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

Brookfield Real Assets Securities UCITS Fund(the “Fund”)

SUPPLEMENT TO PROSPECTUS
9 July 2024_________________________________________________________________

McCann FitzGerald
Solicitors
Riverside One
Sir John Rogerson’s Quay
Dublin 2
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CONTENTS
PAGE
Section I: The FundIntroduction ........................................................................................................................................... 1
Definitions .............................................................................................................................................. 3
Investment Objective ............................................................................................................................ 6
Investment Policy .................................................................................................................................. 6
Profile of a Typical Investor ............................................................................................................... 10
Derivatives ........................................................................................................................................... 10
Securities Financing Transactions ..................................................................................................... 12
Volatility ............................................................................................................................................... 12
Leverage................................................................................................................................................ 12
Investment and Borrowing Restrictions ........................................................................................... 12
German Tax Reporting ...................................................................................................................... 13
Futures Trading ................................................................................................................................... 13
Fees, Costs and Expenses ................................................................................................................... 13
Dividend Policy ................................................................................................................................... 14
Risk Factors .......................................................................................................................................... 15
Section II: Euro 'Institutional' Unhedged Accumulation Shares
Definitions ............................................................................................................................................ 25
Offer ...................................................................................................................................................... 25
Section III: Euro 'Institutional' Unhedged Distribution Shares
Definitions ............................................................................................................................................ 26
Offer ...................................................................................................................................................... 26
Section IV: Euro 'Institutional' Hedged Accumulation Shares
Definitions ............................................................................................................................................ 27
Offer ...................................................................................................................................................... 27
Euro Institutional Hedged Accumulation Share Class .................................................................. 27
Section V: Euro 'Institutional' Hedged Distribution Shares
Definitions ............................................................................................................................................ 29
Offer ...................................................................................................................................................... 29
Euro Institutional Hedged Distribution Share Class ...................................................................... 29
Section VI: Sterling 'Institutional' Unhedged Accumulation Shares
Definitions ............................................................................................................................................ 31
Offer ...................................................................................................................................................... 31
Section VII: Sterling 'Institutional' Unhedged Distribution Shares
Definitions ............................................................................................................................................ 32
Offer ...................................................................................................................................................... 32
Section VIII: US Dollar ‘Institutional’ Accumulation Shares
Definitions ............................................................................................................................................ 33
Offer ...................................................................................................................................................... 33
Section IX: US Dollar ‘Institutional’ Distribution Shares
Definitions ............................................................................................................................................ 34
Offer ...................................................................................................................................................... 34

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Section X: Euro RDR ‘Retail’ Unhedged Accumulation Shares
Definitions ............................................................................................................................................ 35
Offer ...................................................................................................................................................... 35
Section XI: Euro RDR ‘Retail’ Unhedged Distribution Shares
Definitions ............................................................................................................................................ 36
Offer ...................................................................................................................................................... 36
Section XII: Euro RDR ‘Retail’ Hedged Accumulation Shares
Definitions ............................................................................................................................................ 37
Offer ...................................................................................................................................................... 37
Euro RDR Retail Hedged Accumulation Share Class .................................................................... 38
Section XIII: Euro RDR ‘Retail’ Hedged Distribution Shares
Definitions ............................................................................................................................................ 39
Offer ...................................................................................................................................................... 39
Euro RDR Retail Hedged Distribution Share Class ........................................................................ 40
Section XIV: Sterling RDR ‘Retail’ Accumulation Shares
Definitions ............................................................................................................................................ 41
Offer ...................................................................................................................................................... 41
Section XV: Sterling RDR ‘Retail’ Distribution Shares
Definitions ............................................................................................................................................ 42
Offer ...................................................................................................................................................... 42
Section XVI: US Dollar RDR ‘Retail’ Accumulation Shares
Definitions ............................................................................................................................................ 43
Offer ...................................................................................................................................................... 43
Section XVII: US Dollar RDR ‘Retail’ Distribution Shares
Definitions ............................................................................................................................................ 44
Offer ...................................................................................................................................................... 44
Section XVIII: Japanese Yen ‘Institutional’ Unhedged Distribution Shares
Definitions ............................................................................................................................................ 45
Offer ...................................................................................................................................................... 45
Section XIX: Euro Non-RDR ‘Retail’ Unhedged Accumulation Shares
Definitions ............................................................................................................................................ 46
Offer ...................................................................................................................................................... 46
Section XX: Euro Non-RDR ‘Retail’ Unhedged Distribution Shares
Definitions ............................................................................................................................................ 47
Offer ...................................................................................................................................................... 47
Section XXI: Euro Non-RDR ‘Retail’ Hedged Accumulation Shares
Definitions ............................................................................................................................................ 48
Offer ...................................................................................................................................................... 48
Euro Non-RDR Retail Hedged Accumulation Share Class ........................................................... 49
Section XXII: Euro Non-RDR ‘Retail’ Hedged Distribution Shares
Definitions ............................................................................................................................................ 50
Offer ...................................................................................................................................................... 50
Euro Non-RDR Retail Hedged Distribution Share Class ............................................................... 51

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Section XXIII: Sterling Non-RDR ‘Retail’ Accumulation Shares
Definitions ............................................................................................................................................ 52
Offer ...................................................................................................................................................... 52
Section XXIV: Sterling Non-RDR ‘Retail’ Distribution Shares
Definitions ............................................................................................................................................ 53
Offer ...................................................................................................................................................... 53
Section XXV: US Dollar Non-RDR ‘Retail’ Accumulation Shares
Definitions ............................................................................................................................................ 54
Offer ...................................................................................................................................................... 54
Section XXVI: US Dollar Non-RDR ‘Retail’ Distribution Shares
Definitions ............................................................................................................................................ 55
Offer ...................................................................................................................................................... 55
Section XXVII: Sterling ‘Institutional’ Hedged Accumulation Shares
Definitions ............................................................................................................................................ 56
Offer ...................................................................................................................................................... 56
Sterling Institutional Hedged Accumulation Share Class ............................................................. 56
SECTION XXVIII: Sterling ‘Institutional’ Hedged Distribution Shares
Definitions ............................................................................................................................................ 58
Offer ...................................................................................................................................................... 58
Sterling Institutional Hedged Distribution Share Class ................................................................. 58
SECTION XXIX: US Dollar Negotiable Accumulation Shares
Definitions ............................................................................................................................................ 60
Offer ...................................................................................................................................................... 60

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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 Real Assets Securities 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 andshould be read in the context of and in conjunction with the Prospectus.
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.
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 Japanese Yen ‘Institutional’ Unhedged Distribution Shares Class Q;
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 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;
the Sterling ‘Institutional’ Hedged Distribution Shares Class AA; andthe US Dollar Negotiable Accumulation Shares Class XD.

