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A Scheme may not be fully invested at times, as a result of cash flows into or out of that Scheme.","page_number":13,"box":{"x":121,"y":722,"width":756,"height":9}},{"id":"daa2a02d-9855-4e99-86ab-0ccadafa314e","block_type":"box","text":"The return on the sample of securities pur","page_number":13,"box":{"x":121,"y":735,"width":261,"height":9}},{"id":"8fe7f920-c9bd-4def-8ed7-aa2dcd6049cf","block_type":"box","text":"chased by the","page_number":13,"box":{"x":383,"y":735,"width":85,"height":9}},{"id":"ea3bbc5b-cc24-4fbb-b1b1-e5af167c2145","block_type":"box","text":"Investment Adviser","page_number":13,"box":{"x":474,"y":735,"width":117,"height":7}},{"id":"fbf5121e-eca0-4528-808b-1b2abc29dbeb","block_type":"box","text":", or futures or other derivative positions taken","page_number":13,"box":{"x":592,"y":735,"width":285,"height":9}},{"id":"095c5902-34f7-4c95-92c5-19392f7cf681","block_type":"box","text":"by a Scheme, to approximate the performance of the Index may not correlate precisely with the return on the Index.","page_number":13,"box":{"x":122,"y":748,"width":713,"height":9}},{"id":"b65c7232-bcb8-49f2-9f07-7fab5f3082c9","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","page_number":13,"box":{"x":122,"y":775,"width":728,"height":10}},{"id":"f75a6bed-905c-400c-bd37-bbe7ef69ebc2","block_type":"box","text":"strategies described above, even during times when the Manager expects the level of the Index to decline","page_number":13,"box":{"x":121,"y":789,"width":648,"height":9}},{"id":"99d03454-070f-4bac-babb-d60a93671b43","block_type":"box","text":".","page_number":13,"box":{"x":772,"y":795,"width":1,"height":1}},{"id":"d429399c-a9de-45a6-8a3b-ae1d8817bab6","block_type":"box","text":"9.4","page_number":13,"box":{"x":121,"y":817,"width":20,"height":7}},{"id":"08073790-d62e-4447-b7ed-8d8586ddba75","block_type":"box","text":"Principal Investments","page_number":13,"box":{"x":166,"y":815,"width":190,"height":12}},{"id":"ee8de048-9774-485d-a189-b8fb996f8433","block_type":"box","text":"A Scheme will normally invest most of its assets in","page_number":13,"box":{"x":121,"y":844,"width":305,"height":9}},{"id":"e873b52a-80d1-4084-afb8-a585491580c3","block_type":"box","text":"securities","page_number":13,"box":{"x":432,"y":844,"width":57,"height":7}},{"id":"dc2698c5-142e-4215-98d9-4c7297b2802e","block_type":"box","text":"included from time to time in the Index of the relevant","page_number":13,"box":{"x":494,"y":844,"width":334,"height":7}},{"id":"d445c1ff-0375-4446-8137-afc1a338ce6c","block_type":"box","text":"Scheme. That Scheme will not necessarily own all of the","page_number":13,"box":{"x":121,"y":857,"width":345,"height":9}},{"id":"b1045d7d-477b-4cdb-9fab-1a05a971b896","block_type":"box","text":"securities","page_number":13,"box":{"x":471,"y":857,"width":57,"height":7}},{"id":"1a9ff9c9-d5f3-4998-ba26-f1b39f24bf85","block_type":"box","text":"included in the Index. A Scheme may hold a portion of","page_number":13,"box":{"x":533,"y":857,"width":335,"height":9}},{"id":"e677de02-2a90-4c0e-a3ff-24cecf0bff9a","block_type":"box","text":"its assets in cash and cash instruments, including short","page_number":13,"box":{"x":121,"y":870,"width":333,"height":9}},{"id":"9f70c33f-10be-405b-92fa-75c9e4de5674","block_type":"box","text":"-","page_number":13,"box":{"x":456,"y":874,"width":3,"height":1}},{"id":"63748141-9002-422a-b157-8a254014d749","block_type":"box","text":"term investment vehicles managed by the Manager or an affiliate.","page_number":13,"box":{"x":460,"y":870,"width":404,"height":9}},{"id":"757d850a-3337-48c3-a4d8-119b19823c29","block_type":"box","text":"13","page_number":14,"box":{"x":465,"y":938,"width":10,"height":7}},{"id":"54df3da0-8a16-457e-9353-a75c7df8351f","block_type":"box","text":"A Scheme may buy and sell futures contracts and options, and may enter into other 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Units;","page_number":14,"box":{"x":166,"y":224,"width":151,"height":9}},{"id":"eadabad9-6f4c-4454-b9ae-17950039157d","block_type":"box","text":"●","page_number":14,"box":{"x":122,"y":253,"width":6,"height":5}},{"id":"e62ebb81-104c-4962-905e-3fabb7fb25c9","block_type":"box","text":"the efficient management of that Scheme in accordance with its investment objectives;","page_number":14,"box":{"x":166,"y":251,"width":534,"height":10}},{"id":"50a6775a-1ee9-472b-bf65-f08b488b1c31","block_type":"box","text":"●","page_number":14,"box":{"x":122,"y":281,"width":6,"height":4}},{"id":"bba1abfc-533c-4bca-b6de-b7fcdf3d80b9","block_type":"box","text":"other purposes which may reasonably be regarded as ancillary to the objectives of that Scheme.","page_number":14,"box":{"x":167,"y":279,"width":587,"height":9}},{"id":"d3e3a574-adaf-49f7-b5a9-598bac1766c6","block_type":"box","text":"Normally no more than 10% of the value of the property of a Scheme will comprise cash or near cash, although 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The Manager does","page_number":17,"box":{"x":217,"y":154,"width":647,"height":10}},{"id":"10adee00-e204-4ee0-b17b-2975ea62939e","block_type":"box","text":"not expect the use of derivatives to have a significant effect","page_number":17,"box":{"x":168,"y":168,"width":363,"height":9}},{"id":"0928cf0e-0f9c-4fd8-ab6b-43ab43d6c6b3","block_type":"box","text":"on the risk profile of a Scheme.","page_number":17,"box":{"x":536,"y":168,"width":189,"height":9}},{"id":"d73cad32-0efb-4258-abb7-e1fe113ac5b1","block_type":"box","text":"A Scheme may invest in derivatives and forward transactions as part of its investment policy provided its global","page_number":17,"box":{"x":166,"y":195,"width":680,"height":9}},{"id":"7aefe19e-858d-4bc9-87e4-34bed33fa87e","block_type":"box","text":"exposure relating to derivatives and forward transactions held in the Scheme does not exceed the Net Asset Value","page_number":17,"box":{"x":167,"y":208,"width":699,"height":9}},{"id":"f7bf3f68-c4a4-4de0-b742-c03bf235e8d7","block_type":"box","text":"of the Scheme’s property","page_number":17,"box":{"x":167,"y":221,"width":153,"height":9}},{"id":"4af00a10-c45b-48da-8b86-26f33d47b6e5","block_type":"box","text":";","page_number":17,"box":{"x":321,"y":223,"width":3,"height":7}},{"id":"fada3dbc-7a14-425a-82d3-d78b3568de86","block_type":"box","text":"and the Scheme’s exposure to the underlying assets does not exceed the investment","page_number":17,"box":{"x":329,"y":221,"width":518,"height":9}},{"id":"22733fb7-028e-4d71-8653-bed0691a7212","block_type":"box","text":"limits laid down in this Clause 9.7 and the FCA Handbook","page_number":17,"box":{"x":167,"y":234,"width":347,"height":7}},{"id":"4a04a4ee-a149-4247-bfe4-0f6a1170c8c1","block_type":"box","text":".","page_number":17,"box":{"x":515,"y":240,"width":2,"height":1}},{"id":"eab77643-0860-4dad-be3c-715cda575f8d","block_type":"box","text":"The Manager currently use","page_number":17,"box":{"x":166,"y":261,"width":164,"height":9}},{"id":"0e5fa891-d6d6-4bc9-a4d3-baca316a0232","block_type":"box","text":"s","page_number":17,"box":{"x":332,"y":263,"width":4,"height":6}},{"id":"5cc2f933-d2d3-45db-a418-69cafe8b7886","block_type":"box","text":"derivatives","page_number":17,"box":{"x":341,"y":261,"width":66,"height":8}},{"id":"f410df04-ce48-4aa5-ab31-88394e6ef1e8","block_type":"box","text":"only","page_number":17,"box":{"x":412,"y":261,"width":25,"height":9}},{"id":"d6f23cff-a35e-491f-9696-335781030568","block_type":"box","text":"for the purpose of","page_number":17,"box":{"x":441,"y":261,"width":112,"height":9}},{"id":"64a37350-8019-4776-860f-86535f86eec5","block_type":"box","text":"efficient portfolio management and not for","page_number":17,"box":{"x":557,"y":261,"width":264,"height":9}},{"id":"4d6f5398-4b89-4d6b-bbe9-6bad7eaa2505","block_type":"box","text":"meeting","page_number":17,"box":{"x":826,"y":262,"width":49,"height":8}},{"id":"37f99c19-10b4-45a9-9feb-64507d15916b","block_type":"box","text":"the investment objectives of any of the Schemes.","page_number":17,"box":{"x":166,"y":274,"width":300,"height":9}},{"id":"82c736f9-7bbd-48ec-9f1d-4c3c3ad9dd5e","block_type":"box","text":"(g)","page_number":17,"box":{"x":121,"y":302,"width":15,"height":9}},{"id":"1fa028cd-774e-499d-9710-d1ae09ae60c4","block_type":"box","text":"Efficient Portfolio Management","page_number":17,"box":{"x":167,"y":302,"width":192,"height":9}},{"id":"bfef5e94-6f02-418d-ab66-4e173052ef7a","block_type":"box","text":"The Schemes may use Scheme property to enter into transactions for the purposes of efficient portfolio","page_number":17,"box":{"x":166,"y":329,"width":635,"height":9}},{"id":"b0a4ae13-c3ec-4621-a63c-87b0b271a160","block_type":"box","text":"management (“","page_number":17,"box":{"x":167,"y":342,"width":94,"height":9}},{"id":"8ae82623-f8e5-48dd-a1e3-def715dd41e1","block_type":"box","text":"EPM","page_number":17,"box":{"x":263,"y":342,"width":26,"height":7}},{"id":"d81c8bfe-a3a1-4e3c-bebb-ae2dbd16cd6e","block_type":"box","text":"”). Permitted EPM transactions include transactions in derivatives dealt or traded on an eligible","page_number":17,"box":{"x":291,"y":342,"width":582,"height":9}},{"id":"4aa18db3-40a3-45ff-8b7d-92d9b5c5b062","block_type":"box","text":"derivatives market or over","page_number":17,"box":{"x":167,"y":355,"width":161,"height":7}},{"id":"bb3b689a-c353-4e0d-96be-006074671639","block_type":"box","text":"-","page_number":17,"box":{"x":328,"y":359,"width":4,"height":1}},{"id":"b289580f-c641-4bcc-bae4-733f82c23ca2","block_type":"box","text":"the","page_number":17,"box":{"x":333,"y":355,"width":19,"height":7}},{"id":"623f2638-9dea-4422-b325-1af14d380248","block_type":"box","text":"-","page_number":17,"box":{"x":354,"y":359,"width":3,"height":1}},{"id":"a21dc6a7-2b22-42d6-9cd7-4aa393ac4bf8","block_type":"box","text":"counter. Where permitted, EPM techniques may also involve","page_number":17,"box":{"x":358,"y":355,"width":373,"height":9}},{"id":"56ee4950-2010-4e2b-8590-aee95b2b6946","block_type":"box","text":"the Lending","page_number":17,"box":{"x":735,"y":355,"width":72,"height":9}},{"id":"ae682558-9115-408e-96aa-ac0fe8740c49","block_type":"box","text":"Schemes","page_number":17,"box":{"x":811,"y":355,"width":53,"height":7}},{"id":"535f5660-ab07-4072-99dd-17faa1a5f652","block_type":"box","text":"entering into securities lending transactions","page_number":17,"box":{"x":167,"y":368,"width":267,"height":9}},{"id":"b9a05758-6a22-466a-bf9f-e4bcf7ebde4c","block_type":"box","text":".","page_number":17,"box":{"x":436,"y":374,"width":2,"height":1}},{"id":"0a3f24cd-5130-4e13-893b-6cfd066e78fa","block_type":"box","text":"The Manager must ensure in entering into EPM transactions that the","page_number":17,"box":{"x":442,"y":368,"width":422,"height":9}},{"id":"a269bc8a-cd5c-422a-a7a4-1f83f4568e75","block_type":"box","text":"transaction is economically appropriate to (i) the reduction of the rele","page_number":17,"box":{"x":166,"y":381,"width":428,"height":9}},{"id":"79ca88c2-3da8-411d-97c8-6640dd8f3078","block_type":"box","text":"vant risks (whether in the price of","page_number":17,"box":{"x":595,"y":381,"width":207,"height":9}},{"id":"b1157514-bf40-497b-a848-e35bd56c38f0","block_type":"box","text":"investments, interest rates or exchange rates); or (ii) the reduction of the relevant costs; and/or (iii) the generation","page_number":17,"box":{"x":167,"y":394,"width":703,"height":9}},{"id":"dc5b239c-964f-40f1-be35-840e91518b8d","block_type":"box","text":"of additional capital or income for the Schemes with a risk level which is consistent with the risk","page_number":17,"box":{"x":167,"y":407,"width":586,"height":9}},{"id":"a261d567-dfcf-4022-affe-6b1d9cf395aa","block_type":"box","text":"profile of the","page_number":17,"box":{"x":758,"y":407,"width":79,"height":9}},{"id":"f43bcead-cebb-48f8-a30a-26906ec0b452","block_type":"box","text":"Scheme and the risk diversification rules laid down in the FCA Handbook.","page_number":17,"box":{"x":166,"y":420,"width":446,"height":8}},{"id":"cdcc4784-46d6-49e7-bca3-3ff6b0189f98","block_type":"box","text":"There is no guarantee that the Schemes will achieve the objective for which any EPM transaction was undertaken.","page_number":17,"box":{"x":166,"y":447,"width":698,"height":10}},{"id":"2b842609-0b0d-4d55-a5c2-786b3620421e","block_type":"box","text":"To the extent that derivative instruments are utilised for hedging purposes (reduction of the risk profile of the","page_number":17,"box":{"x":166,"y":461,"width":673,"height":9}},{"id":"5240f36d-427e-4a8d-874a-a20e2fe4c5dd","block_type":"box","text":"Schemes) the risk of loss to t","page_number":17,"box":{"x":166,"y":473,"width":175,"height":10}},{"id":"e4d84e7d-7d91-402e-ac0b-48635c1ef644","block_type":"box","text":"he Schemes may be increased where the value of the derivative instrument and the","page_number":17,"box":{"x":342,"y":474,"width":512,"height":9}},{"id":"b68eb916-11a3-4f8b-b37d-03bd1041d682","block_type":"box","text":"value of the security or position which it is hedging prove to be insufficiently correlated. EPM transactions (save to","page_number":17,"box":{"x":166,"y":487,"width":700,"height":9}},{"id":"fd6b5245-c3bd-446b-bf93-fd9e92db3ed3","block_type":"box","text":"the extent that derivatives are traded on exchange) may","page_number":17,"box":{"x":166,"y":500,"width":345,"height":9}},{"id":"51e6931b-568a-4b8b-9748-c5f036595b9a","block_type":"box","text":"involve a risk that a counterparty will wholly or partially","page_number":17,"box":{"x":516,"y":500,"width":340,"height":9}},{"id":"f4d22859-2305-4805-b8d0-3d55cc2d6dd1","block_type":"box","text":"fail to honour its contractual obligations.","page_number":17,"box":{"x":166,"y":513,"width":248,"height":9}},{"id":"5658177f-d12b-4904-8865-2a0db5f29e2b","block_type":"box","text":"In order to mitigate that risk of counterparty default, the","page_number":17,"box":{"x":167,"y":540,"width":346,"height":9}},{"id":"c754b10b-2a8d-4348-b7a0-85a38ef2aeff","block_type":"box","text":"counterparties to these transactions may be required to","page_number":17,"box":{"x":518,"y":540,"width":343,"height":9}},{"id":"a62ada0a-93cc-42da-acca-f40969be6a76","block_type":"box","text":"provide collateral to suitably cover their obligations to the Schemes. In the event of default by the counterparty, it","page_number":17,"box":{"x":167,"y":553,"width":698,"height":9}},{"id":"0f891a98-a319-4ea7-9d1a-ba8af8101734","block_type":"box","text":"will forfeit its collateral on the transaction. However, there is a risk that the","page_number":17,"box":{"x":166,"y":566,"width":461,"height":9}},{"id":"53bf1bba-95a3-4ae7-a092-28143686e9ed","block_type":"box","text":"collateral, especially where it is in the","page_number":17,"box":{"x":632,"y":566,"width":228,"height":9}},{"id":"11bade9a-a411-4d03-a630-bfde9107b854","block_type":"box","text":"form of securities, when realised will not raise sufficient cash to settle the counterparty’s liability to the Schemes.","page_number":17,"box":{"x":166,"y":579,"width":694,"height":9}},{"id":"2907f7e1-2b8c-4c9e-b28a-2f178adcd7ee","block_type":"box","text":"Securities lending transactions m","page_number":17,"box":{"x":166,"y":592,"width":201,"height":10}},{"id":"20a8ee2c-02a6-472f-b877-f60d7bab1bb9","block_type":"box","text":"ay, in the event of a default by the counterparty, result in the securities lent being","page_number":17,"box":{"x":369,"y":592,"width":502,"height":10}},{"id":"5ea285b3-c077-44cd-bc0c-e93ff9de29c2","block_type":"box","text":"recovered late or only in part. This may result in loss for the","page_number":17,"box":{"x":167,"y":605,"width":364,"height":10}},{"id":"4d1d0f15-755f-4e74-82ed-7bdaf6f5a900","block_type":"box","text":"Lending","page_number":17,"box":{"x":536,"y":606,"width":47,"height":9}},{"id":"c7f63830-3e14-4319-9c75-8d9394aff379","block_type":"box","text":"Schemes.","page_number":17,"box":{"x":591,"y":605,"width":56,"height":8}},{"id":"1a758f17-3e2b-4d76-a062-82e5046b0815","block_type":"box","text":"The","page_number":17,"box":{"x":166,"y":633,"width":22,"height":7}},{"id":"2f2a05e3-b685-44db-af04-bbdcf9e5b69d","block_type":"box","text":"Lending","page_number":17,"box":{"x":193,"y":633,"width":47,"height":9}},{"id":"24bf0e31-0686-43b4-80bf-837f07aea17d","block_type":"box","text":"Schemes receive collateral in relation to securities lending transactions and section 16 of the","page_number":17,"box":{"x":244,"y":633,"width":567,"height":9}},{"id":"24832ef3-5ff3-4688-9cfa-2162f70d6a62","block_type":"box","text":"Prospectus provides details of the collateral that is accepted in relation to such transactions.","page_number":17,"box":{"x":167,"y":646,"width":564,"height":9}},{"id":"2589dfc0-6a43-4406-b990-6e337fc9978b","block_type":"box","text":"Investors should note that EPM transactions may be effected in relation to the Schemes in circumstances where the","page_number":17,"box":{"x":167,"y":673,"width":709,"height":9}},{"id":"23ef8728-5a3a-4c5a-9cc7-ea3a1fbb0188","block_type":"box","text":"Manager or the Investment Adviser has, either directly or indirectly, an interest which may potentially involve a","page_number":17,"box":{"x":167,"y":686,"width":682,"height":9}},{"id":"8dbda7e9-5a84-495d-8439-3f9e3bdbc634","block_type":"box","text":"conflict of their obligation","page_number":17,"box":{"x":167,"y":699,"width":157,"height":9}},{"id":"b55bdf27-f323-4c6c-a426-106cdaa61bfb","block_type":"box","text":"s to the Schemes. Where a conflict cannot be avoided, the Manager and the Investment","page_number":17,"box":{"x":325,"y":699,"width":538,"height":9}},{"id":"66c79953-3599-4bcc-aee8-c44148387315","block_type":"box","text":"Adviser will have regard to their responsibility to act in the best interests of the Schemes and their investors. 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For further information in relation to conflicts of interest, pl","page_number":17,"box":{"x":167,"y":751,"width":466,"height":9}},{"id":"8d9818bf-b124-480d-b1e1-08730a230266","block_type":"box","text":"ease see the ‘conflicts of interest’","page_number":17,"box":{"x":635,"y":751,"width":205,"height":8}},{"id":"4eea25c0-eb2b-47e4-994c-f850e4fc9242","block_type":"box","text":"section of this prospectus.","page_number":17,"box":{"x":166,"y":764,"width":160,"height":10}},{"id":"293f2944-d44f-4ad9-96b1-bbd7c3285730","block_type":"box","text":"All revenues arising from EPM transactions will be returned to the Schemes, net of direct and indirect operational","page_number":17,"box":{"x":166,"y":792,"width":696,"height":9}},{"id":"02a2b478-dc7e-44c4-a315-75397407b934","block_type":"box","text":"costs and fees.","page_number":17,"box":{"x":167,"y":805,"width":88,"height":7}},{"id":"18e3339d-58a2-46c6-b2d2-c2f78d47eada","block_type":"box","text":"(h)","page_number":17,"box":{"x":137,"y":832,"width":15,"height":9}},{"id":"c43b8438-a8d9-4ca3-80f0-82fb4a3d0bac","block_type":"box","text":"Other Investment limits","page_number":17,"box":{"x":167,"y":832,"width":144,"height":7}},{"id":"3d962603-7a8b-4da4-b3ae-57af038cc8b8","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","page_number":17,"box":{"x":167,"y":859,"width":708,"height":10}},{"id":"be33689a-bb0f-4249-8286-88db4dd25fb9","block_type":"box","text":"the following:","page_number":17,"box":{"x":166,"y":872,"width":83,"height":10}},{"id":"e5a0849e-aa76-471b-a805-9708246abce5","block_type":"box","text":"(i)","page_number":17,"box":{"x":169,"y":900,"width":11,"height":9}},{"id":"55f4cee0-7345-45c6-8a43-5ddc1508d3de","block_type":"box","text":"transferable securities or money market instruments issued by; or","page_number":17,"box":{"x":211,"y":900,"width":405,"height":9}},{"id":"bea37bb0-6977-4bd5-844c-60410842ae5f","block_type":"box","text":"17","page_number":18,"box":{"x":465,"y":938,"width":11,"height":7}},{"id":"8bdc311b-a65c-4509-82bd-00221655c9e7","block_type":"box","text":"(ii)","page_number":18,"box":{"x":166,"y":88,"width":14,"height":9}},{"id":"42d9e8ca-b2a6-4323-83b2-55c526b7e630","block_type":"box","text":"deposits made with; or","page_number":18,"box":{"x":212,"y":88,"width":140,"height":9}},{"id":"da577d53-8cc8-4a60-b222-4828d6c797a7","block_type":"box","text":"(iii)","page_number":18,"box":{"x":162,"y":115,"width":18,"height":9}},{"id":"15bd35c2-d605-4dab-b1c7-32f3330818d9","block_type":"box","text":"exposures from OTC derivatives transactions made with;","page_number":18,"box":{"x":212,"y":115,"width":345,"height":10}},{"id":"11e496d7-100e-4fea-9ffe-f3c92df61b5e","block_type":"box","text":"a single body.","page_number":18,"box":{"x":167,"y":143,"width":82,"height":9}},{"id":"4f9626a8-161a-411d-9f39-c03f597a9e15","block_type":"box","text":"(i)","page_number":18,"box":{"x":121,"y":170,"width":11,"height":9}},{"id":"7982808a-6f7f-40f7-a629-097f80b54ed4","block_type":"box","text":"Calculation of global exposure","page_number":18,"box":{"x":167,"y":170,"width":183,"height":9}},{"id":"6153b415-8f7d-4ac3-b4c5-81bee6f74292","block_type":"box","text":"The Manager must calculate the global exposure of each Scheme on at least a daily basis. 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Such consent may only be given by","page_number":18,"box":{"x":121,"y":599,"width":743,"height":9}},{"id":"870818a0-3c26-4dd5-a84e-f92aa6dea1d7","block_type":"box","text":"the Trustee on such conditions as appe","page_number":18,"box":{"x":121,"y":612,"width":238,"height":9}},{"id":"e8ec6dc2-201c-4ca6-8201-ecae4435cb2a","block_type":"box","text":"ar to the Trustee to be appropriate to ensure that the borrowing does not cease to","page_number":18,"box":{"x":361,"y":612,"width":506,"height":9}},{"id":"d2e3e5de-bec5-444e-95ee-759a299b63f2","block_type":"box","text":"be on a temporary basis only.","page_number":18,"box":{"x":122,"y":625,"width":179,"height":10}},{"id":"3f12b10d-2db1-4a02-abfc-b28eb5d6b960","block_type":"box","text":"9.9","page_number":18,"box":{"x":121,"y":653,"width":20,"height":8}},{"id":"76344f94-9a98-4e1a-92ed-49f4e002154e","block_type":"box","text":"Supplemental information","page_number":18,"box":{"x":166,"y":652,"width":229,"height":12}},{"id":"98b25dd7-8ca8-43da-a4f2-4bb28dfcc24b","block_type":"box","text":"The Manager will, upon request from a Unitholder, provide supplemental information as to:","page_number":18,"box":{"x":121,"y":681,"width":563,"height":9}},{"id":"a23dcffa-bc85-4dad-bd37-9c95bae874e4","block_type":"box","text":"(a)","page_number":18,"box":{"x":167,"y":708,"width":14,"height":9}},{"id":"a3e8a285-bf9b-41c0-88e9-8c68c4404672","block_type":"box","text":"the quantitative limits applying in the risk management of a Scheme;","page_number":18,"box":{"x":227,"y":708,"width":420,"height":9}},{"id":"01520715-aca7-432d-a293-f6639c9fc5d8","block_type":"box","text":"(b)","page_number":18,"box":{"x":167,"y":735,"width":15,"height":10}},{"id":"2322b57f-70a4-4665-bfe6-085410d054d2","block_type":"box","text":"the methods used in relation to (a) above; and","page_number":18,"box":{"x":227,"y":735,"width":283,"height":10}},{"id":"740ea7ef-ece6-466b-b1df-452f0c33dbd4","block_type":"box","text":"(c)","page_number":18,"box":{"x":167,"y":763,"width":14,"height":9}},{"id":"a26f728d-2047-40ad-bfdc-11a04d6d4359","block_type":"box","text":"any recent development of the risk and yields of the main categories of investment of a Scheme.","page_number":18,"box":{"x":227,"y":763,"width":590,"height":9}},{"id":"f801cdd0-98a3-4dfa-aa92-436181bb8a1c","block_type":"box","text":"9.10","page_number":18,"box":{"x":121,"y":791,"width":29,"height":8}},{"id":"65ec3d70-20c7-4375-abae-70321b633f65","block_type":"box","text":"Longer","page_number":18,"box":{"x":166,"y":790,"width":61,"height":11}},{"id":"da8f3acc-e316-4c74-ae8e-b878265c1e2e","block_type":"box","text":"-","page_number":18,"box":{"x":228,"y":795,"width":5,"height":1}},{"id":"0a8aa774-67aa-4d47-8fa5-b61048cc20c4","block_type":"box","text":"term investment","page_number":18,"box":{"x":234,"y":790,"width":143,"height":9}},{"id":"2ad55a50-fa90-422b-9707-8c6783a8778c","block_type":"box","text":"The Schemes are designed and managed to support longer","page_number":18,"box":{"x":121,"y":818,"width":359,"height":9}},{"id":"9568b70e-7117-4164-b0a9-027e1d7f1e46","block_type":"box","text":"-","page_number":18,"box":{"x":481,"y":822,"width":4,"height":1}},{"id":"10bb59c7-4cfc-4e72-a096-4d2fd48834e0","block_type":"box","text":"term investment and active trading into or out of a Scheme is","page_number":18,"box":{"x":486,"y":818,"width":376,"height":9}},{"id":"70a91e3e-fd9b-4f7a-828d-fbc8ded01823","block_type":"box","text":"discouraged. 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forty","page_number":20,"box":{"x":224,"y":260,"width":345,"height":9}},{"id":"b8c0ec20-fdb0-4266-97bd-883ff81f26fe","block_type":"box","text":"-","page_number":20,"box":{"x":570,"y":264,"width":3,"height":1}},{"id":"d4ddef35-819d-4d63-a907-74a6cd181912","block_type":"box","text":"eight hours prior to the time appointed for the","page_number":20,"box":{"x":575,"y":260,"width":284,"height":9}},{"id":"42617dbd-b14f-4dcd-9b61-d18dd7812fbf","block_type":"box","text":"holding of the meeting or adjourned meeting or (in the case of a poll taken otherwise than at or on the same day as the","page_number":20,"box":{"x":122,"y":273,"width":731,"height":9}},{"id":"385ca2c1-03c3-49f7-8fec-3f2a4e8d05c4","block_type":"box","text":"meeting or adjourned meeting)","page_number":20,"box":{"x":122,"y":286,"width":190,"height":9}},{"id":"405a4cdc-71fa-40f4-8adb-6153f02c9840","block_type":"box","text":"for the taking of the poll at which it is to be used and, in default, may be treated as invalid.","page_number":20,"box":{"x":317,"y":286,"width":554,"height":9}},{"id":"9c217bfd-a237-49fe-8f56-c12da8fd1950","block_type":"box","text":"The instrument appointing a proxy will, unless the contrary is stated thereon, be valid as well for any adjournment of the","page_number":20,"box":{"x":121,"y":299,"width":739,"height":9}},{"id":"6bad21ce-a23f-46a2-be6f-99bd26f0e5f8","block_type":"box","text":"meeting as for the meeting to which","page_number":20,"box":{"x":122,"y":312,"width":220,"height":9}},{"id":"97f5c46e-50bd-4f0b-a9be-52648e6d8086","block_type":"box","text":"it relates.","page_number":20,"box":{"x":348,"y":312,"width":55,"height":8}},{"id":"3b661d42-0c05-4af3-9c42-29b31cf72bcb","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","page_number":20,"box":{"x":121,"y":339,"width":738,"height":10}},{"id":"14d14225-64b5-4c87-a159-d05b32017623","block_type":"box","text":"by operation of law of the title to the Units concerned or by the revocation of the appointment of the proxy or of the","page_number":20,"box":{"x":122,"y":353,"width":715,"height":9}},{"id":"4f5d041b-a41e-476a-8baf-4fc9d64758a1","block_type":"box","text":"authority unde","page_number":20,"box":{"x":121,"y":366,"width":90,"height":9}},{"id":"cc248876-2682-4040-b9b5-ea051edadfb7","block_type":"box","text":"r which the appointment of the proxy was made provided that no intimation in writing of such death,","page_number":20,"box":{"x":213,"y":366,"width":619,"height":9}},{"id":"2919cadf-bc8f-42a7-921e-5b4996bbade4","block_type":"box","text":"insanity or revocation has been received by the Manager at its head office by the time which is two hours before the","page_number":20,"box":{"x":121,"y":379,"width":714,"height":9}},{"id":"def0b6ad-d29e-4a1b-b52a-f2dadf1ba87f","block_type":"box","text":"commencement of the meeting or adjourne","page_number":20,"box":{"x":121,"y":392,"width":269,"height":9}},{"id":"1a297b9a-2343-467f-a32e-91fb6691eb03","block_type":"box","text":"d meeting or (in the case of a poll taken otherwise than at or on the same day","page_number":20,"box":{"x":391,"y":392,"width":476,"height":9}},{"id":"673afa3b-1c63-44d6-a5fb-c939c23721fc","block_type":"box","text":"as the meeting or adjourned meeting) the time appointed for the taking of the poll at which the vote is cast.","page_number":20,"box":{"x":121,"y":405,"width":661,"height":9}},{"id":"8e5e5e82-f66e-439f-884f-2a3335c9c343","block_type":"box","text":"11.","page_number":20,"box":{"x":122,"y":433,"width":21,"height":9}},{"id":"024d0951-e3c8-475e-9834-abd46ceb0b0a","block_type":"box","text":"RI","page_number":20,"box":{"x":166,"y":432,"width":15,"height":10}},{"id":"aed9e08a-de07-4014-b220-f25d946efad1","block_type":"box","text":"RISK CHARACTERISTICS OF THE SCHEMES","page_number":20,"box":{"x":181,"y":434,"width":340,"height":8}},{"id":"a06eacc4-24c4-4b98-94fd-d0658eef7d6a","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","page_number":20,"box":{"x":121,"y":462,"width":706,"height":9}},{"id":"6aad2ad3-33c0-40de-8e6c-cb464ce9884e","block_type":"box","text":"investment in any Scheme may be exposed to risks of an exceptional nature from time to time","page_number":20,"box":{"x":121,"y":475,"width":577,"height":9}},{"id":"b8cc08cc-fd24-4b9b-929a-54012556e436","block_type":"box","text":".","page_number":20,"box":{"x":700,"y":481,"width":2,"height":1}},{"id":"5c55559a-1cb0-4b5b-905d-16dac0442620","block_type":"box","text":"The following are important risk factors and potential investors should consider them before investing in a Scheme.","page_number":20,"box":{"x":121,"y":502,"width":706,"height":9}},{"id":"6162681f-ea67-4938-9449-855e34fcb520","block_type":"box","text":"11.1","page_number":20,"box":{"x":122,"y":530,"width":27,"height":8}},{"id":"d9099b5b-be84-4af4-b77e-5b47bf8ed89d","block_type":"box","text":"General","page_number":20,"box":{"x":166,"y":529,"width":68,"height":9}},{"id":"199ac54c-ed38-4bea-b6f9-9908ba8b0798","block_type":"box","text":"Each Scheme is designed as a long","page_number":20,"box":{"x":122,"y":557,"width":207,"height":10}},{"id":"b15d58b8-c5f0-4d30-b414-4d45752c3ba2","block_type":"box","text":"-","page_number":20,"box":{"x":330,"y":562,"width":4,"height":0}},{"id":"8e6faa1f-fa04-44a9-85ea-9af96bd7983e","block_type":"box","text":"term investment. A Scheme does not constitute a complete investment program. Due to","page_number":20,"box":{"x":335,"y":557,"width":541,"height":10}},{"id":"f6e3b914-30f7-47a6-a7e4-242987b234c9","block_type":"box","text":"the uncertainty in all investments, there can be no assurance that a Scheme will achieve its investment objective. A","page_number":20,"box":{"x":121,"y":571,"width":706,"height":9}},{"id":"b96155bc-9ae0-4f64-aea5-2f5b1792dfe7","block_type":"box","text":"Scheme may lose money","page_number":20,"box":{"x":121,"y":584,"width":151,"height":9}},{"id":"e5b27401-c70b-4424-bcea-936aa61f7674","block_type":"box","text":".","page_number":20,"box":{"x":273,"y":590,"width":2,"height":1}},{"id":"d7cd758e-ae63-408e-9ada-c796703a166a","block_type":"box","text":"There are inherent risks in investment markets. Security prices are subject to market fluctuations and can move","page_number":20,"box":{"x":121,"y":611,"width":686,"height":9}},{"id":"5e6e592d-eb5e-41e5-b853-1ced5a63b039","block_type":"box","text":"irrationally