63,"height":10}},{"id":"1ae2761f-15db-401a-b209-d628d208bc45","block_type":"box","text":"0.10% of the Net Asset Value of the Class 3 Shares","page_number":19,"box":{"x":363,"y":859,"width":419,"height":10}},{"id":"d37b219e-e776-4be7-a9f0-6d226d0bdb44","block_type":"box","text":"Class 4","page_number":19,"box":{"x":121,"y":875,"width":63,"height":10}},{"id":"81d0f65d-c1c6-4c72-b46c-7e21e08dcd29","block_type":"box","text":"None","page_number":19,"box":{"x":362,"y":876,"width":49,"height":9}},{"id":"2e5eb22f-41df-40b2-b00e-58b3f786b8b1","block_type":"box","text":"Class 9","page_number":19,"box":{"x":121,"y":891,"width":63,"height":11}},{"id":"03273c8e-2155-4c8d-9121-34514b6e695a","block_type":"box","text":"None","page_number":19,"box":{"x":362,"y":892,"width":49,"height":10}},{"id":"b0ed9d38-4a09-4e3d-85bd-f0d7e15e4a67","block_type":"box","text":"M-40331875-102","page_number":20,"box":{"x":121,"y":948,"width":101,"height":7}},{"id":"a003b041-17d2-47c1-b981-e2e77c35d851","block_type":"box","text":"20","page_number":20,"box":{"x":492,"y":949,"width":15,"height":8}},{"id":"abd393d7-2ea1-42eb-85a1-55cae7f0af23","block_type":"box","text":"Class 10","page_number":20,"box":{"x":121,"y":88,"width":73,"height":10}},{"id":"25c755ab-1e6f-4bf8-9e94-9669889fac55","block_type":"box","text":"0.20% of the Net Asset Value of the Class 10 Shares","page_number":20,"box":{"x":363,"y":88,"width":429,"height":11}},{"id":"6d6d1644-9dc1-4920-a94d-42a145988a12","block_type":"box","text":"Class 11","page_number":20,"box":{"x":121,"y":105,"width":73,"height":10}},{"id":"73686c65-fade-4d42-9951-451b6633fbdb","block_type":"box","text":"0.15% of the Net Asset Value of the Class 11 Shares","page_number":20,"box":{"x":363,"y":105,"width":429,"height":10}},{"id":"1a255630-7684-4815-af3a-ddde1219c79d","block_type":"box","text":"Class 12","page_number":20,"box":{"x":121,"y":121,"width":73,"height":10}},{"id":"5ec85374-524c-4b42-9c3f-c4caa0793944","block_type":"box","text":"0.10% of the Net Asset Value of the Class 12 Shares","page_number":20,"box":{"x":363,"y":121,"width":429,"height":10}},{"id":"21854f5b-667d-4b65-a9f9-584f32265136","block_type":"box","text":"Class 13","page_number":20,"box":{"x":121,"y":138,"width":73,"height":10}},{"id":"a0d8b578-9698-4a85-8627-a76262e2eb46","block_type":"box","text":"None","page_number":20,"box":{"x":362,"y":138,"width":49,"height":10}},{"id":"b493179a-bb01-42e8-aa72-3ebe55a904f1","block_type":"box","text":"Class 14","page_number":20,"box":{"x":121,"y":154,"width":73,"height":10}},{"id":"e66de216-9f1d-4d56-adc1-60993d4c32a8","block_type":"box","text":"None","page_number":20,"box":{"x":362,"y":154,"width":49,"height":10}},{"id":"9c4a1769-c1e0-4e45-a819-f6b0292e57c6","block_type":"box","text":"Class W (Accumulating)","page_number":20,"box":{"x":121,"y":170,"width":205,"height":13}},{"id":"cf294ba2-7852-43fd-a690-f3ee817c04fb","block_type":"box","text":"0.10% of the Net Asset Value of the Class W (Accumulating)","page_number":20,"box":{"x":363,"y":170,"width":521,"height":13}},{"id":"e6423b2b-739b-4316-b149-028d7d29e069","block_type":"box","text":"Shares","page_number":20,"box":{"x":364,"y":187,"width":57,"height":10}},{"id":"40ced2e1-264c-4028-9336-4dde39ce21da","block_type":"box","text":"Class W (Distributing)","page_number":20,"box":{"x":121,"y":203,"width":188,"height":13}},{"id":"a42da435-eba5-47da-8e24-2f93e43763e8","block_type":"box","text":"0.10% of the Net Asset Value of the Class W (Distributing)","page_number":20,"box":{"x":363,"y":203,"width":521,"height":13}},{"id":"0dabfd56-d924-4571-abf1-91f1c41a2749","block_type":"box","text":"Shares","page_number":20,"box":{"x":364,"y":219,"width":57,"height":11}},{"id":"3929172d-581f-45bb-8178-d838c09218ee","block_type":"box","text":"The fees payable to the Depositary, the Administrator, the Investment Manager and the","page_number":20,"box":{"x":121,"y":252,"width":763,"height":13}},{"id":"00eb3282-640b-4414-ae60-7ed63c8a4952","block_type":"box","text":"Distributor shall be paid by the Manager out of its fee.","page_number":20,"box":{"x":121,"y":269,"width":443,"height":13}},{"id":"33ec3c78-d6f0-409a-a10a-d45aa3e222a1","block_type":"box","text":"The total fees and expenses of the Sub-Fund to be borne by each class of Share will currently","page_number":20,"box":{"x":121,"y":301,"width":763,"height":13}},{"id":"2d8f0d4e-d773-40a8-a85d-6953fe4a92e1","block_type":"box","text":"be limited by the Manager to an amount equivalent to the fees payable to the Manager as set","page_number":20,"box":{"x":120,"y":318,"width":764,"height":13}},{"id":"ba9e3b78-3ed6-4ec0-b9eb-67ec85a353a1","block_type":"box","text":"out above (the “Fixed Rate”). The Manager will absorb (directly by first the waiver of its fees","page_number":20,"box":{"x":121,"y":334,"width":763,"height":13}},{"id":"111ed60e-2bbe-4d68-9f44-84b999758640","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":351,"width":763,"height":13}},{"id":"09ced03a-efa7-4d6b-a480-79693d0701bb","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":367,"width":763,"height":13}},{"id":"6eac373e-688d-4a83-9997-aab0c9e980ad","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":383,"width":763,"height":13}},{"id":"cbbb59df-8a6a-492e-b1a6-f4de8e16f142","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":400,"width":763,"height":13}},{"id":"64253389-8923-40c4-b5a6-9cfa649b1294","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":416,"width":763,"height":13}},{"id":"432b245f-db1d-443e-a8ff-45863c8423ce","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":433,"width":763,"height":13}},{"id":"0c383a3b-ec8e-4600-9e30-fbe936267e1c","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":449,"width":763,"height":13}},{"id":"a7704c88-88a9-4fcb-999c-08dc50c9ea2b","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":465,"width":704,"height":13}},{"id":"57c7a8cd-88d0-40e6-ad7c-a041c95e94df","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":498,"width":763,"height":13}},{"id":"1fba76fe-3a3a-4559-a767-c34a58e62e69","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":515,"width":763,"height":12}},{"id":"b4e25ba4-4ff1-4fe6-8bc7-1a33646f555f","block_type":"box","text":"the aggregate of the net assets of the Sub-Fund on each Dealing Day during a calendar month","page_number":20,"box":{"x":121,"y":531,"width":763,"height":13}},{"id":"2937b803-1a93-4f29-9604-94ae667501de","block_type":"box","text":"divided by the number of Dealing Days in that calendar month). The Manager and the","page_number":20,"box":{"x":121,"y":547,"width":763,"height":13}},{"id":"26785310-6487-4881-92e9-f91bfe4ff0f1","block_type":"box","text":"Investment Manager shall also be entitled to be repaid all of its reasonable costs and out of","page_number":20,"box":{"x":121,"y":564,"width":763,"height":13}},{"id":"05453ad7-9e86-4774-af86-82a5da8960de","block_type":"box","text":"pocket expenses out of the assets of the Sub-Fund. No performance fees will be payable by","page_number":20,"box":{"x":120,"y":580,"width":764,"height":13}},{"id":"235fe5e6-a56f-49f6-86df-5f66d193d4d8","block_type":"box","text":"the Sub-Fund to the Manager or the Investment Manager.","page_number":20,"box":{"x":121,"y":596,"width":469,"height":13}},{"id":"d1e87a01-9be3-4163-9224-ddda20521be7","block_type":"box","text":"The Fixed Rate covers all other fees, costs and expenses connected with the management and","page_number":20,"box":{"x":121,"y":629,"width":763,"height":13}},{"id":"e700c254-1e10-47c9-975b-c6c9cee30853","block_type":"box","text":"operation of the Sub-Fund including, but not limited to, investment management,","page_number":20,"box":{"x":121,"y":646,"width":763,"height":13}},{"id":"1087472f-c10f-4996-9f99-b9404bd03338","block_type":"box","text":"administration, registration, transfer agency, custody, sub-custody (which fees will be at","page_number":20,"box":{"x":121,"y":662,"width":763,"height":13}},{"id":"5e72d0b6-ff18-408e-acf7-c56120c222fa","block_type":"box","text":"normal commercial rates) and transfer fees and other fees and expenses incurred in relation to","page_number":20,"box":{"x":121,"y":678,"width":763,"height":13}},{"id":"6016689d-fa1f-4db9-8689-ad413593940f","block_type":"box","text":"preparing, translating, printing, publishing and distributing the Prospectus, annual and semi\u0002","page_number":20,"box":{"x":120,"y":695,"width":758,"height":13}},{"id":"141a193a-4da8-49a2-bcaf-35b4a7341b4c","block_type":"box","text":"annual reports and other documents to the Shareholders, the costs and expenses of obtaining","page_number":20,"box":{"x":121,"y":711,"width":763,"height":13}},{"id":"8e22e966-7b3a-421c-94c4-3eccb93f4bfe","block_type":"box","text":"authorisations or registrations of the Sub-Fund with any regulatory authority in any jurisdiction,","page_number":20,"box":{"x":121,"y":728,"width":763,"height":13}},{"id":"2db5c0ce-cbe4-45d6-8896-6cc401042d6f","block_type":"box","text":"professional fees and expenses, annual audit fees and Directors’ fees.","page_number":20,"box":{"x":120,"y":744,"width":564,"height":13}},{"id":"98df7ee5-f2a7-4724-994c-97e3c4cd6843","block_type":"box","text":"The Fixed Rate excludes withholding, stamp duty or other taxes on the investments of the Sub\u0002","page_number":20,"box":{"x":121,"y":777,"width":757,"height":13}},{"id":"84339f5e-4aad-4b68-93f5-59eb8782527f","block_type":"box","text":"Fund, commissions and brokerage fees incurred with respect to the Sub-Fund’s investments,","page_number":20,"box":{"x":121,"y":793,"width":763,"height":13}},{"id":"91ddb65b-dd37-4fac-bfb9-461310d87e4a","block_type":"box","text":"interest on borrowings and bank charges incurred in negotiating, effecting or varying the terms","page_number":20,"box":{"x":121,"y":810,"width":763,"height":12}},{"id":"dd52a624-8838-48b0-bdef-a8be55868411","block_type":"box","text":"of such borrowings, any commissions charged by intermediaries in relation to an investment","page_number":20,"box":{"x":121,"y":826,"width":763,"height":13}},{"id":"85936a7f-829e-4700-975f-0250bcfe8906","block_type":"box","text":"in Shares of the Sub-Fund, any out-of-pocket expenses incurred by any of the service providers","page_number":20,"box":{"x":121,"y":842,"width":763,"height":13}},{"id":"84694762-aef3-4f99-9737-c3806d2f6035","block_type":"box","text":"on behalf of the Sub-Fund, the establishment and organisation costs of the Fund set out in Part","page_number":20,"box":{"x":121,"y":859,"width":763,"height":13}},{"id":"2cb89b65-3500-4341-9612-a149e4b23338","block_type":"box","text":"2 of the Prospectus and such extraordinary or exceptional costs and expenses (if any) as may","page_number":20,"box":{"x":121,"y":875,"width":763,"height":13}},{"id":"ba8195dc-e25e-4b1d-b04d-7680ebffcff1","block_type":"box","text":"M-40331875-102","page_number":21,"box":{"x":121,"y":948,"width":101,"height":7}},{"id":"1fe1d07c-00fe-4465-8bc1-e4f8f0989a72","block_type":"box","text":"21","page_number":21,"box":{"x":492,"y":949,"width":14,"height":8}},{"id":"81f7b18e-7e6d-46d7-8475-966650a05522","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":88,"width":763,"height":13}},{"id":"327b2213-7469-4e36-85d4-71119e71eeb1","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":105,"width":527,"height":13}},{"id":"918634b6-8186-406c-baea-1ab197fed427","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":138,"width":763,"height":12}},{"id":"f54bbc65-8f67-412b-b4b2-5f36f4ae23ea","block_type":"box","text":"the Prospectus.","page_number":21,"box":{"x":121,"y":154,"width":127,"height":13}},{"id":"cf2b0006-9711-4d5a-a1e0-ebc189098939","block_type":"box","text":"Preliminary Charge","page_number":21,"box":{"x":121,"y":187,"width":177,"height":13}},{"id":"f023c562-6f54-4cf8-80ff-196620d8aa89","block_type":"box","text":"No preliminary charge will be payable on the issue of Shares in the Sub-Fund.","page_number":21,"box":{"x":120,"y":219,"width":637,"height":13}},{"id":"7c04f4ff-86db-4ed5-8eaa-2c6462dde684","block_type":"box","text":"Exchange Charge","page_number":21,"box":{"x":121,"y":253,"width":157,"height":12}},{"id":"013e4ed1-97c1-408c-b515-4fd4d453794b","block_type":"box","text":"None.","page_number":21,"box":{"x":120,"y":286,"width":54,"height":9}},{"id":"86b996c8-2470-4501-8122-c10e8197b48d","block_type":"box","text":"Redemption Charge","page_number":21,"box":{"x":121,"y":318,"width":179,"height":13}},{"id":"0ec6f052-7307-4362-b61c-07bee820e2ab","block_type":"box","text":"None.","page_number":21,"box":{"x":120,"y":335,"width":54,"height":9}},{"id":"92b78d00-e4b7-4edb-88f7-942364fe3540","block_type":"box","text":"Liquidity Fees","page_number":21,"box":{"x":121,"y":370,"width":128,"height":13}},{"id":"4dd4dcd3-0204-48b2-8414-a9d3d20e721a","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":402,"width":763,"height":13}},{"id":"68115c07-e691-4b6e-93f6-b83796b6efa5","block_type":"box","text":"in the Liquidity Management Procedures section in part 2 of the Prospectus.","page_number":21,"box":{"x":121,"y":419,"width":618,"height":13}},{"id":"a7a8d785-e6ce-4ff4-bed7-18c14eaa3cc6","block_type":"box","text":"M-40331875-102","page_number":22,"box":{"x":121,"y":948,"width":101,"height":7}},{"id":"107d9191-e0b8-4c5f-b235-bab0b139d6c5","block_type":"box","text":"22","page_number":22,"box":{"x":492,"y":949,"width":15,"height":8}},{"id":"90a95c3b-b062-4a76-93dc-cab525f840e0","block_type":"box","text":"AVIVA INVESTORS STERLING LIQUIDITY PLUS FUND","page_number":22,"box":{"x":191,"y":89,"width":623,"height":15}},{"id":"5c709623-871a-4b3f-acba-1c0a8532ac96","block_type":"box","text":"Investment Objective and Policies","page_number":22,"box":{"x":121,"y":124,"width":296,"height":13}},{"id":"0c927e7d-7f9e-4ec0-bf0c-c8b3c1082578","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":"deae5565-968a-4875-852b-bfbd1eaed7f3","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":"7a6ac21e-07fc-4cc8-b71e-1cdcd9d83340","block_type":"box","text":"benchmarked against the SONIA rate.","page_number":22,"box":{"x":120,"y":189,"width":306,"height":13}},{"id":"157f8ed8-d60a-47bb-9436-7b5e202959c6","block_type":"box","text":"1","page_number":22,"box":{"x":429,"y":190,"width":3,"height":5}},{"id":"149250af-39a2-4e30-b9b3-b2dc6ac8c5c1","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":"9791b0d0-e070-484d-82e6-893450a38c71","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":"7d27159a-b516-436c-be1d-9622c96d5b87","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":"9573f0d7-10b4-4b8e-b6e8-8e109430b98e","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":122,"y":271,"width":762,"height":13}},{"id":"0043c5bc-92f9-40fd-b2d8-4644f8b6e91e","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":"8c1d17e6-786e-45ff-a2ed-8591d0e1f57f","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":"2cf2d26a-2fe9-45ff-9341-a2b39fd678bf","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":"33ee332a-a6e7-49fb-a894-4c96c21bfff8","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":"d5c2db03-fccf-4ea2-a286-6e98f50643c3","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":"ae20859d-22a0-426c-9dbf-6426e188e3c7","block_type":"box","text":"each individual issue. The investments shall be issued or guaranteed as to principal or interest","page_number":22,"box":{"x":121,"y":370,"width":763,"height":13}},{"id":"c8a0c393-43a6-4978-8d23-3c4cc1c7d6f2","block_type":"box","text":"by sovereign governments, their agencies and instrumentalities, supranational entities and EU","page_number":22,"box":{"x":120,"y":386,"width":764,"height":13}},{"id":"176cdff7-ecd6-4ad3-8bd0-ce46455f7e6e","block_type":"box","text":"and non-EU corporations and financial institutions, who are incorporated or domiciled in, or","page_number":22,"box":{"x":121,"y":402,"width":763,"height":13}},{"id":"fd35b6e2-d6dc-414f-a541-de30a14d15c5","block_type":"box","text":"listed or dealt on a Market located in those jurisdictions listed in Appendix II hereto or in","page_number":22,"box":{"x":121,"y":419,"width":763,"height":13}},{"id":"f540e854-580c-48f5-a54f-92b59a2a2259","block_type":"box","text":"securities of issuers that, while not located in those jurisdictions, conduct substantial business","page_number":22,"box":{"x":121,"y":435,"width":763,"height":13}},{"id":"67eaba88-39db-4786-9636-47ac17ac1fb5","block_type":"box","text":"in them as determined by the Investment Manager, including (i) companies which have","page_number":22,"box":{"x":121,"y":452,"width":763,"height":13}},{"id":"fb8407e7-9911-4fcb-889b-d7e6ec5e6f54","block_type":"box","text":"substantial assets in those jurisdictions or (ii) companies which derive a substantial portion of","page_number":22,"box":{"x":121,"y":468,"width":763,"height":13}},{"id":"819d506c-39c2-44d0-8714-5f8f2e15d33d","block_type":"box","text":"their total revenues from either goods and services produced in, or sales made in, those","page_number":22,"box":{"x":121,"y":484,"width":763,"height":13}},{"id":"5ac8ee5f-e9fd-436c-82a7-78dfea69d4ec","block_type":"box","text":"jurisdictions.","page_number":22,"box":{"x":119,"y":501,"width":111,"height":13}},{"id":"1197ae76-4624-4845-8f23-cd56d9cd2a28","block_type":"box","text":"The Investment Manager intends to manage the Sub-Fund in accordance with the ESG","page_number":22,"box":{"x":121,"y":534,"width":763,"height":13}},{"id":"5d0d5298-21aa-4177-bb06-1a040ef5f14e","block_type":"box","text":"Considerations as detailed further below. The Sub-Fund seeks to promote, among other","page_number":22,"box":{"x":121,"y":550,"width":763,"height":13}},{"id":"9a2a024f-d5e7-44fc-9778-1b7489a0c46a","block_type":"box","text":"characteristics, environmental or social characteristics in line with Article 8 of Regulation (EU)","page_number":22,"box":{"x":121,"y":566,"width":763,"height":13}},{"id":"9a746620-aee1-421d-b0b0-196ed18b63e8","block_type":"box","text":"2019/2088, the Sustainable Finance Disclosure Regulation (the “SFDR”).","page_number":22,"box":{"x":121,"y":583,"width":604,"height":13}},{"id":"1b8426d9-dcaf-46ab-a147-1a8fd5116a07","block_type":"box","text":"The investment policy is to invest in a portfolio of gilts, corporate bonds, asset backed securities","page_number":22,"box":{"x":121,"y":616,"width":763,"height":13}},{"id":"b1ec3939-0a08-42ba-8c46-af64e4207c82","block_type":"box","text":"and money market instruments. The Investment Manager intends where possible, to manage","page_number":22,"box":{"x":121,"y":632,"width":763,"height":13}},{"id":"1665cfa0-50b3-429d-ba0d-de18cfba9ff3","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":"27f6e98e-2b77-4e9e-bcd3-3e46f15f0ad8","block_type":"box","text":"an overall credit rating of Aaa.","page_number":22,"box":{"x":121,"y":665,"width":252,"height":13}},{"id":"ad7e6299-28ac-42ff-a5fc-ec8d2822f3c6","block_type":"box","text":"Investment Restrictions","page_number":22,"box":{"x":121,"y":698,"width":209,"height":10}},{"id":"0a0d2287-37f6-4b02-a47f-0357f4c30da2","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":"c9bbce28-4a55-4ddc-849a-93bf6c5597f3","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":"4a1df8fc-efc0-4764-a9de-4d21c5757cb1","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":779,"width":763,"height":13}},{"id":"3606dc22-9de6-4302-8dd2-7d6ffec51509","block_type":"box","text":"regulations of the countries where Shareholders are located. In such instances an updated","page_number":22,"box":{"x":121,"y":796,"width":763,"height":13}},{"id":"cb776577-eb7c-42db-8f38-df1b76f9aa29","block_type":"box","text":"prospectus will be issued, in accordance with the requirements of the Central Bank.","page_number":22,"box":{"x":120,"y":812,"width":679,"height":13}},{"id":"4cbe36f1-e5c0-400c-b933-d1c1e42fbd1c","block_type":"box","text":"1","page_number":22,"box":{"x":122,"y":849,"width":3,"height":5}},{"id":"8f899e9e-1820-4b3c-b073-df079c531202","block_type":"box","text":"The SONIA rate is the Sterling Overnight Index Average rate which is the average effective overnight interest rate for","page_number":22,"box":{"x":134,"y":851,"width":745,"height":9}},{"id":"713b65bb-8deb-4367-92e4-4b8f3a4a74f9","block_type":"box","text":"unsecured transactions in which British banks borrow sterling overnight from other financial institutions and institutional","page_number":22,"box":{"x":120,"y":863,"width":758,"height":10}},{"id":"d73a183c-35cd-4278-b997-a74f4e725bb2","block_type":"box","text":"investors. This benchmark has been selected as a comparator for performance measurement because it is representative of the","page_number":22,"box":{"x":121,"y":875,"width":758,"height":10}},{"id":"1e644f76-6794-46b8-ba14-0b40926cb7c6","block_type":"box","text":"level of return that is achievable by investing in liquid money market securities.","page_number":22,"box":{"x":121,"y":888,"width":481,"height":10}},{"id":"f706fc4c-4443-4ad2-a50f-01ebb6c72fa7","block_type":"box","text":"M-40331875-102","page_number":23,"box":{"x":121,"y":948,"width":101,"height":7}},{"id":"47187efb-d973-44c4-848a-aad26f1d4d80","block_type":"box","text":"23","page_number":23,"box":{"x":492,"y":949,"width":15,"height":8}},{"id":"1903b049-3da0-49f0-b120-17112983f830","block_type":"box","text":"Borrowing Limits","page_number":23,"box":{"x":121,"y":105,"width":153,"height":13}},{"id":"5aff84d3-74d3-4e28-acd1-2c881c9c953a","block_type":"box","text":"The Sub-Fund may borrow up to 10% of the Sub-Fund’s net assets on a temporary basis at any","page_number":23,"box":{"x":121,"y":140,"width":763,"height":13}},{"id":"e75f479c-ea71-4516-bd16-9decb9559509","block_type":"box","text":"time for the account of the Sub-Fund. 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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":"77406b8d-344c-40c1-a8c3-5d2e67a191b2","block_type":"box","text":"currencies.","page_number":23,"box":{"x":121,"y":321,"width":92,"height":10}},{"id":"c3b22865-08d0-4bde-8545-63e130505595","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":"232ae052-264a-44b8-8b40-bf5c1992d240","block_type":"box","text":"which shall be within the conditions and the limits laid down by the Central Bank. 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4","page_number":25,"box":{"x":121,"y":810,"width":63,"height":10}},{"id":"d42c1af7-ea52-43ac-a1dc-c0c330bcbc0d","block_type":"box","text":"£10,000,000","page_number":25,"box":{"x":363,"y":810,"width":105,"height":12}},{"id":"d747c90a-99c8-4a42-83b6-dfb49b803fd2","block_type":"box","text":"£10,000,000","page_number":25,"box":{"x":544,"y":810,"width":106,"height":12}},{"id":"3e64beb0-4449-4fc8-8b5e-8c3ff7dc5dc3","block_type":"box","text":"None","page_number":25,"box":{"x":725,"y":810,"width":49,"height":10}},{"id":"1f71274c-7735-4ad1-bfcc-84f7f903bf8e","block_type":"box","text":"Class W (Accumulating) £500,000","page_number":25,"box":{"x":121,"y":826,"width":322,"height":13}},{"id":"451fa144-2ed0-460b-98d9-0e6a65bb268e","block_type":"box","text":"£500,000","page_number":25,"box":{"x":544,"y":826,"width":80,"height":12}},{"id":"f29205e4-ab25-4530-8c06-41001679e123","block_type":"box","text":"None","page_number":25,"box":{"x":725,"y":826,"width":49,"height":10}},{"id":"b2b101df-3ef5-4c6f-88c3-839f2f19a3ac","block_type":"box","text":"Class 4 Shares are only available to those investors who have a separate investment mandate","page_number":25,"box":{"x":121,"y":859,"width":763,"height":13}},{"id":"d2f8abbd-d9ea-4157-a32d-7f1abc376eea","block_type":"box","text":"with the Investment Manager or any of its affiliates.","page_number":25,"box":{"x":121,"y":875,"width":424,"height":13}},{"id":"df002357-0883-4fd9-bee4-73e96b6a5bb6","block_type":"box","text":"M-40331875-102","page_number":26,"box":{"x":121,"y":948,"width":101,"height":7}},{"id":"f476827d-29da-4679-8a1a-bf957b077af4","block_type":"box","text":"26","page_number":26,"box":{"x":492,"y":949,"width":15,"height":8}},{"id":"46f295dd-ace3-41d1-ad59-d975c7ae3be3","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":88,"width":763,"height":13}},{"id":"f7dfc9d8-d555-4cf6-9f86-3b428c52a9fb","block_type":"box","text":"and/or Minimum Holding amounts in their absolute discretion.","page_number":26,"box":{"x":121,"y":105,"width":511,"height":13}},{"id":"e351d0be-2ba6-412c-982c-deb23e4f3477","block_type":"box","text":"Dealing Deadlines","page_number":26,"box":{"x":121,"y":138,"width":160,"height":12}},{"id":"574132a8-ac90-4151-beac-3ea5f1783b1d","block_type":"box","text":"1 p.m. (Irish time) on the Business Day immediately preceding the relevant Dealing Day,","page_number":26,"box":{"x":123,"y":170,"width":761,"height":13}},{"id":"7681dc40-4f2a-410a-8a91-2223664b3e6e","block_type":"box","text":"except in the case of any Dealing Day occurring on 24 December and/or on 31 December in","page_number":26,"box":{"x":121,"y":187,"width":763,"height":13}},{"id":"0beea57c-1c2d-4b5a-af8d-828ba0afce73","block_type":"box","text":"each calendar year, on which Dealing Days the Dealing Deadline shall be 12 p.m. (Irish time)","page_number":26,"box":{"x":121,"y":203,"width":763,"height":13}},{"id":"9c0c5235-e34e-4467-86cd-01e61d533bfd","block_type":"box","text":"on the Business Day immediately preceding the relevant Dealing Day.","page_number":26,"box":{"x":121,"y":219,"width":572,"height":13}},{"id":"0b9d06aa-57af-4c89-8459-f22ace8b3b53","block_type":"box","text":"The Investment Manager reserves the right to advance the time of the Dealing Deadline for","page_number":26,"box":{"x":121,"y":252,"width":763,"height":13}},{"id":"e3e7411f-1a41-4cc6-bc08-5baf98d2cc5c","block_type":"box","text":"subscriptions and redemptions on any Business Day such as a Business Day when the principal","page_number":26,"box":{"x":121,"y":269,"width":763,"height":13}},{"id":"67ba4fbb-8bc3-44c6-b877-5e05b3e8cdcb","block_type":"box","text":"bond markets close early in advance of a holiday customarily observed by participants in such","page_number":26,"box":{"x":120,"y":285,"width":764,"height":13}},{"id":"61aa9002-7c58-4829-ad4c-35e0dfaa079f","block_type":"box","text":"markets or in the case of the happening of an event outside the control of the Fund which","page_number":26,"box":{"x":121,"y":301,"width":763,"height":13}},{"id":"2107c137-80b9-4af2-a304-04e097d190c8","block_type":"box","text":"precipitates the early closing of the principal bond markets. Prior notification of the revised","page_number":26,"box":{"x":120,"y":318,"width":764,"height":13}},{"id":"3ad0cc46-7702-4209-8905-f29ac6c791ee","block_type":"box","text":"Dealing Deadlines will be sent by email or by post to Shareholders unless it is not possible to","page_number":26,"box":{"x":121,"y":334,"width":763,"height":13}},{"id":"1792cb6b-b1ac-4664-ad4c-c5bb42df6209","block_type":"box","text":"do so in the case of the happening of an event outside the control of the Fund.","page_number":26,"box":{"x":121,"y":351,"width":631,"height":13}},{"id":"1b69ae95-05e2-48b9-a951-cd4a01ddb778","block_type":"box","text":"The Investment Manager reserves the right to alter the Dealing Deadline for subscriptions and","page_number":26,"box":{"x":121,"y":383,"width":763,"height":13}},{"id":"505ac4a4-cb98-4244-b6c4-6798a3257b93","block_type":"box","text":"redemptions. Prior notification of the revised Dealing Deadlines shall be sent by email or by","page_number":26,"box":{"x":121,"y":400,"width":763,"height":13}},{"id":"1fca7883-a48a-47c3-99a2-e869323a8cf1","block_type":"box","text":"post to Shareholders in the event that the revised Dealing Deadlines are in place on a temporary","page_number":26,"box":{"x":120,"y":416,"width":764,"height":13}},{"id":"a13dafc1-7c26-4049-ab8e-54241a184b3c","block_type":"box","text":"basis. If introduced on a permanent basis, the Prospectus will be updated and Shareholders will","page_number":26,"box":{"x":120,"y":433,"width":764,"height":12}},{"id":"ac9b6986-3fad-46a7-9e3b-7a859d3bb248","block_type":"box","text":"be notified in advance of such changes.","page_number":26,"box":{"x":120,"y":449,"width":323,"height":13}},{"id":"03873a1a-9dba-4140-9811-884fb4b4c518","block_type":"box","text":"Issue Price for Class 1-4 Shares","page_number":26,"box":{"x":121,"y":482,"width":275,"height":10}},{"id":"b746b7ae-3199-4635-af48-b5ade2d69118","block_type":"box","text":"Net Asset Value per Share of the relevant class on the relevant Dealing Day.","page_number":26,"box":{"x":120,"y":515,"width":622,"height":12}},{"id":"ced2a14f-4fa1-4e9b-9321-8c986361a923","block_type":"box","text":"Issue Price for Class W (Accumulating) Shares","page_number":26,"box":{"x":121,"y":548,"width":408,"height":12}},{"id":"f5664a7c-4de7-4be3-8b8c-d5e004207ee0","block_type":"box","text":"The Issue Price per Share of the Class W (Accumulating) Shares shall be £1,000.0000 during","page_number":26,"box":{"x":121,"y":580,"width":763,"height":13}},{"id":"051fdd97-9799-4037-9834-83bd9e76dd6c","block_type":"box","text":"the Initial Offer Period and thereafter the Net Asset Value per Share of the relevant Class on","page_number":26,"box":{"x":121,"y":596,"width":763,"height":13}},{"id":"b2e12638-242e-4e81-b4a4-3e94352b06dd","block_type":"box","text":"the relevant Dealing Day.","page_number":26,"box":{"x":121,"y":613,"width":212,"height":13}},{"id":"d4ca742e-2382-4e77-8002-ee7e465f7c2c","block_type":"box","text":"Offer Period for Class 1-4 Shares","page_number":26,"box":{"x":121,"y":646,"width":291,"height":10}},{"id":"68126201-a983-4c38-ab57-1ff9f4577061","block_type":"box","text":"Shares are continuously available for subscriptions on any Dealing Day.","page_number":26,"box":{"x":122,"y":678,"width":586,"height":13}},{"id":"239b2396-4520-4b89-812f-ee796cb54e5a","block_type":"box","text":"Offer Period for Class W (Accumulating) Shares","page_number":26,"box":{"x":121,"y":711,"width":423,"height":13}},{"id":"1989f843-7dfa-4433-8cbb-d0848f8db841","block_type":"box","text":"The Initial Offer Period for Class W (Accumulating) Shares will run from 9.00 am (Irish Time)","page_number":26,"box":{"x":121,"y":744,"width":763,"height":13}},{"id":"38a33c2a-88f1-4f61-9bda-0bf51098c2cf","block_type":"box","text":"on 3 October 2023 to 5.00 pm (Irish Time) on 3 April 2024 or such a shorter or longer period","page_number":26,"box":{"x":121,"y":760,"width":763,"height":13}},{"id":"ccc85d78-3a2d-4c4b-8464-8118ae65ec43","block_type":"box","text":"for each Class as the Directors may determine on behalf of the Sub-Fund (in accordance with","page_number":26,"box":{"x":121,"y":777,"width":763,"height":13}},{"id":"de2d3992-0c18-4c99-bc04-f46940d342ce","block_type":"box","text":"the requirements of the Central Bank) and notify to the Administrator for a class. Where the","page_number":26,"box":{"x":121,"y":793,"width":763,"height":13}},{"id":"ca101c90-3767-41ef-965d-1049f680f6b6","block_type":"box","text":"offer period is shortened or extended, the Fund will notify the Central Bank, where required,","page_number":26,"box":{"x":121,"y":810,"width":763,"height":12}},{"id":"b1fb0985-321d-4c2a-8aff-0ce11c6cba17","block_type":"box","text":"in accordance with the Central Banks requirements. After the Initial Offer Period, shares will","page_number":26,"box":{"x":121,"y":826,"width":763,"height":13}},{"id":"7beb1e88-1311-4b77-828b-21e681a4dd76","block_type":"box","text":"be continuously available for subscriptions on any dealing day.","page_number":26,"box":{"x":120,"y":842,"width":508,"height":13}},{"id":"af04624b-23ca-4458-a745-869ba1bfc2e4","block_type":"box","text":"M-40331875-102","page_number":27,"box":{"x":121,"y":948,"width":101,"height":7}},{"id":"ec611fc3-7f1b-46f1-bf8f-9a3cf68af833","block_type":"box","text":"27","page_number":27,"box":{"x":492,"y":949,"width":15,"height":8}},{"id":"28dfed9f-063a-4ca1-af58-cb17acdb03a5","block_type":"box","text":"Minimum Fund Size","page_number":27,"box":{"x":121,"y":89,"width":181,"height":9}},{"id":"d55143b0-f8d0-4732-a19d-aa8ea508f2a1","block_type":"box","text":"£500,000.","page_number":27,"box":{"x":121,"y":121,"width":85,"height":12}},{"id":"4571c075-86d1-47d7-8aa0-efed5acb73ee","block_type":"box","text":"Minimum Initial Subscription and Minimum Holding","page_number":27,"box":{"x":121,"y":154,"width":467,"height":13}},{"id":"f6b77dbf-58bb-443e-b628-4a4a8eb0d2a3","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":187,"width":763,"height":13}},{"id":"8053453c-6ec4-4444-bfdf-c743042f9ab6","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":203,"width":763,"height":13}},{"id":"b6945056-265f-495b-8bc0-e138348a1f35","block_type":"box","text":"determine.","page_number":27,"box":{"x":121,"y":219,"width":90,"height":11}},{"id":"1db5b03e-146b-493e-84f7-57023308bfe9","block_type":"box","text":"Settlement Date for Class 1-4 Shares","page_number":27,"box":{"x":122,"y":253,"width":318,"height":9}},{"id":"cbb09006-869a-4d2d-bd44-eaccb111b78f","block_type":"box","text":"In the case of subscription(s), a completed Subscription Form (and in the case of an initial","page_number":27,"box":{"x":121,"y":285,"width":763,"height":13}},{"id":"9c413421-b943-48b8-9524-302107abd9d6","block_type":"box","text":"investment, a completed Application Form) must have been received and accepted by the Fund","page_number":27,"box":{"x":121,"y":301,"width":763,"height":13}},{"id":"771993d1-a138-4af0-af61-f9955b0ca54d","block_type":"box","text":"care of the Administrator before the Dealing Deadline for the relevant Dealing Day, unless","page_number":27,"box":{"x":121,"y":318,"width":763,"height":13}},{"id":"30120498-6e2c-449a-a403-0ae370e81378","block_type":"box","text":"otherwise approved by the Directors and provided the completed Subscription Form is received","page_number":27,"box":{"x":121,"y":334,"width":763,"height":13}},{"id":"dbc6c56a-5fc4-4e65-93c4-c13209293a82","block_type":"box","text":"before the relevant Valuation Point. Cleared funds must be received by the Valuation Point on","page_number":27,"box":{"x":120,"y":351,"width":764,"height":13}},{"id":"70a40e19-7856-4803-a3ce-a6da316a4bf7","block_type":"box","text":"the Business Day following the relevant Dealing Day. If cleared funds are not received by the","page_number":27,"box":{"x":121,"y":367,"width":763,"height":13}},{"id":"5f88d438-605b-4d42-98a2-10d32d3ef74f","block_type":"box","text":"Valuation Point on the Business Day following the relevant Dealing Day, then any interest","page_number":27,"box":{"x":121,"y":383,"width":763,"height":13}},{"id":"38621d77-0941-46b8-af80-e86f7a5215c8","block_type":"box","text":"costs and/or directly related charges will be reimbursed by the subscriber unless otherwise","page_number":27,"box":{"x":121,"y":400,"width":763,"height":13}},{"id":"fdd2ef2a-a90a-4d61-871d-62eaef213867","block_type":"box","text":"agreed by the Directors at their absolute discretion.","page_number":27,"box":{"x":121,"y":416,"width":417,"height":13}},{"id":"f996aabb-bad8-430f-84a4-10f2d42135bd","block_type":"box","text":"In the case of redemptions, proceeds will usually be paid by telegraphic transfer to a specified","page_number":27,"box":{"x":121,"y":449,"width":763,"height":13}},{"id":"af3a9275-b6cc-4973-93af-b7ec13bae2e3","block_type":"box","text":"account at the Shareholder’s risk on the Business Day following the relevant Dealing Day (and","page_number":27,"box":{"x":121,"y":465,"width":763,"height":13}},{"id":"26f16cc1-9980-44cf-8286-c1d08103702e","block_type":"box","text":"in any event no later than 10 Business Days) after the receipt of the relevant duly signed","page_number":27,"box":{"x":121,"y":482,"width":763,"height":13}},{"id":"8cf5a0ec-00d3-4806-96d4-cbb35c80b722","block_type":"box","text":"redemption documentation.","page_number":27,"box":{"x":121,"y":498,"width":226,"height":13}},{"id":"8c61ea5a-1620-4703-be52-e64ad2cbd340","block_type":"box","text":"Settlement Date for Class W (Accumulating) Shares","page_number":27,"box":{"x":122,"y":531,"width":450,"height":13}},{"id":"148dff04-9372-4a5e-8242-20d0e3779e7c","block_type":"box","text":"In the case of subscription(s), a completed Subscription Form (and in the case of an initial","page_number":27,"box":{"x":121,"y":564,"width":763,"height":13}},{"id":"4ad63789-c3bd-4f76-97fc-4945f9cd07d0","block_type":"box","text":"investment, a completed Application Form) must have been received and accepted by the Fund","page_number":27,"box":{"x":121,"y":580,"width":763,"height":13}},{"id":"fc4bae3e-e65d-4acf-9a06-ed4b7eea5f33","block_type":"box","text":"care of the Administrator before the Dealing Deadline for the relevant Dealing Day unless","page_number":27,"box":{"x":121,"y":596,"width":763,"height":13}},{"id":"3679b7f5-9151-430a-b246-99f2ca8bd78d","block_type":"box","text":"otherwise approved by the Directors and provided the completed Subscription Form is received","page_number":27,"box":{"x":121,"y":613,"width":763,"height":13}},{"id":"e987143b-c4c2-42a2-8a6d-b88a1cdd29b8","block_type":"box","text":"before the relevant Valuation Point. Cleared funds must be received by the Fund’s close of","page_number":27,"box":{"x":120,"y":629,"width":764,"height":13}},{"id":"91624b7b-a78b-4b09-baac-7be9dc427971","block_type":"box","text":"bank business on the Business Day following the relevant Dealing Day. If cleared funds are","page_number":27,"box":{"x":120,"y":646,"width":764,"height":13}},{"id":"11a45966-7da1-4ffe-8970-680a385990b5","block_type":"box","text":"not received by the Fund’s close of bank business on the Business Day following the relevant","page_number":27,"box":{"x":121,"y":662,"width":763,"height":13}},{"id":"a3d03e9c-7bdd-4d64-8ea1-17deaadbd10b","block_type":"box","text":"Dealing Day, then any interest costs and/or directly related charges will be reimbursed by the","page_number":27,"box":{"x":121,"y":678,"width":763,"height":13}},{"id":"967460c7-1ae1-4ae3-a2bc-2c6592c4ce9b","block_type":"box","text":"subscriber unless otherwise agreed by the Directors at their absolute discretion.","page_number":27,"box":{"x":121,"y":695,"width":644,"height":13}},{"id":"29a6c670-39b9-417e-9639-d7ff0cbf10b2","block_type":"box","text":"In the case of redemptions, proceeds will usually be paid by telegraphic transfer to a specified","page_number":27,"box":{"x":121,"y":728,"width":763,"height":13}},{"id":"445e9390-f5c8-436f-a019-e42316314c2d","block_type":"box","text":"account at the Shareholder’s risk on the Business Day following the relevant Dealing Day (and","page_number":27,"box":{"x":121,"y":744,"width":763,"height":13}},{"id":"f7dd810b-26d4-4426-a6a6-c9ea4dd56584","block_type":"box","text":"in any event no later than 10 Business Days) after the receipt of the relevant duly signed","page_number":27,"box":{"x":121,"y":760,"width":763,"height":13}},{"id":"8c0956ef-b1cc-4863-b3c9-9f5e2324a65e","block_type":"box","text":"redemption documentation","page_number":27,"box":{"x":121,"y":777,"width":221,"height":13}},{"id":"7a3ff0bc-ea04-4f81-802c-1c40b1030235","block_type":"box","text":"Valuation Point","page_number":27,"box":{"x":121,"y":810,"width":141,"height":10}},{"id":"f3ee8d60-eb5c-4d62-a12b-95716257912a","block_type":"box","text":"1 p.m. (Irish time) on each Dealing Day.","page_number":27,"box":{"x":123,"y":842,"width":330,"height":13}},{"id":"a3dc8602-3128-4df1-a1d1-df9e697ec7cd","block_type":"box","text":"Fees and Expenses","page_number":27,"box":{"x":121,"y":876,"width":165,"height":12}},{"id":"52aca424-f6ac-46c2-9c58-739ddae8cc6e","block_type":"box","text":"M-40331875-102","page_number":28,"box":{"x":121,"y":948,"width":101,"height":7}},{"id":"0aeb5d39-ab54-4e77-ad14-94772f465f44","block_type":"box","text":"28","page_number":28,"box":{"x":492,"y":949,"width":15,"height":8}},{"id":"75b5076a-dccb-4aeb-815b-9ca924fb4d0c","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":88,"width":763,"height":13}},{"id":"bee584f4-3ea5-4a4b-8aa4-7abe3231fbcd","block_type":"box","text":"each class of Shares as set out below.","page_number":28,"box":{"x":121,"y":105,"width":306,"height":10}},{"id":"36dd2a5d-a436-48bb-8d2e-4ab7cd1c4151","block_type":"box","text":"Class of Shares","page_number":28,"box":{"x":121,"y":138,"width":136,"height":10}},{"id":"6ffd41bb-fe2e-4afc-8cad-7f1562af9dec","block_type":"box","text":"Annual Charges and Expenses","page_number":28,"box":{"x":363,"y":138,"width":267,"height":12}},{"id":"bcf15e66-80a7-4416-a0fb-6414a6880f70","block_type":"box","text":"Class 1","page_number":28,"box":{"x":121,"y":170,"width":63,"height":10}},{"id":"3d56ce62-1f5f-4669-92f0-62eaaa99099f","block_type":"box","text":"0.20% of the Net Asset Value of the Class 1 Shares","page_number":28,"box":{"x":363,"y":170,"width":419,"height":11}},{"id":"3d1937d8-14af-4174-a2c6-00c7f49abc36","block_type":"box","text":"Class 2","page_number":28,"box":{"x":121,"y":187,"width":63,"height":10}},{"id":"77ea4afa-c070-49b2-9aee-6ee01a0b93f2","block_type":"box","text":"0.15% of the Net Asset Value of the Class 2 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borne by each class of Shares will currently","page_number":28,"box":{"x":121,"y":367,"width":763,"height":13}},{"id":"29a0313e-d923-438c-a5fd-9bbeb65feb0a","block_type":"box","text":"be limited by the Manager to an amount equivalent to the fees payable to the Manager as set","page_number":28,"box":{"x":120,"y":383,"width":764,"height":13}},{"id":"1633a684-11b1-42f4-a629-4fcd2a82639d","block_type":"box","text":"out above (the “Fixed Rate”). The Manager will absorb (directly by first the waiver of its fees","page_number":28,"box":{"x":121,"y":400,"width":763,"height":13}},{"id":"f31e8b05-ca1b-489f-bf5a-91f0dc79d89e","block_type":"box","text":"and to the extent necessary reimbursing the other operating costs of each class of Shares), any","page_number":28,"box":{"x":121,"y":416,"width":763,"height":13}},{"id":"bb203514-136a-4a32-a843-fe815dc0f6ff","block_type":"box","text":"additional fees, ordinary costs or expenses over the Fixed Rate that may arise in respect of the","page_number":28,"box":{"x":121,"y":433,"width":763,"height":13}},{"id":"2dd358b1-a542-4f8a-b9f7-7ca1b3c1d019","block_type":"box","text":"actual cost of management and operation of the Sub-Fund attributable to each class of Shares.","page_number":28,"box":{"x":121,"y":449,"width":763,"height":13}},{"id":"a61ca1f0-095f-4226-b0ea-e189d6549f88","block_type":"box","text":"The Manager may from time to time elect to increase the Fixed Rate of any class of Shares","page_number":28,"box":{"x":121,"y":465,"width":763,"height":13}},{"id":"e6732905-aa2b-4496-9c39-50ad98a1ec78","block_type":"box","text":"(provided that it may not increase the aggregate fees payable to itself and the Investment","page_number":28,"box":{"x":121,"y":482,"width":763,"height":13}},{"id":"240e5b8e-1683-40c1-9e46-191714c3fcf3","block_type":"box","text":"Manager as set out above without prior Shareholder approval) by notice to the Fund, and the","page_number":28,"box":{"x":121,"y":498,"width":763,"height":13}},{"id":"98461408-f98a-4ac4-9044-b1f9a3e0990c","block_type":"box","text":"Fund will notify the holders of the relevant class of Shares if the Fixed Rate is to be increased","page_number":28,"box":{"x":121,"y":515,"width":763,"height":12}},{"id":"b9e93305-777a-4a16-a228-0dbd6b488897","block_type":"box","text":"and the increase shall take effect 90 days after such notice has been given by the Fund.","page_number":28,"box":{"x":121,"y":531,"width":704,"height":13}},{"id":"4f6b397d-0e4e-425f-a9ec-ce7fa322442d","block_type":"box","text":"Fees will be accrued on each Dealing Day, be payable monthly in arrears and be calculated","page_number":28,"box":{"x":121,"y":564,"width":763,"height":13}},{"id":"f2de089a-9631-487f-a60d-df19f28542bc","block_type":"box","text":"with reference to the average net assets of the Sub-Fund on a monthly basis (i.e. which equals","page_number":28,"box":{"x":121,"y":580,"width":763,"height":13}},{"id":"3ade06d6-409a-4c49-82c9-e85d3e6d3de2","block_type":"box","text":"the aggregate of the net assets of the Sub-Fund on each Dealing Day during a calendar month","page_number":28,"box":{"x":121,"y":596,"width":763,"height":13}},{"id":"6403dfd1-2061-4ca4-bca5-e4bcdbb4b42b","block_type":"box","text":"divided by the number of Dealing Days in that calendar month). The Manager and the","page_number":28,"box":{"x":121,"y":613,"width":763,"height":13}},{"id":"3cbfbf96-3f71-44c0-9f6e-d8d9d995b724","block_type":"box","text":"Investment Manager shall also be entitled to be repaid all of its reasonable costs and out of","page_number":28,"box":{"x":121,"y":629,"width":763,"height":13}},{"id":"abdf7043-74a3-4fac-bdc4-ad71a1105a8c","block_type":"box","text":"pocket expenses out of the assets of the Sub-Fund. No performance fees will be payable by","page_number":28,"box":{"x":120,"y":646,"width":764,"height":13}},{"id":"1b9ca60c-8551-4606-8ed5-d9316a50ab14","block_type":"box","text":"the Sub-Fund to the Manager or the Investment Manager.","page_number":28,"box":{"x":121,"y":662,"width":469,"height":13}},{"id":"d8915af8-ad7c-444e-892c-59b51e4e8bd7","block_type":"box","text":"The Fixed Rate covers all other fees, costs and expenses connected with the management and","page_number":28,"box":{"x":121,"y":695,"width":763,"height":13}},{"id":"29d200b1-2e87-4220-b5bc-1ec953407634","block_type":"box","text":"operation of the Sub-Fund including, but not limited to, investment management,","page_number":28,"box":{"x":121,"y":711,"width":763,"height":13}},{"id":"fc9217d9-491e-44a1-b469-8a577d687c08","block_type":"box","text":"administration, registration, transfer agency, custody, sub-custody (which fees will be at","page_number":28,"box":{"x":121,"y":728,"width":763,"height":13}},{"id":"e11d4615-aeec-4da1-9e7b-68e61888fda1","block_type":"box","text":"normal commercial rates) and transfer fees and other fees and expenses incurred in relation to","page_number":28,"box":{"x":121,"y":744,"width":763,"height":13}},{"id":"b3783d5c-ec39-4857-906e-67513b1976a1","block_type":"box","text":"preparing, translating, printing, publishing and distributing the Prospectus, annual and semi\u0002","page_number":28,"box":{"x":120,"y":760,"width":758,"height":13}},{"id":"037cefdb-f8a1-463e-8e2a-f0fd4255378c","block_type":"box","text":"annual reports and other documents to the Shareholders, the costs and expenses of obtaining","page_number":28,"box":{"x":121,"y":777,"width":763,"height":13}},{"id":"90365a50-99cf-4750-85e9-d997b7277221","block_type":"box","text":"authorisations or registrations of the Sub-Fund with any regulatory authority in any jurisdiction,","page_number":28,"box":{"x":121,"y":793,"width":763,"height":13}},{"id":"d22a2a55-3547-43c9-b9e8-1540d371feda","block_type":"box","text":"professional fees and expenses, annual audit fees and Directors’ fees.","page_number":28,"box":{"x":120,"y":810,"width":564,"height":12}},{"id":"69d954e9-7703-4dc7-b38a-45ab514350d4","block_type":"box","text":"The Fixed Rate excludes withholding, stamp duty or other taxes on the investments of the Sub\u0002","page_number":28,"box":{"x":121,"y":842,"width":757,"height":13}},{"id":"94d59dc6-85f5-46df-b8cd-ad2daf509f87","block_type":"box","text":"Fund, commissions and brokerage fees incurred with respect to the Sub-Fund’s investments,","page_number":28,"box":{"x":121,"y":859,"width":763,"height":13}},{"id":"0960f093-fece-47da-8cdb-d54487bbfd9e","block_type":"box","text":"interest on borrowings and bank charges incurred in negotiating, effecting or varying the terms","page_number":28,"box":{"x":121,"y":875,"width":763,"height":13}},{"id":"6e97ca70-3edc-49f3-b986-bcfa3ac9e36a","block_type":"box","text":"of such borrowings, any commissions charged by intermediaries in relation to an investment","page_number":28,"box":{"x":121,"y":891,"width":763,"height":13}},{"id":"e73cd21b-2c53-41a4-b1c0-f2be1b3f3520","block_type":"box","text":"M-40331875-102","page_number":29,"box":{"x":121,"y":948,"width":101,"height":7}},{"id":"20fb5990-9868-4edd-ba19-71292c19334e","block_type":"box","text":"29","page_number":29,"box":{"x":492,"y":949,"width":15,"height":8}},{"id":"a322f7fd-2850-4568-ab4b-882cf3b949c2","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":88,"width":763,"height":13}},{"id":"101c8fac-f5bd-4129-8e8f-db32504c23cb","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":105,"width":763,"height":13}},{"id":"ee0c53f8-506f-400f-abac-3a17f38ba2ec","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":121,"width":763,"height":13}},{"id":"e589710c-5edc-40ff-a7ae-cf10edc3d4fa","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":138,"width":763,"height":12}},{"id":"31e03e61-b267-4ef0-857a-ea877d3e5f1e","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":154,"width":527,"height":13}},{"id":"55ad069d-474c-496f-a0db-b255fd95e860","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":187,"width":763,"height":13}},{"id":"235258ec-0ae6-4a0d-9cb5-8d4edbf6bf1c","block_type":"box","text":"the Prospectus.","page_number":29,"box":{"x":121,"y":203,"width":127,"height":13}},{"id":"bc5f4361-5aa7-421d-bbc5-5d7560364033","block_type":"box","text":"Preliminary Charge","page_number":29,"box":{"x":121,"y":236,"width":177,"height":13}},{"id":"b65ff349-8776-4fd7-811a-b610bc3a3ba6","block_type":"box","text":"No preliminary charge will be payable on the issue of Shares in the Sub-Fund.","page_number":29,"box":{"x":120,"y":269,"width":637,"height":13}},{"id":"6deac949-46d0-4501-ae72-a3f29b4c6f0d","block_type":"box","text":"Exchange Charge","page_number":29,"box":{"x":121,"y":302,"width":157,"height":12}},{"id":"aad6ddb8-c47c-462c-b996-8fcbf4d2e1b8","block_type":"box","text":"None.","page_number":29,"box":{"x":120,"y":335,"width":54,"height":9}},{"id":"5ca64698-2617-4870-91b9-9ff82b902093","block_type":"box","text":"Redemption Charge","page_number":29,"box":{"x":121,"y":367,"width":179,"height":13}},{"id":"3f81147a-c2f6-43e6-a267-3d59eb0cf9aa","block_type":"box","text":"None.","page_number":29,"box":{"x":120,"y":400,"width":54,"height":10}},{"id":"e3eeccf4-9a82-43e2-a24e-1e0b1b61a9ee","block_type":"box","text":"M-40331875-102","page_number":30,"box":{"x":121,"y":948,"width":101,"height":7}},{"id":"1b40378a-2b20-4e47-9684-8d525ae6a312","block_type":"box","text":"30","page_number":30,"box":{"x":492,"y":949,"width":15,"height":8}},{"id":"ef70443a-ffed-4a4d-8085-753310ccbeb2","block_type":"box","text":"AVIVA INVESTORS EURO LIQUIDITY FUND","page_number":30,"box":{"x":251,"y":89,"width":503,"height":15}},{"id":"48b07c78-7633-4095-b732-abbe1bd9004b","block_type":"box","text":"Investment Objective and Policies","page_number":30,"box":{"x":121,"y":124,"width":296,"height":13}},{"id":"ec4f5284-eeb5-4471-b46b-c08090b244e5","block_type":"box","text":"The investment objective of the Sub-Fund is to offer returns in line with money market rates","page_number":30,"box":{"x":121,"y":157,"width":763,"height":13}},{"id":"3f1cda2b-73d9-4420-8172-05aa6ee119ed","block_type":"box","text":"and preserve the value of the investment. The performance of the Sub-Fund will be","page_number":30,"box":{"x":121,"y":173,"width":763,"height":13}},{"id":"e048da44-76c1-438f-bd61-dd4d630be083","block_type":"box","text":"benchmarked against the Euro Short Term Rate.","page_number":30,"box":{"x":120,"y":189,"width":388,"height":13}},{"id":"94a2a4c5-e064-4a1c-a55a-0e7b855e6aa7","block_type":"box","text":"2","page_number":30,"box":{"x":510,"y":190,"width":5,"height":5}},{"id":"c6f961b3-b4a5-4f76-bdcd-d37e1a1f7c14","block_type":"box","text":"The Sub-Fund is a VNAV Short Term Money Market Fund. The Sub-Fund is actively managed","page_number":30,"box":{"x":121,"y":222,"width":763,"height":13}},{"id":"6f86c510-2cba-4684-8149-59e732f3dc1b","block_type":"box","text":"and its investments will include fixed or floating rate instruments including but not limited to","page_number":30,"box":{"x":121,"y":239,"width":763,"height":13}},{"id":"3b5ea2d6-6ffc-49fe-9da1-99ee42e51052","block_type":"box","text":"commercial paper, term deposits, floating rate notes, certificates of deposit, freely transferable","page_number":30,"box":{"x":121,"y":255,"width":763,"height":13}},{"id":"ed12744e-3bed-4e22-8d8a-6112172b62bc","block_type":"box","text":"promissory notes, debentures, asset-backed securities and bonds. The investments shall be","page_number":30,"box":{"x":120,"y":271,"width":764,"height":13}},{"id":"60d199ae-4195-4e1e-a3c0-c604cb6b6408","block_type":"box","text":"denominated in Euro and all of the Sub-Fund's assets may be invested in the above-listed","page_number":30,"box":{"x":121,"y":288,"width":763,"height":13}},{"id":"9b5f1d47-5372-4e91-98c1-15507ecf4c4a","block_type":"box","text":"investments which are issued or guaranteed as to principal or interest by sovereign","page_number":30,"box":{"x":121,"y":304,"width":763,"height":13}},{"id":"4998aec1-b702-48f6-b6af-b40dcdb4b756","block_type":"box","text":"governments, their agencies and instrumentalities, supranational entities and EU and non-EU","page_number":30,"box":{"x":121,"y":321,"width":763,"height":13}},{"id":"a286f932-db0e-4818-b5d8-9e94cb4435d6","block_type":"box","text":"corporations and financial institutions who are incorporated or domiciled in, or listed or dealt","page_number":30,"box":{"x":121,"y":337,"width":763,"height":13}},{"id":"9cd912a3-1060-4450-9bc5-250d0d6e1e5d","block_type":"box","text":"on a Market located in those jurisdictions listed in Appendix II hereto or in securities of issuers","page_number":30,"box":{"x":121,"y":353,"width":763,"height":13}},{"id":"cde89c06-1775-486f-928a-384363c52f08","block_type":"box","text":"that, while not located in those jurisdictions, conduct substantial business in them as determined","page_number":30,"box":{"x":121,"y":370,"width":763,"height":13}},{"id":"0a210331-08af-49c6-b195-a89b80a33543","block_type":"box","text":"by the Investment Manager, including (i) companies which have substantial assets in those","page_number":30,"box":{"x":120,"y":386,"width":764,"height":13}},{"id":"5b0b8ba0-1ad3-431e-9aa1-7eea864aa8fd","block_type":"box","text":"jurisdictions or (ii) companies which derive a substantial portion of their total revenues from","page_number":30,"box":{"x":119,"y":402,"width":765,"height":13}},{"id":"46072d4a-7913-4481-8382-dacec7f5a9c0","block_type":"box","text":"either goods and services produced in, or sales made in, those jurisdictions.","page_number":30,"box":{"x":121,"y":419,"width":612,"height":13}},{"id":"9fc97c41-1f19-45e1-9835-9d92b18f5b49","block_type":"box","text":"The Investment Manager intends to manage the Sub-Fund according to its classification as a","page_number":30,"box":{"x":121,"y":452,"width":763,"height":13}},{"id":"207ff733-77ac-4822-a2d5-a59f792d3962","block_type":"box","text":"Short Term Money Market Fund and the restrictions imposed by recognised rating agencies in","page_number":30,"box":{"x":122,"y":468,"width":762,"height":13}},{"id":"c6b13784-2ba5-4128-81c5-838a94f90fd3","block_type":"box","text":"order to maintain an overall credit rating of Aaa which may include where applicable ensuring","page_number":30,"box":{"x":121,"y":484,"width":763,"height":13}},{"id":"d9838aa5-7dcd-4ad0-a991-0b969915e08b","block_type":"box","text":"that the Sub-Fund's investments may have such ratings as may be required from time to time","page_number":30,"box":{"x":121,"y":501,"width":763,"height":13}},{"id":"988dde7e-c632-4003-b8db-ffd4ff89ba9f","block_type":"box","text":"by the relevant rating agency to maintain the credit rating, or if unrated, be deemed to be of","page_number":30,"box":{"x":120,"y":517,"width":764,"height":13}},{"id":"72f76a7a-091f-44c2-b787-671571ee9f1d","block_type":"box","text":"comparable quality by the Investment Manager.","page_number":30,"box":{"x":121,"y":534,"width":391,"height":13}},{"id":"9e160fc6-adc5-4238-88bf-bdda0985c258","block_type":"box","text":"The Investment Manager intends to manage the Sub-Fund in accordance with the ESG","page_number":30,"box":{"x":121,"y":566,"width":763,"height":13}},{"id":"cadee3f8-c3c0-4d74-90d8-79a27bc5550a","block_type":"box","text":"Considerations as detailed further below. 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When calculating the weighted average maturity of investments,","page_number":30,"box":{"x":121,"y":681,"width":763,"height":13}},{"id":"489144cc-4e41-46de-9ee4-2448f658c1d3","block_type":"box","text":"the maturity of a floating rate instrument shall be deemed to be its next interest readjustment","page_number":30,"box":{"x":121,"y":697,"width":763,"height":13}},{"id":"0d8e73dd-61df-49ac-940d-21857e517c7c","block_type":"box","text":"date (which shall be at least every 397 days). 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When awarding this rating Moody’s take into account, inter","page_number":32,"box":{"x":121,"y":465,"width":763,"height":13}},{"id":"e8581111-432c-47a4-923b-8a953d428c59","block_type":"box","text":"alia, the Sub-Fund's portfolio quality, its counterparties and management, operating procedures","page_number":32,"box":{"x":121,"y":482,"width":763,"height":13}},{"id":"668b1159-4d7e-4583-ae89-39e582316b0a","block_type":"box","text":"and controls, regulatory compliance and market price risk relative to the Sub- Fund's published","page_number":32,"box":{"x":121,"y":498,"width":763,"height":13}},{"id":"fa3bb5a3-d25e-4083-bc34-492a6085ca7c","block_type":"box","text":"objectives. The Directors intend to operate the Sub-Fund in accordance with Moody's","page_number":32,"box":{"x":121,"y":515,"width":763,"height":12}},{"id":"52d6cefe-411c-49d5-890b-56f84a5cc84d","block_type":"box","text":"requirements to maintain the rating award. 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The Sub-Fund is suited to short term investors who","page_number":32,"box":{"x":121,"y":629,"width":763,"height":13}},{"id":"c9b1cfda-8e62-430f-b8d2-447b6910670d","block_type":"box","text":"are looking for a highly liquid fund. Through its daily liquidity facility, the Sub-Fund is","page_number":32,"box":{"x":121,"y":646,"width":763,"height":13}},{"id":"5284b251-cdfd-426d-90ee-745e65c4b965","block_type":"box","text":"structured to give investors easy access to their cash whenever required.","page_number":32,"box":{"x":121,"y":662,"width":585,"height":13}},{"id":"d48fa5f6-4a58-4f84-8d0b-ccb4d1e1b0a7","block_type":"box","text":"The level of an investment will determine the class of Shares an investor may subscribe for.","page_number":32,"box":{"x":121,"y":695,"width":745,"height":13}},{"id":"a0563fde-b468-4212-bef0-bbcd4b306262","block_type":"box","text":"Risk Factors","page_number":32,"box":{"x":121,"y":728,"width":114,"height":10}},{"id":"d585c193-2dd6-40dc-a340-22436ee51fcf","block_type":"box","text":"The general risk factors as set out in Part 2 of the Prospectus shall apply. 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Prior notification of the revised Dealing Deadline will be sent by","page_number":34,"box":{"x":121,"y":662,"width":763,"height":13}},{"id":"de185603-b7bd-43f4-9c4f-192ceaf11dc7","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":34,"box":{"x":121,"y":678,"width":763,"height":13}},{"id":"357418a9-6996-43c3-93b3-215c0459274d","block_type":"box","text":"of an event outside the control of the Fund.","page_number":34,"box":{"x":121,"y":695,"width":352,"height":10}},{"id":"f53d8908-13ea-409a-ac5a-1d13f5ea0c1c","block_type":"box","text":"The Investment Manager reserves the right to alter the Dealing Deadline. Prior notification of","page_number":34,"box":{"x":121,"y":728,"width":763,"height":13}},{"id":"c3a14711-2acf-4826-bc71-3e40eebc70bc","block_type":"box","text":"the revised Dealing Deadline shall be sent by email or by post to Shareholders in the event that","page_number":34,"box":{"x":121,"y":744,"width":763,"height":13}},{"id":"ed7238f8-bf56-4f15-81d3-fcb353b0c948","block_type":"box","text":"the revised Dealing Deadline is in place on a temporary basis. 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Where the offer period is shortened or extended, the Fund will notify","page_number":35,"box":{"x":121,"y":433,"width":763,"height":13}},{"id":"951f414a-3332-44e7-95f2-f0b59d286613","block_type":"box","text":"the Central Bank, where required, in accordance with the Central Banks requirements. After","page_number":35,"box":{"x":121,"y":449,"width":763,"height":13}},{"id":"a95bd593-e76a-41b4-846c-cfc07a9c62b0","block_type":"box","text":"the Initial Offer Period, shares will be continuously available for subscriptions on any dealing","page_number":35,"box":{"x":121,"y":465,"width":763,"height":13}},{"id":"35914bb0-f774-4096-a4fa-ba83c2dde174","block_type":"box","text":"day.","page_number":35,"box":{"x":121,"y":482,"width":39,"height":13}},{"id":"cd82dccc-3ca0-4b9f-a612-57902490eb0e","block_type":"box","text":"Minimum Fund Size","page_number":35,"box":{"x":121,"y":515,"width":181,"height":10}},{"id":"5fd91905-3870-49d3-b042-fad099f4594f","block_type":"box","text":"€","page_number":35,"box":{"x":120,"y":547,"width":10,"height":10}},{"id":"01634570-add2-4cfd-9969-08d8b126e678","block_type":"box","text":"10,000,000.","page_number":35,"box":{"x":133,"y":548,"width":98,"height":12}},{"id":"1e64af16-07a8-42c5-8b47-f3fc949d5b9a","block_type":"box","text":"Minimum Initial Subscription and Minimum Holding","page_number":35,"box":{"x":121,"y":580,"width":467,"height":13}},{"id":"02aafaee-2f1e-4107-94c5-48fabdfd60cd","block_type":"box","text":"The Minimum Initial Subscription and Minimum Holding in respect of each class of Shares","page_number":35,"box":{"x":121,"y":613,"width":763,"height":13}},{"id":"d1d0dd4f-1dc2-4610-b923-6d48c41e77c5","block_type":"box","text":"shall be as set out above, or such lower amount as the Directors may from time to time","page_number":35,"box":{"x":121,"y":629,"width":763,"height":13}},{"id":"8daff777-ba17-491f-98ca-22a06b296ffd","block_type":"box","text":"determine.","page_number":35,"box":{"x":121,"y":646,"width":90,"height":10}},{"id":"a9348456-cf3b-47f1-9dfc-f26498b14d9b","block_type":"box","text":"Settlement Date for Class 1-9 Shares","page_number":35,"box":{"x":122,"y":679,"width":318,"height":10}},{"id":"4f4a5fab-3a2f-4aa1-9d60-bdaf94d7ac3c","block_type":"box","text":"In the case of subscription(s), a completed Subscription Form (and in the case of an initial","page_number":35,"box":{"x":121,"y":711,"width":763,"height":13}},{"id":"56b9cfd4-30e6-41eb-95a1-77b2e9eb6baa","block_type":"box","text":"investment, a completed Application Form) must have been received and accepted by the Fund","page_number":35,"box":{"x":121,"y":728,"width":763,"height":13}},{"id":"92a8ec50-c3ce-423a-8de2-1d6f99e4934f","block_type":"box","text":"care of the Administrator before the Dealing Deadline for the relevant Dealing Day unless","page_number":35,"box":{"x":121,"y":744,"width":763,"height":13}},{"id":"4bc722ef-8444-41fa-bce3-6937ce3b68d7","block_type":"box","text":"otherwise approved by the Directors and provided the completed Subscription Form is received","page_number":35,"box":{"x":121,"y":760,"width":763,"height":13}},{"id":"1ccf32aa-eb7b-44ec-9e0e-bb194a5906fc","block_type":"box","text":"before the relevant Valuation Point. 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If cleared funds are not received by the Fund's close of bank","page_number":35,"box":{"x":120,"y":793,"width":764,"height":13}},{"id":"ab2c0488-6aa6-42f0-af22-2423cc9cf85f","block_type":"box","text":"business on the Dealing Day, then any interest costs and/or directly related charges will be","page_number":35,"box":{"x":120,"y":810,"width":764,"height":12}},{"id":"69e37527-3ab7-47ac-8661-07e2c283e60b","block_type":"box","text":"reimbursed by the subscriber unless otherwise agreed by the Directors at their absolute","page_number":35,"box":{"x":121,"y":826,"width":763,"height":13}},{"id":"fb61a37b-56d7-419b-8a70-17bdbf1a4853","block_type":"box","text":"discretion.","page_number":35,"box":{"x":121,"y":842,"width":89,"height":10}},{"id":"8263d61d-5c65-451f-a6e3-bca05bc5caad","block_type":"box","text":"In the case of redemptions, proceeds will usually be paid by telegraphic transfer to a specified","page_number":35,"box":{"x":121,"y":875,"width":763,"height":13}},{"id":"2ee8629c-6ae9-4f65-a606-100cadb7ab41","block_type":"box","text":"account at the Shareholder’s risk on the same Dealing Day (and in any event no later than 10","page_number":35,"box":{"x":121,"y":891,"width":763,"height":13}},{"id":"478c25e8-01b6-47c1-9410-7aeee32bcbaa","block_type":"box","text":"M-40331875-102","page_number":36,"box":{"x":121,"y":948,"width":101,"height":7}},{"id":"46992f1e-4a38-467b-a616-1427654e0215","block_type":"box","text":"36","page_number":36,"box":{"x":492,"y":949,"width":15,"height":8}},{"id":"809dd98e-7fa1-4633-9224-bcec304c65c2","block_type":"box","text":"Business Days) after the receipt of the relevant duly signed redemption documentation.","page_number":36,"box":{"x":121,"y":88,"width":708,"height":13}},{"id":"0f7fcd0f-2ef9-4b6c-b125-3499fe5517aa","block_type":"box","text":"Settlement Date for Class W (Accumulating) Shares and Class W (Distributing) Shares","page_number":36,"box":{"x":122,"y":121,"width":751,"height":13}},{"id":"7fe6ec16-74ef-4dbd-a775-eb7604ae47f4","block_type":"box","text":"In the case of subscription(s), a completed Subscription Form (and in the case of an initial","page_number":36,"box":{"x":121,"y":154,"width":763,"height":13}},{"id":"68c9d5d3-b11f-49e1-b8c4-5100a0da81f6","block_type":"box","text":"investment, a completed Application Form) must have been received and accepted by the Fund","page_number":36,"box":{"x":121,"y":170,"width":763,"height":13}},{"id":"ba43e8a7-58ba-4ac1-a8c2-643625e7d3cc","block_type":"box","text":"care of the Administrator before the Dealing Deadline for the relevant Dealing Day unless","page_number":36,"box":{"x":121,"y":187,"width":763,"height":13}},{"id":"99892b69-60e8-46d9-a207-c65b98792fda","block_type":"box","text":"otherwise approved by the Directors and provided the completed Subscription Form is received","page_number":36,"box":{"x":121,"y":203,"width":763,"height":13}},{"id":"78de7df3-a4a3-43d4-91ed-95cba86200a6","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":120,"y":219,"width":764,"height":13}},{"id":"6810dd8d-f543-4dc5-892b-e2200831ed01","block_type":"box","text":"bank business on the Business Day following the relevant Dealing Day. If cleared funds are","page_number":36,"box":{"x":120,"y":236,"width":764,"height":13}},{"id":"ae18d3d2-5a2c-4ca2-b635-414d2ec2f30b","block_type":"box","text":"not received by the Fund’s close of bank business on the Business Day following the relevant","page_number":36,"box":{"x":121,"y":252,"width":763,"height":13}},{"id":"588fc4bb-93d7-43ac-bb1d-65f7b6443144","block_type":"box","text":"Dealing Day, then any interest costs and/or directly related charges will be reimbursed by the","page_number":36,"box":{"x":121,"y":269,"width":763,"height":13}},{"id":"52a9071b-cd14-4f54-83eb-7da8b6a5fd38","block_type":"box","text":"subscriber unless otherwise agreed by the Directors at their absolute discretion.","page_number":36,"box":{"x":121,"y":285,"width":644,"height":13}},{"id":"ef77cd2e-1b11-453e-9f8d-88cfc9ba7680","block_type":"box","text":"In the case of redemptions, proceeds will usually be paid by telegraphic transfer to a specified","page_number":36,"box":{"x":121,"y":318,"width":763,"height":13}},{"id":"938a0890-2010-43ec-8369-f9f486a825ac","block_type":"box","text":"account at the Shareholder’s risk on the Business Day following the relevant Dealing Day (and","page_number":36,"box":{"x":121,"y":334,"width":763,"height":13}},{"id":"2f829dcc-fb8b-4175-b23b-5ab23d310b6a","block_type":"box","text":"in any event no later than 10 Business Days) after the receipt of the relevant duly signed","page_number":36,"box":{"x":121,"y":351,"width":763,"height":13}},{"id":"ed75acfc-088b-41cb-be81-b6bd06a05801","block_type":"box","text":"redemption documentation.","page_number":36,"box":{"x":121,"y":367,"width":226,"height":13}},{"id":"6b593a91-ddfb-4f1f-820f-52b48f483afc","block_type":"box","text":"Valuation Point","page_number":36,"box":{"x":121,"y":400,"width":141,"height":10}},{"id":"1467301d-7fd1-4337-82a3-a447924b04ef","block_type":"box","text":"12 p.m. (Irish time) on each Dealing 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the","page_number":36,"box":{"x":121,"y":793,"width":763,"height":13}},{"id":"aff5c4c7-5146-48a5-a59f-174bd164cfb9","block_type":"box","text":"Distributor shall be paid by the Manager out of its fee.","page_number":36,"box":{"x":121,"y":810,"width":443,"height":12}},{"id":"8aa36f84-cfaa-4989-9243-f80d6d0049b9","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":36,"box":{"x":121,"y":842,"width":763,"height":13}},{"id":"c3d40280-30ee-45fb-9b86-d7398d9b61a1","block_type":"box","text":"be limited by the Manager to an amount equivalent to the fees payable to the Manager as set","page_number":36,"box":{"x":120,"y":859,"width":764,"height":13}},{"id":"b17bbe61-1ece-4fe0-97fe-f0b90f6640a9","block_type":"box","text":"out above (the “Fixed Rate”). The Manager will absorb (directly by first the waiver of its fees","page_number":36,"box":{"x":121,"y":875,"width":763,"height":13}},{"id":"d9fa557d-8f88-4964-997c-7a3a86a1319e","block_type":"box","text":"and to the extent necessary reimbursing the other operating costs of each class of Shares), any","page_number":36,"box":{"x":121,"y":891,"width":763,"height":13}},{"id":"e84de3fd-82a0-41ad-bbc7-2b2a46a85358","block_type":"box","text":"M-40331875-102","page_number":37,"box":{"x":121,"y":948,"width":101,"height":7}},{"id":"cc621dd3-4353-4119-900c-fc9c6ec2945e","block_type":"box","text":"37","page_number":37,"box":{"x":492,"y":949,"width":15,"height":8}},{"id":"07a42009-3cb8-4401-acbd-6f1cce5f74ad","block_type":"box","text":"additional fees, ordinary costs or expenses over the Fixed Rate that may arise in respect of the","page_number":37,"box":{"x":121,"y":88,"width":763,"height":13}},{"id":"088bfa4e-ca81-44be-9ac7-dc3c90104a49","block_type":"box","text":"actual cost of management and operation of the Sub-Fund attributable to each class of Shares.","page_number":37,"box":{"x":121,"y":105,"width":763,"height":13}},{"id":"3d7a8b7d-78cb-4196-8ac3-a682e931791d","block_type":"box","text":"The Manager may from time to time elect to increase the Fixed Rate of any class of Shares","page_number":37,"box":{"x":121,"y":121,"width":763,"height":13}},{"id":"b3fc0048-34f3-4094-a990-bcb5f8cf1375","block_type":"box","text":"(provided that it may not increase the aggregate fees payable to itself and the Investment","page_number":37,"box":{"x":121,"y":138,"width":763,"height":12}},{"id":"da3aeae8-451d-49d3-bd95-43df44dd5948","block_type":"box","text":"Manager as set out above without prior Shareholder approval) by notice to the Fund, and the","page_number":37,"box":{"x":121,"y":154,"width":763,"height":13}},{"id":"058cb01f-9184-40e2-b077-b99eeedb0ee7","block_type":"box","text":"Fund will notify the holders of the relevant class of Shares if the Fixed Rate is to be increased","page_number":37,"box":{"x":121,"y":170,"width":763,"height":13}},{"id":"abab7501-1b8a-4b5c-839f-b65fe087f159","block_type":"box","text":"and the increase shall take effect 90 days after such notice has been given by the Fund.","page_number":37,"box":{"x":121,"y":187,"width":704,"height":13}},{"id":"d896ce4c-b963-4b6e-bd9d-36998045d3f1","block_type":"box","text":"Fees will be accrued on each Dealing Day, be payable monthly in arrears and be calculated","page_number":37,"box":{"x":121,"y":219,"width":763,"height":13}},{"id":"85d7bfba-62a7-478a-9f68-0507df54b98a","block_type":"box","text":"with reference to the average net assets of the Sub-Fund on a monthly basis (i.e. which equals","page_number":37,"box":{"x":121,"y":236,"width":763,"height":13}},{"id":"a10ab7fe-aa52-44de-9b63-0331a97509e1","block_type":"box","text":"the aggregate of the net assets of the Sub-Fund on each Dealing Day during a calendar month","page_number":37,"box":{"x":121,"y":252,"width":763,"height":13}},{"id":"57cc643d-4d68-4084-b9d3-58a4a6f7315a","block_type":"box","text":"divided by the number of Dealing Days in that calendar month). The Manager and the","page_number":37,"box":{"x":121,"y":269,"width":763,"height":13}},{"id":"6776a54e-d742-4bb5-93a9-bc18143d75cc","block_type":"box","text":"Investment Manager shall also be entitled to be repaid all of its reasonable costs and out of","page_number":37,"box":{"x":121,"y":285,"width":763,"height":13}},{"id":"327fc729-3b76-4f9c-b01a-c4ddc296bbfa","block_type":"box","text":"pocket expenses out of the assets of the Sub-Fund. No performance fees will be payable by","page_number":37,"box":{"x":120,"y":301,"width":764,"height":13}},{"id":"c4755a45-6c03-43d9-83f3-f295ef534fbd","block_type":"box","text":"the Sub-Fund to the Manager or the Investment Manager.","page_number":37,"box":{"x":121,"y":318,"width":469,"height":13}},{"id":"279d5b2f-af0b-4e7f-a77d-133a2b8688c3","block_type":"box","text":"The Fixed Rate covers all other fees, costs and expenses connected with the management and","page_number":37,"box":{"x":121,"y":351,"width":763,"height":13}},{"id":"7557e895-c644-4898-b867-47582bb1e034","block_type":"box","text":"operation of the Sub-Fund including, but not limited to, investment management,","page_number":37,"box":{"x":121,"y":367,"width":763,"height":13}},{"id":"8e8cade3-d2e5-4856-8c36-01385aba2dd1","block_type":"box","text":"administration, registration, transfer agency, custody, sub-custody (which fees will be at","page_number":37,"box":{"x":121,"y":383,"width":763,"height":13}},{"id":"a3e9f092-92b3-4fbf-8c70-e479df621f6e","block_type":"box","text":"normal commercial rates) and transfer fees and other fees and expenses incurred in relation to","page_number":37,"box":{"x":121,"y":400,"width":763,"height":13}},{"id":"ce9565fd-c29d-4751-88e5-983bd662c54f","block_type":"box","text":"preparing, translating, printing, publishing and distributing the Prospectus, annual and semi\u0002","page_number":37,"box":{"x":120,"y":416,"width":758,"height":13}},{"id":"0319a710-4298-4d85-9d63-cd688e7df0e0","block_type":"box","text":"annual reports and other documents to the Shareholders, the costs and expenses of obtaining","page_number":37,"box":{"x":121,"y":433,"width":763,"height":13}},{"id":"a461cf6a-6a59-4d73-ba61-5e6be8fb8f70","block_type":"box","text":"authorisations or registrations of the Sub-Fund with any regulatory authority in any jurisdiction,","page_number":37,"box":{"x":121,"y":449,"width":763,"height":13}},{"id":"2a783998-c6d7-4d29-8355-5a677c9ec1a5","block_type":"box","text":"professional fees and expenses, annual audit fees and Directors’ fees.","page_number":37,"box":{"x":120,"y":465,"width":564,"height":13}},{"id":"f02b8d4b-0215-4340-b8ba-f2622464bfda","block_type":"box","text":"The Fixed Rate excludes withholding, stamp duty or other taxes on the investments of the Sub\u0002","page_number":37,"box":{"x":121,"y":498,"width":757,"height":13}},{"id":"812d50ff-6073-4d30-bbc4-837eb4956c2f","block_type":"box","text":"Fund, commissions and brokerage fees incurred with respect to the Sub-Fund’s investments,","page_number":37,"box":{"x":121,"y":515,"width":763,"height":12}},{"id":"9dd37141-d1ab-4f2f-9d6a-abb708f3f378","block_type":"box","text":"interest on borrowings and bank charges incurred in negotiating, effecting or varying the terms","page_number":37,"box":{"x":121,"y":531,"width":763,"height":13}},{"id":"1a04750f-4bcb-450b-96fc-b2643cecd135","block_type":"box","text":"of such borrowings, any commissions charged by intermediaries in relation to an investment","page_number":37,"box":{"x":121,"y":547,"width":763,"height":13}},{"id":"ab2c875e-da91-40b5-a388-0028e1794e9e","block_type":"box","text":"in Shares of the Sub-Fund, any out-of-pocket expenses incurred by any of the service providers","page_number":37,"box":{"x":121,"y":564,"width":763,"height":13}},{"id":"18f9a4bf-daef-45c5-8f6d-29a77915e34a","block_type":"box","text":"on behalf of the Sub-Fund, the establishment and organisation costs of the Fund set out in Part","page_number":37,"box":{"x":121,"y":580,"width":763,"height":13}},{"id":"21aa0610-b2a8-4afd-9880-5da3ebb20d12","block_type":"box","text":"2 of the Prospectus and such extraordinary or exceptional costs and expenses (if any) as may","page_number":37,"box":{"x":121,"y":596,"width":763,"height":13}},{"id":"40659ac0-6521-4d85-9bbe-8444806ec52c","block_type":"box","text":"arise from time to time, such as material litigation in relation to the Fund. Such additional fees,","page_number":37,"box":{"x":121,"y":613,"width":763,"height":13}},{"id":"5252c15b-588b-4e74-b294-309dc5be4d81","block_type":"box","text":"costs or expenses shall be paid out of the assets of the Sub-Fund.","page_number":37,"box":{"x":121,"y":629,"width":527,"height":13}},{"id":"3d6cdc1c-d1c8-4d80-8219-5af23b46d35e","block_type":"box","text":"Any other fees and expenses payable out of the assets of the Sub-Fund are set out in Part 2 of","page_number":37,"box":{"x":121,"y":662,"width":763,"height":13}},{"id":"3a456720-cf67-4657-8587-59f0b5f0f7e1","block_type":"box","text":"the Prospectus.","page_number":37,"box":{"x":121,"y":678,"width":127,"height":13}},{"id":"e778a25d-71da-4c45-84c6-1af9c52db4c8","block_type":"box","text":"Preliminary Charge","page_number":37,"box":{"x":121,"y":711,"width":177,"height":13}},{"id":"29f46c7a-aadd-4fc7-ae92-a23dff7b0aac","block_type":"box","text":"No preliminary charge will be payable on the issue of Shares in the Sub-Fund.","page_number":37,"box":{"x":120,"y":744,"width":637,"height":13}},{"id":"1bd6ca63-36ff-4408-9ee8-25a4e2996a9e","block_type":"box","text":"Exchange Charge","page_number":37,"box":{"x":121,"y":777,"width":157,"height":13}},{"id":"3ff89c94-f325-4d4f-828f-3c3b000cec72","block_type":"box","text":"None.","page_number":37,"box":{"x":120,"y":810,"width":54,"height":10}},{"id":"455525d9-2391-4495-91f4-d17e5c4353bf","block_type":"box","text":"Redemption Charge","page_number":37,"box":{"x":121,"y":843,"width":179,"height":12}},{"id":"9df000f9-e0c8-471a-8b1e-ff302aa2ee35","block_type":"box","text":"None.","page_number":37,"box":{"x":120,"y":876,"width":54,"height":9}},{"id":"c01b2c22-a5f7-4ee9-8a6a-5f7a30dc4e71","block_type":"box","text":"M-40331875-102","page_number":38,"box":{"x":121,"y":948,"width":101,"height":7}},{"id":"319d3602-93bc-4c2d-86cc-0472585d07ce","block_type":"box","text":"38","page_number":38,"box":{"x":492,"y":949,"width":15,"height":8}},{"id":"6cc6f7fa-863b-46c7-b1f0-44cf61d51520","block_type":"box","text":"AVIVA INVESTORS STERLING GOVERNMENT LIQUIDITY FUND","page_number":38,"box":{"x":134,"y":89,"width":737,"height":15}},{"id":"8b2aa312-2470-418c-806d-9661b0c1e42f","block_type":"box","text":"Investment Objective and Policies","page_number":38,"box":{"x":121,"y":124,"width":296,"height":13}},{"id":"ea8c2ae3-7ab3-420d-9cd1-f04c68680f44","block_type":"box","text":"The investment objective of the Sub-Fund is to offer returns in line with money market rates","page_number":38,"box":{"x":121,"y":157,"width":763,"height":13}},{"id":"81dd2c7b-9f60-400b-9f26-4d2d00affc27","block_type":"box","text":"and preserve the value of the investment.","page_number":38,"box":{"x":121,"y":173,"width":335,"height":13}},{"id":"4a61c8b5-65a8-48a9-9905-7c45fe7935ee","block_type":"box","text":"The Sub-Fund is actively managed and will endeavour to achieve its objective by investing","page_number":38,"box":{"x":121,"y":206,"width":763,"height":13}},{"id":"724150af-093b-4439-8b39-b9d4cada1f6c","block_type":"box","text":"primarily in short term government securities and securities issued by agencies or bodies","page_number":38,"box":{"x":120,"y":222,"width":764,"height":13}},{"id":"075ece4c-edc7-4b22-b7a7-f602df018df5","block_type":"box","text":"explicitly guaranteed by the UK Government. The Sub-Fund may also hold such instruments","page_number":38,"box":{"x":121,"y":239,"width":763,"height":13}},{"id":"e927d34d-baf5-40eb-9127-f329d03ea0ec","block_type":"box","text":"as collateral received under reverse repurchase agreements. The performance of the Sub-Fund","page_number":38,"box":{"x":121,"y":255,"width":763,"height":13}},{"id":"736fcdd7-b845-4f15-92b3-1f5aaf90a38c","block_type":"box","text":"will be benchmarked against the SONIA rate.","page_number":38,"box":{"x":121,"y":271,"width":366,"height":13}},{"id":"37f8d91d-11c1-4ff5-ba73-e0d32840542f","block_type":"box","text":"3","page_number":38,"box":{"x":489,"y":272,"width":4,"height":5}},{"id":"2cbfe951-d553-4371-bc27-a8f1ad23ad14","block_type":"box","text":"The Sub-Fund will invest in a diversified portfolio of Sterling denominated government debt","page_number":38,"box":{"x":121,"y":304,"width":763,"height":13}},{"id":"91bf97d0-4ffc-4b1c-811e-e959533fcdba","block_type":"box","text":"and deposits. The Sub-Fund is a LVNAV Short Term Money Market Fund and its investments","page_number":38,"box":{"x":121,"y":321,"width":763,"height":13}},{"id":"6e2d808b-4e91-4cec-acec-34997f3810e4","block_type":"box","text":"will include fixed or floating rate instruments including but not limited to Treasury bills, UK","page_number":38,"box":{"x":121,"y":337,"width":763,"height":13}},{"id":"11a329a1-9600-4f8a-90ef-be808aadad51","block_type":"box","text":"Government debt securities, Repurchase agreements that are at all times fully secured against","page_number":38,"box":{"x":121,"y":353,"width":763,"height":13}},{"id":"f91d33d6-deae-43cb-9bdb-a6b3778d1fa5","block_type":"box","text":"UK Government securities, and overnight deposits with the UK Debt Management Office. The","page_number":38,"box":{"x":121,"y":370,"width":763,"height":13}},{"id":"802c55d7-0068-4b01-9ad6-c878d3a3c11b","block_type":"box","text":"investments shall be denominated in Sterling and may be issued or guaranteed as to principal","page_number":38,"box":{"x":121,"y":386,"width":763,"height":13}},{"id":"1100eb30-233c-444c-9167-6ea8ae0a33dd","block_type":"box","text":"or interest by the UK government and its agencies and instrumentalities.","page_number":38,"box":{"x":121,"y":402,"width":587,"height":13}},{"id":"da434f07-0668-42dc-9e91-05a7dfefb39b","block_type":"box","text":"The investment policy is to invest in a portfolio of Treasury Bills, UK Government securities,","page_number":38,"box":{"x":121,"y":435,"width":763,"height":13}},{"id":"ea22233d-694a-4f99-a349-2a358f50c04e","block_type":"box","text":"Repurchase Agreements that are at all times fully secured against UK Government Securities,","page_number":38,"box":{"x":121,"y":452,"width":763,"height":13}},{"id":"c14763e9-ac45-4d75-9edc-f05805f3715e","block_type":"box","text":"and overnight deposits with the Debt Management Office. Cash may be held on an ancillary","page_number":38,"box":{"x":121,"y":468,"width":763,"height":13}},{"id":"29f987b2-3a00-4966-a675-80b7fc70b85f","block_type":"box","text":"basis. 