_______________________________________________________________
Brookfield Investment Funds (UCITS) p.l.c.
(the “Company”)

An umbrella Fund with segregated liability between Funds
authorised pursuant to the European Communities (Undertakings for Collective Investment inTransferable Securities) Regulations, 2011, as amended from time to time

Brookfield Global Listed Real Estate UCITS Fund(the “Fund”)

SUPPLEMENT TO PROSPECTUS

21 May 2024_________________________________________________________________

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

Section I: The Fund ............................................................................................................................................ 1
Introduction ........................................................................................................................................... 1
Definitions .............................................................................................................................................. 3
Investment Objective ............................................................................................................................ 6
Investment Policy .................................................................................................................................. 6
Profile of a Typical Investor ................................................................................................................. 8
Derivatives ............................................................................................................................................. 8
Securities Financing Transactions ....................................................................................................... 9
Volatility ................................................................................................................................................. 9
Leverage.................................................................................................................................................. 9Investment and Borrowing Restrictions ............................................................................................. 9
Futures Trading ................................................................................................................................... 10
Fees, Costs and Expenses ................................................................................................................... 10
Dividend Policy ................................................................................................................................... 11
Risk Factors .......................................................................................................................................... 12
Section II: Euro ‘Institutional’ Unhedged Accumulation Shares ............................................................ 17
Definitions ............................................................................................................................................ 17
Offer ...................................................................................................................................................... 17
Section III: Euro ‘Institutional’ Unhedged Distribution Shares.............................................................. 18
Definitions ............................................................................................................................................ 18
Offer ...................................................................................................................................................... 18
Section IV: Euro ‘Institutional’ Hedged Accumulation Shares ............................................................... 19
Definitions ............................................................................................................................................ 19
Offer ...................................................................................................................................................... 19
Euro Institutional Hedged Accumulation Share Class .................................................................. 19
Section V: Euro ‘Institutional’ Hedged Distribution Shares .................................................................... 21
Definitions ............................................................................................................................................ 21
Offer ...................................................................................................................................................... 21
Euro Institutional Hedged Distribution Share Class ...................................................................... 21
Section VI: Sterling ‘Institutional’ Unhedged Accumulation Shares ..................................................... 23
Definitions ............................................................................................................................................ 23
Offer ...................................................................................................................................................... 23
Section VII: Sterling ‘Institutional’ Unhedged Distribution Shares ...................................................... 24
Definitions ............................................................................................................................................ 24
Offer ...................................................................................................................................................... 24
Section VIII: US Dollar ‘Institutional’ Accumulation Shares .................................................................. 25
Definitions ............................................................................................................................................ 25
Offer ...................................................................................................................................................... 25
Section IX: US Dollar ‘Institutional’ Distribution Shares ........................................................................ 26
Definitions ............................................................................................................................................ 26
Offer ...................................................................................................................................................... 26