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

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SECTION I: The Fundare restricted from receiving, being paid or keeping adviser, trailer or similar fees, charges orcommissions on the investment management fees payable by the Fund.
Furthermore, in order to be entitled to invest in the Negotiable Class, an investor must have a specificagreement in place with the Investment Manager or its affiliate(s) which provides for the payment ofcertain fees to the Investment Manager or its affiliate(s). Investors acknowledge and accept that suchan agreement must be in place and complied with in full in order for an investor to be eligible toinvest, and maintain an investment, in the Negotiable Class and that failure to have any suchagreement in place, or failure to comply with the terms of that agreement, will result in the investor
being compulsorily redeemed in part or in full in accordance with the terms of such agreement andthe Articles of the Company. By executing the application form in respect of the Fund and therelevant agreement with the Investment Manager or its affiliate(s), and in consideration for the Fundpermitting the investor to invest in the Negotiable Class, investors accept and agree that they are
expressly authorising the Fund to effect a compulsory redemption of either (i) a sufficient number ofthe investor’s Shares in the Negotiable Class for the purposes of discharging any fee that the investor
has failed to pay pursuant to the terms of relevant agreement with the Investment Manager or its
affiliate(s), or (ii) the investor’s entire holding of Shares in the Negotiable Class if the relevant
agreement that has entitled the investor to invest in the Negotiable Class terminates for any reason
whatsoever and if required, deducting from the relevant redemption proceeds such amount as may
be required to discharge any fee that the investor has failed to pay pursuant to the terms of relevant
agreement with the Investment Manager or its affiliate(s).
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.

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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;“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 Japanese Yen‘Institutional’ Unhedged Distribution Shares ClassQ, 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;“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

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SECTION I: The Fund

may be amended, modified or replaced from time totime;“Negotiable Class”

means the US Dollar Negotiable Accumulation
Shares Class XD;“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;

“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 ClassM, 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

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SECTION I: The Fund

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, the Sterling RDR‘Retail’ Distribution Shares Class P and the JapaneseYen ‘Institutional’ Unhedged Distribution SharesClass Q, 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, the Sterling Non-RDR ‘Retail’ Distribution
Shares Class Y, the Sterling ‘Institutional’ Hedged
Accumulation Shares Class Z, the Sterling‘Institutional’ Hedged Distribution Shares Class AA
and the US Dollar Negotiable Accumulation SharesClass XD;

“Subscription Date”

means each Business Day; and“Supplement”

means this supplement.

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SECTION I: The Fund

Investment Objective
The Fund seeks total return, which is targeted to be in excess of inflation, through growth of capitaland current income. However, there can be no assurance that the Fund will achieve its investment
objective.
Investment Policy
Under normal market conditions, the Fund will seek to achieve its investment objective by investingat least 80% of its net assets (the “80% Policy”) in both equity and fixed income securities of “realassets” asset classes (“Real Asset Securities”), in the following categories, all of which will be listed
or traded on a Recognised Market:•

Real Estate Securities;•

Infrastructure Securities; and•Natural Resources Securities.

The Fund may invest in securities of companies or issuers of any size market capitalisation. The Fund
will invest in companies or issuers located throughout the world and there is no limitation on the
Fund’s investments in foreign securities or in emerging markets.
The Fund defines a Real Estate Security as any security listed or traded on a Recognised Market that(i) derives at least 50% of its revenues from the ownership, operation, development, construction,
financing, management or sale of commercial, industrial or residential real estate and similar
activities, or (ii) commits at least 50% of its assets to activities related to real estate.
For purposes of selecting investments in Real Estate Securities, the Fund defines the real estate sector
broadly as the following:•

real estate investment trusts (“REITs”);•

real estate operating companies (“REOCs”);•

firms dependent on real estate holdings for revenues and profits, including lodging, leisure,timber, mining, and agriculture companies; and•debt securities, including securitized obligations, which are predominantly supported by realestate assets.

REITS
REITs are companies that own interests in real estate or in real estate related loans or other interests,
and their revenue primarily consists of rent derived from owned, income producing real estate
properties and capital gains from the sale of such properties. A REIT in the United States is generally
not taxed on income distributed to shareholders so long as it meets tax-related requirements,
including the requirement that it distribute substantially all of its taxable income to its shareholders.
REOCs
REOCs are real estate companies that have not elected to be taxed as REITs and therefore are notrequired to distribute taxable income and have fewer restrictions on what they can invest in.

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SECTION I: The Fund

Securitized Obligations
As part of its investments in Real Estate Securities, the Fund may invest in mortgage-related debt
securities and other mortgage-related instruments (collectively, “Mortgage-Related Investments”).
The Fund considers Mortgage-Related Investments to consist of, but not be limited to, mortgagebacked securities (“MBS”) of any kind; mortgage real estate investment trusts (“mortgage REITs”);
asset-backed securities (“ABS”) that are backed by interest in real estate or land; and securities andother instruments issued by mortgage servicers. The Fund’s investments in MBS may include
residential MBS (“RMBS”) or commercial MBS (“CMBS”).
For purposes of selecting investments in Infrastructure Securities, the Fund defines an Infrastructure
Security as securities listed or traded on a Recognised Market that (i) derives at least 50% of its
revenue or profits, either directly or indirectly, from infrastructure assets, or (ii) commits at least 50%
of its assets to activities related to infrastructure. Such securities may be preferred or common stock,units, trust interests, partnership interests, debt securities, asset-backed securities, stapled securities(as described herein), limited partnership interests in the general partners of master limited
partnerships (“MLPs”), warrants, depository receipts, exchange traded notes and investmentcompanies including exchange traded funds providing exposure to infrastructure companies.
For purposes of selecting investments in Infrastructure Securities, the Fund defines the infrastructure
sector broadly. It includes, but is not limited to, the physical structures, networks and systems of:•transportation;•energy;•water and sewage; and•communication.