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When calculating the weighted average maturity of investments,","page_number":38,"box":{"x":121,"y":583,"width":763,"height":13}},{"id":"a59befcd-5a1b-4ab4-9dbb-9ac95e49be34","block_type":"box","text":"the maturity of a floating rate instrument shall be deemed to be its next interest readjustment","page_number":38,"box":{"x":121,"y":599,"width":763,"height":13}},{"id":"c4dc1e26-1853-45f7-90c8-fe36e408b96f","block_type":"box","text":"date. 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(Distributing)","page_number":42,"box":{"x":121,"y":859,"width":188,"height":13}},{"id":"b1596034-4a1a-4db5-8db0-b14ec1f51b36","block_type":"box","text":"£500,000","page_number":42,"box":{"x":363,"y":859,"width":80,"height":12}},{"id":"3baa31aa-1e40-4dc5-a738-489c8833da28","block_type":"box","text":"£500,000","page_number":42,"box":{"x":544,"y":859,"width":80,"height":12}},{"id":"a3e75c4a-5eaf-47f8-8e34-d68265ab9dd3","block_type":"box","text":"None","page_number":42,"box":{"x":725,"y":859,"width":49,"height":10}},{"id":"a75018c9-e7a3-441c-9635-cb6022cfbe23","block_type":"box","text":"Class 4 and Class 8 Shares are only available to those investors who have a separate investment","page_number":42,"box":{"x":121,"y":891,"width":763,"height":13}},{"id":"e35c3545-366b-4546-b988-10b5bf615c06","block_type":"box","text":"M-40331875-102","page_number":43,"box":{"x":121,"y":948,"width":101,"height":7}},{"id":"7095ecaa-e758-4c7f-b48f-387f9c4073f4","block_type":"box","text":"43","page_number":43,"box":{"x":491,"y":949,"width":16,"height":8}},{"id":"be937360-bb66-42c8-81b6-fe2b531a18d3","block_type":"box","text":"mandate with the Investment Manager or any of its affiliates.","page_number":43,"box":{"x":121,"y":88,"width":497,"height":13}},{"id":"71cf1d2a-f6db-4481-ac30-cdeabb1cf731","block_type":"box","text":"Dealing Deadline","page_number":43,"box":{"x":121,"y":121,"width":152,"height":13}},{"id":"27e221bf-bec7-4458-b84d-7b3976a4ab4c","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":43,"box":{"x":123,"y":154,"width":761,"height":13}},{"id":"72cadb42-b659-42bd-859e-00e212beb0ce","block_type":"box","text":"24 December and/or on 31 December in each calendar year, on which Dealing Days the Dealing","page_number":43,"box":{"x":121,"y":170,"width":763,"height":13}},{"id":"3f49258a-d165-4d6c-81b7-e0ffcfba9f6a","block_type":"box","text":"Deadline shall be 12 p.m. (Irish time).","page_number":43,"box":{"x":121,"y":187,"width":312,"height":13}},{"id":"9729f88d-3599-4836-8ae6-af969e6ca18f","block_type":"box","text":"The Investment Manager reserves the right to advance the time of the Dealing Deadline on any","page_number":43,"box":{"x":121,"y":219,"width":763,"height":13}},{"id":"b1785f61-6728-49aa-8b81-51de97dbf4b4","block_type":"box","text":"Business Day such as a Business Day when the principal bond markets close early in advance","page_number":43,"box":{"x":121,"y":236,"width":763,"height":13}},{"id":"ad0b9195-b1ab-4be7-a711-673e40b1e1b7","block_type":"box","text":"of a holiday customarily observed by participants in such markets or in the case of the","page_number":43,"box":{"x":121,"y":252,"width":763,"height":13}},{"id":"2275efdb-6b58-450d-875a-3e5f2fe5b453","block_type":"box","text":"happening of an event outside the control of the Fund which precipitates the early closing of","page_number":43,"box":{"x":121,"y":269,"width":763,"height":13}},{"id":"bfb3e538-9196-4233-9edb-dfacd70ab931","block_type":"box","text":"the principal bond markets. Prior notification of the revised Dealing Deadline will be sent by","page_number":43,"box":{"x":121,"y":285,"width":763,"height":13}},{"id":"f6520e75-b540-407f-81a5-7c0f4a45bd87","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":43,"box":{"x":121,"y":301,"width":763,"height":13}},{"id":"9862bc85-ca6a-45db-906c-5c14ff642ef1","block_type":"box","text":"of an event outside the control of the Fund.","page_number":43,"box":{"x":121,"y":318,"width":352,"height":10}},{"id":"ef47348c-d52e-4e14-adfd-7f657bd2cc17","block_type":"box","text":"The Investment Manager reserves the right to alter the Dealing Deadline. Prior notification of","page_number":43,"box":{"x":121,"y":351,"width":763,"height":13}},{"id":"78228254-dd45-4f36-a078-65a1fe82cf89","block_type":"box","text":"the revised Dealing Deadline shall be sent by email or by post to Shareholders in the event that","page_number":43,"box":{"x":121,"y":367,"width":763,"height":13}},{"id":"91024df0-143c-4ab4-813c-35a01655fa15","block_type":"box","text":"the revised Dealing Deadline is in place on a temporary basis. If introduced on a permanent","page_number":43,"box":{"x":121,"y":383,"width":763,"height":13}},{"id":"a3b7223d-f064-4d38-ae83-15b25b8f2d78","block_type":"box","text":"basis, the Prospectus will be updated and Shareholders will be notified in advance of such","page_number":43,"box":{"x":120,"y":400,"width":764,"height":13}},{"id":"ba9ccf33-755f-4e47-b79a-20da9cb219e5","block_type":"box","text":"changes.","page_number":43,"box":{"x":121,"y":416,"width":74,"height":13}},{"id":"38ae6e0c-3b35-4c4a-8b45-0473d005e28e","block_type":"box","text":"Issue Price for Class 1-8 Shares","page_number":43,"box":{"x":121,"y":449,"width":275,"height":10}},{"id":"a4e256d2-dd33-4886-9fe4-e73f1cecc3e8","block_type":"box","text":"Net Asset Value per Share of the relevant class on the relevant Dealing Day.","page_number":43,"box":{"x":120,"y":482,"width":622,"height":13}},{"id":"b505a40b-3254-4e90-8d22-93962e0699db","block_type":"box","text":"Issue Price for Class W (Accumulating) Shares","page_number":43,"box":{"x":121,"y":515,"width":408,"height":12}},{"id":"1e909d86-440e-45bb-af47-1ce34576f30a","block_type":"box","text":"The Issue Price per Share of the relevant Class shall be £1,000.0000 during the Initial Offer","page_number":43,"box":{"x":121,"y":547,"width":763,"height":13}},{"id":"0b985c40-36dd-41bb-a106-76c16fc8630e","block_type":"box","text":"Period and thereafter the Net Asset Value per Share of the relevant Class on the relevant","page_number":43,"box":{"x":121,"y":564,"width":763,"height":13}},{"id":"ba818336-2936-4528-b460-b093acb29306","block_type":"box","text":"Dealing Day.","page_number":43,"box":{"x":121,"y":580,"width":112,"height":13}},{"id":"76ca68a0-c731-472a-9f3c-887013457c70","block_type":"box","text":"Issue Price for Class W (Distributing) Shares","page_number":43,"box":{"x":121,"y":613,"width":392,"height":13}},{"id":"21a0539a-fdf8-44c0-9826-b876bb16f1e3","block_type":"box","text":"The Issue Price per Share of the Class W (Distributing) Shares shall be £1.0000 during the","page_number":43,"box":{"x":121,"y":646,"width":763,"height":13}},{"id":"6d29f53d-f73f-407a-bc42-199fab01726c","block_type":"box","text":"Initial Offer Period and thereafter the Net Asset Value per Share of the relevant Class on the","page_number":43,"box":{"x":121,"y":662,"width":763,"height":13}},{"id":"7e0ac775-9b16-41e9-bd48-239a4673e58e","block_type":"box","text":"relevant Dealing Day.","page_number":43,"box":{"x":121,"y":678,"width":182,"height":13}},{"id":"ab99e5d4-7ab0-44d7-9eba-123684ebb022","block_type":"box","text":"Offer Period for Class 1-8 Shares","page_number":43,"box":{"x":121,"y":711,"width":291,"height":10}},{"id":"d43b616a-f256-4b7c-b754-9fa1ebb67d8a","block_type":"box","text":"Shares are continuously available for subscriptions on any Dealing Day.","page_number":43,"box":{"x":122,"y":744,"width":586,"height":13}},{"id":"23c0b5f9-58bd-44b6-b90b-7c31888c375c","block_type":"box","text":"Offer Period for Class W (Accumulating) and Class W (Distributing) Shares","page_number":43,"box":{"x":121,"y":777,"width":661,"height":13}},{"id":"63563773-f586-44b8-aebf-01b966886a33","block_type":"box","text":"The Initial Offer Period for Class W (Accumulating) and Class W (Distributing) Shares will","page_number":43,"box":{"x":121,"y":810,"width":763,"height":12}},{"id":"95cb11ed-0d39-4575-a933-71b5640a3ba0","block_type":"box","text":"run from 9.00 am (Irish Time) on 3 October 2023 to 5.00 pm (Irish Time) on 3 April 2024 or","page_number":43,"box":{"x":121,"y":826,"width":763,"height":13}},{"id":"28bdadcf-5db2-4dd2-ae9c-66d2027ae027","block_type":"box","text":"such a shorter or longer period for each Class as the Directors may determine on behalf of the","page_number":43,"box":{"x":121,"y":842,"width":763,"height":13}},{"id":"3bc41c01-b574-4bf8-a7c6-93cd8ed512c2","block_type":"box","text":"Sub-Fund (in accordance with the requirements of the Central Bank) and notify to the","page_number":43,"box":{"x":122,"y":859,"width":762,"height":13}},{"id":"422da029-12cd-465f-8b24-98e9c6958871","block_type":"box","text":"Administrator for a class. Where the offer period is shortened or extended, the Fund will notify","page_number":43,"box":{"x":121,"y":875,"width":763,"height":13}},{"id":"370a72d8-adff-4c4d-a321-3f853a5fd9b4","block_type":"box","text":"the Central Bank, where required, in accordance with the Central Banks requirements. After","page_number":43,"box":{"x":121,"y":891,"width":763,"height":13}},{"id":"a1378a8b-0fef-440c-abc5-843151ea2c63","block_type":"box","text":"M-40331875-102","page_number":44,"box":{"x":121,"y":948,"width":101,"height":7}},{"id":"0e3adf5b-7d19-413e-80c2-e3adeba9b99f","block_type":"box","text":"44","page_number":44,"box":{"x":491,"y":949,"width":16,"height":8}},{"id":"9674b853-7eae-4414-9158-44a31ebf87aa","block_type":"box","text":"the Initial Offer Period, shares will be continuously available for subscriptions on any dealing","page_number":44,"box":{"x":121,"y":88,"width":763,"height":13}},{"id":"aeaa3c53-2f24-42e1-b568-fe5f6926eb75","block_type":"box","text":"day.","page_number":44,"box":{"x":121,"y":105,"width":39,"height":13}},{"id":"c9a1e327-0706-450c-8f8c-b186ae1f1dcb","block_type":"box","text":"Minimum Fund Size","page_number":44,"box":{"x":121,"y":138,"width":181,"height":10}},{"id":"52a1a48e-2880-446f-b85a-3cf922aeb267","block_type":"box","text":"£10,000,000.","page_number":44,"box":{"x":121,"y":171,"width":110,"height":12}},{"id":"ed146e2b-dc12-4353-9f74-4917747235a7","block_type":"box","text":"Minimum Initial Subscription and Minimum Holding","page_number":44,"box":{"x":121,"y":203,"width":467,"height":13}},{"id":"450034df-46f8-46c2-ba68-9c101f66e4b6","block_type":"box","text":"The Minimum Initial Subscription and Minimum Holding in respect of each class of Shares","page_number":44,"box":{"x":121,"y":236,"width":763,"height":13}},{"id":"60963fd3-3630-4173-9d50-59235b575dde","block_type":"box","text":"shall be as set out above, or such lower amount as the Directors may from time to time","page_number":44,"box":{"x":121,"y":252,"width":763,"height":13}},{"id":"8d616cee-f03f-4c98-8ae4-39e73dc44ba3","block_type":"box","text":"determine.","page_number":44,"box":{"x":121,"y":269,"width":90,"height":10}},{"id":"b1ee8ad4-4a60-4b56-bedb-1f147ab72cdc","block_type":"box","text":"Settlement Date for Class 1-8 Shares","page_number":44,"box":{"x":122,"y":302,"width":318,"height":10}},{"id":"7200a634-8047-4ef4-a505-a72b9a7c05a9","block_type":"box","text":"In the case of subscription(s), a completed Subscription Form (and in the case of an initial","page_number":44,"box":{"x":121,"y":334,"width":763,"height":13}},{"id":"3dd0a6b5-9995-4a11-ac88-c677fb23200a","block_type":"box","text":"investment, a completed Application Form) must have been received and accepted by the Fund","page_number":44,"box":{"x":121,"y":351,"width":763,"height":13}},{"id":"3465352d-c189-4f43-b7d9-1851dcf2d03e","block_type":"box","text":"care of the Administrator on the Business Day immediately preceding the Dealing Day, unless","page_number":44,"box":{"x":121,"y":367,"width":763,"height":13}},{"id":"63acafdc-e246-468b-bd94-618131166c69","block_type":"box","text":"otherwise approved by the Directors and provided the completed Subscription Form is received","page_number":44,"box":{"x":121,"y":383,"width":763,"height":13}},{"id":"a0c17ab8-5150-4a7f-97e8-6b43fbaa3503","block_type":"box","text":"before the relevant Valuation Point. Cleared funds must be received by the Fund’s close of","page_number":44,"box":{"x":120,"y":400,"width":764,"height":13}},{"id":"a03212fb-c321-47a5-beb0-e0ff2b870c96","block_type":"box","text":"bank business on the Dealing Day. If cleared funds are not received by the Fund’s close of","page_number":44,"box":{"x":120,"y":416,"width":764,"height":13}},{"id":"ef8fcc2e-7243-404e-8aa6-4f69158a8182","block_type":"box","text":"bank business on the Dealing Day, then any interest costs and/or directly related charges will","page_number":44,"box":{"x":120,"y":433,"width":764,"height":13}},{"id":"7afb8ca1-21f1-4e34-829d-86cb7b68f79b","block_type":"box","text":"be reimbursed by the subscriber unless otherwise agreed by the Directors at their absolute","page_number":44,"box":{"x":120,"y":449,"width":764,"height":13}},{"id":"a7eba129-7e21-4657-a92c-89e13f4dba42","block_type":"box","text":"discretion.","page_number":44,"box":{"x":121,"y":465,"width":89,"height":10}},{"id":"34b1cca7-3ab7-4ddc-87d1-396ec27a2e7d","block_type":"box","text":"In the case of redemptions, proceeds will usually be paid by telegraphic transfer to a specified","page_number":44,"box":{"x":121,"y":498,"width":763,"height":13}},{"id":"bbedf7a7-3771-42c6-af47-a3991b292da6","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":44,"box":{"x":121,"y":515,"width":763,"height":12}},{"id":"7394669a-b50c-4511-b2da-098f34176db1","block_type":"box","text":"Business Days) after the receipt of the relevant duly signed redemption documentation.","page_number":44,"box":{"x":121,"y":531,"width":708,"height":13}},{"id":"3e40896f-e5d9-419c-a377-3dd1bd200566","block_type":"box","text":"Settlement Date for Class W (Accumulating) and Class W (Distributing) Shares","page_number":44,"box":{"x":122,"y":564,"width":688,"height":13}},{"id":"ba9ca3a7-37e8-40d3-8ee4-1792b2ee16b0","block_type":"box","text":"In the case of subscription(s), a completed Subscription Form (and in the case of an initial","page_number":44,"box":{"x":121,"y":596,"width":763,"height":13}},{"id":"f8c0055d-e590-4734-b708-19e5ad252c38","block_type":"box","text":"investment, a completed Application Form) must have been received and accepted by the Fund","page_number":44,"box":{"x":121,"y":613,"width":763,"height":13}},{"id":"318adddf-1f94-4351-843c-bc82a456f205","block_type":"box","text":"care of the Administrator on the Business Day immediately preceding the Dealing Day, unless","page_number":44,"box":{"x":121,"y":629,"width":763,"height":13}},{"id":"2548485d-9923-4b77-8486-8ff0bdcb1681","block_type":"box","text":"otherwise approved by the Directors and provided the completed Subscription Form is received","page_number":44,"box":{"x":121,"y":646,"width":763,"height":13}},{"id":"782b61cc-b15c-4173-8706-56441d1b1dd1","block_type":"box","text":"before the relevant Valuation Point. Cleared funds must be received by the Fund’s close of","page_number":44,"box":{"x":120,"y":662,"width":764,"height":13}},{"id":"62c62f37-2c5b-4a9d-90ab-95ecc65217e3","block_type":"box","text":"bank business on the Business Day following the relevant Dealing Day. If cleared funds are","page_number":44,"box":{"x":120,"y":678,"width":764,"height":13}},{"id":"b3439c2f-3f6f-4e8b-8983-a00198285211","block_type":"box","text":"not received by the Fund’s close of bank business on the Business Day following the relevant","page_number":44,"box":{"x":121,"y":695,"width":763,"height":13}},{"id":"8b6c8903-d390-47b5-a7b0-b75d8feb224c","block_type":"box","text":"Dealing Day, then any interest costs and/or directly related charges will be reimbursed by the","page_number":44,"box":{"x":121,"y":711,"width":763,"height":13}},{"id":"c18605c2-9012-4cd0-9e42-4cde66433f66","block_type":"box","text":"subscriber unless otherwise agreed by the Directors at their absolute discretion.","page_number":44,"box":{"x":121,"y":728,"width":763,"height":13}},{"id":"bb80cdbf-6fcb-4233-b173-70dffec073f0","block_type":"box","text":"In the case of redemptions, proceeds will usually be paid by telegraphic transfer to a specified","page_number":44,"box":{"x":121,"y":760,"width":763,"height":13}},{"id":"012f3aa0-597b-4d3c-94d3-92d9b66a785b","block_type":"box","text":"account at the Shareholder’s risk on the Business Day following the relevant Dealing Day (and","page_number":44,"box":{"x":121,"y":777,"width":763,"height":13}},{"id":"4e413c04-a000-46b5-a5c6-6a56cca7434f","block_type":"box","text":"in any event no later than 10 Business Days) after the receipt of the relevant duly signed","page_number":44,"box":{"x":121,"y":793,"width":763,"height":13}},{"id":"0321e030-00c6-43af-be23-fcc478227879","block_type":"box","text":"redemption documentation.","page_number":44,"box":{"x":121,"y":810,"width":226,"height":12}},{"id":"e10e87f5-2894-48aa-9d6f-c2a232437b5e","block_type":"box","text":"Valuation Point","page_number":44,"box":{"x":121,"y":843,"width":141,"height":9}},{"id":"e34c4bc4-7c46-450b-8ab0-6c787dcc3a4d","block_type":"box","text":"1 p.m. (Irish time) on each Dealing 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below.","page_number":45,"box":{"x":121,"y":138,"width":306,"height":10}},{"id":"d1b8b0de-76b2-441e-806d-59328b58f336","block_type":"box","text":"Class of Shares","page_number":45,"box":{"x":121,"y":171,"width":136,"height":9}},{"id":"30724495-427f-41fd-8d68-defb1ce6d94f","block_type":"box","text":"Annual Charges and Expenses","page_number":45,"box":{"x":363,"y":171,"width":267,"height":12}},{"id":"98806208-edfe-4066-8a23-b11ddbe72370","block_type":"box","text":"Class 1","page_number":45,"box":{"x":121,"y":203,"width":63,"height":10}},{"id":"4a6dab98-049b-41ad-ae5a-7883611e18c7","block_type":"box","text":"0.20% of the Net Asset Value of the Class 1 Shares","page_number":45,"box":{"x":363,"y":203,"width":419,"height":10}},{"id":"8d479d6c-c170-4446-9d78-f7ffad2ea312","block_type":"box","text":"Class 2","page_number":45,"box":{"x":121,"y":219,"width":63,"height":11}},{"id":"e0a0b263-e298-446d-8f43-c57ebca3395c","block_type":"box","text":"0.15% of the Net Asset Value of the Class 2 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equivalent to the fees payable to the Manager as set","page_number":45,"box":{"x":120,"y":482,"width":764,"height":13}},{"id":"33335cc6-fb93-4d22-adf9-a408987ed34c","block_type":"box","text":"out above (the “Fixed Rate”). The Manager will absorb (directly by first the waiver of its fees","page_number":45,"box":{"x":121,"y":498,"width":763,"height":13}},{"id":"1b03ad7c-3a41-4d2d-a72c-9cb00a233840","block_type":"box","text":"and to the extent necessary reimbursing the other operating costs of each class of Shares), any","page_number":45,"box":{"x":121,"y":515,"width":763,"height":12}},{"id":"bebddff5-ef36-4a3f-822e-51880ff6b4d1","block_type":"box","text":"additional fees, ordinary costs or expenses over the Fixed Rate that may arise in respect of the","page_number":45,"box":{"x":121,"y":531,"width":763,"height":13}},{"id":"2b58990d-6454-4ad0-b177-20d323c7200d","block_type":"box","text":"actual cost of management and operation of the Sub-Fund attributable to each class of Shares.","page_number":45,"box":{"x":121,"y":547,"width":763,"height":13}},{"id":"d09ee4cf-4329-4bf2-9af1-cd499ab4ea58","block_type":"box","text":"The Manager may from time to time elect to increase the Fixed Rate of any class of Shares","page_number":45,"box":{"x":121,"y":564,"width":763,"height":13}},{"id":"23203326-242e-4572-87a7-5da92bc19466","block_type":"box","text":"(provided that it may not increase the aggregate fees payable to itself and the Investment","page_number":45,"box":{"x":121,"y":580,"width":763,"height":13}},{"id":"296d264c-9b7e-41d0-9f63-333ba086cb7f","block_type":"box","text":"Manager as set out above without prior Shareholder approval) by notice to the Fund, and the","page_number":45,"box":{"x":121,"y":596,"width":763,"height":13}},{"id":"65157b43-00eb-4d58-be4b-901f809b945b","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":45,"box":{"x":121,"y":613,"width":763,"height":13}},{"id":"0b3dd790-8a3f-4d01-8418-6757b488a8f9","block_type":"box","text":"and the increase shall take effect 90 days after such notice has been given by the Fund.","page_number":45,"box":{"x":121,"y":629,"width":704,"height":13}},{"id":"9c9fcbab-8d6b-40da-b19a-fbd009fcf4d6","block_type":"box","text":"Fees will be accrued on each Dealing Day, be payable monthly in arrears and be calculated","page_number":45,"box":{"x":121,"y":662,"width":763,"height":13}},{"id":"448c843c-5c7e-4978-b240-fbb004b760e8","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":45,"box":{"x":121,"y":678,"width":763,"height":13}},{"id":"6a3ce18d-1364-4abd-ada1-f1ffc61dc175","block_type":"box","text":"the aggregate of the net assets of the Sub-Fund on each Dealing Day during a calendar month","page_number":45,"box":{"x":121,"y":695,"width":763,"height":13}},{"id":"364d8396-01b1-45bb-89e5-822a12553785","block_type":"box","text":"divided by the number of Dealing Days in that calendar month). The Manager and the","page_number":45,"box":{"x":121,"y":711,"width":763,"height":13}},{"id":"cb794e27-3823-40f2-8c86-097676986d2a","block_type":"box","text":"Investment Manager shall also be entitled to be repaid all of its reasonable costs and out of","page_number":45,"box":{"x":121,"y":728,"width":763,"height":13}},{"id":"43edefee-a006-48df-9291-f2d51ad1c805","block_type":"box","text":"pocket expenses out of the assets of the Sub-Fund. No performance fees will be payable by","page_number":45,"box":{"x":120,"y":744,"width":764,"height":13}},{"id":"157ccdfb-e5c9-4af4-9797-9d6301ef677c","block_type":"box","text":"the Sub-Fund to the Manager or the Investment Manager.","page_number":45,"box":{"x":121,"y":760,"width":469,"height":13}},{"id":"442fbe73-4973-4611-8ebf-5f0bc319f107","block_type":"box","text":"The Fixed Rate covers all other fees, costs and expenses connected with the management and","page_number":45,"box":{"x":121,"y":793,"width":763,"height":13}},{"id":"5683de68-9b3a-4179-a143-66441e49e829","block_type":"box","text":"operation of the Sub-Fund including, but not limited to, investment management,","page_number":45,"box":{"x":121,"y":810,"width":763,"height":12}},{"id":"e17aabb9-c063-484e-9191-7ad4489bef34","block_type":"box","text":"administration, registration, transfer agency, custody, sub-custody (which fees will be at","page_number":45,"box":{"x":121,"y":826,"width":763,"height":13}},{"id":"078c4bb8-9077-4509-b23f-6d0fe99cf25c","block_type":"box","text":"normal commercial rates) and transfer fees and other fees and expenses incurred in relation to","page_number":45,"box":{"x":121,"y":842,"width":763,"height":13}},{"id":"dd91c29c-fa30-42ba-8f76-61a34578bbeb","block_type":"box","text":"preparing, translating, printing, publishing and distributing the Prospectus, annual and semi\u0002","page_number":45,"box":{"x":120,"y":859,"width":758,"height":13}},{"id":"69de0cba-95c5-4a46-ace4-7171dd157306","block_type":"box","text":"annual reports and other documents to the Shareholders, the costs and expenses of obtaining","page_number":45,"box":{"x":121,"y":875,"width":763,"height":13}},{"id":"7b7947d9-0b99-4652-8285-6c65488a7d0f","block_type":"box","text":"M-40331875-102","page_number":46,"box":{"x":121,"y":948,"width":101,"height":7}},{"id":"f20ac5f4-5849-4e1a-b7fa-75e0a97d9f55","block_type":"box","text":"46","page_number":46,"box":{"x":491,"y":949,"width":16,"height":8}},{"id":"ba552fc3-a824-47fd-b235-d91dfb7d8992","block_type":"box","text":"authorisations or registrations of the Sub-Fund with any regulatory authority in any jurisdiction,","page_number":46,"box":{"x":121,"y":88,"width":763,"height":13}},{"id":"69995663-3c0e-46cf-aee2-ba7bc7f1da98","block_type":"box","text":"professional fees and expenses, annual audit fees and Directors’ fees.","page_number":46,"box":{"x":120,"y":105,"width":564,"height":13}},{"id":"a6521d21-fd5b-4b4a-aded-05f586d4e43f","block_type":"box","text":"The Fixed Rate excludes withholding, stamp duty or other taxes on the investments of the Sub\u0002","page_number":46,"box":{"x":121,"y":138,"width":757,"height":12}},{"id":"c9e6d5c1-0562-4f9b-891c-aba934dcd597","block_type":"box","text":"Fund, commissions and brokerage fees incurred with respect to the Sub-Fund’s investments,","page_number":46,"box":{"x":121,"y":154,"width":763,"height":13}},{"id":"5045d1c2-c6ea-488e-9ccd-e337e550ca72","block_type":"box","text":"interest on borrowings and bank charges incurred in negotiating, effecting or varying the terms","page_number":46,"box":{"x":121,"y":170,"width":763,"height":13}},{"id":"4b4da9eb-4a40-481d-b8d3-9a1eff5b17a1","block_type":"box","text":"of such borrowings, any commissions charged by intermediaries in relation to an investment","page_number":46,"box":{"x":121,"y":187,"width":763,"height":13}},{"id":"898b2ba3-94af-48c3-9ade-bad2a10a3d7d","block_type":"box","text":"in Shares of the Sub-Fund, any out-of-pocket expenses incurred by any of the service providers","page_number":46,"box":{"x":121,"y":203,"width":763,"height":13}},{"id":"eb7f8dd4-0907-4502-bf93-2a938fd9d704","block_type":"box","text":"on behalf of the Sub-Fund, the establishment and organisation costs of the Fund set out in Part","page_number":46,"box":{"x":121,"y":219,"width":763,"height":13}},{"id":"f85a4bd4-d00f-456e-9ceb-5a69b9453569","block_type":"box","text":"2 of the Prospectus and such extraordinary or exceptional costs and expenses (if any) as may","page_number":46,"box":{"x":121,"y":236,"width":763,"height":13}},{"id":"3bd34db9-e1fa-4f4d-8800-47aeb8b93f20","block_type":"box","text":"arise from time to time, such as material litigation in relation to the Fund. 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This benchmark has been selected as a comparator for performance measurement because it is representative of the","page_number":47,"box":{"x":121,"y":892,"width":757,"height":9}},{"id":"e409406d-5719-4c91-baf2-ea88e583e05d","block_type":"box","text":"level of return that is achievable by investing in liquid money market securities.","page_number":47,"box":{"x":121,"y":904,"width":481,"height":10}},{"id":"b3f1fa92-460f-417c-90cc-7f970c538a88","block_type":"box","text":"M-40331875-102","page_number":48,"box":{"x":121,"y":948,"width":101,"height":7}},{"id":"f2219bff-3a63-47ae-acc8-8e14a18d87f0","block_type":"box","text":"48","page_number":48,"box":{"x":491,"y":949,"width":16,"height":8}},{"id":"1fab2c38-ee3f-4138-9d9b-245ca2254487","block_type":"box","text":"Settlements, or any other relevant international financial institution or organisation to which","page_number":48,"box":{"x":122,"y":88,"width":762,"height":13}},{"id":"ab0e92c5-f902-4136-8ce6-a56781cdc081","block_type":"box","text":"one or more Member States belong.","page_number":48,"box":{"x":121,"y":105,"width":293,"height":13}},{"id":"4f7cdc70-1e13-4d72-b52e-d4881de90b32","block_type":"box","text":"The weighted average maturity of the Sub-Fund's investments will not exceed 60 days and in","page_number":48,"box":{"x":121,"y":138,"width":763,"height":12}},{"id":"39d10f34-9978-41d2-9391-29351d031bb7","block_type":"box","text":"any event the Sub-Fund’s investments will have a residual maturity until the legal redemption","page_number":48,"box":{"x":121,"y":154,"width":763,"height":13}},{"id":"b6f71935-5dc6-415f-929a-5955cef33df9","block_type":"box","text":"date not exceeding 397 days. When calculating the weighted average maturity of investments,","page_number":48,"box":{"x":121,"y":170,"width":763,"height":13}},{"id":"f2ce34b0-285e-4b4a-8de3-9eecc032ba41","block_type":"box","text":"the maturity of a floating rate instrument shall be deemed to be its next interest readjustment","page_number":48,"box":{"x":121,"y":187,"width":763,"height":13}},{"id":"251dcd04-4d5d-4587-8bb9-60a6c4e6e60a","block_type":"box","text":"date (which shall be at least every 397 days). The weighted average life of the Sub-Fund’s","page_number":48,"box":{"x":121,"y":203,"width":763,"height":13}},{"id":"58c9359e-67d3-4d9f-9959-af78ca0b41e9","block_type":"box","text":"investments will not exceed 120 days.","page_number":48,"box":{"x":121,"y":219,"width":311,"height":13}},{"id":"eb3e7205-a5b9-4bd2-8d5a-c6c9db94445a","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":48,"box":{"x":121,"y":252,"width":763,"height":13}},{"id":"bb3c6a23-ae92-4095-942e-497005a07ed8","block_type":"box","text":"Funds.","page_number":48,"box":{"x":121,"y":269,"width":59,"height":10}},{"id":"44ff3046-0431-4177-8631-9eca5e65d974","block_type":"box","text":"The Sub-Fund may also hold ancillary liquid assets such as bank deposits.","page_number":48,"box":{"x":121,"y":301,"width":603,"height":13}},{"id":"0193bd76-7848-4ca9-95ac-938f62950630","block_type":"box","text":"The Sub-Fund is subject to and managed in accordance with the portfolio rules of Article 24","page_number":48,"box":{"x":121,"y":334,"width":763,"height":13}},{"id":"dc1e66c8-9306-49bd-b307-dbec3b12f867","block_type":"box","text":"of the Money Market Fund Regulation.","page_number":48,"box":{"x":121,"y":351,"width":322,"height":13}},{"id":"3ace3447-47fb-4f2a-8429-8f4bb57030a2","block_type":"box","text":"Investment Restrictions","page_number":48,"box":{"x":121,"y":384,"width":209,"height":9}},{"id":"f1f04cc9-b786-4e35-ad4b-bde147c1e647","block_type":"box","text":"The investment restrictions are as prescribed in the Money Market Fund Regulation as set out","page_number":48,"box":{"x":121,"y":416,"width":763,"height":13}},{"id":"d56fa4d7-6261-4113-b76d-7be36d0ac3cc","block_type":"box","text":"in Appendix IV of the Prospectus.","page_number":48,"box":{"x":121,"y":433,"width":280,"height":12}},{"id":"2cb10ed7-89f1-4afb-92de-166aa13079c6","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":48,"box":{"x":121,"y":465,"width":763,"height":13}},{"id":"15bcabc0-b7a0-427c-aa52-4ca3cc99a256","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":48,"box":{"x":121,"y":482,"width":763,"height":13}},{"id":"c9463a94-6653-4d69-a02d-064a913dd271","block_type":"box","text":"shares of any single Short Term Money Market Fund.","page_number":48,"box":{"x":121,"y":498,"width":432,"height":13}},{"id":"6c1245a1-2bed-4c0a-80b6-f34076f1546a","block_type":"box","text":"The Directors may from time to time impose such further investment restrictions as shall be","page_number":48,"box":{"x":121,"y":531,"width":763,"height":13}},{"id":"0c204c62-9839-4cb8-b314-1895962b9403","block_type":"box","text":"compatible with or in the interests of Shareholders, in order to comply with the laws and","page_number":48,"box":{"x":121,"y":547,"width":763,"height":13}},{"id":"8021d92c-47f5-43b6-bd76-3d9e377426b0","block_type":"box","text":"regulations of the countries where Shareholders are located. 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The Sub-Fund may not lend to, or act as guarantor on","page_number":48,"box":{"x":121,"y":646,"width":763,"height":13}},{"id":"45da9889-9a6f-48f9-b5a7-f07f44b5c79b","block_type":"box","text":"behalf of third parties.","page_number":48,"box":{"x":120,"y":662,"width":185,"height":13}},{"id":"0695e950-608f-4d0e-8266-4f963c67f953","block_type":"box","text":"Efficient Portfolio Management","page_number":48,"box":{"x":121,"y":695,"width":278,"height":13}},{"id":"6cc3fc7a-73b6-4198-a32c-4b9635aca411","block_type":"box","text":"Subject to the Regulations and to the conditions within the limits laid down by the Central","page_number":48,"box":{"x":122,"y":728,"width":762,"height":13}},{"id":"a535de9d-84c2-433b-9464-6488ccb2b9aa","block_type":"box","text":"Bank from time to time, the Sub-Fund may invest in financial derivative instruments dealt in","page_number":48,"box":{"x":121,"y":744,"width":763,"height":13}},{"id":"b4e4f764-c3ab-4519-8e90-e7d5b09c1757","block_type":"box","text":"on a Market listed in Appendix II of the Prospectus and/or over the counter derivatives “OTCs”","page_number":48,"box":{"x":121,"y":760,"width":763,"height":13}},{"id":"62ad613a-e093-45c3-8594-9cb86106fe78","block_type":"box","text":"which will be used solely for the purposes of hedging interest rate or exchange rate risks","page_number":48,"box":{"x":121,"y":777,"width":763,"height":13}},{"id":"4b4ac0eb-4951-4ff3-be48-37b560fab0ee","block_type":"box","text":"inherent in other investments of the Sub-Fund The underlying of such derivative instruments","page_number":48,"box":{"x":121,"y":793,"width":763,"height":13}},{"id":"5140993b-8df5-457f-86da-33eb730ab7ef","block_type":"box","text":"will be interest rates, foreign exchange rates, currencies or indices representing one of those","page_number":48,"box":{"x":121,"y":810,"width":763,"height":12}},{"id":"087afce1-3350-4caa-9526-a5d1f73bccbb","block_type":"box","text":"categories. 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The Directors may at their discretion adjust dividends","page_number":50,"box":{"x":121,"y":875,"width":763,"height":13}},{"id":"2b444eee-927a-41a4-9f95-bb608d8f0fb2","block_type":"box","text":"to take account of realised and unrealised profits on the disposal / valuation of investments as","page_number":50,"box":{"x":121,"y":891,"width":763,"height":13}},{"id":"27564068-fdd8-43b7-8c6a-38ded6db7ae9","block_type":"box","text":"M-40331875-102","page_number":51,"box":{"x":121,"y":948,"width":101,"height":7}},{"id":"ff1c5a51-b749-419e-9999-f342783965bf","block_type":"box","text":"51","page_number":51,"box":{"x":492,"y":949,"width":14,"height":8}},{"id":"34d69767-5685-4841-914d-18a9084ada7c","block_type":"box","text":"may be lawfully distributed less realised/ unrealised losses (including fees and expenses) of the","page_number":51,"box":{"x":121,"y":88,"width":763,"height":13}},{"id":"890b7ffa-03bd-4eab-835a-431b5be8d1ae","block_type":"box","text":"Sub-Fund. 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500,000","page_number":52,"box":{"x":605,"y":186,"width":85,"height":13}},{"id":"ae9d2e74-2775-4005-b1c5-72c2701c9fbe","block_type":"box","text":"None","page_number":52,"box":{"x":786,"y":187,"width":48,"height":10}},{"id":"3f5ffa56-e7d5-47e5-ada2-19d987afbd97","block_type":"box","text":"Class W USD (Distributing) $ 500,000","page_number":52,"box":{"x":121,"y":203,"width":327,"height":13}},{"id":"5581d559-f139-4001-88b4-3a9de0da8bf7","block_type":"box","text":"$ 500,000","page_number":52,"box":{"x":605,"y":203,"width":85,"height":12}},{"id":"78f7dd1d-936b-40d2-8cbd-9246be226574","block_type":"box","text":"None","page_number":52,"box":{"x":786,"y":204,"width":48,"height":9}},{"id":"65497d59-442f-4e23-aeca-7af63eec05ae","block_type":"box","text":"Class 4 and 8 Shares are only available to those investors who have a separate investment","page_number":52,"box":{"x":121,"y":236,"width":763,"height":13}},{"id":"1bcf8120-44ad-43c6-a6a3-748374fbba48","block_type":"box","text":"mandate with the Investment Manager or any of its affiliates.","page_number":52,"box":{"x":121,"y":252,"width":497,"height":13}},{"id":"6837d309-b574-4934-84df-6dab51ca8dd0","block_type":"box","text":"The Directors may for each relevant class of Shares waive such Minimum Initial Subscription","page_number":52,"box":{"x":121,"y":285,"width":763,"height":13}},{"id":"74a4b254-3f42-43fb-9d2d-dd33bbaab9d4","block_type":"box","text":"and/or Minimum Holding amounts in their absolute discretion.","page_number":52,"box":{"x":121,"y":301,"width":511,"height":13}},{"id":"de2c04a7-d102-4d40-b0d8-373a16468867","block_type":"box","text":"Dealing Deadline","page_number":52,"box":{"x":121,"y":334,"width":152,"height":13}},{"id":"5f78f6f7-5eb7-4b04-8733-4a10eff8d8cb","block_type":"box","text":"1 p.m. (Irish time) on each Dealing Day.","page_number":52,"box":{"x":123,"y":367,"width":330,"height":13}},{"id":"b74c8d36-35e7-4376-9fbd-64af9e2527a9","block_type":"box","text":"The Investment Manager reserves the right to advance the time of the Dealing Deadline on any","page_number":52,"box":{"x":121,"y":400,"width":763,"height":13}},{"id":"7139b3af-e56d-4b32-a8df-5fa816a7d9e1","block_type":"box","text":"Business Day such as a Business Day when the principal bond markets close early in advance","page_number":52,"box":{"x":121,"y":416,"width":763,"height":13}},{"id":"871ca9a7-8f64-4924-8199-c6680e61258a","block_type":"box","text":"of a holiday customarily observed by participants in such markets or in the case of the","page_number":52,"box":{"x":121,"y":433,"width":763,"height":13}},{"id":"b7550761-9720-41b0-8af1-34a94106bbc7","block_type":"box","text":"happening of an event outside the control of the Fund which precipitates the early closing of","page_number":52,"box":{"x":121,"y":449,"width":763,"height":13}},{"id":"f0781cba-5367-4837-b01e-021c67d4bbd2","block_type":"box","text":"the principal bond markets. Prior notification of the revised Dealing Deadline will be sent by","page_number":52,"box":{"x":121,"y":465,"width":763,"height":13}},{"id":"3d900927-0027-44f6-9409-2f0c6f0e3eb7","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":52,"box":{"x":121,"y":482,"width":763,"height":13}},{"id":"1cf71290-12f3-44ea-899f-71befc0643c1","block_type":"box","text":"of an event outside the control of the Fund.","page_number":52,"box":{"x":121,"y":498,"width":352,"height":10}},{"id":"70e09109-d348-4d78-9f63-cc4d84909e3f","block_type":"box","text":"The Investment Manager reserves the right to alter the Dealing Deadline. Prior notification of","page_number":52,"box":{"x":121,"y":531,"width":763,"height":13}},{"id":"e7c2d975-8aa4-465b-99d5-8eb70f194ae9","block_type":"box","text":"the revised Dealing Deadline shall be sent by email or by post to Shareholders in the event that","page_number":52,"box":{"x":121,"y":547,"width":763,"height":13}},{"id":"f58e314e-c27f-4951-9527-eb7d7d354cfb","block_type":"box","text":"the revised Dealing Deadline is in place on a temporary basis. If introduced on a permanent","page_number":52,"box":{"x":121,"y":564,"width":763,"height":13}},{"id":"331a536e-175a-43cb-825b-4007d2bb80e3","block_type":"box","text":"basis, the Prospectus will be updated and Shareholders will be notified in advance of such","page_number":52,"box":{"x":120,"y":580,"width":764,"height":13}},{"id":"401bb1da-48cf-48e3-8e9d-51c1a4f34d71","block_type":"box","text":"changes.","page_number":52,"box":{"x":121,"y":596,"width":74,"height":13}},{"id":"c08711f1-1245-40bd-aec5-f9ddcb5cacf5","block_type":"box","text":"Interim Dealing Cycles","page_number":52,"box":{"x":121,"y":629,"width":203,"height":13}},{"id":"bac2dae4-9959-49d2-ba6f-24d40ba74b7f","block_type":"box","text":"Subject to the section of the Prospectus entitled “Interim Dealing Cycles – Money Market","page_number":52,"box":{"x":122,"y":662,"width":762,"height":13}},{"id":"19215ed4-6acb-4cae-906c-f994e39fa009","block_type":"box","text":"Funds”, the Aviva Investors US Dollar Liquidity Fund intends to run one or more Interim","page_number":52,"box":{"x":121,"y":678,"width":763,"height":13}},{"id":"cc72ae63-0b81-43f3-9960-0f7c13bd0893","block_type":"box","text":"Dealing Cycles on a Dealing Day as the Manager may from time to time determine.","page_number":52,"box":{"x":121,"y":695,"width":680,"height":13}},{"id":"6f543fe2-c268-4849-97c0-58307595f9af","block_type":"box","text":"Issue Price for Class 1-4 Shares and Class W (Distributing) Shares","page_number":52,"box":{"x":121,"y":728,"width":576,"height":13}},{"id":"962050bd-06ea-4d7d-9886-192f9945a3e9","block_type":"box","text":"The Issue Price per Share of the relevant Class shall be $1.0000 during the Initial Offer Period,","page_number":52,"box":{"x":121,"y":760,"width":763,"height":13}},{"id":"40a7db62-1867-4332-9830-b09c296bb4d0","block_type":"box","text":"and thereafter the Net Asset Value per Share of the relevant Class on the relevant Dealing Day.","page_number":52,"box":{"x":121,"y":777,"width":763,"height":13}},{"id":"a3c529db-1071-41a5-8897-7db01c55b2a3","block_type":"box","text":"Issue Price for Class 5-8 Shares and Class W (Accumulating) Shares","page_number":52,"box":{"x":121,"y":810,"width":592,"height":12}},{"id":"52abe262-f4e3-4f63-9412-86673caed687","block_type":"box","text":"The Issue Price per Share of the relevant Class shall be $1,000.0000 during the Initial Offer","page_number":52,"box":{"x":121,"y":842,"width":763,"height":13}},{"id":"5bb4d532-4657-409e-a452-7f5bbadabe96","block_type":"box","text":"Period, and thereafter the Net Asset Value per Share of the relevant Class on the relevant","page_number":52,"box":{"x":121,"y":859,"width":763,"height":13}},{"id":"dd50c580-3cba-47cf-a0c2-512f7c6aff4f","block_type":"box","text":"Dealing Day.","page_number":52,"box":{"x":121,"y":875,"width":112,"height":13}},{"id":"c15fd03a-a11e-474b-a5a2-e80e91c09b97","block_type":"box","text":"M-40331875-102","page_number":53,"box":{"x":121,"y":948,"width":101,"height":7}},{"id":"fe438060-22ce-49fb-82a8-8da89220d5ef","block_type":"box","text":"53","page_number":53,"box":{"x":492,"y":949,"width":15,"height":8}},{"id":"d39f4f0c-b20d-4a0e-ac22-d6578323ede3","block_type":"box","text":"Offer Period for Class 1-4 Shares","page_number":53,"box":{"x":121,"y":89,"width":291,"height":9}},{"id":"42c2f8a6-24d5-4e4a-9dd1-f08ebd53a24c","block_type":"box","text":"Shares are continuously available for subscriptions on any Dealing Day.","page_number":53,"box":{"x":122,"y":121,"width":586,"height":13}},{"id":"229429c1-012f-45a7-8f0b-93679d7d8e7c","block_type":"box","text":"Offer Period for Class 5-8 Shares","page_number":53,"box":{"x":121,"y":154,"width":291,"height":10}},{"id":"62f9d9c4-b0fb-4dfe-80a7-8685cc9b6df6","block_type":"box","text":"The Initial Offer Period for each of Class 5-8 Shares will run from 9.00 am (Irish Time) on 17","page_number":53,"box":{"x":121,"y":187,"width":763,"height":13}},{"id":"efcd584c-9211-4247-a63f-11ed0a39c7b8","block_type":"box","text":"August 2021 to 5.00 pm (Irish Time) on 3 April 2024 or such a shorter or longer period as the","page_number":53,"box":{"x":121,"y":203,"width":763,"height":13}},{"id":"b488c626-c47f-421f-81be-1f90f607cf3d","block_type":"box","text":"Directors may determine on behalf of the Fund and notify to the Administrator for a class.","page_number":53,"box":{"x":121,"y":219,"width":763,"height":13}},{"id":"a22ae8ac-7390-4249-8914-b3b9f2d1c991","block_type":"box","text":"Where the offer period is shortened or extended, the Fund will notify the Central Bank, where","page_number":53,"box":{"x":121,"y":236,"width":763,"height":13}},{"id":"48ed1eba-84f4-42c4-b0e1-31b699c24594","block_type":"box","text":"required, in accordance with the Central Banks requirements. After the Initial Offer Period,","page_number":53,"box":{"x":121,"y":252,"width":763,"height":13}},{"id":"82338cb4-2294-4e3c-aefb-dfe1ef222c0a","block_type":"box","text":"shares will be continuously available for subscriptions on any Dealing day.","page_number":53,"box":{"x":121,"y":269,"width":610,"height":13}},{"id":"140e4280-d9cb-441e-a8dd-ffcf0516227d","block_type":"box","text":"Offer Period for Class W (Accumulating) and Class W (Distributing) Shares","page_number":53,"box":{"x":121,"y":302,"width":661,"height":12}},{"id":"15600272-00f8-44fa-85f1-aa26003abdd2","block_type":"box","text":"The Initial Offer Period Class W (Accumulating) and Class W (Distributing) Shares will run","page_number":53,"box":{"x":121,"y":334,"width":763,"height":13}},{"id":"4479f429-0daf-48de-8000-b7545f8045ce","block_type":"box","text":"from 9.00 am (Irish Time) on 3 October 2023 to 5.00 pm (Irish Time) on 3 April 2024 or such","page_number":53,"box":{"x":121,"y":351,"width":763,"height":13}},{"id":"1426d85f-ec3e-4692-9bd9-7e64f4015321","block_type":"box","text":"a shorter or longer period as the Directors may determine on behalf of the Fund and notify to","page_number":53,"box":{"x":121,"y":367,"width":763,"height":13}},{"id":"e0f65560-35f5-4c9f-9a10-62fe7f64827c","block_type":"box","text":"the Administrator for a class. Where the offer period is shortened or extended, the Fund will","page_number":53,"box":{"x":121,"y":383,"width":763,"height":13}},{"id":"7f0c703f-d8e2-49f5-88b9-1076ac58dbc9","block_type":"box","text":"notify the Central Bank, where required, in accordance with the Central Banks requirements.","page_number":53,"box":{"x":121,"y":400,"width":763,"height":13}},{"id":"647f0840-8781-4e16-9e80-344ed78aa8a4","block_type":"box","text":"After the Initial Offer Period, shares will be continuously available for subscriptions on any","page_number":53,"box":{"x":121,"y":416,"width":763,"height":13}},{"id":"79d2ce2e-bcb4-4734-9fe3-e86d63f472fb","block_type":"box","text":"Dealing day.","page_number":53,"box":{"x":121,"y":433,"width":108,"height":13}},{"id":"88170295-471f-42ec-83d0-137c62619d10","block_type":"box","text":"Minimum Fund Size","page_number":53,"box":{"x":121,"y":466,"width":181,"height":9}},{"id":"200e0082-f223-431f-9e0b-fa952c07a2ee","block_type":"box","text":"$10,000,000.","page_number":53,"box":{"x":122,"y":498,"width":109,"height":12}},{"id":"52f5a92c-aaf7-4d9b-88f8-667bc2de3096","block_type":"box","text":"Minimum Initial Subscription and Minimum Holding","page_number":53,"box":{"x":121,"y":531,"width":467,"height":13}},{"id":"1408dc05-f7b2-4b26-93d9-9e0528088f8c","block_type":"box","text":"The Minimum Initial Subscription and Minimum Holding in respect of each class of Shares","page_number":53,"box":{"x":121,"y":564,"width":763,"height":13}},{"id":"4acd11f0-dd52-44d8-b388-17a419dbb982","block_type":"box","text":"shall be as set out above, or such lower amount as the Directors may from time to time","page_number":53,"box":{"x":121,"y":580,"width":763,"height":13}},{"id":"7ff78369-164f-4d52-b2b1-b541e48deca4","block_type":"box","text":"determine.","page_number":53,"box":{"x":121,"y":596,"width":90,"height":11}},{"id":"60ffe376-5e5e-4cfd-a3cd-29a9f3a6663c","block_type":"box","text":"Settlement Date for Class 1- 8 Shares","page_number":53,"box":{"x":122,"y":629,"width":323,"height":10}},{"id":"aee20956-8115-4805-8f94-b22c5c4a3966","block_type":"box","text":"In the case of subscription(s), a completed Subscription Form (and in the case of an initial","page_number":53,"box":{"x":121,"y":662,"width":763,"height":13}},{"id":"8f7ced4d-be3a-4ce7-a6eb-71224f968a45","block_type":"box","text":"investment, a completed Application Form) must have been received and accepted by the Fund","page_number":53,"box":{"x":121,"y":678,"width":763,"height":13}},{"id":"f551101b-f264-47cf-b37c-72f77d9e5869","block_type":"box","text":"care of the Administrator before the Dealing Deadline for the relevant Dealing Day unless","page_number":53,"box":{"x":121,"y":695,"width":763,"height":13}},{"id":"23caeee4-f462-42e8-bf78-e80685996cd7","block_type":"box","text":"otherwise approved by the Directors and provided the completed Subscription Form is received","page_number":53,"box":{"x":121,"y":711,"width":763,"height":13}},{"id":"d3177a57-bf79-4a75-a9a5-6f6b3f3ae4d1","block_type":"box","text":"before the relevant Valuation Point. Cleared funds must be received by the Fund’s close of","page_number":53,"box":{"x":120,"y":728,"width":764,"height":13}},{"id":"dc6419d7-7f71-41a0-a72f-b2a3e35cecd9","block_type":"box","text":"bank business on the Dealing Day. If cleared funds are not received by the Fund’s close of","page_number":53,"box":{"x":120,"y":744,"width":764,"height":13}},{"id":"39fed724-96cc-4cdb-8d87-e2a8c148c2a0","block_type":"box","text":"bank business on the Dealing Day, then any interest costs and/or directly related charges will","page_number":53,"box":{"x":120,"y":760,"width":764,"height":13}},{"id":"c470811e-639a-4a4c-9f97-13f1b92d8338","block_type":"box","text":"be reimbursed by the subscriber unless otherwise agreed by the Directors at their absolute","page_number":53,"box":{"x":120,"y":777,"width":764,"height":13}},{"id":"77eb4a05-d475-4760-b7be-c21fc8032708","block_type":"box","text":"discretion.","page_number":53,"box":{"x":121,"y":793,"width":89,"height":10}},{"id":"f2a92b50-25ce-4918-a8cc-409325d636f8","block_type":"box","text":"In the case of redemptions, proceeds will usually be paid by telegraphic transfer to a specified","page_number":53,"box":{"x":121,"y":826,"width":763,"height":13}},{"id":"85a6376c-14ac-40c3-8bf6-0cdc8f6362b5","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":53,"box":{"x":121,"y":842,"width":763,"height":13}},{"id":"f410e8c6-1357-4ce9-8b59-ffcb08c50551","block_type":"box","text":"Business Days) after the receipt of the relevant duly signed redemption documentation.","page_number":53,"box":{"x":121,"y":859,"width":708,"height":13}},{"id":"4b3c585b-0a96-4fcc-bfa5-08b19d3c4dbd","block_type":"box","text":"M-40331875-102","page_number":54,"box":{"x":121,"y":948,"width":101,"height":7}},{"id":"fbade35a-7032-4454-99e2-90b09e8ce19e","block_type":"box","text":"54","page_number":54,"box":{"x":492,"y":949,"width":15,"height":8}},{"id":"905bb720-d8c6-4cba-8e8e-3ab1e016c17a","block_type":"box","text":"Settlement Date for Class W (Accumulating) and Class W (Distributing) Shares","page_number":54,"box":{"x":122,"y":89,"width":688,"height":12}},{"id":"0369b1cc-68bf-4ee9-9f36-4ea1b61b3ce0","block_type":"box","text":"In the case of subscription(s), a completed Subscription Form (and in the case of an initial","page_number":54,"box":{"x":121,"y":121,"width":763,"height":13}},{"id":"b1087ad1-29c7-4cc5-ac15-15cad6d331d3","block_type":"box","text":"investment, a completed Application Form) must have been received and accepted by the Fund","page_number":54,"box":{"x":121,"y":138,"width":763,"height":12}},{"id":"ea23aef9-4fbf-429f-894c-619a71c42245","block_type":"box","text":"care of the Administrator before the Dealing Deadline for the relevant Dealing Day unless","page_number":54,"box":{"x":121,"y":154,"width":763,"height":13}},{"id":"219041f2-f995-4521-8cbd-7b678979765a","block_type":"box","text":"otherwise approved by the Directors and provided the completed Subscription Form is received","page_number":54,"box":{"x":121,"y":170,"width":763,"height":13}},{"id":"8c7a6a4d-d536-4a8d-b8fb-de699af78df7","block_type":"box","text":"before the relevant Valuation Point. Cleared funds must be received by the Fund’s close of","page_number":54,"box":{"x":120,"y":187,"width":764,"height":13}},{"id":"642d900e-52e2-4259-adac-ac4d3d528bf8","block_type":"box","text":"bank business on the Business Day following the relevant Dealing Day. If cleared funds are","page_number":54,"box":{"x":120,"y":203,"width":764,"height":13}},{"id":"005f516a-795d-45aa-8703-5beeb942485f","block_type":"box","text":"not received by the Fund’s close of bank business on the Business Day following the relevant","page_number":54,"box":{"x":121,"y":219,"width":763,"height":13}},{"id":"38c3c190-4a48-4d10-998a-6faaacaa03d0","block_type":"box","text":"Dealing Day, then any interest costs and/or directly related charges will be reimbursed by the","page_number":54,"box":{"x":121,"y":236,"width":763,"height":13}},{"id":"3d18e030-e25c-4c5b-9da3-363af4bf5c5d","block_type":"box","text":"subscriber unless otherwise agreed by the Directors at their absolute discretion.","page_number":54,"box":{"x":121,"y":252,"width":637,"height":13}},{"id":"3cf37721-5fbf-475f-87b4-36fd017731c7","block_type":"box","text":"In the case of redemptions, proceeds will usually be paid by telegraphic transfer to a specified","page_number":54,"box":{"x":121,"y":285,"width":763,"height":13}},{"id":"429a33a9-bb3a-46ba-b2cf-1a845074afa3","block_type":"box","text":"account at the Shareholder’s risk on the Business Day following the relevant Dealing Day (and","page_number":54,"box":{"x":121,"y":301,"width":763,"height":13}},{"id":"d7cf3bb8-bdc3-4161-a2eb-361bda9cbe2a","block_type":"box","text":"in any event no later than 10 Business Days) after the receipt of the relevant duly signed","page_number":54,"box":{"x":121,"y":318,"width":763,"height":13}},{"id":"dc1eafc9-3ad3-4d39-9d11-ec1a86b7c733","block_type":"box","text":"redemption documentation.","page_number":54,"box":{"x":121,"y":334,"width":226,"height":13}},{"id":"c11cca57-ea5c-48d6-b204-50a9bb797a6c","block_type":"box","text":"Valuation Point","page_number":54,"box":{"x":121,"y":367,"width":141,"height":10}},{"id":"97e03f34-e6c1-4230-879b-38dfb77ce55a","block_type":"box","text":"1.00 p.m. (Irish time) on the Business Day prior to the relevant Dealing Day. The Valuation","page_number":54,"box":{"x":123,"y":400,"width":761,"height":13}},{"id":"9820f5ff-4b5d-45e9-908e-69956bc153dd","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":54,"box":{"x":121,"y":416,"width":763,"height":13}},{"id":"7fb4b55f-8a3e-4517-a6a7-3b411e037774","block_type":"box","text":"delegate determines that there has been a Valuation Deviation. In such circumstances,","page_number":54,"box":{"x":121,"y":433,"width":763,"height":13}},{"id":"57f9abb1-b95c-4982-a561-04c4091fa1eb","block_type":"box","text":"Shareholders and applicants for Shares should note that the Valuation Point for the purposes","page_number":54,"box":{"x":122,"y":449,"width":762,"height":13}},{"id":"40c545de-86f7-4b21-8428-df5db848a85a","block_type":"box","text":"of requests to issue or redeem Shares received on or before the Dealing Deadline on that","page_number":54,"box":{"x":121,"y":465,"width":763,"height":13}},{"id":"7cce1167-db67-46ce-bb56-426304c8b46f","block_type":"box","text":"Dealing Day shall be 1.00 p.m. (Irish time) on the same Dealing Day. Furthermore, on the","page_number":54,"box":{"x":121,"y":482,"width":763,"height":13}},{"id":"6cf223bc-9966-4acf-bdda-b54dc6e8e2d2","block_type":"box","text":"Dealing Day immediately following any day on which there has been a Valuationt Deviation","page_number":54,"box":{"x":121,"y":498,"width":763,"height":13}},{"id":"64e76c3c-b40a-4da0-9ffc-b46eed32455c","block_type":"box","text":"the Valuation Point shall also be 1.00 p.m. (Irish time) on the same Dealing Day.","page_number":54,"box":{"x":121,"y":515,"width":658,"height":12}},{"id":"3eb708ca-38f1-40e2-97d7-98bc0d257d22","block_type":"box","text":"Fees and Expenses","page_number":54,"box":{"x":121,"y":548,"width":165,"height":12}},{"id":"2171b938-8dc4-43cc-8a19-4dd8d70f01b8","block_type":"box","text":"The Manager shall be entitled to receive out of the assets of the Sub-Fund different fees for","page_number":54,"box":{"x":121,"y":580,"width":763,"height":13}},{"id":"d02f12ae-3077-4599-abf4-1137351cd267","block_type":"box","text":"each class of Shares as set out below.","page_number":54,"box":{"x":121,"y":596,"width":306,"height":11}},{"id":"0c906de8-c0ab-49ff-b006-95216b52b8e0","block_type":"box","text":"Class of Shares","page_number":54,"box":{"x":121,"y":629,"width":136,"height":10}},{"id":"e7af52bb-865d-4cc7-a0d9-8e085eefa59d","block_type":"box","text":"Annual Charges and Expenses","page_number":54,"box":{"x":363,"y":629,"width":267,"height":13}},{"id":"b06268d4-dead-4c3c-b536-b9355fdc7f17","block_type":"box","text":"Class 1","page_number":54,"box":{"x":121,"y":662,"width":63,"height":10}},{"id":"9a051c5b-75b9-44f2-a22f-0100d8005a11","block_type":"box","text":"0.20% of the Net Asset Value of the Class 1 Shares","page_number":54,"box":{"x":363,"y":662,"width":419,"height":10}},{"id":"1d138a5a-a6b8-4624-8ac0-84003eab0f25","block_type":"box","text":"Class 2","page_number":54,"box":{"x":121,"y":678,"width":63,"height":11}},{"id":"85e7572a-f06c-40cd-8724-51716570f25b","block_type":"box","text":"0.15% of the Net Asset Value of the Class 2 Shares","page_number":54,"box":{"x":363,"y":678,"width":419,"height":11}},{"id":"6ee608e7-6dda-46bd-8eb1-36f14c938af7","block_type":"box","text":"Class 3","page_number":54,"box":{"x":121,"y":695,"width":63,"height":10}},{"id":"62ad12a8-339a-4cbe-b9d4-e28740f2e717","block_type":"box","text":"0.10% of the Net Asset Value of the Class 3 Shares","page_number":54,"box":{"x":363,"y":695,"width":419,"height":10}},{"id":"add8fb1d-861b-4537-8798-074f54c73394","block_type":"box","text":"Class 4","page_number":54,"box":{"x":121,"y":711,"width":63,"height":10}},{"id":"1cc4e97f-6544-4990-9e97-92915e872781","block_type":"box","text":"0.00% of the Net Asset Value of the Class 4 Shares","page_number":54,"box":{"x":363,"y":711,"width":419,"height":10}},{"id":"0f4b39fc-6174-4c9c-b986-592fcc364d2c","block_type":"box","text":"Class 5","page_number":54,"box":{"x":121,"y":728,"width":63,"height":10}},{"id":"98d623e4-5d84-42cc-abc0-6acb2aacb1b2","block_type":"box","text":"0.20% of the Net Asset Value of the Class 5 Shares","page_number":54,"box":{"x":363,"y":728,"width":419,"height":10}},{"id":"d5557969-086a-4140-b517-ba6544a0c9f6","block_type":"box","text":"Class 6","page_number":54,"box":{"x":121,"y":744,"width":63,"height":10}},{"id":"4adc5356-c4b3-407c-a8ff-4dd53021f6f4","block_type":"box","text":"0.15% of the Net Asset Value of the Class 6 Shares","page_number":54,"box":{"x":363,"y":744,"width":419,"height":10}},{"id":"86cf97ec-414a-4bda-b9b7-ed40938e79a1","block_type":"box","text":"Class 7","page_number":54,"box":{"x":121,"y":760,"width":63,"height":10}},{"id":"42861657-d7f0-4844-8977-5b8cc6e9f25f","block_type":"box","text":"0.10% of the Net Asset Value of the Class 7 Shares","page_number":54,"box":{"x":363,"y":760,"width":419,"height":11}},{"id":"61a1fbc1-7b54-4da9-8b8c-3ddb1635b78f","block_type":"box","text":"Class 8","page_number":54,"box":{"x":121,"y":777,"width":63,"height":10}},{"id":"16f6b053-997e-47f6-a38b-bc4a9af6b9de","block_type":"box","text":"0.00% of the Net Asset Value of the Class 8 Shares","page_number":54,"box":{"x":363,"y":777,"width":419,"height":10}},{"id":"2cd4a53d-53cb-45c0-9b0c-4d3cd87ca9d4","block_type":"box","text":"Class W (Accumulating)","page_number":54,"box":{"x":121,"y":793,"width":205,"height":13}},{"id":"6014d1b0-ca13-45af-afe9-f66a329e4a89","block_type":"box","text":"0.10% of the Net Asset Value of the Class W (Accumulating)","page_number":54,"box":{"x":363,"y":793,"width":521,"height":13}},{"id":"5a08562d-d8dc-40a8-9d6f-f189142d12b1","block_type":"box","text":"Shares","page_number":54,"box":{"x":364,"y":810,"width":57,"height":10}},{"id":"5a4ac481-a152-4d13-9a72-928930d34ed9","block_type":"box","text":"Class 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set","page_number":55,"box":{"x":120,"y":138,"width":764,"height":12}},{"id":"054cd9af-8ae1-4785-95f2-bb5e3e40f0cd","block_type":"box","text":"out above (the “Fixed Rate”). The Manager will absorb (directly by first the waiver of its fees","page_number":55,"box":{"x":121,"y":154,"width":763,"height":13}},{"id":"1284958e-703f-4148-bf91-465e3b888542","block_type":"box","text":"and to the extent necessary reimbursing the other operating costs of each class of Shares), any","page_number":55,"box":{"x":121,"y":170,"width":763,"height":13}},{"id":"efbfca35-faef-4e0f-ba8d-d7d21d1be07d","block_type":"box","text":"additional fees, ordinary costs or expenses over the Fixed Rate that may arise in respect of the","page_number":55,"box":{"x":121,"y":187,"width":763,"height":13}},{"id":"cab2cc4e-e424-4ec5-935a-f8a497d941f5","block_type":"box","text":"actual cost of management and operation of the Sub-Fund attributable to each class of Share.","page_number":55,"box":{"x":121,"y":203,"width":763,"height":13}},{"id":"2761a1fa-dbd8-4685-981c-3e49b0dc5340","block_type":"box","text":"The Manager may from time to time elect to increase the Fixed Rate of any class of Shares","page_number":55,"box":{"x":121,"y":219,"width":763,"height":13}},{"id":"3ab96fb9-1088-4e30-86ff-56d12248a226","block_type":"box","text":"(provided that it may not increase the aggregate fees payable to itself and the Investment","page_number":55,"box":{"x":121,"y":236,"width":763,"height":13}},{"id":"3ef91289-00dc-4201-a7e3-47a8c97b7664","block_type":"box","text":"Manager as set out above without prior Shareholder approval) by notice to the Fund, and the","page_number":55,"box":{"x":121,"y":252,"width":763,"height":13}},{"id":"2ed07056-7b62-47a4-8109-4bf17b50ce47","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":55,"box":{"x":121,"y":269,"width":763,"height":13}},{"id":"d49b571c-9ee1-4b06-9a85-007b20864f1b","block_type":"box","text":"and the increase shall take effect 90 days after such notice has been given by the Fund.","page_number":55,"box":{"x":121,"y":285,"width":704,"height":13}},{"id":"626c2ce3-397a-485a-a527-a63f904c7638","block_type":"box","text":"Fees will be accrued on each Dealing Day, be payable monthly in arrears and be calculated","page_number":55,"box":{"x":121,"y":318,"width":763,"height":13}},{"id":"616adfb8-6487-4cc0-9839-df046ae93e1d","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":55,"box":{"x":121,"y":334,"width":763,"height":13}},{"id":"cf9d0d0d-72fd-4332-8236-908f48f9076d","block_type":"box","text":"the aggregate of the net assets of the Sub-Fund on each Dealing Day during a calendar month","page_number":55,"box":{"x":121,"y":351,"width":763,"height":13}},{"id":"f613a889-5db7-4c56-a709-47d1f3a24410","block_type":"box","text":"divided by the number of Dealing Days in that calendar month). The Manager and the","page_number":55,"box":{"x":121,"y":367,"width":763,"height":13}},{"id":"aac8f717-03f2-4769-b257-8b4fd838d13a","block_type":"box","text":"Investment Manager shall also be entitled to be repaid all of its reasonable costs and out of","page_number":55,"box":{"x":121,"y":383,"width":763,"height":13}},{"id":"c9b6505b-b28e-45e7-a2e5-8fc9382148e2","block_type":"box","text":"pocket expenses out of the assets of the Sub-Fund. No performance fees will be payable by","page_number":55,"box":{"x":120,"y":400,"width":764,"height":13}},{"id":"d6484acd-22b7-408e-87c6-e9acd9430640","block_type":"box","text":"the Sub-Fund to the Manager or the Investment Manager.","page_number":55,"box":{"x":121,"y":416,"width":469,"height":13}},{"id":"9e053061-df79-4bee-8d8d-4f98d1cb1175","block_type":"box","text":"The Fixed Rate covers all other fees, costs and expenses connected with the management and","page_number":55,"box":{"x":121,"y":449,"width":763,"height":13}},{"id":"ae9fcf10-e309-459a-92f6-2e5820772676","block_type":"box","text":"operation of the Sub-Fund including, but not limited to, investment management,","page_number":55,"box":{"x":121,"y":465,"width":763,"height":13}},{"id":"6c724560-83ae-4aeb-9b83-316c12fb9e31","block_type":"box","text":"administration, registration, transfer agency, custody, sub-custody (which fees will be at","page_number":55,"box":{"x":121,"y":482,"width":763,"height":13}},{"id":"095dcc55-5b14-4295-b14d-bfd95b2d30dc","block_type":"box","text":"normal commercial rates) and transfer fees and other fees and expenses incurred in relation to","page_number":55,"box":{"x":121,"y":498,"width":763,"height":13}},{"id":"859c51fc-05b4-4fa7-ab62-2d24f1a28951","block_type":"box","text":"preparing, translating, printing, publishing and distributing the Prospectus, annual and semi\u0002","page_number":55,"box":{"x":120,"y":515,"width":758,"height":12}},{"id":"6abaf300-7830-400e-b8a0-58a8bf1f3a2d","block_type":"box","text":"annual reports and other documents to the Shareholders, the costs and expenses of obtaining","page_number":55,"box":{"x":121,"y":531,"width":763,"height":13}},{"id":"616f501d-58f4-4134-9995-1a7a78b275b1","block_type":"box","text":"authorisations or registrations of the Sub-Fund with any regulatory authority in any jurisdiction,","page_number":55,"box":{"x":121,"y":547,"width":763,"height":13}},{"id":"b3c18511-1ffd-4ed3-b39d-d2b123abb997","block_type":"box","text":"professional fees and expenses, annual audit fees and Directors’ fees.","page_number":55,"box":{"x":120,"y":564,"width":564,"height":13}},{"id":"7beb8559-6d18-4fbb-8589-ef83fecbe4ab","block_type":"box","text":"The Fixed Rate excludes withholding, stamp duty or other taxes on the investments of the Sub\u0002","page_number":55,"box":{"x":121,"y":596,"width":757,"height":13}},{"id":"43738534-705d-434c-9af3-499416438206","block_type":"box","text":"Fund, commissions and brokerage fees incurred with respect to the Sub-Fund’s investments,","page_number":55,"box":{"x":121,"y":613,"width":763,"height":13}},{"id":"05d775fd-3124-492c-ab52-eac814b146d8","block_type":"box","text":"interest on borrowings and bank charges incurred in negotiating, effecting or varying the terms","page_number":55,"box":{"x":121,"y":629,"width":763,"height":13}},{"id":"fa4a943e-580b-4aed-a1af-cba46c6fc400","block_type":"box","text":"of such borrowings, any commissions charged by intermediaries in relation to an investment","page_number":55,"box":{"x":121,"y":646,"width":763,"height":13}},{"id":"b9f0c7e2-9eb3-4251-90cd-c7b4ea290711","block_type":"box","text":"in Shares of the Sub-Fund, any out-of-pocket expenses incurred by any of the service providers","page_number":55,"box":{"x":121,"y":662,"width":763,"height":13}},{"id":"6763b932-ae98-485c-a230-762ecb63b7ed","block_type":"box","text":"on behalf of the Sub-Fund, the establishment and organisation costs of the Fund set out in Part","page_number":55,"box":{"x":121,"y":678,"width":763,"height":13}},{"id":"aebbd4bf-844a-487f-a817-72a46318d8b9","block_type":"box","text":"2 of the Prospectus and such extraordinary or exceptional costs and expenses (if any) as may","page_number":55,"box":{"x":121,"y":695,"width":763,"height":13}},{"id":"73815e2e-f82a-4777-a5e7-e6b43716618d","block_type":"box","text":"arise from time to time, such as material litigation in relation to the Fund. Such additional fees,","page_number":55,"box":{"x":121,"y":711,"width":763,"height":13}},{"id":"430cb8d1-dfa9-4373-affb-d2475099a25a","block_type":"box","text":"costs or expenses shall be paid out of the assets of the Sub-Fund.","page_number":55,"box":{"x":121,"y":728,"width":527,"height":12}},{"id":"0ff90b31-2431-4415-90f8-325cffc14fb5","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":55,"box":{"x":121,"y":760,"width":763,"height":13}},{"id":"a573215c-612b-4092-9b8c-f8bc8daa74c5","block_type":"box","text":"the Prospectus.","page_number":55,"box":{"x":121,"y":777,"width":127,"height":13}},{"id":"425d0fa4-6d8e-4004-bcdc-4c0f89853fb2","block_type":"box","text":"Preliminary Charge","page_number":55,"box":{"x":121,"y":810,"width":177,"height":12}},{"id":"c63dabac-7c5a-4b08-b72a-b18356bbffbd","block_type":"box","text":"No preliminary charge will be payable on the issue of Shares in the Sub-Fund.","page_number":55,"box":{"x":120,"y":842,"width":637,"height":13}},{"id":"1a1b0384-cf90-46ea-b2ef-2634cb51bb2d","block_type":"box","text":"Exchange Charge","page_number":55,"box":{"x":121,"y":875,"width":157,"height":13}},{"id":"b37544bf-9497-489b-8e20-ff5c94d91c59","block_type":"box","text":"M-40331875-102","page_number":56,"box":{"x":121,"y":948,"width":101,"height":7}},{"id":"79073b4e-0a99-4f9c-9ba4-4930eadb544a","block_type":"box","text":"56","page_number":56,"box":{"x":492,"y":949,"width":15,"height":8}},{"id":"0a344243-433f-47b7-ab25-3a34a77505e8","block_type":"box","text":"None.","page_number":56,"box":{"x":120,"y":89,"width":54,"height":9}},{"id":"42e7947e-176d-4d01-bc9d-1cdeedb22620","block_type":"box","text":"Redemption Charge","page_number":56,"box":{"x":121,"y":121,"width":179,"height":13}},{"id":"8d6af3e7-a487-4ee7-8565-9fb220938d7c","block_type":"box","text":"None.","page_number":56,"box":{"x":120,"y":154,"width":54,"height":10}},{"id":"95576281-5faa-42e8-a54e-51aa285898fc","block_type":"box","text":"Liquidity Fees","page_number":56,"box":{"x":121,"y":187,"width":128,"height":13}},{"id":"035ba9a7-c02b-4292-b85c-7e3ca63377f8","block_type":"box","text":"The sub-fund may charge liquidity fees (by applying an anti-dilution levy) as further described","page_number":56,"box":{"x":121,"y":219,"width":763,"height":13}},{"id":"5b376fdf-62b1-4bde-a10b-67ea83102d60","block_type":"box","text":"in the liquidity management procedures section in part 2 of the prospectus.","page_number":56,"box":{"x":121,"y":236,"width":607,"height":13}},{"id":"d7f5f80f-85c8-4da1-b5bc-ee736bb0fd06","block_type":"box","text":"M-40331875-102","page_number":57,"box":{"x":121,"y":948,"width":101,"height":7}},{"id":"cb2cec4f-aa25-4d82-9c37-ef03dc944203","block_type":"box","text":"57","page_number":57,"box":{"x":492,"y":949,"width":15,"height":8}},{"id":"90855a3f-e3e3-4b17-8112-6e0dc67ae34f","block_type":"box","text":"AVIVA INVESTORS STERLING STANDARD LIQUIDITY FUND","page_number":57,"box":{"x":156,"y":89,"width":693,"height":15}},{"id":"26760749-d36f-4b51-ad00-d41006fcad7c","block_type":"box","text":"Investment Objective and Policies","page_number":57,"box":{"x":121,"y":124,"width":296,"height":13}},{"id":"a6ad5e67-7f05-400b-9853-96b3c1513985","block_type":"box","text":"The investment objective of the Sub-Fund is to offer returns in line with money market rates","page_number":57,"box":{"x":121,"y":157,"width":763,"height":13}},{"id":"6f6f3150-b6ef-406e-b41e-76ff3d30fb66","block_type":"box","text":"and to preserve the value of the investment. The performance of the Sub-Fund will be","page_number":57,"box":{"x":121,"y":173,"width":763,"height":13}},{"id":"351b0935-018f-445c-9855-70bd34ed36f5","block_type":"box","text":"benchmarked against the SONIA rate.","page_number":57,"box":{"x":120,"y":189,"width":306,"height":13}},{"id":"ff570b12-713b-4286-b113-4953917bad15","block_type":"box","text":"5","page_number":57,"box":{"x":428,"y":188,"width":6,"height":7}},{"id":"7e11536a-85cf-4223-89e9-a4e17637e48c","block_type":"box","text":"The Sub- Fund is actively managed and will endeavour to achieve its objective by investing in","page_number":57,"box":{"x":121,"y":222,"width":763,"height":13}},{"id":"f4effaa5-28b1-4273-9f07-5675e915f8ad","block_type":"box","text":"a diversified portfolio of high grade Sterling denominated short term debt and debt related","page_number":57,"box":{"x":121,"y":239,"width":763,"height":13}},{"id":"b3c85890-b1b4-4b1e-8b05-41cd4dcdabeb","block_type":"box","text":"instruments described below which are traded on the Markets listed in Appendix II of the","page_number":57,"box":{"x":121,"y":255,"width":763,"height":13}},{"id":"1e8e173b-ed41-4a48-8c03-cfe7d80f4b7a","block_type":"box","text":"Prospectus or which are to be traded on such Markets within a year of being issued.","page_number":57,"box":{"x":121,"y":271,"width":679,"height":13}},{"id":"17aad8ae-5f51-44e2-b548-0664953ce4da","block_type":"box","text":"The Sub-Fund is a VNAV standard Money Market Fund and its investments will include","page_number":57,"box":{"x":121,"y":304,"width":722,"height":13}},{"id":"40cb5b91-f712-4ba0-9dde-8d0bd26736ff","block_type":"box","text":"fixed or floating rate instruments including commercial paper, term deposits, floating rate","page_number":57,"box":{"x":121,"y":321,"width":727,"height":13}},{"id":"317ea115-786e-4720-8d60-3dda56d8dec8","block_type":"box","text":"notes, certificates of deposit, freely transferable promissory notes, debentures, asset-backed","page_number":57,"box":{"x":121,"y":337,"width":742,"height":13}},{"id":"0b80ecdc-2dab-4296-aedb-f1e5dd7e6306","block_type":"box","text":"securities, credit-linked notes and bonds. The investments shall be denominated in Sterling","page_number":57,"box":{"x":121,"y":353,"width":738,"height":13}},{"id":"98bb363c-831d-4454-893a-c441a0232e42","block_type":"box","text":"but may also be denominated in other currencies and hedged back to Sterling, and may be","page_number":57,"box":{"x":120,"y":370,"width":730,"height":13}},{"id":"5099dea5-f451-424d-befc-dd80261b0c70","block_type":"box","text":"issued or guaranteed as to principal or interest by sovereign governments, their agencies and","page_number":57,"box":{"x":121,"y":386,"width":749,"height":13}},{"id":"99fa677f-3e48-4834-95cd-6c1728468f2b","block_type":"box","text":"instrumentalities, supranational entities and EU and non EU corporations and financial","page_number":57,"box":{"x":121,"y":402,"width":704,"height":13}},{"id":"bf9262fe-2a6c-412b-9394-5d9d3c8b154c","block_type":"box","text":"institutions who are incorporated or domiciled in, or listed or dealt on a Market located in","page_number":57,"box":{"x":121,"y":419,"width":727,"height":13}},{"id":"fc02e8f5-8c6b-4ad3-880c-3998dd51c0ff","block_type":"box","text":"those jurisdictions listed in Appendix II hereto or in securities of issuers that, while not","page_number":57,"box":{"x":121,"y":435,"width":706,"height":13}},{"id":"5ab535f1-c72e-4f38-b6d5-de34c8d3adce","block_type":"box","text":"located in those jurisdictions, conduct substantial business in them as determined by the","page_number":57,"box":{"x":121,"y":452,"width":713,"height":13}},{"id":"29bbc1a8-2858-4407-9076-d37a024899b3","block_type":"box","text":"Investment Manager, including (i) companies which have substantial assets in those","page_number":57,"box":{"x":121,"y":468,"width":682,"height":13}},{"id":"8dafbdcf-cbd5-4ada-9228-9147eb56190a","block_type":"box","text":"jurisdictions or (ii) companies which derive a substantial portion of their total revenues from","page_number":57,"box":{"x":119,"y":484,"width":753,"height":13}},{"id":"0a4c1a34-6b94-46ad-9fd8-7b4ca075eba4","block_type":"box","text":"either goods and services produced in, or sales made in, those jurisdictions.","page_number":57,"box":{"x":121,"y":501,"width":605,"height":13}},{"id":"653d1098-63b0-4260-82ec-7def2926c3f9","block_type":"box","text":"The Investment Manager intends where possible, to manage the Sub-Fund according to the","page_number":57,"box":{"x":121,"y":534,"width":763,"height":13}},{"id":"e0194ba0-161a-4703-93a7-acd03d935c44","block_type":"box","text":"restrictions imposed by Fitch Ratings Inc. in order to maintain an overall credit rating of AAAf.","page_number":57,"box":{"x":121,"y":550,"width":763,"height":13}},{"id":"9a1537b3-088b-4e79-a5ca-532865e0ec04","block_type":"box","text":"The Investment Manager intends to manage the Sub-Fund in accordance with the ESG","page_number":57,"box":{"x":121,"y":583,"width":763,"height":13}},{"id":"85dec988-af24-4e4c-b79b-96d9e04a26ae","block_type":"box","text":"Considerations as detailed further below. The Sub-Fund seeks to promote, among other","page_number":57,"box":{"x":121,"y":599,"width":763,"height":13}},{"id":"e9729c74-34d6-4a10-9b47-7dc44a6275a2","block_type":"box","text":"characteristics, environmental or social characteristics in line with Article 8 of Regulation (EU)","page_number":57,"box":{"x":121,"y":616,"width":763,"height":13}},{"id":"e4b7737d-ea48-49b0-b350-be5277933d2b","block_type":"box","text":"2019/2088, the Sustainable Finance Disclosure Regulation (the “SFDR”).","page_number":57,"box":{"x":121,"y":632,"width":599,"height":13}},{"id":"47ca9d16-a841-47f1-8f1e-ecec2ad48161","block_type":"box","text":"In accordance with Regulation 17 (7) of the Money Market Fund Regulation, the Sub-Fund","page_number":57,"box":{"x":121,"y":665,"width":763,"height":13}},{"id":"7cf2e87d-9e2b-4c77-9fd4-7053a1142361","block_type":"box","text":"may invest up to 100% of its assets in different money market instruments issued or guaranteed","page_number":57,"box":{"x":121,"y":681,"width":763,"height":13}},{"id":"e67f2531-6778-4f40-8e85-b26469ab54ad","block_type":"box","text":"separately or jointly by the European Union, the national, regional and local administrations or","page_number":57,"box":{"x":121,"y":697,"width":763,"height":13}},{"id":"b899be1c-483a-4115-af52-8dc0348fc9f8","block_type":"box","text":"their central banks, the European Central Bank, the European Investment Bank, the European","page_number":57,"box":{"x":121,"y":714,"width":763,"height":13}},{"id":"49bae245-d138-4d01-9fe6-a5cf3b979bbf","block_type":"box","text":"Investment Fund, the European Stability Mechanism, the European Financial Stability Facility,","page_number":57,"box":{"x":121,"y":730,"width":763,"height":13}},{"id":"28534318-fb26-41b4-ba5b-feb7ffa40481","block_type":"box","text":"a central authority or central bank of a third country, the International Monetary Fund, the","page_number":57,"box":{"x":121,"y":747,"width":763,"height":13}},{"id":"752ba7f1-5713-4bfd-b0f3-0f4a1ac8a674","block_type":"box","text":"International Bank for Reconstruction and Development, the Council of Europe Development","page_number":57,"box":{"x":121,"y":763,"width":763,"height":13}},{"id":"03052d79-cafa-4d29-a7f4-7148856afe9b","block_type":"box","text":"Bank, the European Bank for Reconstruction and Development, the Bank for International","page_number":57,"box":{"x":121,"y":779,"width":763,"height":13}},{"id":"925d3755-54f5-4cad-8eac-de6a88f57872","block_type":"box","text":"Settlements, or any other relevant international financial institution or organisation to which","page_number":57,"box":{"x":122,"y":796,"width":762,"height":13}},{"id":"0d2d550b-796e-41a7-8112-0be7f381bc17","block_type":"box","text":"one or more Member States belong.","page_number":57,"box":{"x":121,"y":812,"width":293,"height":13}},{"id":"ea60635f-479d-41a5-aa32-fd07cdc0c1be","block_type":"box","text":"5","page_number":57,"box":{"x":121,"y":866,"width":4,"height":5}},{"id":"b29d5e4d-3d55-4592-826d-75962b9e0841","block_type":"box","text":"The SONIA rate is the Sterling Overnight Index Average rate which is the average effective overnight interest rate for","page_number":57,"box":{"x":132,"y":867,"width":747,"height":10}},{"id":"e4b7e1f5-f977-4758-a5e7-978b98d1b7c0","block_type":"box","text":"unsecured transactions in which British banks borrow sterling overnight from other financial institutions and institutional","page_number":57,"box":{"x":120,"y":880,"width":758,"height":9}},{"id":"f9e01cc0-9d90-4e76-bb69-c55738c4aa0d","block_type":"box","text":"investors. This benchmark has been selected as a comparator for performance measurement because it is representative of the","page_number":57,"box":{"x":121,"y":892,"width":758,"height":9}},{"id":"80287b3b-942d-4c57-99e9-a5a0c7438c95","block_type":"box","text":"level of return that is achievable by investing in liquid money market securities.","page_number":57,"box":{"x":121,"y":904,"width":481,"height":10}},{"id":"5c83edc5-0107-441e-9650-61dc7399f52c","block_type":"box","text":"M-40331875-102","page_number":58,"box":{"x":121,"y":948,"width":101,"height":7}},{"id":"5b520614-bf65-4891-b154-7ffa10f43069","block_type":"box","text":"58","page_number":58,"box":{"x":492,"y":949,"width":15,"height":8}},{"id":"bb32c470-41cc-4cba-abd6-14d4e08ae0b3","block_type":"box","text":"The Sub-Fund may invest up to 10% of its Net Asset Value in Short Term Money Market","page_number":58,"box":{"x":121,"y":88,"width":763,"height":13}},{"id":"d5de0b26-8adf-470e-bb46-3e3cfca98f62","block_type":"box","text":"Funds.","page_number":58,"box":{"x":121,"y":105,"width":59,"height":10}},{"id":"422eb1f4-42e4-4076-bf75-9801d57554aa","block_type":"box","text":"The Sub-Fund may also hold ancillary liquid assets such as bank deposits.","page_number":58,"box":{"x":121,"y":138,"width":603,"height":12}},{"id":"b1d45de0-72c3-4466-9232-589626fa133c","block_type":"box","text":"The weighted average maturity of the Sub-Fund's investments will not exceed 180 days and in","page_number":58,"box":{"x":121,"y":170,"width":763,"height":13}},{"id":"598983cc-a492-42c7-9c07-163d5696ad4b","block_type":"box","text":"any event the Sub-Fund’s investments will have a residual maturity until the legal redemption","page_number":58,"box":{"x":121,"y":187,"width":763,"height":13}},{"id":"df351112-e3c9-413c-9740-474fd9872fe8","block_type":"box","text":"date not exceeding 2 years provided that the time remaining until the next interest rate reset","page_number":58,"box":{"x":121,"y":203,"width":763,"height":13}},{"id":"242c231c-d0fa-4a3c-a6a8-1ae2d6b56a83","block_type":"box","text":"date is 397 days or less. When calculating the weighted average maturity of investments, the","page_number":58,"box":{"x":121,"y":219,"width":763,"height":13}},{"id":"e8b457cf-c64f-425e-ae37-8377394f0e3c","block_type":"box","text":"maturity of a floating rate instrument shall be deemed to be its next interest readjustment date.","page_number":58,"box":{"x":121,"y":236,"width":763,"height":13}},{"id":"4bfee3c6-1c10-4a6b-b518-f07efdc53873","block_type":"box","text":"The weighted average life of the Sub-Fund’s investments will not exceed 365 days.","page_number":58,"box":{"x":121,"y":252,"width":677,"height":13}},{"id":"d8c60c78-327d-4a77-b3d4-1d28d56f3bef","block_type":"box","text":"The Sub-Fund is subject to and managed in accordance with the portfolio rules of Article 25","page_number":58,"box":{"x":121,"y":285,"width":763,"height":13}},{"id":"cdf07559-1551-4b21-ad58-73bc66000628","block_type":"box","text":"of the Money Market Fund Regulation.","page_number":58,"box":{"x":121,"y":301,"width":322,"height":13}},{"id":"de577935-51cc-49a6-b41e-a279a19fb6da","block_type":"box","text":"Investment Restrictions","page_number":58,"box":{"x":121,"y":334,"width":209,"height":10}},{"id":"9ab478ba-d0f4-48fe-9e96-5fc7b5feada2","block_type":"box","text":"The investment restrictions are as prescribed in the Money Market Fund Regulation as set out","page_number":58,"box":{"x":121,"y":367,"width":763,"height":13}},{"id":"727ff5c1-1f8c-4781-ab73-2ef27fb51fd1","block_type":"box","text":"in Appendix IV of the Prospectus.","page_number":58,"box":{"x":121,"y":383,"width":280,"height":13}},{"id":"f2651bb2-07d6-43a9-959f-16cc86594ae4","block_type":"box","text":"The Sub-Fund may not invest more than 10% of its Net Asset Value in Short Term Money","page_number":58,"box":{"x":121,"y":416,"width":763,"height":13}},{"id":"023630a4-2eb4-48bf-b7da-08a9764c4114","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":58,"box":{"x":121,"y":433,"width":763,"height":13}},{"id":"7bf73e06-e1ea-444c-825c-74492d16be51","block_type":"box","text":"shares of any single Short Term Money Market Fund.","page_number":58,"box":{"x":121,"y":449,"width":432,"height":13}},{"id":"93a1f6af-0690-41bf-b428-48a4dd1d57e9","block_type":"box","text":"The Directors may from time to time impose such further investment restrictions as shall be","page_number":58,"box":{"x":121,"y":482,"width":763,"height":13}},{"id":"aec8b4e6-d138-43ea-838f-c8ceb74c4f54","block_type":"box","text":"compatible with or in the interests of Shareholders, in order to comply with the laws and","page_number":58,"box":{"x":121,"y":498,"width":763,"height":13}},{"id":"001b55fd-56d7-40be-b8cd-b2f34eb09f4a","block_type":"box","text":"regulations of the countries where Shareholders are located. 