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

Brookfield Global Renewables and Sustainable Infrastructure 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 ............................................................................................................................ 7
Investment Policy .................................................................................................................................. 7
Investment and Borrowing Restrictions ............................................................................................. 9Profile of a Typical Investor ............................................................................................................... 10
Securities Financing Transactions ..................................................................................................... 11
Volatility ............................................................................................................................................... 11
Leverage................................................................................................................................................ 11
German Tax Reporting ...................................................................................................................... 11
Fees, Costs and Expenses ................................................................................................................... 12
Dividend Policy ................................................................................................................................... 13
Risk Factors .......................................................................................................................................... 15
Section II: Euro ‘Institutional’ Unhedged Accumulation Shares ........................................................... 24
Definitions ............................................................................................................................................ 24
Offer ...................................................................................................................................................... 24
Section III: Euro ‘Institutional’ Unhedged Distribution Shares.............................................................. 25
Definitions ............................................................................................................................................ 25
Offer ...................................................................................................................................................... 25
Section IV: Euro ‘Institutional’ Hedged Accumulation Shares ............................................................... 26
Definitions ............................................................................................................................................ 26
Offer ...................................................................................................................................................... 26
Euro Institutional Hedged Accumulation Share Class .................................................................. 26
Section V: Euro ‘Institutional’ Hedged Distribution Shares .................................................................... 28
Definitions ............................................................................................................................................ 28
Offer ...................................................................................................................................................... 28
Euro Institutional Hedged Distribution Share Class ...................................................................... 28
Section VI: Sterling ‘Institutional’ Unhedged Accumulation Shares ..................................................... 30
Definitions ............................................................................................................................................ 30
Offer ...................................................................................................................................................... 30
Section VII: Sterling ‘Institutional’ Unhedged Distribution Shares ...................................................... 31
Definitions ............................................................................................................................................ 31
Offer ...................................................................................................................................................... 31
Section VIII: US Dollar ‘Institutional’ Accumulation Shares .................................................................. 32
Definitions ............................................................................................................................................ 32
Offer ...................................................................................................................................................... 32
Section IX: US Dollar ‘Institutional’ Distribution Shares ........................................................................ 33
Definitions ............................................................................................................................................ 33
Offer ...................................................................................................................................................... 33
Section X: Euro RDR ‘Retail’ Unhedged Accumulation Shares ............................................................... 34
Definitions ............................................................................................................................................ 34

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Offer ...................................................................................................................................................... 34
Section XI: Euro RDR ‘Retail’ Unhedged Distribution Shares ................................................................ 36
Definitions ............................................................................................................................................ 36
Offer ...................................................................................................................................................... 36
Section XII: Euro RDR ‘Retail’ Hedged Accumulation Shares ................................................................ 38
Definitions ............................................................................................................................................ 38
Offer ...................................................................................................................................................... 38
Euro RDR Retail Hedged Accumulation Share Class .................................................................... 39
Section XIII: Euro RDR ‘Retail’ Hedged Distribution Shares.................................................................. 40
Definitions ............................................................................................................................................ 40
Offer ...................................................................................................................................................... 40
Euro RDR Retail Hedged Distribution Share Class ........................................................................ 41
Section XIV: Sterling RDR ‘Retail’ Accumulation Shares ........................................................................ 42
Definitions ............................................................................................................................................ 42
Offer ...................................................................................................................................................... 42
Section XV: Sterling RDR ‘Retail’ Distribution Shares ............................................................................ 43
Definitions ............................................................................................................................................ 43
Offer ...................................................................................................................................................... 43
Section XVI: US Dollar RDR ‘Retail’ Accumulation Shares .................................................................... 44
Definitions ............................................................................................................................................ 44
Offer ...................................................................................................................................................... 44
Section XVII: US Dollar RDR ‘Retail’ Distribution Shares ...................................................................... 45
Definitions ............................................................................................................................................ 45
Offer ...................................................................................................................................................... 45
Section XVIII: Euro Non-RDR ‘Retail’ Unhedged Accumulation Shares.............................................. 46
Definitions ............................................................................................................................................ 46
Offer ...................................................................................................................................................... 46
Section XIX: Euro Non-RDR ‘Retail’ Unhedged Distribution Shares .................................................... 47
Definitions ............................................................................................................................................ 47
Offer ...................................................................................................................................................... 47
Section XX: Euro Non-RDR ‘Retail’ Hedged Accumulation Shares ....................................................... 48
Definitions ............................................................................................................................................ 48
Offer ...................................................................................................................................................... 48
Euro Non-RDR Retail Hedged Accumulation Share Class ........................................................... 49
Section XXI: Euro Non-RDR ‘Retail’ Hedged Distribution Shares ......................................................... 50
Definitions ............................................................................................................................................ 50
Offer ...................................................................................................................................................... 50
Euro Non-RDR Retail Hedged Distribution Share Class ............................................................... 51
Section XXII: Sterling Non-RDR ‘Retail’ Accumulation Shares.............................................................. 52
Definitions ............................................................................................................................................ 52
Offer ...................................................................................................................................................... 52
Section XXIII: Sterling Non-RDR ‘Retail’ Distribution Shares ............................................................... 53

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Definitions ............................................................................................................................................ 53
Offer ...................................................................................................................................................... 53
Section XXIV: US Dollar Non-RDR ‘Retail’ Accumulation Shares ........................................................ 54
Definitions ............................................................................................................................................ 54
Offer ...................................................................................................................................................... 54
Section XXV: US Dollar Non-RDR ‘Retail’ Distribution Shares ............................................................. 55
Definitions ............................................................................................................................................ 55
Offer ...................................................................................................................................................... 55
Section XXVI: Sterling 'Institutional' Hedged Accumulation Shares
Definitions ............................................................................................................................................ 56
Offer ...................................................................................................................................................... 56
Sterling Institutional Hedged Accumulation Share Class ............................................................. 56
Section XXVII: Sterling 'Institutional' Hedged Distribution Shares
Definitions ............................................................................................................................................ 58
Offer ...................................................................................................................................................... 58
Sterling Institutional Hedged Distribution Share Class ................................................................. 58
Appendix I