Infrastructure Securities also includes MLPs.
An MLP is a publicly traded company organised as a limited partnership or limited liability company
that, like a stock, is publicly traded on a securities exchange. An MLP is typically treated as apartnership for income tax purposes. MLPs may derive income and gains from the exploration,
development, mining or production, processing, refining, transportation (including pipelinestransporting gas, oil, or products thereof), or the marketing of any mineral or natural resources. MLPs
generally have two classes of owners, the general partner and limited partners. The general partner ofan MLP is typically owned by one or more of the following: a major energy company, an investment
fund, or the direct management of the MLP. The general partner may be structured as a private or
publicly traded corporation or other entity. The general partner typically controls the operations andmanagement of the MLP through an up to 2% equity interest in the MLP plus, in many cases,
ownership of common units and subordinated units. Limited partners own the remainder of thepartnership, through ownership of common units, and have a limited role in the partnership’s
operations and management.
From time to time, the Fund may invest in stapled securities to gain exposure to many infrastructurecompanies in Australia. A stapled security, which is widely used in Australia, is a security that iscomprised 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, andmust be treated as one unit at all times, such as when buying or selling a security.
For purposes of selecting investments in Natural Resources Securities, the Fund defines a Natural
Resources Security as a security listed or traded on a Recognised Market (such securities may be
preferred or common stock, units, trust interests, partnership interests, debt securities, asset-backed
securities, stapled securities (as described herein), limited partnership interests in the general partners

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SECTION I: The Fundof master limited partnerships (MLPs), warrants, depository receipts, exchange traded notes andinvestment companies including exchange traded funds providing exposure to infrastructurecompanies that:(i) derives at least 50% of its revenues, profits or value, either directly or indirectly, from natural
resources assets including, but not limited to:•Timber and Agriculture assets and securities;•

Commodities and commodity-linked assets and securities, including, but not limited to,precious metals, such as gold, silver and platinum, ferrous and nonferrous metals, such asiron, aluminum and copper, metals such as uranium and titanium, hydrocarbons such ascoal, oil and natural gas, timberland, undeveloped real property and agriculturalcommodities; and•Energy, including the exploration, production, processinghydrocarbon-related and chemical-related products; orandmanufacturingof(ii) provides supporting services to such natural resources companies.
Commodities are assets that have tangible properties, such as oil, coal, natural gas, agricultural
products, industrial metals, livestock and precious metals. In order to gain exposure to thecommodities markets without investing directly in physical commodities, the Fund may invest incommodity index-linked notes or in the derivatives set out in the section entitled “Derivatives” below
whose reference asset is a commodity index. Any commodity index to which the Fund wishes to gain
exposure will have been submitted to and cleared by the Central Bank prior to the Fund making any
investment in such index. Commodity index-linked notes are derivative debt instruments withprincipal and/or coupon payments linked to the performance of commodity indices. These notes are
sometimes referred to as “structured notes” because the terms of these notes may be structured by theissuer and the purchaser of the note. The value of these notes will rise or fall in response to changes in
the underlying commodity index and will be subject to credit and interest rate risks that typicallyaffect debt securities.
Outside of its investments in Real Asset Securities, the Fund may invest up to 20% of its net assets inequities or fixed income securities of any maturity, including high yield securities, listed or traded on
a Recognised Market other than the types described above, including inflation-linked fixed income
securities such as Treasury Inflation Protected Securities (“TIPS”).
The Fund actively trades portfolio securities. The Fund may invest in securities of companies of any
size market capitalization. The Fund will invest in companies located throughout the world and there
is no limitation on the Fund’s investments in foreign securities or in emerging markets. 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”). Generally, ADRs
in registered form are dollar denominated securities designed for use in the U.S. securities markets,
which represent and may be converted into an underlying foreign security. GDRs, in bearer form, aredesignated for use outside the United States. EDRs, in bearer form, are designed for use in theEuropean securities markets.
In managing the Fund, the Investment Manager will determine the Fund’s strategic asset allocation.
The Fund has flexibility in the relative weightings given to each of these categories.
The Fund may invest in common and preferred stock, restricted (“144A”) securities or private
securities, investment grade fixed income securities, high yield fixed income securities (“junkbonds”), collateralised loan obligations (“CLOs”), bank loans (including participations, assignments,
senior loans, delayed funding loans and revolving credit facilities), open-end and closed-end
investment companies, including exchange-traded funds (“ETFs”) and exchange-traded notes

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SECTION I: The Fund(“ETNs”), and securities issued and/or guaranteed by the U.S. Government, its agencies or
instrumentalities or sponsored corporations, as described in this prospectus. The Fund will not invest
more than 10% of its net assets in exchange traded funds established as Collective Investment
Schemes.
Most ETFs are similar to index funds in that they seek to achieve the same return as a particularmarket index and will primarily invest in the securities of companies that are included in that index.
Unlike index funds, however, ETFs are traded on stock exchanges. ETFs are a convenient way toinvest in both broad market indexes and market sector indexes, particularly since ETFs can be bought
and sold at any time during the day, like stocks. When the Fund invests in ETFs, the Fund will pay a
proportionate share of the management fee and the operating expenses of the ETF. The Fund will notinvest in actively managed or leveraged ETFs.
ETNs are designed to provide investors with a way to access the returns of market benchmarks or
strategies. ETNs are not equities or index funds, but they do share several characteristics. For
example, like equities, they trade on an exchange. Like an index fund, they are linked to the return ofa benchmark index.
With the exception of permitted investment of up to 10% of net assets in unlisted transferable
securities and money market instruments that are consistent with the Fund’s investment policy,transferable securities and money market instruments must be listed or traded on Recognised
Markets.
The Fund may also hold cash or other short-term investments such as money market instruments orcertificates 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 the Investment
Manager considers it prudent to do so, the Fund may hold more cash or other short term investments
than other assets.
Any amendment to the investment objective and/or policy is the responsibility of the Directors who
may change the investment objective and policy of the Fund provided that Shareholders are given
reasonable notice of such change. Furthermore, any change in the investment objective or materialchange to the investment policy of the Fund will only be effected following a resolution of a majorityof the voting Shareholders of the Fund.
Integration of Sustainability Risks into the Investment Process
Unlike investment vehicles which promote environmental, social and governance (“ESG”)
characteristics or have a specific sustainability or impact objective that may result in a constrained
investment universe, the Fund seeks to maximize financial performance, whereby ESG considerations
are input factors within the investment process that the Investment Manager considers appropriate topursue the Fund’s investment 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 or conditions 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 within the meaning ofRegulation (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”) are defined asenvironmental, social and employee matters, respect for human rights, anti-corruption and antibribery matters. The Investment Manager’s analysis of the management of sustainability risks
incorporates governance analysis sourced by both internal and external data providers. It covers theboards' 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,