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The Sub-Fund may not lend to, or act as guarantor on","page_number":58,"box":{"x":121,"y":580,"width":763,"height":13}},{"id":"09545e73-b655-475f-9422-2bbb23e00c0f","block_type":"box","text":"behalf of third parties.","page_number":58,"box":{"x":120,"y":596,"width":185,"height":13}},{"id":"e3f4f0cd-0eb0-4bc6-9b64-61b489e3e6c2","block_type":"box","text":"Efficient Portfolio Management","page_number":58,"box":{"x":121,"y":629,"width":278,"height":13}},{"id":"ada44ce0-5b8e-4947-90ac-fa9ec22b9781","block_type":"box","text":"Subject to the Regulations and to the conditions within the limits laid down by the Central","page_number":58,"box":{"x":122,"y":662,"width":762,"height":13}},{"id":"c83efa60-e710-435b-9b4b-c7e9adbbd10a","block_type":"box","text":"Bank from time to time, the Sub-Fund may invest in financial derivative instruments that are","page_number":58,"box":{"x":121,"y":678,"width":763,"height":13}},{"id":"04279e06-b182-4879-9fbb-00508a176998","block_type":"box","text":"exchange traded, dealt on a Market listed in Appendix II of the Prospectus, and/or over the","page_number":58,"box":{"x":121,"y":695,"width":763,"height":13}},{"id":"24de9344-03cf-4096-9d1e-aacf32071a34","block_type":"box","text":"counter derivatives “OTCs” which will be used solely for the purposes of hedging interest rate","page_number":58,"box":{"x":121,"y":711,"width":763,"height":13}},{"id":"f32abb91-0390-45f4-a9b0-94924afe39e7","block_type":"box","text":"(including duration) and exchange rate risks inherent in other investments of the Sub-Fund","page_number":58,"box":{"x":121,"y":728,"width":763,"height":13}},{"id":"1ab1f6ae-7190-4743-b18a-48dff2451870","block_type":"box","text":"The underlying of such derivative instruments will be interest rates, foreign exchange rates,","page_number":58,"box":{"x":121,"y":744,"width":763,"height":13}},{"id":"0e65f1f1-fa54-45d5-bd45-5c10212702a0","block_type":"box","text":"currencies or indices representing one of those categories. Use of financial derivative","page_number":58,"box":{"x":121,"y":760,"width":763,"height":13}},{"id":"3fc049b1-87c3-4af0-bb7e-5b64304e6a46","block_type":"box","text":"instruments is subject to the conditions and limits laid down by the Central Bank and the","page_number":58,"box":{"x":121,"y":777,"width":763,"height":13}},{"id":"450310ab-c4c0-4f5f-a11d-9ea5620f1329","block_type":"box","text":"requirements of the MMFR.","page_number":58,"box":{"x":121,"y":793,"width":232,"height":13}},{"id":"b550b2c3-af7a-413e-87a9-4c5c31914813","block_type":"box","text":"The Sub-Fund may also utilise repurchase agreements and reverse repurchase agreements","page_number":58,"box":{"x":121,"y":826,"width":763,"height":13}},{"id":"7d92b932-7adb-42e8-904b-9a1270d681a8","block_type":"box","text":"which shall be within the conditions and the limits laid down by the Central Bank. The purpose","page_number":58,"box":{"x":121,"y":842,"width":763,"height":13}},{"id":"20300ab4-3118-4db2-bba4-f999e20959a7","block_type":"box","text":"of investing in the repurchase agreements is (i) the reduction of risk, (ii) reduction of costs,","page_number":58,"box":{"x":121,"y":859,"width":763,"height":13}},{"id":"7cd7cd4c-a26e-47ef-8be5-91c8b7089669","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":58,"box":{"x":121,"y":875,"width":763,"height":13}},{"id":"f9d78b01-f586-411a-b1aa-4ff41a40535b","block_type":"box","text":"acceptably low level of risk. The Sub-Fund may also enter into reverse repurchase agreements","page_number":58,"box":{"x":121,"y":891,"width":763,"height":13}},{"id":"87a3e638-9b59-4f6a-8c04-8567b8dad0c8","block_type":"box","text":"M-40331875-102","page_number":59,"box":{"x":121,"y":948,"width":101,"height":7}},{"id":"25cca142-53af-4894-9d62-b41cf4a2adb5","block_type":"box","text":"59","page_number":59,"box":{"x":492,"y":949,"width":15,"height":8}},{"id":"51cd4666-e220-4e8d-a47c-f914b4fd6b70","block_type":"box","text":"for liquidity management purposes and to generate additional capital or income to the Sub\u0002","page_number":59,"box":{"x":121,"y":88,"width":757,"height":13}},{"id":"6bfd1607-8221-4894-89f3-216c7587b99e","block_type":"box","text":"Fund provided that it is within the conditions and limits laid down by the Central Bank.","page_number":59,"box":{"x":121,"y":105,"width":710,"height":13}},{"id":"b10bcbfc-9a4e-426d-b56a-99e517b8e696","block_type":"box","text":"Under the Regulations, the Sub-Fund may utilise financial derivative instruments subject to the","page_number":59,"box":{"x":121,"y":138,"width":763,"height":12}},{"id":"51dd057d-2bf8-4012-85c3-72b323b048ab","block_type":"box","text":"following terms and conditions:-","page_number":59,"box":{"x":121,"y":154,"width":268,"height":13}},{"id":"759fe7b3-7cd3-46e6-a758-68fe88977b16","block_type":"box","text":"1.","page_number":59,"box":{"x":123,"y":187,"width":11,"height":10}},{"id":"501c178e-15ed-4086-9c76-849fb3725c76","block_type":"box","text":"The global exposure of the Sub-Fund relating to financial derivative instruments must not","page_number":59,"box":{"x":151,"y":187,"width":733,"height":13}},{"id":"dc0072b7-4fcc-418e-9fa3-a8a85732519a","block_type":"box","text":"exceed its total net asset value;","page_number":59,"box":{"x":151,"y":203,"width":254,"height":12}},{"id":"82588d87-394f-4548-b6cb-84bcb7dbf773","block_type":"box","text":"2.","page_number":59,"box":{"x":121,"y":236,"width":13,"height":10}},{"id":"6096860e-14ae-441a-b89b-92c9f0162273","block_type":"box","text":"The position exposure to the underlying assets of financial derivative instruments including","page_number":59,"box":{"x":151,"y":236,"width":733,"height":13}},{"id":"3c4f1f24-6afa-4613-91c9-d4b28caa8a3c","block_type":"box","text":"embedded financial derivative instruments in transferable securities or money market","page_number":59,"box":{"x":151,"y":252,"width":733,"height":13}},{"id":"df671207-3262-449c-85b6-4be987854369","block_type":"box","text":"instruments when combined where relevant with positions resulting from direct instruments","page_number":59,"box":{"x":151,"y":269,"width":733,"height":13}},{"id":"cb08928b-3739-4475-b555-3a90697596e8","block_type":"box","text":"must not exceed the 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affiliates.","page_number":61,"box":{"x":121,"y":482,"width":424,"height":13}},{"id":"fa66f91a-c586-49f1-9554-6c31f53f4b3b","block_type":"box","text":"The Directors may for each relevant Class of Shares waive such Minimum Initial Subscription","page_number":61,"box":{"x":121,"y":515,"width":763,"height":12}},{"id":"40efb51f-e086-47be-b7c7-c10b16705219","block_type":"box","text":"and/or Minimum Holding amounts in their absolute discretion.","page_number":61,"box":{"x":121,"y":531,"width":511,"height":13}},{"id":"454be53f-a9d4-4199-8f1a-aabf2698f9f3","block_type":"box","text":"Dealing Deadline","page_number":61,"box":{"x":121,"y":564,"width":152,"height":13}},{"id":"047b1444-4b3b-464c-8f5d-3064026daf5c","block_type":"box","text":"1 p.m. (Irish time) on each Dealing Day except in the case of any Dealing Day occurring on 24","page_number":61,"box":{"x":123,"y":596,"width":761,"height":13}},{"id":"1f5da690-2bc6-4461-b4e8-f65a13f828a5","block_type":"box","text":"December and/or on 31 December in each calendar year, on which Dealing Days the Dealing","page_number":61,"box":{"x":121,"y":613,"width":763,"height":13}},{"id":"7623f8b4-5a82-4c22-b984-44eeae3ab64d","block_type":"box","text":"Deadline shall be 12 p.m. (Irish time).","page_number":61,"box":{"x":121,"y":629,"width":312,"height":13}},{"id":"c246f487-4210-42ba-9327-b5db871e7c10","block_type":"box","text":"The Investment Manager reserves the right to advance the time of the Dealing Deadline for","page_number":61,"box":{"x":121,"y":662,"width":763,"height":13}},{"id":"8028f48a-4c9b-4716-b4e5-e34fddfcd895","block_type":"box","text":"subscriptions and redemptions on any Business Day such as a Business Day when the principal","page_number":61,"box":{"x":121,"y":678,"width":763,"height":13}},{"id":"13b960cd-4724-4203-b8c9-74c4d949dfb3","block_type":"box","text":"bond markets close early in advance of a holiday customarily observed by participants in such","page_number":61,"box":{"x":120,"y":695,"width":764,"height":13}},{"id":"6e93f628-4102-4898-bbc7-a8b48a4e134b","block_type":"box","text":"markets or in the case of the happening of an event outside the control of the Fund which","page_number":61,"box":{"x":121,"y":711,"width":763,"height":13}},{"id":"7ea6c015-c8de-4826-b65d-5f560dbc114d","block_type":"box","text":"precipitates the early closing of the principal bond markets. Prior notification of the revised","page_number":61,"box":{"x":120,"y":728,"width":764,"height":13}},{"id":"d1696d6f-318a-4d64-9f77-7343b7d7a6dd","block_type":"box","text":"Dealing Deadlines will be sent by email or by post to Shareholders unless it is not possible to","page_number":61,"box":{"x":121,"y":744,"width":763,"height":13}},{"id":"5331bd09-347d-4150-b1c2-d25f55caac50","block_type":"box","text":"do so in the case of the happening of an event outside the control of the Fund.","page_number":61,"box":{"x":121,"y":760,"width":631,"height":13}},{"id":"c10486fc-d535-428f-be05-9a6abe5859db","block_type":"box","text":"The Investment Manager reserves the right to alter the Dealing Deadline for subscriptions and","page_number":61,"box":{"x":121,"y":793,"width":763,"height":13}},{"id":"515b3589-4236-4971-9d15-13e318324bbe","block_type":"box","text":"redemptions. Prior notification of the revised Dealing Deadline shall be sent by email or by","page_number":61,"box":{"x":121,"y":810,"width":763,"height":12}},{"id":"410f914a-a47c-449a-8bc4-8bf273fc7d1c","block_type":"box","text":"post to Shareholders in the event that the revised Dealing Deadline is in place on a temporary","page_number":61,"box":{"x":120,"y":826,"width":764,"height":13}},{"id":"947950f0-23a8-41f0-a423-b642bb2f00de","block_type":"box","text":"basis. If introduced on a permanent basis, the Prospectus will be updated and Shareholders will","page_number":61,"box":{"x":120,"y":842,"width":764,"height":13}},{"id":"31ed6153-9d19-4735-900f-f8c40fc048c1","block_type":"box","text":"be notified in advance of such changes.","page_number":61,"box":{"x":120,"y":859,"width":323,"height":13}},{"id":"17b80825-b497-408c-a004-cb429b935221","block_type":"box","text":"Minimum Fund Size","page_number":61,"box":{"x":121,"y":892,"width":181,"height":10}},{"id":"822d12cc-6802-41ae-8938-c263f1a4f294","block_type":"box","text":"M-40331875-102","page_number":62,"box":{"x":121,"y":948,"width":101,"height":7}},{"id":"56c6f708-4572-4fe9-9b0a-fe71c1ac4286","block_type":"box","text":"62","page_number":62,"box":{"x":492,"y":949,"width":15,"height":8}},{"id":"a1dc8548-7a54-4725-8f6d-2ee193ffa6f4","block_type":"box","text":"£10,000,000.","page_number":62,"box":{"x":121,"y":105,"width":110,"height":12}},{"id":"250fd120-4254-4d67-8fa3-65ea3aff1c46","block_type":"box","text":"Issue Price for Class 5-8 Shares and Class W (Accumulating) Shares","page_number":62,"box":{"x":121,"y":138,"width":592,"height":12}},{"id":"fe7402b7-53c2-41c9-806f-9db4acdf941d","block_type":"box","text":"The Issue Price per Share of the relevant Class shall be £1,000.0000 during the Initial Offer","page_number":62,"box":{"x":121,"y":170,"width":763,"height":13}},{"id":"72d1fd35-d9c3-460f-a058-a308f7225fe0","block_type":"box","text":"Period, and thereafter the Net Asset Value per Share of the relevant Class on the relevant","page_number":62,"box":{"x":121,"y":187,"width":763,"height":13}},{"id":"847d8bd8-c317-459d-a265-d0f38c5aef07","block_type":"box","text":"Dealing Day.","page_number":62,"box":{"x":121,"y":203,"width":112,"height":13}},{"id":"9846a89e-27be-4243-8c00-c87187773194","block_type":"box","text":"Offer Period for Class 5-8 Shares","page_number":62,"box":{"x":121,"y":236,"width":291,"height":10}},{"id":"2c14092a-ec07-474c-96e2-c8514b3f6ff3","block_type":"box","text":"The Initial Offer Period for each of Class 5-8 Shares will run from 9.00 a.m. (Irish Time) on","page_number":62,"box":{"x":121,"y":269,"width":763,"height":13}},{"id":"63d163b1-3a9e-4aae-b54d-9d05a6dd853e","block_type":"box","text":"30 August 2022 to 5.00 p.m. (Irish Time) on 30 August 2023 or such a shorter or longer period","page_number":62,"box":{"x":121,"y":285,"width":763,"height":13}},{"id":"20a552ec-b100-441c-b4b4-d5946bdd32e9","block_type":"box","text":"as the Directors may determine on behalf of the Sub-Fund (in accordance with the requirements","page_number":62,"box":{"x":121,"y":301,"width":763,"height":13}},{"id":"2a545bb1-e9c8-4fed-a669-86ca7af015f4","block_type":"box","text":"of the Central Bank) and notify to the Administrator for a class. Where the offer period is","page_number":62,"box":{"x":121,"y":318,"width":763,"height":13}},{"id":"36ef0a3f-b978-4aa0-b530-6db84b085a4d","block_type":"box","text":"shortened or extended, the Fund will notify the Central Bank, where required, in accordance","page_number":62,"box":{"x":121,"y":334,"width":763,"height":13}},{"id":"680c1716-a696-4b0b-8960-15ac880938bb","block_type":"box","text":"with the Central Banks requirements. After the Initial Offer Period, shares will be continuously","page_number":62,"box":{"x":121,"y":351,"width":763,"height":13}},{"id":"8cb8db81-9004-45bc-b428-6acbe23c6c59","block_type":"box","text":"available for subscriptions on any dealing day.","page_number":62,"box":{"x":121,"y":367,"width":380,"height":13}},{"id":"d13aa447-252c-4645-b01a-d6cc0166810a","block_type":"box","text":"Offer Period for Class W (Accumulating) Shares","page_number":62,"box":{"x":121,"y":400,"width":423,"height":13}},{"id":"a0a56de1-3228-4558-90ae-3e47e7969ca0","block_type":"box","text":"The Initial Offer Period for Class W (Accumulating) Shares will run from 9.00 am (Irish Time)","page_number":62,"box":{"x":121,"y":433,"width":763,"height":13}},{"id":"951e42e0-ee08-4eb0-81c1-c71d85a3ea93","block_type":"box","text":"on 3 October 2023 to 5.00 pm (Irish Time) on 3 April 2024 or such a shorter or longer period","page_number":62,"box":{"x":121,"y":449,"width":763,"height":13}},{"id":"af12ab9e-4be1-45c2-b4c2-ee535c036962","block_type":"box","text":"for each Class as the Directors may determine on behalf of the Sub-Fund (in accordance with","page_number":62,"box":{"x":121,"y":465,"width":763,"height":13}},{"id":"365438ec-3427-4d33-84f8-6de19be608f4","block_type":"box","text":"the requirements of the Central Bank) and notify to the Administrator for a class. Where the","page_number":62,"box":{"x":121,"y":482,"width":763,"height":13}},{"id":"c2d1a98a-6646-4502-aa11-63b4976ddf3d","block_type":"box","text":"offer period is shortened or extended, the Fund will notify the Central Bank, where required,","page_number":62,"box":{"x":121,"y":498,"width":763,"height":13}},{"id":"2b6bcff5-0eb6-4611-8fd5-59c4d0bde3c7","block_type":"box","text":"in accordance with the Central Banks requirements. After the Initial Offer Period, shares will","page_number":62,"box":{"x":121,"y":515,"width":763,"height":12}},{"id":"91dd16b3-fcf3-41b4-803d-97ba47e33c68","block_type":"box","text":"be continuously available for subscriptions on any dealing day.","page_number":62,"box":{"x":120,"y":531,"width":508,"height":13}},{"id":"d4f32d68-b60e-4787-b51f-9b4986cf7078","block_type":"box","text":"Minimum Initial Subscription and Minimum Holding","page_number":62,"box":{"x":121,"y":564,"width":467,"height":13}},{"id":"cd4a32bb-c97c-4191-a072-f6e798ce04c5","block_type":"box","text":"The Minimum Initial Subscription and Minimum Holding in respect of each class of Shares","page_number":62,"box":{"x":121,"y":596,"width":763,"height":13}},{"id":"980c2858-7f60-427e-b941-c52507e98010","block_type":"box","text":"shall be as set out above, or such lower amount as the Directors may from time to time","page_number":62,"box":{"x":121,"y":613,"width":763,"height":13}},{"id":"00fce989-c1ac-40a9-bc91-bf5432f281bc","block_type":"box","text":"determine.","page_number":62,"box":{"x":121,"y":629,"width":90,"height":10}},{"id":"3c207d93-b68d-463a-bd5d-b499ef85d5e5","block_type":"box","text":"Settlement Date for Class 1-8 Shares","page_number":62,"box":{"x":122,"y":662,"width":318,"height":10}},{"id":"3b56f922-19e3-459a-8ab0-411756ee4c6c","block_type":"box","text":"In the case of subscription(s), a completed Subscription Form (and in the case of an initial","page_number":62,"box":{"x":121,"y":695,"width":763,"height":13}},{"id":"cf2b0efc-2f2b-4a8d-abc6-ea3529d91b37","block_type":"box","text":"investment, a completed Application Form) must have been received and accepted by the Fund","page_number":62,"box":{"x":121,"y":711,"width":763,"height":13}},{"id":"0c69ef07-5aad-4b65-a14a-233052e36049","block_type":"box","text":"care of the Administrator before the Dealing Deadline for the relevant Dealing Day, unless","page_number":62,"box":{"x":121,"y":728,"width":763,"height":13}},{"id":"7f7d6568-2018-4861-a69c-070cf22c82e1","block_type":"box","text":"otherwise approved by the Directors and provided the completed Subscription Form is received","page_number":62,"box":{"x":121,"y":744,"width":763,"height":13}},{"id":"ee755dda-3088-4c20-aeb9-f3073c06878a","block_type":"box","text":"before the relevant Valuation Point. Cleared funds must be received by the Valuation Point on","page_number":62,"box":{"x":120,"y":760,"width":764,"height":13}},{"id":"19b2ec3a-1995-4cb9-8d0a-6df8a20813b7","block_type":"box","text":"the Business Day following the relevant Dealing Day. If cleared funds are not received by the","page_number":62,"box":{"x":121,"y":777,"width":763,"height":13}},{"id":"c9c23f1d-436b-470d-80c6-5eafefa46f5f","block_type":"box","text":"Valuation Point on the Business Day following the relevant Dealing Day, then any interest","page_number":62,"box":{"x":121,"y":793,"width":763,"height":13}},{"id":"f52fe543-0dad-478c-a95b-f59e5b5630a0","block_type":"box","text":"costs and/or directly related charges will be reimbursed by the subscriber unless otherwise","page_number":62,"box":{"x":121,"y":810,"width":763,"height":12}},{"id":"4f9562d2-29b7-46a0-8c95-6e9871861da3","block_type":"box","text":"agreed by the Directors at their absolute discretion.","page_number":62,"box":{"x":121,"y":826,"width":417,"height":13}},{"id":"1c8ce9a0-634b-4966-b444-99afdbaed05a","block_type":"box","text":"In the case of redemptions, proceeds will usually be paid by telegraphic transfer to a specified","page_number":62,"box":{"x":121,"y":859,"width":763,"height":13}},{"id":"d58c3fc5-df1d-436c-a1c3-0c5b8a5a9cd0","block_type":"box","text":"account at the Shareholder’s risk on the Business Day following the relevant Dealing Day (and","page_number":62,"box":{"x":121,"y":875,"width":763,"height":13}},{"id":"0897a327-d26d-4bc9-85e9-c3bc173aa004","block_type":"box","text":"in any event no later than 10 Business Days) after the receipt of the relevant duly signed","page_number":62,"box":{"x":121,"y":891,"width":763,"height":13}},{"id":"7922f769-6499-4f1f-84c4-288746354ec6","block_type":"box","text":"M-40331875-102","page_number":63,"box":{"x":121,"y":948,"width":101,"height":7}},{"id":"fdb7baa3-b11c-42b9-8f23-a9484e35e852","block_type":"box","text":"63","page_number":63,"box":{"x":492,"y":949,"width":15,"height":8}},{"id":"38da5b79-0d01-46f9-b7a2-d52a5eef8312","block_type":"box","text":"redemption documentation.","page_number":63,"box":{"x":121,"y":88,"width":226,"height":13}},{"id":"c9080b08-1663-474f-95cb-cb1a77a9f2b6","block_type":"box","text":"Settlement Date for Class W (Accumulating) Shares","page_number":63,"box":{"x":122,"y":121,"width":450,"height":13}},{"id":"4bba3eed-49ae-447c-af99-08f2dd585feb","block_type":"box","text":"In the case of subscription(s), a completed Subscription Form (and in the case of an initial","page_number":63,"box":{"x":121,"y":154,"width":763,"height":13}},{"id":"774bce15-203c-416b-b95e-daebcf3d562b","block_type":"box","text":"investment, a completed Application Form) must have been received and accepted by the Fund","page_number":63,"box":{"x":121,"y":170,"width":763,"height":13}},{"id":"91bbd658-3caf-4295-b970-08b192bb968d","block_type":"box","text":"care of the Administrator before the Dealing Deadline for the relevant Dealing Day unless","page_number":63,"box":{"x":121,"y":187,"width":763,"height":13}},{"id":"c9f7bc1b-41ba-48ce-a3ab-39f8bbb7ada6","block_type":"box","text":"otherwise approved by the Directors and provided the completed Subscription Form is received","page_number":63,"box":{"x":121,"y":203,"width":763,"height":13}},{"id":"b4be5e3f-2cf6-4e29-bc2e-2f86ef263a7a","block_type":"box","text":"before the relevant Valuation Point. Cleared funds must be received by the Fund’s close of","page_number":63,"box":{"x":120,"y":219,"width":764,"height":13}},{"id":"e975d2d1-8a50-4e9d-982d-35084e25b40c","block_type":"box","text":"bank business on the Business Day following the relevant Dealing Day. If cleared funds are","page_number":63,"box":{"x":120,"y":236,"width":764,"height":13}},{"id":"9b77ef47-3332-419b-92e7-c35474cbe634","block_type":"box","text":"not received by the Fund’s close of bank business on the Business Day following the relevant","page_number":63,"box":{"x":121,"y":252,"width":763,"height":13}},{"id":"7c74f18f-eb46-4504-ad20-4bd97b7d5d77","block_type":"box","text":"Dealing Day, then any interest costs and/or directly related charges will be reimbursed by the","page_number":63,"box":{"x":121,"y":269,"width":763,"height":13}},{"id":"f566c6f0-c9de-4feb-aa7a-39fff1152713","block_type":"box","text":"subscriber unless otherwise agreed by the Directors at their absolute discretion.","page_number":63,"box":{"x":121,"y":285,"width":644,"height":13}},{"id":"fa1eeef1-33be-43d7-9342-34d7a31dbd52","block_type":"box","text":"In the case of redemptions, proceeds will usually be paid by telegraphic transfer to a specified","page_number":63,"box":{"x":121,"y":318,"width":763,"height":13}},{"id":"9af11c23-f34f-497d-9b16-79de314dbf0b","block_type":"box","text":"account at the Shareholder’s risk on the Business Day following the relevant Dealing Day (and","page_number":63,"box":{"x":121,"y":334,"width":763,"height":13}},{"id":"e6a43e74-250d-4e8a-a7a3-24ee4c516546","block_type":"box","text":"in any event no later than 10 Business Days) after the receipt of the relevant duly signed","page_number":63,"box":{"x":121,"y":351,"width":763,"height":13}},{"id":"bb007b89-2f52-4bca-903c-1541e7062977","block_type":"box","text":"redemption documentation.","page_number":63,"box":{"x":121,"y":367,"width":226,"height":13}},{"id":"42b5e5bd-593a-460c-9f9c-ea030072a1bb","block_type":"box","text":"Valuation Point","page_number":63,"box":{"x":121,"y":400,"width":141,"height":10}},{"id":"bf20ad5b-2653-4ed0-b25a-d40910270465","block_type":"box","text":"1 p.m. (Irish time) on each Dealing Day.","page_number":63,"box":{"x":123,"y":433,"width":329,"height":13}},{"id":"79966b02-bc3d-44cb-b6cc-a1cec64a8c14","block_type":"box","text":"Fees and Expenses","page_number":63,"box":{"x":121,"y":466,"width":165,"height":12}},{"id":"6c4f315b-b41c-45a3-8502-6b7301fa4731","block_type":"box","text":"The Manager shall be entitled to receive out of the assets of the Sub-Fund different fees for","page_number":63,"box":{"x":121,"y":498,"width":763,"height":13}},{"id":"bb2ae071-5d55-4c2e-8f63-89640a7c6013","block_type":"box","text":"each class of Shares as set out below.","page_number":63,"box":{"x":121,"y":515,"width":306,"height":10}},{"id":"32bebe8a-9407-4e31-b499-36541a5aa85d","block_type":"box","text":"Class of Shares","page_number":63,"box":{"x":121,"y":564,"width":136,"height":10}},{"id":"fc868abf-68a5-4274-8076-f95ec5b94305","block_type":"box","text":"Annual Charges and Expenses","page_number":63,"box":{"x":363,"y":564,"width":267,"height":13}},{"id":"515e4364-0593-4a13-84cb-e8f02e88f646","block_type":"box","text":"Class 5","page_number":63,"box":{"x":121,"y":596,"width":63,"height":11}},{"id":"feaf7435-d4be-480e-b451-00eff3bfeda5","block_type":"box","text":"0.20% of the Net Asset Value of the Class 5 Shares","page_number":63,"box":{"x":363,"y":596,"width":419,"height":11}},{"id":"fa9acb80-f71f-4f03-91d4-d154f6dcb711","block_type":"box","text":"Class 6","page_number":63,"box":{"x":121,"y":613,"width":63,"height":10}},{"id":"f226a98f-ef50-400a-b222-da7fa20476f4","block_type":"box","text":"0.15% of the Net Asset Value of the Class 6 Shares","page_number":63,"box":{"x":363,"y":613,"width":419,"height":10}},{"id":"b42dda05-4dd0-4f83-ad0b-aabce4731a13","block_type":"box","text":"Class 7","page_number":63,"box":{"x":121,"y":629,"width":63,"height":10}},{"id":"79da9d86-a1af-4f20-a4f9-140bb6f9a0a6","block_type":"box","text":"0.10% of the Net Asset Value of the Class 7 Shares","page_number":63,"box":{"x":363,"y":629,"width":419,"height":10}},{"id":"ef5b1192-7074-45c0-b1f4-1624b15ff985","block_type":"box","text":"Class 8","page_number":63,"box":{"x":121,"y":646,"width":63,"height":10}},{"id":"60dc23ee-5ba1-4668-83ba-a0fa50f0dd10","block_type":"box","text":"None","page_number":63,"box":{"x":362,"y":646,"width":49,"height":10}},{"id":"9e792198-ce68-4496-89c8-814950c3559a","block_type":"box","text":"Class W (Accumulating)","page_number":63,"box":{"x":121,"y":662,"width":205,"height":13}},{"id":"25ea8916-4c74-4c2d-b68c-3bb3253c0128","block_type":"box","text":"0.15% of the Net Asset Value of the Class W (Accumulating)","page_number":63,"box":{"x":363,"y":662,"width":521,"height":13}},{"id":"14865246-d937-491d-84e9-458d2b4a18c9","block_type":"box","text":"Shares","page_number":63,"box":{"x":364,"y":678,"width":57,"height":11}},{"id":"d38d6519-aeaa-4aa3-8b41-838a1f425c70","block_type":"box","text":"The Directors reserve the right to reduce or waive the above charges from time to time.","page_number":63,"box":{"x":121,"y":711,"width":708,"height":13}},{"id":"aae12f5d-a7eb-4ab2-9ad2-5d833ca2fa97","block_type":"box","text":"The fees payable to the Depositary, the Administrator, the Investment Manager and the","page_number":63,"box":{"x":121,"y":744,"width":763,"height":13}},{"id":"09cef582-e4c6-49d8-923d-767a54eb111c","block_type":"box","text":"Distributor shall be paid by the Manager out of its fee.","page_number":63,"box":{"x":121,"y":760,"width":443,"height":13}},{"id":"1734b2b8-6742-4a16-a771-f637d436d9b8","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":63,"box":{"x":121,"y":793,"width":763,"height":13}},{"id":"c89ca498-1b64-455b-86ee-d3d189400fb6","block_type":"box","text":"be limited by the Manager to an amount equivalent to the fees payable to the Manager as 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The Manager and the","page_number":64,"box":{"x":121,"y":236,"width":763,"height":13}},{"id":"0f3bc848-3b09-451a-9ccd-7604dba972e7","block_type":"box","text":"Investment Manager shall also be entitled to be repaid all of its reasonable costs and out of","page_number":64,"box":{"x":121,"y":252,"width":763,"height":13}},{"id":"164083bf-991e-4b10-8aca-06ca0e579a75","block_type":"box","text":"pocket expenses out of the assets of the Sub-Fund. No performance fees will be payable by","page_number":64,"box":{"x":120,"y":269,"width":764,"height":13}},{"id":"ddedd687-9b93-4a48-90a7-4e272ee63f32","block_type":"box","text":"the Sub-Fund to the Manager or the Investment Manager.","page_number":64,"box":{"x":121,"y":285,"width":469,"height":13}},{"id":"260d5ab0-fab0-443c-a819-268c35c6da51","block_type":"box","text":"The Fixed Rate covers all other fees, costs and expenses connected with the management and","page_number":64,"box":{"x":121,"y":318,"width":763,"height":13}},{"id":"c7eb66da-dd66-4935-8fe0-bac10aebaf28","block_type":"box","text":"operation of the Sub-Fund including, but not limited to, investment management,","page_number":64,"box":{"x":121,"y":334,"width":763,"height":13}},{"id":"3e6fdb60-74ba-4a78-a144-39a289693aff","block_type":"box","text":"administration, registration, transfer agency, custody, sub-custody (which fees will be at","page_number":64,"box":{"x":121,"y":351,"width":763,"height":13}},{"id":"34ed42a3-5fef-4c74-ade0-bf051ef48903","block_type":"box","text":"normal commercial rates) and transfer fees and other fees and expenses incurred in relation to","page_number":64,"box":{"x":121,"y":367,"width":763,"height":13}},{"id":"991ba92b-480c-4cc0-bbe9-e4dee1641f1c","block_type":"box","text":"preparing, translating, printing, publishing and distributing the Prospectus, annual and semi\u0002","page_number":64,"box":{"x":120,"y":383,"width":758,"height":13}},{"id":"862b1f76-55c3-41bb-9c44-a3a3e9659913","block_type":"box","text":"annual reports and other documents to the Shareholders, the costs and expenses of obtaining","page_number":64,"box":{"x":121,"y":400,"width":763,"height":13}},{"id":"871b9228-4230-43f7-84a4-1946ec36d5ad","block_type":"box","text":"authorisations or registrations of the Sub-Fund with any regulatory authority in any jurisdiction,","page_number":64,"box":{"x":121,"y":416,"width":763,"height":13}},{"id":"285f6311-8a68-4f37-a815-8ddfca2643f9","block_type":"box","text":"professional fees and expenses, annual audit fees and Directors’ fees.","page_number":64,"box":{"x":120,"y":433,"width":564,"height":12}},{"id":"6db921e1-002a-4906-8e8c-46fffd9fb64a","block_type":"box","text":"The Fixed Rate excludes withholding, stamp duty or other taxes on the investments of the Sub\u0002","page_number":64,"box":{"x":121,"y":465,"width":757,"height":13}},{"id":"5b3e1f6b-14a6-4d6e-ac2e-96815d52e5ba","block_type":"box","text":"Fund, commissions and brokerage fees incurred with respect to the Sub-Fund’s investments,","page_number":64,"box":{"x":121,"y":482,"width":763,"height":13}},{"id":"ca70d0a5-446c-4cd4-a64a-9e1aa17926f4","block_type":"box","text":"interest on borrowings and bank charges incurred in negotiating, effecting or varying the terms","page_number":64,"box":{"x":121,"y":498,"width":763,"height":13}},{"id":"5551bebe-b5e6-4eb4-8d86-98508549c663","block_type":"box","text":"of such borrowings, any commissions charged by intermediaries in relation to an investment","page_number":64,"box":{"x":121,"y":515,"width":763,"height":12}},{"id":"a87ed884-f2e9-46e8-a898-4aeeecafad37","block_type":"box","text":"in Shares of the Sub-Fund, any out-of-pocket expenses incurred by any of the service providers","page_number":64,"box":{"x":121,"y":531,"width":763,"height":13}},{"id":"0e3e9461-53c6-4806-a16d-4db014867b8b","block_type":"box","text":"on behalf of the Sub-Fund, the establishment and organisation costs of the Sub-Fund set out in","page_number":64,"box":{"x":121,"y":547,"width":763,"height":13}},{"id":"3fe11356-d9dd-4eb9-8bcc-ce61a3e017b6","block_type":"box","text":"Part 2 of the Prospectus and such extraordinary or exceptional costs and expenses (if any) as","page_number":64,"box":{"x":121,"y":564,"width":763,"height":13}},{"id":"1a772b5e-2306-4b71-8a3b-572bc004ec37","block_type":"box","text":"may arise from time to time, such as material litigation in relation to the Sub-Fund. Such","page_number":64,"box":{"x":121,"y":580,"width":763,"height":13}},{"id":"de949bf7-6687-42dc-aa3e-c212a0b19281","block_type":"box","text":"additional fees, costs or expenses shall be paid out of the assets of the Sub-Fund.","page_number":64,"box":{"x":121,"y":596,"width":656,"height":13}},{"id":"47ac8736-7f0d-4f7f-a493-376a0200f680","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":64,"box":{"x":121,"y":629,"width":763,"height":13}},{"id":"a0ebaadf-3ab6-435b-a6f6-46a644623cd0","block_type":"box","text":"the Prospectus.","page_number":64,"box":{"x":121,"y":646,"width":127,"height":13}},{"id":"810ecfad-37db-4726-ac28-e06f4a8e1d25","block_type":"box","text":"Preliminary Charge","page_number":64,"box":{"x":121,"y":679,"width":177,"height":12}},{"id":"6f9f5f72-f4f5-4776-a160-676ea528c0dd","block_type":"box","text":"No preliminary charge will be payable on the issue of Shares in the Sub-Fund.","page_number":64,"box":{"x":120,"y":711,"width":637,"height":13}},{"id":"505a1f67-c066-4116-b756-4186b50ac4a3","block_type":"box","text":"Exchange Charge","page_number":64,"box":{"x":121,"y":744,"width":157,"height":13}},{"id":"b725b267-4e0a-441b-9b86-bd7cae2eaf9b","block_type":"box","text":"None.","page_number":64,"box":{"x":120,"y":777,"width":54,"height":10}},{"id":"17fd84b5-b60d-4402-99bf-7535521d0c30","block_type":"box","text":"Redemption Charge","page_number":64,"box":{"x":121,"y":810,"width":179,"height":12}},{"id":"45efb949-be45-4f33-837c-abc346b934af","block_type":"box","text":"None.","page_number":64,"box":{"x":120,"y":843,"width":54,"height":9}},{"id":"109313aa-c0de-4f62-a2c8-95433b25af62","block_type":"box","text":"M-40331875-102","page_number":65,"box":{"x":121,"y":948,"width":101,"height":7}},{"id":"c9962c2d-695f-4bb6-be95-ed4815bc7bc0","block_type":"box","text":"65","page_number":65,"box":{"x":492,"y":949,"width":15,"height":8}},{"id":"17a44299-e9a6-43b3-a73e-eee3b72a8171","block_type":"box","text":"M-40331875-102","page_number":66,"box":{"x":121,"y":948,"width":101,"height":7}},{"id":"fe0f55d8-bad8-4e88-a91b-b1dffee412c4","block_type":"box","text":"66","page_number":66,"box":{"x":492,"y":949,"width":15,"height":8}},{"id":"abad3b6f-a81d-451b-8b1b-0f9669a0e56e","block_type":"box","text":"PART 2","page_number":66,"box":{"x":459,"y":89,"width":87,"height":12}},{"id":"7781feda-abff-4f0d-8ad5-6db7ea69663e","block_type":"box","text":"_______________________________________________________________","page_number":66,"box":{"x":120,"y":120,"width":747,"height":3}},{"id":"5e77ef89-cea1-47db-8d78-7ba98f775be5","block_type":"box","text":"MANAGEMENT OF THE FUND","page_number":66,"box":{"x":329,"y":144,"width":348,"height":11}},{"id":"f0925efe-b308-4426-aa65-bd471dec088f","block_type":"box","text":"Aviva Investors Liquidity Funds plc","page_number":66,"box":{"x":121,"y":195,"width":315,"height":13}},{"id":"f979240d-9afc-4b6a-afdb-e644e304489b","block_type":"box","text":"Directors of the Fund","page_number":66,"box":{"x":121,"y":228,"width":190,"height":10}},{"id":"90c077e9-2b5a-48d6-850a-e9604f1af119","block_type":"box","text":"The Directors of the Fund are described below:-","page_number":66,"box":{"x":121,"y":260,"width":393,"height":10}},{"id":"17cc684a-ad07-4379-be1d-35f90436384a","block_type":"box","text":"Ms. Denise Kinsella (Irish Resident)","page_number":66,"box":{"x":121,"y":293,"width":314,"height":13}},{"id":"77604b76-225f-4be7-a5a4-3afc81bacbad","block_type":"box","text":"Ms. Kinsella (Irish) is an experienced independent non-executive director and chairperson of a","page_number":66,"box":{"x":121,"y":326,"width":763,"height":13}},{"id":"9dadc65f-fdb2-4d7c-9b02-8301e856ad90","block_type":"box","text":"number of asset management companies and funds. She has over 30 years’ experience in","page_number":66,"box":{"x":121,"y":342,"width":763,"height":13}},{"id":"4ce1601a-a400-4883-bd05-5636677e89ea","block_type":"box","text":"international financial services. She is a former partner of Dillon Eustace Solicitors (1999 to","page_number":66,"box":{"x":121,"y":359,"width":763,"height":13}},{"id":"1f13c467-9b58-49e4-a57a-1ce608d51a46","block_type":"box","text":"2005) prior to which (1988 to 1999) she held senior executive roles at Bank of Ireland including","page_number":66,"box":{"x":121,"y":375,"width":763,"height":13}},{"id":"500f1359-ea9c-47eb-8fd3-ae9f181bed9b","block_type":"box","text":"Head of Client Services and Head of Legal Affairs at Bank of Ireland Securities Services (since","page_number":66,"box":{"x":121,"y":392,"width":763,"height":12}},{"id":"e7e13595-554c-4832-a15a-3b02d2f476d1","block_type":"box","text":"acquired by Northern Trust) and, in Bank of Ireland Asset Management, as a Senior Manager.","page_number":66,"box":{"x":121,"y":408,"width":763,"height":13}},{"id":"f49624ad-f818-4eda-9c6e-204b9bba7a3d","block_type":"box","text":"Denise is a past Chairperson of Irish Funds, the Irish funds industry association and its legal","page_number":66,"box":{"x":121,"y":424,"width":763,"height":13}},{"id":"f854e3f4-6ed1-49cd-bd12-89606bd7966e","block_type":"box","text":"and regulatory sub-committee and represented the industry on a number of key funds industry","page_number":66,"box":{"x":121,"y":441,"width":763,"height":13}},{"id":"3cf8595e-027b-4ba4-bc4d-4559bb03c719","block_type":"box","text":"working groups including An Taoiseach's International Financial Services Committee and","page_number":66,"box":{"x":121,"y":457,"width":763,"height":13}},{"id":"6c0209e2-7d51-42b8-b9dc-66c034b32857","block_type":"box","text":"FEFSI (now EFAMA). She served on the Committee on Collective Investment Governance","page_number":66,"box":{"x":121,"y":473,"width":763,"height":13}},{"id":"a2ee3304-53a7-497b-87b4-4a0cf46ba9de","block_type":"box","text":"formed by the Central Bank of Ireland to develop recommendations for good governance","page_number":66,"box":{"x":121,"y":490,"width":763,"height":13}},{"id":"dcb7b9a6-8a8d-4c84-8b50-d528543bad33","block_type":"box","text":"practice for funds. Ms. Kinsella was consulting editor to \"Collective Investment Schemes in","page_number":66,"box":{"x":120,"y":506,"width":764,"height":13}},{"id":"897ca693-989c-4fb8-9b3e-a6927659e39f","block_type":"box","text":"Luxembourg, Law and Practice\" published by Oxford University Press and has lectured on","page_number":66,"box":{"x":121,"y":523,"width":763,"height":13}},{"id":"fcab9232-7fad-4dec-90d7-e0efc4c3514e","block_type":"box","text":"financial services law at the Law Society of Ireland. She graduated in law from Trinity College","page_number":66,"box":{"x":121,"y":539,"width":763,"height":13}},{"id":"254309e9-df2a-4cdb-acab-0d1bc570a4fd","block_type":"box","text":"Dublin (1983), was admitted as a solicitor by the Law Society of Ireland (1987) and holds a","page_number":66,"box":{"x":121,"y":555,"width":763,"height":13}},{"id":"a209ed8b-67eb-4b4b-a4a2-5b92ce6ce05d","block_type":"box","text":"diploma in company direction from the Institute of Directors (UK) (2011). She is a founding","page_number":66,"box":{"x":121,"y":572,"width":763,"height":13}},{"id":"45c059a4-0625-489b-b554-7d62490c275f","block_type":"box","text":"member and past Director of the Irish funds’ industry charity, basis.point.","page_number":66,"box":{"x":121,"y":588,"width":599,"height":13}},{"id":"bd67c827-938e-46c3-9d36-ed34f7df03c3","block_type":"box","text":"Ms. Deirdre Gormley (Irish Resident)","page_number":66,"box":{"x":121,"y":621,"width":330,"height":13}},{"id":"eccbbdcc-3d84-4fe1-ad66-f9e1e36a5254","block_type":"box","text":"Deirdre Gormley (Irish) is an independent investment fund director with over 30 years'","page_number":66,"box":{"x":121,"y":654,"width":763,"height":13}},{"id":"40e6fe12-7598-43ba-bc49-1ece10256794","block_type":"box","text":"experience in the asset management and investment funds industry, having held senior","page_number":66,"box":{"x":121,"y":670,"width":763,"height":13}},{"id":"37477533-90a1-4f77-bc83-13decbc5c419","block_type":"box","text":"executive and board positions in large international organizations. In her previous executive","page_number":66,"box":{"x":121,"y":687,"width":763,"height":12}},{"id":"ae67edb0-0f77-4b22-87d8-4077de32b6d7","block_type":"box","text":"roles Ms Gormley was responsible for a wide range of investment management, business","page_number":66,"box":{"x":121,"y":703,"width":763,"height":13}},{"id":"31d591ef-604f-44fe-bf45-67690941f100","block_type":"box","text":"development, governance and regulatory activities. She was involved in product management","page_number":66,"box":{"x":121,"y":719,"width":763,"height":13}},{"id":"9b151615-410b-46e3-97d4-ca6993ad8de9","block_type":"box","text":"for Irish, Luxembourg and Dutch domiciled investment products. Ms Gormley is the former","page_number":66,"box":{"x":121,"y":736,"width":763,"height":13}},{"id":"60993cca-3aea-4ba7-a45b-d030191ba4c8","block_type":"box","text":"CEO/Head of Management Company for Northern Trust Asset Management in Dublin Ireland.","page_number":66,"box":{"x":121,"y":752,"width":763,"height":13}},{"id":"b8438ee0-0c70-4618-b564-64379e2a8d37","block_type":"box","text":"In this role she was responsible for the management of UCITS and IPM business which","page_number":66,"box":{"x":121,"y":768,"width":763,"height":13}},{"id":"258e3ae5-e229-4cdb-b9e7-0d5a71f0cf22","block_type":"box","text":"included Money Market, Equity, Fixed Income and ETF products. She was responsible for the","page_number":66,"box":{"x":121,"y":785,"width":763,"height":13}},{"id":"86abced9-d6e0-4dc3-b36f-d31cc384b729","block_type":"box","text":"Northern Trust Fund Managers Ireland branches in Europe and the oversight of delegated","page_number":66,"box":{"x":120,"y":801,"width":764,"height":13}},{"id":"2ee53540-ef72-4bd8-8dc0-f5d62647934a","block_type":"box","text":"service providers. Prior to this role Deirdre spent 12 years with Pioneer Investment Limited","page_number":66,"box":{"x":121,"y":818,"width":763,"height":13}},{"id":"fdfcf1ce-9328-4975-8a50-49cba3f6c4c6","block_type":"box","text":"(now Amundi Ireland Limited) as Head of Product and Marketing Services. 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He","page_number":67,"box":{"x":121,"y":138,"width":763,"height":12}},{"id":"e798f946-f951-4f4e-a1bb-c983074c9442","block_type":"box","text":"primarily focuses on the UK corporate and institutional space and maintaining the correct","page_number":67,"box":{"x":120,"y":154,"width":764,"height":13}},{"id":"1b3c6097-6517-4cf8-9b67-2c42e087167d","block_type":"box","text":"framework within which business operates. 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As detailed futher below the Manager has delegated to third parties","page_number":68,"box":{"x":121,"y":351,"width":763,"height":13}},{"id":"25f3aafc-1359-4b9e-8fb0-fba15bbc409b","block_type":"box","text":"some or all of its responsibilities, subject to applicable laws and the consent and supervision of","page_number":68,"box":{"x":121,"y":367,"width":763,"height":13}},{"id":"6aed18e4-7d06-470c-9f40-ab8840ccfe41","block_type":"box","text":"the Board.","page_number":68,"box":{"x":121,"y":383,"width":88,"height":10}},{"id":"db5f1439-a3e6-4275-8737-4f09eef74350","block_type":"box","text":"For example, so long as it retains control and supervision, the Manager can appoint one or more","page_number":68,"box":{"x":121,"y":416,"width":763,"height":13}},{"id":"14a68d33-0bca-4e18-b7d7-929c24e26277","block_type":"box","text":"investment managers to handle the day-to-day management of the Fund’s assets, or one or more","page_number":68,"box":{"x":121,"y":433,"width":763,"height":13}},{"id":"16ca9117-cf18-4345-b2f5-d012dc2b2b3f","block_type":"box","text":"advisors to provide investment information, recommendations and research concerning","page_number":68,"box":{"x":121,"y":449,"width":763,"height":13}},{"id":"60d17e4f-f171-4152-8098-5862d49b659d","block_type":"box","text":"prospective and existing investments.","page_number":68,"box":{"x":120,"y":465,"width":308,"height":13}},{"id":"5b6a13c3-29a6-474b-b31f-d15942ca7d3e","block_type":"box","text":"Directors of the Manager","page_number":68,"box":{"x":120,"y":498,"width":212,"height":13}},{"id":"60f0dd3d-66af-446b-9bdc-212a1a23f4f0","block_type":"box","text":"The Directors of the Manager are described below:-","page_number":68,"box":{"x":121,"y":531,"width":423,"height":13}},{"id":"ac39530f-2af6-4e21-97b6-a6a4015edb8c","block_type":"box","text":"Management Board","page_number":68,"box":{"x":121,"y":564,"width":176,"height":13}},{"id":"c4a1e1ef-f3d4-4c25-bf9b-348fc85173d4","block_type":"box","text":"Mrs. Victoria Kernan","page_number":68,"box":{"x":121,"y":597,"width":192,"height":10}},{"id":"1c6b0a09-167c-4b78-834c-0dcd818c4634","block_type":"box","text":"Mrs Kernan is Head of Transfer Agency oversight for Aviva Investors and is also one of the","page_number":68,"box":{"x":121,"y":629,"width":763,"height":13}},{"id":"31320fcb-dcda-4dec-97ce-d94299d0dc41","block_type":"box","text":"Manager’s conducting officers. Mrs. Kernan joined Aviva Investors Luxembourg in 2009 and","page_number":68,"box":{"x":121,"y":646,"width":763,"height":13}},{"id":"5308d51c-471e-4155-aea3-ba7e890df0df","block_type":"box","text":"has been primarily responsible for the outsourcing of core Transfer Agency activity. She","page_number":68,"box":{"x":121,"y":662,"width":763,"height":13}},{"id":"24c28ce8-a231-43b7-9938-564e9d45128c","block_type":"box","text":"established the framework for the Vendor Management process in Luxembourg.","page_number":68,"box":{"x":121,"y":678,"width":652,"height":13}},{"id":"c463ad84-5154-4a8a-a46a-228f79f88d3b","block_type":"box","text":"Mrs. Kernan has been working in the fund industry for 20 years and has held various positions","page_number":68,"box":{"x":121,"y":711,"width":763,"height":13}},{"id":"59fd01bc-0c7d-47f2-83b2-69939fa84e20","block_type":"box","text":"with previous employers including State Street and Deutsche Bank. 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Mr Bell was previously responsible for the Integration","page_number":69,"box":{"x":121,"y":170,"width":763,"height":13}},{"id":"89fc5a6f-f115-4dea-b936-316d2141d8f3","block_type":"box","text":"of the Friends Life Assets into the Aviva Investors Investment Strategy and Operating Model.","page_number":69,"box":{"x":121,"y":187,"width":763,"height":13}},{"id":"c9d51ec9-3eff-4d46-ac98-e85fb7dbe13e","block_type":"box","text":"He was a key SME on the OBOE Project to land £60bn of Client assets at Aviva Investors.","page_number":69,"box":{"x":121,"y":203,"width":738,"height":13}},{"id":"fc4177d2-3f7d-4269-bc20-8a57d8d78742","block_type":"box","text":"Mr Bell has spent time in both Asset Management and Investment Banking. His first role in","page_number":69,"box":{"x":121,"y":236,"width":763,"height":13}},{"id":"c129e4bc-5d92-47ea-a031-12debd7c1fd5","block_type":"box","text":"Asset Management was Asset Allocation with Merrill Lynch Investment Management, from","page_number":69,"box":{"x":121,"y":252,"width":763,"height":13}},{"id":"23aedd15-9e04-457b-884a-efa4f3454c28","block_type":"box","text":"where he moved to Morgan Stanley, spending ten years in the Portfolio Products Team. He","page_number":69,"box":{"x":121,"y":269,"width":763,"height":13}},{"id":"76d89948-08e7-41b6-8f26-dc83d6083c7c","block_type":"box","text":"moved back to Asset Management as Head of the Investment Transitions team at Aviva","page_number":69,"box":{"x":121,"y":285,"width":763,"height":13}},{"id":"98082240-81c0-45bf-b147-3d7220702c70","block_type":"box","text":"Investors. 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She was also Director of","page_number":71,"box":{"x":121,"y":154,"width":763,"height":10}},{"id":"d269c562-c4d2-409c-a09d-8057aa62db61","block_type":"box","text":"Global Funds Management S.A. which is an AIFM management company belonging to NBL.","page_number":71,"box":{"x":121,"y":170,"width":761,"height":13}},{"id":"4f2203f8-1727-4ba4-89f6-03ef73230fa7","block_type":"box","text":"Virginie sits on the board of several Banks and Management Companies in Luxembourg and","page_number":71,"box":{"x":121,"y":203,"width":763,"height":13}},{"id":"36d8fa48-ce79-41a7-9301-eb79badf70af","block_type":"box","text":"chairs audit / risk committees.","page_number":71,"box":{"x":121,"y":219,"width":247,"height":11}},{"id":"f3c498a6-228c-423c-b617-63467dbfe928","block_type":"box","text":"Virginie holds a Master in Management from the French Ecole de Commerce of Marseille. 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The Depositary is authorised by the Central","page_number":72,"box":{"x":121,"y":580,"width":763,"height":13}},{"id":"5030789d-0852-4298-b9b6-b0a686a1c2f8","block_type":"box","text":"Bank.","page_number":72,"box":{"x":121,"y":596,"width":52,"height":11}},{"id":"b44a68d1-5a0b-400e-92aa-edeb8dfc49ad","block_type":"box","text":"The duty of the Depositary is to provide safekeeping, oversight and asset verification services","page_number":72,"box":{"x":121,"y":629,"width":763,"height":13}},{"id":"f1c71855-4ee7-4d63-a1e4-aa27f497efd8","block_type":"box","text":"in respect of the assets of the Fund and each Sub-Fund in accordance with the provisions of the","page_number":72,"box":{"x":121,"y":646,"width":763,"height":13}},{"id":"c21b4ea4-a2c4-4ef6-8084-cfcc55a1c379","block_type":"box","text":"Regulations.","page_number":72,"box":{"x":121,"y":662,"width":106,"height":13}},{"id":"da524daf-b5b7-4260-b61a-734453ba8d0e","block_type":"box","text":"The Depositary will be obliged, inter alia, to ensure that the sale, issue, repurchase and","page_number":72,"box":{"x":121,"y":695,"width":763,"height":13}},{"id":"343d125d-34cb-4695-866e-8f231c091e23","block_type":"box","text":"cancellation of Shares in the Fund is carried out in accordance with the Regulations and the","page_number":72,"box":{"x":121,"y":711,"width":763,"height":13}},{"id":"dadf6f9f-cf69-4229-a7f9-48bbbdf75ef6","block_type":"box","text":"Articles of Association. 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The Depositary shall also","page_number":72,"box":{"x":121,"y":842,"width":763,"height":13}},{"id":"f0988d29-ed9a-4f6f-bf1c-c86bb34f5276","block_type":"box","text":"be liable for all other losses suffered as a result of the Depositary’s negligent or intentional","page_number":72,"box":{"x":120,"y":859,"width":764,"height":13}},{"id":"9f9d5b3c-6760-475c-bef2-5489e035a915","block_type":"box","text":"failure to fulfil its obligations under the Regulations.","page_number":72,"box":{"x":121,"y":875,"width":429,"height":13}},{"id":"1beda5ce-5465-4026-be11-b712c78792e0","block_type":"box","text":"M-40331875-102","page_number":73,"box":{"x":121,"y":948,"width":101,"height":7}},{"id":"ec4450ca-d052-44b5-afc5-452593d2a07b","block_type":"box","text":"73","page_number":73,"box":{"x":492,"y":949,"width":15,"height":8}},{"id":"5cf04087-be4d-44f1-a1f3-0c03d5d19498","block_type":"box","text":"Under the Depositary Agreement, the Depositary has power to delegate the whole or any part","page_number":73,"box":{"x":121,"y":88,"width":763,"height":13}},{"id":"aaf263a8-1b44-4064-84dd-97a38e91b77c","block_type":"box","text":"of its depositary functions, however, its liability will not be affected by the fact that it has","page_number":73,"box":{"x":121,"y":105,"width":763,"height":13}},{"id":"ffdacfb1-f5db-4cf3-bbfb-2dd56777a9b2","block_type":"box","text":"entrusted to a third party some or all of the assets in its safekeeping. 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No conflicts arise as a result","page_number":73,"box":{"x":121,"y":154,"width":763,"height":13}},{"id":"a75d048c-5694-4a26-ad4b-6dde4d5a65ac","block_type":"box","text":"of such delegation.","page_number":73,"box":{"x":121,"y":170,"width":157,"height":13}},{"id":"e6f36726-704d-434f-ac89-37b4d7ddba32","block_type":"box","text":"Potential conflicts of interest affecting the Depositary and its delegates may arise from time to","page_number":73,"box":{"x":121,"y":203,"width":763,"height":13}},{"id":"ea676975-bd7a-4ea9-bc57-dfe0b6d0828b","block_type":"box","text":"time, including, without limitation, where the Depositary or a delegate has an interest in the","page_number":73,"box":{"x":121,"y":219,"width":763,"height":13}},{"id":"e8b2cd5f-afed-4a20-99e4-83b3b1a4de93","block_type":"box","text":"outcome of a service or an activity provided to the Fund, or a transaction carried out on behalf","page_number":73,"box":{"x":121,"y":236,"width":763,"height":13}},{"id":"3b9f8894-01d2-4174-9eeb-82ee1f9ee6d7","block_type":"box","text":"of the Fund, which is distinct from the Fund’s interest, or where the Depositary or a delegate","page_number":73,"box":{"x":121,"y":252,"width":763,"height":13}},{"id":"0708b256-c082-47cf-a573-2245e7e46a4d","block_type":"box","text":"has an interest in the outcome of a service or activity provided to another client or group of","page_number":73,"box":{"x":121,"y":269,"width":763,"height":13}},{"id":"f2cb2df5-b9fd-43a5-b514-395585ced1d3","block_type":"box","text":"clients which is in conflict with the Fund’s interests. From time to time conflicts may also arise","page_number":73,"box":{"x":121,"y":285,"width":763,"height":13}},{"id":"d58975a5-ba01-48fc-ac3d-f6d5774ed0d5","block_type":"box","text":"between the Depositary and its delegates or affiliates, such as where an appointed delegate is","page_number":73,"box":{"x":120,"y":301,"width":764,"height":13}},{"id":"1a37330b-eae0-40c9-97ef-6ac3bd2de2e5","block_type":"box","text":"an affiliated group company and is providing a product or service to the Fund and has a","page_number":73,"box":{"x":121,"y":318,"width":763,"height":13}},{"id":"b40201b8-f1ed-4690-afbf-1de5ec50a26e","block_type":"box","text":"financial or business interest in such product or service. The Depositary maintains a conflict","page_number":73,"box":{"x":121,"y":334,"width":763,"height":13}},{"id":"b51da12c-8d13-4839-b3b0-9282716f3e22","block_type":"box","text":"of interest policy to address such conflicts.","page_number":73,"box":{"x":121,"y":351,"width":349,"height":13}},{"id":"d2e2795f-59dd-4e04-a785-f5e4e8ac3e5c","block_type":"box","text":"Where a conflict or potential conflict of interest arises, the Depositary will have regard to its","page_number":73,"box":{"x":121,"y":383,"width":763,"height":13}},{"id":"4938d376-7395-43e1-bba9-84ddafbece36","block_type":"box","text":"obligations to the Fund, applicable law, and its conflicts of interest policy. 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Morgan Administration Services (Ireland) Limited to act as","page_number":73,"box":{"x":121,"y":531,"width":763,"height":13}},{"id":"314cc2e9-3d37-42b1-bc6b-fef89d524030","block_type":"box","text":"administrator, registrar and transfer agent of the Fund with responsibility for performing the","page_number":73,"box":{"x":121,"y":547,"width":763,"height":13}},{"id":"272d0363-2c8a-43c3-95e1-76af937ee0df","block_type":"box","text":"day to day administration of the Fund, including the calculation of the Net Asset Value. The","page_number":73,"box":{"x":121,"y":564,"width":763,"height":13}},{"id":"9171d992-a9d1-4a13-a07f-d7012d970e55","block_type":"box","text":"Administrator is a private company limited by shares incorporated in Ireland on 28 May 1990","page_number":73,"box":{"x":121,"y":580,"width":763,"height":13}},{"id":"697b4d90-2af3-4b99-913b-9526da477897","block_type":"box","text":"under registration number 159676 and is engaged in the provision of fund administration,","page_number":73,"box":{"x":120,"y":596,"width":764,"height":13}},{"id":"6c472776-8657-47ff-a283-257e64e208fd","block_type":"box","text":"accounting, registration, transfer agency and related shareholders services to collective","page_number":73,"box":{"x":121,"y":613,"width":763,"height":13}},{"id":"ee97f769-9ed6-4310-9cba-b31217a6a79c","block_type":"box","text":"investment schemes and investment funds. The Administrator is a wholly owned subsidiary","page_number":73,"box":{"x":121,"y":629,"width":763,"height":13}},{"id":"8cfb96c4-ef83-4f22-9675-055611ae210d","block_type":"box","text":"of J.P. Morgan Bank (Ireland) plc, which is itself an ultimate subsidiary of J.P. Morgan Chase","page_number":73,"box":{"x":121,"y":646,"width":763,"height":13}},{"id":"207d69e8-c5dc-42fb-8ff0-0a7fdebbb5cf","block_type":"box","text":"& Co, incorporated in the United States. The Administrator is authorised by the Central Bank","page_number":73,"box":{"x":121,"y":662,"width":763,"height":13}},{"id":"79ad4295-0c89-49a3-883b-77e4827a2ae3","block_type":"box","text":"under the Investment Intermediaries Act, 1995 (as amended). The Administrator's registered","page_number":73,"box":{"x":120,"y":678,"width":764,"height":13}},{"id":"d2680ade-d668-4907-8408-cae1c2e29bb1","block_type":"box","text":"office is at 200 Capital Dock, 79 Sir John Rogerson’s Quay, Dublin 2, D02 RK57, Ireland.","page_number":73,"box":{"x":121,"y":695,"width":736,"height":13}},{"id":"08aa65c8-40d7-4859-bd89-8c57dd41b279","block_type":"box","text":"The Administrator has been appointed to administer the day to day operations and business of","page_number":73,"box":{"x":121,"y":728,"width":763,"height":13}},{"id":"90442feb-e43e-4fb8-bdc6-e5c77c4e82d8","block_type":"box","text":"the Fund, including processing subscriptions, redemptions, computing the Net Asset Value and","page_number":73,"box":{"x":121,"y":744,"width":763,"height":13}},{"id":"56a68df7-8562-458b-aeae-3d6cb8c186ac","block_type":"box","text":"the Net Asset Value per Share, maintaining books and records, disbursing payments,","page_number":73,"box":{"x":121,"y":760,"width":763,"height":13}},{"id":"b49bc36e-adce-4219-82c2-36bd7e629962","block_type":"box","text":"establishing and maintaining accounts on behalf of the Fund and any other matters usually","page_number":73,"box":{"x":121,"y":777,"width":763,"height":13}},{"id":"f3d243df-85e3-4d00-bde1-6efd34ccedbb","block_type":"box","text":"performed for the administration of a fund, including the calculation of the Performance Fee.","page_number":73,"box":{"x":120,"y":793,"width":764,"height":13}},{"id":"597361cd-bf56-4d9e-85cf-7b28bb31812b","block_type":"box","text":"The Administrator will keep the accounts of the Fund in accordance with international financial","page_number":73,"box":{"x":121,"y":810,"width":763,"height":12}},{"id":"99c40dbc-6ed4-4796-b12e-018db767fb49","block_type":"box","text":"reporting standards. The Administrator will also maintain the register of Shareholders.","page_number":73,"box":{"x":121,"y":826,"width":706,"height":13}},{"id":"5cfa77ae-ed09-4cf5-a918-f6695addfda3","block_type":"box","text":"The Administrator is a service provider to the Fund and will not have any responsibility or","page_number":73,"box":{"x":121,"y":859,"width":763,"height":13}},{"id":"ef5fa79c-2d41-4abf-9889-d54894c41c71","block_type":"box","text":"authority to make investment decisions, nor render investment advice, with respect to the assets","page_number":73,"box":{"x":121,"y":875,"width":763,"height":13}},{"id":"545a94a7-47bc-42a1-96b6-c6b757366516","block_type":"box","text":"of the Fund. The Administrator has no responsibility for monitoring compliance by the Fund","page_number":73,"box":{"x":121,"y":891,"width":763,"height":13}},{"id":"ec9ea766-db4e-435c-93c5-b4e9af956fd3","block_type":"box","text":"M-40331875-102","page_number":74,"box":{"x":121,"y":948,"width":101,"height":7}},{"id":"60bcfee2-6207-4fc4-8db2-0f1724d72762","block_type":"box","text":"74","page_number":74,"box":{"x":492,"y":949,"width":15,"height":8}},{"id":"b1a74a23-cd2a-4eeb-99e7-ee0681c5675b","block_type":"box","text":"or the Investment Manager with any investment policies or restrictions to which they are","page_number":74,"box":{"x":121,"y":88,"width":763,"height":13}},{"id":"3962aa2d-3df6-4635-af7b-7fe967926ea7","block_type":"box","text":"subject. The Administrator is responsible and liable only for the administration services that it","page_number":74,"box":{"x":121,"y":105,"width":763,"height":13}},{"id":"0d8e7c12-0ad9-43a0-ac8f-ede603d1829e","block_type":"box","text":"provides to the Fund pursuant to the Administration Agreement. The Administrator accepts no","page_number":74,"box":{"x":120,"y":121,"width":764,"height":13}},{"id":"93e36140-d514-4174-84b3-ffe6ec8d1737","block_type":"box","text":"responsibility or liability for any losses suffered by the Fund as a result of any breach of such","page_number":74,"box":{"x":121,"y":138,"width":763,"height":12}},{"id":"a89b4608-fb0a-4e73-b4d4-16f50719a002","block_type":"box","text":"policies or restrictions by the Fund or the Investment Manager.","page_number":74,"box":{"x":120,"y":154,"width":514,"height":13}},{"id":"8f34ae49-e62a-42bd-a7aa-bc601e92ec64","block_type":"box","text":"Investment Objective and Policies","page_number":74,"box":{"x":121,"y":187,"width":296,"height":13}},{"id":"23a6dcbc-2011-497a-a2a2-d7a5eb68bdb9","block_type":"box","text":"The Articles provide that the investment objective and policies for each Sub-Fund will be","page_number":74,"box":{"x":121,"y":219,"width":763,"height":13}},{"id":"5d33ea5b-69eb-4127-a003-a00fc1390fa6","block_type":"box","text":"formulated by the Directors at the time of the creation of that Sub-Fund. Details of the","page_number":74,"box":{"x":121,"y":236,"width":763,"height":13}},{"id":"c7d8f109-7d29-4f38-a206-40577ab4aa8e","block_type":"box","text":"investment objective and policies for each Sub-Fund of the Fund appear in the relevant section","page_number":74,"box":{"x":121,"y":252,"width":763,"height":13}},{"id":"43ed3037-a99c-46e9-a8c3-9e3e0f582b12","block_type":"box","text":"of Part 1 for the relevant Sub-Fund.","page_number":74,"box":{"x":121,"y":269,"width":292,"height":10}},{"id":"c981dc25-4068-4d37-b56b-ba2a0f3dec7e","block_type":"box","text":"Any change in the investment objective or material change to the investment policies of a Sub\u0002","page_number":74,"box":{"x":121,"y":301,"width":757,"height":13}},{"id":"dd9ee58f-4903-4925-9f18-2f36e65b2c92","block_type":"box","text":"Fund may only be made with the approval of an ordinary resolution of the Shareholders of the","page_number":74,"box":{"x":121,"y":318,"width":763,"height":13}},{"id":"fce7e27d-24c8-4f27-bb8a-ca7e8b313c2f","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":74,"box":{"x":122,"y":334,"width":762,"height":13}},{"id":"5adcc8a3-44f4-4f64-a28f-3888fe5e6575","block_type":"box","text":"Manager will ensure that a reasonable notification period must be given to each Shareholder of","page_number":74,"box":{"x":121,"y":351,"width":763,"height":13}},{"id":"9cff9ede-34af-4859-aa3b-b6b50cfd434b","block_type":"box","text":"the Sub-Fund to enable a Shareholder to have its Shares redeemed prior to the implementation","page_number":74,"box":{"x":121,"y":367,"width":763,"height":13}},{"id":"4411df9b-1949-41fd-b651-814212502ba3","block_type":"box","text":"of such change.","page_number":74,"box":{"x":121,"y":383,"width":131,"height":13}},{"id":"c9aa9f16-3396-4d0d-86ca-40e8cb8c8751","block_type":"box","text":"In the event that the Fund utilises financial derivative instruments for a sub-fund, the Fund will","page_number":74,"box":{"x":121,"y":416,"width":763,"height":12}},{"id":"eec3d2c5-5a4d-4c95-8cc2-a070e1fa64bd","block_type":"box","text":"upon request provide information to Shareholders on the risk management methods employed","page_number":74,"box":{"x":120,"y":433,"width":763,"height":13}},{"id":"74a99222-d591-4934-b3c4-31a367619059","block_type":"box","text":"in respect of the relevant Sub-Fund including the quantitative limits that are applied and any","page_number":74,"box":{"x":121,"y":449,"width":748,"height":13}},{"id":"544b64b3-c501-4f03-90c6-e24c73549a4c","block_type":"box","text":"recent developments in the risk and yield characteristics of the main categories of investments.","page_number":74,"box":{"x":121,"y":465,"width":763,"height":13}},{"id":"627d8fab-89fc-4379-955d-7b0ccd177187","block_type":"box","text":"Efficient Portfolio Management","page_number":74,"box":{"x":121,"y":498,"width":278,"height":13}},{"id":"09fb831c-7306-40ee-8fe9-30760d9ec806","block_type":"box","text":"Subject to the Regulations and to the conditions within the limits laid down by the Central","page_number":74,"box":{"x":122,"y":531,"width":762,"height":13}},{"id":"221d6d9a-f46e-45b2-9a7c-2a775c6c3926","block_type":"box","text":"Bank from time to time, the Fund, on behalf of a Sub-Fund may employ techniques and","page_number":74,"box":{"x":121,"y":547,"width":763,"height":13}},{"id":"a34da6cb-c0f5-44b2-951e-7b1607b79b8f","block_type":"box","text":"instruments including financial derivative instruments solely for the purposes of (i) the","page_number":74,"box":{"x":121,"y":564,"width":763,"height":13}},{"id":"299452ad-785f-4762-986a-c233da702c73","block_type":"box","text":"reduction of risk, (ii) the reduction of costs, and/ or (iii) the generation of additional capital or","page_number":74,"box":{"x":121,"y":580,"width":763,"height":13}},{"id":"f00faa79-6c00-48c1-975a-ee13978de2c4","block_type":"box","text":"income for the Fund with no, or with an acceptably low level of, risk subject to the provisions","page_number":74,"box":{"x":121,"y":596,"width":763,"height":13}},{"id":"7b906898-693d-47a9-9c9c-76b86c418713","block_type":"box","text":"set out in the relevant section of Part 1 for the relevant Sub-Fund. Where the Sub-Fund utilises","page_number":74,"box":{"x":121,"y":613,"width":763,"height":10}},{"id":"7a581c53-b6b9-4b4b-b16e-b4f2511c07e8","block_type":"box","text":"financial derivatives instruments, such instruments will be dealt in on a regulated market","page_number":74,"box":{"x":121,"y":629,"width":763,"height":13}},{"id":"dac5e842-d373-4276-8e41-c9b3a432cd67","block_type":"box","text":"specified in the Articles and/or over the counter derivatives “OTCs”.","page_number":74,"box":{"x":121,"y":646,"width":559,"height":13}},{"id":"81e9c5b3-233d-405a-9838-10f77fcc8787","block_type":"box","text":"The following is a description of the types of financial derivative instruments which may be","page_number":74,"box":{"x":121,"y":678,"width":763,"height":13}},{"id":"b5624570-1537-486d-a1c8-a1eb4ac89820","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":74,"box":{"x":120,"y":695,"width":764,"height":13}},{"id":"2dccfffe-4d34-4eed-89f2-672ee9722d78","block_type":"box","text":"","page_number":74,"box":{"x":122,"y":732,"width":7,"height":5}},{"id":"b090e502-7429-44af-afe8-9b6a80c6f0fa","block_type":"box","text":"Currency Swaps","page_number":74,"box":{"x":152,"y":729,"width":146,"height":13}},{"id":"821b1f73-d41f-4a72-ac0c-5d70c1eb5f6b","block_type":"box","text":"In a standard swap transaction, two parties agree to exchange returns (or differentials in rates","page_number":74,"box":{"x":121,"y":761,"width":763,"height":13}},{"id":"34765eeb-9ccc-45fb-a4cd-3d0b50f083fa","block_type":"box","text":"of return) calculated with respect to a notional amount, e.g. the return on or increase in value","page_number":74,"box":{"x":121,"y":778,"width":763,"height":13}},{"id":"8de4e932-c01f-47ba-9e35-d8de80e4c5c4","block_type":"box","text":"of a particular dollar amount invested at a particular interest rate, in a particular foreign","page_number":74,"box":{"x":121,"y":794,"width":763,"height":13}},{"id":"b7a32cd6-d1c0-473c-a86c-c0a7788b8cd8","block_type":"box","text":"currency. Swaps in which a Sub-Fund may invest include currency swaps. A currency swap is","page_number":74,"box":{"x":121,"y":811,"width":763,"height":12}},{"id":"20a69f30-8bc4-423c-9558-b212eca109b0","block_type":"box","text":"an agreement negotiated between two parties to exchange the return on cash for the return on","page_number":74,"box":{"x":121,"y":827,"width":763,"height":13}},{"id":"632a4475-2aef-4124-8233-ef3c45968713","block_type":"box","text":"varying currencies.","page_number":74,"box":{"x":121,"y":843,"width":159,"height":13}},{"id":"c4e9404a-5aa6-4269-8e67-9b79b8dce523","block_type":"box","text":"","page_number":74,"box":{"x":122,"y":880,"width":7,"height":5}},{"id":"0b07b476-b488-4e77-8188-2c6ac4d2d04c","block_type":"box","text":"Currency Forwards","page_number":74,"box":{"x":152,"y":877,"width":176,"height":13}},{"id":"451cfca8-150e-47b9-9585-ecbc0a9422dc","block_type":"box","text":"M-40331875-102","page_number":75,"box":{"x":121,"y":948,"width":101,"height":7}},{"id":"8aee0b9d-e3ba-4543-adfe-b8b9b02ec1c3","block_type":"box","text":"75","page_number":75,"box":{"x":492,"y":949,"width":15,"height":8}},{"id":"29fcb9bb-cb60-4558-9afb-25fb34c0fcfd","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":75,"box":{"x":121,"y":88,"width":763,"height":13}},{"id":"77b5a86b-01ad-4521-a488-a0431e7f519a","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":75,"box":{"x":121,"y":105,"width":763,"height":13}},{"id":"17e4ff8e-c8a7-4f09-8053-74c914d38466","block_type":"box","text":"and restrictions adopted by the Central Bank from time to time to reduce the risks of adverse","page_number":75,"box":{"x":121,"y":121,"width":763,"height":13}},{"id":"a8fcfe19-5f4d-49b5-b8b5-441b4d201eb1","block_type":"box","text":"changes in exchange rates. A forward currency exchange contract, which involves an","page_number":75,"box":{"x":121,"y":138,"width":763,"height":12}},{"id":"539c7972-85e3-4ef6-beac-bb07d99a3a01","block_type":"box","text":"obligation to purchase or sell a specific currency at a future date at a price set at the time of the","page_number":75,"box":{"x":121,"y":154,"width":763,"height":13}},{"id":"e3453dd4-7cee-4151-a7dc-33738b582ff1","block_type":"box","text":"contract, reduces a Sub-Fund's exposure to changes in the value of the currency it will deliver","page_number":75,"box":{"x":121,"y":170,"width":763,"height":13}},{"id":"6fd3bf79-b460-415a-b2ce-05d36897c021","block_type":"box","text":"and increases its exposure to changes in the value of the currency it will receive for the duration","page_number":75,"box":{"x":121,"y":187,"width":763,"height":13}},{"id":"d2cc85ec-0751-4dc2-bdcd-611bfb450c82","block_type":"box","text":"of the contract. A contract to sell currency would limit any potential gain, which might be","page_number":75,"box":{"x":121,"y":203,"width":763,"height":13}},{"id":"4b7561b5-edf5-4e97-8d4f-2fecbed975fb","block_type":"box","text":"realised if the value of the hedged currency increases.","page_number":75,"box":{"x":121,"y":219,"width":437,"height":13}},{"id":"8146e916-60c4-4d5d-84c2-9e0dc33de5b3","block_type":"box","text":"","page_number":75,"box":{"x":122,"y":257,"width":7,"height":5}},{"id":"ab11c5a7-d903-48ee-9256-59840a7061e3","block_type":"box","text":"Futures","page_number":75,"box":{"x":151,"y":254,"width":72,"height":9}},{"id":"772a50d5-694a-4d1e-b086-2709452f1e00","block_type":"box","text":"Futures are contracts to buy or sell a standard quantity of a specific asset (or, in some cases,","page_number":75,"box":{"x":121,"y":286,"width":763,"height":13}},{"id":"ee1dd2ad-abeb-408f-83d0-7e28ec630c1b","block_type":"box","text":"receive or pay cash based on the performance of an underlying asset, instrument or index) at a","page_number":75,"box":{"x":121,"y":302,"width":763,"height":13}},{"id":"32c6b785-51e2-4f48-a5f6-b133bf76e462","block_type":"box","text":"pre-determined future date and at a price agreed through a transaction undertaken on an","page_number":75,"box":{"x":120,"y":319,"width":764,"height":13}},{"id":"6dc9271d-6930-4e61-9822-20127d7743a7","block_type":"box","text":"exchange. Futures contracts allow investors to hedge against market risk or gain exposure to","page_number":75,"box":{"x":121,"y":335,"width":763,"height":13}},{"id":"09e2b267-df72-4d88-a41c-c429c5386652","block_type":"box","text":"the underlying market (where permitted by the investment policies and restrictions for a Sub\u0002","page_number":75,"box":{"x":121,"y":352,"width":757,"height":13}},{"id":"ac4bfe10-9a23-4119-b201-3917e1a4b213","block_type":"box","text":"Fund). Since these contracts are marked-to-market daily, investors can, by closing out their","page_number":75,"box":{"x":121,"y":368,"width":763,"height":13}},{"id":"017d0880-668b-4531-8221-f3adbebadae4","block_type":"box","text":"position, exit from their obligation to buy or sell the underlying assets prior to the contract's","page_number":75,"box":{"x":120,"y":384,"width":764,"height":13}},{"id":"1974eabe-bd11-4714-a03b-d9639a15bfcf","block_type":"box","text":"delivery date.","page_number":75,"box":{"x":121,"y":401,"width":114,"height":13}},{"id":"a1f4c065-ee6c-4a72-8efc-3d9cc5d1377f","block_type":"box","text":"","page_number":75,"box":{"x":122,"y":438,"width":7,"height":5}},{"id":"78a7002e-1430-401b-9ea5-8d6c8caf8870","block_type":"box","text":"Options","page_number":75,"box":{"x":151,"y":435,"width":73,"height":12}},{"id":"631df958-2f22-48bd-a003-55c5f096b383","block_type":"box","text":"The seller (writer) of a call option which is covered (i.e. the writer holds the underlying","page_number":75,"box":{"x":121,"y":467,"width":763,"height":13}},{"id":"bfdd3977-865b-4ba0-b8dd-b3f69f1d5c1f","block_type":"box","text":"security) assumes the risk of a decline in the market price of the underlying security below the","page_number":75,"box":{"x":121,"y":484,"width":763,"height":13}},{"id":"486974ed-ce5a-4d7b-a110-ea7d4c4f1edd","block_type":"box","text":"purchase price of the underlying security less the premium received, and gives up the","page_number":75,"box":{"x":120,"y":500,"width":764,"height":13}},{"id":"52838d28-3d58-45ff-be92-60e27a7d40e0","block_type":"box","text":"opportunity for gain on the underlying security above the exercise price of the option. The","page_number":75,"box":{"x":121,"y":517,"width":763,"height":12}},{"id":"140c1735-6045-4e9c-981d-fed818197684","block_type":"box","text":"seller of an uncovered call option assumes the risk of a theoretically-unlimited increase in the","page_number":75,"box":{"x":121,"y":533,"width":763,"height":13}},{"id":"5d80119e-c847-49b1-8032-788ff68d86cc","block_type":"box","text":"market price of the underlying security above the exercise price of the option. The securities","page_number":75,"box":{"x":121,"y":549,"width":763,"height":13}},{"id":"3e974cd2-6d7f-42a0-af7d-e6a8cc011d27","block_type":"box","text":"necessary to satisfy the exercise of the call option may be unavailable for purchase except at","page_number":75,"box":{"x":121,"y":566,"width":763,"height":13}},{"id":"2820ca4b-3019-4191-a666-d59460afda66","block_type":"box","text":"much higher prices. Purchasing securities to satisfy the exercise of the call option can itself","page_number":75,"box":{"x":121,"y":582,"width":763,"height":13}},{"id":"731fa33d-5251-4310-b910-3a46a4b0e439","block_type":"box","text":"cause the price of the securities to rise further, sometimes by a significant amount, thereby","page_number":75,"box":{"x":121,"y":598,"width":763,"height":13}},{"id":"21b95f79-4994-4105-a7ba-502d62e8ae9c","block_type":"box","text":"exacerbating the loss. The buyer of a call option assumes the risk of losing its entire investment","page_number":75,"box":{"x":121,"y":615,"width":763,"height":13}},{"id":"066b1af6-a384-478e-aa3f-66d7985a9151","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":75,"box":{"x":121,"y":631,"width":763,"height":13}},{"id":"32401448-e503-44bb-86aa-0d9ee3bc2c55","block_type":"box","text":"position in the underlying security) assumes the risk of an increase in the market price of the","page_number":75,"box":{"x":120,"y":648,"width":764,"height":13}},{"id":"5e4df67b-b64e-4367-9692-f0f0a163af54","block_type":"box","text":"underlying security above the sales price (in establishing the short position) of the underlying","page_number":75,"box":{"x":120,"y":664,"width":764,"height":13}},{"id":"1a41b892-43e7-405a-a7e4-3e82b3b1589b","block_type":"box","text":"security plus the premium received, and gives up the opportunity for gain on the underlying","page_number":75,"box":{"x":121,"y":680,"width":763,"height":13}},{"id":"f1e86a20-a9bd-460f-a8f8-6cf4bb5f86fe","block_type":"box","text":"security below the exercise price of the option. The seller of an uncovered put option assumes","page_number":75,"box":{"x":121,"y":697,"width":763,"height":13}},{"id":"8035dfc9-3c63-4f72-b47a-af71b15b4c4b","block_type":"box","text":"the risk of a decline in the market price of the underlying security below the exercise price of","page_number":75,"box":{"x":121,"y":713,"width":763,"height":13}},{"id":"ee3945f6-2ba2-48ca-bcda-f769ab42564a","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":75,"box":{"x":121,"y":730,"width":763,"height":13}},{"id":"d1e77164-5e3a-4dbe-b00d-21b8aaa121af","block_type":"box","text":"option.","page_number":75,"box":{"x":121,"y":746,"width":61,"height":13}},{"id":"8581c117-9ca0-499d-8df3-bbd1f7f2f161","block_type":"box","text":"A Sub-Fund may enter into these contracts to hedge against exchange risk. 