DIMENSIONAL FUNDS PLC

Transcription

1 DIMENSIONAL FUNDS PLC (An umbrella fund with segregated liability between sub-funds constituted as an investment company with variable capital under the laws of Ireland and authorised by the Central Bank of Ireland pursuant to the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011, as amended) Third Addendum to the Prospectus for Dimensional Funds plc (the Company) This Third Addendum is supplemental to, and forms part of the Prospectus dated 23 June 2015 (the Prospectus) as amended by the First Addendum to the Prospectus of the Company dated 14 September 2015 and the Second Addendum to the Prospectus of the Company dated 26 February 2016 and should be read in the context of and together with the Prospectus. The Directors of the Company, whose names appear under DIRECTORY on page 125 of the Prospectus, accept responsibility for the information contained in the Prospectus, the First Addendum, the Second Addendum and this Third Addendum. To the best of the knowledge and belief of the Directors (who have taken all reasonable care to ensure that such is the case) the information contained in this Third Addendum is in accordance with the facts and does not omit anything likely to affect the import of such information. The Directors accept responsibility accordingly. Date: 08 June 2016

2 Words and expressions defined in the Prospectus shall, unless the context otherwise requires, have the same meaning when used in this Third Addendum. For the purposes of interpretation, in the event of any conflict between this Third Addendum and the Prospectus, any such conflict shall be resolved in favour of this Third Addendum. IMPORTANT: If you are in doubt about the contents of this Third Addendum, you should consult your stockbroker, bank manager, solicitor, accountant or other financial adviser. Neither the delivery of this Third Addendum nor the offer, issue or sale of Shares, under any circumstances, constitutes a representation that the information contained in this Third Addendum is correct as of any time subsequent to the date of this Third Addendum. The purpose of this Third Addendum is to: 1. Add a new EUR P Accumulation Share Class to the Global Value Fund; 2. Change the investment policies of the Global Value Fund to limit investment in CIS to 5% of the Fund's net assets; and 3. Add a new risk factor in respect of the use of an Umbrella Cash Subscription and Redemption Account. AMENDMENTS TO THE PROSPECTUS This Third Addendum sets out the following changes to the Prospectus: 1. IMPORTANT INFORMATION IRISH STOCK EXCHANGE The following paragraph is inserted as a final paragraph under the sub-section entitled "IRISH STOCK EXCHANGE" on page 13 of the Prospectus, as follows: "Application has been made to the Irish Stock Exchange for the following Class in the following Fund to be admitted to the Official List and to trading on the Main Securities Market of the Irish Stock Exchange: 1. Global Value Fund 1.1. EUR P Accumulation Shares" 2. The fourth paragraph under the heading "INVESTMENT POLICIES" of the sub-section headed "GLOBAL VALUE FUND" in the section entitled INVESTMENT OBJECTIVES AND POLICIES on page 36 of the Prospectus is hereby deleted in its entirety and replaced with the following: "In addition to investment in securities of companies located in global developed countries, investments held by the Fund may include collective investment schemes which the Investment Manager considers will give consistent returns to investors in line with the target returns of the Fund. No more than 5% of the Fund's assets will be invested in collective investment schemes, however the Investment Manager may increase this limit to 10% of the Fund s net assets upon prior notice to the Shareholders of the Fund." 3. INVESTMENT OBJECTIVE AND POLICIES GLOBAL VALUE FUND The fifth paragraph under the heading "INVESTMENT POLICIES" of the sub-section headed "GLOBAL VALUE FUND" in the section entitled "INVESTMENT POLICIES" on page 37 of the Prospectus is hereby deleted in its entirety and replaced with the following: "The Directors have established nine Classes in this Fund. USD Accumulation Shares, USD Distributing Shares, USD Accumulation Investor Shares and USD Distributing Investor Shares are denominated in U.S. Dollars, EUR Accumulation Shares, EUR Distributing Shares and EUR P Accumulation Shares are denominated in Euro and GBP Accumulation Shares and GBP Distributing Shares are denominated in Sterling." 4. SPECIAL CONSIDERATIONS AND RISK FACTORS - UMBRELLA CASH SUBSCRIPTION AND REDEMPTION ACCOUNT 2

3 The following paragraph headed "UMBRELLA CASH SUBSCRIPTION AND REDEMPTION ACCOUNT" is inserted as a final paragraph in the section entitled "SPECIAL CONSIDERATIONS AND RISK FACTORS" on page 67 of the Prospectus: "UMBRELLA CASH SUBSCRIPTION AND REDEMPTION ACCOUNT Subscription monies received in respect of a Fund in advance of the issue of Shares will be held in the umbrella cash subscriptions and redemptions account ( Umbrella Cash Subscriptions and Redemptions Account ) in the name of the Company and will be treated as an asset of the relevant Fund. Investors will be unsecured creditors of the relevant Fund with respect to the amount subscribed and held by the Company until Shares are issued. As such, investors will not benefit from any appreciation in the Net Asset Value of the relevant Fund or any other Shareholder rights (including dividend entitlement) until such time as Shares are issued. In the event of an insolvency of the Fund or the Company, there is no guarantee that the Fund or Company will have sufficient funds to pay unsecured creditors in full. Payment of redemption proceeds and dividends in respect of a particular Fund is subject to receipt by the Administrator of original subscription documents and compliance with all anti-money laundering procedures. Notwithstanding this, redeeming Shareholders will cease to be Shareholders, with regard to the redeemed Shares, and will be unsecured creditors of the particular Fund from the relevant Dealing Day. Pending redemptions and distributions (including blocked redemptions or distributions) will, pending payment to the relevant Shareholder, be held in the Umbrella Cash Subscriptions and Redemptions Account in the name of the Company. Redeeming Shareholders and Shareholders entitled to such distributions will be unsecured creditors of the relevant Fund, and will not benefit from any appreciation in the Net Asset Value of the Fund or any other Shareholder rights (including further dividend entitlement), with respect to the redemption or distribution amount held in the Umbrella Cash Subscriptions and Redemptions Account. In the event of an insolvency of the relevant Fund or the Company, there is no guarantee that the Fund or the Company will have sufficient funds to pay unsecured creditors in full. Redeeming Shareholders and Shareholders entitled to distributions should ensure that any outstanding documentation and information is provided to the Administrator promptly. Failure to do so is at such Shareholder s own risk. In the event of the insolvency of another Fund of the Company (the Insolvent Fund ), recovery of any amounts held in the Umbrella Cash Subscriptions and Redemptions Account to which another Fund is entitled (the Entitled Fund ), but which may have transferred to the Insolvent Fund as a result of the operation of the Umbrella Cash Subscriptions and Redemptions Account, will be subject to the principles of Irish insolvency law and the terms of the operational procedures for the Umbrella Cash Subscriptions and Redemptions Account. There may be delays in effecting and/or disputes as to the recovery of such amounts, and the Insolvent Fund may have insufficient funds to repay amounts due to the Entitled Fund." 5. INVESTING IN SHARES HOW TO BUY SHARES Initial Offer Period The following is inserted as the first paragraph under the heading "Initial Offer Period" in the subsection under the heading "HOW TO BUY SHARES" in the section entitled INVESTING IN SHARES on page 69 of the Prospectus: "EUR P Accumulation Shares in the Global Value Fund will be will be available for subscription at the initial offer price of EUR 10 per EUR P Accumulation Share, plus applicable sales charges. The initial offer period for these Shares shall run from 9.00am (Irish time) on 9 June 2016 until 5.30pm (Irish time) on 8 December 2016, or such other dates as the Directors may determine and notify to the Central Bank. Thereafter those shares will be issued at their Net Asset Value per Share on each Dealing Day." 6. INVESTING IN SHARES HOW TO BUY SHARES Initial Offer Prices The third line under sub-section headed "Initial Offer Prices" in the sub-section under the heading "HOW TO BUY SHARES" in the section entitled INVESTING IN SHARES page 70 of the Prospectus is hereby deleted and replaced with the following: "EUR10 per EUR Accumulation Share, EUR Distributing Share, EUR Accumulation DR Share or EUR P Accumulation Share" 3