and be unpredictably affected by many and various factors including political and economic events and","page_number":20,"box":{"x":121,"y":624,"width":701,"height":9}},{"id":"8712b5af-0c29-4b23-b676-84c3db3ba037","block_type":"box","text":"rumours. There can be no as","page_number":20,"box":{"x":122,"y":637,"width":176,"height":7}},{"id":"af0aea24-6f5b-4c5a-90cd-81f0fe009d5e","block_type":"box","text":"surance that any appreciation in value of investments will occur. The value of investments and","page_number":20,"box":{"x":299,"y":637,"width":578,"height":9}},{"id":"59d35971-d2ef-461b-852b-f1daab7bd80b","block_type":"box","text":"the income derived from them may go down as well as up and investors may receive less than the original amount","page_number":20,"box":{"x":121,"y":650,"width":701,"height":9}},{"id":"16310f4e-53c3-47fb-9fe4-4d0d71aa5f0c","block_type":"box","text":"invested.","page_number":20,"box":{"x":121,"y":663,"width":54,"height":8}},{"id":"204ab4d7-0eff-4aa7-ae01-989b00a12130","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":20,"box":{"x":122,"y":690,"width":739,"height":10}},{"id":"cb1ac9d1-aad5-4e09-92dd-cbe3369ad663","block_type":"box","text":"replicate its Index’s performance may be further impeded in the event of a temporary unavailability of certain securities","page_number":20,"box":{"x":122,"y":703,"width":734,"height":10}},{"id":"05773dff-91bb-4fdc-ba19-3bea18000cd3","block_type":"box","text":"comprisi","page_number":20,"box":{"x":121,"y":717,"width":51,"height":9}},{"id":"58c26b97-ea7a-4622-b8d5-e5110b37403b","block_type":"box","text":"ng that Index or because of exceptional circumstances that may distort the weightings of that Index. The changes","page_number":20,"box":{"x":174,"y":716,"width":693,"height":10}},{"id":"7b721bc8-bdd1-4e15-aff3-237d8c524855","block_type":"box","text":"made to Scheme property and the changing weightings of the relevant Index may bring about various transaction and","page_number":20,"box":{"x":122,"y":729,"width":719,"height":10}},{"id":"fc8299f0-7c0b-470b-b6d0-774148f68b34","block_type":"box","text":"other costs and the total ret","page_number":20,"box":{"x":121,"y":743,"width":171,"height":7}},{"id":"7774c79f-b37b-4859-8194-3918c9e0dfed","block_type":"box","text":"urn generated by investments in the securities comprising the relevant Index may be reduced","page_number":20,"box":{"x":294,"y":743,"width":572,"height":9}},{"id":"0087a85a-b74f-473e-b574-2dc0b6d01087","block_type":"box","text":"because of certain costs and expenses that are not included in the calculation of the Index return.","page_number":20,"box":{"x":122,"y":756,"width":596,"height":9}},{"id":"a36be5ba-375e-4952-97e3-b5596da85e76","block_type":"box","text":"It is important to note that past performance is not a guide to future returns or growth","page_number":20,"box":{"x":122,"y":783,"width":542,"height":9}},{"id":"d2f1e150-8a29-42f2-9f0b-fd5bce605da3","block_type":"box","text":".","page_number":20,"box":{"x":666,"y":789,"width":2,"height":1}},{"id":"714dec08-36af-4566-ab4a-fdb642c5b12e","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":20,"box":{"x":122,"y":810,"width":727,"height":9}},{"id":"c64fcfac-cd85-4daf-a595-8e8681cda7ae","block_type":"box","text":"20","page_number":21,"box":{"x":463,"y":938,"width":13,"height":7}},{"id":"a70f6681-58c6-4676-8447-e2543823370c","block_type":"box","text":"11.2","page_number":21,"box":{"x":122,"y":89,"width":27,"height":7}},{"id":"58f27f9e-c242-4929-9867-02db2ccb51a7","block_type":"box","text":"Basis Risk","page_number":21,"box":{"x":166,"y":87,"width":89,"height":10}},{"id":"acdd49d0-1554-46fa-827d-88ac8750377b","block_type":"box","text":"A Scheme may gain exposure to an underlying asset by investing directly into that asset, or by purchasing a derivative","page_number":21,"box":{"x":121,"y":116,"width":719,"height":9}},{"id":"e2c4fabe-bfb1-4774-bf40-740f22e7c3a4","block_type":"box","text":"instrument that is expected (but not guaranteed) to provide the same returns as the underlying asset. Basis Risk occurs","page_number":21,"box":{"x":121,"y":129,"width":729,"height":9}},{"id":"4e530432-bb56-4dc8-bcad-4292ce724e39","block_type":"box","text":"when the returns","page_number":21,"box":{"x":121,"y":142,"width":105,"height":8}},{"id":"6ecac52e-a0c6-4b90-b300-72c203c8c6e7","block_type":"box","text":"provided by the derivative instrument deviate from the returns of the underlying asset.","page_number":21,"box":{"x":231,"y":142,"width":534,"height":10}},{"id":"320cd337-82b1-4b93-a3d1-7e40801409a1","block_type":"box","text":"11.3","page_number":21,"box":{"x":122,"y":170,"width":27,"height":8}},{"id":"2c132fdd-4797-4caa-853c-a01a980dc22b","block_type":"box","text":"Cash Position Risk","page_number":21,"box":{"x":166,"y":169,"width":161,"height":9}},{"id":"e7b4fc2c-7c18-47a1-8a76-636319a34cb0","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":21,"box":{"x":121,"y":197,"width":739,"height":10}},{"id":"5d929a66-ba59-4143-88da-6e8846d8c5ce","block_type":"box","text":"a","page_number":21,"box":{"x":864,"y":200,"width":6,"height":5}},{"id":"0c83378e-0b5b-4f08-aab7-c9f17d1608ad","block_type":"box","text":"Scheme holds a significant cash position, its investment returns may be adversely affected, and such Scheme may not","page_number":21,"box":{"x":121,"y":211,"width":720,"height":9}},{"id":"957f8eaf-e01d-4afb-9cb6-a8824a081093","block_type":"box","text":"achieve its i","page_number":21,"box":{"x":121,"y":224,"width":70,"height":7}},{"id":"67b6ca25-0438-45f8-a8ce-706b2a6391c7","block_type":"box","text":"nvestment objective.","page_number":21,"box":{"x":193,"y":224,"width":127,"height":9}},{"id":"e22178a6-0595-4b90-811c-f539df69d8fe","block_type":"box","text":"11.4","page_number":21,"box":{"x":122,"y":252,"width":28,"height":8}},{"id":"427816d8-b8e7-4e83-b2ee-1633311feb0d","block_type":"box","text":"Charges (Management and other Charges)","page_number":21,"box":{"x":166,"y":251,"width":363,"height":11}},{"id":"a1483b09-8d76-4f87-a05f-cc86b286eb6b","block_type":"box","text":"Where appropriate, the Manager's initial charge and any other charges (if applicable) are added to the cost of Units.","page_number":21,"box":{"x":121,"y":279,"width":710,"height":9}},{"id":"98cd7b08-8d58-4cf5-b01e-0174c9afb5e9","block_type":"box","text":"Hence Unitholders, having paid such charges, who redeem their Units in the short term may not (even in the absence of a","page_number":21,"box":{"x":122,"y":292,"width":744,"height":9}},{"id":"acb12736-a91d-47ba-bc41-193afaa4bac3","block_type":"box","text":"fall in the value","page_number":21,"box":{"x":121,"y":305,"width":93,"height":8}},{"id":"9de9f497-84e6-4ee9-a1a9-b7d7df50aa78","block_type":"box","text":"of the relevant Units) realise the original amount invested.","page_number":21,"box":{"x":218,"y":305,"width":358,"height":10}},{"id":"0ad841a1-e784-44df-8deb-fd20699a0e9f","block_type":"box","text":"11.5","page_number":21,"box":{"x":122,"y":334,"width":27,"height":7}},{"id":"38e220eb-6848-449a-91c5-40a89b6e492a","block_type":"box","text":"Client Assets","page_number":21,"box":{"x":166,"y":332,"width":110,"height":9}},{"id":"722be70f-98c6-4c71-881a-f76855aad96a","block_type":"box","text":"–","page_number":21,"box":{"x":282,"y":337,"width":10,"height":1}},{"id":"554f7c16-195e-4f2f-85a7-ddd59865794d","block_type":"box","text":"Insolvency of Trustee Risk","page_number":21,"box":{"x":297,"y":332,"width":228,"height":12}},{"id":"d030f29b-67fc-4441-a233-04e7929816a6","block_type":"box","text":"The Trustee has a duty to ensure that it safeguards and administers the Schemes’ property in compliance with the","page_number":21,"box":{"x":121,"y":361,"width":698,"height":9}},{"id":"fa05392c-4199-4a71-a697-c2c4af793fad","block_type":"box","text":"provisions of the FCA Handbook governing the protection of client assets (“Client Asset Rules”). Where investors pass","page_number":21,"box":{"x":122,"y":374,"width":717,"height":9}},{"id":"0232e053-604e-4746-bacb-f97e186e1833","block_type":"box","text":"money to the Trustee or i","page_number":21,"box":{"x":122,"y":387,"width":154,"height":9}},{"id":"c8367786-c40c-4a54-aa9a-a49280718cae","block_type":"box","text":"ts agent for the purpose of creating Units in a Scheme, the Trustee or its agent will hold that","page_number":21,"box":{"x":277,"y":387,"width":564,"height":9}},{"id":"4da4f84d-0036-4ce9-82ea-dc6857e86c6a","block_type":"box","text":"money on deposit as banker and not as Trustee and therefore not be under a duty to comply with the provisions of the FCA","page_number":21,"box":{"x":122,"y":400,"width":755,"height":9}},{"id":"df170b81-1f13-444f-a95d-7a6cfe27d728","block_type":"box","text":"Handbook on holding money (“Client Mone","page_number":21,"box":{"x":122,"y":413,"width":265,"height":9}},{"id":"2d5e109f-91cd-47d7-bfb3-4485d86af099","block_type":"box","text":"y”) received in the course of designated investment business (“Client Money","page_number":21,"box":{"x":388,"y":413,"width":468,"height":9}},{"id":"a0caa115-4584-4845-967e-ac7f8e8442e0","block_type":"box","text":"Rules”). Further, the Trustee will hold money for the purpose of buying investments or the proceeds of the sale of","page_number":21,"box":{"x":122,"y":426,"width":697,"height":9}},{"id":"17a7a6cf-ce77-49c4-b330-5c2b76022d50","block_type":"box","text":"investments (“Scheme Money”) as banker and not as Trustee. The","page_number":21,"box":{"x":121,"y":439,"width":411,"height":9}},{"id":"d7f69b59-842c-497d-948a-6fb3f4336d8c","block_type":"box","text":"Scheme Money will not therefore be protected under","page_number":21,"box":{"x":537,"y":439,"width":328,"height":9}},{"id":"c80ec70b-fad0-4afa-bf93-461ed6a232c9","block_type":"box","text":"the Client Asset Rules. Moreover, with respect to handling the Schemes’ property in the course of delivery versus payment","page_number":21,"box":{"x":121,"y":452,"width":751,"height":9}},{"id":"a8294489-2d84-4e7e-aafc-7af2b60f4de7","block_type":"box","text":"transactions through a commercial settlement system (“CSS”), the Schemes’ property","page_number":21,"box":{"x":121,"y":465,"width":524,"height":9}},{"id":"82ac3496-217e-4214-9ea9-d55e6857ec78","block_type":"box","text":"may not be protected under the","page_number":21,"box":{"x":650,"y":465,"width":196,"height":9}},{"id":"ccec8585-45de-4eaa-b3a5-0387d79e093e","block_type":"box","text":"Client Asset Rules. In the event that the Trustee becomes insolvent or otherwise fails, there is a risk of loss or delay in","page_number":21,"box":{"x":121,"y":478,"width":718,"height":9}},{"id":"1f65d7f2-0371-4357-b386-ffbf4079e32c","block_type":"box","text":"return of (a) any Client Money; and (b) any Scheme property.","page_number":21,"box":{"x":122,"y":491,"width":372,"height":10}},{"id":"20a890ad-4344-4635-8e57-ff140c14fd8d","block_type":"box","text":"11.6","page_number":21,"box":{"x":122,"y":520,"width":27,"height":7}},{"id":"e2cf06df-3ebe-4780-a6a2-4e4f771d399b","block_type":"box","text":"Conflicts of Interest Risk","page_number":21,"box":{"x":166,"y":518,"width":214,"height":9}},{"id":"d45196a1-98f7-4efd-898d-e2980ec9d750","block_type":"box","text":"An investment in a Scheme may be subject to a number of actual or potential conflicts of interest. Subject to applicable law,","page_number":21,"box":{"x":121,"y":547,"width":756,"height":9}},{"id":"6f3c82d4-df40-4b26-b2c4-238d4ff3e76c","block_type":"box","text":"a Scheme may engage in transactions that may trigger or result in a potential conflict of interest. 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When executing or","page_number":22,"box":{"x":281,"y":669,"width":597,"height":10}},{"id":"1c33b7b2-41b6-4201-b5f1-4d9c24b5d8df","block_type":"box","text":"transmitting orders on behalf of the Scheme, the Investment Adviser will take into account any specific instruction from the","page_number":22,"box":{"x":121,"y":682,"width":756,"height":10}},{"id":"79f68062-9d2b-4082-b285-a6c2ee0307d2","block_type":"box","text":"Manager regarding execution of th","page_number":22,"box":{"x":122,"y":696,"width":211,"height":9}},{"id":"4fbd27de-e6e2-459f-bfd2-39c50775203a","block_type":"box","text":"e order.","page_number":22,"box":{"x":335,"y":696,"width":47,"height":7}},{"id":"70bf7d19-63a6-431e-b8ef-8c58d1896248","block_type":"box","text":"A director of the Manager (a “Director”) may be a party to, or otherwise interested in, any transaction or arrangement with","page_number":22,"box":{"x":121,"y":723,"width":756,"height":9}},{"id":"0fc2c444-480e-4497-b1c0-a03a675caa84","block_type":"box","text":"a Scheme or in which a Scheme is interested, provided that she/he has disclosed to the other Directors prior to the conclusio","page_number":22,"box":{"x":121,"y":735,"width":748,"height":10}},{"id":"3c5ad27f-2ea9-45ab-b9c6-c52e6d8da880","block_type":"box","text":"n","page_number":22,"box":{"x":872,"y":738,"width":6,"height":5}},{"id":"5a42f338-f897-4dcc-82e9-5e6932609b85","block_type":"box","text":"of an","page_number":22,"box":{"x":121,"y":749,"width":31,"height":7}},{"id":"c6ffa8da-41b1-4c84-b998-d1fae0e48f6d","block_type":"box","text":"y such transaction or arrangement the nature and extent of any material interest of his therein. The Directors shall","page_number":22,"box":{"x":153,"y":749,"width":724,"height":9}},{"id":"91e164be-739f-4c62-9f06-140a55376240","block_type":"box","text":"endeavour to ensure that any conflict of interest is resolved fairly.","page_number":22,"box":{"x":121,"y":762,"width":403,"height":9}},{"id":"1bea55ff-b9a5-4695-a7f0-686f14a127ac","block_type":"box","text":"The foregoing does not purport to be a comprehensive list or complete explanation of all potential conflicts of interests","page_number":22,"box":{"x":121,"y":789,"width":731,"height":9}},{"id":"4b3eefba-0f4b-44b9-9ece-131d078ba5c2","block_type":"box","text":"which may affect the Scheme. A Scheme may encounter circumstances, or enter into transactions, in which conflicts of","page_number":22,"box":{"x":121,"y":802,"width":728,"height":10}},{"id":"8d9b4eb4-43a4-42eb-a694-cf8e8950cb46","block_type":"box","text":"interest that are","page_number":22,"box":{"x":121,"y":815,"width":99,"height":8}},{"id":"93d24ba8-4fe9-474c-bf2d-e08f62893c04","block_type":"box","text":"not listed or discussed above may arise.","page_number":22,"box":{"x":225,"y":815,"width":242,"height":10}},{"id":"b7329c11-57f7-40d3-993f-0fdb31bf462a","block_type":"box","text":"11.7","page_number":22,"box":{"x":122,"y":844,"width":27,"height":7}},{"id":"15604584-11f9-495b-809e-2d6faf927ca2","block_type":"box","text":"Counterparty Risk","page_number":22,"box":{"x":166,"y":842,"width":159,"height":12}},{"id":"25d9b754-06fa-4c18-bc65-bb4ca3a1b5a7","block_type":"box","text":"Each Scheme will be subject to credit risk with respect to the counterparties with which such Scheme enters into derivatives","page_number":22,"box":{"x":122,"y":871,"width":755,"height":9}},{"id":"253dd94c-f68a-4dd5-a674-87be90b12b67","block_type":"box","text":"contracts foreign exchange, currency forward contracts and other transactions such as repurchase agreements or reverse","page_number":22,"box":{"x":121,"y":884,"width":756,"height":9}},{"id":"c70bfdbe-49a9-4468-9780-b9ea08c577cd","block_type":"box","text":"repurchase a","page_number":22,"box":{"x":122,"y":897,"width":77,"height":9}},{"id":"7b74de7e-deca-4d9a-9c28-9c5d03c48386","block_type":"box","text":"greements. The Scheme’s ability to profit from these types of investments and transactions will depend on the","page_number":22,"box":{"x":200,"y":897,"width":677,"height":9}},{"id":"79e9710c-9275-43e4-a72d-225ce9cf5bbd","block_type":"box","text":"22","page_number":23,"box":{"x":463,"y":938,"width":13,"height":7}},{"id":"3fc2892a-9460-48c5-b462-914e7d84a5c2","block_type":"box","text":"willingness and ability of its counterparty to perform its obligations. If a counterparty fails to meet its contractual oblig","page_number":23,"box":{"x":121,"y":88,"width":715,"height":9}},{"id":"c97cd23b-d8e7-4c26-ab8c-7ed6c406505e","block_type":"box","text":"ations,","page_number":23,"box":{"x":838,"y":88,"width":40,"height":9}},{"id":"db581c63-4169-48d3-acf7-84959e7e82f9","block_type":"box","text":"the Scheme may be unable to terminate or reali","page_number":23,"box":{"x":121,"y":101,"width":307,"height":9}},{"id":"8703f147-9060-4c3e-9c30-608375fdc07e","block_type":"box","text":"s","page_number":23,"box":{"x":429,"y":103,"width":5,"height":5}},{"id":"868766fc-8d1f-4c50-af0d-c878c31e2f6b","block_type":"box","text":"e any gain on the investment or transaction, resulting in a loss to the","page_number":23,"box":{"x":435,"y":101,"width":443,"height":9}},{"id":"81d07f7b-46f2-4799-842e-21765dffc827","block_type":"box","text":"Scheme. The Scheme may experience significant delays and expenses in obtaining any recovery in an insolvency, bankruptcy,","page_number":23,"box":{"x":121,"y":114,"width":756,"height":9}},{"id":"d4f7a24f-69f6-46c9-9b5b-f2ca5d48f50b","block_type":"box","text":"or other reorgani","page_number":23,"box":{"x":121,"y":127,"width":107,"height":9}},{"id":"e89f39aa-36e4-49ef-a6d8-f2e47945cecd","block_type":"box","text":"s","page_number":23,"box":{"x":230,"y":129,"width":4,"height":5}},{"id":"889157bd-1851-4257-b0b8-3892f6bc5c80","block_type":"box","text":"ation proceeding involving its counterparty (including recovery of any collateral posted by it) and may","page_number":23,"box":{"x":235,"y":127,"width":643,"height":9}},{"id":"c2807ff6-f66f-4a49-a201-c6421d9cc747","block_type":"box","text":"obtain only a li","page_number":23,"box":{"x":121,"y":140,"width":89,"height":9}},{"id":"f8a534e2-23e4-4b8d-b8d7-06d8865a554d","block_type":"box","text":"mited recovery or may obtain no recovery in such circumstances. If the Scheme holds collateral posted by its","page_number":23,"box":{"x":212,"y":140,"width":665,"height":9}},{"id":"2c711a54-e656-4b4b-b9d1-035cbf36a692","block_type":"box","text":"counterparty, it may be delayed or prevented from reali","page_number":23,"box":{"x":121,"y":153,"width":353,"height":9}},{"id":"7c2d6a2a-12c6-4f54-b50a-97df83aa3bf8","block_type":"box","text":"s","page_number":23,"box":{"x":475,"y":155,"width":5,"height":6}},{"id":"9a9805bc-40f9-4955-9cf1-c77fe1128633","block_type":"box","text":"ing on the collateral in the event of a bankruptcy or insolvency","page_number":23,"box":{"x":482,"y":153,"width":396,"height":9}},{"id":"7ca912a8-f6e9-40d9-8b24-e1bb20f72cf2","block_type":"box","text":"proceeding relating to the counterparty. Contractual provisions and applicable law may prevent or delay the Scheme from","page_number":23,"box":{"x":122,"y":166,"width":755,"height":9}},{"id":"ee3ff79a-197d-4c82-b749-bf52a028a7f4","block_type":"box","text":"exercising its rights to terminate an investment or transaction with a","page_number":23,"box":{"x":121,"y":179,"width":423,"height":9}},{"id":"862d22fb-5c45-44ea-a666-ae106f1bfe99","block_type":"box","text":"financial institution experiencing financial difficulties,","page_number":23,"box":{"x":550,"y":179,"width":327,"height":9}},{"id":"78d4e628-587c-4d4b-b258-4527a5813ac0","block_type":"box","text":"or to reali","page_number":23,"box":{"x":121,"y":192,"width":58,"height":8}},{"id":"09d66bef-caa7-4913-80d7-97a627bc81d2","block_type":"box","text":"s","page_number":23,"box":{"x":180,"y":195,"width":5,"height":5}},{"id":"88cabbf6-4eab-4b31-a362-79bd6f8c2424","block_type":"box","text":"e on collateral, and","page_number":23,"box":{"x":186,"y":192,"width":115,"height":9}},{"id":"fde4aeb2-cebb-4ad6-9fbe-771a78184f8f","block_type":"box","text":"another institution may be substituted for that financial institution without the consent of the","page_number":23,"box":{"x":306,"y":192,"width":571,"height":10}},{"id":"a24e9931-55a8-44f3-9a4d-49889c1cd220","block_type":"box","text":"Scheme. If the credit rating of a derivatives counterparty declines, the Scheme may nonetheless choose or be required to","page_number":23,"box":{"x":121,"y":205,"width":756,"height":10}},{"id":"9360950e-d0b7-4f50-bb65-09bd4f634a49","block_type":"box","text":"keep existing transactions in place w","page_number":23,"box":{"x":122,"y":218,"width":229,"height":10}},{"id":"aab31622-07e0-494e-aee3-4edd0d03a51e","block_type":"box","text":"ith the counterparty, in which event the Scheme would be subject to any increased","page_number":23,"box":{"x":353,"y":218,"width":524,"height":10}},{"id":"9a769820-b2c5-4e93-8781-f003407454df","block_type":"box","text":"credit risk associated with those transactions.","page_number":23,"box":{"x":121,"y":232,"width":278,"height":7}},{"id":"df7e5dff-f385-4bc2-94bc-34078fc2b395","block_type":"box","text":"Under applicable law or contractual provisions, including if a Scheme enters into an investment or transaction with a financi","page_number":23,"box":{"x":122,"y":259,"width":745,"height":9}},{"id":"1f6da28c-becc-4826-8ecc-6f37a9e153db","block_type":"box","text":"al","page_number":23,"box":{"x":869,"y":259,"width":9,"height":7}},{"id":"eb3b60e7-400b-4c90-8438-d23d9f68200b","block_type":"box","text":"institution and such financial institution (or an affiliate of the financial institution) experiences financial difficulties,","page_number":23,"box":{"x":121,"y":272,"width":730,"height":9}},{"id":"224441c1-af91-4897-ad81-cb842a270ffa","block_type":"box","text":"th","page_number":23,"box":{"x":858,"y":272,"width":12,"height":7}},{"id":"db1b3d6a-2226-4581-804f-6d086128d174","block_type":"box","text":"e","page_number":23,"box":{"x":872,"y":274,"width":6,"height":5}},{"id":"19ac09bb-f8b1-4db0-9079-509351e1de55","block_type":"box","text":"Scheme may in certain situations be prevented or delayed from exercising its rights to terminate the investment or","page_number":23,"box":{"x":121,"y":285,"width":757,"height":9}},{"id":"943a7408-65e3-4065-a722-029a9be5c58a","block_type":"box","text":"transaction, or to realise on any collateral and may result in the suspension of payment and delivery obligations of the part","page_number":23,"box":{"x":121,"y":298,"width":740,"height":9}},{"id":"1c39f2a8-3486-4b4b-8e5d-00161a1e1412","block_type":"box","text":"ies","page_number":23,"box":{"x":863,"y":298,"width":15,"height":7}},{"id":"09c4bcae-ece4-4cb7-a828-b0465bcaeb1f","block_type":"box","text":"under such","page_number":23,"box":{"x":122,"y":311,"width":66,"height":7}},{"id":"9afaaee7-2578-4059-a40f-47ff83a442e6","block_type":"box","text":"investment or transactions or in another institution being substituted for that financial institution without the","page_number":23,"box":{"x":195,"y":311,"width":682,"height":9}},{"id":"3fc9db9a-65ae-465c-8a7d-b9d53e92d67c","block_type":"box","text":"consent of the Scheme. Further, the Scheme may be subject to “bail","page_number":23,"box":{"x":121,"y":324,"width":426,"height":9}},{"id":"47c3b6af-eb1f-47b7-b55a-5e19fff3dabe","block_type":"box","text":"-","page_number":23,"box":{"x":549,"y":328,"width":4,"height":1}},{"id":"506e87a8-f881-4f5a-aa19-82f6d41393cd","block_type":"box","text":"in” risk under applicable law whereby, if required by","page_number":23,"box":{"x":554,"y":324,"width":324,"height":9}},{"id":"4e1ef67c-9127-4133-8748-03b47e93db71","block_type":"box","text":"the financial insti","page_number":23,"box":{"x":121,"y":337,"width":104,"height":8}},{"id":"4b66fbc2-d301-4418-859b-5762700c3e42","block_type":"box","text":"tution’s authority, the financial institution’s liabilities could be written down, eliminated or converted into","page_number":23,"box":{"x":226,"y":337,"width":651,"height":9}},{"id":"c5753d76-db47-4899-96b1-57b81c78994f","block_type":"box","text":"equity or an alternative instrument of ownership. A bail","page_number":23,"box":{"x":121,"y":350,"width":336,"height":9}},{"id":"500b9f97-8a72-4282-a860-a0039356345f","block_type":"box","text":"-","page_number":23,"box":{"x":459,"y":354,"width":3,"height":1}},{"id":"616392ba-079d-4a21-bcba-467637971c25","block_type":"box","text":"in of a financial institution may result in a reduction in value of some","page_number":23,"box":{"x":464,"y":350,"width":414,"height":9}},{"id":"d484f2e7-7159-4ad1-9cde-3b9b13772c4c","block_type":"box","text":"or all of its","page_number":23,"box":{"x":121,"y":363,"width":64,"height":8}},{"id":"212df05e-ad4a-4c08-b183-d67224e3e03a","block_type":"box","text":"securities and a Scheme that holds such securities or has entered into a transaction with such a financial security","page_number":23,"box":{"x":189,"y":363,"width":689,"height":9}},{"id":"2928b72d-440f-4368-95af-12e7e4d27b5f","block_type":"box","text":"when a bail","page_number":23,"box":{"x":121,"y":376,"width":69,"height":8}},{"id":"43ea3c65-cefa-49d6-8995-8e0c07f01b26","block_type":"box","text":"-","page_number":23,"box":{"x":191,"y":381,"width":4,"height":0}},{"id":"a5ee0848-a6d2-4e4b-bbe9-0625f6a36bc7","block_type":"box","text":"in occurs may also be similarly impacted.","page_number":23,"box":{"x":196,"y":376,"width":249,"height":10}},{"id":"cdd609e4-70bc-454d-a34d-ed98ed5c789f","block_type":"box","text":"OTC derivatives have similar risks as described above and may also be subject to the risk that a contract will be cancelled,","page_number":23,"box":{"x":121,"y":404,"width":742,"height":9}},{"id":"9a57a1ac-580d-4829-b98d-cc1e06ccf40e","block_type":"box","text":"e.g. due to bankruptcy, subsequent illegality or a change in the tax or accounting regulations since the conclusion of the","page_number":23,"box":{"x":121,"y":417,"width":733,"height":9}},{"id":"f4be61c4-95b7-490d-b71a-7d95e3a56492","block_type":"box","text":"OTC deri","page_number":23,"box":{"x":121,"y":430,"width":52,"height":7}},{"id":"9af99e2b-abea-4f28-9c94-4e9e41a6b985","block_type":"box","text":"vative contract.","page_number":23,"box":{"x":174,"y":430,"width":94,"height":7}},{"id":"051d33ce-047c-4802-bd25-728d2aea2c15","block_type":"box","text":"11.8","page_number":23,"box":{"x":122,"y":458,"width":27,"height":8}},{"id":"a023d3c3-9e4b-4593-8eb1-38af54453b06","block_type":"box","text":"Currency Risk","page_number":23,"box":{"x":166,"y":457,"width":123,"height":11}},{"id":"4338877c-8ef5-46a9-aa04-5eab34191a37","block_type":"box","text":"Investments in issuers in different countries are often denominated in currencies different from a Scheme’s base currency.","page_number":23,"box":{"x":122,"y":485,"width":749,"height":9}},{"id":"b7f2e9a5-6e61-432d-93cf-ccc9e294ab95","block_type":"box","text":"Changes in the values of those currencies relative to the Scheme’s base currency may have a positive or negative effect on","page_number":23,"box":{"x":121,"y":498,"width":749,"height":9}},{"id":"108822a5-84ff-441e-a00e-3ff7e8cefd87","block_type":"box","text":"the values","page_number":23,"box":{"x":121,"y":511,"width":62,"height":8}},{"id":"eb05e962-23e4-4961-b0da-2b2935e693e8","block_type":"box","text":"of the Scheme’s investments denominated in those currencies. The values of other currencies relative to the","page_number":23,"box":{"x":187,"y":511,"width":664,"height":8}},{"id":"27b0ec83-b4c9-4237-96ec-3e7675d79907","block_type":"box","text":"Scheme’s base currency may fluctuate in response to, among other factors, interest rate changes, intervention (or failure","page_number":23,"box":{"x":121,"y":524,"width":741,"height":10}},{"id":"3cff2199-f818-45e7-862d-b5ade0c7d311","block_type":"box","text":"to intervene) by national","page_number":23,"box":{"x":121,"y":537,"width":150,"height":9}},{"id":"eb61ebc9-12da-4e02-a5ad-ba5fa549264d","block_type":"box","text":"governments, central banks, or supranational entities such as the International Monetary Fund,","page_number":23,"box":{"x":276,"y":537,"width":585,"height":9}},{"id":"f0dbbbe7-b6ca-455f-a2ee-4cbcdc37d0f6","block_type":"box","text":"the imposition of currency or capital controls, and other political or regulatory developments. 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In general, cyber","page_number":23,"box":{"x":121,"y":658,"width":274,"height":9}},{"id":"008a481c-00a7-4ca6-b7b2-705e9f423de5","block_type":"box","text":"-","page_number":23,"box":{"x":396,"y":662,"width":4,"height":1}},{"id":"6807128d-f942-425a-8882-00f4ea69fcd4","block_type":"box","text":"attacks are deliberate, but unintentional events may have similar effects.","page_number":23,"box":{"x":401,"y":658,"width":446,"height":9}},{"id":"e8aea42f-e269-4729-a3ed-70af4f6230a3","block_type":"box","text":"Cyber","page_number":23,"box":{"x":121,"y":671,"width":35,"height":9}},{"id":"651d8f92-628a-42a3-8c39-153d627b55fb","block_type":"box","text":"-","page_number":23,"box":{"x":156,"y":675,"width":4,"height":1}},{"id":"3eb9c08f-4870-456e-8f83-2a2d3d3fac5c","block_type":"box","text":"attacks include, among others, stealing","page_number":23,"box":{"x":161,"y":671,"width":239,"height":9}},{"id":"4a31f8ef-0268-47df-8920-0a952ac9c28a","block_type":"box","text":"or corrupting data maintained online or digitally, preventing legitimate users","page_number":23,"box":{"x":404,"y":671,"width":469,"height":9}},{"id":"7c2e2a4d-d531-4e86-8d8d-0c5fb483a50e","block_type":"box","text":"from accessing information or services on a website, releasing confidential information without authorization, and causing","page_number":23,"box":{"x":121,"y":684,"width":750,"height":9}},{"id":"1f1c9457-2b2a-4e8f-b3d7-431b632c8576","block_type":"box","text":"operational disruption. 