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Section X: Euro RDR ‘Retail’ Unhedged Accumulation Shares ............................................................... 27
Definitions ............................................................................................................................................ 27
Offer ...................................................................................................................................................... 27
Section XI: Euro RDR ‘Retail’ Unhedged Distribution Shares ................................................................ 28
Definitions ............................................................................................................................................ 28
Offer ...................................................................................................................................................... 28
Section XII: Euro RDR ‘Retail’ Hedged Accumulation Shares ................................................................ 29
Definitions ............................................................................................................................................ 29
Offer ...................................................................................................................................................... 29
Euro RDR Retail Hedged Accumulation Share Class .................................................................... 30
Section XIII: Euro RDR ‘Retail’ Hedged Distribution Shares.................................................................. 31
Definitions ............................................................................................................................................ 31
Offer ...................................................................................................................................................... 31
Euro RDR Retail Hedged Distribution Share Class ........................................................................ 32
Section XIV: Sterling RDR ‘Retail’ Accumulation Shares ........................................................................ 33
Definitions ............................................................................................................................................ 33
Offer ...................................................................................................................................................... 33
Section XV: Sterling RDR ‘Retail’ Distribution Shares ............................................................................ 34
Definitions ............................................................................................................................................ 34
Offer ...................................................................................................................................................... 34
Section XVI: US Dollar RDR ‘Retail’ Accumulation Shares .................................................................... 35
Definitions ............................................................................................................................................ 35
Offer ...................................................................................................................................................... 35
Section XVII: US Dollar RDR ‘Retail’ Distribution Shares ...................................................................... 36
Definitions ............................................................................................................................................ 36
Offer ...................................................................................................................................................... 36
Section XVIII: Euro Non-RDR ‘Retail’ Unhedged Accumulation Shares.............................................. 37
Definitions ............................................................................................................................................ 37
Offer ...................................................................................................................................................... 37
Section XIX: Euro Non-RDR ‘Retail’ Unhedged Distribution Shares .................................................... 38
Definitions ............................................................................................................................................ 38
Offer ...................................................................................................................................................... 38
Section XX: Euro Non-RDR ‘Retail’ Hedged Accumulation Shares ....................................................... 39
Definitions ............................................................................................................................................ 39
Offer ...................................................................................................................................................... 39
Euro Non-RDR Retail Hedged Accumulation Share Class ........................................................... 40
Section XXI: Euro Non-RDR ‘Retail’ Hedged Distribution Shares ......................................................... 41
Definitions ............................................................................................................................................ 41
Offer ...................................................................................................................................................... 41
Euro Non-RDR Retail Hedged Distribution Share Class ............................................................... 41
Section XXII: Sterling Non-RDR ‘Retail’ Accumulation Shares.............................................................. 43
Definitions ............................................................................................................................................ 43
Offer ...................................................................................................................................................... 43

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Section XXIII: Sterling Non-RDR ‘Retail’ Distribution Shares ............................................................... 44
Definitions ............................................................................................................................................ 44
Offer ...................................................................................................................................................... 44
Section XXIV: US Dollar Non-RDR ‘Retail’ Accumulation Shares ........................................................ 45
Definitions ............................................................................................................................................ 45
Offer ...................................................................................................................................................... 45
Section XXV: US Dollar Non-RDR ‘Retail’ Distribution Shares ............................................................. 46
Definitions ............................................................................................................................................ 46
Offer ...................................................................................................................................................... 46
Section XXVI: Sterling ‘Institutional’ Hedged Accumulation Shares .................................................... 47
Definitions ............................................................................................................................................ 47
Offer ...................................................................................................................................................... 47
Sterling Institutional Hedged Accumulation Share Class ............................................................. 47
Section XXVII: Sterling ‘Institutional’ Hedged Distribution Shares ..................................................... 48
Definitions ............................................................................................................................................ 48
Offer ...................................................................................................................................................... 48
Sterling Institutional Hedged Distribution Share Class ................................................................. 48

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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 Global Listed Real Estate UCITS Fund is a Fund of Brookfield Investment Funds(UCITS) p.l.c., an umbrella-type open-ended investment company with segregated liability between
Funds authorised by the Central Bank pursuant to the UCITS Regulations. A description of
Brookfield Investment Funds (UCITS) p.l.c. is contained in the Prospectus. This Supplement forms
part of and should be read in the context of and in conjunction with the Prospectus.
An investment in the Fund should not constitute a substantial proportion of an investment portfolio
and may not be appropriate for all investors.
The difference at any time between the subscription price and repurchase price of Shares in theFund means that an investment in the Fund should be viewed as a medium- to long-term
investment.
The following distributing and accumulating classes of Shares in the Fund may be offered toinvestors:-

