_______________________________________________________________
Brookfield Investment Funds (UCITS) p.l.c.
(the “Company”)
An umbrella fund with segregated liability between its sub-funds
authorised pursuant to the European Communities (Undertakings forCollective Investment in Transferable Securities) Regulations, 2011, as amended from time to time

Brookfield Global Listed Core Infrastructure UCITS Fund(the “Fund”)

SUPPLEMENT TO PROSPECTUS

21 May 2024_________________________________________________________________

McCann FitzGerald
Solicitors
Riverside One
Sir John Rogerson’s Quay
Dublin 2

CONTENTS
PAGE
Section I: The Fund ........................................................................................................................................... 1
Introduction ........................................................................................................................................... 1
Definitions .............................................................................................................................................. 3
Investment Objective ............................................................................................................................ 7
Investment Policy .................................................................................................................................. 7
Profile of a Typical Investor ................................................................................................................. 9
Derivatives ............................................................................................................................................. 9
Securities Financing Transactions ..................................................................................................... 10
Volatility ............................................................................................................................................... 10
Leverage................................................................................................................................................ 11
Investment and Borrowing Restrictions ........................................................................................... 11
German Tax Reporting ....................................................................................................................... 11
Fees, Costs and Expenses ................................................................................................................... 11
Dividend Policy ................................................................................................................................... 12
Risk Factors .......................................................................................................................................... 13
Section II: Euro ‘Institutional’ Unhedged Accumulation Shares ........................................................... 21
Definitions ............................................................................................................................................ 21
Offer ...................................................................................................................................................... 21
Section III: Euro ‘Institutional’ Unhedged Distribution Shares.............................................................. 22
Definitions ............................................................................................................................................ 22
Offer ...................................................................................................................................................... 22
Section IV: Euro ‘Institutional’ Hedged Accumulation Shares ............................................................... 23
Definitions ............................................................................................................................................ 23
Offer ...................................................................................................................................................... 23
Euro Institutional Hedged Accumulation Share Class .................................................................. 23
Section V: Euro ‘Institutional’ Hedged Distribution Shares .................................................................... 25
Definitions ............................................................................................................................................ 25
Offer ...................................................................................................................................................... 25
Euro Institutional Hedged Distribution Share Class ...................................................................... 25
Section VI: Sterling ‘Institutional’ Unhedged Accumulation Shares ..................................................... 27
Definitions ............................................................................................................................................ 27
Offer ...................................................................................................................................................... 27
Section VII: Sterling ‘Institutional’ Unhedged Distribution Shares ...................................................... 28
Definitions ............................................................................................................................................ 28
Offer ...................................................................................................................................................... 28
Section VIII: US Dollar ‘Institutional’ Accumulation Shares .................................................................. 29
Definitions ............................................................................................................................................ 29
Offer ...................................................................................................................................................... 29
Section IX: US Dollar ‘Institutional’ Distribution Shares ........................................................................ 30
Definitions ............................................................................................................................................ 30
Offer ...................................................................................................................................................... 30
Section X: Euro RDR ‘Retail’ Unhedged Accumulation Shares ............................................................... 31

Definitions ............................................................................................................................................ 31
Offer ...................................................................................................................................................... 31
Section XI: Euro RDR ‘Retail’ Unhedged Distribution Shares ................................................................ 33
Definitions ............................................................................................................................................ 33
Offer ...................................................................................................................................................... 33
Section XII: Euro RDR ‘Retail’ Hedged Accumulation Shares ................................................................ 35
Definitions ............................................................................................................................................ 35
Offer ...................................................................................................................................................... 35
Euro RDR Retail Hedged Accumulation Share Class .................................................................... 36
Section XIII: Euro RDR ‘Retail’ Hedged Distribution Shares.................................................................. 37
Definitions ............................................................................................................................................ 37
Offer ...................................................................................................................................................... 37
Euro RDR Retail Hedged Distribution Share Class ........................................................................ 38
Section XIV: Sterling RDR ‘Retail’ Accumulation Shares ........................................................................ 39
Definitions ............................................................................................................................................ 39
Offer ...................................................................................................................................................... 39
Section XV: Sterling RDR ‘Retail’ Distribution Shares ............................................................................ 40
Definitions ............................................................................................................................................ 40
Offer ...................................................................................................................................................... 40
Section XVI: US Dollar RDR ‘Retail’ Accumulation Shares .................................................................... 41
Definitions ............................................................................................................................................ 41
Offer ...................................................................................................................................................... 41
Section XVII: US Dollar RDR ‘Retail’ Distribution Shares ...................................................................... 42
Definitions ............................................................................................................................................ 42
Offer ...................................................................................................................................................... 42
Section XVIII: Euro Non-RDR ‘Retail’ Unhedged Accumulation Shares.............................................. 43
Definitions ............................................................................................................................................ 43
Offer ...................................................................................................................................................... 43
Section XIX: Euro Non-RDR ‘Retail’ Unhedged Distribution Shares .................................................... 44
Definitions ............................................................................................................................................ 44
Offer ...................................................................................................................................................... 44
Section XX: Euro Non-RDR ‘Retail’ Hedged Accumulation Shares ....................................................... 45
Definitions ............................................................................................................................................ 45
Offer ...................................................................................................................................................... 45
Euro Non-RDR Retail Hedged Accumulation Share Class ........................................................... 45
Section XXI: Euro Non-RDR ‘Retail’ Hedged Distribution Shares ......................................................... 47
Definitions ............................................................................................................................................ 47
Offer ...................................................................................................................................................... 47
Euro Non-RDR Retail Hedged Distribution Share Class ............................................................... 47
Section XXII: Sterling Non-RDR ‘Retail’ Accumulation Shares.............................................................. 49
Definitions ............................................................................................................................................ 49
Offer ...................................................................................................................................................... 49

Section XXIII: Sterling Non-RDR ‘Retail’ Distribution Shares ............................................................... 50
Definitions ............................................................................................................................................ 50
Offer ...................................................................................................................................................... 50
Section XXIV: US Dollar Non-RDR ‘Retail’ Accumulation Shares ........................................................ 51
Definitions ............................................................................................................................................ 51
Offer ...................................................................................................................................................... 51
Section XXV: US Dollar Non-RDR ‘Retail’ Distribution Shares ............................................................. 52
Definitions ............................................................................................................................................ 52
Offer ...................................................................................................................................................... 52
Section XXVI: Sterling 'Institutional' Hedged Accumulation Shares
Definitions ............................................................................................................................................ 53
Offer ...................................................................................................................................................... 53
Sterling Institutional Hedged Accumulation Share Class ............................................................. 53
Section XXVII: Sterling 'Institutional' Hedged Distribution Shares
Definitions ............................................................................................................................................ 55
Offer ...................................................................................................................................................... 55
Sterling Institutional Hedged Distribution Share Class ................................................................. 55
Appendix I

57

SECTION I: The FundIntroduction
The Directors of the Company, whose names appear in the Prospectus, accept responsibility for the
information contained in this Supplement. 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 thisSupplement is in accordance with the facts and does not omit anything likely to affect the import ofsuch information.
Unless otherwise stated, all capitalised terms shall have the same meaning herein as in the
Prospectus.
The Brookfield Global Listed Core Infrastructure UCITS Fund is a Fund of Brookfield Investment
Funds (UCITS) p.l.c., an umbrella-type open-ended investment company with segregated liability
between Funds authorised by the Central Bank pursuant to the UCITS Regulations. A description of
Brookfield Investment Funds (UCITS) p.l.c. is contained in the Prospectus. This Supplement forms
part of and should be read in the context of and in conjunction with the Prospectus.
An investment in the Fund should not constitute a substantial proportion of an investment portfolio
and may not be appropriate for all investors.
The difference at any time between the subscription price and repurchase price of Shares in theFund means that an investment in the Fund should be viewed as a medium- to long-term
investment.
Shareholders should note that dividends may be payable to Shareholders in Distribution ShareClasses out of the capital of the Fund. Any such distribution would be achieved by forgoing thepotential for future capital growth and the capital of the Fund may be eroded. Therefore, in suchcircumstances, Shareholders may not receive back the full amount invested and this cycle may
continue until all capital of the Fund is depleted. Investors should also seek tax advice on theimplications of distributions out of capital. Distributions made during the life of the Fund must be
understood as a type of capital reimbursement.
Shareholders should further note that all or part of fees and expenses, including management fees,
may be charged to the capital of the Fund. This will have the effect of lowering the capital value of
your investment.
The following distributing and accumulating classes of Shares in the Fund may be offered toinvestors:-

the Euro ‘Institutional’ Hedged Accumulation Shares Class A;
the Euro ‘Institutional’ Unhedged Accumulation Shares Class B;
the Euro ‘Institutional’ Hedged Distribution Shares Class C;
the Euro ‘Institutional’ Unhedged Distribution Shares Class D;
the US Dollar ‘Institutional’ Accumulation Shares Class E;
the US Dollar ‘Institutional’ Distribution Shares Class F;
the Sterling ‘Institutional’ Unhedged Accumulation Shares Class G;
the Sterling ‘Institutional’ Unhedged Distribution Shares Class H;
the Euro RDR ‘Retail’ Hedged Accumulation Shares Class I;
the Euro RDR ‘Retail’ Unhedged Accumulation Shares Class J;
the Euro RDR ‘Retail’ Hedged Distribution Shares Class K;
the Euro RDR ‘Retail’ Unhedged Distribution Shares Class L;
the US Dollar RDR ‘Retail’ Accumulation Shares Class M;
the US Dollar RDR ‘Retail’ Distribution Shares Class N;
the Sterling RDR ‘Retail’ Accumulation Shares Class O;
the Sterling RDR ‘Retail’ Distribution Shares Class P;
the Euro Non-RDR ‘Retail’ Hedged Accumulation Shares Class R;

1

SECTION I: The Fund-the Euro Non-RDR ‘Retail’ Hedged Distribution Shares Class S;
the Euro Non-RDR ‘Retail’ Unhedged Accumulation Shares Class T;
the Euro Non-RDR ‘Retail’ Unhedged Distribution Shares Class U;
the US Dollar Non-RDR ‘Retail’ Accumulation Shares Class V;
the US Dollar Non-RDR ‘Retail’ Distribution Shares Class W;
the Sterling Non-RDR ‘Retail’ Accumulation Shares Class X;
the Sterling Non-RDR ‘Retail’ Distribution Shares Class Y;
the Sterling ‘Institutional’ Hedged Accumulation Shares Class Z; andthe Sterling ‘Institutional’ Hedged Distribution Shares Class AA.

Investors should note that Institutional Classes are only available for subscription by Institutional
Investors and Retail Classes are only available for subscription by Retail Investors. Furthermore, theRDR Share Classes are only available for subscription by distributors or financial intermediaries who
are restricted from receiving, being paid or keeping adviser, trailer or similar fees, charges orcommissions on the investment management fees payable by the Fund.
The Directors may in their discretion charge a redemption fee of up to 3% of the redemption pricein respect of a redemption of Shares by a shareholder.
The Directors may from time to time create additional classes of Shares in the Fund in accordancewith the requirements of the Central Bank. The Base Currency of the Fund will be US Dollars.

2

SECTION I: The Fund

Definitions
The following definitions apply throughout this Supplement unless the context requires otherwise:“Accumulation Share Classes”

means the Shares in respect of which it is proposed
not to pay dividends and which are identifiable by
the use of the word “Accumulation” in their title;“Business Day”

means any day (except Saturdays, Sundays andpublic holidays in Dublin and New York) on which
retail banks in Dublin and New York are open forbusiness or such other day or days as may be
determined by the Directors and notified to the
Shareholders in advance;“Central Bank”

means the Central Bank of Ireland or any successor
thereto;“Distribution Share Classes”

means the Shares in respect of which it is proposed
to pay dividends and which are identifiable by theuse of the word “Distribution” in their title;“Emerging Market Countries”

means any of the following countries: Argentina,
Brazil, Chile, China, Colombia, Czech Republic,
Egypt, Greece, Hungary, India, Indonesia, Korea,
Malaysia, Mexico, Pakistan, Peru, Philippines,
Poland, Qatar, Russia, Saudi Arabia, South Africa,
Taiwan, Thailand, Turkey and United ArabEmirates. The Investment Manager has thediscretion to update, modify and/or alter whichcountries are deemed to be Emerging Market
Countries for the purposes of this Supplement;“Institutional Classes”

means theEuro
‘Institutional’
HedgedAccumulation SharesClass A,the Euro‘Institutional’ Unhedged Accumulation Shares ClassB, the Euro ‘Institutional’ Hedged Distribution
Shares Class C, the Euro ‘Institutional’ Unhedged
Distribution Shares Class D, the US Dollar‘Institutional’ Accumulation Shares Class E, the US
Dollar ‘Institutional’ Distribution Shares Class F, theSterling ‘Institutional’ Unhedged Accumulation
Shares Class G, the Sterling ‘Institutional’ Unhedged
Distribution Shares Class H, the Sterling‘Institutional’ Hedged Accumulation Shares Class Z
and the Sterling ‘Institutional’ Hedged Distribution
Shares Class AA;“Institutional Investor”

means a ‘professional client’, as defined under
MiFID;“Investment Management Agreement”

means the investment management agreement dated
6 December 2021 between the Company, theManager and the Investment Manager;

3

SECTION I: The Fund

“Investment Manager”

means Brookfield Public Securities Group LLC, orsuch other person or person from time to time
appointed by the Company or the Investment
Manager of the Company in accordance with therequirements of the Central Bank;“MIFID”

means Directive 2014/65/EU of the European
Parliament and of the Council of 15 May 2014 on
markets in financial instruments and amending
Directive 2002/92/EC and Directive 2011/61/EU, as
may be amended, modified or replaced from time totime;“Non-RDR Share Classes”

means the Euro Non-RDR ‘Retail’ Hedged
Accumulation Shares Class R, the Euro Non-RDR‘Retail’ Hedged Distribution Shares Class S, the Euro
Non-RDR ‘Retail’ Unhedged Accumulation SharesClass T, the Euro Non-RDR ‘Retail’ Unhedged
Distribution Shares Class U, the US Dollar Non-RDR‘Retail’ Accumulation Shares Class V, the US Dollar
Non-RDR ‘Retail’ Distribution Shares Class W, theSterling Non-RDR ‘Retail’ Accumulation SharesClass X and the Sterling Non-RDR ‘Retail’
Distribution Shares Class Y;“Prospectus”

means the prospectus of the Company dated 21 May
2024 and all relevant supplements and revisions
thereto;“RDR Share Classes”

means the Euro RDR ‘Retail’ Hedged Accumulation
Shares Class I, the Euro RDR ‘Retail’ Hedged
Distribution Shares Class K, the Euro RDR ‘Retail’
Unhedged Accumulation Shares Class J, the EuroRDR ‘Retail’ Unhedged Distribution Shares Class L,
the US Dollar RDR ‘Retail’ Accumulation SharesClass M, the US Dollar RDR ‘Retail’ Distribution
Shares Class N, the Sterling RDR ‘Retail’
Accumulation Shares Class O and the Sterling RDR‘Retail’ Distribution Shares Class P;“Recognised Markets”

means any regulated stock exchange or market
which is provided for in the Articles of Association,
details of which are set out in Schedule 3 of theProspectus;“Redemption Date”

means each Business Day or such other day as the
Directors may in their absolute discretion determine
and notify in advance to Shareholders, provided
there is at least one Redemption Date per fortnight;“Retail Classes”

means the Euro RDR ‘Retail’ Hedged Accumulation
Shares Class I, the Euro RDR ‘Retail’ Unhedged
Accumulation Shares Class J, the Euro RDR ‘Retail’
Hedged Distribution Shares Class K, the Euro RDR‘Retail’ Unhedged Distribution Shares Class L, theUS Dollar RDR ‘Retail’ Accumulation Shares Class

4SECTION I: The FundM, the US Dollar RDR ‘Retail’ Distribution SharesClass N, the Sterling RDR ‘Retail’ Accumulation
Shares Class O, the Sterling RDR ‘Retail’ Distribution
Shares Class P, the Euro Non-RDR ‘Retail’ Hedged
Accumulation Shares Class R, the Euro Non-RDR‘Retail’ Hedged Distribution Shares Class S, the Euro
Non-RDR ‘Retail’ Unhedged Accumulation SharesClass T, the Euro Non-RDR ‘Retail’ Unhedged
Distribution Shares Class U, the US Dollar Non-RDR‘Retail’ Accumulation Shares Class V, the US Dollar
Non-RDR ‘Retail’ Distribution Shares Class W, theSterling Non-RDR ‘Retail’ Accumulation SharesClass X and the Sterling Non-RDR ‘Retail’
Distribution Shares Class Y;“Retail Investor”

means any investor who is not an Institutional
Investor;“Shares”

means the Euro ‘Institutional’ Hedged Accumulation
Shares Class A, the Euro ‘Institutional’ Hedged
Distribution Shares Class C, the Euro ‘Institutional’
Unhedged Accumulation Shares Class B, the Euro‘Institutional’ Unhedged Distribution Shares ClassD, the US Dollar ‘Institutional’ Accumulation SharesClass E, the US Dollar ‘Institutional’ Distribution
Shares Class F, the Sterling ‘Institutional’ Unhedged
Accumulation Shares Class G, the Sterling‘Institutional’ Unhedged Distribution Shares ClassH, the Euro RDR ‘Retail’ Hedged Accumulation
Shares Class I, the Euro RDR ‘Retail’ Hedged
Distribution Shares Class K, the Euro RDR ‘Retail’
Unhedged Accumulation Shares Class J, the EuroRDR ‘Retail’ Unhedged Distribution Shares Class L,
the US Dollar RDR ‘Retail’ Accumulation SharesClass M, the US Dollar RDR ‘Retail’ Distribution
Shares Class N, the Sterling RDR ‘Retail’
Accumulation Shares Class O and the Sterling RDR‘Retail’ Distribution Shares Class P, the Euro NonRDR ‘Retail’ Hedged Accumulation Shares Class R,
the Euro Non-RDR ‘Retail’ Hedged Distribution
Shares Class S, the Euro Non-RDR ‘Retail’ Unhedged
Accumulation Shares Class T, the Euro Non-RDR‘Retail’ Unhedged Distribution Shares Class U, theUS Dollar Non-RDR ‘Retail’ Accumulation SharesClass V, the US Dollar Non-RDR ‘Retail’ Distribution
Shares Class W, the Sterling Non-RDR ‘Retail’
Accumulation Shares Class X, the Sterling Non-RDR‘Retail’ Distribution Shares Class Y, the Sterling‘Institutional’ Hedged Accumulation Shares Class Z,
and the Sterling ‘Institutional’ Hedged Distribution
Shares Class AA;“Subscription Date”

means each Business Day or such other day as the
Directors may in their absolute discretion determine
and notify in advance to Shareholders, provided

5

SECTION I: The Fund

there is at least one Subscription Date per fortnight;
and“Supplement”

means this supplement.