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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 Renewables and Sustainable Infrastructure UCITS Fund is a Fund of Brookfield
Investment Funds (UCITS) p.l.c., an umbrella-type open-ended investment company with segregatedliability 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 theProspectus.
An investment in the Fund should not constitute a substantial proportion of an investment
portfolio and may not be appropriate for all investors.
The difference at any time between the subscription price and repurchase price of Shares in theFund means that an investment in the Fund should be viewed as a medium- to long-term
investment.
Shareholders should note that dividends may be payable to Shareholders in Distribution ShareClasses out of the capital of the Fund. Any such distribution would be achieved by forgoing thepotential for future capital growth and the capital of the Fund may be eroded. Therefore, in suchcircumstances, Shareholders may not receive back the full amount invested and this cycle may
continue until all capital of the Fund is depleted. Investors should also seek tax advice on theimplications of distributions out of capital. Distributions made during the life of the Fund must be
understood as a type of capital reimbursement.
Shareholders should further note that all or part of fees and expenses, including management fees,
may be charged to the capital of the Fund. This will have the effect of lowering the capital value of
your investment.
The following distributing and accumulating classes of Shares in the Fund may be offered toinvestors:-

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

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

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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”

means any of the following countries: Argentina,
Brazil, Chile, China, Colombia, Czech Republic,
Egypt, Greece, Hungary, India, Indonesia, Korea,
Malaysia, Mexico, Pakistan, Peru, Philippines,
Poland, Qatar, Saudi Arabia, South Africa, Taiwan,
Thailand, Turkey and the United Arab Emirates. The
Investment Manager has the discretion to update,
modify and/or alter which countries are deemed to
be Emerging Market for the purposes of thisSupplement;“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 or such other day as the
Directors may in their absolute discretion determine
and notify in advance to Shareholders, provided
there is at least one Redemption Date per fortnight;“Retail Classes”

means the Euro RDR ‘Retail’ Hedged Accumulation
Shares Class I, the Euro RDR ‘Retail’ Unhedged
Accumulation Shares Class J, the Euro RDR ‘Retail’
Hedged Distribution Shares Class K, the Euro RDR‘Retail’ Unhedged Distribution Shares Class L, theUS Dollar RDR ‘Retail’ Accumulation Shares ClassANMG\35256608.23

4

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

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

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

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

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SECTION I: The Fund

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

ANMG\35256608.23

means this supplement.

6

SECTION I: The Fund

Investment Objective
The Fund seeks total return through growth of capital and current income. There can be no assurance
that the Fund will achieve its investment objective.
Investment Policy
The Fund will be actively managed and the Investment Manager’s investment decisions will not be
influenced by the constituents of an index or benchmark.
The Fund seeks to achieve its investment objective by investing primarily in equity securities of global
renewables and sustainable infrastructure (“GRSI”) companies listed or traded on a Recognised
Market.
The Fund defines a GRSI company as any company that has assets comprising, or is a technology andservice provider involved with, wind, solar and other forms of “clean” power, battery & storage
technology, electric vehicles, supporting technology and infrastructure (such as electricity
transmission assets supporting renewable power generation), behind-the-meter/energy efficiency,
smart grid technology, supporting integrated software technology, and water & wastewater
treatment. Companies may be exclusively involved in these areas, or they may be in transition as they
move towards business models that adopt clean technology and shrink or exit legacy lines of businessthat have previously involved fossil fuels.
Renewable and sustainable infrastructure includes, but is not limited to:Wind & solar;

Other forms of clean power;

Clean technology;

Water sustainability; and

Opportunistic transitioning companies (companies focused on power generation & electrification
investments).

Under normal market conditions, the Investment Manager will attempt to achieve the Fund’sinvestment objective by investing, as a principal strategy, most of the Fund’s net assets in equity
securities of GRSI companies listed or traded on a Recognised Market, including publicly tradedsecurities of GRSI companies whose primary operations or principal trading market is in a foreign
market, and that are not subject to the requirements of the US securities laws, markets and accounting
requirements (“Foreign Securities”). The Fund considers an issuer’s “primary operations” to be in aforeign market if the issuer (i) is organized under the laws of that country, or (ii) derives at least 50%
of its revenues or profits from goods produced or sold, investments made, services performed, or has
at least 50% of its assets located within that country.
The Fund may invest and trade in the following equity securities such as common, convertible andpreferred stock (including convertible bonds (with the exception of contingent convertible bonds(CoCo’s)), convertible stock and convertible debentures that may be converted into or exchanged for aprescribed amount of common stock or other equity securities of the same or a different issuer withina particular period of time at a specified price or formula), depositary receipts, stapled securities(being securities comprised of two parts, a unit of a trust and a share of a company, that cannot be
separated from one another), GRSI companies organized as limited partnerships, and limited
partnership interests in the general partners of master limited partnerships (“MLPs”)(being publicly
traded companies organized as limited partnerships or limited liability companies and treated as
partnerships for federal income tax purposes), and the following derivatives for hedging and efficient

