SUPPLEMENT Davy Global Equity Fund

Transcription

1 Davy s p.l.c. An open-ended umbrella investment company with variable capital and segregated liability between sub-funds incorporated with limited liability in Ireland under Companies Act 2014 with registration number SUPPLEMENT Davy Global Equity Dated

2 1 IMPORTANT INFORMATION The Directors in Prospectus, accept responsibility for information contained in this Supplement and Prospectus. To best of knowledge and belief of Directors (who have taken all reasonable care to ensure that such is case) information contained in this Supplement and in Prospectus is in accordance with facts and does not omit anything likely to affect import of such information. The Directors accept responsibility accordingly. Shareholders should note that all fees and expenses of charged to capital of. Thus on repurchase of holdings shareholders may not receive back full amount invested and this will have effect of lowering capital value of shareholders investment. Shareholders should note that dividends paid out of capital, refore capital may be eroded, distribution is achieved by forgoing potential for future capital growth and this cycle may continue until all capital is depleted. This Supplement contains information relating specifically to Davy Global Equity ( ""), a of Davy s p.l.c. ( "Company"), an open-ended umbrella fund with segregated liability between sub-funds authorised by Central Bank as a UCITS pursuant to Regulations. This Supplement forms part of and should be read in context of and in conjunction with Prospectus for Company dated ( "Prospectus"). The is suitable for investors who are prepared to accept a high level of volatility. As price of Shares in each may fall as well as rise, Company shall not be a suitable investment for an investor who cannot sustain a loss on ir investment. The may invest in Financial Derivative Instruments ("FDIs") for investment, hedging efficient portfolio management purposes. (See "Borrowing and Leverage" below for details of leverage effect of investing in FDIs). CVV/ / v20 2

3 2 DEFINITIONS Base Currency means Euro; Business Day means any day (or than a Saturday or Sunday) on which commercial banks are open for business in Dublin and/or such or day or days as may be determined by Directors from time to time and as notified to Shareholders in advance; Dealing Day means each Business Day and/or such or day or days as Directors may in ir absolute discretion determine and notify in advance to Shareholders provided that re shall be at least two Dealing Days in each Month (with at least one Dealing Day per two week period); Dealing Deadline in respect of subscriptions and repurchases means before a.m. (Irish time) on Business Day immediately preceding Dealing Day, or such or time for Dealing Day as may be determined by Directors and notified in advance to Shareholders provided always that Dealing Deadline is no later than Valuation Point; Distribution Date means dates or dates by reference to which a distribution may at discretion of Directors be declared which shall usually be 30 June and 31 December in each year; Investment Grade means any investment with a rating of at least Baa3 from Moody's BBB from Standard & Poor's or BBB from Fitch or higher; Investment Manager means Davy Asset Management Limited; Minimum Size means 5,000,000 or such or amount as Directors may in ir absolute discretion determine; Money Market Instruments means deposits, treasury bills, demand notes, promissory notes, commercial paper, negotiable certificates of deposit, floating rate notes or any transferable debt securities with a maturity of generally one year or less; Settlement Date in respect of subscriptions and repurchases respectively shall have meaning outlined in section entitled "Key Information for Buying and Selling Shares" below; Valuation Point means close of business in market where assets are listed or traded on first Business Day immediately preceding Dealing Day by reference to which Net Asset Value per Share of is determined provided such point will in no case precede close of business in market that closes first on Business Day. All or defined terms used in this Supplement shall have same meaning as in Prospectus. CVV/ / v20 3