6

SECTION I: The Fund

Investment Objective
The Fund seeks total return through growth of capital and current income. There can be no assurance
that the Fund will achieve its investment objective.
Investment Policy
The Fund will be actively managed and the Investment Manager’s investment decisions will not be
influenced by the constituents of an index or benchmark.
The Fund seeks to achieve its investment objective by investing primarily in securities ofinfrastructure companies listed or traded on a Recognised Market. The Fund defines aninfrastructure company as any company that derives at least 50% of its revenue or profits from theownership or operation of infrastructure assets. The Fund defines infrastructure assets as the physicalstructures, networks and systems of transportation, energy, water, sewage, and communication.
Infrastructure assets currently include:









toll roads, bridges and tunnels;
airports;
seaports;
electric generation, including renewables, and transmission and distribution lines;
gathering, treating, processing, fractionation, transportation and storage of hydrocarbon
products;
water and sewage treatment and distribution pipelines;
communication towers, satellites and datacenters; andrailroads.

Securities in which the Fund may invest include, but are not limited to, common, convertible andpreferred stock (including convertible bonds (with the exception of contingent convertible bonds(CoCo’s)), convertible stock and convertible debentures that may be converted into or exchanged for aprescribed amount of common stock or other equity securities of the same or a different issuer withina particular period of time at a specified price or formula), depositary receipts, stapled securities(being securities comprised of two parts, a unit of a trust and a share of a company, that cannot be
separated from one another, with the Fund investing up to 25% of its net assets in stapled securities)
and Collective Investment Schemes providing exposure to infrastructure companies. The Fund may
also invest up to 5% of its net assets in warrants. The Fund retains the ability to invest in
infrastructure companies of any market size capitalisation.
The Fund may invest in the securities of issuers located in a number of different countries throughout
the world. The amount invested outside the U.S. may vary, and at any given time, the Fund may
have a significant exposure to non-U.S. securities, including infrastructure companies domiciled in
Emerging Market Countries (the Fund may invest up to 20% of its net assets in companies domiciledin Emerging Market Countries). For the avoidance of doubt, investment in a Recognised Market may
also include an investment in Russia. Although investment in Russian securities is not the principal
focus of the Fund and shall only constitute a sector of the Fund’s investments, the Fund may holdmore Russian securities than securities from any other single Recognised Market if the Investment
Manager identifies more investment opportunities in Russia than in other Recognised Markets.
Nevertheless, investment in Russian securities will not constitute a major sector of the Fund’sinvestments. All investments in Russian equity securities will be listed or traded on level 1 or level 2of the RTS stock exchange and/or MICEX.
The Fund may invest in securities of foreign companies in the form of American Depositary Receipts(ADRs), Global Depositary Receipts (GDRs) and European Depositary Receipts (EDRs).

7

SECTION I: The Fund

The Fund may also invest up to 20% of its net assets in fixed income securities, including government
and/or corporate, fixed and/or floating, rated and/or unrated, bonds, debentures or short-term
discounted treasury bills, listed or traded on a Recognised Market, including high yield or below
investment grade (“junk”) fixed income securities (including fixed income securities rated “CCC” orlower by S&P or “Caa” or lower by Moody’s, or non-rated securities of comparable quality as
determined by the Investment Manager).
The Fund may also hold cash or money market instruments (including negotiable or non-negotiablesecurities issued by or short-term deposits with the US and non-US governments and agencies or
instrumentalities thereof, bankers’ acceptances, high-quality commercial paper and bank certificatesof deposit) or certificates of deposit. Under normal market conditions, it is not expected that the Fund
will be invested substantially in cash or other short-term investments. However, where theInvestment Manager considers it prudent to do so, the Fund may hold more cash or other short term
investments than other assets.
Environmental and Social Characteristics promoted by the Fund
The Fund seeks to promote environmental and social characteristics and invest in companies that
apply good corporate governance. On that basis, the Manager has categorised the Fund as meetingthe provisions set out in Article 8 of Regulation (EU) 2019/2088 of the European Parliament and of
the Council of 27 November 2019 on sustainability-related disclosures in the financial services sector(the “SFDR”). Information about the environmental and/or social characteristics promoted by theFund is available at Appendix I to this Supplement.
Integration of Sustainability Risks into the Investment Process
Although the Fund’s investment objective is ultimately to seek a total return through the growth ofcapital and current income, the Fund also seeks to promote ESG characteristics in companies deemed
to be in the “Real Asset” investment classification and ESG considerations are important input factors
within the investment process employed by the Investment Manager in order to pursue the Fund’sinvestment objective. As part of its investment process, the Fund includes all relevant financial risks
in its investment decision and evaluates these on an ongoing basis. In doing so, relevant sustainability
factors and sustainability risks are assessed and taken into account, including ESG events orconditions that could have a material impact on the investment in question, its return and in turn, the
Net Asset Value of the Fund. Sustainability factors are defined in SFDR as environmental, social andemployee matters, respect for human rights, anti-corruption and anti-bribery matters. The
Investment Manager’s analysis of the management of sustainability risks incorporates governanceanalysis sourced by both internal and external data providers. It covers the boards' independence,experience and effectiveness, executive pay practices, ownership structure and reliability of reported
financials in respect of the underlying companies in which the Fund invests. The Investment Manager
engages with the underlying companies via dialogue and voting rights. In exercising the Fund’s
voting rights in its investments, the Investment Manager considers ESG factors, as appropriate. The
governance guidelines establish a consistent philosophy and approach to corporate governance andthe exercising of voting rights.
Principal Adverse Impacts
The Company, the Manager and in turn, the Investment Manager, do not currently consider the
principal adverse impacts of investment decisions on sustainability factors, within the meaning of
SFDR, because whilst ESG risks are incorporated into the Investment Manager’s investment decision
making processes, the Fund’s objective, and in turn the Investment Manager’s objective in respect of
the Fund, is to achieve total return through growth of capital and current income. Further, therelevant information required to appropriately assess the principal adverse impacts of the Investment
Manager’s investment decisions on sustainability factors is not yet available.

8

SECTION I: The Fund

The Company, the Manager and the Investment Manager will keep this decision to not consider the
principal adverse impacts of investment decisions on sustainability factors within the meaning of
SFDR under review and will formally re-evaluate this decision on a periodic basis.
Investment Philosophy
The Investment Manager utilizes a fundamental, bottom-up, value-based selection methodology,
taking into account short-term considerations, such as temporary market mispricing (as identified byqualitative and quantitative research undertaken by the Investment Manager, including the review ofcompany and industry research reports and economic data concerning the industries in which theFund invests), and long-term considerations, such as values of assets and cash flows. It takes abalanced approach to investing, seeking to mitigate risk through diversification, credit analysis,
economic analysis and review of sector and industry trends (including a review of adverse economic,
political, or regulatory conditions, inflation, changes in interest or currency rates or adverse investor
sentiment). The Investment Manager uses proprietary research to select individual securities that it
believes can add value from distribution, income and/or the potential for capital appreciation,
including an assessment of a company’s general financial condition, its competitive positioning andmanagement strength (which is measured by the Investment Manager’s analysis of a company’s
previous operating performance and capital allocation decisions), as well as industry characteristics(including high barriers to entry). It may sell a security held by the Fund that becomes overvalued or
no longer offers an attractive risk/reward profile.
Profile of a Typical Investor
A typical investor in the Fund may be an investor with a medium to long term investment horizon
who considers investment in the Fund as a convenient way of seeking to achieve total return throughgrowth of capital and current income primarily through an exposure to infrastructure securities.
Derivative instruments may be utilized for hedging and efficient portfolio management purposes.
Derivatives
The Fund may, but is not required to, use forwards (such as forward foreign currency exchange
contracts), options, futures and total return swaps (“TRS”)) for the purposes of hedging and efficient
portfolio management. The Fund may also, for the purposes of efficient portfolio management only,
enter into repurchase agreements and reverse repurchase agreements, subject to the conditions andlimits set out in the Central Bank Regulations. A derivative is a security or instrument whose value isdetermined by reference to the value or the change in value of one or more securities, currencies,
indices or other financial instruments. The underlying securities to which the Fund will have
exposure as a result of investing in derivatives will be consistent with the investment policy of theFund. Derivatives used for efficient portfolio management purposes will have the aim of reducing
risk, reducing costs or generating additional capital or income for the Fund with an appropriate levelof risk, taking into account the risk profile of the Fund and the general provisions of the UCITS
Regulations. Any such investment technique or financial derivative instrument must be one which(alone or in combination with one or more other instrument techniques or financial derivative
instruments) is reasonably believed by the Investment Manager to be economically appropriate to the
management of the Fund.
The Fund may enter into TRS. TRS involve the exchange of the right to receive the total return,
coupons plus capital gains or losses, of a specified reference asset, index or basket of assets against theright to make fixed or floating payments. Any assets to be received by the Fund will be consistent
with the investment policies of the Fund. Where the Fund enters into a TRS on a net basis, the two
payment streams are netted out, with the Fund receiving or paying, as the case may be, only the net
amount of the two payments. TRS may be employed by the Fund to adjust or obtain sector andsecurity exposures, often with lower transaction costs than obtaining the same exposure via
purchasing individual securities. The counterparties to the TRS will be selected from a list approvedby the Investment Manager in consideration of the risk profile and investment policy of the Fund. The

9

SECTION I: The Funduse of TRS will not grant discretion to the counterparties over the composition or management of theFund’s investment portfolio, nor shall the approval of the TRS counterparty be required in relation to
any investment portfolio transaction entered into by the Fund.
Financial futures and forward foreign exchange contracts may be used to hedge the currency
exposure of the Fund and for the purpose of efficient portfolio management only. It is intended thatthe use of such forward foreign exchange contracts will reduce the exchange rate risk of the Fund. In
particular, these may be used to: (a) hedge the designated currency of the assets of the Fund to theBase Currency of the Fund; (b) mitigate the exchange rate risk between the Base Currency of the Fundand the currency in which Shares in a class in the Fund are designated where that designatedcurrency is different to the Base Currency of the Fund; or (c) hedge the currency of denomination of
the assets of the Fund attributable to a particular class into the designated currency of that class where
the currency of denomination is different to the designated currency of the class. As further set out
below, hedged and unhedged share classes may be offered to investors.
An option is the right, but not the obligation, to buy (for a call option) or sell (for a put option) a
specific amount of a given stock, currency, index, or debt, at a specified price (the strike price) during
a specified period of time. Each option has a buyer, called the holder, and a seller, known as thewriter. If the option contract is exercised, the writer is responsible for fulfilling the terms of thecontract by delivering the shares to the appropriate party. In the case of a security that cannot bedelivered such as an index, the contract is settled in cash. For the holder, the potential loss is limited
to the price paid to acquire the option. When an option is not exercised, it expires. No shares change
hands and the money spent to purchase the option is lost. For the buyer, the upside is unlimited. For
the writer, the potential loss is unlimited unless the contract is covered, meaning that the writeralready owns the security underlying the option. Options may be employed by the Fund to gain
investment exposure and to hedge existing long positions.
A convertible stock is a hybrid security comprising both debt and equity features. Like a straightsecurity (non-convertible security), the holders of a convertible stock receives coupon payments until
maturity at which point the issuer redeems the convertible stock at par. However, the holders of aconvertible stock also have the option to convert the convertible stock into shares of common stock of
the issuer, at a predetermined price. The Investment Manager will look for certain characteristics
when considering convertible securities. These characteristics include the potential for capital
appreciation if the value of the underlying common stock increases, the relatively high yield received
from dividend or interest payments as compared to common stock dividends and decreased risks ofdecline in value, relative to the underlying common stock due to their fixed income nature. As aresult of the conversion feature, however, the interest rate or dividend preference on a convertible
security is generally less than would be the case if the securities were not convertible. During periodsof rising interest rates, it is possible that the potential for capital gain on a convertible security may beless than that of a common stock equivalent if the yield on the convertible security is at a level thatcauses it to sell at a discount.
Securities Financing Transactions
The assets underlying any securities financing transactions (“SFTs”) or TRS will be the equity and
fixed income securities in which the Fund may invest. As set out in the Prospectus, the Fund may, forthe purposes of efficient portfolio management only, enter into repurchase agreements and reverse
repurchase agreements subject to the conditions and limits set out in Central Bank Regulations. It is
expected that the proportion of the Fund’s assets under management that will be subject to each typeof SFT will be between 0 to 10% of the Fund’s Net Asset Value for all SFT’s but will not in any event
exceed 100% of the Fund’s Net Asset Value. The assets underlying the SFTs will be securities tradedon a Recognised Market.
Volatility

10

SECTION I: The Fund

Shareholders should note that returns which are derived from derivatives may be more volatile thanreturns which are derived from the asset underlying the derivatives. The Fund is suitable forinvestors who are prepared to accept a higher level of such volatility.
Leverage
The Fund’s exposure to financial derivative instruments will be calculated using the ‘commitment
approach’ as permitted under the Central Bank Regulations. As a general rule, a UCITS cannot haveglobal exposure greater than its net asset value. In the context of the Fund using the commitment
approach to calculate its global exposure, the Fund may not, therefore, be leveraged in excess of 100%of net asset value. The Fund’s use of currency hedging will not be included in this calculation.
The exchange traded bonds in which the Fund may invest may include embedded derivatives which
may indirectly cause the Fund to be leveraged.
Investment and Borrowing Restrictions
The Fund will not invest more than 10% of its net assets in other Collective Investment Schemes, suchinvestment being consistent with the Fund’s investment policy.
German Tax Reporting
The Fund will qualify as an “equity fund” (“Aktienfonds”) for the purposes of the German Investment
Tax Act 2018 in that at least 51% of the Fund’s Net Asset Value will at all times be directly invested inequity securities which are admitted to official trading on a stock exchange or listed on an organised
market. For the avoidance of doubt, the term “equity securities” in this particular context does notinclude units or shares of investment funds or real estate investment trusts.
Fees, Costs and Expenses
Further information on all fees and expenses payable out of the assets of the Fund are as set out in thesection headed “FEES, COSTS AND EXPENSES” in the Prospectus.
Management Fee
The management fee payable in respect of the Fund is set out in the Prospectus.
Depositary Fee
Pursuant to the provisions of the Depositary Agreement, the Depositary is entitled to a fee in respectof its duties as depositary of the Fund.
The Depositary shall be entitled to receive an annual depositary fee out of the assets of the Fund andwill levy sub-custody charges applicable to the markets in which the Fund invests up to a maximumof 0.90% of the Net Asset Value of the Fund. The fees payable to the Depositary are subject to aminimum annual charge of up to $86,500 per annum (the "Depositary Fee"). In addition, theDepositary will charge for the settlement of investment transactions at normal commercial rates, as
agreed with the Investment Manager from time to time. The Depositary Fee shall accrue as at each
Valuation Point and shall be payable monthly in arrears (and pro rata for lesser periods). The fees are
exclusive of VAT (if any).
The Depositary shall also be entitled to be reimbursed by the Fund for all properly vouched out-ofpocket expenses incurred by it for the benefit of the Fund in the performance of its duties under the
Depositary Agreement.
Administration Fees

11

SECTION I: The Fund

Pursuant to the provisions of the Administration Agreement, the Fund will pay the Administrator a
fee in respect of its duties as administrator of the Fund.
The Administrator shall be entitled to receive administration and fund accounting fees out of theassets of the Fund of up to 0.009% per annum of the Net Asset Value of the Fund, subject to aminimum annual administration fee of up to $120,000 (the “Administration Fee”). The
Administration Fee shall accrue as at each Valuation Point and shall be payable monthly in arrears(and pro rata for lesser periods).
The Administrator shall also be entitled to be reimbursed by the Fund for all properly vouched outof-pocket expenses incurred by it for the benefit of the Fund in the performance of its duties under the
Administration Agreement.
Investment Management Fee
Under the provisions of the Investment Management Agreement, the Fund will pay the Investment
Manager a fee of up to 1 per cent. per annum of the Net Asset Value in respect of each class of‘Institutional’ Shares and a fee of up to 1.8 per cent per annum of the Net Asset Value in respect ofeach of the RDR Share Classes and a fee of up to 2 per cent per annum of the Net Asset Value inrespect of each of the Non-RDR Share Classes, as of the relevant Valuation Date. The investment
management fee will accrue daily and will be payable monthly in arrears (and pro rata for lesser
periods). The Company will pay all out-of-pocket expenses incurred by the Investment Manager(including VAT thereon). Such out-of-pocket expenses may include transaction charges provided
that they are charged at normal commercial rates and incurred by the Investment Manager in theperformance of its duties under the Investment Management Agreement.
Establishment Expenses
The fees and expenses incurred in connection with the establishment of the Fund, the preparation andpublication of this Supplement and all legal costs and out-of-pocket expenses related thereto did notexceed €25,000 (plus VAT, if any). Such expenses will be amortised on a straight-line basis over the
first 60 months of operations or such shorter period as the Directors may determine. The expenses
incurred in connection with the establishment of the Company are as set out in the section headed“Fees, Costs and Expenses” in the Prospectus.
Dividend Policy
Accumulation Shares
The Directors do not anticipate paying a dividend in respect of the Shares of the Accumulation ShareClasses. All income and profits earned by the Fund attributable to the Accumulation Share Classes
will accrue to the benefit of those classes of Shares and will be reflected in the Net Asset Value
attributable to the relevant classes of Shares.
Distribution Shares
The Directors may, in their discretion declare dividends on the Distribution Share Classes. Dividends
will be paid at least annually and may be paid more frequently at the discretion of the Investment
Manager and/or the Directors.
A dividend shall be payable to Shareholders in Distribution Share Classes out of profits of the Fundavailable for distribution relating to that Distribution Share Class. Profits, for these purposes, may becomprised of net income (less expenditure) and realised and unrealised gains (less realised andunrealised losses) attributable to such share classes. Income for these purposes shall include, without
limitation, interest income and dividend income and any other amounts treated as income inaccordance with the accounting policies of the Company laid down from time to time.