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SECTION I: The Fund

portfolio management purposes: futures and options on securities, indices and currencies, forward
foreign currency exchange contracts and total return swaps (please see the “Derivatives” section
below for further detail).
The Fund may, subject to the requirements of the UCITS Regulations, invest in private investments inpublic equity (PIPE). PIPE investments involve the purchase of shares in publicly traded entities, at atime when the shares in question are not listed, at a price below the current market value per share.
Accordingly, the Fund will invest in PIPE investments by way of a private placement, after which theissuer will file a resale registration statement with the U.S. Securities and Exchange Commission inorder to formally list the shares. These investments arise where an issuer is seeking to raise a large
amount of capital quickly for a publicly traded entity.
The Fund may also hold cash or money market instruments (including negotiable or non-negotiablesecurities issued by or short-term deposits with the US and non-US governments and agencies or
instrumentalities thereof, bankers’ acceptances, high-quality commercial paper and bank certificatesof deposit) or certificates of deposit. Under normal market conditions, it is not expected that the Fund
will be invested substantially in cash or other short-term investments. However, where theInvestment Manager considers it prudent to do so, the Fund may hold more cash or other short term
investments than other assets.
Environmental and Social Characteristics promoted by the Fund
The Fund has sustainable investment as its objective and as such, the Manager has categorised theFund as meeting the provisions set out in Article 9 of Regulation (EU) 2019/2088 of the European
Parliament and of the Council of 27 November 2019 on sustainability-related disclosures in thefinancial services sector (the “SFDR”). Information about sustainable investment is available atAppendix I to this Supplement.
Integration of Sustainability Risks into the Investment Process
As part of its investment process, the Fund includes all relevant financial risks in its investment
decisions and evaluates these on an ongoing basis. In doing so, relevant sustainability factors andsustainability 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 ofthe Fund. Sustainability factors are defined in SFDR as environmental, social and employee matters,
respect for human rights, anti-corruption and anti-bribery matters. The Investment Manager’s
analysis of the management of sustainability risks incorporates governance analysis sourced by bothinternal and external data providers. It covers the boards' independence, experience and effectiveness,
executive pay practices, ownership structure and reliability of reported financials in respect of theunderlying companies in which the Fund invests. The Investment Manager engages with theunderlying 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 governanceguidelines establish a consistent philosophy and approach to corporate governance and the exercisingof voting rights.
Principal Adverse Impacts
Whilst the Investment Manager considers principal adverse impacts of investment decisions onsustainability factors in relation to the Fund, details of which are set out in Appendix I to thisSupplement, the Manager, as the financial market participant in respect of the Fund does not
currently consider the principal adverse impacts of investment decisions on sustainability factors
within the meaning of Article 4 of SFDR at entity level as it has a number of delegate investment
managers and has determined that the aggregation of its delegated investment manager principal
adverse impact reporting (where available) is of no value to its stakeholders due to the vast range ofinvestment strategies and approaches to sustainability risk integration.

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SECTION I: The Fund

The Manager will keep this decision to not consider the principal adverse impacts of investment
decisions on sustainability factors within the meaning of Article 4 of SFDR under review and will
formally re-evaluate this decision on a periodic basis.
Investment Philosophy
The Investment Manager believes that, due to their nature, GRSI assets are critical to support
sustainable economic development and are characterized by strong competitive positions with highbarriers to entry, stable cash flows, inflation-correlated revenues or large asset bases. The Investment
Manager also believes that the broad environment for investment in global renewables andsustainable infrastructure securities is favorable, and generally expects favorable trends in this sector
to continue. These trends include growing interest in global renewables and sustainable infrastructure
investments by institutional investors, increasing interest in and allocation to alternative investments
and increasing demand for equities that produce income or have an asset-owning quality and forinvestments that can potentially deliver reasonable returns that have a low correlation to the broader
equity markets. In addition, the combination of investors pursuing global GRSI portfolios and theestablishment of new renewables and sustainable infrastructure markets marks a significant
structural change to the global GRSI securities industry, and the Investment Manager expects topresent attractive opportunities going forward.
The Investment Manager utilizes a fundamental, bottom-up, value-based selection methodology,
taking into account short-term considerations, such as temporary market mispricing (as identified byqualitative and quantitative research undertaken by the Investment Manager, including the review ofcompany and industry research reports and economic data concerning the industries in which theFund invests) and long-term considerations, such as values of assets and cash flows. It takes abalanced approach to investing, seeking to mitigate risk through diversification, credit analysis,
economic analysis and review of sector and industry trends (including a review of adverse economic,
political, or regulatory conditions, inflation, changes in interest or currency rates or adverse investor
sentiment). The Investment Manager uses proprietary research, to select individual securities that it
believes can add value from distribution income and/or the potential for capital appreciation,
including an assessment of a company’s general financial condition, its competitive positioning andmanagement strength (which is measured by the Investment Manager’s analysis of a company’s
previous operating performance and capital allocation decisions), as well as industry characteristics(including high barriers to entry and the level of renewables adoption undertaken by a company). It
may sell a security held by the Fund that becomes overvalued or no longer offers an attractive
risk/reward profile.
Further information in relation to the investment strategy employed by the Fund as it relates to the‘sustainable investments’ the Fund intends to make is set out in Appendix I to this Supplement.
Investment and Borrowing Restrictions
The Investment Manager will apply the following portfolio restrictions at the time of investment,
based on available market values, in US Dollar terms:


The Fund will invest at least 80% of the Fund’s net assets in publicly traded equity securities
of GRSI companies listed or traded on a Recognised Market, including publicly traded
Foreign Securities of GRSI companies.



The Fund may also invest up to 25% of its net assets in GRSI companies organized as MLPs.



The Fund may invest up to 10% of its net assets in PIPE investments. These PIPE investments
will form part of the Fund’s permitted investment in unlisted securities, as prescribed by the
UCITS Regulations, until such time as the shares that have been acquired have been formallylisted on a Recognised Market.

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SECTION I: The FundThe Fund may invest up to 25% of its net assets in publicly traded securities of global
renewables and sustainable infrastructure companies, whose primary operations or principal
trading market is in an Emerging Market.