the Euro ‘Institutional’ Hedged Accumulation Shares Class A;
the Euro ‘Institutional’ Unhedged Accumulation Shares Class B;
the Euro ‘Institutional’ Hedged Distribution Shares Class C;
the Euro ‘Institutional’ Unhedged Distribution Shares Class D;
the US Dollar ‘Institutional’ Accumulation Shares Class E;
the US Dollar ‘Institutional’ Distribution Shares Class F;
the Sterling ‘Institutional’ Unhedged Accumulation Shares Class G;
the Sterling ‘Institutional’ Unhedged Distribution Shares Class H;
the Euro RDR ‘Retail’ Hedged Accumulation Shares Class I;
the Euro RDR ‘Retail’ Unhedged Accumulation Shares Class J;
the Euro RDR ‘Retail’ Hedged Distribution Shares Class K;
the Euro RDR ‘Retail’ Unhedged Distribution Shares Class L;
the US Dollar RDR ‘Retail’ Accumulation Shares Class M;
the US Dollar RDR ‘Retail’ Distribution Shares Class N;
the Sterling RDR ‘Retail’ Accumulation Shares Class O;
the Sterling RDR ‘Retail’ Distribution Shares Class P;
the Euro Non-RDR ‘Retail’ Hedged Accumulation Shares Class R;
the Euro Non-RDR ‘Retail’ Hedged Distribution Shares Class S;
the Euro Non-RDR ‘Retail’ Unhedged Accumulation Shares Class T;
the Euro Non-RDR ‘Retail’ Unhedged Distribution Shares Class U;
the US Dollar Non-RDR ‘Retail’ Accumulation Shares Class V;
the US Dollar Non-RDR ‘Retail’ Distribution Shares Class W;
the Sterling Non-RDR ‘Retail’ Accumulation Shares Class X;
the Sterling Non-RDR ‘Retail’ Distribution Shares Class Y;
the Sterling ‘Institutional’ Hedged Accumulation Shares Class Z; andthe Sterling ‘Institutional’ Hedged Distribution Shares Class AA.

Investors should note that Institutional Classes are only available for subscription by Institutional
Investors and Retail Classes are only available for subscription by Retail Investors. Furthermore, the

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

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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;“Emerging Market Countries”

means those emerging market countries comprisedin the MSCI Emerging Markets (Total Return) Index,
which is a free float-adjusted market capitalisationindex that is designed to measure equity market
performance of emerging markets. As of June 2011,
the MSCI Emerging Markets Index consisted of thefollowing 21 emerging market country indices:
Brazil, Chile, China, Colombia, Czech Republic,
Egypt, Hungary, India, Indonesia, Korea, Malaysia,
Mexico, Morocco, Peru, Philippines, Poland, Russia,
South Africa, Taiwan, Thailand, and Turkey;“Institutional Classes”

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

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

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

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SECTION I: The Fund

“Investment Manager”

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

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

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

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

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

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

means each Business Day;

“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

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SECTION I: The Fund

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

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

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

means each Business Day; and“Supplement”

means this supplement;

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SECTION I: The Fund

Investment Objective
The Fund seeks total return through growth of capital and current income. There can be no assurance
that the Fund will achieve its investment objective.
Investment Policy
The Fund seeks to achieve its investment objective by investing primarily in real estate investment
trusts (“REITs”) and other related securities (as further described below) issued by U.S. and non-U.S.
real estate companies. Currently, the Fund defines a real estate company to be any company listed ortraded on a Recognised Market that (i) derives at least 50% of their revenues from the ownership,
operation, development, construction, financing, management or sale of commercial, industrial orresidential real estate and similar activities, or (ii) invests at least 50% of their assets in such realestate.
Securities in which the Fund may invest include common equity shares and preferred equity shares ofreal estate companies and also units of beneficial interest in real estate companies, such as REITs andReal Estate Operating Companies. The Fund may also invest up to 20% of its net assets in fixedincome securities, including high yield securities, listed or traded on a Recognised Market.
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.
Real Estate Investment Trusts (REITs). It is expected that a significant portion of the Fund may beinvested in REITs listed or traded on a Recognised Market. REITs are companies that own interests inreal 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 suchproperties. A REIT in the U.S. 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. REIT-like entities are organized outside the U.S. and maintain
operations and receive tax treatment similar to that of U.S. REITs. The Fund retains the ability toinvest in real estate companies of any size market capitalization. The Fund does not invest in realestate directly.
Real Estate Operating Company (REOC): a REOC is similar to a REIT in that it invests in real estate andis listed or traded on a Recognised Market. A REOC will typically reinvest its earnings rather thandistribute them to shareholders like REITs do.
Foreign (Non-U.S.) Real Estate Securities. The Fund may invest in the securities of issuers located in a
number of different countries throughout the world outside of the U.S. The amount invested outside
the U.S. may vary, and at any given time, the Fund may have a significant exposure to non-U.S.
securities, including real estate securities of companies listed or traded on a Recognised Market anddomiciled in Emerging Market Countries. For the avoidance of doubt, investment in a Recognised
Market may also include an investment in Russia. Although investment in Russian securities is not
the principal focus of the Fund and shall only constitute a sector of the Fund’s investments, the Fund
may hold more Russian securities than securities from any other single Recognised Market if theInvestment Manager identifies more investment opportunities in Russia than in other Recognised
Markets. Nevertheless, investment in Russian securities will not constitute a major sector of the

