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Information on the anticipated level of tracking error in respect of a Scheme can be found in the relevant Key Inves","page_number":21,"box":{"x":104,"y":736,"width":766,"height":9}},{"id":"eefbc72b-4696-4aea-ad3d-d08198f4dcd4","block_type":"box","text":"tor","page_number":21,"box":{"x":871,"y":737,"width":18,"height":6}},{"id":"ed789ade-fc33-46ca-ae01-9de5fc8ac38d","block_type":"box","text":"Information Document and information on the level of tracking error experienced by a Scheme will be contained in the most rec","page_number":21,"box":{"x":105,"y":749,"width":784,"height":9}},{"id":"c03b97fa-cf15-4321-a387-049773811452","block_type":"box","text":"e","page_number":21,"box":{"x":891,"y":751,"width":6,"height":5}},{"id":"da6ef5cb-7a3d-4025-b43e-7137811da838","block_type":"box","text":"nt","page_number":21,"box":{"x":899,"y":750,"width":11,"height":6}},{"id":"096be49e-073f-4216-a490-b4a5cd3c459e","block_type":"box","text":"financial statements published by the Investment Adviser.","page_number":21,"box":{"x":104,"y":762,"width":354,"height":9}},{"id":"fc3d5149-d230-4c69-90fb-4f22758b2902","block_type":"box","text":"The Investment Adviser will rely solely on each Index Provider for information as to the composition and/or weighting of the","page_number":21,"box":{"x":104,"y":789,"width":761,"height":10}},{"id":"bda02f7b-5476-41c2-8390-87561818bb63","block_type":"box","text":"securities that constitute each Index (“Index Securities”). If the Investment Adviser is unable to obtain or process such inf","page_number":21,"box":{"x":104,"y":802,"width":741,"height":10}},{"id":"ac6354aa-3101-4578-841d-4eed320bef92","block_type":"box","text":"ormati","page_number":21,"box":{"x":846,"y":803,"width":40,"height":7}},{"id":"8e8bd75d-7f01-4e85-beae-dc74945c1dc6","block_type":"box","text":"on","page_number":21,"box":{"x":887,"y":805,"width":15,"height":5}},{"id":"cab50b12-04fd-4f13-bc09-8c6eb1b9a1ba","block_type":"box","text":"in relation to any Index on any Business Day, then the most recently published composition and/or weighting of that Index wil","page_number":21,"box":{"x":105,"y":815,"width":770,"height":10}},{"id":"13dfcfe0-7fde-4d7d-80f1-f4cca3523df9","block_type":"box","text":"l be","page_number":21,"box":{"x":877,"y":815,"width":21,"height":8}},{"id":"f26362c7-1a2f-4ade-a7e3-d257390fd6ab","block_type":"box","text":"used for the purpose of all adjustments. Because a passive investment strategy seeks to approximate an index return, the re","page_number":21,"box":{"x":105,"y":828,"width":759,"height":10}},{"id":"f085d87b-2fc3-4070-9de1-c5c77c0d2cd1","block_type":"box","text":"turn","page_number":21,"box":{"x":866,"y":829,"width":24,"height":7}},{"id":"b7c16a74-77c1-412f-a36f-361bc64ecd13","block_type":"box","text":"will be determined by the return on the Index.","page_number":21,"box":{"x":104,"y":842,"width":283,"height":9}},{"id":"e690c2ff-845f-46ae-937f-e7d01c12d147","block_type":"box","text":"From time to time securities are added to or removed from the Index. The","page_number":21,"box":{"x":105,"y":869,"width":456,"height":7}},{"id":"b28ba1b6-c8af-48e3-b5a0-70c3eb4d2dd5","block_type":"box","text":"Investment Adviser","page_number":21,"box":{"x":567,"y":869,"width":117,"height":7}},{"id":"18e9edcc-1f1b-4142-9eb5-894c33e2d975","block_type":"box","text":"may sell securities that are","page_number":21,"box":{"x":689,"y":869,"width":162,"height":9}},{"id":"eb010b4e-625a-4804-a1b9-3ba2b07c0986","block_type":"box","text":"represented in the Index, or purchase securities that are not yet represented in the Index, in anticipation of their removal","page_number":21,"box":{"x":105,"y":882,"width":742,"height":9}},{"id":"2e5dd595-8ead-48f0-8062-7ddbd623155b","block_type":"box","text":"from or","page_number":21,"box":{"x":852,"y":882,"width":47,"height":7}},{"id":"50891052-cd03-46ea-a0f3-b8a6fd050614","block_type":"box","text":"addition to the Index.","page_number":21,"box":{"x":104,"y":895,"width":131,"height":7}},{"id":"75a6cd15-f0ea-49f7-ab87-db9eac4dc14d","block_type":"box","text":"A Scheme may at times purchase or sell futures contracts on the Index or other indexes or securities, or options on those fut","page_number":21,"box":{"x":104,"y":922,"width":762,"height":9}},{"id":"eca61a3f-a9a5-4057-8ed1-7e2dd5360223","block_type":"box","text":"ures,","page_number":21,"box":{"x":868,"y":924,"width":28,"height":7}},{"id":"d9ead92a-e5e2-4c24-ba40-f636d4fcf313","block_type":"box","text":"or engage in other transactions involving the use of derivatives, in lieu of investment directly in the securities making up","page_number":21,"box":{"x":104,"y":935,"width":735,"height":10}},{"id":"9f39b491-21b5-4b18-8a42-dc6423b1a40d","block_type":"box","text":"the Index.","page_number":21,"box":{"x":844,"y":935,"width":60,"height":8}},{"id":"905a5cd1-f8c1-40bc-a318-e9def08b1cf4","block_type":"box","text":"Such a Scheme might do so, for example, in order to increase its investment exposure pending investment of cash in the securi","page_number":21,"box":{"x":104,"y":948,"width":776,"height":9}},{"id":"bf50f1c6-1763-4c10-a841-d16a1549350e","block_type":"box","text":"ties","page_number":21,"box":{"x":881,"y":949,"width":21,"height":7}},{"id":"e6930c7f-04a9-4e48-86ab-0dcdd1bd7c13","block_type":"box","text":"22","page_number":22,"box":{"x":446,"y":969,"width":13,"height":7}},{"id":"684c4fac-50a7-4e4f-95d1-4fc44e38edc0","block_type":"box","text":"comprising the Index or as part of an index replication strategy. Alternatively, a Scheme might use such instruments to redu","page_number":22,"box":{"x":104,"y":84,"width":760,"height":10}},{"id":"9da27522-69d1-4a2d-a0fb-d457581f98ed","block_type":"box","text":"ce its","page_number":22,"box":{"x":866,"y":85,"width":31,"height":7}},{"id":"cffdcff6-e0ee-4cb5-9acd-8402a138f19c","block_type":"box","text":"investment exposure in situations where it intends to sell a portion of the securities in its portfolio but the sale has not","page_number":22,"box":{"x":105,"y":97,"width":725,"height":10}},{"id":"abed9cce-2e5f-4b1e-8e4f-0a5780a4961d","block_type":"box","text":"yet been","page_number":22,"box":{"x":835,"y":97,"width":52,"height":10}},{"id":"f80d2596-8e9d-4168-85c3-e2d24b8305d5","block_type":"box","text":"completed. Use of futures or other derivatives allows a Scheme to be fully","page_number":22,"box":{"x":104,"y":110,"width":456,"height":10}},{"id":"6ca42570-c3ee-4243-ab5d-05b1a9712d56","block_type":"box","text":"equitized","page_number":22,"box":{"x":565,"y":111,"width":55,"height":9}},{"id":"de8e0399-4a60-4cf4-a607-bb24814b23f3","block_type":"box","text":"while accommodating cash flows into and out","page_number":22,"box":{"x":625,"y":110,"width":280,"height":10}},{"id":"2d8f0d35-0903-4ad5-acb3-289dba145bfd","block_type":"box","text":"of the Scheme and to","page_number":22,"box":{"x":104,"y":124,"width":130,"height":7}},{"id":"78835de6-b1c1-4ac5-b863-00595ecbca18","block_type":"box","text":"equitize","page_number":22,"box":{"x":239,"y":124,"width":47,"height":9}},{"id":"e8bed41a-295a-44a3-b348-29bba4e8bfd0","block_type":"box","text":"dividend receivables and other cash items to achieve closer tracking to the Index.","page_number":22,"box":{"x":291,"y":124,"width":497,"height":9}},{"id":"a35aaa5c-fad2-415c-bd0c-19729b7e2119","block_type":"box","text":"A Scheme’s return may not match the return of the Index for a number of reasons. For example, there may be differences","page_number":22,"box":{"x":104,"y":151,"width":750,"height":9}},{"id":"7091e25d-ca26-4747-a890-e3f2912f74aa","block_type":"box","text":"between withholding tax rates applicable to the Scheme compared to those used by the Index. In addition, the return on the","page_number":22,"box":{"x":105,"y":164,"width":765,"height":9}},{"id":"6c6bd385-0d0d-4721-999d-c302971a3a2e","block_type":"box","text":"securities a","page_number":22,"box":{"x":104,"y":177,"width":67,"height":7}},{"id":"03be746a-51a9-4f6f-a2d4-a4f410c75888","block_type":"box","text":"nd other investments selected by the","page_number":22,"box":{"x":174,"y":177,"width":227,"height":9}},{"id":"d2287732-e7ab-469a-8c28-2d78f3837dce","block_type":"box","text":"Investment Adviser","page_number":22,"box":{"x":406,"y":177,"width":117,"height":7}},{"id":"41ebc7a8-5b56-402d-a4b3-cc7136aa0381","block_type":"box","text":"may not precisely match the return on the Index due to","page_number":22,"box":{"x":528,"y":177,"width":339,"height":9}},{"id":"0fedc7e0-6e92-4047-a47c-6800ad2d68c5","block_type":"box","text":"misweights and the substitution of securities or because the Index provider makes an error in the calculation of the Index wh","page_number":22,"box":{"x":105,"y":190,"width":764,"height":9}},{"id":"c5b2191e-3774-4729-a52e-a1abfb1d27e9","block_type":"box","text":"ich is","page_number":22,"box":{"x":871,"y":190,"width":29,"height":7}},{"id":"7e483764-8b46-4936-b786-e5db96277433","block_type":"box","text":"not subsequently corrected or because the Index provider makes an err","page_number":22,"box":{"x":105,"y":203,"width":437,"height":9}},{"id":"9db21fa8-09c5-48cb-85d6-dbc7a5a42bdc","block_type":"box","text":"or in the calculation of the Index which is incorporated into","page_number":22,"box":{"x":544,"y":203,"width":361,"height":9}},{"id":"6d99cdec-9e61-496b-8efe-84df067889fe","block_type":"box","text":"the Scheme and the Index provider then restates the Index. A Scheme incurs a number of operating expenses not applicable to","page_number":22,"box":{"x":104,"y":216,"width":780,"height":9}},{"id":"2dcf839c-0bad-4411-98eb-cebba68155ac","block_type":"box","text":"the","page_number":22,"box":{"x":889,"y":216,"width":20,"height":7}},{"id":"dc577a0a-177c-4fba-944f-11a02a4429f8","block_type":"box","text":"Index and","page_number":22,"box":{"x":105,"y":229,"width":58,"height":7}},{"id":"fa4d074f-a6f2-4b49-8523-e26bd147eb3d","block_type":"box","text":"incurs costs in buying and selling securities and margi","page_number":22,"box":{"x":168,"y":229,"width":325,"height":9}},{"id":"407c22d4-d279-45bf-a7fe-63ae48d5c256","block_type":"box","text":"n costs in connection with its derivatives investments. A Scheme","page_number":22,"box":{"x":495,"y":229,"width":397,"height":7}},{"id":"d44dfb0a-5ed5-44ff-94bc-dac1ead45bef","block_type":"box","text":"may not be fully invested at times, as a result of cash flows into or out of that Scheme. The return on the sample of securi","page_number":22,"box":{"x":105,"y":242,"width":746,"height":9}},{"id":"44ad6b38-3df0-483d-aa30-e6417c91f7af","block_type":"box","text":"ties","page_number":22,"box":{"x":853,"y":243,"width":21,"height":7}},{"id":"b3b73738-7afd-4c2f-afbc-5b95a9e0c7e7","block_type":"box","text":"purchased by the","page_number":22,"box":{"x":105,"y":255,"width":104,"height":9}},{"id":"db2fceae-855e-4df7-b0ca-99c28e723f9e","block_type":"box","text":"Investment Adviser","page_number":22,"box":{"x":214,"y":255,"width":118,"height":8}},{"id":"8d3f8b33-d98f-4e37-a1a9-4ce4869f4d35","block_type":"box","text":", or futures or other derivative positions taken by a Scheme, to approximate the performance","page_number":22,"box":{"x":332,"y":255,"width":572,"height":9}},{"id":"e4cd353a-1523-4c55-af5e-42744e85d83b","block_type":"box","text":"of the Index may not correlate precisely with the return on the Index.","page_number":22,"box":{"x":104,"y":268,"width":424,"height":9}},{"id":"8f3f78e4-5d4b-4fe5-8aa6-bce56858d7d5","block_type":"box","text":"Because a Scheme seeks to achieve a return based on the return of the Index, it will continue to pursue the investment strate","page_number":22,"box":{"x":105,"y":295,"width":767,"height":10}},{"id":"abd0185e-8502-4fe1-9728-d7282aa6f88f","block_type":"box","text":"gies","page_number":22,"box":{"x":874,"y":296,"width":23,"height":9}},{"id":"233a427a-d10a-4692-88f7-a317a1250d0c","block_type":"box","text":"described above, even during times when the Manager expects the level of the Index to decline.","page_number":22,"box":{"x":104,"y":309,"width":588,"height":9}},{"id":"a39b014c-5043-4d39-9f74-92b578f2199e","block_type":"box","text":"Stratified Sampling Strategy","page_number":22,"box":{"x":104,"y":335,"width":244,"height":12}},{"id":"90a2f7ce-8685-41a4-94eb-f2b2830ddfe7","block_type":"box","text":"Each Scheme using a stratified sampling strategy will seek to build a representative portfolio that matches the risk and retu","page_number":22,"box":{"x":105,"y":363,"width":752,"height":9}},{"id":"46015271-91e8-40de-917c-a9dfa493f876","block_type":"box","text":"rn","page_number":22,"box":{"x":860,"y":365,"width":11,"height":5}},{"id":"c4c28573-ee32-422c-875a-b260427373ce","block_type":"box","text":"characteristics of the applicable Index of the Scheme (minus any Excluded Securities) in the most efficient way, including,","page_number":22,"box":{"x":104,"y":376,"width":744,"height":9}},{"id":"4bc4f3e1-fe74-402e-b0b1-ed18f0a7d6d9","block_type":"box","text":"but","page_number":22,"box":{"x":854,"y":376,"width":19,"height":7}},{"id":"93f8c705-c4b1-4078-851f-a7bba14ae943","block_type":"box","text":"not","page_number":22,"box":{"x":878,"y":377,"width":20,"height":6}},{"id":"3f4ddeae-87f7-4e39-8af8-090e3480c43a","block_type":"box","text":"limited to, risks related to currencies, countries, sectors, quality, maturity duration and issuers. Stratified sampling is u","page_number":22,"box":{"x":105,"y":389,"width":722,"height":9}},{"id":"6ac5c38e-8c58-4f9a-b5b3-fb74927a09c2","block_type":"box","text":"sed because","page_number":22,"box":{"x":829,"y":389,"width":74,"height":7}},{"id":"3e12636f-af75-42ee-9347-2a97ade7cd5d","block_type":"box","text":"the Index contains too many securities to efficiently purchase and, at times, certain securities included in that","page_number":22,"box":{"x":104,"y":402,"width":671,"height":9}},{"id":"68da560c-deb2-40dd-98db-b6abc52e6210","block_type":"box","text":"Index may be","page_number":22,"box":{"x":781,"y":402,"width":80,"height":9}},{"id":"8bc8372a-8a0b-4444-97a1-41d52edef4dd","block_type":"box","text":"difficult, or too costly, to purchase in the open markets. Consequently, a Scheme using this strategy will typically hold onl","page_number":22,"box":{"x":104,"y":415,"width":741,"height":9}},{"id":"6b67af42-cf09-435e-bd99-9c7df3d76979","block_type":"box","text":"y a subset","page_number":22,"box":{"x":846,"y":415,"width":61,"height":9}},{"id":"faf35a41-f214-441f-b64d-2b22dca48c0a","block_type":"box","text":"of the securities included in the Index.","page_number":22,"box":{"x":104,"y":428,"width":233,"height":8}},{"id":"3ca0f519-41c1-4e18-a8a0-c200ea5e7f32","block_type":"box","text":"Changes to the composition and/or weighting of the securities constituting the Index which is tracked by a Scheme will ordina","page_number":22,"box":{"x":104,"y":454,"width":770,"height":9}},{"id":"13be6015-910f-4e0a-99d8-33daae5afc37","block_type":"box","text":"rily","page_number":22,"box":{"x":877,"y":454,"width":17,"height":9}},{"id":"a31d8a4e-79c0-4da2-9741-63b018941cb8","block_type":"box","text":"require that Scheme to make corresponding adjustments or rebalancings to its investments in order to seek to track the Index.","page_number":22,"box":{"x":105,"y":467,"width":774,"height":9}},{"id":"67e9ce57-4163-45c0-9e94-aad79d925431","block_type":"box","text":"The","page_number":22,"box":{"x":884,"y":467,"width":22,"height":8}},{"id":"15164faf-e4b1-42da-b829-25b9b66f5900","block_type":"box","text":"Investment Adviser will accordingly seek to rebalance the composition and/or weighting of the securities held by a Scheme fro","page_number":22,"box":{"x":105,"y":480,"width":773,"height":10}},{"id":"dfb1ea93-ee7c-4394-b10b-194d1c2c076d","block_type":"box","text":"m","page_number":22,"box":{"x":880,"y":483,"width":10,"height":5}},{"id":"f7c01ebf-bea9-4eaf-b148-fe7bf4957cc3","block_type":"box","text":"time to time to the extent practicable and possible to conform to changes in the composition and/or weighting of the Index. A","page_number":22,"box":{"x":104,"y":493,"width":773,"height":10}},{"id":"ced442f4-6e54-4e37-bda9-63dece455fff","block_type":"box","text":"Scheme may also, on occasion, hold securities which are not comprised in its Index where the Investment Adviser believes this","page_number":22,"box":{"x":104,"y":506,"width":774,"height":10}},{"id":"28592837-71d4-4cd9-a9e8-892c6b2c4d5c","block_type":"box","text":"to","page_number":22,"box":{"x":883,"y":507,"width":12,"height":7}},{"id":"baec27a7-9e3d-4162-9ce2-1d874d5926f9","block_type":"box","text":"be appropriate in light of the investment objective and investment restrictions of the Scheme, or other factors. The potentia","page_number":22,"box":{"x":105,"y":519,"width":759,"height":10}},{"id":"677cb730-5bf2-4e64-a9e1-bdb5ee4e3c1e","block_type":"box","text":"l","page_number":22,"box":{"x":867,"y":519,"width":1,"height":8}},{"id":"f25d1053-98a1-411e-ad63-2b227889d82b","block_type":"box","text":"for","page_number":22,"box":{"x":873,"y":519,"width":17,"height":8}},{"id":"a94472ee-555e-484a-af3a-2e96d2778cf7","block_type":"box","text":"any such proposed investment by a Scheme will be disclosed in the Key Investor Information Document. Other rebalancing","page_number":22,"box":{"x":104,"y":533,"width":752,"height":9}},{"id":"136af38a-ecdd-40da-9170-fe19d2d91aed","block_type":"box","text":"measures may be taken from time to time to seek to maintain the correspondence between the performance of a Scheme and the","page_number":22,"box":{"x":105,"y":546,"width":799,"height":9}},{"id":"c60d3881-b334-428b-89e0-f69300255a0e","block_type":"box","text":"performan","page_number":22,"box":{"x":105,"y":559,"width":63,"height":9}},{"id":"e3e20a51-7d4b-4e55-8db4-d1d295d57b35","block_type":"box","text":"ce of the Index. For further details on the factors which may limit the ability of the Scheme to track the performance of","page_number":22,"box":{"x":170,"y":559,"width":729,"height":9}},{"id":"d5f5e26b-0fd5-4b19-aebd-5aa40d7f8a11","block_type":"box","text":"an index exactly, Investors should also read the risk warning headed “Index Tracking Risk” in the section “Risk Characteristi","page_number":22,"box":{"x":104,"y":572,"width":750,"height":9}},{"id":"5439e61f-a30a-4807-a5da-fc6fb72a80b7","block_type":"box","text":"cs of the","page_number":22,"box":{"x":856,"y":572,"width":52,"height":7}},{"id":"c136a90c-34af-45f0-b55e-68a3ced0f7a3","block_type":"box","text":"Scheme”. Information on the anticipated level of tracking error in respect of a Scheme can be found in the relevant Key Inves","page_number":22,"box":{"x":104,"y":585,"width":766,"height":9}},{"id":"072d9214-37c8-4521-8827-a3009fb64f99","block_type":"box","text":"tor","page_number":22,"box":{"x":871,"y":586,"width":18,"height":6}},{"id":"9ef7c968-e9f9-44e9-9dc5-adffaf0e2be4","block_type":"box","text":"Information Document and information on the level of tracking error experienced by a Scheme will be contained in the most rec","page_number":22,"box":{"x":105,"y":598,"width":784,"height":9}},{"id":"7b8145e4-72e4-420c-a2f5-44c1a6216dad","block_type":"box","text":"e","page_number":22,"box":{"x":891,"y":600,"width":6,"height":5}},{"id":"0ceb2562-604c-4d1c-9eed-f73dc8d6b0bb","block_type":"box","text":"nt","page_number":22,"box":{"x":899,"y":599,"width":11,"height":6}},{"id":"115bcfa1-dbaf-4555-adcb-87fa145e27d1","block_type":"box","text":"financial statements published by the Investment Adviser.","page_number":22,"box":{"x":104,"y":611,"width":354,"height":9}},{"id":"95d26c8f-8550-487f-b1e5-20d8d909f72d","block_type":"box","text":"The Investment Adviser will rely solely on each Index Provider for information as to the composition and/or weighting of the","page_number":22,"box":{"x":104,"y":638,"width":761,"height":9}},{"id":"a9a8d2a6-ed8d-45fa-be80-0e3dfcd4b4f7","block_type":"box","text":"securities that constitute each Index (“Index Securities”). If the Investment Adviser is unable to obtain or process such inf","page_number":22,"box":{"x":104,"y":651,"width":741,"height":9}},{"id":"ea1bd830-4ee1-420b-be55-7317a347ec46","block_type":"box","text":"ormati","page_number":22,"box":{"x":846,"y":651,"width":40,"height":7}},{"id":"40830cd2-1de7-4468-8b6d-878538d9ec8c","block_type":"box","text":"on","page_number":22,"box":{"x":887,"y":653,"width":15,"height":5}},{"id":"1bac286f-b223-43a6-825a-a551cf3d9d83","block_type":"box","text":"in relation to any Index on any Business Day, then the most recently published composition and/or weighting of that Index wil","page_number":22,"box":{"x":105,"y":664,"width":770,"height":9}},{"id":"86d84cc5-630e-460f-981d-c6ec52100329","block_type":"box","text":"l be","page_number":22,"box":{"x":877,"y":664,"width":21,"height":8}},{"id":"c9202b0a-ccee-4017-8a75-970cb974ecae","block_type":"box","text":"used for the purpose of all adjustments. 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Use of futures or other derivatives allows a Scheme to be fully equitized while accommodatin","page_number":22,"box":{"x":104,"y":836,"width":648,"height":9}},{"id":"5ed16f47-e722-4489-88e3-93c7ac1f6d19","block_type":"box","text":"g cash flows into and out","page_number":22,"box":{"x":754,"y":836,"width":152,"height":9}},{"id":"930ffef0-a87c-41ff-8678-f77f99beec34","block_type":"box","text":"of the Scheme and to equitize dividend receivables and other cash items to achieve closer tracking to the Index.","page_number":22,"box":{"x":104,"y":849,"width":684,"height":10}},{"id":"6d60de82-3317-4c15-a92e-d569ae2ae855","block_type":"box","text":"A Scheme’s return may not match the return of the Index for a number of reasons. For example, there may be differences","page_number":22,"box":{"x":104,"y":876,"width":750,"height":10}},{"id":"f038b9f4-96e1-4329-91b9-6219004813cc","block_type":"box","text":"between withholding tax rates applicable to the Scheme compared to those used by the Index. 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The return on the sample of securi","page_number":23,"box":{"x":105,"y":84,"width":746,"height":10}},{"id":"7db8398f-724e-41d7-bdfd-b85247b92b38","block_type":"box","text":"ties","page_number":23,"box":{"x":853,"y":85,"width":21,"height":7}},{"id":"9a19c446-2ad6-4edc-a575-a549cf29a2ec","block_type":"box","text":"purchased by the","page_number":23,"box":{"x":105,"y":97,"width":104,"height":10}},{"id":"324d089d-e802-4e4a-83de-ee7270b91ab0","block_type":"box","text":"Investment Adviser","page_number":23,"box":{"x":214,"y":97,"width":118,"height":8}},{"id":"b29dab28-bbc5-4c45-871c-7db8b741e42c","block_type":"box","text":", or futures or other derivative positions taken by a Scheme, to approximate the performance","page_number":23,"box":{"x":332,"y":97,"width":572,"height":10}},{"id":"18b9d30e-5e2d-48b9-8df6-7a25deaafe5e","block_type":"box","text":"of the Index may not correlate precisely with the return on the Index.","page_number":23,"box":{"x":104,"y":110,"width":424,"height":10}},{"id":"033f013b-c396-43f4-9aaf-1959e52b8503","block_type":"box","text":"Because a Scheme seeks to achieve a return based on the return of the Index, it will continue to pursue the investment strate","page_number":23,"box":{"x":105,"y":138,"width":767,"height":9}},{"id":"8b42ed26-21e0-490e-b43c-97d9c4c82cc8","block_type":"box","text":"gies","page_number":23,"box":{"x":874,"y":138,"width":23,"height":9}},{"id":"1449b2c1-4945-44de-bb28-fc16a3f00627","block_type":"box","text":"described above, even during times when the Manager expects the level of the Index to decline.","page_number":23,"box":{"x":104,"y":151,"width":588,"height":9}},{"id":"e737f80f-78e3-4ad1-90ea-20233be4cc80","block_type":"box","text":"9.4","page_number":23,"box":{"x":104,"y":179,"width":22,"height":8}},{"id":"cccdf6d3-4179-47c5-bad3-4075f97c1b2e","block_type":"box","text":"Principal Investments","page_number":23,"box":{"x":150,"y":176,"width":189,"height":12}},{"id":"a6ed1bcd-2326-4d35-a877-510e0818feca","block_type":"box","text":"A Scheme will normally invest most of its assets in","page_number":23,"box":{"x":104,"y":205,"width":305,"height":9}},{"id":"8c1908ba-3d0c-44b0-87e8-21a6a89d854d","block_type":"box","text":"securities","page_number":23,"box":{"x":415,"y":206,"width":57,"height":7}},{"id":"f4a9c882-a90e-4693-8648-38d1c52dba0b","block_type":"box","text":"included from time to time in the Index of the relevant Scheme. 