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 primarily through an exposure to securities of GRSI companies. Derivative
instruments may be utilized for hedging and efficient portfolio management purposes.
Derivatives
The Fund may, but is not required to, use forwards (such as forward foreign currency exchange
contracts), options, futures and total return swaps (“TRS”) for the purposes of hedging and efficient
portfolio management. The Fund may also, for the purposes of efficient portfolio management only,
enter into repurchase agreements and reverse repurchase agreements subject to the conditions andlimits set out in the Central Bank Regulations. A derivative is a security or instrument whose value isdetermined by reference to the value or the change in value of one or more securities, currencies,
indices or other financial instruments. The underlying securities to which the Fund will have
exposure as a result of investing in derivatives will be consistent with the investment policy of theFund. Derivatives used for efficient portfolio management purposes will have the aim of reducing
risk, reducing costs or generating additional capital or income for the Fund with an appropriate levelof risk, taking into account the risk profile of the Fund and the general provisions of the UCITS
Regulations. Any such investment technique or financial derivative instrument must be one which(alone or in combination with one or more other instrument techniques or financial derivative
instruments) is reasonably believed by the Investment Manager to be economically appropriate to the
management of the Fund.
The Fund may enter into TRS. TRS involve the exchange of the right to receive the total return,
coupons plus capital gains or losses, of a specified reference asset, index or basket of assets against theright to make fixed or floating payments. Any assets to be received by the Fund will be consistent
with the investment policies of the Fund. Where the Fund enters into a TRS on a net basis, the two
payment streams are netted out, with the Fund receiving or paying, as the case may be, only the net
amount of the two payments. TRS may be employed by the Fund to adjust or obtain sector andsecurity exposures, often with lower transaction costs than obtaining the same exposure via
purchasing individual securities. The counterparties to the TRS will be selected from a list approvedby the Investment Manager in consideration of the risk profile and investment policy of the Fund. The
use of TRS will not grant discretion to the counterparties over the composition or management of theFund’s investment portfolio, nor shall the approval of the TRS counterparty be required in relation to
any investment portfolio transaction entered into by the Fund.
Financial futures and forward foreign exchange contracts may be used to hedge the currency
exposure of the Fund and for the purpose of efficient portfolio management only. It is intended thatthe use of such forward foreign exchange contracts will reduce the exchange rate risk of the Fund. In
particular, these may be used to: (a) hedge the designated currency of the assets of the Fund to theBase Currency of the Fund; (b) mitigate the exchange rate risk between the Base Currency of the Fundand the currency in which Shares in a class in the Fund are designated where that designatedcurrency is different to the Base Currency of the Fund; or (c) hedge the currency of denomination of
the assets of the Fund attributable to a particular class into the designated currency of that class where
the currency of denomination is different to the designated currency of the class. As further set out
below, hedged and unhedged share classes may be offered to investors.
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 the

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SECTION I: The Fund

writer. If the option contract is exercised, the writer is responsible for fulfilling the terms of thecontract by delivering the shares to the appropriate party. In the case of a security that cannot bedelivered such as an index, the contract is settled in cash. For the holder, the potential loss is limited
to the price paid to acquire the option. When an option is not exercised, it expires. No shares change
hands and the money spent to purchase the option is lost. For the buyer, the upside is unlimited. For
the writer, the potential loss is unlimited unless the contract is covered, meaning that the writeralready owns the security underlying the option. Options may be employed by the Fund to gain
investment exposure and to hedge existing long positions.
A convertible stock is a hybrid security comprising both debt and equity features. Like a straightsecurity (non-convertible security), the holders of a convertible stock receives coupon payments until
maturity at which point the issuer redeems the convertible stock at par. However, the holders of aconvertible stock also have the option to convert the convertible stock into shares of common stock of
the issuer, at a predetermined price. The Investment Manager will look for certain characteristics
when considering convertible securities. These characteristics include the potential for capital
appreciation if the value of the underlying common stock increases, the relatively high yield received
from dividend or interest payments as compared to common stock dividends and decreased risks ofdecline in value, relative to the underlying common stock due to their fixed income nature. As aresult of the conversion feature, however, the interest rate or dividend preference on a convertible
security is generally less than would be the case if the securities were not convertible. During periodsof rising interest rates, it is possible that the potential for capital gain on a convertible security may beless than that of a common stock equivalent if the yield on the convertible security is at a level thatcauses it to sell at a discount.
Securities Financing Transactions
The assets underlying any securities financing transactions (“SFTs”) or TRS will be the equity
securities in which the Fund may invest. As set out in the Prospectus, the Fund may, for the purposesof efficient portfolio management only, enter into repurchase agreements and reverse repurchaseagreements subject to the conditions and limits set out in the Central Bank Regulations. It is expectedthat the proportion of the Sub-Fund’s assets under management that will be subject to each type of
SFT will be between 0 to 10% of the Fund’s Net Asset Value for all SFT’s but will not in any event
exceed 100% of the Fund’s Net Asset Value. The assets underlying the SFTs will be securities tradedon a Recognised Market.
Volatility
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.
German Tax Reporting
The Fund will qualify as an “equity fund” (“Aktienfonds”) for the purposes of the German Investment
Tax Act 2018 in that at least 51% of the Fund’s Net Asset Value will at all times be directly invested inequity securities which are admitted to official trading on a stock exchange or listed on an organised
market. For the avoidance of doubt, the term “equity securities” in this particular context does notinclude units or shares of investment funds or real estate investment trusts.

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SECTION I: The FundFees, Costs and Expenses
Further information on all fees and expenses payable out of the assets of the Fund are as set out in thesection headed “FEES, COSTS AND EXPENSES” in the Prospectus.
Management Fee
The management fee payable in respect of the Fund is set out in the Prospectus.
Depositary Fee
Pursuant to the provisions of the Depositary Agreement, the Depositary is entitled to a fee in respectof its duties as depositary of the Fund.
The Depositary shall be entitled to receive an annual depositary fee out of the assets of the Fund andwill levy sub-custody charges applicable to the markets in which the Fund invests up to a maximumof 0.90% of the Net Asset Value of the Fund. The fees payable to the Depositary are subject to aminimum annual charge of up to $86,500 per annum (the "Depositary Fee"). In addition, theDepositary will charge for the settlement of investment transactions at normal commercial rates, as
agreed with the Investment Manager from time to time. The Depositary Fee shall accrue as at each
Valuation Point and shall be payable monthly in arrears (and pro rata for lesser periods). The fees are
exclusive of VAT (if any).
The Depositary shall also be entitled to be reimbursed by the Fund for all properly vouched out-ofpocket expenses incurred by it for the benefit of the Fund in the performance of its duties under the
Depositary Agreement.
Administration Fees
Pursuant to the provisions of the Administration Agreement, the Fund will pay the Administrator a
fee in respect of its duties as administrator of the Fund.
The Administrator shall be entitled to receive administration and fund accounting fees out of theassets of the Fund of up to 0.009% per annum of the Net Asset Value of the Fund, subject to aminimum annual administration fee of up to $120,000 (the “Administration Fee”). The
Administration Fee shall accrue as at each Valuation Point and shall be payable monthly in arrears(and pro rata for lesser periods).
The Administrator shall also be entitled to be reimbursed by the Fund for all properly vouched outof-pocket expenses incurred by it for the benefit of the Fund in the performance of its duties under the
Administration Agreement.
Investment Management Fee
Under the provisions of the Investment Management Agreement, the Fund will pay the Investment
Manager a fee of up to 1 per cent per annum of the Net Asset Value in respect of each class of‘Institutional’ Shares and a fee of up to 1.8 per cent per annum of the Net Asset Value in respect ofeach of the RDR Share Classes and a fee of up to 2 per cent per annum of the Net Asset Value inrespect of each of the Non-RDR Share Classes, as of the relevant Valuation Date. The investment
management fee will accrue daily and will be payable monthly in arrears (and pro rata for lesser
periods). The Company will pay all out-of-pocket expenses incurred by the Investment Manager(including VAT thereon). Such out-of-pocket expenses may include transaction charges provided
that they are charged at normal commercial rates and incurred by the Investment Manager in theperformance of its duties under the Investment Management Agreement.