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SECTION I: The FundFund’s investments. All investments in Russian equity securities will be listed or traded on level 1 orlevel 2 of the RTS stock exchange and/or MICEX.
Non-U.S. real estate companies may have characteristics that are similar to a REIT. A number ofcountries around the world have adopted, or are considering adopting, similar REIT-like structures
pursuant to which these companies are not subject to corporate income tax in their home countries
provided they distribute a significant percentage of their net income each year to shareholders andmeet certain other requirements. While the Fund is not limited to investing in foreign-domiciled
REIT-like entities it is expected that the Fund will invest a significant percentage of its portfolio inthese types of entities.
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.
Depositary Receipts. To a lesser extent, the Fund may also invest in securities of companies in the formof ADRs, GDRs and 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 anunderlying foreign security. GDRs, in bearer form, are designated for use outside the United States.
EDRs, in bearer form, are designed for use in the European securities markets.
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,
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 through growth of capital and current income. Further, therelevant information required to appropriately assess the principal adverse impacts of the Investment
Manager’s investment decisions on sustainability factors is not yet available.

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SECTION I: The FundThe 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.
Profile of a Typical Investor
A typical investor in the Fund may be an investor with a medium to long term investment horizon
who considers investment in the Fund as a convenient way of seeking to achieve total return throughgrowth of capital and current income through an exposure primarily to REITs and related securities.
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 fromthe asset underlying the derivatives, a typical investor should be prepared to accept a higher level ofsuch volatility.
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 byreference to the value or the change in value of one or more securities, currencies, indices or otherfinancial instruments. The underlying securities to which the Fund will have exposure as a result ofinvesting in derivatives will be consistent with the investment policy of the Fund. Derivatives used
for efficient portfolio management purposes will have the aim of reducing risk, reducing costs orgenerating 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 suchinvestment 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 the

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SECTION I: The FundFund’s investment portfolio, nor shall the approval of the TRS counterparty be required in relation to
any investment portfolio transaction entered into by the Fund.
Financial futures and forward foreign exchange contracts may be used to hedge the currency
exposure of the Fund and for the purpose of efficient portfolio management only. It is intended thatthe use of such forward foreign exchange contracts will reduce the exchange rate risk of the Fund. In
particular, these may be used to: (a) hedge the designated currency of the assets of the Fund to theBase Currency of the Fund; (b) mitigate the exchange rate risk between the Base Currency of the Fundand the currency in which Shares in a class in the Fund are designated where that designatedcurrency is different to the Base Currency of the Fund; or (c) hedge the currency of denomination of
the assets of the Fund attributable to a particular class into the designated currency of that class where
the currency of denomination is different to the designated currency of the class. As further set out
below, hedged and unhedged share classes may be offered to investors.
An option is the right, but not the obligation, to buy (for a call option) or sell (for a put option) a
specific amount of a given stock, currency, index, or debt, at a specified price (the strike price) during
a specified period of time. Each option has a buyer, called the holder, and a seller, known as thewriter. If the option contract is exercised, the writer is responsible for fulfilling the terms of thecontract by delivering the shares to the appropriate party. In the case of a security that cannot bedelivered such as an index, the contract is settled in cash. For the holder, the potential loss is limited
to the price paid to acquire the option. When an option is not exercised, it expires. No shares change
hands and the money spent to purchase the option is lost. For the buyer, the upside is unlimited. For
the writer, the potential loss is unlimited unless the contract is covered, meaning that the writeralready owns the security underlying the option. Options may be employed by the Fund to gain
investment exposure and to hedge existing long positions.
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.