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EPM transactions (save to the extent that derivatives are traded o","page_number":26,"box":{"x":149,"y":860,"width":748,"height":10}},{"id":"b3dcda48-48f9-4775-94ee-a23d522f6ba2","block_type":"box","text":"n","page_number":26,"box":{"x":899,"y":863,"width":6,"height":5}},{"id":"cf6548a4-5863-4154-b6d3-72404dcef3ee","block_type":"box","text":"exchange) may","page_number":26,"box":{"x":150,"y":873,"width":91,"height":10}},{"id":"a1d6bdac-dc13-4378-959c-a1b161a2850c","block_type":"box","text":"involve a risk that a counterparty will wholly or partially fail to honour its contractual obligations.","page_number":26,"box":{"x":246,"y":874,"width":592,"height":9}},{"id":"408753bd-da6b-4ae7-b458-663efb1a1217","block_type":"box","text":"In order to mitigate that risk of counterparty default, the counterparties to these transactions may be required to provide","page_number":26,"box":{"x":150,"y":901,"width":745,"height":9}},{"id":"97843072-2c70-4c1c-8074-812ccbe19af0","block_type":"box","text":"collateral to suitably cover their obligations to the Schemes. In the event of default by the counterparty, it will forfeit i","page_number":26,"box":{"x":150,"y":914,"width":721,"height":9}},{"id":"01ecfd6d-b5ed-4f44-9ccc-a53661c1d629","block_type":"box","text":"ts","page_number":26,"box":{"x":873,"y":915,"width":10,"height":6}},{"id":"5554a1a4-cf73-41f3-ba4d-f4a3dd833a5c","block_type":"box","text":"coll","page_number":26,"box":{"x":150,"y":927,"width":19,"height":7}},{"id":"bfd9e5d4-fdb1-47d1-b779-f175b17ccf20","block_type":"box","text":"ateral on the transaction. However, there is a risk that the collateral, especially where it is in the form of securities,","page_number":26,"box":{"x":171,"y":927,"width":702,"height":9}},{"id":"e3e8042d-2cc6-4d7e-9e76-b5f4cf104d41","block_type":"box","text":"when realised will not raise sufficient cash to settle the counterparty’s liability to the Schemes. Securities lending","page_number":26,"box":{"x":149,"y":940,"width":691,"height":9}},{"id":"73762553-5f14-4ae0-9911-0c3ba8655c6c","block_type":"box","text":"27","page_number":27,"box":{"x":446,"y":969,"width":13,"height":7}},{"id":"4ab5caa8-61be-4c3e-9d12-c075f436460a","block_type":"box","text":"transactions may, in the event of a default by the counterparty, result in the securities lent being recovered late or only i","page_number":27,"box":{"x":149,"y":84,"width":738,"height":10}},{"id":"aef299c1-dcd8-4283-a480-411ce067cba6","block_type":"box","text":"n","page_number":27,"box":{"x":889,"y":87,"width":6,"height":5}},{"id":"d7c6a981-afb1-4fc4-8bf6-cbb82bdd2681","block_type":"box","text":"part. This may result in loss for the","page_number":27,"box":{"x":150,"y":98,"width":210,"height":9}},{"id":"57ce84e7-6790-4a08-ada1-a98d8da42738","block_type":"box","text":"Lending Schemes","page_number":27,"box":{"x":366,"y":98,"width":104,"height":9}},{"id":"dbf79b66-bf32-4739-a36d-6de88129ddcf","block_type":"box","text":".","page_number":27,"box":{"x":472,"y":104,"width":1,"height":1}},{"id":"390d8a2c-ce45-446f-9ac0-edace1e2ec6b","block_type":"box","text":"The Lending Schemes receive collateral in relation to securities lending transactions and section 16 of the Prospectus","page_number":27,"box":{"x":149,"y":125,"width":716,"height":9}},{"id":"e91f9f10-4eb6-46fc-88c2-bf1a9ac80688","block_type":"box","text":"provides details of the collateral that is accepted in relation to such transactions.","page_number":27,"box":{"x":150,"y":138,"width":493,"height":9}},{"id":"ae18fe5f-5c5b-4cbe-bece-8b3efb4cd7af","block_type":"box","text":"Investors should note that EPM transactions may be effected in relation to the Schemes in circumstances where the","page_number":27,"box":{"x":150,"y":165,"width":709,"height":9}},{"id":"15cc579b-f633-4288-92db-6d2c0c9b4add","block_type":"box","text":"Manager or the Investment Adviser has, either directly or indirectly, an interest which may potentially involve a conflict of","page_number":27,"box":{"x":150,"y":178,"width":748,"height":9}},{"id":"70a05e55-da9e-4ca3-b897-0cd719090694","block_type":"box","text":"their obligation","page_number":27,"box":{"x":149,"y":191,"width":93,"height":9}},{"id":"66b24760-7de7-4a90-b4f5-a4caf2c62c91","block_type":"box","text":"s to the Schemes. Where a conflict cannot be avoided, the Manager and the Investment Adviser will have","page_number":27,"box":{"x":244,"y":191,"width":644,"height":9}},{"id":"b94701f5-0e24-4033-bcfa-10b4ec7bb956","block_type":"box","text":"regard to their responsibility to act in the best interests of the Schemes and their investors. The Manager and the","page_number":27,"box":{"x":150,"y":204,"width":692,"height":9}},{"id":"2c520c05-a044-45e0-a2a7-5ada95dbe0b7","block_type":"box","text":"Investment Adviser will ensure that t","page_number":27,"box":{"x":150,"y":217,"width":225,"height":8}},{"id":"e14fb031-d235-4ceb-a5bc-2e8e36078088","block_type":"box","text":"he Schemes and their investors are treated fairly and that such transactions are","page_number":27,"box":{"x":376,"y":217,"width":486,"height":9}},{"id":"0165df3d-5f6e-4048-8dca-20de884c58ce","block_type":"box","text":"effected on terms which are not less favourable to the Schemes than if the potential conflict had not existed. For further","page_number":27,"box":{"x":150,"y":230,"width":737,"height":10}},{"id":"8cdf1d54-fb52-4a10-a594-dcdc771236d5","block_type":"box","text":"information in relation to conflicts of interest, pl","page_number":27,"box":{"x":150,"y":243,"width":294,"height":10}},{"id":"e3c48cb8-a99a-41f6-8a95-85182aaf27c9","block_type":"box","text":"ease see the ‘conflicts of interest’ section of this prospectus.","page_number":27,"box":{"x":446,"y":243,"width":368,"height":10}},{"id":"97d77dbc-a1df-4f20-8c50-4af8ccb1b757","block_type":"box","text":"All revenues arising from EPM transactions will be returned to the Schemes, net of direct and indirect operational costs and","page_number":27,"box":{"x":149,"y":271,"width":757,"height":9}},{"id":"d57951fe-fc24-4264-a007-5b1ce56ab676","block_type":"box","text":"fees.","page_number":27,"box":{"x":149,"y":284,"width":28,"height":7}},{"id":"135eb6b7-e0d1-49da-a229-77506d8b9126","block_type":"box","text":"(h)","page_number":27,"box":{"x":120,"y":311,"width":16,"height":9}},{"id":"529b0856-99f5-4d73-a0f5-f57d74485554","block_type":"box","text":"Other Investment limits","page_number":27,"box":{"x":150,"y":311,"width":144,"height":7}},{"id":"ade92a05-c670-4dae-92d8-55ef68f162ac","block_type":"box","text":"Not more than 20% of the value of the property of a Scheme may be invested in any combination of two or more of the","page_number":27,"box":{"x":150,"y":338,"width":731,"height":9}},{"id":"84f57901-3fe2-4154-8e14-f3d81372bfa4","block_type":"box","text":"following:","page_number":27,"box":{"x":149,"y":351,"width":60,"height":10}},{"id":"1830da58-2a5d-4ff0-b92f-8c3f28249d28","block_type":"box","text":"(i)","page_number":27,"box":{"x":152,"y":379,"width":11,"height":9}},{"id":"c852a83a-d1d0-4ad4-b12c-cb1f44140b56","block_type":"box","text":"transferable securities or money market instruments issued by; or","page_number":27,"box":{"x":195,"y":379,"width":404,"height":9}},{"id":"5a43a004-0463-4cfe-986f-cf56ccaccc14","block_type":"box","text":"(ii)","page_number":27,"box":{"x":149,"y":406,"width":14,"height":9}},{"id":"54719519-07b1-4d8c-8397-436163a030bb","block_type":"box","text":"deposits made with; or","page_number":27,"box":{"x":195,"y":406,"width":140,"height":9}},{"id":"30b634ee-c436-49aa-9bef-46eca7a2b9c9","block_type":"box","text":"(iii)","page_number":27,"box":{"x":146,"y":433,"width":17,"height":9}},{"id":"bf3b1e1a-3be2-4b63-87ee-0208b0fee732","block_type":"box","text":"exposures from OTC derivatives transactions made with;","page_number":27,"box":{"x":195,"y":433,"width":345,"height":10}},{"id":"733cd8fc-2e21-47c1-b2b5-f8942d827bed","block_type":"box","text":"a single body.","page_number":27,"box":{"x":150,"y":461,"width":82,"height":9}},{"id":"591cb8af-6a02-431b-a9d2-d5a6cc7ca290","block_type":"box","text":"(i)","page_number":27,"box":{"x":105,"y":488,"width":10,"height":9}},{"id":"d8fb4d89-66f8-4b22-8505-262a13601306","block_type":"box","text":"Calculation of global exposure","page_number":27,"box":{"x":150,"y":488,"width":183,"height":9}},{"id":"dd6a9727-aa33-4f09-86c8-6d1bc40af181","block_type":"box","text":"The Manager must calculate the global exposure of each Scheme on at least a daily basis. The Manager must calculate the","page_number":27,"box":{"x":149,"y":515,"width":747,"height":9}},{"id":"247e3adb-b7ae-4007-84d5-1b32de7da369","block_type":"box","text":"global exposure of any Scheme it manages either as:","page_number":27,"box":{"x":149,"y":528,"width":320,"height":9}},{"id":"1794df92-a71d-4e87-aa16-68c584d0ed17","block_type":"box","text":"(a)","page_number":27,"box":{"x":150,"y":555,"width":15,"height":10}},{"id":"0954f344-64c4-4c85-8262-cfe5a11ff226","block_type":"box","text":"the incremental exposure and leverage generated through the use of derivatives and forward transactions (including","page_number":27,"box":{"x":195,"y":555,"width":715,"height":10}},{"id":"d585a241-033a-4411-81f3-a7d07a29e2af","block_type":"box","text":"embedded derivatives as referred to in the Sourcebook), which may not exceed 100% of the net value of the","page_number":27,"box":{"x":195,"y":568,"width":664,"height":10}},{"id":"9a0b32f3-c9ec-4c95-8324-60616a1a05de","block_type":"box","text":"Scheme’s property; or","page_number":27,"box":{"x":195,"y":582,"width":135,"height":9}},{"id":"088c8c55-84cd-4292-a0e7-d5efd699ca99","block_type":"box","text":"(b)","page_number":27,"box":{"x":150,"y":609,"width":15,"height":9}},{"id":"a681c566-13e6-4b69-b5d3-a811ea1cd330","block_type":"box","text":"the market risk of the Scheme’s property.","page_number":27,"box":{"x":198,"y":609,"width":254,"height":9}},{"id":"e48c6acb-9ffd-4dd7-965f-01caf4739f21","block_type":"box","text":"For the purposes of this section exposure must be calculated taking into account the current value of the underlying assets,","page_number":27,"box":{"x":150,"y":636,"width":754,"height":9}},{"id":"354cf2f4-1ed5-4c5a-8263-35caf6373246","block_type":"box","text":"the counterparty risk, future market movements and the time available to liquidate the positions.","page_number":27,"box":{"x":149,"y":649,"width":598,"height":9}},{"id":"4e5f153e-08a9-4b01-8c5d-170cf8c492ab","block_type":"box","text":"The Manager must calculate the global exposure of a Scheme by using the commitment approach or the value at risk","page_number":27,"box":{"x":149,"y":677,"width":716,"height":9}},{"id":"74b6d623-73fe-4159-8684-9875dc49f2f3","block_type":"box","text":"approach. The Manager must ensure that the method selected is appropriate, taking into account the investment strategy","page_number":27,"box":{"x":150,"y":690,"width":749,"height":9}},{"id":"d23bdc2d-4e07-4914-8adf-abd1947dee5b","block_type":"box","text":"pursued by the Scheme,","page_number":27,"box":{"x":150,"y":703,"width":146,"height":9}},{"id":"3f5c737d-78f3-4df7-bc48-ecfdd1fe1e09","block_type":"box","text":"the types and complexities of the derivatives and forward transactions used, and the proportion of","page_number":27,"box":{"x":301,"y":703,"width":605,"height":9}},{"id":"c830ec3e-1d65-466d-885c-4af650509317","block_type":"box","text":"the Scheme property comprising derivatives and forward transactions. The Manager currently calculates the global","page_number":27,"box":{"x":149,"y":716,"width":707,"height":9}},{"id":"f76aaed1-87f2-4267-a648-e331a0812938","block_type":"box","text":"exposure of a Scheme using the commitment a","page_number":27,"box":{"x":150,"y":729,"width":286,"height":9}},{"id":"1cdbcdbe-8b0e-41a0-8a47-2ee7deb0691c","block_type":"box","text":"pproach.","page_number":27,"box":{"x":439,"y":729,"width":52,"height":9}},{"id":"7a3430c6-00b4-40d7-98d4-8adc4481c898","block_type":"box","text":"Where a Lending Scheme employs stock lending transactions in accordance with paragraph 15 below in order to generate","page_number":27,"box":{"x":150,"y":756,"width":745,"height":9}},{"id":"0c788add-8519-4fa2-b8d1-d216f984771e","block_type":"box","text":"additional leverage or exposure to market risk, the Manager must take those transactions into consideration when","page_number":27,"box":{"x":150,"y":769,"width":701,"height":9}},{"id":"a3af5ddf-afcc-4a27-b795-5aee74a518f1","block_type":"box","text":"calculating global exposu","page_number":27,"box":{"x":150,"y":782,"width":151,"height":9}},{"id":"09989ad4-dbc0-49c0-ae2d-1b6c92f536b5","block_type":"box","text":"re.","page_number":27,"box":{"x":304,"y":784,"width":14,"height":6}},{"id":"fff37a00-5d1f-4681-b7f0-1ad19de90e9b","block_type":"box","text":"For the purposes of this paragraph “value at risk” means a measure of the maximum expected loss at a given confidence","page_number":27,"box":{"x":150,"y":809,"width":737,"height":10}},{"id":"d8d39f4b-7f96-44ec-8ee9-f755a84cc880","block_type":"box","text":"level over a specific time period.","page_number":27,"box":{"x":150,"y":823,"width":196,"height":9}},{"id":"02b6bf5e-d24e-4f09-b2cf-b27f5a329094","block_type":"box","text":"9.8","page_number":27,"box":{"x":104,"y":850,"width":23,"height":10}},{"id":"1ebbbb07-891a-407f-be7b-2457949b3cf4","block_type":"box","text":"Borrowing","page_number":27,"box":{"x":150,"y":849,"width":92,"height":12}},{"id":"29f4e023-d6d6-483e-aad1-0c470d3e6dfa","block_type":"box","text":"The Trustee may, on the instructions of the Manager, borrow from an eligible institution or approved bank (as each is defined","page_number":27,"box":{"x":104,"y":877,"width":769,"height":10}},{"id":"9cb8a52b-694b-4779-8fb5-32af28139de8","block_type":"box","text":"for","page_number":27,"box":{"x":878,"y":878,"width":18,"height":7}},{"id":"b9c66d6c-1b19-4697-bd5d-bf180e59af60","block_type":"box","text":"the purposes of the Sourcebook) up to 10% of the value of the property of a Scheme. Such borrowing, which will be repayable o","page_number":27,"box":{"x":104,"y":890,"width":783,"height":10}},{"id":"890a28ba-b856-4e58-8c04-6e778c9f6e57","block_type":"box","text":"u","page_number":27,"box":{"x":890,"y":893,"width":5,"height":5}},{"id":"6fc0292e-bc17-473e-ba27-d000ce0b36c7","block_type":"box","text":"t","page_number":27,"box":{"x":897,"y":892,"width":4,"height":6}},{"id":"e21c4fed-0e31-4158-b06d-e37dc56edd7f","block_type":"box","text":"of the property of that Scheme, may only be on a temporary basis and must not be persistent. The duration of any borrowing m","page_number":27,"box":{"x":104,"y":904,"width":786,"height":9}},{"id":"56701cf7-d570-409f-b8b8-85a1110cea16","block_type":"box","text":"ust","page_number":27,"box":{"x":893,"y":905,"width":17,"height":6}},{"id":"32b796d8-2f16-469b-b1dc-6b4a0073145a","block_type":"box","text":"not exceed 3 months unless the Trustee so consents. Such consent may only be given by the Trustee on such conditions as appe","page_number":27,"box":{"x":105,"y":917,"width":786,"height":9}},{"id":"bb9b7caa-7dff-429c-98be-6490d6d0286f","block_type":"box","text":"ar","page_number":27,"box":{"x":893,"y":919,"width":11,"height":5}},{"id":"bb5485b2-336c-4aac-bd94-b4060329924e","block_type":"box","text":"to the Trustee to be appropriate to ensure that the borrowing does not cease to be on a temporary basis only.","page_number":27,"box":{"x":104,"y":930,"width":674,"height":9}},{"id":"108f936d-8f07-4541-bab4-e137396c20a0","block_type":"box","text":"28","page_number":28,"box":{"x":446,"y":969,"width":13,"height":7}},{"id":"d0ca878f-0a15-446a-bb81-7f58b96d895b","block_type":"box","text":"9.9","page_number":28,"box":{"x":104,"y":86,"width":22,"height":9}},{"id":"522b0085-6220-4f51-bcb8-7b42afa15c10","block_type":"box","text":"Supplemental information","page_number":28,"box":{"x":150,"y":83,"width":228,"height":12}},{"id":"0f396d7d-6e7e-4c5b-b04e-6cc1df31a518","block_type":"box","text":"The Manager will, upon request from a Unitholder, provide supplemental information as to:","page_number":28,"box":{"x":104,"y":112,"width":563,"height":9}},{"id":"1fa7c452-e3ac-4776-8c3a-308513902004","block_type":"box","text":"(a)","page_number":28,"box":{"x":150,"y":139,"width":15,"height":10}},{"id":"5608bca3-237e-41e8-9d8f-3fff3b3663f0","block_type":"box","text":"the quantitative limits applying in the risk management of a Scheme;","page_number":28,"box":{"x":210,"y":139,"width":420,"height":10}},{"id":"421fdf1d-faf9-42d5-a295-af1292398371","block_type":"box","text":"(b)","page_number":28,"box":{"x":150,"y":167,"width":15,"height":9}},{"id":"78726b56-9393-4f32-9c98-4faa09e78212","block_type":"box","text":"the methods used in relation to (a) above; and","page_number":28,"box":{"x":210,"y":167,"width":283,"height":9}},{"id":"35fdfc75-e289-462a-9a79-81599074115c","block_type":"box","text":"(c)","page_number":28,"box":{"x":150,"y":194,"width":14,"height":9}},{"id":"9756beb9-e224-4a48-a4ea-325d071d7a41","block_type":"box","text":"any recent development of the risk and yields of the main categories of investment of a Scheme.","page_number":28,"box":{"x":210,"y":194,"width":590,"height":9}},{"id":"9efbfef8-0b3d-40ee-8656-e0b45beb6900","block_type":"box","text":"9.10","page_number":28,"box":{"x":104,"y":223,"width":30,"height":9}},{"id":"2f41f9c3-44b7-4622-9424-ce979a9237d0","block_type":"box","text":"Longer","page_number":28,"box":{"x":150,"y":221,"width":61,"height":11}},{"id":"642bed71-9e54-474f-952c-89275c0e09dc","block_type":"box","text":"-","page_number":28,"box":{"x":211,"y":226,"width":5,"height":1}},{"id":"919a5bc4-3460-4717-8ac4-65ef663889d4","block_type":"box","text":"term investment","page_number":28,"box":{"x":217,"y":220,"width":143,"height":10}},{"id":"d209d2c4-0368-4b91-bc29-9e369a8d7ded","block_type":"box","text":"The Schemes are designed and managed to support longer","page_number":28,"box":{"x":104,"y":249,"width":359,"height":9}},{"id":"17c9ecce-3cd7-43bd-85e0-99f6163ff31f","block_type":"box","text":"-","page_number":28,"box":{"x":464,"y":253,"width":4,"height":1}},{"id":"a04fd5c0-c67c-4c97-9ff3-163f9d9e059f","block_type":"box","text":"term investment and active trading into or out of a Scheme is","page_number":28,"box":{"x":469,"y":249,"width":376,"height":9}},{"id":"d785316e-833c-4803-b3f9-c10689f93ac5","block_type":"box","text":"discouraged. 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The Trustee must, on the request in writing of","page_number":28,"box":{"x":104,"y":773,"width":783,"height":9}},{"id":"c7edbb6e-a418-43dc-9a54-f7f7a80c9cc3","block_type":"box","text":"Unitholders registered as holding not less than one tenth in value of the Units in issue, convene a meeting of Unitholders. 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If a quorum is not present the meeting will stand adjourned and at the following adjourned","page_number":28,"box":{"x":104,"y":852,"width":754,"height":9}},{"id":"b038861b-0003-495d-b93e-84fc53dbe3d1","block_type":"box","text":"meet","page_number":28,"box":{"x":105,"y":866,"width":30,"height":7}},{"id":"51dd9f0d-45c6-4ab2-8d52-dd9a87cc6a9c","block_type":"box","text":"ing, if a quorum is not present within 15 minutes from the appointed time for such meeting, one person present and entitled","page_number":28,"box":{"x":137,"y":865,"width":764,"height":9}},{"id":"a2df91ea-8f09-4fb9-a1ea-44a088b18c68","block_type":"box","text":"to be counted in a quorum will constitute a quorum.","page_number":28,"box":{"x":104,"y":878,"width":320,"height":9}},{"id":"e456791b-a9b6-4a59-8121-653a57467df3","block_type":"box","text":"At a meeting of Unitholders a resolution put to the vote will be decided on a show of hands unless a poll is demanded by the","page_number":28,"box":{"x":104,"y":906,"width":762,"height":9}},{"id":"f38146ce-7408-49b1-ba7e-67ad446f38ac","block_type":"box","text":"chairman, by the Trustee or by at least two Unitholders present in person or by proxy. 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A person ent","page_number":29,"box":{"x":104,"y":97,"width":763,"height":10}},{"id":"a919ff22-41ae-4ad6-a5d4-21707fce2c87","block_type":"box","text":"i","page_number":29,"box":{"x":869,"y":98,"width":2,"height":7}},{"id":"6cb69c7b-45e6-4b0a-ac9a-e12a7258a556","block_type":"box","text":"tled to","page_number":29,"box":{"x":872,"y":97,"width":39,"height":8}},{"id":"ac1c4d3e-5a58-4b0d-86f4-50a64faeaa4c","block_type":"box","text":"more than one vote need not use all his votes or cast all the votes he uses in the same way.","page_number":29,"box":{"x":105,"y":111,"width":557,"height":9}},{"id":"170ed823-4ea3-4900-b4aa-c558bccf8ec0","block_type":"box","text":"In the case of joint Unitholders the vote of the first named in the register who tenders a vote whether in person or by proxy","page_number":29,"box":{"x":105,"y":138,"width":756,"height":9}},{"id":"1d0f96ff-8482-4fa0-9e3c-134b017036d8","block_type":"box","text":"will be","page_number":29,"box":{"x":866,"y":138,"width":39,"height":7}},{"id":"3171d09c-490d-4e03-9d41-ec8b83746c0e","block_type":"box","text":"accepted to the exclusion of the votes of the other joint Unitholders.","page_number":29,"box":{"x":104,"y":151,"width":420,"height":9}},{"id":"514ee645-085b-4789-a312-0f31df0d2eb2","block_type":"box","text":"The Manager and any Associate may hold Units and are entitled to receive notice of and attend any meeting. 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Where an instrument appointing a proxy is signed on behalf of the appointor by an attorney, the letter or p","page_number":29,"box":{"x":105,"y":324,"width":768,"height":9}},{"id":"9d23e5b5-24ca-48f3-9525-a727010738a9","block_type":"box","text":"ower","page_number":29,"box":{"x":875,"y":326,"width":31,"height":5}},{"id":"f03bbbd5-eed1-42ba-937e-a08c42ae22bb","block_type":"box","text":"of attorney or a duly certified copy thereof must (failing previous registration with the Manager) be lodged with the instrum","page_number":29,"box":{"x":104,"y":337,"width":759,"height":9}},{"id":"45fa6b73-fb3c-46ce-925f-a223abb2deb5","block_type":"box","text":"e","page_number":29,"box":{"x":865,"y":339,"width":6,"height":6}},{"id":"9b30b9bc-fa5a-496c-ac51-348a762ae1ad","block_type":"box","text":"nt","page_number":29,"box":{"x":873,"y":338,"width":12,"height":7}},{"id":"5c90037a-fa01-4da2-a0ac-55637f6e2c99","block_type":"box","text":"appointing the proxy pursuant to the next following paragraph, failing which the instrument may be treated as invalid.","page_number":29,"box":{"x":104,"y":350,"width":724,"height":9}},{"id":"931736c7-4004-4a2f-93bc-8b12a5553e83","block_type":"box","text":"An instrument appointing a proxy must be left at or delivered to such place or one of such places (if any) as may be specifie","page_number":29,"box":{"x":104,"y":377,"width":754,"height":10}},{"id":"b1cbdcd2-7553-4b19-8dd7-e54b32746efb","block_type":"box","text":"d for","page_number":29,"box":{"x":860,"y":377,"width":28,"height":8}},{"id":"02f167f4-5400-4443-b6f2-28802d86a48b","block_type":"box","text":"the purpose in or by way of note to or in any document accompanying the notice convening the meeting (or, if no place is so","page_number":29,"box":{"x":104,"y":390,"width":762,"height":10}},{"id":"736f329f-2619-432e-ab80-05feb4d13069","block_type":"box","text":"s","page_number":29,"box":{"x":104,"y":406,"width":5,"height":5}},{"id":"69759e68-fd9d-43e4-93db-1f715654e0c8","block_type":"box","text":"pecified, to or at the Manager’s head office) within forty","page_number":29,"box":{"x":111,"y":403,"width":344,"height":10}},{"id":"944558e1-5adc-48b2-a143-f4fbf8d27ad7","block_type":"box","text":"-","page_number":29,"box":{"x":456,"y":408,"width":3,"height":1}},{"id":"b1dcc36a-f11d-4080-88db-4c0f7acf5e1c","block_type":"box","text":"eight hours prior to the time appointed for the holding of the meeting or","page_number":29,"box":{"x":460,"y":404,"width":446,"height":9}},{"id":"a511c188-0a03-4902-82a2-cdce91017009","block_type":"box","text":"adjourned meeting or (in the case of a poll taken otherwise than at or on the same day as the meeting or adjourned meeting)","page_number":29,"box":{"x":104,"y":417,"width":767,"height":9}},{"id":"fefeee1e-9f02-4b38-b2a7-bef4ab86cda0","block_type":"box","text":"for","page_number":29,"box":{"x":877,"y":417,"width":17,"height":7}},{"id":"3cf4bfbd-0ab8-45b5-95cc-7306021c9c22","block_type":"box","text":"the taking of the poll at which it is to be used and, in default, may be treated as invalid. The instrument appointing a prox","page_number":29,"box":{"x":104,"y":430,"width":742,"height":9}},{"id":"4642d15a-901f-4313-9862-1acd3b86282d","block_type":"box","text":"y will,","page_number":29,"box":{"x":847,"y":430,"width":34,"height":9}},{"id":"d814fff1-c34f-457b-8194-6cf30b554f7c","block_type":"box","text":"unless the contrary is stated thereon, be valid as well for any adjournment of the meeting as for the meeting to which","page_number":29,"box":{"x":105,"y":443,"width":720,"height":9}},{"id":"046f8178-4414-4fcc-8a04-559cb1409cd4","block_type":"box","text":"it relates.","page_number":29,"box":{"x":831,"y":443,"width":55,"height":7}},{"id":"ef0b62a3-1fcb-4bd4-b727-00b40837224f","block_type":"box","text":"A vote cast by proxy will not be invalidated by the previous death or bankruptcy of the principal or by other transmission by","page_number":29,"box":{"x":104,"y":470,"width":757,"height":9}},{"id":"2b54c9a2-27eb-4975-a98a-f8f224e7e3e7","block_type":"box","text":"operation of law of the title to the Units concerned or by the revocation of the appointment of the proxy or of the authority","page_number":29,"box":{"x":104,"y":483,"width":758,"height":9}},{"id":"04fe285f-413d-459f-86fa-4f0cee9ff1ae","block_type":"box","text":"unde","page_number":29,"box":{"x":868,"y":483,"width":29,"height":7}},{"id":"ab530ddf-872d-4abc-934e-e2ba034e9cd2","block_type":"box","text":"r","page_number":29,"box":{"x":899,"y":485,"width":4,"height":5}},{"id":"8420eb3b-2bee-41fc-bde5-4cb1228672bc","block_type":"box","text":"which the appointment of the proxy was made provided that no intimation in writing of such death, insanity or revocation has","page_number":29,"box":{"x":104,"y":496,"width":773,"height":9}},{"id":"14dabbec-f91b-471f-9510-39ffce498623","block_type":"box","text":"been received by the Manager at its head office by the time which is two hours before the commencement of the meeting or","page_number":29,"box":{"x":105,"y":509,"width":766,"height":9}},{"id":"b163e211-d58e-41b5-99d9-e58ffc338157","block_type":"box","text":"adjourne","page_number":29,"box":{"x":104,"y":522,"width":54,"height":9}},{"id":"bb227135-29a0-46d6-a34c-0ac70b28f187","block_type":"box","text":"d meeting or (in the