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Cyber","page_number":23,"box":{"x":121,"y":776,"width":147,"height":9}},{"id":"9581924d-77ee-4b7f-9682-e2a599c273d5","block_type":"box","text":"-","page_number":23,"box":{"x":269,"y":780,"width":3,"height":1}},{"id":"e6bccb23-4d35-415c-b53c-43fc8a951707","block_type":"box","text":"attacks or technical malfunctions may render records of Scheme assets an","page_number":23,"box":{"x":274,"y":775,"width":452,"height":10}},{"id":"3fc4c2d0-27f7-4e71-b363-b2ced20a7a06","block_type":"box","text":"d transactions,","page_number":23,"box":{"x":728,"y":776,"width":89,"height":8}},{"id":"46fdcdc7-0881-4df8-aea4-460ba369bcf5","block_type":"box","text":"Unitholder ownership of Scheme Units, and other data integral to the functioning of each Scheme inaccessible or","page_number":23,"box":{"x":122,"y":789,"width":692,"height":9}},{"id":"ec0c463a-d6c1-4cd9-bfa7-f67d00360a26","block_type":"box","text":"inaccurate or incomplete. The Scheme may also incur substantial costs for cybersecurity risk management in order to","page_number":23,"box":{"x":121,"y":802,"width":717,"height":9}},{"id":"78195c53-2649-48aa-b875-c7cf0f95e836","block_type":"box","text":"prevent cybe","page_number":23,"box":{"x":122,"y":815,"width":78,"height":9}},{"id":"78d5ad3e-6c11-4eab-9f4b-9168d1e2ab01","block_type":"box","text":"r incidents in the future. The Schemes and their Unitholders could be negatively impacted as a result. While","page_number":23,"box":{"x":202,"y":815,"width":658,"height":9}},{"id":"0314b55f-3584-48d9-9af3-df8b9eb7e03e","block_type":"box","text":"the Manager, Investment Adviser and Depositary have established business continuity plans and systems designed to","page_number":23,"box":{"x":121,"y":828,"width":718,"height":9}},{"id":"a1e8421f-3c06-4efd-9c45-c7d8e564fe16","block_type":"box","text":"minimi","page_number":23,"box":{"x":122,"y":841,"width":40,"height":7}},{"id":"fe701e01-1aa9-416e-81f7-2b70d231295d","block_type":"box","text":"s","page_number":23,"box":{"x":163,"y":843,"width":5,"height":5}},{"id":"8c8781f0-f2dd-4796-9cae-1a8a7d917edb","block_type":"box","text":"e the risk of cyber","page_number":23,"box":{"x":170,"y":841,"width":108,"height":9}},{"id":"e61db879-8133-4b35-adeb-cc997bcec709","block_type":"box","text":"-","page_number":23,"box":{"x":279,"y":845,"width":4,"height":1}},{"id":"f4a2d373-ea90-44e4-bdf3-b1738ce49a0e","block_type":"box","text":"attack","page_number":23,"box":{"x":284,"y":841,"width":37,"height":7}},{"id":"c4c05ac0-c68c-4ce9-9ad8-394418529427","block_type":"box","text":"s through the use of technology, processes and controls, there are inherent limitations in","page_number":23,"box":{"x":322,"y":841,"width":544,"height":9}},{"id":"6d0e809d-3f91-4572-9d4a-255077e9b93d","block_type":"box","text":"such plans and systems, including the possibility that certain risks have not been identified given the evolving nature of th","page_number":23,"box":{"x":121,"y":854,"width":745,"height":9}},{"id":"21f9ceda-9349-456b-9582-0c5d590963d2","block_type":"box","text":"is","page_number":23,"box":{"x":868,"y":854,"width":8,"height":7}},{"id":"dab14753-8302-4357-b160-3949efc36d1c","block_type":"box","text":"threat. 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A","page_number":24,"box":{"x":121,"y":543,"width":757,"height":9}},{"id":"ed5c6ea7-b484-402d-b664-07fa783fceea","block_type":"box","text":"Scheme’s use of derivative instruments involves risks different from, and possibly greater than, the risks associated with","page_number":24,"box":{"x":121,"y":556,"width":756,"height":9}},{"id":"79323b9b-b641-4fbf-82a5-8c484fdecb34","block_type":"box","text":"investing directly","page_number":24,"box":{"x":121,"y":569,"width":104,"height":9}},{"id":"0e7832e7-d6b9-48ba-b5e2-052a9e5387a1","block_type":"box","text":"in securities.","page_number":24,"box":{"x":229,"y":569,"width":75,"height":7}},{"id":"ff9f0cb5-d009-4e6e-9a84-54cf445bcfcd","block_type":"box","text":"A derivative is a financial contract the value of which depends on, or is derived from, the value of an underlying asset,","page_number":24,"box":{"x":121,"y":596,"width":720,"height":9}},{"id":"a917e6b6-f998-40b5-a119-e39451e75fec","block_type":"box","text":"interest rate, or index. 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the failure of the counterparty","page_number":24,"box":{"x":306,"y":674,"width":565,"height":10}},{"id":"2f978609-3e6f-43fa-9cf3-eae0f82fbb16","block_type":"box","text":"to the derivative transaction to perform its obligations under the transaction or to settle a trade; possible mispricing or","page_number":24,"box":{"x":121,"y":687,"width":729,"height":10}},{"id":"4107a4bd-5984-4551-841e-701436f60d25","block_type":"box","text":"improper valuation of the derivative i","page_number":24,"box":{"x":121,"y":701,"width":228,"height":9}},{"id":"945118b4-0057-4113-b55e-5f175caaecf6","block_type":"box","text":"nstrument; imperfect correlation in the value of a derivative with the asset, currency,","page_number":24,"box":{"x":351,"y":701,"width":521,"height":9}},{"id":"67ee125d-cb42-443d-b38b-ff0816147755","block_type":"box","text":"rate, or index underlying the derivative; the risk that the Scheme may be required to post collateral or margin with its","page_number":24,"box":{"x":122,"y":714,"width":718,"height":9}},{"id":"a67fcb42-e5cb-4a18-9efa-c3d61ae82186","block_type":"box","text":"counterparty, and will not be able to recover t","page_number":24,"box":{"x":121,"y":727,"width":282,"height":9}},{"id":"5f1eae37-6a14-4a24-bb30-677f99aeb022","block_type":"box","text":"he collateral or margin in the event of the counterparty’s insolvency or","page_number":24,"box":{"x":405,"y":726,"width":433,"height":10}},{"id":"d5578a1e-5dbc-4d79-b544-b9850f91aeba","block_type":"box","text":"bankruptcy; the risk that the Scheme will experience losses on its derivatives investments and on its other portfolio","page_number":24,"box":{"x":122,"y":740,"width":704,"height":9}},{"id":"623094eb-411e-4822-9538-7f8b23b32fc7","block_type":"box","text":"investments, even when the derivatives investments may be intende","page_number":24,"box":{"x":121,"y":753,"width":421,"height":9}},{"id":"3bae0088-12b9-43dd-ac98-066a464e2d10","block_type":"box","text":"d in part or entirely to hedge those portfolio","page_number":24,"box":{"x":544,"y":753,"width":270,"height":9}},{"id":"2351aca6-d885-4a6f-98ed-af487e617a19","block_type":"box","text":"investments; the risks specific to the asset underlying the derivative instrument; lack of liquidity for the derivative","page_number":24,"box":{"x":121,"y":766,"width":696,"height":9}},{"id":"7369254c-6329-4a92-a95c-107dc863ffaf","block_type":"box","text":"instrument, including without limitation absence of a secondary trading market; the poten","page_number":24,"box":{"x":121,"y":779,"width":553,"height":9}},{"id":"65bfb349-9d76-4db6-a84c-1e725978119b","block_type":"box","text":"tial for reduced returns to the","page_number":24,"box":{"x":676,"y":779,"width":182,"height":7}},{"id":"3eb1c62e-5a0c-4776-acb1-b15fa9e999ce","block_type":"box","text":"Scheme due to losses on the transaction and an increase in volatility; the potential for the derivative transaction to have","page_number":24,"box":{"x":121,"y":792,"width":736,"height":9}},{"id":"5a447d8e-6319-4e66-a351-7188a1565f63","block_type":"box","text":"the effect of accelerating the recognition of gain; and legal risks arising from the documentation r","page_number":24,"box":{"x":121,"y":805,"width":597,"height":9}},{"id":"33121796-04e7-4792-bd6e-0f9bf9c481d8","block_type":"box","text":"elating to the derivative","page_number":24,"box":{"x":719,"y":805,"width":145,"height":9}},{"id":"0d435160-17dd-4a3d-830c-be1e0cb31863","block_type":"box","text":"transaction.","page_number":24,"box":{"x":121,"y":818,"width":72,"height":7}},{"id":"11617c3e-d95b-4913-b1d3-be81b58e532e","block_type":"box","text":"11.13","page_number":24,"box":{"x":122,"y":846,"width":36,"height":8}},{"id":"95bbcfcc-d0d7-43e4-8b96-bc52cbd7f163","block_type":"box","text":"Emerging Markets Risk","page_number":24,"box":{"x":166,"y":845,"width":203,"height":11}},{"id":"09a0ea8c-61f7-4ff9-89d1-3be94df305ac","block_type":"box","text":"Investments in emerging markets are generally subject to a greater risk of loss than investments in developed markets. This","page_number":24,"box":{"x":122,"y":873,"width":756,"height":10}},{"id":"90d9750a-bf86-4ac0-b647-73ab18e219a6","block_type":"box","text":"may be due to, among other things, the possibility of greater market volatility, lower trading volume and liquidity, greater","page_number":24,"box":{"x":122,"y":886,"width":756,"height":10}},{"id":"7d888d5e-f81f-4fd4-ab3e-c9a797277c5c","block_type":"box","text":"risk of","page_number":24,"box":{"x":122,"y":900,"width":38,"height":7}},{"id":"62b641dc-868d-4898-b52f-c49bcb17199a","block_type":"box","text":"expropriation, nationalization, and social, political and economic instability, greater reliance on a few industries,","page_number":24,"box":{"x":166,"y":900,"width":711,"height":9}},{"id":"10b48457-fd1c-4ddc-a835-94a3d234344a","block_type":"box","text":"24","page_number":25,"box":{"x":463,"y":938,"width":13,"height":7}},{"id":"bb61a26b-c79a-4989-b4fc-a842c3380ec9","block_type":"box","text":"international trade or revenue from particular commodities, less developed accounting, legal and regulatory systems, higher","page_number":25,"box":{"x":121,"y":88,"width":757,"height":9}},{"id":"903bcef0-d840-4b70-9596-6b9a83efcdfb","block_type":"box","text":"levels of inflation, deflation or currency devaluation, risk that the country will limit or prevent the conversion or repatri","page_number":25,"box":{"x":122,"y":101,"width":723,"height":9}},{"id":"415a9af8-e506-4405-b292-c6796ab9c2dc","block_type":"box","text":"ation","page_number":25,"box":{"x":848,"y":101,"width":29,"height":7}},{"id":"a3c3350b-accf-439f-8164-70a4fc2cb9d4","block_type":"box","text":"o","page_number":25,"box":{"x":121,"y":116,"width":7,"height":5}},{"id":"b5625790-5b32-467f-a369-3ddce44bcfd7","block_type":"box","text":"f amounts denominated in that country’s currency, risk that it may not be possible to undertake currency hedging","page_number":25,"box":{"x":129,"y":114,"width":748,"height":9}},{"id":"86f31012-06bb-4442-9bf8-24a8e0555e2e","block_type":"box","text":"techniques, greater risk of market shut down, and more significant governmental limitations on investment policy as","page_number":25,"box":{"x":121,"y":127,"width":756,"height":9}},{"id":"ee1f17d9-2385-4e59-8ceb-fb524334888a","block_type":"box","text":"compared to those typically","page_number":25,"box":{"x":121,"y":140,"width":170,"height":9}},{"id":"5e4a92ae-53db-44d3-b1c5-987a13bb4507","block_type":"box","text":"found in a developed market.","page_number":25,"box":{"x":295,"y":140,"width":180,"height":9}},{"id":"f836e770-b0a4-415f-b2a6-69de12133eef","block_type":"box","text":"In addition, issuers (including governments) in emerging market countries may have less financial stability than in other","page_number":25,"box":{"x":122,"y":167,"width":756,"height":10}},{"id":"37c9692f-e896-4b83-8d47-e8df9cd7aff7","block_type":"box","text":"countries. 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Further, given the lack of an","page_number":25,"box":{"x":224,"y":207,"width":653,"height":9}},{"id":"809383e7-1961-4782-97ab-424a20cacbe3","block_type":"box","text":"adequate regulatory structure,","page_number":25,"box":{"x":121,"y":220,"width":187,"height":9}},{"id":"6f0137f3-6d9b-426b-afd9-540f9176d907","block_type":"box","text":"it is possible that securities in which investments are made may be found to be fraudulent.","page_number":25,"box":{"x":314,"y":220,"width":554,"height":9}},{"id":"1143f4a8-831b-454c-a1bd-4b9168c84762","block_type":"box","text":"Market disruptions (including, but not limited to, war, terrorism and related geopolitical events, changes in foreign and","page_number":25,"box":{"x":122,"y":247,"width":755,"height":9}},{"id":"8f2fa68e-727d-4c5c-b6e6-ed3ce59e81fc","block_type":"box","text":"domestic economic and political conditions) or substantial market corrections may limit very significantly the liquidity of","page_number":25,"box":{"x":121,"y":260,"width":757,"height":9}},{"id":"a7fbf497-e835-4e07-9bdd-98fbb01cb13b","block_type":"box","text":"securities","page_number":25,"box":{"x":121,"y":273,"width":57,"height":7}},{"id":"3fb7ff1e-7ef6-4260-8260-bf8ae8626fa5","block_type":"box","text":"of certain companies in a particular country or geographic region, or of all companies in the country or region. 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In addition, the outward remittance by foreign investors of their share","page_number":25,"box":{"x":121,"y":312,"width":756,"height":9}},{"id":"314e9457-ffa9-4010-afc7-371cf7c89b96","block_type":"box","text":"of net profits, capital and divid","page_number":25,"box":{"x":121,"y":325,"width":193,"height":9}},{"id":"9a893d4b-66cf-4a20-8de3-d6b72c232a28","block_type":"box","text":"ends may be restricted or require governmental approval. 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As a result, collateral may need to","page_number":25,"box":{"x":128,"y":658,"width":749,"height":10}},{"id":"0ffed0ad-b7ab-4b45-a87b-46adfaac9d84","block_type":"box","text":"be exchang","page_number":25,"box":{"x":129,"y":671,"width":68,"height":10}},{"id":"3491b2af-203c-482e-916d-957df704215c","block_type":"box","text":"ed between a Scheme and trading counterparties to cover daily mark","page_number":25,"box":{"x":198,"y":671,"width":418,"height":10}},{"id":"33e50474-2a9b-4ffa-8515-b5f496e8f2c5","block_type":"box","text":"-","page_number":25,"box":{"x":617,"y":676,"width":4,"height":0}},{"id":"b0a4260d-4848-4619-a37c-93bcffff1dfa","block_type":"box","text":"to","page_number":25,"box":{"x":622,"y":673,"width":12,"height":6}},{"id":"09189bbb-cf26-4f0a-a9f2-057ff6c7f49a","block_type":"box","text":"-","page_number":25,"box":{"x":635,"y":676,"width":4,"height":0}},{"id":"ab288d37-a974-48bf-ae85-f70ba960ceb3","block_type":"box","text":"market exposures of either party under","page_number":25,"box":{"x":640,"y":671,"width":238,"height":10}},{"id":"63a0bb20-4a26-47c9-80db-4557f88f241f","block_type":"box","text":"an FX forward transaction and certain OTC derivatives. 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The variation margin rules will also require certain haircuts to","page_number":25,"box":{"x":306,"y":698,"width":572,"height":9}},{"id":"a028928b-6284-41ca-9d7d-47d58d349214","block_type":"box","text":"be applied to collateral received for OTC derivative contracts, which will vary depending on the issuer, credit rating, curre","page_number":25,"box":{"x":129,"y":711,"width":727,"height":9}},{"id":"08dbfc8f-eb5c-4264-943b-0ba9c29e6a6d","block_type":"box","text":"ncy","page_number":25,"box":{"x":859,"y":713,"width":19,"height":7}},{"id":"be1f5d1a-103a-4569-a45e-822082994257","block_type":"box","text":"and residual maturity of the","page_number":25,"box":{"x":129,"y":724,"width":168,"height":9}},{"id":"01e2c3f8-ac86-4eb6-8929-19e73797146e","block_type":"box","text":"collateral. As the variation margin rules are likely to result in an increase in the level of its assets","page_number":25,"box":{"x":301,"y":724,"width":577,"height":9}},{"id":"34d6ba84-a9fa-427c-bc57-df46e8bd3517","block_type":"box","text":"which a Scheme will be required to retain in cash or very liquid assets in order to have available for use as collateral, thi","page_number":25,"box":{"x":129,"y":737,"width":742,"height":9}},{"id":"63ac6bbf-ed48-44e7-a9c2-97ef3ece061c","block_type":"box","text":"s","page_number":25,"box":{"x":873,"y":739,"width":5,"height":5}},{"id":"4f2787ae-9da2-48d8-8df5-3e393b8d77e7","block_type":"box","text":"could result in a reduce","page_number":25,"box":{"x":129,"y":750,"width":140,"height":7}},{"id":"a18fb04e-6df3-41d9-9ca6-fbc25c320cd0","block_type":"box","text":"d proportion of the Scheme’s assets being available for allocation to the Scheme’s investment policy","page_number":25,"box":{"x":271,"y":750,"width":607,"height":9}},{"id":"8b2f2249-9bbc-4447-9f0b-34bb75b01596","block_type":"box","text":"and, consequently, an increase in the potential tracking error for the Scheme.","page_number":25,"box":{"x":129,"y":763,"width":474,"height":9}},{"id":"8392690d-4a0d-4829-a800-f21be6c80a17","block_type":"box","text":"While some of the obligations under EMIR have come into force, a number of","page_number":25,"box":{"x":129,"y":790,"width":488,"height":9}},{"id":"ea3d5aeb-9456-4627-a3ff-df6f964bb32d","block_type":"box","text":"the requirements are subject to phase","page_number":25,"box":{"x":622,"y":790,"width":240,"height":9}},{"id":"95133238-66c3-4ad8-9015-2e5c0e70e8ba","block_type":"box","text":"-","page_number":25,"box":{"x":863,"y":794,"width":4,"height":1}},{"id":"2e57bb95-fb76-48b7-bb53-416b29d95784","block_type":"box","text":"in","page_number":25,"box":{"x":868,"y":790,"width":10,"height":7}},{"id":"65689b71-3ba8-4c40-abf4-1e05ccaeea31","block_type":"box","text":"periods. 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A Scheme may continue to accept new subscriptions and to make additional investments in equity","page_number":26,"box":{"x":121,"y":153,"width":706,"height":9}},{"id":"75a6c970-b044-414f-ac25-72e7186bbb99","block_type":"box","text":"securities even under general market conditions that the Manag","page_number":26,"box":{"x":121,"y":166,"width":394,"height":9}},{"id":"d0bf0b3b-7c53-468c-8f9a-be6a496dbf8c","block_type":"box","text":"er views as unfavourable for equity securities.","page_number":26,"box":{"x":516,"y":166,"width":280,"height":9}},{"id":"72a20828-1526-4937-ab48-ec42bfd043a3","block_type":"box","text":"11.16","page_number":26,"box":{"x":130,"y":194,"width":36,"height":8}},{"id":"4db42e1a-21d7-4777-99e9-cb32b4eafefb","block_type":"box","text":"Errors, Error Correction Policies and Unitholder Notification","page_number":26,"box":{"x":189,"y":193,"width":529,"height":11}},{"id":"e6ef96b0-f6bf-4178-954a-a03edec6b93b","block_type":"box","text":"The Manager, in consultation with the Depositary, will consider any breaches of investment objective, policies or","page_number":26,"box":{"x":128,"y":222,"width":750,"height":9}},{"id":"f25ce3e2-7549-4dd5-9914-98edd3032496","block_type":"box","text":"restrictions and any errors in the calculation of the Net Asset Value of the Schemes or the processing of subscriptions and","page_number":26,"box":{"x":129,"y":235,"width":748,"height":9}},{"id":"f2ffd176-ef52-432d-bd36-b85727abcb6e","block_type":"box","text":"redemptions in ord","page_number":26,"box":{"x":129,"y":248,"width":117,"height":9}},{"id":"49772f6e-9010-496b-bdf0-e51a51292f43","block_type":"box","text":"er to determine whether corrective action is necessary or compensation is payable to the Schemes or","page_number":26,"box":{"x":248,"y":248,"width":630,"height":9}},{"id":"05b20b8c-c336-4acc-a5bb-472f95a1be8f","block_type":"box","text":"the Unitholders.","page_number":26,"box":{"x":128,"y":261,"width":99,"height":7}},{"id":"bc57eaad-6294-46a3-bff6-ce010e6c758a","block_type":"box","text":"The Manager,","page_number":26,"box":{"x":128,"y":288,"width":83,"height":9}},{"id":"bbde4c60-dd19-4b90-b8df-3ab3936c8529","block_type":"box","text":"may, in","page_number":26,"box":{"x":216,"y":288,"width":42,"height":9}},{"id":"8d4abcde-e9f9-406d-92d3-231192687c59","block_type":"box","text":"con","page_number":26,"box":{"x":262,"y":290,"width":21,"height":6}},{"id":"49b6cd08-b91c-4510-902a-6c79a607650b","block_type":"box","text":"sultation","page_number":26,"box":{"x":285,"y":288,"width":52,"height":8}},{"id":"71ca1945-4ae4-4161-91af-2034d25a5146","block_type":"box","text":"with the Depositary","page_number":26,"box":{"x":341,"y":288,"width":119,"height":9}},{"id":"215156fa-fd2b-4dbe-9a72-2bc913919dea","block_type":"box","text":",","page_number":26,"box":{"x":463,"y":294,"width":2,"height":3}},{"id":"11635c3f-7342-442f-bf4c-1413f95680ed","block_type":"box","text":"authorise the correction of errors, which may impact the processing","page_number":26,"box":{"x":470,"y":288,"width":408,"height":9}},{"id":"8d5ee3ca-eeb7-4c32-bf8d-56de6bfbfc24","block_type":"box","text":"of subscriptions for and redemptions of Units. 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In addition, subject to policies approved by the","page_number":26,"box":{"x":129,"y":327,"width":520,"height":10}},{"id":"b288d49b-8e25-4809-91a9-6036f2001d42","block_type":"box","text":"Manager","page_number":26,"box":{"x":656,"y":328,"width":54,"height":9}},{"id":"d245b192-7e4e-48b6-82be-66181c5803f4","block_type":"box","text":"and","page_number":26,"box":{"x":718,"y":327,"width":22,"height":8}},{"id":"591aff10-8c55-4572-91b2-3e923c943655","block_type":"box","text":"D","page_number":26,"box":{"x":746,"y":328,"width":8,"height":7}},{"id":"5d3ae581-64e4-48c2-88a7-a81d69504a5c","block_type":"box","text":"epositary","page_number":26,"box":{"x":755,"y":328,"width":56,"height":9}},{"id":"e019fd4d-8137-457f-953d-a1761ab3d6c3","block_type":"box","text":"consistent","page_number":26,"box":{"x":816,"y":328,"width":62,"height":7}},{"id":"1bdf01e1-dfa0-4008-9420-c85d15bb03ef","block_type":"box","text":"with applicable law, not all mistakes will result in compensatable errors. Accord","page_number":26,"box":{"x":129,"y":340,"width":483,"height":10}},{"id":"57568218-2acb-410c-881b-f701dcd74663","block_type":"box","text":"ingly, Unitholders who purchase or redeem","page_number":26,"box":{"x":615,"y":340,"width":262,"height":10}},{"id":"e4df5588-6d77-4202-b1d8-be36cd1145f4","block_type":"box","text":"Units during periods in which compensatable errors or other mistakes accrue or occur may not be recompensed in","page_number":26,"box":{"x":129,"y":353,"width":748,"height":10}},{"id":"b18f1e2f-21a6-4800-8b56-612be754ffda","block_type":"box","text":"connection with the resolution of a compensatable error or other mistake.","page_number":26,"box":{"x":129,"y":367,"width":455,"height":9}},{"id":"88f14320-d101-4278-b859-66ec2d251b61","block_type":"box","text":"Unitholders may not be notified of the occurrence of any error or the resolution thereof unless the correction of the error","page_number":26,"box":{"x":129,"y":394,"width":749,"height":9}},{"id":"b28801c1-473d-437c-acfa-0dcdce3db633","block_type":"box","text":"requires an adjustment to the number of Units they hold or Net Asset Value at which such Units were issued, or to the","page_number":26,"box":{"x":129,"y":407,"width":748,"height":9}},{"id":"2e7739d6-fcfa-4bb5-b729-5f15b9f4902f","block_type":"box","text":"redemption mon","page_number":26,"box":{"x":129,"y":420,"width":102,"height":9}},{"id":"ed01d1b1-31dd-4a66-b3b4-e7dac4c22d6f","block_type":"box","text":"ies paid to such Unitholder.","page_number":26,"box":{"x":233,"y":420,"width":166,"height":9}},{"id":"e134d01a-c840-4ba3-bb9f-dfd6144a30e9","block_type":"box","text":"11.17","page_number":26,"box":{"x":122,"y":448,"width":36,"height":8}},{"id":"8dadabc9-b80f-447b-affb-cc8d4aa90d4f","block_type":"box","text":"Financial Institution Risk:","page_number":26,"box":{"x":166,"y":447,"width":226,"height":9}},{"id":"363011ca-666c-42f2-915a-f4c78d2b6f7d","block_type":"box","text":"Some instruments in which a Fund directly or indirectly invests are issued or guaranteed by financial institutions, such as","page_number":26,"box":{"x":121,"y":475,"width":737,"height":9}},{"id":"3259ca64-a25e-4051-807c-419926dd3a05","block_type":"box","text":"banks and brokers, or are collateralised by securities issued or guaranteed by financial institutions. Changes in the","page_number":26,"box":{"x":122,"y":488,"width":696,"height":10}},{"id":"33c34c28-110b-49d6-8c88-0bdbe0059532","block_type":"box","text":"creditworthine","page_number":26,"box":{"x":121,"y":501,"width":90,"height":8}},{"id":"0579cab7-d0ee-4f3c-9d98-d351d1d31d7d","block_type":"box","text":"ss of any of these institutions may adversely affect the values of instruments of issuers in financial","page_number":26,"box":{"x":213,"y":501,"width":599,"height":10}},{"id":"117d0811-af84-4903-87bb-e7d09d98bb78","block_type":"box","text":"industries. Financial institutions may be particularly sensitive to certain economic factors such as interest rate changes,","page_number":26,"box":{"x":121,"y":514,"width":728,"height":10}},{"id":"7a66d0c6-f5e0-442b-a224-9de32e024553","block_type":"box","text":"adverse developments in the r","page_number":26,"box":{"x":121,"y":528,"width":186,"height":9}},{"id":"d953207e-3474-40b8-9b14-f4a668116e4f","block_type":"box","text":"eal estate market, fiscal and monetary policy and general economic cycles. Adverse","page_number":26,"box":{"x":308,"y":528,"width":509,"height":9}},{"id":"a485d5a2-93e1-4877-8927-257ac4620ef1","block_type":"box","text":"developments in banking and other financial industries may cause a Fund to underperform relative to other funds that","page_number":26,"box":{"x":121,"y":541,"width":726,"height":9}},{"id":"3a826d18-c278-4b1d-b5af-d9d50b2bc4ab","block_type":"box","text":"invest more broadly across different industries or have","page_number":26,"box":{"x":121,"y":554,"width":335,"height":9}},{"id":"adc4ef5f-8b47-4804-ac01-4b59c304a70a","block_type":"box","text":"a smaller exposure to financial institutions. Changes in","page_number":26,"box":{"x":461,"y":554,"width":331,"height":9}},{"id":"2c6fe341-04fc-437c-9d59-34a3d283d65c","block_type":"box","text":"governmental regulation and oversight of financial institutions may have an adverse effect on the financial condition or the","page_number":26,"box":{"x":121,"y":567,"width":754,"height":9}},{"id":"3637e251-eb00-497d-bc33-997f178b2a66","block_type":"box","text":"earnings or operations of a financial institution and on the types and amo","page_number":26,"box":{"x":121,"y":580,"width":450,"height":9}},{"id":"70563a84-eac1-425f-85e9-792a1a6dfb1f","block_type":"box","text":"unts of businesses in which a financial institution","page_number":26,"box":{"x":573,"y":580,"width":297,"height":7}},{"id":"1c6cb831-a65e-44c7-a467-661aba7fb5b8","block_type":"box","text":"may engage. An investor may be delayed or prevented from exercising certain remedies against a financial institution.","page_number":26,"box":{"x":122,"y":593,"width":721,"height":9}},{"id":"c92226b7-488e-4d2a-bc85-6105acfb724a","block_type":"box","text":"11.18","page_number":26,"box":{"x":122,"y":621,"width":36,"height":8}},{"id":"52a0c3f1-26dd-46a9-91f8-06aafd2eb2d9","block_type":"box","text":"Frequent Trading/Portfolio Turnover Risk","page_number":26,"box":{"x":166,"y":620,"width":367,"height":11}},{"id":"a69c5960-ee00-4977-9b60-f898de1bb15d","block_type":"box","text":"A Scheme may engage in active and frequent trading of its portfolio securities. Scheme turnover generally involves a","page_number":26,"box":{"x":121,"y":648,"width":711,"height":10}},{"id":"428dbde1-03a8-40e8-808c-cbb05150c86b","block_type":"box","text":"number of direct and indirect costs and expenses to the Scheme, including, for example, brokerage dealing commissions,","page_number":26,"box":{"x":122,"y":661,"width":739,"height":10}},{"id":"eaab4c60-caec-4973-8c13-884373d6d2bd","block_type":"box","text":"dealer mark","page_number":26,"box":{"x":121,"y":674,"width":73,"height":8}},{"id":"c72d760c-526d-4509-8b3c-10dfe9f13c05","block_type":"box","text":"-","page_number":26,"box":{"x":195,"y":679,"width":3,"height":0}},{"id":"eadd89e9-5ee7-44f3-acb7-75589f07a234","block_type":"box","text":"ups and","page_number":26,"box":{"x":200,"y":674,"width":46,"height":10}},{"id":"bf99035c-e696-417f-8358-ca2bf63e3f75","block_type":"box","text":"bid/asked spreads, and transaction costs on the sale of securities and reinvestment in other","page_number":26,"box":{"x":252,"y":674,"width":561,"height":10}},{"id":"e60a1a1e-9090-4a5a-84d0-07123276beb1","block_type":"box","text":"securities. The costs related to increased portfolio turnover have the effect of reducing the Scheme’s investment return","page_number":26,"box":{"x":121,"y":687,"width":732,"height":10}},{"id":"b77beb52-c57a-42f8-a0bc-4e8da4e85b52","block_type":"box","text":"and the sale of securities by a Scheme may","page_number":26,"box":{"x":121,"y":701,"width":262,"height":9}},{"id":"5e881ed6-0ccc-41e7-b179-b6a1f251b0a7","block_type":"box","text":"result in the realisation of taxable capital gains, including short term capital","page_number":26,"box":{"x":388,"y":701,"width":459,"height":9}},{"id":"53206523-0513-45c3-b915-d85175d07889","block_type":"box","text":"gains. Frequent trading can also result in increased tax liability for the trading Scheme.","page_number":26,"box":{"x":121,"y":714,"width":528,"height":9}},{"id":"ace91729-a504-4487-9493-f3c970ac88ee","block_type":"box","text":"11.19","page_number":26,"box":{"x":122,"y":742,"width":36,"height":7}},{"id":"433a09ae-f63a-4e84-a935-6f5d60d0bbce","block_type":"box","text":"Geographic Concentration Risk","page_number":26,"box":{"x":166,"y":740,"width":271,"height":12}},{"id":"b8b6c446-b818-4611-9447-8cd4f223aa17","block_type":"box","text":"A Scheme that invests its assets in a small number of countries, or in a particular geographic region or regions will be more","page_number":26,"box":{"x":121,"y":769,"width":751,"height":9}},{"id":"6c5f69ee-76d0-4c46-bad9-fde9f5a28565","block_type":"box","text":"closely tied to market, currency, economic, political, environmental, or regulatory conditions and developments in the","page_number":26,"box":{"x":121,"y":782,"width":724,"height":9}},{"id":"e5760835-e740-4b73-b23f-711000d6cf91","block_type":"box","text":"countries o","page_number":26,"box":{"x":121,"y":796,"width":67,"height":7}},{"id":"aff82e0b-a4e3-4778-bec9-4327b2dadbfc","block_type":"box","text":"r regions in which the Scheme invests, and consequently its performance may be more volatile than the","page_number":26,"box":{"x":190,"y":795,"width":635,"height":9}},{"id":"2c2cd16a-f456-42a0-8461-ae5ee286c120","block_type":"box","text":"performance of a more geographically","page_number":26,"box":{"x":122,"y":808,"width":233,"height":10}},{"id":"9992dbd3-3e95-4d9a-8c13-7dae612d1fb0","block_type":"box","text":"-","page_number":26,"box":{"x":356,"y":813,"width":4,"height":0}},{"id":"54869386-b458-4baa-b156-caa448708f08","block_type":"box","text":"diversified fund.","page_number":26,"box":{"x":361,"y":808,"width":98,"height":8}},{"id":"6f9ba9e1-3b12-426c-b583-f61ea562a0ef","block_type":"box","text":"26","page_number":27,"box":{"x":463,"y":938,"width":13,"height":7}},{"id":"563374a0-4bfb-477b-86c0-0ef8c5c03ebb","block_type":"box","text":"11.20","page_number":27,"box":{"x":122,"y":89,"width":36,"height":8}},{"id":"2c592f34-a1fe-44ae-b8ea-4ee9e88d09c9","block_type":"box","text":"Inflation Risk","page_number":27,"box":{"x":166,"y":87,"width":119,"height":10}},{"id":"e02910ee-2c1e-453f-8158-cfbf61a4cd11","block_type":"box","text":"Inflation risk is the risk that the value of assets or income from investments will be less in the future as inflation decrea","page_number":27,"box":{"x":122,"y":116,"width":725,"height":7}},{"id":"7f658758-e01f-40d6-a87e-94f59fc00522","block_type":"box","text":"ses","page_number":27,"box":{"x":850,"y":118,"width":18,"height":5}},{"id":"5be7bfee-d25a-4ba3-b6db-f4821f0ce8fd","block_type":"box","text":"the value of money. As inflation increases, the values of a Scheme’s assets can decline.","page_number":27,"box":{"x":121,"y":129,"width":529,"height":9}},{"id":"f96ea9ed-ec9a-4d0b-8ffa-d96726cd6e1a","block_type":"box","text":"11.21","page_number":27,"box":{"x":122,"y":157,"width":36,"height":8}},{"id":"d070b2c0-946e-49a4-9a6a-7fca18a7ea34","block_type":"box","text":"Index Licensing Risk","page_number":27,"box":{"x":166,"y":156,"width":180,"height":12}},{"id":"4a1f4165-c3d3-49fe-a59c-fb68737fc505","block_type":"box","text":"It is possible that the license under which the Investment Adviser or the applicable Scheme is permitted to replicate or","page_number":27,"box":{"x":122,"y":185,"width":725,"height":9}},{"id":"9e07c71c-6c3a-45e7-8891-a9535ecee299","block_type":"box","text":"otherwise use an index will be terminated or may be disputed, impaired or cease to remain in effect. In such a case, the","page_number":27,"box":{"x":121,"y":198,"width":732,"height":9}},{"id":"8c603bf0-b3f5-4d1d-a0e0-7fbdd51df20c","block_type":"box","text":"Investment