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pricing in order that it","page_number":78,"box":{"x":242,"y":105,"width":642,"height":13}},{"id":"1fb724aa-8a23-44cc-8f8a-74aecc14506e","block_type":"box","text":"can be sold quickly at a price that is close to pre-sale valuation. Collateral","page_number":78,"box":{"x":242,"y":121,"width":642,"height":13}},{"id":"654027ba-1911-4a6f-8489-24c71c10d010","block_type":"box","text":"received should also comply with the provisions of Regulation 74 of the UCITS","page_number":78,"box":{"x":242,"y":138,"width":642,"height":12}},{"id":"734901a2-16b4-425d-b8e6-477b5eb28324","block_type":"box","text":"Regulations (sections 5.1-5.3 in the section entitled “Investment Restrictions,","page_number":78,"box":{"x":242,"y":154,"width":642,"height":13}},{"id":"2cfb1212-9329-417d-8ee3-08c9f924a216","block_type":"box","text":"General Provisions” above);","page_number":78,"box":{"x":242,"y":170,"width":233,"height":13}},{"id":"08962ea3-f75d-4055-9b3c-69178e9109a6","block_type":"box","text":"1.1.2.","page_number":78,"box":{"x":183,"y":203,"width":42,"height":10}},{"id":"3d085ee8-7231-4351-b24e-ce17a0f4506f","block_type":"box","text":"Valuation","page_number":78,"box":{"x":242,"y":203,"width":84,"height":10}},{"id":"3b986964-3669-4ba3-bb6d-94b3c062a8b6","block_type":"box","text":": Collateral should be valued on at least a daily basis and assets that","page_number":78,"box":{"x":328,"y":203,"width":556,"height":13}},{"id":"3501c97a-c53c-4feb-bdb0-9ae5566c9cdf","block_type":"box","text":"exhibit high price volatility should not be accepted as collateral unless suitably","page_number":78,"box":{"x":242,"y":219,"width":642,"height":13}},{"id":"da8554ec-8659-4db8-ab68-111a3a0adb17","block_type":"box","text":"conservative haircuts are in place;","page_number":78,"box":{"x":242,"y":236,"width":279,"height":13}},{"id":"fbc2178d-dae0-42fe-ae02-1c751bece411","block_type":"box","text":"1.1.3.","page_number":78,"box":{"x":183,"y":269,"width":42,"height":10}},{"id":"abdb11bd-c72d-4b39-a95e-7c44eeab101e","block_type":"box","text":"Issuer credit quality","page_number":78,"box":{"x":242,"y":269,"width":174,"height":13}},{"id":"c4069e8c-c86d-41ea-afd1-3fb798f87d05","block_type":"box","text":": Collateral received should be of high quality. The Fund","page_number":78,"box":{"x":418,"y":269,"width":466,"height":13}},{"id":"16b9a243-985e-453f-9dfa-39d33f67b93f","block_type":"box","text":"shall ensure that:","page_number":78,"box":{"x":242,"y":285,"width":141,"height":10}},{"id":"f5d38502-5da8-4904-a702-fdb2be48fa18","block_type":"box","text":"(a) where the issuer was subject to a credit rating by an agency registered and","page_number":78,"box":{"x":242,"y":301,"width":642,"height":13}},{"id":"e4df757c-6a7b-471c-baca-c252689d41ef","block_type":"box","text":"supervised by ESMA that rating shall be taken into account by the Fund in the","page_number":78,"box":{"x":242,"y":318,"width":642,"height":13}},{"id":"4879a897-b244-4233-b873-73ad278227d1","block_type":"box","text":"credit assessment process;","page_number":78,"box":{"x":242,"y":334,"width":216,"height":13}},{"id":"50ea1f99-e09a-4ddf-8acb-0109fca9139b","block_type":"box","text":"(b) where an issuer is downgraded below the two highest shot-term credit","page_number":78,"box":{"x":242,"y":367,"width":642,"height":13}},{"id":"9276c3a4-f6a0-4081-9c9c-2557d7beb033","block_type":"box","text":"ratings by the credit rating agency referred to in (i) this shall result in a new","page_number":78,"box":{"x":242,"y":383,"width":642,"height":13}},{"id":"e62148b9-89a2-4d2c-8b9d-71df96e436c5","block_type":"box","text":"credit assessment being conducted of the issuer by the Fund without delay","page_number":78,"box":{"x":242,"y":400,"width":603,"height":13}},{"id":"4d177512-38f8-44d0-997a-c099bd764da3","block_type":"box","text":"1.1.4.","page_number":78,"box":{"x":183,"y":433,"width":42,"height":10}},{"id":"04b5db80-8435-4124-b92e-6df853e3ea2c","block_type":"box","text":"Correlation","page_number":78,"box":{"x":242,"y":433,"width":99,"height":10}},{"id":"32215b14-a718-4f25-bf07-ab5131f5e144","block_type":"box","text":": Collateral received should be issued by an entity that is","page_number":78,"box":{"x":344,"y":433,"width":540,"height":13}},{"id":"4e5b5079-eb09-4ea4-8012-7f370cdab290","block_type":"box","text":"independent from the counterparty and is not expected to display a high","page_number":78,"box":{"x":242,"y":449,"width":642,"height":13}},{"id":"3c7a7a48-30d4-4139-b097-53bb65229e7b","block_type":"box","text":"correlation with the performance of the counterparty;","page_number":78,"box":{"x":242,"y":465,"width":433,"height":13}},{"id":"9ab458d8-4ce8-48ef-8730-9c08fe35954a","block_type":"box","text":"1.1.6","page_number":78,"box":{"x":183,"y":498,"width":37,"height":10}},{"id":"d82be0dd-600d-4818-98a7-0693bf716c5e","block_type":"box","text":"Diversification (asset concentration)","page_number":78,"box":{"x":221,"y":498,"width":335,"height":13}},{"id":"3298bb90-23c8-4a7f-8302-bf366773d123","block_type":"box","text":":","page_number":78,"box":{"x":558,"y":501,"width":9,"height":7}},{"id":"17531d06-e090-4f53-a98c-d3d608798737","block_type":"box","text":"(a) Subject to (b) below collateral should be sufficiently diversified in terms of","page_number":78,"box":{"x":242,"y":531,"width":642,"height":13}},{"id":"e21e4cf6-59c3-4880-8898-ef826208126a","block_type":"box","text":"country, markets and issuers with a maximum exposure to a given issuer of 20%","page_number":78,"box":{"x":242,"y":547,"width":642,"height":13}},{"id":"613f19d3-e819-421d-ae6f-79bbae8e1852","block_type":"box","text":"of the Net Asset Value of the relevant Sub-Fund. When a Sub-Fund is exposed","page_number":78,"box":{"x":242,"y":564,"width":642,"height":13}},{"id":"334c9286-90ca-4ed9-9c6e-f58bbff70610","block_type":"box","text":"to different counterparties, the different baskets of collateral should be","page_number":78,"box":{"x":242,"y":580,"width":642,"height":13}},{"id":"2aa95620-b908-4c12-8ccf-7879604077af","block_type":"box","text":"aggregated to calculate the 20% limit of exposure to a single issuer;","page_number":78,"box":{"x":242,"y":596,"width":550,"height":13}},{"id":"3c8736fd-cf17-472d-8f7c-e8f3ca1ec1bd","block_type":"box","text":"(b) A Sub-Fund may be fully collateralised in different transferable securities","page_number":78,"box":{"x":242,"y":629,"width":642,"height":13}},{"id":"1260519e-a94d-49fe-9af6-2814169de6f5","block_type":"box","text":"and money market instruments issued or guaranteed by a Member State, one or","page_number":78,"box":{"x":242,"y":646,"width":642,"height":13}},{"id":"5e41c349-3758-4f56-90fd-886d0f618795","block_type":"box","text":"more of its local authorities, a third country, or a public international body to","page_number":78,"box":{"x":242,"y":662,"width":642,"height":13}},{"id":"7e69443a-c8e7-4738-b254-1512241fad85","block_type":"box","text":"which one or more Member States belong. Such a Sub-Fund should receive","page_number":78,"box":{"x":242,"y":678,"width":642,"height":13}},{"id":"5a38f0dd-4566-4976-8385-4e4cd09a83b5","block_type":"box","text":"securities from at least 6 different issues, but securities from any single issue","page_number":78,"box":{"x":242,"y":695,"width":642,"height":13}},{"id":"39cf441a-7598-4700-9e5c-df19eb83f58c","block_type":"box","text":"should not account for more than 30% of a Sub-Fund's Net Value.","page_number":78,"box":{"x":242,"y":711,"width":538,"height":10}},{"id":"5c9ea4d9-8e15-46e9-a37d-fa1470625672","block_type":"box","text":"1.1.7","page_number":78,"box":{"x":183,"y":744,"width":37,"height":10}},{"id":"dbacdaa1-7257-4756-92b6-c24e219f808a","block_type":"box","text":"Immediately available","page_number":78,"box":{"x":221,"y":744,"width":213,"height":13}},{"id":"767e3315-98aa-4620-84f4-bc87fd0b2c32","block_type":"box","text":": Collateral received should be capable of being fully","page_number":78,"box":{"x":436,"y":744,"width":448,"height":13}},{"id":"4988593b-519f-4339-aa31-7f6348432741","block_type":"box","text":"enforced by the Fund at any time without reference to or approval from the","page_number":78,"box":{"x":242,"y":760,"width":642,"height":13}},{"id":"68819921-865d-4aec-bf96-8da7323913a2","block_type":"box","text":"relevant counterparty; and","page_number":78,"box":{"x":242,"y":777,"width":216,"height":13}},{"id":"65af8e96-dc2d-40c1-b085-4dd14fecf09a","block_type":"box","text":"1.1.8 Non-cash collateral received cannot be sold, pledged or reinvested by the Fund.","page_number":78,"box":{"x":183,"y":810,"width":701,"height":12}},{"id":"413e2ba8-4609-4b3d-90e0-c7cff0c3d5d2","block_type":"box","text":"1.2.","page_number":78,"box":{"x":122,"y":844,"width":23,"height":8}},{"id":"f1c1cac8-6857-4ad1-9e1b-ff6167bcac40","block_type":"box","text":"Cash collateral","page_number":78,"box":{"x":182,"y":843,"width":133,"height":9}},{"id":"c8d057da-8698-462f-a9fc-a0fa195f8171","block_type":"box","text":"1.2.1 Reinvestment of cash collateral must be in accordance with the following requirements:","page_number":78,"box":{"x":123,"y":875,"width":761,"height":13}},{"id":"fb2ce11c-9257-4641-bf46-d1102a020572","block_type":"box","text":"M-40331875-102","page_number":79,"box":{"x":121,"y":948,"width":101,"height":7}},{"id":"63cfa54e-ae6a-4d60-9c22-f71bfa9f8440","block_type":"box","text":"79","page_number":79,"box":{"x":492,"y":949,"width":15,"height":8}},{"id":"e8c663b6-03ca-4e68-8b8c-85645c9ee33a","block_type":"box","text":"1.2.2 cash received as collateral may only be invested in the following:","page_number":79,"box":{"x":123,"y":88,"width":591,"height":13}},{"id":"e83a573b-7909-41ef-99d5-cfea9e096f8c","block_type":"box","text":"(a) deposits with a credit institution authorised in the European Economic Area (EEA)","page_number":79,"box":{"x":182,"y":121,"width":702,"height":13}},{"id":"c2a1bcd4-5280-40d5-a46d-0d1d44700603","block_type":"box","text":"(EU Member States, Norway, Iceland, Liechtenstein), a credit institution authorised","page_number":79,"box":{"x":182,"y":138,"width":702,"height":12}},{"id":"2737f693-5e78-4d69-879d-6fb2fb6fbb0a","block_type":"box","text":"within a signatory state, other than an EU Member State or a Member State of EEA, to","page_number":79,"box":{"x":181,"y":154,"width":703,"height":13}},{"id":"ff59acd0-2e3e-464b-978d-a5443f180a9e","block_type":"box","text":"the Basle Capital Convergence Agreement of July 1988 (Switzerland, Canada, Japan,","page_number":79,"box":{"x":181,"y":170,"width":703,"height":13}},{"id":"28380654-320f-4eae-a81d-8625f617775e","block_type":"box","text":"United States, UK) or a credit institution authorised in Jersey, Guernsey, the Isle of","page_number":79,"box":{"x":181,"y":187,"width":703,"height":13}},{"id":"a6e46dec-95b7-4ad6-922c-7681c18a1a31","block_type":"box","text":"Man, Australia or New Zealand (the","page_number":79,"box":{"x":181,"y":203,"width":297,"height":13}},{"id":"d2101364-742b-4e52-9e9e-22930e3d1078","block_type":"box","text":"Relevant Institutions","page_number":79,"box":{"x":478,"y":203,"width":179,"height":10}},{"id":"f26b4d78-f2ad-4583-a5db-e653883130cd","block_type":"box","text":");","page_number":79,"box":{"x":659,"y":203,"width":16,"height":13}},{"id":"39ade654-f8e7-4f77-a0ad-1b8e80027cb8","block_type":"box","text":"(b) high quality government bonds;","page_number":79,"box":{"x":182,"y":236,"width":290,"height":13}},{"id":"131d1b4e-6688-41b7-8072-2f87a2206f9e","block_type":"box","text":"(c) reverse repurchase agreements provided the transactions are with credit 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must be diversified in accordance with the requirements in","page_number":79,"box":{"x":123,"y":383,"width":761,"height":13}},{"id":"b14091d4-4457-4bd6-b423-dbd3f38f64c7","block_type":"box","text":"section (A) 1.1.5 above;","page_number":79,"box":{"x":182,"y":400,"width":198,"height":13}},{"id":"347a908f-9f3e-4a47-922b-896d8157adad","block_type":"box","text":"1.2.4 invested cash collateral may not be placed on deposit with the counterparty or a related","page_number":79,"box":{"x":123,"y":433,"width":761,"height":13}},{"id":"d2cc7065-8ebe-45eb-bd3a-c1588748b120","block_type":"box","text":"entity.","page_number":79,"box":{"x":182,"y":449,"width":55,"height":13}},{"id":"c4756ea0-b428-4ceb-b77f-a71b503e0415","block_type":"box","text":"2.","page_number":79,"box":{"x":121,"y":482,"width":14,"height":10}},{"id":"eea1e28b-aded-4159-a201-ba3512f9c7e4","block_type":"box","text":"Level of collateral required","page_number":79,"box":{"x":181,"y":482,"width":239,"height":13}},{"id":"fcf3d30e-b9cf-452d-b390-a139488eca8c","block_type":"box","text":"Unless otherwise specified in respect of a Sub-Fund in Part 1 of this Prospectus, the","page_number":79,"box":{"x":181,"y":515,"width":703,"height":12}},{"id":"c69e2b79-f90e-45d0-856e-eb58b9c38ea4","block_type":"box","text":"levels of collateral required are as follows:","page_number":79,"box":{"x":182,"y":531,"width":348,"height":13}},{"id":"df8872f0-b278-488f-9524-d5ca2c2ad507","block_type":"box","text":"Repurchase agreements","page_number":79,"box":{"x":190,"y":564,"width":216,"height":13}},{"id":"b40fb575-2706-4e0b-a7d3-f71637ce5c27","block_type":"box","text":"at least 100% of the exposure to the","page_number":79,"box":{"x":436,"y":564,"width":286,"height":13}},{"id":"06d24146-67c7-4a36-8a15-9194390bbf4b","block_type":"box","text":"counterparty","page_number":79,"box":{"x":436,"y":582,"width":101,"height":12}},{"id":"b1775500-d6e2-4ee2-a508-8e764848d152","block_type":"box","text":"Reverse repurchase","page_number":79,"box":{"x":190,"y":598,"width":222,"height":13}},{"id":"941c75eb-6287-471c-b2e1-09e0f2138aa0","block_type":"box","text":"agreements","page_number":79,"box":{"x":191,"y":615,"width":90,"height":12}},{"id":"6726d4f6-3bdc-4db3-a2ed-58a9b5b47f62","block_type":"box","text":"at least 100% of the exposure to the","page_number":79,"box":{"x":436,"y":598,"width":286,"height":13}},{"id":"18ba5014-ae8f-4ad6-b1be-88bbceb5b14d","block_type":"box","text":"counterparty","page_number":79,"box":{"x":436,"y":615,"width":106,"height":12}},{"id":"4d672a2d-b980-4681-8972-4cf1089576ab","block_type":"box","text":"Lending of 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The expected proportion of assets under management and the maximum","page_number":80,"box":{"x":121,"y":334,"width":763,"height":13}},{"id":"e8448d68-fa4e-4afb-ae1f-acbd9ea0f175","block_type":"box","text":"proportion of assets under management that may be subject to reverse repurchase agreements","page_number":80,"box":{"x":120,"y":351,"width":764,"height":13}},{"id":"0c7dcf9c-da3e-428f-b2cf-fabc885f1279","block_type":"box","text":"is set out in the table below.","page_number":80,"box":{"x":121,"y":367,"width":230,"height":10}},{"id":"6869f9cb-fdb8-4f62-ab07-b206fdca593f","block_type":"box","text":"Expected Proportion of AUM subject to","page_number":80,"box":{"x":269,"y":401,"width":391,"height":12}},{"id":"98e8a16d-bf19-43f1-816a-d454492ddf10","block_type":"box","text":"Securities Financing Transactions","page_number":80,"box":{"x":270,"y":417,"width":296,"height":13}},{"id":"d2517afc-c3d2-4dee-83e3-b0be000c1214","block_type":"box","text":"Maximum 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The Investment","page_number":80,"box":{"x":121,"y":843,"width":763,"height":13}},{"id":"86ba4af9-868a-41a0-8973-19f9757b4ed1","block_type":"box","text":"Manager will only select counterparties that are in a position to value transactions at least daily","page_number":80,"box":{"x":121,"y":860,"width":763,"height":13}},{"id":"f59a2a6f-3ddd-4dbe-9b09-79ba6f8098c1","block_type":"box","text":"and to provide weekly valuations to the Investment Manager. The Sub-Funds may adopt","page_number":80,"box":{"x":121,"y":876,"width":763,"height":13}},{"id":"771ba8a1-6a52-470c-9f90-5c1c89a058b3","block_type":"box","text":"collateral arrangements as described under the Collateral Policy section above in order to","page_number":80,"box":{"x":121,"y":893,"width":763,"height":13}},{"id":"528a5f4b-38a1-45ee-972d-d4cf7260383a","block_type":"box","text":"M-40331875-102","page_number":81,"box":{"x":121,"y":948,"width":101,"height":7}},{"id":"15ce4af9-e0bd-4334-9150-dd1d81dbc2b8","block_type":"box","text":"81","page_number":81,"box":{"x":492,"y":949,"width":14,"height":8}},{"id":"30e60938-ac44-4b51-bf87-1ab477cfac03","block_type":"box","text":"reduce exposure to any counterparties to Securities Financing Transactions. Cash will be","page_number":81,"box":{"x":121,"y":88,"width":763,"height":13}},{"id":"82f8ce56-fe7f-43f6-98c1-06c77d997498","block_type":"box","text":"valued at par value, other securities will be valued on a mark-to-market basis. Assets and","page_number":81,"box":{"x":121,"y":105,"width":763,"height":13}},{"id":"fb39b07e-4661-4846-afb2-2458df7f2e99","block_type":"box","text":"collateral subject to Securities Financing Transactions will be held by the Depositary on behalf","page_number":81,"box":{"x":121,"y":121,"width":763,"height":13}},{"id":"164faaf1-8b8d-435d-ba45-7225d1c5b01c","block_type":"box","text":"of the relevant Sub-Fund. The re-use of collateral is not permitted by the Sub-Funds. All","page_number":81,"box":{"x":121,"y":138,"width":763,"height":12}},{"id":"b870cd4c-6e3a-4635-8216-178c3aa6421e","block_type":"box","text":"proceeds of Securities Financing Transactions shall be allocated to the relevant Sub-Fund","page_number":81,"box":{"x":120,"y":154,"width":764,"height":13}},{"id":"633ed397-e314-4307-b44b-6e7573f3ee26","block_type":"box","text":"minus any reasonable costs borne by the Investment Manager, or fees and costs of third party","page_number":81,"box":{"x":121,"y":170,"width":763,"height":13}},{"id":"5edbd395-bedd-4587-8781-171ed15c39d5","block_type":"box","text":"agents which are not related to the Investment Manager, which shall be at normal commercial","page_number":81,"box":{"x":121,"y":187,"width":763,"height":13}},{"id":"4b2b5927-cb70-4a04-8626-e51c4431a0ad","block_type":"box","text":"rates.","page_number":81,"box":{"x":121,"y":205,"width":48,"height":8}},{"id":"e37efee2-5987-4efc-806b-5fae7974701f","block_type":"box","text":"Borrowing and Lending Powers","page_number":81,"box":{"x":121,"y":236,"width":279,"height":13}},{"id":"29f30ce1-3219-4bfd-9bf2-8ffd7ea17d81","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":81,"box":{"x":121,"y":269,"width":763,"height":13}},{"id":"eb0a6106-b877-445d-b668-17c16ccafd5e","block_type":"box","text":"provided this borrowing is on a temporary basis for the purpose of meeting redemption requests","page_number":81,"box":{"x":120,"y":285,"width":764,"height":13}},{"id":"9f44e7cd-c795-41d4-b114-733b5b653776","block_type":"box","text":"or defraying operational expenses. The Depositary may give a charge over the assets of the","page_number":81,"box":{"x":121,"y":301,"width":763,"height":13}},{"id":"a16e5743-cbc2-4b34-94b4-fd6ebdd9a5ca","block_type":"box","text":"Fund in order to secure borrowings. Credit balances (e.g. cash) may not be offset against","page_number":81,"box":{"x":121,"y":318,"width":763,"height":13}},{"id":"c50591b3-a87c-496f-b790-2ce5be0daefd","block_type":"box","text":"borrowings when determining the percentage of borrowings outstanding. Without prejudice to","page_number":81,"box":{"x":120,"y":334,"width":764,"height":13}},{"id":"917c07c3-3b63-43a4-bcad-7ad343e4380c","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":81,"box":{"x":121,"y":351,"width":763,"height":13}},{"id":"d52e5922-8293-41d9-8346-d364f85da79d","block_type":"box","text":"guarantor on behalf of, third parties. A Sub-Fund may acquire debt securities and securities","page_number":81,"box":{"x":121,"y":367,"width":763,"height":13}},{"id":"aeea1c38-a845-49d5-a5cf-9db5f745e677","block_type":"box","text":"which are not fully paid.","page_number":81,"box":{"x":121,"y":383,"width":202,"height":13}},{"id":"dd3d36e2-63d4-4aea-9953-1c65dae3799f","block_type":"box","text":"A Sub-Fund may acquire foreign currency by means of a back-to-back loan agreement.","page_number":81,"box":{"x":121,"y":416,"width":763,"height":13}},{"id":"532f177b-2cfe-4770-9e5e-0e1f3c007f49","block_type":"box","text":"Foreign currency obtained in this manner is not classed as borrowings for the purposes of the","page_number":81,"box":{"x":121,"y":433,"width":763,"height":13}},{"id":"c2aa8e48-f3c1-4866-86bc-47de06678d58","block_type":"box","text":"borrowing restriction provided that the offsetting deposit is denominated in the Base Currency","page_number":81,"box":{"x":120,"y":449,"width":764,"height":13}},{"id":"e0a366e5-c6c7-4149-85a8-32c4a5d93bb1","block_type":"box","text":"of the Sub-Fund and equals or exceeds the value of the foreign currency loan outstanding.","page_number":81,"box":{"x":121,"y":465,"width":763,"height":13}},{"id":"fe59ecd5-b2da-49bb-88e9-e8f18c445578","block_type":"box","text":"However, where foreign currency borrowings exceed the value of the back-to-back deposit, the","page_number":81,"box":{"x":121,"y":482,"width":763,"height":13}},{"id":"bb480671-d449-4e42-b15f-21958b20e398","block_type":"box","text":"Manager will ensure that any excess is regarded as borrowing for the purpose of this restriction.","page_number":81,"box":{"x":121,"y":498,"width":763,"height":13}},{"id":"c7f54db5-5750-4cc9-a4fe-5b23a1f2716e","block_type":"box","text":"Dividend Policy","page_number":81,"box":{"x":121,"y":531,"width":141,"height":13}},{"id":"71838334-da69-46a5-ac78-3d72941f6b52","block_type":"box","text":"The Directors decide the dividend policy and arrangements relating to each Sub-Fund and","page_number":81,"box":{"x":121,"y":564,"width":763,"height":13}},{"id":"40113300-fc0b-410b-b3f1-9ec4fb7a3829","block_type":"box","text":"details are set out where applicable in the relevant section of Part 1 for the relevant Sub-Fund.","page_number":81,"box":{"x":121,"y":580,"width":762,"height":13}},{"id":"787953bd-d5df-4a8e-a008-aa7649b208cc","block_type":"box","text":"The Directors intend to operate a distribution policy designed to enable certain Sub-Funds to","page_number":81,"box":{"x":121,"y":613,"width":763,"height":13}},{"id":"42fba72c-534f-4721-b23f-4dcd5c5cf2ec","block_type":"box","text":"qualify as distributing funds for the purposes of United Kingdom taxation. In relation to these","page_number":81,"box":{"x":121,"y":629,"width":763,"height":13}},{"id":"daf10bce-837b-41c9-938b-7bd733bb86b9","block_type":"box","text":"Sub-Funds, the Directors intend to distribute sufficient surplus net income to enable the","page_number":81,"box":{"x":122,"y":646,"width":762,"height":13}},{"id":"dd4a96ae-22b5-46ea-b9bd-aa92ca90f6e8","block_type":"box","text":"relevant Sub-Fund to qualify as a distributing fund for the purposes of United Kingdom","page_number":81,"box":{"x":121,"y":662,"width":763,"height":13}},{"id":"7da640fd-74fd-4645-992e-10738d513a55","block_type":"box","text":"taxation as outlined in Part 1.","page_number":81,"box":{"x":121,"y":678,"width":241,"height":10}},{"id":"7428a6c5-3b76-4732-8eae-70c23e949d45","block_type":"box","text":"Under the Articles, the Directors are entitled to declare dividends as appear to the Directors to","page_number":81,"box":{"x":121,"y":711,"width":763,"height":13}},{"id":"e090b7d3-4e2c-4016-90c8-875e4fa8fede","block_type":"box","text":"be justified out of the profits of the relevant Sub-Fund being: (i) the accumulated revenue","page_number":81,"box":{"x":120,"y":728,"width":764,"height":13}},{"id":"f6483c24-af6e-40ce-82ca-d176b568d79e","block_type":"box","text":"(consisting of all revenue accrued including interest and dividends) less charges and expenses","page_number":81,"box":{"x":121,"y":744,"width":763,"height":13}},{"id":"13b39348-6103-4f4d-a163-be5ffc7c20b6","block_type":"box","text":"and/or (ii) realised and unrealised capital gains on the disposal/ valuation of investments and","page_number":81,"box":{"x":121,"y":760,"width":763,"height":13}},{"id":"60cb43de-1fa0-4d40-bd86-a03566e3031a","block_type":"box","text":"other funds less realised and unrealised accumulated capital losses of the relevant Sub-Fund.","page_number":81,"box":{"x":121,"y":777,"width":751,"height":13}},{"id":"143b8ab0-83c2-484b-8fdb-f2aa6d912ab6","block_type":"box","text":"Where the Directors consider the following action to be in the best interest of Shareholders, the","page_number":81,"box":{"x":121,"y":810,"width":763,"height":12}},{"id":"b0d73218-e005-406a-a471-7e9c894d5ba3","block_type":"box","text":"Directors may temporarily or permanently alter the distribution policy of a class of distributing","page_number":81,"box":{"x":121,"y":826,"width":763,"height":13}},{"id":"25feb25c-d805-43e8-b1f6-c793a8b98ed4","block_type":"box","text":"Shares to reflect that of accumulating Shares and, where the alteration is temporary, may revert","page_number":81,"box":{"x":122,"y":843,"width":762,"height":13}},{"id":"761642ef-35d2-4973-9b16-7d219f2b7215","block_type":"box","text":"back to the original distribution policy of the relevant class of distributing Shares where the","page_number":81,"box":{"x":120,"y":859,"width":764,"height":13}},{"id":"bcc0d557-2cb6-4c43-9b69-ab24c7f89be2","block_type":"box","text":"Directors deem it appropriate to do so having regard to market conditions.","page_number":81,"box":{"x":121,"y":876,"width":603,"height":13}},{"id":"6530a7b3-699b-427b-9b6c-928fd810c6f2","block_type":"box","text":"M-40331875-102","page_number":82,"box":{"x":121,"y":948,"width":101,"height":7}},{"id":"f0c0218d-2187-4ec3-a240-463cedf86b36","block_type":"box","text":"82","page_number":82,"box":{"x":492,"y":949,"width":15,"height":8}},{"id":"6a5958d8-c394-40e0-9275-ef9c8e269122","block_type":"box","text":"In the event that the Directors determine to change the dividend policy for a class of Shares on","page_number":82,"box":{"x":121,"y":88,"width":763,"height":13}},{"id":"1ead4a98-995f-4635-b33b-a6730e8eef76","block_type":"box","text":"a permanent basis (to accumulating/distributing as appropriate), full details will be provided in","page_number":82,"box":{"x":121,"y":105,"width":763,"height":13}},{"id":"e8a3a260-ea99-4db7-a7df-c5bc459c2c2f","block_type":"box","text":"an updated Prospectus and all relevant Shareholders will be notified in advance.","page_number":82,"box":{"x":121,"y":121,"width":650,"height":13}},{"id":"d8305d56-39a4-4770-9aee-e99024d3fff9","block_type":"box","text":"The Directors will be obliged and entitled to deduct an amount in respect of Irish taxation from","page_number":82,"box":{"x":121,"y":154,"width":763,"height":13}},{"id":"1d8d182c-4ac0-487b-a067-cdaabdde2b1a","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":82,"box":{"x":121,"y":170,"width":763,"height":13}},{"id":"6dced185-6ff2-4ec0-ab91-0e00d206b220","block_type":"box","text":"Irish Person and pay such sum to the Irish tax authorities. Dividends not claimed within six","page_number":82,"box":{"x":121,"y":187,"width":763,"height":13}},{"id":"546f0ec8-7877-4c39-9cd9-dd9b1133f8dc","block_type":"box","text":"years from their due date will lapse and revert to the relevant Sub-Fund.","page_number":82,"box":{"x":121,"y":203,"width":585,"height":13}},{"id":"952f78cb-5533-4801-a5dc-5605969b1b34","block_type":"box","text":"Liquidity Management Procedures – LVNAV Sub-Funds","page_number":82,"box":{"x":121,"y":236,"width":497,"height":13}},{"id":"cf87857c-3255-44be-b69d-d6c95b983b51","block_type":"box","text":"The Manager applies the following liquidity management procedures for each LVNAV Sub\u0002","page_number":82,"box":{"x":121,"y":269,"width":757,"height":13}},{"id":"187aec7b-d1c6-47fc-bc12-df2999b652bf","block_type":"box","text":"Fund in order to ensure that there is sufficient liquidity available in those Sub-Funds to meet","page_number":82,"box":{"x":121,"y":285,"width":763,"height":13}},{"id":"fdc0d25b-5f25-48db-9500-c49f9525e7ff","block_type":"box","text":"the weekly liquidity thresholds applicable in accordance with the Money Market Fund","page_number":82,"box":{"x":121,"y":301,"width":763,"height":13}},{"id":"04bc63a9-e218-471c-8202-7da96edfe2bd","block_type":"box","text":"Regulation.","page_number":82,"box":{"x":121,"y":318,"width":98,"height":13}},{"id":"27d3cf7d-a9c0-4e44-87c6-e90e7b503a90","block_type":"box","text":"If the proportion of weekly maturing assets within the portfolio of a LVNAV Sub-Fund falls","page_number":82,"box":{"x":121,"y":351,"width":763,"height":13}},{"id":"3bf332ff-1993-4826-93a0-3ab7e51d8716","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":82,"box":{"x":120,"y":367,"width":764,"height":13}},{"id":"de986eb6-60fa-4cda-8f3f-159db16634dd","block_type":"box","text":"Dealing Day exceed 10% of the total assets of that Sub-Fund, the Investment Manager shall","page_number":82,"box":{"x":121,"y":383,"width":763,"height":13}},{"id":"d51499f1-5b90-4a17-918d-852eed62e9e0","block_type":"box","text":"immediately inform the board of directors of the Manager. A documented assessment shall be","page_number":82,"box":{"x":121,"y":400,"width":763,"height":13}},{"id":"ed96a2b6-5da7-46a3-8317-c38abc95ffa0","block_type":"box","text":"completed of the situation to determine the appropriate course of action having regard to the","page_number":82,"box":{"x":121,"y":416,"width":763,"height":13}},{"id":"19e3c8bc-72ba-4fff-a80f-e88c4edac4cd","block_type":"box","text":"interests of Shareholders of the relevant Sub-Fund together with the supporting rationale for","page_number":82,"box":{"x":121,"y":433,"width":763,"height":13}},{"id":"2a60cca9-0833-4040-9099-e2ce086706b1","block_type":"box","text":"that course of action. Following this assessment, the Manger, in conjunction with the","page_number":82,"box":{"x":121,"y":449,"width":763,"height":13}},{"id":"b16ded1c-48d8-4a15-933f-1e8d26b25759","block_type":"box","text":"Investment Manager shall consider, and if appropriate apply, one or more of the measures","page_number":82,"box":{"x":121,"y":465,"width":763,"height":13}},{"id":"6a8b06cf-d9c2-4fcd-b896-7e240fcd939a","block_type":"box","text":"described below:","page_number":82,"box":{"x":121,"y":482,"width":142,"height":10}},{"id":"dc9dd5e1-e4bf-43ef-8b87-1a8faaa4d3ef","block_type":"box","text":"(a) application of an Anti-Dilution Levy for such LVNAV Sub-Fund on any redemption","page_number":82,"box":{"x":121,"y":515,"width":763,"height":12}},{"id":"20d1f1cf-9bae-4814-aac8-cd1c4f2c99ae","block_type":"box","text":"requests so that the cost incurred by the Sub-Fund to achieve liquidity to settle that","page_number":82,"box":{"x":181,"y":531,"width":703,"height":13}},{"id":"9dae261d-2f6d-425b-ac59-f82c786daeec","block_type":"box","text":"redemption request and to ensure that Shareholders remaining in the Sub-Fund are not","page_number":82,"box":{"x":181,"y":547,"width":703,"height":13}},{"id":"91a8c4e4-8b4d-4021-9228-0299af72a7cc","block_type":"box","text":"unfairly disadvantaged when other Shareholders redeem Shares during the period that","page_number":82,"box":{"x":181,"y":564,"width":703,"height":13}},{"id":"af383f59-2282-490b-8315-2b33556581fa","block_type":"box","text":"the weekly liquidity is exceeded;","page_number":82,"box":{"x":181,"y":580,"width":270,"height":13}},{"id":"92dbbfde-6812-4fb2-9ce7-b5c4e8be20f1","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":82,"box":{"x":121,"y":613,"width":763,"height":13}},{"id":"f3657b6b-d231-42ae-9c38-3d5a1375aa9f","block_type":"box","text":"maximum of 10 % of the Shares in the Sub-Fund for any period up to 15 Business Days;","page_number":82,"box":{"x":181,"y":629,"width":703,"height":13}},{"id":"dbd801e8-9dfc-4a04-91b9-38fdd2b4b28f","block_type":"box","text":"(c) suspend redemptions for any period up to 15 Business Days; or","page_number":82,"box":{"x":121,"y":662,"width":576,"height":13}},{"id":"048cc4f7-a0d7-440a-8bb9-11d531d0d1da","block_type":"box","text":"(d) take no immediate action other than fulfilling the obligations laid down in Money","page_number":82,"box":{"x":121,"y":695,"width":763,"height":13}},{"id":"40479465-1cb8-4f59-a94f-38d9913d8a2e","block_type":"box","text":"Market Fund Regulation.","page_number":82,"box":{"x":181,"y":711,"width":208,"height":13}},{"id":"6082d6f6-420f-47ce-a6b8-c943612d440c","block_type":"box","text":"If the proportion of weekly maturing assets within the portfolio of a LVNAV Sub-Fund falls","page_number":82,"box":{"x":121,"y":744,"width":763,"height":13}},{"id":"ab62d74b-1764-4526-ba8b-583e887da927","block_type":"box","text":"below 10% of the total assets of that Sub-Fund, the Investment Manager shall immediately","page_number":82,"box":{"x":120,"y":760,"width":764,"height":13}},{"id":"a66f7b88-4395-4c49-aee4-90d968ffc2f4","block_type":"box","text":"inform the board of directors of the Manager. A documented assessment shall be completed","page_number":82,"box":{"x":121,"y":777,"width":763,"height":13}},{"id":"33940117-9e0b-4700-b7dd-6f76995f900d","block_type":"box","text":"of the situation to determine the appropriate course of action having regard to the interests of","page_number":82,"box":{"x":121,"y":793,"width":763,"height":13}},{"id":"47933d05-5af3-45ac-a7ad-d957dd67dcf2","block_type":"box","text":"Shareholders of the relevant Sub-Fund together with the supporting rationale for that course of","page_number":82,"box":{"x":122,"y":810,"width":762,"height":12}},{"id":"e43aa850-d66e-4ffa-bf34-1780b60f8c43","block_type":"box","text":"action. Following this assessment, the Manger, in conjunction with the Investment Manager","page_number":82,"box":{"x":121,"y":826,"width":763,"height":13}},{"id":"5133cfcd-81cf-468c-9377-f353e6f7d703","block_type":"box","text":"shall consider, and apply one or more of the measures described below and document the","page_number":82,"box":{"x":121,"y":842,"width":763,"height":13}},{"id":"3605aa06-e001-4b25-af78-1faf1d266410","block_type":"box","text":"reasons for its choice:","page_number":82,"box":{"x":121,"y":859,"width":181,"height":10}},{"id":"7f1e3cea-4cc8-44b2-a230-8669cf9ff153","block_type":"box","text":"(a) application of an Anti-Dilution Levy for such LVNAV Sub-Fund on any redemption","page_number":82,"box":{"x":121,"y":891,"width":763,"height":13}},{"id":"cac97529-a18e-409c-8f0e-6eb13cba8ddc","block_type":"box","text":"M-40331875-102","page_number":83,"box":{"x":121,"y":948,"width":101,"height":7}},{"id":"f2946b4e-7bc2-427e-8f26-2749c2354f81","block_type":"box","text":"83","page_number":83,"box":{"x":492,"y":949,"width":15,"height":8}},{"id":"ec5f21b1-40c3-4ff7-93f1-96037888fa9f","block_type":"box","text":"requests so that the cost incurred by the Sub-Fund to achieve liquidity to settle that","page_number":83,"box":{"x":181,"y":88,"width":703,"height":13}},{"id":"17a95f8e-f586-4278-9cf9-0ae1f0a22a0b","block_type":"box","text":"redemption request and to ensure that Shareholders remaining in the Sub-Fund are not","page_number":83,"box":{"x":181,"y":105,"width":703,"height":13}},{"id":"0f0057b6-c726-4253-b343-5096ce9cfeaa","block_type":"box","text":"unfairly disadvantaged when other Shareholders redeem Shares during the period that","page_number":83,"box":{"x":181,"y":121,"width":703,"height":13}},{"id":"38d0cb60-593a-456e-9bd5-a5fcc1f80983","block_type":"box","text":"the weekly liquidity is exceeded; or","page_number":83,"box":{"x":181,"y":138,"width":292,"height":12}},{"id":"c82db6d9-d921-42e5-9293-1d444ef8351b","block_type":"box","text":"(b) suspend redemptions for any period up to 15 Business Days.","page_number":83,"box":{"x":121,"y":170,"width":553,"height":13}},{"id":"968d470c-8bc1-4787-b97b-d2d302d9e260","block_type":"box","text":"Internal Credit Quality Assessment Procedures – Money Market Funds","page_number":83,"box":{"x":121,"y":203,"width":620,"height":13}},{"id":"08f88d1a-2678-4ae8-b409-e0a6e08005d7","block_type":"box","text":"Internal Credit Quality Assessment Procedures","page_number":83,"box":{"x":121,"y":236,"width":383,"height":13}},{"id":"ee4e2cbf-5b3b-452e-947e-59db5671348a","block_type":"box","text":"The Investment Manager's analysts monitor holdings by reading regulatory filings, financial","page_number":83,"box":{"x":121,"y":269,"width":763,"height":13}},{"id":"74a5d14a-485a-4d2f-a75c-414dc3f66b30","block_type":"box","text":"report and accounts, monitoring relevant security and industry news and events (through, for","page_number":83,"box":{"x":121,"y":285,"width":763,"height":13}},{"id":"03e9e012-b626-45f0-b1e1-ef1a766f85bf","block_type":"box","text":"example, Bloomberg (or equivalent) and street (market) research), maintaining robust financial","page_number":83,"box":{"x":121,"y":301,"width":763,"height":13}},{"id":"a6db4940-bb56-4ac4-b7b8-38bc06e79668","block_type":"box","text":"models, and keeping dialogue with management teams (earnings conference calls, phone calls,","page_number":83,"box":{"x":121,"y":318,"width":763,"height":13}},{"id":"b92314a8-9181-4a2e-a840-3217406ebb0e","block_type":"box","text":"on-site visits, etc.) to continuously monitor portfolio holdings. This helps the Investment","page_number":83,"box":{"x":121,"y":334,"width":763,"height":13}},{"id":"ed0a3ca8-760d-46e7-aa9e-c0042e019a67","block_type":"box","text":"Manager stay dynamic with its investment recommendations and helps ensure the relevant Sub\u0002","page_number":83,"box":{"x":121,"y":351,"width":757,"height":13}},{"id":"7e85a885-027a-437c-83bb-0d3c803f2275","block_type":"box","text":"Funds' portfolios incorporate the securities with the optimal risk/return profile.","page_number":83,"box":{"x":121,"y":367,"width":639,"height":13}},{"id":"d41cbbcc-2c66-4342-9789-20988a5a5848","block_type":"box","text":"Internal rating","page_number":83,"box":{"x":120,"y":400,"width":125,"height":13}},{"id":"5571c9e4-e4dd-46e0-8ca4-5ff88778e8f4","block_type":"box","text":"The internal rating conveys probability of default and loss given default over a two year","page_number":83,"box":{"x":121,"y":433,"width":763,"height":13}},{"id":"02fd9bfb-4931-41f5-a8fb-29ba0d595d1c","block_type":"box","text":"horizon. To establish this rating, analysts conduct a detailed review of the company, including","page_number":83,"box":{"x":121,"y":449,"width":763,"height":13}},{"id":"61237876-40c5-426a-8ba5-027fc9140161","block_type":"box","text":"understanding key risks in the company’s business model, financials and financial policies, and","page_number":83,"box":{"x":120,"y":465,"width":764,"height":13}},{"id":"369efebd-9a83-4a0a-99cc-247d99148959","block_type":"box","text":"ESG factors (as described below). The credit fundamental review process can be broadly","page_number":83,"box":{"x":121,"y":482,"width":763,"height":13}},{"id":"bd007fd5-665b-429d-828a-6d215c9186dc","block_type":"box","text":"separated into assessing the business risks inherent in the company’s operating model and the","page_number":83,"box":{"x":121,"y":498,"width":763,"height":13}},{"id":"6245e6fe-62ea-4b90-9432-34b5b5c773a4","block_type":"box","text":"resultant financial risks. The Investment Manager does not rely on external credit ratings, and","page_number":83,"box":{"x":121,"y":515,"width":763,"height":12}},{"id":"a5b607a1-ec3d-44e7-bfe9-6b12d1a03b69","block_type":"box","text":"therefore undertakes internal rating assignments to act as an independent assessment of an","page_number":83,"box":{"x":121,"y":531,"width":763,"height":13}},{"id":"91860ebe-4614-497e-b6e0-4fff811b2514","block_type":"box","text":"issuer’s credit quality.","page_number":83,"box":{"x":121,"y":547,"width":183,"height":13}},{"id":"c0bdfa6b-0624-4b35-9c53-6f05b70843e5","block_type":"box","text":"The review of financials is driven by detailed analysis of published statements and discussions","page_number":83,"box":{"x":121,"y":580,"width":763,"height":13}},{"id":"c8a8d403-d4bd-4637-8090-7b98fc8dd3b5","block_type":"box","text":"with management with respect to financial policies, recent performance indicators and future","page_number":83,"box":{"x":121,"y":596,"width":763,"height":13}},{"id":"3390d3d6-6e6b-4d43-b208-fe30f808fd6e","block_type":"box","text":"performance outlook. Specific factors will vary across industries but will likely involve a mix","page_number":83,"box":{"x":120,"y":613,"width":764,"height":13}},{"id":"ef0b5e93-70f9-4cb9-a1de-904512eac4f0","block_type":"box","text":"of solvency/leverage measures, size and profitability measures, among other factors. Both cash","page_number":83,"box":{"x":121,"y":629,"width":763,"height":13}},{"id":"e909f2a0-0db8-4272-9a9c-a26bb3eea81e","block_type":"box","text":"flow and balance sheet risks are evaluated and important.","page_number":83,"box":{"x":121,"y":646,"width":466,"height":13}},{"id":"10076df4-c47d-4b10-9f06-9d28e0c4906b","block_type":"box","text":"It is important to note that while the internal rating captures an assessment of borrower","page_number":83,"box":{"x":121,"y":678,"width":763,"height":13}},{"id":"e303ef86-910a-4836-8a9f-8502283bd1ca","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":83,"box":{"x":121,"y":695,"width":763,"height":13}},{"id":"0e837bac-c1cf-400d-a6d4-b43694724fed","block_type":"box","text":"include their best estimate of where the fundamentals are heading over the time horizon, given","page_number":83,"box":{"x":121,"y":711,"width":763,"height":13}},{"id":"8b46aef9-82aa-4a7c-afdd-daeccf1dbcfa","block_type":"box","text":"all available information. The internal rating captures where the analyst sees the issuer heading","page_number":83,"box":{"x":121,"y":728,"width":763,"height":13}},{"id":"0a99020c-38d4-42b0-829f-d470c411cb94","block_type":"box","text":"in the long-term.","page_number":83,"box":{"x":121,"y":744,"width":139,"height":13}},{"id":"a7a2c8f3-f9d7-41e3-b0d6-d6a38fca0f6d","block_type":"box","text":"The internal rating is expressed on a scale comparable to those used in the rating agencies, with","page_number":83,"box":{"x":121,"y":777,"width":763,"height":13}},{"id":"b0c485c2-3dca-4c49-99d2-b836657612c3","block_type":"box","text":"iAAA being the highest, and iC- the lowest.","page_number":83,"box":{"x":121,"y":793,"width":359,"height":13}},{"id":"233fe08f-b548-488f-83d9-7eb1eb950ddc","block_type":"box","text":"Fundamental (“F” score)","page_number":83,"box":{"x":120,"y":826,"width":215,"height":13}},{"id":"ef55490b-e929-406e-bd2e-0f168ce4f347","block_type":"box","text":"The factors driving the F score are similar to those considered by the internal rating, though","page_number":83,"box":{"x":121,"y":859,"width":763,"height":13}},{"id":"14c6895d-228b-45b3-a2da-ba3f2f605668","block_type":"box","text":"the F score conveys the marginal change in fundamentals, therefore reflecting a six month time","page_number":83,"box":{"x":121,"y":875,"width":763,"height":13}},{"id":"eface2f7-68d3-4eb7-b397-d02885dc2fcc","block_type":"box","text":"horizon. There may be periods where these two measures are at odds, as an analyst may see","page_number":83,"box":{"x":121,"y":891,"width":763,"height":13}},{"id":"b656e21a-7ec6-45fe-b929-de48c6fb6de1","block_type":"box","text":"M-40331875-102","page_number":84,"box":{"x":121,"y":948,"width":101,"height":7}},{"id":"1c805810-d9e6-4ed8-8d1a-767103b3a10b","block_type":"box","text":"84","page_number":84,"box":{"x":492,"y":949,"width":15,"height":8}},{"id":"e658c171-c094-4dc3-b54e-a7cdc9905783","block_type":"box","text":"long-term improvements in an issuer who is subject to shorter-term cyclical deterioration. F","page_number":84,"box":{"x":121,"y":88,"width":763,"height":13}},{"id":"c972533c-0575-4d0b-8b8a-c333b21d20c8","block_type":"box","text":"scores provide the analyst's view of the direction and magnitude of change in underlying","page_number":84,"box":{"x":121,"y":105,"width":763,"height":13}},{"id":"d9489891-3e49-444c-8eca-78df75412a0a","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":84,"box":{"x":121,"y":121,"width":763,"height":10}},{"id":"da92c0e1-8cc1-41c3-bdbb-7cb4183ca573","block_type":"box","text":"of 1 to 5, with 1 being an expected sharp deterioration and 5 being an expected sharp","page_number":84,"box":{"x":121,"y":138,"width":763,"height":12}},{"id":"afa06524-a8f4-4a6c-a0a2-103bdc1d378e","block_type":"box","text":"improvement.","page_number":84,"box":{"x":121,"y":154,"width":117,"height":13}},{"id":"b35b421c-db67-460a-99d5-aa5488a2df92","block_type":"box","text":"Subscriptions and Redemptions Account","page_number":84,"box":{"x":122,"y":187,"width":354,"height":13}},{"id":"ec619431-06aa-44fb-a9ad-761d0b43e056","block_type":"box","text":"The Fund has established an Umbrella Cash Account through which all subscription,","page_number":84,"box":{"x":121,"y":219,"width":763,"height":13}},{"id":"33fd1f3a-566c-47f3-8915-6134706e9b53","block_type":"box","text":"redemptions, dividends or cash distributions payable to or from a Sub-Fund are channelled and","page_number":84,"box":{"x":121,"y":236,"width":763,"height":13}},{"id":"0f773ad5-466a-4572-b346-c2e1ee0fc09f","block_type":"box","text":"managed.","page_number":84,"box":{"x":121,"y":252,"width":82,"height":13}},{"id":"d5d1ee20-e6a0-45cc-b59d-d6b8b3277ea4","block_type":"box","text":"The Umbrella Cash Account is an asset of the Fund held in the name of the Depositary. As an","page_number":84,"box":{"x":121,"y":285,"width":763,"height":13}},{"id":"776fda82-4a34-47a4-98fe-d69d9ed25b46","block_type":"box","text":"asset of the Fund, the Depositary is subject to specific requirements in respect of the Umbrella","page_number":84,"box":{"x":121,"y":301,"width":763,"height":13}},{"id":"c3396358-e420-449c-adf6-9504e7bae802","block_type":"box","text":"Cash Account under the UCITS Regulations and is also subject to specific requirements in","page_number":84,"box":{"x":121,"y":318,"width":763,"height":13}},{"id":"15d0f38c-8883-46d6-9c19-3ac090cba004","block_type":"box","text":"respect of the Umbrella Cash Account pursuant to the Central Bank's own requirements for","page_number":84,"box":{"x":121,"y":334,"width":763,"height":13}},{"id":"43a3dcb3-f537-4cf8-bc5c-9b985489353d","block_type":"box","text":"such accounts. These obligations include the requirement for the Depositary to have clear","page_number":84,"box":{"x":121,"y":351,"width":763,"height":13}},{"id":"29d341aa-5a75-4e06-89dc-30626442cecc","block_type":"box","text":"oversight and monitor the Fund's cash flows as well as be informed about all payments made","page_number":84,"box":{"x":121,"y":367,"width":763,"height":13}},{"id":"d1d2961c-e874-4025-a787-2f5be3c52fe0","block_type":"box","text":"by or on behalf of investors upon the subscription of Shares in a Sub Fund. In addition, the","page_number":84,"box":{"x":120,"y":383,"width":764,"height":13}},{"id":"2458c530-4b63-4976-82c0-1ef7d4dbbe95","block_type":"box","text":"Fund, the Administrator and the Depositary have a policy in place in respect of the maintenance","page_number":84,"box":{"x":121,"y":400,"width":763,"height":13}},{"id":"25dc27c1-3b6c-4ecc-bb17-d94ed442b599","block_type":"box","text":"and monitoring of the Umbrella Cash Account which is reviewed at least annually and provides","page_number":84,"box":{"x":121,"y":416,"width":763,"height":13}},{"id":"f2b2d4b3-4c9e-4a58-acc4-22d34222d414","block_type":"box","text":"for daily reconciliation of the Umbrella Cash Account against the Fund's records.","page_number":84,"box":{"x":121,"y":433,"width":660,"height":13}},{"id":"4ae6ded5-c8cb-4c79-b2ae-48a2b4aea2d6","block_type":"box","text":"As the Umbrella Cash Account is maintained at the level of the Fund rather than each Sub\u0002","page_number":84,"box":{"x":121,"y":465,"width":757,"height":10}},{"id":"3b675ce3-2765-4794-b689-af6f8b67734e","block_type":"box","text":"Fund, investors should be aware of the following risk which reflect the fact that the Fund is an","page_number":84,"box":{"x":121,"y":482,"width":763,"height":13}},{"id":"84480710-6d9f-4a06-9f6d-7c858ca654a9","block_type":"box","text":"umbrella fund with a number of Sub-Funds:","page_number":84,"box":{"x":120,"y":498,"width":361,"height":10}},{"id":"5d6787e2-01a4-4886-9dd8-a4d861d7571c","block_type":"box","text":"-subscription monies received in respect of a Sub-Fund in advance of the issue of Shares will","page_number":84,"box":{"x":121,"y":531,"width":763,"height":13}},{"id":"04536f06-ac00-484c-91a7-fbfdcb29bf29","block_type":"box","text":"be held in the Umbrella Cash Account in the name of the Depositary on behalf of the Fund and","page_number":84,"box":{"x":120,"y":547,"width":764,"height":13}},{"id":"4f9f65b2-cce7-44d0-97f0-796420ef767e","block_type":"box","text":"will be treated as an asset of the relevant Sub-Fund. Investors will be unsecured creditors of","page_number":84,"box":{"x":121,"y":564,"width":763,"height":10}},{"id":"4a30e268-dcd6-42fc-b266-30c50cf82c0e","block_type":"box","text":"the relevant Sub-Fund with respect to the amount subscribed and held in the Umbrella Cash","page_number":84,"box":{"x":121,"y":580,"width":763,"height":13}},{"id":"d8179bea-fb3c-437e-8dfe-cb1a82bd8f29","block_type":"box","text":"Account until Shares are issued on the Dealing Day. As such, investors will not benefit from","page_number":84,"box":{"x":121,"y":596,"width":763,"height":13}},{"id":"1bde1c31-a77d-43f0-98bd-30bbd5e87ff9","block_type":"box","text":"any appreciation in the Net Asset Value of the relevant Sub-Fund or any other Shareholder","page_number":84,"box":{"x":121,"y":613,"width":763,"height":13}},{"id":"f620ec2d-0105-40b7-8467-59a1a339da82","block_type":"box","text":"rights (including dividend entitlement) until such time as Shares are issued on the relevant","page_number":84,"box":{"x":121,"y":629,"width":763,"height":13}},{"id":"9cac2c80-998f-4b3f-8df7-ef2a6c197a8d","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":84,"box":{"x":121,"y":646,"width":763,"height":13}},{"id":"e3d717d3-0b82-4db6-925f-8ec88ac60da6","block_type":"box","text":"that the Fund or the Sub-Fund will have sufficient funds to pay unsecured creditors in full.","page_number":84,"box":{"x":121,"y":662,"width":734,"height":13}},{"id":"6dad6e51-a3ac-4ef4-b5e4-40a153615659","block_type":"box","text":"-issues of Shares and the payment of redemption proceeds and dividends in respect of a","page_number":84,"box":{"x":121,"y":695,"width":763,"height":13}},{"id":"a07a4744-215f-47fc-b04b-35c2574b3e0a","block_type":"box","text":"particular Sub-Fund is subject to receipt by the Administrator of the subscription documents","page_number":84,"box":{"x":120,"y":711,"width":764,"height":13}},{"id":"bb315a80-2920-4a81-bd19-ac6b29ae703d","block_type":"box","text":"(with the original, where required, to follow by post) and compliance with all anti-money","page_number":84,"box":{"x":121,"y":728,"width":763,"height":13}},{"id":"b40eddb3-cfce-49eb-b030-cd5af63ea257","block_type":"box","text":"laundering/ financial crime procedures and any further particulars detailed in the section","page_number":84,"box":{"x":121,"y":744,"width":763,"height":13}},{"id":"4c24fc3c-7330-48c9-b8e1-64acc0786115","block_type":"box","text":"entitled “Share Dealings” of this Prospectus. Notwithstanding this, redeeming Shareholders","page_number":84,"box":{"x":121,"y":760,"width":763,"height":13}},{"id":"3815c7de-3dfd-41b4-a960-0f4fe377abde","block_type":"box","text":"will cease to be Shareholders, with regard to the redeemed Shares, and will be unsecured","page_number":84,"box":{"x":121,"y":777,"width":763,"height":13}},{"id":"feae57ec-a646-40ab-bf44-d35c5b08d77b","block_type":"box","text":"creditors of the particular Sub-Fund, from the relevant Dealing Day. Pending redemptions and","page_number":84,"box":{"x":121,"y":793,"width":763,"height":13}},{"id":"a30a989f-72db-4279-b35d-b7b12b1b1071","block_type":"box","text":"distributions, including blocked redemptions or distributions, will, pending payment to the","page_number":84,"box":{"x":121,"y":810,"width":763,"height":12}},{"id":"dd3d5c8d-c4e9-4c67-9879-dd5a51f009bd","block_type":"box","text":"relevant Shareholder, be held in the Umbrella Cash Account in the name of the Depositary on","page_number":84,"box":{"x":121,"y":826,"width":763,"height":13}},{"id":"0a8add7f-1da5-4a26-9002-8cfcc45a890d","block_type":"box","text":"behalf of the Fund. Redeeming Shareholders and Shareholders entitled to such distributions","page_number":84,"box":{"x":120,"y":842,"width":764,"height":13}},{"id":"2b2de2bb-37f1-4ff0-96d4-377401dc0f95","block_type":"box","text":"will be unsecured creditors of the relevant Sub-Fund, and will not benefit from any appreciation","page_number":84,"box":{"x":121,"y":859,"width":763,"height":13}},{"id":"040a8321-2699-46f8-9b74-297600500d4b","block_type":"box","text":"in the Net Asset Value of the Sub-Fund or any other Shareholder rights (including further","page_number":84,"box":{"x":121,"y":875,"width":763,"height":13}},{"id":"e1a833c5-4c53-4fb1-8f2f-eebd410281b2","block_type":"box","text":"dividend entitlement), with respect to the redemption or distribution amount held in the","page_number":84,"box":{"x":121,"y":891,"width":763,"height":13}},{"id":"16763515-f3cd-41dd-8952-28e4352ae803","block_type":"box","text":"M-40331875-102","page_number":85,"box":{"x":121,"y":948,"width":101,"height":7}},{"id":"3e5d006b-1fa5-4931-a34b-9805111c56fe","block_type":"box","text":"85","page_number":85,"box":{"x":492,"y":949,"width":15,"height":8}},{"id":"07858c7d-fd96-4e96-95be-ac2496ca0d34","block_type":"box","text":"Umbrella Cash Subscriptions and Redemptions Account. In the event of an insolvency of the","page_number":85,"box":{"x":121,"y":88,"width":763,"height":13}},{"id":"b12c394a-1d1a-46da-9504-2c35acecc8a2","block_type":"box","text":"relevant Sub-Fund or the Fund, there is no guarantee that the Sub-Fund or the Fund will have","page_number":85,"box":{"x":121,"y":105,"width":763,"height":13}},{"id":"6aa5f144-e23b-4946-acc2-c571fcd4d935","block_type":"box","text":"sufficient funds to pay unsecured creditors in full. Redeeming Shareholders and Shareholders","page_number":85,"box":{"x":121,"y":121,"width":763,"height":13}},{"id":"18426fbb-0a20-42a0-9e44-861ad14b0066","block_type":"box","text":"entitled to distributions should ensure that any outstanding documentation and information is","page_number":85,"box":{"x":121,"y":138,"width":763,"height":12}},{"id":"bb51a425-9ab9-469f-bb4b-f32818d59822","block_type":"box","text":"provided to the Administrator promptly. Failure to do so is at such Shareholder’s own risk.","page_number":85,"box":{"x":120,"y":154,"width":743,"height":13}},{"id":"a42ce1eb-b835-4096-aa8a-f362954101ea","block_type":"box","text":"- in the event of the insolvency of another Sub-Fund of the Fund (the","page_number":85,"box":{"x":121,"y":187,"width":608,"height":13}},{"id":"0a5469e0-16f3-4bd8-a198-ec457098b91e","block_type":"box","text":"Insolvent Fund","page_number":85,"box":{"x":733,"y":187,"width":134,"height":10}},{"id":"8a9e007b-aa54-42e2-9069-661f51b2fd9e","block_type":"box","text":"),","page_number":85,"box":{"x":868,"y":187,"width":16,"height":13}},{"id":"e9ba7345-5b7e-4fe2-995b-f97b93848dec","block_type":"box","text":"recovery of any amounts held in the Umbrella Cash Subscriptions and Redemptions Account","page_number":85,"box":{"x":121,"y":203,"width":763,"height":13}},{"id":"48462d85-465c-4226-98a5-2fad849ccf30","block_type":"box","text":"to which another Sub-Fund is entitled (the","page_number":85,"box":{"x":121,"y":219,"width":345,"height":13}},{"id":"001703e2-9b73-4deb-8881-19c3edcde8c1","block_type":"box","text":"Entitled Fund","page_number":85,"box":{"x":466,"y":220,"width":120,"height":10}},{"id":"7d5e3a94-94ed-4a14-8398-72ceba381212","block_type":"box","text":"), but which may have transferred to","page_number":85,"box":{"x":587,"y":219,"width":297,"height":13}},{"id":"8e8b678f-d093-49f7-a01f-e63f66aa5eb1","block_type":"box","text":"the Insolvent Fund as a result of the operation of the Umbrella Cash Subscriptions and","page_number":85,"box":{"x":121,"y":236,"width":763,"height":13}},{"id":"642ac381-5517-4613-a762-fe56998cbbde","block_type":"box","text":"Redemptions Account, will be subject to the principles of Irish insolvency law and the terms","page_number":85,"box":{"x":121,"y":252,"width":763,"height":13}},{"id":"bfc0c3f0-4160-4ae9-8578-0a4ea655f796","block_type":"box","text":"and conditions for the Umbrella Cash Subscriptions and Redemptions Account. There may be","page_number":85,"box":{"x":121,"y":269,"width":763,"height":13}},{"id":"5594a83f-b918-4090-8532-78fe45452b3f","block_type":"box","text":"delays in effecting and / or disputes as to the recovery of such amounts, and the Insolvent Fund","page_number":85,"box":{"x":121,"y":285,"width":763,"height":13}},{"id":"1b498f42-84b8-4f1a-b3b6-5ac8b063c039","block_type":"box","text":"may have insufficient funds to repay amounts due to the Entitled Fund.","page_number":85,"box":{"x":121,"y":301,"width":578,"height":13}},{"id":"edc5d424-ea4f-4dba-ace0-ca412be268a7","block_type":"box","text":"M-40331875-102","page_number":86,"box":{"x":121,"y":948,"width":101,"height":7}},{"id":"02598fad-d994-43c4-8286-6b839a5eadd3","block_type":"box","text":"86","page_number":86,"box":{"x":492,"y":949,"width":15,"height":8}},{"id":"dcb99ec3-c3a4-4d7d-b70b-3dd50eda5fb7","block_type":"box","text":"___________________________________________________________________________","page_number":86,"box":{"x":120,"y":98,"width":762,"height":3}},{"id":"6196ee9f-4488-4c61-b50d-4db877d2ef12","block_type":"box","text":"RISK FACTORS","page_number":86,"box":{"x":412,"y":106,"width":181,"height":11}},{"id":"935880ae-7f0b-4e85-93d8-89e07afb7b26","block_type":"box","text":"___________________________________________________________________________","page_number":86,"box":{"x":120,"y":134,"width":762,"height":3}},{"id":"f5fd53c3-310c-426d-8914-c5202ce8c03f","block_type":"box","text":"Persons considering purchasing Shares should inform themselves as to (i) the legal","page_number":86,"box":{"x":121,"y":157,"width":763,"height":13}},{"id":"a01d076b-8214-43bf-8e28-17c8344369e1","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":173,"width":763,"height":13}},{"id":"f20b12f9-db30-4237-8807-d87bacc941ef","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":189,"width":763,"height":13}},{"id":"646d8bcf-74dd-4127-a408-f5b1eeab63fb","block_type":"box","text":"purchase and redemption of Shares.","page_number":86,"box":{"x":120,"y":206,"width":294,"height":13}},{"id":"1d539914-396d-4c99-b1f4-2d8d43def288","block_type":"box","text":"General","page_number":86,"box":{"x":121,"y":239,"width":74,"height":10}},{"id":"f8a2183a-b376-4d88-a9f6-eec3ea5baae4","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":271,"width":763,"height":13}},{"id":"cd6695a6-fa27-4804-a825-6e82f4731ca4","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":288,"width":763,"height":13}},{"id":"44afdaaa-eef8-48ed-bcfb-41776f22faa6","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":304,"width":763,"height":13}},{"id":"dd192c1a-195c-45ca-bfd0-c2b15ef2c25f","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":321,"width":763,"height":13}},{"id":"56c98494-8c86-4748-8fa2-2813252d0275","block_type":"box","text":"between currencies or the conversion from one currency to another may also cause the value","page_number":86,"box":{"x":120,"y":337,"width":764,"height":13}},{"id":"efe8ce2b-dc9c-4b1f-a860-9156174b92d5","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":353,"width":763,"height":13}},{"id":"fbe87b44-092b-4481-b3b2-b9f7a7493214","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":370,"width":755,"height":13}},{"id":"210e2b49-1b6a-46f8-aa27-e4a957c07dc0","block_type":"box","text":"Segregated Liability between the Funds","page_number":86,"box":{"x":122,"y":403,"width":344,"height":12}},{"id":"5e35fde5-6fe4-48b6-8b7d-cd45f83d42bb","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":435,"width":763,"height":13}},{"id":"acf7fc79-91a6-4a22-bec6-f887248e9fc4","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":452,"width":763,"height":13}},{"id":"6a7c1813-c59a-47ba-b54a-1dbe252dd40c","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":468,"width":763,"height":13}},{"id":"ef72472f-bfd4-40e7-9804-c80e9f4a9d1b","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":484,"width":763,"height":13}},{"id":"2381007b-9d2b-4f2f-b5f5-63c1dae7ea0b","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":501,"width":763,"height":13}},{"id":"5e417492-3fb7-4582-96a5-2e8daefd96a1","block_type":"box","text":"contingent liability.","page_number":86,"box":{"x":121,"y":517,"width":162,"height":13}},{"id":"66e0d98c-4a38-4794-a1f9-544d2c0c333d","block_type":"box","text":"Control of Investments","page_number":86,"box":{"x":121,"y":550,"width":203,"height":10}},{"id":"e6614522-e27d-4357-869d-3c8abc6423eb","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":583,"width":763,"height":13}},{"id":"6a4a4415-f0bb-438a-8325-25e13d2cc045","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":599,"width":763,"height":13}},{"id":"e10c9f36-55df-485d-8fba-4e6b22e39583","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":616,"width":763,"height":13}},{"id":"3d1f8dae-a51f-450e-8931-4ff422c5b0cd","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":632,"width":750,"height":13}},{"id":"dac34885-cf96-44c5-b084-6bd92c88cf75","block_type":"box","text":"Conflict of Interest Risk","page_number":86,"box":{"x":121,"y":665,"width":212,"height":10}},{"id":"fe3d80d7-010c-4db5-8a1c-40a3d610e614","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":122,"y":697,"width":762,"height":13}},{"id":"066843ee-f170-4210-b487-f33990911be3","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":714,"width":763,"height":13}},{"id":"f62a127a-746a-4111-b700-28e576a2493f","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":730,"width":763,"height":13}},{"id":"394f1ed7-a251-4d7a-947a-51c9647d3b65","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":747,"width":763,"height":13}},{"id":"648ccc1e-900f-4995-a9f4-9b91a51e1e67","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":763,"width":763,"height":13}},{"id":"0103e892-3e3c-4091-8f72-1b23dde36c21","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":779,"width":763,"height":13}},{"id":"fe5773d6-6391-4a37-9d69-7f388dc71ac4","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":796,"width":763,"height":13}},{"id":"11a92d19-a811-48ec-8511-66d1bab9643d","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":812,"width":763,"height":13}},{"id":"32427be2-bbd7-42dd-a090-94addca8434b","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":829,"width":763,"height":13}},{"id":"4184ebb5-8a77-44b9-9da2-08e89fa5712b","block_type":"box","text":"Sub-Fund’s investments.","page_number":86,"box":{"x":122,"y":845,"width":204,"height":10}},{"id":"c475ac47-bbe5-472a-9419-30c34fab37a1","block_type":"box","text":"M-40331875-102","page_number":87,"box":{"x":121,"y":948,"width":101,"height":7}},{"id":"fc3abeb5-7a81-43a7-b882-94aeaf6f96ce","block_type":"box","text":"87","page_number":87,"box":{"x":492,"y":949,"width":15,"height":8}},{"id":"a94c4116-c7cb-49e4-9493-15af17f79326","block_type":"box","text":"Witholding Tax","page_number":87,"box":{"x":121,"y":89,"width":141,"height":12}},{"id":"82aae193-167b-4a25-8d54-a04337230390","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":"6236a1c8-64ed-4cb7-836b-7c26c6ea5933","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":120,"y":138,"width":764,"height":12}},{"id":"b387990b-b502-4c50-b3ef-e9478cfcf9ff","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":"80dce886-898b-4098-937c-8332652d7cc0","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":"a7500f31-4d64-4d9d-a569-ca2175d87526","block_type":"box","text":"Shareholders rateably at the time of repayment.","page_number":87,"box":{"x":122,"y":187,"width":386,"height":13}},{"id":"f9d90ccd-a767-4cc2-bd4e-cb9dc0b7c914","block_type":"box","text":"Stocklending Risk","page_number":87,"box":{"x":122,"y":220,"width":160,"height":12}},{"id":"08c7288f-3543-4de2-b852-c674d4ca87bd","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":122,"y":252,"width":762,"height":13}},{"id":"23ca0b21-f3ff-49f4-b6c4-08ba914dd921","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":"b8866b5f-6e12-4ac5-ac9f-526a3d89a69f","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":"c4432337-4d4a-4431-a64a-53398c7aedbc","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":301,"width":763,"height":13}},{"id":"2075033b-9664-4b91-9f03-77f00a9b46da","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":"7b551bad-8c10-4fad-aeee-a8289c714498","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":"49cf888d-c772-4c7b-839e-eb9c3549457b","block_type":"box","text":"principal risk in such stocklending arrangements is the insolvency or default of the borrower.","page_number":87,"box":{"x":120,"y":351,"width":764,"height":13}},{"id":"87c487d6-f43b-4a19-b18c-41c2c44f6ba1","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":"ea8ab861-a04b-4362-8162-c3ce726153b3","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":383,"width":763,"height":13}},{"id":"7dcca6be-c806-483d-a717-006e3a8b257f","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":"1d1698cb-7d61-48c7-9c52-397c3966f5c4","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":120,"y":416,"width":764,"height":13}},{"id":"4ed6187d-2b4f-43e8-ad5e-2dad16d33fa7","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":"78316a65-9f22-4026-b5b8-538a27303834","block_type":"box","text":"below for further details.","page_number":87,"box":{"x":120,"y":449,"width":206,"height":10}},{"id":"c43f9126-989d-4ad0-86a5-7f151c125627","block_type":"box","text":"Collateral Risk","page_number":87,"box":{"x":121,"y":482,"width":135,"height":10}},{"id":"12aab076-bdcf-463a-99c2-e755fa8f8b30","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":"ea0005fe-98c6-4412-b9b8-44a2839c4b3f","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":"5717afbc-4398-4d97-a7d7-406454947bdd","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":"08462c3d-1416-41e1-a15a-751362327845","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":"9ed74f22-a468-4b11-8ee0-acab7f725b9f","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":"9b016ca6-2824-42ba-9b6f-41dce1c2fc1b","block_type":"box","text":"failure or default of the issuer of the relevant security.","page_number":87,"box":{"x":121,"y":596,"width":439,"height":13}},{"id":"efeacab4-86c3-4b4f-921a-cdc038c5ff0f","block_type":"box","text":"Repurchase Agreements","page_number":87,"box":{"x":121,"y":629,"width":215,"height":13}},{"id":"dce16aa5-f0b4-4b73-86c5-d59192df1349","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":122,"y":662,"width":762,"height":13}},{"id":"f3c6c320-bced-4268-9f60-e417632266da","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":678,"width":763,"height":13}},{"id":"39c83a22-e77f-407b-b9f9-d49ebe87ba87","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":"0cf5b971-3f69-4714-95b3-6db7e4001e51","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":"ddc2f806-4938-47ec-a1b1-5407fbef06b1","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":120,"y":728,"width":764,"height":13}},{"id":"e6c27e29-0ce4-4f18-b304-cdd33c9baa4d","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":"dcc9efe2-70ff-4db4-be84-ee5698a627a9","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":120,"y":760,"width":764,"height":13}},{"id":"44607fda-8991-430a-8926-ae8b11c1a54b","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":"7737f59a-29dd-4516-b079-b62c129ec2a1","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":"95f85e54-ae3e-47f2-946a-0ec8c35eda92","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":"b86d2564-7848-42b7-b9e9-c41151bf43e1","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":"d70e6f2c-b87a-4d2b-95d6-9c85f3e82f3c","block_type":"box","text":"enforcement of the repurchase agreement.","page_number":87,"box":{"x":121,"y":842,"width":343,"height":13}},{"id":"dbdfe181-b30e-4132-9a0a-f9c3d0805083","block_type":"box","text":"M-40331875-102","page_number":88,"box":{"x":121,"y":948,"width":101,"height":7}},{"id":"bf713ad1-78a4-43c7-811e-9f5257da6d7c","block_type":"box","text":"88","page_number":88,"box":{"x":492,"y":949,"width":15,"height":8}},{"id":"48bf8c94-eb98-48f7-b218-f7ad35f1463a","block_type":"box","text":"Reverse Repurchase Agreements","page_number":88,"box":{"x":121,"y":89,"width":288,"height":12}},{"id":"b7e2b67f-5e4e-419f-85f0-a633e5890f6a","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":"e25bc9eb-b666-49ad-b73a-eb96bb15bd00","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":12}},{"id":"1daee59b-780f-494e-b79d-24a4540975c6","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":"5cfc1443-8219-43c7-9418-4b73db5d3690","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":"d5198c4a-699f-4f23-8fc3-eca61509429a","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":"4cbc1801-6378-45ca-a964-ee556075155e","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":"421aca62-ee48-4d21-af86-78b1174cfbae","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":219,"width":763,"height":13}},{"id":"caa1e5a3-cb54-42fb-bc6e-c9aa4ec2b6c6","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":"a69703f3-aa44-4f8b-8d65-7612428fc585","block_type":"box","text":"Derivatives Risk","page_number":88,"box":{"x":121,"y":269,"width":146,"height":10}},{"id":"c4e729f5-41ea-4919-af4b-56ca65998e6a","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":301,"width":763,"height":13}},{"id":"89790bd0-6990-4369-9e02-389266207da7","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":"5e1da8d5-00ab-4a5a-acd1-edcff741beb3","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":"2d4ef25d-9bec-4f22-a361-15df5ee88055","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":"b8204d50-9836-4189-b04f-bebf74c43fd5","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":"5ec42c4a-9712-40d7-b925-7dcc878263dd","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":383,"width":763,"height":13}},{"id":"63761b8d-9994-470c-a660-a3569f8832b8","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":120,"y":400,"width":764,"height":10}},{"id":"bd57cb9a-5afc-46ab-97c9-ff242f2d26b5","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":"15b4fd86-8300-4bad-984e-f67bbd6c0595","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":"495769a3-c6cb-4278-bbc8-05e9c9de77f6","block_type":"box","text":"Futures","page_number":88,"box":{"x":120,"y":466,"width":68,"height":9}},{"id":"bc6ebddd-e5f3-47d2-b866-e54ca2539f3a","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":"5ad73e62-e765-4166-ad4c-1cbba5172547","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":"b2a9e1a5-aee6-4bf8-ac29-8b137ae34c07","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":"d84fc48c-f8a9-412f-8704-803021308e90","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":"f4579e6a-e98e-4c3b-86bd-2db883b55a6c","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":"02eb69ba-60af-4c01-91c8-97a59f6e201b","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":120,"y":580,"width":764,"height":13}},{"id":"b10dd896-b281-4801-a80b-d2a55f6fea03","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":596,"width":763,"height":13}},{"id":"fa66cef6-e981-402b-9e78-faf0182803d6","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":"69046cbb-8a6e-4dc4-b86a-ea8df41d3f60","block_type":"box","text":"Options","page_number":88,"box":{"x":122,"y":646,"width":67,"height":13}},{"id":"c9ccf0f8-484f-4f3e-b885-46a719e0a0d8","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":678,"width":763,"height":13}},{"id":"d2f6e8fd-dc5e-4937-ba00-a15edf8c2a05","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":"6ca4680d-3236-4f8d-8992-f14555dafb9b","block_type":"box","text":"purchase