case of a poll taken otherwise than at or on the same day as the meeting or adjourned meeting) the","page_number":29,"box":{"x":160,"y":522,"width":736,"height":9}},{"id":"272101e5-ff10-4c98-b0c4-7c150ca7f3cd","block_type":"box","text":"time appointed for the taking of the poll at which the vote is cast.","page_number":29,"box":{"x":104,"y":535,"width":400,"height":9}},{"id":"01f975d9-4d47-46a1-881a-b843a96f7cdf","block_type":"box","text":"11.","page_number":29,"box":{"x":105,"y":564,"width":21,"height":8}},{"id":"2882e5a7-95ed-4f7c-915b-3f5641a1772f","block_type":"box","text":"RI","page_number":29,"box":{"x":150,"y":563,"width":14,"height":9}},{"id":"b3f8581d-2fc3-40f6-873a-7269a6f99f8f","block_type":"box","text":"RISK CHARACTERISTICS OF THE SCHEMES","page_number":29,"box":{"x":164,"y":564,"width":340,"height":8}},{"id":"86688394-9ab5-496d-90b9-ea6175af54ee","block_type":"box","text":"The risks set out in this Prospectus do not purport to be exhaustive and potential investors should be aware that an investme","page_number":29,"box":{"x":104,"y":592,"width":766,"height":9}},{"id":"7faaf2e3-2484-42fa-924b-2bf2fd6731c8","block_type":"box","text":"nt in","page_number":29,"box":{"x":873,"y":592,"width":25,"height":7}},{"id":"daf8b2f1-374b-45b5-a52d-1981186d60e5","block_type":"box","text":"any Scheme may be exposed to risks of an exceptional nature from time to time","page_number":29,"box":{"x":104,"y":605,"width":489,"height":9}},{"id":"156459d8-bf80-4dac-ae09-caec030402d9","block_type":"box","text":".","page_number":29,"box":{"x":596,"y":611,"width":1,"height":2}},{"id":"f592444a-cfc8-4e54-b256-850fb4516b73","block_type":"box","text":"The following are important risk factors and potential investors should consider them before investing in a Scheme.","page_number":29,"box":{"x":104,"y":633,"width":706,"height":9}},{"id":"1606b88a-bfed-44b8-83d4-53ba30879c37","block_type":"box","text":"11.1","page_number":29,"box":{"x":105,"y":661,"width":24,"height":7}},{"id":"5d80ccf8-84a6-4f8d-a074-bd16acc66528","block_type":"box","text":"General","page_number":29,"box":{"x":150,"y":659,"width":67,"height":9}},{"id":"86b1750b-2f09-48e2-a687-5cadd12a0782","block_type":"box","text":"Each Scheme is designed as a long","page_number":29,"box":{"x":105,"y":687,"width":208,"height":10}},{"id":"1de2afa2-07fd-409c-9240-a97031633fee","block_type":"box","text":"-","page_number":29,"box":{"x":314,"y":692,"width":3,"height":0}},{"id":"7087d412-98fc-4004-a966-e36c2f328801","block_type":"box","text":"term investment. A Scheme does not constitute a complete investment program. Due to the","page_number":29,"box":{"x":318,"y":687,"width":565,"height":10}},{"id":"1215f70e-9b8f-4159-b25b-47edef199a88","block_type":"box","text":"uncertainty in all investments, there can be no assurance that a Scheme will achieve its investment objective. A Scheme may l","page_number":29,"box":{"x":105,"y":701,"width":768,"height":9}},{"id":"86090e24-19e4-42f9-a44d-55a2b19c679a","block_type":"box","text":"ose","page_number":29,"box":{"x":875,"y":703,"width":20,"height":5}},{"id":"5caea660-959a-4c4b-8dcb-b7d8d65cdee4","block_type":"box","text":"money","page_number":29,"box":{"x":105,"y":716,"width":41,"height":7}},{"id":"ebcb7f5f-5061-4863-a6bc-6cfdbf3a2b25","block_type":"box","text":".","page_number":29,"box":{"x":147,"y":720,"width":2,"height":1}},{"id":"6a42133f-6751-4fa7-a339-20a1a81cb742","block_type":"box","text":"There are inherent risks in investment markets. Security prices are subject to market fluctuations and can move irrationally","page_number":29,"box":{"x":104,"y":741,"width":757,"height":9}},{"id":"6464e375-0063-4178-bb04-b7452346bb8e","block_type":"box","text":"and be","page_number":29,"box":{"x":866,"y":741,"width":40,"height":7}},{"id":"54e0c047-307d-4713-9e5c-59e83196e978","block_type":"box","text":"unpredictably affected by many and various factors including political and economic events and rumours. There can be no","page_number":29,"box":{"x":105,"y":754,"width":749,"height":9}},{"id":"7fd06d78-512c-4bf1-911d-04aa807466b4","block_type":"box","text":"as","page_number":29,"box":{"x":104,"y":769,"width":12,"height":5}},{"id":"d32f5c7c-a7fb-4345-8f59-c0313cf49cf4","block_type":"box","text":"surance that any appreciation in value of investments will occur. The value of investments and the income derived from them","page_number":29,"box":{"x":117,"y":767,"width":769,"height":9}},{"id":"e7d3d8be-17bc-4411-b27a-70c3db15849c","block_type":"box","text":"may go down as well as up and investors may receive less than the original amount invested.","page_number":29,"box":{"x":105,"y":780,"width":566,"height":9}},{"id":"770a667c-5e85-40cd-a3e1-1fc016b08d4a","block_type":"box","text":"No asset or financial instrument will allow an Index to be automatically replicated and, in particular, a Scheme’s ability to","page_number":29,"box":{"x":105,"y":807,"width":739,"height":10}},{"id":"668512d4-1367-42bc-98bb-7318665fc520","block_type":"box","text":"replicate","page_number":29,"box":{"x":850,"y":807,"width":52,"height":10}},{"id":"d2aef9ee-0bcb-4670-8e19-c239ea1e3a8e","block_type":"box","text":"its Index’s performance may be further impeded in the event of a temporary unavailability of certain securities comprisi","page_number":29,"box":{"x":105,"y":820,"width":732,"height":10}},{"id":"4e758044-b238-499e-abd1-2c8717640560","block_type":"box","text":"ng that","page_number":29,"box":{"x":840,"y":820,"width":42,"height":10}},{"id":"2b7da6ab-9ca3-4348-9ba5-49397acbaeda","block_type":"box","text":"Index or because of exceptional circumstances that may distort the weightings of that Index. The changes made to Scheme","page_number":29,"box":{"x":105,"y":833,"width":751,"height":10}},{"id":"f5a06aea-61c8-44a6-8e4d-40cd7df71f7a","block_type":"box","text":"property and the changing weightings of the relevant Index may bring about various transaction and other costs and the total","page_number":29,"box":{"x":105,"y":847,"width":767,"height":9}},{"id":"8f3a31da-1676-4d5f-970c-c5ee811359ba","block_type":"box","text":"ret","page_number":29,"box":{"x":105,"y":861,"width":16,"height":6}},{"id":"06bf3d07-fc48-4bb1-a84a-0da79834d694","block_type":"box","text":"urn generated by investments in the securities comprising the relevant Index may be reduced because of certain costs and","page_number":29,"box":{"x":123,"y":859,"width":748,"height":10}},{"id":"50e1aa73-0859-4c67-b4cf-f9d2a595b13b","block_type":"box","text":"expenses that are not included in the calculation of the Index return.","page_number":29,"box":{"x":104,"y":873,"width":420,"height":9}},{"id":"7280d0d0-8a18-4420-8003-c2de0a458a5d","block_type":"box","text":"It is important to note that past performance is not a guide to future returns or growth","page_number":29,"box":{"x":105,"y":900,"width":542,"height":9}},{"id":"5be37f05-9441-4761-8277-d7ec851cec2d","block_type":"box","text":".","page_number":29,"box":{"x":649,"y":906,"width":2,"height":1}},{"id":"5a858b29-f0a8-40c3-aee2-d4a1b0d3548e","block_type":"box","text":"Investors will need to decide whether or not an investment vehicle of this nature is appropriate for their requirements.","page_number":29,"box":{"x":105,"y":927,"width":727,"height":9}},{"id":"37c98358-2d7d-4ad4-9127-b4cfa31d1c3b","block_type":"box","text":"30","page_number":30,"box":{"x":447,"y":969,"width":12,"height":7}},{"id":"8dae5329-9996-4bc8-ab72-9c97970aeca6","block_type":"box","text":"11.2","page_number":30,"box":{"x":105,"y":86,"width":26,"height":7}},{"id":"b65673e1-706d-441d-bd84-406ab4599d0f","block_type":"box","text":"Basis Risk","page_number":30,"box":{"x":150,"y":83,"width":88,"height":10}},{"id":"64ed4f1c-3dcd-4fc7-bed2-5e4d35362f29","block_type":"box","text":"A Scheme may gain exposure to an underlying asset by investing directly into that asset, or by purchasing a derivative instru","page_number":30,"box":{"x":104,"y":112,"width":758,"height":9}},{"id":"8a06fe9c-1485-4a6b-8c0d-4690cbc70393","block_type":"box","text":"ment","page_number":30,"box":{"x":865,"y":113,"width":31,"height":6}},{"id":"11c64d24-c706-4307-87d5-2fbb62cdeb39","block_type":"box","text":"that is expected (but not guaranteed) to provide the same returns as the underlying asset. Basis Risk occurs when the returns","page_number":30,"box":{"x":104,"y":125,"width":767,"height":9}},{"id":"c7f9683c-33c5-41c4-92fc-5962e6286a5a","block_type":"box","text":"provided by the derivative instrument deviate from the returns of the underlying asset.","page_number":30,"box":{"x":105,"y":138,"width":533,"height":9}},{"id":"88e08bab-f96d-45cd-8eef-52916bf1b72c","block_type":"box","text":"11.3","page_number":30,"box":{"x":105,"y":167,"width":26,"height":9}},{"id":"f7f95b95-7b20-4319-9dc8-e6a07e1c87a0","block_type":"box","text":"Cash Position Risk","page_number":30,"box":{"x":150,"y":165,"width":160,"height":9}},{"id":"97ca143a-3d3d-40e8-a3a6-30833136e72c","block_type":"box","text":"A Scheme may hold a significant portion of its assets in cash or cash equivalents in the Investment Adviser’s discretion. If","page_number":30,"box":{"x":104,"y":193,"width":739,"height":9}},{"id":"52f2b673-356b-4f27-b0dd-cc8682abd4d8","block_type":"box","text":"a Scheme","page_number":30,"box":{"x":847,"y":193,"width":58,"height":8}},{"id":"036004bc-88d4-4966-9370-119c6a022b83","block_type":"box","text":"holds a significant cash position, its investment returns may be adversely affected, and such Scheme may not achieve its","page_number":30,"box":{"x":105,"y":206,"width":735,"height":9}},{"id":"b823700f-9afb-4eb1-b4c1-fac2b9057e8c","block_type":"box","text":"i","page_number":30,"box":{"x":105,"y":220,"width":1,"height":7}},{"id":"d5ff7e33-2536-46b9-968f-554dd8fa5791","block_type":"box","text":"nvestment objective.","page_number":30,"box":{"x":108,"y":219,"width":127,"height":10}},{"id":"e8dde761-f3fa-4656-9ede-50dec9aac2d6","block_type":"box","text":"11.4","page_number":30,"box":{"x":105,"y":248,"width":26,"height":9}},{"id":"20900dc6-27b0-43f5-a708-a828ddad12b4","block_type":"box","text":"Charges (Management and other Charges)","page_number":30,"box":{"x":150,"y":246,"width":363,"height":11}},{"id":"7075af96-081f-48c8-a38c-d4ea324b0f5d","block_type":"box","text":"Where appropriate, the Manager's initial charge and any other charges (if applicable) are added to the cost of Units. Hence","page_number":30,"box":{"x":104,"y":274,"width":756,"height":10}},{"id":"a00c0b39-d81f-46f5-acb0-508adeaec195","block_type":"box","text":"Unitholders, having paid such charges, who redeem their Units in the short term may not (even in the absence of a fall in the","page_number":30,"box":{"x":105,"y":287,"width":763,"height":10}},{"id":"f23f9369-a8cb-4d8d-b9d6-2e074d192651","block_type":"box","text":"value","page_number":30,"box":{"x":873,"y":287,"width":32,"height":8}},{"id":"54a291f6-801e-4ff7-9e63-06033cf8fbbb","block_type":"box","text":"of the relevant Units) realise the original amount invested.","page_number":30,"box":{"x":104,"y":300,"width":357,"height":10}},{"id":"a7f933de-d2d2-46f8-85ac-21a53f3a1154","block_type":"box","text":"11.5","page_number":30,"box":{"x":105,"y":329,"width":26,"height":9}},{"id":"b0c48af2-6839-4710-ae62-bcc5aa040836","block_type":"box","text":"Client Assets","page_number":30,"box":{"x":150,"y":327,"width":109,"height":9}},{"id":"7affe6c4-8311-47fa-9f44-9a1b15457ca5","block_type":"box","text":"–","page_number":30,"box":{"x":265,"y":332,"width":10,"height":1}},{"id":"93d598e4-2348-492d-9dcb-05c81374d729","block_type":"box","text":"Insolvency of Trustee Risk","page_number":30,"box":{"x":280,"y":327,"width":228,"height":11}},{"id":"884472fa-d11e-45a4-8d19-79d2fcae836a","block_type":"box","text":"The Trustee has a duty to ensure that it safeguards and administers the Schemes’ property in compliance with the provisions o","page_number":30,"box":{"x":104,"y":355,"width":776,"height":10}},{"id":"d41ce0d8-5ef7-4d64-a6c4-30c7c3f2843a","block_type":"box","text":"f the","page_number":30,"box":{"x":881,"y":356,"width":28,"height":7}},{"id":"590fb43f-c3af-4272-b3f1-5fa0e5c2c8ae","block_type":"box","text":"FCA Handbook governing the protection of client assets (“Client Asset Rules”). Where investors pass money to the Trustee or i","page_number":30,"box":{"x":105,"y":368,"width":770,"height":10}},{"id":"c92a1422-3564-46fe-959c-8b0467579809","block_type":"box","text":"ts","page_number":30,"box":{"x":877,"y":370,"width":10,"height":6}},{"id":"66fe2327-d5e9-49e0-aa1e-5345e77b3d0b","block_type":"box","text":"agent for the purpose of creating Units in a Scheme, the Trustee or its agent will hold that money on deposit as banker and n","page_number":30,"box":{"x":104,"y":382,"width":764,"height":9}},{"id":"f8c8dd80-0673-4fd9-b893-fdebfec3a6b3","block_type":"box","text":"ot as","page_number":30,"box":{"x":870,"y":383,"width":29,"height":6}},{"id":"974bb4c0-44de-488c-9e6a-09e6794b5a3f","block_type":"box","text":"Trustee and therefore not be under a duty to comply with the provisions of the FCA Handbook on holding money (“Client Mone","page_number":30,"box":{"x":104,"y":394,"width":782,"height":10}},{"id":"cd290871-4a15-49c2-a334-1969618056ae","block_type":"box","text":"y”)","page_number":30,"box":{"x":887,"y":394,"width":17,"height":10}},{"id":"f4da112b-3951-451d-9ffb-7791b649441a","block_type":"box","text":"received in the course of designated investment business (“Client Money Rules”). Further, the Trustee will hold money for the","page_number":30,"box":{"x":105,"y":407,"width":770,"height":10}},{"id":"957368c0-f2cc-42b8-884d-d6839de52450","block_type":"box","text":"purpose of buying investments or the proceeds of the sale of investments (“Scheme Money”) as banker and not as Trustee. The","page_number":30,"box":{"x":105,"y":421,"width":787,"height":9}},{"id":"571b70e6-cfb9-45fd-ad89-92701534aca2","block_type":"box","text":"Scheme Money will not therefore be protected under the Client Asset Rules. Moreover, with respect to handling the Schemes’","page_number":30,"box":{"x":104,"y":434,"width":773,"height":9}},{"id":"1bae7ff1-1287-4135-af42-4ebda1d87bdf","block_type":"box","text":"property in the course of delivery versus payment transactions through a commercial settlement system (“CSS”), the Schemes’","page_number":30,"box":{"x":105,"y":447,"width":774,"height":9}},{"id":"820e3e84-4c7b-4078-9466-ff91b091e225","block_type":"box","text":"property","page_number":30,"box":{"x":105,"y":461,"width":52,"height":8}},{"id":"54ed92a8-3630-4634-93ef-89f52637effa","block_type":"box","text":"may not be protected under the Client Asset Rules. 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Any such party will endeavour to ensure that","page_number":31,"box":{"x":105,"y":441,"width":773,"height":10}},{"id":"7fa6a2ac-a859-4340-94d2-a901d2c38028","block_type":"box","text":"such","page_number":31,"box":{"x":884,"y":441,"width":27,"height":8}},{"id":"7ac5fa14-ac8b-4a5d-a474-2bedb3773bc3","block_type":"box","text":"conflicts are resolved fairly and in the best interest of the Unitholders.","page_number":31,"box":{"x":104,"y":455,"width":429,"height":9}},{"id":"c169c89d-c0d1-4018-8270-8fe797d5b52d","block_type":"box","text":"The Scheme will require the Investment Adviser to provide best execution when executing orders or transmitting orders on beha","page_number":31,"box":{"x":104,"y":482,"width":798,"height":9}},{"id":"3fa4e0ea-b782-40bf-90f7-673dbe58d643","block_type":"box","text":"lf","page_number":31,"box":{"x":905,"y":482,"width":7,"height":7}},{"id":"6e172f3e-a940-4313-bf71-167ccaf6c120","block_type":"box","text":"of the Scheme. The Investment Adviser will take all sufficient steps to obtain, when executing orders or transmitting orders","page_number":31,"box":{"x":104,"y":495,"width":763,"height":9}},{"id":"6f9d3e90-54b4-4230-a99f-7a1d09dc7c1f","block_type":"box","text":"on","page_number":31,"box":{"x":873,"y":497,"width":14,"height":5}},{"id":"fc1d9dd4-cb15-492f-9854-f9d0b0e325a5","block_type":"box","text":"the","page_number":31,"box":{"x":892,"y":495,"width":20,"height":7}},{"id":"b4cc193b-cec7-4724-9866-c8f9df35ed59","block_type":"box","text":"Scheme’s behalf, the best possible result for the Scheme, taking into account price, costs, speed, likelihood of execution an","page_number":31,"box":{"x":104,"y":508,"width":798,"height":9}},{"id":"8e5c0167-a4d9-4eee-b220-678692a48c07","block_type":"box","text":"d","page_number":31,"box":{"x":905,"y":508,"width":6,"height":7}},{"id":"8bd0b9cf-e8de-4346-8e5a-89d56ea17bbd","block_type":"box","text":"settlement, size, nature or any other consideration relevant to execution of the order. 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In relati","page_number":37,"box":{"x":216,"y":354,"width":602,"height":9}},{"id":"b1913d2c-d8f4-479c-8802-30a34a9d85b9","block_type":"box","text":"on to actively","page_number":37,"box":{"x":820,"y":354,"width":81,"height":9}},{"id":"27483e38-1108-4567-8d3a-860abd0ba6ac","block_type":"box","text":"managed strategies in particular, changes in the values of inflation indexed securities may be difficult to predict, and it i","page_number":37,"box":{"x":105,"y":367,"width":730,"height":9}},{"id":"e228406d-c740-4bed-8c88-6a6f571aa635","block_type":"box","text":"s possible","page_number":37,"box":{"x":837,"y":367,"width":58,"height":9}},{"id":"b66d50d9-1810-4367-a607-4d3d74ce94a6","block_type":"box","text":"that an investment in such securities will have an effect different from that anticipated by the Investme","page_number":37,"box":{"x":104,"y":380,"width":633,"height":9}},{"id":"22605d75-cd46-41e2-99a5-b2a27c94ff1f","block_type":"box","text":"nt","page_number":37,"box":{"x":739,"y":381,"width":12,"height":6}},{"id":"7080639c-7efa-4d66-a2ea-5ea268ae9ec0","block_type":"box","text":"Advisor.","page_number":37,"box":{"x":755,"y":380,"width":49,"height":7}},{"id":"6debc897-5551-4009-8b88-a00b84c72f27","block_type":"box","text":"The principal","page_number":37,"box":{"x":808,"y":380,"width":78,"height":9}},{"id":"e3c040ee-6334-4710-a540-85906ed8426c","block_type":"box","text":"amounts of inflation","page_number":37,"box":{"x":104,"y":393,"width":123,"height":7}},{"id":"93caf966-d222-477c-9414-e7ee344d0edb","block_type":"box","text":"-","page_number":37,"box":{"x":229,"y":397,"width":3,"height":1}},{"id":"557b2a74-3e2c-492b-8821-58acad31e921","block_type":"box","text":"indexed securities are typically only adjusted periodically and changes in the values of the securities may only","page_number":37,"box":{"x":234,"y":393,"width":670,"height":9}},{"id":"dc419c8f-f6a1-4572-b915-114dd0326908","block_type":"box","text":"approximately reflect changes in inflation rates and may occur substantially after the changes i","page_number":37,"box":{"x":104,"y":406,"width":579,"height":9}},{"id":"f27a84df-d240-4336-b349-cb0b36939ccc","block_type":"box","text":"n inflation rates in question occur.","page_number":37,"box":{"x":686,"y":406,"width":207,"height":9}},{"id":"67bd6bd3-96cc-4396-8892-1b85e7617d76","block_type":"box","text":"11.24","page_number":37,"box":{"x":105,"y":448,"width":36,"height":9}},{"id":"c6276977-1ca3-4774-8920-13d83ef0b932","block_type":"box","text":"Index Licensing Risk","page_number":37,"box":{"x":150,"y":446,"width":179,"height":11}},{"id":"cefab5a9-b10b-4c7d-8ac9-9330c7e94c67","block_type":"box","text":"It is possible that the license under which the Investment Adviser or the applicable Scheme is permitted to replicate or othe","page_number":37,"box":{"x":105,"y":474,"width":756,"height":9}},{"id":"c7fbe6c5-1399-42f9-9a68-f5c60022cfdf","block_type":"box","text":"rwise","page_number":37,"box":{"x":863,"y":475,"width":31,"height":7}},{"id":"cd0aa8be-89bc-4c41-8dfe-be43e38020d5","block_type":"box","text":"use an index will be terminated or may be disputed, impaired or cease to remain in effect. In such a case, the Investment Adv","page_number":37,"box":{"x":105,"y":487,"width":766,"height":9}},{"id":"e9f79855-506c-41e9-8ebb-5ebffbab5e69","block_type":"box","text":"iser","page_number":37,"box":{"x":873,"y":488,"width":21,"height":7}},{"id":"2a254a2e-f567-45f7-8e1f-6585c731be3d","block_type":"box","text":"may be required to replace the index with another index which it considers to be appropriate in light of the investment strat","page_number":37,"box":{"x":105,"y":500,"width":760,"height":10}},{"id":"4814c26f-de82-47fd-9baa-91eb88af0c8a","block_type":"box","text":"egy of","page_number":37,"box":{"x":867,"y":500,"width":37,"height":10}},{"id":"74dd7115-9671-4751-9cf0-05ee6018521f","block_type":"box","text":"the applicable Scheme. The use of and/or transition to any such substitute index may have an adverse impact on such Sch","page_number":37,"box":{"x":104,"y":513,"width":745,"height":9}},{"id":"78823db2-a84b-4d1f-b736-2f0a808810a9","block_type":"box","text":"eme’s","page_number":37,"box":{"x":851,"y":513,"width":36,"height":8}},{"id":"f710401a-1211-4858-903c-6c4a7b8e56d9","block_type":"box","text":"performance. In the event that the Investment Adviser is unable to identify a suitable replacement for the relevant index, th","page_number":37,"box":{"x":105,"y":526,"width":758,"height":10}},{"id":"353472a7-d585-42ab-8327-f9c5cc36b5e2","block_type":"box","text":"e","page_number":37,"box":{"x":866,"y":529,"width":6,"height":5}},{"id":"8bf48a1b-ccd9-4fde-8800-646e20205e3d","block_type":"box","text":"Scheme may be closed.","page_number":37,"box":{"x":104,"y":540,"width":142,"height":9}},{"id":"b208323d-8a58-4d35-ab51-ed775c1427a0","block_type":"box","text":"11.25","page_number":37,"box":{"x":105,"y":568,"width":35,"height":9}},{"id":"072d9cc2-8049-437e-b96e-aa18791a7ad2","block_type":"box","text":"Index Error Risk","page_number":37,"box":{"x":150,"y":566,"width":145,"height":9}},{"id":"668626ac-837b-4a16-b1c5-63f46b8611a9","block_type":"box","text":"If a Scheme has the investment objective to seek to track the performance of index as published by the relevant index provide","page_number":37,"box":{"x":105,"y":595,"width":771,"height":9}},{"id":"6bb9211b-13b6-4ef4-9281-3c34aad5b9ba","block_type":"box","text":"r,","page_number":37,"box":{"x":879,"y":597,"width":7,"height":6}},{"id":"2bd5eba9-a7ac-4b5c-8ea3-13d4e18b6de7","block_type":"box","text":"there is a risk that the index provider will not compile or calculate the index accurately. Although the index provider provi","page_number":37,"box":{"x":104,"y":608,"width":743,"height":9}},{"id":"29e64968-e149-49bd-a9d9-5ef23ca1ba78","block_type":"box","text":"des","page_number":37,"box":{"x":850,"y":608,"width":20,"height":7}},{"id":"887c6b2b-db81-4435-a6d3-2829ae2e1edf","block_type":"box","text":"descriptions of what the index is designed to achieve, the index provider does not provide any warranty or accept any liabili","page_number":37,"box":{"x":104,"y":621,"width":757,"height":9}},{"id":"d6d40dd0-8251-47ae-b0c4-cb8cfbad3dab","block_type":"box","text":"ty in","page_number":37,"box":{"x":862,"y":621,"width":26,"height":9}},{"id":"ab60fe08-6e5d-4026-af31-d838be323d76","block_type":"box","text":"relation to any error relating to the index, including any error in respect of the quality, accuracy or completeness of inde","page_number":37,"box":{"x":105,"y":634,"width":734,"height":9}},{"id":"dbbcd09b-6776-4457-bbb0-206886d59798","block_type":"box","text":"x data, and","page_number":37,"box":{"x":841,"y":634,"width":66,"height":8}},{"id":"14daf288-f4c6-4804-a7b2-b0baef500224","block_type":"box","text":"does not guarantee that the index will be in line with the described index methodology. The Manager does not provide any","page_number":37,"box":{"x":104,"y":647,"width":754,"height":9}},{"id":"577fd5fc-b644-424d-ba38-a08c14477a56","block_type":"box","text":"warranty or guarantee for index provider errors and does not have any responsibility for the identification or correction o","page_number":37,"box":{"x":104,"y":660,"width":744,"height":9}},{"id":"14390def-107b-428c-89b8-38a5a5ee3881","block_type":"box","text":"f such","page_number":37,"box":{"x":850,"y":660,"width":34,"height":7}},{"id":"64cd8962-b697-42e3-9a00-8a303eb1a95e","block_type":"box","text":"errors. Errors in respect of the quality, accuracy and/or completeness of index data may occur from time to time and may not","page_number":37,"box":{"x":104,"y":672,"width":772,"height":10}},{"id":"6d07f75b-63e8-4d69-abab-5ad98582a0bd","block_type":"box","text":"be","page_number":37,"box":{"x":882,"y":673,"width":13,"height":7}},{"id":"b80433ad-4e99-4a1b-a6b2-5bc13bfb13a9","block_type":"box","text":"identified and corrected for a period of time. Gains, losses or costs associated with index provider errors will be born","page_number":37,"box":{"x":105,"y":686,"width":713,"height":9}},{"id":"97001f99-1083-4ea3-9ccc-040f2e8a8f14","block_type":"box","text":"e by the","page_number":37,"box":{"x":820,"y":686,"width":48,"height":9}},{"id":"427f1043-f8be-47eb-91af-58763d6e0653","block_type":"box","text":"Scheme and its investors. For example, during a period where the index contains incorrect constituents, a Scheme tracking suc","page_number":37,"box":{"x":104,"y":699,"width":774,"height":9}},{"id":"65fe0e32-2f3e-4f15-8521-d63e6096df83","block_type":"box","text":"h","page_number":37,"box":{"x":881,"y":699,"width":5,"height":7}},{"id":"0e3fbc71-aa62-4921-bd8f-5832bf178e03","block_type":"box","text":"published index would have market exposure to such constituents and would be underexposed to the constituents that shoul","page_number":37,"box":{"x":105,"y":712,"width":767,"height":9}},{"id":"6fbf133c-b6fb-40fd-aed1-acf6749dcc8a","block_type":"box","text":"d","page_number":37,"box":{"x":875,"y":712,"width":6,"height":7}},{"id":"7136a329-715b-4ccd-81d3-812d5e8b0cf8","block_type":"box","text":"have been included in the index. Therefore, such errors may result in a negative or positive performance impact to the Scheme","page_number":37,"box":{"x":105,"y":725,"width":776,"height":9}},{"id":"3d0c3656-b2cd-46c2-b365-a0e31329748e","block_type":"box","text":"and","page_number":37,"box":{"x":886,"y":725,"width":22,"height":7}},{"id":"4300f659-f93f-4d2f-88ae-5f906deab8ae","block_type":"box","text":"its investors. Any gains from index provider errors affecting the Scheme will be kept by the Scheme and its investors and an","page_number":37,"box":{"x":105,"y":738,"width":754,"height":9}},{"id":"2388dc54-1e9d-4375-be16-bde364e3108a","block_type":"box","text":"y losses","page_number":37,"box":{"x":860,"y":738,"width":46,"height":9}},{"id":"30253857-3227-468a-abb7-ff5a12af332d","block_type":"box","text":"resulting from such index provider errors will be borne by the Scheme and its investors.","page_number":37,"box":{"x":105,"y":751,"width":534,"height":9}},{"id":"6c60697c-dc16-4781-b29b-4f4d0b31c5b9","block_type":"box","text":"11.26","page_number":37,"box":{"x":105,"y":778,"width":36,"height":9}},{"id":"0598d036-faca-4762-ab76-c7c1fadee24b","block_type":"box","text":"Index Tracking Risk","page_number":37,"box":{"x":150,"y":777,"width":173,"height":12}},{"id":"fa167930-505f-4a6c-977f-fd6934b95129","block_type":"box","text":"The investment objective of certain Schemes will be to track the performance of a specified index. 