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SECTION I: The Fund

Establishment Expenses
The fees and expenses incurred in connection with the establishment of the Fund, the preparation andpublication of this Supplement and all legal costs and out-of-pocket expenses related thereto did notexceed €25,000 (plus VAT, if any). Such expenses will be amortised on a straight-line basis over the
first 60 months of operations or such shorter period as the Directors may determine. The expenses
incurred in connection with the establishment of the Company are as set out in the section headed“Fees, Costs and Expenses” in the Prospectus.
Dividend Policy
Accumulation Shares
The Directors do not anticipate paying a dividend in respect of the Shares of the Accumulation ShareClasses. All income and profits earned by the Fund attributable to the Accumulation Share Classes
will accrue to the benefit of those classes of Shares and will be reflected in the Net Asset Value
attributable to the relevant classes of Shares.
Distribution Shares
The Directors may, in their discretion, declare dividends on the Distribution Share Classes. Dividends
are expected to be paid on a quarterly basis at the discretion of the Investment Manager and/or the
Directors. The Distribution Share Classes will go “ex-dividend” on the day on which the dividend isdeclared (the “Ex-dividend Date”) which is expected to be on or around 31 March, 30 June, 30
September and 31 December each year.
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. Distributions made during the life of the Fund must be
understood as a type of capital reimbursement.
The Directors may elect to charge expenses out of the capital of the Fund, should they wish to
generate distributable profits. Investors should note that by charging the management fees andexpenses of the Fund to capital, the effect of this is that capital may be eroded and income will beachieved by foregoing the potential for future capital growth.
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

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SECTION I: The Fundcash. Any such cash payments to Shareholders in the Distribution Share Classes will be payable bytelegraphic transfer to the account specified by Shareholders on the application form. Accordingly,
since it is the intention to re-invest distributions by way of acquisition of further Shares, it is unlikelythat any management fees or expenses charged to capital will have the effect of eroding a
Shareholder’s investment.

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SECTION I: The Fund

Risk Factors
Investors’ attention is drawn to the risk factors set out in the Prospectus and to the following
additional risk factors.
Investment Volatility and Market Risk.
The Investment Manager generally expects to invest the Fund’s assets primarily in GRSI securities.
Consequently, the value of Shares in the Fund will be subject to the general volatility and swings ofthe securities markets, interest rates and economic cycles. In addition, the profitability of a significant
portion of the Fund’s investment program depends to a great extent upon the Investment Manager
correctly assessing the future course of price movements. The Investment Manager’s failure either toformulate its investment thesis correctly or to implement its strategy effectively could result in
substantial and even total losses to the Fund. Market volatility or other factors may not be as
expected, thereby affecting the success of the investment strategy of the Fund.
Highly Competitive Market for Investment Opportunities.
The business of identifying and structuring investments of the types contemplated by the Fund iscompetitive and involves a high degree of uncertainty. The Fund may be competing for investmentswith operating companies, financial institutions and other institutional investors as well as private
equity, hedge and other investment funds. Further, an ever-increasing number of investment funds
that invest in GRSI companies have been formed, and additional funds with similar investment
objectives may be formed in the future. These other investors may make competing offers forinvestment opportunities identified by the Investment Manager. In addition to competition fromother investors, the availability of investment opportunities generally will be subject to market
conditions as well as, in many cases, the prevailing regulatory or political climate.
GRSI Companies—General.
GRSI companies may be subject to a variety of factors that may adversely affect their business oroperations, including high interest costs in connection with capital construction programs, highleverage, costs associated with environmental and other regulations, the effects of economic
slowdown, surplus capacity, increased competition from other providers of services, uncertainties
concerning the availability of fuel at reasonable prices, the effects of energy conservation policies andother factors. While many of the risks below could be present with respect to other investments, theserisks may be particularly important to investments in GRSI companies. GRSI companies may beparticularly affected by or subject to:Regulatory Risk. GRSI companies may be subject to substantial governmental regulation andmay also be affected by governmental regulation of rates charged to services, the impositionof special tariffs and changes in tax laws, environmental laws and regulations, regulatory
policies, accounting standards and general changes in market sentiment towards GRSI assets.
Given the public interest aspect of the services that GRSI assets provide, political oversight ofthe sector is likely to remain pervasive and unpredictable and, for political reasons,governments may attempt to take actions, which may negatively affect the operations,revenue, profitability or contractual relationships of portfolio investments, including throughexpropriation. GRSI companies’ inability to predict, influence or respond appropriately tochanges in law or regulatory schemes could adversely impact their results of operations.
Technology Risk. A change could occur in the way a service or product is delivered, rendering
existing technology obsolete. While the risk could be considered low, if such a change wereto occur, these assets may have very few alternative uses should they become obsolete.
Furthermore, GRSI companies may be subject to changing technology that may result in an
impact to the underlying investment case. As technology innovation continues to improve theoverall economic costs of electricity and water consumption, projects may have economic