4 3 INFORMATION ON THE FUND 3.1 Investment Objective, Investment Policies and Investment Strategy (a) Investment Objective: The investment objective of is to seek to achieve capital appreciation over long term. There can be no assurance that will achieve its investment objective. (b) Investment Policies: The intends to achieve its investment objective by investing in a global portfolio of equity securities with diversification by sector and country. The will invest in those markets as defined by MSCI World Index ( "Index ). The is not tracking Index and will not invest in those assets used by Index. The Index is a broad-based index capturing those shares freely available for investment in developed equity markets across globe including but not limited to following markets, Australia, Austria, Belgium, Luxembourg, Canada, Denmark, Finland, France, Germany, Greece, Hong Kong, Ireland, Israel, Italy, Japan, Korea, Nerlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, United Kingdom and United States. The may not invest more than 20% of net assets of in emerging markets. The weighting between various countries and market sectors (including, but not limited to, financials sector, e.g. banks, insurance and development stock and industrials sector, e.g. building products, airlines and construction and engineering) is determined by views of Investment Manager on attractiveness of each country and market sector at any point in time and associated risk of each country and market sector. The may not invest more than 20% of net assets of in authorised open-ended UCITS with exposure to equities which will include, for avoidance of doubt, Exchange Traded s ("ETF") and 10% of its net assets in closed-ended non-ucits Collective Investment Schemes ("CIS"). In respect of investment in such CIS, will at all times comply with provisions of Regulations and requirements of Central Bank in respect of any investments in CIS. The CIS that may invest in authorised as UCITS or non- UCITS CIS, consist of regulated collective investment schemes which may be domiciled in a member state of EEA, U.S., Jersey, Guernsey or Isle of Man (in accordance with provisions of Guidance Note 2/03). The may also hold Money Market Instruments for ancillary liquid purposes, all of which shall be of at least Investment Grade. It is not expected that will have a significant exposure to Money Market Instruments. The may invest in fixed interest securities, money market and fixed interest collective investment schemes on basis of a short-term market view for ancillary liquidity purposes. Investment in such collective investment schemes complied with limits set out in paragraph 4 of this sub-section (b). The fixed interest securities in which will predominantly invest shall include sovereign bonds (fixed rate) and treasury bills which shall be traded or listed on European fixed interest markets. Each of 's investments, apart from cash, traded or listed on permitted markets as detailed in Appendix II of Prospectus ("Recognised Exchanges") as defined in Prospectus. However, it should be noted that, although securities of companies in which invests listed or traded on Recognised Exchanges, certain of issuers may be located in countries which are not included in definition of Recognised Exchanges. Cash, commercial paper (i.e. short term paper issued by credit institutions), and money market obligations such as short and medium-term treasury bills and treasury notes (both fixed and CVV/ / v20 4

5 floating rate) issued or guaranteed by a national government or its agencies or instrumentalities, certificates of deposit, bankers' acceptances, commercial paper and floating rate notes (i.e. bonds which have a variable coupon) held by to provide liquidity and in a manner consistent with 's investment objective and policies and subject to Regulations and restrictions set out in Prospectus. In normal market conditions fully invested in equities subject to Investment Manager's discretion to invest up to 10% in cash. The may invest in or sub-funds of Company, where such investments are appropriate to investment objective and policies of (See "Cross Investing" below for furr details). The may also use FDIs for investment, efficient portfolio management and/or hedging purpose as described in section 3.2 below. (c) Investment Strategy In order to invest in a global portfolio of equity securities with diversification by sector and country, investment approach utilises a combination of both quantitative and fundamental analysis (for example, dividend yield, P/E Ratios, balance sheet). The is managed using a strong, disciplined and structured investment process. The initial stage of investment process involves utilisation of a quantitative screen. The screen is used to filter broader equity universe into a sub-set of stocks which represents investable universe for. The use of screen provides Investment Manager with a focused universe of stocks to research. Effectively, this screening process narrows universe to a sub-set of stocks which broadly display following characteristics: 1. Typically large market capitalisation; 2. Dividend yields which are suitable in meeting criteria of having a high dividend yield; 3. Attractive medium term earnings (top line revenue and underlying profitability) growth relative to peers and 4. Financially stable, strong consistent balance sheet without high levels of leverage. The Investment Manager undertakes fundamental research on candidates within investable universe. This involves industry/sector research, company analysis and valuation work e.g. examining company s balance sheet, estimating stock valuations based upon Investment Manager's view for company s future. The Investment Manager looks to identify key growth drivers of business, competitive landscape, strategic outlook for company and potential risks in industry, geography or company specific risks. The Investment Manager will endeavour to construct a global portfolio, using an active, bottom-up approach. Geographic and sector weightings are regularly reviewed to ensure that remains suitably diversified from a risk perspective. Use of Derivatives and Efficient Portfolio Management Techniques The may engage in transactions in FDI for purposes of investment, efficient portfolio management and/or to protect against exchange risks within conditions and limits laid down by Central Bank from time to time. The Investment Manager will look to ensure that techniques and instruments used are economically appropriate in that y realised in a cost-effective way. Such techniques and instruments (details of which are outlined below) are options and forwards. Warrants, share purchase rights and convertible securities will not be directly acquired but may be issued to pursuant to its investment in a particular security and, in such cases, may be retained for purposes of efficient portfolio management and traded or exercised when considered appropriate. Options CVV/ / v20 5