12

SECTION I: The Fund

To afford maximum flexibility to the Company, dividends may also, at the discretion of the Directors
be paid out of the capital of the Fund in order to, for example, preserve an income stream for the
Shareholders. The maximum rate or amount of any such capital dividend shall be determined by the
Directors. Shareholders should note that in this scenario, the distribution is achieved by forgoing
the potential for future capital growth and the capital of the Fund may be eroded. Therefore, insuch circumstances, Shareholders may not receive back the full amount invested and this cycle
may continue until all capital of the Fund is depleted. Investors should also seek tax advice on theimplications of distributions out of capital. Distributions made during the life of the Fund must be
understood as a type of capital reimbursement.
The Directors may elect to charge expenses out of the capital of the Fund, should they wish to
generate distributable profits. Investors should note that by charging the management fees andexpenses of the Fund to capital, the effect of this is that capital may be eroded and income will beachieved by foregoing the potential for future capital growth.
In any such event, the Distribution Share Classes will go “ex-dividend” on the day on which thedividend is declared (the “Ex-dividend Date”).
The distribution will be paid to Shareholders in the Distribution Share Classes on the register at theclose of business on the Business Day immediately preceding the Ex-dividend Date within fourcalendar months of such Ex-dividend Date. In the event that any of the above dates is not a Business
Day, the relevant date will be the next immediately following Business Day.
Unless a Shareholder in the Distribution Share Classes elects otherwise, any distributions will beapplied in the purchase of further Shares of the relevant Distribution Share Classes (or fractions
thereof) as applicable. Shareholders may write to the Administrator to elect to receive distributions in
cash. Any such cash payments to Shareholders in the Distribution Share Classes will be payable bytelegraphic transfer to the account specified by Shareholders on the application form. Accordingly,
since it is the intention to re-invest distributions by way of acquisition of further Shares, it is unlikelythat any management fees or expenses charged to capital will have the effect of eroding a
Shareholder’s investment.
Risk Factors
Investors’ attention is drawn to the risk factors set out in the Prospectus and to the following
additional risk factors.
Expenses charged to capital
Shareholders should note that the management fees and other fees and expenses incurred by theFund will as far as possible be deducted from the income of the Fund. If there is insufficient income,the balance will be charged to the capital of the Fund. This may have the effect of lowering the capitalvalue of the Shareholder’s investment and “income” will be achieved by foregoing the potential for
future capital growth.
Derivatives Risk
Many of the risks applicable to trading the underlying asset are also applicable to derivatives trading.
However, there are a number of additional risks associated with derivatives trading. In addition to
the below risks, please also see “Derivatives Risk” under the section entitled “Risk Factors” in the
Prospectus.
Transactions in certain derivatives are subject to clearance on exchanges, regulatory oversight and therisks of trading in the OTC markets. Additional risks associated with derivatives trading include:

13

SECTION I: The FundCounterparty Risk. Because some of the derivative transactions in which the Fund may engage(for example, certain swaps) may involve instruments that are not traded on an exchange but
are instead traded between counterparties based on contractual relationships, the Fund issubject to the risk that a counterparty will not perform its obligations under the related
contracts. Although the Fund intends to enter into transactions only with counterparties
which the Investment Manager believes to be creditworthy, there can be no assurance that acounterparty will not default and that the Fund will not sustain a loss on a transaction as aresult.
Some types of cleared derivatives are required to be executed on an exchange or on a swap
execution facility. A swap execution facility is a trading platform where multiple market
participants can execute derivatives by accepting bids and offers made by multiple otherparticipants in the platform. While this execution requirement is designed to increasetransparency and liquidity in the cleared derivatives market, trading on a swap execution
facility can create additional costs and risks for the Fund.
In the event of the counterparty’s bankruptcy or insolvency, the Fund’s collateral may besubject to the conflicting claims of the counterparty’s creditors, and the Fund may be exposedto the risk of a court treating the Fund as a general unsecured creditor of the counterparty,
rather than as the owner of the collateral. The Fund is subject to the risk that issuers of the
instruments in which it invests and trades may default on their obligations under those
instruments, and that certain events may occur that have an immediate and significant
adverse effect on the value of those instruments. There can be no assurance that an issuer of
an instrument in which the Fund invests will not default, or that an event that has an
immediate and significant adverse effect on the value of an instrument will not occur, andthat the Fund will not sustain a loss on a transaction as a result.

Liquidity Risk. Derivative instruments, especially when traded in large amounts, may not beliquid in all circumstances, so that in volatile markets the Fund may not be able to close out aposition without incurring a loss. In addition, daily limits on price fluctuations andspeculative position limits on exchanges on which the Fund may conduct its transactions inderivative instruments may prevent profitable liquidation of positions, subjecting the Fund to
the potential of greater losses.

Over-the-Counter Trading Risk. Derivative instruments, such as swap agreements, that may bepurchased or sold by the Fund may include instruments not traded on an exchange. The riskof non-performance by the counterparty to an instrument is generally greater than, and theease with which the Fund can dispose of or enter into closing transactions with respect to an
instrument is generally less than, the risk associated with an exchange traded instrument. In
addition, greater disparities may exist between “bid” and “asked” prices for derivative
instruments that are not traded on an exchange. Derivative instruments not traded on
exchanges also are not subject to the same type of government regulation as exchange traded
instruments, and many of the protections afforded to participants in a regulated environment
may not be available in connection with the transactions.



Volatility. Shareholders should note that returns which are derived from derivatives may be
more volatile than returns which are derived from the asset underlying the derivatives.

Stapled Securities Risk.
A stapled security is a security that is comprised of two parts that cannot be separated from one
another. The two parts of a stapled security are a unit of a trust and a share of a company. The
resulting security is influenced by both parts, and must be treated as one unit at all times, such as
when buying or selling a security.
Convertible Securities.

14

SECTION I: The Fund

The Fund may invest in convertible securities. Convertible securities are preferred stocks or debt
obligations that are convertible at a stated exchange rate or formula into common stock or other
equity securities. Convertible securities generally offer lower interest or dividend yields than nonconvertible securities of similar quality. Convertible securities have both equity and fixed-income
risk characteristics. Like all fixed-income securities, the value of convertible securities is susceptible
to the risk of market losses attributable to changes in interest rates. Generally, the market value of
convertible securities tends to decline as interest rates increase and, conversely, to increase as interest
rates decline. The markets for convertible securities may be less liquid than markets for common
stocks or bonds. Convertible securities are also subject to credit risk, and are often lower-quality
securities.
Investment in Non-US Securities.
The Fund expects to invest in non-US securities, including in the form of American Depositary
Receipts (ADRs), Global Depositary Receipts (GDRs) and European Depositary Receipts (EDRs).
Generally, ADRs in registered form are US Dollar denominated securities designed for use in the US
securities markets, which represent and may be converted into an underlying foreign security. GDRs,
in bearer form, are designated for use outside the United States. EDRs, in bearer form, are designed
for use in the European securities markets.
Such investments may be subject to a greater risk than US investments due to non-US economic,
political and legal developments, including economic, political or social instability, favorable orunfavorable changes in currency exchange rates, exchange control regulations (including currency
blockage), expropriation of assets or nationalization, imposition of taxes on dividends, interest
payments or capital gains, the need for approval by government or other authorities to makeinvestments, possible difficulty in obtaining and enforcing judgments against non-US entities andother factors beyond the control of the Investment Manager. Furthermore, issuers of non-US
securities are subject to different, often less comprehensive accounting, reporting or disclosure
requirements than US issuers. The securities markets of some countries in which the Fund may invest
have substantially less volume than those in the United States, and securities of certain companies inthese countries are less liquid and more volatile than securities of comparable US companies.
Accordingly, these markets may be subject to greater influence by adverse events generally affecting
the market, and by large investors trading significant blocks of securities, than is usual in the UnitedStates. Brokerage commissions and other transaction costs on securities exchanges in non-US
countries are generally higher than in the United States.
Fixed Income Risk
The market value of fixed income investments changes in response to interest rate changes and otherfactors. Bond prices generally rise when interest rates decline and decline when interest rates rise. The
longer the duration of a bond, the more a change in interest rates affects the bond’s price. Short-termand long-term interest rates may not move the same amount and may not move in the same direction.
It is likely there will be less governmental action in the near future to maintain low interest rates, orthat governmental actions will be less effective in maintaining low interest rates. The negative impact
on fixed income securities from the resulting rate increases for that and other reasons could be swift
and significant, including falling market values and reduced liquidity. Substantial redemptions frombond and other income funds may worsen that impact. Other types of securities also may be
adversely affected from an increase in interest rates. Moreover, while securities with longer maturities
tend to produce higher yields, the prices of longer maturity securities are also subject to greater
market fluctuations as a result of changes in interest rates. As the average maturity or duration of asecurity lengthens, the risk that the price of such security will become more volatile increases. In
contrast to maturity which measures only time until final payment, duration combines considerationof yield, interest payments, final maturity and call features. Additional risk associated with fixedincome securities includes:

15

SECTION I: The Fund

Call Risk. During periods of falling interest rates, certain debt obligations with high interest
rates may be prepaid (or “called”) by the issuer prior to maturity.

Extension Risk. An issuer may exercise its right to pay principal on an obligation held by theFund later than expected. This may happen when there is a rise in interest rates. Under thesecircumstances, the value of the obligation will decrease.

Credit Risk. The possibility that an issuer will be unable to make timely payments of either
principal or interest.

Event Risk. Securities may suffer declines in credit quality and market value due to issuer
restructurings or other factors.

Infrastructure Risk
Securities and instruments of infrastructure companies are more susceptible to adverse economic or
regulatory occurrences affecting their industries. Infrastructure companies may be subject to a variety
of factors that may adversely affect their business or operations, including high interest costs inconnection with capital construction programs, high leverage, costs associated with environmental
and other regulations, the effects of economic slowdown, surplus capacity, increased competition
from other providers of services, uncertainties concerning the availability of fuel at reasonable prices,
the effects of energy conservation policies and other factors. The following is a summary of specificrisks infrastructure companies may be particularly affected by or subject to:Regulatory Risk. Infrastructure companies may be subject to regulation by various
governmental authorities and may also be affected by governmental regulation of rates
charged to services, the imposition of special tariffs and changes in tax laws, environmental
laws and regulations, regulatory policies, accounting standards and general changes inmarket sentiment towards infrastructure assets. Infrastructure companies’ inability to predict,influence or respond appropriately to changes in law or regulatory schemes could adversely
impact their results of operations.

Technology Risk. This risk arises where a change could occur in the way a service or product isdelivered rendering the existing technology obsolete. While the risk could be considered low
in the infrastructure sector given the massive fixed costs involved in constructing assets andthe fact that many infrastructure technologies are well-established, any technology changethat occurs over the medium term could threaten the profitability of an infrastructurecompany. If such a change were to occur, these assets may have very few alternative uses
should they become obsolete.

Regional or Geographic Risk. This risk arises where an infrastructure company’s assets are not
movable. Should an event that somehow impairs the performance of an infrastructurecompany’s assets occur in the geographic location where the issuer operates those assets, theperformance of the issuer may be adversely affected.

Natural Disasters Risk. Natural risks, such as earthquakes, flood, lightning, hurricanes andwind, are risks facing certain infrastructure companies. Extreme weather patterns, or the
threat thereof, could result in substantial damage to the facilities of certain companies locatedin the affected areas, and significant volatility in the products or services of infrastructurecompanies could adversely impact the prices of the securities of such issuer.

Environmental Risk. Infrastructure companies can have substantial environmental impacts.
Ordinary operations or operational accidents may cause major environmental damage, which
could cause infrastructure companies significant financial distress, substantial liabilities forenvironmental cleanup and restoration costs, claims made by neighbouring landowners andother third parties for personal injury and property damage, and fines or penalties for related

16

SECTION I: The Fundviolations of environmental laws or regulations. Infrastructure companies may not be able torecover these costs from insurance. Failure to comply with environmental laws andregulations may trigger a variety of administrative, civil and criminal enforcement measures,
including the assessment of monetary penalties, the imposition of remedial requirements, andthe issuance of orders enjoining future operations. Voluntary initiatives and mandatory
controls have been adopted or are being discussed both in the United States and worldwide
to reduce emissions of “greenhouse gases” such as carbon dioxide, a by-product of burning
fossil fuels, and methane, the major constituent of natural gas, which many scientists andpolicymakers believe contribute to global climate change. These measures and future
measures could result in increased costs to certain companies in which the Fund may invest.
Through-put Risk. The revenue of many infrastructure companies may be impacted by the
number of users who use the products or services produced by the infrastructure company. A
significant decrease in the number of users may negatively impact the profitability of an
infrastructure company.

Project Risk. To the extent the Fund invests in infrastructure companies which are dependent
to a significant extent on new infrastructure projects, the Fund may be exposed to the risk thatthe project will not be completed within budget, within the agreed time frame or to agreed
specifications. Each of these factors may adversely affect the Fund’s return from thatinvestment.

Strategic Asset Risk. Infrastructure companies may control significant strategic assets. Strategic
assets are assets that have a national or regional profile, and may have monopolistic
characteristics. The very nature of these assets could generate additional risk not common inother industry sectors. Given the national or regional profile and/or their irreplaceable
nature, strategic assets may constitute a higher risk target for terrorist acts or political actions.
Given the essential nature of the products or services provided by infrastructure companies,
there is also a higher probability that the services provided by such issuers will be in constantdemand. Should an infrastructure company fail to make such services available, users of suchservices may incur significant damage and may, due to the characteristics of the strategic
assets, be unable to replace the supply or mitigate any such damage, thereby heightening any
potential loss.

Operation Risk. The long-term profitability of an infrastructure company may be partly
dependent on the efficient operation and maintenance of its infrastructure assets. Should an
infrastructure company fail to efficiently maintain and operate the assets, the infrastructurecompany’s ability to maintain payments of dividends or interest to investors may be
impaired. The destruction or loss of an infrastructure asset may have a major impact on theinfrastructure company. Failure by the infrastructure company to carry adequate insurance or
to operate the asset appropriately could lead to significant losses and damages.

Customer Risk. Infrastructure companies can have a narrow customer base. Should thesecustomers or counterparties fail to pay their contractual obligations, significant revenues
could cease and not be replaceable. This would affect the profitability of the infrastructurecompany and the value of any securities or other instruments it has issued.

Interest Rate Risk. Infrastructure assets can be highly leveraged. As such, movements in thelevel of interest rates may affect the returns from these assets more significantly than otherassets in some instances. The structure and nature of the debt encumbering an infrastructure
asset may therefore be an important element to consider in assessing the interest risk of theinfrastructure asset. In particular, the type of facilities, maturity profile, rates being paid,
fixed versus variable components and covenants in place (including the manner in which
they affect returns to equity holders) are crucial factors in assessing any interest rate risk. Dueto the nature of infrastructure assets, the impact of interest rate fluctuations may be greater

17

SECTION I: The Fundfor infrastructure companies than for the economy as a whole in the country in which theinterest rate fluctuation occurs.


Inflation Risk. Many companies operating in the infrastructure sector may have fixed income
streams and, therefore, be unable to pay higher dividends. The market value of infrastructurecompanies may decline in value in times of higher inflation rates. The prices that an
infrastructure company is able to charge users of its assets may not be linked to inflation. In
this case, changes in the rate of inflation may affect the forecast profitability of theinfrastructure company.



Developing Industries Risk. Some infrastructure companies are focused on developing newtechnologies and are strongly influenced by technological changes. Product development
efforts by such companies may not result in viable commercial products. These companies
may bear high research and development costs, which can limit their ability to maintain
operations during periods of organizational growth or instability. Some infrastructurecompanies in which the Fund invests may be in the early stages of operations and may have
limited operating histories and smaller market capitalizations on average than companies inother sectors. As a result of these and other factors, the value of investments in such issuers
may be considerably more volatile than that in more established segments of the economy.



Risks of Investing in Pipelines. Pipeline companies are subject to the demand for natural gas,
natural gas liquids, crude oil or refined products in the markets they serve, changes in theavailability of products for gathering, transportation, processing or sale due to natural
declines in reserves and production in the supply areas serviced by the companies’ facilities,
sharp decreases in crude oil or natural gas prices that cause producers to curtail production
or reduce capital spending for exploration activities, and environmental regulation andrelated cost-intensive integrity management and testing programs. Demand for gasoline,
which accounts for a substantial portion of refined product transportation, depends on price,
prevailing economic conditions in the markets served, and demographic and seasonal factors.
Companies that own interstate pipelines that transport natural gas, natural gas liquids, crude
oil or refined petroleum products are subject to regulation by the Federal Energy Regulation
Commission (“FERC”) with respect to the tariff rates they may charge for transportation
services. An adverse determination by the FERC with respect to the tariff rates of such a
company could have a material adverse effect on its business, financial condition, results ofoperations and cash flows and its ability to pay cash distributions or dividends. In addition,
the FERC has a tax allowance policy, which permits such companies to include in their cost ofservice an income tax allowance to the extent that their owners have an actual or potential tax
liability on the income generated by them.
If the FERC’s income tax allowance policy were to change in the future to disallow a material
portion of the income tax allowance taken by such interstate pipeline companies, it would
adversely impact the maximum tariff rates that such companies are permitted to charge for
their transportation services, which would in turn could adversely affect such companies’
financial condition and ability to pay distributions or dividends to their equity holders.
Further, intrastate pipelines are subject to state regulation in the United States, which, whileless comprehensive than FERC regulation, makes intrastate pipeline tariffs subject to protest
and complaint and may adversely affect such intrastate pipelines’ financial condition, cash
flows and ability to pay distributions or dividends.