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9SECTION I: The Fund

as appropriate. The governance guidelines establish a consistent philosophy and approach tocorporate governance and the 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, which is targeted to be in excess of inflation, through growth ofcapital and current income. Further, the relevant information required to appropriately assess theprincipal adverse impacts of the Investment Manager’s investment decisions on sustainability factors
is not yet available.
The investments underlying this Fund do not take into account the EU criteria for environmentally
sustainable economic activities within the meaning of Regulation (EU) 2020/852 of the European
Parliament and of the Council of 18 June 2020.
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 Approach
The Investment Manager utilizes a fundamental, bottom-up, value-based selection methodology,
taking into account short-term considerations, such as temporary market mispricing, and long-term
considerations, such as values of assets and cash flows. It takes a balanced approach to investing,seeking to mitigate risk through diversification, credit analysis, economic analysis and review ofsector and industry trends. The Investment Manager uses proprietary research to select individual
securities that it believes can add value from income and/or the potential for capital appreciation.
The proprietary research may include an assessment of a company’s general financial condition, itscompetitive positioning and management strength, as well as industry characteristics. It may sell asecurity held by the Fund that becomes overvalued or no longer offers an attractive risk/reward
profile. A security may also be sold due to changes in portfolio strategy or cash flow needs.
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, which istargeted to be in excess of inflation, through growth of capital and current income. Derivative
instruments may be utilised in an attempt to achieve the Fund’s investment objective. As returns
which are derived from derivatives may be more volatile than returns which are derived from theasset underlying the derivatives, a typical investor should be prepared to accept a higher level of suchvolatility.
Derivatives
The Fund may, but is not required to, use forwards (such as forward foreign currency exchange
contracts), options, futures and swaps (both credit default swaps and total return swaps (“TRS”)) forinvestment purposes and for the purpose of efficient portfolio management. The Fund may also, forthe purposes of efficient portfolio management only, enter into repurchase agreements and reverse
repurchase agreements.
A derivative is a security or instrument whose value is determined by reference to the value or thechange 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

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SECTION I: The Fundbe consistent with the investment policy of the Fund. 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 level of 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 credit default swaps (CDS), which can be used to acquire or to transfer thecredit risk of a security (being a security identified under the heading ‘Investment Policy’) in theevent that there is a default (or similar incident) by the issuer of the security underlying the CDS. The
buyer of a credit swap receives credit protection, whereas the seller of the swap guarantees the credit
worthiness of the security. Where the Investment Manager does not expect a default of the underlying
security, CDS may be employed by the Fund to express positive investment views (i.e., sell
protection) on corporate entities and markets. Where the Investment Manager does expect a default othe underlying security, CDS may be employed by the Fund to express negative investment views(i.e., buy protection) on corporate entities and markets.
The Fund may also 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
use 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.
The Fund may enter into forward commitments for the purchase or sale of securities, including on a“when issued” or “delayed delivery” basis, in excess of customary settlement periods for the type of
security involved. In some cases, a forward commitment may be conditioned upon the occurrence ofa subsequent event, such as approval and consummation of a merger, corporate reorganisation or
debt restructuring (i.e., a when, as and if issued security). When such transactions are negotiated, theprice is fixed at the time of the commitment, with payment and delivery taking place in the future,generally a month or more after the date of the commitment. While it will only enter into a forward
commitment with the intention of actually acquiring the security, the Fund may sell the security
before the settlement date if it is deemed advisable.
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, 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 the writer.
If the option contract is exercised, the writer is responsible for fulfilling the terms of the contract by

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SECTION I: The Funddelivering the shares to the appropriate party. In the case of a security that cannot be delivered, thecontract is settled in cash. For the holder, the potential loss is limited to the price paid to acquire theoption. When an option is not exercised, it expires. No shares change hands and the money spent topurchase the option is lost. For the buyer, the upside is unlimited. For the writer, the potential loss isunlimited unless the contract is covered, meaning that the writer already owns the security
underlying the option. Options may be employed by the Fund to gain investment exposure
consistent with the investment policy of the Fund and to hedge existing long positions in accordancewith the Fund’s investment policy.
The Fund may enter into repurchase and reverse repurchases for the purposes of efficient portfolio
management only, taking into account the risk profile of the Fund and subject to the conditions andlimits as set out in the UCITS Notices and within any further limits laid down by the Central Bank
from time to time. Under the terms of a typical repurchase agreement, the Fund would acquire anunderlying debt obligation for a relatively short period subject to an obligation of the seller torepurchase, and the Fund to resell, the obligation at an agreed price and time. This arrangement
results in a fixed rate of return to the Fund that is not subject to market fluctuations during theholding period.
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
utilise SFTs, including repurchase transactions, securities or commodities lending and securities orcommodities borrowing, buy-sell back transactions or sell-buy back transactions, margin lendingtransaction and total return swaps. It is expected that the proportion of the Sub-Fund’s assets undermanagement that will be subject to SFTs 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 traded on a Recognised Market.
Volatility
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.
Investment and Borrowing Restrictions
The Fund is subject to the investment and borrowing restrictions set out in the Prospectus.
Furthermore, while it is not the current intention of the Fund to invest in Collective Investment Schemes,
it will not, in any event, invest more than 10% of its net assets in other Collective Investment Schemes,such investment being consistent with the Fund’s investment policy.