4 The following sub-section (10) in the sub-section headed "Initial Offer Prices" in the sub-section under the heading "HOW TO BUY SHARES" in the section entitled INVESTING IN SHARES on page 72 of the Prospectus is hereby deleted and replaced with the following "10. Global Value Fund USD Accumulation Shares USD Accumulation Investor Shares USD Distributing Shares USD Distributing Investor Shares GBP Accumulation Shares GBP Distributing Shares EUR Accumulation Shares EUR Distributing Shares 10.9 EUR P Accumulation Shares" 7. INVESTING IN SHARES HOW TO BUY SHARES Subscription for Shares The first paragraph in the sub-section entitled "Subscription for Shares" in the sub-section under the heading "HOW TO BUY SHARES" in the section entitled INVESTING IN SHARES page 78 of the Prospectus is hereby deleted and replaced with the following: "Subscription is subject to receipt by the Company of the application form together with any other documentation deemed necessary for regulatory or taxation purposes including, without limitation, a FATCA self-certification form, and, if a U.S. Person, the subscription agreement for U.S. Persons and proceeds in the manner described below. The minimum initial subscription amount to the Funds is US$200,000 per USD Accumulation Share and per USD Distributing Share, US$100,000 per USD Accumulation Investor Share and per USD Distributing Investor Share and US$10,000,000 per USD Z Institutional Accumulation Share and per USD Z Institutional Distributing Share, EUR 200,000 per EUR Accumulation Share, per EUR Accumulation DR Share, per EUR Distributing Share and per EUR P Accumulation Share (except for the EUR Accumulation Share Class and EUR Distributing Share Class in Emerging Markets Large Cap Core Equity Fund which is EUR 1,000,000), GBP 100,000 per GBP Accumulation Share, per GBP Accumulation DR Share and per GBP Distributing Share, NOK 900,000 per NOK Distributing Share and per NOK Accumulation Share, CHF 200,000 per CHF Distributing Share and per CHF Accumulation Share, SEK 1,000,000 per SEK Distributing Share and per SEK Accumulation Share and JPY 20,000,000 per JPY Accumulation Share and per JPY Distributing Share. The Directors or their delegates including the Investment Manager reserve the right to differentiate between Shareholders and to waive or reduce the minimum initial subscription amount for any such Shareholders or to refuse an application for any such Shares in their absolute discretion." 8. DIVIDEND POLICY The third paragraph in the section entitled "DIVIDEND POLICY" on page 85 of the Prospectus is hereby deleted and replaced with the following: "Currently the Directors anticipate that there will be no dividend distributions in respect of the USD Accumulation Shares, USD Accumulation Investor Shares, USD Z Institutional Accumulation Shares, EUR Accumulation Shares, EUR Accumulation DR Shares, EUR Hedged Accumulation Shares, EUR P Accumulation Shares, GBP Accumulation Shares, GBP Accumulation DR Shares, T GBP Accumulation Shares, NOK Accumulation Shares, CHF Accumulation Shares, SEK Accumulation Shares and JPY Accumulation Shares of the Funds. Accordingly, income and capital gains arising in respect of the USD Accumulation Shares, USD Accumulation Investor Shares, USD Z Institutional Accumulation Shares, EUR Accumulation Shares, EUR Accumulation DR Shares, EUR Hedged Accumulation Shares, EUR P Accumulation Shares, GBP Accumulation Shares, GBP Accumulation DR Shares, T GBP Accumulation 4

5 Shares, NOK Accumulation Shares, CHF Accumulation Shares, SEK Accumulation Shares and JPY Accumulation Shares will be re-invested in the relevant Fund and reflected in the Net Asset Value per Share of the relevant Fund." 9. FEES AND EXPENSES INVESTMENT MANAGEMENT FEES The following sub-section (14) is amended in the sub-section under the heading "INVESTMENT MANAGEMENT FEES" in the section entitled "FEES AND EXPENSES" on page 87 of the Prospectus: "16. Global Value Fund All Classes save for the USD Accumulation Investor Shares and 0.40% USD Distributing Investor Shares and EUR P Accumulation Shares USD Accumulation Investor Shares and USD Distributing Investor 0.65% Shares EUR P Accumulation Shares 0.75%**" The following paragraph is inserted as the ninth paragraph under the heading "INVESTMENT MANAGEMENT FEES" in the section entitled "FEES AND EXPENSES" on page 88 of the Prospectus. "**The Investment Manager may rebate, out of its Management Fee, up to 0.40% to third-party financial intermediaries and platforms to compensate for services including facilitation of marketing of Shares and investor servicing." The final paragraph under the heading "INVESTMENT MANAGEMENT FEES" in the section entitled "FEES AND EXPENSES" on page 88 of the Prospectus is hereby deleted and replaced with the following: "The Investment Manager, or any sub-investment advisor, may, at its discretion and in accordance with applicable law and regulation, rebate part or all of the Management Fees to any Shareholder or use part of the Management Fees to remunerate or reimburse intermediaries, broker-dealers, platforms and other entities. In particular, but without limitation, the USD Accumulation Investor Shares, USD Distributing Investor Shares, EUR P Accumulation Shares, T GBP Accumulation Shares and T GBP Distributing Shares may be offered through intermediaries, broker-dealers, and other entities and part of the Management Fees may be used to remunerate or reimburse such entities, for services including but not limited to facilitation of marketing, distribution, and/or sale of Shares. Further information is available from the Investment Manager on request." 5