Adv","page_number":27,"box":{"x":122,"y":211,"width":95,"height":7}},{"id":"5468f130-5316-4df7-9742-c50bfb3e2f43","block_type":"box","text":"iser may be required to replace the index with another index which it considers to be appropriate in light of","page_number":27,"box":{"x":218,"y":211,"width":658,"height":9}},{"id":"666420f0-cad9-4c91-b6d4-5d017ae1f569","block_type":"box","text":"the investment strategy of the applicable Scheme. The use of and/or transition to any such substitute index may have an","page_number":27,"box":{"x":121,"y":223,"width":739,"height":10}},{"id":"080bf79f-b7ad-4155-a64d-4af0af75bdc0","block_type":"box","text":"adverse impact on such Sch","page_number":27,"box":{"x":121,"y":237,"width":168,"height":9}},{"id":"f2ed0f2c-021d-4db3-bdf9-8e10642c0932","block_type":"box","text":"eme’s performance. In the event that the Investment Adviser is unable to identify a suitable","page_number":27,"box":{"x":290,"y":237,"width":562,"height":9}},{"id":"3d3e89c8-e3d0-4fe5-ab96-da98d4f7cdc7","block_type":"box","text":"replacement for the relevant index, the Scheme may be closed.","page_number":27,"box":{"x":122,"y":250,"width":386,"height":9}},{"id":"6ddc15b5-141c-45b5-978a-b77f16982914","block_type":"box","text":"11.22","page_number":27,"box":{"x":122,"y":278,"width":36,"height":8}},{"id":"65b45291-8799-4bf0-9bef-b42ea7c18856","block_type":"box","text":"Index Error Risk","page_number":27,"box":{"x":166,"y":277,"width":146,"height":9}},{"id":"0f0a1d27-06e1-4305-9cc3-cdbf1a57b6d1","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","page_number":27,"box":{"x":122,"y":305,"width":721,"height":10}},{"id":"60aa09e8-6569-4e01-b02f-ee8c55942de9","block_type":"box","text":"provider, there is a risk that the index provider will not compile or calculate the index accurately. Although the index","page_number":27,"box":{"x":122,"y":318,"width":712,"height":10}},{"id":"28cbb19b-e3e1-4e70-a9ad-fe101bf1a5e1","block_type":"box","text":"provider provides","page_number":27,"box":{"x":122,"y":332,"width":106,"height":9}},{"id":"9d48d0d0-1b4b-4bcd-b8c4-777c4faee286","block_type":"box","text":"descriptions of what the index is designed to achieve, the index provider does not provide any warranty","page_number":27,"box":{"x":233,"y":331,"width":635,"height":10}},{"id":"787683d2-f083-4fb0-917c-a868afbf0771","block_type":"box","text":"or accept any liability in relation to any error relating to the index, including any error in respect of the quality, accura","page_number":27,"box":{"x":121,"y":344,"width":719,"height":10}},{"id":"0ef6a76f-a7ca-49fc-8dd8-36079a59e4e1","block_type":"box","text":"cy or","page_number":27,"box":{"x":842,"y":347,"width":29,"height":7}},{"id":"8faf511f-0a9f-41ec-a479-3bc342ed2306","block_type":"box","text":"completeness of inde","page_number":27,"box":{"x":121,"y":358,"width":130,"height":9}},{"id":"02e630d1-a366-4b56-9be5-416b800363ab","block_type":"box","text":"x data, and does not guarantee that the index will be in line with the described index methodology.","page_number":27,"box":{"x":252,"y":358,"width":607,"height":9}},{"id":"87137017-806a-4a88-b473-e24b76a38ded","block_type":"box","text":"The Manager does not provide any warranty or guarantee for index provider errors and does not have any responsibility","page_number":27,"box":{"x":121,"y":371,"width":737,"height":9}},{"id":"e24988c6-35e5-4ae4-a928-83c6ac006e70","block_type":"box","text":"for the identification or correction o","page_number":27,"box":{"x":121,"y":384,"width":220,"height":7}},{"id":"82ab48dd-3229-4337-ae29-68309e90894e","block_type":"box","text":"f such errors. Errors in respect of the quality, accuracy and/or completeness of index","page_number":27,"box":{"x":342,"y":383,"width":521,"height":10}},{"id":"f64c3d5b-d1c8-41a1-a570-84ab8ae53a1f","block_type":"box","text":"data may occur from time to time and may not be identified and corrected for a period of time. Gains, losses or costs","page_number":27,"box":{"x":121,"y":397,"width":716,"height":9}},{"id":"28ff0184-5dc7-4c30-a239-2356072e0b32","block_type":"box","text":"associated with index provider errors will be born","page_number":27,"box":{"x":121,"y":410,"width":303,"height":9}},{"id":"e40ec88c-3c4d-4ae6-a298-609dbbbd05d9","block_type":"box","text":"e by the Scheme and its investors. For example, during a period where","page_number":27,"box":{"x":426,"y":410,"width":430,"height":9}},{"id":"57aa34dc-921d-451e-9aca-14b539aa11c6","block_type":"box","text":"the index contains incorrect constituents, a Scheme tracking such published index would have market exposure to such","page_number":27,"box":{"x":121,"y":423,"width":730,"height":9}},{"id":"1a6ce5f5-8735-48f8-898a-48d4c1746e73","block_type":"box","text":"constituents and would be underexposed to the constituents that shoul","page_number":27,"box":{"x":121,"y":436,"width":438,"height":9}},{"id":"97df69c8-8361-430d-81cc-5272a57b415a","block_type":"box","text":"d have been included in the index. Therefore, such","page_number":27,"box":{"x":561,"y":436,"width":309,"height":9}},{"id":"4e635db2-89e9-410d-b10e-caf0a9d20931","block_type":"box","text":"errors may result in a negative or positive performance impact to the Scheme and its investors. Any gains from index","page_number":27,"box":{"x":121,"y":449,"width":715,"height":9}},{"id":"acb0c8f7-a9f9-4864-9f33-956d04bf0699","block_type":"box","text":"provider errors affecting the Scheme will be kept by the Scheme and its investors and an","page_number":27,"box":{"x":122,"y":462,"width":540,"height":9}},{"id":"3e839dc2-b7fb-461e-bf71-05fd1f9e4f84","block_type":"box","text":"y losses resulting from such index","page_number":27,"box":{"x":664,"y":462,"width":205,"height":9}},{"id":"b85e858a-2f16-422c-914b-a77d229a733c","block_type":"box","text":"provider errors will be borne by the Scheme and its investors.","page_number":27,"box":{"x":122,"y":475,"width":375,"height":9}},{"id":"3635fe27-45a4-439c-ae65-ba7881fa94fa","block_type":"box","text":"11.23","page_number":27,"box":{"x":122,"y":503,"width":36,"height":8}},{"id":"28812d6d-614e-4b65-89cc-2b78567f9c68","block_type":"box","text":"Index Tracking Risk","page_number":27,"box":{"x":166,"y":502,"width":174,"height":11}},{"id":"50fec96c-d907-44f0-a953-50c252b90a03","block_type":"box","text":"The investment objective of certain Schemes will be to track the performance of a specified index. While the Investment","page_number":27,"box":{"x":121,"y":530,"width":737,"height":10}},{"id":"9d83c68a-e32a-479c-ba63-a388ec41241c","block_type":"box","text":"Adviser seeks to track the performance of the index (i.e., achieve a high degree of correlation with the index), a Scheme’s","page_number":27,"box":{"x":121,"y":543,"width":742,"height":10}},{"id":"6855c951-e048-4d31-8f9e-f375a27a86ed","block_type":"box","text":"return may n","page_number":27,"box":{"x":122,"y":558,"width":77,"height":8}},{"id":"200dd6a1-52b2-4388-964d-e054afccd75e","block_type":"box","text":"ot match the return of the specified index for a number of reasons. For example, the return on the sample of","page_number":27,"box":{"x":201,"y":557,"width":667,"height":9}},{"id":"243afad3-e064-400b-96a0-9a9368f10780","block_type":"box","text":"securities purchased by the Scheme) to replicate the performance of the index may not correlate precisely with the return","page_number":27,"box":{"x":121,"y":570,"width":748,"height":9}},{"id":"66bb8f7b-ccc8-429e-b907-fc3b60219e96","block_type":"box","text":"of the index. The Scheme","page_number":27,"box":{"x":121,"y":583,"width":154,"height":7}},{"id":"a6785f78-6b91-404c-bb2f-afd4c3aefcc7","block_type":"box","text":"incurs a number of operating expenses not applicable to the index, and incurs costs in buying and","page_number":27,"box":{"x":280,"y":583,"width":596,"height":9}},{"id":"a6f32769-3ed0-4458-896c-81ede46009b6","block_type":"box","text":"selling securities. In addition, the Scheme may not be fully invested at times, either as a result of cash flows into or out","page_number":27,"box":{"x":121,"y":596,"width":726,"height":9}},{"id":"e9ae0eff-8d9f-45d9-abf3-ca7b0f0c5f62","block_type":"box","text":"of","page_number":27,"box":{"x":852,"y":596,"width":12,"height":7}},{"id":"f3ed3d03-e070-47f1-8a8a-f77f9575a4ca","block_type":"box","text":"the Scheme or reserves of cash","page_number":27,"box":{"x":121,"y":609,"width":189,"height":7}},{"id":"2ce5c4cc-541b-4c71-bc66-d6d1ca0b5653","block_type":"box","text":"held by the Scheme to meet redemptions. Changes in the composition of the index and","page_number":27,"box":{"x":316,"y":609,"width":533,"height":9}},{"id":"da9ed795-ff14-445e-95e2-b3c9a83ef604","block_type":"box","text":"regulatory requirements also may impact the Scheme’s ability to match the return of the specified index. The Investment","page_number":27,"box":{"x":122,"y":622,"width":741,"height":9}},{"id":"3448ccc1-c6d6-4002-9078-0ec40ae2197d","block_type":"box","text":"Adviser may apply one or more “screens” or investme","page_number":27,"box":{"x":121,"y":635,"width":329,"height":9}},{"id":"253a46b2-3c14-41b9-a5f0-9dcab8f0ebf0","block_type":"box","text":"nt techniques to refine or limit the number or types of issuers","page_number":27,"box":{"x":452,"y":635,"width":377,"height":9}},{"id":"82988e11-abae-47a6-9bf9-45778b83571c","block_type":"box","text":"included in the index in which the Scheme may invest. Application of such screens or techniques may result in investment","page_number":27,"box":{"x":121,"y":648,"width":745,"height":9}},{"id":"67e073a6-39e0-4a40-a01e-70a6c8ad0b00","block_type":"box","text":"performance below that of the index and may not produce results expecte","page_number":27,"box":{"x":122,"y":661,"width":455,"height":9}},{"id":"585f4525-6764-419a-b323-aeec2705e8a4","block_type":"box","text":"d by the Investment Adviser. Index tracking risk","page_number":27,"box":{"x":579,"y":661,"width":290,"height":9}},{"id":"cf8521e3-6ffa-4e23-9001-020491ea0dc2","block_type":"box","text":"may be heightened during times of increased market volatility or other unusual market conditions.","page_number":27,"box":{"x":122,"y":674,"width":603,"height":9}},{"id":"27494559-d62f-4786-a4e0-a96b6696d9f4","block_type":"box","text":"11.24","page_number":27,"box":{"x":122,"y":702,"width":36,"height":8}},{"id":"a439e1f0-02e1-420d-b70e-4b71915ee124","block_type":"box","text":"Index Risk/Passive Strategy","page_number":27,"box":{"x":166,"y":701,"width":240,"height":11}},{"id":"2f6cb0c2-680f-4919-81ec-5df773946565","block_type":"box","text":"Certain Schemes are managed with an indexed investment strategy, attempting to track the performance of an","page_number":27,"box":{"x":121,"y":729,"width":681,"height":10}},{"id":"a2626508-3e93-442d-9aa2-4ca5c29608fe","block_type":"box","text":"unmanaged index of securities. Such Scheme will seek to replicate index returns regardless of the current or projected","page_number":27,"box":{"x":122,"y":743,"width":723,"height":9}},{"id":"33be4bbe-73c1-49ea-8aab-28c1751dbd7e","block_type":"box","text":"performance of the index or of","page_number":27,"box":{"x":122,"y":756,"width":188,"height":9}},{"id":"46d538b6-5866-4594-a43c-56c1cc46dda3","block_type":"box","text":"the actual securities comprising the index. The Scheme generally will buy and will not sell a","page_number":27,"box":{"x":313,"y":756,"width":556,"height":9}},{"id":"4e8e6465-3c79-4998-9725-abb76c064a3d","block_type":"box","text":"security included in the index as long as the security is part of the index regardless of any sudden or material decline in","page_number":27,"box":{"x":121,"y":769,"width":726,"height":9}},{"id":"feca15ed-41fc-4d0d-bf30-12eaa5a2ff9c","block_type":"box","text":"value or foreseeable material decline","page_number":27,"box":{"x":121,"y":782,"width":227,"height":7}},{"id":"bd6b687c-e57b-46e1-a199-d41ad38c1762","block_type":"box","text":"in value of the security, even though the Investment Adviser may make a different","page_number":27,"box":{"x":353,"y":782,"width":503,"height":9}},{"id":"65472ad6-f88a-4160-9e4f-0518233dcaa5","block_type":"box","text":"investment decision for other managed accounts or portfolios that hold the security. As a result, an index managed","page_number":27,"box":{"x":121,"y":795,"width":705,"height":9}},{"id":"677994ce-89b7-403a-97a4-5da98245938e","block_type":"box","text":"Scheme’s performance may be less favourable than that of a","page_number":27,"box":{"x":121,"y":808,"width":371,"height":9}},{"id":"03dc5675-06c6-4a92-9898-d8d4aa9792e4","block_type":"box","text":"portfolio managed using an active investment strategy. The","page_number":27,"box":{"x":498,"y":808,"width":362,"height":9}},{"id":"aa242f3d-0c7d-42db-896f-e2cb4ee01aaf","block_type":"box","text":"structure and composition of the index will affect the performance, volatility and risk of the Index (in absolute terms and","page_number":27,"box":{"x":121,"y":821,"width":738,"height":9}},{"id":"cae8ff3a-5c2a-44c8-8911-66629b2e2012","block_type":"box","text":"by comparison with other indices) and, consequently, the performance, vo","page_number":27,"box":{"x":122,"y":834,"width":456,"height":9}},{"id":"fc8a78ed-9640-432a-9fc6-996ba7382e26","block_type":"box","text":"latility and risk of the relevant Scheme. Such","page_number":27,"box":{"x":580,"y":834,"width":270,"height":9}},{"id":"493f4bfe-078f-4386-8d84-2eca3a6ae178","block_type":"box","text":"27","page_number":28,"box":{"x":463,"y":938,"width":13,"height":7}},{"id":"1432e59a-7164-4a75-90e6-b22880206c3a","block_type":"box","text":"Scheme’s performance may not match that of the index. This differs from an actively","page_number":28,"box":{"x":121,"y":88,"width":519,"height":9}},{"id":"684b0250-b4e0-41f5-bb90-2259f0ec6276","block_type":"box","text":"-","page_number":28,"box":{"x":641,"y":92,"width":3,"height":1}},{"id":"f08535c3-9802-45a1-ba85-12a1be2f5ba6","block_type":"box","text":"managed fund, which typically seeks","page_number":28,"box":{"x":646,"y":88,"width":222,"height":9}},{"id":"62366041-4ebc-4663-b5ee-16d829f50dfb","block_type":"box","text":"to outperform an Index","page_number":28,"box":{"x":121,"y":102,"width":143,"height":9}},{"id":"fa0ae521-4b0a-437a-900e-7ba1437dc1f4","block_type":"box","text":".","page_number":28,"box":{"x":265,"y":107,"width":4,"height":2}},{"id":"1faed7a7-1ea8-431d-ba53-1f2c7044324a","block_type":"box","text":"11.25","page_number":28,"box":{"x":122,"y":130,"width":36,"height":8}},{"id":"5feb8ed4-af46-4a31-a141-0eca9a94ab82","block_type":"box","text":"Index Risk","page_number":28,"box":{"x":166,"y":129,"width":93,"height":9}},{"id":"1bad4d15-c0a2-483d-8193-42d2769cdc76","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","page_number":28,"box":{"x":122,"y":157,"width":716,"height":9}},{"id":"f46e01d8-4da3-4b29-8c82-1d7720a42896","block_type":"box","text":"terminated or may be disputed, impaired or cease to remain in effect. In such a case, the Investment Adviser may be","page_number":28,"box":{"x":121,"y":170,"width":714,"height":9}},{"id":"a31a24dd-1d3a-4491-a194-8a5ec1ac4240","block_type":"box","text":"required to replace","page_number":28,"box":{"x":122,"y":183,"width":116,"height":9}},{"id":"017d8b78-0500-4911-9ec7-918e2ef852db","block_type":"box","text":"the referenced index with another index which it considers to be appropriate in light of the investment","page_number":28,"box":{"x":242,"y":183,"width":630,"height":9}},{"id":"8aff4940-2f27-4fdc-ba9d-a03b5cf36b87","block_type":"box","text":"strategy of the applicable Scheme and the purpose of such referencing. The transition to any such substitute index may","page_number":28,"box":{"x":121,"y":196,"width":731,"height":10}},{"id":"22e747b1-23e6-4476-829b-904ec7deaefa","block_type":"box","text":"be","page_number":28,"box":{"x":857,"y":196,"width":14,"height":8}},{"id":"0e7843ab-428e-4be4-b607-9080c817107c","block_type":"box","text":"effected over a period of time","page_number":28,"box":{"x":121,"y":209,"width":183,"height":9}},{"id":"0a0894ba-b660-43ce-a1c6-da028c9a4402","block_type":"box","text":", during which the","page_number":28,"box":{"x":305,"y":209,"width":109,"height":9}},{"id":"37cd1600-b156-4dfe-806e-650cbf277301","block_type":"box","text":"Scheme","page_number":28,"box":{"x":419,"y":209,"width":47,"height":8}},{"id":"16f8c711-168a-45c2-b28e-02fe8fe84a2a","block_type":"box","text":"will not fully track the old or new index","page_number":28,"box":{"x":471,"y":209,"width":239,"height":9}},{"id":"34b307a0-4294-491b-8213-b8f0e3305e3e","block_type":"box","text":". The use of and/or","page_number":28,"box":{"x":711,"y":209,"width":115,"height":9}},{"id":"05ec8535-e76d-4cb0-86b0-df65b537f7e8","block_type":"box","text":"transition","page_number":28,"box":{"x":121,"y":223,"width":58,"height":7}},{"id":"15f3de3a-0f2d-406b-abb7-a51f0133deca","block_type":"box","text":"to any such substitute index","page_number":28,"box":{"x":183,"y":222,"width":172,"height":10}},{"id":"ed7c876e-9aee-451a-9c3f-bd4324be0f10","block_type":"box","text":"may generate additional costs for the","page_number":28,"box":{"x":360,"y":222,"width":228,"height":10}},{"id":"41af44a5-a5f8-41db-a87b-705e0fa218af","block_type":"box","text":"Scheme and/or","page_number":28,"box":{"x":593,"y":222,"width":93,"height":9}},{"id":"7b6c3624-3d1e-424c-89a1-e3b76bdb5363","block_type":"box","text":"have an adverse impact on","page_number":28,"box":{"x":691,"y":222,"width":162,"height":10}},{"id":"6dc08fd7-5fcf-4d9b-9b2c-8ed9abe687c9","block_type":"box","text":"such Scheme’s performance. In the event that","page_number":28,"box":{"x":121,"y":235,"width":281,"height":10}},{"id":"119651e6-d846-4346-8a18-19e60198f34f","block_type":"box","text":"the Investment Adviser is unable to identify a suitable replacement for the","page_number":28,"box":{"x":407,"y":236,"width":456,"height":9}},{"id":"235d2530-32d0-400b-8fc1-0c24eb46c116","block_type":"box","text":"relevant index, the Scheme may be closed.","page_number":28,"box":{"x":122,"y":249,"width":259,"height":9}},{"id":"c69b7fdc-e9e6-4deb-b375-89c27d92b8c0","block_type":"box","text":"11.26","page_number":28,"box":{"x":122,"y":277,"width":36,"height":7}},{"id":"12f09606-f3f5-4967-900e-ec39e6c0f34c","block_type":"box","text":"Investment Risk","page_number":28,"box":{"x":166,"y":275,"width":141,"height":9}},{"id":"c1b36e4c-1e15-4268-8e0b-9fe7413aef5a","block_type":"box","text":"Investment risk includes the possible loss of the entire principal amount that you invest. Your investment in a Scheme","page_number":28,"box":{"x":122,"y":304,"width":720,"height":9}},{"id":"3c3b6296-b062-4e93-8420-40cc200fbbdb","block_type":"box","text":"represents an indirect investment in the securities owned by that Scheme. The values of these securities may increase or","page_number":28,"box":{"x":122,"y":317,"width":739,"height":9}},{"id":"31e4a5f1-2299-4931-b111-578586d0c41b","block_type":"box","text":"decrease, at tim","page_number":28,"box":{"x":121,"y":330,"width":97,"height":9}},{"id":"b77c49e8-a230-4873-9986-0063a0c6b09e","block_type":"box","text":"es rapidly and unexpectedly. Your investment in a Scheme may at any point in the future be worth less","page_number":28,"box":{"x":220,"y":330,"width":629,"height":9}},{"id":"3667e1df-e25d-4ffa-8796-da169bccc1b7","block_type":"box","text":"than your original investment.","page_number":28,"box":{"x":121,"y":343,"width":184,"height":9}},{"id":"02104b56-86ad-40de-bc52-a57689c0d6e1","block_type":"box","text":"11.27","page_number":28,"box":{"x":130,"y":371,"width":36,"height":8}},{"id":"dc0be335-c162-4c45-92fb-ba1ffb09c448","block_type":"box","text":"Investments in Multiple Countries Risk","page_number":28,"box":{"x":189,"y":370,"width":338,"height":12}},{"id":"c3cb15ed-c892-4583-92ec-83f763a54ae5","block_type":"box","text":"Investments in securities of companies from multiple countries and/or securities of companies with significant exposure to","page_number":28,"box":{"x":129,"y":398,"width":749,"height":10}},{"id":"0b6eaac0-9342-4bf0-a63f-df98e00de65a","block_type":"box","text":"multiple countries, and exposure to various currencies can involve additional risks relating to market, economic, political,","page_number":28,"box":{"x":129,"y":412,"width":748,"height":9}},{"id":"cd99383a-f1e8-4475-82dd-b766f9f67a29","block_type":"box","text":"or regul","page_number":28,"box":{"x":129,"y":425,"width":49,"height":9}},{"id":"882f2170-78b3-4ea2-a3fc-c742138cce50","block_type":"box","text":"atory conditions and developments as well as additional costs. Political, social, and economic instability, the","page_number":28,"box":{"x":179,"y":425,"width":698,"height":9}},{"id":"7d68f7c4-85af-4d4a-a968-e518ade4be49","block_type":"box","text":"imposition of currency or capital controls, or the expropriation or nationalisation of assets in a particular country can cau","page_number":28,"box":{"x":129,"y":438,"width":735,"height":9}},{"id":"e248f12c-2762-4754-b2e8-a71871ee7012","block_type":"box","text":"se","page_number":28,"box":{"x":866,"y":440,"width":12,"height":5}},{"id":"d859f66e-6812-4f1c-af3b-832faef23429","block_type":"box","text":"dramatic decline","page_number":28,"box":{"x":129,"y":451,"width":102,"height":7}},{"id":"619cf077-8378-4508-9dae-9e67b7862d6d","block_type":"box","text":"s in that country’s economy and affect a Scheme’s investments exposed to such country. Investing in","page_number":28,"box":{"x":233,"y":451,"width":644,"height":9}},{"id":"b1a03df9-be88-422d-b9e4-f30716c4eee4","block_type":"box","text":"multiple countries creates operational risks due to different systems, procedures and requirements in a particular country,","page_number":28,"box":{"x":129,"y":464,"width":748,"height":9}},{"id":"eaff8b7a-d3be-4a5c-bad7-f421fa201ba6","block_type":"box","text":"different accounting, auditing,","page_number":28,"box":{"x":129,"y":477,"width":183,"height":9}},{"id":"1d404bbc-8445-4c34-984a-24c0e65d79e2","block_type":"box","text":"financial reporting, legal standards and practices and varying laws regarding withholding and","page_number":28,"box":{"x":316,"y":477,"width":561,"height":9}},{"id":"6a05293c-e563-4201-9d8d-e560a66f3cda","block_type":"box","text":"other taxes. Enforcing legal rights can be difficult, costly, and slow in some countries, and can be particularly difficult","page_number":28,"box":{"x":129,"y":490,"width":702,"height":9}},{"id":"8f6e26e6-e726-45d2-afd2-13fbe52d28b6","block_type":"box","text":"against","page_number":28,"box":{"x":835,"y":490,"width":43,"height":9}},{"id":"8e89a0e5-d9c2-4492-ba57-387b32a21207","block_type":"box","text":"governments. Additional risks","page_number":28,"box":{"x":129,"y":503,"width":180,"height":9}},{"id":"df2343e7-6792-4d43-850e-dbfdd0883929","block_type":"box","text":"of investing in various countries include trading, settlement, custodial, and other operational","page_number":28,"box":{"x":313,"y":503,"width":564,"height":9}},{"id":"983b3baa-e725-4a39-a2a2-a977961970f8","block_type":"box","text":"risks, and withholding and other taxes. These factors can make investments in multiple countries, especially those in","page_number":28,"box":{"x":129,"y":516,"width":748,"height":9}},{"id":"0702b1ca-58e8-427c-bf6b-6befa30de54c","block_type":"box","text":"emerging markets, more volatile and less","page_number":28,"box":{"x":129,"y":529,"width":263,"height":9}},{"id":"d72f009c-c364-4014-8dba-6d18334794e6","block_type":"box","text":"liquid than investments in a single country. In addition, markets in various","page_number":28,"box":{"x":400,"y":529,"width":478,"height":9}},{"id":"47528eaf-d40e-4a3e-9667-59393ddc8aff","block_type":"box","text":"countries can each react differently to market, economic, political, or regulatory developments.","page_number":28,"box":{"x":129,"y":542,"width":584,"height":9}},{"id":"c995e870-4f9b-4fd1-9ee5-48cc21667563","block_type":"box","text":"Markets in different countries have different clearance and settlement procedures and in certain markets there have been","page_number":28,"box":{"x":129,"y":570,"width":748,"height":9}},{"id":"10d8b9a9-b3f1-4635-9bdf-ab5eb7444188","block_type":"box","text":"times when settlements have been unable to keep pace with the volume of transactions. Delays in settlement may increase","page_number":28,"box":{"x":128,"y":582,"width":750,"height":10}},{"id":"6d7e212a-0cf6-4a90-b408-63ca3285de63","block_type":"box","text":"credit risk to","page_number":28,"box":{"x":129,"y":596,"width":76,"height":7}},{"id":"27336bec-1a68-4072-8e90-00bf9290a48c","block_type":"box","text":"a Scheme, limit the ability of the Scheme to reinvest the proceeds of a sale of securities, hinder the ability of","page_number":28,"box":{"x":210,"y":596,"width":668,"height":9}},{"id":"fd92ae2c-7aa5-40ca-835a-4354a3394c28","block_type":"box","text":"the Scheme to lend its portfolio securities and potentially subject the Scheme to penalties for its failure to deliver to on","page_number":28,"box":{"x":128,"y":609,"width":745,"height":9}},{"id":"ad50364c-fa70-4d27-acea-3e28442c4556","block_type":"box","text":"purchasers of sec","page_number":28,"box":{"x":129,"y":622,"width":104,"height":9}},{"id":"9063dc2c-d5d6-4f88-a996-298cdd1720d0","block_type":"box","text":"urities whose delivery to the Scheme was delayed. Delays in the settlement of securities purchased by the","page_number":28,"box":{"x":235,"y":622,"width":643,"height":9}},{"id":"1c7f8669-5ece-4364-870a-849d9fb96aa7","block_type":"box","text":"Scheme may limit the ability of the Scheme to sell those securities at times and prices it considers desirable and may subjec","page_number":28,"box":{"x":129,"y":635,"width":744,"height":9}},{"id":"6494b75c-6dec-4c84-b8c7-ee34c97434ab","block_type":"box","text":"t","page_number":28,"box":{"x":874,"y":636,"width":4,"height":6}},{"id":"f25cbb95-baef-49da-873f-86c597e819c5","block_type":"box","text":"the Scheme to losses an","page_number":28,"box":{"x":128,"y":648,"width":148,"height":7}},{"id":"7eb90b62-e1f1-423c-a47b-791f69214cfe","block_type":"box","text":"d costs due to its own inability to settle with subsequent purchasers of the securities from it. The","page_number":28,"box":{"x":278,"y":648,"width":599,"height":9}},{"id":"5bf6fb5e-1f7f-47af-8eb4-7dc5286ae044","block_type":"box","text":"Scheme may be required to borrow monies it had otherwise expected to receive in connection with the settlement of","page_number":28,"box":{"x":129,"y":661,"width":749,"height":9}},{"id":"4bab370d-7103-4871-996e-a693af9a5e96","block_type":"box","text":"securities sold by it, in order to meet i","page_number":28,"box":{"x":129,"y":674,"width":245,"height":9}},{"id":"9805034a-9e49-46f4-b492-5ab510ab7051","block_type":"box","text":"ts obligations to others. Limits on the ability of the Scheme to purchase or sell","page_number":28,"box":{"x":375,"y":674,"width":502,"height":9}},{"id":"2edd0a3c-e3de-482f-86ea-f6b6ab20f11b","block_type":"box","text":"securities due to settlement delays could increase any variance between the Scheme’s performance and that of its index.","page_number":28,"box":{"x":129,"y":687,"width":741,"height":9}},{"id":"c3d05d97-c888-48dd-bb1f-3561e1c64d2a","block_type":"box","text":"In some countries transaction costs such as brokerage commissions and custody costs may be high.","page_number":28,"box":{"x":129,"y":714,"width":606,"height":10}},{"id":"66a092d0-95f7-40c2-b6d6-22f99e15ef1b","block_type":"box","text":"A Scheme invested in multiple countries will be exposed to such risks in more than one country.","page_number":28,"box":{"x":128,"y":742,"width":586,"height":9}},{"id":"1f40aa3e-e0d1-46b5-804c-093f081c574e","block_type":"box","text":"11.28","page_number":28,"box":{"x":130,"y":770,"width":36,"height":7}},{"id":"35cb1d8e-5ab0-4adc-9b6b-6543f5c4979f","block_type":"box","text":"Investment in other Undertakings in Collective Investments (UCIs) Risk","page_number":28,"box":{"x":189,"y":768,"width":620,"height":12}},{"id":"cabfe4db-aece-4617-b9bb-bf62842d0983","block_type":"box","text":"When a Scheme invests in another UCI, it is exposed to the risk that such UCI will not perform as expected. 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Investment by the Scheme in the UCI may be beneficial to the Investment Adviser or an affiliate in the management","page_number":29,"box":{"x":128,"y":153,"width":750,"height":9}},{"id":"941f0932-fe1c-411a-bb30-a4f8669c17dc","block_type":"box","text":"of the UCI, by helping to","page_number":29,"box":{"x":129,"y":166,"width":146,"height":9}},{"id":"c5835cc5-492e-4dca-b142-104bb1abe274","block_type":"box","text":"achieve economies of scale or enhancing cash flows. Due to this and other factors, the Investment","page_number":29,"box":{"x":280,"y":166,"width":598,"height":9}},{"id":"0fb9bb5a-65b6-4cc6-a87b-f51aec7cf9f3","block_type":"box","text":"Adviser may have an incentive to invest the Scheme’s assets in a UCI sponsored or managed by the Investment Adviser or","page_number":29,"box":{"x":128,"y":179,"width":750,"height":9}},{"id":"5936f40b-0033-4fdc-b057-37cde6adecf6","block_type":"box","text":"its affiliates in lieu of investments","page_number":29,"box":{"x":129,"y":192,"width":205,"height":8}},{"id":"34743ab9-a3ae-4c91-8704-bba690d9e6fe","block_type":"box","text":"by the Scheme directly in portfolio securities, or may have an incentive to invest in such","page_number":29,"box":{"x":340,"y":192,"width":537,"height":10}},{"id":"e83e7e2a-17d4-441d-b96a-7be329c1b8f5","block_type":"box","text":"UCI over a different UCI sponsored or managed by others. 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It is possible that other clients of the Investment Adviser or its affiliates will purchase or sell interests in","page_number":29,"box":{"x":129,"y":232,"width":710,"height":9}},{"id":"5a906c94-cda9-484b-929a-0882f9c4248c","block_type":"box","text":"a UCI","page_number":29,"box":{"x":846,"y":232,"width":31,"height":7}},{"id":"b2ad2ec2-f346-4221-b8dc-1744d92fbf64","block_type":"box","text":"sponsored or managed by the Investment Advise","page_number":29,"box":{"x":129,"y":245,"width":295,"height":9}},{"id":"fbb142f9-041b-41c0-82e1-3ac75fb136d3","block_type":"box","text":"r or its affiliates at prices and at times more favourable than those at which","page_number":29,"box":{"x":426,"y":244,"width":451,"height":10}},{"id":"4dc394ba-1a39-49a3-afd8-438908d8ab1d","block_type":"box","text":"the Scheme does so.","page_number":29,"box":{"x":128,"y":258,"width":125,"height":7}},{"id":"a05b870a-41f1-438e-af0f-3145f9759ceb","block_type":"box","text":"11.29","page_number":29,"box":{"x":122,"y":286,"width":36,"height":8}},{"id":"3949df3b-6ecc-42d2-afa6-32a9363b886c","block_type":"box","text":"Investment Style Risk","page_number":29,"box":{"x":166,"y":284,"width":188,"height":12}},{"id":"e9ae9775-aaec-47ad-9499-c73d094e66ee","block_type":"box","text":"–","page_number":29,"box":{"x":359,"y":290,"width":10,"height":1}},{"id":"678601bc-62bc-4d8a-adfe-78440cf6f2c2","block_type":"box","text":"Geographic Focus","page_number":29,"box":{"x":375,"y":284,"width":153,"height":12}},{"id":"c8719bea-a044-4ed5-b035-696bf21f791c","block_type":"box","text":"Asia:","page_number":29,"box":{"x":128,"y":313,"width":30,"height":7}},{"id":"57c35403-a60d-42b0-85ee-a0bf1756efc5","block_type":"box","text":"Certain Schemes will concentrate investments in companies in Asia Pacific and Emerging Asia and, consequently, such","page_number":29,"box":{"x":162,"y":313,"width":715,"height":9}},{"id":"8c563e70-9b9e-41c9-abec-c56a3fe59fd6","block_type":"box","text":"Scheme’s performance is expected to be closely tied to the social, political, and economic conditions within that region,","page_number":29,"box":{"x":129,"y":326,"width":748,"height":9}},{"id":"70e0582f-75ac-4274-a105-084a7c2d3a2b","block_type":"box","text":"and its exposure t","page_number":29,"box":{"x":129,"y":339,"width":110,"height":9}},{"id":"803fb9bb-8c74-48ef-8d7b-ade7034e54e8","block_type":"box","text":"o related risks could make its performance more volatile than the performance of more geographically","page_number":29,"box":{"x":240,"y":339,"width":638,"height":9}},{"id":"000c1a72-469f-4a4b-941a-d9a81a45ccfb","block_type":"box","text":"diversified funds. 