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SECTION I: The Fund

German Tax Reporting
The Investment Manager aims to manage the Fund in accordance with the so-called partial exemption
regime for "mixed funds" within the meaning of the German Investment Tax Act 2018 (“GITA”).
Accordingly and notwithstanding any other provision in the Prospectus and this Supplement, theFund shall invest on a continuous basis at least 25% of its portfolio in equities within the meaning of
GITA.
Futures Trading
The Fund may invest in instruments which could be deemed to be commodity interests, including
swaps as defined in the U.S. Commodity Futures Trading Commission (“CFTC”) Regulations. The
Investment Manager intends to claim an exemption from registration with the U.S. National
Futures Association as a Commodity Pool Operator pursuant to CFTC Rule 4.13(a)(3). This
exemption requires that either (i) the aggregate initial margin, premiums, and required minimum
security deposit for foreign exchange transactions required to establish commodity interest
positions, determined at the time the most recent position was established, will not exceed five
percent of the liquidation value of the applicable pool’s portfolio, or (ii) the aggregate net notional
value of this pool’s commodity interest positions, determined at the time the most recent position
was established, does not exceed one hundred percent of the liquidation value of the pool’s
portfolio.
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
Transaction fees and safekeeping fees are based on the Net Asset Value of the Fund and vary, from0.0040% to 0.80%, depending on the country in which the security is traded and held, subject to aminimum annual fee, exclusive of transaction charges and out-of-pocket expenses, which will not
exceed $90,000 per annum in total for all Funds of the Company. Each Fund shall also bear the cost of
all relevant sub-custodian transaction charges incurred by the Depositary, or any sub-custodian,which shall not exceed normal commercial rates. The Depositary shall also be entitled toreimbursement of properly vouched out of pocket expenses incurred by the Depositary, or any subcustodian, for the benefit of the Fund out of the assets of the Fund in respect of which such charges
and expenses were incurred.
The Depositary, as trustee, shall be entitled to a fee payable out of the assets of the Fund accruing
daily and payable monthly in arrears at the end of each calendar month at an annual rate of up to
0.018% of the Net Asset Value of the Fund, subject to a minimum annual fee for the Fund, exclusive ofout-of-pocket expenses, of up to $12,400.
Administration Fees
The Administrator, in relation to the provision of its services shall be entitled to a fee payable out of
the assets of each Fund accruing daily and payable monthly in arrears at the end of each calendar
month which includes the following components:-

Administration fee – up to 0.01% per Fund per annum subject to a minimum annual fee foreach Fund which will not exceed $25,000

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SECTION I: The Fund

-

-

-

Fund Accounting fee – up to $35,000 per Fund per annum
Transfer Agent fee – up to $10,000 per annum and up to $4,500 per share class per annum
subject to a minimum monthly fee not to exceed $3,500. Account maintenance and servicing
fees will be charged at normal commercial rates
The Administrator shall also be entitled to reimbursement of all reasonable out-of-pocket
expenses incurred for the benefit of the Fund out of the assets of the Fund in respect of whichsuch charges and expenses were incurred
The Administrator shall also be entitled to receive a fee which will not exceed $11,000 for the
preparation of financial statements of the Company.

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 1.5 per cent per annum of the Net Asset Value in respect ofeach of the RDR Share Classes and a fee of up to 2.5 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.
No investment management fee will be payable to the Investment Manager in respect of the
Negotiable Class, subject to the terms of the relevant agreement in place between the investor and theInvestment Manager or its affiliate(s). Investors should be aware that where such an agreement
provides for the investment management fee in respect of the Negotiable Class to be calculated
outside the Fund, the Net Asset Value of the Negotiable Class will not reflect accruals for or paymentsof such investment management fee.
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 €20,000 (plus VAT, if any). The expenses incurred in connection with the establishment of theCompany are as set out in the section headed “Fees, Costs and Expenses” in the Prospectus. The
Fund may, at the absolute discretion of the Directors, be allocated such portion of the formation
expenses of the Company as the Directors consider to be fair in the circumstances. Such expenses willbe amortised on a straight-line basis over the first 60 months of operations or such shorter period as
the Directors may determine.
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 theInvestment Manager and/or the Directors.

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SECTION I: The Fund

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.
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.
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”).
Dividends will be paid to Shareholders in the Distribution Share Classes on the register at the close ofbusiness on the Business Day immediately preceding the Ex-dividend Date within four calendar
months of such Ex-dividend Date. In the event that any of the above dates is not a Business Day, therelevant 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 tothe 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 unlikely that 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.
Commodity-Related Investments Risk
The value of commodities investments will generally be affected by overall market movements andfactors specific to a particular industry or commodity, which may include weather, embargoes, tariffs,
and health, political, international and regulatory developments. Economic and other events (whether
real or perceived) can reduce the demand for commodities, which may reduce market prices andMMD\16731861.40

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SECTION I: The Fundcause the value of Fund shares to fall. The frequency and magnitude of such changes cannot be
predicted. Exposure to commodities and commodities markets may subject a fund to greater volatility
than investments in traditional securities. No active trading market may exist for certain commodities
investments, which may impair the ability of a fund to sell or to realise the full value of suchinvestments in the event of the need to liquidate such investments. In addition, adverse market
conditions may impair the liquidity of actively traded commodities investments. Certain types ofcommodities instruments (such as commodity swaps) are subject to the risk that the counterparty to
the instrument will not perform or will be unable to perform in accordance with the terms of the
instrument.
Derivatives Risk
The Fund may gain exposure to commodities through related derivative instruments, such as futures,
forwards, swaps, options on futures. Many of the risks applicable to trading the underlying asset arealso applicable to derivatives trading. However, there are a number of additional risks associatedwith derivatives trading. In addition to the below risks, please also see “Derivatives Risk” under thesection 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:•

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.
Securities purchased or sold on a “when-issued” or “delayed delivery” basis involve a risk ofloss if the value of the securities to be purchased declines prior to the settlement date or if thevalue of the securities to be sold increases prior to a settlement date. Loans of securities also
involve risks of delay in receiving additional collateral or in recovering the securities loaned,or possibly loss of rights in the collateral, should the borrower of the securities become
insolvent.

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SECTION I: The Fund•

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.

•

Financial Leverage Risk. Trading in derivative instruments can result in large amounts offinancial leverage. Thus, the leverage offered by trading in derivative instruments will
magnify the gains and losses experienced by the Fund and could cause the value of theFund’s net assets to be subject to wider fluctuations than would be the case if the Fund did
not use the leverage feature of derivative instruments.

•

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.

•

Tracking Risk. The value of the derivatives that the Fund uses to gain commodities exposure
may not correlate to the values of the underlying commodities. When used for hedging
purposes, an imperfect or variable degree of correlation between price or rate movements ofthe derivative instrument and the underlying investment sought to be hedged may prevent
the Fund from achieving the intended hedging effect or expose the Fund to risk of loss.