6 DIMENSIONAL FUNDS PLC (An umbrella fund with segregated liability between sub-funds constituted as an investment company with variable capital under the laws of Ireland and authorised by the Central Bank of Ireland pursuant to the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011, as amended) Second Addendum to the Prospectus for Dimensional Funds plc (the Company) This Second Addendum is supplemental to, and forms part of the Prospectus dated 23 June 2015 (the Prospectus) as amended by the First Addendum to the Prospectus of the Company dated 14 September 2015 and should be read in the context of and together with the Prospectus. The Directors of the Company, whose names appear under DIRECTORY on page 125 of the Prospectus, accept responsibility for the information contained in the Prospectus, the First Addendum and this Second Addendum. To the best of the knowledge and belief of the Directors (who have taken all reasonable care to ensure that such is the case) the information contained in this Second Addendum is in accordance with the facts and does not omit anything likely to affect the import of such information. The Directors accept responsibility accordingly. Date: 26 February 2016

7 Words and expressions defined in the Prospectus shall, unless the context otherwise requires, have the same meaning when used in this Second Addendum. For the purposes of interpretation, in the event of any conflict between this Second Addendum and the Prospectus, any such conflict shall be resolved in favour of this Second Addendum. IMPORTANT: If you are in doubt about the contents of this Second Addendum, you should consult your stockbroker, bank manager, solicitor, accountant or other financial adviser. Neither the delivery of this Second Addendum nor the offer, issue or sale of Shares, under any circumstances, constitutes a representation that the information contained in this Second Addendum is correct as of any time subsequent to the date of this Second Addendum. The purpose of this Second Addendum is to: 1. Amend the investment policies of the World Allocation 40/60 Fund and the World Allocation 60/40 Fund to align more closely with the World Allocation 20/80 Fund and World Allocation 80/20 Fund, where appropriate; 2. Add two new share classes to the World Allocation 20/80 Fund: 2.1. JPY Accumulation Share Class 2.2. JPY Distributing Share Class 3. Add four new share classes to the Emerging Markets Large Cap Core Equity Fund: 3.1. USD Accumulation Share Class 3.2. USD Distributing Share Class 3.3. GBP Accumulation Shares 3.4. GBP Distributing Shares 4. Reduce the investment management fee for the Global Sustainability Core Equity Fund; 5. Amend the investment policies of the Global Sustainability Core Equity Fund to provide additional disclosure about the profile of companies the Fund may invest in; 4. Amend the collateral policy of the Company to provide for derogation from collateral diversification requirements; 5. Delete the definition of 'UCITS Notices' and insert a new definition for 'Central Bank UCITS Regulations' and all other references (or variations thereof) shall be amended accordingly; 6. Provide additional disclosure in relation to the Investment Manager potentially investing in sub-funds of the Company; 7. Amend the 'DEFINITIONS' section of the Prospectus; 8. Add language in respect of the OECD Common Reporting Standard; and 9. Various other amendments to the Taxation section of the Prospectus. AMENDMENTS TO THE PROSPECTUS This Second Addendum sets out the following changes to the Prospectus: 1. INVESTMENT OBJECTIVE AND POLICIES WORLD ALLOCATION 40/60 FUND The third paragraph under the heading "INVESTMENT POLICIES" of the sub-section headed "WORLD ALLOCATION 40/60 FUND" (as amended) in the section entitled INVESTMENT OBJECTIVES AND POLICIES on page 28 of the Prospectus is hereby deleted in its entirety and replaced with the following: "The equity component of the Fund will generally have a greater emphasis on smaller companies and in shares which the Investment Manager deems to be value companies, and a lower emphasis on larger, 2

8 growth-oriented companies, in each case, as compared to their representation in the general equity market universe. A company s size is generally determined based on its market capitalisation relative to other companies in the same country or economic region. A company's market capitalisation is the number of its shares outstanding times its price per share. The eligible universe of securities that the Fund intends to invest in will generally be comprised of companies listed on selected exchanges on Recognised Markets. In each country or region authorised for investment, the Investment Manager first ranks eligible companies listed on selected exchanges based on the companies' market capitalisations. The Investment Manager then defines the minimum market capitalisation for a company in that country or region. For example, the Investment Manager defines the minimum market capitalisation for a company in the Eurozone as of 30 September 2015 to be US$ 50 million. The definition of minimum market capitalisation for a company will vary in each country or region and may change due to market conditions. Securities are considered value stocks primarily because a company's shares have a high book value in relation to their market value. In assessing value, the Investment Manager may consider additional factors such as price to cash flow or price to earnings ratios, as well as economic conditions and developments in the issuer's industry. The criteria the Investment Manager uses for assessing value are subject to change from time to time. The Investment Manager may also modify Fund allocations after considering other factors which the Investment Manager determines to be appropriate, such as free float, momentum, trading strategies, liquidity management, and profitability, as well as other factors that the Investment Manager determines to be appropriate given market conditions. In assessing profitability, the Investment Manager may consider different ratios, such as that of earnings or profits from operations relative to book value or assets." 2. INVESTMENT OBJECTIVE AND POLICIES WORLD ALLOCATION 60/40 FUND The second paragraph under the heading "INVESTMENT POLICIES" of the sub-section headed "WORLD ALLOCATION 60/40 FUND" (as amended) in the section entitled INVESTMENT OBJECTIVES AND POLICIES on page 30 of the Prospectus is hereby deleted in its entirety and replaced with the following: The equity component of the Fund will generally have a greater emphasis on smaller companies and in shares which the Investment Manager deems to be value companies, and a lower emphasis on larger, growth-oriented companies, in each case, as compared to their representation in the general equity market universe. A company s size is generally determined based on its market capitalisation relative to other companies in the same country or economic region. A company's market capitalisation is the number of its shares outstanding times its price per share. The eligible universe of securities that the Fund intends to invest in will generally be comprised of companies listed on selected exchanges on Recognised Markets. In each country or region authorised for investment, the Investment Manager first ranks eligible companies listed on selected exchanges based on the companies' market capitalisations. The Investment Manager then defines the minimum market capitalisation for a company in that country or region. For example, the Investment Manager defines the minimum market capitalisation for a company in the Eurozone as of 30 September 2015 to be US$ 50 million. The definition of minimum market capitalisation for a company will vary in each country or region and may change due to market conditions. Securities are considered value stocks primarily because a company's shares have a high book value in relation to their market value. In assessing value, the Investment Manager may consider additional factors such as price to cash flow or price to earnings ratios, as well as economic conditions and developments in the issuer's industry. The criteria the Investment Manager uses for assessing value are subject to change from time to time. The Investment Manager may also modify Fund allocations after considering other factors which the Investment Manager determines to be appropriate, such as free float, momentum, trading strategies, liquidity management, and profitability, as well as other factors that the Investment Manager determines to be appropriate given market conditions. In assessing profitability, the Investment Manager may consider different ratios, such as that of earnings or profits from operations relative to book value or assets." 3. INVESTMENT OBJECTIVE AND POLICIES WORLD ALLOCATION 20/80 FUND The eleventh paragraph under the heading "INVESTMENT POLICIES" of the sub-section headed "WORLD ALLOCATION 20/80 FUND" in the section entitled "INVESTMENT POLICIES" on page 28 of the Prospectus is hereby deleted in its entirety and replaced with the following: "The Directors have established eight Classes in this Fund. GBP Accumulation Shares and GBP Distributing Shares are denominated in Sterling, EUR Accumulation Shares and EUR Distributing Shares are denominated in Euro, USD Accumulation Shares and USD Distributing Shares are 3