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The Scheme","page_number":37,"box":{"x":104,"y":845,"width":759,"height":9}},{"id":"aad2e14f-f6c4-40df-9e9c-2e190b41a0d4","block_type":"box","text":"incurs","page_number":37,"box":{"x":869,"y":846,"width":35,"height":7}},{"id":"88158955-0572-46a9-83f8-8c46dc6fec67","block_type":"box","text":"a number of operating expenses not applicable to the","page_number":37,"box":{"x":104,"y":858,"width":328,"height":10}},{"id":"c94830a4-2732-42a2-80e6-5936331e59a8","block_type":"box","text":"index and","page_number":37,"box":{"x":437,"y":858,"width":58,"height":8}},{"id":"7e4ce637-7acd-4331-b29b-c7990defeafe","block_type":"box","text":"incurs costs in buying and selling securities. 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Applicatio","page_number":37,"box":{"x":104,"y":911,"width":761,"height":9}},{"id":"25f70db6-8c0b-48aa-985d-533fdbfb5698","block_type":"box","text":"n of","page_number":37,"box":{"x":868,"y":911,"width":23,"height":7}},{"id":"999e3ad8-759d-4d08-b597-7f54888eb0dc","block_type":"box","text":"such screens or techniques may result in investment performance below that of the index and may not produce results expected","page_number":37,"box":{"x":104,"y":924,"width":789,"height":9}},{"id":"21cbae62-8921-4c9e-9820-4008d50848d0","block_type":"box","text":"by the Investment Adviser. Index tracking risk may be heightened during times of increased market volatility or other unusual","page_number":37,"box":{"x":105,"y":937,"width":767,"height":9}},{"id":"efda5248-4295-41c9-9d00-23312eb9ed69","block_type":"box","text":"market conditions.","page_number":37,"box":{"x":105,"y":950,"width":113,"height":7}},{"id":"66af966d-a800-4ce9-8bd0-cef064c7b3e1","block_type":"box","text":"38","page_number":38,"box":{"x":447,"y":969,"width":12,"height":7}},{"id":"58c0af56-ac68-474d-b7fe-54ea710d5704","block_type":"box","text":"11.27","page_number":38,"box":{"x":105,"y":86,"width":35,"height":9}},{"id":"e09b73aa-2399-440c-b1de-acd3460a0f5d","block_type":"box","text":"Index Risk/Passive Strategy","page_number":38,"box":{"x":150,"y":83,"width":239,"height":12}},{"id":"c16a25a1-fc5e-4f92-8258-20ebcfe30e45","block_type":"box","text":"Certain Schemes are managed with an indexed investment strategy, attempting to track the performance of an unmanaged index","page_number":38,"box":{"x":104,"y":112,"width":794,"height":9}},{"id":"d2d3b978-02a7-4939-847f-28b09653c5e1","block_type":"box","text":"of securities. 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The Scheme generally will buy and will not sell a security included in the index","page_number":38,"box":{"x":104,"y":138,"width":740,"height":9}},{"id":"e92bd0a5-f0e4-4220-8f22-9e0e9ec0a0a6","block_type":"box","text":"as long as","page_number":38,"box":{"x":849,"y":138,"width":58,"height":9}},{"id":"74c6d365-4b51-4b8c-8d80-76a733654a68","block_type":"box","text":"the security is part of the index regardless of any sudden or material decline in value or foreseeable material decline","page_number":38,"box":{"x":104,"y":151,"width":711,"height":9}},{"id":"e979a92f-916b-4565-9d14-6a221f72b2c4","block_type":"box","text":"in value of the","page_number":38,"box":{"x":821,"y":151,"width":86,"height":8}},{"id":"c6ce6f53-714f-44e3-be3f-b50c37e13226","block_type":"box","text":"security, even though the Investment Adviser may make a different investment decision for other managed accounts or portfolio","page_number":38,"box":{"x":104,"y":164,"width":790,"height":9}},{"id":"d4545b30-b3bc-42bc-aa9b-69980a97f8f8","block_type":"box","text":"s","page_number":38,"box":{"x":896,"y":166,"width":4,"height":6}},{"id":"88325ce9-67ff-490b-905b-8984df23faff","block_type":"box","text":"that hold the security. As a result, an index managed Scheme’s performance may be less favourable than that of a","page_number":38,"box":{"x":104,"y":177,"width":696,"height":10}},{"id":"9d3fd898-17f5-48ca-a8f9-610056bbd60d","block_type":"box","text":"portfolio","page_number":38,"box":{"x":807,"y":177,"width":51,"height":10}},{"id":"fd664adb-5ee1-4958-85f5-2610fc09a78a","block_type":"box","text":"managed using an active investment strategy. The structure and composition of the index will affect the performance, volatili","page_number":38,"box":{"x":105,"y":190,"width":766,"height":10}},{"id":"afe94a3f-e7ae-4c07-aca0-4edec5be3d0f","block_type":"box","text":"ty and","page_number":38,"box":{"x":873,"y":191,"width":37,"height":9}},{"id":"7e5358f0-8fd8-4afa-ab1f-be30b97253fe","block_type":"box","text":"risk of the Index (in absolute terms and by comparison with other indices) and, consequently, the performance, vo","page_number":38,"box":{"x":105,"y":203,"width":699,"height":10}},{"id":"b5c8c60c-2ce3-4fe7-8ff6-be2bc2056ba3","block_type":"box","text":"latility and risk of","page_number":38,"box":{"x":807,"y":203,"width":104,"height":10}},{"id":"84d0aba1-f5c5-4969-9288-f2bb9d4a872b","block_type":"box","text":"the relevant Scheme. Such Scheme’s performance may not match that of the index. This differs from an actively","page_number":38,"box":{"x":104,"y":216,"width":685,"height":10}},{"id":"05ab6d17-512b-4bad-90a1-ffb14b15c9a9","block_type":"box","text":"-","page_number":38,"box":{"x":790,"y":221,"width":4,"height":1}},{"id":"69d3e6e1-5472-4a84-bc8f-e229e2b0663f","block_type":"box","text":"managed fund,","page_number":38,"box":{"x":796,"y":217,"width":90,"height":9}},{"id":"db97a485-30f1-4bf8-b130-54563c0c7717","block_type":"box","text":"which typically seeks to outperform an Index","page_number":38,"box":{"x":104,"y":230,"width":274,"height":10}},{"id":"250a9261-f916-44c4-8d78-05759723b4df","block_type":"box","text":".","page_number":38,"box":{"x":380,"y":236,"width":3,"height":2}},{"id":"a9df7d2c-f788-471c-bb68-1ee136dafb06","block_type":"box","text":"11.28","page_number":38,"box":{"x":105,"y":257,"width":36,"height":9}},{"id":"a7155e3e-20ca-4a6b-8b10-598376bc2444","block_type":"box","text":"Index Risk","page_number":38,"box":{"x":150,"y":257,"width":92,"height":9}},{"id":"b544dce7-dae6-4fe5-9ee6-61222cfb8aed","block_type":"box","text":"It is possible that an index referenced by the Investment Adviser in relation to any Scheme or underlying asset will be termi","page_number":38,"box":{"x":105,"y":285,"width":752,"height":9}},{"id":"776fc887-feed-4dc8-89c3-e8de701f3467","block_type":"box","text":"nated or","page_number":38,"box":{"x":860,"y":285,"width":51,"height":8}},{"id":"7712ac49-315b-4734-9917-86266032afea","block_type":"box","text":"may be disputed, impaired or cease to remain in effect. In such a case, the Investment Adviser may be required to replace","page_number":38,"box":{"x":105,"y":298,"width":745,"height":10}},{"id":"ed913a90-5a60-4f4b-aab3-42171857a7c8","block_type":"box","text":"the","page_number":38,"box":{"x":855,"y":298,"width":20,"height":8}},{"id":"b8bd6e4f-8b54-4498-9044-015a04852373","block_type":"box","text":"referenced index with another index which it considers to be appropriate in light of the investment strategy of the applicabl","page_number":38,"box":{"x":105,"y":311,"width":756,"height":10}},{"id":"69c56347-7bfd-415e-b856-ae302e5716ca","block_type":"box","text":"e","page_number":38,"box":{"x":864,"y":314,"width":6,"height":5}},{"id":"a69dcbb5-fb6c-422f-89a3-36a9764d4cef","block_type":"box","text":"Scheme and the purpose of such referencing. The transition to any such substitute index may be effected over a period of time","page_number":38,"box":{"x":104,"y":324,"width":777,"height":10}},{"id":"a0cbd247-5abc-4dfa-8650-c5cadbe2e6e7","block_type":"box","text":",","page_number":38,"box":{"x":883,"y":331,"width":2,"height":2}},{"id":"de02111c-6538-4703-97c0-5e5386da0dd9","block_type":"box","text":"during which the Scheme will not fully track the old or new index. The use of and/or transition to any such substitute index","page_number":38,"box":{"x":104,"y":337,"width":752,"height":10}},{"id":"3ef47525-b859-445e-8711-eeccb6e7ef93","block_type":"box","text":"may","page_number":38,"box":{"x":861,"y":340,"width":25,"height":7}},{"id":"0238e311-bd69-4a52-a2b9-ddfa7f66db33","block_type":"box","text":"generate additional costs for the Scheme and/or have an adverse impact on such Scheme’s performance. 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Your investment in a Scheme may at any point in the future be worth less than your original investm","page_number":38,"box":{"x":105,"y":445,"width":775,"height":9}},{"id":"e117f280-031b-4bf7-b9e8-5f629457dce4","block_type":"box","text":"ent.","page_number":38,"box":{"x":882,"y":446,"width":23,"height":6}},{"id":"c1015f8f-8c07-4048-af66-d34df76f1e11","block_type":"box","text":"11.30","page_number":38,"box":{"x":105,"y":474,"width":36,"height":8}},{"id":"d11bcf34-d373-4142-bced-82dc8eb6c779","block_type":"box","text":"Investments in Multiple Countries Risk","page_number":38,"box":{"x":165,"y":471,"width":338,"height":12}},{"id":"9877e3fc-5197-4a03-9d5b-b4676aa1e49a","block_type":"box","text":"Investments in securities of companies from multiple countries and/or securities of companies with significant exposure to mu","page_number":38,"box":{"x":113,"y":499,"width":767,"height":10}},{"id":"0cb1cd8f-2e42-48b1-8351-ac74f625cf4a","block_type":"box","text":"ltiple","page_number":38,"box":{"x":882,"y":500,"width":30,"height":9}},{"id":"2d260310-ac7a-4c59-a2db-90cda9404a25","block_type":"box","text":"countries, and exposure to various currencies can involve additional risks relating to market, economic, political, or regul","page_number":38,"box":{"x":112,"y":513,"width":766,"height":9}},{"id":"19211b81-4716-41c5-a019-d94f754795db","block_type":"box","text":"atory","page_number":38,"box":{"x":881,"y":514,"width":31,"height":8}},{"id":"e3549880-01e5-49bc-8be1-88b9b77bca4d","block_type":"box","text":"conditions and developments as well as additional costs. Political, social, and economic instability, the imposition of curre","page_number":38,"box":{"x":112,"y":526,"width":760,"height":9}},{"id":"07c9eeeb-b3c4-4b4b-b73c-28d11061b0b3","block_type":"box","text":"ncy or","page_number":38,"box":{"x":875,"y":528,"width":37,"height":7}},{"id":"1789e72d-4da5-40c2-93bd-1a47258cb3db","block_type":"box","text":"capital controls, or the expropriation or nationalisation of assets in a particular country can cause dramatic decline","page_number":38,"box":{"x":112,"y":539,"width":691,"height":9}},{"id":"6dc24c61-7e21-4ab2-9a88-c52fa652574a","block_type":"box","text":"s in that country’s","page_number":38,"box":{"x":805,"y":539,"width":107,"height":9}},{"id":"899e3275-53cc-48b6-91aa-a34554127692","block_type":"box","text":"economy and affect a Scheme’s investments exposed to such country. Investing in multiple countries creates operational risks","page_number":38,"box":{"x":112,"y":552,"width":772,"height":9}},{"id":"596d6667-1632-4042-8597-a598050af3a3","block_type":"box","text":"due","page_number":38,"box":{"x":890,"y":552,"width":22,"height":7}},{"id":"82e14317-78d5-4530-9645-ca2cc50bc43f","block_type":"box","text":"to different systems, procedures and requirements in a particular country, different accounting, auditing,","page_number":38,"box":{"x":112,"y":565,"width":646,"height":9}},{"id":"d08da636-27f9-4568-92a6-41bf98d2c9ae","block_type":"box","text":"financial reporting, legal","page_number":38,"box":{"x":764,"y":565,"width":147,"height":9}},{"id":"55ba13f4-4c4f-4835-93ea-1e096120aff5","block_type":"box","text":"standards and practices and varying laws regarding withholding and other taxes. Enforcing legal rights can be difficult, cos","page_number":38,"box":{"x":112,"y":578,"width":753,"height":9}},{"id":"65362349-fcc8-4b2a-be8f-6e6242fa8f10","block_type":"box","text":"tly, and","page_number":38,"box":{"x":867,"y":578,"width":44,"height":9}},{"id":"baf1a952-ebc4-4fba-ac6c-1acff918643c","block_type":"box","text":"slow in some countries, and can be particularly difficult against governments. Additional risks","page_number":38,"box":{"x":112,"y":591,"width":592,"height":9}},{"id":"16729bc1-34e1-4f89-9031-3fd569dfb724","block_type":"box","text":"of investing in various countries","page_number":38,"box":{"x":711,"y":591,"width":201,"height":9}},{"id":"ed73f404-baf0-4875-95a3-8517a1003e55","block_type":"box","text":"include trading, settlement, custodial, and other operational risks, and withholding and other taxes. 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In such event,","page_number":41,"box":{"x":135,"y":647,"width":751,"height":10}},{"id":"9d206e4f-3156-45f7-a536-63d83a38c84d","block_type":"box","text":"the","page_number":41,"box":{"x":892,"y":648,"width":20,"height":7}},{"id":"46edbb99-e723-446d-b393-899c2591e2c6","block_type":"box","text":"relevant Scheme may be adversely affec","page_number":41,"box":{"x":135,"y":661,"width":247,"height":9}},{"id":"ce279854-cd07-4919-84ad-153844066d91","block_type":"box","text":"ted in the execution of transactions through such PRC broker/ trading and settlement","page_number":41,"box":{"x":383,"y":661,"width":528,"height":9}},{"id":"a6325391-beb5-4ab9-bd64-c8fc35abec7d","block_type":"box","text":"agent. In addition, the broker may aggregate investment orders with its and its affiliates' own orders and those of its other","page_number":41,"box":{"x":135,"y":674,"width":776,"height":9}},{"id":"ff4a4eca-395b-4c55-8938-40762714299d","block_type":"box","text":"clients, including the Schemes. In some cases","page_number":41,"box":{"x":135,"y":687,"width":288,"height":9}},{"id":"d0c31cd7-a49d-4943-a530-318080a1a4ea","block_type":"box","text":", aggregation may operate to the Schemes' disadvantage and in other cases","page_number":41,"box":{"x":424,"y":687,"width":487,"height":9}},{"id":"893e2d18-e273-4741-9f6a-70db26f13553","block_type":"box","text":"aggregation may operate to the Funds' advantage.","page_number":41,"box":{"x":135,"y":700,"width":307,"height":9}},{"id":"be2e691d-80b8-422f-bcc2-0e6b5fecec95","block_type":"box","text":"Effect of PRC Regulations on Subscriptions, Redemptions and Conversions","page_number":41,"box":{"x":135,"y":720,"width":470,"height":9}},{"id":"01138a55-30df-437a-8570-ba1cb8e91cc2","block_type":"box","text":".","page_number":41,"box":{"x":607,"y":726,"width":2,"height":2}},{"id":"a242686d-9d6f-4cc6-b5c4-3f83c6cba269","block_type":"box","text":"The ability of a","page_number":41,"box":{"x":615,"y":720,"width":93,"height":9}},{"id":"b8629e54-a2a7-4a7b-9293-2953ee98a6e3","block_type":"box","text":"unitholder to","page_number":41,"box":{"x":715,"y":720,"width":80,"height":8}},{"id":"6acddf89-2e0c-469d-820a-6348466a221e","block_type":"box","text":"redeem units of a","page_number":41,"box":{"x":802,"y":720,"width":109,"height":8}},{"id":"f3ce81b5-35ef-4c39-af92-886181e5f059","block_type":"box","text":"Scheme depends, inter alia, on the PRC laws and practices affecting the Scheme’s ability to liquidate investments and to","page_number":41,"box":{"x":134,"y":733,"width":777,"height":10}},{"id":"84244d45-3843-4d1c-b5e9-081824616a92","block_type":"box","text":"repatriate the proceeds thereof out of the PRC. Any repatriation restrictions as may be applicable under PRC regulat","page_number":41,"box":{"x":135,"y":746,"width":712,"height":10}},{"id":"c48477b9-25fa-48b2-986f-0f4c86407073","block_type":"box","text":"ions in the","page_number":41,"box":{"x":849,"y":746,"width":63,"height":8}},{"id":"b4b42303-2941-4cc3-b448-8516c404432e","block_type":"box","text":"future, where applicable, could restrict the Scheme’s ability to satisfy all or any redemption requests in respect of any par","page_number":41,"box":{"x":134,"y":759,"width":738,"height":10}},{"id":"daffffd8-051e-4e78-9fbd-bbf75c4d6492","block_type":"box","text":"ticular","page_number":41,"box":{"x":874,"y":759,"width":38,"height":8}},{"id":"16797b22-1f35-4896-b6bb-8f3d71ec150b","block_type":"box","text":"redemption day and accordingly, the Scheme may have to manage the liquidity challenges through the maintenance","page_number":41,"box":{"x":135,"y":772,"width":728,"height":10}},{"id":"6a4630ab-df22-4b36-b5bc-5442019b9dc1","block_type":"box","text":"of high","page_number":41,"box":{"x":869,"y":772,"width":42,"height":10}},{"id":"c4fec31f-f59c-432d-bb3f-f203f2c5e5ac","block_type":"box","text":"cash balances and limiting, deferring or suspending redemptions. Investors should not invest in the Scheme if they have need","page_number":41,"box":{"x":135,"y":786,"width":776,"height":9}},{"id":"7bc38f11-61fd-48a7-add7-5355e2749b77","block_type":"box","text":"of greater liquidity than that offered by the Scheme.","page_number":41,"box":{"x":135,"y":799,"width":318,"height":9}},{"id":"b5d571ff-cffc-4fea-aa81-51a32432a273","block_type":"box","text":"Applications for subscription and/or conversion of units may be subject to sufficient available capacity for a Scheme under t","page_number":41,"box":{"x":134,"y":818,"width":761,"height":10}},{"id":"73d72c67-d77c-4686-ae8e-b566e51bfc9a","block_type":"box","text":"he","page_number":41,"box":{"x":898,"y":819,"width":14,"height":7}},{"id":"4eef869e-e3b7-4ad1-ace7-c88bfd47054a","block_type":"box","text":"relevant Access Programme as combined with the relevant Scheme's investment policy and restrictions. Applications received","page_number":41,"box":{"x":135,"y":832,"width":775,"height":9}},{"id":"621b4bac-bb8b-4886-a2b7-b4832abc0475","block_type":"box","text":"durin","page_number":41,"box":{"x":135,"y":845,"width":30,"height":7}},{"id":"5a95abf7-d8f4-4389-a0fe-a17c9fe58aee","block_type":"box","text":"g a period when there is insufficient available capacity for the relevant Scheme under the QFIs for example may be","page_number":41,"box":{"x":167,"y":845,"width":744,"height":9}},{"id":"e2e06317-7b88-49e4-9918-5adfcd578e59","block_type":"box","text":"suspended and processed for subscription and/or conversion of units at the next following subscription date at which sufficie","page_number":41,"box":{"x":135,"y":858,"width":763,"height":9}},{"id":"61daeb41-2892-4569-b544-8f658787d152","block_type":"box","text":"nt","page_number":41,"box":{"x":900,"y":859,"width":12,"height":6}},{"id":"32635f2a-2f69-4c64-8c99-d52a7efe5a33","block_type":"box","text":"capacity is a","page_number":41,"box":{"x":135,"y":871,"width":78,"height":9}},{"id":"af99e820-e629-4b8b-9bcb-f58cc89c9a47","block_type":"box","text":"gain available for the Scheme. In addition, the Directors (or their duly authorised delegate(s)) may refuse","page_number":41,"box":{"x":215,"y":871,"width":696,"height":9}},{"id":"e9d50bf0-0f5f-4c77-a13b-01d6a859b0a8","block_type":"box","text":"applications and to temporarily or permanently suspend or limit any applications received during a period when there is","page_number":41,"box":{"x":135,"y":884,"width":776,"height":9}},{"id":"fca8c7f7-211e-43e1-b746-a7fc2b64ed2c","block_type":"box","text":"insufficient available capa","page_number":41,"box":{"x":135,"y":897,"width":157,"height":9}},{"id":"63a7317b-1f2d-4e36-87e7-df29ffa1a393","block_type":"box","text":"city for the relevant Scheme under the QFI/ direct access programme under People’s Bank of China","page_number":41,"box":{"x":294,"y":896,"width":616,"height":10}},{"id":"0362527e-d11c-4718-b5e4-7154603c5883","block_type":"box","text":"Announcement [2016] No.3. facilitating access to the China interbank bond (hereinafter the “CIBM Direct Access Programme”).","page_number":41,"box":{"x":134,"y":910,"width":777,"height":9}},{"id":"7cf1e0f7-85e2-41d5-96fd-eeff45e50229","block_type":"box","text":"Notwithstanding the above, the Directors (or their duly authorised delegate(s)) may decide to temporarily suspend the issue,","page_number":41,"box":{"x":135,"y":930,"width":775,"height":9}},{"id":"9ca47afd-ce66-474a-9fef-7c6e0d26f161","block_type":"box","text":"subscription, redemption, conversion, payment of redemption proceeds and/or valuation of units of the relevant Scheme during","page_number":41,"box":{"x":135,"y":943,"width":776,"height":10}},{"id":"5a9ec602-3757-4cd2-8ece-2aef7b13d2cd","block_type":"box","text":"any pe","page_number":41,"box":{"x":135,"y":959,"width":39,"height":6}},{"id":"87fb31a4-06ed-4775-9024-13d43f6084e0","block_type":"box","text":"riod when the Scheme is unable to transmit subscription proceeds to or from the accounts of the Scheme, or dispose of","page_number":41,"box":{"x":176,"y":956,"width":735,"height":9}},{"id":"dfccb02e-81a5-44b8-9e89-7db7b900f5e5","block_type":"box","text":"42","page_number":42,"box":{"x":446,"y":969,"width":13,"height":7}},{"id":"998f8a8a-ba28-4aae-87fb-7d6f8659e306","block_type":"box","text":"holdings or to repatriate the proceeds of such disposals, subject to certain quota or limits imposed by any regulatory or","page_number":42,"box":{"x":135,"y":84,"width":776,"height":10}},{"id":"aca5da82-3ec1-4143-9089-de97f01f2f0e","block_type":"box","text":"supervisory, governmental or quasi","page_number":42,"box":{"x":135,"y":97,"width":223,"height":10}},{"id":"dd59feb9-5c6b-485a-835c-7c24a02fd71b","block_type":"box","text":"-","page_number":42,"box":{"x":359,"y":102,"width":4,"height":0}},{"id":"e148a0d7-4f3a-4735-bfe5-afb58cf202a4","block_type":"box","text":"governmental authority, any fiscal body or self","page_number":42,"box":{"x":364,"y":97,"width":302,"height":10}},{"id":"0ddd1305-3578-4142-a160-410200c5b9fb","block_type":"box","text":"-","page_number":42,"box":{"x":666,"y":102,"width":4,"height":0}},{"id":"88eed970-df7d-463d-a793-0a6834be14fd","block_type":"box","text":"regulatory organisation (whether of a","page_number":42,"box":{"x":672,"y":97,"width":239,"height":10}},{"id":"65df5bc8-858e-4c5d-a1c1-5462ce1e69df","block_type":"box","text":"governmental","page_number":42,"box":{"x":134,"y":111,"width":85,"height":9}},{"id":"dcd99ce5-301e-40d8-8d51-4c11464108bf","block_type":"box","text":"nature or otherwise), for example when subscription proceeds cannot be remitted to the account of the relevant","page_number":42,"box":{"x":224,"y":110,"width":687,"height":10}},{"id":"455307ed-55af-4577-a291-30e1775acbce","block_type":"box","text":"Scheme due to the Scheme being unable to dispose of holdings in the relevant Access Programme, or to repatriate the proceeds","page_number":42,"box":{"x":134,"y":123,"width":777,"height":10}},{"id":"5d097b06-8b52-4a1c-b424-a3b7d036bb7d","block_type":"box","text":"of such disposals.","page_number":42,"box":{"x":135,"y":137,"width":105,"height":9}},{"id":"13086daf-db70-422c-839b-9eab309e8079","block_type":"box","text":"Counterparty Risk to the PRC Sub","page_number":42,"box":{"x":135,"y":157,"width":217,"height":9}},{"id":"98866407-eb29-450c-a3bc-e335b5bac3c6","block_type":"box","text":"-","page_number":42,"box":{"x":353,"y":161,"width":4,"height":1}},{"id":"0a6d92d6-628e-491a-ad5c-f3defeb7e791","block_type":"box","text":"Custodian and other Depositaries for PRC Investments","page_number":42,"box":{"x":358,"y":157,"width":351,"height":9}},{"id":"0220ae95-99e4-428f-ba55-2972ddec8a66","block_type":"box","text":".","page_number":42,"box":{"x":710,"y":163,"width":2,"height":1}},{"id":"2d41a61e-1f9c-47f4-b04a-9d1135afeb30","block_type":"box","text":"Any PRC Investments acquired","page_number":42,"box":{"x":719,"y":157,"width":192,"height":9}},{"id":"7677bcf1-2895-40e4-8de8-c7b44e93b690","block_type":"box","text":"through an Access Programme will be maintained by the Sub","page_number":42,"box":{"x":134,"y":170,"width":370,"height":9}},{"id":"131a1dda-3397-40cf-950f-8c8bb996f501","block_type":"box","text":"-","page_number":42,"box":{"x":506,"y":174,"width":3,"height":1}},{"id":"0f13bdfc-394f-4f81-9dd3-0ecfd89654cb","block_type":"box","text":"Custodian, in electronic form via the securities account(s) and any","page_number":42,"box":{"x":511,"y":170,"width":401,"height":9}},{"id":"600a1552-4092-4885-926c-7aed724d50a9","block_type":"box","text":"cash will be held in Renminbi cash account(s)) with the