price of the underlying security less the premium received, and gives up the","page_number":88,"box":{"x":120,"y":711,"width":764,"height":13}},{"id":"cf756122-40c8-4274-8973-b6b1993517a3","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":"d8d41b2c-66ba-469c-9091-e28d8960a4d7","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":"10929b98-a3de-42ef-b6b3-848a6efc29d0","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":760,"width":763,"height":13}},{"id":"0abb7122-56f9-4726-b00f-fc7dd55db807","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":"481a0046-edd1-42d5-ae76-106651aab1a9","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":"03d988e1-83bc-4a23-82be-b5920bfdda9b","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":"b8cac124-088b-4bb9-9414-d3002cc3b84e","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":"c6ea0942-9c83-417c-8701-9289bab3ca93","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":"b515e1de-5a65-46d0-a2dd-428cd56539f3","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":120,"y":859,"width":764,"height":13}},{"id":"1e361517-6b89-4a76-94b7-09be543a7973","block_type":"box","text":"underlying security above the sales price (in establishing the short position) of the underlying","page_number":88,"box":{"x":120,"y":875,"width":764,"height":13}},{"id":"a0dddc95-d5f3-41aa-ac3b-0addb66b00a9","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":891,"width":763,"height":13}},{"id":"9a88fb02-f50a-4306-a5c9-1543ba211e5f","block_type":"box","text":"M-40331875-102","page_number":89,"box":{"x":121,"y":948,"width":101,"height":7}},{"id":"435a1012-a11a-47ef-bd47-b3746b74a1fc","block_type":"box","text":"89","page_number":89,"box":{"x":492,"y":949,"width":15,"height":8}},{"id":"5aa9b17c-c7dc-4af9-9396-6b4dbf862d3f","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":88,"width":763,"height":13}},{"id":"99904afe-0bc5-492c-9633-663ff5104e8b","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":"fb258f83-f67a-45dc-8cf3-eacc901797f5","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":"87faa683-fda3-4645-8926-f25093491090","block_type":"box","text":"option.","page_number":89,"box":{"x":121,"y":138,"width":61,"height":12}},{"id":"fe36c7de-e793-46e4-8260-ba908108e84f","block_type":"box","text":"Sustainability Risk","page_number":89,"box":{"x":122,"y":171,"width":167,"height":12}},{"id":"c94b0adf-7c10-4893-bd21-adcbacb1fb60","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":"84236211-3805-4449-a65c-7a6b959add27","block_type":"box","text":"Environmental, Social & Governance (ESG) analysis and climate risk indicators to categorise","page_number":89,"box":{"x":121,"y":219,"width":760,"height":13}},{"id":"e2c99970-9db3-44e4-8633-d2d7f2033f6e","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":730,"height":13}},{"id":"62775097-b5da-414d-8b09-0bea002aaf11","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":707,"height":13}},{"id":"97186411-9888-4b6b-b6bd-69c48bdabd88","block_type":"box","text":"economic sector, geographic area or political region. Environmental risks, including risks","page_number":89,"box":{"x":121,"y":269,"width":731,"height":13}},{"id":"05b684ae-1a6c-4cff-b393-40485334ce92","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":762,"height":13}},{"id":"b1dc5c05-1770-44e5-850f-a8d66351cffe","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":301,"width":756,"height":13}},{"id":"9c00e4af-9961-41fc-aa28-bf489860ae59","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":749,"height":13}},{"id":"23a122ae-ea7e-4791-85f9-b2a00a686a42","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":"777410a7-c6b7-408d-99f6-ce832d6bcc7d","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":750,"height":13}},{"id":"67aa03a1-37f3-419a-b986-344de33c43ef","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":749,"height":13}},{"id":"6236b2e8-beb7-4a5c-a744-7976c68422ab","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":383,"width":756,"height":13}},{"id":"68cc9811-20ec-45cd-b4e9-16ec60d4a851","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":761,"height":13}},{"id":"c3e83929-ce9f-484a-9cfe-b9b7c4a3191b","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":"5d61f7fd-8efc-43bf-b350-1628213ff935","block_type":"box","text":"Currency Risk","page_number":89,"box":{"x":121,"y":449,"width":132,"height":13}},{"id":"21835041-e5f3-4fe2-8105-f99530970648","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":"81285a5a-41d7-4b7b-997d-7ef03ecbf8af","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":"22651bac-9b43-4d42-b832-9ebba984098f","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":"992d1965-bd21-4ada-9018-9bdf9399bece","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":120,"y":531,"width":764,"height":13}},{"id":"5c77b2ac-cf8d-44fe-8c08-588624d4a398","block_type":"box","text":"Sub-Fund's securities should decline. Although these transactions are intended to minimise the","page_number":89,"box":{"x":122,"y":547,"width":762,"height":13}},{"id":"e2c1e094-d166-4680-a94f-c5f000e49dc0","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":"c0096067-b813-4c31-adcd-f3b940142d17","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":"9a12fbaa-22c7-4be0-80d2-27c2a333dad4","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":596,"width":763,"height":13}},{"id":"8d1cdfbb-fc3a-4a95-ad02-c6e6c5a32006","block_type":"box","text":"possible because the future value of such securities will change as a consequence of market","page_number":89,"box":{"x":120,"y":613,"width":764,"height":13}},{"id":"40abbf60-9b78-4b17-862e-056022de3d3a","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":"824909c9-42c0-455b-8c44-8633c885af15","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":"5adc1ec7-703d-4f75-801b-533208aae52b","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":"9fd255b8-5cbe-4c9f-8397-73706e52694c","block_type":"box","text":"be possible to hedge against generally anticipated exchange rate fluctuations at a price","page_number":89,"box":{"x":120,"y":678,"width":764,"height":13}},{"id":"1e9564b6-2d74-4eca-90d9-e234d2ffb46d","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":"9426407b-484d-489f-9cb9-a529187ed908","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":"c516e276-c70e-4d9f-8a85-802ac368bda5","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":"ed155530-1f61-4584-85eb-04a313ff877e","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":"320e62aa-e287-48b8-8257-8ab84768ad53","block_type":"box","text":"Cyber Security Risk","page_number":89,"box":{"x":121,"y":777,"width":179,"height":13}},{"id":"7750fefb-c472-4cbd-9891-e986ab37486f","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":"931aebdf-0529-4ece-b7ff-6a92b5866f12","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":"010c5631-c453-43ac-9971-f72b369d81a6","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":"53ec873b-70fa-4e32-b451-88f1be87197c","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":"dea0b63c-c75e-4015-916b-fbbbdfca2ffe","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":"8ca68c3c-4b78-4469-b274-f428ad89f76e","block_type":"box","text":"operational functionality.","page_number":89,"box":{"x":121,"y":891,"width":208,"height":13}},{"id":"a8aed2eb-b6fa-448c-8649-c581fb292529","block_type":"box","text":"M-40331875-102","page_number":90,"box":{"x":121,"y":948,"width":101,"height":7}},{"id":"11a40484-2c56-4ee8-bce3-76196136e227","block_type":"box","text":"90","page_number":90,"box":{"x":492,"y":949,"width":15,"height":8}},{"id":"ba008c18-00fb-45bb-9833-a57a55edb6d1","block_type":"box","text":"Suspension of Redemptions","page_number":90,"box":{"x":122,"y":105,"width":240,"height":13}},{"id":"d835f693-7517-457c-bbac-5f7cd550fd91","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":12}},{"id":"de013d7c-0941-49ef-8d33-5a9618c6ba8b","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":"202bbd7b-2d60-41bb-9511-ea325377d685","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":"296c5f5a-6991-4f02-b94b-6a939b6ff86d","block_type":"box","text":"Pandemic Risk","page_number":90,"box":{"x":121,"y":203,"width":134,"height":10}},{"id":"0180d77a-4ad0-4a2b-9af0-a2cc4f650d1b","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":"fce49f2c-08ad-4501-88e3-60b47d3d7c33","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":"afd79826-23c6-43ec-aa4f-91732416972c","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":"7b6b0e03-9c03-4947-8e35-c9e163f45165","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":"ef81888e-bc56-4acc-a6b3-bcd505bfd1cc","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":301,"width":763,"height":13}},{"id":"417120d9-c13d-4167-8cf9-b43cd4edbf81","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":"975d65cd-f012-4153-aaca-2bcfacf15088","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":"c3df6d78-e402-4a28-a81c-c85a79764748","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":"a6e9aa3d-486a-4f09-bd57-3c83b8b99e1b","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":"cd7a675f-bff6-46ab-9d6a-fdb23bdff0d7","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":383,"width":763,"height":13}},{"id":"acbb4cbd-1a64-42fb-83db-97a351e8036d","block_type":"box","text":"on the agreement in question).","page_number":90,"box":{"x":121,"y":400,"width":249,"height":13}},{"id":"13baa4a3-e9f4-4b92-8556-09dd1db1987f","block_type":"box","text":"Additional risk factors (if any) in respect of each Sub-Fund are set out the relevant section of","page_number":90,"box":{"x":121,"y":433,"width":763,"height":13}},{"id":"0ab4b659-fc11-4c0e-97ac-dcf4d85d0ceb","block_type":"box","text":"Part 1 for the relevant Sub-Fund.","page_number":90,"box":{"x":121,"y":449,"width":270,"height":10}},{"id":"86a8e7a6-c23d-439c-825f-11547d5060d2","block_type":"box","text":"M-40331875-102","page_number":91,"box":{"x":121,"y":948,"width":101,"height":7}},{"id":"b2eb5199-26d0-4a39-aa92-08d63a727a27","block_type":"box","text":"91","page_number":91,"box":{"x":492,"y":949,"width":14,"height":8}},{"id":"16aad049-59c2-43ab-9e4b-f529ea8a267f","block_type":"box","text":"__________________________________________________________________________","page_number":91,"box":{"x":120,"y":98,"width":751,"height":3}},{"id":"21a1c7ed-94e1-444d-8a3e-1c022961a556","block_type":"box","text":"SHARE DEALINGS","page_number":91,"box":{"x":411,"y":105,"width":183,"height":10}},{"id":"c54774c0-384c-4dad-ab5d-50a75b816639","block_type":"box","text":"___________________________________________________________________________","page_number":91,"box":{"x":120,"y":131,"width":762,"height":3}},{"id":"cd73598e-7731-4d2c-a971-276a9e3edba8","block_type":"box","text":"SUBSCRIPTION FOR SHARES","page_number":91,"box":{"x":122,"y":154,"width":288,"height":10}},{"id":"2559c341-9b5a-40de-847c-e13bf20da930","block_type":"box","text":"Purchases of Shares","page_number":91,"box":{"x":121,"y":187,"width":177,"height":10}},{"id":"78917862-700e-447d-8be5-159055145940","block_type":"box","text":"Issues of Shares will normally be made with effect from a Dealing Day in respect of","page_number":91,"box":{"x":121,"y":219,"width":763,"height":13}},{"id":"83e227ca-2b65-41e5-b016-fe1e800ffe0b","block_type":"box","text":"applications received on or prior to the Dealing Deadline. Dealing Days and Dealing Deadlines","page_number":91,"box":{"x":121,"y":236,"width":763,"height":13}},{"id":"94138be0-c3f2-4d47-9144-365086f1d748","block_type":"box","text":"relating to each Sub-Fund are specified in the relevant section of Part 1 for each Sub-Fund.","page_number":91,"box":{"x":121,"y":252,"width":763,"height":13}},{"id":"57d27849-a4fe-4345-9673-db1f5cadc7cf","block_type":"box","text":"Applications for the issue of Shares may be submitted in writing, by facsimile, by telephone to","page_number":91,"box":{"x":121,"y":269,"width":763,"height":13}},{"id":"9d2ff166-3527-47f4-915d-fe888ea2df75","block_type":"box","text":"the Fund care of the Administrator, or in certain circumstances by other electronic methods","page_number":91,"box":{"x":121,"y":285,"width":763,"height":13}},{"id":"6b4d3a42-bc05-461c-8260-94c16b694411","block_type":"box","text":"where specifically agreed to in advance by the Fund, provided in each case that an Application","page_number":91,"box":{"x":121,"y":301,"width":763,"height":13}},{"id":"1e9b8fe8-e642-4cf0-9c31-30f48e3571bf","block_type":"box","text":"Form and any supporting documentation required with regard to anti-money laundering","page_number":91,"box":{"x":121,"y":318,"width":763,"height":13}},{"id":"82011437-d11c-4d81-8155-04b408656f92","block_type":"box","text":"matters/ financial crime or otherwise, shall be submitted in the case of an initial application for","page_number":91,"box":{"x":121,"y":334,"width":763,"height":13}},{"id":"03dc7698-7e93-4d31-8f41-2cc536d8965d","block_type":"box","text":"Shares (with the original documentation, where required, to follow by post). In the case of","page_number":91,"box":{"x":122,"y":351,"width":762,"height":13}},{"id":"08a93c50-d1b4-48fd-a620-ee4312766356","block_type":"box","text":"retail investors, subscription requests must be sent through an independent financial adviser or","page_number":91,"box":{"x":121,"y":367,"width":763,"height":13}},{"id":"76031c41-25e8-4d34-b90b-fc8010a7fecb","block_type":"box","text":"other intermediary. However, this should not result in such investors paying more fees than","page_number":91,"box":{"x":121,"y":383,"width":763,"height":13}},{"id":"ae535d52-8ad5-4513-8184-1c351c66f8cf","block_type":"box","text":"otherwise would have been paid for a direct investment.","page_number":91,"box":{"x":121,"y":400,"width":456,"height":13}},{"id":"c6e466b1-d2dc-47a7-b557-8f169316c48d","block_type":"box","text":"Applications received after the Dealing Deadline for the relevant Dealing Day shall, unless the","page_number":91,"box":{"x":121,"y":433,"width":763,"height":13}},{"id":"34579980-5bc9-4b30-b5c8-c07f9f9c031b","block_type":"box","text":"Directors shall otherwise agree and provided they are received before the Valuation Point for","page_number":91,"box":{"x":121,"y":449,"width":763,"height":13}},{"id":"9c39e026-d518-47c0-87e9-5f1f3d8acde2","block_type":"box","text":"the relevant Dealing Day, be deemed to have been received by the next Dealing Deadline.","page_number":91,"box":{"x":121,"y":465,"width":763,"height":13}},{"id":"e9618eeb-b52e-4647-90ef-5c6de071e83d","block_type":"box","text":"Applications will be irrevocable unless the Directors otherwise agree.","page_number":91,"box":{"x":121,"y":482,"width":566,"height":13}},{"id":"8f40c09e-b828-41cd-ae9e-9cf692738ca7","block_type":"box","text":"The Minimum Initial Subscription for Shares of each Sub-Fund that may be subscribed for by","page_number":91,"box":{"x":121,"y":515,"width":763,"height":12}},{"id":"c6f17e6d-1f4d-4504-8d03-fd0890952478","block_type":"box","text":"each investor on initial application is set out in the relevant section of Part 1 for the relevant","page_number":91,"box":{"x":121,"y":531,"width":763,"height":13}},{"id":"7ca6eda9-db87-4e55-aa31-d4f4ae0c642c","block_type":"box","text":"Sub-Fund. Thereafter, existing Shareholders may make subscriptions for additional Shares of","page_number":91,"box":{"x":122,"y":547,"width":762,"height":13}},{"id":"9be41f97-6063-4c24-8d74-a5d6ba6aed72","block_type":"box","text":"that Sub-Fund in the Minimum Additional Subscription (if any).","page_number":91,"box":{"x":121,"y":564,"width":524,"height":13}},{"id":"3345a90c-f02f-4010-9d4f-470bb914d9c8","block_type":"box","text":"Fractions of not less than 0.001 of a Share may be issued. Subscription monies representing","page_number":91,"box":{"x":121,"y":596,"width":763,"height":13}},{"id":"d0d36a86-3813-4a68-ab8d-be9919c30aef","block_type":"box","text":"smaller fractions of Shares will not be returned to the applicant but will be retained as part of","page_number":91,"box":{"x":121,"y":613,"width":763,"height":13}},{"id":"f68cca4e-371e-4d4f-acb2-933f0fa19024","block_type":"box","text":"the assets of the relevant Sub-Fund.","page_number":91,"box":{"x":121,"y":629,"width":292,"height":10}},{"id":"b143ab41-c361-4000-a2d9-134e5c5b75b5","block_type":"box","text":"The Application Form contains certain conditions regarding the application procedure for","page_number":91,"box":{"x":121,"y":662,"width":763,"height":13}},{"id":"5c509992-d107-43ce-9939-d2bb4d4f61bc","block_type":"box","text":"Shares in the Fund and certain indemnities in favour of the Fund, the Administrator, the","page_number":91,"box":{"x":122,"y":678,"width":762,"height":13}},{"id":"fd2200f9-146f-49e8-a6d1-51010b039330","block_type":"box","text":"Depositary, the Manager, the Investment Manager and the other Shareholders for any loss","page_number":91,"box":{"x":121,"y":695,"width":763,"height":13}},{"id":"ffa848ca-3bbf-4db9-b8d6-38034bab87ec","block_type":"box","text":"suffered by them as a result of certain applicants acquiring or holding Shares.","page_number":91,"box":{"x":121,"y":711,"width":629,"height":13}},{"id":"8f32b213-3f94-45a8-bc0b-fa8e5d886c08","block_type":"box","text":"If an application is rejected, the Administrator at the risk of the applicant will return application","page_number":91,"box":{"x":121,"y":744,"width":763,"height":13}},{"id":"fd9cb78a-54e3-492e-9df8-2079b27cee56","block_type":"box","text":"monies or the balance thereof by telegraphic transfer to the account from which it was paid","page_number":91,"box":{"x":121,"y":760,"width":763,"height":13}},{"id":"524df91b-8c9c-4e5f-9c3e-b05e1730f378","block_type":"box","text":"within 10 Business Days (as specified in in the relevant section of Part 1 for each Sub-Fund)","page_number":91,"box":{"x":121,"y":777,"width":763,"height":13}},{"id":"ca52c585-a6e6-4661-8ea3-af2e371e71b7","block_type":"box","text":"of the rejection, at the cost and risk of the applicant.","page_number":91,"box":{"x":121,"y":793,"width":423,"height":13}},{"id":"63aa2fc3-3803-4de9-b1ea-42961cab6e6c","block_type":"box","text":"Issue Price","page_number":91,"box":{"x":121,"y":826,"width":98,"height":10}},{"id":"f8bc9f87-c88c-4b97-b3a6-292db0e58200","block_type":"box","text":"During the Initial Offer Period for each Sub-Fund, the Initial Issue Price for Shares in the","page_number":91,"box":{"x":121,"y":859,"width":763,"height":13}},{"id":"c76c15cc-bd08-480e-843a-9e3e2b2e9e07","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":91,"box":{"x":121,"y":875,"width":763,"height":10}},{"id":"4b696cc6-d32e-4cbf-8cc4-8cb174e9820f","block_type":"box","text":"Sub-Fund.","page_number":91,"box":{"x":122,"y":891,"width":88,"height":11}},{"id":"428369d2-2151-458a-a3b2-c9231e0e7e3d","block_type":"box","text":"M-40331875-102","page_number":92,"box":{"x":121,"y":948,"width":101,"height":7}},{"id":"639261d5-6c50-4a9a-a8ff-b96289d202bc","block_type":"box","text":"92","page_number":92,"box":{"x":492,"y":949,"width":15,"height":8}},{"id":"c49a69e9-8b6b-4f5a-94ba-7dc228ba97ab","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":92,"box":{"x":121,"y":105,"width":763,"height":13}},{"id":"6aaeea05-ed06-48d8-a6fc-3e06a2762ded","block_type":"box","text":"Initial Offer Period is calculated by ascertaining the Net Asset Value per Share of the relevant","page_number":92,"box":{"x":121,"y":121,"width":763,"height":13}},{"id":"7bab3dda-85cd-4716-ad40-b624c27692c3","block_type":"box","text":"class on the relevant Dealing Day.","page_number":92,"box":{"x":121,"y":138,"width":281,"height":12}},{"id":"3147cd2a-73fe-40fc-a0a4-3447649ce4ce","block_type":"box","text":"The Administrator may, in calculating the issue price, include in the issue price in respect of","page_number":92,"box":{"x":121,"y":170,"width":763,"height":13}},{"id":"b72a5dd4-afce-4553-8a57-247221783e8f","block_type":"box","text":"each Sub-Fund, for its own account, a charge sufficient to cover stamp duties and taxation (if","page_number":92,"box":{"x":121,"y":187,"width":763,"height":13}},{"id":"bc556df4-7834-4d06-9787-658b927cbf88","block_type":"box","text":"any) in respect of the issue of Shares or certificates and delivery and insurance costs in respect","page_number":92,"box":{"x":121,"y":203,"width":763,"height":13}},{"id":"9b7c4a40-56a7-4a73-967c-3137ea3a25b2","block_type":"box","text":"of certificates.","page_number":92,"box":{"x":121,"y":219,"width":120,"height":11}},{"id":"265c7caa-52e4-46e5-b0a2-0020de378023","block_type":"box","text":"No Preliminary Charge will be payable on the issue of Shares of the Fund.","page_number":92,"box":{"x":120,"y":252,"width":606,"height":13}},{"id":"731ef734-0857-4e51-8ad9-0f36c66c4b70","block_type":"box","text":"Payment for Shares","page_number":92,"box":{"x":121,"y":285,"width":175,"height":13}},{"id":"b0f06b87-b8cc-473d-94de-3e5bcf2109e6","block_type":"box","text":"Payment in respect of the issue of Shares must be made by the relevant Settlement Date by","page_number":92,"box":{"x":121,"y":318,"width":763,"height":13}},{"id":"99ac28b4-0bfc-447f-a481-955b21da5b21","block_type":"box","text":"telegraphic transfer in cleared funds in the Base Currency of the relevant Sub-Fund. The","page_number":92,"box":{"x":121,"y":334,"width":763,"height":13}},{"id":"1059c3e0-dbed-498a-8f8f-8ebbf803e606","block_type":"box","text":"Directors or their delegates may, at their discretion, accept payment in other currencies, but","page_number":92,"box":{"x":121,"y":351,"width":763,"height":13}},{"id":"55d3de49-8d89-41ac-bc3c-75e1593ea60b","block_type":"box","text":"such payments will be converted into the relevant Base Currency at the then prevailing","page_number":92,"box":{"x":121,"y":367,"width":763,"height":13}},{"id":"d1776372-d9ad-4070-986b-b99c53732762","block_type":"box","text":"exchange rate available to the Administrator and only the net proceeds (after deducting the","page_number":92,"box":{"x":121,"y":383,"width":763,"height":13}},{"id":"7ff969a0-b9d4-4b86-acd1-4ca0add0e077","block_type":"box","text":"conversion expenses) will be applied towards payment of the subscription monies. This may","page_number":92,"box":{"x":121,"y":400,"width":763,"height":13}},{"id":"0359d385-d96d-4d32-954d-fef2733e3e5d","block_type":"box","text":"result in a delay in processing the application.","page_number":92,"box":{"x":121,"y":416,"width":374,"height":13}},{"id":"74c6d674-9a1c-4f32-bfba-64d59be4e426","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":92,"box":{"x":121,"y":449,"width":763,"height":13}},{"id":"665a3822-6418-40eb-8aa5-cd07517f99e2","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":92,"box":{"x":121,"y":465,"width":763,"height":13}},{"id":"d415d45c-1822-4b5a-bb0b-731e0e38199c","block_type":"box","text":"discretion of the Directors, be cancelled, or, alternatively, the Directors may treat the","page_number":92,"box":{"x":121,"y":482,"width":763,"height":13}},{"id":"32eca8d1-e30b-42d4-bda4-562b6307a8d7","block_type":"box","text":"application as an application for such number of Shares as may be purchased with such","page_number":92,"box":{"x":121,"y":498,"width":763,"height":13}},{"id":"491456f0-b80d-4a05-aecd-7f6fe17bccd5","block_type":"box","text":"payment on the Dealing Day next following receipt of payment in full or of cleared funds. In","page_number":92,"box":{"x":120,"y":515,"width":764,"height":12}},{"id":"6644b04f-6c4d-4430-ac95-038b276d36ec","block_type":"box","text":"such cases the Fund may charge the applicant for any resulting loss incurred by the relevant","page_number":92,"box":{"x":121,"y":531,"width":763,"height":13}},{"id":"f0944678-c4cf-4b0a-8fd1-7ca640889135","block_type":"box","text":"Sub-Fund.","page_number":92,"box":{"x":122,"y":547,"width":88,"height":10}},{"id":"e3c27c5f-bd73-4f86-9ad5-e95a65f72447","block_type":"box","text":"In Specie Issues","page_number":92,"box":{"x":121,"y":580,"width":140,"height":13}},{"id":"377758cf-7410-404a-8426-1c298394ce15","block_type":"box","text":"The Directors may in their absolute discretion, provided that they are satisfied that no material","page_number":92,"box":{"x":121,"y":613,"width":763,"height":13}},{"id":"e5fb7b4f-537a-49b6-a63c-887a840420c7","block_type":"box","text":"prejudice would result to any existing Shareholder and subject to the provisions of the","page_number":92,"box":{"x":120,"y":629,"width":764,"height":13}},{"id":"6cae7d8c-46dd-412f-8041-8ac3ac4ef029","block_type":"box","text":"Companies Acts 2014, allot Shares in any Sub-Fund against the vesting in the Depositary on","page_number":92,"box":{"x":121,"y":646,"width":763,"height":13}},{"id":"6494eb7d-15c1-49ad-adcc-159eb800175c","block_type":"box","text":"behalf of the Fund of investments which would form part of the assets of the relevant Sub\u0002","page_number":92,"box":{"x":120,"y":662,"width":758,"height":13}},{"id":"b348c1bb-56ba-4784-b682-0963747c4962","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":92,"box":{"x":121,"y":678,"width":763,"height":13}},{"id":"9b1f8631-5863-420e-bad7-36efc47efe92","block_type":"box","text":"day the investments are vested in the Depositary on behalf of the Fund have been issued for","page_number":92,"box":{"x":121,"y":695,"width":763,"height":13}},{"id":"249104fc-84a2-4c13-b293-232c06b770bb","block_type":"box","text":"cash against the payment of a sum equal to the value of the investments. The value of the","page_number":92,"box":{"x":121,"y":711,"width":763,"height":13}},{"id":"8418f95e-1d65-4f45-8081-8b5051f44768","block_type":"box","text":"investments to be vested shall be on such basis as the Directors may decide, but such value","page_number":92,"box":{"x":121,"y":728,"width":763,"height":13}},{"id":"806bb381-92eb-4e47-937b-e85f8078f890","block_type":"box","text":"cannot exceed the highest amount at which they would be valued by applying the valuation","page_number":92,"box":{"x":121,"y":744,"width":763,"height":13}},{"id":"c87d8acd-5e82-412a-aa9a-2cceb4613f63","block_type":"box","text":"methods described below under the heading “Calculation of Net Asset Value/ Valuation of","page_number":92,"box":{"x":121,"y":760,"width":763,"height":13}},{"id":"a017652a-15c9-40b5-9a1b-147a9cb847d0","block_type":"box","text":"Assets.”","page_number":92,"box":{"x":121,"y":777,"width":71,"height":10}},{"id":"def92ce5-015e-42ef-a5df-faa2ed3e1369","block_type":"box","text":"Anti-Money Laundering Provisions","page_number":92,"box":{"x":121,"y":810,"width":310,"height":12}},{"id":"11cadd53-18bd-42e3-a318-3010e85a2cfc","block_type":"box","text":"Measures provided for in the Criminal Justice (Money Laundering and Terrorist Financing)","page_number":92,"box":{"x":121,"y":842,"width":763,"height":13}},{"id":"b0103b5a-52b0-4e75-b25c-88f455191c2f","block_type":"box","text":"Act, 2010, as amended and the Criminal Justice (Terrorist Offences) Act, 2005 which are aimed","page_number":92,"box":{"x":121,"y":859,"width":763,"height":13}},{"id":"0ff0185e-c471-4537-8e59-e7224d8e7fbb","block_type":"box","text":"towards the prevention of money laundering, require detailed verification of each applicant’s","page_number":92,"box":{"x":121,"y":875,"width":763,"height":13}},{"id":"41e1d30c-827d-460d-91a8-27f547dec5d7","block_type":"box","text":"identity; for example an individual may be required to produce a copy of his passport or","page_number":92,"box":{"x":121,"y":891,"width":763,"height":13}},{"id":"7d0b84fe-6de0-4966-9d3b-7b3519d4a003","block_type":"box","text":"M-40331875-102","page_number":93,"box":{"x":121,"y":948,"width":101,"height":7}},{"id":"95edad05-770b-46b5-b5b0-7fbe26988039","block_type":"box","text":"93","page_number":93,"box":{"x":492,"y":949,"width":15,"height":8}},{"id":"3d4aeecd-3ea4-415a-9af1-c22019ba72ee","block_type":"box","text":"identification card together with evidence of his address such as a utility bill or bank statement","page_number":93,"box":{"x":121,"y":88,"width":763,"height":13}},{"id":"355fd732-af3c-4661-8fe4-1d5370aeb9ac","block_type":"box","text":"and his date of birth. In the case of corporate applicants this may require production of a","page_number":93,"box":{"x":121,"y":105,"width":763,"height":13}},{"id":"1f2985ff-7dfd-4eba-993b-d9cca348c166","block_type":"box","text":"certified copy of the certificate of incorporation (and any change of name), memorandum and","page_number":93,"box":{"x":121,"y":121,"width":763,"height":13}},{"id":"226d19df-db1d-4cc9-83e7-5bfb1e867d24","block_type":"box","text":"articles of association (or equivalent) and the names, occupations, dates of birth and residential","page_number":93,"box":{"x":121,"y":138,"width":763,"height":12}},{"id":"5154488b-b70a-4772-b89b-952efc840961","block_type":"box","text":"and business address of the directors and beneficial owners of the Fund.","page_number":93,"box":{"x":121,"y":154,"width":585,"height":10}},{"id":"3f634270-18a1-43ad-82b7-5b5a9120d8d4","block_type":"box","text":"The Administrator, Manager and the Fund reserve the right to request such information as is","page_number":93,"box":{"x":121,"y":187,"width":763,"height":13}},{"id":"df6b9894-3dec-4d7d-99e5-1d6dd1b2c7c7","block_type":"box","text":"necessary to verify the identity of an applicant. In the event of delay or failure by the applicant","page_number":93,"box":{"x":121,"y":203,"width":763,"height":13}},{"id":"ac618e55-b473-467b-8853-6b68eb706d7d","block_type":"box","text":"to produce any information required for verification purposes, the Administrator may refuse to","page_number":93,"box":{"x":121,"y":219,"width":763,"height":13}},{"id":"3346e9f7-a8f8-4102-970e-f9d3e811278d","block_type":"box","text":"accept the application and return all subscription monies. If an application is rejected, and","page_number":93,"box":{"x":121,"y":236,"width":763,"height":13}},{"id":"d383cbfd-59f1-443a-9f39-481ac6d46f83","block_type":"box","text":"where appropriate to do so, the Administrator will return application monies or the balance","page_number":93,"box":{"x":121,"y":252,"width":763,"height":13}},{"id":"b0b58092-3fcd-4020-9371-3e9704231ad7","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":93,"box":{"x":121,"y":269,"width":763,"height":13}},{"id":"d66377fb-e94b-43c5-879c-7fda6482c4d1","block_type":"box","text":"applicant.","page_number":93,"box":{"x":121,"y":285,"width":84,"height":13}},{"id":"b506a9e8-d41a-4106-afcb-92655fe6fa09","block_type":"box","text":"Depending on the circumstances of each application, a detailed verification may not be required","page_number":93,"box":{"x":121,"y":318,"width":763,"height":13}},{"id":"189ac725-9f6a-4b0b-ac91-2a32c17ad851","block_type":"box","text":"where: (a) the applicant makes payment from an account held in the applicant’s name at a","page_number":93,"box":{"x":121,"y":334,"width":763,"height":13}},{"id":"176827f6-33da-42a0-93fd-ca9dd09060c6","block_type":"box","text":"recognised financial institution, or (b) the application is made through a recognised","page_number":93,"box":{"x":121,"y":351,"width":763,"height":13}},{"id":"781b9c4f-3ab2-4a95-b38f-b967d7707f10","block_type":"box","text":"intermediary, or (c) investment is made by a recognised intermediary or financial institution.","page_number":93,"box":{"x":121,"y":367,"width":763,"height":13}},{"id":"48f6b229-4eb4-4eeb-840d-6105f6331000","block_type":"box","text":"These exceptions will only apply if the financial institution or intermediary referred to above","page_number":93,"box":{"x":121,"y":383,"width":763,"height":13}},{"id":"15d80949-3897-4f7f-9908-005705c2b4b6","block_type":"box","text":"is located in a country, which has equivalent anti-money laundering legislation to that in place","page_number":93,"box":{"x":121,"y":400,"width":763,"height":13}},{"id":"017ca6c7-5d2b-4c55-a0bf-c2836342f0ba","block_type":"box","text":"in Ireland and the Fund will make the ultimate decision whether the detailed verification is","page_number":93,"box":{"x":121,"y":416,"width":763,"height":10}},{"id":"87089ab4-7670-48ba-900d-b06fa8bb3ad0","block_type":"box","text":"required. Applicants may contact the Administrator or the Fund in order to determine whether","page_number":93,"box":{"x":121,"y":433,"width":763,"height":13}},{"id":"fa1f95de-ded0-441a-b353-309ce447044c","block_type":"box","text":"they meet the above exceptions. The Fund or the Manager will make the ultimate decision","page_number":93,"box":{"x":121,"y":449,"width":763,"height":13}},{"id":"f1577960-ed97-4932-a4f8-11e1c1345128","block_type":"box","text":"whether the detailed verification is required.","page_number":93,"box":{"x":121,"y":465,"width":362,"height":13}},{"id":"26463221-4836-4481-b146-56cee0312745","block_type":"box","text":"In accordance with section 54 of the Criminal Justice (Money Laundering and Terrorist","page_number":93,"box":{"x":121,"y":498,"width":710,"height":13}},{"id":"3259a148-9c68-4f08-badb-5f05122d4341","block_type":"box","text":"Financing) Act, 2010, as amended, The Administrator and the Fund reserve the right to","page_number":93,"box":{"x":121,"y":515,"width":708,"height":12}},{"id":"82a8e60c-026a-46f8-a9c6-9ec7d2698705","block_type":"box","text":"request additional information and documentation in respect of keeping Investor information","page_number":93,"box":{"x":121,"y":531,"width":753,"height":13}},{"id":"f62d78db-9a6c-4cad-b499-82aec1a4d42a","block_type":"box","text":"and documentation up to date. In the event of delay or failure by the applicant to produce any","page_number":93,"box":{"x":121,"y":547,"width":757,"height":13}},{"id":"09540ab0-7f5c-4e37-a2e6-339746ccb457","block_type":"box","text":"information or documentation required for ongoing verification purposes, the Administrator","page_number":93,"box":{"x":121,"y":564,"width":746,"height":13}},{"id":"6a253345-fca5-47bf-9662-d3ed3895991f","block_type":"box","text":"and the Fund may refuse to accept subscriptions, or permit, process, or release the","page_number":93,"box":{"x":121,"y":580,"width":665,"height":13}},{"id":"7c914f2e-fefe-4f34-8d73-3c256249fa55","block_type":"box","text":"investor's investment.","page_number":93,"box":{"x":121,"y":596,"width":180,"height":11}},{"id":"edf247d1-0d11-4ee7-a5ee-22305e507f0f","block_type":"box","text":"FATCA","page_number":93,"box":{"x":121,"y":629,"width":74,"height":10}},{"id":"57a66880-9d17-47ce-98f2-6458076b5cd8","block_type":"box","text":"Due to tax regulations which are implemented as a result of the Irish government entering into","page_number":93,"box":{"x":121,"y":662,"width":763,"height":13}},{"id":"f1388c81-c8ea-49a5-baca-629148d22c38","block_type":"box","text":"an intergovernmental agreement with the United States, there is a requirement to share tax","page_number":93,"box":{"x":121,"y":678,"width":763,"height":13}},{"id":"7f51d428-220b-4681-9c5d-394ced8d9591","block_type":"box","text":"information, where applicable, with overseas tax authorities. As a financial institution, the Fund","page_number":93,"box":{"x":121,"y":695,"width":763,"height":13}},{"id":"7900d077-088b-46df-a25e-e23618fa0f7a","block_type":"box","text":"is obliged to comply with Irish legislation, and is obliged to collect details of all Shareholders’","page_number":93,"box":{"x":121,"y":711,"width":763,"height":13}},{"id":"3df9f430-e8cb-4afd-90df-c32ea8474a2e","block_type":"box","text":"tax residency and taxpayer identification numbers and any other information as directed by the","page_number":93,"box":{"x":121,"y":728,"width":763,"height":13}},{"id":"37e521b8-cdea-40da-ac39-0482f3bb4c7b","block_type":"box","text":"Office of the Revenue Commissioners. The Fund will pass such information to the Office of","page_number":93,"box":{"x":121,"y":744,"width":763,"height":13}},{"id":"05697356-95a0-4a2f-8896-6f34ecf08245","block_type":"box","text":"the Revenue Commissioners, who will in turn exchange this information with the United States.","page_number":93,"box":{"x":121,"y":760,"width":763,"height":13}},{"id":"8f6f8049-32ac-43b8-b193-f94914fc65a2","block_type":"box","text":"The extent to which the Fund is able to report to the Office of the Revenue Commissioners will","page_number":93,"box":{"x":121,"y":793,"width":763,"height":13}},{"id":"3b72e5bc-ee84-4e02-83a1-b8f7ee59cf87","block_type":"box","text":"depend on each affected Shareholder in the Fund providing the Fund or its delegate with any","page_number":93,"box":{"x":121,"y":810,"width":763,"height":12}},{"id":"8ab3669a-7207-4198-a894-d9e22fcb3f2e","block_type":"box","text":"information that the Fund determines is necessary to satisfy such obligations.","page_number":93,"box":{"x":121,"y":826,"width":627,"height":13}},{"id":"1d566076-315a-492f-a162-0eb3dc9adae4","block_type":"box","text":"By signing the Application Form to subscribe for Shares in the Fund, each affected Shareholder","page_number":93,"box":{"x":121,"y":859,"width":763,"height":13}},{"id":"8ad0df89-5296-4b04-91c3-68eb740ce9bd","block_type":"box","text":"is agreeing to provide such information upon request from the Fund or its delegate. The Fund","page_number":93,"box":{"x":121,"y":875,"width":763,"height":13}},{"id":"d3ed9e8b-9e1e-4fa1-914d-46eb26b68947","block_type":"box","text":"may exercise its right to redeem completely an affected Shareholder if the Shareholder fails to","page_number":93,"box":{"x":121,"y":891,"width":763,"height":13}},{"id":"bed49bb7-b3df-49c4-a89d-4226b2c90e5f","block_type":"box","text":"M-40331875-102","page_number":94,"box":{"x":121,"y":948,"width":101,"height":7}},{"id":"b84dac41-8081-4292-8f9a-5853439f5821","block_type":"box","text":"94","page_number":94,"box":{"x":492,"y":949,"width":15,"height":8}},{"id":"d6f3c89e-e447-41fc-8331-c452500d04a2","block_type":"box","text":"provide the Fund with the information the Fund requests to satisfy its obligations under","page_number":94,"box":{"x":120,"y":88,"width":764,"height":13}},{"id":"1b3e600b-2985-4278-bdb5-561a875f1a93","block_type":"box","text":"FATCA. Shareholders are encouraged to consult with their own tax advisers regarding the","page_number":94,"box":{"x":121,"y":105,"width":763,"height":13}},{"id":"904ee152-3681-4904-8490-346965bfd705","block_type":"box","text":"possible implications of FATCA on their interest in the Fund.","page_number":94,"box":{"x":120,"y":121,"width":503,"height":13}},{"id":"c9ede1b3-45cd-4800-93fd-8be39a3f92ff","block_type":"box","text":"Limitations on Purchases","page_number":94,"box":{"x":121,"y":154,"width":223,"height":10}},{"id":"a6b09dc5-f6ba-401b-824e-713c58c2e238","block_type":"box","text":"Shares may not be issued or sold by the Fund during any period when the calculation of the","page_number":94,"box":{"x":122,"y":187,"width":762,"height":13}},{"id":"f28b15a8-a581-435c-8ef5-ae8a912b7645","block_type":"box","text":"Net Asset Value of the relevant Sub-Fund is suspended in the manner described under","page_number":94,"box":{"x":120,"y":203,"width":764,"height":13}},{"id":"efdad668-d204-4241-b1a7-b55eb3ab48a2","block_type":"box","text":"“Suspension of Calculation of Net Asset Value” below. Applicants for Shares will be notified","page_number":94,"box":{"x":121,"y":219,"width":763,"height":13}},{"id":"fd3faf87-61df-4d09-8a95-6f48b367d1a6","block_type":"box","text":"of such postponement and,","page_number":94,"box":{"x":121,"y":236,"width":360,"height":13}},{"id":"569f4317-2643-4b94-b8fa-ad2183c17168","block_type":"box","text":"unless withdrawn, their ap","page_number":94,"box":{"x":527,"y":236,"width":357,"height":13}},{"id":"9fc2674d-6394-44cf-af7d-1cd1a9a08585","block_type":"box","text":"plications will be considered as at the next Dealing Day following the ending of such","page_number":94,"box":{"x":120,"y":252,"width":764,"height":13}},{"id":"1c749581-4dba-4d42-90da-3add2276be8d","block_type":"box","text":"suspension.","page_number":94,"box":{"x":121,"y":269,"width":98,"height":13}},{"id":"976d9eba-3992-4813-916a-e839d1ddc207","block_type":"box","text":"The Fund, at its discretion, reserves the right to refuse to accept any application for initial or","page_number":94,"box":{"x":121,"y":301,"width":763,"height":13}},{"id":"573568f3-5bcc-4df5-98a0-ed291f67c127","block_type":"box","text":"subsequent subscriptions, or to compulsorily redeem Shares held by any Shareholder, without","page_number":94,"box":{"x":121,"y":318,"width":763,"height":13}},{"id":"5af23da3-c098-41ee-9e86-017ef2f1ba8f","block_type":"box","text":"giving any reason where the Fund suspects market timing. Without limiting the foregoing, and","page_number":94,"box":{"x":121,"y":334,"width":763,"height":13}},{"id":"6fa447c2-d1b9-4c6e-900d-b71210b04359","block_type":"box","text":"as further described below, the Fund may not be used as a vehicle for frequent trading in","page_number":94,"box":{"x":121,"y":351,"width":763,"height":13}},{"id":"ca3e43e3-c0c5-47b4-aa35-5fcdf467e4ff","block_type":"box","text":"response to short term market fluctuations (so called “market timing”). Accordingly, the Fund","page_number":94,"box":{"x":121,"y":367,"width":763,"height":13}},{"id":"897d7d03-5cf5-480c-8ef9-20c0957faf16","block_type":"box","text":"may reject any subscriptions (or may compulsorily redeem Shares) from any investor that it","page_number":94,"box":{"x":121,"y":383,"width":763,"height":13}},{"id":"7ac43ac3-ae68-487a-a029-9b18bbb15848","block_type":"box","text":"determines is engaged in market timing or other activity which it believes is harmful to the","page_number":94,"box":{"x":121,"y":400,"width":763,"height":13}},{"id":"cc087ccc-b148-44b5-aea2-717d2afa077c","block_type":"box","text":"Fund or any Sub-Fund.","page_number":94,"box":{"x":121,"y":416,"width":191,"height":13}},{"id":"cf7b68a8-e49e-4292-8e27-146c221b62bb","block_type":"box","text":"Shares may not be directly or indirectly offered or sold in the United States or purchased or","page_number":94,"box":{"x":122,"y":449,"width":762,"height":13}},{"id":"7a0919aa-89ff-4917-b230-11a63ef40c9e","block_type":"box","text":"held by or for U.S. Persons except in a transaction which does not violate United States","page_number":94,"box":{"x":121,"y":465,"width":763,"height":13}},{"id":"ba60be01-03c4-4155-be5c-7413ccb6d7d5","block_type":"box","text":"securities laws.","page_number":94,"box":{"x":121,"y":482,"width":128,"height":10}},{"id":"b7367590-35e0-4fe5-9f2f-85aa47c0810a","block_type":"box","text":"REDEMPTION OF SHARES","page_number":94,"box":{"x":350,"y":515,"width":306,"height":12}},{"id":"2ee8e71d-d7f4-472f-8c76-054e8c42f3b1","block_type":"box","text":"Redemptions of Shares","page_number":94,"box":{"x":121,"y":550,"width":203,"height":13}},{"id":"932c8a1a-067b-4c1d-94da-9fa662dc5b90","block_type":"box","text":"Requests for the redemption of Shares should be made to the Fund care of the Administrator","page_number":94,"box":{"x":121,"y":583,"width":763,"height":13}},{"id":"cbec2bf5-8484-45d6-bc01-94aefc676ea0","block_type":"box","text":"in writing, by facsimile, by telephone, or by other electronic methods where specifically agreed","page_number":94,"box":{"x":121,"y":599,"width":763,"height":13}},{"id":"51966fbe-cdb3-481a-ae43-f634daf0539e","block_type":"box","text":"to in advance by the Fund, and must quote the relevant account number, the relevant Sub\u0002","page_number":94,"box":{"x":121,"y":616,"width":757,"height":13}},{"id":"257eae18-154a-4b5d-894c-6c830a9c78ec","block_type":"box","text":"Fund(s) and class of Shares (if applicable), and be signed by or on behalf of the Shareholder","page_number":94,"box":{"x":121,"y":632,"width":763,"height":13}},{"id":"18ee34c9-24bc-4d57-8fe9-a450dd930e9e","block_type":"box","text":"before payment of redemption proceeds can be made. In the case of retail investors, redemption","page_number":94,"box":{"x":120,"y":648,"width":764,"height":13}},{"id":"4b78913a-ca51-4037-aa98-2766accac7a3","block_type":"box","text":"requests must be sent through an independent financial adviser or other intermediary.","page_number":94,"box":{"x":121,"y":665,"width":763,"height":13}},{"id":"faff36e3-1b18-42af-94ce-7db084e6f3fa","block_type":"box","text":"However, this should not result in such investors paying more fees than otherwise would have","page_number":94,"box":{"x":121,"y":681,"width":763,"height":13}},{"id":"712c3aaa-3df7-494e-b33e-0f2562d9342e","block_type":"box","text":"been paid for a direct investment.","page_number":94,"box":{"x":120,"y":697,"width":275,"height":13}},{"id":"846a8319-7500-4de7-b9a9-71481f80f8a7","block_type":"box","text":"Requests received on or prior to the relevant Dealing Deadline will, subject as mentioned in","page_number":94,"box":{"x":121,"y":730,"width":763,"height":13}},{"id":"d98860a6-2687-44d2-b56d-902cac24ca17","block_type":"box","text":"this section, normally be dealt with on the relevant Dealing Day. Redemption requests received","page_number":94,"box":{"x":121,"y":747,"width":763,"height":13}},{"id":"66facca0-d4dd-46f7-b6c0-1322dd381bc4","block_type":"box","text":"after the Dealing Deadline shall, unless the Directors shall otherwise agree and provided they","page_number":94,"box":{"x":121,"y":763,"width":763,"height":13}},{"id":"06e76a42-a171-4fdb-a0c4-66eea72973ce","block_type":"box","text":"are received before the relevant Valuation Point, be treated as having been received by the","page_number":94,"box":{"x":121,"y":779,"width":763,"height":13}},{"id":"d3accd09-5162-46f9-8d30-c655ae4ae049","block_type":"box","text":"following Dealing Deadline. Redemption requests made by facsimile or telephone as set out","page_number":94,"box":{"x":121,"y":796,"width":763,"height":13}},{"id":"b7e8b72b-9b78-45d9-bb19-61b3f3603fb4","block_type":"box","text":"above must be followed by subsequent confirmation in writing.","page_number":94,"box":{"x":121,"y":812,"width":516,"height":13}},{"id":"96825eb3-3c59-4589-9601-bfbdf48cf186","block_type":"box","text":"A redemption request will not be capable of withdrawal after acceptance by the Administrator.","page_number":94,"box":{"x":121,"y":845,"width":763,"height":13}},{"id":"c40f5026-7419-451f-9e10-d183ef9fbb33","block_type":"box","text":"If requested, the Directors may, in their absolute discretion and subject to the prior approval of","page_number":94,"box":{"x":121,"y":861,"width":763,"height":13}},{"id":"c0e297b0-a5df-4473-9203-964c62861c97","block_type":"box","text":"the Depositary, agree to designate additional Dealing Days and Valuation Points for the","page_number":94,"box":{"x":121,"y":878,"width":763,"height":13}},{"id":"009e1b42-e475-4ce2-bc0e-bbc32255defc","block_type":"box","text":"redemption of Shares relating to any Sub-Fund which will be open to all Shareholders.","page_number":94,"box":{"x":121,"y":894,"width":703,"height":13}},{"id":"c07f4a0e-e661-4d51-8a03-655373c877bd","block_type":"box","text":"M-40331875-102","page_number":95,"box":{"x":121,"y":948,"width":101,"height":7}},{"id":"5d389c21-de44-4381-b96c-92613bae2965","block_type":"box","text":"95","page_number":95,"box":{"x":492,"y":949,"width":15,"height":8}},{"id":"c8472437-4daf-4284-b2d8-3ba5486732ce","block_type":"box","text":"The Directors or their delegates may decline to effect a redemption request which would have","page_number":95,"box":{"x":121,"y":105,"width":763,"height":13}},{"id":"85362b97-5268-4bd8-8ab0-b9e53f8f409c","block_type":"box","text":"the effect of reducing the value of any holding of Shares relating to any Sub-Fund below the","page_number":95,"box":{"x":121,"y":121,"width":763,"height":13}},{"id":"a85c4c66-8161-4526-ada6-c524a0fdc58d","block_type":"box","text":"Minimum Holding for that class of Shares of that Sub-Fund. Any redemption request having","page_number":95,"box":{"x":121,"y":138,"width":763,"height":12}},{"id":"372d6e4c-f54f-4bb5-8f48-50bf7e642988","block_type":"box","text":"such an effect may be treated by the Fund as a request to redeem the Shareholder’s entire","page_number":95,"box":{"x":121,"y":154,"width":763,"height":13}},{"id":"1a8bbeee-a107-4eca-8bdc-7fccf03a9d1e","block_type":"box","text":"holding of that class of Shares.","page_number":95,"box":{"x":121,"y":170,"width":253,"height":13}},{"id":"eed719ff-bb09-4962-8f5a-df6c55e12cdd","block_type":"box","text":"The Administrator will not accept redemption requests, which are incomplete, until all the","page_number":95,"box":{"x":121,"y":203,"width":763,"height":13}},{"id":"523136b4-f5c9-4de2-9fd9-3103a19e217a","block_type":"box","text":"necessary information is obtained.","page_number":95,"box":{"x":121,"y":219,"width":281,"height":13}},{"id":"b8b6a312-d614-4663-bc20-ea6890fb321b","block_type":"box","text":"Redemption Price","page_number":95,"box":{"x":121,"y":253,"width":160,"height":12}},{"id":"a68383a6-cb93-4d89-8a5d-ae15a33aeb1e","block_type":"box","text":"The price at which Shares will be redeemed on a Dealing Day is also calculated by ascertaining","page_number":95,"box":{"x":121,"y":285,"width":763,"height":13}},{"id":"75c52b10-1234-4d1f-a0d7-4fb14da2687a","block_type":"box","text":"the Net Asset Value per Share of the relevant class on the relevant Dealing Day. The method","page_number":95,"box":{"x":121,"y":301,"width":763,"height":13}},{"id":"d35b0b41-75ec-4190-b098-9f5cce787e3d","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":95,"box":{"x":121,"y":318,"width":763,"height":13}},{"id":"d722bb55-da53-4580-8749-0388c4c71bf4","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":95,"box":{"x":121,"y":334,"width":763,"height":13}},{"id":"2c0eac81-5cb4-4e81-a178-15338429499f","block_type":"box","text":"“Calculation of Net Asset Value/Valuation of Assets” below.","page_number":95,"box":{"x":121,"y":351,"width":498,"height":10}},{"id":"ab0b4335-e7da-4cce-94dd-06b45c56dd8d","block_type":"box","text":"No Redemption Charge will be payable on the redemption of Shares in the Fund.","page_number":95,"box":{"x":120,"y":383,"width":653,"height":13}},{"id":"62b043b4-0121-40b6-adcb-6624ab236c9b","block_type":"box","text":"When a redemption request has been submitted by an investor who is or is deemed to be a","page_number":95,"box":{"x":121,"y":416,"width":763,"height":13}},{"id":"ad784230-8001-4cea-93e1-bc767d5e27c7","block_type":"box","text":"Taxable Irish Person or is acting on behalf of a Taxable Irish Person, the Fund shall deduct","page_number":95,"box":{"x":121,"y":433,"width":763,"height":13}},{"id":"edd17ed3-0457-433d-b340-36deef73c4ab","block_type":"box","text":"from the redemption proceeds an amount which is equal to the tax payable by the Fund to the","page_number":95,"box":{"x":121,"y":449,"width":763,"height":13}},{"id":"7513e270-bda6-4070-bebd-09f6308f1643","block_type":"box","text":"Irish Revenue Commissioners in respect of the relevant transaction.","page_number":95,"box":{"x":121,"y":465,"width":551,"height":13}},{"id":"d8521f72-5874-4761-9449-59b1ffe10a3e","block_type":"box","text":"If redemption requests in respect of any Shares are received by the Fund the implementation","page_number":95,"box":{"x":121,"y":498,"width":763,"height":13}},{"id":"e6f16a8e-52e6-4be0-94b3-c0282d42a671","block_type":"box","text":"on any Dealing Day of which will, in the opinion of the Directors, necessitate the breaking of","page_number":95,"box":{"x":121,"y":515,"width":763,"height":12}},{"id":"c854019b-9bc6-48d8-8d7f-63e79aab5daf","block_type":"box","text":"deposits at a penalty, the redemption price attributable to such Shares will be reduced by a","page_number":95,"box":{"x":121,"y":531,"width":763,"height":13}},{"id":"059d107e-0b31-46be-a600-59051ab1240f","block_type":"box","text":"proportionate part of such reduction in value or penalty, which, will be suffered by the relevant","page_number":95,"box":{"x":120,"y":547,"width":764,"height":13}},{"id":"97698701-e7db-4082-9973-65b3e5479611","block_type":"box","text":"Sub-Fund in such manner, as the Directors may consider fair and equitable and is approved by","page_number":95,"box":{"x":122,"y":564,"width":762,"height":13}},{"id":"fb154167-ef8f-46c1-8e95-74fb513057e9","block_type":"box","text":"the Depositary. Alternatively, the Directors may arrange for the Fund to borrow monies in","page_number":95,"box":{"x":121,"y":580,"width":763,"height":13}},{"id":"e4f647a6-0904-478a-919c-5a4478447fa4","block_type":"box","text":"accordance with the “Borrowing and Lending Powers” section set out above and the costs of","page_number":95,"box":{"x":121,"y":596,"width":763,"height":13}},{"id":"4671a867-6391-4063-a63d-6b455340e734","block_type":"box","text":"such borrowing will be apportioned as aforesaid to such extent as the Directors may consider","page_number":95,"box":{"x":121,"y":613,"width":763,"height":13}},{"id":"9ba232f5-f3c4-426b-ad94-770ce3dfc3fa","block_type":"box","text":"fair and equitable. The Directors consider that the provisions of this paragraph shall only be","page_number":95,"box":{"x":121,"y":629,"width":763,"height":13}},{"id":"4b5e1200-0dcb-425a-bcfa-380445474a31","block_type":"box","text":"utilised in exceptional circumstances.","page_number":95,"box":{"x":120,"y":646,"width":308,"height":13}},{"id":"880805fd-ca11-4914-b4bc-8a4b3cd61e4d","block_type":"box","text":"Payment of Redemption Proceeds","page_number":95,"box":{"x":121,"y":679,"width":295,"height":12}},{"id":"d1fcd7f7-5c53-408b-b718-d847778a69ba","block_type":"box","text":"The amount due on redemption of Shares will be paid by telegraphic transfer to an account","page_number":95,"box":{"x":121,"y":711,"width":763,"height":13}},{"id":"1b3abe4c-2ce8-4a7a-bacb-dea724d6e249","block_type":"box","text":"nominated by the Shareholder in the Base Currency of the relevant Sub-Fund (or in such other","page_number":95,"box":{"x":121,"y":728,"width":763,"height":13}},{"id":"02c0174c-f679-483f-a0d3-619acbc02a12","block_type":"box","text":"currency as the Directors shall determine) by the Settlement Date. Payment of redemption","page_number":95,"box":{"x":121,"y":744,"width":763,"height":13}},{"id":"edf6912c-8210-4815-b789-65261655f2ae","block_type":"box","text":"proceeds will be made to the registered Shareholder or in favour of the joint registered","page_number":95,"box":{"x":120,"y":760,"width":764,"height":13}},{"id":"bda1ce0c-cd55-4757-a959-58df9b670b8b","block_type":"box","text":"Shareholders as appropriate. Third party payments are not permitted. The proceeds of the","page_number":95,"box":{"x":122,"y":777,"width":762,"height":13}},{"id":"a2640d62-0c2f-4db5-a7e2-7fd946397986","block_type":"box","text":"redemption of the Shares will only be paid on receipt by the Administrator of the Application","page_number":95,"box":{"x":121,"y":793,"width":763,"height":13}},{"id":"9f1beb89-689f-4642-8236-ea3b4a092bf0","block_type":"box","text":"Form and any supporting anti-money laundering/ financial crime or related documentation","page_number":95,"box":{"x":121,"y":810,"width":763,"height":12}},{"id":"09f85744-4698-4128-82dd-30d92e15fc61","block_type":"box","text":"(with the original documentation, where required, to follow by post) as the Fund or the","page_number":95,"box":{"x":121,"y":826,"width":763,"height":13}},{"id":"f50c1b7f-9ed0-4165-8a30-f2094c8b46cc","block_type":"box","text":"Administrator may require.","page_number":95,"box":{"x":121,"y":842,"width":224,"height":13}},{"id":"4d75a465-6393-4984-8261-ec54b2027de0","block_type":"box","text":"The Fund will be required to withhold Irish tax on redemption monies, at the applicable rate,","page_number":95,"box":{"x":121,"y":875,"width":763,"height":13}},{"id":"b760726f-8dbb-4f8e-b09d-aecca6318a8f","block_type":"box","text":"unless it has received from the Shareholder a Relevant Declaration in the prescribed form, (the","page_number":95,"box":{"x":120,"y":891,"width":764,"height":13}},{"id":"0e523adb-bad6-4da7-bfef-9e3355442131","block_type":"box","text":"M-40331875-102","page_number":96,"box":{"x":121,"y":948,"width":101,"height":7}},{"id":"41e1ca0b-30eb-44dd-9554-02593c97e88e","block_type":"box","text":"96","page_number":96,"box":{"x":492,"y":949,"width":15,"height":8}},{"id":"74d2245f-2bf1-41b9-8ffc-0e5b7d8b3fb9","block_type":"box","text":"Subscription Agreement, Finance Act Declaration and supporting documentation should be","page_number":96,"box":{"x":122,"y":88,"width":762,"height":13}},{"id":"cca7b845-6a11-4d8a-8c63-018a38862b49","block_type":"box","text":"remitted by post thereafter) confirming that the Shareholder is not an Irish Resident and not an","page_number":96,"box":{"x":121,"y":105,"width":763,"height":13}},{"id":"f50e0957-b11f-414b-8725-ec6f42665ae7","block_type":"box","text":"Irish Ordinary Resident investor in respect of whom it is necessary to deduct tax.","page_number":96,"box":{"x":121,"y":121,"width":657,"height":13}},{"id":"ace60038-7d37-434c-8248-3fb1176fb439","block_type":"box","text":"Limitations on Redemptions","page_number":96,"box":{"x":121,"y":154,"width":249,"height":13}},{"id":"b11e5a7f-b345-4c9a-b9fe-2606f35ca116","block_type":"box","text":"The Fund may not redeem Shares of any Sub-Fund during any period when the calculation of","page_number":96,"box":{"x":121,"y":187,"width":763,"height":13}},{"id":"78171d6d-a651-48f1-ace7-11862ffda320","block_type":"box","text":"the Net Asset Value of the relevant Sub-Fund is suspended in the manner described under","page_number":96,"box":{"x":121,"y":203,"width":763,"height":13}},{"id":"767eeecb-8d74-4f65-b750-9fed35cd5b83","block_type":"box","text":"“Suspension of Calculation of Net Asset Value”","page_number":96,"box":{"x":121,"y":219,"width":387,"height":13}},{"id":"753529f7-4ac1-4461-b6aa-a560879e2b9b","block_type":"box","text":"below. Applicants for redemptions of Shares","page_number":96,"box":{"x":514,"y":219,"width":370,"height":13}},{"id":"9b26b6b2-5b2a-4d5e-b6af-3ccfd0b2f5b4","block_type":"box","text":"will be notified of such postponement and, unless withdrawn, their applications will be","page_number":96,"box":{"x":121,"y":236,"width":763,"height":13}},{"id":"4372379a-6b0b-496f-978f-3f3c11963c06","block_type":"box","text":"considered as at the next Dealing Day following the ending of such suspension.","page_number":96,"box":{"x":121,"y":252,"width":646,"height":13}},{"id":"5827a017-fc84-4266-a8d8-1648fd956ae0","block_type":"box","text":"The Directors are entitled to limit the number of Shares of any Sub-Fund repurchased on any","page_number":96,"box":{"x":121,"y":285,"width":763,"height":13}},{"id":"b8e754d0-fd47-4a1d-bbdc-047df0b8cd5a","block_type":"box","text":"Dealing Day to Shares representing 10 per cent of the total Net Asset Value of that Sub-Fund","page_number":96,"box":{"x":121,"y":301,"width":763,"height":13}},{"id":"fc3506b3-2f43-43ce-a9ce-f78781a0ae4c","block_type":"box","text":"on that Dealing Day (for LVNAV Sub-Funds, such gate may apply for up to 15 Business Days","page_number":96,"box":{"x":121,"y":318,"width":763,"height":13}},{"id":"7a0aefbb-cc87-4e28-b965-4cb60edf0488","block_type":"box","text":"at a time). In this event, the limitation will apply p","page_number":96,"box":{"x":121,"y":334,"width":404,"height":13}},{"id":"7a6c4f5f-ed45-4115-b3ff-2ce4f8867942","block_type":"box","text":"pro rata","page_number":96,"box":{"x":523,"y":336,"width":69,"height":11}},{"id":"aa790a6c-b806-40d2-9311-20f1af277073","block_type":"box","text":"so that all Shareholders wishing to","page_number":96,"box":{"x":593,"y":334,"width":291,"height":13}},{"id":"1851e6fc-d5b1-401d-8748-4cd662b2c0fd","block_type":"box","text":"have Shares of that Sub-Fund redeemed on that Dealing Day realise the same proportion of","page_number":96,"box":{"x":121,"y":351,"width":763,"height":13}},{"id":"9d263f56-4943-43a4-8f4e-bb6f9c3f083c","block_type":"box","text":"such Shares. Shares not redeemed, but which would otherwise have been redeemed, will be","page_number":96,"box":{"x":121,"y":367,"width":763,"height":12}},{"id":"144db1aa-d934-4ab3-b0c2-baf4cffca1a9","block_type":"box","text":"carried forward for redemption on the next Dealing Day. If requests for redemption are so","page_number":96,"box":{"x":121,"y":383,"width":763,"height":13}},{"id":"307e0e08-f2cf-43bc-90e2-92876898b031","block_type":"box","text":"carried forward, the Administrator will inform the Shareholders affected.","page_number":96,"box":{"x":121,"y":400,"width":593,"height":12}},{"id":"d98afe5d-2393-4683-b7bb-86df6733035b","block_type":"box","text":"The Articles contain special provisions where a redemption request received from a","page_number":96,"box":{"x":121,"y":433,"width":763,"height":12}},{"id":"6856662f-e0f6-4ce8-b6f8-d317b2b0daec","block_type":"box","text":"Shareholder would result in Shares representing more than five per cent of the Net Asset Value","page_number":96,"box":{"x":122,"y":449,"width":762,"height":13}},{"id":"381a1acd-8e1c-402e-9e5c-10c214cba0b4","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":96,"box":{"x":121,"y":465,"width":763,"height":13}},{"id":"7e931c2a-7ee8-47bd-8b45-e6fa07fb280a","block_type":"box","text":"may satisfy the redemption request by a distribution of investments of the relevant Sub-Fund","page_number":96,"box":{"x":121,"y":482,"width":763,"height":13}},{"id":"c0791fa6-a280-487c-b167-2063c8448faa","block_type":"box","text":"in specie provided that such a distribution would not be prejudicial to the interests of the","page_number":96,"box":{"x":121,"y":498,"width":763,"height":13}},{"id":"87644874-b926-4029-a21b-64f7b422ed49","block_type":"box","text":"remaining Shareholders of that Sub-Fund. Where the Shareholder requesting such redemption","page_number":96,"box":{"x":121,"y":515,"width":763,"height":12}},{"id":"de4dbcc4-0c05-495f-950f-4955c404d916","block_type":"box","text":"receives notice of the Fund’s intention to elect to satisfy the redemption request by such a","page_number":96,"box":{"x":121,"y":531,"width":763,"height":13}},{"id":"82c5fd19-2849-42c4-b523-35f93586fed9","block_type":"box","text":"distribution of assets that Shareholder may require the Fund instead of transferring those assets","page_number":96,"box":{"x":121,"y":547,"width":763,"height":13}},{"id":"bf9d5098-39c6-4999-b38f-f2bbe153df3a","block_type":"box","text":"to arrange for their sale and the payment of the proceeds of sale to that Shareholder less any","page_number":96,"box":{"x":121,"y":564,"width":763,"height":13}},{"id":"c2673940-6e57-4d87-bbb8-bbb922ae083d","block_type":"box","text":"costs incurred in connection with such sale.","page_number":96,"box":{"x":121,"y":580,"width":356,"height":10}},{"id":"aeacff96-b400-4b37-b8b8-29cbcc21692a","block_type":"box","text":"The Articles provide that the Fund cannot effect a redemption of Shares, if after payment of","page_number":96,"box":{"x":121,"y":613,"width":763,"height":13}},{"id":"1d531ca1-588e-4516-8489-080192e317f4","block_type":"box","text":"any amount in connection with such redemption, the Net Asset Value of the issued share capital","page_number":96,"box":{"x":121,"y":629,"width":763,"height":13}},{"id":"aa669588-f6e4-4a17-9132-25f6e1b71b2a","block_type":"box","text":"of the Fund would be equal to or less than Euro 40,000","page_number":96,"box":{"x":121,"y":646,"width":439,"height":13}},{"id":"af321903-891b-4d36-acef-48568fd7588b","block_type":"box","text":"or its foreign currency equivalent. This","page_number":96,"box":{"x":566,"y":646,"width":318,"height":13}},{"id":"3ded0e53-0d91-44f3-8f94-47e35d921980","block_type":"box","text":"will not apply to a redemption request accepted by the Directors in contemplation of the","page_number":96,"box":{"x":121,"y":662,"width":763,"height":13}},{"id":"35cfd91b-f9d6-4bd0-b20d-e3380cc4c470","block_type":"box","text":"dissolution of the Fund.","page_number":96,"box":{"x":121,"y":678,"width":196,"height":10}},{"id":"bbd3a875-a54d-48a3-9b61-640ff024369c","block_type":"box","text":"The Fund, at its discretion, reserves the right to refuse to accept any request for redemption, or","page_number":96,"box":{"x":121,"y":711,"width":763,"height":13}},{"id":"92fd4b06-1232-4b36-99e7-088dc20fdb67","block_type":"box","text":"to compulsorily redeem Shares held by any Shareholder, without giving any reason where the","page_number":96,"box":{"x":121,"y":728,"width":763,"height":13}},{"id":"0e900f52-2d7b-4135-8281-c67fb396518b","block_type":"box","text":"Fund suspects market timing. Without limiting the foregoing, and as further described below,","page_number":96,"box":{"x":121,"y":744,"width":763,"height":13}},{"id":"d71176f6-ece7-4dca-9ad6-3b351814c9ec","block_type":"box","text":"the Fund may not be used as a vehicle for frequent trading in response to short term market","page_number":96,"box":{"x":121,"y":760,"width":763,"height":13}},{"id":"8f1546af-6a63-44ac-945f-cd43163e79d5","block_type":"box","text":"fluctuations (so called “market timing”). Accordingly, the Fund may reject any redemption","page_number":96,"box":{"x":121,"y":777,"width":763,"height":13}},{"id":"94c4ff8a-100e-4b95-aaca-bea768032f70","block_type":"box","text":"requests (or may compulsorily redeem Shares) from any investor that it determines is engaged","page_number":96,"box":{"x":121,"y":793,"width":763,"height":13}},{"id":"56d0ccc3-059f-44ae-84c4-ba4d117e79bf","block_type":"box","text":"in market timing or other activity which it believes is harmful to the Fund or any Sub-Fund.","page_number":96,"box":{"x":121,"y":810,"width":744,"height":12}},{"id":"3bb92e0e-dbd3-49a2-a135-6f9ab47b19f6","block_type":"box","text":"Mandatory Redemptions","page_number":96,"box":{"x":121,"y":843,"width":220,"height":12}},{"id":"0bceadc9-1cb2-4cf3-93a3-53a500eada2c","block_type":"box","text":"M-40331875-102","page_number":97,"box":{"x":121,"y":948,"width":101,"height":7}},{"id":"5f3a2590-ea37-4c41-baf9-88a43b4254b7","block_type":"box","text":"97","page_number":97,"box":{"x":492,"y":949,"width":15,"height":8}},{"id":"55472977-edcf-44bf-a7ca-ae1200e76f5a","block_type":"box","text":"The Fund may compulsorily repurchase all of the Shares of any Sub-Fund if the Net Asset","page_number":97,"box":{"x":121,"y":88,"width":763,"height":13}},{"id":"59c7bbdc-d019-4591-bfeb-bbfbf2b18695","block_type":"box","text":"Value of the relevant Sub-Fund is less than the Minimum Fund Size of the relevant Sub-Fund,","page_number":97,"box":{"x":121,"y":105,"width":763,"height":12}},{"id":"bbe05e26-e9a7-4cbc-a501-e919bae16c2d","block_type":"box","text":"details of which are set out in the relevant section of Part 1 for each Sub-Fund.","page_number":97,"box":{"x":121,"y":121,"width":638,"height":10}},{"id":"1d3bc58a-1afe-4402-bde5-b0647bd79ea6","block_type":"box","text":"The Fund reserves the right to redeem any Shares which are or become owned, directly or","page_number":97,"box":{"x":121,"y":154,"width":763,"height":13}},{"id":"53ad81eb-6c58-4854-a60a-6f1f386d8e8d","block_type":"box","text":"indirectly, by a U.S. Person (unless pursuant to an exemption under U.S. securities laws), by","page_number":97,"box":{"x":121,"y":170,"width":763,"height":13}},{"id":"cf6b2498-53aa-4cac-8754-f89ad346506c","block_type":"box","text":"any person who appears to be in breach of any law or requirement of any country or","page_number":97,"box":{"x":121,"y":187,"width":763,"height":13}},{"id":"3ab7f3ee-fdf1-4c7b-978e-6c3a0fec1ec1","block_type":"box","text":"governmental authority or by virtue of which such person is not qualified to hold such Shares,","page_number":97,"box":{"x":121,"y":203,"width":763,"height":13}},{"id":"12d2c76c-63a8-457d-9ac5-4e7c249f54ba","block_type":"box","text":"or by any person or person in circumstances which might result in the relevant Sub-Fund","page_number":97,"box":{"x":121,"y":219,"width":763,"height":13}},{"id":"cff7b068-d008-4ba5-8a9b-25b453d26cb7","block_type":"box","text":"incurring any liability to taxation or suffering any other pecuniary legal or material","page_number":97,"box":{"x":121,"y":236,"width":763,"height":13}},{"id":"a0aa82b4-d5c4-4f4a-a4bf-16553ca33108","block_type":"box","text":"administrative disadvantages or being in breach of any law or regulation which the relevant","page_number":97,"box":{"x":121,"y":252,"width":763,"height":13}},{"id":"e3840228-5e4a-4383-954e-69a4e95dba3e","block_type":"box","text":"Sub-Fund might not otherwise have incurred, suffered or breached. In particular, the Fund may","page_number":97,"box":{"x":122,"y":269,"width":762,"height":13}},{"id":"2e28d5bf-9399-4e65-9e1f-a75a39eb8410","block_type":"box","text":"exercise its right to redeem completely an affected Shareholder if the Shareholder fails to","page_number":97,"box":{"x":121,"y":285,"width":763,"height":13}},{"id":"cfce083f-1fae-4eb8-ab5e-26f134322c85","block_type":"box","text":"provide the Fund with the information the Fund requests to satisfy its obligations under","page_number":97,"box":{"x":120,"y":301,"width":764,"height":13}},{"id":"04f96b41-943c-4e58-8d3c-3eb3eb63ae2b","block_type":"box","text":"FATCA.","page_number":97,"box":{"x":121,"y":318,"width":76,"height":10}},{"id":"f3f39fda-f3da-4ce2-9f4f-d963ee88258c","block_type":"box","text":"Where Taxable Irish Persons acquire and hold Shares, the Fund shall, where necessary for the","page_number":97,"box":{"x":121,"y":351,"width":763,"height":13}},{"id":"0f114bdb-5584-4fbe-8edf-3e6e84ddf4ab","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":97,"box":{"x":121,"y":367,"width":763,"height":13}},{"id":"d2854c4e-ed9f-457c-a769-f1ee2dfea09b","block_type":"box","text":"Taxable Irish Person or is acting on behalf of a Taxable Irish Person on the occurrence of a","page_number":97,"box":{"x":121,"y":383,"width":763,"height":13}},{"id":"0b6b20ae-8fdc-4735-81b3-7aae1c789289","block_type":"box","text":"chargeable event for taxation purposes and to pay the proceeds thereof to the Irish Revenue","page_number":97,"box":{"x":121,"y":400,"width":763,"height":13}},{"id":"39cffbdb-c30d-4b41-8c2f-9552aceeb0f2","block_type":"box","text":"Commissioners.","page_number":97,"box":{"x":121,"y":416,"width":135,"height":10}},{"id":"395cb1e8-ed03-4fb1-b2e2-6e7b13e22999","block_type":"box","text":"Exchange of Shares","page_number":97,"box":{"x":121,"y":449,"width":174,"height":13}},{"id":"3ec1ea70-2b49-45bc-bf55-cbb8a49440f3","block_type":"box","text":"Shareholders will be able to apply to exchange on any Dealing Day all or part of their holding","page_number":97,"box":{"x":122,"y":482,"width":762,"height":13}},{"id":"8d991610-53ac-475c-b0fe-917130129ea7","block_type":"box","text":"of Shares of any class in any Sub-Fund (the “First Class”) for Shares in a corresponding class","page_number":97,"box":{"x":121,"y":498,"width":763,"height":13}},{"id":"4b192714-db24-4346-a5fa-2b20af0643fc","block_type":"box","text":"in another Sub-Fund which are being offered at that time (the “New Class”) provided that all","page_number":97,"box":{"x":121,"y":515,"width":763,"height":12}},{"id":"c1b1d421-2215-4132-a54f-d8966bdb8182","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":97,"box":{"x":121,"y":531,"width":763,"height":13}},{"id":"9695aa4f-461e-4dbe-a65b-90cff1ff5637","block_type":"box","text":"Administrator on or prior to the Dealing Deadline for the relevant Dealing Day. Unless","page_number":97,"box":{"x":121,"y":547,"width":763,"height":13}},{"id":"ab0f9997-1331-4a93-a8c3-25aeb938c39e","block_type":"box","text":"otherwise determined by the Directors, a Shareholder may exchange Shares of one class in any","page_number":97,"box":{"x":121,"y":564,"width":763,"height":13}},{"id":"2b82d972-3a0c-42b6-8f98-7d14a86a9662","block_type":"box","text":"Sub-Fund for Shares in another class of the same Sub-Fund. The Directors may however at","page_number":97,"box":{"x":122,"y":580,"width":762,"height":13}},{"id":"e2bc780c-362a-4926-b715-3cd53f225b0f","block_type":"box","text":"their discretion agree to accept requests for exchange received after the relevant Dealing","page_number":97,"box":{"x":121,"y":596,"width":763,"height":13}},{"id":"848dd00c-8088-4596-be4f-c1d90eb82a6c","block_type":"box","text":"Deadline provided they are received prior to the relevant Valuation Point. The general","page_number":97,"box":{"x":121,"y":613,"width":763,"height":13}},{"id":"3649bc10-4ee6-4a3e-bfbb-12d335784194","block_type":"box","text":"provisions and procedures relating to the issue and redemption of Shares will apply equally to","page_number":97,"box":{"x":120,"y":629,"width":764,"height":13}},{"id":"5b12c377-8ffb-476c-a32a-3c3f9c45c972","block_type":"box","text":"exchanges save in relation to charges payable details of which are set out below and in Part 1","page_number":97,"box":{"x":121,"y":646,"width":763,"height":13}},{"id":"f1ce3491-bddb-4942-9e13-7be7f89173d9","block_type":"box","text":"for the relevant Sub-Fund.","page_number":97,"box":{"x":121,"y":662,"width":217,"height":10}},{"id":"6f7de5b2-61d0-4afc-885a-d00de0342e23","block_type":"box","text":"When requesting the exchange of Shares as an initial investment in a Sub-Fund, Shareholders","page_number":97,"box":{"x":121,"y":695,"width":763,"height":13}},{"id":"729acd3b-9fe1-4da9-aab3-52e4647d5846","block_type":"box","text":"should ensure that the value of the Shares exchanged is equal to or exceeds the Minimum Initial","page_number":97,"box":{"x":121,"y":711,"width":763,"height":13}},{"id":"9ed1d328-3d2f-41ae-b22b-fbd4bbde48aa","block_type":"box","text":"Subscription for the relevant New Class specified in the relevant section of Part 1 for the","page_number":97,"box":{"x":122,"y":728,"width":762,"height":12}},{"id":"029a6232-8739-4ce5-a746-5da3305a5485","block_type":"box","text":"relevant Sub-Fund. In the case of an exchange of a partial holding only, the value of the","page_number":97,"box":{"x":121,"y":744,"width":763,"height":13}},{"id":"b9c1db60-6131-428e-b514-615ae575fde7","block_type":"box","text":"remaining holding must also be at least equal to the Minimum Holding for the First Class.","page_number":97,"box":{"x":121,"y":760,"width":730,"height":13}},{"id":"d91f3f92-6f84-4e60-8826-1738bf4ba76f","block_type":"box","text":"The number of Shares of the New Class to be issued will be calculated in accordance with the","page_number":97,"box":{"x":121,"y":793,"width":763,"height":10}},{"id":"8cfec729-7acf-4bb9-96fb-588dc3becfc8","block_type":"box","text":"following formula:","page_number":97,"box":{"x":121,"y":810,"width":151,"height":12}},{"id":"42c867c7-e00e-4c4c-9bd6-f0e9bb7ed60c","block_type":"box","text":"S = [R x (RP x ER)] – F","page_number":97,"box":{"x":400,"y":843,"width":205,"height":12}},{"id":"ea4c11d3-7db9-424f-bf21-1b738a9024cc","block_type":"box","text":"SP","page_number":97,"box":{"x":489,"y":859,"width":22,"height":10}},{"id":"571e0bfd-53a5-425b-8976-95b07d06ae68","block_type":"box","text":"where:","page_number":97,"box":{"x":121,"y":875,"width":59,"height":10}},{"id":"89c6a06a-5694-4b54-b3a6-8c86ed6b79ba","block_type":"box","text":"M-40331875-102","page_number":98,"box":{"x":121,"y":948,"width":101,"height":7}},{"id":"edb96da4-3265-478c-a802-7a14bb89659e","block_type":"box","text":"98","page_number":98,"box":{"x":492,"y":949,"width":15,"height":8}},{"id":"e03372a1-5241-42fc-b9ff-6fb00b7ade30","block_type":"box","text":"R","page_number":98,"box":{"x":121,"y":89,"width":14,"height":9}},{"id":"5cfafa01-a6dd-434c-a0e4-157c148051de","block_type":"box","text":"=","page_number":98,"box":{"x":245,"y":92,"width":16,"height":6}},{"id":"a7871b41-7395-425a-800c-9791f676fce0","block_type":"box","text":"the number of Shares of the First Class to be exchanged;","page_number":98,"box":{"x":302,"y":88,"width":461,"height":13}},{"id":"290c060a-dc29-4666-9002-1ce3408d51f6","block_type":"box","text":"S","page_number":98,"box":{"x":122,"y":121,"width":9,"height":10}},{"id":"45092efa-ba08-44c9-88b9-adfa11b8e5b2","block_type":"box","text":"=","page_number":98,"box":{"x":245,"y":125,"width":16,"height":6}},{"id":"efbe07d9-58df-4ee0-afb5-8649c0b6eb1e","block_type":"box","text":"the number of Shares of the New Class to be issued;","page_number":98,"box":{"x":302,"y":121,"width":426,"height":12}},{"id":"440890be-0c2d-4639-8006-ccf514e50fe4","block_type":"box","text":"RP","page_number":98,"box":{"x":121,"y":154,"width":26,"height":10}},{"id":"0f3f2d71-653f-44de-8da8-c002cf9c1bc4","block_type":"box","text":"=","page_number":98,"box":{"x":245,"y":158,"width":16,"height":6}},{"id":"a307da42-c120-46b1-9e46-d63abe845e6e","block_type":"box","text":"the redemption price per Share of the First Class as at the Valuation","page_number":98,"box":{"x":302,"y":154,"width":582,"height":13}},{"id":"e980a2b4-b6a5-4b59-bdaa-c5827574458a","block_type":"box","text":"Point for the relevant Dealing Day;","page_number":98,"box":{"x":245,"y":170,"width":289,"height":13}},{"id":"e4743310-4766-4360-8310-982a5735388f","block_type":"box","text":"ER","page_number":98,"box":{"x":121,"y":204,"width":28,"height":9}},{"id":"04bf75e3-fd18-4562-bda7-567d96c4d1ed","block_type":"box","text":"=","page_number":98,"box":{"x":245,"y":207,"width":16,"height":6}},{"id":"4692407f-25b8-4d4e-915c-30429fe28dea","block_type":"box","text":"in