Financing Risk. From time to time, infrastructure companies may encounter difficulties in
obtaining financing for construction programs during inflationary periods. Issuers
experiencing difficulties in financing construction programs may also experience lower
profitability, which can result in reduced income to the Fund.

18

SECTION I: The Fund

Other factors that may affect the operations of infrastructure companies include difficulty in raising
capital in adequate amounts on reasonable terms in periods of high inflation and unsettled capital
markets, inexperience with and potential losses resulting from a developing deregulatoryenvironment, increased susceptibility to terrorist acts or political actions, and general changes inmarket sentiment towards infrastructure assets. In addition, the change in presidential administration
could significantly impact the regulation of United States financial markets and dramatically alter
existing trade, tax, energy and infrastructure policies, among others. It is not possible to predict what,
if any, changes will be made or their potential effect on the economy, securities markets, or financial
stability of the United States, or on the energy, natural resources, real estate and other markets.
Emerging Markets.
In accordance with the “Investment Policy” section above, the Fund may invest in securities ofcompanies whose primary operations or principal trading market is in an Emerging Market
Countries. These securities may be US Dollar denominated or non-US Dollar denominated, including
Emerging Market Country currency denominated. Securities of companies in Emerging Markets
Countries may be more volatile than those of companies in more developed markets. Emerging
Market Countries generally have less developed markets and economies and, in some countries, lessmature governments and governmental institutions. Emerging market risks include: greaterfluctuations in currency exchange rates; increased risk of default (by both government and private
issuers); greater social, economic and political uncertainty and instability (including the risk of war or
natural disaster); increased risk of nationalization, expropriation or other confiscation; greater
governmental involvement in the economy; less governmental supervision and regulation of the
securities markets and participants in those markets; controls on non-US investment, capital controls
and limitations on repatriation of invested capital and on the Fund’s ability to exchange local
currencies for US Dollars; inability to purchase and sell investments or otherwise settle security orderivative transactions (i.e., a market freeze); unavailability of currency hedging techniques;companies that are smaller and more recently organized; differences in, or lack of, auditing andfinancial reporting standards and resulting unavailability of material information about issuers;
slower clearance; difficulties in obtaining and/or enforcing legal judgments; and significantly smallermarket capitalizations of issuers.
The Fund may invest in Emerging Markets Countries where custodial and/or settlement systems are
not fully developed. The assets of the Fund which are traded in such markets and which have been
entrusted to sub-custodians, in circumstances where the use of such sub-custodians is necessary, may
be exposed to market risks. Such risks include (i) a non-true delivery versus payment settlement, (ii) a
physical market, and as a consequence the circulation of forged securities, (iii) poor information withregard to corporate actions, (iv) a registration process that affects the availability of the securities, (v)lack of appropriate legal/fiscal infrastructure, and (vi) lack of compensation/risk funds with therelevant central depository. Furthermore, even when a Fund settles trades with counterparties on adelivery-versus-payment basis, it may still be exposed to credit risk to parties with whom it trades.
In addition, as the Fund’s investments may include investments in Russia, investors should be awarethat the laws relating to securities investment and regulation in Russia have been created on an adhoc basis and do not tend to keep pace with market developments. This may lead to ambiguities ininterpretation and inconsistent and arbitrary application of such regulation. In addition, investors
should note that the process of monitoring and enforcement of applicable regulations is rudimentary.
Equity securities in Russia are dematerialised and the only legal evidence of ownership is entry of theshareholder's name on the share register of the issuer. The concept of fiduciary duty is not wellestablished and so shareholders may suffer dilution or loss of investment due to the actions ofmanagement without satisfactory legal remedy. Rules regulating corporate governance either do notexist or are undeveloped and offer little protection to minority shareholders.
Concentration Risk.

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SECTION I: The Fund

Because the Fund will invest more than 25% of its total assets in securities in the infrastructureindustry, as defined in this Prospectus, the Fund may be subject to greater volatility with respect to its
portfolio securities than a fund that is more broadly diversified.
High Yield or “Junk” Bond Risk.
Investments in high yield securities and unrated securities of similar credit quality (commonly known
as “junk bonds”) may be subject to greater levels of credit and liquidity risk than funds that do notinvest in such securities. These securities are considered predominately speculative with respect tothe issuer’s continuing ability to make principal and interest payments. Junk bonds tend to be volatileand more susceptible to adverse events and negative sentiments. An economic downturn or period ofrising interest rates could adversely affect the market for these securities and reduce the Fund’s ability
to sell these securities (liquidity risk). If the issuer of a security is in default with respect to interest or
principal payments, the Fund may lose its entire investment. Because of the risks involved ininvesting in high yield securities, an investment in the Fund that invests in such securities should beconsidered speculative.
Sustainability Risk
Sustainability risks within the meaning of SFDR are ESG events or conditions whose occurrence could
have an actual or potential principal adverse impact on the value of the Fund’s investment. ESG
strategies may take risks or eliminate exposures found in other strategies or broad market
benchmarks that may cause performance to diverge from the performance of these other strategies ormarket benchmarks. These effects may have an impact on the Fund’s return, on the assets, financial
and earnings position of the Fund and on the reputation of the Company. Sustainability risks canaffect all known types of risk (for example, market risk, liquidity risk, counterparty risk andoperational risk), and as a factor, contribute to the materiality of these risk types. ESG strategies will
be subject to the risks associated with their underlying investments’ asset classes. Further, thedemand within certain markets or sectors that an ESG strategy targets may not develop as forecasted
or may develop more slowly than anticipated.

20

SECTION II: Euro ‘Institutional’ Unhedged Accumulation Shares

Definitions
The following definitions apply throughout this section of the Supplement unless the context requires
otherwise:“Closing Date”

means on or about 5 p.m. (Irish time) on 21 July 2021;“Initial Offer”

means the initial offer of Euro ‘Institutional’ Unhedged
Accumulation Shares in the Fund which commenced at 9a.m. (Irish time) on 16 June 2021 and closed on the
Closing Date;“Minimum Holding”

means, in relation to the Euro ‘Institutional’ Unhedged
Accumulation Shares, a minimum holding of €100,000 orsuch lesser amount as may be agreed by the Directors;“Minimum Redemption”

means, in relation to the Euro ‘Institutional’ Unhedged
Accumulation Shares, a minimum redemption of €50,000
or such lesser amount as may be agreed by the Directors;
and“Minimum Initial Subscription”

means, in relation to the Euro ‘Institutional’ Unhedged
Accumulation Shares, a minimum initial subscription of€250,000 or such lesser amount as may be determined by
the Directors in their absolute discretion in any
particular case.

Offer
Shares may be subscribed for in the manner set out in the Prospectus. The initial offer price for Euro‘Institutional’ Unhedged Accumulation Shares is €20. Investors, in the case of an initial subscription
into the Fund, must subscribe for at least the Minimum Initial Subscription amount. There is no
minimum subsequent subscription amount.
The Directors may, in their absolute discretion, charge a subscription fee, payable to introducing
agents and intermediaries (which may include the Investment Manager) of up to 5 per cent. of thegross cash amount subscribed. Where the amount subscribed for Euro Institutional Unhedged
Accumulation Shares is not equivalent to an exact number of Euro ‘Institutional’ Unhedged
Accumulation Shares, fractions of Euro ‘Institutional’ Unhedged Accumulation Shares may be issued
rounded to the third decimal place. Redemption requests for amounts less than the Minimum
Redemption will be refused.

21

SECTION III: Euro ‘Institutional’ Unhedged Distribution Shares

Definitions
The following definitions apply throughout this section of the Supplement unless the context requires
otherwise:“Closing Date”

means on or about 5 p.m. (Irish time) on 20 November
2024 or such earlier or later date as the Directors may intheir absolute discretion determine having notified theCentral Bank;“Initial Offer”

means the initial offer of Euro ‘Institutional’ Unhedged
Distribution Shares in the Fund which will commence at
9 a.m. (Irish time) on 16 June 2021 and will close on the
Closing Date;“Minimum Holding”

means, in relation to the Euro ‘Institutional’ Unhedged
Distribution Shares, a minimum holding of €100,000 orsuch lesser amount as may be agreed by the Directors;“Minimum Redemption”

means, in relation to the Euro ‘Institutional’ Unhedged
Distribution Shares, a minimum redemption of €50,000
or such lesser amount as may be agreed by the Directors;
and“Minimum Initial Subscription”

means, in relation to the Euro ‘Institutional’ Unhedged
Distribution Shares, a minimum initial subscription of€250,000 or such lesser amount as may be determined by
the Directors in their absolute discretion in any
particular case.

Offer
Shares may be subscribed for in the manner set out in the Prospectus. The initial offer price for Euro‘Institutional’ Unhedged Distribution Shares is €20. Investors, in the case of an initial subscription
into the Fund, must subscribe for at least the Minimum Initial Subscription amount. There is no
minimum subsequent subscription amount.
The Directors may, in their absolute discretion, charge a subscription fee, payable to introducing
agents and intermediaries (which may include the Investment Manager) of up to 5 per cent. of thegross cash amount subscribed. Where the amount subscribed for Euro Institutional Unhedged
Distribution Shares is not equivalent to an exact number of Euro ‘Institutional’ Unhedged
Distribution Shares, fractions of Euro ‘Institutional’ Unhedged Distribution Shares may be issued
rounded to the third decimal place. Redemption requests for amounts less than the Minimum
Redemption will be refused.

22

SECTION IV: Euro ‘Institutional’ Hedged Accumulation Shares

Definitions
The following definitions apply throughout this section of the Supplement unless the context requires
otherwise:“Closing Date”

means on or about 5 p.m. (Irish time) on 20 November
2024 or such earlier or later date as the Directors may intheir absolute discretion determine having notified theCentral Bank;“Initial Offer”

means the initial offer of Euro ‘Institutional’ Hedged
Accumulation Shares in the Fund which will commence
at 9 a.m. (Irish time) on 16 June 2021 and will close on
the Closing Date;“Minimum Holding”

means, in relation to the Euro ‘Institutional’ Hedged
Accumulation Shares, a minimum holding of €100,000 orsuch lesser amount as may be agreed by the Directors;“Minimum Redemption”

means, in relation to the Euro ‘Institutional’ Hedged
Accumulation Shares, a minimum redemption of €50,000
or such lesser amount as may be agreed by the Directors;
and“Minimum Initial Subscription”

means, in relation to the Euro ‘Institutional’ Hedged
Accumulation Shares, a minimum initial subscription of€250,000 or such lesser amount as may be determined by
the Directors in their absolute discretion in any
particular case.

Offer
Shares may be subscribed for in the manner set out in the Prospectus. The initial offer price for Euro‘Institutional’ Hedged Accumulation Shares is €20. Investors, in the case of an initial subscription into
the Fund, must subscribe for at least the Minimum Initial Subscription amount. There is no minimum
subsequent subscription amount.
The Directors may, in their absolute discretion, charge a subscription fee, payable to introducing
agents and intermediaries (which may include the Investment Manager) of up to 5 per cent. of thegross cash amount subscribed. Where the amount subscribed for Euro ‘Institutional’ Hedged
Accumulation Shares is not equivalent to an exact number of Euro ‘Institutional’ Hedged
Accumulation Shares, fractions of Euro ‘Institutional’ Hedged Accumulation Shares may be issued
rounded to the third decimal place. Redemption requests for amounts less than the Minimum
Redemption will be refused.
Euro Institutional Hedged Accumulation Share Class
It is intended that the Euro Institutional Hedged Accumulation Share class will be a hedged currency
share class. At least 90% of the class currency risk will be hedged taking the best interest of theshareholders into consideration. While it is not the intention to do so, overhedged or underhedged
positions may arise due to factors outside the control of the Fund. Hedged positions will be kept
under review to ensure that overhedged positions do not exceed 105% of the Net Asset Value of theEuro Institutional Hedged Accumulation Share class. Any overhedged positions materially in excess
of 100% of the Net Asset Value of the Euro Institutional Hedged Accumulation Share Class will not be
carried forward from month to month. This review will also incorporate a procedure to ensure that
underhedged positions below 95% of the Net Asset Value of the Euro Institutional Hedged
Accumulation Share Class will not be carried forward from month to month. All currency hedging

23

SECTION IV: Euro ‘Institutional’ Hedged Accumulation Sharestransactions will be clearly attributable to the Euro Institutional Hedged Accumulation Share classand the costs and gains/losses of the hedging transactions will accrue solely to the Euro Institutional
Hedged Accumulation Share class. To the extent that hedging is successful, the performance of theclass is likely to move in line with the performance of the class denominated in the base currency andinvestors in the hedged class will not benefit if the class currency falls against the base currency.

24

SECTION V: Euro ‘Institutional’ Hedged Distribution Shares

Definitions
The following definitions apply throughout this section of the Supplement unless the context requires
otherwise:“Closing Date”

means on or about 5 p.m. (Irish time) on 20 November
2024 or such earlier or later date as the Directors may intheir absolute discretion determine having notified theCentral Bank;“Initial Offer”

means the initial offer of Euro ‘Institutional’ Hedged
Distribution Shares in the Fund which will commence at
9 a.m. (Irish time) on 16 June 2021 and will close on the
Closing Date;“Minimum Holding”

means, in relation to the Euro ‘Institutional’ Hedged
Distribution Shares, a minimum holding of €100,000 orsuch lesser amount as may be agreed by the Directors;“Minimum Redemption”

means, in relation to the Euro ‘Institutional’ Hedged
Distribution Shares, a minimum redemption of €50,000
or such lesser amount as may be agreed by the Directors;
and“Minimum Initial Subscription”

means, in relation to the Euro ‘Institutional’ Hedged
Distribution Shares, a minimum initial subscription of€250,000 or such lesser amount as may be determined by
the Directors in their absolute discretion in any
particular case.

Offer
Shares may be subscribed for in the manner set out in the Prospectus. The initial offer price for Euro‘Institutional’ Hedged Distribution Shares is €20. Investors, in the case of an initial subscription into
the Fund, must subscribe for at least the Minimum Initial Subscription amount. There is no minimum
subsequent subscription amount.
The Directors may, in their absolute discretion, charge a subscription fee, payable to introducing
agents and intermediaries (which may include the Investment Manager) of up to 5 per cent. of thegross cash amount subscribed. Where the amount subscribed for Euro ‘Institutional’ Hedged
Distribution Shares is not equivalent to an exact number of Euro ‘Institutional’ Hedged Distribution
Shares, fractions of Euro ‘Institutional’ Hedged Distribution Shares may be issued rounded to thethird decimal place. Redemption requests for amounts less than the Minimum Redemption will berefused.
Euro Institutional Hedged Distribution Share Class
It is intended that the Euro Institutional Hedged Distribution Share class will be a hedged currency
share class. At least 90% of the class currency risk will be hedged taking the best interest of theshareholders into consideration. While it is not the intention to do so, overhedged or underhedged
positions may arise due to factors outside the control of the Fund. Hedged positions will be kept
under review to ensure that overhedged positions do not exceed 105% of the Net Asset Value of theEuro Institutional Hedged Distribution Share class. Any overhedged positions materially in excess of
100% of the Net Asset Value of the Euro Institutional Hedged Distribution Share Class will not be
carried forward from month to month. This review will also incorporate a procedure to ensure that
underhedged positions below 95% of the Net Asset Value of the Euro Institutional Hedged
Distribution Share Class will not be carried forward from month to month All currency hedging

25

SECTION V: Euro ‘Institutional’ Hedged Distribution Sharestransactions will be clearly attributable to the Euro Institutional Hedged Distribution Share class andthe costs and gains/losses of the hedging transactions will accrue solely to the Euro Institutional
Hedged Distribution Share class. To the extent that hedging is successful, the performance of the classis likely to move in line with the performance of the class denominated in the base currency andinvestors in the hedged class will not benefit if the class currency falls against the base currency.

26

SECTION VI: Sterling ‘Institutional’ Unhedged Accumulation Shares

Definitions
The following definitions apply throughout this section of the Supplement unless the context requires
otherwise:“Closing Date”

means on or about 5 p.m. (Irish time) on 20
November 2024 or such earlier or later date as the
Directors may in their absolute discretion determine
having notified the Central Bank;“Initial Offer”

means the initial offer of Sterling ‘Institutional’
Unhedged Accumulation Shares in the Fund which
will commence at 9 a.m. (Irish time) on 16 June 2021
and will close on the Closing Date;“Minimum Holding”

means, in relation to the Sterling ‘Institutional’
Unhedged Accumulation Shares, a minimum
holding of £100,000 or such lesser amount as may be
agreed by the Directors;“Minimum Redemption”

means, in relation to the Sterling ‘Institutional’
Unhedged Accumulation Shares, a minimum
redemption of £50,000 or such lesser amount as may
be agreed by the Directors; and“Minimum Initial Subscription”

means, in relation to the Sterling ‘Institutional’
Unhedged Accumulation Shares, a minimum initialsubscription of £250,000 or such lesser amount as
may be determined by the Directors in their absolute
discretion in any particular case.

Offer
Shares may be subscribed for in the manner set out in the Prospectus. The initial offer price forSterling ‘Institutional’ Unhedged Accumulation Shares is £20. Investors, in the case of an initialsubscription into the Fund, must subscribe for at least the Minimum Initial Subscription amount.
There is no minimum subsequent subscription amount.
The Directors may, in their absolute discretion, charge a subscription fee, payable to introducing
agents and intermediaries (which may include the Investment Manager) of up to 5 per cent. of thegross cash amount subscribed. Where the amount subscribed for Sterling ‘Institutional’ Unhedged
Accumulation Shares is not equivalent to an exact number of Sterling ‘Institutional’ Unhedged
Accumulation Shares, fractions of Sterling ‘Institutional’ Unhedged Accumulation Shares may be
issued rounded to the third decimal place. Redemption requests for amounts less than the Minimum
Redemption will be refused.