6 An option contains right to buy or sell a specific quantity of a specific asset at a fixed price at or before a specified future date. There are two forms of options: put or call options. Put options are contracts sold for a premium that give to buyer right, but not obligation, to sell to seller a specified quantity of a particular asset (or financial instrument) at a specified price. Call options are similar contracts sold for a premium that give buyer right, but not obligation, to buy from seller a specified quantity of a particular asset (or financial instrument) at a specified price. Options may also be cash-settled. The may use such instruments to hedge against market risk or gain exposure to underlying equity. Any option entered into by in accordance with limits prescribed by law. Forwards Forward currency contracts could be used to hedge against currency risk that has resulted from assets held by that are not in Base Currency. The, may, for example, use forward currency contracts by selling forward a foreign currency against Base Currency to protect from foreign exchange rate risk that has arisen from holding assets in that currency. Direct and indirect operational costs and/or fees (which do not include hidden revenue) arising from use of FDIs for EPM purposes may be deducted from revenue delivered to Company. Such costs and/or fees are payable to counterparty to FDI in question and such counterparty may or may not be related to Investment Manager or Custodian. All revenues generated from such FDIs, net of direct and indirect operational costs, returned to Company. Collateral or margin may be passed by to a counterparty or broker in respect of OTC FDI transaction. Please refer to section of Prospectus entitled "Collateral Policy" for furr details. The use of FDI and efficient portfolio management techniques for purposes outlined above will expose to risks disclosed under section of Prospectus entitled "Risk Factors". 3.2 Borrowing and Leverage (a) Borrowing The Company may only borrow on a temporary basis for account of and aggregate amount of such borrowings may not exceed 10% of Net Asset Value of. In accordance with provisions of Regulations, Company may charge assets of as security for borrowings of. (b) Leverage The may utilise FDI as referred to in section headed "Use of Derivatives and Efficient Portfolio Management Techniques" above. The will use commitment approach to accurately measure, monitor and manage market risk and calculate its exposures. Global exposure and leverage as a result of its investment in FDI (calculated using commitment approach) shall not exceed 100% of Net Asset Value of. The Investment Manager does not expect use of FDIs to significantly increase 's risk profile. The Company on behalf of has filed with Central Bank its risk management process which enables it to accurately measure, monitor and manage various risks associated with use of FDI. Any FDI not included in risk management process will not be utilised until such time as a revised submission has been provided to Central Bank. The Company will, on request, provide supplementary information to Shareholders relating to risk management CVV/ / v20 6

7 methods employed, including quantitative limits that are applied and any recent developments in risk and yield characteristics of main categories of investments. 3.3 Investment Restrictions Investors must note that Company and adheres to restrictions and requirements set out under Regulations, as may be amended from time to time. These are set out in Appendix I to Prospectus. In accordance with requirements of Central Bank, will apply for a derogation from some of investment restrictions for six months following first Shares of pursuant to Regulations but will observe principle of risk-spreading. Please refer to section 5.5 of Appendix I of Prospectus for furr details. 3.4 Cross Investing Subject to requirements of Central Bank, and if this is considered appropriate to investment objective and policies of, may invest in or s of Company. Any commission received by Investment Manager in respect of such investment paid into assets of. In addition, no Preliminary Charge, Repurchase Charge or Exchange Charge may be charged on cross-investing s investment. In order to avoid double-charging of management and/or performance fees, may not be charged an Investment Management Fee or performance fee in respect of that part of its assets invested in or s of Company unless such investment in anor is made into a Class of Shares that does not attract any Investment Management Fee or performance fee. Investment may not be made by in a which itself cross-invests in anor within Company. Please also refer to section of Prospectus entitled "Cross-Investment". 3.5 Profile of a Typical Investor A typical investor seeking to achieve a return on ir investment in medium to long term. 3.6 Risk Factors Investors should read and consider section of Prospectus entitled "RISK FACTORS" before investing in. However, not all of risks disclosed in "RISK FACTORS" section of Prospectus material to an investment in this particular. In addition to above referenced risks, investors should also consider particular implications of following risks that are to an investment in. Fees and expenses of may be charged to capital of where insufficient income has been generated by to cover fees and expenses. Thus, on repurchases of holdings Shareholders may not receive back full amount invested and this will have effect of lowering capital value of ir investment. There is a greater risk refore that capital may be eroded and income achieved by foregoing potential for future capital growth of your investment and value of future returns may also be diminished. Investors should note however that distributions made during life of are a form of capital reimbursement. CVV/ / v20 7