MDW\2416008.53

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SECTION I: The Fund

In addition, while it is not the current intention of the Fund to invest in Collective Investment Schemes, itwill not, in any event, invest more than 10% of its net assets in other Collective Investment Schemes, suchinvestment being consistent with the Fund’s investment policy.
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
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

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SECTION I: The Fund--

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.
Dividend Policy
Accumulation Shares
The Directors do not anticipate paying a dividend in respect of the Shares of the Accumulation ShareClasses. All income and profits earned by the Fund attributable to the Accumulation Share Classes
will accrue to the benefit of those classes of Shares and will be reflected in the Net Asset Value
attributable to the relevant classes of Shares.
Distribution Shares
The Directors may, in their discretion, declare dividends on the Distribution Share Classes. Dividends
will be paid at least annually and may be paid more frequently at the discretion of the Investment
Manager and/or the Directors.
A dividend shall be payable to Shareholders in Distribution Share Classes out of profits of the Fundavailable for distribution relating to that Distribution Share Class. Profits, for these purposes, may becomprised of net income (less expenditure) and realised and unrealised gains (less realised andunrealised losses) attributable to such share classes. Income for these purposes shall include, without
limitation, interest income and dividend income and any other amounts treated as income inaccordance with the accounting policies of the Company laid down from time to time.
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.

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SECTION I: The Fund

In any such event, the Distribution Share Classes will go “ex-dividend” on the day on which thedividend is declared (the “Ex-dividend Date”).
The distribution will be paid to Shareholders in the Distribution Share Classes on the register at theclose of business on the Business Day immediately preceding the Ex-dividend Date within fourcalendar months of such Ex-dividend Date. In the event that any of the above dates is not a Business
Day, the relevant date will be the next immediately following Business Day.
Unless a Shareholder in the Distribution Share Classes elects otherwise, any distributions will beapplied in the purchase of further Shares of the relevant Distribution Share Classes (or fractions
thereof) as applicable. Shareholders may write to the Administrator to elect to receive distributions in
cash. Any such cash payments to Shareholders in the Distribution Share Classes will be payable 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.
Concentration Risk
Because the Fund will invest more than 25% of its total assets in securities in the real estate industry,
as defined in this Prospectus, the Fund may be subject to greater volatility with respect to its portfolio
securities than a fund that is more broadly diversified.
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.

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SECTION I: The Fund

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 other participants in the platform.
While this execution requirement is designed to increase transparency and liquidity in the cleared
derivatives market, trading on a swap execution facility can create additional costs and risks for theFund.
In the event of the counterparty’s bankruptcy or insolvency, the Fund’s collateral may be subject tothe conflicting claims of the counterparty’s creditors, and the Fund may be exposed to the risk of acourt treating the Fund as a general unsecured creditor of the counterparty, rather than as the ownerof the collateral. The Fund is subject to the risk that issuers of the instruments in which it invests andtrades may default on their obligations under those instruments, and that certain events may occurthat 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 notoccur, and that 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 of loss if
the value of the securities to be purchased declines prior to the settlement date or if the value 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 thecollateral, should the borrower of the securities become insolvent.


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.

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SECTION I: The Fund

Fixed Income Risk
The market value of fixed income investments changes in response to interest rate changes and otherfactors. Bond prices generally rise when interest rates decline and decline when interest rates rise. The
longer the duration of a bond, the more a change in interest rates affects the bond’s price. Short-termand long-term interest rates may not move the same amount and may not move in the same direction.
It is likely there will be less governmental action in the near future to maintain low interest rates, orthat governmental actions will be less effective in maintaining low interest rates. The negative impact
on fixed income securities from the resulting rate increases for that and other reasons could be swift
and significant, including falling market values and reduced liquidity. Substantial redemptions frombond and other income funds may worsen that impact. Other types of securities also may be
adversely affected from an increase in interest rates. Moreover, while securities with longer maturities
tend to produce higher yields, the prices of longer maturity securities are also subject to greater
market fluctuations as a result of changes in interest rates. As the average maturity or duration of asecurity lengthens, the risk that the price of such security will become more volatile increases. In
contrast to maturity which measures only time until final payment, duration combines considerationof yield, interest payments, final maturity and call features. Additional risk associated with fixedincome securities includes:
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.
Real Estate Market Risk
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;