the case of an exchange of Shares designated in the same Base","page_number":98,"box":{"x":302,"y":203,"width":582,"height":13}},{"id":"9e058624-c08d-49cb-8dad-fc2e89ccfd45","block_type":"box","text":"Currency is 1. In any other case, it is the currency conversion factor determined","page_number":98,"box":{"x":245,"y":219,"width":639,"height":13}},{"id":"fb5fbc1f-cd92-40ff-b47e-4236e90e7c32","block_type":"box","text":"by the Directors at the Valuation Point for the relevant Dealing Day as","page_number":98,"box":{"x":245,"y":236,"width":639,"height":13}},{"id":"ca13b606-8bc1-40c1-872e-0ca92dd0792e","block_type":"box","text":"representing the effective rate of exchange applicable to the transfer of assets","page_number":98,"box":{"x":245,"y":252,"width":639,"height":13}},{"id":"897e127c-b8d4-4afb-a618-e4475d599af7","block_type":"box","text":"relating to the First and New Classes of Shares after adjusting such rate as may","page_number":98,"box":{"x":245,"y":269,"width":639,"height":13}},{"id":"ddf94d73-fb60-47e1-b468-f447b2703285","block_type":"box","text":"be necessary to reflect the effective costs of making such transfer;","page_number":98,"box":{"x":245,"y":285,"width":537,"height":13}},{"id":"baabea15-e58d-4734-9cdb-5b1c047bf9ef","block_type":"box","text":"SP","page_number":98,"box":{"x":122,"y":318,"width":21,"height":10}},{"id":"2ab4fbd7-81b0-4421-beec-b1f1bf531954","block_type":"box","text":"=","page_number":98,"box":{"x":242,"y":322,"width":16,"height":6}},{"id":"3b6bab68-d0e8-453f-ab46-249afb9027ee","block_type":"box","text":"the issue price per Share of the New Class as at the Valuation Point for","page_number":98,"box":{"x":302,"y":318,"width":582,"height":13}},{"id":"0de64822-4a76-4316-8eda-4f6d4137a46e","block_type":"box","text":"the applicable Dealing Day; and","page_number":98,"box":{"x":242,"y":334,"width":264,"height":13}},{"id":"648df7c7-2ca9-49c9-b407-8925fcff87e8","block_type":"box","text":"F","page_number":98,"box":{"x":121,"y":367,"width":17,"height":10}},{"id":"90871f8a-a17a-4030-b51d-c6f47e932155","block_type":"box","text":"=","page_number":98,"box":{"x":242,"y":371,"width":16,"height":6}},{"id":"ae411b78-0d52-40c3-9e74-f557cd6d0b23","block_type":"box","text":"the Exchange Charge (if any) payable on the exchange of Shares.","page_number":98,"box":{"x":302,"y":367,"width":532,"height":13}},{"id":"8eccca9d-bcc5-4cf1-87ac-d1e75b97093b","block_type":"box","text":"An Exchange Charge of up to 2% of the redemption price of the Shares being exchanged may","page_number":98,"box":{"x":121,"y":400,"width":763,"height":13}},{"id":"247ffa89-10de-4abf-b997-78cce898e35c","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":98,"box":{"x":120,"y":416,"width":764,"height":13}},{"id":"1e6d017d-8e5f-444f-a874-4aacb717e1b8","block_type":"box","text":"such charge (if any) should not exceed such amount as is set out in Part I for the relevant Sub\u0002","page_number":98,"box":{"x":121,"y":433,"width":757,"height":13}},{"id":"66892f02-354d-4225-a8cb-d72b21793264","block_type":"box","text":"Fund.","page_number":98,"box":{"x":121,"y":449,"width":51,"height":10}},{"id":"24c84db4-0372-4d64-b9e5-ac2e911c7126","block_type":"box","text":"Where there is an exchange of Shares, Shares of the New Class will be allotted and issued in","page_number":98,"box":{"x":121,"y":482,"width":763,"height":13}},{"id":"7a1903d0-de24-4c83-90c9-76a8101c406a","block_type":"box","text":"respect of and in proportion to the Shares of the First Class in the proportion S to R.","page_number":98,"box":{"x":121,"y":498,"width":681,"height":13}},{"id":"93d02f97-7748-4feb-9472-2716510300cf","block_type":"box","text":"In certain circumstances, at the discretion of the Directors, Shareholders will be deemed to","page_number":98,"box":{"x":121,"y":531,"width":763,"height":12}},{"id":"0cba48a5-9bc2-4d94-9788-fe8274afa0e6","block_type":"box","text":"have exchanged their Shares in one class of Shares for Shares in another Class of Shares where","page_number":98,"box":{"x":121,"y":547,"width":763,"height":13}},{"id":"84e4734f-6695-4a34-84bb-67a0ace3bea9","block_type":"box","text":"the Sub-Fund operates a tier mechanism between Share Classes (for example Share Classes 4","page_number":98,"box":{"x":121,"y":564,"width":763,"height":13}},{"id":"ab1224a4-1550-4362-9704-7631d537c946","block_type":"box","text":"to 7 of the Aviva Investors Sterling Liquidity Fund). In such an event the above provisions","page_number":98,"box":{"x":121,"y":580,"width":763,"height":13}},{"id":"85196ddb-c899-45ca-94f2-d01b2efa8ed4","block_type":"box","text":"will apply except that the Shareholders will not be required to submit an exchange request and","page_number":98,"box":{"x":121,"y":596,"width":763,"height":13}},{"id":"c0621a65-b909-4da9-9564-bf432c93b4a6","block_type":"box","text":"the “Exchange Charge” will be waived.","page_number":98,"box":{"x":121,"y":613,"width":324,"height":13}},{"id":"36301341-4c0a-4a47-9705-846c41409e43","block_type":"box","text":"Limitations on Exchange","page_number":98,"box":{"x":121,"y":646,"width":219,"height":13}},{"id":"1332f88c-2f7e-43b0-9721-700d997d20e9","block_type":"box","text":"Shares may not be exchanged for Shares of a different class during any period when the","page_number":98,"box":{"x":122,"y":678,"width":762,"height":13}},{"id":"8c4832be-5f93-49f5-b802-6ce05ee602b6","block_type":"box","text":"calculation of the Net Asset Value of the relevant Sub-Fund or Sub-Funds is suspended in the","page_number":98,"box":{"x":121,"y":695,"width":763,"height":13}},{"id":"c6d6809e-f651-4987-a01f-315082df847f","block_type":"box","text":"manner described under “Suspension of Calculation of Net Asset Value” below. Applicants","page_number":98,"box":{"x":121,"y":711,"width":763,"height":13}},{"id":"10b9a179-c64a-4136-9c8f-ec27b96c3c80","block_type":"box","text":"for exchange of Shares will be notified of such postponement and, unless withdrawn, their","page_number":98,"box":{"x":121,"y":728,"width":763,"height":13}},{"id":"512756bd-d2c7-4822-bb14-0fe27105b3dc","block_type":"box","text":"applications will be considered as at the next Dealing Day following the ending of such","page_number":98,"box":{"x":121,"y":744,"width":763,"height":13}},{"id":"085d6960-050a-4ddd-8b97-cc3283da4ab7","block_type":"box","text":"suspension.","page_number":98,"box":{"x":121,"y":760,"width":98,"height":13}},{"id":"dc4e03ff-c167-4649-b6a7-a77ffa025a42","block_type":"box","text":"The Fund, at its discretion, reserves the right to refuse to accept any application for exchange,","page_number":98,"box":{"x":121,"y":793,"width":763,"height":13}},{"id":"a0899534-d092-49f4-b2e9-853a4d46b4c3","block_type":"box","text":"or to compulsorily redeem Shares held by any Shareholder, without giving any reason where","page_number":98,"box":{"x":121,"y":810,"width":763,"height":12}},{"id":"3386ff45-3c45-41d0-8def-799984db7cf9","block_type":"box","text":"the Fund suspects market timing. Without limiting the foregoing, and as further described","page_number":98,"box":{"x":121,"y":826,"width":763,"height":13}},{"id":"c2676abb-9402-4e04-a9d2-8635a93e1f3f","block_type":"box","text":"below, the Fund may not be used as a vehicle for frequent trading in response to short term","page_number":98,"box":{"x":120,"y":842,"width":764,"height":13}},{"id":"5af8bea4-7b75-4b13-a9d8-eb329b4e64a2","block_type":"box","text":"market fluctuations (so called “market timing”). Accordingly, the Fund may reject any","page_number":98,"box":{"x":121,"y":859,"width":763,"height":13}},{"id":"7ef8a602-4e18-4f4b-b93b-ff68c6e9aa81","block_type":"box","text":"exchange requests (or may compulsorily redeem Shares) from any investor that it determines","page_number":98,"box":{"x":121,"y":875,"width":763,"height":13}},{"id":"0eef3c2d-0afe-4780-a7b2-562ed36e73c4","block_type":"box","text":"is engaged in market timing or other activity which it believes is harmful to the Fund or any","page_number":98,"box":{"x":121,"y":891,"width":763,"height":13}},{"id":"e11f1877-7404-40ee-8093-c74e98357a8b","block_type":"box","text":"M-40331875-102","page_number":99,"box":{"x":121,"y":948,"width":101,"height":7}},{"id":"31fbec7b-fa2d-4758-b6b9-914c04edff2e","block_type":"box","text":"99","page_number":99,"box":{"x":492,"y":949,"width":15,"height":8}},{"id":"0279b141-10d6-421b-9294-2c060176d7a6","block_type":"box","text":"Sub-Fund.","page_number":99,"box":{"x":122,"y":88,"width":88,"height":10}},{"id":"ec44a958-3746-4fb6-9602-759b68d44e53","block_type":"box","text":"Calculation of Net Asset Value/Valuation of Assets","page_number":99,"box":{"x":121,"y":121,"width":439,"height":10}},{"id":"76ad4172-fd06-4b5b-9339-d3766456e8e4","block_type":"box","text":"General","page_number":99,"box":{"x":121,"y":154,"width":74,"height":10}},{"id":"c45222cd-3d1e-4d88-b132-4773182ced9e","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":99,"box":{"x":121,"y":187,"width":763,"height":13}},{"id":"91071e5f-1be9-4a64-990b-0d6e1bf114de","block_type":"box","text":"Share of any class is calculated by the Directors or their delegate by ascertaining the Net Asset","page_number":99,"box":{"x":122,"y":203,"width":762,"height":13}},{"id":"1fc8b0bf-9e4f-4021-ad63-58226cdce07d","block_type":"box","text":"Value of the relevant Sub-Fund as at the Valuation Point for that Sub-Fund for the relevant","page_number":99,"box":{"x":121,"y":219,"width":763,"height":11}},{"id":"b1370bd3-9982-4310-9fbb-8c9db71547cd","block_type":"box","text":"Dealing Day (to which the Directors or their delegate may apply a provision for duties and","page_number":99,"box":{"x":121,"y":236,"width":763,"height":13}},{"id":"93ec7679-7fa6-4b37-b0a8-638db177aca9","block_type":"box","text":"charges) and determining the amount of the Net Asset Value which is attributable to the","page_number":99,"box":{"x":121,"y":252,"width":763,"height":13}},{"id":"5eee2270-69d9-466f-8c14-37bd8e81d844","block_type":"box","text":"relevant class of Shares. The Net Asset Value per Share of the relevant class is calculated by","page_number":99,"box":{"x":121,"y":269,"width":763,"height":13}},{"id":"ba237997-6552-4f66-91ca-6f93ad0daa62","block_type":"box","text":"dividing that proportion of the Net Asset Value of the Sub-Fund which is attributable to the","page_number":99,"box":{"x":121,"y":285,"width":763,"height":13}},{"id":"b9ae6cce-8fe8-4f5e-9905-6ee71e54791e","block_type":"box","text":"relevant class by the total number of Shares of the relevant class in issue at the relevant","page_number":99,"box":{"x":121,"y":301,"width":763,"height":13}},{"id":"606453c4-eed4-4867-ba6b-e799f8089d85","block_type":"box","text":"Valuation Point. The Valuation Point for each Sub-Fund is set out in Part 1 for the relevant","page_number":99,"box":{"x":121,"y":318,"width":763,"height":10}},{"id":"20435a6e-bc23-43b4-9ce9-6a969245a3f0","block_type":"box","text":"Sub-Fund. The Net Asset Value per Share is the resulting sum rounded to the nearest seven","page_number":99,"box":{"x":122,"y":334,"width":762,"height":13}},{"id":"9b53fac8-a5c0-4b9d-a6c6-e78952c836dd","block_type":"box","text":"decimal places (or such other amount as may be determined by the Directors at their discretion).","page_number":99,"box":{"x":121,"y":351,"width":763,"height":13}},{"id":"1ac97894-9406-44ce-830e-66a0040726ae","block_type":"box","text":"The Articles provide for the method of valuation of the assets and liabilities of each Sub-Fund","page_number":99,"box":{"x":121,"y":383,"width":763,"height":13}},{"id":"e516f333-916c-4e55-9012-c417fa87acfa","block_type":"box","text":"and of the Net Asset Value of each Fund. Pursuant to the terms of the Management Agreement,","page_number":99,"box":{"x":121,"y":400,"width":763,"height":13}},{"id":"21f90dee-1ac6-4c70-90a1-3fe9742eb139","block_type":"box","text":"the Directors have, among other things, delegated to the Manager all of their powers relating","page_number":99,"box":{"x":121,"y":416,"width":763,"height":13}},{"id":"4cc8ebe4-e22d-4d92-9d08-12e7bea48d69","block_type":"box","text":"to the valuation of assets and liabilities of each Sub-Fund.","page_number":99,"box":{"x":121,"y":433,"width":472,"height":10}},{"id":"257b93a8-e66f-4d81-a192-680a1ca48f77","block_type":"box","text":"Calculation of Net Asset Value per share for LVNAV Money Market Funds","page_number":99,"box":{"x":121,"y":466,"width":655,"height":12}},{"id":"601d0718-92fb-4571-80ec-6b799fcd87ec","block_type":"box","text":"Any LVNAV Money Market Fund shall calculate a constant Net Asset Value per share as the","page_number":99,"box":{"x":121,"y":498,"width":763,"height":13}},{"id":"10f21519-cfd3-40a9-94b2-d82fe79cd82d","block_type":"box","text":"difference between the sum of all of its assets valued in accordance with the amortised cost","page_number":99,"box":{"x":121,"y":515,"width":763,"height":10}},{"id":"ba839470-a1cc-44b8-866f-479944eaf46b","block_type":"box","text":"method as described below and the sum of all its liabilities divided by the number of its","page_number":99,"box":{"x":121,"y":531,"width":763,"height":13}},{"id":"7f5705f8-f8eb-4e20-a44b-65552a5d274d","block_type":"box","text":"outstanding shares. The constant Net Asset Value per Share of a LVNAV Money Market Fund","page_number":99,"box":{"x":121,"y":547,"width":763,"height":13}},{"id":"7db85317-e386-41f3-b530-fad9716e5fbe","block_type":"box","text":"shall be rounded to the nearest percentage point or its equivalent when the constant Net Asset","page_number":99,"box":{"x":121,"y":564,"width":763,"height":13}},{"id":"6f1051a2-43c5-40b2-b1e6-15035fcdd7f4","block_type":"box","text":"Value is published in a currency unit.","page_number":99,"box":{"x":121,"y":580,"width":306,"height":13}},{"id":"6f25579c-ef40-4dc9-b995-ceb838b3d656","block_type":"box","text":"The constant Net Asset Value per Share shall be calculated at least daily. The difference","page_number":99,"box":{"x":121,"y":613,"width":763,"height":13}},{"id":"fd6532f0-6ed6-423d-b3a4-6cc56791c649","block_type":"box","text":"between the constant Net Asset Value per Share and the Net Asset Value per share calculated","page_number":99,"box":{"x":120,"y":629,"width":764,"height":13}},{"id":"9986d76b-91d9-4ed2-b669-91828ad92236","block_type":"box","text":"in accordance with Article 30 of the Money Market Fund Regulation shall be monitored and","page_number":99,"box":{"x":121,"y":646,"width":763,"height":13}},{"id":"1eb4d59b-1408-4a80-a466-d0e2b49769c3","block_type":"box","text":"published daily on www.avivainvestors.com.","page_number":99,"box":{"x":120,"y":662,"width":375,"height":13}},{"id":"8d80be6f-a1df-4613-9df9-9da765e72fb7","block_type":"box","text":"Where the constant Net Asset Value per Share deviates from the Net Asset Value per Share as","page_number":99,"box":{"x":121,"y":696,"width":763,"height":13}},{"id":"d00293a3-f9fa-4887-8a9c-9b994ca9836d","block_type":"box","text":"calculated using the methodology for Variable NAV Money Market Funds (as provided for","page_number":99,"box":{"x":121,"y":712,"width":763,"height":13}},{"id":"f8184596-3c99-424a-9aa7-1d90b8fdc7bc","block_type":"box","text":"below) by more than 20 basis points any following subscriptions and redemptions in the Fund","page_number":99,"box":{"x":120,"y":729,"width":764,"height":13}},{"id":"633ce08f-fd01-4bc5-862b-4bc36bd18365","block_type":"box","text":"shall be undertaken at a price that is equal to the NAV per share calculated in accordance with","page_number":99,"box":{"x":121,"y":745,"width":763,"height":13}},{"id":"d031cc8e-6c09-4860-80cb-36e828d91f52","block_type":"box","text":"the Variable NAV MMF valuation while (i) such 20 basis point deviation subsists or (ii) such","page_number":99,"box":{"x":121,"y":762,"width":763,"height":13}},{"id":"df7772f2-d234-4694-8047-281c276f3d2d","block_type":"box","text":"deviation does decrease below 20 basis points but is above 15 basis points and in the case of","page_number":99,"box":{"x":121,"y":778,"width":763,"height":13}},{"id":"2bb6b179-eedf-4d8f-8fe8-313ecd74bf8e","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":99,"box":{"x":121,"y":794,"width":763,"height":13}},{"id":"af32d8bb-3afa-4305-9819-382cefe6f205","block_type":"box","text":"use the Variable NAV MMF Valuation.","page_number":99,"box":{"x":120,"y":811,"width":327,"height":10}},{"id":"4935271f-d789-4c9d-8177-48a81a576ee0","block_type":"box","text":"Calculation of Net Asset Value per share for Variable NAV Money Market Funds","page_number":99,"box":{"x":121,"y":844,"width":707,"height":13}},{"id":"643907ae-92cf-43df-a500-91f5b892ef9e","block_type":"box","text":"Any variable Money Market Fund shall calculate the Net Asset Value per Share as the","page_number":99,"box":{"x":121,"y":876,"width":763,"height":13}},{"id":"c9fa1dea-4dbd-45ce-be3f-8cd5bad19196","block_type":"box","text":"difference between the sum of all assets of the Money Market Fund and the sum of all liabilities","page_number":99,"box":{"x":121,"y":893,"width":763,"height":13}},{"id":"5e59d0e2-05dd-41ed-9fb3-fafd03577bb1","block_type":"box","text":"M-40331875-102","page_number":100,"box":{"x":121,"y":948,"width":101,"height":7}},{"id":"54148fb9-cbd2-40cf-9ae6-400b7c250a74","block_type":"box","text":"100","page_number":100,"box":{"x":489,"y":949,"width":23,"height":8}},{"id":"7d762432-05ed-4a48-bce8-f1b98e1b8a52","block_type":"box","text":"of the Money Market Fund valued in accordance with the mark-to-market or mark-to-model,","page_number":100,"box":{"x":121,"y":88,"width":763,"height":13}},{"id":"5236d197-2fe4-46c4-a51a-8edf715dc6b6","block_type":"box","text":"or both divided by the number of outstanding shares of the Money Market Fund. The Net Asset","page_number":100,"box":{"x":121,"y":105,"width":763,"height":13}},{"id":"49012f98-755e-4ac3-b7e5-9c069e484766","block_type":"box","text":"Value per Share shall be rounded to the nearest basis point or its equivalent when the Net Asset","page_number":100,"box":{"x":121,"y":121,"width":763,"height":13}},{"id":"1dff2857-9450-4ac1-828a-edb8c1f4f2a9","block_type":"box","text":"Value is published in a currency unit. The Net Asset Value per Share shall be calculated and","page_number":100,"box":{"x":121,"y":138,"width":763,"height":12}},{"id":"9d565194-0a87-43cf-8b49-c01bf1f4a749","block_type":"box","text":"published at least daily.","page_number":100,"box":{"x":120,"y":154,"width":196,"height":13}},{"id":"0461790b-a508-4c58-9c0c-3c428e7b19da","block_type":"box","text":"Interim Dealing Cycles – Money Market Funds","page_number":100,"box":{"x":121,"y":187,"width":411,"height":13}},{"id":"9ad62056-6a21-4d6b-821f-e9359027e61a","block_type":"box","text":"The Fund may offer intra-day dealing for Money Market Funds through Interim Dealing Cycles","page_number":100,"box":{"x":121,"y":219,"width":763,"height":13}},{"id":"6120b371-57d9-4f52-b6c7-a09c0726daf6","block_type":"box","text":"within which subscriptions and redemptions may be accepted for execution in that Interim","page_number":100,"box":{"x":121,"y":236,"width":763,"height":13}},{"id":"7529a3d8-debe-47b2-8180-d7dacd9a5adb","block_type":"box","text":"Dealing Cycle where provided for in the relevant section of the Prospectus for a LVNAV Sub\u0002","page_number":100,"box":{"x":121,"y":252,"width":757,"height":13}},{"id":"691f3e4a-4eb2-41eb-80e7-e68b887772fb","block_type":"box","text":"Fund.","page_number":100,"box":{"x":121,"y":269,"width":51,"height":10}},{"id":"1d7aab8e-844e-4c51-96fc-91dca401d774","block_type":"box","text":"Where Interim Dealing Cycles are offered to investors, it is done so at the discretion of the","page_number":100,"box":{"x":121,"y":301,"width":763,"height":13}},{"id":"4c57c932-74ff-49f6-9b9d-41df92ad8e3d","block_type":"box","text":"Manager. The Manager may, in its absolute discretion, run more or less Interim Dealing Cycles","page_number":100,"box":{"x":121,"y":318,"width":763,"height":13}},{"id":"0056aed7-a146-43d9-b86d-89b8859ffc13","block_type":"box","text":"for a particular Class or Sub-Fund. Interim Dealing Cycles will be immediately suspended in","page_number":100,"box":{"x":121,"y":334,"width":763,"height":13}},{"id":"25b05018-8b15-4b61-93b4-2253b6b082d7","block_type":"box","text":"the event of a Valuation Deviation. In addition to the calculation of Net Asset Value of an","page_number":100,"box":{"x":121,"y":351,"width":763,"height":10}},{"id":"3633ab2c-1929-41ab-b166-35e7303dc26f","block_type":"box","text":"LVNAV MMF and review for a Valuation Deviation at each Valuation Point, the Net Asset","page_number":100,"box":{"x":121,"y":367,"width":763,"height":12}},{"id":"0ec7d785-f135-45d2-a347-1bba4326291c","block_type":"box","text":"Value will be subject to intra-day checks during Interim Dealing Cycles and at the Dealing","page_number":100,"box":{"x":121,"y":383,"width":763,"height":13}},{"id":"9515872f-0650-4c1e-8e4b-e8e4ae194014","block_type":"box","text":"Deadline to protect against undetected Valuation Deviations. The Manager, and its delegates,","page_number":100,"box":{"x":121,"y":400,"width":763,"height":13}},{"id":"dd8d1534-7ba6-4e54-9aa0-3a33790fd4c5","block_type":"box","text":"continually monitor for market and credit risks which may give rise to such a Valuation","page_number":100,"box":{"x":121,"y":416,"width":763,"height":13}},{"id":"3fb3ff7e-44b9-4d5d-b120-6dd3132e9b68","block_type":"box","text":"Deviation.","page_number":100,"box":{"x":121,"y":433,"width":89,"height":10}},{"id":"1e4604e8-a3f0-43d1-b906-597e9dfcc936","block_type":"box","text":"Shareholders should note that Interim Dealing Cycles may be impacted by operational and","page_number":100,"box":{"x":122,"y":465,"width":762,"height":13}},{"id":"3487bc6f-97a6-480d-afb4-c3647dfcdf1c","block_type":"box","text":"settlement challenges and accordingly are subject to change. The number and/or time of Interim","page_number":100,"box":{"x":121,"y":482,"width":763,"height":13}},{"id":"507a08f9-4802-4633-b506-2e241a2b840e","block_type":"box","text":"Dealing Cycles on any Dealing Day may vary as a result of such challenges. Subscriptions,","page_number":100,"box":{"x":121,"y":498,"width":763,"height":13}},{"id":"2d0eaaf7-5c77-49c6-8768-fe7bbd4fcaf2","block_type":"box","text":"Share transfers and redemptions may be included in a later Interim Dealing Cycle or at the","page_number":100,"box":{"x":122,"y":515,"width":762,"height":12}},{"id":"50dd1745-fd34-4d87-b071-0140c8ca2808","block_type":"box","text":"Dealing Deadline for a Dealing Day if, for any reason, their application was not processed in","page_number":100,"box":{"x":121,"y":531,"width":763,"height":13}},{"id":"0ad864e2-e254-4fdb-9f91-9d20c4a14a2a","block_type":"box","text":"time for the intended Interim Dealing Cycle.","page_number":100,"box":{"x":121,"y":547,"width":363,"height":13}},{"id":"c0e9cb94-90be-41bf-8f38-d3592366dbe2","block_type":"box","text":"Valuation of Money Market Funds","page_number":100,"box":{"x":121,"y":580,"width":305,"height":13}},{"id":"d9ec938b-d197-4c8d-9ea6-f0f9e25a41b8","block_type":"box","text":"1.","page_number":100,"box":{"x":153,"y":613,"width":11,"height":10}},{"id":"9efdcd7d-c59f-48c4-83ae-d4f20964f17d","block_type":"box","text":"The assets of Money Market Funds shall be valued at the relevant Valuation Point using","page_number":100,"box":{"x":182,"y":613,"width":702,"height":13}},{"id":"a9f9c7fd-ef1f-44c2-bb51-23e01bf3c0ee","block_type":"box","text":"mark-to-market whenever possible subject to the derogation set out in paragraphs 4 and","page_number":100,"box":{"x":181,"y":629,"width":703,"height":13}},{"id":"2a23974d-3448-4f3d-97c5-2b84506d9e0f","block_type":"box","text":"5 below.","page_number":100,"box":{"x":182,"y":646,"width":73,"height":10}},{"id":"6bcd48a7-115c-4901-b555-dbac7716d86a","block_type":"box","text":"2.","page_number":100,"box":{"x":151,"y":679,"width":13,"height":9}},{"id":"85f99f87-a493-4fd8-96d0-2868bba15a0e","block_type":"box","text":"When using mark-to-market, the assets of the Money Market Fund shall be valued at","page_number":100,"box":{"x":181,"y":678,"width":703,"height":13}},{"id":"0fc8b819-29b5-4d04-9050-2a8eb8780476","block_type":"box","text":"the more prudent side of bid and offer unless the asset can be closed out at mid-market.","page_number":100,"box":{"x":181,"y":695,"width":703,"height":13}},{"id":"71dce01b-bf4d-4071-8ac5-4c882f9fd62a","block_type":"box","text":"The Manager will only use good quality market data and such data shall be assessed by","page_number":100,"box":{"x":182,"y":711,"width":702,"height":13}},{"id":"213a4fa1-de2a-48de-b1ea-a9ab88c05993","block_type":"box","text":"the Manager on the basis of all of the following factors:","page_number":100,"box":{"x":181,"y":728,"width":454,"height":13}},{"id":"5e948e18-2411-442b-8aae-53323eed5cf3","block_type":"box","text":"","page_number":100,"box":{"x":152,"y":765,"width":7,"height":5}},{"id":"41657549-34f0-450e-8576-1a5c1890597b","block_type":"box","text":"The number and quality of the counterparties;","page_number":100,"box":{"x":182,"y":761,"width":374,"height":13}},{"id":"0d8201ab-9418-4a44-8ac5-80a4dd49dd92","block_type":"box","text":"","page_number":100,"box":{"x":152,"y":782,"width":7,"height":5}},{"id":"2eafe926-5bff-4a31-ba64-2e4598277b3a","block_type":"box","text":"The volume and turnover in the market of the asset of the Money Market Fund;","page_number":100,"box":{"x":182,"y":779,"width":645,"height":13}},{"id":"dfa4a45b-cdb1-442e-91ba-da9f64bdfc9f","block_type":"box","text":"","page_number":100,"box":{"x":152,"y":799,"width":7,"height":6}},{"id":"cd59405b-5ce5-4df8-9689-5ccf5a436ed6","block_type":"box","text":"The issue size and the portion of the issue that the Money Market Fund plans to buy or","page_number":100,"box":{"x":182,"y":796,"width":702,"height":13}},{"id":"995d74d4-4111-4e6f-82f3-57c04f92b1bc","block_type":"box","text":"sell.","page_number":100,"box":{"x":182,"y":813,"width":37,"height":10}},{"id":"dfa01b65-2575-4ac4-818b-be3b9d2cc3d2","block_type":"box","text":"3.","page_number":100,"box":{"x":152,"y":846,"width":12,"height":9}},{"id":"09f1b3d8-2a45-4eb0-b0af-cc72e0765fc0","block_type":"box","text":"Where use of mark-to-market is not possible or the market data is not of sufficient","page_number":100,"box":{"x":181,"y":845,"width":703,"height":13}},{"id":"1b34f51d-694e-4719-afb1-114e38f2e27e","block_type":"box","text":"quality, an asset of a Money Market Fund shall be valued conservatively by using mark\u0002","page_number":100,"box":{"x":182,"y":862,"width":696,"height":13}},{"id":"b90169b7-1f36-4814-8693-2c4078aba4fb","block_type":"box","text":"to-model. The model shall accurately estimate the intrinsic value of the asset of a","page_number":100,"box":{"x":181,"y":878,"width":703,"height":13}},{"id":"6afa646f-d026-449c-a0e2-09c0152ac834","block_type":"box","text":"Money Market Fund, based on all of the following up-to-date key factors:","page_number":100,"box":{"x":181,"y":894,"width":601,"height":13}},{"id":"3a33822f-f49a-48ce-a754-2da535e80f6b","block_type":"box","text":"M-40331875-102","page_number":101,"box":{"x":121,"y":948,"width":101,"height":7}},{"id":"f9adcdb6-a9fa-40d7-85df-fa8fe020c530","block_type":"box","text":"101","page_number":101,"box":{"x":489,"y":949,"width":21,"height":8}},{"id":"148baa5a-0058-4067-b974-a7c365e17063","block_type":"box","text":"","page_number":101,"box":{"x":152,"y":109,"width":7,"height":5}},{"id":"9e1c63e4-2b7c-4aa6-84e2-bd1b04ea52bc","block_type":"box","text":"The volume and turnover in the market of that asset;","page_number":101,"box":{"x":182,"y":106,"width":427,"height":12}},{"id":"1366253d-9e31-4be5-be7b-6f25748a243e","block_type":"box","text":"","page_number":101,"box":{"x":152,"y":126,"width":7,"height":6}},{"id":"eeacd77e-7de2-45a5-8120-471dde6f11bf","block_type":"box","text":"The issue size and the portion of the issue that the Money Market Fund plans to buy or","page_number":101,"box":{"x":182,"y":123,"width":702,"height":13}},{"id":"a2a14b4c-9409-4d10-811d-55a3c2018c6f","block_type":"box","text":"sell;","page_number":101,"box":{"x":182,"y":140,"width":38,"height":12}},{"id":"74fabe0e-7658-4ba6-b06e-5a1d9fd12905","block_type":"box","text":"","page_number":101,"box":{"x":152,"y":160,"width":7,"height":5}},{"id":"4ab482a0-0279-48cc-921e-50f277ee1a02","block_type":"box","text":"Market risk, interest rate risk, credit risk attached to the asset.","page_number":101,"box":{"x":181,"y":157,"width":502,"height":12}},{"id":"7870ad42-2641-4008-ae2e-64563cf0c677","block_type":"box","text":"When using the mark-to-model, the amortised cost method shall not be used.","page_number":101,"box":{"x":181,"y":190,"width":625,"height":13}},{"id":"49e10f7a-a9d6-4ca0-998b-8c09f3b40718","block_type":"box","text":"4.","page_number":101,"box":{"x":151,"y":223,"width":13,"height":10}},{"id":"63dce941-64a0-47e9-8257-9a4374240b94","block_type":"box","text":"By way of a derogation from the above, the assets of LVNAV Money Market Sub\u0002","page_number":101,"box":{"x":181,"y":222,"width":697,"height":13}},{"id":"8f1819bc-f17d-43e1-a8f1-247d6a63ddd3","block_type":"box","text":"Funds that have a residual maturity of up to 75 days will be valued using amortised cost","page_number":101,"box":{"x":181,"y":239,"width":703,"height":13}},{"id":"5c5b724a-8813-40e0-ae32-bdc7e49cba60","block_type":"box","text":"method.","page_number":101,"box":{"x":181,"y":255,"width":71,"height":10}},{"id":"97c2cdac-9293-4ae4-9dc0-d600fbae8fdb","block_type":"box","text":"5.","page_number":101,"box":{"x":152,"y":289,"width":12,"height":9}},{"id":"8b74d36c-7848-4eb5-8072-92123261cbd1","block_type":"box","text":"The amortised cost method shall only be used for valuing an asset of a LVNAV Money","page_number":101,"box":{"x":182,"y":288,"width":702,"height":13}},{"id":"4d1f4cdc-4b2d-4f6e-9f08-76891eb18aa9","block_type":"box","text":"Market Fund in circumstances where the price of that asset calculated in accordance","page_number":101,"box":{"x":181,"y":304,"width":703,"height":13}},{"id":"bb95d05c-23cd-49e4-9196-90b2e3d54437","block_type":"box","text":"with the paragraphs 1,2 and 3 does not deviate from the price of that asset calculated in","page_number":101,"box":{"x":181,"y":321,"width":703,"height":13}},{"id":"275ad292-9b49-406c-9a2b-f460f516ce48","block_type":"box","text":"accordance with the amortised cost method by more than 10 basis points. In the event","page_number":101,"box":{"x":182,"y":337,"width":702,"height":13}},{"id":"b787e817-e664-4a6c-a934-7f10d22a9cc3","block_type":"box","text":"of such deviation, the price of that asset shall be calculated in accordance with","page_number":101,"box":{"x":182,"y":354,"width":702,"height":13}},{"id":"d0515683-7706-4b07-8372-cabbb2f3b156","block_type":"box","text":"paragraphs 1, 2 and 3 (as applicable).","page_number":101,"box":{"x":181,"y":370,"width":306,"height":13}},{"id":"c214859d-ee43-483f-a808-1ca666a83443","block_type":"box","text":"General Valuation – Non Money market Funds","page_number":101,"box":{"x":121,"y":403,"width":411,"height":13}},{"id":"53307de4-7770-4539-ae1d-59acd0dded8b","block_type":"box","text":"Money market instruments in a non-money market Sub-Fund may be valued by the Directors","page_number":101,"box":{"x":121,"y":436,"width":763,"height":13}},{"id":"40c2a2a1-50e0-4076-a0f5-50002ba5b240","block_type":"box","text":"or their delegates at their amortised cost, in accordance with the Central Bank’s requirements.","page_number":101,"box":{"x":121,"y":452,"width":761,"height":13}},{"id":"ef681730-07f7-4be0-b7e6-dfa994d1b8f2","block_type":"box","text":"Subject to the foregoing, any investments owned or contracted for by a Sub-Fund which are","page_number":101,"box":{"x":122,"y":485,"width":762,"height":13}},{"id":"2c28ce1b-b1a0-4251-9355-0f73610eedcf","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":101,"box":{"x":121,"y":501,"width":763,"height":13}},{"id":"10842b18-9bfe-444c-809f-3fb81a0f20d4","block_type":"box","text":"being the mean price between bid and offer prices for such security last available as at the","page_number":101,"box":{"x":120,"y":518,"width":764,"height":12}},{"id":"f6c97be1-6bc9-4cbd-8866-c936eed2b48d","block_type":"box","text":"relevant Valuation Point. Where such Investment is listed or dealt in on more than one Market","page_number":101,"box":{"x":121,"y":534,"width":763,"height":10}},{"id":"001a39ec-770d-4a57-a729-7228c7a62235","block_type":"box","text":"the Manager shall select the Market which constitutes the main market for the foregoing","page_number":101,"box":{"x":121,"y":550,"width":763,"height":13}},{"id":"02d2dbbd-c8df-480f-a937-f117643abb74","block_type":"box","text":"purposes. Investments listed or traded on a regulated market but acquired at a premium or at a","page_number":101,"box":{"x":120,"y":567,"width":764,"height":13}},{"id":"1289c977-5f51-47f0-998b-0ac4327ed4f0","block_type":"box","text":"discount outside the relevant market may be valued taking into account the level of premium","page_number":101,"box":{"x":121,"y":583,"width":763,"height":13}},{"id":"d22fc7d4-a828-4059-b481-4d068b5e66f2","block_type":"box","text":"or discount at the date of valuation.","page_number":101,"box":{"x":121,"y":599,"width":289,"height":11}},{"id":"2793a9cd-ff94-453f-aa03-c02f939494f2","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":101,"box":{"x":121,"y":632,"width":763,"height":13}},{"id":"cc73da3d-a79f-48c0-ad34-c244bef49c23","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":101,"box":{"x":121,"y":649,"width":763,"height":13}},{"id":"cec8f4ed-7582-47d4-8045-9329fad03d61","block_type":"box","text":"which (i) the Manager (as the Fund's delegate) shall determine that the amortised cost method","page_number":101,"box":{"x":121,"y":665,"width":763,"height":13}},{"id":"3565576c-5861-49d8-8676-6cc7df3d9d2c","block_type":"box","text":"of valuation is not appropriate and (ii) the middle market price is currently unavailable or the","page_number":101,"box":{"x":121,"y":681,"width":763,"height":13}},{"id":"05f984e3-55dd-409e-afe5-bb2aa041b8a1","block_type":"box","text":"current price of which does not in the opinion of the Manager represent fair market value shall","page_number":101,"box":{"x":121,"y":698,"width":763,"height":13}},{"id":"e425eb7c-e4b5-453a-bab7-b7c5f93c3d4b","block_type":"box","text":"be the probable realisation value thereof estimated with care and in good faith by the Manager","page_number":101,"box":{"x":120,"y":714,"width":764,"height":13}},{"id":"94a87a1c-52a5-4798-899a-bd365cc776b9","block_type":"box","text":"or a competent person appointed by the Manager, in each case approved, for such purpose, by","page_number":101,"box":{"x":121,"y":731,"width":763,"height":13}},{"id":"74c9d624-bf9e-42ac-b712-d59d59879216","block_type":"box","text":"the Depositary. In determining the probable realisation value of any such investment, a","page_number":101,"box":{"x":121,"y":747,"width":763,"height":13}},{"id":"99d2fa09-82e7-4056-ad47-d51867f8c48d","block_type":"box","text":"certified valuation thereof provided by a competent independent person or, in the absence of","page_number":101,"box":{"x":121,"y":763,"width":763,"height":13}},{"id":"156fb4a2-7bbf-4838-8510-c3fe56e668d3","block_type":"box","text":"any independent person, the Investment Manager, who in each case shall have been approved","page_number":101,"box":{"x":121,"y":780,"width":763,"height":13}},{"id":"81c8039a-5ffb-47eb-8ac8-06b0d06bc8f1","block_type":"box","text":"for such purposes by the Depositary, shall be sufficient.","page_number":101,"box":{"x":121,"y":796,"width":454,"height":13}},{"id":"4b80f12b-3b0f-4b13-8f27-dcf09372d929","block_type":"box","text":"The Articles also provide that valuations of units or shares or other similar participation in any","page_number":101,"box":{"x":121,"y":829,"width":763,"height":13}},{"id":"89824aed-b7d0-444f-b3bd-98848ca449e3","block_type":"box","text":"collective investment scheme, which provides for the units or shares or other similar","page_number":101,"box":{"x":121,"y":845,"width":763,"height":13}},{"id":"1bc3d654-6d9d-4cea-9927-99f2bfc472e8","block_type":"box","text":"participation therein to be redeemed at the option of the holder out of the assets of that","page_number":101,"box":{"x":120,"y":862,"width":764,"height":13}},{"id":"85e9d202-2c2c-4a50-b64b-62333bf22ea2","block_type":"box","text":"undertaking, shall be valued at the last available net asset value per unit or share or other similar","page_number":101,"box":{"x":120,"y":878,"width":764,"height":13}},{"id":"3893c4c8-275f-438f-aab1-23f7f94a6e2d","block_type":"box","text":"participation as at the relevant Valuation Point or if bid and offer prices are published at the","page_number":101,"box":{"x":120,"y":894,"width":764,"height":13}},{"id":"627833fd-96d4-4b65-acd4-7e1481a49127","block_type":"box","text":"M-40331875-102","page_number":102,"box":{"x":121,"y":948,"width":101,"height":7}},{"id":"ca08ae5e-4261-474e-8c60-e867597ddeec","block_type":"box","text":"102","page_number":102,"box":{"x":489,"y":949,"width":23,"height":8}},{"id":"c2893b3f-c17b-4664-9ad9-f11fe1804608","block_type":"box","text":"last available bid price.","page_number":102,"box":{"x":121,"y":88,"width":191,"height":13}},{"id":"e48d4867-a87f-4b3c-b295-3e5a23400806","block_type":"box","text":"The Articles further provide that the value of any cash in hand or on deposit, prepaid expenses,","page_number":102,"box":{"x":121,"y":121,"width":763,"height":13}},{"id":"7d6bea36-ffda-4a61-a5af-a775361102fb","block_type":"box","text":"cash dividends and interest declared or accrued and not yet received as at a Valuation Point","page_number":102,"box":{"x":121,"y":138,"width":763,"height":12}},{"id":"a23101dc-4cfa-4b27-b84d-41c8d483daf7","block_type":"box","text":"shall be deemed to be the face value thereof with interest accrued where applicable, unless in","page_number":102,"box":{"x":121,"y":154,"width":763,"height":13}},{"id":"0a76ec96-7ee6-4039-a66c-a6c71b5ebea4","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":102,"box":{"x":121,"y":170,"width":763,"height":13}},{"id":"63302b6f-4d7f-4c4a-95e4-bcc53dce7f69","block_type":"box","text":"in which case the value thereof shall be arrived at after making such discount as the Directors","page_number":102,"box":{"x":121,"y":187,"width":763,"height":13}},{"id":"ce62235a-2ae1-4f61-a983-16e60b3f1856","block_type":"box","text":"may consider appropriate in such case to reflect the true value thereof as at any Valuation Point.","page_number":102,"box":{"x":121,"y":203,"width":763,"height":13}},{"id":"e50ad4a4-6e39-4b95-b760-14717544a553","block_type":"box","text":"The value of any demand notes, promissory notes and accounts receivable shall be deemed to","page_number":102,"box":{"x":121,"y":236,"width":763,"height":13}},{"id":"3cb4ab37-2af8-4cee-8e6c-836f9f34f143","block_type":"box","text":"be the face value or full amount thereof after making such discount as the Manager may","page_number":102,"box":{"x":120,"y":252,"width":764,"height":13}},{"id":"74cc3a08-a8a2-4466-abc3-e89635f61504","block_type":"box","text":"consider appropriate to reflect the true current value thereof as at the relevant Valuation Point.","page_number":102,"box":{"x":121,"y":269,"width":763,"height":13}},{"id":"cf7a1206-4237-43e4-b25d-6f08642aef76","block_type":"box","text":"Certificates of deposit, treasury bills, bank acceptances, trade bills and other negotiable","page_number":102,"box":{"x":121,"y":301,"width":763,"height":13}},{"id":"dbdde882-933c-417d-8083-0e9104ac8480","block_type":"box","text":"instruments shall each be valued by reference to the best price available for certificates of","page_number":102,"box":{"x":121,"y":318,"width":763,"height":13}},{"id":"e61ec63f-8eb4-4135-80fa-7f802860cb63","block_type":"box","text":"deposit, treasury bills, bank acceptances, trade bills and other negotiable instruments of like","page_number":102,"box":{"x":121,"y":334,"width":763,"height":13}},{"id":"e36cd79f-ecce-422a-9b77-115afada9878","block_type":"box","text":"maturity, amount and credit risk at the relevant Valuation Point.","page_number":102,"box":{"x":121,"y":351,"width":520,"height":13}},{"id":"41e34db5-c94c-443b-a9d7-f86e191d6833","block_type":"box","text":"Forward foreign exchange contracts shall be valued by reference to the price as at the relevant","page_number":102,"box":{"x":121,"y":383,"width":763,"height":13}},{"id":"eceaab0d-c0ac-49f8-b99b-9fc9994cc96d","block_type":"box","text":"Valuation Point at which a new forward contract of the same size and maturity could be","page_number":102,"box":{"x":121,"y":400,"width":763,"height":13}},{"id":"89d5cdf3-a9ac-49f2-baa1-9edceeae39ed","block_type":"box","text":"undertaken, or, if unavailable, at the settlement price provided by the counterparty. The value","page_number":102,"box":{"x":120,"y":416,"width":764,"height":13}},{"id":"d4d444b1-8823-4896-bc9e-61921978fa1d","block_type":"box","text":"of any exchange traded futures contracts, share price index futures contracts and options and","page_number":102,"box":{"x":121,"y":433,"width":763,"height":13}},{"id":"778db59a-0f15-4cbc-a8ea-df1dcb9e3f34","block_type":"box","text":"other derivatives contracts which are dealt in on a Market shall be the settlement price as","page_number":102,"box":{"x":121,"y":449,"width":763,"height":13}},{"id":"7c56bb4f-9bd3-442e-bf22-be8cda62b78d","block_type":"box","text":"determined by the Market in question as at the relevant Valuation Point, provided that where it","page_number":102,"box":{"x":121,"y":465,"width":763,"height":13}},{"id":"ea0ef2c3-ba45-4fde-acf0-45887373c434","block_type":"box","text":"is not the practice for the relevant Market to quote a settlement price or such settlement price","page_number":102,"box":{"x":121,"y":482,"width":763,"height":13}},{"id":"b865a2e6-a42e-4b40-a110-b3f1bda8c4ca","block_type":"box","text":"is not available for any reason as at the relevant Valuation Point, such value shall be the","page_number":102,"box":{"x":121,"y":498,"width":763,"height":13}},{"id":"b74487ec-acaa-4e5d-a388-619c973ac89a","block_type":"box","text":"probable realisation value thereof estimated with care and in good faith by the Administrator","page_number":102,"box":{"x":120,"y":515,"width":764,"height":12}},{"id":"9be16e57-a4f0-402a-a78e-8dc123569063","block_type":"box","text":"or another competent person provided that the Administrator or such other competent person","page_number":102,"box":{"x":121,"y":531,"width":763,"height":13}},{"id":"4b2f08e3-b12f-48b0-b781-cbf5145d9a3a","block_type":"box","text":"have been approved for such purpose by the Depositary.","page_number":102,"box":{"x":121,"y":547,"width":459,"height":13}},{"id":"78dfa1aa-b567-4be5-840e-a09196ace6e7","block_type":"box","text":"The value of any off-exchange derivative contracts shall be the quotation from the counterparty","page_number":102,"box":{"x":121,"y":580,"width":763,"height":13}},{"id":"dd59add4-c51a-4bfd-ae65-a968bdde9df6","block_type":"box","text":"to such contracts at the Valuation Point and shall be valued at least daily. The valuation will","page_number":102,"box":{"x":121,"y":596,"width":763,"height":13}},{"id":"7f431161-77f4-4d7e-94b0-a2352f7308dd","block_type":"box","text":"be verified at least weekly by a party independent of the counterparty, who has been approved","page_number":102,"box":{"x":120,"y":613,"width":764,"height":13}},{"id":"4dd332a6-dbd8-492f-ab19-a2b567053e78","block_type":"box","text":"for such purpose by the Depositary.","page_number":102,"box":{"x":121,"y":629,"width":292,"height":13}},{"id":"bdcccd78-9a92-4e75-9d4e-e2843d5a6d95","block_type":"box","text":"Any value expressed otherwise than in the Base Currency of the relevant Sub-Fund (whether","page_number":102,"box":{"x":121,"y":662,"width":763,"height":13}},{"id":"39934479-25fa-4176-8297-9177f0581d9d","block_type":"box","text":"of any investment or cash) and any non-Base Currency borrowing shall be converted into the","page_number":102,"box":{"x":121,"y":678,"width":763,"height":13}},{"id":"47e50b55-b2a0-4659-bc8d-8053a35befab","block_type":"box","text":"Base Currency at the rate (whether official or otherwise) which the Manager shall determine","page_number":102,"box":{"x":121,"y":695,"width":763,"height":13}},{"id":"4637fe46-0706-407d-9774-b4bcb65c2448","block_type":"box","text":"to be appropriate in the circumstances.","page_number":102,"box":{"x":121,"y":711,"width":316,"height":13}},{"id":"a3c49f98-c0e1-47e7-afb0-d0bce7380a14","block_type":"box","text":"Notwithstanding any of the foregoing, the Manager may with the approval of the Depositary","page_number":102,"box":{"x":120,"y":744,"width":764,"height":13}},{"id":"4a6ffcdf-e77f-499b-a718-215c3a4e9a5d","block_type":"box","text":"adjust the value of any investment or other asset if, having regard to currency, applicable rate","page_number":102,"box":{"x":121,"y":760,"width":763,"height":13}},{"id":"bde4d955-d746-4ebe-9eca-3753cad421e8","block_type":"box","text":"of interest, anticipated rate of dividend, maturity, marketability, liquidity and/or such other","page_number":102,"box":{"x":121,"y":777,"width":763,"height":13}},{"id":"d9cd40db-bece-4c24-9068-d9ef39bdd52a","block_type":"box","text":"considerations as they may deem relevant, they consider that such adjustment is required to","page_number":102,"box":{"x":121,"y":793,"width":763,"height":13}},{"id":"3f6b8828-e73e-4c8c-93c7-da7d7b13f7d9","block_type":"box","text":"reflect the fair value thereof as at the relevant Valuation Point.","page_number":102,"box":{"x":121,"y":810,"width":508,"height":10}},{"id":"d801cda9-9a85-4380-9ce1-080f01fa55aa","block_type":"box","text":"If in any case a particular value is not ascertainable as above provided or if the Directors shall","page_number":102,"box":{"x":121,"y":842,"width":763,"height":13}},{"id":"0a3c5401-6ba8-488a-8c57-f24f50b0a742","block_type":"box","text":"consider that some other method of valuation better reflects the fair value of the relevant","page_number":102,"box":{"x":121,"y":859,"width":763,"height":10}},{"id":"2ef61d66-9684-4e57-bbb7-84ec698e2910","block_type":"box","text":"investment, then in such case the method of valuation of the relevant investment shall be such","page_number":102,"box":{"x":121,"y":875,"width":763,"height":12}},{"id":"54910161-1940-41d9-914e-029685da5db7","block_type":"box","text":"as the Manager shall determine, such method of valuation to be approved by the Depositary","page_number":102,"box":{"x":121,"y":891,"width":763,"height":13}},{"id":"7ffbd99a-0dcc-4b22-a4c3-815befc0984f","block_type":"box","text":"M-40331875-102","page_number":103,"box":{"x":121,"y":948,"width":101,"height":7}},{"id":"e7ea1646-9145-454f-9c91-4c1ce775efd9","block_type":"box","text":"103","page_number":103,"box":{"x":489,"y":949,"width":22,"height":8}},{"id":"4e22670d-e89a-4ead-9414-b5a2ee26a2ce","block_type":"box","text":"and the rationale used shall be clearly documented.","page_number":103,"box":{"x":121,"y":88,"width":417,"height":13}},{"id":"66680ae8-5afa-422c-bb6d-4a2742866ca9","block_type":"box","text":"Suspension of Calculation of Net Asset Value","page_number":103,"box":{"x":122,"y":121,"width":390,"height":13}},{"id":"c443ea04-d01f-4921-8816-4185e3154d5d","block_type":"box","text":"The Directors may at any time temporarily suspend the calculation of the Net Asset Value of","page_number":103,"box":{"x":121,"y":154,"width":763,"height":13}},{"id":"0393c1a3-a01b-45f5-a286-9bbc9cffaec6","block_type":"box","text":"any Sub-Fund and the issue, redemption and exchange of Shares and the payment of","page_number":103,"box":{"x":121,"y":170,"width":763,"height":13}},{"id":"49c284d1-5e68-4164-b314-c28b3d0c5d6b","block_type":"box","text":"redemption proceeds during:","page_number":103,"box":{"x":121,"y":187,"width":236,"height":13}},{"id":"1ad5e2f8-f1d3-4b5e-8b8e-1009d9a2fe7f","block_type":"box","text":"(i) any period when any of the Markets on which a substantial portion of the investments","page_number":103,"box":{"x":121,"y":219,"width":763,"height":13}},{"id":"59ba3bbb-aa67-4641-8446-3d0cfb7068d6","block_type":"box","text":"of the relevant Sub-Fund from time to time are quoted is closed, otherwise than for","page_number":103,"box":{"x":182,"y":236,"width":702,"height":13}},{"id":"dac5ccc8-c0a3-445a-897a-cab0832a9462","block_type":"box","text":"ordinary holidays, or during which dealings therein are restricted or suspended; or","page_number":103,"box":{"x":182,"y":252,"width":666,"height":13}},{"id":"1bb4ba1f-bee4-4e10-a918-5dfd15fe30e8","block_type":"box","text":"(ii) any period when, as a result of political, economic, military or monetary events or any","page_number":103,"box":{"x":121,"y":269,"width":761,"height":13}},{"id":"48db4c05-ea35-41d3-99f9-ee89f555d64f","block_type":"box","text":"circumstances outside the control, responsibility and power of the Directors, disposal","page_number":103,"box":{"x":182,"y":285,"width":702,"height":13}},{"id":"def07f69-9133-4137-a2fb-09fb10fc8859","block_type":"box","text":"or valuation of a substantial portion of the investments of the relevant Sub-Fund is not","page_number":103,"box":{"x":182,"y":301,"width":702,"height":13}},{"id":"ab13133a-01c8-49c8-9a12-5c1986d85c14","block_type":"box","text":"reasonably practicable without this being seriously detrimental to the interests of","page_number":103,"box":{"x":181,"y":318,"width":703,"height":13}},{"id":"6aad2c80-f8ad-4045-9bc8-e38725937f71","block_type":"box","text":"Shareholders of the relevant Sub-Fund or if, in the opinion of the Directors, the Net","page_number":103,"box":{"x":182,"y":334,"width":702,"height":13}},{"id":"3400b245-00ed-44cc-941f-bafb9f0d72f2","block_type":"box","text":"Asset Value of the Sub-Fund cannot be fairly calculated; or","page_number":103,"box":{"x":181,"y":351,"width":485,"height":13}},{"id":"49501982-0b68-4ca7-b368-0b7abb6b5bc9","block_type":"box","text":"(iii) any breakdown in the means of communication normally employed in determining the","page_number":103,"box":{"x":121,"y":367,"width":763,"height":13}},{"id":"98ddea14-1ddd-4d50-a41d-965f369e20c0","block_type":"box","text":"price of a substantial portion of the investments of the relevant Sub-Fund or when for","page_number":103,"box":{"x":181,"y":383,"width":703,"height":13}},{"id":"e3d5d9e6-ac68-4f35-89fd-0a6494f20e3a","block_type":"box","text":"any other reason the current prices on any Market of any of the investments of the","page_number":103,"box":{"x":182,"y":400,"width":702,"height":13}},{"id":"102cf560-d503-46b1-a619-d942bf83b499","block_type":"box","text":"relevant Sub-Fund cannot be promptly and accurately ascertained; or","page_number":103,"box":{"x":181,"y":416,"width":561,"height":13}},{"id":"38b9f975-1a92-44e5-a7d3-b068b20e4c11","block_type":"box","text":"(iv) any period during which any transfer of funds involved in the realisation or","page_number":103,"box":{"x":121,"y":433,"width":672,"height":13}},{"id":"e2c8c81f-f4a1-45aa-909f-b72b1738b283","block_type":"box","text":"acquisition of investments of the relevant Sub-Fund cannot, in the opinion of the","page_number":103,"box":{"x":182,"y":449,"width":702,"height":13}},{"id":"718a3008-10de-4e3e-bcca-a08decd5e5bb","block_type":"box","text":"Directors, be effected at normal prices or rates of exchange; or","page_number":103,"box":{"x":181,"y":465,"width":509,"height":13}},{"id":"5ee9c661-d81d-48a4-9b77-6be7a87e9813","block_type":"box","text":"(v) any period when the Fund is unable to repatriate funds required for the purpose of","page_number":103,"box":{"x":121,"y":482,"width":726,"height":13}},{"id":"2abeaffc-2b2f-4680-b9e9-f5bed0b42af5","block_type":"box","text":"making payments due on the redemption of Shares in the relevant Sub-Fund; or","page_number":103,"box":{"x":181,"y":498,"width":647,"height":13}},{"id":"4455ae81-0dfb-4908-a2f1-db55163d6671","block_type":"box","text":"(vi) any period when the Directors consider it to be in the best interest of the relevant Sub\u0002","page_number":103,"box":{"x":121,"y":515,"width":757,"height":12}},{"id":"bd3d1e63-97d6-43b8-90bf-be91c660da3f","block_type":"box","text":"Fund; or","page_number":103,"box":{"x":181,"y":531,"width":74,"height":12}},{"id":"25836852-e439-46d6-9916-9e7852fdebbd","block_type":"box","text":"(vii) when any other reason makes it impracticable to determine the value of a meaningful","page_number":103,"box":{"x":121,"y":547,"width":763,"height":13}},{"id":"b965d068-0271-4161-8deb-251fa1d6cb00","block_type":"box","text":"portion of the investments of the Fund or any Sub-Fund.","page_number":103,"box":{"x":181,"y":564,"width":460,"height":13}},{"id":"f7f306e9-77bb-4a5c-9435-b48fbafc17cc","block_type":"box","text":"Where possible, all reasonable steps will be taken to bring any period of suspension to an end","page_number":103,"box":{"x":121,"y":596,"width":763,"height":13}},{"id":"d70a4b82-e869-4acd-86ca-b757a2b859fd","block_type":"box","text":"as soon as 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Any such suspension will be notified without delay and in any event on the same","page_number":103,"box":{"x":121,"y":711,"width":763,"height":13}},{"id":"6b6c8b8f-18c0-4c64-b8cf-5ed016e83fac","block_type":"box","text":"Business Day to the Central Bank and will be communicated without delay to the competent","page_number":103,"box":{"x":121,"y":728,"width":763,"height":13}},{"id":"d55980f1-358e-4521-982c-7bf7f433587c","block_type":"box","text":"authorities in the Member States in which it markets its Shares.","page_number":103,"box":{"x":121,"y":744,"width":515,"height":10}},{"id":"73dc92de-9991-4d37-b6a5-7da1ae6d0c8a","block_type":"box","text":"Form of Shares and Transfer of Shares","page_number":103,"box":{"x":121,"y":777,"width":342,"height":10}},{"id":"05bd8e42-3ac6-45d6-8e0e-42c6f0b39660","block_type":"box","text":"Shares will be issued in registered form. Contract notes providing details of the trade will","page_number":103,"box":{"x":122,"y":810,"width":762,"height":12}},{"id":"5849e49e-2470-4efa-9575-1375db6e5b3e","block_type":"box","text":"normally be issued within three Business Days of the relevant Dealing Day. Written","page_number":103,"box":{"x":121,"y":826,"width":763,"height":13}},{"id":"8676898b-b4e0-48f4-9d47-9a3b4709d25f","block_type":"box","text":"confirmations of ownership evidencing entry in the register will be issued within 30 days of","page_number":103,"box":{"x":121,"y":842,"width":763,"height":13}},{"id":"d3b3028f-f54f-4650-8014-c649f06d588a","block_type":"box","text":"the relevant Dealing Day upon receipt of all documentation required by the Administrator.","page_number":103,"box":{"x":121,"y":859,"width":734,"height":13}},{"id":"b15f69ff-1db0-41a4-ad7f-00079a1cf3cb","block_type":"box","text":"Shares in each Sub-Fund will be transferable by instrument in writing in common form or in","page_number":103,"box":{"x":122,"y":891,"width":762,"height":13}},{"id":"7344ba1a-0928-4369-8539-b6031cc5d041","block_type":"box","text":"M-40331875-102","page_number":104,"box":{"x":121,"y":948,"width":101,"height":7}},{"id":"738c4c9f-68ae-456b-8563-4d6257c76028","block_type":"box","text":"104","page_number":104,"box":{"x":489,"y":949,"width":23,"height":8}},{"id":"fd056849-0c13-45d0-ba72-133e64012f55","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":104,"box":{"x":121,"y":88,"width":763,"height":13}},{"id":"19e5eece-c4e9-4e8c-8575-1ebb07377e18","block_type":"box","text":"corporate, signed on behalf of or sealed by) the transferor. Transferees will be required to","page_number":104,"box":{"x":121,"y":105,"width":763,"height":13}},{"id":"c7fc704a-45cf-4cd0-880a-e405314112a4","block_type":"box","text":"complete an Application Form and provide any other documentation reasonably required by","page_number":104,"box":{"x":121,"y":121,"width":763,"height":13}},{"id":"a569390c-d980-470f-82b0-8e2c5f63cba9","block_type":"box","text":"the Fund or the Administrator. In the case of the death of one of joint Shareholders, the survivor","page_number":104,"box":{"x":121,"y":138,"width":763,"height":12}},{"id":"c8b8372a-2341-4c90-a234-01f9eddb99ec","block_type":"box","text":"or survivors will be the only person or persons recognised by the Fund as having any title to or","page_number":104,"box":{"x":121,"y":154,"width":763,"height":13}},{"id":"3bc652d7-e926-4791-b681-3b01cdaac727","block_type":"box","text":"interest in the Shares registered in the names of such joint Shareholders.","page_number":104,"box":{"x":121,"y":170,"width":586,"height":13}},{"id":"fc8dc2a1-b11e-4db3-88b5-2f4ae88f0ffe","block_type":"box","text":"Shares may not be transferred to (i) a U.S. Person; or (ii) any person who, by holding Shares,","page_number":104,"box":{"x":122,"y":203,"width":762,"height":13}},{"id":"46efc0e9-a908-462e-ac37-b0a709be5a73","block_type":"box","text":"would be in breach of any law or requirement of any country or governmental authority or by","page_number":104,"box":{"x":121,"y":219,"width":763,"height":13}},{"id":"86211a40-1096-454d-a99c-c2a56551c40a","block_type":"box","text":"virtue of which such person is not qualified to hold such Shares or if the holding of the Shares","page_number":104,"box":{"x":121,"y":236,"width":763,"height":13}},{"id":"e8403e0c-bf32-418e-a45e-563c63871708","block_type":"box","text":"by any person is unlawful or if the person or entity is resident in a country in which the sale of","page_number":104,"box":{"x":120,"y":252,"width":764,"height":13}},{"id":"f2084fa3-1a9c-4f18-85e0-53d9270c84c6","block_type":"box","text":"the shares of the Fund to the public is not authorized; 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or (iv) a minor or a person of unsound mind, any transfer","page_number":104,"box":{"x":121,"y":449,"width":763,"height":13}},{"id":"ce159d01-c267-4258-99d6-8b21cf2f78ce","block_type":"box","text":"unless the transferee of such Shares would following such transfer be the holder of Shares equal","page_number":104,"box":{"x":120,"y":465,"width":764,"height":13}},{"id":"ea1a89be-1cf5-4c4e-90c8-da5c0c2d8439","block_type":"box","text":"to or greater than the Minimum Initial Subscription; or (v) any person in circumstances where","page_number":104,"box":{"x":121,"y":482,"width":763,"height":13}},{"id":"82d73a56-154f-4ccf-9b68-1aa9b0e35b75","block_type":"box","text":"as a result of such transfer the transferor or transferee would hold less than the Minimum","page_number":104,"box":{"x":121,"y":498,"width":763,"height":10}},{"id":"b23c88b7-b061-45f3-bf88-190a07c231c6","block_type":"box","text":"Holding and any person where in respect of such transfer in regard to which any payment of","page_number":104,"box":{"x":121,"y":515,"width":763,"height":12}},{"id":"a8b7944f-ab15-4605-9535-749f5e91bc6a","block_type":"box","text":"taxation remains outstanding. Registration of any transfer may be refused by the Directors if,","page_number":104,"box":{"x":121,"y":531,"width":763,"height":13}},{"id":"1dcab2b4-d15a-4de7-a874-6e3c8ff24f8a","block_type":"box","text":"following the transfer, either transferor or transferee would hold Shares having a value less","page_number":104,"box":{"x":121,"y":547,"width":763,"height":13}},{"id":"b21a893c-7f74-408a-92a6-6717b9d5a37f","block_type":"box","text":"than the Minimum Holding for that class of Shares specified in the relevant section of Part 1","page_number":104,"box":{"x":121,"y":564,"width":763,"height":13}},{"id":"6e2f3734-db34-4234-a634-9d71d7e36659","block_type":"box","text":"for the relevant Sub-Fund","page_number":104,"box":{"x":121,"y":580,"width":212,"height":10}},{"id":"9ef2871d-2882-4d1d-9761-8f6c2a9ed08d","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":104,"box":{"x":121,"y":613,"width":763,"height":13}},{"id":"d89654ea-ef58-4552-99b9-dd8e8301a335","block_type":"box","text":"is entitled to redeem and cancel a sufficient portion of the transferor’s Shares as will enable the","page_number":104,"box":{"x":121,"y":629,"width":763,"height":13}},{"id":"1b4c6310-5f6d-489e-8101-710188b80df2","block_type":"box","text":"Fund to pay the tax payable in respect of the transfer to the Revenue Commissioners in Ireland.","page_number":104,"box":{"x":121,"y":646,"width":756,"height":13}},{"id":"ff2134ba-cf1f-4f40-b00e-ded45a357dde","block_type":"box","text":"Notification of Prices","page_number":104,"box":{"x":121,"y":679,"width":186,"height":10}},{"id":"769b6d82-c537-4517-868b-2294d92b4f9d","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":104,"box":{"x":121,"y":711,"width":763,"height":13}},{"id":"3c9a6116-ed37-4110-9583-bfb2acb7aefa","block_type":"box","text":"the Administrator.","page_number":104,"box":{"x":121,"y":728,"width":152,"height":10}},{"id":"cbb60ccd-e656-4c0b-ad6a-5ac79ec66747","block_type":"box","text":"The Net Asset Value per Share as calculated on any Dealing Day with respect to each class of","page_number":104,"box":{"x":121,"y":760,"width":762,"height":13}},{"id":"82593db5-4529-4c7c-b701-faada7a2f69f","block_type":"box","text":"Shares in each Sub-Fund will be published on","page_number":104,"box":{"x":122,"y":777,"width":374,"height":13}},{"id":"8ed9e6e4-b890-440e-b1f0-95466111ad36","block_type":"box","text":"www.avivainvestors.com","page_number":104,"box":{"x":496,"y":777,"width":204,"height":10}},{"id":"7deb156a-3cd5-4eb0-8f75-4ff51106bf85","block_type":"box","text":".","page_number":104,"box":{"x":702,"y":785,"width":9,"height":2}},{"id":"6d4fe979-23c4-4621-ba38-9b0782c2dbde","block_type":"box","text":"M-40331875-102","page_number":105,"box":{"x":121,"y":948,"width":101,"height":7}},{"id":"fed79bb3-ca83-4aca-9427-ca344966b4e3","block_type":"box","text":"105","page_number":105,"box":{"x":489,"y":949,"width":22,"height":8}},{"id":"2fe82a1c-b1fc-471d-8f38-5ed15535f257","block_type":"box","text":"_______________________________________________________________________","page_number":105,"box":{"x":120,"y":98,"width":721,"height":3}},{"id":"2fe96ffc-294a-4667-a620-7a4d8b8d9f4e","block_type":"box","text":"CHARGES AND EXPENSES","page_number":105,"box":{"x":350,"y":106,"width":306,"height":11}},{"id":"cebd8c17-a2ad-4ec9-b225-5f4d5a4a49eb","block_type":"box","text":"___________________________________________________________________________","page_number":105,"box":{"x":120,"y":136,"width":757,"height":1}},{"id":"9fc09bc9-42cb-4096-9fcd-0498a20b63ba","block_type":"box","text":"Particulars of the charges and expenses (including performance fees, if any) payable to the","page_number":105,"box":{"x":121,"y":157,"width":763,"height":13}},{"id":"4db2c094-9a68-4699-9106-a95386b37d50","block_type":"box","text":"Manager and the Investment Manager out of the assets of each Sub-Fund are set out in the","page_number":105,"box":{"x":121,"y":173,"width":763,"height":13}},{"id":"fd25c11a-6529-49ff-9b5f-daf1ad513741","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":105,"box":{"x":121,"y":189,"width":763,"height":13}},{"id":"bc7fc8cf-37b1-47a4-a42f-e5eda401825d","block_type":"box","text":"charges and expenses payable to the Depositary, the Administrator, the Distributor and the","page_number":105,"box":{"x":121,"y":206,"width":763,"height":13}},{"id":"1fb4b7a4-707e-4179-9389-b82ef902b9cb","block_type":"box","text":"Directors, including the charges and expenses of sub-custodians which will be at normal","page_number":105,"box":{"x":121,"y":222,"width":763,"height":13}},{"id":"0d204278-8883-4de1-b01b-8b5e8692f08e","block_type":"box","text":"commercial rates and all other annual charges and expenses of each Sub-Fund on the terms","page_number":105,"box":{"x":121,"y":239,"width":763,"height":13}},{"id":"e5ca96fc-c40c-4e1a-9f5c-513f5d9643e0","block_type":"box","text":"provided for in the relevant section of Part 1 for each Sub-Fund.","page_number":105,"box":{"x":120,"y":255,"width":523,"height":13}},{"id":"c58e3128-d885-4d3b-9704-c52b359ee395","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":105,"box":{"x":121,"y":288,"width":763,"height":13}},{"id":"8418677f-d17a-44ca-8b9e-b65c7a20ce7b","block_type":"box","text":"expenses payable to the Manager, the Investment Manager, the Depositary, the Administrator,","page_number":105,"box":{"x":121,"y":304,"width":763,"height":13}},{"id":"768358bc-dfba-40ee-8ae5-510894fbfead","block_type":"box","text":"any Distributor, the charges and expenses of sub-custodians which will be at normal","page_number":105,"box":{"x":121,"y":321,"width":763,"height":13}},{"id":"bbbb00b5-05c1-4b33-90e8-8d6727a959a3","block_type":"box","text":"commercial rates, the charges and expenses of the Directors, any charges in respect of","page_number":105,"box":{"x":121,"y":337,"width":763,"height":13}},{"id":"be91e018-dac4-47bc-8433-4c52356c5bdf","block_type":"box","text":"circulating details of the Net Asset Value, stamp duties, taxes, company secretarial fees, any","page_number":105,"box":{"x":121,"y":353,"width":763,"height":13}},{"id":"674c2984-5781-4ce6-9527-32f3d91e4555","block_type":"box","text":"costs incurred in respect of meetings of Shareholders, distribution costs, investment transaction","page_number":105,"box":{"x":121,"y":370,"width":763,"height":13}},{"id":"90df82e6-0729-49bf-b2f2-511459ad64a3","block_type":"box","text":"charges, costs incurred in respect of the distribution of income to Shareholders, the charges and","page_number":105,"box":{"x":121,"y":386,"width":763,"height":13}},{"id":"c6283b07-ab14-4c67-a070-332deeee20e6","block_type":"box","text":"expenses of any paying agent or representative appointed in compliance with the requirements","page_number":105,"box":{"x":121,"y":402,"width":763,"height":13}},{"id":"24ee3ed9-8001-42e9-ace5-9893d9842702","block_type":"box","text":"of another jurisdiction, any amount payable under indemnity provisions contained in the","page_number":105,"box":{"x":121,"y":419,"width":763,"height":13}},{"id":"7e414078-c3a6-4eda-b108-8fd0ee10c899","block_type":"box","text":"Articles or any agreement with any appointee of the Fund, all sums payable in respect of","page_number":105,"box":{"x":121,"y":435,"width":763,"height":13}},{"id":"bc138e4b-01c0-4077-8faf-94daeab5f533","block_type":"box","text":"directors’ and officers’ liability insurance cover, brokerage or other expenses of acquiring and","page_number":105,"box":{"x":121,"y":452,"width":763,"height":13}},{"id":"3379471c-27b2-45af-9dae-0643b7293f40","block_type":"box","text":"disposing of investments, the charges and expenses of the auditors, tax and legal advisers and","page_number":105,"box":{"x":121,"y":468,"width":763,"height":13}},{"id":"9b6b5f6f-dcbc-47a9-b111-9a9d4f1d8d36","block_type":"box","text":"registering the Fund for sale in other jurisdictions. The costs of printing and distributing this","page_number":105,"box":{"x":121,"y":484,"width":763,"height":13}},{"id":"e4493ec5-fd4a-4bcf-8889-6e91cce2acc2","block_type":"box","text":"Prospectus, reports, accounts and any explanatory memoranda, any necessary translation fees,","page_number":105,"box":{"x":121,"y":501,"width":763,"height":13}},{"id":"238df164-96fc-44c3-8e24-6a671bbdab82","block_type":"box","text":"the costs of publishing prices and any costs incurred as a result of periodic updates of the","page_number":105,"box":{"x":121,"y":517,"width":763,"height":13}},{"id":"d4da85e3-f677-486d-8ad1-5701d2f6105a","block_type":"box","text":"Prospectus, or of a change in law or the introduction of any new law (including any costs","page_number":105,"box":{"x":121,"y":534,"width":763,"height":13}},{"id":"13eed4e9-8297-407d-88a8-0d5e40b4eb92","block_type":"box","text":"incurred as a result of compliance with any applicable code, whether or not having the force of","page_number":105,"box":{"x":121,"y":550,"width":763,"height":13}},{"id":"9f0da410-7cca-4e90-bb25-877852289040","block_type":"box","text":"law) will also be paid by the Fund.","page_number":105,"box":{"x":121,"y":566,"width":284,"height":13}},{"id":"aeacf2b4-e1a8-43a1-95b5-47d0eb622217","block_type":"box","text":"Alternatively, the Manager may in its own discretion discharge such costs listed in the above","page_number":105,"box":{"x":121,"y":599,"width":763,"height":13}},{"id":"3fdfa03a-d62f-499b-bdde-6041dd2289b3","block_type":"box","text":"paragraph out of their own fees. In such circumstances details will be set out in the relevant","page_number":105,"box":{"x":120,"y":616,"width":764,"height":13}},{"id":"4d389463-d80e-4f53-8c13-ff6561ee8370","block_type":"box","text":"section of Part 1 for each Sub-Fund.","page_number":105,"box":{"x":121,"y":632,"width":296,"height":10}},{"id":"d571c624-544c-46b3-8dcb-babaee7542bb","block_type":"box","text":"Such fees, charges and duties will be charged to the Sub-Fund in respect of which they were","page_number":105,"box":{"x":122,"y":665,"width":762,"height":13}},{"id":"70874167-0aae-4d5d-b4cc-87ac0e855cc7","block_type":"box","text":"incurred or, where an expense is not considered by the Directors to be attributable to any one","page_number":105,"box":{"x":121,"y":681,"width":763,"height":13}},{"id":"896b226e-e5fc-4d3b-aea2-ab6567c03d2b","block_type":"box","text":"Sub-Fund, the expense will be allocated by the Directors with the approval of the Depositary,","page_number":105,"box":{"x":122,"y":697,"width":762,"height":13}},{"id":"d46d93eb-c7b6-4ef1-a10c-6243c995ae8b","block_type":"box","text":"in such manner and on such basis as the Directors in their discretion deem fair and equitable.","page_number":105,"box":{"x":121,"y":714,"width":763,"height":13}},{"id":"a4e6031a-a7f7-45c1-923b-c4b714670d8f","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":105,"box":{"x":121,"y":730,"width":763,"height":13}},{"id":"76a7b032-e53d-4d9a-a024-f414f372bd8c","block_type":"box","text":"the Directors may calculate such fees, charges and expenses on an estimated figure for yearly","page_number":105,"box":{"x":121,"y":747,"width":763,"height":13}},{"id":"12fbac63-f117-49eb-a628-6827197ec037","block_type":"box","text":"or other periods in advance and accrue the same in equal proportions over any period.","page_number":105,"box":{"x":121,"y":763,"width":696,"height":13}},{"id":"e85d0c12-5e5e-4256-81df-87dc8d23768d","block_type":"box","text":"The Directors will be entitled to be reimbursed for their reasonable out of pocket expenses","page_number":105,"box":{"x":121,"y":796,"width":763,"height":13}},{"id":"0815b9ed-6960-4a57-837d-d36dd9956f47","block_type":"box","text":"incurred in discharging their duties as directors.","page_number":105,"box":{"x":121,"y":812,"width":389,"height":13}},{"id":"b1c2b632-c6b6-4aa8-acfa-3fd7fc74ad0f","block_type":"box","text":"The cost of establishing the Fund, the initial Sub-Fund, obtaining authorisation from any","page_number":105,"box":{"x":121,"y":845,"width":763,"height":13}},{"id":"9453c037-6df7-4a40-bf37-ee2a0b04c549","block_type":"box","text":"authority, listing the Shares on Euronext Dublin, filing fees, the preparation and printing of this","page_number":105,"box":{"x":121,"y":861,"width":763,"height":13}},{"id":"6bb54a55-5d77-43f5-b672-91abac80deac","block_type":"box","text":"Prospectus, and the fees of all professionals relating to it were borne by the Fund and have been","page_number":105,"box":{"x":121,"y":878,"width":763,"height":13}},{"id":"011de209-ef5a-4a2b-8738-3e701eb5fd5a","block_type":"box","text":"amortised. The cost of establishing the Aviva Investors Euro Liquidity Fund, the Aviva","page_number":105,"box":{"x":121,"y":894,"width":763,"height":13}},{"id":"fad120ef-832b-4cd4-bee3-b9d1a2cb5896","block_type":"box","text":"M-40331875-102","page_number":106,"box":{"x":121,"y":948,"width":101,"height":7}},{"id":"4e8d34e1-76b4-4f51-8a62-55d4dd7a25f0","block_type":"box","text":"106","page_number":106,"box":{"x":489,"y":949,"width":23,"height":8}},{"id":"5cf3e636-f807-4931-a1fd-2bb9414904a2","block_type":"box","text":"Investors Sterling Liquidity Plus Fund and Aviva Investors Sterling Government Liquidity","page_number":106,"box":{"x":121,"y":88,"width":763,"height":13}},{"id":"2feada68-8750-4a36-a9d0-7ee0b44c8d10","block_type":"box","text":"Fund, obtaining authorisation from any authority, listing the Shares on Euronext Dublin, filing","page_number":106,"box":{"x":121,"y":105,"width":763,"height":13}},{"id":"cb0fd134-9dcb-44f5-aeba-b3cb5179d9f7","block_type":"box","text":"fees, the preparation and printing of this Prospectus, and the fees of all professionals relating","page_number":106,"box":{"x":121,"y":121,"width":763,"height":13}},{"id":"61f16291-a7d3-4148-98ad-ed9bc899f85b","block_type":"box","text":"to it were borne by the relevant Sub-Fund and have been amortised.","page_number":106,"box":{"x":121,"y":138,"width":551,"height":12}},{"id":"755f2f64-4cb4-4f5e-b757-83b26053d1ba","block_type":"box","text":"In relation to the Aviva Investors US Dollar Liquidity Fund and the Aviva Investors Sterling","page_number":106,"box":{"x":121,"y":170,"width":763,"height":13}},{"id":"3f7db44d-541d-456c-9f2b-4129bfc4403f","block_type":"box","text":"Standard Liquidity Fund, the cost of establishing the relevant Sub-Fund, obtaining","page_number":106,"box":{"x":122,"y":187,"width":762,"height":13}},{"id":"d4a37458-7fe8-41c7-8c2f-4fb5b5591a44","block_type":"box","text":"authorisation from the Central Bank, listing the Shares on Euronext Dublin where relevant,","page_number":106,"box":{"x":121,"y":203,"width":763,"height":13}},{"id":"6bef2e2d-58e6-4420-9057-5a209f51536c","block_type":"box","text":"filing fees, the preparation and printing of the revised Prospectus, and the fees of all","page_number":106,"box":{"x":121,"y":219,"width":763,"height":13}},{"id":"df8a00b6-b5a2-4438-bc9d-ee2ca7aaed89","block_type":"box","text":"professionals relating to the relevant Sub-Fund amount to approximately £50,000 (including","page_number":106,"box":{"x":120,"y":236,"width":764,"height":13}},{"id":"214df898-ffd5-4c57-a15c-6fa988c4467d","block_type":"box","text":"VAT) and will be borne by the relevant Sub-Fund and will be amortised over the first five","page_number":106,"box":{"x":121,"y":252,"width":763,"height":13}},{"id":"0153885b-a69e-4adb-bafd-b256ff2a68be","block_type":"box","text":"accounting periods of the Sub-Fund's existence.","page_number":106,"box":{"x":121,"y":269,"width":390,"height":13}},{"id":"e980ee6d-0eb3-47da-8f0d-1861ea6b53f0","block_type":"box","text":"Unless otherwise determined at the time of establishment of the relevant Sub-Fund, the cost of","page_number":106,"box":{"x":121,"y":301,"width":763,"height":13}},{"id":"45299a75-8432-40e3-9e07-c8f3ee70a52a","block_type":"box","text":"establishing subsequent Sub-Funds will be charged to the relevant Sub-Fund.","page_number":106,"box":{"x":121,"y":318,"width":627,"height":13}},{"id":"f39132f6-9597-412e-b2da-3aeeaaa3e78d","block_type":"box","text":"Portfolio Transactions and Conflicts of Interest","page_number":106,"box":{"x":121,"y":351,"width":412,"height":10}},{"id":"3bd7df72-2ffc-4992-9cea-94c46e4d4b20","block_type":"box","text":"Subject to the provisions of this section, the Manager, the Investment Manager, the","page_number":106,"box":{"x":122,"y":383,"width":762,"height":13}},{"id":"3d251b7e-478c-4ec6-845b-ba4243b3ace1","block_type":"box","text":"Administrator, the Depositary and the Directors and any of their respective subsidiaries,","page_number":106,"box":{"x":121,"y":400,"width":763,"height":13}},{"id":"0013637d-ba6d-41d8-a9d6-ea4cddb6e058","block_type":"box","text":"affiliates, associates, agents or delegates (each a “Connected Person”) may contract or enter","page_number":106,"box":{"x":121,"y":416,"width":763,"height":13}},{"id":"40f4f47d-e2a8-4a4b-bb46-d5b322f66633","block_type":"box","text":"into any financial, banking or other transaction with one another or with the Fund. This","page_number":106,"box":{"x":121,"y":433,"width":763,"height":13}},{"id":"e57c756d-ed88-4d4a-843b-381d82acae8a","block_type":"box","text":"includes, without limitation, investment by the Fund in securities of any Connected Person or","page_number":106,"box":{"x":121,"y":449,"width":763,"height":13}},{"id":"b8de7b18-8882-47cd-8ef1-8815bf1226f5","block_type":"box","text":"investment by any Connected Persons in any company or bodies any of whose investments","page_number":106,"box":{"x":121,"y":465,"width":763,"height":13}},{"id":"a3928852-06eb-4886-ae92-35bb65141fc9","block_type":"box","text":"form part of the assets comprised in any Sub-Fund or be interested in any such contract or","page_number":106,"box":{"x":121,"y":482,"width":763,"height":13}},{"id":"be30b16a-4f8a-4ced-b48d-0e10717eebb6","block_type":"box","text":"transactions. In addition, any Connected Person may invest in and deal in Shares relating to","page_number":106,"box":{"x":121,"y":498,"width":763,"height":13}},{"id":"267d475d-9d28-4ed9-bff0-1d788daddb4d","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":106,"box":{"x":121,"y":515,"width":763,"height":12}},{"id":"0071d9b5-c6cc-46e9-bb4e-693ac1bdb8e1","block_type":"box","text":"respective individual accounts or for the account of someone else.","page_number":106,"box":{"x":121,"y":531,"width":536,"height":13}},{"id":"7a91d1a8-8118-4a10-b080-c7240b8b439e","block_type":"box","text":"Any cash of the Fund may be deposited, subject to the provisions of the Central Bank Acts","page_number":106,"box":{"x":121,"y":564,"width":763,"height":13}},{"id":"742dd821-4c57-4aeb-8cd6-24c97d6dc3b4","block_type":"box","text":"1942 to 2010, with any Connected Person or invested in certificates of deposit or banking","page_number":106,"box":{"x":123,"y":580,"width":761,"height":13}},{"id":"67b20d08-2a57-46f0-b0d1-aa43673ea2f6","block_type":"box","text":"instruments issued by any Connected Person. Banking and similar transactions may also be","page_number":106,"box":{"x":121,"y":596,"width":763,"height":13}},{"id":"e4138afd-fbcc-4172-8daf-e34f0f5d2206","block_type":"box","text":"undertaken with or through a Connected Person.","page_number":106,"box":{"x":120,"y":613,"width":395,"height":13}},{"id":"cec854e4-22b5-466d-af3d-3bd99a10b592","block_type":"box","text":"Any Connected Person may also deal as agent or principal in the sale or purchase of securities","page_number":106,"box":{"x":121,"y":646,"width":763,"height":13}},{"id":"e9fd79dd-b890-4c2d-a6a6-74c488ec686b","block_type":"box","text":"and other investments to or from the Fund. There will be no obligation on the part of any","page_number":106,"box":{"x":121,"y":662,"width":763,"height":13}},{"id":"d0f9558c-95f6-4ed0-af44-783d71ccd8d6","block_type":"box","text":"Connected Person to account to the Fund or to Shareholders for any benefits so arising, and","page_number":106,"box":{"x":121,"y":678,"width":763,"height":13}},{"id":"bf2faadc-276c-4a91-9b00-d0d32d50d421","block_type":"box","text":"any such benefits may be retained by the relevant party, provided that such transactions are","page_number":106,"box":{"x":121,"y":695,"width":763,"height":13}},{"id":"655a5932-fa6c-4698-a604-928570abe949","block_type":"box","text":"carried out as if effected on normal commercial terms negotiated at arm's length, are consistent","page_number":106,"box":{"x":121,"y":711,"width":763,"height":13}},{"id":"53930c70-5e22-4856-9cbf-59125e77ae4e","block_type":"box","text":"with the best interests of the Shareholders and:","page_number":106,"box":{"x":121,"y":728,"width":381,"height":10}},{"id":"302e077c-4d66-4a77-96af-b08c34a2f935","block_type":"box","text":"(a) a certified valuation of such transaction by a person approved by the Depositary (or in","page_number":106,"box":{"x":121,"y":760,"width":763,"height":13}},{"id":"6245cadc-a795-4a24-a897-b028e987a019","block_type":"box","text":"the case of any such transaction entered into by the Depositary, the Directors) as","page_number":106,"box":{"x":181,"y":777,"width":703,"height":13}},{"id":"4221c213-62c3-44fb-9535-2dfeca32af03","block_type":"box","text":"independent and competent has been obtained; or","page_number":106,"box":{"x":182,"y":793,"width":403,"height":13}},{"id":"2998af19-eb03-41b3-94aa-10c9ec8dd2e2","block_type":"box","text":"(b) such transaction has been executed on best terms reasonably available on an organised","page_number":106,"box":{"x":121,"y":826,"width":763,"height":13}},{"id":"2abed6ae-982a-4857-9048-912bb8f930bd","block_type":"box","text":"investment exchange under its rules; or","page_number":106,"box":{"x":182,"y":842,"width":320,"height":13}},{"id":"e65a6d74-7492-4856-b27d-f9ee5f02506b","block_type":"box","text":"(c) where (a) and (b) are not reasonably practicable, such transaction has been executed on","page_number":106,"box":{"x":121,"y":875,"width":763,"height":13}},{"id":"54c8e79d-b82e-4ac7-bc7a-9d1a6a6dcc89","block_type":"box","text":"terms which the Depositary is (or in the case of any such transaction entered into by the","page_number":106,"box":{"x":181,"y":891,"width":703,"height":13}},{"id":"8f8d48f3-5d7b-4f0b-b484-21111d366f0e","block_type":"box","text":"M-40331875-102","page_number":107,"box":{"x":121,"y":948,"width":101,"height":7}},{"id":"37bb6885-ba16-4bb5-a830-16901c99d7c8","block_type":"box","text":"107","page_number":107,"box":{"x":489,"y":949,"width":23,"height":8}},{"id":"05572a39-242c-4d28-b2e0-d62963082397","block_type":"box","text":"Depositary, the Directors are) satisfied conform with the principle that such transactions","page_number":107,"box":{"x":181,"y":88,"width":703,"height":13}},{"id":"22f90706-bc98-4cea-9bb7-9b026917f220","block_type":"box","text":"be carried out as if effected on normal commercial terms negotiated at arm’s length.","page_number":107,"box":{"x":181,"y":105,"width":683,"height":13}},{"id":"35bab3c8-b984-4e1a-adb5-7c65068903f6","block_type":"box","text":"Conflicts of Interests may arise as part of the use of techniques and instruments for Efficient","page_number":107,"box":{"x":121,"y":138,"width":763,"height":12}},{"id":"ac8dfe8f-7079-4875-a838-9bc2ea8912bb","block_type":"box","text":"Portfolio Management purposes. If any such conflict arises, the Manager will have regard to","page_number":107,"box":{"x":121,"y":154,"width":763,"height":13}},{"id":"4fcd8648-b4cf-40db-ba5c-f03304ce2ddd","block_type":"box","text":"its obligations under the Management Agreement and the Investment Manager will have regard","page_number":107,"box":{"x":121,"y":170,"width":763,"height":13}},{"id":"93f6b2b1-fe20-4555-bbf5-b5411a138f0a","block_type":"box","text":"to its obligations under the Investment Management Agreement to act in the best interest of the","page_number":107,"box":{"x":121,"y":187,"width":763,"height":13}},{"id":"e093dea7-9926-40ea-a206-95ec79a3cc56","block_type":"box","text":"Fund and the Shareholders. 