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SECTION I: The Fundchanges that may result in materially better or worse economics depending on the technology
chosen for the underlying project.
Regional or Geographic Risk. This risk arises where a GRSI company’s assets are not movable.
Should an event that somehow impairs the performance of a GRSI company’s assets occur inthe geographic location where the issuer operates those assets, the performance of the issuer
may be adversely affected.
Force Majeure Risk. The use of GRSI assets may be interrupted or otherwise affected by avariety of events outside the Fund’s control, including serious traffic accidents, natural
disasters (such as earthquakes, flood, lightning, hurricanes and wind), man-made disasters,
defective design and construction and other unforeseen circumstances. Extreme weather
patterns, or the threat thereof, could result in substantial damage to the facilities of certain
companies located in the affected areas, and significant volatility in the products or servicesof renewables and sustainable infrastructure companies could adversely impact the prices ofthe securities of such issuer.
Through-put Risk. The revenue of many GRSI companies may be impacted by the number ofusers who use the products or services produced by such company. A significant decrease in
the number of users may negatively impact the profitability of a GRSI company.
Project Risk. To the extent the Fund invests in GRSI companies which are dependent to asignificant extent on new or development-stage GRSI projects, the Fund may be exposed to
the risk that the project will not be completed within budget, within the agreed time frame or
to agreed specifications.
Strategic Asset Risk. GRSI companies may control significant strategic assets. Strategic assets
are assets that have a national or regional profile, and may have monopolistic characteristics.
The very nature of these assets could generate additional risk not common in other industry
sectors. Given the national or regional profile and/or their irreplaceable nature, strategic
assets may constitute a higher risk target for terrorist acts or political actions. Given theessential nature of the products or services provided by GRSI companies, there is also ahigher probability that the services provided by such issuers will be in constant demand.
Should a GRSI company fail to make such services available, users of such services may incur
significant damage and may, due to the characteristics of the strategic assets, be unable toreplace the supply or mitigate any such damage, thereby heightening any potential loss.
Operation Risk. The long-term profitability of a GRSI company may be partly dependent on
the efficient operation and maintenance of its GRSI assets. Should a GRSI company fail toefficiently maintain and operate the assets, the GRSI company’s ability to maintain paymentsof dividends or interest to investors may be impaired. The destruction or loss of a GRSI asset
may have a major impact on the GRSI company. Failure by the GRSI company to carryadequate insurance or to operate the asset appropriately could lead to significant losses anddamages. In addition, the operations of the issuers of the Fund’s investments may rely on
government permits, licenses, concessions, leases or contracts. Government entities generally
have significant influence over such companies in respect of the various contractual andregulatory relationships they may have, and these government entities may exercise theirauthority in a manner that causes delays in the operation of the business of the issuers of theFund’s investments, obstacles to pursuit of such issuers’ strategy or increased administrative
expenses, all of which could materially and adversely affect the business and operations of
the Fund.
Customer Risk. GRSI companies can have a narrow customer base. Should these customers or
counterparties fail to pay their contractual obligations, significant revenues could cease andnot be replaceable. This would affect the profitability of the GRSI company and the value ofany securities or other instruments it has issued.

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SECTION I: The FundInterest Rate Risk. GRSI assets can be highly leveraged. As such, movements in the level ofinterest rates may affect the returns from these assets more significantly than other assets insome instances. The structure and nature of the debt encumbering a GRSI asset may
therefore be an important element to consider in assessing the interest risk of the GRSI asset.
In particular, the type of facilities, maturity profile, rates being paid, fixed versus variable
components and covenants in place (including the manner in which they affect returns toequity holders) are crucial factors in assessing any interest rate risk. Furthermore, many GRSI
businesses rely on concessions to mitigate the inflation risk to cash flows through escalation
provisions linked to the inflation rate (e.g., the toll set on a toll road). While these provisions
may protect against certain risks, they do not protect against the risk of a rise in real interest
rates, which is likely to create higher financing costs for GRSI businesses and a reduction in
the amount of cash available for distribution to investors. Due to the nature of GRSI assets,
the impact of interest rate fluctuations may be greater for GRSI companies than for the
economy as a whole in the country in which the interest rate fluctuation occurs.
Inflation Risk. Many companies operating in the GRSI sector may have fixed income streams
and, therefore, be unable to pay higher dividends. The market value of GRSI companies may
decline in value in times of higher inflation rates. The prices that a GRSI company is able tocharge users of its assets may not be linked to inflation. Wage and price controls have been
imposed at times in certain countries in an attempt to control inflation, which could
significantly affect the operation of portfolio investments.
Developing Industries Risk.
Some GRSI companies are focused on developing newtechnologies and are strongly influenced by technological changes. Product development
efforts by such companies may not result in viable commercial products. These companies
may bear high research and development costs, which can limit their ability to maintain
operations during periods of organizational growth or instability. Some GRSI companies inwhich the Fund may invest may be in the early stages of operations and may have limited
operating histories and smaller market capitalizations on average than companies in othersectors. As a result of these and other factors, the value of investments in such issuers may beconsiderably more volatile than that in more established segments of the economy.
Other factors that may affect the operations of GRSI companies include difficulty in raising capital inadequate amounts on reasonable terms in periods of high inflation and unsettled capital markets,
inexperience with and potential losses resulting from a developing deregulatory environment,
increased susceptibility to terrorist acts or political actions and general changes in market sentimenttowards GRSI assets. In addition, the current presidential administration could significantly impact
the regulation of United States financial markets and dramatically alter existing trade, tax, energy andinfrastructure regulations, among others.
Environmental Risk.
GRSI companies can have substantial environmental impacts. Ordinary operations or operational
accidents may cause major environmental damage, which could cause GRSI companies significant
financial distress, substantial liabilities for environmental cleanup and restoration costs, claims madeby neighbouring landowners and other third parties for personal injury and property damage, andfines or penalties for related violations of environmental laws or regulations. GRSI companies may
not be able to recover these costs from insurance.
Failure to comply with environmental laws and regulations may trigger a variety of administrative,
civil and criminal enforcement measures, including the assessment of monetary penalties, theimposition of remedial requirements and the issuance of orders enjoining future operations.
Voluntary initiatives and mandatory controls have been adopted or are being discussed both in the
United States and worldwide to reduce emissions of “greenhouse gases” such as carbon dioxide, a byproduct of burning fossil fuels, and methane, the major constituent of natural gas, which many