Sub","page_number":42,"box":{"x":135,"y":183,"width":364,"height":9}},{"id":"c93017ac-d8e2-4e6e-a429-7d8c8a96036e","block_type":"box","text":"-","page_number":42,"box":{"x":501,"y":187,"width":4,"height":1}},{"id":"1b7c58ac-d0c0-4dda-8216-4a390360f02e","block_type":"box","text":"Custodian. Securities account(s) and Renm","page_number":42,"box":{"x":506,"y":183,"width":261,"height":9}},{"id":"81d2487a-1098-4cda-bb50-c3a8d699eee2","block_type":"box","text":"inbi cash account(s) for","page_number":42,"box":{"x":770,"y":183,"width":142,"height":9}},{"id":"25f681c6-a20f-47ed-978d-a3b67151014b","block_type":"box","text":"the relevant Scheme in the PRC are maintained in accordance with market practice. Such account may be in the name of a","page_number":42,"box":{"x":134,"y":196,"width":776,"height":9}},{"id":"cf414b42-a2fa-470d-92b3-2097e4995418","block_type":"box","text":"nominee (for example, the","page_number":42,"box":{"x":135,"y":209,"width":162,"height":9}},{"id":"d9bb991d-5d44-4dde-9439-52a31228f9c8","block_type":"box","text":"QFI/ applicant under the CIBM Direct Access Programme) and not in the name of such Scheme, and","page_number":42,"box":{"x":302,"y":209,"width":609,"height":9}},{"id":"f0981187-d1aa-462d-8359-0340a37cfb7a","block_type":"box","text":"the assets within such account may be held for and on behalf of clients of the nominee including but not limited to such Sche","page_number":42,"box":{"x":134,"y":222,"width":754,"height":9}},{"id":"e5ac8114-dbbd-4097-b90b-c8afc502863a","block_type":"box","text":"me.","page_number":42,"box":{"x":890,"y":224,"width":21,"height":5}},{"id":"7d272bc3-5e37-44b3-9105-a7e7bb4e70e7","block_type":"box","text":"PRC interbank bond investment o","page_number":42,"box":{"x":135,"y":235,"width":205,"height":7}},{"id":"f352ec3e-e918-445d-a36c-88aeb412026c","block_type":"box","text":"f a Scheme will be registered in the joint names of the investment manager (as the applicant","page_number":42,"box":{"x":342,"y":235,"width":569,"height":9}},{"id":"0edca414-0b57-4341-a977-0f74a69468a1","block_type":"box","text":"under the CIBM Direct Access Program) and the relevant Scheme, or in another name for the sole use and benefit of the relevan","page_number":42,"box":{"x":135,"y":248,"width":771,"height":9}},{"id":"ca9a20ae-caf9-4bed-a143-f49c9498d4b7","block_type":"box","text":"t","page_number":42,"box":{"x":907,"y":249,"width":5,"height":6}},{"id":"31534d43-e78b-454a-966c-722d5abfeac8","block_type":"box","text":"Scheme as permitted or required purs","page_number":42,"box":{"x":134,"y":261,"width":233,"height":9}},{"id":"e5b5d466-5aad-4fcb-a440-92a729d0bdb2","block_type":"box","text":"uant to the relevant regulations. Even though the Chinese regulators have affirmed their","page_number":42,"box":{"x":369,"y":261,"width":543,"height":9}},{"id":"559d2c9d-f222-4b49-8b5f-cc7ea4ab17df","block_type":"box","text":"recognition of the concepts of nominee holders and beneficiary owners and applicable PRC rules, regulations and other","page_number":42,"box":{"x":135,"y":274,"width":776,"height":9}},{"id":"20c8ce45-16da-4add-9138-91509955812e","block_type":"box","text":"administration measures and provisions generally","page_number":42,"box":{"x":135,"y":287,"width":304,"height":9}},{"id":"ce0fc2b7-6fb3-43d5-abed-936176e2f030","block_type":"box","text":"provide for the concept of a \"nominee holder\" and recognise the concept of","page_number":42,"box":{"x":445,"y":287,"width":467,"height":9}},{"id":"adcf426c-5f8c-4643-a388-44e7cc56870d","block_type":"box","text":"a \"beneficial owner\" of securities, these concepts are relatively new in the Chinese legal system and remain untested under t","page_number":42,"box":{"x":135,"y":300,"width":761,"height":9}},{"id":"9760dcdd-96d0-43d5-b957-30a32c3b88bc","block_type":"box","text":"he","page_number":42,"box":{"x":898,"y":300,"width":14,"height":8}},{"id":"59128e1a-8b08-414e-81e4-74dc89cf44bc","block_type":"box","text":"QFI scheme. Hence, the assets of such Scheme held wit","page_number":42,"box":{"x":135,"y":313,"width":337,"height":9}},{"id":"40657d03-1c4e-40cb-beb1-35e9d8be44ff","block_type":"box","text":"hin such account may be subject to a risk of being treated as part of the","page_number":42,"box":{"x":474,"y":313,"width":437,"height":10}},{"id":"6ce61542-38c5-45f9-b60d-9dd7e963d44c","block_type":"box","text":"assets of the nominee and be vulnerable to claims by creditors of the nominee in the event of the insolvency of the nominee.","page_number":42,"box":{"x":135,"y":326,"width":775,"height":10}},{"id":"3065ff2f-b835-4166-a57b-bb290d4665fe","block_type":"box","text":"Whilst the assets held in such accounts are segregated an","page_number":42,"box":{"x":134,"y":339,"width":350,"height":10}},{"id":"0f058081-e3cf-49f1-9fbe-4bdea13ccc6c","block_type":"box","text":"d held separately from the assets of the nominee and belong solely to","page_number":42,"box":{"x":486,"y":339,"width":425,"height":10}},{"id":"90d7944c-2077-436b-852a-e588d6c169a9","block_type":"box","text":"the relevant Scheme, it is possible that the judicial and regulatory authorities in the PRC may interpret this position diffe","page_number":42,"box":{"x":134,"y":353,"width":741,"height":9}},{"id":"4b58cde5-761b-4849-8852-359945f61061","block_type":"box","text":"rently","page_number":42,"box":{"x":877,"y":353,"width":35,"height":9}},{"id":"907ec306-a1fa-4e7e-b381-7615008f8d64","block_type":"box","text":"in the future. In addition, the assets of the Scheme m","page_number":42,"box":{"x":135,"y":365,"width":324,"height":9}},{"id":"66146016-10fb-43b5-843e-6efc3644bd54","block_type":"box","text":"ay not be adequately segregated from the assets of other Schemes, funds","page_number":42,"box":{"x":461,"y":365,"width":450,"height":10}},{"id":"b583f45e-b8c2-4954-ace5-4352643d65f5","block_type":"box","text":"or clients investing through the nominee. The relevant Scheme may also incur losses due to the acts or omissions of the Sub","page_number":42,"box":{"x":135,"y":379,"width":771,"height":9}},{"id":"a57338cd-accc-4a5a-8bb3-f22086d9b984","block_type":"box","text":"Custodian in the execution or settlement of any transaction","page_number":42,"box":{"x":135,"y":392,"width":363,"height":9}},{"id":"4d3b06c8-c181-4286-b015-e0ea2cb32f15","block_type":"box","text":"or in the transfer of any funds or securities.","page_number":42,"box":{"x":504,"y":392,"width":263,"height":9}},{"id":"04a8bf47-9fa8-424c-8f14-0ce8506b20ff","block_type":"box","text":"Cash held by the","page_number":42,"box":{"x":135,"y":412,"width":99,"height":9}},{"id":"6a12e8cc-48f9-4c0d-8681-9145c92193e8","block_type":"box","text":"Sub","page_number":42,"box":{"x":239,"y":412,"width":22,"height":7}},{"id":"133a0ed2-5a85-44ae-9798-f9752f215367","block_type":"box","text":"-","page_number":42,"box":{"x":262,"y":416,"width":4,"height":1}},{"id":"973bc0b0-a523-4ec1-ad62-174dee376d70","block_type":"box","text":"Custodian in the RMB cash account(s) will not be segregated in practice but will be a debt owing from the","page_number":42,"box":{"x":267,"y":412,"width":644,"height":9}},{"id":"727bfabc-487c-4f96-90dd-8f4079ccf632","block_type":"box","text":"Sub","page_number":42,"box":{"x":134,"y":425,"width":22,"height":7}},{"id":"c58ab74c-3281-4510-8764-95336b2daed9","block_type":"box","text":"-","page_number":42,"box":{"x":157,"y":429,"width":4,"height":1}},{"id":"8c1aa955-c051-4a74-98be-4de19d988176","block_type":"box","text":"Custodian to the relevant Scheme as a depositor. 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IPOs","page_number":47,"box":{"x":384,"y":935,"width":499,"height":9}},{"id":"68622ed2-f9ba-421f-91b8-e4550ed219f5","block_type":"box","text":"may not be available to the Schemes at all times and a Scheme may not always invest in IPOs offered to it. Investments in IPO","page_number":47,"box":{"x":105,"y":948,"width":767,"height":9}},{"id":"6faf5218-4b9b-4024-9a82-ae5078a85a81","block_type":"box","text":"s may","page_number":47,"box":{"x":874,"y":950,"width":35,"height":7}},{"id":"dd310b49-3366-4319-a3a5-3aba0853bca9","block_type":"box","text":"48","page_number":48,"box":{"x":446,"y":969,"width":13,"height":7}},{"id":"943d601d-f9a9-483b-a211-b0900a3362b7","block_type":"box","text":"have a substantial beneficial effect on a Scheme’s investment performance. A Scheme’s investment return earned during a perio","page_number":48,"box":{"x":105,"y":84,"width":787,"height":10}},{"id":"06d8dbe7-8c99-4136-a6ef-955464fe32fc","block_type":"box","text":"d","page_number":48,"box":{"x":894,"y":84,"width":6,"height":8}},{"id":"8d0e4eda-40d1-46cf-860b-62c91bd083c3","block_type":"box","text":"of substantial investment in IPOs may not be sustained during other periods when the Scheme makes more","page_number":48,"box":{"x":104,"y":97,"width":658,"height":10}},{"id":"0d147cf8-b0d3-4bb7-9742-51645427dbd4","block_type":"box","text":"-","page_number":48,"box":{"x":763,"y":102,"width":4,"height":0}},{"id":"0312cfc9-6fd1-44c6-b623-cbc2f7cda6bb","block_type":"box","text":"limited, or no","page_number":48,"box":{"x":769,"y":97,"width":81,"height":9}},{"id":"f5decd73-92f5-4143-9dfc-8092951c5893","block_type":"box","text":"investments","page_number":48,"box":{"x":105,"y":111,"width":73,"height":7}},{"id":"0282ecb2-1e08-4bb6-b37f-bab5d27f1062","block_type":"box","text":"in IPOs. 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Applicable law and regulations may incre","page_number":48,"box":{"x":104,"y":370,"width":766,"height":9}},{"id":"0e89bd99-93b9-4d04-a5c6-3047f2563b5f","block_type":"box","text":"ase","page_number":48,"box":{"x":872,"y":372,"width":19,"height":5}},{"id":"35390a20-8492-48c1-9214-e28755c5c669","block_type":"box","text":"the costs and expenses of the Scheme, or result in certain investment techniques or investments being prohibited, which may","page_number":48,"box":{"x":104,"y":383,"width":770,"height":9}},{"id":"559babe4-6ed2-40f9-9ef0-f843106adf1f","block_type":"box","text":"adv","page_number":48,"box":{"x":104,"y":396,"width":21,"height":7}},{"id":"0f0574e7-aeb2-4e4e-bc39-d09c52f30945","block_type":"box","text":"ersely affect the Scheme’s performance.","page_number":48,"box":{"x":126,"y":396,"width":246,"height":9}},{"id":"f91f5390-b519-4416-ace9-d1ebcb0a18c7","block_type":"box","text":"11.40","page_number":48,"box":{"x":105,"y":425,"width":36,"height":8}},{"id":"59e5f546-dae0-4f04-8f95-961926eeec16","block_type":"box","text":"Leveraging Risk","page_number":48,"box":{"x":150,"y":422,"width":138,"height":12}},{"id":"09b4abf3-da7f-4c26-8607-8d74b38cbf02","block_type":"box","text":"Certain transactions, including, for example, borrowing transactions, reverse repurchase agreements, certain derivatives","page_number":48,"box":{"x":104,"y":451,"width":807,"height":9}},{"id":"8e980716-d2de-4a98-8ec2-dfdee8aaea6d","block_type":"box","text":"transactions, securities lending transactions and other investment transactions, such as when","page_number":48,"box":{"x":104,"y":464,"width":579,"height":9}},{"id":"6f30b1ec-c402-4199-b94d-1ff1cd65e67e","block_type":"box","text":"-","page_number":48,"box":{"x":685,"y":468,"width":4,"height":1}},{"id":"b7f5ef5f-3d83-456e-b793-ea28cc1a209c","block_type":"box","text":"issued, delayed","page_number":48,"box":{"x":690,"y":464,"width":93,"height":9}},{"id":"8afd212e-1e12-4d65-9a8d-4411c00599c7","block_type":"box","text":"-","page_number":48,"box":{"x":785,"y":468,"width":4,"height":1}},{"id":"1f1ca938-9162-4e4d-a39b-16cebf3de911","block_type":"box","text":"delivery, or forward","page_number":48,"box":{"x":790,"y":464,"width":122,"height":9}},{"id":"2984a838-8b1b-4e6e-8888-00b6f4697b89","block_type":"box","text":"comm","page_number":48,"box":{"x":104,"y":479,"width":37,"height":5}},{"id":"631943b0-0474-4375-9716-adb1c5d1d084","block_type":"box","text":"itment transactions, may create investment leverage. 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This is because leverage generally creates investment risk with respect to a larger base of assets than the Scheme","page_number":48,"box":{"x":131,"y":503,"width":780,"height":9}},{"id":"2b218f2c-5970-425b-9af8-f65592708307","block_type":"box","text":"would otherwise have and so magnifies the effect of any increase or decrease in the value of the Scheme’s underlying assets.","page_number":48,"box":{"x":104,"y":516,"width":779,"height":9}},{"id":"4b0ea971-80c2-46ef-acb1-daafa3bf3bd6","block_type":"box","text":"The","page_number":48,"box":{"x":890,"y":516,"width":22,"height":8}},{"id":"3fa67953-11c1-4730-9480-84a4c38f6dfa","block_type":"box","text":"use","page_number":48,"box":{"x":105,"y":531,"width":19,"height":6}},{"id":"1caa2849-0423-4e2a-9fc4-4f8e019960f8","block_type":"box","text":"of leverage is considered to be a speculative investment practice and may result in losses to the Scheme. In transactions inv","page_number":48,"box":{"x":128,"y":529,"width":747,"height":9}},{"id":"e4c0467c-7da9-4e95-a2d0-c74ef0b2bba4","block_type":"box","text":"olving","page_number":48,"box":{"x":876,"y":529,"width":36,"height":9}},{"id":"ba1ca8a5-66e1-4832-bae8-b00d01c20510","block_type":"box","text":"leverage, a relatively small market movement or change in other underlying indicator can lead to significantly larger losse","page_number":48,"box":{"x":105,"y":542,"width":758,"height":10}},{"id":"bcc8f919-931e-4cbf-87d0-15989ec30bfb","block_type":"box","text":"s to the","page_number":48,"box":{"x":865,"y":542,"width":47,"height":8}},{"id":"02e4ca38-d00e-4d1b-a93e-b047b85b3f0c","block_type":"box","text":"Scheme. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. The use","page_number":48,"box":{"x":104,"y":555,"width":735,"height":10}},{"id":"5cae5f9a-6405-4bbb-9d24-b5b608849758","block_type":"box","text":"of leverage","page_number":48,"box":{"x":844,"y":555,"width":68,"height":10}},{"id":"b9d2f13b-c032-46fc-bc87-f0cbfcf68232","block_type":"box","text":"may cause the Scheme to liquidate positions when it may not be advantageous to do so to satisfy repayment, int","page_number":48,"box":{"x":105,"y":568,"width":696,"height":10}},{"id":"8f3d771b-6671-4f8c-be7f-f8802f98da16","block_type":"box","text":"erest payment, or","page_number":48,"box":{"x":802,"y":570,"width":110,"height":8}},{"id":"08bf8122-540d-4c8e-aa97-dd8665d129ed","block_type":"box","text":"margin obligations or to meet asset segregation or coverage requirements.","page_number":48,"box":{"x":105,"y":582,"width":457,"height":9}},{"id":"adf10754-3fd5-4f45-990c-ae733093bb09","block_type":"box","text":"11.41","page_number":48,"box":{"x":105,"y":610,"width":34,"height":9}},{"id":"c54e11b0-f9d2-4cfe-8f59-e538583fbddb","block_type":"box","text":"Limited Investment Programme Risk","page_number":48,"box":{"x":150,"y":608,"width":320,"height":11}},{"id":"d0cbca3d-857c-4386-8232-24b57f54e980","block_type":"box","text":"An investment in any Scheme, or even in a combination of Schemes, is not intended to be a complete investment program, but","page_number":48,"box":{"x":104,"y":637,"width":778,"height":9}},{"id":"785ecd20-dfa7-4a82-9d22-1a480ab77645","block_type":"box","text":"rather is intended for investment as part of a diversified investment portfolio. 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War, terrorism, the spread of infectious illness or other public health issues, and related geopolitical events","page_number":49,"box":{"x":112,"y":883,"width":740,"height":9}},{"id":"422afebf-734c-4a84-978d-77fb0c9032b9","block_type":"box","text":"h","page_number":49,"box":{"x":858,"y":883,"width":5,"height":7}},{"id":"e8b0cf1f-e95d-4ca4-9853-cdce18807df6","block_type":"box","text":"ave led,","page_number":49,"box":{"x":865,"y":883,"width":46,"height":9}},{"id":"21853fa1-1712-4528-99c7-989fa9811fc9","block_type":"box","text":"and in the future may lead, to increased short","page_number":49,"box":{"x":112,"y":896,"width":280,"height":9}},{"id":"163dff98-96d2-482c-84f0-4770e30ee87f","block_type":"box","text":"-","page_number":49,"box":{"x":393,"y":900,"width":4,"height":1}},{"id":"57a4f695-2db1-4807-ae78-f79dcfddabed","block_type":"box","text":"term market volatility and may have adverse long","page_number":49,"box":{"x":397,"y":896,"width":304,"height":9}},{"id":"31c4cf8d-2cb2-445b-b0a3-b11a354b948b","block_type":"box","text":"-","page_number":49,"box":{"x":702,"y":900,"width":4,"height":1}},{"id":"b4a4b19f-0a17-471b-96f7-50dc58ae922e","block_type":"box","text":"term effects on global economies","page_number":49,"box":{"x":706,"y":896,"width":204,"height":9}},{"id":"1547464d-bc50-4c80-9294-e3a67e9b94d8","block_type":"box","text":"and markets generally. 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While the new regulations and central clearing of some derivatives transactions are desig","page_number":50,"box":{"x":104,"y":814,"width":768,"height":9}},{"id":"1781419f-31fa-4caf-99c0-60b2c465276f","block_type":"box","text":"ned","page_number":50,"box":{"x":874,"y":814,"width":21,"height":8}},{"id":"c335e899-88b8-4658-b180-475158cdb0aa","block_type":"box","text":"to reduce systemic risk, there is no assuranc","page_number":50,"box":{"x":104,"y":827,"width":269,"height":9}},{"id":"b10e868d-4e84-40f2-9473-8044f01002e9","block_type":"box","text":"e that the new clearing","page_number":50,"box":{"x":375,"y":827,"width":140,"height":9}},{"id":"3ba51353-c7a6-4f1c-8c28-53f3944928a4","block_type":"box","text":"mechanisms will achieve that result and in the meantime, as","page_number":50,"box":{"x":521,"y":827,"width":368,"height":9}},{"id":"2cb6aa0d-9261-4141-92e3-f3cb994dc2ed","block_type":"box","text":"noted above, central clearing exposes Schemes to new kinds of risks and costs.","page_number":50,"box":{"x":105,"y":840,"width":480,"height":10}},{"id":"9abfb4b9-a8d2-4448-a4c8-db93c58fc087","block_type":"box","text":"11.49","page_number":50,"box":{"x":112,"y":869,"width":36,"height":9}},{"id":"ae44316e-408a-4ea3-a7fa-635f807af78e","block_type":"box","text":"Preferred Securities Risk","page_number":50,"box":{"x":165,"y":867,"width":217,"height":9}},{"id":"c7a12d4c-a21d-4972-89ba-7ebdabe96aa9","block_type":"box","text":"Generally, preferred security holders have no or limited voting rights with respect to the issuer. 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REITs are also subject to heavy cash flow dependency and, as a result, are particularly reliant on capital marke","page_number":52,"box":{"x":105,"y":84,"width":754,"height":10}},{"id":"5ea7c8f9-abcc-4db3-8c99-8a397c48448c","block_type":"box","text":"ts.","page_number":52,"box":{"x":860,"y":85,"width":14,"height":7}},{"id":"17e3abb1-ab4e-4632-87b6-4b85d5f1be41","block_type":"box","text":"Investments in REITs are also subject to the risks affecting equity markets generally.","page_number":52,"box":{"x":105,"y":98,"width":511,"height":9}},{"id":"6ae93933-46f9-4832-be4f-a37cf7bc3a2a","block_type":"box","text":"11.53","page_number":52,"box":{"x":105,"y":126,"width":35,"height":9}},{"id":"497c294e-1ae2-42e6-9be9-0fccda984272","block_type":"box","text":"Repurchase","page_number":52,"box":{"x":150,"y":124,"width":101,"height":11}},{"id":"b568ed53-e602-4569-bf5a-600e53b078bf","block_type":"box","text":"Ag","page_number":52,"box":{"x":255,"y":124,"width":14,"height":9}},{"id":"3a800e43-e476-4a91-9bf5-9ac76814a19d","block_type":"box","text":"Agreements Risk","page_number":52,"box":{"x":269,"y":124,"width":134,"height":11}},{"id":"a816868a-0c76-4369-94b5-dba8e63b7c3e","block_type":"box","text":"Repurchase agreements may be viewed as loans made by a Scheme which are collateralised by the securities subject to","page_number":52,"box":{"x":105,"y":152,"width":730,"height":10}},{"id":"341d322f-7d86-4840-80c9-caff40b99730","block_type":"box","text":"repurchase. A Scheme’s investment return on such transactions will depend on the counterparty’s willingness and ability to","page_number":52,"box":{"x":105,"y":165,"width":755,"height":10}},{"id":"6c82c143-ce21-40a3-8f01-4358bc8f243d","block_type":"box","text":"perform its oblig","page_number":52,"box":{"x":105,"y":178,"width":100,"height":10}},{"id":"b3f64069-e58e-4323-92c6-c631dced7e99","block_type":"box","text":"ations under a repurchase agreement. If a Scheme’s counterparty should default on its obligations and a Scheme is","page_number":52,"box":{"x":206,"y":178,"width":703,"height":10}},{"id":"2d683d5f-cf1c-40e9-9ec1-2ab353a2654c","block_type":"box","text":"delayed or prevented from recovering the collateral or if the value of the collateral is insufficient, a Scheme may realise a","page_number":52,"box":{"x":104,"y":192,"width":740,"height":9}},{"id":"5ae8e50f-620b-411e-9ce6-82d59f9581ab","block_type":"box","text":"loss.","page_number":52,"box":{"x":851,"y":192,"width":25,"height":7}},{"id":"a9467e2d-3527-4a28-a39b-bea4396b67f6","block_type":"box","text":"11.54","page_number":52,"box":{"x":105,"y":221,"width":35,"height":8}},{"id":"5f38fd19-deb2-4fc9-8909-1c692cfabf88","block_type":"box","text":"Risk of Settlement time misalignment","page_number":52,"box":{"x":150,"y":218,"width":324,"height":12}},{"id":"8ffc126a-3801-40d0-9e90-89fd632409d2","block_type":"box","text":"In certain countries, the settlement time for securities in which the Scheme invests may be shorter than the settlement time","page_number":52,"box":{"x":105,"y":247,"width":806,"height":9}},{"id":"83e04b4d-7fee-4103-acbd-d6383ddd866b","block_type":"box","text":"applicable for contributions and redemptions when an investor invests into or redeems from the Scheme. The Investment Manager","page_number":52,"box":{"x":104,"y":260,"width":807,"height":9}},{"id":"860be99d-0a60-4588-a8bb-da8f54218625","block_type":"box","text":"may a","page_number":52,"box":{"x":105,"y":275,"width":34,"height":7}},{"id":"4c96280a-4dc2-40b3-ab0b-4ee77875ff20","block_type":"box","text":"gree with the trading counterparty to extend the settlement time for securities with a shorter settlement time than the Schem","page_number":52,"box":{"x":140,"y":273,"width":763,"height":9}},{"id":"334e9d0d-70cb-4bde-a6c5-c115cf36c898","block_type":"box","text":"e","page_number":52,"box":{"x":905,"y":275,"width":6,"height":5}},{"id":"e63a35d2-b23d-44dd-91b6-e986dbaad71b","block_type":"box","text":"to align with the Scheme contribution and redemption cycle.","page_number":52,"box":{"x":104,"y":286,"width":369,"height":9}},{"id":"8fc9785b-960d-4859-9148-709a1506b5dc","block_type":"box","text":"This may result in increased brokerage charges, which may be charged","page_number":52,"box":{"x":482,"y":286,"width":429,"height":9}},{"id":"13b1b190-bf57-4a40-aba5-2e99e10bc38e","block_type":"box","text":"to the transacting investor via the","page_number":52,"box":{"x":104,"y":299,"width":205,"height":9}},{"id":"c41e498c-347f-496f-b6b7-6f676a378ec0","block_type":"box","text":"a","page_number":52,"box":{"x":314,"y":301,"width":5,"height":5}},{"id":"b4982473-7729-4d85-9e65-25476bfcba8b","block_type":"box","text":"nti","page_number":52,"box":{"x":321,"y":299,"width":15,"height":7}},{"id":"37f1a9e6-1510-4722-9d30-ead7df40ff65","block_type":"box","text":"-","page_number":52,"box":{"x":337,"y":303,"width":4,"height":1}},{"id":"3d24cbf9-f513-4fe8-809a-b184c9386915","block_type":"box","text":"d","page_number":52,"box":{"x":342,"y":299,"width":6,"height":7}},{"id":"e6e5286d-e187-4793-b601-a5599862aba7","block_type":"box","text":"ilution","page_number":52,"box":{"x":350,"y":299,"width":37,"height":7}},{"id":"89e9a6d8-e8ed-4ec3-a777-e60e31fab2a0","block_type":"box","text":"l","page_number":52,"box":{"x":393,"y":299,"width":1,"height":7}},{"id":"c58aae0f-5f64-4813-af4e-0c3da2787b1a","block_type":"box","text":"evy or","page_number":52,"box":{"x":396,"y":301,"width":36,"height":7}},{"id":"8d76fffb-fe85-4a7e-a90b-b4db6131dec5","block_type":"box","text":"d","page_number":52,"box":{"x":437,"y":299,"width":6,"height":7}},{"id":"a5714451-aea5-4fdf-b7c1-2b7f9f30d293","block_type":"box","text":"ilution","page_number":52,"box":{"x":445,"y":299,"width":37,"height":7}},{"id":"59df0cf3-a18c-4a59-a954-1c05c022a196","block_type":"box","text":"a","page_number":52,"box":{"x":487,"y":301,"width":5,"height":5}},{"id":"878385c8-a927-4585-a10a-65ec3b2dda2f","block_type":"box","text":"djustment.","page_number":52,"box":{"x":494,"y":299,"width":65,"height":9}},{"id":"c8a863f2-8c60-4a7e-862a-1fdb8087177d","block_type":"box","text":"If the settlement time for securities being bought by the","page_number":52,"box":{"x":571,"y":299,"width":340,"height":9}},{"id":"2243fb75-1840-401b-b4c7-8bdadf49e4cb","block_type":"box","text":"Scheme in connection with a contribution is not extended, this may result in the Scheme being overdrawn or being required to","page_number":52,"box":{"x":104,"y":312,"width":807,"height":9}},{"id":"7fe3e5d9-e74f-49e3-bc88-450331a9c193","block_type":"box","text":"borrow from a lender, both of which may result in additional","page_number":52,"box":{"x":105,"y":325,"width":378,"height":9}},{"id":"2d68fb04-ffcd-4e94-ba9b-9379d4d17d34","block_type":"box","text":"cost. In","page_number":52,"box":{"x":489,"y":326,"width":48,"height":6}},{"id":"5de215c4-187a-45da-831f-90a42ccca07b","block_type":"box","text":"addition, the","page_number":52,"box":{"x":543,"y":325,"width":78,"height":9}},{"id":"eac182ed-2f39-4ecf-a792-db25fea9836d","block_type":"box","text":"Scheme may incur charges in connection with","page_number":52,"box":{"x":627,"y":325,"width":284,"height":9}},{"id":"89f79908-7555-45b3-8c55-22ebc4c05084","block_type":"box","text":"having a loan facility in place to enable the Scheme to borrow in such situations. Any costs associated