Equity Securities Risk
Equity securities are subject to the risk that stock prices may rise and fall in periodic cycles and may
perform poorly relative to other investments. This risk may be greater in the short term. Equity
securities represent an ownership interest in an issuer, rank junior in a company’s capital structure to
debt securities and consequently may entail greater risk of loss than fixed income securities.
Exchange-Traded Fund Risk
ETFs are typically open-end investment companies that are bought and sold on a national securities
exchange. When the Fund invests in an ETF, it will bear additional expenses based on its pro rata
share of the ETF’s operating expenses, including the potential duplication of management fees. The
risk of owning an ETF generally reflects the risks of owning the underlying securities it holds. ManyETFs seek to replicate a specific benchmark index. However, an ETF may not fully replicate theperformance of its benchmark index for many reasons, including because of the temporary
unavailability of certain index securities in the secondary market or discrepancies between the ETF
and the index with respect to the weighting of securities or the number of stocks held. Inverse ETFs
are subject to the risk that their performance will fall as the value of their benchmark indices rises.
Lack of liquidity in an ETF could result in an ETF being more volatile than the underlying portfolio ofsecurities it holds. In addition, because of ETF expenses, compared to owning the underlying
securities directly, it may be more costly to own an ETF. The Fund also will incur brokerage costs
when it purchases ETFs.
Exchange-Traded Note Risk

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SECTION I: The FundETNs are subject to the credit risk of the issuer. The value of an ETN will vary and will be influenced
by its time to maturity, level of supply and demand for the ETN, volatility and lack of liquidity inunderlying securities, currency and commodities markets as well as changes in the applicable interest
rates, changes in the issuer’s credit rating, and economic, legal, political, or geographic events that
affect the referenced index. There may be restrictions on the Fund’s right to redeem its investment in
an ETN, which is meant to be held until maturity. Each Fund’s decision to sell its ETN holdings may
be limited by the availability of a secondary market.
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 the time until final payment, duration combines
consideration of yield, interest payments, final maturity and call features. Additional risk associatedwith fixed income securities includes:•

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.

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.
Infrastructure Risk

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SECTION I: The Fund

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
violations 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

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SECTION I: The Fundsignificant 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 greaterfor 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

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SECTION I: The Fund

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.

•

The ability of interstate pipelines held in tax-pass-through entities such as MLPs to include anallowance for income taxes as a cost-of-service element in their regulated rates has been
subject to extensive litigation before the FERC and the courts for a number of years. It iscurrently the FERC’s policy to permit pipelines to include in cost-of-service a tax allowance toreflect actual or potential income tax liability on their public utility income attributable to allpartnership or limited liability company interests, if the ultimate owner of the interest has an
actual or potential income tax liability on such income. Whether a pipeline’s owners havesuch actual or potential income tax liability will be reviewed by the FERC on a case-by-casebasis.

•

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.

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 deregulatory

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SECTION I: The Fundenvironment, increased susceptibility to terrorist acts or political actions, and general changes inmarket sentiment towards infrastructure assets. In addition, the change in the U.S. presidential
administration could significantly impact the regulation of United States financial markets anddramatically alter existing trade, tax, energy and infrastructure policies, among others. It is notpossible 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, realestate and other markets.
MLP Risk
As compared to common stockholders of a corporation, holders of MLP units have more limited
control and limited rights to vote on matters affecting the partnership. In addition, there are certain
tax risks associated with an investment in MLP units and conflicts of interest may exist between
common unit holders and the general partner, including those arising from incentive distribution
payments.
A change in current tax law, or a change in the business of a given MLP, could result in an MLP being
treated as a corporation for U.S. federal income tax purposes, which would result in such MLP being
required to pay U.S. federal income tax on its taxable income. Thus, if any of the MLPs owned by theFund were treated as corporations for U.S. federal income tax purposes, the after-tax return to theFund with respect to its investment in such MLPs would be materially reduced, which could cause adecline in the value of the common stock.
To the extent that the Fund invests in the equity securities of an MLP, the Fund will be a partner insuch MLP. Accordingly, the Fund will be required to include in its taxable income the Fund’s
allocable share of the income, gains, losses, deductions and expenses recognized by each such MLP,
regardless of whether the MLP distributes cash to the Fund. The Fund will incur a current tax
liability on its allocable share of an MLP’s income and gains that is not offset by the MLP’s tax
deductions, losses and credits, or its net operating loss carryforwards, if any. The portion, if any, of a
distribution received by the Fund from an MLP that is offset by the MLP’s tax deductions, losses or
credits is essentially treated as a return of capital. The percentage of an MLP’s income and gains thatis offset by tax deductions, losses and credits will fluctuate over time for various reasons. A
significant slowdown in acquisition activity or capital spending by MLPs held in the Fund’s portfolio
could result in a reduction of accelerated depreciation generated by new acquisitions, which may
result in increased current tax liability for the Fund.
Because of the Fund’s investments in equity securities of MLPs, the Fund’s earnings and profits may
be calculated using accounting methods that are different from those used for calculating taxable
income. Because of these differences, the Fund may make distributions out of its current oraccumulated earnings and profits, which will be treated as dividends, in years in which the Fund’s
distributions exceed its taxable income. In addition, changes in tax laws or regulations, or futureinterpretations of such laws or regulations, could adversely affect the Fund or the MLP investments inwhich the Fund invests.
Mortgage-Related and Other Asset-Backed Securities Risk.
RMBS, CMBS and ABS represent interests in “pools” of mortgages or other assets, including
consumer loans or receivables held in trust. Although ABS and CMBS generally experience lessprepayment than RMBS, MBS and ABS, like traditional fixed-income securities, are subject to credit,
interest rate, prepayment and extension risks.
Small movements in interest rates (both increases and decreases) may quickly and significantly
reduce the value of certain MBS. The Fund’s investments in ABS are subject to risks similar to those
associated with mortgage-related securities, as well as additional risks associated with the nature of
the assets and the servicing of those assets. These securities also are subject to the risk of default on
the underlying mortgage or assets, particularly during periods of economic downturn. Certain CMBS