8 Currency Fluctuations The performance of assets held by may be strongly influenced by movements in currency rates because currency positions held by may not correspond with securities positions held. The risks described in Prospectus should not be considered to be an exhaustive list of risks which potential investors should consider before investing in. Potential investors should be aware that an investment in may be exposed to or risks from time to time. 3.7 Key Information for Buying and Selling Shares Class Class Currency*** Initial Offer iod* Initial Price Issue Minimum Shareholding** Minimum Initial Investment Amount** Minimum Additional Investment Amount** A Accumulating Euro in Total 2015, A Distributing Euro in Total 2015, CVV/ / v20 8

9 B Accumulating Euro in Total 2015, B Distributing Euro in Total 2015, C Accumulating Euro in Total 2015, CVV/ / v20 9

10 D Accumulating Euro in Total 2015, E Accumulating Euro in Total 2015, F Accumulating Euro in Total 2015, CVV/ / v20 10

11 G Accumulating Euro in Total 2015, H Accumulating Euro in Total 2015, I Accumulating Euro in Total 2015, CVV/ / v20 11

12 J Distributing Euro in Total 2015, K Distributing Euro L Distributing Euro in Total 2015, in Total 2015, CVV/ / v20 12

13 M Distributing Euro N Distributing Euro in Total 2015, in Total 2015, O Accumulating Sterling in Total 2015, was 4, CVV/ / v20 13

14 P Distributing Sterling in Total 2015, was 4, Q Accumulating Sterling in Total 2015, was 4, R Distributing Sterling in Total 2015, was 4, CVV/ / v20 14

15 S Accumulating Sterling in Total 2015, was 4, T Distributing Sterling in Total 2015, was 4, U Accumulating Sterling in Total 2015, was 4, CVV/ / v20 15

16 V Distributing Sterling in Total 2015, was 4, X Accumulating Sterling in Total 2015, was 4, Y Distributing Sterling in Total 2015, was 4, CVV/ / v20 16

17 *The Initial Offer iod may be shortened or extended by Directors. The Central Bank notified in advance of any such shortening or extension if subscriptions for Shares have been received and orwise shall be notified subsequently, on an annual basis. **Subject to discretion of Directors (or ir delegate) in each case to allow lesser amounts. *** Unhedged Currency es. A currency conversion will take place on subscription, redemption and distributions at prevailing exchange rates. The value of Share expressed in Class currency may be subject to exchange rate risk in relation to Base Currency. Applications for Shares and applications for repurchase of Shares must be received by Dealing Deadline. Applications for Shares will only be accepted on a cleared funds basis in Base Currency. Applications received after Dealing Deadline for Dealing Day shall be deemed to have been received by next Dealing Deadline, save in exceptional circumstances where Directors may in ir absolute discretion (reasons to be documented) determine and provided Applications are received before Valuation Point for Dealing Day. Repurchase requests received after Dealing Deadline shall be treated as having been received by following Dealing Deadline, save in exceptional circumstances where Directors may in ir absolute discretion (reasons to be documented) determine and provided y are received before Valuation Point for Dealing Day. Subscription Settlement Date: Subscription monies should be paid to account specified in Application Form (or such or account specified by Administrator) so as to be received by no later than three Business Days after Dealing Day. If payment in full and/or a properly completed Application Form have not been received by times stipulated above, application may be refused. Repurchase Settlement Date: Payment of Repurchase Proceeds made by electronic transfer to account of redeeming Shareholder at risk and expense of Shareholder normally within three Business Days of Dealing Day and, in all cases, paid within ten Business Days of Dealing Deadline for Dealing Day, provided that all required documentation has been furnished to and received by Administrator. Repurchase proceeds may at discretion of Directors be paid in specie where repurchasing Shareholder requests repurchase of a number of Shares that represents 5% or more of Net Asset Value of. Repurchase requests, which represent less than 5% of Net Asset Value of may be satisfied by way of an in specie transfer where repurchasing Shareholder has consented to same. Shares may also be subscribed in specie at discretion of Directors. Please also refer to section of Prospectus entitled "In specie Repurchases" and "In Specie Subscriptions". 3.8 Dividend Policy For Class A Accumulating Shares, Class B Accumulating Shares, Class C Accumulating Shares, Class D Accumulating Shares, Class E Accumulating Shares, Class F Accumulating Shares, Class G Accumulating Shares, Class H Accumulating Shares, Class I Accumulating Shares, Class O Accumulating Shares, Class Q Accumulating Shares, Class S Accumulating Shares, Class U Accumulating Shares, and Class X Accumulating Shares ( "Accumulating es") (and indicated as such in table in section above titled "Key Information for Buying and Selling Shares"), it is present intention of Directors not to declare or pay dividends, and any income or gains earned by and se es, reinvested and reflected in value of Shares. CVV/ / v20 17