9 denominated in U.S. Dollars and JPY Accumulation Shares and JPY Distributing Shares are denominated in Japanese Yen." 4. INVESTMENT OBJECTIVE AND POLICIES EMERGING MARKETS LARGE CAP CORE EQUITY FUND The eighth paragraph under the heading "INVESTMENT POLICIES" of the sub-section headed "EMERGING MARKETS LARGE CAP CORE EQUITY FUND" in the section entitled "INVESTMENT POLICIES" on page 52 of the Prospectus is hereby deleted in its entirety and replaced with the following: "The Directors have established eight Classes in this Fund. EUR Accumulation Shares and EUR Distributing Shares are denominated in Euro, GBP Accumulation Shares and GBP Distributing Shares are denominated in Sterling and USD Accumulation Shares, USD Distributing Shares, USD Z Institutional Accumulation Shares and USD Z Institutional Distributing Shares are denominated in U.S. Dollars." 5. IMPORTANT INFORMATION IRISH STOCK EXCHANGE The sub-section headed IRISH STOCK EXCHANGE on page 4 of the Prospectus is hereby deleted and replaced with the following: "The following Classes were admitted to the Official List and trading on the Main Securities Market of the Irish Stock Exchange as set out below: 1. Global Short Fixed Income Fund 1.1. USD Accumulation Shares 12 December USD Distributing Shares 14 March GBP Accumulation Shares 16 April GBP Distributing Shares 11 December EUR Accumulation Shares 26 January EUR Distributing Shares 5 March CHF Distributing Shares 8 May NOK Distributing Shares 3 January SEK Accumulation Shares 1 December SEK Distributing Shares 16 November JPY Accumulation Shares 23 December JPY Distributing Shares 30 June Global Short-Term Investment Grade Fixed Income Fund 2.1. USD Accumulation Shares 9 January USD Distribution Shares 9 January GBP Accumulation Shares 27 January GBP Distributing Shares 27 January EUR Accumulation Shares 3 February EUR Distributing Shares 3 February SEK Accumulation Shares 24 June CHF Distributing Shares 11 August Euro Inflation Linked Intermediate Duration Fixed Income Fund 3.1. EUR Accumulation Shares 1 July EUR Accumulation DR Shares 28 August EUR Distributing Shares 11 January Euro Inflation Linked Long Duration Fixed Income Fund 4.1. EUR Accumulation Shares 20 May EUR Accumulation DR Shares 20 May Global Ultra Short Fixed Income Fund 5.1. GBP Distributing Shares 18 May GBP Accumulation Shares 18 May EUR Accumulation Shares 19 May EUR Distributing Shares 19 May SEK Accumulation Shares 1 December Sterling Inflation Linked Intermediate Duration Fixed Income Fund 6.1. GBP Accumulation Shares 18 April

10 6.2. GBP Distributing Shares 7. World Allocation 20/80 Fund 7.1. GBP Accumulation Shares 7.2. GBP Distributing Shares 7.3. EUR Accumulation Shares 8. World Allocation 40/60 Fund 8.1. GBP Accumulation Shares 8.2. GBP Distributing Shares 8.3. EUR Accumulation Shares 9. World Allocation 60/40 Fund 9.1. GBP Distributing Shares 9.2. GBP Accumulation Shares 5 22 September October October December September September December September September EUR Accumulation Shares 31 December World Allocation 80/20 Fund GBP Distributing Shares GBP Accumulation Shares EUR Accumulation Shares 11. World Equity Fund 9 October October December GBP Accumulation Shares 9 September GBP Distributing Shares 9 September EUR Accumulation Shares 9 January EUR Distributing Shares 6 January USD Distributing Shares 11 August Global Core Equity Fund USD Accumulation Shares 26 October USD Distributing Shares 14 March GBP Accumulation Shares 26 October GBP Distributing Shares 26 October EUR Accumulation Shares 26 October EUR Distributing Shares 21 June EUR Accumulation DR Shares SEK Accumulation Shares JPY Distributing Shares 30 June Global Small Companies Fund USD Accumulation Shares 1 April GBP Accumulation Shares 1 April GBP Distributing Shares 15 April EUR Accumulation Shares 20 April May December EUR Distributing Shares 13 July USD Distributing Shares 7 August Global Sustainability Core Equity Fund USD Accumulation Shares 27 June USD Distributing Shares 27 June GBP Accumulation Shares 27 June GBP Distributing Shares 27 June EUR Accumulation Shares 27 June EUR Distributing Shares 27 June Global Targeted Value Fund USD Accumulation Shares 26 October USD Distributing Shares 11 January GBP Accumulation Shares 26 October GBP Distributing Shares 26 October EUR Accumulation Shares 26 October EUR Distributing Shares 3 May SEK Accumulation Shares 1 December European Value Fund USD Accumulation Shares 26 October USD Distributing Shares 14 March GBP Accumulation Shares 26 October GBP Distributing Shares 26 October EUR Accumulation Shares 26 October 2010