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The daily limit governs only price","page_number":31,"box":{"x":152,"y":604,"width":623,"height":9}},{"id":"7f155090-7a00-4a4f-8676-9182718630f8","block_type":"box","text":"movements and","page_number":31,"box":{"x":780,"y":604,"width":97,"height":7}},{"id":"33d2909b-49fe-49a8-b28c-6a21cc03f4fa","block_type":"box","text":"does not restrict trading within the relevant limit. 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There can be no assurance","page_number":31,"box":{"x":151,"y":643,"width":726,"height":9}},{"id":"5627d153-efc6-4088-a737-ccb90bb418d3","block_type":"box","text":"that a liquid market on an exchange would exist for","page_number":31,"box":{"x":151,"y":656,"width":315,"height":10}},{"id":"a7eeffda-1b59-4ae6-8912-1e7241371a1b","block_type":"box","text":"any particular China A Share or for any particular time.","page_number":31,"box":{"x":470,"y":656,"width":333,"height":10}},{"id":"10b5bec4-7ed2-49ce-a3b3-8612e32a83f6","block_type":"box","text":"Best Execution Risk","page_number":31,"box":{"x":152,"y":676,"width":123,"height":8}},{"id":"7980794d-b071-41a0-90ad-c8276d5ccf67","block_type":"box","text":":","page_number":31,"box":{"x":276,"y":679,"width":3,"height":5}},{"id":"481bb2dd-78fb-4239-8827-68816f05792f","block_type":"box","text":"Pursuant to the relevant PRC regulations, securities trades under Access Programmes may be","page_number":31,"box":{"x":286,"y":676,"width":591,"height":10}},{"id":"1fa6d926-da40-4aec-87ec-79842615b001","block_type":"box","text":"executed through a limited number of PRC brokers / trading and settlement agents and accordingly may affect best","page_number":31,"box":{"x":151,"y":689,"width":727,"height":10}},{"id":"bf5df7e4-0986-4119-91fd-16fd853bbb83","block_type":"box","text":"execution of such trades. If, for any reason, the i","page_number":31,"box":{"x":151,"y":703,"width":296,"height":9}},{"id":"09ed9ddd-07f6-4551-aa88-08b66c42a035","block_type":"box","text":"nvestment manager is unable to use the relevant broker / trading and","page_number":31,"box":{"x":449,"y":702,"width":428,"height":10}},{"id":"e972832f-d697-4b96-bf39-680a87aef40e","block_type":"box","text":"settlement agent in the PRC, the operation of the relevant Scheme may be adversely affected. The Scheme may also","page_number":31,"box":{"x":151,"y":716,"width":726,"height":9}},{"id":"4bada4ff-4a4c-418b-8538-c7d0dde3e9bc","block_type":"box","text":"incur losses due to the acts or omissions of any of th","page_number":31,"box":{"x":152,"y":729,"width":319,"height":9}},{"id":"500b3613-3979-4c90-a9b1-d92572806685","block_type":"box","text":"e PRC broker(s) / trading and settlement agent in the execution or","page_number":31,"box":{"x":473,"y":728,"width":405,"height":10}},{"id":"2fee8057-62b8-4525-b283-42038c8960b8","block_type":"box","text":"settlement of any transaction or in the transfer of any funds or securities. However, the investment manager shall, in","page_number":31,"box":{"x":151,"y":742,"width":726,"height":9}},{"id":"acfbcb23-d310-47ef-9837-9a2560df29da","block_type":"box","text":"the selection of PRC brokers / trading and settlement agent, have rega","page_number":31,"box":{"x":151,"y":754,"width":448,"height":10}},{"id":"3792a306-eee3-420d-91af-541ac1f139ea","block_type":"box","text":"rd to factors such as the competitiveness of","page_number":31,"box":{"x":601,"y":755,"width":278,"height":9}},{"id":"bc5996e5-2398-4176-9e3c-5722bf080468","block_type":"box","text":"commission rates, size of the relevant orders and execution standards. It is possible that a single PRC broker / trading","page_number":31,"box":{"x":151,"y":767,"width":726,"height":10}},{"id":"8c52db05-ef1f-4509-8009-4a55ee4eff46","block_type":"box","text":"and settlement agent will be appointed and the relevant Scheme may not necessarily pay the","page_number":31,"box":{"x":151,"y":781,"width":601,"height":9}},{"id":"0312db2e-eadb-4f3b-bc76-c66d933199cf","block_type":"box","text":"lowest commission","page_number":31,"box":{"x":760,"y":781,"width":118,"height":7}},{"id":"ca8809e5-c250-4a9e-979e-870e1e0bb478","block_type":"box","text":"available in the market. There is a risk that the relevant Scheme may suffer losses from the default, insolvency or","page_number":31,"box":{"x":151,"y":794,"width":727,"height":9}},{"id":"097a94e4-b8d1-49b5-871a-3433d5765046","block_type":"box","text":"disqualification of a PRC broker/ trading and settlement agent. In such event, the relevant Scheme may be adversely","page_number":31,"box":{"x":151,"y":807,"width":727,"height":9}},{"id":"664a15f0-8c62-482f-a78b-bdd4ba521bf1","block_type":"box","text":"affec","page_number":31,"box":{"x":151,"y":820,"width":30,"height":7}},{"id":"fb51e8c0-68e4-4f08-a5c7-aededf0a94b8","block_type":"box","text":"ted in the execution of transactions through such PRC broker/ trading and settlement agent. In addition, the broker","page_number":31,"box":{"x":181,"y":820,"width":697,"height":9}},{"id":"4a80075c-83e0-4728-a593-bb816435f2f6","block_type":"box","text":"may aggregate investment orders with its and its affiliates' own orders and those of its other clients, including the","page_number":31,"box":{"x":152,"y":833,"width":725,"height":9}},{"id":"54193552-1431-4e04-bd38-90521108a5f9","block_type":"box","text":"Schemes. In some cases","page_number":31,"box":{"x":151,"y":846,"width":148,"height":7}},{"id":"602b9050-5402-4645-88a0-460d6a07dd20","block_type":"box","text":", aggregation may operate to the Schemes' disadvantage and in other cases aggregation may","page_number":31,"box":{"x":300,"y":846,"width":578,"height":9}},{"id":"0a58f01b-9139-4f97-9083-bfa64cb9d081","block_type":"box","text":"operate to the Funds' advantage.","page_number":31,"box":{"x":151,"y":859,"width":202,"height":9}},{"id":"f6bd6bdf-ca0b-499a-a04b-2484f73755de","block_type":"box","text":"Effect of PRC Regulations on Subscriptions, Redemptions and Conversions","page_number":31,"box":{"x":152,"y":879,"width":459,"height":9}},{"id":"277024d0-b6fb-4e30-8a54-5f1bd6ebaff8","block_type":"box","text":".","page_number":31,"box":{"x":612,"y":885,"width":2,"height":2}},{"id":"72c1fcc1-ce38-422b-8b2b-e35314b725c0","block_type":"box","text":"The ability of a","page_number":31,"box":{"x":619,"y":879,"width":88,"height":9}},{"id":"5a7dbae6-e8b6-4cfe-a0d2-6a334b3e103c","block_type":"box","text":"U","page_number":31,"box":{"x":713,"y":880,"width":7,"height":7}},{"id":"86a11740-5f05-42c4-937c-a740e5fae565","block_type":"box","text":"nit","page_number":31,"box":{"x":722,"y":880,"width":15,"height":7}},{"id":"903b4ca7-926f-4dc2-a62b-d04bcdca73f3","block_type":"box","text":"holder to redeem units","page_number":31,"box":{"x":739,"y":879,"width":139,"height":8}},{"id":"53ea6a71-42f8-4573-9f95-096b21bc7365","block_type":"box","text":"of a Scheme depends, inter alia, on the PRC laws and practices affecting the Scheme’s ability to liquidate investments","page_number":31,"box":{"x":151,"y":892,"width":726,"height":10}},{"id":"89293762-7f94-4e75-a2fd-e61f7ce54ed7","block_type":"box","text":"31","page_number":32,"box":{"x":464,"y":938,"width":11,"height":7}},{"id":"95b83c6f-03ca-4d43-9879-3a9db415ea9d","block_type":"box","text":"and to repatriate the proceeds thereof out of the PRC. Any repatriation restrictions as may be applicable under PRC","page_number":32,"box":{"x":151,"y":88,"width":726,"height":9}},{"id":"cb101dc6-a57e-46e7-9f30-0ae817a2cf4c","block_type":"box","text":"regulations in the future, where applicable, could restrict the Scheme’s ability to satisfy all or any redemption requests","page_number":32,"box":{"x":152,"y":101,"width":725,"height":9}},{"id":"044b2d96-2f40-434e-a3b8-ca2c85151a5f","block_type":"box","text":"in respect of any","page_number":32,"box":{"x":152,"y":114,"width":101,"height":9}},{"id":"14647f12-d79b-438c-8679-8f944a5b418f","block_type":"box","text":"particular redemption day and accordingly, the Scheme may have to manage the liquidity challenges","page_number":32,"box":{"x":259,"y":114,"width":618,"height":9}},{"id":"1dec8eea-4eb8-43d8-8a31-d5d27a5b21ba","block_type":"box","text":"through the maintenance of high cash balances and limiting, deferring or suspending redemptions. Investors should not","page_number":32,"box":{"x":151,"y":127,"width":727,"height":9}},{"id":"7abbc308-7fd0-4189-bfaa-db5b8c2fe9c8","block_type":"box","text":"invest in the Scheme if they have need","page_number":32,"box":{"x":152,"y":140,"width":234,"height":9}},{"id":"db697fe6-5dec-49cb-a015-6c4962a3a49e","block_type":"box","text":"of greater liquidity than that offered by the Scheme.","page_number":32,"box":{"x":392,"y":140,"width":319,"height":9}},{"id":"1709805d-0876-4f7f-93c2-b742ef1553c3","block_type":"box","text":"Applications for subscription and/or conversion of units may be subject to sufficient available capacity for a Scheme","page_number":32,"box":{"x":151,"y":160,"width":726,"height":9}},{"id":"8cbd03f8-01d3-4794-8fc1-b64968780837","block_type":"box","text":"under the relevant Access Programme as combined with the relevant Scheme's investment policy and restrictions.","page_number":32,"box":{"x":152,"y":173,"width":725,"height":10}},{"id":"ae5acc9e-c7cc-402a-aa94-1a4c892aee9c","block_type":"box","text":"Applications received durin","page_number":32,"box":{"x":151,"y":186,"width":168,"height":10}},{"id":"c1195fc1-d4a0-4a6f-b9d6-d6f071053392","block_type":"box","text":"g a period when there is insufficient available capacity for the relevant Scheme under the","page_number":32,"box":{"x":320,"y":186,"width":557,"height":10}},{"id":"78ef9362-b34f-4403-84ea-037b6b2aa5e2","block_type":"box","text":"QFIs for example may be suspended and processed for subscription and/or conversion of units at the next following","page_number":32,"box":{"x":151,"y":199,"width":726,"height":10}},{"id":"346526c6-c24e-4317-8bf1-c110f6e61058","block_type":"box","text":"subscription date at which sufficient capacity is a","page_number":32,"box":{"x":151,"y":213,"width":298,"height":9}},{"id":"a1639a5b-eaff-491a-9fa3-bf3443d988a9","block_type":"box","text":"gain available for the Scheme. In addition, the Directors (or their duly","page_number":32,"box":{"x":451,"y":212,"width":427,"height":10}},{"id":"49ee4ddf-2e85-4494-ae67-939ca30411f2","block_type":"box","text":"authorised delegate(s)) may refuse applications and to temporarily or permanently suspend or limit any applications","page_number":32,"box":{"x":151,"y":225,"width":726,"height":10}},{"id":"bc8be70b-2fe8-4f66-87ad-695858b160b9","block_type":"box","text":"received during a period when there is insufficient available capa","page_number":32,"box":{"x":152,"y":239,"width":408,"height":9}},{"id":"e806776f-a724-471b-b94f-a163728dd5ba","block_type":"box","text":"city for the relevant Scheme under the QFI/ direct","page_number":32,"box":{"x":562,"y":238,"width":316,"height":10}},{"id":"2ec15ab1-3284-4e59-b12e-cc8cdffc591e","block_type":"box","text":"access programme under People’s Bank of China Announcement [2016] No.3. facilitating access to the China interbank","page_number":32,"box":{"x":151,"y":252,"width":727,"height":9}},{"id":"66fe75c8-b294-4d61-9397-690cf5edbe9b","block_type":"box","text":"bond (hereinafter the “CIBM Direct Access Programme”).","page_number":32,"box":{"x":152,"y":265,"width":348,"height":9}},{"id":"b95a4ff1-1768-4001-b56a-71f651a02a70","block_type":"box","text":"Notwithstanding the above, the Directors (or their duly authorised delegate(s)) may decide to temporarily suspend the","page_number":32,"box":{"x":152,"y":285,"width":725,"height":9}},{"id":"bf4f024b-7563-4093-a72d-26722d2eacf4","block_type":"box","text":"issue, subscription, redemption, conversion, payment of redemption proceeds and/or valuation of units of the relevant","page_number":32,"box":{"x":152,"y":298,"width":725,"height":9}},{"id":"fe5771e3-c88c-4392-96e5-30067fed8825","block_type":"box","text":"Scheme during any pe","page_number":32,"box":{"x":151,"y":311,"width":134,"height":9}},{"id":"56d7bf98-548c-47a7-8794-695b8dd93ff4","block_type":"box","text":"riod when the Scheme is unable to transmit subscription proceeds to or from the accounts of the","page_number":32,"box":{"x":287,"y":311,"width":590,"height":9}},{"id":"1c4ad1fb-b56e-4e4f-8a77-5457d613133a","block_type":"box","text":"Scheme, or dispose of holdings or to repatriate the proceeds of such disposals, subject to certain quota or limits imposed","page_number":32,"box":{"x":151,"y":324,"width":726,"height":9}},{"id":"16b65ce0-be3a-466f-bac1-308a34fb47a7","block_type":"box","text":"by any regulatory or supervisory, gov","page_number":32,"box":{"x":152,"y":337,"width":236,"height":9}},{"id":"2927fab0-8279-4600-b3df-4b2975e704b7","block_type":"box","text":"ernmental or quasi","page_number":32,"box":{"x":389,"y":337,"width":118,"height":9}},{"id":"e0c9acac-ab38-43bb-8d96-539558100e6c","block_type":"box","text":"-","page_number":32,"box":{"x":509,"y":341,"width":3,"height":1}},{"id":"e85af30a-035a-44b9-a81e-c628f9f658a1","block_type":"box","text":"governmental authority, any fiscal body or self","page_number":32,"box":{"x":513,"y":337,"width":297,"height":9}},{"id":"e368f40c-1edc-4285-b26e-2b3839f4588c","block_type":"box","text":"-","page_number":32,"box":{"x":811,"y":341,"width":4,"height":1}},{"id":"3a2627fc-4a49-4d1e-9fcf-d30d3d5d4380","block_type":"box","text":"regulatory","page_number":32,"box":{"x":816,"y":337,"width":62,"height":9}},{"id":"3b7b2917-2f1a-419b-8b22-a58f51ec5d95","block_type":"box","text":"organisation (whether of a governmental nature or otherwise), for example when subscription proceeds cannot be","page_number":32,"box":{"x":151,"y":350,"width":726,"height":9}},{"id":"b2f87ad7-830d-44bf-af80-1ae04072e913","block_type":"box","text":"remitted to the account of the relevant Scheme due to the Scheme be","page_number":32,"box":{"x":152,"y":363,"width":430,"height":8}},{"id":"8caff1cf-ffae-4346-bf6e-6a90d4d5ef2d","block_type":"box","text":"ing unable to dispose of holdings in the relevant","page_number":32,"box":{"x":584,"y":363,"width":294,"height":9}},{"id":"d4d4770f-c7ea-4747-8b46-18aba6a1ce7f","block_type":"box","text":"Access Programme, or to repatriate the proceeds of such disposals.","page_number":32,"box":{"x":151,"y":376,"width":411,"height":10}},{"id":"19c8947f-dc64-4366-8e2b-dc8f0b90ec10","block_type":"box","text":"Counterparty Risk to the PRC Sub","page_number":32,"box":{"x":151,"y":397,"width":221,"height":9}},{"id":"a644408a-f579-411c-b24a-b2e3024b6957","block_type":"box","text":"-","page_number":32,"box":{"x":373,"y":401,"width":4,"height":1}},{"id":"d8f13750-f63f-42c7-90e2-d4a313bbf525","block_type":"box","text":"Custodian and other Depositaries for PRC Investments","page_number":32,"box":{"x":378,"y":396,"width":355,"height":10}},{"id":"48956aad-abd1-48be-8cc4-980fcea8d155","block_type":"box","text":".","page_number":32,"box":{"x":734,"y":403,"width":2,"height":1}},{"id":"f3c5ab14-fdd3-430e-a2ef-2b046796f73d","block_type":"box","text":"Any PRC Investments","page_number":32,"box":{"x":744,"y":397,"width":134,"height":9}},{"id":"864dd5c8-89af-4d91-b9e0-1f6e32f22e8c","block_type":"box","text":"acquired through an Access Programme will be maintained by the Sub","page_number":32,"box":{"x":151,"y":409,"width":434,"height":10}},{"id":"6dc25ac3-d918-4996-9428-1f8a19a801c4","block_type":"box","text":"-","page_number":32,"box":{"x":587,"y":414,"width":3,"height":0}},{"id":"49fd2cab-c163-4bd5-a499-4a8dbff97d25","block_type":"box","text":"Custodian, in electronic form via the securities","page_number":32,"box":{"x":592,"y":409,"width":286,"height":9}},{"id":"60355754-6472-4f25-a33a-724db2b9a41a","block_type":"box","text":"account(s) and any cash will be held in Renminbi cash account(s)) with the Sub","page_number":32,"box":{"x":151,"y":422,"width":496,"height":10}},{"id":"32526569-52a2-4728-9463-9c3a9e10d8ed","block_type":"box","text":"-","page_number":32,"box":{"x":648,"y":427,"width":4,"height":1}},{"id":"fe9374a8-96ec-4225-9549-eb3b488a5764","block_type":"box","text":"Custodian. Securities account(s) and","page_number":32,"box":{"x":653,"y":422,"width":224,"height":10}},{"id":"c5f71081-e379-4e58-a367-907a88f41006","block_type":"box","text":"Renm","page_number":32,"box":{"x":152,"y":436,"width":33,"height":7}},{"id":"73fac7b6-f651-4ce5-8fdd-b5b2963a1e2e","block_type":"box","text":"inbi cash account(s) for the relevant Scheme in the PRC are maintained in accordance with market practice. Such","page_number":32,"box":{"x":187,"y":435,"width":690,"height":10}},{"id":"cc635474-ae99-41ae-a6df-4e663c572dec","block_type":"box","text":"account may be in the name of a nominee (for example, the","page_number":32,"box":{"x":151,"y":449,"width":369,"height":9}},{"id":"cad4e9c5-65c5-473c-81b8-d0ebd7cbe416","block_type":"box","text":"QFI/ applicant under the CIBM Direct Access Programme)","page_number":32,"box":{"x":525,"y":448,"width":352,"height":10}},{"id":"0d14da31-322d-44cc-a634-0ca1be8fa9e9","block_type":"box","text":"and not in the name of such Scheme, and the assets within such account may be held for and on behalf of clients of the","page_number":32,"box":{"x":151,"y":462,"width":726,"height":9}},{"id":"86ff63e7-092e-48ac-aba5-1c8c8f6a0f7d","block_type":"box","text":"nominee including but not limited to such Scheme. PRC interbank bond investment o","page_number":32,"box":{"x":152,"y":475,"width":529,"height":9}},{"id":"cb3a3abf-faf0-481e-8e70-d4e748183d02","block_type":"box","text":"f a Scheme will be registered in","page_number":32,"box":{"x":683,"y":475,"width":194,"height":9}},{"id":"7de028ba-a671-4d8d-9957-22c5d30029d3","block_type":"box","text":"the joint names of the investment manager (as the applicant under the CIBM Direct Access Program) and the relevant","page_number":32,"box":{"x":151,"y":488,"width":726,"height":9}},{"id":"7f7d2eac-4a26-48e6-bdd7-b3efdffae99f","block_type":"box","text":"Scheme, or in another name for the sole use and benefit of the relevant Scheme as permitted or required purs","page_number":32,"box":{"x":151,"y":501,"width":681,"height":9}},{"id":"8bfe2566-6c6f-4650-bb83-0211a810d3c4","block_type":"box","text":"uant to","page_number":32,"box":{"x":835,"y":502,"width":43,"height":6}},{"id":"8e49b555-3709-4547-8aae-8e642614e254","block_type":"box","text":"the relevant regulations. Even though the Chinese regulators have affirmed their recognition of the concepts of nominee","page_number":32,"box":{"x":151,"y":514,"width":727,"height":9}},{"id":"a0415233-9dcf-4dac-973a-3b4688a328a6","block_type":"box","text":"holders and beneficiary owners and applicable PRC rules, regulations and other administration measures and provisions","page_number":32,"box":{"x":152,"y":527,"width":725,"height":9}},{"id":"243cb1d9-66f2-48c7-8930-9cf81064ee86","block_type":"box","text":"generally","page_number":32,"box":{"x":151,"y":540,"width":56,"height":9}},{"id":"c6e08f73-9e91-4394-94c6-dc11922bf794","block_type":"box","text":"provide for the concept of a \"nominee holder\" and recognise the concept of a \"beneficial owner\" of securities,","page_number":32,"box":{"x":211,"y":540,"width":666,"height":9}},{"id":"58f5c762-4346-4493-9d60-fcfa8c12b9a1","block_type":"box","text":"these concepts are relatively new in the Chinese legal system and remain untested under the QFI scheme. Hence, the","page_number":32,"box":{"x":151,"y":553,"width":726,"height":9}},{"id":"c87bd88e-3c9c-4c69-8c98-be583a448516","block_type":"box","text":"assets of such Scheme held wit","page_number":32,"box":{"x":151,"y":566,"width":193,"height":7}},{"id":"1b945090-734e-4d85-92ca-d0fe605e6d16","block_type":"box","text":"hin such account may be subject to a risk of being treated as part of the assets of the","page_number":32,"box":{"x":346,"y":566,"width":531,"height":9}},{"id":"aa9ab7df-3568-4487-923e-448975d1dda0","block_type":"box","text":"nominee and be vulnerable to claims by creditors of the nominee in the event of the insolvency of the nominee. Whilst","page_number":32,"box":{"x":152,"y":579,"width":726,"height":9}},{"id":"eda244be-1ff1-4258-aeee-af5b1ee426cf","block_type":"box","text":"the assets held in such accounts are segregated an","page_number":32,"box":{"x":151,"y":592,"width":311,"height":9}},{"id":"fd1f1071-f88b-4fe3-b733-a73afc55979c","block_type":"box","text":"d held separately from the assets of the nominee and belong solely","page_number":32,"box":{"x":464,"y":592,"width":414,"height":9}},{"id":"284b5f0b-fb08-4086-b2b1-8a47bfc2b0ac","block_type":"box","text":"to the relevant Scheme, it is possible that the judicial and regulatory authorities in the PRC may interpret this position","page_number":32,"box":{"x":151,"y":605,"width":726,"height":10}},{"id":"4fcf9130-4c66-42f0-91fa-680a0d980681","block_type":"box","text":"differently in the future. In addition, the assets of the Scheme m","page_number":32,"box":{"x":151,"y":618,"width":403,"height":9}},{"id":"4a130a9d-4e85-4c0d-ac3a-b69e8cbf5a6b","block_type":"box","text":"ay not be adequately segregated from the assets of","page_number":32,"box":{"x":556,"y":618,"width":323,"height":9}},{"id":"8576a4ff-84b4-4920-88a9-7fa2c7b04cc5","block_type":"box","text":"other Schemes, funds or clients investing through the nominee. 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At present, there is no regulatory prior approval requirem","page_number":37,"box":{"x":242,"y":140,"width":590,"height":9}},{"id":"2097c4c3-990f-4aae-a5aa-8f51b9e51a94","block_type":"box","text":"ent for","page_number":37,"box":{"x":834,"y":140,"width":45,"height":8}},{"id":"dd994e2d-e3e1-4faa-8b86-62ca8288e4ea","block_type":"box","text":"repatriation of funds from QFIs under the above circumstances, however, there is no assurance that PRC","page_number":37,"box":{"x":243,"y":153,"width":635,"height":9}},{"id":"ad61fb1f-e307-4f1c-b101-32aa07ea8f10","block_type":"box","text":"rules and regulations will not change or that repatriation restrictions will not be imposed in the future.","page_number":37,"box":{"x":243,"y":166,"width":634,"height":9}},{"id":"32876414-6aa2-4e7d-b80a-d0902f3a2b71","block_type":"box","text":"Further, such changes to the PRC rules","page_number":37,"box":{"x":243,"y":179,"width":234,"height":10}},{"id":"a6ba8bb8-9ec5-441e-a127-100980746a29","block_type":"box","text":"and regulations may be applied retroactively.","page_number":37,"box":{"x":482,"y":179,"width":276,"height":10}},{"id":"119296b3-adc0-457e-9082-9806763f63bd","block_type":"box","text":"-","page_number":37,"box":{"x":212,"y":208,"width":3,"height":1}},{"id":"448f0e8c-a77d-4114-a050-f9c08fff241e","block_type":"box","text":"Remittance and repatriation for the account of a Fund under the CIBM Direct Access Programme","page_number":37,"box":{"x":243,"y":204,"width":634,"height":9}},{"id":"52a392a4-7b91-4a1e-b1b2-a7425543e0a3","block_type":"box","text":"regulations, may currently be effected subject to the following restrictions:","page_number":37,"box":{"x":243,"y":217,"width":457,"height":9}},{"id":"6758c4ef-b8f2-43c1-b0f6-cdf03db12955","block_type":"box","text":"(i)","page_number":37,"box":{"x":259,"y":255,"width":11,"height":9}},{"id":"35b57c41-08d7-4228-93e7-1400f69d34e8","block_type":"box","text":"a","page_number":37,"box":{"x":289,"y":257,"width":5,"height":6}},{"id":"16290bf7-675c-49f0-bf7d-99f822dc605d","block_type":"box","text":"Scheme","page_number":37,"box":{"x":300,"y":255,"width":47,"height":8}},{"id":"e5dd1657-fdca-4896-a047-b288e9b16bff","block_type":"box","text":"may remit investment principal in RMB or foreign currency into the PRC for investing","page_number":37,"box":{"x":353,"y":255,"width":525,"height":9}},{"id":"85137c2e-44c5-499e-862a-bf90c7b46136","block_type":"box","text":"through the CIBM Direct Access Programme; and","page_number":37,"box":{"x":288,"y":268,"width":300,"height":9}},{"id":"bd2fbecf-0ae7-46da-b452-9346e58da916","block_type":"box","text":"(ii)","page_number":37,"box":{"x":259,"y":281,"width":14,"height":9}},{"id":"0425824a-e922-4833-99a6-c9bf6c432b34","block_type":"box","text":"where a","page_number":37,"box":{"x":289,"y":281,"width":48,"height":8}},{"id":"66df5e7e-9369-4378-a852-899f62e558f7","block_type":"box","text":"Scheme","page_number":37,"box":{"x":344,"y":281,"width":47,"height":8}},{"id":"1d1b5805-b613-4104-97fe-a03568b04008","block_type":"box","text":"repatriates funds out of the PRC, the ratio of RMB to foreign currency should","page_number":37,"box":{"x":397,"y":281,"width":480,"height":9}},{"id":"7003219d-4020-45a0-9018-d5ac8402ca8f","block_type":"box","text":"generally match the original ratio of RMB to foreign currency when the investment principal was","page_number":37,"box":{"x":289,"y":294,"width":588,"height":10}},{"id":"e1aec4a9-4b3a-4c37-816d-4a3ca6f430ae","block_type":"box","text":"remitted into PRC, with a maximum permissible deviation of 10%. Such ratio requir","page_number":37,"box":{"x":289,"y":307,"width":505,"height":10}},{"id":"04709d31-9a5d-46e9-a5af-2454a74071c4","block_type":"box","text":"ement can be","page_number":37,"box":{"x":796,"y":308,"width":82,"height":7}},{"id":"eb3bd6ad-1bf9-43a0-8641-b72ddefbdd4f","block_type":"box","text":"waived for the first repatriation, provided that the foreign currency or RMB capital to be","page_number":37,"box":{"x":289,"y":320,"width":588,"height":10}},{"id":"d3c9c977-e6e1-422c-922b-2e038bb96eb2","block_type":"box","text":"repatriated may not exceed 110% of the foreign currency or RMB amount remitted into the PRC","page_number":37,"box":{"x":289,"y":334,"width":589,"height":9}},{"id":"db656a9f-5516-4173-993d-353d0476b21b","block_type":"box","text":"in aggregate. To the extent repatriation is in","page_number":37,"box":{"x":289,"y":347,"width":276,"height":9}},{"id":"921701eb-6740-44de-990e-46dc3e74c438","block_type":"box","text":"the same currency as the inward remittance, the","page_number":37,"box":{"x":572,"y":347,"width":306,"height":9}},{"id":"560fd327-bf81-4467-9bd7-17d3b5787761","block_type":"box","text":"currency ratio restriction will not apply.","page_number":37,"box":{"x":289,"y":360,"width":240,"height":9}},{"id":"34468bd6-b3ed-4ee0-ad7c-44efb6199ead","block_type":"box","text":"The regulations relating to the repatriation of capital and profits may potentially be applied in relation","page_number":37,"box":{"x":258,"y":373,"width":619,"height":9}},{"id":"917584fa-4d65-4d90-bc84-68c0d610c458","block_type":"box","text":"to QFIs as a whole. Hence the ability of a","page_number":37,"box":{"x":258,"y":386,"width":246,"height":9}},{"id":"786258b3-f7cb-4937-b852-76a0af4ca8cd","block_type":"box","text":"Scheme","page_number":37,"box":{"x":508,"y":386,"width":47,"height":7}},{"id":"4b09c643-5e65-49eb-85fb-f32e2e70400c","block_type":"box","text":"to make investments and/or repatriate monies from","page_number":37,"box":{"x":560,"y":385,"width":317,"height":10}},{"id":"8be9a035-3e7d-4196-960f-f96a3188d7a4","block_type":"box","text":"QFIs may be affected adversely by the investments, performance and/or repatriation of monies","page_number":37,"box":{"x":259,"y":398,"width":618,"height":10}},{"id":"b865f16c-8e5c-4672-a889-c2e714a50dda","block_type":"box","text":"invested by other investors through QFIs.","page_number":37,"box":{"x":259,"y":412,"width":251,"height":9}},{"id":"423d4a0a-c895-4ba8-8ed7-14600935744c","block_type":"box","text":"-","page_number":37,"box":{"x":212,"y":441,"width":3,"height":1}},{"id":"7deeec62-526b-4cf5-8385-aa4283df8cf4","block_type":"box","text":"Any repatriation restrictions as may be applicable under PRC regulations in the future, where applicable,","page_number":37,"box":{"x":242,"y":437,"width":635,"height":9}},{"id":"3ad97fcb-1a9f-4f99-a74d-6fe0390f2a9a","block_type":"box","text":"could restrict the","page_number":37,"box":{"x":242,"y":450,"width":105,"height":7}},{"id":"16b188a5-370c-4cbc-bcba-164f13460449","block_type":"box","text":"Scheme","page_number":37,"box":{"x":352,"y":450,"width":47,"height":7}},{"id":"fd3428f1-bc27-4057-b21c-b419011694ad","block_type":"box","text":"’s ability to satisfy all or any redemption requests in respect of any particular","page_number":37,"box":{"x":400,"y":450,"width":478,"height":9}},{"id":"0a71598a-d8d9-4759-b8f9-9968a905b90b","block_type":"box","text":"redemption day and accordingly, the","page_number":37,"box":{"x":243,"y":463,"width":225,"height":9}},{"id":"dcdc0162-fab8-41e6-a335-a68fed7708c1","block_type":"box","text":"Scheme","page_number":37,"box":{"x":474,"y":463,"width":47,"height":7}},{"id":"bafa95fd-54f3-44b1-bf1a-6b9abbdccecd","block_type":"box","text":"may have to manage the liquidity challenges through the","page_number":37,"box":{"x":526,"y":463,"width":351,"height":9}},{"id":"a9ec4d3d-0a0b-494f-898e-13cecbaa8f39","block_type":"box","text":"maintenance of high cash","page_number":37,"box":{"x":243,"y":476,"width":154,"height":9}},{"id":"d9dfe36d-6a80-4beb-bced-f77047eba52c","block_type":"box","text":"balances and the imposition of the redemption restrictions referred to above.","page_number":37,"box":{"x":403,"y":476,"width":474,"height":9}},{"id":"fac370b3-d03d-4838-8737-7fe860a790db","block_type":"box","text":"-","page_number":37,"box":{"x":212,"y":506,"width":3,"height":1}},{"id":"e0660d9f-fb0c-4f34-934d-d585e9bf7a1c","block_type":"box","text":"Furthermore, as the Sub","page_number":37,"box":{"x":243,"y":502,"width":156,"height":9}},{"id":"8104884d-3a63-4f2b-a989-afde84329a44","block_type":"box","text":"-","page_number":37,"box":{"x":400,"y":506,"width":4,"height":1}},{"id":"da5e9cc4-e0c2-4053-81d7-4313cd12dc4b","block_type":"box","text":"Custodian's review on authenticity and compliance is conducted on