MMD\16731861.40

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SECTION I: The Fundare issued in several classes with different levels of yield and credit protection. The Fund’sinvestments in CMBS with several classes may be in the lower classes that have greater risks than thehigher classes, including greater interest rate, credit and prepayment risks.
MBS may be either pass-through securities or collateralised mortgage obligations (“CMOs”). Passthrough securities represent a right to receive principal and interest payments collected on a pool ofmortgages, which are passed through to security holders. CMOs are created by dividing the principal
and interest payments collected on a pool of mortgages into several revenue streams (tranches) withdifferent priority rights to portions of the underlying mortgage payments. Certain CMO tranches may
represent a right to receive interest only (“IOs”), principal only (“POs”) or an amount that remains
after floating-rate tranches are paid (an inverse floater). These securities are frequently referred to as“mortgage derivatives” and may be extremely sensitive to changes in interest rates. Interest rates on
inverse floaters, for example, vary inversely with a short-term floating rate (which may be reset
periodically). Interest rates on inverse floaters will decrease when short-term rates increase, and will
increase when short-term rates decrease. These securities have the effect of providing a degree ofinvestment leverage. In response to changes in market interest rates or other market conditions, thevalue of an inverse floater may increase or decrease at a multiple of the increase or decrease in thevalue of the underlying securities. If the Fund invests in CMO tranches (including CMO tranches
issued by government agencies) and interest rates move in a manner not anticipated by Fundmanagement, it is possible that the Fund could lose all or substantially all of its investment.
The mortgage market in the United States has experienced difficulties that may adversely affect theperformance and market value of certain of the Fund’s mortgage-related investments. Delinquencies
and losses on mortgage loans (including subprime and second-lien mortgage loans) generally haveincreased and may continue to increase, and a decline in or flattening of real estate values (as has
been experienced and may continue to be experienced in many housing markets) may exacerbate
such delinquencies and losses. Also, a number of mortgage loan originators have experienced serious
financial difficulties or bankruptcy. Reduced investor demand for mortgage loans and mortgagerelated securities and increased investor yield requirements have caused limited liquidity in thesecondary market for mortgage-related securities, which can adversely affect the market value ofmortgage-related securities. It is possible that such limited liquidity in such secondary markets could
continue or worsen.
ABS entail certain risks not presented by MBS, including the risk that in certain states it may bedifficult to perfect the liens securing the collateral backing certain ABS. In addition, certain ABS are
based on loans that are unsecured, which means that there is no collateral to seize if the underlying
borrower defaults. Certain MBS in which the Fund may invest may also provide a degree ofinvestment leverage, which could cause the Fund to lose all or substantially all of its investment.
Natural Resources Risk.
The Fund’s investments in Natural Resources Securities involve risks. The market value of Natural
Resources Securities may be affected by numerous factors, including events occurring in nature,
inflationary pressures and international politics. Because the Fund invests significantly in Natural
Resources Securities, there is the risk that the Fund will perform poorly during a downturn in thenatural resource sector. For example, events occurring in nature (such as earthquakes or fires in prime
natural resource areas) and political events (such as coups, military confrontations or acts ofterrorism) can affect the overall supply of a natural resource and the value of companies involved insuch natural resource. Political risks and the other risks to which foreign securities are subject may
also affect domestic natural resource companies if they have significant operations or investments inforeign countries. Rising interest rates and general economic conditions may also affect the demand
for natural resources.
Real Estate Market Risk.

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SECTION I: The Fund

The Fund will not invest in real estate directly, but only in securities issued by real estate companies.
However, because the Fund has significant exposure to the real estate sector, the Fund is also subject
to the risks associated with the direct ownership of real estate. These risks include:•

declines in the value of real estate;•risks related to general and local economic conditions;•

possible lack of availability of mortgage funds;•

overbuilding;•extended vacancies of properties;•

increased competition;•

increases in property taxes and operating expenses;•changes in zoning laws;•

losses due to costs resulting from the clean-up of environmental problems;•

liability to third parties for damages resulting from environmental problems;•

casualty or condemnation losses;•

limitations on rents;•changes in neighbourhood values and the appeal of properties to tenants; and•changes in interest rates.

Thus, the value of the Fund’s shares may change at different rates compared to the value of shares ofa fund with investments in a mix of different industries.
Volatility
Shareholders should note that returns which are derived from derivatives may be more volatile thanreturns which are derived from the asset underlying the derivatives.

Sustainability Risk
Sustainability risks within the 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. Sustainability
risks can affect 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. Sustainability risks
may impact the value of the companies in which the Fund invests and, as a result, the Net Asset
Value of the Fund itself.

MMD\16731861.40

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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 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
Accumulation Shares in the Fund which commenced at 9a.m. (Irish time) on 30 July 2015 and will close 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.

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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 commenced at 9a.m. (Irish time) on 30 July 2015 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.

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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 commenced at 9a.m. (Irish time) on 30 July 2015 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. This review will also incorporate a procedure toensure that positions materially in excess of, or below, 100% will not be carried forward from month
to month. All currency hedging transactions will be clearly attributable to the Euro Institutional
Hedged Accumulation Share class and the costs and gains/losses of the hedging transactions willaccrue solely to the Euro Institutional Hedged Accumulation Share class. To the extent that hedging is

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SECTION IV: Euro ‘Institutional’ Hedged Accumulation Shares

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 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 commenced at 9a.m. (Irish time) on 30 July 2015 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. This review will also incorporate a procedure toensure that positions materially in excess of, or below, 100% will not be carried forward from month
to month. All currency hedging transactions will be clearly attributable to the Euro Institutional
Hedged Distribution Share class and the costs and gains/losses of the hedging transactions willaccrue solely to the Euro Institutional 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 class

MMD\16731861.40

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SECTION V: Euro ‘Institutional’ Hedged Distribution Sharesdenominated 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 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
commenced at 9 a.m. (Irish time) on 30 July 2015 andwill 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.

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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
commenced at 9 a.m. (Irish time) on 30 July 2015 andwill 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.

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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 1 September
2015;“Initial Offer”

means the initial offer of US Dollar ‘Institutional’
Accumulation Shares in the Fund which commenced
at 9 a.m. (Irish time) on 30 July 2015 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.

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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 commenced
at 9 a.m. (Irish time) on 30 July 2015 and will 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.

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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
commenced at 9 a.m. (Irish time) on 30 July 2015
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 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
rounded to the third decimal place. Redemption requests for amounts less than the Minimum
Redemption will be refused.

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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
commenced at 9 a.m. (Irish time) on 30 July 2015 andwill 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 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 thethird decimal place. Redemption requests for amounts less than the Minimum Redemption will berefused.

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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 commenced
at 9 a.m. (Irish time) on 30 July 2015 and will 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 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
rounded to the third decimal place. Redemption requests for amounts less than the Minimum
Redemption will be refused.

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SECTION XII: Euro RDR ‘Retail’ Hedged Accumulation Shares

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. This review will also incorporate a procedure toensure that positions materially in excess of, or below, 100% 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 and the costs and gains/losses of the hedging transactions willaccrue solely to the Euro 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 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 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 commenced
at 9 a.m. (Irish time) on 30 July 2015 and will 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 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.