18 For Class A Distributing Shares, Class B Distributing Shares, Class J Distributing Shares, Class K Distributing Shares, Class L Distributing Shares, Class M Distributing Shares, Class N Distributing Shares, Class P Distributing Shares, Class R Distributing Shares, Class T Distributing Shares, Class V Distributing Shares and Class Y Distributing Shares ( "Distributing es") (and indicated as such in table in section above entitled "Key Information for Buying and Selling Shares"), subject to net income being available for distribution, Directors intend to declare dividends on Distribution Date and such dividends paid on or before 14th Business Day following Distribution Date to all Shareholders entered on register of Shareholders at close of business on Business Day immediately preceding Distribution Date and refore applicants for Shares to be dealt on or after Distribution Date will not be entitled to distribution paid in respect of such Distribution Date but Shareholders seeking to repurchase ir Shares on or after Distribution Date will receive distribution paid in respect of such Distribution Date. The Directors reserve right to increase or decrease frequency of dividend payments, if any, at ir discretion for Distributing es. In event of a change of policy full details disclosed in an updated Supplement and Shareholders notified in advance. Under Articles, dividends may be paid out of profits, being (i) accumulated revenue (consisting of all revenue accrued including interest and dividends) less expenses and/or (ii) realised and unrealised capital gains on disposal/valuation of investments and or funds less realised and unrealised accumulated capital losses of ; or (iii) out of capital. Dividends are paid out of capital to allow provision of income to Shareholders of Distributing es, in event of insufficient income being in for a particular period. Dividends paid to Shareholders by electronic transfer to Shareholder s bank account of record on initial Application Form in currency of denomination of Distributing at expense of payee and within timeframe outlined above. The net income available for distribution in respect of Distributing determined in accordance with law and generally accepted accounting principles consistently applied. Please also refer to section in Prospectus entitled "Dividend Policy". 3.9 Exchange of Shares Shareholders may exchange between similar Classes of Shares in accordance with provisions set out under heading "Exchange of Shares" in Prospectus. The Directors can refuse an application to exchange between Classes of Shares in accordance with provisions set out under heading "Exchange of Shares" Fees and Expenses The following fees and expenses incurred by Company on behalf of and will affect Net Asset Value of of. Class Investment Manageme nt Fee Distribut or Fee Administrat or Fee Custodia n Fee forman ce Fee Prelimina ry Charge Repurcha se Charge Exchang e Charge A Accumulati ng 0.675% 0% 0.085% annum of NAV of NAV of Within from CVV/ / v20 18

19 Within reafter: A Distributing 0.675% 0% 0.085% annum of NAV of NAV of Within from Within reafter: B Accumulati ng 1.35% 0% 0.085% annum of NAV of NAV of Within from Within reafter: B Distributing 1.35% 0% 0.085% annum of NAV of NAV of Within from Within CVV/ / v20 19

20 reafter: C Accumulati ng 0.90% 0% 0.085% annum of NAV of NAV of Within from Within reafter: D Accumulati ng 1% 0% 0.085% annum of NAV of NAV of Within from Within reafter: E Accumulati ng 0.5% 0% 0.085% annum of NAV of NAV of Within from Within CVV/ / v20 20

21 reafter: F Accumulati ng 0.75% 0% 0.085% annum of NAV of NAV of Within from Within reafter: G Accumulati ng 1.10% 0% 0.085% annum of NAV of NAV of Within from Within reafter: H Accumulati ng 1.25% 0% 0.085% annum of NAV of NAV of Within from Within reafter: CVV/ / v20 21

22 I Accumulati ng 1.50% 0% 0.085% annum of NAV of NAV of Within from Within reafter: J Distributing 0.55% 0% 0.085% annum of NAV of NAV of Within from Within reafter: K Distributing 0.75% 0% 0.085% annum of NAV of NAV of Within from Within reafter: CVV/ / v20 22

23 L Distributing 1.10% 0% 0.085% annum of NAV of NAV of Within from Within reafter: M Distributing 1.20% 0% 0.085% annum of NAV of NAV of Within from Within reafter: N Distributing 1.50% 0% 0.085% annum of NAV of NAV of Within from Within reafter: O Accumulati ng 0.675% 0% 0.085% annum Within from CVV/ / v20 23