each","page_number":37,"box":{"x":405,"y":502,"width":472,"height":9}},{"id":"db47e0c2-4441-46ae-9246-e172af8b29a8","block_type":"box","text":"repatriation, the repatriation may be delayed or even rejected by the Sub","page_number":37,"box":{"x":243,"y":515,"width":468,"height":9}},{"id":"8433bb91-7813-4bfb-ab79-350abb1c3753","block_type":"box","text":"-","page_number":37,"box":{"x":712,"y":519,"width":4,"height":1}},{"id":"7bd1c23b-0e74-433f-8085-2884d14de1a2","block_type":"box","text":"Custodian in case of non","page_number":37,"box":{"x":717,"y":515,"width":156,"height":7}},{"id":"f0e9784e-7dca-4987-a3f8-74792e0a1a24","block_type":"box","text":"compliance with the QFI rules and regulations. In such case, i","page_number":37,"box":{"x":242,"y":528,"width":369,"height":9}},{"id":"45591940-a3d9-4138-ab26-6fc3504d3b53","block_type":"box","text":"t is expected that redemption proceeds will","page_number":37,"box":{"x":613,"y":528,"width":264,"height":9}},{"id":"415296d4-6483-4381-a379-cfa449b1ffe8","block_type":"box","text":"be paid to the redeeming Shareholder as soon as practicable and after the completion of the repatriation","page_number":37,"box":{"x":243,"y":541,"width":634,"height":9}},{"id":"c0b7d450-115d-449a-a19d-1b7b87ac9286","block_type":"box","text":"of funds concerned. The actual time required for the completion of the relevant repatriation will be","page_number":37,"box":{"x":242,"y":554,"width":635,"height":9}},{"id":"27e5401a-62c9-4684-bda5-936fe30f3e91","block_type":"box","text":"beyond","page_number":37,"box":{"x":243,"y":567,"width":43,"height":9}},{"id":"edf3cf5b-856f-4c3e-acbb-e1f4782f43ac","block_type":"box","text":"the QFI’s control.","page_number":37,"box":{"x":291,"y":567,"width":105,"height":9}},{"id":"05cdef09-976e-4eac-8a59-acfb260770c8","block_type":"box","text":"PRC Taxation Risk","page_number":37,"box":{"x":122,"y":605,"width":109,"height":8}},{"id":"5b2de7d2-01de-4250-9778-081be941c482","block_type":"box","text":". Trading under the QFI regime and SHHK and SZHK Stock Connect currently enjoy a temporary exemption","page_number":37,"box":{"x":233,"y":605,"width":644,"height":10}},{"id":"5524caf2-3e25-4775-bcab-5a8a4664352b","block_type":"box","text":"from PRC 'income' tax and PRC value","page_number":37,"box":{"x":121,"y":618,"width":222,"height":8}},{"id":"427d1b3d-9027-4809-b160-61bfc99be402","block_type":"box","text":"-","page_number":37,"box":{"x":344,"y":623,"width":4,"height":0}},{"id":"188038e4-3c88-4a1f-9ee9-4ed00e0e4f5d","block_type":"box","text":"added tax in respect of gains derived from the transfer of China A Shares. It is uncertain","page_number":37,"box":{"x":349,"y":618,"width":528,"height":9}},{"id":"43f25253-fdaf-424d-a4f4-a85747559e47","block_type":"box","text":"when such exemptions will ex","page_number":37,"box":{"x":121,"y":631,"width":181,"height":10}},{"id":"0b22b1ed-b708-49b1-92d1-944446595c12","block_type":"box","text":"pire and whether other PRC taxes will be applicable to trading of China A Shares under the QFI","page_number":37,"box":{"x":304,"y":631,"width":573,"height":10}},{"id":"e61750e0-1261-4243-b0d3-e5ef97c81435","block_type":"box","text":"regime and the SHHK and SZHK Stock Connect. Dividends derived from China A Shares are subject to PRC withholding tax.","page_number":37,"box":{"x":122,"y":644,"width":755,"height":10}},{"id":"6af8f919-4da4-4216-87cf-78bd63e6afdd","block_type":"box","text":"PRC stamp duty is also pay","page_number":37,"box":{"x":122,"y":658,"width":158,"height":9}},{"id":"3ed6d7cc-7d4c-441e-a689-49d2601722d7","block_type":"box","text":"able for transactions in China A Shares. However, there is no guarantee on how long the exemption","page_number":37,"box":{"x":281,"y":657,"width":596,"height":10}},{"id":"986ed5a7-48ce-4fdc-b92a-d098fcc1b620","block_type":"box","text":"will last and there can be no certainty that the trading of China A Shares will not attract a liability to such tax in the fu","page_number":37,"box":{"x":121,"y":671,"width":726,"height":9}},{"id":"b760a137-0fe1-4de0-b560-193437d2bf27","block_type":"box","text":"ture.","page_number":37,"box":{"x":849,"y":672,"width":28,"height":6}},{"id":"11275cd9-3565-43f6-b2ec-4921e1ed21b7","block_type":"box","text":"The mainland China tax auth","page_number":37,"box":{"x":121,"y":684,"width":175,"height":7}},{"id":"dffc485f-42c3-4f7c-9d67-d63798cd17de","block_type":"box","text":"orities may in the future issue further guidance in this regard and with potential retrospective","page_number":37,"box":{"x":298,"y":684,"width":579,"height":9}},{"id":"95edaeaf-995a-42ad-9959-d26bcb83a6c5","block_type":"box","text":"effect.","page_number":37,"box":{"x":121,"y":697,"width":38,"height":7}},{"id":"42852734-46c8-418b-a9fe-e22164bdd177","block_type":"box","text":"Similarly, overseas institutional investors are exempted from corporate income tax and value","page_number":37,"box":{"x":121,"y":722,"width":594,"height":9}},{"id":"6bf9798f-fc65-49a1-9684-b5f82453f5d6","block_type":"box","text":"-","page_number":37,"box":{"x":717,"y":726,"width":4,"height":1}},{"id":"618e96ce-853a-46bd-8ab2-2dce84c2e308","block_type":"box","text":"added tax on their bond","page_number":37,"box":{"x":722,"y":722,"width":155,"height":7}},{"id":"5f70e5f2-e1fd-485b-a281-fffdb3e3babb","block_type":"box","text":"interest gains from investment in the PRC bond market. 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The value of securities","page_number":38,"box":{"x":122,"y":769,"width":742,"height":10}},{"id":"9f4a4d74-b6c9-4411-b5d4-e9a7f2b1cec6","block_type":"box","text":"and other investments held by a Scheme may increase or decrease, at times rapidly and unexpectedly. Unitholders","page_number":38,"box":{"x":121,"y":782,"width":703,"height":10}},{"id":"ed56f44a-b821-410d-8f13-1ed2645f9d95","block_type":"box","text":"investments in a S","page_number":38,"box":{"x":121,"y":796,"width":110,"height":7}},{"id":"7bddd4f3-582a-42d2-850d-e45ef0feb8eb","block_type":"box","text":"cheme may at any point in the future be worth less than their original investments. 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IPOs involve","page_number":38,"box":{"x":121,"y":864,"width":744,"height":9}},{"id":"839b940d-2455-47f6-84ce-ba4fefdb90e2","block_type":"box","text":"companies that have no public operating history and therefore entail more risk than established public companies. The","page_number":38,"box":{"x":121,"y":877,"width":729,"height":9}},{"id":"c8a5ae4c-7440-4984-9232-e458650d1f9c","block_type":"box","text":"prices of se","page_number":38,"box":{"x":122,"y":890,"width":67,"height":9}},{"id":"7f5dc05d-157a-483f-bd8c-ee5bafa80cc8","block_type":"box","text":"curities offered in IPOs can have significant volatility and a Scheme may lose money on an investment in such","page_number":38,"box":{"x":190,"y":890,"width":668,"height":9}},{"id":"fb9639c1-d3c1-4e78-86ae-e8d683f084aa","block_type":"box","text":"securities. IPOs may not be available to the Schemes at all times and a Scheme may not always invest in IPOs offered to it.","page_number":38,"box":{"x":121,"y":903,"width":746,"height":9}},{"id":"478f4be2-f77a-4df4-a514-503c7f61b44d","block_type":"box","text":"38","page_number":39,"box":{"x":464,"y":938,"width":12,"height":7}},{"id":"ec2dfeed-eeb7-4746-96d3-2042c4f5b68e","block_type":"box","text":"Investments in IPOs may have a substantial beneficial effect on a Scheme’s investment performance. A Scheme’s","page_number":39,"box":{"x":122,"y":88,"width":690,"height":9}},{"id":"18ce17fe-69f7-44da-bd7c-387f1e12c04e","block_type":"box","text":"investment return earned during a period of substantial investment in IPOs may not be sustained during other periods","page_number":39,"box":{"x":121,"y":101,"width":725,"height":9}},{"id":"4c970f69-21df-4367-ad21-b60f9a9f192b","block_type":"box","text":"when the Scheme makes more","page_number":39,"box":{"x":121,"y":114,"width":188,"height":7}},{"id":"6901843a-dba5-4f78-b7d0-7d8337e1a6bb","block_type":"box","text":"-","page_number":39,"box":{"x":310,"y":118,"width":4,"height":1}},{"id":"9f3fbe3a-e96b-4c78-8d08-1aab48bc43cd","block_type":"box","text":"li","page_number":39,"box":{"x":315,"y":114,"width":5,"height":7}},{"id":"6470d241-a4ed-45c5-89f6-5959da24f011","block_type":"box","text":"mited, or no investments in IPOs. There can be no assurance that the Schemes will have","page_number":39,"box":{"x":323,"y":114,"width":536,"height":9}},{"id":"7caaf854-6c34-498a-b3e1-bbc8e8508cee","block_type":"box","text":"the opportunity to invest in IPOs that are made available to other clients of the Investment Adviser.","page_number":39,"box":{"x":121,"y":127,"width":609,"height":9}},{"id":"2a596bcb-e4e3-44eb-9923-5920fa2b6651","block_type":"box","text":"11.34","page_number":39,"box":{"x":122,"y":155,"width":36,"height":8}},{"id":"1a89e29e-b8f9-4e78-a041-c3aeee8bdf54","block_type":"box","text":"Issuer Risk","page_number":39,"box":{"x":166,"y":154,"width":97,"height":9}},{"id":"f517b553-1571-40f8-b00b-7e17318df8bd","block_type":"box","text":"The values of securities may decline for a number of reasons which directly relate to the issuers, such as, for example,","page_number":39,"box":{"x":121,"y":182,"width":721,"height":10}},{"id":"6eecf36c-ba7f-4b5a-a641-530504a9cec5","block_type":"box","text":"management performance, financial leverage, and reduced demand for the issuer’s good","page_number":39,"box":{"x":122,"y":197,"width":544,"height":9}},{"id":"03b11fda-2e47-4b1a-a6d5-db28e37d614e","block_type":"box","text":"s and services","page_number":39,"box":{"x":668,"y":197,"width":84,"height":7}},{"id":"de5ac4ca-24d2-4403-a7a1-95dbae46644b","block_type":"box","text":"as well as the","page_number":39,"box":{"x":756,"y":196,"width":90,"height":8}},{"id":"88e567ba-de31-4a01-99cb-ac089bd2dd35","block_type":"box","text":"historical and prospective earnings of the issuer and the value of its assets","page_number":39,"box":{"x":122,"y":211,"width":503,"height":10}},{"id":"fd93982c-1c28-4f4f-bc5b-4d47c2952519","block_type":"box","text":".","page_number":39,"box":{"x":627,"y":217,"width":2,"height":2}},{"id":"578f1787-f4d1-4217-959a-e0a17ddc6352","block_type":"box","text":"11.35","page_number":39,"box":{"x":122,"y":240,"width":36,"height":7}},{"id":"df404d01-1d89-4033-b785-3ac5c12832d8","block_type":"box","text":"Large Unitholder Risk","page_number":39,"box":{"x":166,"y":238,"width":192,"height":12}},{"id":"7d094263-623d-4a91-9bd8-9696a88ebc4b","block_type":"box","text":"To the extent a large proportion of the Units of a Scheme are held by a small number of Unitholders (or a single","page_number":39,"box":{"x":121,"y":267,"width":682,"height":9}},{"id":"f815a71f-c20c-4a35-8071-2b991f8120e4","block_type":"box","text":"Unitholder), including funds or accounts over which the Investment Adviser has investment discretion, a Scheme is subject","page_number":39,"box":{"x":122,"y":280,"width":750,"height":9}},{"id":"e6d72742-b457-4806-8380-0dc83d51ba34","block_type":"box","text":"to the risk that thes","page_number":39,"box":{"x":121,"y":293,"width":119,"height":7}},{"id":"149a2c53-7587-4708-a82d-a9de56a1153d","block_type":"box","text":"e Unitholders will purchase or redeem their Units in large amounts rapidly or unexpectedly, including","page_number":39,"box":{"x":241,"y":293,"width":620,"height":9}},{"id":"cecc55d7-486b-44e0-8579-47862929449b","block_type":"box","text":"as a result of an asset allocation decision made by the Investment Adviser. These transactions could adversely affect the","page_number":39,"box":{"x":121,"y":306,"width":735,"height":9}},{"id":"0684fded-0178-4660-8af0-bfb755b1b598","block_type":"box","text":"ability of a Scheme to conduct i","page_number":39,"box":{"x":121,"y":319,"width":191,"height":9}},{"id":"019f246c-76c0-468c-a563-7c6dbf3ab8c0","block_type":"box","text":"ts investment program and may result in the impositions of redemption fees, suspensions","page_number":39,"box":{"x":313,"y":319,"width":550,"height":9}},{"id":"61643dfd-fbe5-4c33-8827-2896213737bb","block_type":"box","text":"and gates.","page_number":39,"box":{"x":121,"y":332,"width":61,"height":10}},{"id":"72ff99c3-1901-4e65-8696-55cfd9f9a69c","block_type":"box","text":"11.36","page_number":39,"box":{"x":122,"y":361,"width":36,"height":7}},{"id":"9fee1f51-ea0e-4b2c-8e6b-0a0d8b5a18d6","block_type":"box","text":"Law or Regulation Risk","page_number":39,"box":{"x":166,"y":359,"width":202,"height":12}},{"id":"b9e79e4d-f590-4ff9-bceb-bf3687079a0f","block_type":"box","text":"A Scheme will be affected by law or regulations that are applicable to that Scheme. Applicable law and regulations may","page_number":39,"box":{"x":121,"y":388,"width":733,"height":9}},{"id":"a9318479-0abb-40f0-ba79-17f17be2d9cb","block_type":"box","text":"increase the costs and expenses of the Scheme, or result in certain investment techniques or investments being prohibited,","page_number":39,"box":{"x":121,"y":401,"width":755,"height":9}},{"id":"bb362fc7-4d9f-443c-a0a0-7a56678d424c","block_type":"box","text":"which may adv","page_number":39,"box":{"x":121,"y":414,"width":91,"height":9}},{"id":"bc28f921-47a2-4aea-8115-7f07881241dd","block_type":"box","text":"ersely affect the Scheme’s performance.","page_number":39,"box":{"x":213,"y":414,"width":246,"height":9}},{"id":"b48fc574-4931-44d3-9b1d-5ddd3e049e7d","block_type":"box","text":"11.37","page_number":39,"box":{"x":122,"y":442,"width":36,"height":8}},{"id":"20395972-c2c2-4b91-877b-c67feaa8974c","block_type":"box","text":"Leveraging Risk","page_number":39,"box":{"x":166,"y":441,"width":139,"height":11}},{"id":"f849dd43-262e-4b47-972c-0b5f9411f3d7","block_type":"box","text":"Certain transactions, including, for example, borrowing transactions, reverse repurchase agreements, certain derivatives","page_number":39,"box":{"x":121,"y":469,"width":756,"height":10}},{"id":"11782c52-258c-44f9-a115-3c2c98cf0745","block_type":"box","text":"transactions, securities lending transactions and other investment transactions, such as when","page_number":39,"box":{"x":121,"y":482,"width":581,"height":10}},{"id":"3bfb4df4-67fd-457e-8ac1-5227bf46eac5","block_type":"box","text":"-","page_number":39,"box":{"x":704,"y":487,"width":4,"height":0}},{"id":"19040660-c744-4cd4-a781-3e1ae82e9a16","block_type":"box","text":"issued, delayed","page_number":39,"box":{"x":709,"y":482,"width":94,"height":10}},{"id":"7ba728b3-fda8-48d2-b449-492f729b7f57","block_type":"box","text":"-","page_number":39,"box":{"x":804,"y":487,"width":4,"height":0}},{"id":"2f18b128-17e5-4918-9ab0-36d59aecd903","block_type":"box","text":"delivery, or","page_number":39,"box":{"x":809,"y":482,"width":69,"height":10}},{"id":"043737fe-1055-4f24-9f97-4987c8552081","block_type":"box","text":"forward comm","page_number":39,"box":{"x":121,"y":495,"width":91,"height":8}},{"id":"a17767a8-2265-4950-a586-4fc4126dfae8","block_type":"box","text":"itment transactions, may create investment leverage. When a Scheme engages in transactions that have a","page_number":39,"box":{"x":214,"y":495,"width":663,"height":10}},{"id":"3a8a8498-3489-4e4a-b8cf-a48115949c11","block_type":"box","text":"leveraging effect on the Scheme’s investment portfolio, the value of the Scheme will be potentially more volatile and all","page_number":39,"box":{"x":122,"y":508,"width":755,"height":10}},{"id":"935077b7-3db7-4e6a-b2d7-18b86d705364","block_type":"box","text":"other risks will tend to be com","page_number":39,"box":{"x":121,"y":522,"width":188,"height":7}},{"id":"93f073c8-5afc-40e5-8922-b8dd4a204952","block_type":"box","text":"pounded. This is because leverage generally creates investment risk with respect to a larger","page_number":39,"box":{"x":311,"y":522,"width":567,"height":9}},{"id":"4b5db4fb-a7d0-4a42-96c5-a1a61d666058","block_type":"box","text":"base of assets than the Scheme would otherwise have and so magnifies the effect of any increase or decrease in the value","page_number":39,"box":{"x":122,"y":535,"width":755,"height":9}},{"id":"f4e62a01-c4e9-4557-aabe-4530857fbaee","block_type":"box","text":"of the Scheme’s underlying assets. The use","page_number":39,"box":{"x":121,"y":548,"width":262,"height":9}},{"id":"421b3392-e33e-472d-9e63-8dc894b50a5e","block_type":"box","text":"of leverage is considered to be a speculative investment practice and may result","page_number":39,"box":{"x":387,"y":548,"width":491,"height":9}},{"id":"67fa2f63-ee23-4e74-bdde-aad4412104cb","block_type":"box","text":"in losses to the Scheme. In transactions involving leverage, a relatively small market movement or change in other underlying","page_number":39,"box":{"x":121,"y":561,"width":757,"height":9}},{"id":"e31f6bc2-0a5f-419a-b69c-12bdc3d66b02","block_type":"box","text":"indicator can lead to significantly larger losse","page_number":39,"box":{"x":121,"y":574,"width":285,"height":9}},{"id":"15bb2122-be44-477b-bf03-d36fc7da3782","block_type":"box","text":"s to the Scheme. Certain derivatives have the potential for unlimited loss,","page_number":39,"box":{"x":408,"y":574,"width":469,"height":9}},{"id":"04f15575-624b-4ae9-813f-e050ae51f892","block_type":"box","text":"regardless of the size of the initial investment. The use of leverage may cause the Scheme to liquidate positions when it may","page_number":39,"box":{"x":122,"y":587,"width":756,"height":9}},{"id":"1bef7df7-fb7d-4233-99ae-4af8ce968bf6","block_type":"box","text":"not be advantageous to do so to satisfy repayment, int","page_number":39,"box":{"x":122,"y":600,"width":333,"height":9}},{"id":"c399cc84-dc30-4509-bd40-a3550579898e","block_type":"box","text":"erest payment, or margin obligations or to meet asset segregation or","page_number":39,"box":{"x":456,"y":600,"width":422,"height":9}},{"id":"0fd029fe-d837-437a-a1f0-522d9467b48b","block_type":"box","text":"coverage requirements.","page_number":39,"box":{"x":121,"y":613,"width":145,"height":9}},{"id":"946ac8bd-28dd-410e-b107-4f6cc53707f4","block_type":"box","text":"11.38","page_number":39,"box":{"x":122,"y":641,"width":36,"height":8}},{"id":"fedaf6c3-e87b-4818-961b-0a8e9f42c09f","block_type":"box","text":"Limited Investment Programme Risk","page_number":39,"box":{"x":166,"y":640,"width":321,"height":11}},{"id":"09d72660-2560-46ad-85fa-63fc7d9072b6","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,","page_number":39,"box":{"x":121,"y":668,"width":753,"height":10}},{"id":"63117e51-2fc5-4a1a-ac5c-a42f0c6bda86","block_type":"box","text":"but rather is intended for investment as part of a diversified investment portfolio. Prospective Unitholders and Unitholders","page_number":39,"box":{"x":122,"y":681,"width":752,"height":10}},{"id":"44ed4625-e1df-4678-b201-a4ca66049407","block_type":"box","text":"should consu","page_number":39,"box":{"x":121,"y":695,"width":79,"height":7}},{"id":"882c4166-2b99-41ec-9f4a-a29f0b4fa6d6","block_type":"box","text":"lt their own advisors as to the role of an investment in any of the Schemes in their overall investment","page_number":39,"box":{"x":202,"y":695,"width":619,"height":9}},{"id":"20efc2ea-cc55-40e8-8199-31d349c32bf6","block_type":"box","text":"program.","page_number":39,"box":{"x":122,"y":710,"width":54,"height":7}},{"id":"e1947486-1b27-420d-be5d-a37808ea9bca","block_type":"box","text":"11.39","page_number":39,"box":{"x":122,"y":736,"width":36,"height":7}},{"id":"6a03a9d0-af71-45d3-8ad1-fc86166bc161","block_type":"box","text":"Liquidity Risk","page_number":39,"box":{"x":166,"y":734,"width":122,"height":12}},{"id":"42f34c21-4d76-4706-b0f8-16652d1b0545","block_type":"box","text":"Liquidity risk is the risk that a Scheme may not be able to acquire or dispose of securities or close out derivatives","page_number":39,"box":{"x":122,"y":763,"width":687,"height":9}},{"id":"13461213-713a-454d-b140-5481eec4a9c5","block_type":"box","text":"transactions readily at a favourable time or prices (or at all) or at prices approximating those at which the Scheme currentl","page_number":39,"box":{"x":121,"y":776,"width":748,"height":9}},{"id":"fa2838b1-1924-4a96-92df-27eeac6cbdde","block_type":"box","text":"y","page_number":39,"box":{"x":871,"y":778,"width":6,"height":7}},{"id":"9eaebed7-0158-4131-ab56-be6f4596e156","block_type":"box","text":"values them","page_number":39,"box":{"x":121,"y":789,"width":73,"height":7}},{"id":"4c87dd3e-f3e0-431d-9a2e-d14a54a93bd8","block_type":"box","text":". In large","page_number":39,"box":{"x":196,"y":789,"width":52,"height":9}},{"id":"6fd54c60-a144-4e6b-a55f-420f268fe533","block_type":"box","text":"-","page_number":39,"box":{"x":249,"y":793,"width":3,"height":1}},{"id":"968c4d73-06c5-4ecc-a075-919c18440395","block_type":"box","text":"scale transactions or when markets are partially illiquid (e.g. where there are numerous individually","page_number":39,"box":{"x":254,"y":789,"width":609,"height":9}},{"id":"feeec15f-3214-4a55-b1d7-d29804b8ee56","block_type":"box","text":"agreed instruments) it may not be possible to execute a transaction or close out a position at an advantageous price.","page_number":39,"box":{"x":121,"y":802,"width":714,"height":9}},{"id":"9de0d4eb-e454-4a51-8bcf-d2b00b9cb7e8","block_type":"box","text":"Illiquid securities that may be held in accordance with applicable law (“Permitted Illiquid Securities”) may be subject to","page_number":39,"box":{"x":122,"y":829,"width":726,"height":10}},{"id":"f3041367-5fb3-49d5-a757-d214c983b8a2","block_type":"box","text":"restrictions on resale, may trade in the over","page_number":39,"box":{"x":122,"y":843,"width":266,"height":9}},{"id":"af8c80a7-67e5-4212-afcd-bfb7c0f8bcbb","block_type":"box","text":"-","page_number":39,"box":{"x":389,"y":847,"width":4,"height":1}},{"id":"e34e366e-d034-4d80-b0c1-33b0691e8f56","block_type":"box","text":"the","page_number":39,"box":{"x":394,"y":843,"width":19,"height":7}},{"id":"0f5a14d7-3d37-4b67-b704-9f0688973700","block_type":"box","text":"-","page_number":39,"box":{"x":415,"y":847,"width":3,"height":1}},{"id":"3beac4a5-b53f-4fc9-b427-115871f08be7","block_type":"box","text":"counter market or in limited volume, or may not have an active trading","page_number":39,"box":{"x":419,"y":843,"width":435,"height":9}},{"id":"381b4d3e-f6db-4ff3-9d62-eccf1d92c281","block_type":"box","text":"market. In a","page_number":39,"box":{"x":122,"y":856,"width":71,"height":7}},{"id":"4225aa9e-5d4b-4b28-be54-0d0f653a671f","block_type":"box","text":"ddition, Permitted Illiquid Securities may trade at a discount from comparable, more liquid investments and","page_number":39,"box":{"x":195,"y":856,"width":659,"height":9}},{"id":"41d25393-af3c-44c1-8a81-a82e888ef2c7","block_type":"box","text":"may be subject to wide fluctuations in market value. It may be difficult for a Scheme to value Permitted Illiquid Securities","page_number":39,"box":{"x":122,"y":869,"width":740,"height":9}},{"id":"78fce2aa-3b56-4d27-88fd-499cc60c9c96","block_type":"box","text":"accurately. The market","page_number":39,"box":{"x":121,"y":882,"width":140,"height":9}},{"id":"fa4c8520-57fa-4d0a-9743-5b93e6314300","block_type":"box","text":"for certain investments held by a Scheme may become illiquid under adverse market or economic","page_number":39,"box":{"x":265,"y":882,"width":599,"height":9}},{"id":"d9f11462-e420-4407-b06a-7c196186d8d7","block_type":"box","text":"conditions independent of any specific adverse changes in the conditions of a particular issuer. Disposal of Permitted","page_number":39,"box":{"x":121,"y":895,"width":715,"height":9}},{"id":"9f9e27d0-333f-4f2c-b577-b55752872107","block_type":"box","text":"39","page_number":40,"box":{"x":464,"y":938,"width":12,"height":7}},{"id":"2ad3ef24-c2c7-4cc7-be71-5d7a364e0704","block_type":"box","text":"Illiquid Securities may entail registration expenses and other transaction costs that are higher than those for liquid","page_number":40,"box":{"x":122,"y":88,"width":699,"height":9}},{"id":"2df51df3-14f3-4e32-9275-835b4cd831e8","block_type":"box","text":"securities. To the extent permitted under applicable, law, a Scheme may seek to borrow money to meet its obligations","page_number":40,"box":{"x":121,"y":101,"width":726,"height":9}},{"id":"5fbf14fd-3de1-4e28-a4ea-a64a0d9c414f","block_type":"box","text":"(including among oth","page_number":40,"box":{"x":121,"y":114,"width":129,"height":9}},{"id":"d42ee24f-8203-4419-9eb3-e62638cef3e7","block_type":"box","text":"er things redemption obligations) if it is unable to dispose of Permitted Illiquid Investments, resulting","page_number":40,"box":{"x":251,"y":114,"width":619,"height":9}},{"id":"f3464977-f0e9-41d6-8a0f-3b9b4c15bd79","block_type":"box","text":"in borrowing expenses and possible leveraging of the Scheme.","page_number":40,"box":{"x":121,"y":127,"width":379,"height":9}},{"id":"88457ea5-1996-4775-b9f7-cb87287238b2","block_type":"box","text":"A Scheme may hold securities which, while still compliant with the UK UCITS Requirements may be subject to restrictions","page_number":40,"box":{"x":121,"y":154,"width":741,"height":10}},{"id":"45d54d48-a426-4fce-8c7d-dd22524dae9a","block_type":"box","text":"on resale, may trade in the over","page_number":40,"box":{"x":121,"y":167,"width":195,"height":10}},{"id":"3930d843-8fdc-4822-835b-d79a415dc49d","block_type":"box","text":"-","page_number":40,"box":{"x":317,"y":172,"width":3,"height":0}},{"id":"6198c438-4969-4c64-875f-88bf7988c393","block_type":"box","text":"the","page_number":40,"box":{"x":321,"y":167,"width":20,"height":8}},{"id":"99a3e99a-3400-42e9-8d08-c92f4885895e","block_type":"box","text":"-","page_number":40,"box":{"x":342,"y":172,"width":4,"height":0}},{"id":"9225f73a-72c4-46c5-8c4b-e539b50946d1","block_type":"box","text":"counter market or in limited volume, or may not have an active trading market (“Less","page_number":40,"box":{"x":347,"y":167,"width":522,"height":10}},{"id":"3344f30d-cfc2-46a0-81b2-701235b1f593","block_type":"box","text":"Liquid Securit","page_number":40,"box":{"x":122,"y":181,"width":81,"height":9}},{"id":"7d2c1c9a-27e2-4200-b36a-058d897b6542","block_type":"box","text":"ies”). In addition, Less Liquid Securities may trade at a discount from comparable, more liquid investments","page_number":40,"box":{"x":205,"y":180,"width":650,"height":10}},{"id":"c72ed431-2efd-417e-8dd8-a9e727e047e7","block_type":"box","text":"and may be subject to wide fluctuations in market value. It may be difficult for a Scheme to value Less Liquid Securities","page_number":40,"box":{"x":121,"y":193,"width":727,"height":10}},{"id":"7e50d629-6b80-4c32-8764-13b27bdb1302","block_type":"box","text":"accurately. The market for","page_number":40,"box":{"x":121,"y":207,"width":161,"height":9}},{"id":"2d62ec5a-0709-46a7-9cbd-e8f835cefdd3","block_type":"box","text":"certain investments held by a Scheme may become illiquid under adverse market or economic","page_number":40,"box":{"x":287,"y":207,"width":577,"height":9}},{"id":"4e1a9030-816c-4d5f-9bdc-a75dd5bffd9d","block_type":"box","text":"conditions independent of any specific adverse changes in the conditions of a particular issuer. Disposal of Less Liquid","page_number":40,"box":{"x":121,"y":220,"width":719,"height":9}},{"id":"86e7d641-2654-44ad-b804-a87b3796cf87","block_type":"box","text":"Securities may entail registration expenses","page_number":40,"box":{"x":121,"y":233,"width":261,"height":9}},{"id":"05a8eb73-e97a-4f25-9398-9af9cf9c2c7c","block_type":"box","text":"and other transaction costs that are higher than those for liquid securities.","page_number":40,"box":{"x":387,"y":233,"width":455,"height":9}},{"id":"e7191dcc-734a-4e2e-9b95-6769f1aae194","block_type":"box","text":"From time to time, the counterparties with which a Scheme effects transactions might cease making markets or quoting","page_number":40,"box":{"x":122,"y":260,"width":734,"height":9}},{"id":"531bae5a-11d9-4215-b07d-1b9c70c69133","block_type":"box","text":"prices in certain of the instruments in which a Scheme has invested. In such instances, a Scheme might be unable to enter","page_number":40,"box":{"x":122,"y":273,"width":745,"height":9}},{"id":"21257916-f47f-406e-bf1b-24783ab8b861","block_type":"box","text":"into a desired tr","page_number":40,"box":{"x":121,"y":286,"width":97,"height":8}},{"id":"d596eda0-3bbc-45cb-9b89-ee4ccf791f93","block_type":"box","text":"ansaction or to enter into any offsetting transaction with respect to an open position, which might","page_number":40,"box":{"x":219,"y":286,"width":602,"height":9}},{"id":"e1babbc3-bd09-4e5b-8edd-737623e515c1","block_type":"box","text":"adversely affect its performance.","page_number":40,"box":{"x":121,"y":299,"width":200,"height":9}},{"id":"fff7d61e-d024-4ad3-bc8d-568acaf3bdbe","block_type":"box","text":"The Manager employs an appropriate liquidity risk management process, which takes into account repurchase or reverse","page_number":40,"box":{"x":121,"y":326,"width":741,"height":10}},{"id":"815e6ae0-c048-49bc-9b86-dd86fac1d971","block_type":"box","text":"repurchase transactions employed by the Schemes, in order to ensure that each Scheme is able to comply with its stated","page_number":40,"box":{"x":122,"y":339,"width":738,"height":10}},{"id":"a418e2df-0e95-45e9-8dfd-57dda134b799","block_type":"box","text":"redemption obligatio","page_number":40,"box":{"x":122,"y":353,"width":127,"height":9}},{"id":"7e179a01-8bb6-4e13-8d68-a98cdcb4708d","block_type":"box","text":"ns. However, it is possible that in the type of circumstances described above, a Scheme may not be","page_number":40,"box":{"x":251,"y":353,"width":605,"height":9}},{"id":"0b3ccdec-4556-4968-8383-89f9939e2a11","block_type":"box","text":"able to realise sufficient assets to meet all redemption requests that it receives or the Manager may determine that the","page_number":40,"box":{"x":121,"y":366,"width":732,"height":9}},{"id":"4b2697ef-8243-40e2-b32d-9740faf0f057","block_type":"box","text":"circumstances are such that meeting","page_number":40,"box":{"x":121,"y":379,"width":224,"height":9}},{"id":"251ab1fb-317a-4e8f-a170-6a3906ef99d4","block_type":"box","text":"some or all of such requests is not in the best interests of the Unitholders in a Scheme","page_number":40,"box":{"x":350,"y":379,"width":526,"height":9}},{"id":"a6186aec-a286-4617-ace6-65d64c29d268","block_type":"box","text":"as a whole. In such circumstances, the Manager may take the decision to suspend dealings in the relevant Scheme.","page_number":40,"box":{"x":121,"y":392,"width":705,"height":9}},{"id":"f90e29d5-97c7-48d8-b35b-2a703200b912","block_type":"box","text":"11.40","page_number":40,"box":{"x":130,"y":420,"width":36,"height":8}},{"id":"240ed56b-9811-4ecd-993f-b50cd1984863","block_type":"box","text":"Liquidity, Settlement and Derivatives Risks","page_number":40,"box":{"x":189,"y":419,"width":372,"height":11}},{"id":"aa4fd52d-e5d3-4a0c-836e-7df1b994fb6f","block_type":"box","text":"A Scheme may be exposed to credit risk of parties with whom it trades and may also bear the risk of settlement default.","page_number":40,"box":{"x":128,"y":447,"width":734,"height":9}},{"id":"ba1ac94d-c1e2-4a59-b48f-ec40f726e8f3","block_type":"box","text":"For