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As is the","page_number":110,"box":{"x":119,"y":239,"width":765,"height":13}},{"id":"4273b2de-3689-49c4-b4f5-d3e26a30e7f1","block_type":"box","text":"case with any investment, there can be no guarantee that the tax position or proposed tax","page_number":110,"box":{"x":121,"y":255,"width":763,"height":13}},{"id":"6f344d67-7ce9-475a-9e9a-e0aaf63a4504","block_type":"box","text":"position prevailing at the time an investment in the Fund is made will endure indefinitely as","page_number":110,"box":{"x":120,"y":271,"width":764,"height":13}},{"id":"c8520d43-45af-4b48-80fc-2b20115bb1d1","block_type":"box","text":"the basis for, and rates of, taxation can fluctuate.","page_number":110,"box":{"x":121,"y":288,"width":396,"height":12}},{"id":"55a68ce1-e08f-4092-96eb-bad979c76346","block_type":"box","text":"Prospective Shareholders should familiarise themselves with and, where appropriate, take","page_number":110,"box":{"x":121,"y":321,"width":763,"height":12}},{"id":"9850a69a-e9c6-40a8-91b7-fbafb7362366","block_type":"box","text":"advice on the laws and regulations (such as those relating to taxation and exchange controls)","page_number":110,"box":{"x":121,"y":337,"width":763,"height":13}},{"id":"efd93ee8-7e51-4549-abb6-afe079248b1f","block_type":"box","text":"applicable to the subscription for, and the holding and redemption of, Shares in the places of","page_number":110,"box":{"x":121,"y":353,"width":763,"height":13}},{"id":"a932387c-014a-42de-a448-810be5e7dfc1","block_type":"box","text":"their citizenship, residence and domicile.","page_number":110,"box":{"x":121,"y":370,"width":335,"height":13}},{"id":"83f14277-5f99-4f02-ae02-f701c12f5486","block_type":"box","text":"Irish Taxation","page_number":110,"box":{"x":121,"y":403,"width":128,"height":10}},{"id":"e39ca585-261d-4d2e-bd0c-6373df79f702","block_type":"box","text":"Tax on Income and Capital Gains","page_number":110,"box":{"x":121,"y":435,"width":295,"height":13}},{"id":"ed549e23-23ae-4a34-a73f-611be67bb518","block_type":"box","text":"The Fund","page_number":110,"box":{"x":121,"y":468,"width":89,"height":10}},{"id":"7a237766-345e-48d7-bc1b-5228a82a815f","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":110,"box":{"x":121,"y":501,"width":763,"height":13}},{"id":"9bca0dbc-a5dc-4322-9f9c-80926019a765","block_type":"box","text":"Consolidation Act 1997 TCA dealing with Irish real estate funds.","page_number":110,"box":{"x":121,"y":517,"width":531,"height":13}},{"id":"02150e55-c054-4f93-8baf-d9bdece4fa5e","block_type":"box","text":"The Directors have been advised that the Fund will only be subject to tax on chargeable events","page_number":110,"box":{"x":121,"y":550,"width":763,"height":13}},{"id":"41f6094d-6aad-4e17-89b2-ae0f6c6bf1a1","block_type":"box","text":"in respect of Shareholders who are Taxable Irish Persons (generally persons who are resident","page_number":110,"box":{"x":121,"y":566,"width":763,"height":13}},{"id":"ff62e40b-e36a-4c21-8251-317426501205","block_type":"box","text":"or ordinarily resident in Ireland for tax purposes)(see relevant Irish tax definitions for more","page_number":110,"box":{"x":121,"y":583,"width":763,"height":13}},{"id":"fd72828a-f646-4b8e-aaf7-0e047bc2b974","block_type":"box","text":"details).","page_number":110,"box":{"x":121,"y":599,"width":69,"height":13}},{"id":"a3ed725b-c967-4271-a87c-9df030728155","block_type":"box","text":"A chargeable event occurs on, for example:","page_number":110,"box":{"x":121,"y":632,"width":356,"height":13}},{"id":"794e0453-986c-4e1a-bf80-3a4a4d962007","block_type":"box","text":"(a) a payment of any kind to a Shareholder by the Fund;","page_number":110,"box":{"x":121,"y":665,"width":491,"height":13}},{"id":"8ec2006d-4640-4df7-9c32-8b82ec692d9d","block_type":"box","text":"(b) a transfer of Shares; and","page_number":110,"box":{"x":121,"y":697,"width":262,"height":13}},{"id":"d17139bd-7a8f-4205-bb09-a925adb90c3b","block_type":"box","text":"(c) on the eighth anniversary of a Shareholder acquiring Shares and every subsequent eight","page_number":110,"box":{"x":121,"y":730,"width":763,"height":13}},{"id":"e8a022d0-0c2c-408d-8020-52ef1957b6db","block_type":"box","text":"anniversaries;","page_number":110,"box":{"x":181,"y":747,"width":116,"height":12}},{"id":"2f256a86-6bfa-4cf5-8e21-f39b8eb19f5f","block_type":"box","text":"but does not include for example any transaction in relation to Shares held in a clearing system","page_number":110,"box":{"x":120,"y":779,"width":764,"height":13}},{"id":"247a8bdb-d596-4a2b-a144-194bec398421","block_type":"box","text":"recognised by the Irish Revenue Commissioners certain transfers arising as a result of an","page_number":110,"box":{"x":121,"y":796,"width":763,"height":13}},{"id":"37f71990-5ac4-4e7e-8301-f64e4b4bb527","block_type":"box","text":"amalgamation or reconstruction of fund vehicles and certain transfers between spouses or","page_number":110,"box":{"x":121,"y":812,"width":763,"height":13}},{"id":"41064c3e-a719-4b09-ad89-639afcc1b4ac","block_type":"box","text":"former spouses.","page_number":110,"box":{"x":121,"y":829,"width":132,"height":13}},{"id":"95e51dfc-8966-4b2e-8438-adb2efa14e73","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":110,"box":{"x":121,"y":861,"width":763,"height":13}},{"id":"68cb40fa-1388-42fb-a639-bef2d3be2372","block_type":"box","text":"will be payable on that chargeable event in respect of that Shareholder.","page_number":110,"box":{"x":121,"y":878,"width":577,"height":13}},{"id":"67655bf3-aab9-4dbb-937b-501df6300037","block_type":"box","text":"M-40331875-102","page_number":111,"box":{"x":121,"y":948,"width":101,"height":7}},{"id":"f61f64d8-f6c1-4ddb-aba4-24ee6385e2bb","block_type":"box","text":"111","page_number":111,"box":{"x":489,"y":949,"width":21,"height":8}},{"id":"bd1b2ce9-05be-443a-b192-c3d9d1d2af1c","block_type":"box","text":"Where tax is payable on a chargeable event, subject to the comments below, it is a liability of","page_number":111,"box":{"x":121,"y":88,"width":763,"height":13}},{"id":"23d75c2d-482f-4535-b9b8-7faa541a3a9d","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":111,"box":{"x":121,"y":105,"width":763,"height":13}},{"id":"87cc820d-1294-43f1-9e3c-06e3fff9290f","block_type":"box","text":"rolling chargeable event by cancellation or appropriation of Shares from the relevant","page_number":111,"box":{"x":121,"y":121,"width":763,"height":13}},{"id":"80770a83-c5fc-4e69-a897-8cda91d339c5","block_type":"box","text":"Shareholders. In certain circumstances, and only after notification by the Fund to a","page_number":111,"box":{"x":122,"y":138,"width":762,"height":12}},{"id":"d7e84546-5a1b-4e2e-a122-1e6ac2c2e249","block_type":"box","text":"Shareholder, the tax payable on the eight year rolling chargeable event can at the election of","page_number":111,"box":{"x":122,"y":154,"width":762,"height":13}},{"id":"0901ed3b-fd88-4702-8054-3d02b3076ed6","block_type":"box","text":"the Fund become a liability of the Shareholder rather than the Fund. In such circumstances the","page_number":111,"box":{"x":121,"y":170,"width":763,"height":13}},{"id":"7f1c8caa-7bb7-4ba4-a768-c8bd49e9ae27","block_type":"box","text":"Shareholder must file an Irish tax return and pay the appropriate tax (at the rates set out below)","page_number":111,"box":{"x":122,"y":187,"width":762,"height":13}},{"id":"e70dbaaa-b17d-4d78-b1ae-2cd0aecd9319","block_type":"box","text":"to the Irish Revenue Commissioners.","page_number":111,"box":{"x":121,"y":203,"width":303,"height":10}},{"id":"90164af1-bd50-4998-afb2-ca29847f82be","block_type":"box","text":"In the absence of the appropriate declaration being received by the Fund that a Shareholder is","page_number":111,"box":{"x":121,"y":236,"width":763,"height":13}},{"id":"a4521cb4-1c27-4441-9b31-8d5007f9901c","block_type":"box","text":"not a Taxable Irish Person or if the Fund has information that would reasonably suggest that a","page_number":111,"box":{"x":121,"y":252,"width":763,"height":13}},{"id":"8e8c7e32-2972-4e26-b45c-965410a0e70e","block_type":"box","text":"declaration is incorrect , and in the absence of written notice of approval from the Revenue","page_number":111,"box":{"x":121,"y":269,"width":763,"height":13}},{"id":"59d2872d-6ef8-46a2-934a-1b8e57221644","block_type":"box","text":"Commissioners to the effect that the requirement to have been provided with such declaration","page_number":111,"box":{"x":121,"y":285,"width":763,"height":13}},{"id":"f8a43db0-ee2a-43d9-9a60-afad7c1d86c0","block_type":"box","text":"is deemed to have been complied with (or following the withdrawal of, or failure to meet any","page_number":111,"box":{"x":121,"y":301,"width":763,"height":13}},{"id":"66b3f539-a168-4d29-b4b7-3713fd207e02","block_type":"box","text":"conditions attaching to such approval), the Fund will be obliged to pay tax on the occasion of","page_number":111,"box":{"x":121,"y":318,"width":763,"height":13}},{"id":"35f06af7-f973-44c6-8073-464129458ea0","block_type":"box","text":"a chargeable event (even if, in fact, the Shareholder is neither resident nor ordinarily resident","page_number":111,"box":{"x":121,"y":334,"width":763,"height":13}},{"id":"511c06a5-0218-4ae3-93fc-25a9083b18c7","block_type":"box","text":"in Ireland). Where the chargeable event is an income distribution tax will be deducted at the","page_number":111,"box":{"x":121,"y":351,"width":763,"height":13}},{"id":"7829d16c-32c5-4cc4-b536-ea4dfebbc99a","block_type":"box","text":"rate of 41% or at the rate of 25% where the Shareholder is a company and the appropriate","page_number":111,"box":{"x":121,"y":367,"width":763,"height":13}},{"id":"f3ebe19e-4062-43fa-af32-60632930c65f","block_type":"box","text":"declaration has been made, on the amount of the distribution. Where the chargeable event","page_number":111,"box":{"x":121,"y":383,"width":763,"height":13}},{"id":"0b01e98b-824a-46f8-808e-658a0e879ef7","block_type":"box","text":"occurs on any other payment to a Shareholder, not being a company which has made the","page_number":111,"box":{"x":121,"y":400,"width":763,"height":13}},{"id":"a0260133-dd0b-4ee0-a554-8f7203e71066","block_type":"box","text":"appropriate declaration, on a transfer of Shares and on the eight year rolling chargeable event,","page_number":111,"box":{"x":121,"y":416,"width":763,"height":13}},{"id":"56fd7f39-e797-4267-b9e4-dfe2d5d7f0c4","block_type":"box","text":"tax will be deducted at the rate of 41% on the increase in value of the shares since their","page_number":111,"box":{"x":121,"y":433,"width":763,"height":10}},{"id":"b74604ce-568f-430a-bcf9-eb8315589874","block_type":"box","text":"acquisition. Tax will be deducted at the rate of 25% on such transfers where the Shareholder is","page_number":111,"box":{"x":121,"y":449,"width":763,"height":13}},{"id":"c26d3e97-feaa-413d-8baa-bae389785d03","block_type":"box","text":"a company and the appropriate declaration has been made. In respect of the eight year rolling","page_number":111,"box":{"x":121,"y":465,"width":763,"height":13}},{"id":"b7b9cbbe-a2d9-4d97-91f0-92b9c7a03df0","block_type":"box","text":"chargeable event, there is a mechanism for obtaining a refund of tax where the Shares are","page_number":111,"box":{"x":121,"y":482,"width":763,"height":13}},{"id":"ba304223-8c52-4da9-9e2a-ba9740e98844","block_type":"box","text":"subsequently disposed of for a lesser value.","page_number":111,"box":{"x":121,"y":498,"width":355,"height":13}},{"id":"2c7c6174-f0e5-4181-8e4f-cc40922630ab","block_type":"box","text":"Where a Shareholder holds Shares in a nominee capacity, a declaration is required from the","page_number":111,"box":{"x":121,"y":531,"width":763,"height":13}},{"id":"6320d4fd-8721-4558-8243-6b3324f3149f","block_type":"box","text":"Shareholder that, to the best of its knowledge and belief, the beneficial owner is neither resident","page_number":111,"box":{"x":122,"y":547,"width":762,"height":13}},{"id":"f280898d-bed4-419a-b372-85a304c98015","block_type":"box","text":"nor ordinarily resident in Ireland if a tax liability is not to arise on a chargeable event.","page_number":111,"box":{"x":121,"y":564,"width":695,"height":13}},{"id":"aa76b173-b497-488e-afc0-9f54efd373b2","block_type":"box","text":"An anti-avoidance provision increases the 41% rate of tax to 60% (80% where details of the","page_number":111,"box":{"x":121,"y":596,"width":763,"height":13}},{"id":"07e36e13-11b2-4b05-a13b-8f6a747957b7","block_type":"box","text":"payment/disposal are not correctly included in the individual's tax return) if, under the terms of","page_number":111,"box":{"x":120,"y":613,"width":764,"height":13}},{"id":"e28afadf-9ab7-42a7-84b1-1f23152df748","block_type":"box","text":"an investment in a Sub-Fund, the investor or certain persons associated with the investor have","page_number":111,"box":{"x":121,"y":629,"width":763,"height":13}},{"id":"b44f09c0-4cbc-4525-8693-52bb65295d6b","block_type":"box","text":"an ability to influence the selection of the assets of the Sub-Fund.","page_number":111,"box":{"x":121,"y":646,"width":532,"height":13}},{"id":"cd76e815-9285-410b-b253-902a748ab45d","block_type":"box","text":"Other than in the circumstances described above the Fund will have no liability to Irish taxation","page_number":111,"box":{"x":121,"y":678,"width":763,"height":13}},{"id":"375b5a52-a915-4e66-b602-306bd16cabfc","block_type":"box","text":"on income or chargeable gains.","page_number":111,"box":{"x":121,"y":695,"width":256,"height":13}},{"id":"b3f46400-1006-46c6-8e71-cdd656c558f0","block_type":"box","text":"Shareholders","page_number":111,"box":{"x":122,"y":728,"width":118,"height":10}},{"id":"a5d4eba5-c555-44a3-92c7-c733f7b9336a","block_type":"box","text":"Shareholders who are neither resident nor ordinarily resident in Ireland in respect of whom the","page_number":111,"box":{"x":122,"y":760,"width":762,"height":13}},{"id":"551c0352-8516-4826-9864-59955fa45131","block_type":"box","text":"appropriate declarations have been made (or in respect of whom written notice of approval","page_number":111,"box":{"x":121,"y":777,"width":763,"height":13}},{"id":"c9911c40-9a95-4e33-b0b0-30e6ba562a5a","block_type":"box","text":"from the Revenue Commissioners has been obtained by the Fund to the effect that the","page_number":111,"box":{"x":121,"y":793,"width":763,"height":13}},{"id":"d82544f9-8e12-4f5f-b77f-54c51ce2ba89","block_type":"box","text":"requirement to have been provided with such declaration from that Shareholder or class of","page_number":111,"box":{"x":121,"y":810,"width":763,"height":12}},{"id":"be3f3f4e-2a5e-4070-b53b-4a70e0400173","block_type":"box","text":"shareholders to which the Shareholder belongs is deemed to have been complied with) will not","page_number":111,"box":{"x":121,"y":826,"width":763,"height":13}},{"id":"ec73ab29-7b7a-4386-a4ec-0e0edcb3aed1","block_type":"box","text":"be subject to tax on any distributions from the Fund or any gain arising on redemption or","page_number":111,"box":{"x":120,"y":842,"width":764,"height":13}},{"id":"f09b5042-c6e8-4bab-a959-59f93a7e8a55","block_type":"box","text":"transfer of their Shares provided the Shares are not held through a branch or agency in Ireland.","page_number":111,"box":{"x":121,"y":859,"width":763,"height":13}},{"id":"49a69242-a374-4ff1-b934-fb4f7df170a0","block_type":"box","text":"No tax will be deducted from any payments made by the Fund to those Shareholders who are","page_number":111,"box":{"x":120,"y":875,"width":764,"height":13}},{"id":"ae519e37-0d46-46b9-b908-09f84d6e4240","block_type":"box","text":"not Taxable Irish Persons.","page_number":111,"box":{"x":121,"y":891,"width":215,"height":11}},{"id":"a3369ff1-12d2-47d2-a5e7-6ad1371c391e","block_type":"box","text":"M-40331875-102","page_number":112,"box":{"x":121,"y":948,"width":101,"height":7}},{"id":"64b039c9-4cfb-47c2-af02-19ff65a677e8","block_type":"box","text":"112","page_number":112,"box":{"x":489,"y":949,"width":23,"height":8}},{"id":"6fe409f8-1ec8-441e-84fc-51cc2d8e134d","block_type":"box","text":"Shareholders who are Irish resident or ordinarily resident or who hold their Shares through a","page_number":112,"box":{"x":122,"y":105,"width":762,"height":13}},{"id":"61ee7309-fc12-4646-aa40-b6a286ba51ba","block_type":"box","text":"branch or agency in Ireland may have a liability under the self-assessment system to pay tax or","page_number":112,"box":{"x":120,"y":121,"width":764,"height":13}},{"id":"860f6917-94f0-4120-8e94-a5d44c69ce7b","block_type":"box","text":"further tax on any distribution or gain arising from their holdings of Shares. In particular where","page_number":112,"box":{"x":121,"y":138,"width":763,"height":12}},{"id":"b0918d0f-393c-4da1-9584-2a91fc433f32","block_type":"box","text":"the Fund has elected not to deduct tax at the occasion of the eight year rolling chargeable event","page_number":112,"box":{"x":121,"y":154,"width":763,"height":13}},{"id":"8864d7ab-679f-496a-be4f-144609de4002","block_type":"box","text":"a Shareholder will have an obligation to file a self-assessment tax return and pay the appropriate","page_number":112,"box":{"x":121,"y":170,"width":763,"height":13}},{"id":"ad7418b8-8de6-4c29-be1c-bfbd7d7c2a89","block_type":"box","text":"amount of tax to the Irish Revenue Commissioners. Certain Irish resident an ordinarily resident","page_number":112,"box":{"x":121,"y":187,"width":763,"height":13}},{"id":"70c8e60b-d09e-49f3-bb24-3b49a3ec6979","block_type":"box","text":"Shareholders will be exempt from exit tax on distributions and gains on redemptions by the","page_number":112,"box":{"x":122,"y":203,"width":762,"height":13}},{"id":"4b8bc11d-294a-4e8b-aeec-f2aa4aa93fc4","block_type":"box","text":"Fund provided the appropriate declaration is in place.","page_number":112,"box":{"x":121,"y":219,"width":436,"height":13}},{"id":"95410bc0-d7c6-4eb0-aafb-3fe09ac49d58","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":112,"box":{"x":121,"y":252,"width":763,"height":13}},{"id":"d6a5589f-9c60-4703-9604-a56a675ec19b","block_type":"box","text":"a chargeable event are generally not available except in the case of certain corporate","page_number":112,"box":{"x":121,"y":269,"width":763,"height":13}},{"id":"c3ef32a4-6c1d-4141-98ad-3e4348b76a3e","block_type":"box","text":"Shareholders within the charge to Irish corporation tax.","page_number":112,"box":{"x":122,"y":285,"width":449,"height":13}},{"id":"d6aa1c9c-5187-405c-8b1c-955bf172208b","block_type":"box","text":"Stamp Duty","page_number":112,"box":{"x":122,"y":318,"width":107,"height":13}},{"id":"597f3a04-b962-4477-8636-efbb95598344","block_type":"box","text":"No Irish stamp duty will be payable on the subscription, transfer or redemption of Shares","page_number":112,"box":{"x":120,"y":351,"width":764,"height":13}},{"id":"545d4831-d984-48ea-8a1e-c91fd98263c4","block_type":"box","text":"provided that no application for Shares or redemption or redemption of Shares is satisfied by","page_number":112,"box":{"x":120,"y":367,"width":764,"height":13}},{"id":"adea4727-a162-4b0a-a232-cd0df4634743","block_type":"box","text":"an in specie transfer of any Irish situated property.","page_number":112,"box":{"x":121,"y":383,"width":410,"height":13}},{"id":"82a84a61-64da-48e4-9ad7-547e0e6a06e4","block_type":"box","text":"Capital Acquisitions Tax","page_number":112,"box":{"x":121,"y":416,"width":218,"height":13}},{"id":"f27caf7a-8193-4f13-83c8-a29f63081cd0","block_type":"box","text":"No Irish gift tax or inheritance tax (capital acquisitions tax) liability will arise on a gift or","page_number":112,"box":{"x":120,"y":449,"width":764,"height":13}},{"id":"a7be2616-4386-4233-8347-2facd424f5bd","block_type":"box","text":"inheritance of Shares provided that:-","page_number":112,"box":{"x":121,"y":465,"width":299,"height":13}},{"id":"854c23ae-ead1-4b62-8849-6193f7d03aab","block_type":"box","text":"(a) at the date of the disposition the transferor is neither domiciled nor ordinarily resident","page_number":112,"box":{"x":121,"y":498,"width":763,"height":13}},{"id":"702993a8-d801-45f2-8835-b2fb60fa38c8","block_type":"box","text":"in Ireland and at the date of the gift or inheritance the transferee of the Shares is neither","page_number":112,"box":{"x":182,"y":515,"width":702,"height":12}},{"id":"7de68b1a-77d1-45d7-b9cc-6a1c6685e403","block_type":"box","text":"domiciled nor ordinarily resident in Ireland; and","page_number":112,"box":{"x":182,"y":531,"width":393,"height":13}},{"id":"1f4fe112-e805-4b0a-a284-480fa4a111e7","block_type":"box","text":"(b) the Shares are comprised in the disposition at the date of the gift or inheritance and the","page_number":112,"box":{"x":121,"y":564,"width":763,"height":13}},{"id":"dd405ba7-a588-4aab-a985-9f5c4ec08751","block_type":"box","text":"valuation date.","page_number":112,"box":{"x":181,"y":580,"width":124,"height":10}},{"id":"ef3a1697-1577-4939-b581-d8011f0e7ccd","block_type":"box","text":"Other Irish Tax Matters","page_number":112,"box":{"x":121,"y":613,"width":215,"height":10}},{"id":"c547f9d7-7a07-427d-94f0-aa695cbe0863","block_type":"box","text":"The income and/or gains of the Fund from its securities and assets may suffer withholding tax","page_number":112,"box":{"x":121,"y":646,"width":763,"height":13}},{"id":"89617b1b-8cf8-40c8-9419-838b89950221","block_type":"box","text":"in the countries where such income and/or gains arise. The Fund may not be able to benefit","page_number":112,"box":{"x":121,"y":662,"width":763,"height":13}},{"id":"8ae4bc20-0e7b-44fc-964e-cd0f11ead549","block_type":"box","text":"from reduced rates of withholding tax in double taxation agreements between Ireland and such","page_number":112,"box":{"x":121,"y":678,"width":763,"height":13}},{"id":"1aa495c1-d401-4873-bfa6-486592effa08","block_type":"box","text":"countries. If this position changes in the future and the application of a lower rate results in","page_number":112,"box":{"x":121,"y":695,"width":763,"height":13}},{"id":"5ba4160f-b1ec-41d4-b7ff-4b70f2643627","block_type":"box","text":"repayment to the Fund, the Net Asset Value of the relevant Sub-Fund will not be restated and","page_number":112,"box":{"x":121,"y":711,"width":763,"height":13}},{"id":"58b48965-5914-4538-b252-38fa979301f6","block_type":"box","text":"the benefit will be allocated to the existing Shareholders in the relevant Sub-Fund rateably at","page_number":112,"box":{"x":121,"y":728,"width":763,"height":13}},{"id":"8fea1110-b6a4-4a82-87a6-7d639572fd05","block_type":"box","text":"the time of repayment.","page_number":112,"box":{"x":121,"y":744,"width":187,"height":13}},{"id":"924f4e08-71dd-4008-b53c-04969c8e40ca","block_type":"box","text":"Relevant Irish Tax Definitions","page_number":112,"box":{"x":121,"y":777,"width":265,"height":10}},{"id":"5d462b26-be76-4403-bfcd-ed54e1ad0204","block_type":"box","text":"Irish residence and ordinary residence for tax purposes:","page_number":112,"box":{"x":121,"y":810,"width":488,"height":12}},{"id":"0ccf5161-ccee-423c-b44c-bd685d138c2d","block_type":"box","text":"(i)","page_number":112,"box":{"x":121,"y":842,"width":23,"height":13}},{"id":"7f8a2838-3785-4a75-8c01-50ccab79a4aa","block_type":"box","text":"Residence - Company","page_number":112,"box":{"x":183,"y":842,"width":182,"height":13}},{"id":"d141527a-ab3e-4ee6-afdd-e2ec23864905","block_type":"box","text":"Prior to Finance Act 2014, company residence was determined with regard to the long\u0002","page_number":112,"box":{"x":121,"y":875,"width":757,"height":13}},{"id":"7de1f63c-096f-46b5-a446-554485b4d22e","block_type":"box","text":"established common law rules based on central management and control. These rules were","page_number":112,"box":{"x":121,"y":891,"width":763,"height":13}},{"id":"acf8753d-6a2d-4e4b-b731-67f16b2a271f","block_type":"box","text":"M-40331875-102","page_number":113,"box":{"x":121,"y":948,"width":101,"height":7}},{"id":"4aed0792-3231-440d-ba20-e8386de21e64","block_type":"box","text":"113","page_number":113,"box":{"x":489,"y":949,"width":22,"height":8}},{"id":"26310174-e227-4ddb-8b05-08811c488fcb","block_type":"box","text":"significantly revised in Finance Act 2014 to provide that a company incorporated in the State","page_number":113,"box":{"x":121,"y":88,"width":763,"height":13}},{"id":"1d51d5a2-3ab4-4032-a3c3-59488602eb5d","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":113,"box":{"x":121,"y":105,"width":763,"height":13}},{"id":"5ae796dd-9a4e-4c87-8eb8-e1ae3d829f9e","block_type":"box","text":"treaty partner country by virtue of a double taxation treaty. While the common law rule based","page_number":113,"box":{"x":121,"y":121,"width":763,"height":13}},{"id":"24f7b1c2-59f1-439c-8687-1044accc3942","block_type":"box","text":"on central management and control remains in place, it is subject to the statutory rule for","page_number":113,"box":{"x":121,"y":138,"width":763,"height":12}},{"id":"2a7313e4-5c34-4939-898d-d804f3613453","block_type":"box","text":"determining company residence based on incorporation in the State set out in the revised","page_number":113,"box":{"x":121,"y":154,"width":763,"height":13}},{"id":"cf95a106-797a-4f65-8120-6617936b6e0b","block_type":"box","text":"section 23A of the TCA.","page_number":113,"box":{"x":121,"y":170,"width":203,"height":10}},{"id":"29af8869-46cf-443a-891a-24a31bdc28a9","block_type":"box","text":"The incorporation rule for determining the tax residence of a company incorporated in the State","page_number":113,"box":{"x":121,"y":203,"width":763,"height":13}},{"id":"b6cca67e-7c1f-4f4a-8f0e-bcde06adc569","block_type":"box","text":"applies to companies incorporated on or after 1 January 2015. For companies incorporated in","page_number":113,"box":{"x":121,"y":219,"width":763,"height":13}},{"id":"efcc85b2-9ff0-42b8-9fd2-b86bb2078b38","block_type":"box","text":"the State before this date, a transition period applied until 31 December 2020.","page_number":113,"box":{"x":121,"y":236,"width":631,"height":13}},{"id":"e240fc29-0d2a-4dd6-a376-35b46c431015","block_type":"box","text":"(ii) Residence - Individual","page_number":113,"box":{"x":121,"y":269,"width":249,"height":13}},{"id":"ba493fcb-7ab5-4eb3-9e3d-eeee9a21cb3e","block_type":"box","text":"An individual will be regarded as being resident in Ireland for a tax year if s/he:","page_number":113,"box":{"x":121,"y":301,"width":648,"height":13}},{"id":"0902d978-2275-4cd6-8b85-c810743caa90","block_type":"box","text":"1.","page_number":113,"box":{"x":123,"y":334,"width":18,"height":10}},{"id":"dfd51ed5-1b6b-4480-a4d3-bf0b9f115b0e","block_type":"box","text":"spends 183 days or more in the State in that tax year; or","page_number":113,"box":{"x":183,"y":334,"width":454,"height":13}},{"id":"23af295a-da61-4c96-a5d3-1cf5a8c2cea8","block_type":"box","text":"2.","page_number":113,"box":{"x":121,"y":367,"width":20,"height":10}},{"id":"f1613f61-13cb-47c7-9297-1115e4758ec2","block_type":"box","text":"has a combined presence of 280 days in the State, taking into account the number of","page_number":113,"box":{"x":181,"y":367,"width":703,"height":13}},{"id":"aa30776f-a820-4f0d-ac2b-0cfe4cfb60bc","block_type":"box","text":"days spent in the State in that tax year together with the number of days spent in the","page_number":113,"box":{"x":182,"y":383,"width":702,"height":13}},{"id":"df547124-aedc-4821-a2e2-77670be41224","block_type":"box","text":"State in the preceding year.","page_number":113,"box":{"x":182,"y":400,"width":224,"height":13}},{"id":"c0444eb5-4fb4-43d1-95a7-72afca4065ad","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":113,"box":{"x":121,"y":433,"width":763,"height":13}},{"id":"74776989-6c23-4adc-81b9-9c209553ca0a","block_type":"box","text":"reckoned for the purpose of applying the two year test.","page_number":113,"box":{"x":121,"y":449,"width":458,"height":13}},{"id":"94e1728b-c3d8-4cd3-8bfc-41e65f028892","block_type":"box","text":"From 1 January 2009, presence in","page_number":113,"box":{"x":580,"y":449,"width":304,"height":13}},{"id":"8a56c436-300a-4e02-ac6c-bfbd0b677f06","block_type":"box","text":"the State for a day means the personal presence of an individual at any time during the","page_number":113,"box":{"x":121,"y":466,"width":763,"height":12}},{"id":"e649fd90-66f4-4d77-8836-da05cf0e307b","block_type":"box","text":"day.","page_number":113,"box":{"x":121,"y":482,"width":41,"height":13}},{"id":"94e5dc42-4c7a-4679-9bf9-78e987ad0638","block_type":"box","text":"(iii) Ordinary Residence - Individual","page_number":113,"box":{"x":120,"y":515,"width":328,"height":12}},{"id":"9d1716c9-b0e9-48eb-bf9a-92b4ff76628a","block_type":"box","text":"The term “ordinary residence” as distinct from “residence”, relates to a person’s normal pattern","page_number":113,"box":{"x":121,"y":547,"width":763,"height":13}},{"id":"3b45c3ba-fca9-4082-bb63-44d8d659f548","block_type":"box","text":"of life and denotes residence in a place with some degree of continuity.","page_number":113,"box":{"x":121,"y":564,"width":578,"height":13}},{"id":"5503fe76-9001-40c6-944a-5c310b2dd61d","block_type":"box","text":"An individual who has been resident in the State for three consecutive tax years becomes","page_number":113,"box":{"x":121,"y":596,"width":763,"height":13}},{"id":"15b6b3a6-8366-4119-91e6-1f76b1b74c41","block_type":"box","text":"ordinarily resident with effect from the commencement of the fourth tax year.","page_number":113,"box":{"x":121,"y":613,"width":631,"height":13}},{"id":"146d4e24-60cc-4096-9d72-74680c1be71d","block_type":"box","text":"An individual who has been ordinarily resident in the State ceases to be ordinarily resident at","page_number":113,"box":{"x":121,"y":646,"width":763,"height":13}},{"id":"4d80ff79-c699-47af-9876-5eb94713bf37","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":113,"box":{"x":121,"y":662,"width":763,"height":13}},{"id":"2c9808f6-b67c-4361-bc0e-cf85cd92fc3e","block_type":"box","text":"is resident and ordinarily resident in the State in 2022 and departs from the State in that tax","page_number":113,"box":{"x":121,"y":678,"width":763,"height":13}},{"id":"9af16900-b56d-4e90-bc2a-354b53595046","block_type":"box","text":"year will remain ordinarily resident up to the end of the tax year in 2025.","page_number":113,"box":{"x":121,"y":695,"width":592,"height":13}},{"id":"01d79bd6-8659-4b99-9faa-adb892e50c45","block_type":"box","text":"(iv) Intermediary","page_number":113,"box":{"x":121,"y":728,"width":170,"height":13}},{"id":"3d4bc488-f7fd-418d-9d59-ffcfdf479688","block_type":"box","text":"This means a person who:-","page_number":113,"box":{"x":121,"y":760,"width":222,"height":13}},{"id":"e719158c-a8c7-49d7-882e-3fa3a35447e0","block_type":"box","text":"(a) carries on a business which consists of, or includes, the receipt of payments from an","page_number":113,"box":{"x":121,"y":793,"width":763,"height":13}},{"id":"54503bab-68c8-4aa3-8632-b74727fab04b","block_type":"box","text":"investment undertaking resident in Ireland on behalf of other persons; or","page_number":113,"box":{"x":182,"y":810,"width":589,"height":12}},{"id":"833ee041-ae6d-4e26-8cea-da15fe703bdc","block_type":"box","text":"(b) holds units or shares in an investment undertaking on behalf of other persons.","page_number":113,"box":{"x":121,"y":842,"width":692,"height":13}},{"id":"c85273e9-ab23-4e92-bce0-cec164a2c4db","block_type":"box","text":"M-40331875-102","page_number":114,"box":{"x":121,"y":948,"width":101,"height":7}},{"id":"82e888c5-fd9a-46c4-b487-71f57ed244c9","block_type":"box","text":"114","page_number":114,"box":{"x":489,"y":949,"width":23,"height":8}},{"id":"194a2104-7dfa-4972-996a-67439df45145","block_type":"box","text":"Other Jurisdictions","page_number":114,"box":{"x":121,"y":89,"width":172,"height":9}},{"id":"a115f86f-d57e-4205-ad6c-ab9cc3846924","block_type":"box","text":"As Shareholders are no doubt aware, the tax consequences of any investment can vary","page_number":114,"box":{"x":121,"y":121,"width":763,"height":13}},{"id":"6b0b1f60-dd7a-4e54-bc7d-8a468e0befdd","block_type":"box","text":"considerably from one jurisdiction to another, and ultimately will depend on the tax regime of","page_number":114,"box":{"x":121,"y":138,"width":763,"height":12}},{"id":"b9fcdf7e-63d8-48eb-abb4-f10b5552e2de","block_type":"box","text":"the jurisdictions within which a person is tax resident. Therefore the Directors strongly","page_number":114,"box":{"x":121,"y":154,"width":763,"height":13}},{"id":"7d637ab9-9a9f-4a3e-b6e5-322e3163af31","block_type":"box","text":"recommend that Shareholders obtain tax advice from an appropriate source in relation to the","page_number":114,"box":{"x":121,"y":170,"width":763,"height":13}},{"id":"96894a32-2474-47f1-a9b9-86d3bfaf19f0","block_type":"box","text":"tax liability arising from the holding of Shares in the Fund and any investment returns from","page_number":114,"box":{"x":121,"y":187,"width":763,"height":13}},{"id":"6222007d-2f08-4cc5-a73a-2c4b538d04be","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":114,"box":{"x":121,"y":203,"width":763,"height":13}},{"id":"51a985e4-49c9-48f8-9079-df57d6623d47","block_type":"box","text":"become resident outside of Ireland for tax purposes.","page_number":114,"box":{"x":120,"y":219,"width":424,"height":13}},{"id":"342e508b-0e9f-4e59-888d-ee19661fbdf4","block_type":"box","text":"Irish reporting financial institutions, which may include the Fund have reporting obligations in","page_number":114,"box":{"x":121,"y":252,"width":763,"height":13}},{"id":"5f47af2e-208d-4b09-bddf-1c328eefe1ff","block_type":"box","text":"respect of certain investors under FATCA as implemented pursuant to the Ireland – US","page_number":114,"box":{"x":121,"y":269,"width":763,"height":13}},{"id":"910ea1cc-e59b-4346-b697-f56bc76cf65e","block_type":"box","text":"intergovernmental agreement and/or the OECD's Common Reporting Standard (see below).","page_number":114,"box":{"x":121,"y":285,"width":745,"height":13}},{"id":"47386b78-07e1-4d4f-bb1f-35d270fdb051","block_type":"box","text":"Information exchange and the implementation of FATCA in Ireland","page_number":114,"box":{"x":121,"y":334,"width":592,"height":13}},{"id":"a88835f7-ce78-4e1f-90b0-15fcadca2fde","block_type":"box","text":"With effect from 1 July 2014 the Fund is obliged to report certain information in respect of","page_number":114,"box":{"x":121,"y":367,"width":763,"height":13}},{"id":"866ac15c-4dea-4cba-af0b-8397e7d7509c","block_type":"box","text":"U.S. investors in the Fund to the Irish Revenue Commissioners who will then share that","page_number":114,"box":{"x":121,"y":383,"width":763,"height":10}},{"id":"68cf175d-b7f1-4091-bd3d-dd78161b3ad2","block_type":"box","text":"information with the U.S. tax authorities.","page_number":114,"box":{"x":121,"y":400,"width":336,"height":10}},{"id":"7663f905-1270-4ba7-bf8f-301d49bd8432","block_type":"box","text":"The Foreign Account Tax Compliance provisions of the U.S. Hiring Incentives to Restore","page_number":114,"box":{"x":121,"y":433,"width":763,"height":13}},{"id":"41a6b2d8-0d44-488e-b9d1-3ecee7c2ed12","block_type":"box","text":"Employment Act of 2010 (","page_number":114,"box":{"x":121,"y":449,"width":226,"height":13}},{"id":"b011a705-d717-4237-a454-81cde406ee37","block_type":"box","text":"FATCA","page_number":114,"box":{"x":347,"y":449,"width":69,"height":10}},{"id":"c60358b2-4616-4c5b-a4e3-884b643c2a9f","block_type":"box","text":"), which imposes a 30% US withholding tax on certain","page_number":114,"box":{"x":417,"y":449,"width":467,"height":13}},{"id":"69a76230-efd8-4aaf-8dd8-92d0161dd348","block_type":"box","text":"'withholdable payments' made on or after 1 July 2014 unless the payee enters into and complies","page_number":114,"box":{"x":121,"y":465,"width":763,"height":13}},{"id":"17b5d5c1-55c0-4155-baf4-be26dfeecbbf","block_type":"box","text":"with an agreement with the U.S. Internal Revenue Service (","page_number":114,"box":{"x":121,"y":482,"width":484,"height":13}},{"id":"06907b56-7df0-430c-8f13-ee686b5d319c","block_type":"box","text":"IRS","page_number":114,"box":{"x":605,"y":482,"width":33,"height":10}},{"id":"e38b8424-82da-42a0-8032-b479292a852d","block_type":"box","text":") to collect and provide to the","page_number":114,"box":{"x":639,"y":482,"width":245,"height":13}},{"id":"d5490bc3-e095-44f0-8c02-18bfd7edca8d","block_type":"box","text":"IRS substantial information regarding direct and indirect owners and account holders.","page_number":114,"box":{"x":121,"y":498,"width":696,"height":13}},{"id":"ee2ebbf3-aa19-4a1f-a4f0-8ff179539328","block_type":"box","text":"On 21 December 2012, Ireland signed an Intergovernmental Agreement (","page_number":114,"box":{"x":121,"y":531,"width":584,"height":13}},{"id":"e4f6a105-62a4-405a-9981-ca0b2d2209fc","block_type":"box","text":"IGA","page_number":114,"box":{"x":706,"y":531,"width":38,"height":10}},{"id":"cc13d7a0-03ae-4eb5-859a-275fc1d9a7ae","block_type":"box","text":") with the United","page_number":114,"box":{"x":744,"y":531,"width":140,"height":13}},{"id":"38ad6667-bbb2-46f9-a3c0-0947d9ef5270","block_type":"box","text":"States to Improve International Tax Compliance and to Implement FATCA. Under this","page_number":114,"box":{"x":122,"y":547,"width":762,"height":13}},{"id":"2db5ae23-55e8-4937-ae3e-d7cb2200e15e","block_type":"box","text":"agreement, Ireland agreed to implement legislation to collect certain information in connection","page_number":114,"box":{"x":121,"y":564,"width":763,"height":13}},{"id":"98767d44-ab14-4646-a4d1-e74e2c823648","block_type":"box","text":"with FATCA and the Irish and U.S. tax authorities have agreed to automatically exchange this","page_number":114,"box":{"x":121,"y":580,"width":763,"height":13}},{"id":"43da1d2a-9281-452a-9bf1-093689721ea3","block_type":"box","text":"information. The IGA provides for the annual automatic exchange of information in relation","page_number":114,"box":{"x":121,"y":596,"width":763,"height":13}},{"id":"b7d89183-9aa8-443c-b7c9-475cce374384","block_type":"box","text":"to accounts and investments held by certain U.S. persons in a broad category of Irish financial","page_number":114,"box":{"x":121,"y":613,"width":763,"height":13}},{"id":"ad22e90f-8b32-4670-9aed-d334814ac0be","block_type":"box","text":"institutions and vice versa.","page_number":114,"box":{"x":121,"y":629,"width":219,"height":10}},{"id":"ea703062-1558-4a61-9a78-0074a290ec21","block_type":"box","text":"Under the IGA and the Financial Accounts Reporting (United States of America) Regulations","page_number":114,"box":{"x":121,"y":662,"width":763,"height":13}},{"id":"514dc1a8-a0fd-46e0-8fc1-a3493176aa4e","block_type":"box","text":"2014 (as amended) (the","page_number":114,"box":{"x":121,"y":678,"width":219,"height":13}},{"id":"85a2f8d8-acb7-4a58-b0ee-e31afc67e9ef","block_type":"box","text":"Irish Regulations","page_number":114,"box":{"x":349,"y":679,"width":155,"height":12}},{"id":"d7345e56-4c0f-41f7-a965-c08dfc731cf3","block_type":"box","text":") implementing the information disclosure","page_number":114,"box":{"x":506,"y":678,"width":378,"height":13}},{"id":"18e99eae-165a-4869-b6aa-0cd470ce38de","block_type":"box","text":"obligations Irish financial institutions such as the Fund are required to report certain","page_number":114,"box":{"x":121,"y":695,"width":763,"height":13}},{"id":"01823bb0-b7cd-4762-90a8-7e02c5a4a8da","block_type":"box","text":"information with respect to U.S. account holders to the Revenue Commissioners. The Revenue","page_number":114,"box":{"x":121,"y":711,"width":763,"height":13}},{"id":"29911149-a2e2-4481-a2d2-c793a0aca89c","block_type":"box","text":"Commissioners will automatically provide that information annually to the IRS. The Fund","page_number":114,"box":{"x":121,"y":728,"width":763,"height":13}},{"id":"aae0a0d1-0913-4e03-a1e3-f3a2dce6f9dd","block_type":"box","text":"(and/or the Administrator, the Manager or the Investment Manager on behalf of the Fund) must","page_number":114,"box":{"x":121,"y":744,"width":763,"height":13}},{"id":"009650e2-b87b-459c-a4c2-c90ff0aa0bb4","block_type":"box","text":"obtain the necessary information from investors required to satisfy the reporting requirements","page_number":114,"box":{"x":121,"y":760,"width":763,"height":13}},{"id":"fd2c7563-bc1a-4d62-8015-e9af2fe5015c","block_type":"box","text":"whether under the IGA, the Irish Regulations or any other applicable legislation published in","page_number":114,"box":{"x":121,"y":777,"width":763,"height":13}},{"id":"d06ed87b-a597-4af7-a3a2-f86f64d70597","block_type":"box","text":"connection with FATCA and such information is being sought as part of the application process","page_number":114,"box":{"x":121,"y":793,"width":763,"height":13}},{"id":"5e18ac2c-e075-4beb-ba7e-474667f39554","block_type":"box","text":"for shares in the Fund. It should be noted that the Irish Regulations require the collection of","page_number":114,"box":{"x":121,"y":810,"width":763,"height":12}},{"id":"3864d641-b8d8-457d-8832-84a6469c436d","block_type":"box","text":"information and filing of returns with the Irish Revenue Commissioners regardless as to","page_number":114,"box":{"x":121,"y":826,"width":763,"height":13}},{"id":"f46083ea-1370-4c5b-ba97-00474cdad102","block_type":"box","text":"whether the Fund holds any U.S. assets or has any U.S. investors.","page_number":114,"box":{"x":121,"y":842,"width":533,"height":13}},{"id":"262a6f54-03bc-4153-998e-c67ac1cb5631","block_type":"box","text":"If a Shareholder causes the Fund to suffer a withholding for or on account of FATCA (FATCA","page_number":114,"box":{"x":121,"y":875,"width":763,"height":13}},{"id":"c9ac87a4-519d-442d-afb3-bf16864ec45f","block_type":"box","text":"Deduction) or other financial penalty, cost, expense or liability, the Fund may compulsorily","page_number":114,"box":{"x":121,"y":891,"width":763,"height":13}},{"id":"bb39ed71-1c33-4b60-85dd-548dd377593c","block_type":"box","text":"M-40331875-102","page_number":115,"box":{"x":121,"y":948,"width":101,"height":7}},{"id":"29b97b8e-fde2-4e50-8976-67e75c569589","block_type":"box","text":"115","page_number":115,"box":{"x":489,"y":949,"width":22,"height":8}},{"id":"3259556d-c7ac-41cf-a22d-831a271debd0","block_type":"box","text":"redeem any Shares of such Shareholder and/or take any actions required to ensure that such","page_number":115,"box":{"x":121,"y":88,"width":763,"height":13}},{"id":"732fa73a-54bc-406a-addc-3e6ab093d32c","block_type":"box","text":"FATCA Deduction or other financial penalty, cost, expense or liability is economically born","page_number":115,"box":{"x":121,"y":105,"width":763,"height":13}},{"id":"6efef92a-36de-45c6-be49-1fc4019fd827","block_type":"box","text":"by such shareholder. While the IGA and Irish Regulations should serve to reduce the burden","page_number":115,"box":{"x":120,"y":121,"width":764,"height":13}},{"id":"4c44db3f-b930-4d20-9c29-51be509f9850","block_type":"box","text":"of compliance with FATCA, and accordingly the risk of a FATCA withholding on payments","page_number":115,"box":{"x":121,"y":138,"width":763,"height":12}},{"id":"abf08aff-4859-4172-9854-18e1d3a86f58","block_type":"box","text":"to the Fund in respect of its assets, no assurance can be given in this regard. As such,","page_number":115,"box":{"x":121,"y":154,"width":763,"height":13}},{"id":"1c73fa94-ec07-40b3-915a-af4bf9faa3c4","block_type":"box","text":"Shareholders should obtain independent tax advice in relation to the potential impact of","page_number":115,"box":{"x":122,"y":170,"width":762,"height":13}},{"id":"f555c45a-d26e-45c6-9a43-8fc8551ff148","block_type":"box","text":"FATCA before investing.","page_number":115,"box":{"x":121,"y":187,"width":211,"height":13}},{"id":"2e47c38e-0c48-4d02-a21e-d00ad83adf24","block_type":"box","text":"Common Reporting Standard (CRS)","page_number":115,"box":{"x":121,"y":220,"width":321,"height":12}},{"id":"4ab9e7ad-37b3-4abf-be48-aa94923c88ae","block_type":"box","text":"The goal of the CRS is to provide for the annual automatic exchange between governments of","page_number":115,"box":{"x":121,"y":252,"width":763,"height":13}},{"id":"aa01ebc5-e501-43a7-b144-69f05badc42e","block_type":"box","text":"financial account information reported to them by local Financial Institutions (","page_number":115,"box":{"x":121,"y":269,"width":635,"height":13}},{"id":"cf6fd9e8-3bc6-4dc3-b55b-a0d3d656b603","block_type":"box","text":"FI","page_number":115,"box":{"x":757,"y":269,"width":19,"height":10}},{"id":"ad86547a-a59b-4fc9-bc33-161dfbad34dc","block_type":"box","text":"s) relating to","page_number":115,"box":{"x":777,"y":269,"width":107,"height":13}},{"id":"c094fb55-383d-4f4e-be59-7b2838e95fd2","block_type":"box","text":"account holders tax resident in other participating countries to assist in the efficient collection","page_number":115,"box":{"x":121,"y":285,"width":763,"height":13}},{"id":"5c287854-ee3a-477d-aaf2-8aff19b404f3","block_type":"box","text":"of tax. The OECD, in developing the CRS, have used FATCA concepts and as such the","page_number":115,"box":{"x":121,"y":301,"width":763,"height":13}},{"id":"eab1b22c-2e15-4295-84ca-c2691cfb9af1","block_type":"box","text":"Standard is broadly similar to the FATCA requirements, albeit with numerous alterations. It","page_number":115,"box":{"x":122,"y":318,"width":762,"height":13}},{"id":"8aaca277-af96-4cf9-a3b0-42e56300b533","block_type":"box","text":"has resulted in a significantly higher number of reportable persons due to the increased","page_number":115,"box":{"x":121,"y":334,"width":763,"height":13}},{"id":"fd3cfab5-c5a0-4e4b-851f-1b85697b62f7","block_type":"box","text":"instances of potentially in-scope accounts and the inclusion of multiple jurisdictions to which","page_number":115,"box":{"x":121,"y":351,"width":763,"height":13}},{"id":"b13aea4f-4cde-47ee-94f7-ea6fe6070366","block_type":"box","text":"accounts must be reported.","page_number":115,"box":{"x":121,"y":367,"width":221,"height":13}},{"id":"d82c4756-60e4-4404-957d-af4a66d0c2a5","block_type":"box","text":"Ireland is a signatory jurisdiction to a Multilateral Competent Authority Agreement on the","page_number":115,"box":{"x":121,"y":400,"width":763,"height":13}},{"id":"73e0ad7c-05b8-4962-a041-d14c1e563a20","block_type":"box","text":"automatic exchange of financial account information in respect of CRS while section 891F and","page_number":115,"box":{"x":121,"y":416,"width":763,"height":13}},{"id":"5b092957-7dfc-4831-b856-5ed4aa1b8d65","block_type":"box","text":"891G of the TCA contain measures necessary to implement the CRS internationally and across","page_number":115,"box":{"x":122,"y":433,"width":762,"height":13}},{"id":"6408d478-345b-4bda-8374-9c409248f3d9","block_type":"box","text":"the European Union, respectively. The Returns of Certain Information by Reporting Financial","page_number":115,"box":{"x":121,"y":449,"width":763,"height":13}},{"id":"4677973b-010a-4e64-a10d-407f91062770","block_type":"box","text":"Institutions Regulations 2015 (the","page_number":115,"box":{"x":121,"y":465,"width":280,"height":13}},{"id":"db7b7f4a-b785-441f-9550-d0d2e1fa0f4f","block_type":"box","text":"CRS","page_number":115,"box":{"x":402,"y":466,"width":38,"height":9}},{"id":"72bb3880-a264-4e1e-ac53-bb9b9b244600","block_type":"box","text":"Regulations","page_number":115,"box":{"x":447,"y":466,"width":101,"height":12}},{"id":"d1d632de-61b0-444c-9d31-fdf59d0bae4f","block_type":"box","text":"), gave effect to the CRS from 1 January","page_number":115,"box":{"x":549,"y":465,"width":335,"height":13}},{"id":"a779a42d-227a-48af-a0cc-868bcb30fd3d","block_type":"box","text":"2016.","page_number":115,"box":{"x":121,"y":482,"width":50,"height":10}},{"id":"1b5a0ba9-b462-4be8-a351-876dea17c163","block_type":"box","text":"Directive 2014/107/EU on Administrative Cooperation in the Field of Taxation (“DAC II”)","page_number":115,"box":{"x":121,"y":515,"width":763,"height":12}},{"id":"cd158431-5dad-468d-a283-cfaca50facf7","block_type":"box","text":"implements CRS in a European context and creates a mandatory obligation for all EU Member","page_number":115,"box":{"x":121,"y":531,"width":763,"height":13}},{"id":"b272cb58-d055-4118-8672-0c1629eae64e","block_type":"box","text":"States to exchange financial account information in respect of residents in other EU Member","page_number":115,"box":{"x":122,"y":547,"width":762,"height":13}},{"id":"9d674542-effa-4bad-9b7a-fc686fcd9ce7","block_type":"box","text":"States on an annual basis. Section 891G of the TCA contained measures necessary to","page_number":115,"box":{"x":122,"y":564,"width":762,"height":13}},{"id":"266c1b77-6636-45f3-9187-4c2bfb5fb141","block_type":"box","text":"implement the DAC II. The Mandatory Automatic Exchange of Information in the Field of","page_number":115,"box":{"x":121,"y":580,"width":763,"height":13}},{"id":"e4c6369e-e751-4c87-bdf2-34cdd64c8292","block_type":"box","text":"Taxation Regulations 2015 (together with the CRS Regulations, the “Regulations”), gave effect","page_number":115,"box":{"x":121,"y":596,"width":763,"height":13}},{"id":"fc8dbbc7-274d-45f1-b9b4-762d9332a1f6","block_type":"box","text":"to DAC II from 1 January 2016.","page_number":115,"box":{"x":121,"y":613,"width":264,"height":13}},{"id":"cc105c27-d578-418a-bbd5-c6b26b3f7cfd","block_type":"box","text":"Under the Regulations reporting financial institutions, are required to collect certain","page_number":115,"box":{"x":121,"y":646,"width":763,"height":13}},{"id":"7652b8f7-8f19-49b6-90b2-c90cc5949fd4","block_type":"box","text":"information on accountholders and on certain Controlling Persons in the case of the","page_number":115,"box":{"x":121,"y":662,"width":763,"height":13}},{"id":"f4758e08-63e1-4102-9bef-ee2a69800e9e","block_type":"box","text":"accountholder(s) being an Entity, as defined for CRS purposes, (e.g. name, address, jurisdiction","page_number":115,"box":{"x":121,"y":678,"width":763,"height":13}},{"id":"649bce04-1282-4546-a465-477edfde99bd","block_type":"box","text":"of residence, TIN, date and place of birth (as appropriate), the account number and the account","page_number":115,"box":{"x":121,"y":695,"width":763,"height":13}},{"id":"95de8cff-f334-4f83-9b58-04289046d94f","block_type":"box","text":"balance or value at the end of each calendar year) to identify accounts which are reportable to","page_number":115,"box":{"x":120,"y":711,"width":764,"height":13}},{"id":"358720f0-6b23-4d3a-9c9a-990bbea357e2","block_type":"box","text":"the Irish tax authorities. The Irish tax authorities shall in turn exchange such information with","page_number":115,"box":{"x":121,"y":728,"width":763,"height":13}},{"id":"7a8915e1-6e9c-49e3-ace1-48148e61ad7d","block_type":"box","text":"their counterparts in participating jurisdictions. Further information in relation to CRS and","page_number":115,"box":{"x":121,"y":744,"width":763,"height":13}},{"id":"5851c5c0-8ca2-466d-abcc-1ed0f6919605","block_type":"box","text":"DAC II can be found on the Automatic Exchange of Information (AEOI) webpage on","page_number":115,"box":{"x":121,"y":760,"width":763,"height":13}},{"id":"61e34bad-06dc-4f43-bdc0-0bee88dc8686","block_type":"box","text":"www.revenue.ie","page_number":115,"box":{"x":121,"y":777,"width":131,"height":10}},{"id":"9b5e87c2-6c15-4267-93e0-3890f7d4cc72","block_type":"box","text":"Information for UK Shareholders","page_number":115,"box":{"x":121,"y":810,"width":295,"height":10}},{"id":"0fd805ca-5df0-4910-9972-ce5143d3b74e","block_type":"box","text":"This information is a general summary of tax laws and practices; Shareholders should not","page_number":115,"box":{"x":121,"y":842,"width":763,"height":13}},{"id":"630065e7-1188-4966-ba9a-ddbdc99446c8","block_type":"box","text":"consider it to be legal or tax advice, or as a guarantee of any particular tax result. 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Holders who hold a fraction of a Share may not exercise any voting","page_number":120,"box":{"x":151,"y":613,"width":733,"height":13}},{"id":"4450eed9-d9df-465c-9512-c0cfca30a970","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":120,"box":{"x":151,"y":629,"width":696,"height":13}},{"id":"b6c8e5cc-8fff-41c2-8cb2-3abf37f6b87a","block_type":"box","text":"d)","page_number":120,"box":{"x":121,"y":662,"width":15,"height":13}},{"id":"349f30c0-729a-477a-b288-13711a3a82f3","block_type":"box","text":"Alteration of Share Capital","page_number":120,"box":{"x":150,"y":662,"width":236,"height":13}},{"id":"fead503d-6a15-4bd8-8825-97363a37edae","block_type":"box","text":". The Fund may from time to time by ordinary resolution","page_number":120,"box":{"x":386,"y":662,"width":498,"height":13}},{"id":"510ede90-feb6-42b3-af7b-7d3597254968","block_type":"box","text":"increase the share capital by such amount and/or number as the resolution may prescribe;","page_number":120,"box":{"x":151,"y":678,"width":724,"height":13}},{"id":"80745351-c0a9-43df-9095-25e3d6dbad9e","block_type":"box","text":"The Fund may also by ordinary resolution:","page_number":120,"box":{"x":182,"y":711,"width":349,"height":13}},{"id":"78d4a9a4-04b2-42dc-a066-c6c9a46cbf2d","block_type":"box","text":"i)","page_number":120,"box":{"x":182,"y":728,"width":10,"height":12}},{"id":"91eb0c3a-7964-4952-8c51-24a1d3c62bc3","block_type":"box","text":"consolidate and divide all or any of its share capital into Shares of larger amount;","page_number":120,"box":{"x":212,"y":728,"width":659,"height":13}},{"id":"5b9c6a67-7a63-479b-8a19-d7d0c38d2fc1","block_type":"box","text":"ii)","page_number":120,"box":{"x":182,"y":744,"width":16,"height":13}},{"id":"c20c1529-37b9-49cc-94e2-11ef8e684854","block_type":"box","text":"subdivide its Shares, or any of them, into Shares of smaller amount or value;","page_number":120,"box":{"x":212,"y":744,"width":622,"height":13}},{"id":"d9d868df-cc9a-4584-a1d0-558cbdb80f02","block_type":"box","text":"iii)","page_number":120,"box":{"x":182,"y":760,"width":22,"height":13}},{"id":"2366a5b2-3576-4db2-b412-191fc978f1f1","block_type":"box","text":"cancel any Shares which, at the date of the passing of the resolution, have not been","page_number":120,"box":{"x":212,"y":760,"width":672,"height":13}},{"id":"2a71705e-2521-4586-8694-ca997a9420cc","block_type":"box","text":"taken or agreed to be taken by any person and reduce the amount of its authorised","page_number":120,"box":{"x":211,"y":777,"width":673,"height":13}},{"id":"bd636d3f-3ac1-492c-ba1b-bd56ef46f7de","block_type":"box","text":"share capital by the amount of the Shares so cancelled; or","page_number":120,"box":{"x":212,"y":793,"width":468,"height":13}},{"id":"f07f4b27-14cb-4207-8c47-fe1650d9ba27","block_type":"box","text":"iv)","page_number":120,"box":{"x":182,"y":810,"width":21,"height":12}},{"id":"6b1d39e0-87d5-491f-bd2d-0fd16fe8f423","block_type":"box","text":"redenominate the currency of any class of Shares.","page_number":120,"box":{"x":211,"y":810,"width":406,"height":12}},{"id":"e6ed0637-f7d9-48d3-9318-0a0a2da8a776","block_type":"box","text":"e)","page_number":120,"box":{"x":121,"y":842,"width":14,"height":13}},{"id":"d8bdc7d3-ddb4-410e-b47e-3645304e487c","block_type":"box","text":"Directors’ Interests","page_number":120,"box":{"x":150,"y":843,"width":165,"height":9}},{"id":"0a3e651d-8ee0-4a06-8fa9-0626b6d5f126","block_type":"box","text":". Provided that the nature and extent of his/ her interest shall be","page_number":120,"box":{"x":316,"y":842,"width":568,"height":10}},{"id":"4e963ee9-01d7-4497-a3a0-36f4a6e9c403","block_type":"box","text":"disclosed as set out below, no Director or intending Director shall be disqualified by his/","page_number":120,"box":{"x":151,"y":859,"width":733,"height":13}},{"id":"6a105421-69cc-4b17-9e39-69f8a05f458b","block_type":"box","text":"her office from contracting with the Fund nor shall any such contract or any contract or","page_number":120,"box":{"x":151,"y":875,"width":733,"height":13}},{"id":"f1db2d64-1987-434d-9b24-26982a9e17fe","block_type":"box","text":"arrangement entered into by or on behalf of any other company in which any Director shall","page_number":120,"box":{"x":151,"y":891,"width":733,"height":13}},{"id":"51830089-432e-4530-ae30-89299a7940b1","block_type":"box","text":"M-40331875-102","page_number":121,"box":{"x":121,"y":948,"width":101,"height":7}},{"id":"842619b9-49fe-44f8-9918-0708390755f4","block_type":"box","text":"121","page_number":121,"box":{"x":489,"y":949,"width":21,"height":8}},{"id":"b1350005-e8d1-49a6-89d3-ecc95536e902","block_type":"box","text":"be in any way interested be avoided nor shall any Director so contracting or being so","page_number":121,"box":{"x":151,"y":88,"width":733,"height":13}},{"id":"a5ff87dc-0897-4712-ae30-d6e207d4be57","block_type":"box","text":"interested be liable to account to the Fund for any profit realised by any such contract or","page_number":121,"box":{"x":151,"y":105,"width":733,"height":13}},{"id":"46df8012-e425-4aec-a966-1c3fbed67da7","block_type":"box","text":"arrangement by reason of such Director holding that office or of the fiduciary relationship","page_number":121,"box":{"x":151,"y":121,"width":733,"height":13}},{"id":"9d8f71cb-e99e-4145-9c26-ddc72fdeb217","block_type":"box","text":"thereby established.","page_number":121,"box":{"x":151,"y":138,"width":165,"height":12}},{"id":"d927ae29-0c79-4455-b4ea-433f21966370","block_type":"box","text":"The nature of a Director’s interest must be declared by him at the meeting of the Directors","page_number":121,"box":{"x":151,"y":170,"width":733,"height":13}},{"id":"21763147-3479-4aff-b884-8b7e2ab2bd32","block_type":"box","text":"at which the question of entering into the contract or arrangement is first taken into","page_number":121,"box":{"x":151,"y":187,"width":733,"height":13}},{"id":"e1ad3712-18b8-4631-a057-88304eb24e37","block_type":"box","text":"consideration, or if the Director was not at the date of that meeting interested in the","page_number":121,"box":{"x":151,"y":203,"width":733,"height":13}},{"id":"e8eec53f-fe49-4710-a7d1-1f4affedc3a0","block_type":"box","text":"proposed contract or arrangement at the next meeting of the Directors held after he/ she","page_number":121,"box":{"x":151,"y":219,"width":733,"height":13}},{"id":"0f9687b2-f7ce-4250-9db8-f57a9dacf71f","block_type":"box","text":"became so interested, and in a case where the Director becomes interested in a contract or","page_number":121,"box":{"x":151,"y":236,"width":733,"height":12}},{"id":"ea5b292b-180c-4213-a737-61ae38594912","block_type":"box","text":"arrangement after it is made, at the first meeting of the Directors held after he/ she becomes","page_number":121,"box":{"x":151,"y":252,"width":733,"height":13}},{"id":"56c9a495-6e5e-4632-a51d-4add0be57cf6","block_type":"box","text":"so interested.","page_number":121,"box":{"x":152,"y":269,"width":110,"height":10}},{"id":"11395b06-8fe4-4ed5-b116-788e9276d6ca","block_type":"box","text":"A Director shall not vote at a meeting of the Directors or of any committee established by","page_number":121,"box":{"x":151,"y":301,"width":733,"height":13}},{"id":"1773f46a-bc88-4835-9295-4b9361afca86","block_type":"box","text":"the Directors on any resolution concerning a matter in which he/ she has, directly or","page_number":121,"box":{"x":151,"y":318,"width":733,"height":13}},{"id":"4f4a00c8-6411-4a33-9999-bd9796c947fe","block_type":"box","text":"indirectly, an interest which is material (other than an interest arising by virtue of his/ her","page_number":121,"box":{"x":151,"y":334,"width":733,"height":13}},{"id":"e56e4635-0670-41c0-b648-d9f8f6c72be7","block_type":"box","text":"interest in Shares or debentures or other securities or otherwise in or through the Fund) or","page_number":121,"box":{"x":151,"y":351,"width":733,"height":13}},{"id":"bf97d0cd-11ad-4f2e-b250-a676e0cdc5c4","block_type":"box","text":"a duty which conflicts or may conflict with the interests of the Fund. A Director shall not","page_number":121,"box":{"x":151,"y":367,"width":733,"height":13}},{"id":"b581ec2b-6093-4196-ad24-06bfb31f0087","block_type":"box","text":"be counted in the quorum present at a meeting in relation to any such resolution on which","page_number":121,"box":{"x":151,"y":383,"width":733,"height":13}},{"id":"1d1c1536-60ae-4844-9e27-bdb493ac16b1","block_type":"box","text":"he/ she is not entitled to vote.","page_number":121,"box":{"x":151,"y":400,"width":242,"height":10}},{"id":"b7036e23-9fab-4ad5-a1e8-a1401282e345","block_type":"box","text":"f)","page_number":121,"box":{"x":121,"y":433,"width":12,"height":12}},{"id":"d180bfd9-bcad-4314-9781-4ce4b6942dfa","block_type":"box","text":"Borrowing Powers","page_number":121,"box":{"x":150,"y":433,"width":156,"height":13}},{"id":"e79ca2e0-34f7-4837-9c76-a24e25aa59a2","block_type":"box","text":". Subject to the Regulations, the Directors may exercise all the powers","page_number":121,"box":{"x":308,"y":433,"width":576,"height":13}},{"id":"7c430603-fdb7-4f5a-82f2-912d47082a1d","block_type":"box","text":"of the Fund to borrow or raise money and to mortgage or charge its undertaking, property","page_number":121,"box":{"x":151,"y":449,"width":733,"height":13}},{"id":"782888bc-1e6d-4752-8a9c-4f858f7e5ff9","block_type":"box","text":"and assets (both present and future) and uncalled capital or any part thereof and to issue","page_number":121,"box":{"x":151,"y":465,"width":733,"height":13}},{"id":"24475bad-ce39-457a-b15d-84d1882ff3f9","block_type":"box","text":"other securities, whether outright or as collateral security for any debt, liability or obligation","page_number":121,"box":{"x":151,"y":482,"width":733,"height":13}},{"id":"35dd008e-780e-45be-840c-cc866685f0ac","block_type":"box","text":"of the Fund provided that all such borrowings shall be within the limits and conditions laid","page_number":121,"box":{"x":151,"y":498,"width":733,"height":13}},{"id":"c2024dea-c767-4b0c-a065-42e897657d3f","block_type":"box","text":"down by the Central Bank;","page_number":121,"box":{"x":151,"y":515,"width":222,"height":12}},{"id":"822ec6fc-88ff-46ac-a11c-4002ee35bfa5","block_type":"box","text":"g)","page_number":121,"box":{"x":121,"y":547,"width":15,"height":13}},{"id":"33fa11a9-1881-49fa-add1-892e919fa945","block_type":"box","text":"Delegation to Committee","page_number":121,"box":{"x":150,"y":548,"width":219,"height":12}},{"id":"3056d774-26f1-4ff4-9333-eb0737f53a03","block_type":"box","text":".","page_number":121,"box":{"x":369,"y":556,"width":2,"height":1}},{"id":"7413f364-99b0-4efd-ba8f-4e02a030e9da","block_type":"box","text":"The Directors may delegate any of their powers to any","page_number":121,"box":{"x":374,"y":547,"width":510,"height":13}},{"id":"47fc112e-0f61-4910-8771-30e3eb047676","block_type":"box","text":"committee whether or not consisting of Directors. Any such delegation may be made","page_number":121,"box":{"x":151,"y":564,"width":733,"height":13}},{"id":"7b8f47b0-ebbd-435c-beb1-81922a6abafa","block_type":"box","text":"subject to any conditions the Directors may impose, and either collaterally with or to the","page_number":121,"box":{"x":152,"y":580,"width":732,"height":13}},{"id":"92e73d4e-09d2-481c-86a3-0ea26ca6acca","block_type":"box","text":"exclusion of their own powers and may be revoked. Subject to any such conditions, the","page_number":121,"box":{"x":151,"y":596,"width":733,"height":13}},{"id":"4b6ffca5-7ac8-4026-8d06-3d38ed27452e","block_type":"box","text":"proceedings of a committee with two or more members shall be governed by the provisions","page_number":121,"box":{"x":151,"y":613,"width":733,"height":13}},{"id":"830be38d-37e1-4497-af6c-bcab1f8cc859","block_type":"box","text":"of the Articles of Association regulating the proceedings of Directors so far as they are","page_number":121,"box":{"x":151,"y":629,"width":733,"height":13}},{"id":"8aa597da-f665-4790-b5e1-2550ae8e7a5a","block_type":"box","text":"capable of applying;","page_number":121,"box":{"x":151,"y":646,"width":169,"height":13}},{"id":"187b221e-b193-472b-b1cc-311bcf563536","block_type":"box","text":"h)","page_number":121,"box":{"x":121,"y":678,"width":15,"height":13}},{"id":"f3b6a66b-7fd3-4c71-a1df-31f4fc6bad3a","block_type":"box","text":"Retirement of Directors","page_number":121,"box":{"x":150,"y":679,"width":200,"height":12}},{"id":"4ec82b5c-0318-41e6-981c-2535b157eb80","block_type":"box","text":". The Directors shall not be required to retire by rotation or by","page_number":121,"box":{"x":352,"y":678,"width":532,"height":13}},{"id":"ae7a611f-f380-4f20-9bc5-686ae1bd42ce","block_type":"box","text":"virtue of their attaining a certain age;","page_number":121,"box":{"x":151,"y":695,"width":304,"height":13}},{"id":"648e0721-a9df-411b-9e9f-7ff62c12de14","block_type":"box","text":"i)","page_number":121,"box":{"x":121,"y":728,"width":11,"height":12}},{"id":"85582690-7a90-445d-bdb2-d446e25ebe88","block_type":"box","text":"Directors’ Remuneration.","page_number":121,"box":{"x":150,"y":728,"width":215,"height":10}},{"id":"499c7206-453d-43ca-94b5-32d82d0661c4","block_type":"box","text":"Unless and until otherwise determined from time to time by","page_number":121,"box":{"x":367,"y":728,"width":517,"height":13}},{"id":"39f84676-e5bb-4133-bea9-af64cd7344a4","block_type":"box","text":"the Fund in general meeting, the ordinary remuneration of each Director shall be","page_number":121,"box":{"x":151,"y":744,"width":733,"height":13}},{"id":"edea096f-4490-4a83-83a8-de48dcbe4d1f","block_type":"box","text":"determined from time to time by resolution of the Directors.","page_number":121,"box":{"x":151,"y":760,"width":490,"height":13}},{"id":"bf165746-125b-42d8-918e-0767bbb4008f","block_type":"box","text":"j)","page_number":121,"box":{"x":119,"y":793,"width":13,"height":13}},{"id":"f3679f6a-b7f0-434a-ab62-0f42d861c835","block_type":"box","text":"Transfer of Shares","page_number":121,"box":{"x":152,"y":793,"width":154,"height":13}},{"id":"f2ecba37-7851-46e1-b125-e8535e3079a9","block_type":"box","text":". Subject to the restrictions set out below, the Shares of any holder may","page_number":121,"box":{"x":308,"y":793,"width":576,"height":13}},{"id":"f857179a-a833-464c-a0ad-8ae2be5924c5","block_type":"box","text":"be transferred by instrument in writing in any usual or common form or any other form,","page_number":121,"box":{"x":151,"y":810,"width":733,"height":12}},{"id":"5372435b-e785-451f-8d1d-aaf3b015e35a","block_type":"box","text":"which the Directors may approve.","page_number":121,"box":{"x":151,"y":826,"width":278,"height":13}},{"id":"2568ef90-1f75-4a85-a3ce-1afdb68e9f64","block_type":"box","text":"The Directors in their absolute discretion and without assigning any reason therefor may","page_number":121,"box":{"x":151,"y":859,"width":733,"height":13}},{"id":"02a33003-8b92-4cd2-9c49-7cf83f3c9d8c","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":121,"box":{"x":151,"y":875,"width":733,"height":13}},{"id":"49b4e305-b110-4813-9b17-2704d1921951","block_type":"box","text":"holding Shares, would be in breach of any law or requirement of any country or","page_number":121,"box":{"x":151,"y":891,"width":733,"height":13}},{"id":"38c36645-66bf-4472-acbb-fd555c084ef9","block_type":"box","text":"M-40331875-102","page_number":122,"box":{"x":121,"y":948,"width":101,"height":7}},{"id":"a29473d8-18ec-4cc3-98a5-86a795be18b4","block_type":"box","text":"122","page_number":122,"box":{"x":489,"y":949,"width":23,"height":8}},{"id":"ece68cb6-d974-4c60-8dcf-3aa24c62ba1c","block_type":"box","text":"governmental authority or by virtue of which such person is not qualified to hold such","page_number":122,"box":{"x":151,"y":88,"width":733,"height":13}},{"id":"8eeca5fc-04bc-4289-bb0e-f89e52deb6aa","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":122,"box":{"x":152,"y":105,"width":732,"height":13}},{"id":"52ebca50-61aa-440d-83ea-60c98187bcd0","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":122,"box":{"x":151,"y":121,"width":733,"height":13}},{"id":"14ba1139-4301-4292-bd57-62f18fd6165d","block_type":"box","text":"authorized; or (iii) might result in a Sub-Fund incurring any liability to taxation or suffering","page_number":122,"box":{"x":151,"y":138,"width":733,"height":12}},{"id":"4614ae66-8c8e-40c5-b886-9efc8ef92fd1","block_type":"box","text":"pecuniary legal or material administrative disadvantages or being in breach of any law or","page_number":122,"box":{"x":151,"y":154,"width":733,"height":13}},{"id":"6ddb7c2c-0cdd-4aeb-93d9-3f0d4364b94a","block_type":"box","text":"regulation which the relevant Sub-Fund might not otherwise have incurred, suffered","page_number":122,"box":{"x":151,"y":170,"width":733,"height":13}},{"id":"c03a86ef-6cca-4970-8cdf-fb91c01505e8","block_type":"box","text":"(including without limitation, where a Shareholder fails to provide the Fund with","page_number":122,"box":{"x":152,"y":187,"width":732,"height":13}},{"id":"7696de48-615b-469c-a36f-f0921e66bf4f","block_type":"box","text":"information required to satisfy the obligations under any tax requirements or regulations or","page_number":122,"box":{"x":151,"y":203,"width":733,"height":13}},{"id":"4f7fde31-7736-4316-a42c-e4f996274a10","block_type":"box","text":"any automatic exchange of information obligations or other similar requirements of the","page_number":122,"box":{"x":151,"y":219,"width":733,"height":13}},{"id":"915d8aba-0c93-4a01-bec5-903a484e72df","block_type":"box","text":"Fund, the Depositary, the Administrator, the Investment Manager or any delegate thereof,","page_number":122,"box":{"x":151,"y":236,"width":733,"height":13}},{"id":"cfe7e81b-c229-4e83-8187-6d6b6311c977","block_type":"box","text":"or where the Directors suspect market timing) or might result in the relevant Sub-Fund, the","page_number":122,"box":{"x":151,"y":252,"width":733,"height":13}},{"id":"c9e1d7ea-1ab3-41e3-ac00-bf19a2c78835","block_type":"box","text":"Fund, Investment Manager or Investment Manager's group of companies being required to","page_number":122,"box":{"x":151,"y":269,"width":733,"height":13}},{"id":"b2b87dd9-3e42-4e88-a285-e6e66cf19b3c","block_type":"box","text":"comply with registration or filing requirements in any jurisdiction with which it would not","page_number":122,"box":{"x":151,"y":285,"width":733,"height":13}},{"id":"ba74a0fd-5db7-4f4c-8023-7ba9222d1e04","block_type":"box","text":"otherwise be required to comply or is otherwise prohibited by the Articles; or (iv) any","page_number":122,"box":{"x":151,"y":301,"width":733,"height":13}},{"id":"72094f41-879c-4c4e-8bcf-ad2e14484553","block_type":"box","text":"transfer to or by a minor or a person of unsound mind; or (v) any transfer unless the","page_number":122,"box":{"x":151,"y":318,"width":733,"height":13}},{"id":"5b294380-0528-4b2e-bbc7-958bfb1e439b","block_type":"box","text":"transferee of such Shares would following such transfer be the holder of Shares with a value","page_number":122,"box":{"x":151,"y":334,"width":733,"height":13}},{"id":"c32c6b1a-13b2-4f24-956a-69c3c222e00e","block_type":"box","text":"at the then current subscription price equal to or greater than the Minimum Initial","page_number":122,"box":{"x":151,"y":351,"width":733,"height":13}},{"id":"6c3f1897-aca9-41e3-93a2-ec0392682bc5","block_type":"box","text":"Subscription; or (vi) any transfer in circumstances where as a result of such transfer the","page_number":122,"box":{"x":152,"y":367,"width":732,"height":13}},{"id":"3ba31477-3969-4aa3-b4c8-0732e96e32d9","block_type":"box","text":"transferor or transferee would hold less than the Minimum Holding and any transfer in","page_number":122,"box":{"x":151,"y":383,"width":733,"height":13}},{"id":"3e5ea2e8-4ae6-41ad-9792-b0d0e5f4c1fa","block_type":"box","text":"regard to which any payment of taxation remains outstanding.","page_number":122,"box":{"x":151,"y":400,"width":505,"height":13}},{"id":"f58b481b-8070-42fe-b2dd-9f3e53cae06e","block_type":"box","text":"The Directors may decline to recognise any instrument of transfer unless it is accompanied","page_number":122,"box":{"x":151,"y":433,"width":733,"height":13}},{"id":"6a0e01ba-da63-45a0-9edd-4b64902e8385","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":122,"box":{"x":151,"y":449,"width":733,"height":13}},{"id":"9ced3d47-7203-47f9-a733-4600e1ae925b","block_type":"box","text":"Shares only, is in favour of not more than four transferees and is lodged at the registered","page_number":122,"box":{"x":152,"y":465,"width":732,"height":13}},{"id":"fa0b0247-6f02-4372-897f-091b8f6238ff","block_type":"box","text":"office or at such other place as the Directors may appoint;","page_number":122,"box":{"x":151,"y":482,"width":472,"height":13}},{"id":"3a78d095-1f44-4f93-a527-6a31f4b833f7","block_type":"box","text":"k)","page_number":122,"box":{"x":121,"y":515,"width":15,"height":12}},{"id":"816a1753-c17a-422d-af38-618d18226858","block_type":"box","text":"Right of Redemption","page_number":122,"box":{"x":150,"y":515,"width":173,"height":12}},{"id":"237dc69c-1bff-45ce-98e6-2e4ca1fe4ceb","block_type":"box","text":".","page_number":122,"box":{"x":325,"y":522,"width":9,"height":3}},{"id":"a67cf63f-1cf8-4ec3-be53-9b632f3f8082","block_type":"box","text":"Shareholders have the right to request the Fund to repurchase