27

SECTION VII: Sterling ‘Institutional’ Unhedged Distribution Shares

Definitions
The following definitions apply throughout this section of the Supplement unless the context requires
otherwise:“Closing Date”

means on or about 5 p.m. (Irish time) on 20
November 2024 or such earlier or later date as the
Directors may in their absolute discretion determine
having notified the Central Bank;“Initial Offer”

means the initial offer of Sterling ‘Institutional’
Unhedged Distribution Shares in the Fund which
will commence at 9 a.m. (Irish time) on 16 June 2021
and will close on the Closing Date;“Minimum Holding”

means, in relation to the Sterling ‘Institutional’
Unhedged Distribution Shares, a minimum holdingof £100,000 or such lesser amount as may be agreed
by the Directors;“Minimum Redemption”

means, in relation to the Sterling ‘Institutional’
Unhedged Distribution Shares, a minimum
redemption of £50,000 or such lesser amount as may
be agreed by the Directors; and“Minimum Initial Subscription”

means, in relation to the Sterling ‘Institutional’
Unhedged Distribution Shares, a minimum initialsubscription of £250,000 or such lesser amount as
may be determined by the Directors in their absolute
discretion in any particular case.

Offer
Shares may be subscribed for in the manner set out in the Prospectus. The initial offer price forSterling ‘Institutional’ Unhedged Distribution Shares is £20. Investors, in the case of an initialsubscription into the Fund, must subscribe for at least the Minimum Initial Subscription amount.
There is no minimum subsequent subscription amount.
The Directors may, in their absolute discretion, charge a subscription fee, payable to introducing
agents and intermediaries (which may include the Investment Manager) of up to 5 per cent. of thegross cash amount subscribed. Where the amount subscribed for Sterling ‘Institutional’ Unhedged
Distribution Shares is not equivalent to an exact number of Sterling ‘Institutional’ Unhedged
Distribution Shares, fractions of Sterling ‘Institutional’ Unhedged Distribution Shares may be issued
rounded to the third decimal place. Redemption requests for amounts less than the Minimum
Redemption will be refused.

28

SECTION VIII: US Dollar ‘Institutional’ Accumulation Shares

Definitions
The following definitions apply throughout this section of the Supplement unless the context requires
otherwise:“Closing Date”

means on or about 5 p.m. (Irish time) on 24 June
2021;

“Initial Offer”

means the initial offer of US Dollar ‘Institutional’
Accumulation Shares in the Fund which commenced
at 9 a.m. (Irish time) on 16 June 2021 and closed on
the Closing Date;“Minimum Holding”

means, in relation to the US Dollar ‘Institutional’
Accumulation Shares, a minimum holding of
US$100,000 or such lesser amount as may be agreed
by the Directors;“Minimum Redemption”

means, in relation to the US Dollar ‘Institutional’
Accumulation Shares, a minimum redemption of
US$50,000 or such lesser amount as may be agreed
by the Directors; and“Minimum Initial Subscription”

means, in relation to the US Dollar ‘Institutional’
Accumulation
Shares,aminimum
initialsubscription of US$250,000 or such lesser amount as
may be determined by the Directors in their absolute
discretion in any particular case.

Offer
Shares may be subscribed for in the manner set out in the Prospectus. The initial offer price for US
Dollar ‘Institutional’ Accumulation Shares is US$20. Investors, in the case of an initial subscription
into the Fund, must subscribe for at least the Minimum Initial Subscription amount. There is no
minimum subsequent subscription amount.
The Directors may, in their absolute discretion, charge a subscription fee, payable to introducing
agents and intermediaries (which may include the Investment Manager) of up to 5 per cent. of thegross cash amount subscribed. Where the amount subscribed for US Dollar ‘Institutional’
Accumulation Shares is not equivalent to an exact number of US Dollar ‘Institutional’ Accumulation
Shares, fractions of US Dollar ‘Institutional’ Accumulation Shares may be issued rounded to the third
decimal place. Redemption requests for amounts less than the Minimum Redemption will be refused.

29

SECTION IX: US Dollar ‘Institutional’ Distribution Shares

Definitions
The following definitions apply throughout this section of the Supplement unless the context requires
otherwise:“Closing Date”

means on or about 5 p.m. (Irish time) on 20
November 2024 or such earlier or later date as the
Directors may in their absolute discretion determine
having notified the Central Bank;“Initial Offer”

means the initial offer of US Dollar ‘Institutional’
Distribution Shares in the Fund which willcommence at 9 a.m. (Irish time) on 16 June 2021 andwill close on the Closing Date;“Minimum Holding”

means, in relation to the US Dollar ‘Institutional’
Distribution Shares, a minimum holding of
US$100,000 or such lesser amount as may be agreed
by the Directors;“Minimum Redemption”

means, in relation to the US Dollar ‘Institutional’
Distribution Shares, a minimum redemption of
US$50,000 or such lesser amount as may be agreed
by the Directors; and“Minimum Initial Subscription”

means, in relation to the US Dollar ‘Institutional’
Distribution Shares, a minimum initial subscriptionof US$250,000 or such lesser amount as may be
determined by the Directors in their absolute
discretion in any particular case.

Offer
Shares may be subscribed for in the manner set out in the Prospectus. The initial offer price for US
Dollar ‘Institutional’ Distribution Shares is US$20. Investors, in the case of an initial subscription into
the Fund, must subscribe for at least the Minimum Initial Subscription amount. There is no minimum
subsequent subscription amount.
The Directors may, in their absolute discretion, charge a subscription fee, payable to introducing
agents and intermediaries (which may include the Investment Manager) of up to 5 per cent. of thegross cash amount subscribed. Where the amount subscribed for US Dollar ‘Institutional’
Distribution Shares is not equivalent to an exact number of US Dollar ‘Institutional’ Distribution
Shares, fractions of US Dollar ‘Institutional’ Distribution Shares may be issued rounded to the third
decimal place. Redemption requests for amounts less than the Minimum Redemption will be refused.

MMD\39657547.16

30

SECTION X: Euro RDR ‘Retail’ Unhedged Accumulation Shares

Definitions
The following definitions apply throughout this section of the Supplement unless the context requires
otherwise:“Closing Date”

means on or about 5 p.m. (Irish time) on 20
November 2024 or such earlier or later date as the
Directors may in their absolute discretion determine
having notified the Central Bank;“Initial Offer”

means the initial offer of Euro RDR ‘Retail’
Unhedged Accumulation Shares in the Fund which
will commence at 9 a.m. (Irish time) on 16 June 2021
and will close on the Closing Date;“Minimum Holding”

means, in relation to the Euro RDR ‘Retail’
Unhedged Accumulation Shares, a minimum
holding of €250 or such lesser amount as may be
agreed by the Directors;“Minimum Redemption”

means, in relation to the Euro RDR ‘Retail’
Unhedged Accumulation Shares, a minimum
redemption of €250 or such lesser amount as may be
agreed by the Directors;“Minimum Initial Subscription”

means, in relation to the Euro RDR ‘Retail’
Unhedged Accumulation Shares, a minimum initialsubscription of €1,000 or such lesser amount as may
be determined by the Directors in their absolute
discretion in any particular case; and“Minimum Subsequent Subscription”

means, in relation to the Euro RDR ‘Retail’
Unhedged Accumulation Shares, the Minimum
Subsequent Subscription of €250 or such lesser
amount as may be agreed by the Directors.

Offer
Shares may be subscribed for in the manner set out in the Prospectus. The initial offer price for EuroRDR ‘Retail’ Unhedged Accumulation Shares is €20. During the Initial Offer, investors must
subscribe for at least the Minimum Initial Subscription amount. Following the Initial Offer, investors,
in the case of an initial subscription into the Fund, must subscribe for at least the Minimum Initial
Subscription amount and existing Shareholders will be required to subscribe for at least the Minimum
Subsequent Subscription amount.
The Directors may, in their absolute discretion, charge a subscription fee, payable to introducing
agents and intermediaries (which may include the Investment Manager) of up to 5 per cent. of thegross cash amount subscribed but provided that (in accordance with the requirements of the Financial
Conduct Authority’s Retail Distribution Review) such agent or intermediary has not also provided
advice to a subscriber or the payment of such subscription fee would otherwise cause the Director
and/or the agent or intermediary to breach any law, rule or regulation restricting the receipt or
payment of adviser or similar fees or charges in connection with the distribution of securities andinvestments to retail investors. Where the amount subscribed for Euro RDR ‘Retail’ Unhedged
Accumulation Shares is not equivalent to an exact number of Euro RDR ‘Retail’ Unhedged
Accumulation Shares, fractions of Euro RDR ‘Retail’ Unhedged Accumulation Shares may be issued

MMD\39657547.16

31

SECTION X: Euro RDR ‘Retail’ Unhedged Accumulation Sharesrounded to the third decimal place.
Redemption will be refused.

MMD\39657547.16

Redemption requests for amounts less than the Minimum

32

SECTION XI: Euro RDR ‘Retail’ Unhedged Distribution Shares

Definitions
The following definitions apply throughout this section of the Supplement unless the context requires
otherwise:“Closing Date”

means on or about 5 p.m. (Irish time) on 20
November 2024 or such earlier or later date as the
Directors may in their absolute discretion determine
having notified the Central Bank;“Initial Offer”

means the initial offer of Euro RDR ‘Retail’
Unhedged Distribution Shares in the Fund which
will commence at 9 a.m. (Irish time) on 16 June 2021
and will close on the Closing Date;“Minimum Holding”

means, in relation to the Euro RDR ‘Retail’
Unhedged Distribution Shares, a minimum holdingof €250 or such lesser amount as may be agreed by
the Directors;“Minimum Redemption”

means, in relation to the Euro RDR ‘Retail’
Unhedged Distribution Shares, a minimum
redemption of €250 or such lesser amount as may be
agreed by the Directors;“Minimum Initial Subscription”

means, in relation to the Euro RDR ‘Retail’
Unhedged Distribution Shares, a minimum initialsubscription of €1,000 or such lesser amount as may
be determined by the Directors in their absolute
discretion in any particular case; and“Minimum Subsequent Subscription”

means, in relation to the Euro RDR ‘Retail’
Unhedged Distribution Shares, the Minimum
Subsequent Subscription of €250 or such lesser
amount as may be agreed by the Directors.

Offer
Shares may be subscribed for in the manner set out in the Prospectus. The initial offer price for EuroRDR ‘Retail’ Unhedged Distribution Shares is €20. During the Initial Offer, investors must subscribe
for at least the Minimum Initial Subscription amount. Following the Initial Offer, investors, in thecase of an initial subscription into the Fund, must subscribe for at least the Minimum Initial
Subscription amount and existing Shareholders will be required to subscribe for at least the Minimum
Subsequent Subscription amount.
The Directors may, in their absolute discretion, charge a subscription fee, payable to introducing
agents and intermediaries (which may include the Investment Manager) of up to 5 per cent. of thegross cash amount subscribed but provided that (in accordance with the requirements of the Financial
Conduct Authority’s Retail Distribution Review) such agent or intermediary has not also provided
advice to a subscriber or the payment of such subscription fee would otherwise cause the Director
and/or the agent or intermediary to breach any law, rule or regulation restricting the receipt or
payment of adviser or similar fees or charges in connection with the distribution of securities andinvestments to retail investors. Where the amount subscribed for Euro RDR ‘Retail’ Unhedged
Distribution Shares is not equivalent to an exact number of Euro RDR ‘Retail’ Unhedged Distribution
Shares, fractions of Euro RDR ‘Retail’ Unhedged Distribution Shares may be issued rounded to the

MMD\39657547.16

33

SECTION XI: Euro RDR ‘Retail’ Unhedged Distribution Shares

third decimal place. Redemption requests for amounts less than the Minimum Redemption will berefused.

MMD\39657547.16

34

SECTION XII: Euro RDR ‘Retail’ Hedged Accumulation Shares

Definitions
The following definitions apply throughout this section of the Supplement unless the context requires
otherwise:“Closing Date”

means on or about 5 p.m. (Irish time) on 20
November 2024 or such earlier or later date as the
Directors may in their absolute discretion determine
having notified the Central Bank;“Initial Offer”

means the initial offer of Euro RDR ‘Retail’ Hedged
Accumulation Shares in the Fund which willcommence at 9 a.m. (Irish time) on 16 June 2021 andwill close on the Closing Date;“Minimum Holding”

means, in relation to the Euro RDR ‘Retail’ Hedged
Accumulation Shares, a minimum holding of €250 orsuch lesser amount as may be agreed by the
Directors;“Minimum Redemption”

means, in relation to the Euro RDR ‘Retail’ Hedged
Accumulation Shares, a minimum redemption of€250 or such lesser amount as may be agreed by the
Directors;“Minimum Initial Subscription”

means, in relation to the Euro RDR ‘Retail’ Hedged
Accumulation
Shares,aminimum
initialsubscription of €1,000 or such lesser amount as may
be determined by the Directors in their absolute
discretion in any particular case; and“Minimum Subsequent Subscription”

means, in relation to the Euro RDR ‘Retail’ Hedged
Accumulation Shares, the Minimum Subsequent
Subscription of €250 or such lesser amount as may be
agreed by the Directors.

Offer
Shares may be subscribed for in the manner set out in the Prospectus. The initial offer price for EuroRDR ‘Retail’ Hedged Accumulation Shares is €20. During the Initial Offer, investors must subscribe
for at least the Minimum Initial Subscription amount. Following the Initial Offer, investors, in thecase of an initial subscription into the Fund, must subscribe for at least the Minimum Initial
Subscription amount and existing Shareholders will be required to subscribe for at least the Minimum
Subsequent Subscription amount.
The Directors may, in their absolute discretion, charge a subscription fee, payable to introducing
agents and intermediaries (which may include the Investment Manager) of up to 5 per cent. of thegross cash amount subscribed but provided that (in accordance with the requirements of the Financial
Conduct Authority’s Retail Distribution Review) such agent or intermediary has not also provided
advice to a subscriber or the payment of such subscription fee would otherwise cause the Director
and/or the agent or intermediary to breach any law, rule or regulation restricting the receipt or
payment of adviser or similar fees or charges in connection with the distribution of securities andinvestments to retail investors. Where the amount subscribed for Euro RDR ‘Retail’ Hedged
Accumulation Shares is not equivalent to an exact number of Euro RDR ‘Retail’ Hedged
Accumulation Shares, fractions of Euro RDR ‘Retail’ Hedged Accumulation Shares may be issued

MMD\39657547.16

35

SECTION XII: Euro RDR ‘Retail’ Hedged Accumulation Sharesrounded to the third decimal place.
Redemption will be refused.

Redemption requests for amounts less than the Minimum

Euro RDR Retail Hedged Accumulation Share Class
It is intended that the Euro RDR Retail Hedged Accumulation Share class will be a hedged currency
share class. At least 90% of the class currency risk will be hedged taking the best interest of theshareholders into consideration. While it is not the intention to do so, overhedged or underhedged
positions may arise due to factors outside the control of the Fund. Hedged positions will be kept
under review to ensure that overhedged positions do not exceed 105% of the Net Asset Value of theEuro RDR Retail Hedged Accumulation Share class. Any overhedged positions materially in excess
of 100% of the Net Asset Value of the Euro RDR Retail Hedged Accumulation Share Class will not be
carried forward from month to month. This review will also incorporate a procedure to ensure that
underhedged positions below 95% of the Net Asset Value of the Euro RDR Retail Hedged
Accumulation Share Class will not be carried forward from month to month. All currency hedging
transactions will be clearly attributable to the Euro RDR Retail Hedged Accumulation Share class andthe costs and gains/losses of the hedging transactions will accrue solely to the Euro RDR Retail
Hedged Accumulation Share class. To the extent that hedging is successful, the performance of theclass is likely to move in line with the performance of the class denominated in the base currency andinvestors in the hedged class will not benefit if the class currency falls against the base currency.

MMD\39657547.16

36

SECTION XIII: Euro RDR ‘Retail’ Hedged Distribution Shares

Definitions
The following definitions apply throughout this section of the Supplement unless the context requires
otherwise:“Closing Date”

means on or about 5 p.m. (Irish time) on 20
November 2024 or such earlier or later date as the
Directors may in their absolute discretion determine
having notified the Central Bank;“Initial Offer”

means the initial offer of Euro RDR ‘Retail’ Hedged
Distribution Shares in the Fund which willcommence at 9 a.m. (Irish time) on 16 June 2021 andwill close on the Closing Date;“Minimum Holding”

means, in relation to the Euro RDR ‘Retail’ Hedged
Distribution Shares, a minimum holding of €250 orsuch lesser amount as may be agreed by the
Directors;“Minimum Redemption”

means, in relation to the Euro RDR ‘Retail’ Hedged
Distribution Shares, a minimum redemption of €250
or such lesser amount as may be agreed by the
Directors;“Minimum Initial Subscription”

means, in relation to the Euro RDR ‘Retail’ Hedged
Distribution Shares, a minimum initial subscriptionof €1,000 or such lesser amount as may be
determined by the Directors in their absolute
discretion in any particular case; and“Minimum Subsequent Subscription”

means, in relation to the Euro RDR ‘Retail’ Hedged
Distribution Shares, the Minimum Subsequent
Subscription of €250 or such lesser amount as may be
agreed by the Directors.

Offer
Shares may be subscribed for in the manner set out in the Prospectus. The initial offer price for EuroRDR ‘Retail’ Hedged Distribution Shares is €20. During the Initial Offer, investors must subscribe forat least the Minimum Initial Subscription amount. Following the Initial Offer, investors, in the case of
an initial subscription into the Fund, must subscribe for at least the Minimum Initial Subscription
amount and existing Shareholders will be required to subscribe for at least the Minimum Subsequent
Subscription amount.
The Directors may, in their absolute discretion, charge a subscription fee, payable to introducing
agents and intermediaries (which may include the Investment Manager) of up to 5 per cent. of thegross cash amount subscribed but provided that (in accordance with the requirements of the Financial
Conduct Authority’s Retail Distribution Review) such agent or intermediary has not also provided
advice to a subscriber or the payment of such subscription fee would otherwise cause the Director
and/or the agent or intermediary to breach any law, rule or regulation restricting the receipt or
payment of adviser or similar fees or charges in connection with the distribution of securities andinvestments to retail investors. Where the amount subscribed for Euro RDR ‘Retail’ Hedged
Distribution Shares is not equivalent to an exact number of Euro RDR ‘Retail’ Hedged Distribution
Shares, fractions of Euro RDR ‘Retail’ Hedged Distribution Shares may be issued rounded to the third
decimal place. Redemption requests for amounts less than the Minimum Redemption will be refused.