example, although the seller under a repurchase agreement will be required to maintain the value of the securities","page_number":40,"box":{"x":129,"y":460,"width":726,"height":9}},{"id":"cbf32b47-6bed-48ba-8dd8-a8140737384e","block_type":"box","text":"subject to the ag","page_number":40,"box":{"x":129,"y":473,"width":101,"height":9}},{"id":"dd682d65-5f95-4a0a-80ee-36124b1e58ec","block_type":"box","text":"reement in an amount exceeding the repurchase price, default by the seller would expose a Scheme to","page_number":40,"box":{"x":232,"y":473,"width":628,"height":9}},{"id":"d4d6d175-aad4-48e8-9054-9f50cf38ec86","block_type":"box","text":"possible loss due to adverse market action or delay in connection with the disposal of the underlying obligations.","page_number":40,"box":{"x":129,"y":486,"width":690,"height":10}},{"id":"5d9415ad-9b0c-4785-94c2-c5cc6ea11e8e","block_type":"box","text":"Derivatives are subject to a number of risks, such as potential changes in value in response to interest rate changes or","page_number":40,"box":{"x":129,"y":514,"width":721,"height":9}},{"id":"3a2f1e1b-467f-4ae0-9022-7db93c1afb7c","block_type":"box","text":"other market developments or as a result of the counterparty’s credit quality and the risk that a derivative transaction","page_number":40,"box":{"x":129,"y":527,"width":723,"height":9}},{"id":"6754e471-0755-493e-83c8-b1fb9e10241e","block_type":"box","text":"may not have t","page_number":40,"box":{"x":129,"y":540,"width":91,"height":9}},{"id":"8a13a279-a8cf-4a6a-8d76-996f7b396ee3","block_type":"box","text":"he effect the Investment Adviser anticipated. Derivatives also involve the risk of mispricing or improper","page_number":40,"box":{"x":221,"y":540,"width":632,"height":9}},{"id":"06c3d384-be34-4d70-9a7b-edbb6a83123e","block_type":"box","text":"valuation and the risk that changes in the value of a derivative may not correlate perfectly with the asset, rate, or index","page_number":40,"box":{"x":128,"y":553,"width":731,"height":9}},{"id":"cd36cd4f-20eb-4e4b-813c-0930a18a2cd8","block_type":"box","text":"underlying the derivative.","page_number":40,"box":{"x":129,"y":566,"width":156,"height":9}},{"id":"9a2de979-e242-4525-a31a-73819e767464","block_type":"box","text":"Derivative transactions can create investment leverage and may be highly volatile. Use of","page_number":40,"box":{"x":290,"y":566,"width":547,"height":9}},{"id":"c9279089-3a2a-467c-a472-1bdd061d923f","block_type":"box","text":"derivatives other than for hedging purposes may be considered speculative.","page_number":40,"box":{"x":129,"y":579,"width":463,"height":9}},{"id":"0fd4224a-9d00-4514-8456-5d77c9d0797d","block_type":"box","text":"When the Schemes invest in a derivative instrument, it could lose more than the principal amount invested. Further,","page_number":40,"box":{"x":129,"y":606,"width":712,"height":9}},{"id":"0f2ed61b-629d-4a53-806c-051915fd6b43","block_type":"box","text":"when a Scheme invests in a derivative instrument, it generally is not required to post collateral equal to the amount of the","page_number":40,"box":{"x":129,"y":619,"width":748,"height":9}},{"id":"8cec6de1-1c25-45d7-b846-47112b40c5df","block_type":"box","text":"notional value","page_number":40,"box":{"x":129,"y":632,"width":86,"height":8}},{"id":"615f0bd1-7ec5-45d7-9523-2562fb286b65","block_type":"box","text":"of the derivative instrument. Consequently, the cash held by the Scheme (generally equal to the unfunded","page_number":40,"box":{"x":220,"y":632,"width":650,"height":9}},{"id":"0435be32-138a-4c6d-99e5-c31adbb7f351","block_type":"box","text":"amount of the derivative) will typically be invested in money market instruments. It is possible that returns on the","page_number":40,"box":{"x":129,"y":645,"width":697,"height":10}},{"id":"c443c6fa-93aa-4283-8189-c5b06d585ae2","block_type":"box","text":"investment of this cash may have a","page_number":40,"box":{"x":129,"y":658,"width":213,"height":10}},{"id":"1b0819ed-76cb-4905-8bf1-5d57fc31855a","block_type":"box","text":"negative impact on the performance and/or returns of the Scheme.","page_number":40,"box":{"x":348,"y":658,"width":412,"height":10}},{"id":"7122659e-5445-43e0-a380-8bea24269ffc","block_type":"box","text":"Many derivative transactions are entered into","page_number":40,"box":{"x":129,"y":686,"width":280,"height":9}},{"id":"8eff5058-32fc-4e05-b88e-a09c5895e2b4","block_type":"box","text":"“over the counter” (not on an exchange or contract market); as a result,","page_number":40,"box":{"x":414,"y":685,"width":439,"height":10}},{"id":"8260f02d-92dc-4b3b-b8c2-d0842c4a00a3","block_type":"box","text":"the value of such a derivative transaction will depend on the ability and the willingness of the Schemes’ counterparty to","page_number":40,"box":{"x":128,"y":699,"width":734,"height":9}},{"id":"085e048d-43bc-4016-9544-f51b0bdb3625","block_type":"box","text":"perform its obligations under the transaction. A liquid seco","page_number":40,"box":{"x":129,"y":712,"width":360,"height":9}},{"id":"118d4024-c909-4291-90bc-e7b1ed00ed56","block_type":"box","text":"ndary market may not always exist for the Schemes’ derivative","page_number":40,"box":{"x":491,"y":712,"width":382,"height":9}},{"id":"4efa4561-2226-4d3b-8613-b2f78d4046d8","block_type":"box","text":"positions at any time. Use of derivatives may increase the amount and timing of taxes payable by shareholders. There is","page_number":40,"box":{"x":129,"y":725,"width":733,"height":9}},{"id":"398ed436-302d-4085-8b78-f138b510de5f","block_type":"box","text":"no guarantee that investments in derivative instruments will work as inten","page_number":40,"box":{"x":129,"y":738,"width":455,"height":9}},{"id":"8d5bf3c9-c86d-454f-8a4a-58148a242b52","block_type":"box","text":"ded. Derivatives are subject to a number of","page_number":40,"box":{"x":586,"y":738,"width":265,"height":9}},{"id":"115a611d-e1d7-4e3f-9eab-d8d317983b8f","block_type":"box","text":"risks such as described in the risk warnings headed “Market Risk” and “Counterparty Risk”.","page_number":40,"box":{"x":129,"y":751,"width":561,"height":9}},{"id":"419abe19-a607-41b6-b518-7995146ebc62","block_type":"box","text":"11.41","page_number":40,"box":{"x":130,"y":779,"width":35,"height":8}},{"id":"6f3a7547-f166-4661-9f7e-08ea8404e681","block_type":"box","text":"Management Risk","page_number":40,"box":{"x":189,"y":778,"width":156,"height":11}},{"id":"7e3228d9-836e-4c14-9317-fc6d47b866a7","block_type":"box","text":"Each Scheme is subject to a degree of management risk. The Investment Adviser’s judgments about the implementation","page_number":40,"box":{"x":129,"y":806,"width":738,"height":10}},{"id":"1ee5cf23-ba01-4a6a-ba9f-bc042392f187","block_type":"box","text":"of a strategy or the attractiveness, relative value or potential appreciation of a particular sector, security or investment","page_number":40,"box":{"x":129,"y":820,"width":728,"height":9}},{"id":"c232259e-4c63-4d8a-9ce2-7d5535039416","block_type":"box","text":"strategy or hed","page_number":40,"box":{"x":129,"y":833,"width":91,"height":9}},{"id":"be600e21-5660-4566-8fa5-9257827fab0a","block_type":"box","text":"ging strategy may prove incorrect and may cause such Scheme to incur losses. There can be no assurance","page_number":40,"box":{"x":222,"y":833,"width":644,"height":9}},{"id":"f96bf94f-e3f8-4946-857c-2cf1fa3408b2","block_type":"box","text":"that the Investment Adviser’s investment techniques and decisions will produce the desired results.","page_number":40,"box":{"x":128,"y":846,"width":610,"height":9}},{"id":"1da2d812-348b-4baf-a03e-00dd0dcc4c91","block_type":"box","text":"Derivatives and other special investment techniques and financial instruments are specialized products which require","page_number":40,"box":{"x":129,"y":873,"width":719,"height":9}},{"id":"92861c5c-d418-46f8-833d-51fe2bda796a","block_type":"box","text":"different investment techniques and risk analyses than equities or bonds. The use of derivatives requires not only","page_number":40,"box":{"x":129,"y":886,"width":695,"height":9}},{"id":"acbf2dcb-5f5c-4b12-ab8b-fd85e92b139a","block_type":"box","text":"knowledge of the underly","page_number":40,"box":{"x":129,"y":899,"width":156,"height":9}},{"id":"5df2ca64-69a2-4895-b648-55c2ffde6922","block_type":"box","text":"ing instruments, but also of the derivative itself, although the performance of the derivative","page_number":40,"box":{"x":286,"y":899,"width":562,"height":9}},{"id":"691b26a4-0fa7-405f-94ad-0c3b8505181a","block_type":"box","text":"40","page_number":41,"box":{"x":463,"y":938,"width":13,"height":7}},{"id":"5d850ad2-e739-488f-9382-d6b3209dd70d","block_type":"box","text":"cannot be monitored under all the possible market conditions. The complexity of such products and their use in particular","page_number":41,"box":{"x":129,"y":88,"width":747,"height":9}},{"id":"2c13493c-d223-43a3-a6ad-5f187d77a250","block_type":"box","text":"requires suitable control mechanisms to monitor the transactions and have the ability to assess the risks of such products","page_number":41,"box":{"x":129,"y":101,"width":744,"height":9}},{"id":"a5403cfc-f683-485d-8359-f1bf51fded34","block_type":"box","text":"for a Schem","page_number":41,"box":{"x":128,"y":114,"width":72,"height":7}},{"id":"20bdf80e-5303-421d-a5b0-357ee1613faa","block_type":"box","text":"e and estimate the developments of prices, interest rates and exchange rates.","page_number":41,"box":{"x":202,"y":114,"width":476,"height":9}},{"id":"64085420-c4d4-4744-8744-3883f7cbdc21","block_type":"box","text":"11.42","page_number":41,"box":{"x":130,"y":142,"width":35,"height":8}},{"id":"c451a5dd-9ad2-4d2a-844c-629bde741084","block_type":"box","text":"Market Disruption and Geopolitical Risk","page_number":41,"box":{"x":189,"y":141,"width":350,"height":11}},{"id":"951b2f3f-5559-4fb0-ab32-7fbf9869900e","block_type":"box","text":"Each Scheme is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global","page_number":41,"box":{"x":129,"y":170,"width":707,"height":9}},{"id":"e072528d-b909-42de-b413-ff297cd07097","block_type":"box","text":"economies and markets. War, terrorism, the spread of infectious illness or other public health issues, and related","page_number":41,"box":{"x":129,"y":182,"width":691,"height":10}},{"id":"65fcec65-4075-42f6-ba0d-8178580269d3","block_type":"box","text":"geopolitical events h","page_number":41,"box":{"x":129,"y":196,"width":124,"height":9}},{"id":"d57ebf93-3334-45af-bc40-066716847cd2","block_type":"box","text":"ave led, and in the future may lead, to increased short","page_number":41,"box":{"x":255,"y":196,"width":331,"height":9}},{"id":"7411174c-9712-413c-a203-abdb0af235ef","block_type":"box","text":"-","page_number":41,"box":{"x":588,"y":200,"width":3,"height":1}},{"id":"74d243e7-bf89-4e79-b610-08e25af511d6","block_type":"box","text":"term market volatility and may have adverse","page_number":41,"box":{"x":592,"y":196,"width":273,"height":9}},{"id":"2b959645-3dd1-4800-83dc-abc08d942493","block_type":"box","text":"long","page_number":41,"box":{"x":129,"y":209,"width":25,"height":9}},{"id":"35f7f1b2-7682-4e2b-aad1-5701ad48b6da","block_type":"box","text":"-","page_number":41,"box":{"x":155,"y":213,"width":4,"height":1}},{"id":"34d59244-1617-4a5c-8000-c38831b3d34a","block_type":"box","text":"term effects on global economies and markets generally. Likewise, natural and environmental disasters and systemic","page_number":41,"box":{"x":159,"y":209,"width":716,"height":9}},{"id":"ca0430e1-a5b4-4865-85d1-62f9e16efb33","block_type":"box","text":"market dislocations may be highly di","page_number":41,"box":{"x":129,"y":222,"width":222,"height":9}},{"id":"f9468953-859b-4df9-92c8-bde3cc758861","block_type":"box","text":"sruptive to economies and markets. Those events as well as other changes in","page_number":41,"box":{"x":352,"y":222,"width":471,"height":9}},{"id":"a20f24ea-1a7c-471e-a831-df95068faf62","block_type":"box","text":"economic and political conditions also could adversely affect individual issuers or related groups of issuers, securities","page_number":41,"box":{"x":129,"y":235,"width":715,"height":9}},{"id":"a73eea75-7d37-4006-913a-f62dc1e897d1","block_type":"box","text":"markets, interest rates, credit ratings, inflation, invest","page_number":41,"box":{"x":129,"y":248,"width":328,"height":9}},{"id":"75fd2ef8-187f-4c57-8875-d8899ba6838a","block_type":"box","text":"or sentiment, and other factors affecting the value of a Scheme’s","page_number":41,"box":{"x":459,"y":248,"width":397,"height":9}},{"id":"c0959e18-be96-4dbb-a87a-b975693546ad","block_type":"box","text":"investments.","page_number":41,"box":{"x":129,"y":261,"width":77,"height":7}},{"id":"023a1de1-52ae-4abd-9a4b-6054ec818c8b","block_type":"box","text":"Given the increasing interdependence among global economies and markets, conditions in one country, market, or region","page_number":41,"box":{"x":129,"y":288,"width":746,"height":9}},{"id":"dc05bb06-c03a-4fb6-9e79-b159c6657178","block_type":"box","text":"might adversely affect markets, issuers, and/or foreign exchange rates in other countries, including the countries in which","page_number":41,"box":{"x":129,"y":301,"width":745,"height":9}},{"id":"72d4e7a2-dbc0-4231-a30e-906236cabc08","block_type":"box","text":"the Scheme inv","page_number":41,"box":{"x":128,"y":314,"width":94,"height":8}},{"id":"d2fb5755-84f0-4317-9575-11ea32753c99","block_type":"box","text":"ests. Any partial or complete dissolution of the European Union or the European Monetary Union due to","page_number":41,"box":{"x":223,"y":314,"width":642,"height":9}},{"id":"4ca41fcc-0184-42cc-a1d6-1c97c2624416","block_type":"box","text":"the withdrawal of one or more member states or any increased uncertainty as to each of their status, could have","page_number":41,"box":{"x":128,"y":327,"width":692,"height":10}},{"id":"77c950b1-4b6b-4b42-ad14-ddcfd700efed","block_type":"box","text":"significant adverse effects on currency a","page_number":41,"box":{"x":129,"y":340,"width":244,"height":10}},{"id":"08d06887-2e00-4eec-9dac-a94843c10573","block_type":"box","text":"nd financial markets, and on the values of a Scheme’s investments.","page_number":41,"box":{"x":376,"y":340,"width":408,"height":9}},{"id":"6850ba41-7f23-41d5-a8f6-e958640af76b","block_type":"box","text":"Securities and financial markets may be susceptible to market manipulation or other fraudulent trade practices, which","page_number":41,"box":{"x":129,"y":368,"width":723,"height":9}},{"id":"c263c25f-baa4-46e5-8eab-2b07a16f9a92","block_type":"box","text":"could disrupt the orderly functioning of these markets or adversely affect the values of investments traded in these","page_number":41,"box":{"x":129,"y":381,"width":706,"height":9}},{"id":"dcfb85d6-44d3-4033-aced-7d466bed2867","block_type":"box","text":"markets, including in","page_number":41,"box":{"x":129,"y":394,"width":125,"height":9}},{"id":"7e39351b-ad6f-43c1-984f-c5984d7455d0","block_type":"box","text":"vestments held by the","page_number":41,"box":{"x":256,"y":394,"width":135,"height":9}},{"id":"3a41ffa7-546b-4410-9330-4f0c76c99ae7","block_type":"box","text":"Scheme","page_number":41,"box":{"x":396,"y":394,"width":47,"height":7}},{"id":"d6f3dd1c-43d6-4cae-aa3a-bdcfce3a680f","block_type":"box","text":".","page_number":41,"box":{"x":445,"y":400,"width":2,"height":1}},{"id":"d3e07dd9-47e3-4d07-a8b0-a7fd52156a94","block_type":"box","text":"To the extent a Scheme has focused its investments in the market or index of a particular region, adverse geopolitical and","page_number":41,"box":{"x":128,"y":421,"width":745,"height":9}},{"id":"fb5c86f7-3e2e-470c-b7a6-679a7720e9e3","block_type":"box","text":"other events could have a disproportionate impact on the Scheme.","page_number":41,"box":{"x":129,"y":434,"width":409,"height":9}},{"id":"2627f0c1-62a2-4cb6-9019-e271158e2aa8","block_type":"box","text":"11.43","page_number":41,"box":{"x":122,"y":462,"width":36,"height":8}},{"id":"3eecb4a7-8d10-4d54-876b-2c1e296b032b","block_type":"box","text":"Market Risk","page_number":41,"box":{"x":166,"y":461,"width":106,"height":9}},{"id":"6adc6a72-30df-4a46-93d9-e526f73251b3","block_type":"box","text":"Market prices of investments held by a Scheme may increase or decrease, at times rapidly or unpredictably. A Scheme’s","page_number":41,"box":{"x":122,"y":489,"width":733,"height":10}},{"id":"0d43ebf5-bc6a-490d-9fc2-5fabf0118829","block_type":"box","text":"investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in","page_number":41,"box":{"x":121,"y":503,"width":739,"height":9}},{"id":"95c5820e-f0d8-4bed-978a-092b2fe65a55","block_type":"box","text":"investment in int","page_number":41,"box":{"x":121,"y":516,"width":103,"height":7}},{"id":"1cd2ae55-43ef-48b6-8122-3a0aa6c3296a","block_type":"box","text":"ernational securities markets. Investment markets can be volatile and prices of investments can change","page_number":41,"box":{"x":225,"y":516,"width":633,"height":9}},{"id":"41fb4386-1805-490a-865c-93766b5607bf","block_type":"box","text":"substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates,","page_number":41,"box":{"x":121,"y":529,"width":741,"height":9}},{"id":"35bb1b56-0955-4c75-bbd9-5f60f0c4b920","block_type":"box","text":"changes in actual or perceiv","page_number":41,"box":{"x":121,"y":542,"width":170,"height":9}},{"id":"333d7850-a9ef-4c30-bae3-8cf5d8c21f90","block_type":"box","text":"ed creditworthiness of issuers and general market liquidity or adverse investor sentiment","page_number":41,"box":{"x":292,"y":542,"width":546,"height":9}},{"id":"523ce315-ab54-4d2c-bb77-65e86b27109b","block_type":"box","text":"generally. Even if general economic conditions do not change, the value of an investment in the Scheme could decline and","page_number":41,"box":{"x":121,"y":555,"width":748,"height":9}},{"id":"f450c5a4-cf3c-4d11-8e12-9ce228825e76","block_type":"box","text":"be worth less than","page_number":41,"box":{"x":122,"y":568,"width":111,"height":7}},{"id":"b71c8b6b-c300-48ce-bc2a-04d279a15587","block_type":"box","text":"the Unitholder’s","page_number":41,"box":{"x":238,"y":568,"width":99,"height":7}},{"id":"de38ae0a-eede-4cbe-9775-fdbcbcdf42de","block_type":"box","text":"original investment if the particular industries","page_number":41,"box":{"x":342,"y":568,"width":279,"height":9}},{"id":"d7587830-9fef-4cea-a6ef-62691f40494b","block_type":"box","text":", sectors or companies in which the","page_number":41,"box":{"x":622,"y":568,"width":216,"height":9}},{"id":"2e653a84-4b81-4555-b931-35db2ebec5b8","block_type":"box","text":"Scheme invests do not perform well or are adversely affected by events. Further, legal, political, regulatory and tax changes","page_number":41,"box":{"x":121,"y":581,"width":756,"height":9}},{"id":"79e4d65a-5c3b-4a4e-80dd-0bc0d8871b62","block_type":"box","text":"also may cause fluctuations in markets and securities prices. Local, regional or global events","page_number":41,"box":{"x":121,"y":594,"width":561,"height":9}},{"id":"4eae957c-5ff6-4037-9573-eb97b7252ff7","block_type":"box","text":"such as war, acts of terrorism,","page_number":41,"box":{"x":688,"y":594,"width":182,"height":9}},{"id":"3c2c0281-a1cb-486c-85e3-d16838c2d2d1","block_type":"box","text":"the spread of infectious illness or other public health issues, or other events could have a significant impact on a Scheme","page_number":41,"box":{"x":121,"y":607,"width":738,"height":9}},{"id":"3689dca7-24ea-46df-b420-5fc926275815","block_type":"box","text":"and its investments.","page_number":41,"box":{"x":121,"y":620,"width":122,"height":8}},{"id":"217029e8-8d8f-4c85-a283-80439a44f014","block_type":"box","text":"The magnitude of these price fluctuations will be greater when the maturity of the outstanding securities is longer. Since a","page_number":41,"box":{"x":121,"y":647,"width":749,"height":10}},{"id":"287c44e3-93da-4607-b20b-6992f06ece76","block_type":"box","text":"Scheme may make investments in currencies other than its base currency, the value of a Scheme’s assets may also be","page_number":41,"box":{"x":121,"y":660,"width":720,"height":10}},{"id":"2c4c425c-85ec-4861-816b-3c8a9b8d559e","block_type":"box","text":"affected by chan","page_number":41,"box":{"x":121,"y":674,"width":100,"height":9}},{"id":"098454af-40e6-4694-a9c0-6624f8b239f7","block_type":"box","text":"ges in currency rates and imposition of currency or capital controls.","page_number":41,"box":{"x":223,"y":674,"width":411,"height":9}},{"id":"870c54bf-77f6-4027-af33-6526396c8057","block_type":"box","text":"11.44","page_number":41,"box":{"x":122,"y":702,"width":36,"height":7}},{"id":"83538067-bf1d-4db7-a27c-670bdb088e6b","block_type":"box","text":"No Prior Operating History Risk:","page_number":41,"box":{"x":166,"y":700,"width":283,"height":12}},{"id":"36191de4-e32f-4033-bea9-c4af6ce09bf2","block_type":"box","text":"Upon launch, each Scheme is a newly formed entity with limited operating history and there can be no assurance that it","page_number":41,"box":{"x":122,"y":729,"width":733,"height":9}},{"id":"c1dc3b5c-33be-4f41-a106-b68ecedbc14a","block_type":"box","text":"will be successful. Prior performance is no guarantee of future results.","page_number":41,"box":{"x":121,"y":742,"width":428,"height":9}},{"id":"19071bce-62ed-43ad-8828-a7745bd10bd3","block_type":"box","text":"11.45","page_number":41,"box":{"x":122,"y":784,"width":35,"height":9}},{"id":"e1ce13fc-ea1e-4ef7-ac26-d69a31c99624","block_type":"box","text":"OTC Clearing Risk","page_number":41,"box":{"x":169,"y":782,"width":157,"height":11}},{"id":"f1bfde13-4009-47ba-8b97-9c1cffebc513","block_type":"box","text":"Certain derivatives transactions entered into by a Scheme will be required to be centrally cleared. In a cleared derivatives","page_number":41,"box":{"x":121,"y":810,"width":742,"height":9}},{"id":"02ebbba9-fa32-4008-8756-a31d9c44a69b","block_type":"box","text":"transaction, a Scheme’s counterparty to the transaction is a central derivatives clearing organisation or clearing house","page_number":41,"box":{"x":121,"y":823,"width":722,"height":9}},{"id":"ddca0ae5-a678-4ffc-bb79-ed13258aa017","block_type":"box","text":"rather tha","page_number":41,"box":{"x":122,"y":836,"width":59,"height":8}},{"id":"550d1788-f99a-4851-86db-abc4945e9121","block_type":"box","text":"n a bank or dealer. A Scheme will typically clear derivatives transactions through clearing members that are","page_number":41,"box":{"x":183,"y":836,"width":657,"height":9}},{"id":"efef150e-401d-49bb-af15-65e564d42d16","block_type":"box","text":"futures commission merchants and members of the clearing houses. A Scheme will make and receive payments owed","page_number":41,"box":{"x":121,"y":849,"width":720,"height":10}},{"id":"52702ef1-150e-4d5a-a337-ce3ceedd1975","block_type":"box","text":"under cleared derivatives transaction","page_number":41,"box":{"x":122,"y":862,"width":226,"height":8}},{"id":"ec4b1074-ed0a-4221-8751-2e74b37512a0","block_type":"box","text":"s (including margin payments) through its accounts at clearing members. A Scheme’s","page_number":41,"box":{"x":350,"y":862,"width":519,"height":10}},{"id":"940ceea1-92a8-43a4-9d90-0761d44c7ca5","block_type":"box","text":"clearing members guarantee a Scheme’s performance of its obligations to the clearing house. In contrast to bilateral","page_number":41,"box":{"x":121,"y":875,"width":711,"height":10}},{"id":"dc4ffb28-ba23-45fd-8b1c-c9629b977611","block_type":"box","text":"derivatives transactions, clearing members can generally","page_number":41,"box":{"x":121,"y":888,"width":347,"height":10}},{"id":"1565ba83-ad35-4d5a-9805-ba56efbf851d","block_type":"box","text":"require termination of existing cleared derivatives transactions at","page_number":41,"box":{"x":473,"y":888,"width":400,"height":10}},{"id":"b4d05ffa-6347-482d-be62-609cec91526a","block_type":"box","text":"any time or increase the amount of margin required to be provided by a Scheme to the clearing member for any new or","page_number":41,"box":{"x":121,"y":902,"width":734,"height":9}},{"id":"aca1e087-81bc-454a-be35-247603e187a3","block_type":"box","text":"41","page_number":42,"box":{"x":463,"y":938,"width":12,"height":7}},{"id":"87697237-ae0a-4df7-867b-081a899bfb53","block_type":"box","text":"existing cleared derivatives transaction above the amount of margin required by the clearing house or clearing member.","page_number":42,"box":{"x":121,"y":88,"width":735,"height":9}},{"id":"7d174b3a-348a-481d-bd5f-1dd1313bc385","block_type":"box","text":"Any such termination or increase could result in losses to a Scheme on its cleared derivatives position. Also, a Scheme is","page_number":42,"box":{"x":121,"y":101,"width":733,"height":9}},{"id":"bdb792ae-2593-4bec-aa9e-351c5af36835","block_type":"box","text":"subject to exe","page_number":42,"box":{"x":121,"y":114,"width":84,"height":9}},{"id":"a7c9d930-0b8e-4837-b25f-162d1e7c10a2","block_type":"box","text":"cution risk in respect of cleared derivatives transactions, because it is possible that no clearing member will","page_number":42,"box":{"x":207,"y":114,"width":656,"height":9}},{"id":"233a6e55-6df4-401b-bde9-ad2a866a1536","block_type":"box","text":"be willing to clear a particular transaction on a Scheme’s behalf. In that case, the transaction might have to be terminated","page_number":42,"box":{"x":122,"y":127,"width":744,"height":9}},{"id":"64bf4d81-1fec-4286-9ed6-a1be07e2d9e2","block_type":"box","text":"and a Scheme could","page_number":42,"box":{"x":121,"y":140,"width":121,"height":8}},{"id":"1a300ce1-91ac-4365-8bfa-fff0b499450d","block_type":"box","text":"lose some or all of the benefit of any increase in the value of the transaction after the time of the","page_number":42,"box":{"x":248,"y":140,"width":594,"height":9}},{"id":"2f74ec19-e71e-4e7b-b707-9ef5c0dd4083","block_type":"box","text":"trade. 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The scope and scale of sanctions in","page_number":44,"box":{"x":634,"y":404,"width":219,"height":10}},{"id":"18736de0-a744-4b04-9ad9-191e136baba4","block_type":"box","text":"place at a particular time may be expanded or otherwise modified in a way that have negative effects on a","page_number":44,"box":{"x":122,"y":417,"width":650,"height":10}},{"id":"3507ca02-86d1-4675-9edd-8c53cb3eadf9","block_type":"box","text":"Scheme","page_number":44,"box":{"x":777,"y":417,"width":47,"height":8}},{"id":"7b1628d6-e6c5-4fa7-a184-4c2daae27f88","block_type":"box","text":".","page_number":44,"box":{"x":826,"y":424,"width":1,"height":1}},{"id":"4aae15b2-8685-4f97-8e03-fbd70ff1b6d4","block_type":"box","text":"Sanctions, or the threat of new or modified sanctions, could impair the ability of a","page_number":44,"box":{"x":121,"y":431,"width":500,"height":9}},{"id":"194bdb4c-6e32-4667-a270-1220f5b9d53b","block_type":"box","text":"Scheme","page_number":44,"box":{"x":627,"y":431,"width":47,"height":7}},{"id":"dd80c08c-26d7-4f66-9fe2-35c78bb99872","block_type":"box","text":"to buy, sell, hold, receive,","page_number":44,"box":{"x":678,"y":431,"width":156,"height":9}},{"id":"1226121b-c3c8-46ad-b58c-a2ec21bc50ac","block_type":"box","text":"deliver or otherwise transact in certain affected securities or other investment instruments. 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As a collective result of the imposition of sanctions, Russian government","page_number":44,"box":{"x":121,"y":509,"width":696,"height":9}},{"id":"1e24efeb-eceb-4ac1-a9b6-de6bf6e3fdaf","block_type":"box","text":"countermeasures and","page_number":44,"box":{"x":121,"y":522,"width":132,"height":7}},{"id":"bb38b1f2-9455-4763-bed9-cca739ceb00d","block_type":"box","text":"the impact that they","page_number":44,"box":{"x":258,"y":522,"width":125,"height":9}},{"id":"c96b8cc6-43c9-4e4e-950e-8afb4b5102af","block_type":"box","text":"have had on the trading markets for Russian securities, certain Schemes have","page_number":44,"box":{"x":388,"y":522,"width":472,"height":9}},{"id":"a807a9b7-cf9b-468b-b9ec-44886af10cdd","block_type":"box","text":"used, and may in the future use, fair value pricing in accordance with Clause 12.3 of this Prospectus to value","page_number":44,"box":{"x":122,"y":535,"width":663,"height":9}},{"id":"7b45e567-6651-420c-a53f-d69dbeda69a2","block_type":"box","text":"certain","page_number":44,"box":{"x":791,"y":535,"width":41,"height":7}},{"id":"602f5d81-8fe0-4fa5-8353-3dcea3dd2b02","block_type":"box","text":"Russian securities, which could result in such securities being deemed to have a zero value.","page_number":44,"box":{"x":122,"y":548,"width":555,"height":9}},{"id":"d866b8a9-937f-482d-83b1-2bb985c5b4de","block_type":"box","text":"11.54","page_number":44,"box":{"x":122,"y":576,"width":36,"height":8}},{"id":"de93b5e5-36ec-4865-a3dd-158ad35aa1ec","block_type":"box","text":"Securities Lending Risk","page_number":44,"box":{"x":166,"y":575,"width":204,"height":11}},{"id":"2ee15b06-bff4-4b32-b508-51a27acdbf98","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":44,"box":{"x":121,"y":603,"width":757,"height":10}},{"id":"5231ee6e-75e5-405b-9ce8-aa97b3258b02","block_type":"box","text":"Adviser for the purpose of lending the Scheme’s securities.","page_number":44,"box":{"x":121,"y":616,"width":359,"height":10}},{"id":"9588c9d8-dbf8-4a20-9238-b17c5b1192a2","block_type":"box","text":"If a Scheme engages in securities lending, there is a risk that the borrower may become insolvent or otherwise become","page_number":44,"box":{"x":122,"y":644,"width":755,"height":9}},{"id":"b048e580-f4b5-4857-8c72-d3d4cb786d76","block_type":"box","text":"unable to meet or refuse to honour its obligations to return equivalent securities to the loaned securities. 