11 16.6. EUR Distributing Shares 16 August European Small Companies Fund USD Accumulation Shares 27 February USD Distributing Shares 11 January GBP Accumulation Shares 8 April GBP Distributing Shares 29 April EUR Accumulation Shares 8 April EUR Distributing Shares 16 August Pacific Basin Small Companies Fund USD Accumulation Shares 27 February USD Distributing Shares 11 January GBP Accumulation Shares 8 April GBP Distributing Shares 29 April EUR Accumulation Shares 26 July EUR Distributing Shares 9 June U.S. Small Companies Fund USD Accumulation Shares 24 September USD Distributing Shares 11 January GBP Accumulation Shares 8 April GBP Distributing Shares 29 April EUR Accumulation Shares 30 April U.S. Core Equity Fund USD Accumulation Shares 8 October EUR Hedged Accumulation Shares 8 October Emerging Markets Value Fund USD Accumulation Shares 30 November USD Distributing Shares 9 September GBP Accumulation Shares 4 January GBP Distributing Shares 8 March EUR Accumulation Shares 10 October EUR Distributing Shares 11 April SEK Accumulation Shares 1 December JPY Distributing Shares 30 June 2014 Application has previously been made for the following Classes in the following Funds, however these Classes have not yet been admitted to the Official List and to trading on the Main Securities Market of the Irish Stock Exchange: 1. Global Short Fixed Income Fund 1.1. USD Distributing Investor Shares 2. Global Short Fixed Income II Fund 2.1. JPY Accumulation Shares 2.2. JPY Distributing Shares 3. Global Short-Term Investment Grade Fixed Income Fund 3.1. NOK Accumulation Shares 3.2. NOK Distributing Shares 3.3. CHF Accumulation Shares 3.4. SEK Distributing Shares 3.5. JPY Accumulation Shares 3.6. JPY Distributing Shares 4. Global Ultra Short Fixed Income Fund 4.1. USD Accumulation Shares 4.2. USD Accumulation Investor Shares 4.3. USD Distributing Shares 4.4. USD Distributing Investor Shares 4.5. CHF Accumulation Shares 4.6. CHF Distributing Shares 4.7. SEK Distributing Shares 4.8. NOK Accumulation Shares 4.9. NOK Distributing Shares T GBP Accumulation Shares T GBP Distributing Shares 6

12 5. World Allocation 20/80 Fund 5.1. EUR Distributing Shares 5.2. USD Accumulation Shares 5.3. USD Distributing Shares 5.4. JPY Accumulation Shares 5.5. JPY Distributing Shares 6. World Allocation 40/60 Fund 6.1. EUR Distributing Shares 7. World Allocation 60/40 Fund 7.1. EUR Distributing Shares 8. World Allocation 80/20 Fund 8.1. EUR Distributing Shares 8.2. USD Accumulation Shares 8.3. USD Distributing Shares 9. World Equity Fund 9.1. USD Accumulation Shares 9.2. USD Accumulation Investor Shares 9.3. USD Distributing Investor Shares 9.4. SEK Accumulation Shares 9.5. SEK Distributing Shares 10. Global Core Equity Fund USD Distributing Investor Shares JPY Accumulation Shares SEK Distributing Shares 11. Global Core Equity II Fund JPY Accumulation Shares JPY Distributing Shares 12. Global Value Fund USD Accumulation Shares USD Accumulation Investor Shares USD Distributing Shares USD Distributing Investor Shares GBP Accumulation Shares GBP Distributing Shares EUR Accumulation Shares EUR Distributing Shares 13. Global Small Companies Fund USD Accumulation Investor Shares USD Distributing Investor Shares 14. Global Sustainability Core Equity Fund USD Accumulation Investor Shares USD Distributing Investor Shares 15. Global Targeted Value Fund USD Distributing Investor Shares SEK Distributing Shares 16. European Core Equity Fund USD Accumulation Shares USD Accumulation Investor Shares USD Distributing Shares USD Distributing Investor Shares GBP Accumulation Shares GBP Distributing Shares EUR Accumulation Shares EUR Distributing Shares 17. European Value Fund USD Distributing Investor Shares 18. European Small Companies Fund USD Distributing Investor Shares 19. Japan Core Equity Fund JPY Accumulation Shares JPY Distributing Shares EUR Hedged Accumulation Shares 7

13 20. Pacific Basin Value Fund USD Distributing Investor Shares 21. Pacific Basin Small Companies Fund USD Distributing Investor Shares 22. U.S. Value Fund USD Accumulation Shares USD Accumulation Investor Shares USD Distributing Shares USD Distributing Investor Shares GBP Accumulation Shares GBP Distributing Shares EUR Accumulation Shares EUR Distributing Shares 23. U.S. Small Companies Fund USD Distributing Investor Shares EUR Distributing Shares JPY Accumulation Shares JPY Distributing Shares 24. U.S. Small Companies II Fund JPY Accumulation Shares JPY Distributing Shares 25. Emerging Markets Value Fund USD Distributing Investor Shares SEK Distributing Shares JPY Accumulation Shares 26. Emerging Markets Value II Fund JPY Accumulation Shares JPY Distributing Shares 27. Emerging Markets Large Cap Core Equity Fund USD Accumulation Shares USD Distributing Shares GBP Accumulation Shares GBP Distributing Shares The following Classes in the following Funds are de-listed from the Irish Stock Exchange with effect from 28 April 2014: Global Short Fixed Income Fund 1.1. USD Accumulation Investor Shares Global Short-Term Investment Grade Fixed Income Fund 2.1. USD Accumulation Investor Shares 2.2. USD Distributing Investor Shares Global Core Equity Fund 3.1. USD Accumulation Investor Shares Global Targeted Value Fund 4.1. USD Accumulation Investor Shares European Value Fund 5.1. USD Accumulation Investor Shares European Small Companies Fund 6.1. USD Accumulation Investor Shares Pacific Basin Value Fund 7.1. USD Accumulation Investor Shares Pacific Basin Small Companies Fund 8.1. USD Accumulation Investor Shares U.S. Small Companies Fund 9.1. USD Accumulation Investor Shares Emerging Markets Value Fund USD Accumulation Investor Shares The following Class in the following Fund is de-listed from the Irish Stock Exchange with effect from 11 March 2015: 8