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SECTION I: The Fundscientists and policymakers believe contribute to global climate change. These measures and future
measures could result in increased costs to certain companies in which the Fund may invest.
Generally, the Fund will conduct environmental due diligence before making an investment to assess
the status of environmental regulatory compliance. There can be no assurance, however, that suchdue diligence will reveal all environmental liabilities relating to an investment.
Commodity Risk.
Some of the investments of the Fund will be subject to commodity price risk, including, without
limitation, the price of electricity and the price of fuel. The operation and cash flows of certain of theFund’s investments may depend, in substantial part, upon prevailing market prices for electricity andfuel, and natural gas. These market prices may fluctuate materially depending upon a wide variety offactors, including, without limitation, weather conditions, foreign and domestic market supply anddemand, force majeure events, changes in law, governmental regulations, price and availability ofalternative fuels and energy sources, international political conditions, including those in the Middle
East, actions of the Organization of Petroleum Exporting Countries (and other oil and natural gas
producing nations) and overall economic conditions.
Defensive Investments.
When adverse market or economic conditions occur, the Fund may temporarily invest all or a portionof its assets in defensive investments that are short-term and liquid. Such investments include US
government securities, certificates of deposit, banker’s acceptances, time deposits, repurchaseagreements, and other high quality debt instruments. When following a defensive strategy, the Fund
will be less likely to achieve its investment objective.
Foreign Currency Risk.
The Fund’s Net Asset Value could decline as a result of changes in the exchange rates between foreign
currencies in which a security is denominated and the US Dollar. Certain foreign countries may
impose restrictions on the ability of issuers of foreign securities to make payment of principal andinterest to investors located outside the country, due to blockage of foreign currency exchanges orotherwise.
Investment in Non-US Securities.
The Fund expects to invest in non-US securities, including in the form of American Depositary
Receipts (ADRs), Global Depositary Receipts (GDRs) and European Depositary Receipts (EDRs).
Generally, ADRs in registered form are US Dollar denominated securities designed for use in the US
securities markets, which represent and may be converted into an underlying foreign security. GDRs,
in bearer form, are designated for use outside the United States. EDRs, in bearer form, are designed
for use in the European securities markets.
Such investments may be subject to a greater risk than US investments due to non-US economic,
political and legal developments, including economic, political or social instability, favorable orunfavorable changes in currency exchange rates, exchange control regulations (including currency
blockage), expropriation of assets or nationalization, imposition of taxes on dividends, interest
payments or capital gains, the need for approval by government or other authorities to makeinvestments, possible difficulty in obtaining and enforcing judgments against non-US entities andother factors beyond the control of the Investment Manager. Furthermore, issuers of non-US
securities are subject to different, often less comprehensive accounting, reporting or disclosure
requirements than US issuers. The securities markets of some countries in which the Fund may invest
have substantially less volume than those in the United States, and securities of certain companies inthese countries are less liquid and more volatile than securities of comparable US companies.
Accordingly, these markets may be subject to greater influence by adverse events generally affecting

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SECTION I: The Fundthe market, and by large investors trading significant blocks of securities, than is usual in the UnitedStates. Brokerage commissions and other transaction costs on securities exchanges in non-US
countries are generally higher than in the United States.
Geopolitical Risk.
Occurrence of global events such as war, terrorist attacks, natural disasters, country instability,
infectious disease epidemics, market instability, debt crises and downgrades, embargoes, tariffs,
sanctions and other trade barriers and other governmental trade or market control programs, thepotential exit of a country from its respective union and related geopolitical events may result inmarket volatility and may have long-lasting impacts on both the US and global financial markets.
The decision of the United Kingdom (“UK”) to exit from the European Union following the June 2016
vote on the matter (referred to as “Brexit”) has caused uncertainty in financial markets and may
adversely impact financial results of the Fund. Growing tensions between the United States and otherforeign powers, or among foreign powers, and possible diplomatic, trade or other sanctions could
adversely impact the markets and the Fund.
Emerging Markets.
The Fund may invest in publicly traded securities of GRSI companies whose primary operations or
principal trading market is in an Emerging Market. These securities may be US Dollar denominatedor non-US Dollar denominated, including Emerging Market country currency denominated. Securities
of companies in Emerging Markets may be more volatile than those of companies in more developed
markets. Emerging Market countries generally have less developed markets and economies and, insome countries, less mature governments and governmental institutions. Emerging market risks
include: greater fluctuations in currency exchange rates; increased risk of default (by bothgovernment and private issuers); greater social, economic and political uncertainty and instability(including the risk of war or natural disaster); increased risk of nationalization, expropriation or otherconfiscation; greater governmental involvement in the economy; less governmental supervision andregulation of the securities markets and participants in those markets; controls on non-US investment,
capital controls and limitations on repatriation of invested capital and on the Fund’s ability to
exchange local currencies for US Dollars; inability to purchase and sell investments or otherwise settle
security or derivative transactions (i.e., a market freeze); unavailability of currency hedging
techniques; companies that are smaller and more recently organized; differences in, or lack of,auditing and financial reporting standards and resulting unavailability of material information about
issuers; slower clearance; difficulties in obtaining and/or enforcing legal judgments; and significantly
smaller market capitalizations of issuers.
The Fund may invest in Emerging Markets where custodial and/or settlement systems are not fully
developed. The assets of the Fund which are traded in such markets and which have been entrusted
to sub-custodians, in circumstances where the use of such sub-custodians is necessary, may be
exposed to market risks. Such risks include (i) a non-true delivery versus payment settlement, (ii) a
physical market, and as a consequence the circulation of forged securities, (iii) poor information withregard to corporate actions, (iv) a registration process that affects the availability of the securities, (v)lack of appropriate legal/fiscal infrastructure, and (vi) lack of compensation/risk funds with therelevant central depository. Furthermore, even when a Fund settles trades with counterparties on adelivery-versus-payment basis, it may still be exposed to credit risk to parties with whom it trades.
Currency Hedging.
While the Fund is denominated in its own Base Currency, some of the underlying investments of theFund may be denominated in multiple currencies. Accordingly, any hedging of currency exposurethat is implemented by the Fund will primarily involve hedging back to the Fund’s Base Currency,
but in certain circumstances may involve other hedging activities. There is no assurance that therelevant Fund will attempt to hedge its overall currency exposure, or, if it does engage in suchhedging activity, that this activity will be effective. Where the Investment Manager does not hedge