MMD\39657547.16

37

SECTION XIII: Euro RDR ‘Retail’ Hedged Distribution Shares

Euro RDR Retail Hedged Distribution Share Class
It is intended that the Euro RDR Retail Hedged Distribution Share class will be a hedged currency
share class. At least 90% of the class currency risk will be hedged taking the best interest of theshareholders into consideration. While it is not the intention to do so, overhedged or underhedged
positions may arise due to factors outside the control of the Fund. Hedged positions will be kept
under review to ensure that overhedged positions do not exceed 105% of the Net Asset Value of theEuro RDR Retail Hedged Distribution Share class. Any overhedged positions materially in excess of
100% of the Net Asset Value of the Euro RDR Retail Hedged Distribution Share Class will not be
carried forward from month to month. This review will also incorporate a procedure to ensure that
underhedged positions below 95% of the Net Asset Value of the Euro RDR Retail Hedged
Distribution Share Class will not be carried forward from month to month. All currency hedging
transactions will be clearly attributable to the Euro RDR Retail Hedged Distribution Share class andthe costs and gains/losses of the hedging transactions will accrue solely to the Euro RDR Retail
Hedged Distribution Share class. To the extent that hedging is successful, the performance of theclass is likely to move in line with the performance of the class denominated in the base currency andinvestors in the hedged class will not benefit if the class currency falls against the base currency.

MMD\39657547.16

38

SECTION XIV: Sterling RDR ‘Retail’ Accumulation Shares

Definitions
The following definitions apply throughout this section of the Supplement unless the context requires
otherwise:“Closing Date”

means on or about 5 p.m. (Irish time) on 20
November 2024 or such earlier or later date as the
Directors may in their absolute discretion determine
having notified the Central Bank;“Initial Offer”

means the initial offer of Sterling RDR ‘Retail’
Accumulation Shares in the Fund which willcommence at 9 a.m. (Irish time) on 16 June 2021 andwill close on the Closing Date;“Minimum Holding”

means, in relation to the Sterling RDR ‘Retail’
Accumulation Shares, a minimum holding of £250 orsuch lesser amount as may be agreed by the
Directors;“Minimum Redemption”

means, in relation to the Sterling RDR ‘Retail’
Accumulation Shares, a minimum redemption of£250 or such lesser amount as may be agreed by the
Directors;“Minimum Initial Subscription”

means, in relation to the Sterling RDR ‘Retail’
Accumulation
Shares,aminimum
initialsubscription of £1,000 or such lesser amount as may
be determined by the Directors in their absolute
discretion in any particular case; and“Minimum Subsequent Subscription”

means, in relation to the Sterling RDR ‘Retail’
Accumulation Shares, the Minimum Subsequent
Subscription of £250 or such lesser amount as may be
agreed by the Directors.

Offer
Shares may be subscribed for in the manner set out in the Prospectus. The initial offer price forSterling RDR ‘Retail’ Accumulation Shares is £20. During the Initial Offer, investors must subscribe
for at least the Minimum Initial Subscription amount. Following the Initial Offer, investors, in thecase of an initial subscription into the Fund, must subscribe for at least the Minimum Initial
Subscription amount and existing Shareholders will be required to subscribe for at least the Minimum
Subsequent Subscription amount.
The Directors may, in their absolute discretion, charge a subscription fee, payable to introducing
agents and intermediaries (which may include the Investment Manager) of up to 5 per cent. of thegross cash amount subscribed but provided that (in accordance with the requirements of the Financial
Conduct Authority’s Retail Distribution Review) such agent or intermediary has not also provided
advice to a subscriber or the payment of such subscription fee would otherwise cause the Director
and/or the agent or intermediary to breach any law, rule or regulation restricting the receipt or
payment of adviser or similar fees or charges in connection with the distribution of securities andinvestments to retail investors. Where the amount subscribed for Sterling RDR ‘Retail’ Accumulation
Shares is not equivalent to an exact number of Sterling RDR ‘Retail’ Accumulation Shares, fractions ofSterling RDR ‘Retail’ Accumulation Shares may be issued rounded to the third decimal place.
Redemption requests for amounts less than the Minimum Redemption will be refused.

MMD\39657547.16

39

SECTION XV: Sterling RDR ‘Retail’ Distribution Shares

Definitions
The following definitions apply throughout this section of the Supplement unless the context requires
otherwise:“Closing Date”

means on or about 5 p.m. (Irish time) on 20
November 2024 or such earlier or later date as the
Directors may in their absolute discretion determine
having notified the Central Bank;“Initial Offer”

means the initial offer of Sterling RDR ‘Retail’
Distribution Shares in the Fund which willcommence at 9 a.m. (Irish time) on 16 June 2021 andwill close on the Closing Date;“Minimum Holding”

means, in relation to the Sterling RDR ‘Retail’
Distribution Shares, a minimum holding of £250 orsuch lesser amount as may be agreed by the
Directors;“Minimum Redemption”

means, in relation to the Sterling RDR ‘Retail’
Distribution Shares, a minimum redemption of £250
or such lesser amount as may be agreed by the
Directors;“Minimum Initial Subscription”

means, in relation to the Sterling RDR ‘Retail’
Distribution Shares, a minimum initial subscriptionof £1,000 or such lesser amount as may be
determined by the Directors in their absolute
discretion in any particular case; and“Minimum Subsequent Subscription”

means, in relation to the Sterling RDR ‘Retail’
Distribution Shares, the Minimum Subsequent
Subscription of £250 or such lesser amount as may be
agreed by the Directors.

Offer
Shares may be subscribed for in the manner set out in the Prospectus. The initial offer price forSterling RDR ‘Retail’ Distribution Shares is £20. During the Initial Offer, investors must subscribe forat least the Minimum Initial Subscription amount. Following the Initial Offer, investors, in the case of
an initial subscription into the Fund, must subscribe for at least the Minimum Initial Subscription
amount and existing Shareholders will be required to subscribe for at least the Minimum Subsequent
Subscription amount.
The Directors may, in their absolute discretion, charge a subscription fee, payable to introducing
agents and intermediaries (which may include the Investment Manager) of up to 5 per cent. of thegross cash amount subscribed but provided that (in accordance with the requirements of the Financial
Conduct Authority’s Retail Distribution Review) such agent or intermediary has not also provided
advice to a subscriber or the payment of such subscription fee would otherwise cause the Director
and/or the agent or intermediary to breach any law, rule or regulation restricting the receipt or
payment of adviser or similar fees or charges in connection with the distribution of securities andinvestments to retail investors. Where the amount subscribed for Sterling RDR ‘Retail’ Distribution
Shares is not equivalent to an exact number of Sterling RDR ‘Retail’ Distribution Shares, fractions ofSterling RDR ‘Retail’ Distribution Shares may be issued rounded to the third decimal place.
Redemption requests for amounts less than the Minimum Redemption will be refused.

MMD\39657547.16

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SECTION XVI: US Dollar RDR ‘Retail’ Accumulation Shares

Definitions
The following definitions apply throughout this section of the Supplement unless the context requires
otherwise:“Closing Date”

means on or about 5 p.m. (Irish time) on 20
November 2024 or such earlier or later date as the
Directors may in their absolute discretion determine
having notified the Central Bank;“Initial Offer”

means the initial offer of US Dollar RDR ‘Retail’
Accumulation Shares in the Fund which willcommence at 9 a.m. (Irish time) on 16 June 2021 andwill close on the Closing Date;“Minimum Holding”

means, in relation to the US Dollar RDR ‘Retail’
Accumulation Shares, a minimum holding of $250 orsuch lesser amount as may be agreed by the
Directors;“Minimum Redemption”

means, in relation to the US Dollar RDR ‘Retail’
Accumulation Shares, a minimum redemption of$250 or such lesser amount as may be agreed by the
Directors;“Minimum Initial Subscription”

means, in relation to the US Dollar RDR ‘Retail’
Accumulation
Shares,aminimum
initialsubscription of $1,000 or such lesser amount as may
be determined by the Directors in their absolute
discretion in any particular case; and“Minimum Subsequent Subscription”

means, in relation to the US Dollar RDR ‘Retail’
Accumulation Shares, the Minimum Subsequent
Subscription of $250 or such lesser amount as may be
agreed by the Directors.

Offer
Shares may be subscribed for in the manner set out in the Prospectus. The initial offer price for US
Dollar RDR ‘Retail’ Accumulation Shares is $20. During the Initial Offer, investors must subscribe forat least the Minimum Initial Subscription amount. Following the Initial Offer, investors, in the case of
an initial subscription into the Fund, must subscribe for at least the Minimum Initial Subscription
amount and existing Shareholders will be required to subscribe for at least the Minimum Subsequent
Subscription amount.
The Directors may, in their absolute discretion, charge a subscription fee, payable to introducing
agents and intermediaries (which may include the Investment Manager) of up to 5 per cent. of thegross cash amount subscribed but provided that (in accordance with the requirements of the Financial
Conduct Authority’s Retail Distribution Review) such agent or intermediary has not also provided
advice to a subscriber or the payment of such subscription fee would otherwise cause the Director
and/or the agent or intermediary to breach any law, rule or regulation restricting the receipt or
payment of adviser or similar fees or charges in connection with the distribution of securities andinvestments to retail investors. Where the amount subscribed for US Dollar RDR ‘Retail’
Accumulation Shares is not equivalent to an exact number of US Dollar RDR ‘Retail’ Accumulation
Shares, fractions of US Dollar RDR ‘Retail’ Accumulation Shares may be issued rounded to the third
decimal place. Redemption requests for amounts less than the Minimum Redemption will be refused.

MDW\2406798.1

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SECTION XVII: US Dollar RDR ‘Retail’ Distribution Shares

Definitions
The following definitions apply throughout this section of the Supplement unless the context requires
otherwise:“Closing Date”

means on or about 5 p.m. (Irish time) on 20
November 2024 or such earlier or later date as the
Directors may in their absolute discretion determine
having notified the Central Bank;“Initial Offer”

means the initial offer of US Dollar RDR ‘Retail’
Distribution Shares in the Fund which willcommence at 9 a.m. (Irish time) on 16 June 2021 andwill close on the Closing Date;“Minimum Holding”

means, in relation to the US Dollar RDR ‘Retail’
Distribution Shares, a minimum holding of $250 orsuch lesser amount as may be agreed by the
Directors;“Minimum Redemption”

means, in relation to the US Dollar RDR ‘Retail’
Distribution Shares, a minimum redemption of $250
or such lesser amount as may be agreed by the
Directors;“Minimum Initial Subscription”

means, in relation to the US Dollar RDR ‘Retail’
Distribution Shares, a minimum initial subscriptionof $1,000 or such lesser amount as may be
determined by the Directors in their absolute
discretion in any particular case; and“Minimum Subsequent Subscription”

means, in relation to the US Dollar RDR ‘Retail’
Distribution Shares, the Minimum Subsequent
Subscription of $250 or such lesser amount as may be
agreed by the Directors.

Offer
Shares may be subscribed for in the manner set out in the Prospectus. The initial offer price for US
Dollar RDR ‘Retail’ Distribution Shares is $20. During the Initial Offer, investors must subscribe for atleast the Minimum Initial Subscription amount. Following the Initial Offer, investors, in the case of
an initial subscription into the Fund, must subscribe for at least the Minimum Initial Subscription
amount and existing Shareholders will be required to subscribe for at least the Minimum Subsequent
Subscription amount.
The Directors may, in their absolute discretion, charge a subscription fee, payable to introducing
agents and intermediaries (which may include the Investment Manager) of up to 5 per cent. of thegross cash amount subscribed but provided that (in accordance with the requirements of the Financial
Conduct Authority’s Retail Distribution Review) such agent or intermediary has not also provided
advice to a subscriber or the payment of such subscription fee would otherwise cause the Director
and/or the agent or intermediary to breach any law, rule or regulation restricting the receipt or
payment of adviser or similar fees or charges in connection with the distribution of securities andinvestments to retail investors. Where the amount subscribed for US Dollar RDR ‘Retail’ Distribution
Shares is not equivalent to an exact number of US Dollar RDR ‘Retail’ Distribution Shares, fractions of
US Dollar RDR ‘Retail’ Distribution Shares may be issued rounded to the third decimal place.
Redemption requests for amounts less than the Minimum Redemption will be refused.

MDW\2406798.1

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SECTION XVIII: Euro Non-RDR ‘Retail’ Unhedged Accumulation Shares

Definitions
The following definitions apply throughout this section of the Supplement unless the context requires
otherwise:“Closing Date”

means on or about 5 p.m. (Irish time) on 20
November 2024 or such earlier or later date as the
Directors may in their absolute discretion determine
having notified the Central Bank;“Initial Offer”

means the initial offer of Euro Non-RDR ‘Retail’
Unhedged Accumulation Shares in the Fund which
will commence at 9 a.m. (Irish time) on 16 June 2021
and will close on the Closing Date;“Minimum Holding”

means, in relation to the Euro Non-RDR ‘Retail’
Unhedged Accumulation Shares, a minimum
holding of €250 or such lesser amount as may be
agreed by the Directors;“Minimum Redemption”

means, in relation to the Euro Non-RDR ‘Retail’
Unhedged Accumulation Shares, a minimum
redemption of €250 or such lesser amount as may be
agreed by the Directors;“Minimum Initial Subscription”

means, in relation to the Euro Non-RDR ‘Retail’
Unhedged Accumulation Shares, a minimum initialsubscription of €1,000 or such lesser amount as may
be determined by the Directors in their absolute
discretion in any particular case; and“Minimum Subsequent Subscription”

means, in relation to the Euro Non-RDR ‘Retail’
Unhedged Accumulation Shares, the Minimum
Subsequent Subscription of €250 or such lesser
amount as may be agreed by the Directors.

Offer
Shares may be subscribed for in the manner set out in the Prospectus. The initial offer price for Euro
Non-RDR ‘Retail’ Unhedged Accumulation Shares is €20. During the Initial Offer, investors must
subscribe for at least the Minimum Initial Subscription amount. Following the Initial Offer, investors,
in the case of an initial subscription into the Fund, must subscribe for at least the Minimum Initial
Subscription amount and existing Shareholders will be required to subscribe for at least the Minimum
Subsequent Subscription amount.
The Directors may, in their absolute discretion, charge a subscription fee, payable to introducing
agents and intermediaries (which may include the Investment Manager) of up to 5 per cent. of thegross cash amount subscribed. Where the amount subscribed for Euro Non-RDR ‘Retail’ Unhedged
Accumulation Shares is not equivalent to an exact number of Euro Non-RDR ‘Retail’ Unhedged
Accumulation Shares, fractions of Euro Non-RDR ‘Retail’ Unhedged Accumulation Shares may be
issued rounded to the third decimal place. Redemption requests for amounts less than the Minimum
Redemption will be refused.

MDW\2406798.1

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SECTION XIX: Euro Non-RDR ‘Retail’ Unhedged Distribution Shares

Definitions
The following definitions apply throughout this section of the Supplement unless the context requires
otherwise:“Closing Date”

means on or about 5 p.m. (Irish time) on 20
November 2024 or such earlier or later date as the
Directors may in their absolute discretion determine
having notified the Central Bank;“Initial Offer”

means the initial offer of Euro Non-RDR ‘Retail’
Unhedged Distribution Shares in the Fund which
will commence at 9 a.m. (Irish time) on 16 June 2021
and will close on the Closing Date;“Minimum Holding”

means, in relation to the Euro Non-RDR ‘Retail’
Unhedged Distribution Shares, a minimum holdingof €250 or such lesser amount as may be agreed by
the Directors;“Minimum Redemption”

means, in relation to the Euro Non-RDR ‘Retail’
Unhedged Distribution Shares, a minimum
redemption of €250 or such lesser amount as may be
agreed by the Directors;“Minimum Initial Subscription”

means, in relation to the Euro Non-RDR ‘Retail’
Unhedged Distribution Shares, a minimum initialsubscription of €1,000 or such lesser amount as may
be determined by the Directors in their absolute
discretion in any particular case; and“Minimum Subsequent Subscription”

means, in relation to the Euro Non-RDR ‘Retail’
Unhedged Distribution Shares, the Minimum
Subsequent Subscription of €250 or such lesser
amount as may be agreed by the Directors.

Offer
Shares may be subscribed for in the manner set out in the Prospectus. The initial offer price for Euro
Non-RDR ‘Retail’ Unhedged Distribution Shares is €20. During the Initial Offer, investors must
subscribe for at least the Minimum Initial Subscription amount. Following the Initial Offer, investors,
in the case of an initial subscription into the Fund, must subscribe for at least the Minimum Initial
Subscription amount and existing Shareholders will be required to subscribe for at least the Minimum
Subsequent Subscription amount.
The Directors may, in their absolute discretion, charge a subscription fee, payable to introducing
agents and intermediaries (which may include the Investment Manager) of up to 5 per cent. of thegross cash amount subscribed. Where the amount subscribed for Euro Non-RDR ‘Retail’ Unhedged
Distribution Shares is not equivalent to an exact number of Euro Non-RDR ‘Retail’ Unhedged
Distribution Shares, fractions of Euro Non-RDR ‘Retail’ Unhedged Distribution Shares may be issued
rounded to the third decimal place. Redemption requests for amounts less than the Minimum
Redemption will be refused.

MDW\2406798.1

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SECTION XX: Euro Non-RDR ‘Retail’ Hedged Accumulation Shares

Definitions
The following definitions apply throughout this section of the Supplement unless the context requires
otherwise:“Closing Date”

means on or about 5 p.m. (Irish time) on 20
November 2024 or such earlier or later date as the
Directors may in their absolute discretion determine
having notified the Central Bank;“Initial Offer”

means the initial offer of Euro Non-RDR ‘Retail’
Hedged Accumulation Shares in the Fund which
will commence at 9 a.m. (Irish time) on 16 June 2021
and will close on the Closing Date;“Minimum Holding”

means, in relation to the Euro Non-RDR ‘Retail’
Hedged Accumulation Shares, a minimum holdingof €250 or such lesser amount as may be agreed by
the Directors;“Minimum Redemption”

means, in relation to the Euro Non-RDR ‘Retail’
Hedged Accumulation Shares, a minimum
redemption of €250 or such lesser amount as may be
agreed by the Directors;“Minimum Initial Subscription”

means, in relation to the Euro Non-RDR ‘Retail’
Hedged Accumulation Shares, a minimum initialsubscription of €1,000 or such lesser amount as may
be determined by the Directors in their absolute
discretion in any particular case; and“Minimum Subsequent Subscription”

means, in relation to the Euro Non-RDR ‘Retail’
Hedged Accumulation Shares, the Minimum
Subsequent Subscription of €250 or such lesser
amount as may be agreed by the Directors.