14 1. Global Core Equity Fund 1.1. GBP Accumulation DR Shares The following Class in the following Fund is de-listed from the Irish Stock Exchange with effect from 20 March Sterling Inflation Linked Intermediate Duration Fixed Income Fund 1.1. GBP Accumulation DR Shares The following Classes in the following Fund are de-listed from the Irish Stock Exchange with effect from 16 September 2015: 1. Pacific Basin Value Fund 1.1. USD Accumulation Shares 1.2. USD Distributing Shares 1.3. GBP Accumulation Shares 1.4. GBP Distributing Shares 1.5. EUR Accumulation Shares 1.6. EUR Distributing Shares" 6. INVESTING IN SHARES HOW TO BUY SHARES Initial Offer Period The four paragraphs under the heading "Initial Offer Period" in the sub-section under the heading "HOW TO BUY SHARES" in the section entitled INVESTING IN SHARES on page 69 of the Prospectus are deleted in their entirety and replaced with the following: "JPY Accumulation Shares and JPY Distributing Shares in the World Allocation 20/80 Fund and USD Accumulation Shares, USD Distributing Shares, GBP Accumulation Shares and GBP Distributing Shares in the Emerging Markets Large Cap Core Equity Fund will be available for subscription at the initial offer price of JPY1000 per JPY Accumulation Share and per JPY Distributing Share, US$10 per USD Accumulation Share and per USD Distributing Share, GBP10 per GBP Accumulation Share and per GBP Distributing Share. The initial offer period for these Shares shall run from 9.00am (Irish time) on 29 February 2016 until 5.30pm (Irish time) on 26 August 2016, or such other dates as the Directors may determine and notify to the Central Bank. Thereafter those shares will be issued at their Net Asset Value per Share on each Dealing Day. JPY Accumulation Shares, JPY Distributing Shares and EUR Hedged Accumulation Shares in the Japan Core Equity Fund, JPY Accumulation Shares and JPY Distributing Shares in the Global Short- Term Investment Grade Fixed Income Fund, T GBP Accumulation Shares and T GBP Distributing Shares in the Global Ultra Short Fixed Income Fund, EUR Distributing Shares, USD Accumulation Shares and USD Distributing Shares in the World Allocation 20/80 Fund, EUR Distributing Shares, USD Accumulation Shares and USD Distributing Shares in the World Allocation 80/20 Fund, EUR Accumulation Shares, EUR Distributing Shares and USD Z Institutional Distributing Shares in the Emerging Markets Large Cap Core Equity Fund will be available for subscription at the initial offer price of USD10 per USD Z Institutional Distributing Share, per USD Accumulation Share and per USD Distributing Share, EUR10 per EUR Accumulation Share, EUR Hedged Accumulation Share and per EUR Distributing Share, JPY1000 per JPY Accumulation Share and per JPY Distributing Share, GBP10 per T GBP Accumulation Share, per T GBP Distributing Share, per GBP Accumulation Share and per GBP Distributing Share. The initial offer period for these Shares has commenced and will continue until 5.30pm (Irish time) on 26 August 2016, or such other dates as the Directors may determine and notify to the Central Bank. Thereafter those shares will be issued at their Net Asset Value per Share on each Dealing Day. USD Z Institutional Accumulation Shares and USD Z Institutional Distributing Shares in the Emerging Markets Large Cap Core Equity Fund are only available for subscription by institutional investors who have entered into an investment management or other agreement with the Investment Manager or with an affiliate of the Investment Manager, as agreed on a case by case basis. USD Distributing Investor Shares and USD Accumulation Investor Shares in Global Short-Term Investment Grade Fixed Income Fund are available for subscription at the last prevailing Net Asset Value per USD Distributing Investor Share and per USD Accumulation Investor Share, plus applicable 9

15 sales charges. The USD Accumulation Investor Shares in Global Short Fixed Income Fund are available for subscription at the last prevailing Net Asset Value, plus applicable sales charges. The USD Accumulation Investor Shares in Global Core Equity Fund are available for subscription at the last prevailing Net Asset Value, plus applicable sales charges. The USD Accumulation Investor Shares in Global Targeted Value Fund are available for subscription at the last prevailing Net Asset Value, plus applicable sales charges. The USD Accumulation Investor Shares in European Value Fund are available for subscription at the last prevailing Net Asset Value, plus applicable sales charges. The USD Accumulation Investor Shares in European Small Companies Fund are available for subscription at the last prevailing Net Asset Value, plus applicable sales charges. The USD Accumulation Investor Shares in Pacific Basin Value Fund are available for subscription at the last prevailing Net Asset Value, plus applicable sales charges. The USD Accumulation Investor Shares in Pacific Basin Small Companies Fund are available for subscription at the last prevailing Net Asset Value, plus applicable sales charges. The USD Accumulation Investor Shares in U.S. Small Companies Fund are available for subscription at the last prevailing Net Asset Value, plus applicable sales charges. The USD Accumulation Investor Shares in Emerging Markets Value Fund are available for subscription at the last prevailing Net Asset Value, plus applicable sales charges. The initial offer period for these Shares has commenced and they continue to be available for subscription until 5.30pm (Irish time) on 26 August 2016, or such other dates as the Directors may determine and notify to the Central Bank. Thereafter those shares are issued at their Net Asset Value per Share on each Dealing Day. The initial offer period for the following Classes has commenced and they continue to be available for subscription at the initial offer price, as set out below, plus applicable sales charges, until 5.30pm (Irish time) on 26 August 2016, or such other dates as the Directors may determine and notify to the Central Bank. Thereafter Shares of each Class will be issued at their Net Asset Value per Share on each Dealing Day." 7. INVESTING IN SHARES HOW TO BUY SHARES Initial Offer Prices The sub-section headed "Initial Offer Prices" in the sub-section under the heading "HOW TO BUY SHARES" in the section entitled INVESTING IN SHARES page 70 of the Prospectus is hereby deleted and replaced with the following: "Save as set out in the preceding sub-section, the initial offer prices for Shares are: US$10 per USD Accumulation Share, USD Distributing Share, USD Accumulation Investor Share, USD Distributing Investor Shares, USD Z Institutional Distributing Shares. EUR10 per EUR Accumulation Share, EUR Hedged Accumulation Share, EUR Distributing Share or EUR Accumulation DR Share. GBP10 per GBP Accumulation Share, GBP Distributing Share, GBP Accumulation DR Share, T GBP Accumulation Share or T GBP Distributing Share. CHF10 per CHF Accumulation Share or CHF Distributing Share. SEK10 per SEK Accumulation Share or SEK Distributing Share. NOK10 per NOK Accumulation Share or NOK Distributing Share. JPY1000 per JPY Accumulation Share or JPY Distributing Share. 1. Global Short Fixed Income Fund 1.1. USD Distributing Investor Shares 2. Global Short-Term Income II Fund 2.1. JPY Accumulation Shares 2.2. JPY Distributing Shares 3. Global Short-Term Investment Grade Fixed Income Fund 3.1. CHF Accumulation Shares 3.2. NOK Accumulation Shares 3.3. NOK Distributing Shares 3.4. SEK Distributing Shares 3.5. JPY Accumulation Shares 3.6. JPY Distributing Shares 4. Global Ultra Short Fixed Income Fund 4.1. USD Accumulation Shares 4.2. USD Accumulation Investor Shares 4.3. USD Distributing Shares 4.4. USD Distributing Investor Shares 4.5. CHF Accumulation Shares 10