MDW\2416008.53

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SECTION I: The Fund

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.
The change in the U.S. presidential administration could significantly impact the regulation of UnitedStates financial markets and dramatically alter existing real estate 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 real estate markets.
Additionally, actions taken may impact portions of the real estate market in disparate ways or may
impact specific issuers in the real estate sector in differing ways. The effects of changing regulations
or policies on the Fund’s portfolio cannot be predicted, and the Fund may be affected bygovernmental action in ways that are not foreseeable. There is a possibility that such actions could
have a significant adverse effect on the Fund and its ability to achieve its investment objective. At any
time after the date of this Supplement, legislation may be enacted that could negatively affect theassets of the Fund or the issuers of such assets. Legislation or regulation may change the way inwhich the Fund itself is regulated. The Investment Manager cannot predict the effects of any new
governmental regulation that may be implemented, and there can be no assurance that any new
governmental regulation will not adversely affect the Fund’s ability to achieve its investment
objective.
Real Estate Investment Trusts
The Fund may invest in REITs. REITs are companies that invest primarily in income producing realestate or real estate-related loans or interests. REITs are generally classified as equity REITs,
mortgage REITs or a combination of equity and mortgage REITs. Equity REITs invest the majority of
their assets directly in real property and derive income primarily from the collection of rents. Equity
REITs can also realize capital gains by selling properties that have appreciated in value. Mortgage
REITs invest the majority of their assets in real estate mortgages and derive income from thecollection of interest payments. The Fund will invest in equity REITS.
Investing in REITs involves certain unique risks in addition to those risks associated with investing in
the real estate industry in general. An equity REIT may be affected by changes in the value of theunderlying properties owned by the REIT. REITs are dependent upon the skills of their managers
and are not diversified. REITs are generally dependent upon maintaining cash flows to repay
borrowings and to make distributions to shareholders and are subject to the risk of default by lessees

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SECTION I: The Fundor borrowers. REITs whose underlying assets are concentrated in properties used by a particularindustry, such as health care, are also subject to risks associated with such industry.
REITs are also subject to interest rate risk. When interest rates decline, the value of a REIT’s
investment in fixed rate obligations can be expected to rise. Conversely, when interest rates rise, thevalue of a REIT’s investment in fixed rate obligations can be expected to decline.
REITs may have limited financial resources, may trade less frequently and in a limited volume andmay be subject to more abrupt or erratic price movements than larger company securities.
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.

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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 1 December
2011;“Initial Offer”

means the initial offer of Euro ‘Institutional’ Unhedged
Accumulation Shares in the Fund which commenced at 9a.m. (Irish time) on 1 November 2011 and closed on the
Closing Date;“Minimum Holding”

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

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

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

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

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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 1 December 2011 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 16 November
2017;“Initial Offer”

means the initial offer of Euro ‘Institutional’ Hedged
Accumulation Shares in the Fund which commenced at 9a.m. (Irish time) on 1 December 2011 and closed 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
successful, the performance of the class is likely to move in line with the performance of the class

MDW\2416008.53

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SECTION IV: Euro ‘Institutional’ Hedged Accumulation 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 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 1 December 2011 and will close on
the Closing Date;“Minimum Holding”

means, in relation to the Euro ‘Institutional’ Hedged
Distribution Shares, a minimum holding of €100,000orsuch 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 will

MDW\2416008.53

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SECTION V: Euro ‘Institutional’ Hedged Distribution Sharesaccrue 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 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 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 1 December
2011 and will close on the Closing Date;“Minimum Holding”

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

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

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

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

MDW\2416008.53

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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 1 December
2011 and will close on the Closing Date;“Minimum Holding”

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

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

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

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

MDW\2416008.53

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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 December
2011;“Initial Offer”

means the initial offer of US Dollar ‘Institutional’
Accumulation Shares in the Fund which commenced
at 9 a.m. (Irish time) 1 November 2011 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.