with the loan","page_number":52,"box":{"x":105,"y":338,"width":712,"height":9}},{"id":"00b8b7dd-41ee-4163-a517-181a4db6508a","block_type":"box","text":"facility may be","page_number":52,"box":{"x":823,"y":338,"width":89,"height":9}},{"id":"89ba5739-5e22-4262-b12b-4b342a1d61c1","block_type":"box","text":"charged to the Scheme.","page_number":52,"box":{"x":104,"y":351,"width":151,"height":9}},{"id":"6b9f0637-2ea0-4175-bd7f-7f4a2755b96f","block_type":"box","text":"The Investment Manager may also make use of alternative portfolio management tools, for example","page_number":52,"box":{"x":265,"y":351,"width":646,"height":9}},{"id":"e3ce0c4b-a855-4938-8b66-547967ad3347","block_type":"box","text":"exchange traded futures (where permitted) or maintain an increased cash buffer to manage the misalignment being the sett","page_number":52,"box":{"x":104,"y":364,"width":764,"height":9}},{"id":"d7d63707-2b06-4776-8d1c-64733fd40afd","block_type":"box","text":"lement","page_number":52,"box":{"x":870,"y":364,"width":42,"height":7}},{"id":"84b6fd2e-afea-4492-ab7d-05ceb2984449","block_type":"box","text":"time of underling securities and the Scheme contribution and redemption cycle.","page_number":52,"box":{"x":104,"y":377,"width":489,"height":9}},{"id":"1fa3832c-c95e-46b7-aff2-51b0f22d56f5","block_type":"box","text":"11.55","page_number":52,"box":{"x":105,"y":404,"width":35,"height":8}},{"id":"f9ed024f-0dcc-4978-a42e-22e636194b5c","block_type":"box","text":"Risks Related to Screening","page_number":52,"box":{"x":165,"y":401,"width":229,"height":12}},{"id":"6efe920f-86f7-4631-8606-ad2f83c1df10","block_type":"box","text":"Certain Schemes use a screen (either within an index or which is applied outside of an index) based on criteria which may inc","page_number":52,"box":{"x":104,"y":430,"width":763,"height":9}},{"id":"22a33aec-52f2-469f-85ac-a600cc02a0cc","block_type":"box","text":"lude","page_number":52,"box":{"x":869,"y":430,"width":25,"height":7}},{"id":"833d72b0-ce11-4bb4-a9ea-474296ab65d9","block_type":"box","text":"certain sustainability","page_number":52,"box":{"x":104,"y":443,"width":127,"height":9}},{"id":"2c872e35-982e-42ce-aff5-f3ed5ad46633","block_type":"box","text":"-","page_number":52,"box":{"x":231,"y":447,"width":4,"height":1}},{"id":"1f2634fc-92df-48c8-8fea-37f0edcb537e","block_type":"box","text":"related or other characteristics of a company or other issuer of securities (for the purposes of this d","page_number":52,"box":{"x":237,"y":443,"width":607,"height":9}},{"id":"a319f1d9-07ac-405f-9f55-f13d53e25e1d","block_type":"box","text":"isclosure,","page_number":52,"box":{"x":847,"y":443,"width":55,"height":9}},{"id":"77de9e32-60a2-4fb5-8280-c9824b04aff9","block_type":"box","text":"each, an “issuer”). The screen may be fully or partially designed and/or implemented by the Index Provider, the Investment","page_number":52,"box":{"x":104,"y":455,"width":755,"height":10}},{"id":"d77e058d-e7db-4a06-a818-770c4fd9e586","block_type":"box","text":"Advisor, an affiliate of the Investment Advisor or by another party (each referred to as the “screen provider”). Any asses","page_number":52,"box":{"x":104,"y":469,"width":735,"height":9}},{"id":"971f0255-f815-461a-b584-d86ba04730ba","block_type":"box","text":"sment of","page_number":52,"box":{"x":840,"y":469,"width":54,"height":7}},{"id":"a7c07e3b-e759-4baa-ae92-8e913d0fffa6","block_type":"box","text":"the screen criteria by a screen provider is based on data provided by third parties. Such data may be incomplete, inaccurate","page_number":52,"box":{"x":104,"y":482,"width":757,"height":9}},{"id":"1b424987-476a-47e4-ae56-14a1f187371d","block_type":"box","text":"or","page_number":52,"box":{"x":866,"y":484,"width":13,"height":5}},{"id":"1dae67b8-d6cc-4887-87d6-c554b7bfcbfb","block_type":"box","text":"unavailable, which could cause incorrect assessment of an issuer’s sustainability or other characteristics. For certai","page_number":52,"box":{"x":105,"y":495,"width":703,"height":9}},{"id":"444853a4-0996-4cc3-a979-97d3c3c9e21d","block_type":"box","text":"n markets and","page_number":52,"box":{"x":810,"y":495,"width":86,"height":7}},{"id":"e7874c73-8147-4ca0-8c35-f6e127299166","block_type":"box","text":"types of issuer or securities (including, but not limited to, certain government or corporate fixed income securities) there","page_number":52,"box":{"x":104,"y":508,"width":740,"height":9}},{"id":"0aded13c-2d51-4a4f-bfa2-94fa04a8791a","block_type":"box","text":"may be","page_number":52,"box":{"x":849,"y":508,"width":44,"height":9}},{"id":"6f65128c-13b4-482a-b603-2f80df74c267","block_type":"box","text":"significant limitations in the amount of screening data that is available or no screening data may be availabl","page_number":52,"box":{"x":104,"y":521,"width":657,"height":9}},{"id":"d2666667-c47f-43ba-b1a4-21ca2d227fcf","block_type":"box","text":"e such that no screening","page_number":52,"box":{"x":763,"y":521,"width":148,"height":9}},{"id":"24671503-cfa3-4090-a199-253f0d23846a","block_type":"box","text":"is performed. In certain situations where screening data is not available for an issuer, the screen provider may, as a proxy","page_number":52,"box":{"x":105,"y":534,"width":745,"height":9}},{"id":"2dbe2ab6-ccd8-4c42-a227-ac43e638c8d0","block_type":"box","text":", use data","page_number":52,"box":{"x":851,"y":534,"width":58,"height":9}},{"id":"39092f40-1ce3-4bbe-a434-71269e555c77","block_type":"box","text":"relating to a different entity to the issuer, which presents a risk this data may not accuratel","page_number":52,"box":{"x":105,"y":547,"width":554,"height":9}},{"id":"cea27b2d-932c-4413-9ea9-c30fba3bd159","block_type":"box","text":"y reflect the sustainability or other","page_number":52,"box":{"x":661,"y":547,"width":212,"height":9}},{"id":"2448c9ad-235c-48fd-b15c-64c6592b70f2","block_type":"box","text":"characteristics of the issuer. In certain situations, even where screening data is available it may not be used as part of t","page_number":52,"box":{"x":104,"y":560,"width":730,"height":10}},{"id":"d3516d0c-2b21-4b3e-91dd-8f5c440dde8e","block_type":"box","text":"he screen","page_number":52,"box":{"x":836,"y":560,"width":57,"height":8}},{"id":"0abfdf8b-c2fe-454f-b8af-bff79e60fb7b","block_type":"box","text":"provider’s screening process. The screens used for a Scheme may not be adequate for","page_number":52,"box":{"x":105,"y":573,"width":525,"height":9}},{"id":"4d47f07a-752d-4066-b378-ea85694a758d","block_type":"box","text":"their intended purpose which could result in","page_number":52,"box":{"x":634,"y":573,"width":271,"height":9}},{"id":"bcd2a70b-3f67-4b14-a997-8c3a93533cd5","block_type":"box","text":"the improper inclusion or exclusion of issuers in the investment decision","page_number":52,"box":{"x":104,"y":586,"width":442,"height":10}},{"id":"4304f24c-eae3-41a0-932c-c436d69abcc3","block_type":"box","text":"-","page_number":52,"box":{"x":548,"y":591,"width":3,"height":0}},{"id":"08bc3ee1-0812-496d-bb7e-691e3215f314","block_type":"box","text":"making process used for the Scheme. There is a risk that","page_number":52,"box":{"x":553,"y":586,"width":343,"height":10}},{"id":"86287569-081b-4965-9e08-bda926815e24","block_type":"box","text":"errors may be made in the screening process. Errors may include, but are not li","page_number":52,"box":{"x":104,"y":600,"width":482,"height":9}},{"id":"b8685ad6-8510-4d2c-8477-125068d0c95b","block_type":"box","text":"mited to, inclusion of incorrect","page_number":52,"box":{"x":589,"y":600,"width":187,"height":8}},{"id":"d2912e66-6fc7-4ae7-b0e2-6bbddb2d3488","block_type":"box","text":"constituents/exclusion of correct constituents, incorrect interpretation of issuer characteristics, transcription errors and","page_number":52,"box":{"x":104,"y":612,"width":733,"height":10}},{"id":"af136824-6078-4e6d-9657-404871826a34","block_type":"box","text":"incorrect","page_number":52,"box":{"x":843,"y":613,"width":54,"height":7}},{"id":"2f5bd7f4-f0e1-4c66-a1bc-a0c96af872cc","block_type":"box","text":"assessment and application of the relevant screening criteria. There is an additional ri","page_number":52,"box":{"x":104,"y":626,"width":523,"height":9}},{"id":"31d25751-0aca-43d2-a2cf-15c416b03874","block_type":"box","text":"sk that a screen provider may amend or","page_number":52,"box":{"x":629,"y":626,"width":243,"height":9}},{"id":"f751d002-26ee-420f-8749-863f3ff23c2f","block_type":"box","text":"discontinue its screening services or screening process and that the data sources used by a screen provider may change or be","page_number":52,"box":{"x":104,"y":639,"width":766,"height":9}},{"id":"a35eb5bb-148d-41ee-950d-a36f1a0a83d3","block_type":"box","text":"discontinued. These circumstances could result in the improper inclusion or exclusion of iss","page_number":52,"box":{"x":104,"y":652,"width":558,"height":9}},{"id":"15de4339-3f73-440f-9aaa-52eec6d43f31","block_type":"box","text":"uers in the investment decision","page_number":52,"box":{"x":664,"y":652,"width":190,"height":7}},{"id":"82bb08e2-2737-4df3-9c7a-64fa5624d932","block_type":"box","text":"-","page_number":52,"box":{"x":855,"y":656,"width":4,"height":1}},{"id":"0c88fe1e-ef08-4f65-91ce-663b0c222d1e","block_type":"box","text":"making","page_number":52,"box":{"x":861,"y":652,"width":43,"height":9}},{"id":"6c715c51-632a-42c0-8bfc-60576ad67d4a","block_type":"box","text":"process used for the Scheme. In general, screening occurs at the level of the issuer rather than at the level of the securiti","page_number":52,"box":{"x":105,"y":665,"width":737,"height":9}},{"id":"6d08dd83-a369-4c2d-a9b1-2f7f256c6378","block_type":"box","text":"es issued","page_number":52,"box":{"x":844,"y":665,"width":53,"height":7}},{"id":"9c5bbb87-5727-4ee2-be9a-72ba23bafd4d","block_type":"box","text":"by the issuer. Accordingly, there is a risk that the sustainability or other char","page_number":52,"box":{"x":105,"y":678,"width":469,"height":9}},{"id":"3306c046-d393-4a54-8907-2140344a20eb","block_type":"box","text":"acteristics of the issuer of a security held by the","page_number":52,"box":{"x":575,"y":678,"width":290,"height":9}},{"id":"e4c562e1-2580-4705-a31a-5bded180df41","block_type":"box","text":"Scheme are different to the characteristics of the security. The foregoing risks associated with screens, screening providers","page_number":52,"box":{"x":104,"y":691,"width":752,"height":9}},{"id":"0877367c-16e8-40af-8f10-bc26de6b5d86","block_type":"box","text":"and","page_number":52,"box":{"x":861,"y":691,"width":21,"height":7}},{"id":"54229fc3-4962-4127-8038-9e83bc12a2c9","block_type":"box","text":"data sources may result in a Scheme holding securities that it seeks not t","page_number":52,"box":{"x":104,"y":704,"width":444,"height":9}},{"id":"a28c6dbb-b2d6-4e79-83b4-996b3b5e5498","block_type":"box","text":"o hold or excluding securities it seeks to include within its","page_number":52,"box":{"x":550,"y":704,"width":351,"height":9}},{"id":"33ddc49b-9399-425d-8742-71d65c534f3c","block_type":"box","text":"portfolio, and may limit the ability of the Scheme to achieve its investment objective.","page_number":52,"box":{"x":105,"y":717,"width":519,"height":9}},{"id":"9d200506-218c-41bf-87f0-366470114c33","block_type":"box","text":"11.56","page_number":52,"box":{"x":105,"y":744,"width":35,"height":10}},{"id":"2abb4acb-8477-4cfa-9f82-40b24074300e","block_type":"box","text":"Russia Sanctions Risk","page_number":52,"box":{"x":150,"y":743,"width":189,"height":10}},{"id":"730d53a6-6bd1-4230-ad58-a97457b6503a","block_type":"box","text":"Sanctions threatened or imposed by a number of jurisdictions, including the United States, the European Union and the United","page_number":52,"box":{"x":104,"y":772,"width":776,"height":9}},{"id":"0af1e3e2-347e-434a-b2a5-c5d0636a0f98","block_type":"box","text":"Kingdom, and other intergovernmental actions that have been or may be undertaken in the future, against Russia, Russian entit","page_number":52,"box":{"x":105,"y":785,"width":781,"height":9}},{"id":"a7cd4a1a-beeb-4c98-be07-378b2901d06d","block_type":"box","text":"ies","page_number":52,"box":{"x":888,"y":785,"width":16,"height":7}},{"id":"3370cf03-463e-4649-853c-a02d5a4aee6f","block_type":"box","text":"or","page_number":52,"box":{"x":104,"y":800,"width":13,"height":5}},{"id":"e600b22b-713f-4e3f-8928-9d55038d5d7a","block_type":"box","text":"Russian individuals, may result in the devaluation of Russian currency, a downgrade in the country's credit rating, an immedi","page_number":52,"box":{"x":122,"y":798,"width":760,"height":9}},{"id":"d042381a-1896-46f8-9609-1fc157e2306d","block_type":"box","text":"ate","page_number":52,"box":{"x":884,"y":799,"width":18,"height":6}},{"id":"f64e3948-5fa6-41f0-b2ac-a28af95ab44c","block_type":"box","text":"freeze of Russian assets, a decline in the value and liquidity of Russian securities, property or interests, and/or other adv","page_number":52,"box":{"x":104,"y":811,"width":736,"height":9}},{"id":"5d5ddc03-f928-4569-8d9e-2a14dda49455","block_type":"box","text":"e","page_number":52,"box":{"x":841,"y":813,"width":6,"height":5}},{"id":"fb6b9838-031e-4991-94e1-5ef4ae42632d","block_type":"box","text":"rse","page_number":52,"box":{"x":849,"y":813,"width":17,"height":5}},{"id":"27729a07-b8e4-4523-86d9-ceab56c39017","block_type":"box","text":"consequences to the Russian economy or a Scheme. The scope and scale of sanctions in place at a particular time may be expand","page_number":52,"box":{"x":104,"y":824,"width":790,"height":9}},{"id":"2a9271aa-15a5-49e0-9c71-1ef8f4932466","block_type":"box","text":"ed","page_number":52,"box":{"x":896,"y":824,"width":14,"height":8}},{"id":"45284208-077a-4d9b-a238-d4c78dd2f63d","block_type":"box","text":"or otherwise modified in a way that have negative effects on a Scheme. Sanctions, or the threat of new or modified sanctions","page_number":52,"box":{"x":104,"y":837,"width":768,"height":9}},{"id":"36e59117-4931-4e70-8bd2-65c118d46f24","block_type":"box","text":",","page_number":52,"box":{"x":873,"y":843,"width":2,"height":3}},{"id":"f48d4b01-2d59-4bc7-baf3-43770091070e","block_type":"box","text":"could impair the ability of a Scheme to buy, sell, hold, receive, deliver or otherwise transact in certain affected securitie","page_number":52,"box":{"x":104,"y":850,"width":730,"height":9}},{"id":"f39ee90e-203c-4d38-ad21-57cdaeb282ce","block_type":"box","text":"s or other","page_number":52,"box":{"x":836,"y":850,"width":59,"height":8}},{"id":"7a202fe3-6201-479e-a499-981cc5693aa1","block_type":"box","text":"investment instruments. Sanctions could also result in Russia taking counter measures or other actions in response, wh","page_number":52,"box":{"x":105,"y":863,"width":728,"height":10}},{"id":"a09a355b-2c78-4423-801a-65d845dffcd7","block_type":"box","text":"ich may","page_number":52,"box":{"x":835,"y":863,"width":46,"height":10}},{"id":"1b938a5f-82d9-4d3e-ac1f-6d8f6ca09766","block_type":"box","text":"further impair the value and liquidity of Russian securities. These sanctions, and the resulting disruption of the Russian ec","page_number":52,"box":{"x":104,"y":876,"width":743,"height":10}},{"id":"382d2ea5-c1c6-47ad-af1d-b2ed5978c511","block_type":"box","text":"onomy,","page_number":52,"box":{"x":848,"y":879,"width":45,"height":7}},{"id":"346f820e-b450-44d0-9af7-fe35558b3c45","block_type":"box","text":"may cause volatility in other regional and global markets and may negatively impact the performance of various secto","page_number":52,"box":{"x":105,"y":889,"width":720,"height":10}},{"id":"a12070ba-ca40-4c41-b56b-79d3e2e2b71b","block_type":"box","text":"rs and","page_number":52,"box":{"x":827,"y":889,"width":36,"height":8}},{"id":"4ff97f0c-3490-46de-a3ad-90009f12d6b7","block_type":"box","text":"industries, as well as companies in other countries, which could have a negative effect on the performance of a Scheme, even","page_number":52,"box":{"x":105,"y":902,"width":767,"height":10}},{"id":"7a7d76fa-d667-4b3b-8256-d3860c5c14bd","block_type":"box","text":"if a","page_number":52,"box":{"x":878,"y":902,"width":17,"height":8}},{"id":"dded9c4b-6d59-4793-b71b-d29d6dad7080","block_type":"box","text":"Scheme does not have direct exposure to securities of Russian issuers. As a collective result of the imposition of sanc","page_number":52,"box":{"x":104,"y":915,"width":714,"height":10}},{"id":"3b2d1bda-9872-4db3-9d5b-04cc5ef3e00c","block_type":"box","text":"tions, Russian","page_number":52,"box":{"x":819,"y":916,"width":83,"height":8}},{"id":"30566412-988b-4f61-8b47-d4219dbe2852","block_type":"box","text":"government countermeasures and the impact that they have had on the trading markets for Russian securities, certain Schemes","page_number":52,"box":{"x":104,"y":928,"width":785,"height":10}},{"id":"2627892d-d593-47d5-8235-4969160294bb","block_type":"box","text":"have used, and may in the future use, fair value pricing in accordance with Clause 12.3 of this Prospectus to value","page_number":52,"box":{"x":105,"y":942,"width":696,"height":9}},{"id":"9ced2f10-db08-4316-b64a-c68c42b6085c","block_type":"box","text":"certain Russian","page_number":52,"box":{"x":806,"y":942,"width":92,"height":7}},{"id":"4e16a2f2-a634-4ae3-8d33-0986d387f552","block_type":"box","text":"securities, which could result in such securities being deemed to have a zero value.","page_number":52,"box":{"x":104,"y":955,"width":506,"height":9}},{"id":"26589ec3-f7df-4fc7-bf9c-3f60328f94d5","block_type":"box","text":"53","page_number":53,"box":{"x":447,"y":969,"width":12,"height":7}},{"id":"f92f7ea1-23fe-4c21-81c3-1afc5c8ea589","block_type":"box","text":"11.57","page_number":53,"box":{"x":105,"y":86,"width":35,"height":9}},{"id":"d921113d-0b16-4bc1-a208-2a57580a450f","block_type":"box","text":"Securities Lending Risk","page_number":53,"box":{"x":150,"y":83,"width":203,"height":12}},{"id":"46f2f60c-fcb2-4681-90a8-cad44c80c34a","block_type":"box","text":"Securities Lending Risk: A Scheme may participate in a securities lending program sponsored by an affiliate of the Investment","page_number":53,"box":{"x":104,"y":112,"width":759,"height":9}},{"id":"20d809d3-d25f-4d9a-941e-682eba206b36","block_type":"box","text":"Adviser","page_number":53,"box":{"x":867,"y":112,"width":45,"height":7}},{"id":"0144072d-a6d8-4508-bd6e-6399e3cafc62","block_type":"box","text":"for the purpose of lending the Scheme’s securities.","page_number":53,"box":{"x":104,"y":125,"width":310,"height":9}},{"id":"299125a9-4f04-4506-8afa-0eacb831a348","block_type":"box","text":"If a Scheme engages in securities lending, there is a risk that the borrower may become insolvent or otherwise become unable","page_number":53,"box":{"x":105,"y":152,"width":788,"height":10}},{"id":"e5c8ddb8-11bc-4d33-b3af-1eb29e103fc0","block_type":"box","text":"to","page_number":53,"box":{"x":899,"y":153,"width":12,"height":7}},{"id":"67b4aca8-48b2-4df3-86b3-30c123bbedea","block_type":"box","text":"meet or refuse to honour its obligations to return equivalent securities to the loaned securities. In this event, the Scheme","page_number":53,"box":{"x":105,"y":166,"width":767,"height":9}},{"id":"6fbf3805-4fdf-41f8-8410-d18b80b25c74","block_type":"box","text":"cou","page_number":53,"box":{"x":879,"y":168,"width":21,"height":5}},{"id":"21149430-add0-4e4d-a3d8-8f748f4d071a","block_type":"box","text":"ld","page_number":53,"box":{"x":902,"y":166,"width":9,"height":7}},{"id":"b1ed6561-1db7-4554-8cdf-cd7b16940103","block_type":"box","text":"experience delays in recovering the securities and may incur a capital loss. There is the risk that, when lending portfolio s","page_number":53,"box":{"x":104,"y":178,"width":751,"height":10}},{"id":"aa7a3e09-a05b-4fcb-9075-d8f597ecd906","block_type":"box","text":"ecurities,","page_number":53,"box":{"x":857,"y":179,"width":54,"height":8}},{"id":"c78afd5b-1ebb-41e5-b388-2e2540e6b508","block_type":"box","text":"the securities may not be available to the Scheme on a timely basis and the Scheme may, therefore, lose the opportuni","page_number":53,"box":{"x":104,"y":192,"width":730,"height":9}},{"id":"86a620a8-08f3-4e3e-a33f-0e66beeec76f","block_type":"box","text":"ty to sell the","page_number":53,"box":{"x":836,"y":192,"width":76,"height":9}},{"id":"7578cd4e-ccbd-4064-aa9d-7fd815f17bab","block_type":"box","text":"securities at a desirable price.","page_number":53,"box":{"x":104,"y":205,"width":181,"height":9}},{"id":"320e336a-ba3e-496a-8234-32ffda92b20b","block_type":"box","text":"If a counterparty defaults and fails to return equivalent securities to those loaned,","page_number":53,"box":{"x":105,"y":232,"width":500,"height":9}},{"id":"cfe333be-3964-454d-b969-b3fc3914f873","block_type":"box","text":"the Scheme","page_number":53,"box":{"x":611,"y":232,"width":71,"height":7}},{"id":"7b90cc4f-c3fd-4180-b163-001c569d159a","block_type":"box","text":"may suffer a loss equal to the","page_number":53,"box":{"x":687,"y":232,"width":179,"height":9}},{"id":"c8232760-56aa-440c-a395-723cdd55499f","block_type":"box","text":"shortfall between the value of the realised collateral and the market value of the replacement securities. To the extent that","page_number":53,"box":{"x":104,"y":245,"width":756,"height":9}},{"id":"87cb1e36-39e5-4731-9a43-5bfac7f4da41","block_type":"box","text":"any","page_number":53,"box":{"x":865,"y":247,"width":21,"height":7}},{"id":"9d3e4b52-ce1c-456c-be17-3fb22cf90198","block_type":"box","text":"securities lending is not fully collateralised (for example, due to timing lags associated wit","page_number":53,"box":{"x":104,"y":258,"width":547,"height":9}},{"id":"a2bbcb96-72d4-473e-b895-192eb2b3dc69","block_type":"box","text":"h the posting of collateral), the Scheme","page_number":53,"box":{"x":654,"y":258,"width":239,"height":9}},{"id":"fffca35f-4d53-42c0-9d30-285922123006","block_type":"box","text":"will have a credit risk exposure to the counterparty of a securities lending contract. Prospective investors and Unitho","page_number":53,"box":{"x":104,"y":271,"width":714,"height":9}},{"id":"ef256d20-150b-432d-9e17-5d4dad43ce80","block_type":"box","text":"lders should","page_number":53,"box":{"x":820,"y":271,"width":73,"height":8}},{"id":"00b41b90-8317-4984-b0bb-4e0f596f5a76","block_type":"box","text":"also read the risk warning headed “Counterparty Risk” in the “Risk Information” section. The Scheme could also lose money if","page_number":53,"box":{"x":104,"y":284,"width":769,"height":9}},{"id":"4b841f8a-81bf-4cbb-885d-7a522e1e7180","block_type":"box","text":"the","page_number":53,"box":{"x":877,"y":284,"width":20,"height":7}},{"id":"8f52ae63-73b2-4e27-9d3d-4b40f47f2317","block_type":"box","text":"value of collateral falls. These events could trigger adverse tax consequences for the Scheme.","page_number":53,"box":{"x":104,"y":297,"width":570,"height":9}},{"id":"ecc22f62-b327-4687-93e5-f9e6e73c1583","block_type":"box","text":"11.58","page_number":53,"box":{"x":105,"y":324,"width":36,"height":11}},{"id":"078cbd5b-2b3f-4769-8056-e180656b6f2f","block_type":"box","text":"Sovereign Risk/ Sovereign Debt Obligations Risk:","page_number":53,"box":{"x":165,"y":324,"width":423,"height":11}},{"id":"cc7a6646-a1fa-45b9-a60f-b6ec88dde738","block_type":"box","text":"A Scheme may invest in debt securities issued by governments or by agencies, instrumentalities and sponsored enterprises of","page_number":53,"box":{"x":104,"y":352,"width":769,"height":9}},{"id":"8c1225a8-fb8c-44dc-9106-be89b4650f62","block_type":"box","text":"governments. These securities involve the risk that the governmental entities responsible for repayment may be unable or","page_number":53,"box":{"x":104,"y":365,"width":750,"height":10}},{"id":"acbfad46-3e21-4760-9b5b-3bf5a2d0e588","block_type":"box","text":"unwilling t","page_number":53,"box":{"x":105,"y":378,"width":62,"height":10}},{"id":"13767f2b-e79e-47ba-9f02-3a4dfa5e5ccf","block_type":"box","text":"o pay interest and repay principal when due. A governmental entity’s willingness or ability to pay interest and repay","page_number":53,"box":{"x":168,"y":378,"width":709,"height":10}},{"id":"e7ed4987-caac-475f-be5c-012f1e4f7c8b","block_type":"box","text":"principal in a timely manner may be affected by a variety of factors, including its cash flow, the size of its reserves, its","page_number":53,"box":{"x":105,"y":391,"width":715,"height":10}},{"id":"2451f9cd-d264-4f65-953a-710f86c6bca3","block_type":"box","text":"access to","page_number":53,"box":{"x":825,"y":392,"width":55,"height":7}},{"id":"598c3fd7-83c9-4c61-8d4d-f5488e0a0637","block_type":"box","text":"for","page_number":53,"box":{"x":104,"y":404,"width":17,"height":8}},{"id":"b54ae039-be1b-4887-98a5-f08e499e62ad","block_type":"box","text":"eign exchange, the relative size of its debt service burden to its economy as a whole and political constraints.","page_number":53,"box":{"x":122,"y":404,"width":666,"height":10}},{"id":"0ef40d7e-c5a1-447b-b61e-e2db36a457eb","block_type":"box","text":"A governmental entity may default on its obligations or may require renegotiation or reschedule of debt payments. Any","page_number":53,"box":{"x":104,"y":430,"width":733,"height":10}},{"id":"4496dd9a-4bc0-41b2-8b22-e9162a213616","block_type":"box","text":"restructuring of a sovereign debt obligation held by a Scheme will likely have a significant adverse effect on the value of t","page_number":53,"box":{"x":105,"y":444,"width":740,"height":9}},{"id":"0095a606-8c85-473b-b60d-5597c7955238","block_type":"box","text":"he","page_number":53,"box":{"x":847,"y":444,"width":13,"height":7}},{"id":"e4ec6a9d-8ffd-48f6-b94f-3fe3bfcc121f","block_type":"box","text":"obligation","page_number":53,"box":{"x":104,"y":457,"width":60,"height":9}},{"id":"36562b7c-1587-44f2-a10e-12d96eb370fa","block_type":"box","text":". In