16 4.6. CHF Distributing Shares 4.7. SEK Distributing Shares 4.8. NOK Accumulation Shares 4.9. NOK Distributing Shares T GBP Accumulation Shares T GBP Distributing Shares 5. World Allocation 20/80 Fund 5.1. EUR Distributing Shares 5.2. USD Accumulation Shares 5.3. USD Distributing Shares 5.4. JPY Accumulation Shares 5.5. JPY Distributing Shares 6. World Allocation 40/60 Fund 6.1. EUR Distributing Shares 7. World Allocation 60/40 Fund 7.1. EUR Distributing Shares 8. World Allocation 80/20 Fund 8.1. EUR Distributing Shares 8.2. USD Accumulation Shares 8.3. USD Distributing Shares 9. World Equity Fund 9.1. USD Accumulation Shares 9.2. USD Accumulation Investor Shares 9.3. USD Distributing Investor Shares 9.4. SEK Accumulation Shares 9.5. SEK Distributing Shares 10. Global Core Equity Fund USD Distributing Investor Shares JPY Accumulation Shares SEK Distributing Shares 11. Global Core Equity II Fund JPY Accumulation Shares JPY Distributing Shares 12. Global Value Fund USD Accumulation Shares USD Accumulation Investor Shares USD Distributing Shares USD Distributing Investor Shares GBP Accumulation Shares GBP Distributing Shares EUR Accumulation Shares EUR Distributing Shares 13. Global Small Companies Fund USD Accumulation Investor Shares USD Distributing Investor Shares 14. Global Sustainability Core Equity Fund USD Accumulation Investor Shares USD Distributing Investor Shares 15. Global Targeted Value Fund USD Distributing Investor Shares SEK Distributing Shares 16. European Core Equity Fund USD Accumulation Shares USD Accumulation Investor Shares USD Distributing Shares USD Distributing Investor Shares GBP Accumulation Shares GBP Distributing Shares EUR Accumulation Shares EUR Distributing Shares 17. European Value Fund USD Distributing Investor Shares 11

17 18. European Small Companies Fund USD Distributing Investor Shares 19. Japan Core Equity Fund JPY Accumulation Shares JPY Distributing Shares EUR Hedged Accumulation Shares 20. Pacific Basin Value Fund USD Distributing Investor Shares 21. Pacific Basin Small Companies Fund USD Distributing Investor Shares 22. U.S. Value Fund USD Accumulation Shares USD Accumulation Investor Shares USD Distributing Shares USD Distributing Investor Shares GBP Accumulation Shares GBP Distributing Shares EUR Accumulation Shares EUR Distributing Shares 23. U.S. Small Companies Fund USD Distributing Investor Shares EUR Distributing Shares JPY Accumulation Shares JPY Distributing Shares 24. U.S. Small Companies II Fund JPY Accumulation Shares JPY Distributing Shares 25. Emerging Markets Value Fund USD Distributing Investor Shares SEK Distributing Shares JPY Accumulation Shares 26. Emerging Markets Value II Fund JPY Accumulation Shares JPY Distributing Shares 27. Emerging Markets Large Cap Core Equity Fund USD Accumulation Shares USD Distributing Shares GBP Accumulation Shares GBP Distributing Shares USD Z Institutional Distributing Shares EUR Accumulation Shares EUR Distributing Shares The following Classes are currently issued at their Net Asset Value per Share on each Dealing Day: 1. Global Short Fixed Income Fund 1.1. USD Accumulation Shares 1.2. USD Distributing Shares 1.3. GBP Accumulation Shares 1.4. GBP Distributing Shares 1.5. EUR Accumulation Shares 1.6. EUR Distributing Shares 1.7. CHF Distributing Shares 1.8. NOK Distributing Shares 1.9. SEK Accumulation Shares SEK Distributing Shares JPY Accumulation Shares JPY Distributing Shares 2. Global Short-Term Investment Grade Fixed Income Fund 2.1. CHF Distributing Shares 2.2. USD Accumulation Shares 2.3. USD Distributing Shares 12

18 2.4. EUR Accumulation Shares 2.5. EUR Distributing Shares 2.6. GBP Accumulation Shares 2.7. GBP Distributing Shares 2.8. SEK Accumulation Shares 3. Euro Inflation Linked Intermediate Duration Fixed Income Fund 3.1. EUR Accumulation Shares 3.2. EUR Accumulation DR Shares 3.3. EUR Distributing Shares 4. Euro Inflation Linked Long Duration Fixed Income Fund 4.1. EUR Accumulation Shares 4.2. EUR Accumulation DR Shares 5. Global Ultra Short Fixed Income Fund 5.1. GBP Accumulation Shares 5.2. GBP Distributing Shares 5.3. EUR Accumulation Shares 5.4. EUR Distributing Shares 5.5. SEK Accumulation Shares 6. Sterling Inflation Linked Intermediate Duration Fixed Income Fund 6.1. GBP Accumulation Shares 6.2. GBP Distributing Shares 7. Sterling Inflation Linked Long Duration Fixed Income Fund 7.1. GBP Accumulation Shares 7.2. GBP Accumulation DR Shares 8. World Allocation 20/80 Fund 8.1. GBP Accumulation Shares 8.2. GBP Distributing Shares 8.3. EUR Accumulation Shares 9. World Allocation 40/60 Fund 9.1. GBP Accumulation Shares 9.2. GBP Distributing Shares 9.3. EUR Accumulation Shares 10. World Allocation 60/40 Fund GBP Accumulation Shares GBP Distributing Shares EUR Accumulation Shares 11. World Allocation 80/20 Fund GBP Accumulation Shares GBP Distributing Shares EUR Accumulation Shares 12. World Equity Fund USD Distributing Shares GBP Accumulation Shares GBP Distributing Shares EUR Accumulation Shares EUR Distributing Shares 13. Global Core Equity Fund USD Accumulation Shares USD Distributing Shares GBP Accumulation Shares GBP Distributing Shares EUR Accumulation Shares EUR Accumulation DR Shares EUR Distributing Shares SEK Accumulation Shares JPY Distributing Shares 14. Global Small Companies Fund USD Accumulation Shares USD Distributing Shares GBP Accumulation Shares GBP Distributing Shares EUR Accumulation Shares 13