their","page_number":122,"box":{"x":341,"y":515,"width":543,"height":12}},{"id":"08b0632e-73aa-44ba-8741-b04fabf8fc9b","block_type":"box","text":"Shares in accordance with the provisions of the Articles of Association;","page_number":122,"box":{"x":152,"y":531,"width":582,"height":13}},{"id":"9ca68e65-8700-4095-b0b2-1c1b07e2671e","block_type":"box","text":"l)","page_number":122,"box":{"x":121,"y":564,"width":11,"height":13}},{"id":"967b9742-8a2b-49c1-a668-5713851c2173","block_type":"box","text":"Dividends","page_number":122,"box":{"x":150,"y":564,"width":83,"height":10}},{"id":"edb69af3-64ac-4803-9218-2c0ac68c11db","block_type":"box","text":". The Articles of Association permit the Directors to declare such dividends on","page_number":122,"box":{"x":235,"y":564,"width":649,"height":13}},{"id":"9fe47ebe-67f1-461c-ba2d-f578b6c8bb5f","block_type":"box","text":"any class of Shares as appear to the Directors to be justified by the profits of the relevant","page_number":122,"box":{"x":151,"y":580,"width":733,"height":13}},{"id":"23cbf7df-efc2-45bd-8bb1-0574b71b5670","block_type":"box","text":"Sub-Fund. The Directors may satisfy any dividend due to holders of Shares in whole or in","page_number":122,"box":{"x":152,"y":596,"width":732,"height":13}},{"id":"f022ef54-c0cc-48a0-9cbd-2fa66ec84cac","block_type":"box","text":"part by distributing to them in specie any of the assets of the relevant Sub-Fund and, in","page_number":122,"box":{"x":151,"y":613,"width":733,"height":13}},{"id":"518616cb-f637-4572-8c70-86f688817846","block_type":"box","text":"particular, any investments to which the relevant Sub-Fund is entitled. A holder may","page_number":122,"box":{"x":151,"y":629,"width":733,"height":13}},{"id":"066aab05-2ef6-4c47-8356-9192697a163e","block_type":"box","text":"require the Directors instead of transferring any assets in specie to him, to arrange for a sale","page_number":122,"box":{"x":151,"y":646,"width":733,"height":13}},{"id":"40830753-7a96-4a14-a0aa-73fff4715d20","block_type":"box","text":"of the assets and for payment to the holder of the net proceeds of same. Any dividend","page_number":122,"box":{"x":151,"y":662,"width":733,"height":13}},{"id":"c132adc4-0cfc-40d8-8bcd-113f4a20e38a","block_type":"box","text":"unclaimed for six years from the date of declaration of such dividend shall be forfeited and","page_number":122,"box":{"x":151,"y":678,"width":733,"height":13}},{"id":"e41ed2aa-738c-4078-a303-522cc5240502","block_type":"box","text":"shall revert to the relevant Sub-Fund;","page_number":122,"box":{"x":152,"y":695,"width":304,"height":12}},{"id":"a91b3743-2e1f-459c-8776-382c438b6bc6","block_type":"box","text":"m)","page_number":122,"box":{"x":121,"y":728,"width":21,"height":12}},{"id":"64e8995b-146e-4801-8e3e-57e9a4c54010","block_type":"box","text":"Funds","page_number":122,"box":{"x":151,"y":728,"width":53,"height":10}},{"id":"faee5180-93a1-40f6-ac30-b7cab48db8f4","block_type":"box","text":". The Directors are required to establish a separate portfolio of assets for each Sub\u0002","page_number":122,"box":{"x":206,"y":728,"width":672,"height":12}},{"id":"3c2ad0b6-061b-46af-b72a-c9b0b4b53081","block_type":"box","text":"Fund created by the Fund from time to time, to which the following shall apply:-","page_number":122,"box":{"x":151,"y":744,"width":656,"height":13}},{"id":"eba184e6-14e2-4aca-b825-089722ab44af","block_type":"box","text":"i)","page_number":122,"box":{"x":151,"y":777,"width":11,"height":13}},{"id":"a5d390c8-aecb-405d-9f4e-347ae3de0012","block_type":"box","text":"for each Sub-Fund the Fund shall keep separate books and records in which all","page_number":122,"box":{"x":182,"y":777,"width":702,"height":13}},{"id":"d8e5e8b2-66b2-471b-9cf2-673a3f3ca6b0","block_type":"box","text":"transactions relating to the relevant Sub-Fund shall be recorded and, in particular, the","page_number":122,"box":{"x":181,"y":793,"width":703,"height":13}},{"id":"b89e7681-f098-4ac9-8e0f-dac9f607a3ea","block_type":"box","text":"proceeds from the allotment and issue of Shares of each class in the Sub-Fund, the","page_number":122,"box":{"x":181,"y":810,"width":703,"height":12}},{"id":"4118eca0-9082-4295-9092-a11d35f70551","block_type":"box","text":"investments and the liabilities and income and expenditure attributable thereto shall be","page_number":122,"box":{"x":182,"y":826,"width":702,"height":13}},{"id":"973741b2-2dca-489c-8827-f3d245ba6c53","block_type":"box","text":"applied or charged to such Sub-Fund subject to the provisions of the Articles;","page_number":122,"box":{"x":182,"y":842,"width":629,"height":13}},{"id":"6fe9b979-4d5a-4f9a-943d-c4c9b53ca080","block_type":"box","text":"ii)","page_number":122,"box":{"x":151,"y":875,"width":17,"height":13}},{"id":"ab2ea5a0-60c0-40d3-9481-ae271135f177","block_type":"box","text":"any asset derived from any other asset(s) (whether cash or otherwise) comprised in any","page_number":122,"box":{"x":182,"y":875,"width":702,"height":13}},{"id":"286fa0f3-ab4b-467d-bb5b-62a40f80e12c","block_type":"box","text":"Sub-Fund, shall be applied in the books and records of the Fund to the same Sub-Fund","page_number":122,"box":{"x":182,"y":891,"width":702,"height":13}},{"id":"983eb609-61d5-4d5b-b324-8b2e4384b04a","block_type":"box","text":"M-40331875-102","page_number":123,"box":{"x":121,"y":948,"width":101,"height":7}},{"id":"46cc4d1a-7e36-4467-a0ce-455ba9789622","block_type":"box","text":"123","page_number":123,"box":{"x":489,"y":949,"width":22,"height":8}},{"id":"eeec6b9c-c7cf-42ad-b507-257049e99d97","block_type":"box","text":"as the asset from which it was derived and any increase or diminution in the value of","page_number":123,"box":{"x":182,"y":88,"width":702,"height":13}},{"id":"f105a121-344e-41f2-80f2-d68e9ca6befd","block_type":"box","text":"such an asset shall be applied to the relevant Sub-Fund;","page_number":123,"box":{"x":182,"y":105,"width":451,"height":13}},{"id":"b0df71f9-295f-4303-87eb-77745942b52e","block_type":"box","text":"iii)","page_number":123,"box":{"x":151,"y":138,"width":23,"height":12}},{"id":"20d4f5da-f00c-443d-8b16-7ec4d1d3b1c5","block_type":"box","text":"in the event that there are any assets of the Fund which the Directors do not consider","page_number":123,"box":{"x":182,"y":138,"width":702,"height":12}},{"id":"2fff9b72-90f4-4cdb-83aa-b49b439fd3f7","block_type":"box","text":"are attributable to a particular Sub-Fund or Sub-Funds, the Directors shall, with the","page_number":123,"box":{"x":182,"y":154,"width":702,"height":13}},{"id":"1059af06-af0d-46fb-a928-7775e23b1139","block_type":"box","text":"approval of the Depositary, allocate such assets to and among any one or more of the","page_number":123,"box":{"x":182,"y":170,"width":702,"height":13}},{"id":"22418ee3-6ae3-4906-8374-59e161ff2f73","block_type":"box","text":"Sub-Funds in such manner and on such basis as they, in their discretion, deem fair and","page_number":123,"box":{"x":182,"y":187,"width":702,"height":13}},{"id":"d743f222-130d-4d4f-bbf9-7cc3f88ea4aa","block_type":"box","text":"equitable; and the Directors shall have the power to and may at any time and from time","page_number":123,"box":{"x":182,"y":203,"width":702,"height":13}},{"id":"8ffb07ae-a556-4fcb-a8d8-a00271932d60","block_type":"box","text":"to time, with the approval of the Depositary, vary the basis in relation to assets","page_number":123,"box":{"x":181,"y":219,"width":703,"height":13}},{"id":"26c89243-0159-4365-949d-5b42ba3dec1b","block_type":"box","text":"previously allocated;","page_number":123,"box":{"x":181,"y":236,"width":174,"height":13}},{"id":"4eefb10e-1806-4390-baca-3b49f538747c","block_type":"box","text":"iv)","page_number":123,"box":{"x":151,"y":269,"width":21,"height":13}},{"id":"c732c92f-93b0-4bb2-9c8e-a8a7bb90ccb7","block_type":"box","text":"each Sub-Fund shall be charged with the liabilities, expenses, costs, charges or reserves","page_number":123,"box":{"x":182,"y":269,"width":702,"height":13}},{"id":"ac0939d0-5924-4337-82df-bbaf85f4ae2a","block_type":"box","text":"of the Fund in respect of or attributable to that Sub-Fund and any such liabilities,","page_number":123,"box":{"x":182,"y":285,"width":702,"height":13}},{"id":"dea1b2af-6c60-4277-80ce-3e31a5070265","block_type":"box","text":"expenses, costs, charges, or reserves of the Fund not attributable to any particular Sub\u0002","page_number":123,"box":{"x":182,"y":301,"width":696,"height":13}},{"id":"25fcfc81-598c-46f1-a183-f2a7a36efe28","block_type":"box","text":"Fund or Sub-Funds shall be allocated and charged by the Directors, with the approval","page_number":123,"box":{"x":181,"y":318,"width":703,"height":13}},{"id":"ebce5ae5-7905-437b-a2d0-2d4b5a129bd6","block_type":"box","text":"of the Depositary, in such manner and on such basis as the Directors, in their sole and","page_number":123,"box":{"x":182,"y":334,"width":702,"height":13}},{"id":"001bd022-86be-432d-8c84-486d3110ec5d","block_type":"box","text":"absolute discretion deem fair and equitable, and the Directors shall have the power to","page_number":123,"box":{"x":182,"y":351,"width":702,"height":13}},{"id":"9211b509-aef8-4fb6-ba5d-3e1523025bee","block_type":"box","text":"and may at any time and from time to time, with the approval of the Depositary, vary","page_number":123,"box":{"x":182,"y":367,"width":702,"height":13}},{"id":"a6b56595-6394-456d-8245-1e4de04a9341","block_type":"box","text":"such basis including, where circumstances so permit, the re-allocation of such","page_number":123,"box":{"x":182,"y":383,"width":702,"height":13}},{"id":"3dd7332e-7aff-419a-b06a-6db0c36ba11a","block_type":"box","text":"liabilities, expenses, costs, charges and reserves;","page_number":123,"box":{"x":182,"y":400,"width":395,"height":13}},{"id":"a099c847-51bb-477b-9e8e-0240ed242b9c","block_type":"box","text":"v)","page_number":123,"box":{"x":151,"y":433,"width":16,"height":12}},{"id":"3014bc62-57f2-4e29-90a5-62a3380f371c","block_type":"box","text":"in the event that any Asset attributable to a Sub-Fund is taken in execution of a liability","page_number":123,"box":{"x":182,"y":433,"width":702,"height":13}},{"id":"8bb9afca-be18-4d3d-a579-8af2aabe35df","block_type":"box","text":"not attributable to that Sub-Fund, the provisions of section 1407 of the Companies Act","page_number":123,"box":{"x":181,"y":449,"width":703,"height":13}},{"id":"1639be68-ce3b-4545-bb2a-7cc8ccbea3c7","block_type":"box","text":"2014 shall apply;","page_number":123,"box":{"x":181,"y":465,"width":144,"height":13}},{"id":"4a3a705e-62e4-4b29-aa29-3196ddeb1dd0","block_type":"box","text":"n)","page_number":123,"box":{"x":121,"y":498,"width":15,"height":13}},{"id":"0fec0d7f-8769-48c8-89c6-260507fac77e","block_type":"box","text":"Fund Exchanges.","page_number":123,"box":{"x":151,"y":498,"width":147,"height":13}},{"id":"cde9430a-5d56-42ad-8e74-ec4571c047cb","block_type":"box","text":"Subject to the provisions of the Articles of Association, a Shareholder","page_number":123,"box":{"x":307,"y":498,"width":577,"height":13}},{"id":"f4ff3767-3a3a-4e74-a4ca-f0784888c914","block_type":"box","text":"holding Shares in any class in a Sub-Fund on any Dealing Day shall have the right from","page_number":123,"box":{"x":151,"y":515,"width":733,"height":12}},{"id":"c17a3ae3-8737-44ad-aa6e-64baa13830b6","block_type":"box","text":"time to time to exchange all or any of such Shares for Shares of another class (such class","page_number":123,"box":{"x":151,"y":531,"width":733,"height":13}},{"id":"99b42c5f-6dca-496d-b15d-309de212ab36","block_type":"box","text":"being either an existing class or a class agreed by the Directors to be brought into existence","page_number":123,"box":{"x":151,"y":547,"width":733,"height":13}},{"id":"daf76012-c29a-43ef-b4bf-0261df0a0455","block_type":"box","text":"with effect from that Dealing Day);","page_number":123,"box":{"x":151,"y":564,"width":291,"height":13}},{"id":"36c25dde-7ea2-4878-9f25-8b0fc8f57e7d","block_type":"box","text":"o)","page_number":123,"box":{"x":121,"y":596,"width":15,"height":13}},{"id":"05adf033-2f8f-428c-9d57-234bbc11dd50","block_type":"box","text":"Winding up.","page_number":123,"box":{"x":153,"y":597,"width":99,"height":12}},{"id":"f8789ef3-d86d-477f-ab77-86c43c1b95eb","block_type":"box","text":"The Articles contain provisions to the following effect:","page_number":123,"box":{"x":254,"y":596,"width":459,"height":13}},{"id":"44621b79-d93d-4f6f-a329-08f5af38cabf","block_type":"box","text":"i)","page_number":123,"box":{"x":151,"y":627,"width":11,"height":13}},{"id":"4b841e2d-6fc4-49be-9d6d-63400f37541c","block_type":"box","text":"If the Fund shall be wound up the liquidator shall, subject to the provisions of the","page_number":123,"box":{"x":181,"y":627,"width":703,"height":13}},{"id":"a79f8ae0-4628-4724-9ab2-76c2395e8835","block_type":"box","text":"Companies Act 2014, apply the assets of each Sub-Fund in such manner and order as","page_number":123,"box":{"x":182,"y":643,"width":702,"height":13}},{"id":"02029f20-4f1f-4b35-95c3-056cbaf5f817","block_type":"box","text":"he thinks fit in satisfaction of creditors’ claims relating to that Sub-Fund;","page_number":123,"box":{"x":181,"y":660,"width":594,"height":13}},{"id":"ec10dde7-4472-432b-a23d-50afa79c5a38","block_type":"box","text":"ii)","page_number":123,"box":{"x":151,"y":693,"width":17,"height":13}},{"id":"c0bc181f-2ee6-4bd4-b5e4-a244f5cd0335","block_type":"box","text":"Following the deduction of the estimate expenses relating to the winding up and","page_number":123,"box":{"x":181,"y":693,"width":703,"height":13}},{"id":"a0986036-2a84-465c-bcfc-c5ae8630f1da","block_type":"box","text":"liquidation, the assets available for distribution amongst the holders shall be applied as","page_number":123,"box":{"x":182,"y":709,"width":702,"height":13}},{"id":"2766e1b6-6c0d-45e9-892f-28c1a2b8cb35","block_type":"box","text":"follows: first the proportion of the assets in a Sub-Fund attributable to each class of","page_number":123,"box":{"x":182,"y":725,"width":702,"height":13}},{"id":"3fdb777f-fb7a-4e2b-af45-38a389e836d2","block_type":"box","text":"Share shall be distributed to the holders of Shares in the relevant class in the proportion","page_number":123,"box":{"x":182,"y":742,"width":702,"height":13}},{"id":"a935b095-c7a7-4e15-a694-3dc59fce96a3","block_type":"box","text":"that the number of Shares held by each holder bears to the total number of Shares","page_number":123,"box":{"x":181,"y":758,"width":703,"height":13}},{"id":"ab8a7237-117a-48fb-ad2c-a636569695ae","block_type":"box","text":"relating to each such class of Shares in issue as at the date of commencement to wind","page_number":123,"box":{"x":181,"y":775,"width":703,"height":13}},{"id":"25800386-ab18-4360-a955-5c4a56f2b792","block_type":"box","text":"up; secondly, in payment to the holder(s) of the subscriber shares of sums up to the","page_number":123,"box":{"x":181,"y":791,"width":703,"height":13}},{"id":"dcc2a0d9-2440-4275-ac42-e0190f2fbac1","block_type":"box","text":"nominal amount paid thereon out of the assets of the Fund not attributable to any class","page_number":123,"box":{"x":181,"y":807,"width":703,"height":13}},{"id":"61b68b4c-9343-4113-a7cf-adc59de81b58","block_type":"box","text":"of Share. In the event that there are insufficient assets to enable such payment in full","page_number":123,"box":{"x":182,"y":824,"width":702,"height":13}},{"id":"0a8a582b-d17a-4dee-984d-1242fb5f1cd4","block_type":"box","text":"to be made, no recourse shall be had to the assets of the Fund attributable to each class","page_number":123,"box":{"x":181,"y":840,"width":703,"height":12}},{"id":"9d403a48-d5e5-47ac-b781-b6a53d4eb859","block_type":"box","text":"of Share; and thirdly, any balance then remaining and not attributable to any of the","page_number":123,"box":{"x":182,"y":857,"width":702,"height":13}},{"id":"00d237a7-cf3f-4dfe-a201-949f794431ca","block_type":"box","text":"classes of Shares shall be apportioned pro-rata as between the classes of Shares based","page_number":123,"box":{"x":182,"y":873,"width":702,"height":13}},{"id":"6d141564-3341-4210-af41-50ea6a1d31c7","block_type":"box","text":"on the Net Asset Value attributable to each class of Shares as at the date of","page_number":123,"box":{"x":182,"y":889,"width":702,"height":10}},{"id":"cdefe791-4442-4a4f-89d6-e1ee56e17397","block_type":"box","text":"M-40331875-102","page_number":124,"box":{"x":121,"y":948,"width":101,"height":7}},{"id":"05a88e3f-1190-40f9-bbac-efa8b6fcecf0","block_type":"box","text":"124","page_number":124,"box":{"x":489,"y":949,"width":23,"height":8}},{"id":"6e9f3119-ef71-4c16-a1aa-b709d223d576","block_type":"box","text":"commencement to wind up and the amount so apportioned to a class shall be distributed","page_number":124,"box":{"x":182,"y":88,"width":702,"height":13}},{"id":"12247b0d-2e22-4c2f-b033-ca766dddb885","block_type":"box","text":"to holders pro-rata to the number of Shares in that class of Shares held by them;","page_number":124,"box":{"x":181,"y":105,"width":648,"height":13}},{"id":"51a62023-d03e-4c6f-98a1-1efd831fdc6e","block_type":"box","text":"iii)","page_number":124,"box":{"x":151,"y":138,"width":23,"height":12}},{"id":"cef40561-98ee-403c-9657-529d6c63565d","block_type":"box","text":"A Sub-Fund may be wound up pursuant to Section 1407 of the Companies Act and in","page_number":124,"box":{"x":181,"y":138,"width":703,"height":12}},{"id":"5adb8838-9cb4-4f16-b40e-cf898d483f52","block_type":"box","text":"such event the provisions in this paragraph (o) shall apply mutatis mutandis in respect","page_number":124,"box":{"x":182,"y":154,"width":702,"height":13}},{"id":"b3b86486-4f66-4662-820e-cf0ffaf08d4f","block_type":"box","text":"of the Sub-Fund;","page_number":124,"box":{"x":182,"y":170,"width":141,"height":13}},{"id":"a5778739-81ac-4dbf-adf6-e7c9cfd9d7d0","block_type":"box","text":"iv)","page_number":124,"box":{"x":151,"y":203,"width":21,"height":13}},{"id":"8161bbd2-11ba-4e0d-bbf1-a31c7e69ab1f","block_type":"box","text":"If the Fund shall be wound up (whether the liquidation is voluntary, under supervision","page_number":124,"box":{"x":181,"y":203,"width":703,"height":13}},{"id":"c9dc1caa-a56c-4cca-b2f6-16cdb8a6b2a8","block_type":"box","text":"or by the court) the liquidator may, with the authority of a special resolution of the","page_number":124,"box":{"x":182,"y":219,"width":702,"height":13}},{"id":"aaa27ef9-91b5-45e7-ab9d-a0f0bdc5b15d","block_type":"box","text":"relevant holders and any other sanction required by the Companies Act 2014, divide","page_number":124,"box":{"x":181,"y":236,"width":703,"height":13}},{"id":"594f85e0-8300-44fe-b40e-01a8358850ad","block_type":"box","text":"among the holders of Shares of any class or classes within a Sub-Fund in specie the","page_number":124,"box":{"x":182,"y":252,"width":702,"height":13}},{"id":"67cc5068-9771-4d41-a927-2af4aeaf8f1a","block_type":"box","text":"whole or any part of the assets of the Fund relating to that Sub-Fund, and whether or","page_number":124,"box":{"x":181,"y":269,"width":703,"height":13}},{"id":"eba31f7e-e395-4404-b747-88e5a411a7c7","block_type":"box","text":"not the assets shall consist of property of a single kind, and may for such purposes set","page_number":124,"box":{"x":181,"y":285,"width":703,"height":13}},{"id":"d965806d-de02-4378-b33a-2c9917ed46b6","block_type":"box","text":"such value as he deems fair upon any one or more class or classes of property, and may","page_number":124,"box":{"x":182,"y":301,"width":702,"height":13}},{"id":"a4deb48d-ce43-45cd-a27c-900ea7b3212c","block_type":"box","text":"determine how such division shall be carried out as between all the holders of Shares","page_number":124,"box":{"x":182,"y":318,"width":702,"height":10}},{"id":"1fe268d9-15cc-4804-a3b7-b82f95fb9316","block_type":"box","text":"of the Sub-Fund or the holders of different classes of Shares in a Sub-Fund. The","page_number":124,"box":{"x":182,"y":334,"width":702,"height":10}},{"id":"4e90fdb6-cf54-4ea0-aefe-982feee834ab","block_type":"box","text":"liquidator may, with the like authority, vest any part of the assets in trustees upon such","page_number":124,"box":{"x":182,"y":351,"width":702,"height":13}},{"id":"8b2198a1-cb6d-470a-a880-a46f7aff9055","block_type":"box","text":"trusts for the benefit of holders as the liquidator, with the like authority, shall think fit,","page_number":124,"box":{"x":181,"y":367,"width":703,"height":13}},{"id":"5c036ca2-7441-4d99-a5c5-7675e5085183","block_type":"box","text":"and the liquidation of the Fund may be closed and the Fund dissolved, but so that no","page_number":124,"box":{"x":182,"y":383,"width":702,"height":13}},{"id":"0cae07bf-4f12-4cdc-a0eb-5d70fe089932","block_type":"box","text":"holder shall be compelled to accept any assets in respect of which there is a liability. A","page_number":124,"box":{"x":181,"y":400,"width":703,"height":13}},{"id":"063d8c23-895e-4515-862b-2b5de3e96982","block_type":"box","text":"holder may require the liquidator instead of transferring any asset in specie to him/her","page_number":124,"box":{"x":181,"y":416,"width":703,"height":13}},{"id":"a9582a8a-8d26-4ffc-b132-9e15eff3215e","block_type":"box","text":"to arrange for a sale of the assets with the costs of the sale charged to that Shareholder","page_number":124,"box":{"x":181,"y":433,"width":703,"height":13}},{"id":"a2a74a45-355c-468a-bce9-01e6990c2373","block_type":"box","text":"and for payment to the holder of the net proceeds of same.","page_number":124,"box":{"x":182,"y":449,"width":474,"height":13}},{"id":"38f81bc5-00e9-4e87-b8bc-4f67939eaf25","block_type":"box","text":"p)","page_number":124,"box":{"x":120,"y":482,"width":16,"height":13}},{"id":"f187643e-6379-40d5-8751-df5e71df9311","block_type":"box","text":"Share Qualification","page_number":124,"box":{"x":150,"y":482,"width":165,"height":13}},{"id":"a5c0e312-da49-41d2-9bce-f62411fe9f92","block_type":"box","text":".","page_number":124,"box":{"x":317,"y":490,"width":2,"height":2}},{"id":"659f8f78-e53c-4e86-8406-7cc0e76cee68","block_type":"box","text":"The Articles do not contain a share qualification for Directors.","page_number":124,"box":{"x":321,"y":482,"width":518,"height":13}},{"id":"42445591-e134-44d7-a9c1-427f076e3a61","block_type":"box","text":"q)","page_number":124,"box":{"x":121,"y":515,"width":15,"height":12}},{"id":"7f699595-ab6f-4e8b-8484-d20295bcc20d","block_type":"box","text":"Termination of Sub-Funds.","page_number":124,"box":{"x":152,"y":515,"width":228,"height":12}},{"id":"d725b535-d915-40e8-9c4f-945b160fc90c","block_type":"box","text":"Any Sub-Fund may be terminated by the Directors in their","page_number":124,"box":{"x":383,"y":515,"width":501,"height":12}},{"id":"2b831cc4-bbf6-4c7d-93d1-5fcdf43301e3","block_type":"box","text":"sole and absolute discretion by notice in writing to the Depositary in any of the following","page_number":124,"box":{"x":152,"y":531,"width":732,"height":13}},{"id":"37b95804-4a0f-4ceb-9e68-0b4594abcc76","block_type":"box","text":"events:-","page_number":124,"box":{"x":151,"y":549,"width":69,"height":8}},{"id":"dabfb8c4-748a-4784-8cb3-8d3c1ccf579c","block_type":"box","text":"i)","page_number":124,"box":{"x":151,"y":580,"width":11,"height":13}},{"id":"646a51c9-d915-4259-a655-4db563672928","block_type":"box","text":"if at any time the Net Asset Value of the relevant Sub-Fund shall be less than the","page_number":124,"box":{"x":182,"y":580,"width":702,"height":13}},{"id":"c37a2a58-0d6f-4544-908b-3e205c3e264f","block_type":"box","text":"Minimum Fund Size; or","page_number":124,"box":{"x":181,"y":596,"width":199,"height":13}},{"id":"ca3f640d-8e7f-4a16-9fa1-8dac02666947","block_type":"box","text":"ii)","page_number":124,"box":{"x":151,"y":629,"width":17,"height":13}},{"id":"204d4ad5-61a9-4e68-8337-575da193c3b3","block_type":"box","text":"if any Sub-Fund shall cease to be authorised or otherwise officially approved; or","page_number":124,"box":{"x":182,"y":629,"width":652,"height":13}},{"id":"e13d2072-c4e5-400d-9a71-a3a3ebc8fc41","block_type":"box","text":"iii)","page_number":124,"box":{"x":151,"y":662,"width":23,"height":13}},{"id":"a7db72e1-e42c-4f68-801e-67f7c3833cc4","block_type":"box","text":"if any law shall be passed which renders it illegal or in the opinion of the Directors","page_number":124,"box":{"x":182,"y":662,"width":702,"height":13}},{"id":"12189049-9e6f-4b9f-92a1-95b9b6b051f1","block_type":"box","text":"impracticable or inadvisable to continue the relevant Sub-Fund; or","page_number":124,"box":{"x":182,"y":678,"width":539,"height":13}},{"id":"8ebf35d6-381d-42ed-a7d6-c48adf39aee5","block_type":"box","text":"iv)","page_number":124,"box":{"x":151,"y":711,"width":21,"height":13}},{"id":"da946473-e13a-42a5-bcd2-73e8fc24610d","block_type":"box","text":"if there is a change in material aspects of the business or in the economic or political","page_number":124,"box":{"x":182,"y":711,"width":702,"height":13}},{"id":"dded5043-0997-4912-a9db-058d608d70b1","block_type":"box","text":"situation relation to a Fund which the Directors consider would have material adverse","page_number":124,"box":{"x":182,"y":728,"width":702,"height":10}},{"id":"6f540173-bc61-4661-829a-e7942ecbc705","block_type":"box","text":"consequences on the Shareholders and/or the investments of the Fund; 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The Fund is a data controller within the meaning of Data Protection Legislation and","page_number":125,"box":{"x":121,"y":236,"width":763,"height":13}},{"id":"36005959-e33c-4b9d-9823-5c383a89abaa","block_type":"box","text":"will hold any personal data provided by investors in accordance with Data Protection","page_number":125,"box":{"x":121,"y":252,"width":763,"height":13}},{"id":"72c55565-dfce-4e82-9687-8d45db980bd9","block_type":"box","text":"Legislation.","page_number":125,"box":{"x":121,"y":269,"width":94,"height":13}},{"id":"fd61b0c9-7b1d-42cc-8add-04716b012c53","block_type":"box","text":"The Fund and/or any of its delegates or service providers may process prospective investor's","page_number":125,"box":{"x":121,"y":301,"width":763,"height":13}},{"id":"7085bfd3-2a38-4204-aec6-a6af286a5633","block_type":"box","text":"personal data for any one or more of the following purposes and legal bases:","page_number":125,"box":{"x":120,"y":318,"width":622,"height":13}},{"id":"92914825-4ee6-49ef-84fc-7546790e40b0","block_type":"box","text":"","page_number":125,"box":{"x":152,"y":355,"width":7,"height":5}},{"id":"aa097fc8-15df-4344-b56b-a44a65542134","block_type":"box","text":"to operate the Sub-Funds, including managing and administering a Shareholder's","page_number":125,"box":{"x":181,"y":352,"width":703,"height":13}},{"id":"2eb38886-176b-4841-b16f-7102ba7b64e2","block_type":"box","text":"investment in the relevant Fund on an on-going basis which enables the Fund to satisfy","page_number":125,"box":{"x":182,"y":368,"width":702,"height":13}},{"id":"d1ad34eb-e47f-468b-b46a-c1618d02acf7","block_type":"box","text":"its contractual duties and obligations to the Shareholder);","page_number":125,"box":{"x":182,"y":384,"width":465,"height":13}},{"id":"50df2feb-61d9-4737-907f-a3a17bc0289c","block_type":"box","text":"","page_number":125,"box":{"x":152,"y":421,"width":7,"height":6}},{"id":"392c29e2-6f0a-4957-a313-8173c2ce3a08","block_type":"box","text":"to comply with any applicable legal, tax or regulatory obligations on the Fund, for","page_number":125,"box":{"x":181,"y":418,"width":703,"height":13}},{"id":"216d5f93-bcb4-461e-b617-165f8d47616e","block_type":"box","text":"example, under the Companies Acts 2014 and anti-money laundering and counter\u0002","page_number":125,"box":{"x":182,"y":435,"width":696,"height":13}},{"id":"632c3b7f-32d8-42fc-a8c0-42bc0e9be06d","block_type":"box","text":"terrorism legislation;","page_number":125,"box":{"x":181,"y":451,"width":174,"height":13}},{"id":"d9a23bc3-4115-4ce4-bf2f-82ed6dfa2a4c","block_type":"box","text":"","page_number":125,"box":{"x":152,"y":488,"width":7,"height":5}},{"id":"c7e9a8d0-0b3e-48c8-bf04-c95ceb571773","block_type":"box","text":"for any other legitimate business interests' of the Fund or a third party to whom personal","page_number":125,"box":{"x":182,"y":485,"width":702,"height":13}},{"id":"d27ab693-d5ee-4a87-bdd2-20dc380e4327","block_type":"box","text":"data is disclosed, where such interests are not overridden by the interests of the investor,","page_number":125,"box":{"x":182,"y":501,"width":702,"height":13}},{"id":"acc6d71a-e283-459e-b5f5-333c9a8c2534","block_type":"box","text":"including for statistical analysis and market research purposes; or","page_number":125,"box":{"x":182,"y":518,"width":532,"height":12}},{"id":"edabf5a7-d3a3-4c70-80a0-bd99fb9d9dfb","block_type":"box","text":"","page_number":125,"box":{"x":152,"y":555,"width":7,"height":5}},{"id":"1f24284c-3eeb-428b-9a6d-00efcc14d582","block_type":"box","text":"for any other specific purposes where investors have given their specific consent and","page_number":125,"box":{"x":182,"y":551,"width":702,"height":13}},{"id":"1d10c388-ea75-4885-a54c-d727e83e691f","block_type":"box","text":"where processing of personal data is based on consent, the investors will have the right","page_number":125,"box":{"x":181,"y":568,"width":703,"height":13}},{"id":"727a50e1-6730-4e98-8594-f122cb3d09ff","block_type":"box","text":"to withdraw it at any time.","page_number":125,"box":{"x":181,"y":584,"width":218,"height":13}},{"id":"bccf2402-e1a5-4bf2-9f8f-89661646993a","block_type":"box","text":"The Fund and/or any of its delegates or service providers may disclose or transfer personal","page_number":125,"box":{"x":121,"y":617,"width":763,"height":13}},{"id":"cc057c74-9b42-4167-bb0b-10d7b7ba2842","block_type":"box","text":"data, whether in Ireland or elsewhere (including entities situated in countries outside of the","page_number":125,"box":{"x":121,"y":633,"width":763,"height":13}},{"id":"f7c10504-2566-49a6-a443-3959d6acdfc9","block_type":"box","text":"EEA), to other delegates, duly appointed agents and service providers of the Fund (and any of","page_number":125,"box":{"x":121,"y":650,"width":763,"height":13}},{"id":"57b542a6-d329-4c65-8a12-627018007b0b","block_type":"box","text":"their respective related, associated or affiliated companies or sub-delegates) and to third parties","page_number":125,"box":{"x":121,"y":666,"width":763,"height":13}},{"id":"fd8a096c-b216-4203-81e0-2c0a3afbdd05","block_type":"box","text":"including advisers, regulatory bodies, taxation authorities, auditors, technology providers for","page_number":125,"box":{"x":121,"y":682,"width":763,"height":13}},{"id":"19c48132-3e3b-4142-b8fe-0b3f885accbb","block_type":"box","text":"the purposes specified above.","page_number":125,"box":{"x":121,"y":699,"width":242,"height":13}},{"id":"19d1dc68-8509-4d03-9310-7673f542fd07","block_type":"box","text":"The Fund will not keep personal data for longer than is necessary for the purpose(s) for which","page_number":125,"box":{"x":121,"y":732,"width":763,"height":13}},{"id":"b366d58f-35df-4d60-8a36-aa811e4d63a3","block_type":"box","text":"it was collected. In determining appropriate retention periods, the Fund shall have regard to the","page_number":125,"box":{"x":121,"y":748,"width":763,"height":13}},{"id":"b35efa81-4b2f-4080-9b90-ca2f2147f6a8","block_type":"box","text":"Statute of Limitations Act 1957, as amended, and any statutory obligations to retain","page_number":125,"box":{"x":122,"y":764,"width":762,"height":13}},{"id":"deaef444-f7c6-4e19-ae45-dfb70cccc7dc","block_type":"box","text":"information, including anti-money laundering, counter-terrorism, tax legislation. The Fund will","page_number":125,"box":{"x":121,"y":781,"width":763,"height":13}},{"id":"f62a12b7-1e0a-4351-8d0f-681bcf19479f","block_type":"box","text":"take all reasonable steps to destroy or erase the data from its systems when they are no longer","page_number":125,"box":{"x":121,"y":797,"width":763,"height":13}},{"id":"1fec2165-34c6-4da0-b499-183665e19502","block_type":"box","text":"required.","page_number":125,"box":{"x":121,"y":814,"width":77,"height":12}},{"id":"213818ec-3967-4484-b9c9-fed615b2756f","block_type":"box","text":"Where specific processing is based on an investor's consent, that investor has the right to","page_number":125,"box":{"x":121,"y":846,"width":763,"height":13}},{"id":"62271ef7-e187-41d7-b1fe-8438895eaefe","block_type":"box","text":"withdraw it at any time. Investors have the right to request access to their personal data kept","page_number":125,"box":{"x":121,"y":863,"width":763,"height":13}},{"id":"7379d4f8-2796-4bc3-a1d2-12d4610f13fe","block_type":"box","text":"by the Fund and the right to rectification or erasure of their data; to restrict or object to","page_number":125,"box":{"x":120,"y":879,"width":764,"height":13}},{"id":"47bd9ab3-f9d9-476c-af32-20379a3548c8","block_type":"box","text":"processing of their data, and to data portability, subject to any restrictions imposed by Data","page_number":125,"box":{"x":120,"y":895,"width":764,"height":13}},{"id":"453b0bbc-00ba-4b82-a90b-73f0867d3c11","block_type":"box","text":"M-40331875-102","page_number":126,"box":{"x":121,"y":948,"width":101,"height":7}},{"id":"2e62ea8d-8cb0-4f0b-8382-a0d3deb48cd6","block_type":"box","text":"126","page_number":126,"box":{"x":489,"y":949,"width":23,"height":8}},{"id":"e277daf3-45ec-4d1d-b7e1-a543eed19224","block_type":"box","text":"Protection Legislation and any statutory obligation to retain information.","page_number":126,"box":{"x":121,"y":88,"width":591,"height":13}},{"id":"becfaaaf-a81e-4021-b2d8-3675864b916e","block_type":"box","text":"The Fund and/or any of its delegates and service providers will not transfer personal data to a","page_number":126,"box":{"x":121,"y":121,"width":763,"height":13}},{"id":"ebbb9f16-028c-4716-9571-f00b61ef6be8","block_type":"box","text":"country outside of the EEA unless that country ensures an adequate level of data protection or","page_number":126,"box":{"x":121,"y":138,"width":763,"height":12}},{"id":"fb7ec394-9680-4c0c-97c0-eb80fbf46956","block_type":"box","text":"appropriate safeguards are in place. The European Commission has prepared a list of countries","page_number":126,"box":{"x":121,"y":154,"width":763,"height":13}},{"id":"fa566095-27cb-4290-9db5-e1c052128b47","block_type":"box","text":"that are deemed to provide an adequate level of data protection which, to date, includes","page_number":126,"box":{"x":121,"y":170,"width":763,"height":13}},{"id":"33262a8f-4df9-49a7-a548-34ba6b2c4082","block_type":"box","text":"Switzerland, Guernsey, Argentina, the Isle of Man, Faroe Islands, Jersey, Andorra, Israel, New","page_number":126,"box":{"x":122,"y":187,"width":762,"height":13}},{"id":"548205ee-34c3-430c-ae9c-4364eacfd2da","block_type":"box","text":"Zealand and Uruguay. Further countries may be added to this list by the European Commission","page_number":126,"box":{"x":121,"y":203,"width":763,"height":13}},{"id":"26546999-1d15-4ac8-97a8-1d03f5e77488","block_type":"box","text":"at any time. The US is also deemed to provide an adequate level of protection where the US","page_number":126,"box":{"x":121,"y":219,"width":763,"height":13}},{"id":"2fb74c91-8a17-464a-b724-48c779b746f7","block_type":"box","text":"recipient of the data is privacy shield-certified. If a third country does not provide an adequate","page_number":126,"box":{"x":121,"y":236,"width":763,"height":13}},{"id":"b533875b-7784-49e0-8016-9fd78e85dd36","block_type":"box","text":"level of data protection, then the Fund and/or any of its delegates and service providers will","page_number":126,"box":{"x":121,"y":252,"width":763,"height":13}},{"id":"17b90dc5-d88b-4df3-b396-ece971c4582e","block_type":"box","text":"ensure it puts in place appropriate safeguards such as the model clauses (which are standardised","page_number":126,"box":{"x":121,"y":269,"width":763,"height":13}},{"id":"b6607ccb-a6d1-4cf6-9e50-ab70cbc2ed8a","block_type":"box","text":"contractual clauses, approved by the European Commission) or binding corporate rules, or","page_number":126,"box":{"x":121,"y":285,"width":763,"height":13}},{"id":"d1acc691-09f2-42f7-aba5-901619eabcc6","block_type":"box","text":"relies on one of the derogations provided for in Data Protection Legislation.","page_number":126,"box":{"x":121,"y":301,"width":616,"height":13}},{"id":"d52c2775-bc3c-466f-9397-2397792e1dea","block_type":"box","text":"Where processing is carried out on behalf of the Fund, the Fund shall engage a data processor,","page_number":126,"box":{"x":121,"y":334,"width":763,"height":13}},{"id":"cb9aa9d9-8901-4221-bb61-b34bacfe21d5","block_type":"box","text":"within the meaning of Data Protection Legislation, which implements appropriate technical","page_number":126,"box":{"x":121,"y":351,"width":763,"height":13}},{"id":"32de6f69-0a3d-4ff1-a144-90555426e113","block_type":"box","text":"and organisational security measures in a manner that such processing meets the requirements","page_number":126,"box":{"x":121,"y":367,"width":763,"height":13}},{"id":"dcfaf746-38bf-45e2-813e-b2c67d9fd7ff","block_type":"box","text":"of Data Protection Legislation, and ensures the protection of the rights of investors. The Fund","page_number":126,"box":{"x":121,"y":383,"width":763,"height":13}},{"id":"457e232d-d37d-4510-9b75-9fc10cc7a176","block_type":"box","text":"will enter into a written contract with the data processor which will set out the data processor's","page_number":126,"box":{"x":121,"y":400,"width":763,"height":13}},{"id":"c1ea5b15-4ff2-46fa-be34-7910d2801072","block_type":"box","text":"specific mandatory obligations laid down in Data Protection Legislation, including to process","page_number":126,"box":{"x":121,"y":416,"width":763,"height":13}},{"id":"e675d24c-b4f7-4d52-bc61-2db30a16dd38","block_type":"box","text":"personal data only in accordance with the documented instructions from the Fund.","page_number":126,"box":{"x":120,"y":433,"width":668,"height":13}},{"id":"eae0c305-ff65-450d-a78d-be4857b5bf36","block_type":"box","text":"As part of the Fund's business and ongoing monitoring, the Fund may from time to time carry","page_number":126,"box":{"x":121,"y":465,"width":763,"height":13}},{"id":"b0e40105-52a1-475e-b3d9-7b0288a4d779","block_type":"box","text":"out automated decision-making in relation to investors, including, for example, profiling of","page_number":126,"box":{"x":121,"y":482,"width":763,"height":13}},{"id":"b7559ac0-9c60-4fe2-bc05-2d021a799bd4","block_type":"box","text":"investors in the context of anti-money laundering/ financial crime reviews, and this may result","page_number":126,"box":{"x":121,"y":498,"width":763,"height":13}},{"id":"32f5d374-3bb1-401d-900c-c657c8e7986a","block_type":"box","text":"in an investor being identified to the revenue authorities, law enforcement authorities and to","page_number":126,"box":{"x":121,"y":515,"width":763,"height":12}},{"id":"b29954ef-68c7-417a-879b-051cf4502055","block_type":"box","text":"other entities where required by law, and the Fund terminating its relationship with the investor.","page_number":126,"box":{"x":121,"y":531,"width":763,"height":13}},{"id":"d6d070d6-ebb2-4d0b-88cf-2c12a370966d","block_type":"box","text":"Investors are required to provide their personal data for statutory and contractual purposes.","page_number":126,"box":{"x":121,"y":564,"width":763,"height":13}},{"id":"d1d43117-9dde-4aa3-9784-d5e2810418b2","block_type":"box","text":"Failure to provide the required personal data will result in the Fund being unable to permit,","page_number":126,"box":{"x":121,"y":580,"width":763,"height":13}},{"id":"d0feb757-5094-4f72-8c54-6b1e00f68ea2","block_type":"box","text":"process, or release the investor's investment in the Sub-Funds and this may result in the Fund","page_number":126,"box":{"x":120,"y":596,"width":764,"height":13}},{"id":"add9c566-a9b4-4e3b-84e3-19e2242e7c17","block_type":"box","text":"terminating its relationship with the investor. Investors have a right to lodge a complaint with","page_number":126,"box":{"x":121,"y":613,"width":763,"height":13}},{"id":"d71bb139-510a-4b55-ab0e-9e3450f85600","block_type":"box","text":"the Data Protection Commission if they are unhappy with how the Fund is handling their data.","page_number":126,"box":{"x":121,"y":629,"width":763,"height":13}},{"id":"4221eeb5-9233-4fd5-a23d-127d705d64ef","block_type":"box","text":"Any questions about the operation of the Fund's data protection policy should be referred in","page_number":126,"box":{"x":121,"y":662,"width":763,"height":13}},{"id":"d51f4e97-739d-4c82-957b-19787fe0420f","block_type":"box","text":"the first instance to the Manager at, Aviva Investors Luxembourg, 2 rue du Fort Bourbon, 1st","page_number":126,"box":{"x":121,"y":678,"width":763,"height":13}},{"id":"bc783f57-364e-4402-a994-92c4e8833a0c","block_type":"box","text":"Floor PO Box 1375 L-1013 Luxembourg.","page_number":126,"box":{"x":121,"y":695,"width":347,"height":13}},{"id":"822c87ac-bb62-46a0-9c98-9a2b4fee3114","block_type":"box","text":"Litigation and Arbitration","page_number":126,"box":{"x":121,"y":728,"width":232,"height":13}},{"id":"d386ae3d-cfea-49f5-b55d-15dad8556e2d","block_type":"box","text":"Since incorporation the Fund has not been involved in any litigation or arbitration nor are the","page_number":126,"box":{"x":122,"y":760,"width":762,"height":13}},{"id":"a1da0650-2398-47f4-905c-726300698488","block_type":"box","text":"Directors aware of any pending or threatened litigation or arbitration.","page_number":126,"box":{"x":121,"y":777,"width":563,"height":13}},{"id":"ea70903f-1f22-404c-914a-7985e115e4ed","block_type":"box","text":"Directors’ Interests","page_number":126,"box":{"x":121,"y":810,"width":172,"height":10}},{"id":"b1f0340e-8e46-4d37-ae5c-41f87c649a11","block_type":"box","text":"a)","page_number":126,"box":{"x":121,"y":842,"width":20,"height":13}},{"id":"cb6e6ebc-ed71-4b40-8366-a7445ca63ed4","block_type":"box","text":"There are no service contracts in existence between the Fund and any of its Directors,","page_number":126,"box":{"x":182,"y":842,"width":702,"height":13}},{"id":"1549902f-3fe5-4814-9ad6-42a83cca5b64","block_type":"box","text":"nor are any such contracts proposed;","page_number":126,"box":{"x":181,"y":859,"width":300,"height":13}},{"id":"46b4bdc8-b0c4-4462-819f-3380726524e4","block_type":"box","text":"M-40331875-102","page_number":127,"box":{"x":121,"y":948,"width":101,"height":7}},{"id":"fe88e6ca-606c-4cb0-90fd-7b889875ef0f","block_type":"box","text":"127","page_number":127,"box":{"x":489,"y":949,"width":23,"height":8}},{"id":"e9dc76e3-f7e8-4740-a228-bcbfc686c57d","block_type":"box","text":"b)","page_number":127,"box":{"x":120,"y":88,"width":22,"height":13}},{"id":"9721b509-a378-4605-a37c-dc09fce491b3","block_type":"box","text":"At the date of this Prospectus, no Director has any interest, direct or indirect, in any","page_number":127,"box":{"x":181,"y":88,"width":703,"height":13}},{"id":"82123aec-f2b6-412a-b6ff-6fe51e86cb8e","block_type":"box","text":"assets which have been or are proposed to be acquired or disposed of by, or issued to,","page_number":127,"box":{"x":182,"y":105,"width":702,"height":13}},{"id":"f4ff5722-5860-415c-ae38-0b8c739002bf","block_type":"box","text":"the Fund and save as provided in (d) below no Director is materially interested in any","page_number":127,"box":{"x":181,"y":121,"width":703,"height":13}},{"id":"03c07c2c-f340-4c1f-a903-97773bf6a77f","block_type":"box","text":"contract or arrangement subsisting at the date hereof which is unusual in its nature and","page_number":127,"box":{"x":182,"y":138,"width":702,"height":12}},{"id":"9c97a853-0a8d-410d-8469-a833edb60b15","block_type":"box","text":"conditions or significant in relation to the business of the Fund;","page_number":127,"box":{"x":182,"y":154,"width":515,"height":13}},{"id":"83346290-3cca-47ec-b9d6-25eb717169a4","block_type":"box","text":"c)","page_number":127,"box":{"x":121,"y":187,"width":20,"height":13}},{"id":"87049c85-d883-4b3f-85bc-77aab9ea0f47","block_type":"box","text":"At the date of this Prospectus neither the Directors nor any Person Closely Associated","page_number":127,"box":{"x":181,"y":187,"width":703,"height":13}},{"id":"6f6768e4-bc55-442e-a35f-decebb71060c","block_type":"box","text":"have any beneficial interest in the share capital of the Fund or any options in respect of","page_number":127,"box":{"x":181,"y":203,"width":703,"height":13}},{"id":"70055764-0b84-446f-9169-f1755986ce3b","block_type":"box","text":"such capital;","page_number":127,"box":{"x":182,"y":219,"width":105,"height":13}},{"id":"c48c1ae2-c55c-44af-8d18-e67fd458f921","block_type":"box","text":"d)","page_number":127,"box":{"x":121,"y":252,"width":21,"height":13}},{"id":"c4eb320c-096f-4cc1-9b01-eec0fa6740a1","block_type":"box","text":"Anthony Callcott is a Director of the Fund and is an officer of the Investment Manager.","page_number":127,"box":{"x":181,"y":252,"width":703,"height":13}},{"id":"5e23d6e5-a9ad-4666-b9de-477b7861d609","block_type":"box","text":"Material 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November","page_number":127,"box":{"x":410,"y":367,"width":474,"height":13}},{"id":"c7a5b577-efd9-459b-b83d-f89a9eccbd9e","block_type":"box","text":"2019) between the Fund and the Depositary. 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The Depositary shall, in the case of a loss of financial instruments held","page_number":127,"box":{"x":175,"y":629,"width":709,"height":13}},{"id":"89c87238-0e44-4c63-9cdf-bc7cb8bd51f5","block_type":"box","text":"in custody, return securities of identical type or the corresponding amount to the relevant","page_number":127,"box":{"x":175,"y":646,"width":709,"height":13}},{"id":"cd00f3f7-58ec-412a-9f7e-acc9fb4018ea","block_type":"box","text":"Fund without undue delay. Subject to and without prejudice to the general liability of","page_number":127,"box":{"x":175,"y":662,"width":709,"height":13}},{"id":"4dc77774-530f-4c83-803d-327053834f48","block_type":"box","text":"the Depositary pursuant to the Depositary Agreement, the Fund shall indemnify and","page_number":127,"box":{"x":175,"y":678,"width":709,"height":13}},{"id":"dc8aa61c-5ede-4bc3-beaa-73e11a723bcb","block_type":"box","text":"keep indemnified and hold harmless the Depositary and each of its directors, officers,","page_number":127,"box":{"x":175,"y":695,"width":709,"height":13}},{"id":"04028609-b16e-4bfa-83f7-eab91803f3d1","block_type":"box","text":"servants, employees and agents from and against any and all actions, proceedings,","page_number":127,"box":{"x":176,"y":711,"width":708,"height":13}},{"id":"311962a0-a023-4a67-a067-f8ead2fcc7d1","block_type":"box","text":"claims, demands, losses, damages, costs and expenses (including legal and professional","page_number":127,"box":{"x":175,"y":728,"width":709,"height":13}},{"id":"176acc8c-ff71-463c-8575-cdaf0e70692b","block_type":"box","text":"fees and expenses arising therefrom or incidental thereto and including any loss suffered","page_number":127,"box":{"x":175,"y":744,"width":709,"height":13}},{"id":"8cd0292c-99ef-4845-aa95-7803e1377358","block_type":"box","text":"or incurred by the Depositary arising out of the failure of a settlement system to effect a","page_number":127,"box":{"x":175,"y":760,"width":709,"height":13}},{"id":"57ee1a30-ad0e-4d86-863c-9b769011f1ad","block_type":"box","text":"settlement) other than actions, proceedings, losses, damages, costs and expenses of any","page_number":127,"box":{"x":176,"y":777,"width":708,"height":13}},{"id":"7ba44e01-19bd-4f96-b59c-10efc5f006f4","block_type":"box","text":"nature suffered or incurred as a result of the negligent or intentional failure of the","page_number":127,"box":{"x":175,"y":793,"width":709,"height":13}},{"id":"47bd6a86-52ba-4349-898c-8fd1f26adb93","block_type":"box","text":"Depositary to perform its obligations pursuant to the UCITS Directive (or a loss of","page_number":127,"box":{"x":175,"y":810,"width":709,"height":12}},{"id":"131c4fd1-2586-4228-8339-2cfe6a02b0a3","block_type":"box","text":"financial instruments held in custody) which may be made or brought against or directly","page_number":127,"box":{"x":175,"y":826,"width":709,"height":13}},{"id":"d27f54fb-3961-44d3-be1d-4b52db8999f6","block_type":"box","text":"or indirectly suffered or incurred by the Depositary or any of its directors, officers,","page_number":127,"box":{"x":175,"y":842,"width":709,"height":13}},{"id":"c10925b7-2098-4db8-b497-22160049a8cd","block_type":"box","text":"servants, employees arising out of or in connection with the performance or non\u0002","page_number":127,"box":{"x":176,"y":859,"width":702,"height":13}},{"id":"d9fac959-1e9c-47e5-85ad-caac00dbc484","block_type":"box","text":"performance of the Depositary’s duties under the Depositary Agreement. Subject to and","page_number":127,"box":{"x":175,"y":875,"width":709,"height":13}},{"id":"3037f0cb-6098-42b9-b1e8-b101207a5262","block_type":"box","text":"without prejudice to the general liability of the Depositary pursuant to the Depositary","page_number":127,"box":{"x":175,"y":891,"width":709,"height":13}},{"id":"0c7033b0-afcb-46a8-959e-2486a34eb7a6","block_type":"box","text":"M-40331875-102","page_number":128,"box":{"x":121,"y":948,"width":101,"height":7}},{"id":"805acd3c-c735-4efe-bfca-f169f2be7244","block_type":"box","text":"128","page_number":128,"box":{"x":489,"y":949,"width":22,"height":8}},{"id":"dd6dd49b-9109-4ab7-8f93-4a3d1d9573a9","block_type":"box","text":"Agreement, the Depositary shall not be liable to the Fund or the Shareholders or any","page_number":128,"box":{"x":175,"y":88,"width":709,"height":13}},{"id":"28292b41-4d04-4bd5-9917-a02518b2a167","block_type":"box","text":"other person for consequential, indirect or special damages or losses arising out of or in","page_number":128,"box":{"x":175,"y":105,"width":709,"height":13}},{"id":"702fb9cd-96a4-4e0a-a0ed-60fe42e34e40","block_type":"box","text":"connection with the performance or non-performance by the Depositary of its duties and","page_number":128,"box":{"x":175,"y":121,"width":709,"height":13}},{"id":"8c08f726-8f1c-41a2-a81a-97430bca16d5","block_type":"box","text":"obligations under this Agreement.","page_number":128,"box":{"x":175,"y":138,"width":279,"height":12}},{"id":"901aa146-0c50-43f2-8c56-137f88112ffa","block_type":"box","text":"b)","page_number":128,"box":{"x":120,"y":170,"width":16,"height":13}},{"id":"6cb1f27b-53e5-45ce-87f7-2db8fb57ffc8","block_type":"box","text":"The Administration Agreement","page_number":128,"box":{"x":175,"y":171,"width":278,"height":12}},{"id":"a2868479-7671-4ada-98c7-4f0d24e2d91c","block_type":"box","text":"dated 1 November 2019 (effective at 00.01 on 4","page_number":128,"box":{"x":453,"y":170,"width":431,"height":13}},{"id":"48e4f35f-2e8f-45b4-9d3a-a71446bc3c74","block_type":"box","text":"November 2019) between the Manager, the Fund and the Administrator; this Agreement","page_number":128,"box":{"x":174,"y":187,"width":710,"height":13}},{"id":"2d9900af-0e3d-4243-b2ff-50f09ea60bec","block_type":"box","text":"provides that the appointment of the Administrator shall be in effect for an initial term","page_number":128,"box":{"x":175,"y":203,"width":709,"height":13}},{"id":"1be3e24b-eafc-40dc-aeef-794691eb571a","block_type":"box","text":"of three (3) years. Following the Initial Term the Agreement will continue unless and","page_number":128,"box":{"x":175,"y":219,"width":709,"height":13}},{"id":"d5647e20-fccf-405d-9cd4-b8884ff5ce17","block_type":"box","text":"until terminated by either party giving to the other not less than 90 days’ written notice","page_number":128,"box":{"x":175,"y":236,"width":709,"height":13}},{"id":"c441693c-1c32-4aa6-aceb-62e8c2fb4ea3","block_type":"box","text":"although in certain circumstances the Agreement may be terminated forthwith by notice","page_number":128,"box":{"x":175,"y":252,"width":709,"height":13}},{"id":"7d1b1b7b-a79d-4d0c-aa78-ce0b3bf05a42","block_type":"box","text":"in writing by either party to the other; this Agreement contains certain indemnities in","page_number":128,"box":{"x":175,"y":269,"width":709,"height":13}},{"id":"576ea155-49d7-4865-94b4-495046759fe9","block_type":"box","text":"favour of the Administrator which are restricted to exclude matters arising by reason of","page_number":128,"box":{"x":175,"y":285,"width":709,"height":13}},{"id":"46697b00-d184-41eb-9c30-3d498f077c28","block_type":"box","text":"fraud, negligence, material breach of contract or wilful misconduct by the Administrator","page_number":128,"box":{"x":175,"y":301,"width":709,"height":13}},{"id":"1d5f338b-b248-48a9-b412-f2f12d7d12f3","block_type":"box","text":"or any of its directors, officers or employees in the performance of its obligations or","page_number":128,"box":{"x":175,"y":318,"width":709,"height":13}},{"id":"582d975d-fd06-4b60-8174-2a2908d8663d","block_type":"box","text":"duties and certain provisions regarding its legal responsibilities and limitations thereon.","page_number":128,"box":{"x":175,"y":334,"width":709,"height":13}},{"id":"7e9a2ed3-e236-4245-bb91-9a1299f0eb05","block_type":"box","text":"c)","page_number":128,"box":{"x":121,"y":367,"width":14,"height":13}},{"id":"e8583b48-b4c9-40e5-bd8d-300c68253518","block_type":"box","text":"The Management Agreement","page_number":128,"box":{"x":175,"y":367,"width":254,"height":13}},{"id":"012bf065-a5f0-4237-bb55-a46d7109692a","block_type":"box","text":"dated 7 June 2018 (effective at 00.01 on 8 June 2018)","page_number":128,"box":{"x":429,"y":367,"width":455,"height":13}},{"id":"f6e1b4c6-480a-4eca-9513-ccc755e72230","block_type":"box","text":"between the Fund and the Manager; this agreement provides for the appointment of the","page_number":128,"box":{"x":175,"y":383,"width":709,"height":13}},{"id":"f545e63c-ab4a-43c1-88b2-357d446b4dd0","block_type":"box","text":"Manager as the Fund's management company within the meaning of the UCITS","page_number":128,"box":{"x":175,"y":400,"width":709,"height":13}},{"id":"3924c3e9-0595-4734-9634-580703b16390","block_type":"box","text":"Regulations. The Fund has delegated to the Manager the day to day management of the","page_number":128,"box":{"x":175,"y":416,"width":709,"height":13}},{"id":"0dbf02f7-0762-4673-ad7e-9533524bdbb3","block_type":"box","text":"Fund's affairs and more generally entrusted the Manager with the widest and maximum","page_number":128,"box":{"x":175,"y":433,"width":709,"height":13}},{"id":"9c5fa278-773b-4495-a124-2b64be230466","block_type":"box","text":"representation powers which are necessary or will be useful for the Manager to perform","page_number":128,"box":{"x":175,"y":449,"width":709,"height":13}},{"id":"70e3c1ee-17fb-4e01-be85-1d87bdb6cb0c","block_type":"box","text":"any of its duties pursuant to the Management Agreement. The Fund has agreed to","page_number":128,"box":{"x":175,"y":465,"width":709,"height":13}},{"id":"6f99e0c6-0213-48da-8464-9a5474abfc06","block_type":"box","text":"indemnify the Manager in respect of costs, expenses, losses, damages, liabilities,","page_number":128,"box":{"x":175,"y":482,"width":709,"height":13}},{"id":"171b08a4-4526-4faa-99f4-55e20b024ee2","block_type":"box","text":"demands, charges and claims of any kind or nature whatsoever that may be incurred by","page_number":128,"box":{"x":175,"y":498,"width":709,"height":13}},{"id":"08b80c7c-fe96-48ac-9574-3cdb5e5c26ef","block_type":"box","text":"the Manager or made against it as a consequence of certain breaches by the Fund, arising","page_number":128,"box":{"x":175,"y":515,"width":709,"height":12}},{"id":"f2956602-cf30-49a0-8599-c80a4e9f5d8a","block_type":"box","text":"out of any action, properly taken or omitted by the Manager in accordance with the","page_number":128,"box":{"x":175,"y":531,"width":709,"height":13}},{"id":"0cc5b54e-d7ad-413b-88f2-1aee229e031a","block_type":"box","text":"Management Agreement and/or in accordance with instructions from the Fund or as a","page_number":128,"box":{"x":175,"y":547,"width":709,"height":13}},{"id":"bda1ed78-cfd3-4c37-8d9e-8f9fc243ac34","block_type":"box","text":"result of non-payment by the Fund of any amounts falling due, save to the extent that","page_number":128,"box":{"x":175,"y":564,"width":709,"height":13}},{"id":"3abc9b5e-3f9f-483f-ae41-97e71107af43","block_type":"box","text":"the matter in question arose due to the negligence, fraud, recklessness or wilful","page_number":128,"box":{"x":175,"y":580,"width":709,"height":13}},{"id":"f1fef5e2-458f-4de7-9c0a-caf713abfd82","block_type":"box","text":"misconduct of the Manager or any of its delegates, agents, officers or employees. 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authority.","page_number":128,"box":{"x":175,"y":662,"width":170,"height":13}},{"id":"8da9345a-754a-4508-8540-e179ffd3829d","block_type":"box","text":"d)","page_number":128,"box":{"x":121,"y":695,"width":15,"height":13}},{"id":"e83f7b40-bab1-4889-872d-1f04de165ab5","block_type":"box","text":"The Investment Management Agreement","page_number":128,"box":{"x":175,"y":695,"width":350,"height":13}},{"id":"8090ed63-d220-4d8d-bc31-edc140bec839","block_type":"box","text":"dated 2 January 2019 between the Manager,","page_number":128,"box":{"x":525,"y":695,"width":359,"height":13}},{"id":"cd5c7881-947e-4739-8156-4a9719d405ef","block_type":"box","text":"the Fund and the Investment Manager; this Agreement provides that the appointment of","page_number":128,"box":{"x":175,"y":711,"width":709,"height":13}},{"id":"42b37975-2f46-4401-afc2-a9d738da75b1","block_type":"box","text":"the Investment Manager will continue in force unless and until terminated by 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not","page_number":170,"box":{"x":242,"y":383,"width":609,"height":13}},{"id":"c66a2716-0959-49c7-965f-96e26e73b02e","block_type":"box","text":"invest in the acquiring Money Market Fund during the period in which the","page_number":170,"box":{"x":242,"y":400,"width":604,"height":13}},{"id":"31f2c90a-30cc-4f18-89ea-8a931ea6adf6","block_type":"box","text":"acquiring Money Market Fund holds units or shares in it.","page_number":170,"box":{"x":242,"y":416,"width":465,"height":13}},{"id":"e066efd3-58f7-4be9-b3c0-963973a411b7","block_type":"box","text":"III.","page_number":170,"box":{"x":186,"y":449,"width":24,"height":10}},{"id":"98ad5b8e-9c34-4288-8f50-cc0f0f781f9b","block_type":"box","text":"A Money Market Fund may acquire the units or shares of other Money Market","page_number":170,"box":{"x":242,"y":449,"width":640,"height":13}},{"id":"d5edd581-f483-48e0-af57-b426d665fd78","block_type":"box","text":"Funds, provided that no more than 5% of its assets are invested in units or","page_number":170,"box":{"x":242,"y":465,"width":601,"height":13}},{"id":"9417d79d-a428-4597-a482-ed1e0e7839ae","block_type":"box","text":"shares of a single Money Market Fund.","page_number":170,"box":{"x":242,"y":482,"width":321,"height":13}},{"id":"215545ea-880d-41c1-982b-3b47234831c8","block_type":"box","text":"IV.","page_number":170,"box":{"x":185,"y":515,"width":25,"height":10}},{"id":"188ce345-019f-490b-8eee-cf9d16af1a99","block_type":"box","text":"A Money Market Fund may, in aggregate, invest no more than 17.5% of its","page_number":170,"box":{"x":242,"y":515,"width":613,"height":12}},{"id":"d9279810-1ee8-45c5-8c70-9bc2b4bb5fd7","block_type":"box","text":"assets in units or shares of other Money Market Funds.","page_number":170,"box":{"x":242,"y":531,"width":447,"height":13}},{"id":"738c9ffe-7571-4ad8-9ead-ca8554e8422c","block_type":"box","text":"V.","page_number":170,"box":{"x":192,"y":564,"width":18,"height":10}},{"id":"719939df-d8af-47f4-92a3-bb027d9095e7","block_type":"box","text":"Units or shares of other Money Market Funds shall be eligible for investment","page_number":170,"box":{"x":242,"y":564,"width":629,"height":13}},{"id":"71a7171d-b3a8-43dd-9869-c8b06c1b750e","block_type":"box","text":"by an MMF provided that all of the following conditions are fulfilled:","page_number":170,"box":{"x":241,"y":580,"width":568,"height":13}},{"id":"77e1d863-6c77-435d-9602-7130238b9d58","block_type":"box","text":"a)","page_number":170,"box":{"x":272,"y":596,"width":14,"height":13}},{"id":"1b8175bb-fcb5-4286-a974-1c816f2754c1","block_type":"box","text":"the targeted MMF is authorised under the Money Market Fund","page_number":170,"box":{"x":302,"y":596,"width":512,"height":13}},{"id":"c93a91f3-2d6a-442e-8a7a-a47645d516fb","block_type":"box","text":"Regulation;","page_number":170,"box":{"x":302,"y":613,"width":99,"height":13}},{"id":"36e6ae83-7de3-4cc6-8b66-6361cbe3cd94","block_type":"box","text":"b)","page_number":170,"box":{"x":272,"y":629,"width":16,"height":13}},{"id":"02102495-e3fd-4e2c-b438-e2e39e094bd1","block_type":"box","text":"where the targeted MMF is managed, whether directly or under a","page_number":170,"box":{"x":302,"y":629,"width":530,"height":13}},{"id":"00f20ed2-2477-41f1-bb32-46bb8aad596c","block_type":"box","text":"delegation, by the same manager as that of the acquiring Money","page_number":170,"box":{"x":303,"y":646,"width":521,"height":13}},{"id":"44fa6a87-dbb1-493b-9187-6e8f42e0db5c","block_type":"box","text":"Market Fund or by any other company to which the manager of the","page_number":170,"box":{"x":302,"y":662,"width":547,"height":13}},{"id":"583b482f-1a07-4213-a25a-3982fdaf70f1","block_type":"box","text":"acquiring Money Market Fund is linked by common management or","page_number":170,"box":{"x":303,"y":678,"width":556,"height":13}},{"id":"d49d4cc2-ce4e-4bf1-af67-b6c1fcf6b7ed","block_type":"box","text":"control, or by a substantial direct or indirect holding, the manager of","page_number":170,"box":{"x":303,"y":695,"width":555,"height":13}},{"id":"cb72b03a-03f1-4866-85e9-4115420301f1","block_type":"box","text":"the targeted MMF, or that other company, is prohibited from charging","page_number":170,"box":{"x":302,"y":711,"width":570,"height":13}},{"id":"ee688a76-294c-469c-8c5f-179973b84600","block_type":"box","text":"subscription or redemption fees on account of the investment by the","page_number":170,"box":{"x":303,"y":728,"width":552,"height":13}},{"id":"1eaf615b-a97b-402a-b116-b8d9d58606a7","block_type":"box","text":"acquiring Money Market Fund in the units or shares of the targeted","page_number":170,"box":{"x":303,"y":744,"width":545,"height":13}},{"id":"bf7f5c4f-a257-482f-acbd-6fc2f2ad598f","block_type":"box","text":"MMF;","page_number":170,"box":{"x":302,"y":761,"width":58,"height":12}},{"id":"92a6ffdb-789d-4a68-a4af-adf8be3121e8","block_type":"box","text":"VI.","page_number":170,"box":{"x":185,"y":794,"width":25,"height":9}},{"id":"d0a3fa13-e5f4-4c7d-b5f9-512cf3ddd8eb","block_type":"box","text":"Short-term Money Market Funds may only invest in units or shares of other","page_number":170,"box":{"x":243,"y":793,"width":615,"height":13}},{"id":"6f80f660-f038-4dcf-9b21-7651f6da28f2","block_type":"box","text":"short-term Money Market Funds.","page_number":170,"box":{"x":242,"y":810,"width":273,"height":12}},{"id":"baf41c0b-25a3-4280-b267-413b787bb718","block_type":"box","text":"VII.","page_number":170,"box":{"x":178,"y":843,"width":32,"height":9}},{"id":"2f01c9b9-4163-4371-8f04-f00e35ac3d16","block_type":"box","text":"Standard MMFs may invest in units or shares of Short-Term Money Market","page_number":170,"box":{"x":243,"y":842,"width":617,"height":13}},{"id":"51a219a3-c21c-4dad-99bd-3a6784d05b18","block_type":"box","text":"Funds and Standard Money Market Funds.","page_number":170,"box":{"x":242,"y":859,"width":349,"height":13}},{"id":"8a87a5ea-ad8e-4f36-bde5-70885e7d29b0","block_type":"box","text":"M-40331875-102","page_number":171,"box":{"x":121,"y":948,"width":101,"height":7}},{"id":"e65e655a-5c94-46ea-9eee-9b555cd71b62","block_type":"box","text":"171","page_number":171,"box":{"x":489,"y":949,"width":21,"height":8}},{"id":"ed7cbf16-5038-47fb-b8a9-2c77dfd36d70","block_type":"box","text":"________________________________________________________________","page_number":171,"box":{"x":123,"y":101,"width":759,"height":3}},{"id":"da3a250a-adee-42ae-86ff-adb0c9e5bae2","block_type":"box","text":"APPENDIX V","page_number":171,"box":{"x":427,"y":108,"width":151,"height":12}},{"id":"2cef0515-ab14-429d-b796-639d6dddd920","block_type":"box","text":"PERMITTED INVESTMENTS AND RESTRICTIONS FOR SUB-FUNDS","page_number":171,"box":{"x":123,"y":147,"width":759,"height":11}},{"id":"787124c7-37cd-476e-bf6f-934bb06ceea2","block_type":"box","text":"THAT ARE NOT MONEY MARKET FUNDS","page_number":171,"box":{"x":265,"y":166,"width":476,"height":11}},{"id":"41d643ab-8b63-4ada-b53d-1a21edadbe7c","block_type":"box","text":"___________________________________________________________________________","page_number":171,"box":{"x":120,"y":194,"width":762,"height":3}},{"id":"413abb7f-22a6-4daa-b734-bf99165022b1","block_type":"box","text":"Investment Restrictions","page_number":171,"box":{"x":121,"y":217,"width":209,"height":10}},{"id":"bcf70f80-48e1-4d2c-a551-f7916e69cceb","block_type":"box","text":"The investment restrictions applying to each Sub-Fund under the Regulations are set out below.","page_number":171,"box":{"x":121,"y":250,"width":763,"height":13}},{"id":"daaf1c7f-b3fd-4bd7-b7a1-6ba2e3b12cbe","block_type":"box","text":"These are however, subject to the qualifications and exemptions contained in the Regulations.","page_number":171,"box":{"x":121,"y":266,"width":763,"height":13}},{"id":"df7625fa-d7e1-4d40-ac37-916f5bc4a580","block_type":"box","text":"Any additional investment restrictions for a Sub-Fund will be formulated by the Directors at","page_number":171,"box":{"x":121,"y":282,"width":763,"height":13}},{"id":"164e34aa-78c8-4459-9881-3fd5cbc4f87e","block_type":"box","text":"the time of creation of such Sub-Fund.","page_number":171,"box":{"x":121,"y":299,"width":315,"height":10}},{"id":"732f8862-c6ba-47d9-ab58-eea5fe08f638","block_type":"box","text":"It is intended that the Fund should have the power to avail of any change in the law, regulation","page_number":171,"box":{"x":121,"y":332,"width":763,"height":12}},{"id":"da83961c-26f2-4f48-81cf-7528a5b1b53e","block_type":"box","text":"or guidelines which would permit investment in assets and securities on a wider basis.","page_number":171,"box":{"x":121,"y":348,"width":699,"height":13}},{"id":"5d6091d3-93f4-4588-8847-cd906c6387d3","block_type":"box","text":"1.","page_number":171,"box":{"x":122,"y":381,"width":13,"height":10}},{"id":"80ab617f-bc38-4fa4-8b02-134805990033","block_type":"box","text":"Permitted Investments","page_number":171,"box":{"x":181,"y":381,"width":200,"height":10}},{"id":"f90cb281-a5b1-4b91-a145-7f7b09d95320","block_type":"box","text":"Investments of a Sub-Fund are confined to:","page_number":171,"box":{"x":181,"y":413,"width":355,"height":11}},{"id":"4c7ef0ae-6cb3-4397-8bb5-9dbf27d1efc8","block_type":"box","text":"(a)","page_number":171,"box":{"x":182,"y":448,"width":19,"height":11}},{"id":"a6579199-245d-40c9-bd96-c18f6c34d0f1","block_type":"box","text":"transferable securities and money market instruments, as prescribed in the","page_number":171,"box":{"x":242,"y":446,"width":642,"height":13}},{"id":"c2b30d9b-06e6-49fd-a1d8-3d126e1d4846","block_type":"box","text":"Regulations, which are either admitted to official listing on a stock exchange in","page_number":171,"box":{"x":242,"y":463,"width":642,"height":13}},{"id":"1d4045b1-d03d-47b5-bd71-eeee6032bfbd","block_type":"box","text":"an EU Member State or non-EU Member State or which are dealt on a market","page_number":171,"box":{"x":242,"y":479,"width":642,"height":10}},{"id":"9038cf1f-391c-441e-bbc7-6bca00cce13e","block_type":"box","text":"which is regulated, operates regularly, is recognised and open to the public in","page_number":171,"box":{"x":242,"y":495,"width":642,"height":13}},{"id":"aee24a62-4d02-4b6c-a0e6-13a6dd6e9657","block_type":"box","text":"an EU Member State or non-EU Member State.","page_number":171,"box":{"x":242,"y":512,"width":389,"height":10}},{"id":"5108d489-1082-445d-9127-b0da4706583d","block_type":"box","text":"(b)","page_number":171,"box":{"x":182,"y":546,"width":19,"height":11}},{"id":"08cff2d0-4a24-4c7c-85bf-9419ef483d8a","block_type":"box","text":"Recently issued transferable securities which will be admitted to official listing","page_number":171,"box":{"x":242,"y":545,"width":642,"height":13}},{"id":"c9c1c37b-e8ef-48c5-9397-4cbcd1e49173","block_type":"box","text":"on a stock exchange or other market (as described above) within a year.","page_number":171,"box":{"x":242,"y":561,"width":583,"height":13}},{"id":"8adbc7dc-7e71-4850-a9b3-107fecc9be1b","block_type":"box","text":"(c)","page_number":171,"box":{"x":182,"y":595,"width":18,"height":11}},{"id":"cd5d2afe-8de9-49b9-9514-a819c665a4c9","block_type":"box","text":"Money market instruments, as defined in the Regulations, other than those dealt","page_number":171,"box":{"x":242,"y":594,"width":642,"height":13}},{"id":"4662cafd-c604-4ec3-8f79-5d64790d895d","block_type":"box","text":"on a regulated market.","page_number":171,"box":{"x":242,"y":610,"width":185,"height":13}},{"id":"276a550b-1d6e-4762-adc6-55b8fc2b9450","block_type":"box","text":"(d)","page_number":171,"box":{"x":182,"y":644,"width":19,"height":11}},{"id":"50433582-4028-4535-9beb-5f4d747845d8","block_type":"box","text":"Units of UCITS.","page_number":171,"box":{"x":242,"y":643,"width":138,"height":10}},{"id":"c3bb3d76-915f-4b3a-b6e4-42b512c42c86","block_type":"box","text":"(e)","page_number":171,"box":{"x":182,"y":677,"width":19,"height":11}},{"id":"740d782e-b085-4016-b17e-fc1ddb6d743e","block_type":"box","text":"Shares or units of non-UCITS as set out in the Central Bank's Guidance.","page_number":171,"box":{"x":243,"y":676,"width":587,"height":10}},{"id":"b7ed90aa-3070-4f14-a1a8-3944c87e5793","block_type":"box","text":"(f)","page_number":171,"box":{"x":182,"y":710,"width":14,"height":11}},{"id":"fca3c207-eb15-4790-ae89-cbbdb987a2ca","block_type":"box","text":"Deposits with credit institutions as prescribed in the UCITS Regulations and/or","page_number":171,"box":{"x":242,"y":708,"width":642,"height":13}},{"id":"f5c5b177-9c35-4a88-ac3c-98324a5ae1ad","block_type":"box","text":"the Central Bank UCITS Regulations","page_number":171,"box":{"x":242,"y":725,"width":306,"height":13}},{"id":"e7f2f8a6-513a-4bd2-9d9a-7b24fcb6156f","block_type":"box","text":"(g)","page_number":171,"box":{"x":182,"y":759,"width":19,"height":11}},{"id":"54299df2-48de-402d-9dd3-f7e6137f8dab","block_type":"box","text":"Financial derivative instruments as prescribed in the UCITS Regulations and/or","page_number":171,"box":{"x":242,"y":757,"width":642,"height":13}},{"id":"f1f2e550-391d-4c86-9c33-3e89c20e817b","block_type":"box","text":"the Central Bank UCITS Regulations.","page_number":171,"box":{"x":242,"y":774,"width":311,"height":13}},{"id":"dabbbaf2-09c5-4274-a3c9-e15c559ff046","block_type":"box","text":"2.","page_number":171,"box":{"x":121,"y":807,"width":14,"height":10}},{"id":"eb8a8392-5fa7-4224-966b-308dbc82a365","block_type":"box","text":"Investment Limits","page_number":171,"box":{"x":181,"y":807,"width":162,"height":10}},{"id":"3ce18378-506d-4015-b4a8-8e9a16b5821b","block_type":"box","text":"(a) A Sub-Fund may invest no more than 10% of its net assets in transferable","page_number":171,"box":{"x":182,"y":839,"width":702,"height":13}},{"id":"599a184c-18d0-45fd-87d3-f4a58f07abce","block_type":"box","text":"securities and money market instruments other than those referred to in","page_number":171,"box":{"x":242,"y":856,"width":642,"height":13}},{"id":"e388288e-dcbd-42cd-be31-4f6bdce81f27","block_type":"box","text":"paragraph 1.","page_number":171,"box":{"x":241,"y":872,"width":106,"height":13}},{"id":"46bc0520-0c1b-4ed9-ab9e-1b25df9afa23","block_type":"box","text":"M-40331875-102","page_number":172,"box":{"x":121,"y":948,"width":101,"height":7}},{"id":"162e8d2e-fb05-4684-bbd8-274b8b8c47d9","block_type":"box","text":"172","page_number":172,"box":{"x":489,"y":949,"width":23,"height":8}},{"id":"2b498c66-085b-4200-ad5f-1eeb6a79a961","block_type":"box","text":"(b) A Sub-Fund may invest no more than 10% of its net assets in recently issued","page_number":172,"box":{"x":182,"y":88,"width":702,"height":13}},{"id":"7faa46a3-49ee-4572-be9a-a709fedcc1df","block_type":"box","text":"transferable securities which will be admitted to official listing on a stock","page_number":172,"box":{"x":242,"y":105,"width":642,"height":13}},{"id":"18ccf18c-9ab7-4a0a-980d-f828424ee35a","block_type":"box","text":"exchange or other market (as described in Appendix II) within a year. This","page_number":172,"box":{"x":242,"y":121,"width":642,"height":13}},{"id":"0116e8a6-03fd-49b2-8a5e-d72201055f41","block_type":"box","text":"restriction will not apply in relation to investment by a Sub-Fund in certain US","page_number":172,"box":{"x":242,"y":138,"width":642,"height":12}},{"id":"ef309eba-b534-4f5f-b026-4de61b539c46","block_type":"box","text":"securities known as Rule 144A securities provided that:","page_number":172,"box":{"x":242,"y":154,"width":454,"height":13}},{"id":"2f416d07-afc9-462a-b8a0-28f6e2bb12c6","block_type":"box","text":"(1) the securities are issued with an undertaking to register with the US","page_number":172,"box":{"x":242,"y":187,"width":642,"height":13}},{"id":"ea9b9044-50bb-4a3e-93cb-1094babd5f9c","block_type":"box","text":"Securities and Exchanges Commission within one year of issue; and","page_number":172,"box":{"x":303,"y":203,"width":581,"height":13}},{"id":"59c6812e-de8d-4e5b-a383-617a67a6bc0a","block_type":"box","text":"(2) the securities are not illiquid securities i.e. they may be realised by the","page_number":172,"box":{"x":242,"y":236,"width":642,"height":13}},{"id":"259aab14-5475-4df0-a6df-42f27370f8a5","block_type":"box","text":"Sub-Fund within seven days at the price, or approximately at the price,","page_number":172,"box":{"x":303,"y":252,"width":581,"height":13}},{"id":"d663fa3f-4b7e-47b6-97c9-571cf0f20ce0","block_type":"box","text":"at which they are valued by the Sub-Fund.","page_number":172,"box":{"x":303,"y":269,"width":346,"height":13}},{"id":"378aefa2-01c4-46da-ab48-cce6a2dc7e40","block_type":"box","text":"(c) A Sub-Fund may invest no more than 10% of its net assets in transferable","page_number":172,"box":{"x":182,"y":301,"width":702,"height":13}},{"id":"ca8422bf-8186-4c15-b6bc-b3106089c654","block_type":"box","text":"securities or money market instruments issued by the same body provided 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This waiver is applicable only if in its investment policies the","page_number":175,"box":{"x":302,"y":678,"width":582,"height":13}},{"id":"ab1f5714-80a2-4c85-8797-b89c19093b6a","block_type":"box","text":"company from the non-EU Member State complies with the limits laid","page_number":175,"box":{"x":303,"y":695,"width":581,"height":13}},{"id":"e48573d6-d14a-4f3a-b137-3c41e5d0ce7c","block_type":"box","text":"down in paragraphs 2(c)-(k), 3(a), (b) and 5(a), (b), (d), (e) and provided","page_number":175,"box":{"x":303,"y":711,"width":581,"height":13}},{"id":"d0d3d785-1d7c-4466-a7b1-5480a2022f0f","block_type":"box","text":"that where these limits are exceeded, paragraphs 5(e) and 5(f) below are","page_number":175,"box":{"x":302,"y":728,"width":582,"height":13}},{"id":"d2edd0e3-af35-49bd-aaf0-46cd767cc086","block_type":"box","text":"observed;","page_number":175,"box":{"x":303,"y":744,"width":82,"height":12}},{"id":"1dad6434-00db-4a53-9db9-c2336fdc961b","block_type":"box","text":"(5) shares 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or","page_number":176,"box":{"x":201,"y":334,"width":231,"height":13}},{"id":"c6c79d69-7d75-44c2-a1be-c976913d28cc","block_type":"box","text":"(4) financial derivative instruments.","page_number":176,"box":{"x":201,"y":351,"width":371,"height":13}},{"id":"a412d0cb-6170-4a84-9bc6-0baa4bc3d7d9","block_type":"box","text":"(h) A Sub-Fund may hold ancillary liquid assets.","page_number":176,"box":{"x":181,"y":383,"width":428,"height":13}},{"id":"4521ba31-53f3-4fcd-aa84-7c07e70e108e","block_type":"box","text":"6.","page_number":176,"box":{"x":121,"y":416,"width":14,"height":10}},{"id":"32ea2ba1-1a8c-44f4-b7ca-d70588b727c7","block_type":"box","text":"Financial Derivative Instruments (FDIs)","page_number":176,"box":{"x":181,"y":416,"width":352,"height":13}},{"id":"0f64e49b-5a90-4bfd-8734-086a46708541","block_type":"box","text":"(a) A Sub-Fund’s global exposure (as prescribed in the Central Bank 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the","page_number":176,"box":{"x":242,"y":531,"width":642,"height":13}},{"id":"e68f90a3-1aa3-4ce7-bde2-114e0ff66e8b","block_type":"box","text":"investment limits set out in the Central Bank UCITS Regulations and/or UCITS","page_number":176,"box":{"x":242,"y":547,"width":642,"height":13}},{"id":"bdc9df7c-b24e-4320-9433-0ebd2ee113e8","block_type":"box","text":"Regulations. (This provision does not apply in the case of index based FDI","page_number":176,"box":{"x":242,"y":564,"width":642,"height":13}},{"id":"35f0d592-6a0d-49dc-a151-425e5c9b1fc0","block_type":"box","text":"provided the underlying index is one which meets with the criteria set out in the","page_number":176,"box":{"x":241,"y":580,"width":643,"height":13}},{"id":"bb75bd08-1b32-48f0-96d4-f501baea8f4d","block_type":"box","text":"Central Bank UCITS Regulations.)","page_number":176,"box":{"x":242,"y":596,"width":288,"height":13}},{"id":"3fb1516f-e431-467d-a6af-223f6e26c029","block_type":"box","text":"(c) A Sub-Fund may invest in FDIs dealt over-the-counter (","page_number":176,"box":{"x":181,"y":629,"width":507,"height":13}},{"id":"eb0bdce7-ca39-4625-a7c8-8b021a91f402","block_type":"box","text":"OTC","page_number":176,"box":{"x":690,"y":629,"width":41,"height":10}},{"id":"894dd49a-14a9-4c33-bbd9-4822ed6be3c8","block_type":"box","text":") provided that 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