the event of default of sovereign debt it holds, the Scheme may be unable to pursue legal action against the","page_number":53,"box":{"x":166,"y":457,"width":683,"height":9}},{"id":"edeaa3cf-9efe-4963-9a85-0dd2b9d82f16","block_type":"box","text":"sovereign issuer or to realise on collateral securing the debt.","page_number":53,"box":{"x":104,"y":470,"width":369,"height":9}},{"id":"2cbfb32a-5b25-466b-8c32-eec01f30b13b","block_type":"box","text":"The value of these securities may be affected by the creditworthiness of the relevant government, including any default or","page_number":53,"box":{"x":104,"y":496,"width":750,"height":9}},{"id":"0f0c2a78-df7c-48cc-8e55-4f9e6de12529","block_type":"box","text":"potential default by the relevant government. The sovereign debt of certain governments, including their sub","page_number":53,"box":{"x":105,"y":509,"width":668,"height":9}},{"id":"6c2189f3-449f-46db-a7f8-50460fb898a0","block_type":"box","text":"-","page_number":53,"box":{"x":775,"y":513,"width":3,"height":1}},{"id":"bc9b57c8-9452-49d6-abe1-10d1c695df4b","block_type":"box","text":"divisions and","page_number":53,"box":{"x":780,"y":509,"width":77,"height":7}},{"id":"3dcc1140-e048-49b0-9353-db657988b454","block_type":"box","text":"instrument","page_number":53,"box":{"x":105,"y":522,"width":66,"height":7}},{"id":"07028016-74ad-46b7-a1a7-de2fcdda6d41","block_type":"box","text":"alities, is rated below investment grade (“junk” bonds). Sovereign debt risk may be greater for debt securities issued or","page_number":53,"box":{"x":172,"y":522,"width":729,"height":9}},{"id":"1e7617b4-41e4-4d3e-b43b-c45309f6375d","block_type":"box","text":"guaranteed by emerging and/or frontier countries.","page_number":53,"box":{"x":104,"y":535,"width":310,"height":9}},{"id":"3362b51e-ece8-4736-8e6d-772f8c523096","block_type":"box","text":"11.59","page_number":53,"box":{"x":105,"y":577,"width":35,"height":9}},{"id":"b2eef173-bff6-4b1d-aedb-aa7f0f9c935d","block_type":"box","text":"Suitability Risk","page_number":53,"box":{"x":165,"y":575,"width":132,"height":11}},{"id":"cb9d8bf2-82f5-4173-b157-a796bb6c1be2","block_type":"box","text":"Unless otherwise separately agreed in writing, neither the Manager nor any affiliate of the Manager will assess the individua","page_number":53,"box":{"x":113,"y":604,"width":760,"height":9}},{"id":"d44e4e7e-7c75-47c1-b8b2-12bee2ca2ae5","block_type":"box","text":"l","page_number":53,"box":{"x":876,"y":604,"width":1,"height":7}},{"id":"f365262d-1483-41d9-bbf6-474d53bee4d8","block_type":"box","text":"suitability of any prospective investor’s investment into or allocation to the Scheme(s)to meet cashflow liabilities specific","page_number":53,"box":{"x":112,"y":616,"width":740,"height":10}},{"id":"bcde8002-6507-4c77-a668-a4866c024535","block_type":"box","text":"to","page_number":53,"box":{"x":856,"y":618,"width":12,"height":6}},{"id":"d1fcff97-24e0-4d9e-a2db-a5840fbfb7d8","block_type":"box","text":"that","page_number":53,"box":{"x":873,"y":617,"width":24,"height":7}},{"id":"442dd550-3511-40f7-b6d5-dbe7f07eb593","block_type":"box","text":"investor.","page_number":53,"box":{"x":112,"y":630,"width":52,"height":7}},{"id":"fb4ffb74-ac1f-4598-af99-e563033dc401","block_type":"box","text":"Each prospective investor should consult a stockbroker, bank manager, lawyer, accountant, investment consultant or other","page_number":53,"box":{"x":113,"y":657,"width":753,"height":9}},{"id":"07b5c813-c87c-4c43-a95d-e3519427d418","block_type":"box","text":"financial adviser for independent advice in relation to: (a) the suitability of an investment into the Schemes for the prospe","page_number":53,"box":{"x":112,"y":670,"width":745,"height":9}},{"id":"0fb16b12-85ed-4154-b410-a185c1dc2f60","block_type":"box","text":"ctive","page_number":53,"box":{"x":859,"y":670,"width":28,"height":7}},{"id":"1d5d133c-5e5a-453a-a992-8bcde42be365","block_type":"box","text":"inve","page_number":53,"box":{"x":112,"y":683,"width":24,"height":7}},{"id":"efc59d52-4bad-4ed6-b9b9-ea4f2dfd2de8","block_type":"box","text":"stor (b) the suitability of the allocation to the Schemes in order to meet the prospective investor’s underlying cash flow","page_number":53,"box":{"x":138,"y":683,"width":728,"height":9}},{"id":"0f591d33-1808-4ab1-b38a-dcb399ed2d90","block_type":"box","text":"liabilities (c) the legal requirements within their own countries for the purchase, holding, exchanging, redeeming or disposi","page_number":53,"box":{"x":113,"y":696,"width":750,"height":9}},{"id":"311ef715-b936-4cf2-9d11-420046c981e3","block_type":"box","text":"ng of","page_number":53,"box":{"x":865,"y":696,"width":30,"height":9}},{"id":"64dc4262-52ea-497f-9ce7-d6add0ea602e","block_type":"box","text":"un","page_number":53,"box":{"x":112,"y":711,"width":14,"height":5}},{"id":"d3d3c2a4-b8a8-48b9-acf2-fac0b098483e","block_type":"box","text":"its; 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The Manager will notify the Trus","page_number":54,"box":{"x":104,"y":329,"width":764,"height":9}},{"id":"9287053b-75cc-4f90-9aa4-eb5ff5e0c66f","block_type":"box","text":"tee","page_number":54,"box":{"x":869,"y":330,"width":19,"height":7}},{"id":"cc5de445-99b7-445c-8049-720a2affbe8d","block_type":"box","text":"daily of such prices and will publish them on its website at www.ssga.com.","page_number":54,"box":{"x":104,"y":342,"width":455,"height":9}},{"id":"79ab4800-bb73-4fc1-95c2-90e6d6d03fe8","block_type":"box","text":"For information as to Unit prices, see paragraph","page_number":54,"box":{"x":105,"y":370,"width":291,"height":9}},{"id":"dc839100-83f9-48c0-8295-aa47d05453cc","block_type":"box","text":"20 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to","page_number":55,"box":{"x":181,"y":233,"width":720,"height":9}},{"id":"aeba381b-461a-43cf-b739-34a6de1c5d92","block_type":"box","text":"have been carried out (and any cash paid or received) whether or not this is the case.","page_number":55,"box":{"x":180,"y":246,"width":520,"height":9}},{"id":"e8718c02-ee7d-46d2-9fcc-2b2a13788527","block_type":"box","text":"(f)","page_number":55,"box":{"x":135,"y":273,"width":12,"height":9}},{"id":"2bef6423-2f96-432c-8c57-f444427d8ba4","block_type":"box","text":"Subject to paragraphs (g) and (h) below, agreements for the unconditional sale or purchase of property which are in","page_number":55,"box":{"x":180,"y":273,"width":709,"height":9}},{"id":"876ad7b3-2eb1-474a-a41e-bf0ab011ec6c","block_type":"box","text":"existence but uncompleted will be assumed to have been completed and all consequential action required to 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Such unconditiona","page_number":55,"box":{"x":180,"y":299,"width":188,"height":8}},{"id":"ecb5ee02-b186-4d84-94ca-bac13fee6fdf","block_type":"box","text":"l agreements need not be taken into account if made shortly before the valuation takes","page_number":55,"box":{"x":370,"y":299,"width":535,"height":9}},{"id":"59a5b72c-8844-4069-bbd9-71eb61f64543","block_type":"box","text":"place and, in the opinion of the Manager, their omission will not materially affect the final net asset amount.","page_number":55,"box":{"x":180,"y":312,"width":664,"height":10}},{"id":"16a794bf-4db0-4513-b44a-0935e3f976b1","block_type":"box","text":"(g)","page_number":55,"box":{"x":141,"y":339,"width":14,"height":10}},{"id":"43fe753a-b7aa-4baf-8e92-7e1df72fb06f","block_type":"box","text":"Futures or contracts for differences which are not yet due to be performed and unexpired and unexercised written 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Payment in full is due immediately on receipt of the contract note. Registration will take place after","page_number":63,"box":{"x":185,"y":518,"width":665,"height":10}},{"id":"7c1e6b95-ae0f-4074-938a-7d9e77c05a59","block_type":"box","text":"receipt of payment provided that:","page_number":63,"box":{"x":122,"y":531,"width":206,"height":10}},{"id":"86dcc2bf-cd4b-407a-adc7-34e9e15f1270","block_type":"box","text":"(a)","page_number":63,"box":{"x":152,"y":559,"width":14,"height":9}},{"id":"7245c25e-adff-49fd-b349-6c382252fd07","block_type":"box","text":"the purchaser of Units has supplied the Manager with all such information about the proposed Unitholder and","page_number":63,"box":{"x":196,"y":559,"width":676,"height":9}},{"id":"4c55cbe0-89c2-4719-98b5-96c2a3f3a7ed","block_type":"box","text":"documents as the Manager may reasonably require for the purpose of verifying the identity of the applicant or","page_number":63,"box":{"x":197,"y":572,"width":678,"height":9}},{"id":"7eca9908-8fea-4e9e-bb41-06eb97ed573a","block_type":"box","text":"his authority or status (including as","page_number":63,"box":{"x":197,"y":585,"width":213,"height":9}},{"id":"057393ec-0215-4d71-b3c7-35694df7ee91","block_type":"box","text":"required by any applicable anti money laundering laws, as referred to in","page_number":63,"box":{"x":416,"y":585,"width":439,"height":9}},{"id":"2228a771-1414-4c58-93ea-faf5df695980","block_type":"box","text":"paragraph 17.4 below) and as will enable the Trustee to register the holding;","page_number":63,"box":{"x":197,"y":598,"width":468,"height":9}},{"id":"6461b954-3239-4aab-99ac-7a78b62e7133","block_type":"box","text":"(b)","page_number":63,"box":{"x":152,"y":625,"width":15,"height":9}},{"id":"4144f02a-750f-4421-8710-4976cff07f77","block_type":"box","text":"the Manager has received the purchase price or other consideration for the issue of Units; and","page_number":63,"box":{"x":196,"y":625,"width":578,"height":9}},{"id":"af990498-9ee3-4ba5-9ceb-5d07e909294e","block_type":"box","text":"(c)","page_number":63,"box":{"x":152,"y":652,"width":13,"height":10}},{"id":"77343262-2023-4a22-93af-f5dad54d69e6","block_type":"box","text":"any period during which the purchaser has a right to cancel the agreement to purchase Units has expired.","page_number":63,"box":{"x":197,"y":653,"width":645,"height":9}},{"id":"f85ba62b-aa49-4b5e-9931-6283cf87b356","block_type":"box","text":"Cleared funds must be received and accepted by the Manager within 2 Business Days following the relevant Dealing Day","page_number":63,"box":{"x":121,"y":680,"width":736,"height":9}},{"id":"1f2da4af-b295-4dd9-a153-9ac4216249c5","block_type":"box","text":"(the","page_number":63,"box":{"x":121,"y":693,"width":24,"height":9}},{"id":"9c4d137e-881a-413a-98f3-a6b723961192","block_type":"box","text":"“Subscription Settlement Time”","page_number":63,"box":{"x":150,"y":693,"width":197,"height":9}},{"id":"015afcca-1255-4199-ad4f-e6d0f461ed1a","block_type":"box","text":")","page_number":63,"box":{"x":349,"y":693,"width":3,"height":9}},{"id":"74bb9ace-4362-4cb0-91c4-92ee4171c29b","block_type":"box","text":"or otherwise at the Manager’s discretion.","page_number":63,"box":{"x":357,"y":693,"width":252,"height":9}},{"id":"1341b5ec-2d34-4a75-b7da-9fc0ee8d2940","block_type":"box","text":"The Manager reserves the right to charge","page_number":63,"box":{"x":614,"y":693,"width":253,"height":9}},{"id":"61485e28-2b0d-4f19-b854-31ef23fca950","block_type":"box","text":"interest at up to 4% above the prevailing Bank of England base rate, on the value of any settlement received later than the","page_number":63,"box":{"x":121,"y":706,"width":750,"height":9}},{"id":"8dd708a5-31d6-4f9a-87d7-3834a270e5ee","block_type":"box","text":"relevant Subscription Settlement Time.","page_number":63,"box":{"x":122,"y":719,"width":237,"height":9}},{"id":"7cf75b68-4f32-4312-b258-08299990fbcb","block_type":"box","text":"No interest will be paid to investors on funds transferred prior to the Subscription Settlement Time or which are otherwise","page_number":63,"box":{"x":122,"y":746,"width":749,"height":9}},{"id":"1ebece2c-8dc3-4c45-8cc5-74c84f765fdf","block_type":"box","text":"held prior to investment. Such funds may be subject to negative interest (if applicable).","page_number":63,"box":{"x":122,"y":759,"width":531,"height":10}},{"id":"64059706-5e74-4b67-8a3f-fdb7b8bded86","block_type":"box","text":"The Manager, at its discretion, has the right to cancel a purchase deal if settlement is overdue and any loss arising on such","page_number":63,"box":{"x":121,"y":787,"width":747,"height":9}},{"id":"33c675b3-4b99-4960-800e-48fa7b743c59","block_type":"box","text":"cancellation shall be the liability of the applicant. 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Investors who invest through a regular savings","page_number":63,"box":{"x":274,"y":892,"width":594,"height":9}},{"id":"09abade7-ac25-449e-acb4-84ae92f2b782","block_type":"box","text":"64","page_number":64,"box":{"x":464,"y":938,"width":12,"height":7}},{"id":"ecf0e902-f2d2-4910-b0e0-dee8ea6ac86c","block_type":"box","text":"plan will be entitled to cancel their first subscription only; if a regular saver decides to cancel their contract within 14","page_number":64,"box":{"x":122,"y":88,"width":714,"height":9}},{"id":"a7846e65-8832-4e62-bdaa-248aaa1f456f","block_type":"box","text":"days","page_number":64,"box":{"x":841,"y":88,"width":26,"height":9}},{"id":"87831f7b-c4f8-46b8-a4b7-4d6cc59732c0","block_type":"box","text":"after the date on which they receive the cancellation notice then they will receive back the full amount of their initial","page_number":64,"box":{"x":121,"y":101,"width":716,"height":9}},{"id":"326d1c83-9b7b-47fc-8eb1-fc703287d5a7","block_type":"box","text":"subs","page_number":64,"box":{"x":121,"y":114,"width":26,"height":7}},{"id":"5d120ab4-6c46-40aa-b94c-d866f2f26812","block_type":"box","text":"cription. The Manager may extend cancellation rights to other investors but is under no obligation to do so.","page_number":64,"box":{"x":149,"y":114,"width":657,"height":9}},{"id":"f7b6abfc-8749-41cc-88bd-1e8240b600fa","block_type":"box","text":"The minimum holding of Units in a Scheme is Units having a value of £1 million. If the value falls below this figure the","page_number":64,"box":{"x":121,"y":141,"width":715,"height":10}},{"id":"fd7c6c22-77cc-4fc9-bb70-271d9eee8f29","block_type":"box","text":"Manager reserves the right compulsorily to redeem the holding.","page_number":64,"box":{"x":122,"y":154,"width":390,"height":10}},{"id":"4f720a50-90f6-499c-8b05-ecac00de1135","block_type":"box","text":"The minimum initial investment in Units in a Scheme is Units having a value of £1 million and the minimum subsequent","page_number":64,"box":{"x":121,"y":182,"width":729,"height":9}},{"id":"03f09e81-7326-4f97-861b-40f92bff7aa9","block_type":"box","text":"investment in Units in a Scheme is Units having a value of £100,000.","page_number":64,"box":{"x":121,"y":195,"width":415,"height":9}},{"id":"4952b01c-4a06-4807-aecb-f2cf5ed1cf69","block_type":"box","text":"The Manager reserves the right to apply lower minima than those stated above.","page_number":64,"box":{"x":121,"y":222,"width":489,"height":9}},{"id":"c59f71e5-971e-4085-b357-9d5e6c3e172d","block_type":"box","text":"On request, Units may also be purchased by application to the Manager on the same basis as above.","page_number":64,"box":{"x":121,"y":249,"width":613,"height":10}},{"id":"031776d4-2bc1-4965-b26c-799118ca6aab","block_type":"box","text":"19.2","page_number":64,"box":{"x":122,"y":278,"width":28,"height":9}},{"id":"5c521747-7679-41c2-bc7e-d130a3c9a6f3","block_type":"box","text":"Redemption of Units","page_number":64,"box":{"x":166,"y":276,"width":178,"height":11}},{"id":"db8efbb3-040e-4da0-b2d8-57bd87d9c00a","block_type":"box","text":"Unitholders may redeem Units by completing a redemption form in a format acceptable to the Manager and sending it for","page_number":64,"box":{"x":122,"y":304,"width":748,"height":10}},{"id":"4d217590-4347-4c75-a72d-cb445bf1f003","block_type":"box","text":"the attention of the Registrar at 20 Churchill Place, Canary Wharf, London E14 5HJ. In addition, the Manager may, at its","page_number":64,"box":{"x":121,"y":317,"width":729,"height":10}},{"id":"b07fa596-fea5-453e-ab6f-5d77b6f5bbd5","block_type":"box","text":"discretion, accep","page_number":64,"box":{"x":121,"y":331,"width":102,"height":9}},{"id":"0d89b63a-5576-4b49-bb53-8c88be2b9e76","block_type":"box","text":"t applications for the redemption of Units by such other means as it deems appropriate, including by fax","page_number":64,"box":{"x":224,"y":330,"width":638,"height":10}},{"id":"9293e60f-f7fc-43bd-96f4-f6f6b307ea82","block_type":"box","text":"to the Registrar on +44","page_number":64,"box":{"x":121,"y":344,"width":140,"height":9}},{"id":"6e7b3387-36c6-4e43-8321-97e86a6bb6ac","block_type":"box","text":"(0)20","page_number":64,"box":{"x":266,"y":343,"width":31,"height":10}},{"id":"c616a0d9-2d21-4e82-b73f-c011bd22266f","block_type":"box","text":"7004","page_number":64,"box":{"x":301,"y":344,"width":30,"height":7}},{"id":"f41c37e1-84bd-4cde-bf65-0dc3eb9f0dd6","block_type":"box","text":"2952 between 9 a.m. and 5 p.m. on Business Days. 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Investors wishing to transact through a platform or via electronic means should contact the Manager for a","page_number":64,"box":{"x":122,"y":397,"width":753,"height":9}},{"id":"b2dee0f2-0bb9-4192-860a-0c3d88d0acb1","block_type":"box","text":"list of approve","page_number":64,"box":{"x":122,"y":410,"width":86,"height":9}},{"id":"7cb2b300-c736-4dec-ade4-cc2cb3149847","block_type":"box","text":"d platforms. Investors redeeming via dealing platforms or other electronic means are reminded that they","page_number":64,"box":{"x":209,"y":410,"width":647,"height":9}},{"id":"2b4879f3-9322-41d4-b8e6-21ef07a31750","block_type":"box","text":"must refer to the provider of the dealing platform or electronic means for the procedures that apply to such trading","page_number":64,"box":{"x":122,"y":423,"width":708,"height":9}},{"id":"ef67e999-85c2-4028-9603-c26846ab32c9","block_type":"box","text":"arrangements.","page_number":64,"box":{"x":121,"y":437,"width":88,"height":8}},{"id":"7695dcbb-b1f1-42d8-960d-d331c7d3a8c5","block_type":"box","text":"In respect of the Schemes, completed applications for the redemption of Units must be received by the Registrar by","page_number":64,"box":{"x":122,"y":463,"width":708,"height":10}},{"id":"1254ca5e-0fbc-432b-9bd7-144ca50b5492","block_type":"box","text":"11am","page_number":64,"box":{"x":835,"y":464,"width":32,"height":7}},{"id":"06efb346-f715-446e-b904-7e580099ade0","block_type":"box","text":"on a Dealing Day. Any applications received","page_number":64,"box":{"x":121,"y":476,"width":265,"height":10}},{"id":"9e6c608d-77fa-47c8-85f6-ddd2ef062cda","block_type":"box","text":"after","page_number":64,"box":{"x":392,"y":476,"width":28,"height":8}},{"id":"abe064bf-31eb-4754-a6fe-4792c1721978","block_type":"box","text":"11","page_number":64,"box":{"x":425,"y":477,"width":13,"height":7}},{"id":"cea96e62-2bf0-49f9-98be-92b8635e9c06","block_type":"box","text":"am","page_number":64,"box":{"x":440,"y":479,"width":17,"height":5}},{"id":"78634176-8dd7-4a1b-ae32-07dea3d3ae78","block_type":"box","text":"will be treated as having been received on the next following","page_number":64,"box":{"x":462,"y":476,"width":373,"height":10}},{"id":"0523ae1e-cc24-4a30-ba07-f7fe5892c889","block_type":"box","text":"Dealing Day.","page_number":64,"box":{"x":122,"y":490,"width":74,"height":9}},{"id":"84e591d6-68f5-41d7-a071-7f8106271181","block_type":"box","text":"A contract note and form for the redemption of the Units will be sent normally no later than the Business Day next","page_number":64,"box":{"x":121,"y":517,"width":702,"height":9}},{"id":"3f474b78-98a2-4daa-85cf-e47f9a813f73","block_type":"box","text":"following the day in which falls the Valuation Point by reference to which the relevant Unit price is calculated.","page_number":64,"box":{"x":121,"y":530,"width":671,"height":9}},{"id":"c2109d92-f005-45e9-98e7-a03f7fc6c50d","block_type":"box","text":"Unless, in accordance with the Sourcebook, the Manager has reasonable grounds for withholding all or any part of the","page_number":64,"box":{"x":122,"y":557,"width":723,"height":9}},{"id":"90cc46f3-0fd2-4ca4-b63e-938d1184b8fe","block_type":"box","text":"proceeds","page_number":64,"box":{"x":122,"y":570,"width":54,"height":9}},{"id":"ed3956af-d4cd-47c2-b4c3-a95e3483b154","block_type":"box","text":",","page_number":64,"box":{"x":177,"y":576,"width":2,"height":3}},{"id":"401db71c-ad94-4762-8494-eb723a4bf568","block_type":"box","text":"t","page_number":64,"box":{"x":184,"y":571,"width":5,"height":7}},{"id":"1f236656-e152-4a4e-b281-e2b5878f0ce5","block_type":"box","text":"he proceeds of any redemption will normally be sent by way of bank transfer to the account of the redeeming","page_number":64,"box":{"x":190,"y":570,"width":673,"height":9}},{"id":"08eda712-cb30-4473-99ec-864f95c06f2e","block_type":"box","text":"Unitholder","page_number":64,"box":{"x":122,"y":583,"width":64,"height":8}},{"id":"7da31d6f-6520-431a-9154-0c3175035f73","block_type":"box","text":"within 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redemption form but may include such","page_number":64,"box":{"x":121,"y":596,"width":746,"height":10}},{"id":"3c9ae93e-a7b5-4dd4-85b6-806b97058bcf","block_type":"box","text":"other documents as the Manager may reasonably re","page_number":64,"box":{"x":121,"y":609,"width":320,"height":10}},{"id":"bc69dba4-4d6f-41ae-b240-12181f3c5f1d","block_type":"box","text":"quire for the purposes of verifying information and the identity of the","page_number":64,"box":{"x":443,"y":609,"width":426,"height":10}},{"id":"734ac31b-5d5e-48e9-84eb-20b0715bae37","block_type":"box","text":"Unitholder or of his authority or status.","page_number":64,"box":{"x":122,"y":623,"width":238,"height":9}},{"id":"a5138250-42c8-4989-bab5-e60674f254ae","block_type":"box","text":"In the absence of any instruction to the contrary, Units will be sold on a last in first out basis.","page_number":64,"box":{"x":122,"y":650,"width":565,"height":9}},{"id":"4cc85dea-75f3-4dee-90b2-a79dc0bdcf26","block_type":"box","text":"The minimum number of Units that may be redeemed at any one time in respect of a Scheme is Units to the value of","page_number":64,"box":{"x":121,"y":677,"width":715,"height":9}},{"id":"2012dba8-4da1-4afb-94ba-0533d9004dad","block_type":"box","text":"£1","page_number":64,"box":{"x":121,"y":691,"width":14,"height":6}},{"id":"3c282dd5-0e1f-4602-869f-fcf042421d9e","block_type":"box","text":"million as long as the minimum remaining holding of Units in that Scheme has a value of at least £1","page_number":64,"box":{"x":140,"y":690,"width":606,"height":9}},{"id":"aa6fc430-eea1-4fa2-9e22-09d17ee02248","block_type":"box","text":"million (unless the","page_number":64,"box":{"x":751,"y":690,"width":111,"height":9}},{"id":"1019267a-03ba-4595-a389-b9ba55771f60","block_type":"box","text":"Manager agrees other","page_number":64,"box":{"x":122,"y":703,"width":134,"height":9}},{"id":"9b899cb0-5f8c-437a-b3ea-c05fb99c8460","block_type":"box","text":"wise, at its sole discretion). If the value of the holding in a Scheme falls below £1 million the Manager","page_number":64,"box":{"x":257,"y":703,"width":620,"height":9}},{"id":"8e422eba-e432-426d-b9e1-189034a356af","block_type":"box","text":"reserves the right compulsorily to redeem the holding.","page_number":64,"box":{"x":122,"y":716,"width":332,"height":9}},{"id":"df66375e-4147-4de4-8212-66c9295beaa6","block_type":"box","text":"Redemptions that are due to take place at a Valuation Point may be deferred to the next Valuation Point where the","page_number":64,"box":{"x":122,"y":744,"width":706,"height":9}},{"id":"0bee6e33-9269-4025-86f4-dd9c2be8d5d6","block_type":"box","text":"requested redemptions exceed 10% of the value of the relevant Scheme. All Unitholders who have sought to redeem units","page_number":64,"box":{"x":122,"y":757,"width":753,"height":9}},{"id":"5d35f75b-1b96-4efc-9e79-b5841ebcd018","block_type":"box","text":"at a particular Valuati","page_number":64,"box":{"x":121,"y":770,"width":130,"height":9}},{"id":"9009e4b7-04a7-4f34-b3de-bc283eaebb96","block_type":"box","text":"on Point and have had their redemptions deferred will have their Units redeemed at the next","page_number":64,"box":{"x":253,"y":770,"width":571,"height":9}},{"id":"f9c43105-f874-4e33-b5c7-22697c33a450","block_type":"box","text":"Valuation Point. All such redemptions will take place before and in priority to any requests for redemption which are due","page_number":64,"box":{"x":121,"y":783,"width":744,"height":9}},{"id":"4a376709-c9eb-4f2e-a7a1-0632e341bc4f","block_type":"box","text":"to take place at that next Valuation Poin","page_number":64,"box":{"x":121,"y":796,"width":245,"height":9}},{"id":"aca21a05-9c77-452d-83b3-d07506479913","block_type":"box","text":"t.","page_number":64,"box":{"x":368,"y":797,"width":7,"height":6}},{"id":"cdb889ac-f9f6-476d-bb15-4c04cec4ebb7","block_type":"box","text":"19.3","page_number":64,"box":{"x":122,"y":825,"width":28,"height":8}},{"id":"1cf59e4e-3be5-4680-8395-2cb8cabc8898","block_type":"box","text":"Miscellaneous","page_number":64,"box":{"x":166,"y":822,"width":123,"height":9}},{"id":"6064cb16-4605-4299-8b2c-92e8b3ab2b7f","block_type":"box","text":"(a)","page_number":64,"box":{"x":167,"y":851,"width":14,"height":9}},{"id":"b4a1ba98-7976-4d83-960e-e0071560b412","block_type":"box","text":"Unitholders are entitled to transfer their Units to another person or body in the form of an instrument