19 14.6. EUR Distributing Shares 15. Global Sustainability Core Equity Fund USD Accumulation Shares USD Distributing Shares GBP Accumulation Shares GBP Distributing Shares EUR Accumulation Shares EUR Distributing Shares 16. Global Targeted Value Fund USD Accumulation Shares USD Distributing Shares GBP Accumulation Shares GBP Distributing Shares EUR Accumulation Shares EUR Distributing Shares SEK Accumulation Shares 17. European Value Fund USD Accumulation Shares USD Distributing Shares GBP Accumulation Shares GBP Distributing Shares EUR Accumulation Shares EUR Distributing Shares 18. European Small Companies Fund USD Accumulation Shares USD Distributing Shares GBP Accumulation Shares GBP Distributing Shares EUR Accumulation Shares EUR Distributing Shares 19. Pacific Basin Value Fund USD Accumulation Shares USD Distributing Shares GBP Accumulation Shares GBP Distributing Shares EUR Accumulation Shares EUR Distributing Shares 20. Pacific Basin Small Companies Fund USD Accumulation Shares USD Distributing Shares GBP Accumulation Shares GBP Distributing Shares EUR Accumulation Shares EUR Distributing Shares 21. U.S. Small Companies Fund USD Accumulation Shares USD Distributing Shares GBP Accumulation Shares GBP Distributing Shares EUR Accumulation Shares 22. U.S. Core Equity Fund USD Accumulation Shares EUR Hedged Accumulation Shares 23. Emerging Markets Value Fund USD Accumulation Shares USD Distributing Shares GBP Accumulation Shares GBP Distributing Shares EUR Accumulation Shares EUR Distributing Shares SEK Accumulation Shares JPY Distributing Shares 14

20 21. Emerging Markets Large Cap Core Equity Fund 21.1 USD Z Institutional Accumulation Shares" 8. INVESTMENT OBJECTIVE AND POLICIES GLOBAL SUSTAINABILITY CORE EQUITY FUND The below change will be effective as of 28 February The second, third and fourth paragraphs under the heading "INVESTMENT POLICIES" of the subsection headed "GLOBAL SUSTAINABILITY CORE EQUITY FUND" in the section entitled INVESTMENT OBJECTIVES AND POLICIES on pages 38 and 39 of the Prospectus is hereby deleted in its entirety and replaced with the following: "The Fund will generally have a greater allocation to companies that the Investment Manager deems to be smaller companies and to companies that the Investment Manager deems to be value companies and will generally have a lower allocation to large growth companies, in each case, as compared to their representation in the general equity market universe, while also adjusting the composition of the Fund based on environmental and sustainability impact considerations (as further detailed below) and allocations may be modified after considering other factors the Investment Manager determines to be appropriate, such as free float, momentum, trading strategies, liquidity management, and profitability. In assessing profitability, the Investment Manager may consider different ratios, such as that of earnings or profits from operations relative to book value or assets. An equity issuer is considered a growth company primarily because it has a low, non-negative book value in relation to its market capitalisation. An equity issuer is considered a value company primarily because it has a high book value in relation to its market value. In assessing value, the Investment Manager may consider additional factors such as price to cash flow or price to earnings ratios, as well as economic conditions and developments in the issuer's industry. The criteria the Investment Manager uses for assessing value are subject to change from time to time. The Investment Manager determines company size primarily based on a company's market capitalisation. When making investment decisions for the Fund in relation to the companies mentioned above, the Investment Manager will take into account the impact that companies have on the environment and sustainability by adjusting the composition of the Fund based on environmental and sustainability impact considerations. Relative to a collective investment scheme which does not take environmental and sustainability impact considerations into account, the Fund intends to exclude or underweight securities of companies that, according to the Investment Manager's environmental and sustainability impact considerations, may have a relatively negative impact on the environment and sustainability interests as compared either to other companies in the Fund's entire investment universe or other companies with similar business lines. Similarly, relative to a collective investment scheme which does not take environmental and sustainability impact considerations into account when determining its investments, the Fund intends to overweight securities of companies that, according to the Investment Manager's environmental and sustainability impact considerations, may have a relatively positive impact on the environment and sustainability interests as compared either to other companies in the Fund's entire investment universe or other companies with similar business lines. In considering the environmental and sustainability impact and other factors that the Investment Manager believes may be important to investors, the Investment Manager may consider carbon and other greenhouse emissions, or potential emissions, land use, cluster munitions manufacturing, biodiversity, involvement in toxic spills or releases, operational waste, water use, tobacco, child labour and factory farming activities, among other factors. In particular, the Fund may exclude companies the Investment Manager considers to have high carbon or greenhouse gas emissions or reserves that may produce those emissions. The environmental and sustainability impact considerations listed above are examples of factors that the Investment Manager believes indicate whether or not a company, as compared to other companies with similar business lines, promotes environmental and sustainability interests by pursuing economic growth and development that meets the needs of the present without compromising the needs of future generations. The Investment Manager may engage a third party service provider to provide research and ratings information relating to the Fund's environmental and sustainability impact considerations with respect to securities in the Fund, where information is available from such provider. Based on research and ratings information, the Investment Manager will determine an overall impact score for each company and will consider the overall impact score of the company when determining whether a security should, relative to a portfolio without these considerations: (i) be excluded from the Fund's holdings; (ii) have its weight decreased within the Fund; (iii) be held with no adjustment to its weight within the Fund; or (iv) have its weight increased within the Fund. The Investment Manager may also exclude or decrease the weight of specific companies due to concerns over any specific matter. 15