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(d) any foreign exchange restrictions to which they are subject in their own countries in","page_number":45,"box":{"x":309,"y":140,"width":555,"height":9}},{"id":"529f87a3-0b9f-4ab6-8abd-99fe6875a5a8","block_type":"box","text":"relation to the purchase, holding, exchanging, redeeming or disposing of units; (e) the legal, tax, financial or other","page_number":45,"box":{"x":129,"y":153,"width":696,"height":9}},{"id":"b316ad55-7679-4f48-9c38-a42d7e307312","block_type":"box","text":"consequences of subscribing for, purchasin","page_number":45,"box":{"x":129,"y":166,"width":262,"height":9}},{"id":"17119cec-c25c-4e9a-a686-4a6ac55ab855","block_type":"box","text":"g, holding, exchanging, redeeming or disposing of Units; and (f) the provisions","page_number":45,"box":{"x":393,"y":166,"width":476,"height":9}},{"id":"e38e3676-fb79-484d-bfd5-b67ffb8c9651","block_type":"box","text":"of this Prospectus. unless otherwise agreed in writing, none of the Manager, the Investment Adviser or any of their","page_number":45,"box":{"x":129,"y":179,"width":708,"height":9}},{"id":"4d309c7f-6d9e-40ac-9d6d-a247dc037f17","block_type":"box","text":"affiliates undertakes to give advice in a fiduciary capacit","page_number":45,"box":{"x":129,"y":192,"width":341,"height":10}},{"id":"b4a242f3-ea1a-4847-a2be-348c8a8a6975","block_type":"box","text":"y in connection with the offer and sale of Units in any Scheme.","page_number":45,"box":{"x":471,"y":192,"width":381,"height":10}},{"id":"300d05fc-f66b-4fd9-a979-391d0b13595c","block_type":"box","text":"11.56","page_number":45,"box":{"x":122,"y":221,"width":36,"height":7}},{"id":"c67905ce-996c-441c-a111-f0113be12f6b","block_type":"box","text":"Sustainable Investing Risk","page_number":45,"box":{"x":181,"y":219,"width":229,"height":12}},{"id":"0d02b892-6647-421c-b38b-72359522271f","block_type":"box","text":"A Scheme's incorporation of","page_number":45,"box":{"x":121,"y":248,"width":173,"height":9}},{"id":"3d095b63-b6f9-4e78-97ca-79945c1282dc","block_type":"box","text":"sustainable investing","page_number":45,"box":{"x":298,"y":248,"width":127,"height":9}},{"id":"4fdabb1a-9c74-498b-83c6-c9949166e1f0","block_type":"box","text":"considerations in its investment process may cause it to make different","page_number":45,"box":{"x":429,"y":248,"width":436,"height":9}},{"id":"99a3c2da-55ba-4350-9213-8cb5219109eb","block_type":"box","text":"investments than funds that have a similar investment universe and/or investment style but that do not incorporate such","page_number":45,"box":{"x":121,"y":261,"width":742,"height":9}},{"id":"66dae0eb-1a4b-4d46-840b-e82126b61170","block_type":"box","text":"considerations in their investment strategy or processes. 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A Scheme's investment process may","page_number":45,"box":{"x":311,"y":300,"width":272,"height":9}},{"id":"96435348-b1a4-4135-b2c1-c4f04cb2122e","block_type":"box","text":"affect its exposure to certain investments,","page_number":45,"box":{"x":588,"y":300,"width":256,"height":9}},{"id":"917c26d3-a3d9-4641-b4ae-3c3011b6b2b5","block_type":"box","text":"which may impact its relative investment performance depending on whether such investments are in or out of favour","page_number":45,"box":{"x":121,"y":313,"width":727,"height":9}},{"id":"5b2694b3-03a3-4189-a9fc-20c5348b7647","block_type":"box","text":"with the market. The Investment Advisor relies on available information to assist in the","page_number":45,"box":{"x":121,"y":326,"width":535,"height":7}},{"id":"92a947f1-3c24-4ac5-9d37-fdf45e03f5c5","block_type":"box","text":"sustainable investment","page_number":45,"box":{"x":662,"y":326,"width":141,"height":7}},{"id":"b5e7cb94-a1f2-4ac2-94d9-d1f4c99f3745","block_type":"box","text":"evaluation","page_number":45,"box":{"x":808,"y":326,"width":62,"height":7}},{"id":"c8554079-39b9-4b2e-823f-a572bbdadc2f","block_type":"box","text":"process, and the process employed for a Scheme may differ from processes employed for other funds. 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In evaluating a company and/or issuer, the Investment Advisor is dependent upon information and data that","page_number":45,"box":{"x":121,"y":365,"width":751,"height":9}},{"id":"fd73360d-cad5-4f0b-9709-ccad6bd457c2","block_type":"box","text":"may be incomplete, inaccurate or unavailable, which could cause the Investment Advisor to incorrectly assess a company'","page_number":45,"box":{"x":122,"y":378,"width":747,"height":10}},{"id":"287fcca3-f065-49f2-bbe2-ad742a48f223","block_type":"box","text":"s","page_number":45,"box":{"x":872,"y":381,"width":4,"height":5}},{"id":"d39be710-748b-49a4-814b-2075e38e2ba4","block_type":"box","text":"sustainability","page_number":45,"box":{"x":121,"y":391,"width":80,"height":10}},{"id":"95329108-f235-413f-9a59-eeeacb992de3","block_type":"box","text":"characteristics. A Scheme may invest in companies and/or issuers that do not reflect the beliefs and values of","page_number":45,"box":{"x":205,"y":391,"width":670,"height":10}},{"id":"c740109c-0e0a-4da8-a1a2-035d948f58c8","block_type":"box","text":"any particular investor","page_number":45,"box":{"x":121,"y":404,"width":137,"height":10}},{"id":"df297d2d-5dfe-4a86-8c30-d5b6c8489911","block_type":"box","text":".","page_number":45,"box":{"x":259,"y":410,"width":3,"height":2}},{"id":"e2cf3b90-d2c1-4499-bfc6-bdc072b72f5e","block_type":"box","text":"11.57","page_number":45,"box":{"x":122,"y":460,"width":36,"height":8}},{"id":"f6f0eebb-b06b-499e-ae37-bcd3ca199eb1","block_type":"box","text":"Tax Risk","page_number":45,"box":{"x":166,"y":459,"width":74,"height":9}},{"id":"0c4e1e9c-39bd-4170-b742-f1ed976eef8a","block_type":"box","text":"Investors’ attention is drawn to the potential taxation risks as outlined in paragraph","page_number":45,"box":{"x":122,"y":488,"width":510,"height":9}},{"id":"3e06cf48-bba3-492b-bd0d-df5fcd734de7","block_type":"box","text":"21","page_number":45,"box":{"x":638,"y":488,"width":13,"height":7}},{"id":"ccf4ba29-87c4-464f-8505-27225ca9dc18","block_type":"box","text":"(entitled “Taxation”) below.","page_number":45,"box":{"x":657,"y":487,"width":169,"height":10}},{"id":"f1453947-9621-4775-8f2e-2034b82548cf","block_type":"box","text":"11.58","page_number":45,"box":{"x":122,"y":516,"width":36,"height":8}},{"id":"ff1ec1d2-393e-48b0-abed-4fd8b2c78951","block_type":"box","text":"Valuation Risk","page_number":45,"box":{"x":165,"y":515,"width":129,"height":9}},{"id":"aabafb7a-d3fd-4497-a776-5805428665ed","block_type":"box","text":"In certain circumstances, a portion of a Scheme’s assets may be valued by the Manager or its delegates at fair value using","page_number":45,"box":{"x":122,"y":543,"width":742,"height":9}},{"id":"14b14c54-c199-42f1-9a04-8d0f013ff622","block_type":"box","text":"prices provided","page_number":45,"box":{"x":122,"y":556,"width":92,"height":9}},{"id":"4957a133-1bc4-4d1b-a86b-4cd71010e46c","block_type":"box","text":"by","page_number":45,"box":{"x":220,"y":556,"width":13,"height":9}},{"id":"204e3653-23c6-4e57-82a5-53478521dd41","block_type":"box","text":"broker","page_number":45,"box":{"x":238,"y":556,"width":39,"height":8}},{"id":"ac64daef-ff84-46a0-8765-801e7be31107","block_type":"box","text":"-","page_number":45,"box":{"x":278,"y":560,"width":4,"height":1}},{"id":"2876e325-037d-49bd-9d7a-48bae8dcddac","block_type":"box","text":"dealers or other market intermediaries (and at times may be a single broker","page_number":45,"box":{"x":283,"y":556,"width":465,"height":9}},{"id":"204b5704-825f-4652-a409-ea693e56c8af","block_type":"box","text":"-","page_number":45,"box":{"x":749,"y":560,"width":4,"height":1}},{"id":"6a1c86e0-cebc-43fe-a1af-dbfa0407d2e4","block_type":"box","text":"dealer or other","page_number":45,"box":{"x":754,"y":556,"width":92,"height":8}},{"id":"ac150a6b-ec5f-4b4a-8c53-ee5e40b4408f","block_type":"box","text":"market intermediary) when other reliable pricing sources may not be available. If relevant information is not available from","page_number":45,"box":{"x":122,"y":569,"width":754,"height":9}},{"id":"06a9aed6-1043-4c5e-95ae-00342e4a28bf","block_type":"box","text":"any of those sources or the Man","page_number":45,"box":{"x":121,"y":582,"width":197,"height":9}},{"id":"0391c001-239d-4467-a314-3847a3cd440d","block_type":"box","text":"ager considers it unreliable, the","page_number":45,"box":{"x":319,"y":582,"width":193,"height":9}},{"id":"d09717d3-5efa-447b-88f8-54887cba40dc","block_type":"box","text":"Manager","page_number":45,"box":{"x":517,"y":583,"width":54,"height":8}},{"id":"9e58315d-a691-415a-a7cb-cbbbf0251b50","block_type":"box","text":"(or its delegate)","page_number":45,"box":{"x":576,"y":582,"width":95,"height":9}},{"id":"022ae2fa-469e-4a50-93dd-c3a240b3310b","block_type":"box","text":"may","page_number":45,"box":{"x":676,"y":584,"width":25,"height":7}},{"id":"5a74c272-b185-4576-ae07-00e826c1ae6b","block_type":"box","text":"value a Scheme’s assets","page_number":45,"box":{"x":705,"y":582,"width":145,"height":8}},{"id":"17dad562-a8c8-4e9e-9c81-2ef0c4f5f08a","block_type":"box","text":"based on such other informa","page_number":45,"box":{"x":122,"y":595,"width":174,"height":8}},{"id":"835ba2ce-ba2d-46ad-a9da-2709fab68b21","block_type":"box","text":"tion as the Manager may in its discretion consider appropriate. The value established for any","page_number":45,"box":{"x":297,"y":595,"width":569,"height":10}},{"id":"8393b3d9-4fd8-46cb-88a4-80a177d14bc5","block_type":"box","text":"portfolio holding at a point in time might differ from what would be produced using a different methodology or if it had","page_number":45,"box":{"x":122,"y":608,"width":731,"height":10}},{"id":"3aa66f0c-3230-468c-81b5-d5a65837e9f4","block_type":"box","text":"been priced using market quotations. Port","page_number":45,"box":{"x":122,"y":621,"width":257,"height":10}},{"id":"55e6416f-e49a-4786-8264-c295f669fe02","block_type":"box","text":"folio holdings that are valued using techniques other than market quotations,","page_number":45,"box":{"x":380,"y":621,"width":475,"height":10}},{"id":"34f1f67b-21dd-47e0-b097-fe7c37a49d8c","block_type":"box","text":"including fair valued securities, may be subject to greater fluctuation in their valuations from one day to the next than if","page_number":45,"box":{"x":121,"y":635,"width":734,"height":9}},{"id":"13401497-0e5c-4b75-b357-577c4ec4d415","block_type":"box","text":"market quotations were used. There can be no assuranc","page_number":45,"box":{"x":122,"y":648,"width":342,"height":9}},{"id":"df713452-896f-4fb3-94a9-2feffa827035","block_type":"box","text":"e that such prices will accurately reflect the price a Scheme would","page_number":45,"box":{"x":466,"y":647,"width":402,"height":10}},{"id":"73057ab9-b1ae-4c3c-8554-2d832fbaf782","block_type":"box","text":"receive upon sale of a security and to the extent a Scheme sells a security at a price lower than the price it has been using","page_number":45,"box":{"x":122,"y":661,"width":743,"height":9}},{"id":"53576394-e860-49c8-a155-7f86d13d3705","block_type":"box","text":"to value the security, its Net Asset Value will be adversely a","page_number":45,"box":{"x":121,"y":674,"width":362,"height":9}},{"id":"a397d208-daa9-4575-a3f5-d7fe91957ce3","block_type":"box","text":"ffected. 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The Manager will notify the","page_number":46,"box":{"x":121,"y":128,"width":734,"height":10}},{"id":"d5ffff07-4f83-4522-8b59-3d54b25132b8","block_type":"box","text":"Trustee daily of such prices and will publish them on its website at www.ssga.com.","page_number":46,"box":{"x":121,"y":141,"width":505,"height":10}},{"id":"a2377b21-3307-40ba-8b1e-d7402d6c37d4","block_type":"box","text":"For information as to Unit prices, see paragraph","page_number":46,"box":{"x":122,"y":169,"width":291,"height":9}},{"id":"6376d5a2-80b5-4cea-b562-de720cbf8dd4","block_type":"box","text":"20 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30%.","page_number":51,"box":{"x":121,"y":341,"width":295,"height":9}},{"id":"1d482215-4664-4f07-8f2e-01079f9de53e","block_type":"box","text":"16.","page_number":51,"box":{"x":122,"y":369,"width":21,"height":9}},{"id":"5af0a1af-1cec-4c41-8d2d-e7fa26f73716","block_type":"box","text":"M","page_number":51,"box":{"x":166,"y":368,"width":18,"height":10}},{"id":"529eee76-e8a2-4d70-bde6-be997fe645e1","block_type":"box","text":"ANAGEMENT OF COLLATERAL AND COLLATERAL 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the context of OTC financial derivatives transactions and efficient portfolio management techniques, a Scheme","page_number":51,"box":{"x":167,"y":412,"width":693,"height":10}},{"id":"71e24a59-26dd-490e-815c-3081c00112d1","block_type":"box","text":"may receive collateral with a view to reducing its counterparty risk. This section sets out the collateral policy","page_number":51,"box":{"x":167,"y":425,"width":662,"height":10}},{"id":"6879c12b-f6e1-4323-a4b7-a8aab97d31ee","block_type":"box","text":"applied by the Scheme in suc","page_number":51,"box":{"x":167,"y":439,"width":176,"height":9}},{"id":"b9e15191-3881-47f9-89ae-7933f2c9014f","block_type":"box","text":"h case.","page_number":51,"box":{"x":345,"y":439,"width":40,"height":7}},{"id":"0e748527-cc51-4a2d-bb8f-2b2d6f24d637","block_type":"box","text":"(b)","page_number":51,"box":{"x":121,"y":466,"width":16,"height":9}},{"id":"8634fd57-029c-4008-a95e-b5d0c95a5c2c","block_type":"box","text":"Collateral received by a Scheme may be used to reduce its counterparty risk exposure if it complies with the criteria","page_number":51,"box":{"x":167,"y":466,"width":706,"height":9}},{"id":"b33782ba-4e8e-4149-be34-09dfe40d7dec","block_type":"box","text":"set out in applicable laws, regulations and rules issued by the FCA from time to time notably in terms of liquidity,","page_number":51,"box":{"x":167,"y":479,"width":693,"height":9}},{"id":"3505115d-8f24-446a-9671-e54f46109bc3","block_type":"box","text":"valuation, issuer c","page_number":51,"box":{"x":167,"y":492,"width":109,"height":9}},{"id":"d96dced4-6780-49fa-a27a-025c2540c148","block_type":"box","text":"redit quality, correlation, risks linked to the management of collateral and enforceability. In","page_number":51,"box":{"x":278,"y":492,"width":558,"height":9}},{"id":"450ae9c8-363a-4220-9997-92e600bea2df","block_type":"box","text":"particular, collateral should comply with the following conditions:","page_number":51,"box":{"x":168,"y":505,"width":400,"height":9}},{"id":"b55e0c81-7189-4883-a333-8e3c87baff45","block_type":"box","text":"(i)","page_number":51,"box":{"x":167,"y":532,"width":10,"height":9}},{"id":"a44de816-8878-4635-9872-016c06179a9b","block_type":"box","text":"Any collateral received should be of high quality, highly liquid and traded on a regulated market or","page_number":51,"box":{"x":211,"y":532,"width":604,"height":10}},{"id":"2fd693e4-cd76-484e-83f5-0bac035ac73e","block_type":"box","text":"multilateral trading facility with transparent pricing in order that it can be sold quickly at a price that is close","page_number":51,"box":{"x":212,"y":545,"width":661,"height":9}},{"id":"3be6e934-af96-4f02-b155-2dfc7b307e38","block_type":"box","text":"to 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following","page_number":58,"box":{"x":409,"y":663,"width":211,"height":9}},{"id":"d5db86b0-4ed9-4b2e-b69c-684e16d2e0c8","block_type":"box","text":"receipt by the Manager of the","page_number":58,"box":{"x":625,"y":663,"width":182,"height":9}},{"id":"f9c73854-4172-4b16-ae31-56b603d94cb2","block_type":"box","text":"appropriate information and documents, which will usually be the duly completed redemption form but may include such","page_number":58,"box":{"x":121,"y":676,"width":746,"height":9}},{"id":"452f9e39-ef69-458f-9295-2c49f8d08fca","block_type":"box","text":"other documents as the Manager may reasonably re","page_number":58,"box":{"x":121,"y":689,"width":320,"height":9}},{"id":"84e67836-bcf7-46cb-865d-2c7e39fa99af","block_type":"box","text":"quire for the purposes of verifying information and the identity of the","page_number":58,"box":{"x":443,"y":689,"width":426,"height":9}},{"id":"ad9150be-7b29-428f-bab0-19c7e309a4f6","block_type":"box","text":"Unitholder or of his authority 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him.","page_number":59,"box":{"x":212,"y":183,"width":451,"height":9}},{"id":"dc7ea1ab-1644-49dd-a470-6d527a61228f","block_type":"box","text":"(c)","page_number":59,"box":{"x":167,"y":210,"width":14,"height":9}},{"id":"176325fb-349e-412f-99e2-2a4e98209e31","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":59,"box":{"x":211,"y":210,"width":660,"height":9}},{"id":"a687c403-25e6-48e5-8222-54afa96cf31b","block_type":"box","text":"the purpose of ensuring that no Units are acquired or held by any person in circumstances which (i)","page_number":59,"box":{"x":211,"y":223,"width":609,"height":9}},{"id":"ef09187b-e46a-4ba5-a121-e50ebad20ebc","block_type":"box","text":"constitute a breach of the law or governmental re","page_number":59,"box":{"x":212,"y":236,"width":304,"height":9}},{"id":"45dc72fc-9d06-4b81-a8f9-1ee5f66660f4","block_type":"box","text":"gulation (or any interpretation of a law or 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circumstances, it is in the","page_number":59,"box":{"x":475,"y":515,"width":394,"height":9}},{"id":"dc502f78-d70a-42ed-9b78-075656027486","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":59,"box":{"x":212,"y":528,"width":644,"height":9}},{"id":"a11e2618-d59f-444d-99f4-95b2435fa383","block_type":"box","text":"the commencement of the suspension, including details of the exceptional circums","page_number":59,"box":{"x":211,"y":541,"width":508,"height":9}},{"id":"1faa4d84-7b75-40a4-aa15-44f85f4bc9a7","block_type":"box","text":"tances whi","page_number":59,"box":{"x":720,"y":541,"width":64,"height":7}},{"id":"6149fb2f-18eb-4677-8e60-5a53782ca9a1","block_type":"box","text":"ch have led to","page_number":59,"box":{"x":786,"y":541,"width":85,"height":7}},{"id":"861fa52e-8ed2-48c3-b854-117e3cc730be","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":59,"box":{"x":211,"y":554,"width":653,"height":9}},{"id":"bf8c4c8a-1772-4c05-900f-aa1cd9630ee8","block_type":"box","text":"information about the suspension. 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During the suspension none of the obligations in COLL","page_number":59,"box":{"x":212,"y":593,"width":661,"height":9}},{"id":"8c05ff6f-73d0-42cc-be4e-e76904887797","block_type":"box","text":"6.2 (Dealing) will apply but the Manager will comply with as much of","page_number":59,"box":{"x":212,"y":606,"width":419,"height":9}},{"id":"842f3f90-54d7-4294-92fd-fe986a7019a5","block_type":"box","text":"COLL 6.3 (Valuation and Pricing) during","page_number":59,"box":{"x":636,"y":606,"width":238,"height":9}},{"id":"9e15cf4c-a5b7-4af8-a6d8-23bdfedfbace","block_type":"box","text":"the period of suspension as is practicable in light of the suspension. 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The Manager may agree during the suspension to","page_number":59,"box":{"x":212,"y":658,"width":651,"height":10}},{"id":"24977b08-6e8a-4320-8602-f5193cfd23ad","block_type":"box","text":"deal in Units in which case all deals accepted dur","page_number":59,"box":{"x":212,"y":671,"width":298,"height":10}},{"id":"886e026e-c351-41ae-a37c-f5d81ce41f69","block_type":"box","text":"ing and outstanding prior to the suspension will be","page_number":59,"box":{"x":511,"y":671,"width":309,"height":10}},{"id":"1d535053-ff5e-424e-9788-fb8fd95f1963","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":59,"box":{"x":212,"y":685,"width":652,"height":9}},{"id":"445f3c58-4c1b-483a-b66d-551d47ac4c4d","block_type":"box","text":"of instructions outstanding because of a suspension or given during a suspension, Unitholde","page_number":59,"box":{"x":212,"y":698,"width":563,"height":9}},{"id":"87901361-6009-4b73-857e-2454616fa93d","block_type":"box","text":"rs wishing to","page_number":59,"box":{"x":777,"y":698,"width":76,"height":9}},{"id":"763ce048-44ec-4f9c-8748-b5d87f4a2db7","block_type":"box","text":"withdraw such instructions must give written notice to the Manager before the first dealing point following","page_number":59,"box":{"x":212,"y":711,"width":657,"height":9}},{"id":"8c31a720-b459-475d-ac8d-02f674975ea5","block_type":"box","text":"the end of the suspension","page_number":59,"box":{"x":211,"y":724,"width":158,"height":9}},{"id":"4452f6b8-9222-42c4-8de5-4171aca8cb77","block_type":"box","text":".","page_number":59,"box":{"x":371,"y":730,"width":2,"height":1}},{"id":"57d77c89-409d-4c7c-a230-733e486f29d3","block_type":"box","text":"19.4","page_number":59,"box":{"x":122,"y":752,"width":28,"height":8}},{"id":"57a65205-863c-4f4c-986e-1e815ab374a2","block_type":"box","text":"Anti","page_number":59,"box":{"x":165,"y":750,"width":37,"height":10}},{"id":"04459638-6a2b-462f-91df-2988faa55b56","block_type":"box","text":"-","page_number":59,"box":{"x":203,"y":756,"width":5,"height":1}},{"id":"46245f88-7f75-4516-8944-7bf247c76e00","block_type":"box","text":"Money","page_number":59,"box":{"x":209,"y":751,"width":59,"height":11}},{"id":"f4cfcf86-5233-4a51-9af9-6e6090e70965","block_type":"box","text":"Laundering","page_number":59,"box":{"x":272,"y":750,"width":101,"height":12}},{"id":"46f48a15-505b-4da5-bb2b-91c32347e32a","block_type":"box","text":"Measures aimed towards the prevention of money laundering may require a detailed verification of the identity of existing","page_number":59,"box":{"x":122,"y":779,"width":751,"height":9}},{"id":"6663d2e3-e873-40fb-bd06-6e8a98c7fac6","block_type":"box","text":"Unitholders, applicants for and potential transferees of Units.","page_number":59,"box":{"x":122,"y":792,"width":375,"height":9}},{"id":"8abf8069-ca91-468d-a63a-e496f8a36bb8","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":59,"box":{"x":122,"y":820,"width":745,"height":9}},{"id":"2954058a-ac03-4a4f-9ebc-cd0bd5977e19","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":59,"box":{"x":122,"y":832,"width":689,"height":10}},{"id":"b741650d-41da-4612-ac24-83637a9fdc8c","block_type":"box","text":"Corporate appl","page_number":59,"box":{"x":121,"y":846,"width":90,"height":9}},{"id":"ac34f2a4-3efa-4849-bbde-aed70a4edd4e","block_type":"box","text":"icants may be required to produce a certified copy of their certificate of incorporation (and any change of","page_number":59,"box":{"x":214,"y":846,"width":646,"height":9}},{"id":"18df0df0-951e-4a5f-8003-ebc8c1a5cb85","block_type":"box","text":"name), memorandum and articles of association (or equivalent) and the names, occupations, dates of birth and residential","page_number":59,"box":{"x":122,"y":859,"width":749,"height":9}},{"id":"6870044b-4632-4444-a9ab-4ad80c382be5","block_type":"box","text":"and business addresses of a","page_number":59,"box":{"x":121,"y":872,"width":169,"height":7}},{"id":"5d6026ee-2c7d-48f4-b63b-eacc923209d7","block_type":"box","text":"ll its directors.","page_number":59,"box":{"x":292,"y":872,"width":84,"height":7}},{"id":"7644176f-c622-4802-a1c3-bc695c7ae2c7","block_type":"box","text":"59","page_number":60,"box":{"x":464,"y":938,"width":12,"height":7}},{"id":"95f19c06-d260-448d-82eb-9457d341aee7","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":60,"box":{"x":121,"y":88,"width":730,"height":9}},{"id":"065ee54d-9fc0-451b-aacd-ef61239be339","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":60,"box":{"x":121,"y":101,"width":747,"height":9}},{"id":"c856d125-66c2-425c-988e-d801e492b409","block_type":"box","text":"take such a","page_number":60,"box":{"x":121,"y":114,"width":67,"height":7}},{"id":"232ace27-7d4a-4abb-8ccf-050805fcc706","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":60,"box":{"x":190,"y":114,"width":678,"height":9}},{"id":"be20e887-322c-493d-a244-2a0f8adeee14","block_type":"box","text":"issued, compulsorily redeeming such Units. It may also withhold redemption proceeds and approval of transfers of Units,","page_number":60,"box":{"x":121,"y":127,"width":744,"height":9}},{"id":"7a5fb076-f2c3-4743-8684-4399cb70a84d","block_type":"box","text":"as the circumstanc","page_number":60,"box":{"x":121,"y":140,"width":113,"height":8}},{"id":"262e827e-7bef-42a5-9df9-74dde2fc7cea","block_type":"box","text":"es warrant.","page_number":60,"box":{"x":236,"y":141,"width":67,"height":7}},{"id":"9ebfabff-373a-4ccc-8115-2fdefd85e90a","block_type":"box","text":"19.5","page_number":60,"box":{"x":122,"y":168,"width":27,"height":8}},{"id":"9bc1aeba-4a75-4b60-885f-e4cce7985648","block_type":"box","text":"Subscription and Redemptions in Specie","page_number":60,"box":{"x":166,"y":167,"width":349,"height":12}},{"id":"c1dd3be6-9da9-4587-b510-2d29c83720c9","block_type":"box","text":"Issue of Units in exchange for in specie assets","page_number":60,"box":{"x":122,"y":196,"width":282,"height":9}},{"id":"be300d2f-e75e-4dda-889c-4c958d9b7261","block_type":"box","text":"The Manager may, at its discretion, issue Units of any class by way of exchange for non","page_number":60,"box":{"x":121,"y":223,"width":531,"height":9}},{"id":"63c35a8f-b6b3-46c0-a432-e1069e4ede92","block_type":"box","text":"-","page_number":60,"box":{"x":654,"y":227,"width":3,"height":1}},{"id":"3b13d562-9e3b-4f7d-9e8f-3c5b774b8a65","block_type":"box","text":"cash assets (","page_number":60,"box":{"x":659,"y":223,"width":74,"height":9}},{"id":"0ccda365-fa84-4ba3-a641-2125eee2a2c1","block_type":"box","text":"Investments","page_number":60,"box":{"x":735,"y":223,"width":76,"height":7}},{"id":"1eb7504a-d4a8-48d7-977b-4548e30a6903","block_type":"box","text":") provided","page_number":60,"box":{"x":812,"y":223,"width":61,"height":9}},{"id":"67d7400e-8f2c-4114-ae9b-92e4d1963d9a","block_type":"box","text":"that:","page_number":60,"box":{"x":121,"y":236,"width":28,"height":7}},{"id":"96259fde-12fa-4f0f-af7e-9d3dabf6fc69","block_type":"box","text":"(a)","page_number":60,"box":{"x":152,"y":263,"width":14,"height":9}},{"id":"ce4008ae-033b-4519-b4f4-0c378519164b","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":60,"box":{"x":197,"y":263,"width":669,"height":10}},{"id":"4f277f15-fcf9-45e6-bbec-662b80a480bd","block_type":"box","text":"the person concerned shall have completed an application for Units as required under this Prospectus and","page_number":60,"box":{"x":196,"y":276,"width":651,"height":9}},{"id":"25a6aab6-11d6-43ae-9da1-43c9cd09f967","block_type":"box","text":"satisfied all the requirements of the","page_number":60,"box":{"x":197,"y":289,"width":218,"height":10}},{"id":"043e07d6-7aad-4618-8fca-6101006d2ce4","block_type":"box","text":"Manager as to such application;","page_number":60,"box":{"x":420,"y":289,"width":193,"height":10}},{"id":"6931590d-efe4-4109-a58a-f9eaebf6fd67","block_type":"box","text":"(b)","page_number":60,"box":{"x":152,"y":317,"width":15,"height":9}},{"id":"7e8dbeec-6ae2-47a0-a838-5f1a4a5b1726","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":60,"box":{"x":196,"y":317,"width":667,"height":9}},{"id":"6f25d61d-adbd-4973-9c9b-db03de08bbe6","block_type":"box","text":"such as would qualify as investments of that Scheme in accordance with the investment objectives, policies","page_number":60,"box":{"x":197,"y":330,"width":656,"height":9}},{"id":"8661b632-07ca-4b86-bb1b-e90d34cbc809","block_type":"box","text":"and restrictions of that Scheme;","page_number":60,"box":{"x":197,"y":343,"width":194,"height":9}},{"id":"1ca26083-9ebf-48d4-8d02-f23a54827a0b","block_type":"box","text":"(c)","page_number":60,"box":{"x":152,"y":370,"width":13,"height":9}},{"id":"a1599af2-6233-4254-b074-2fa003cb67d4","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":60,"box":{"x":197,"y":370,"width":664,"height":9}},{"id":"cb3342da-fbe2-48d0-9625-18016161d548","block_type":"box","text":"Trustee to provide custody of the relevant Scheme property); and","page_number":60,"box":{"x":196,"y":383,"width":402,"height":9}},{"id":"60d86b89-c327-4a32-8dc2-de71d6c02adf","block_type":"box","text":"(d)","page_number":60,"box":{"x":152,"y":410,"width":15,"height":10}},{"id":"14682d30-0b4c-41f7-8be5-6f8824c68da8","block_type":"box","text":"any exchange will be effected upon such terms (including provision for paying any expenses of exchange, any","page_number":60,"box":{"x":197,"y":410,"width":668,"height":10}},{"id":"454a4ae4-c205-4c1c-8f95-cb8922ad1e4c","block_type":"box","text":"preliminary charge and any anti","page_number":60,"box":{"x":197,"y":424,"width":192,"height":9}},{"id":"b17c71a4-b049-45fe-81b1-c0c94109fd22","block_type":"box","text":"-","page_number":60,"box":{"x":391,"y":428,"width":4,"height":1}},{"id":"1d1042c5-5f89-4d8b-96eb-a51d2ae8b746","block_type":"box","text":"dilution levy as would have been payable for Units issued for cash) as provide","page_number":60,"box":{"x":396,"y":423,"width":473,"height":10}},{"id":"2bc2af32-95cb-4452-b7c4-40896814d26e","block_type":"box","text":"that the number of Units issued shall","page_number":60,"box":{"x":196,"y":437,"width":225,"height":7}},{"id":"19c63c7f-59cc-4c67-985d-eb02f89d1f57","block_type":"box","text":"not exceed the number which would have been issued for cash against","page_number":60,"box":{"x":427,"y":437,"width":433,"height":9}},{"id":"11c292eb-d9d9-408a-95a3-ab581d3a9e9a","block_type":"box","text":"payment of a sum equal to the value of the Investments concerned calculated in accordance with the","page_number":60,"box":{"x":197,"y":450,"width":620,"height":9}},{"id":"8e8fc146-27ee-4931-863b-30f07da460fd","block_type":"box","text":"procedures for the valuation of the relevant Scheme property,","page_number":60,"box":{"x":197,"y":463,"width":380,"height":9}},{"id":"e633be18-5076-4383-b208-55c6a2be7118","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":60,"box":{"x":122,"y":490,"width":734,"height":9}},{"id":"16814bf5-c15e-4b65-83c6-ccdefe94369a","block_type":"box","text":"not be likely to result in any material prejudice to the interests of Unitholders","page_number":60,"box":{"x":122,"y":503,"width":473,"height":9}},{"id":"286abf8c-2acd-4a4d-8823-a160e7e1e75e","block_type":"box","text":"In Specie redemptions and cancellations of Units","page_number":60,"box":{"x":122,"y":530,"width":303,"height":9}},{"id":"b401498c-a924-4429-9a7c-0d0c9e0a8b23","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":60,"box":{"x":121,"y":558,"width":739,"height":9}},{"id":"b3b4ef52-5dd8-421f-ae5a-f6d44f758cee","block_type":"box","text":"(a)","page_number":60,"box":{"x":152,"y":585,"width":14,"height":9}},{"id":"a84dfab4-c679-45af-bf41-731af00a9389","block_type":"box","text":"a redemption request has been completed and delivered as required by this Prospectus and otherwise satisfies","page_number":60,"box":{"x":197,"y":585,"width":680,"height":9}},{"id":"c2482764-9776-4a45-b620-18a3075964fe","block_type":"box","text":"all the requirements of the Manager as to such request;","page_number":60,"box":{"x":197,"y":598,"width":341,"height":9}},{"id":"a78a70af-9ebf-46e6-8995-81da6efd677d","block_type":"box","text":"(b)","page_number":60,"box":{"x":152,"y":625,"width":15,"height":9}},{"id":"7309595d-fd83-4e44-a2a9-f7d983fe3b35","block_type":"box","text":"the Manager, on receiving a redemption request from a Unitholder, elects (after having consulted with the","page_number":60,"box":{"x":196,"y":625,"width":654,"height":9}},{"id":"c2c2c3bb-43f0-4398-9853-deb69efc99b6","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":60,"box":{"x":196,"y":638,"width":654,"height":10}},{"id":"497166df-350f-4827-bacb-b7e49c75b170","block_type":"box","text":"transfer to the Unitholder of Scheme inve","page_number":60,"box":{"x":196,"y":651,"width":255,"height":8}},{"id":"7ba7be37-ad1a-4658-9eb4-61d78641672b","block_type":"box","text":"stments (and all liabilities attached thereto) provided that the value","page_number":60,"box":{"x":453,"y":651,"width":414,"height":10}},{"id":"b96fe1e1-7446-4ebb-9d43-fdbefe4cce01","block_type":"box","text":"thereof does not exceed the amount which otherwise would have been payable on a cash redemption. 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