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39

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. This review will also incorporate a procedure toensure that positions materially in excess of, or below, 100% 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 and the costs and gains/losses of the hedging transactions willaccrue solely to the Euro 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.

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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 commenced
at 9 a.m. (Irish time) on 30 July 2015 and will 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 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.

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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 commenced
at 9 a.m. (Irish time) on 30 July 2015 and will 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 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.

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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 commenced
at 9 a.m. (Irish time) on 30 July 2015 and will 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 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.

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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 commenced
at 9 a.m. (Irish time) on 30 July 2015 and will 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 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.

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SECTION XVIII: Japanese Yen ‘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 Japanese Yen ‘Institutional’
Unhedged Distribution Shares in the Fund which
commenced at 9 a.m. (Irish time) on 30 July 2015 andwill close on the Closing Date;“Minimum Holding”

means, in relation to the Japanese Yen ‘Institutional’
Unhedged Distribution Shares, a minimum holdingof ¥10,000,000 or such lesser amount as may be
agreed by the Directors;“Minimum Redemption”

means, in relation to the Japanese Yen ‘Institutional’
Unhedged Distribution Shares, a minimum
redemption of ¥5,000,000 or such lesser amount as
may be agreed by the Directors; and“Minimum Initial Subscription”

means, in relation to the Japanese Yen ‘Institutional’
Unhedged Distribution Shares, a minimum initialsubscription of ¥50,000,000 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 forJapanese Yen ‘Institutional’ Unhedged Distribution Shares is ¥1,000. 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 Japanese Yen Institutional
Unhedged Distribution Shares is not equivalent to an exact number of Japanese Yen ‘Institutional’
Unhedged Distribution Shares, fractions of Japanese Yen ‘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.

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SECTION XIX: 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
commenced at 9 a.m. (Irish time) on 18 March 2016
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.

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SECTION XX: 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
commenced at 9 a.m. (Irish time) on 18 March 2016
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.

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SECTION XXI: 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
commenced at 9 a.m. (Irish time) on 18 March 2016
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.

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

Euro Non-RDR Retail Hedged Accumulation Share Class
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. This review will also
incorporate a procedure to ensure that positions materially in excess of, or below, 100% 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 thehedging transactions will accrue solely to the Euro Non-RDR Retail Hedged Accumulation Shareclass. To the extent that hedging is successful, the performance of the class is likely to move in linewith the performance of the class denominated in the base currency and investors in the hedged classwill not benefit if the class currency falls against the base currency.

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SECTION XXII: 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
commenced at 9 a.m. (Irish time) on 18 March 2016
and will 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.

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

Euro Non-RDR Retail Hedged Distribution Share Class
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. This review will also incorporatea procedure to ensure that positions materially in excess of, or below, 100% will not be carriedforward from month to month. All currency hedging transactions will be clearly attributable to theEuro 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 theextent that hedging is successful, the performance of the class is likely to move in line with theperformance of the class denominated in the base currency and investors in the hedged class will notbenefit if the class currency falls against the base currency.

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SECTION XXIII: 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 commenced
at 9 a.m. (Irish time) on 18 March 2016 and will closeon 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.

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SECTION XXIV: 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 commenced
at 9 a.m. (Irish time) on 18 March 2016 and will closeon 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 XXV: 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 commenced
at 9 a.m. (Irish time) on 18 March 2016 and will closeon 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 XXVI: 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 commenced
at 9 a.m. (Irish time) on 18 March 2016 and will closeon 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 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 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. Where the amount subscribed for US Dollar Non-RDR ‘Retail’
Distribution Shares is not equivalent to an exact number of US Dollar Non-RDR ‘Retail’ Distribution
Shares, fractions of US Dollar Non-RDR ‘Retail’ Distribution Shares may be issued rounded to thethird decimal place. Redemption requests for amounts less than the Minimum Redemption will berefused.

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SECTION XXVII: 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 8 November 2017 and will closeon 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. This review will also
incorporate a procedure to ensure that positions materially in excess of, or below, 100% will not be
carried forward from month to month. All currency hedging transactions will be clearly attributable
to the Sterling Institutional Hedged Accumulation Share class and the costs and gains/losses of thehedging transactions will accrue solely to the Sterling Institutional Hedged Accumulation Share class.

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SECTION XXVII: Sterling ‘Institutional’ Hedged Accumulation Shares

To the extent that hedging is successful, the performance of the class is likely to move in line with theperformance of the class denominated in the base currency and investors in the hedged class will notbenefit if the class currency falls against the base currency.

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SECTION XXVIII: 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 8 November 2017 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. This review will also incorporate a procedure
to ensure that positions materially in excess of, or below, 100% will not be carried forward frommonth to month. All currency hedging transactions will be clearly attributable to the Sterling
Institutional Hedged Distribution Share class and the costs and gains/losses of the hedging
transactions will accrue solely to the Sterling Institutional Hedged Distribution Share class. To the

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SECTION XXVIII: Sterling ‘Institutional’ Hedged Distribution Shares

extent that hedging is successful, the performance of the class is likely to move in line with theperformance of the class denominated in the base currency and investors in the hedged class will notbenefit if the class currency falls against the base currency.

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SECTION XXIX: US Dollar Negotiable Accumulation Share Class

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 9 January2025 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 Negotiable
Accumulation Shares in the Fund which willcommence at 9 a.m. (Irish time) on 10 July 2024 andwill close on the Closing Date;“Minimum Holding”

means, in relation to the US Dollar Negotiable
Accumulation Shares, a minimum holding of
US$5,000,000 or such lesser amount as may be
agreed by the Directors; and“Minimum Initial Subscription”

means, in relation to US Dollar Negotiable
Accumulation
Shares,aminimum
initialsubscription of US$25,000,000 or such lesser amountas may be determined by the Directors in theirabsolute 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 Negotiable 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.
Where the amount subscribed for US Dollar Negotiable Accumulation Shares is not equivalent to an
exact number of US Dollar Negotiable Accumulation Shares, fractions of US Dollar Negotiable
Accumulation Shares may be issued rounded to the third decimal place. The minimum redemption
amount, if any, will be set out in the relevant agreement between an investor and the Investment
Manager or its affiliate(s) which has permitted the investor to invest in the US Dollar Negotiable
Accumulation Shares.

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