Offer
Shares may be subscribed for in the manner set out in the Prospectus. The initial offer price for Euro
Non-RDR ‘Retail’ Hedged Accumulation Shares is €20. During the Initial Offer, investors must
subscribe for at least the Minimum Initial Subscription amount. Following the Initial Offer, investors,
in the case of an initial subscription into the Fund, must subscribe for at least the Minimum Initial
Subscription amount and existing Shareholders will be required to subscribe for at least the Minimum
Subsequent Subscription amount.
The Directors may, in their absolute discretion, charge a subscription fee, payable to introducing
agents and intermediaries (which may include the Investment Manager) of up to 5 per cent. of thegross cash amount subscribed. Where the amount subscribed for Euro Non-RDR ‘Retail’ Hedged
Accumulation Shares is not equivalent to an exact number of Euro Non-RDR ‘Retail’ Hedged
Accumulation Shares, fractions of Euro Non-RDR ‘Retail’ Hedged Accumulation Shares may be
issued rounded to the third decimal place. Redemption requests for amounts less than the Minimum
Redemption will be refused.
Euro Non-RDR Retail Hedged Accumulation Share Class

MDW\2406798.1

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SECTION XX: Euro Non-RDR ‘Retail’ Hedged Accumulation Shares

It is intended that the Euro Non-RDR Retail Hedged Accumulation Share class will be a hedged
currency share class. At least 90% of the class currency risk will be hedged taking the best interest of
the shareholders into consideration. While it is not the intention to do so, overhedged orunderhedged positions may arise due to factors outside the control of the Fund. Hedged positions
will be kept under review to ensure that overhedged positions do not exceed 105% of the Net Asset
Value of the Euro Non-RDR Retail Hedged Accumulation Share class. Any overhedged positions
materially in excess of 100% of the Net Asset Value of the Euro Non-RDR Retail Hedged
Accumulation Share Class will not be carried forward from month to month. This review will also
incorporate a procedure to ensure that underhedged positions below 95% of the Net Asset Value of
the Euro Non-RDR Retail Hedged Accumulation Share Class will not be carried forward from month
to month. All currency hedging transactions will be clearly attributable to the Euro Non-RDR Retail
Hedged Accumulation Share class and the costs and gains/losses of the hedging transactions willaccrue solely to the Euro Non-RDR Retail Hedged Accumulation Share class. To the extent that
hedging is successful, the performance of the class is likely to move in line with the performance ofthe class denominated in the base currency and investors in the hedged class will not benefit if theclass currency falls against the base currency.

MDW\2406798.1

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SECTION XXI: Euro Non-RDR ‘Retail’ Hedged Distribution Shares

Definitions
The following definitions apply throughout this section of the Supplement unless the context requires
otherwise:“Closing Date”

means on or about 5 p.m. (Irish time) on 20
November 2024 or such earlier or later date as the
Directors may in their absolute discretion determine
having notified the Central Bank;“Initial Offer”

means the initial offer of Euro Non-RDR ‘Retail’
Hedged Distribution Shares in the Fund which willcommence at 9 a.m. (Irish time) on 16 June 2021 andwill close on the Closing Date;“Minimum Holding”

means, in relation to the Euro Non-RDR ‘Retail’
Hedged Distribution Shares, a minimum holding of€250 or such lesser amount as may be agreed by the
Directors;“Minimum Redemption”

means, in relation to the Euro Non-RDR ‘Retail’
Hedged Distribution Shares, a minimum redemptionof €250 or such lesser amount as may be agreed by
the Directors;“Minimum Initial Subscription”

means, in relation to the Euro Non-RDR ‘Retail’
Hedged Distribution Shares, a minimum initialsubscription of €1,000 or such lesser amount as may
be determined by the Directors in their absolute
discretion in any particular case; and“Minimum Subsequent Subscription”

means, in relation to the Euro Non-RDR ‘Retail’
Hedged Distribution Shares, the Minimum
Subsequent Subscription of €250 or such lesser
amount as may be agreed by the Directors.

Offer
Shares may be subscribed for in the manner set out in the Prospectus. The initial offer price for Euro
Non-RDR ‘Retail’ Hedged Distribution Shares is €20. During the Initial Offer, investors must
subscribe for at least the Minimum Initial Subscription amount. Following the Initial Offer, investors,
in the case of an initial subscription into the Fund, must subscribe for at least the Minimum Initial
Subscription amount and existing Shareholders will be required to subscribe for at least the Minimum
Subsequent Subscription amount.
The Directors may, in their absolute discretion, charge a subscription fee, payable to introducing
agents and intermediaries (which may include the Investment Manager) of up to 5 per cent. of thegross cash amount subscribed. Where the amount subscribed for Euro Non-RDR ‘Retail’ Hedged
Distribution Shares is not equivalent to an exact number of Euro Non-RDR ‘Retail’ Hedged
Distribution Shares, fractions of Euro Non-RDR ‘Retail’ Hedged Distribution Shares may be issued
rounded to the third decimal place. Redemption requests for amounts less than the Minimum
Redemption will be refused.
Euro Non-RDR Retail Hedged Distribution Share Class

MDW\2406798.1

47

SECTION XXI: Euro Non-RDR ‘Retail’ Hedged Distribution Shares

It is intended that the Euro Non-RDR Retail Hedged Distribution Share class will be a hedged
currency share class. At least 90% of the class currency risk will be hedged taking the best interest of
the shareholders into consideration. While it is not the intention to do so, overhedged orunderhedged positions may arise due to factors outside the control of the Fund. Hedged positions
will be kept under review to ensure that overhedged positions do not exceed 105% of the Net Asset
Value of the Euro Non-RDR Retail Hedged Distribution Share class. Any overhedged positions
materially in excess of 100% of the Net Asset Value of the Euro Non-RDR Retail Hedged Distribution
Share Class will not be carried forward from month to month. This review will also incorporate aprocedure to ensure that underhedged positions below 95% of the Net Asset Value of the Euro NonRDR Retail Hedged Distribution Share Class will not be carried forward from month to month. All
currency hedging transactions will be clearly attributable to the Euro Non-RDR Retail Hedged
Distribution Share class and the costs and gains/losses of the hedging transactions will accrue solely
to the Euro Non-RDR Retail Hedged Distribution Share class. To the extent that hedging is
successful, the performance of the class is likely to move in line with the performance of the classdenominated in the base currency and investors in the hedged class will not benefit if the classcurrency falls against the base currency.

MDW\2406798.1

48

SECTION XXII: Sterling Non-RDR ‘Retail’ Accumulation Shares

Definitions
The following definitions apply throughout this section of the Supplement unless the context requires
otherwise:“Closing Date”

means on or about 5 p.m. (Irish time) on 20
November 2024 or such earlier or later date as the
Directors may in their absolute discretion determine
having notified the Central Bank;“Initial Offer”

means the initial offer of Sterling Non-RDR ‘Retail’
Accumulation Shares in the Fund which willcommence at 9 a.m. (Irish time) on 16 June 2021 andwill close on the Closing Date;“Minimum Holding”

means, in relation to the Sterling Non-RDR ‘Retail’
Accumulation Shares, a minimum holding of £250 orsuch lesser amount as may be agreed by the
Directors;“Minimum Redemption”

means, in relation to the Sterling Non-RDR ‘Retail’
Accumulation Shares, a minimum redemption of£250 or such lesser amount as may be agreed by the
Directors;“Minimum Initial Subscription”

means, in relation to the Sterling Non-RDR ‘Retail’
Accumulation
Shares,aminimum
initialsubscription of £1,000 or such lesser amount as may
be determined by the Directors in their absolute
discretion in any particular case; and“Minimum Subsequent Subscription”

means, in relation to the Sterling Non-RDR ‘Retail’
Accumulation Shares, the Minimum Subsequent
Subscription of £250 or such lesser amount as may be
agreed by the Directors.

Offer
Shares may be subscribed for in the manner set out in the Prospectus. The initial offer price forSterling Non-RDR ‘Retail’ Accumulation Shares is £20. During the Initial Offer, investors must
subscribe for at least the Minimum Initial Subscription amount. Following the Initial Offer, investors,
in the case of an initial subscription into the Fund, must subscribe for at least the Minimum Initial
Subscription amount and existing Shareholders will be required to subscribe for at least the Minimum
Subsequent Subscription amount.
The Directors may, in their absolute discretion, charge a subscription fee, payable to introducing
agents and intermediaries (which may include the Investment Manager) of up to 5 per cent. of thegross cash amount subscribed. Where the amount subscribed for Sterling Non-RDR ‘Retail’
Accumulation Shares is not equivalent to an exact number of Sterling Non-RDR ‘Retail’ Accumulation
Shares, fractions of Sterling Non-RDR ‘Retail’ Accumulation Shares may be issued rounded to thethird decimal place. Redemption requests for amounts less than the Minimum Redemption will berefused.

MDW\2406798.1

49

SECTION XXIII: Sterling Non-RDR ‘Retail’ Distribution Shares

Definitions
The following definitions apply throughout this section of the Supplement unless the context requires
otherwise:“Closing Date”

means on or about 5 p.m. (Irish time) on 20
November 2024 or such earlier or later date as the
Directors may in their absolute discretion determine
having notified the Central Bank;“Initial Offer”

means the initial offer of Sterling Non-RDR ‘Retail’
Distribution Shares in the Fund which willcommence at 9 a.m. (Irish time) on 16 June 2021 andwill close on the Closing Date;“Minimum Holding”

means, in relation to the Sterling Non-RDR ‘Retail’
Distribution Shares, a minimum holding of £250 orsuch lesser amount as may be agreed by the
Directors;“Minimum Redemption”

means, in relation to the Sterling Non-RDR ‘Retail’
Distribution Shares, a minimum redemption of £250
or such lesser amount as may be agreed by the
Directors;“Minimum Initial Subscription”

means, in relation to the Sterling Non-RDR ‘Retail’
Distribution Shares, a minimum initial subscriptionof £1,000 or such lesser amount as may be
determined by the Directors in their absolute
discretion in any particular case; and“Minimum Subsequent Subscription”

means, in relation to the Sterling Non-RDR ‘Retail’
Distribution Shares, the Minimum Subsequent
Subscription of £250 or such lesser amount as may be
agreed by the Directors.

Offer
Shares may be subscribed for in the manner set out in the Prospectus. The initial offer price forSterling Non-RDR ‘Retail’ Distribution Shares is £20. During the Initial Offer, investors must
subscribe for at least the Minimum Initial Subscription amount. Following the Initial Offer, investors,
in the case of an initial subscription into the Fund, must subscribe for at least the Minimum Initial
Subscription amount and existing Shareholders will be required to subscribe for at least the Minimum
Subsequent Subscription amount.
The Directors may, in their absolute discretion, charge a subscription fee, payable to introducing
agents and intermediaries (which may include the Investment Manager) of up to 5 per cent. of thegross cash amount subscribed. Where the amount subscribed for Sterling Non-RDR ‘Retail’
Distribution Shares is not equivalent to an exact number of Sterling Non-RDR ‘Retail’ Distribution
Shares, fractions of Sterling Non-RDR ‘Retail’ Distribution Shares may be issued rounded to the third
decimal place. Redemption requests for amounts less than the Minimum Redemption will be refused.

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SECTION XXIV: US Dollar Non-RDR ‘Retail’ Accumulation Shares

Definitions
The following definitions apply throughout this section of the Supplement unless the context requires
otherwise:“Closing Date”

means on or about 5 p.m. (Irish time) on 20
November 2024 or such earlier or later date as the
Directors may in their absolute discretion determine
having notified the Central Bank;“Initial Offer”

means the initial offer of US Dollar Non-RDR ‘Retail’
Accumulation Shares in the Fund which willcommence at 9 a.m. (Irish time) on 16 June 2021 andwill close on the Closing Date;“Minimum Holding”

means, in relation to the US Dollar Non-RDR ‘Retail’
Accumulation Shares, a minimum holding of $250 orsuch lesser amount as may be agreed by the
Directors;“Minimum Redemption”

means, in relation to the US Dollar Non-RDR ‘Retail’
Accumulation Shares, a minimum redemption of$250 or such lesser amount as may be agreed by the
Directors;“Minimum Initial Subscription”

means, in relation to the US Dollar Non-RDR ‘Retail’
Accumulation
Shares,aminimum
initialsubscription of $1,000 or such lesser amount as may
be determined by the Directors in their absolute
discretion in any particular case; and“Minimum Subsequent Subscription”

means, in relation to the US Dollar Non-RDR ‘Retail’
Accumulation Shares, the Minimum Subsequent
Subscription of $250 or such lesser amount as may be
agreed by the Directors.

Offer
Shares may be subscribed for in the manner set out in the Prospectus. The initial offer price for US
Dollar Non-RDR ‘Retail’ Accumulation Shares is $20. During the Initial Offer, investors must
subscribe for at least the Minimum Initial Subscription amount. Following the Initial Offer, investors,
in the case of an initial subscription into the Fund, must subscribe for at least the Minimum Initial
Subscription amount and existing Shareholders will be required to subscribe for at least the Minimum
Subsequent Subscription amount.
The Directors may, in their absolute discretion, charge a subscription fee, payable to introducing
agents and intermediaries (which may include the Investment Manager) of up to 5 per cent. of thegross cash amount subscribed. Where the amount subscribed for US Dollar Non-RDR ‘Retail’
Accumulation Shares is not equivalent to an exact number of US Dollar Non-RDR ‘Retail’
Accumulation Shares, fractions of US Dollar Non-RDR ‘Retail’ Accumulation Shares may be issued
rounded to the third decimal place. Redemption requests for amounts less than the Minimum
Redemption will be refused.

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SECTION XXV: US Dollar Non-RDR ‘Retail’ Distribution Shares

Definitions
The following definitions apply throughout this section of the Supplement unless the context requires
otherwise:“Closing Date”

means on or about 5 p.m. (Irish time) on 20
November 2024 or such earlier or later date as the
Directors may in their absolute discretion determine
having notified the Central Bank;“Initial Offer”

means the initial offer of US Dollar Non-RDR ‘Retail’
Distribution Shares in the Fund which willcommence at 9 a.m. (Irish time) on 16 June 2021 andwill close on the Closing Date;“Minimum Holding”

means, in relation to the US Dollar Non-RDR ‘Retail’
Distribution Shares, a minimum holding of $250 orsuch lesser amount as may be agreed by the
Directors;“Minimum Redemption”

means, in relation to the US Dollar Non-RDR ‘Retail’
Distribution Shares, a minimum redemption of $250
or such lesser amount as may be agreed by the
Directors;“Minimum Initial Subscription”

means, in relation to the US Dollar Non-RDR ‘Retail’
Distribution Shares, a minimum initial subscriptionof $1,000 or such lesser amount as may be
determined by the Directors in their absolute
discretion in any particular case; and“Minimum Subsequent Subscription”

means, in relation to the US Dollar Non-RDR ‘Retail’
Distribution Shares, the Minimum Subsequent
Subscription of $250 or such lesser amount as may be
agreed by the Directors.

Offer
Shares may be subscribed for in the manner set out in the Prospectus. The initial offer price for US
Dollar RDR ‘Retail’ Distribution Shares is $20. During the Initial Offer, investors must subscribe for atleast the Minimum Initial Subscription amount. Following the Initial Offer, investors, in the case of
an initial subscription into the Fund, must subscribe for at least the Minimum Initial Subscription
amount and existing Shareholders will be required to subscribe for at least the Minimum Subsequent
Subscription amount.
The Directors may, in their absolute discretion, charge a subscription fee, payable to introducing
agents and intermediaries (which may include the Investment Manager) of up to 5 per cent. of thegross cash amount subscribed. Where the amount subscribed for US Dollar RDR ‘Retail’ Distribution
Shares is not equivalent to an exact number of US Dollar RDR ‘Retail’ Distribution Shares, fractions of
US Dollar RDR ‘Retail’ Distribution Shares may be issued rounded to the third decimal place.
Redemption requests for amounts less than the Minimum Redemption will be refused.

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SECTION XXVI: Sterling ‘Institutional’ Hedged Accumulation Shares

Definitions
The following definitions apply throughout this section of the Supplement unless the context requires
otherwise:“Closing Date”

means on or about 5 p.m. (Irish time) on 20 November
2024 or such earlier or later date as the Directors may intheir absolute discretion determine having notified theCentral Bank;“Initial Offer”

means the initial offer of Sterling ‘Institutional’ Hedged
Accumulation Shares in the Fund which will commence
at 9 a.m. (Irish time) on 16 June 2021 and will close on
the Closing Date;“Minimum Holding”

means, in relation to the Sterling ‘Institutional’ Hedged
Accumulation Shares, a minimum holding of £100,000 orsuch lesser amount as may be agreed by the Directors;“Minimum Redemption”

means, in relation to the Sterling ‘Institutional’ Hedged
Accumulation Shares, a minimum redemption of £50,000
or such lesser amount as may be agreed by the Directors;
and“Minimum Initial Subscription”

means, in relation to the Sterling ‘Institutional’ Hedged
Accumulation Shares, a minimum initial subscription of£250,000 or such lesser amount as may be determined by
the Directors in their absolute discretion in any
particular case.