MDW\2416008.53

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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 19 June
2013;

“Initial Offer”

means the initial offer of US Dollar ‘Institutional’
Distribution Shares in the Fund which commenced
at 9 a.m. (Irish time) on 1 December 2011 and closed
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.

MDW\2416008.53

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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 1 December
2011 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 1 December
2011 and will close on the Closing Date;“Minimum Holding”

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

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

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

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

Offer
Shares may be subscribed for in the manner set out in the Prospectus. The initial offer price for EuroRDR ‘Retail’ Unhedged Distribution Shares is €20. During the Initial Offer, investors must subscribe
for at least the Minimum Initial Subscription amount. Following the Initial Offer, investors, in thecase of an initial subscription into the Fund, must subscribe for at least the Minimum Initial
Subscription amount and existing Shareholders will be required to subscribe for at least the Minimum
Subsequent Subscription amount.
The Directors may, in their absolute discretion, charge a subscription fee, payable to introducing
agents and intermediaries (which may include the Investment Manager) of up to 5 per cent. of thegross cash amount subscribed but provided that 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 26 May
2016;“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 1 December 2011 and closed
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.

MDW\2416008.53

30

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 1 December 2011 and willclose 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.

MDW\2416008.53

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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.

MDW\2416008.53

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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 1 December 2011 and willclose 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 1 December 2011 and willclose 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.

MDW\2416008.53

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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
on 9 a.m. (Irish time) on 1 December 2011 and willclose 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.

MDW\2416008.53

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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
on 9 a.m. (Irish time) on 1 December 2011 and willclose 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: 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 XIX: Euro Non-RDR ‘Retail’ Unhedged Distribution Shares

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

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

means the initial offer of Euro Non-RDR ‘Retail’
Unhedged Distribution Shares in the Fund which
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 XX: Euro Non-RDR ‘Retail’ Hedged Accumulation Shares

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

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

means the initial offer of Euro Non-RDR ‘Retail’
Hedged Accumulation Shares in the Fund which
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 XX: 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 XXI: Euro Non-RDR ‘Retail’ Hedged Distribution Shares

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

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

means the initial offer of Euro Non-RDR ‘Retail’
Hedged Distribution Shares in the Fund which
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.
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

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

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 XXII: Sterling Non-RDR ‘Retail’ Accumulation Shares

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

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

means the initial offer of Sterling Non-RDR ‘Retail’
Accumulation Shares in the Fund which 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 XXIII: Sterling Non-RDR ‘Retail’ Distribution Shares

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

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

means the initial offer of Sterling Non-RDR ‘Retail’
Distribution Shares in the Fund which 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 XXIV: US Dollar Non-RDR ‘Retail’ Accumulation Shares

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

means on or about 5 p.m. (Irish time) on 29 August
2017;“Initial Offer”

means the initial offer of US Dollar Non-RDR ‘Retail’
Accumulation Shares in the Fund which commenced
on 9 a.m. (Irish time) on 18 March 2016 and closed on
the Closing Date;“Minimum Holding”

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

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

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

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

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

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

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

means on or about 5 p.m. (Irish time) on 20 March
2019;“Initial Offer”

means the initial offer of US Dollar Non-RDR ‘Retail’
Distribution Shares in the Fund which commenced
on 9 a.m. (Irish time) on 18 March 2016 and closed on
the Closing Date;“Minimum Holding”

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

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

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

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

Offer
Shares may be subscribed for in the manner set out in the Prospectus. The initial offer price for US
Dollar 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 XXVI: Sterling ‘Institutional’ Hedged Accumulation Shares

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

means on or about 5 p.m. (Irish time) on 30 November
2017;“Initial Offer”

means the initial offer of Sterling ‘Institutional’ Hedged
Accumulation Shares in the Fund which commenced at 9a.m. (Irish time) on 8 November 2017 and closed on the
Closing Date;“Minimum Holding”

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

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

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

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

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

means on or about 5 p.m. (Irish time) on 21 November
2017;“Initial Offer”

means the initial offer of Sterling ‘Institutional’ Hedged
Distribution Shares in the Fund which commenced at 9a.m. (Irish time) on 8 November 2017 and closed 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 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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