of","page_number":64,"box":{"x":212,"y":851,"width":643,"height":9}},{"id":"f391d65e-3572-45cb-bfd5-8dd5a4a78767","block_type":"box","text":"transfer approved by the Registrar. Currently, transfers of title may not be effected on the authority of an","page_number":64,"box":{"x":211,"y":864,"width":650,"height":9}},{"id":"0b15ce9d-cac9-448e-b190-45f96afdcc72","block_type":"box","text":"electronic communication.","page_number":64,"box":{"x":212,"y":877,"width":162,"height":7}},{"id":"5d37d065-2423-4da5-808b-5267f39504c5","block_type":"box","text":"65","page_number":65,"box":{"x":464,"y":938,"width":12,"height":7}},{"id":"841cae1f-38a3-4529-9f93-b3e599c4d759","block_type":"box","text":"(b)","page_number":65,"box":{"x":167,"y":88,"width":15,"height":9}},{"id":"19e536a6-1a07-435c-88fb-3ff2e2714f97","block_type":"box","text":"The Manager is not obliged to issue Units to a person if the Manager has reasonable grounds, relating to the","page_number":65,"box":{"x":211,"y":88,"width":664,"height":9}},{"id":"81cf316c-ff2b-4359-9e24-c6f20a80eae4","block_type":"box","text":"circumstances of the person concerned, for refusing to issue Units to him.","page_number":65,"box":{"x":212,"y":101,"width":451,"height":9}},{"id":"124d0e25-aba5-493e-8b6c-ce7aa923bd8a","block_type":"box","text":"(c)","page_number":65,"box":{"x":167,"y":128,"width":14,"height":9}},{"id":"29ef1788-fedd-422b-854f-afd5c10568fc","block_type":"box","text":"The Manager may from time to time take such action and impose such restrictions as it thinks necessary for","page_number":65,"box":{"x":211,"y":128,"width":660,"height":10}},{"id":"aca46fb6-7c95-447e-97f5-122e8dcbc9de","block_type":"box","text":"the purpose of ensuring that no Units are acquired or held by any person in circumstances which (i)","page_number":65,"box":{"x":211,"y":141,"width":609,"height":10}},{"id":"ca7ac2d3-0a4a-44b5-a43e-b0013dc10f51","block_type":"box","text":"constitute a breach of the law or governmental re","page_number":65,"box":{"x":212,"y":154,"width":304,"height":10}},{"id":"b214e647-f943-4460-96dc-30f52aec4829","block_type":"box","text":"gulation (or any interpretation of a law or regulation by a","page_number":65,"box":{"x":517,"y":154,"width":350,"height":10}},{"id":"425a5f37-5265-4d4a-a9f8-1b812962a89f","block_type":"box","text":"competent authority) of any country or territory and/or (ii) which would (or would if other Units were","page_number":65,"box":{"x":212,"y":167,"width":623,"height":10}},{"id":"7b8f20cf-24a3-4461-bf79-20eab9305711","block_type":"box","text":"acquired or held in like circumstances) result in a Scheme incurring any liability to taxatio","page_number":65,"box":{"x":212,"y":180,"width":544,"height":10}},{"id":"92087717-0f49-491a-bff6-77ef4688ffa9","block_type":"box","text":"n or suffering any","page_number":65,"box":{"x":758,"y":180,"width":106,"height":10}},{"id":"71d6fc97-3f44-462f-9942-964790c38092","block_type":"box","text":"other adverse consequence (including a requirement to register under any securities or investment or","page_number":65,"box":{"x":212,"y":193,"width":624,"height":10}},{"id":"ba440ebe-7a58-4836-aae5-cd2da564ff5c","block_type":"box","text":"similar laws or governmental regulation of any country or territory) and, in this connection, the Manager","page_number":65,"box":{"x":212,"y":206,"width":641,"height":10}},{"id":"818e7541-08ab-4deb-b3f9-99200d25ec2c","block_type":"box","text":"may, inter alia, reject at its","page_number":65,"box":{"x":212,"y":220,"width":162,"height":9}},{"id":"6077cb93-ead8-4db3-a3fd-76105b575267","block_type":"box","text":"discretion any subscription for, sale, exchange or transfer of, Units and/or","page_number":65,"box":{"x":379,"y":219,"width":452,"height":10}},{"id":"ca930721-fe97-498f-98e3-47ab06e6eca2","block_type":"box","text":"compulsorily redeem or cancel Units held by one or more Unitholders.","page_number":65,"box":{"x":212,"y":233,"width":430,"height":9}},{"id":"d0fa8b1c-084c-4c42-8af4-97a4e39e5ab9","block_type":"box","text":"(d)","page_number":65,"box":{"x":167,"y":260,"width":15,"height":9}},{"id":"95ba3177-4a91-4ba5-a59f-9327bce6157e","block_type":"box","text":"A purchase or sale of Units in writing and/or by other means acceptable to the Manager (including by","page_number":65,"box":{"x":211,"y":260,"width":621,"height":9}},{"id":"e774c2a4-3d07-4715-9c8b-267b672bdfcc","block_type":"box","text":"telephone) is a legally binding contract.","page_number":65,"box":{"x":211,"y":273,"width":240,"height":9}},{"id":"a7c4df48-c6df-438b-9732-2bcc89d476cb","block_type":"box","text":"(e)","page_number":65,"box":{"x":167,"y":300,"width":15,"height":9}},{"id":"32ef3bce-e39c-470a-87e2-c34d38c8cb35","block_type":"box","text":"The Manager, Trustee, any Associate of either of them, or any investment adviser or Associate thereof (an","page_number":65,"box":{"x":211,"y":300,"width":650,"height":10}},{"id":"700fd939-97e3-49fe-a25a-597d761203b3","block_type":"box","text":"affected person","page_number":65,"box":{"x":212,"y":313,"width":97,"height":10}},{"id":"baab0081-8853-407d-89db-841a49a29cfb","block_type":"box","text":") may become the owner of Units and hold, dispose of or otherwise deal with such Units","page_number":65,"box":{"x":310,"y":313,"width":540,"height":10}},{"id":"6c62e9ae-8bad-4bc6-b6b1-9aa4b21bdff3","block_type":"box","text":"without that person having to account to any other affected person or to the Unitholders or to any of them","page_number":65,"box":{"x":212,"y":326,"width":656,"height":10}},{"id":"51d29d19-99e8-4e19-9609-0428ad7aa982","block_type":"box","text":"for any profits or benefits made by or derived from or in conn","page_number":65,"box":{"x":211,"y":340,"width":377,"height":9}},{"id":"465ed8f8-a45e-4473-9872-81d77564c692","block_type":"box","text":"ection with any transaction.","page_number":65,"box":{"x":591,"y":340,"width":169,"height":9}},{"id":"af0915a9-0047-4fe8-99a5-7b1b2a62bc54","block_type":"box","text":"(f)","page_number":65,"box":{"x":167,"y":367,"width":12,"height":9}},{"id":"37db28b2-2a9f-4b5d-ba2d-59979320b7f1","block_type":"box","text":"The Manager is under no obligation to account to the Trustee or Unitholders for any profit it makes on the","page_number":65,"box":{"x":211,"y":367,"width":652,"height":9}},{"id":"d4f6b592-6c9a-478d-bf3e-d1f544b329f6","block_type":"box","text":"issue or re","page_number":65,"box":{"x":212,"y":380,"width":62,"height":7}},{"id":"9b2fd196-cba4-4130-86a8-dc3bb15fadd5","block_type":"box","text":"-","page_number":65,"box":{"x":275,"y":384,"width":4,"height":1}},{"id":"7befa8f0-f4a8-426b-b045-036d02cdabc4","block_type":"box","text":"issue of Units or on the cancellation of Units that it has redeemed.","page_number":65,"box":{"x":280,"y":380,"width":405,"height":7}},{"id":"48085388-eeda-4e3c-b6fe-d88e8f922f1a","block_type":"box","text":"(g)","page_number":65,"box":{"x":167,"y":407,"width":14,"height":9}},{"id":"1c39a370-8b0a-40f9-babc-29d5ab2be284","block_type":"box","text":"The Manager may, with the prior agreement of the Trustee, and must without delay, if the Trustee so","page_number":65,"box":{"x":211,"y":407,"width":622,"height":9}},{"id":"218aa74b-f14e-4721-a66e-4cb19bad8a3e","block_type":"box","text":"requires, and in each case in accordance with the requirements of the FCA Handbook, suspend the issue,","page_number":65,"box":{"x":212,"y":420,"width":641,"height":9}},{"id":"efd209cc-fbf0-4f4b-bbbf-be2c298b8589","block_type":"box","text":"cancellation, sale and redemption of Units","page_number":65,"box":{"x":212,"y":433,"width":258,"height":9}},{"id":"dc00715a-b1fc-47ff-af21-ea2081de4d26","block_type":"box","text":"in a Scheme where, due to exceptional circumstances, it is in the","page_number":65,"box":{"x":475,"y":433,"width":394,"height":9}},{"id":"3e0b01dc-8f1c-4602-a557-60c2fa3bf55a","block_type":"box","text":"interest of all the Unitholders to do so. The Manager will notify Unitholders as soon as is practicable after","page_number":65,"box":{"x":212,"y":446,"width":644,"height":10}},{"id":"2a8ab81d-8532-4093-ac20-5504ea845311","block_type":"box","text":"the commencement of the suspension, including details of the exceptional circums","page_number":65,"box":{"x":211,"y":459,"width":508,"height":10}},{"id":"f9539c4f-dd9d-4086-b455-da4bc6531928","block_type":"box","text":"tances whi","page_number":65,"box":{"x":720,"y":459,"width":64,"height":8}},{"id":"cfbcd90b-34d7-4e07-af1e-00d599e387e5","block_type":"box","text":"ch have led to","page_number":65,"box":{"x":786,"y":459,"width":85,"height":8}},{"id":"40ca782a-7279-4232-8f91-192edc180834","block_type":"box","text":"the suspension, in a clear, fair and not misleading way and giving Unitholders details of how to find further","page_number":65,"box":{"x":211,"y":472,"width":653,"height":10}},{"id":"3a439629-689c-4190-8bca-96a0dfae0f36","block_type":"box","text":"information about the suspension. Where such suspension takes place, the Manager will publish sufficient","page_number":65,"box":{"x":212,"y":485,"width":650,"height":10}},{"id":"5a02ce49-c6f8-4f83-9775-614b179d7488","block_type":"box","text":"details on its website or","page_number":65,"box":{"x":212,"y":499,"width":145,"height":7}},{"id":"5ffda9cc-df53-4e72-9655-f4f19fa9e1f1","block_type":"box","text":"by other general means, to keep Unitholders appropriately informed about the","page_number":65,"box":{"x":362,"y":499,"width":483,"height":9}},{"id":"09691aff-7996-492a-aac6-20b4d3467ac1","block_type":"box","text":"suspension, including, if known, its possible duration. During the suspension none of the obligations in COLL","page_number":65,"box":{"x":212,"y":511,"width":661,"height":10}},{"id":"1ba69399-5819-4c36-8b9f-872dd71c008f","block_type":"box","text":"6.2 (Dealing) will apply but the Manager will comply with as much of","page_number":65,"box":{"x":212,"y":525,"width":419,"height":9}},{"id":"9426410c-0169-4f82-9c75-5a48e7e0da8e","block_type":"box","text":"COLL 6.3 (Valuation and Pricing) during","page_number":65,"box":{"x":636,"y":525,"width":238,"height":9}},{"id":"ca841d6c-242d-4d0b-98c5-575d03b2aaef","block_type":"box","text":"the period of suspension as is practicable in light of the suspension. Suspension will cease as soon as","page_number":65,"box":{"x":211,"y":538,"width":615,"height":9}},{"id":"90917ec6-0f08-435a-9c8d-26a4cbe3c82b","block_type":"box","text":"practicable after the exceptional circumstances leading to the suspension have ceased but the Manager and","page_number":65,"box":{"x":212,"y":551,"width":661,"height":9}},{"id":"455e2e17-f5b5-4575-9182-38a3a1abcc19","block_type":"box","text":"the Tr","page_number":65,"box":{"x":211,"y":564,"width":36,"height":7}},{"id":"b4d15ba3-520a-4a79-a8a0-2ba11633368f","block_type":"box","text":"ustee will formally review the suspension at least every 28 days and will inform the FCA of the review","page_number":65,"box":{"x":249,"y":564,"width":619,"height":9}},{"id":"98e98a86-ff83-4221-a0b4-34351064516c","block_type":"box","text":"and any change to the information given to Unitholders. The Manager may agree during the suspension to","page_number":65,"box":{"x":212,"y":577,"width":651,"height":9}},{"id":"8cf96c3b-9a80-4218-8e83-a9973a9ae077","block_type":"box","text":"deal in Units in which case all deals accepted dur","page_number":65,"box":{"x":212,"y":590,"width":298,"height":9}},{"id":"7013ba7c-d16d-42d0-a7a3-0cec16186ea7","block_type":"box","text":"ing and outstanding prior to the suspension will be","page_number":65,"box":{"x":511,"y":590,"width":309,"height":9}},{"id":"a4b2fee9-566e-476f-9280-4e1a59a5de08","block_type":"box","text":"undertaken at a price calculated at the first Valuation Point after the restart of dealings in Units. In respect","page_number":65,"box":{"x":212,"y":603,"width":652,"height":9}},{"id":"b30197df-0006-4797-a629-7b982a5224f3","block_type":"box","text":"of instructions outstanding because of a suspension or given during a suspension, Unitholde","page_number":65,"box":{"x":212,"y":616,"width":563,"height":9}},{"id":"c429924a-037e-435d-8ec7-29be14b84d41","block_type":"box","text":"rs wishing to","page_number":65,"box":{"x":777,"y":616,"width":76,"height":9}},{"id":"1fb9f814-caf6-4d90-92af-a8e8182a3115","block_type":"box","text":"withdraw such instructions must give written notice to the Manager before the first dealing point following","page_number":65,"box":{"x":212,"y":629,"width":657,"height":9}},{"id":"67cb4e24-dfed-4b08-85b8-aca44dcaf330","block_type":"box","text":"the end of the suspension","page_number":65,"box":{"x":211,"y":642,"width":158,"height":9}},{"id":"321db0f8-8f0f-45a7-b493-2422b7dd7150","block_type":"box","text":".","page_number":65,"box":{"x":371,"y":648,"width":2,"height":1}},{"id":"fc83f490-374b-4ba5-abeb-ad1dea96e62d","block_type":"box","text":"19.4","page_number":65,"box":{"x":122,"y":671,"width":28,"height":9}},{"id":"8725b42a-5c51-42ed-8c84-e4bce0471f96","block_type":"box","text":"Anti","page_number":65,"box":{"x":165,"y":669,"width":37,"height":9}},{"id":"fa5dfd8a-0cbb-4380-9035-42189781b1a7","block_type":"box","text":"-","page_number":65,"box":{"x":203,"y":674,"width":5,"height":1}},{"id":"14359bbe-f7d1-4e84-a786-ab86c2351d96","block_type":"box","text":"Money","page_number":65,"box":{"x":209,"y":669,"width":59,"height":11}},{"id":"34dc7964-8b00-4dc7-bedd-ef02a9add8cb","block_type":"box","text":"Laundering","page_number":65,"box":{"x":272,"y":669,"width":101,"height":11}},{"id":"26a9a3fd-e687-4512-b459-ebd897918977","block_type":"box","text":"Measures aimed towards the prevention of money laundering may require a detailed verification of the identity of existing","page_number":65,"box":{"x":122,"y":697,"width":751,"height":9}},{"id":"3d7a5039-d6e9-4edf-aba8-20d40386f5dd","block_type":"box","text":"Unitholders, applicants for and potential transferees of Units.","page_number":65,"box":{"x":122,"y":710,"width":375,"height":9}},{"id":"f4b80007-3f84-4ed1-b6c1-51b58fa96a24","block_type":"box","text":"By way of example, an individual may be required to produce a copy of a passport or identification card duly certified by a","page_number":65,"box":{"x":122,"y":737,"width":745,"height":10}},{"id":"0552a5bf-a957-4253-9d41-fbc9534574d7","block_type":"box","text":"notary public, together with evidence of his/her address such as a utility bill or bank statement and date of birth.","page_number":65,"box":{"x":122,"y":750,"width":689,"height":10}},{"id":"6077b096-9ca1-49c8-870e-5002777b6013","block_type":"box","text":"Corporate appl","page_number":65,"box":{"x":121,"y":764,"width":90,"height":9}},{"id":"38b5275e-d326-42b2-8efa-929ea4c95492","block_type":"box","text":"icants may be required to produce a certified copy of their certificate of incorporation (and any change of","page_number":65,"box":{"x":214,"y":763,"width":646,"height":10}},{"id":"660a54d9-cfbe-43e2-99fc-ddd2aab4baef","block_type":"box","text":"name), memorandum and articles of association (or equivalent) and the names, occupations, dates of birth and residential","page_number":65,"box":{"x":122,"y":777,"width":749,"height":9}},{"id":"a4c689f6-f26c-413d-9bfc-eb40aaf3821c","block_type":"box","text":"and business addresses of a","page_number":65,"box":{"x":121,"y":790,"width":169,"height":7}},{"id":"09440c19-a6e6-4f27-b756-59827f9ce5f7","block_type":"box","text":"ll its directors.","page_number":65,"box":{"x":292,"y":790,"width":84,"height":7}},{"id":"835ea530-851e-4631-b086-ba760558d6d9","block_type":"box","text":"The Manager reserves the right to request such information as is necessary to verify the identity of an applicant. In the","page_number":65,"box":{"x":121,"y":817,"width":730,"height":9}},{"id":"351583d2-494d-4ac4-995a-3a9f2e92ec16","block_type":"box","text":"event of delay or failure by the applicant to produce any information required for verification purposes, the Manager may","page_number":65,"box":{"x":121,"y":830,"width":747,"height":9}},{"id":"b49f0c19-60ae-49b1-9cbd-fe45ed568910","block_type":"box","text":"take such a","page_number":65,"box":{"x":121,"y":843,"width":67,"height":7}},{"id":"f3ee56f9-2267-474d-9a76-3c5b277abff1","block_type":"box","text":"ction as it sees fit including refusing to accept the application and all subscription monies or, if Units have been","page_number":65,"box":{"x":190,"y":843,"width":678,"height":9}},{"id":"1fbe29b6-f74f-45f1-abcd-741ed4599f95","block_type":"box","text":"issued, compulsorily redeeming such Units. It may also withhold redemption proceeds and approval of transfers of Units,","page_number":65,"box":{"x":121,"y":856,"width":744,"height":9}},{"id":"b02fc1dc-2b64-479d-b55a-5340883716f7","block_type":"box","text":"as the circumstanc","page_number":65,"box":{"x":121,"y":869,"width":113,"height":8}},{"id":"39a6eaec-1ece-4698-9174-c2c8b9f6b01b","block_type":"box","text":"es warrant.","page_number":65,"box":{"x":236,"y":870,"width":67,"height":7}},{"id":"78c4e43b-69e5-46a9-af00-62c7e7fbd9f2","block_type":"box","text":"66","page_number":66,"box":{"x":464,"y":938,"width":12,"height":7}},{"id":"1c47429b-9ba9-4758-aa75-75c7c2e6ae09","block_type":"box","text":"19.5","page_number":66,"box":{"x":122,"y":90,"width":28,"height":8}},{"id":"5e83c87f-b4ec-4953-bec0-f65b7a490fb4","block_type":"box","text":"Subscription and Redemptions in Specie","page_number":66,"box":{"x":166,"y":87,"width":349,"height":12}},{"id":"20b9e089-11df-4e46-a20b-16d69b72f103","block_type":"box","text":"Issue of Units in exchange for in specie assets","page_number":66,"box":{"x":122,"y":116,"width":282,"height":9}},{"id":"3291395d-89a3-4f98-b04f-1eb1455d7ad0","block_type":"box","text":"The Manager may, at its discretion, issue Units of any class by way of exchange for non","page_number":66,"box":{"x":121,"y":143,"width":531,"height":9}},{"id":"957f741b-8e5b-4fd0-9d37-49a0648b271f","block_type":"box","text":"-","page_number":66,"box":{"x":654,"y":147,"width":3,"height":1}},{"id":"21f37660-0469-4eeb-86f5-d797ba675b7a","block_type":"box","text":"cash assets (","page_number":66,"box":{"x":659,"y":143,"width":74,"height":9}},{"id":"3773101d-7f61-41b1-93af-adf9cf2a9063","block_type":"box","text":"Investments","page_number":66,"box":{"x":735,"y":144,"width":76,"height":6}},{"id":"e2f7fa5f-07d9-4a0d-bd12-e3f835d559a4","block_type":"box","text":") provided","page_number":66,"box":{"x":812,"y":143,"width":61,"height":9}},{"id":"7639dacc-afd9-4c25-a109-19db252d13ea","block_type":"box","text":"that:","page_number":66,"box":{"x":121,"y":156,"width":28,"height":8}},{"id":"727fb614-aacc-4a83-b977-473e09fac37f","block_type":"box","text":"(a)","page_number":66,"box":{"x":152,"y":183,"width":14,"height":9}},{"id":"38fb5258-ca49-48e7-aff7-46db17cc7f0d","block_type":"box","text":"in the case of a person who is not an existing Unitholder in the relevant Scheme, no Units shall be issued until","page_number":66,"box":{"x":197,"y":183,"width":669,"height":10}},{"id":"f825f7dd-33c5-42af-bd26-9542c0a5e840","block_type":"box","text":"the person concerned shall have completed an application for Units as required under this Prospectus and","page_number":66,"box":{"x":196,"y":196,"width":651,"height":10}},{"id":"1cba95bd-c51f-4039-8b10-87d584de87d4","block_type":"box","text":"satisfied all the requirements of the","page_number":66,"box":{"x":197,"y":209,"width":218,"height":10}},{"id":"32c62a15-4257-46d2-8fc4-c2ae380384c0","block_type":"box","text":"Manager as to such application;","page_number":66,"box":{"x":420,"y":209,"width":193,"height":10}},{"id":"c3b0fa02-a301-4ae4-b4a4-7aa82f4d2258","block_type":"box","text":"(b)","page_number":66,"box":{"x":152,"y":237,"width":15,"height":9}},{"id":"ba2539bc-0603-40e1-a5d7-8c695e8cffc1","block_type":"box","text":"the nature of the Investments to be transferred into the relevant Scheme are, in the opinion of the Manager,","page_number":66,"box":{"x":196,"y":237,"width":667,"height":9}},{"id":"53eb9fbe-b17d-4a9c-9939-51905a3d521f","block_type":"box","text":"such as would qualify as investments of that Scheme in accordance with the investment objectives, policies","page_number":66,"box":{"x":197,"y":250,"width":656,"height":9}},{"id":"f84f1a96-8973-4820-bc01-3fa9d528f5eb","block_type":"box","text":"and restrictions of that Scheme;","page_number":66,"box":{"x":197,"y":263,"width":194,"height":9}},{"id":"3001da53-7f24-47d5-9475-4a4aa2c009e9","block_type":"box","text":"(c)","page_number":66,"box":{"x":152,"y":290,"width":13,"height":9}},{"id":"a6677fca-502d-43df-bf0b-d36ac0d38ed0","block_type":"box","text":"no Units will be issued until the Investments have been vested in the Trustee (or any entity appointed by the","page_number":66,"box":{"x":197,"y":290,"width":664,"height":9}},{"id":"837e6913-29f1-4532-9106-d994bf445db9","block_type":"box","text":"Trustee to provide custody of the relevant Scheme property); and","page_number":66,"box":{"x":196,"y":303,"width":402,"height":9}},{"id":"e0d4aa0a-113c-407d-a1cd-991eafbe6871","block_type":"box","text":"(d)","page_number":66,"box":{"x":152,"y":330,"width":15,"height":10}},{"id":"63726645-d4f6-4180-af61-4b1d502846fe","block_type":"box","text":"any exchange will be effected upon such terms (including provision for paying any expenses of exchange, any","page_number":66,"box":{"x":197,"y":330,"width":668,"height":10}},{"id":"0cd76a84-bc26-498b-b44e-260bdaf595c8","block_type":"box","text":"preliminary charge and any anti","page_number":66,"box":{"x":197,"y":344,"width":192,"height":9}},{"id":"e005f4bf-f35d-4ec1-b62f-23031644d967","block_type":"box","text":"-","page_number":66,"box":{"x":391,"y":348,"width":4,"height":1}},{"id":"e1f7a4b3-16b4-496b-8776-58f55cea388c","block_type":"box","text":"dilution levy as would have been payable for Units issued for cash) as provide","page_number":66,"box":{"x":396,"y":343,"width":473,"height":10}},{"id":"67a0428f-bfa6-4154-aaf9-0826c0636358","block_type":"box","text":"that the number of Units issued shall","page_number":66,"box":{"x":196,"y":357,"width":225,"height":7}},{"id":"b286bb60-925b-447e-bb72-ccae9767d1da","block_type":"box","text":"not exceed the number which would have been issued for cash against","page_number":66,"box":{"x":427,"y":357,"width":433,"height":9}},{"id":"1214fa72-1abb-4401-b819-5d0351f50075","block_type":"box","text":"payment of a sum equal to the value of the Investments concerned calculated in accordance with the","page_number":66,"box":{"x":197,"y":370,"width":620,"height":9}},{"id":"64120c1a-d9c1-4a01-8687-58e35d175339","block_type":"box","text":"procedures for the valuation of the relevant Scheme property,","page_number":66,"box":{"x":197,"y":383,"width":380,"height":9}},{"id":"af8146c7-3fba-4210-9950-b61e85ac1dfd","block_type":"box","text":"but only if the Trustee has taken reasonable care to ensure that receipt or transfer out of the property concerned would","page_number":66,"box":{"x":122,"y":410,"width":734,"height":9}},{"id":"f14e1cf8-44ca-4b2c-89a2-3e10ed671d2c","block_type":"box","text":"not be likely to result in any material prejudice to the interests of","page_number":66,"box":{"x":122,"y":423,"width":398,"height":9}},{"id":"a6e0206a-ebd6-438c-9991-1cbffe714628","block_type":"box","text":"Unitholders.","page_number":66,"box":{"x":525,"y":423,"width":73,"height":8}},{"id":"f0456cb4-b79c-4f2e-a69d-447a3a4294d9","block_type":"box","text":"In Specie redemptions and cancellations of Units","page_number":66,"box":{"x":122,"y":450,"width":303,"height":10}},{"id":"3a2363f1-7197-48b5-af76-292a10a103a4","block_type":"box","text":"The Manager may, at its discretion, redeem or cancel Units of any class by way of delivery of Investments, provided that:","page_number":66,"box":{"x":121,"y":478,"width":739,"height":9}},{"id":"2b9f9a97-8db6-4677-a5b8-506a7c7c6a36","block_type":"box","text":"(a)","page_number":66,"box":{"x":157,"y":505,"width":15,"height":9}},{"id":"46b4e595-ed2d-4d66-9818-8299ec371604","block_type":"box","text":"a redemption request has been completed and delivered as required by this Prospectus and otherwise satisfies","page_number":66,"box":{"x":205,"y":505,"width":673,"height":9}},{"id":"9c5cd692-b82f-417b-a69f-6146fa1b7b94","block_type":"box","text":"all the requirements of the Manager as to such request;","page_number":66,"box":{"x":205,"y":518,"width":341,"height":9}},{"id":"fdb026af-e257-4432-886e-54991a72dc28","block_type":"box","text":"(b)","page_number":66,"box":{"x":157,"y":547,"width":15,"height":10}},{"id":"df74f80a-1e24-402e-a622-2aff1209b3f0","block_type":"box","text":"the Manager, on receiving a redemption request from a Unitholder, elects (after having consulted with the","page_number":66,"box":{"x":204,"y":547,"width":654,"height":10}},{"id":"ce9f5883-e537-4dd7-aed9-593cf9324cbb","block_type":"box","text":"Trustee) that instead of the Units being redeemed in cash, the redemption will be satisfied in specie by the","page_number":66,"box":{"x":204,"y":560,"width":654,"height":10}},{"id":"52642f08-81fc-44b7-b615-7834cecabbe7","block_type":"box","text":"transfer to the Unitholder of Scheme inve","page_number":66,"box":{"x":204,"y":574,"width":255,"height":7}},{"id":"441d968d-6040-4f1e-8a79-797ce35167ab","block_type":"box","text":"stments (and all liabilities attached thereto) provided that the value","page_number":66,"box":{"x":461,"y":573,"width":414,"height":10}},{"id":"957ccf6c-b978-4ed1-88d9-362830e309e1","block_type":"box","text":"thereof does not exceed the amount which otherwise would have been payable on a cash redemption. 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