Offer
Shares may be subscribed for in the manner set out in the Prospectus. The initial offer price forSterling ‘Institutional’ Hedged Accumulation Shares is £20. Investors, in the case of an initialsubscription into the Fund, must subscribe for at least the Minimum Initial Subscription amount.
There is no minimum subsequent subscription amount.
The Directors may, in their absolute discretion, charge a subscription fee, payable to introducing
agents and intermediaries (which may include the Investment Manager) of up to 5 per cent. of thegross cash amount subscribed. Where the amount subscribed for Sterling ‘Institutional’ Hedged
Accumulation Shares is not equivalent to an exact number of Sterling ‘Institutional’ Hedged
Accumulation Shares, fractions of Sterling ‘Institutional’ Hedged Accumulation Shares may be issued
rounded to the third decimal place. Redemption requests for amounts less than the Minimum
Redemption will be refused.
Sterling Institutional Hedged Accumulation Share Class
It is intended that the Sterling Institutional Hedged Accumulation Share class will be a hedged
currency share class. At least 90% of the class currency risk will be hedged taking the best interest of
the shareholders into consideration. While it is not the intention to do so, overhedged orunderhedged positions may arise due to factors outside the control of the Fund. Hedged positions
will be kept under review to ensure that overhedged positions do not exceed 105% of the Net Asset
Value of the Sterling Institutional Hedged Accumulation Share class. Any overhedged positions
materially in excess of 100% of the Net Asset Value of the Sterling Institutional Hedged Accumulation
Share Class will not be carried forward from month to month. This review will also incorporate aprocedure to ensure that underhedged positions below 95% of the Net Asset Value of the Sterling
Institutional Hedged Accumulation Share Class will not be carried forward from month to month. All

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SECTION XXVI: Sterling ‘Institutional’ Hedged Accumulation Shares

currency hedging transactions will be clearly attributable to the Sterling Institutional Hedged
Accumulation Share class and the costs and gains/losses of the hedging transactions will accrue
solely to the Sterling Institutional Hedged Accumulation Share class. To the extent that hedging is
successful, the performance of the class is likely to move in line with the performance of the classdenominated in the base currency and investors in the hedged class will not benefit if the classcurrency falls against the base currency.

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SECTION XXVII: Sterling ‘Institutional’ Hedged Distribution Shares

Definitions
The following definitions apply throughout this section of the Supplement unless the context requires
otherwise:“Closing Date”

means on or about 5 p.m. (Irish time) on 20 November
2024 or such earlier or later date as the Directors may intheir absolute discretion determine having notified theCentral Bank;“Initial Offer”

means the initial offer of Sterling ‘Institutional’ Hedged
Distribution Shares in the Fund which will commence at
9 a.m. (Irish time) on 16 June 2021 and will close on the
Closing Date;“Minimum Holding”

means, in relation to the Sterling ‘Institutional’ Hedged
Distribution Shares, a minimum holding of £100,000 orsuch lesser amount as may be agreed by the Directors;“Minimum Redemption”

means, in relation to the Sterling ‘Institutional’ Hedged
Distribution Shares, a minimum redemption of £50,000
or such lesser amount as may be agreed by the Directors;
and“Minimum Initial Subscription”

means, in relation to the Sterling ‘Institutional’ Hedged
Distribution Shares, a minimum initial subscription of£250,000 or such lesser amount as may be determined by
the Directors in their absolute discretion in any
particular case.

Offer
Shares may be subscribed for in the manner set out in the Prospectus. The initial offer price forSterling ‘Institutional’ Hedged Distribution Shares is £20. Investors, in the case of an initialsubscription into the Fund, must subscribe for at least the Minimum Initial Subscription amount.
There is no minimum subsequent subscription amount.
The Directors may, in their absolute discretion, charge a subscription fee, payable to introducing
agents and intermediaries (which may include the Investment Manager) of up to 5 per cent. of thegross cash amount subscribed. Where the amount subscribed for Sterling ‘Institutional’ Hedged
Distribution Shares is not equivalent to an exact number of Sterling ‘Institutional’ Hedged
Distribution Shares, fractions of Sterling ‘Institutional’ Hedged Distribution Shares may be issued
rounded to the third decimal place. Redemption requests for amounts less than the Minimum
Redemption will be refused.
Sterling Institutional Hedged Distribution Share Class
It is intended that the Sterling Institutional Hedged Distribution Share class will be a hedged currency
share class. At least 90% of the class currency risk will be hedged taking the best interest of theshareholders into consideration. While it is not the intention to do so, overhedged or underhedged
positions may arise due to factors outside the control of the Fund. Hedged positions will be kept
under review to ensure that overhedged positions do not exceed 105% of the Net Asset Value of theSterling Institutional Hedged Distribution Share class. Any overhedged positions materially in excess
of 100% of the Net Asset Value of the Sterling Institutional Hedged Distribution Share Class will not
be carried forward from month to month. This review will also incorporate a procedure to ensure that

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SECTION XXVII: Sterling ‘Institutional’ Hedged Distribution Shares

underhedged positions below 95% of the Net Asset Value of the Sterling Institutional Hedged
Distribution Share Class will not be carried forward from month to month. All currency hedging
transactions will be clearly attributable to the Sterling Institutional Hedged Distribution Share classand the costs and gains/losses of the hedging transactions will accrue solely to the Sterling
Institutional Hedged Distribution Share class. To the extent that hedging is successful, theperformance of the class is likely to move in line with the performance of the class denominated in thebase currency and investors in the hedged class will not benefit if the class currency falls against thebase currency.

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Appendix I

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ANNEX II
Template pre-contractual disclosure for the financial products referred to in Article 8,paragraphs 1, 2 and 2a, of Regulation (EU) 2019/2088 and Article 6, first paragraph, ofRegulation (EU) 2020/852

Sustainable investment
means an investment inan economic activity that
contributes
toanenvironmental or social
objective, provided thatthe investment does not
significantly harm any
environmental or social
objective and that theinvesteecompanies
follow good governancepractices.

The EU Taxonomy is aclassification
systemlaid down in Regulation(EU)
2020/852,
establishing a list ofenvironmentally
sustainable economic
activities.
That
Regulation does not lay
down a list of sociallysustainableeconomic
activities.
Sustainable
investments with anenvironmental objective
might be aligned with
the Taxonomy or not.

Product name: Brookfield Global Listed Core
Infrastructure UCITS Fund

Legal entity identifier: 5493005ORVCCYW3JQM83

Environmental and/or social
characteristics
Does this financial product have a sustainable investment objective?
Yes
No
It promotes Environmental/Social(E/S) characteristics and while it does
not have as its objective a sustainable
investment, it will have a minimum
proportion of ___% of sustainable
investments

It will make a minimum ofsustainable investments withan environmental objective: ___%
in economic activities that
qualify as environmentally
sustainable under the EU
Taxonomywith an environmental objective ineconomic activities that qualify asenvironmentally sustainable under
the EU Taxonomy

in economic activities that do
not qualify as environmentally
sustainable under the EU
Taxonomywith an environmental objective ineconomic activities that do not
qualify as environmentally
sustainable under the EU
Taxonomywith a social objective

It will make a minimum ofsustainable investments with asocial objective: ___%

X

It promotes E/S characteristics, butwill not make any sustainable
investments

What environmental and/or social characteristics are promoted by this financial
product?
The Fund promotes the following environmental and social characteristics:
1.
Facilitating energy transition and security
2.
Increased mobility for society – physical and digital3.
Supporting a clean and circular economy
The Fund will be actively managed against the FTSE Global Core Infrastructure 50/50 Index(USD). The Fund does not currently have a reference benchmark designated for the purposeof attaining the environmental or social characteristics promoted.

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Sustainability
indicators measurehowtheenvironmentalorsocial characteristics
promoted by thefinancial product are
attained.

What sustainability indicators are used to measure the attainment of each of
the environmental or social characteristics promoted by this financial product?
Adverse Sustainability
Indicator

Adverse impact on
Sustainability factors(qualitative or
quantitative)

MetricGreenhouse gas emissions

Investments in companies
without carbon emission
reduction initiatives

Share of investments ininvestee companies
without carbon emission
reduction initiatives aimed
at aligning with the Paris
Agreement

GHG intensity of investee
companies

GHG intensity of investee
companies

Energy performance

Share of non-renewableenergy consumption andproduction

Share of non-renewableenergy consumption andnon-renewable energy
production of investee
companies from nonrenewable energy sources
compared to renewableenergy sources, expressed
as a percentage of totalenergy sources

Social and employee matters

Violations of UN Global
Compact principles andOrganisation for Economic
Cooperation andDevelopment (OECD)
Guidelines forMultinational Enterprises

Share of investments ininvestee companies thathave been involved inviolations of the UNGC
principles or OECD
Guidelines forMultinational Enterprises

What are the objectives of the sustainable investments that the financial
product partially intends to make and how does the sustainable investment
contribute to such objectives?
N/A

How do the sustainable investments that the financial product partially intends
to make, not cause significant harm to any environmental or social sustainable
investment objective?
N/A

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59How have the indicators for adverse impacts on sustainability factors beentaken into account?
N/A
How are the sustainable investments aligned with the OECD Guidelines forMultinational Enterprises and the UN Guiding Principles on Business andHuman Rights? Details:
N/A
The EU Taxonomy sets out a “do not significant harm” principle by which Taxonomyaligned investments should not significantly harm EU Taxonomy objectives and isaccompanied by specific EU criteria.
The “do no significant harm” principle applies only to those investments
underlying the financial product that take into account the EU criteria forenvironmentally sustainable economic activities. The investments underlying theremaining portion of this financial product do not take into account the EU criteria
for environmentally sustainable economic activities.
Any other sustainable investments must also not significantly harm any environmental orsocial objectives.

Does this financial product consider principal adverse impacts on sustainability
factors?
Principal adverse
impacts are the mostsignificant negative
impacts of investment
decisions onsustainability factors
relating to environmental,social and employee
matters, respect forhuman rights,
anti‐corruption andanti‐bribery matters.

Yes

X

No

What investment strategy does this financial product follow?
As outlined in the “Investment Policy” section of the Supplement, the Fund seeks to achieve
its investment objective by investing primarily in securities of infrastructure companies
listed or traded on a Recognised Market.
The Fund defines an infrastructure company as any company that derives at least 50% of its
revenue or profits from the ownership or operation of infrastructure assets.
The Fund defines infrastructure assets as the physical structures, networks and systems of

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transportation, energy, water, sewage, and communication. Infrastructure assets currently
include:•toll roads, bridges and tunnels;•
airports;•
seaports;•
electric generation, including renewables, and transmission and distribution lines;•
gathering, treating, processing, fractionation, transportation and storage ofhydrocarbon products;•
water and sewage treatment and distribution pipelines;•
communication towers, satellites and datacenters; and•railroads.
The aim of ESG integration is to improve the risk/return profile of the Fund by integrating
sustainability aspects into the traditional investment analysis process. The assessment of anissuer's sustainability is carried out by the Investment Manager using published informationfrom the issuers and its internal research.
All issuers of equities and/or corporate bonds, as appropriate, are subject to sustainability
analysis before their securities are purchased and ongoing analysis during the pendency ofan investment. This includes impact on climate change and other environmental issues,
negative impacts on social and employee matters, human rights, and the fight against
corruption and bribery. The Investment Manager’s analysis covers the following topics: (a)involvement in controversial business practices based on internationally recognised norms,
including the UN Global Compact; (b) management of sustainability risks: in addition tointernal ESG ratings and scores, key performance indicators (including, but not limited to,workforce safety, carbon intensity per kilowatt hour, carbon emission reductions from abaseline year, and the percentage of fossil fuels held as part of a portfolio) are also taken
into account, (c) a climate rating for measuring the transition to a low-carbon economy; and(d) compliance of companies with the objectives of the Paris Agreement adopted under theUnited Nations Framework Convention on Climate Change.
In addition, the Investment Manager may also rely on the sustainability assessment of an
external provider, MSCI ESG Manager, to evaluate the above criteria. External data
providers collect information from companies or issuers on how they deal with the abovementioned sustainability issues and generally also assess these and make this information
available to the company. With regard to a violation of the ten principles of the UN Global
Compact, the Investment Manager actively monitors relevant press releases, research andnews updates, in addition to information in the sustainability assessments of external data
providers.
For the avoidance of doubt, the ESG considerations set out at (a)-(c) above are designed toaddress sustainability risks and are not to be regarded as investment restrictions, a breachof which would result in an advertent or inadvertent breach of an investment restriction
within the meaning of the Central Bank Regulations.
The
investment
strategy
guidesinvestment
decisionsbased on factors suchasinvestment
objectives and risk
tolerance.

MDW\2406798.1

What are the binding elements of the investment strategy used to select theinvestments to attain each of the environmental or social characteristics
promoted by this financial product?
The issuers of a security may be considered by the Investment Manager to beunsustainable if they violate one of over 100 internationally recognized norms,

61

including the UN Global Compact (the “UN Global Compact”) or the UN Guiding
Principles on Business & Human Rights. The ten principles of the UN Global
Compact promote sustainable and responsible corporate development in orderto make globalisation more social and ecological. They fall into the categories ofhuman rights, labour standards, environmental and corruption prevention. The
Investment Manager also excludes companies which produce and/or distributeoutlawed weapons, such as landmines and cluster munition and atomic,
biological or chemical (ABC) weapons.
What is the committed minimum rate to reduce the scope of the investments
considered prior to the application of that investment strategy?
N/A. The Investment Manager does not employ a minimum rate to reduce thescope of investments.
Good
governancepractices
includesound management
structures, employee
relations,
remuneration of staff
and tax compliance.

What is the policy to assess good governance practices of the investee
companies?
As set out in the “Integration of Sustainability Risks into the Investment Process”
section of the Supplement, the Investment Manager’s analysis of the
management of sustainability risks incorporates governance analysis sourced byboth internal and external data providers. It covers the boards' independence,experience and effectiveness, executive pay practices, ownership structure andreliability of reported financials in respect of the underlying companies in which
the Fund invests. The Investment Manager engages with the underlying
companies via dialogue and voting rights. In exercising the Fund’s voting rights in
its investments, the Investment Manager considers ESG factors, as appropriate.
The governance guidelines establish a consistent philosophy and approach tocorporate governance and the exercising of voting rights.

What is the asset allocation planned for this financial product?
The Investment Manager will invest in an infrastructure company as defined in the“Investment Policy” section of the Supplement. The minimum proportion of the Fund’s assets
aimed at promoting environmental and social characteristics with the binding elements of theinvestment strategy is 80%. The “#2 Other” investments are cash or money market
instruments which may be held as ancillary liquidity, or derivatives which may be used forhedging and efficient portfolio management purposes.

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62Asset allocation
describes
the
share
of
investments
in
specific assets.

#1 Aligned with E/S characteristics includes the investments of the financial product used toattain the environmental or social characteristics promoted by the financial product.
#2Other includes the remaining investments of the financial product which are neither alignedwith the environmental or social characteristics, nor are qualified as sustainable investments.

How does the use of derivatives attain the environmental or social
characteristics promoted by the financial product?
The Investment Manager has the option to use derivatives, but they are not used
to attain environmental or social characteristics.

Taxonomy-aligned
activities
areexpressed as a shareof:turnoverreflecting the share ofrevenue from green
activities of investee
companies
capitalexpenditure (CapEx)
showing the green
investments made byinvestee companies,
e.g. for a transition to agreen economy.
operational
expenditure (OpEx)
reflecting green
operational activities
of investee companies.

To what minimum extent are sustainable investments with anenvironmental objective aligned with the EU Taxonomy?
N/A

Does the financial product invest in fossil gas and/or nuclear energy related activities thatcomply with the EU Taxonomy1?
Yes:

In fossil gas

In nuclear energy

No

The two graphs below show in green the minimum percentage of investments that are aligned with the EU
Taxonomy. As there is no appropriate methodology to determine the Taxonomy-alignment of sovereign
bonds*, the first graph shows the Taxonomy alignment in relation to all the investments of the financial
product including sovereign bonds, while the second graph shows the Taxonomy alignment only in relation
to the investments of the financial product other than sovereign bonds.

1 Fossil gas and/or nuclear related activities will only comply with the EU Taxonomy where they contribute to limiting climatechange (“climate change mitigation”) and do not significantly harm any EU Taxonomy objective - see explanatory note in
the left hand margin. The full criteria for fossil gas and nuclear energy economic activities that comply with the EU
Taxonomy are laid down in Commission Delegated Regulation (EU) 2022/1214.

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* For the purpose of these graphs, ‘sovereign bonds’ consist of all sovereign exposures

Enabling activities
directlyenableother activities tomake a substantial
contribution to an
environmental
objective.
Transitional
activities
areactivities for which
low-carbon
alternatives are not
yet available andamong others havegreenhousegasemissionlevelscorresponding to thebest performance.

are sustainable
investments with anenvironmental
objective that do nottake into account thecriteria forenvironmentally
sustainable economic
activities under the EU
Taxonomy.

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What is the minimum share of investments in transitional and enabling
activities?
N/A

What is the minimum share of sustainable investments with anenvironmental objective that are not aligned with the EU Taxonomy?
N/A

What is the minimum share of socially sustainable investments?
N/A

What investments are included under “#2 Other”, what is their purpose
and are there any minimum environmental or social safeguards?
The “#2 Other” investments are cash or money market instruments which may beheld as ancillary liquidity, or derivatives which may be used for hedging and efficient
portfolio management purposes. Minimum environmental and social safeguards are
not applied to investments included under “#2 Other”.

64Is a specific index designated as a reference benchmark to determine whether thisfinancial product is aligned with the environmental and/or social characteristics
that it promotes?
The Fund will be actively managed against the FTSE Global Core Infrastructure 50/50 Index(USD). The Fund does not currently have a reference benchmark designated for the
purpose of attaining the environmental or social characteristics promoted.

Reference
benchmarksareindexes to measure
whether the financial
product attains theenvironmentalorsocial characteristics
that they promote.

How is the reference benchmark continuously aligned with each of theenvironmental or social characteristics promoted by the financial product?
N/A
How is the alignment of the investment strategy with the methodology of theindex ensured on a continuous basis?
N/A
How does the designated index differ from a relevant broad market index?
N/A
Where can the methodology used for the calculation of the designated index befound?
N/A

Where can I find more product specific information online?

More product-specific information can be found on the website:
https://publicsecurities.brookfield.com/products/ucits/brookfield-global-listed-coreinfrastructure-ucits-fund?id=DB6488

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