24 of NAV of NAV of Within reafter: P Distributing 0.675% 0% 0.085% annum of NAV of NAV of Within from Within reafter: Q Accumulati ng 1.35% 0% 0.085% annum of NAV of NAV of Within from Within reafter: R Distributing 1.35% 0% 0.085% annum of NAV of NAV of Within from CVV/ / v20 24

25 Within reafter: S Accumulati ng 0.55% 0% 0.085% annum of NAV of NAV of Within from Within reafter: T Distributing 0.55% 0% 0.085% annum of NAV of NAV of Within from Within reafter: U Accumulati ng 0.75% 0% 0.085% annum of NAV of NAV of Within from Within CVV/ / v20 25

26 reafter: V Distributing 0.75% 0% 0.085% annum of NAV of NAV of Within from Within reafter: X Accumulati ng 1.10% 0% 0.085% annum of NAV of NAV of Within from Within reafter: Y Distributing 1.10% 0% 0.085% annum of NAV of NAV of Within from Within CVV/ / v20 26

27 Investment Management Fee & Expenses reafter: The Investment Manager shall be entitled to maximum annual Investment Management Fee equal to a percentage of Net Asset Value of Class detailed in above table. Such fee shall be calculated and accrued at each Valuation Point and payable monthly in arrears. The Investment Manager is also entitled to its reasonable out-of-pocket expenses out of assets of. Distributor Fee & Expenses The Distributor shall be entitled to maximum annual Distributor Fee equal to a percentage of Net Asset Value of Class detailed in above table. Such fee shall be calculated and accrued at each Valuation Point and payable monthly in arrears. The Distributor is also entitled to its reasonable out-of-pocket expenses out of assets of. Custodian Fee & Expenses The Custodian shall be entitled to an annual Custodian Fee equal to a percentage of Net Asset Value of Class, detailed in above table, subject to a minimum monthly fee of 600 toger with reasonable costs and expenses incurred by Custodian in performance of its duties as Custodian of. These fees shall accrue and be calculated on each Dealing Day and shall be payable monthly in arrears. The Custodian shall also be entitled to be reimbursed out of assets of all agreed sub-custodian fees, expenses and transaction charges (which charged at normal commercial rates) as agreed with Directors. Administrator Fee & Expenses The Administrator shall be entitled to maximum annual Administrator Fee equal to a percentage of Net Asset Value of Class detailed in above table. Such fee shall be calculated and accrued at each Valuation Point and payable monthly in arrears. The Administrator shall be also be entitled to a minimum annual fee of 30,000 per year and a transaction fee for each transaction conducted pursuant to Administration Agreement which charged at normal commercial rates. The Administrator is also entitled to its reasonable out-of-pocket expenses out of assets of Or Fees and Expenses This section should be read in conjunction with section entitled "Fees and Expenses" in Prospectus. (a) Anti-Dilution Levy The Directors reserve right to impose an Anti-Dilution Levy in case of net subscriptions and/or net repurchases on a transaction basis as a percentage adjustment (to be communicated to Administrator) on value of subscription/repurchase calculated for purposes of determining a subscription price or repurchase price to reflect impact of or dealing costs relating to acquisition or disposal of assets and to preserve value of CVV/ / v20 27

28 underlying assets of where y consider such a provision to be in best interests of a. Such amount added to price at which Shares issued in case of net subscription requests and deducted from price at which Shares repurchased in case of net repurchase requests. Any such sum paid into account of. (b) Establishment Expenses The fees and expenses incurred in connection with establishment of will not exceed 10,000. These fees and expenses paid out assets of and amortised over first five years. This section should be read in conjunction with section entitled "Fees and Expenses" in Prospectus Miscellaneous There are currently 18 or s of Company in existence, namely Davy Discovery Equity Davy Global Bond Davy Strategic Global Equity Global Brands Equity Global High Yield Equity Davy Ethical Equity Davy Cautious Growth Davy Balanced Growth Davy Long Term Growth Davy Defensive Income Davy Fixed Income Global Equity Income Davy Cash Davy Global Equity SRI Davy Fixed Interest Davy UK GPS Cautious Growth Davy UK GPS Balanced Growth Davy UK GPS Long Term Growth Additional s of Company may be added in future with prior approval of Central Bank. CVV/ / v20 28