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SECTION I: The Fundagainst currency risk, performance of the Fund and the value of its assets may be strongly influenced
by movements in currency exchange rates because currency positions held by a Fund may notcorrespond with the securities or positions held by the Fund.
Risks of Derivative Instruments.
Many of the risks applicable to trading the underlying asset are also applicable to derivatives trading.
However, there are a number of additional risks associated with derivatives trading. In addition to
the below risks, please also see “Derivatives Risk” under the section entitled “Risk Factors” in the
Prospectus.
Transactions in certain derivatives are subject to clearance on exchanges, regulatory oversight and therisks of trading in the OTC markets. Additional risks associated with derivatives trading include:Counterparty Risk. Because some of the derivative transactions in which the Fund may engage(for example, certain swaps) may involve instruments that are not traded on an exchange but
are instead traded between counterparties based on contractual relationships, the Fund issubject to the risk that a counterparty will not perform its obligations under the related
contracts. Although the Fund intends to enter into transactions only with counterparties
which the Investment Manager believes to be creditworthy, there can be no assurance that acounterparty will not default and that the Fund will not sustain a loss on a transaction as aresult.
Some types of cleared derivatives are required to be executed on an exchange or on a swap
execution facility. A swap execution facility is a trading platform where multiple market
participants can execute derivatives by accepting bids and offers made by multiple otherparticipants in the platform. While this execution requirement is designed to increasetransparency and liquidity in the cleared derivatives market, trading on a swap execution
facility can create additional costs and risks for the Fund.
In the event of the counterparty’s bankruptcy or insolvency, the Fund’s collateral may besubject to the conflicting claims of the counterparty’s creditors, and the Fund may be exposedto the risk of a court treating the Fund as a general unsecured creditor of the counterparty,
rather than as the owner of the collateral. The Fund is subject to the risk that issuers of the
instruments in which it invests and trades may default on their obligations under those
instruments, and that certain events may occur that have an immediate and significant
adverse effect on the value of those instruments. There can be no assurance that an issuer of
an instrument in which the Fund invests will not default, or that an event that has an
immediate and significant adverse effect on the value of an instrument will not occur, andthat the Fund will not sustain a loss on a transaction as a result.

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



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 risk

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SECTION I: The Fundof 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.
Equity Securities Risk.
Equity securities represent an ownership interest in an issuer, rank junior in a company’s capital
structure to debt securities and consequently may entail greater risk of loss than debt securities.
Equity securities are subject to the risk that stock prices may rise and fall in periodic cycles and may
perform poorly relative to other investments. This risk may be greater in the short term.
Convertible Securities.
A convertible security is a bond, debenture or stock that may be converted into or exchanged for aprescribed amount of common stock or other equity security of the same or a different issuer within aparticular period of time at a specified price or formula. Before conversion, convertible securities havecharacteristics similar to non-convertible debt securities in that they ordinarily provide a stream ofincome with generally higher yields than those of common stock of the same or similar issuers.
Convertible securities are senior in rank to common stock in an issuer’s capital structure and,
therefore, generally entail less risk than the issuer’s common stock.
Convertible securities are generally not investment grade, that is, not rated within the four highest
categories by S&P and Moody’s. To the extent that such convertible securities, which are acquired by
the Fund consistent with the factors considered by the Investment Manager as described in thisSupplement, are rated lower than investment grade or are not rated, there would be a greater risk as
to the timely repayment of the principal of, and timely payment of interest or dividends on, thosesecurities.
PIPE Investments.
In a PIPE transaction, for a short period of time, between the share purchase under the PIPE
transaction and the issuing of a registration statement by the SEC, the shares are much like anunlisted security. Therefore, for this short period of time, the shares are not publicly traded and so
there is no guarantee that the probable realisation value on any such shares, if the Fund needed to sellsame before the shares are registered by the SEC, will represent the value that could be realised by theFund on the eventual disposition of the investment once the shares have been registered by the SEC.
Once the shares are registered by the SEC, the same liquidity will apply to these shares as with allother listed equity securities. Furthermore, there may be contractual risk with respect to the issuers in
PIPE transactions (e.g., where the issuer fails to honour the contractual provisions of a PIPE
transaction).
Leverage.
Some transactions entered into by the Fund may give rise to a form of economic leverage. Thesetransactions may include derivatives, and may expose the Fund to greater risk and increase its costs.
The use of leverage may cause the Fund to liquidate portfolio positions when it may not be
advantageous to do so to satisfy its obligations. Increases and decreases in the value of the Fund’s
portfolio will be magnified when the Fund uses leverage. While such use of leverage increases returns
if the Fund earns a greater return on the incremental investments, the use of leverage decreases
returns if the Fund fails to earn as much on such incremental investments as it pays for such funds.

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SECTION I: The FundThe effect of leverage may therefore result in a greater decrease in the net asset value of the Fund thanif the Fund were not so leveraged.
Market Risk.
The values of securities held by the Fund may fall due to general market conditions, such as real or
perceived adverse economic, political, or regulatory conditions, inflation, changes in interest or
currency rates or adverse investor sentiment. Adverse market conditions may be prolonged and may
not have the same impact on all types of securities. The values of securities may fall due to factors
affecting a particular issuer, industry or the securities market as a whole. The Fund may experience a
substantial or complete loss on any individual security.
MLP Risk.
The Fund may invest in GRSI companies organized as MLPs and their affiliates. An MLP is a publicly
traded company organized as a limited partnership or limited liability company and treated as apartnership for federal income tax purposes. MLPs may derive income and gains from the
exploration, development, mining or production, processing, refining, transportation (including
pipelines transporting gas, oil, or products thereof), or the marketing of any mineral or natural
resources.
To the extent that the Fund invests in the equity securities of an MLP, the Fund will be a partner insuch MLP. Accordingly, the Fund will be required to include in its taxable income the Fund’s
allocable share of the income, gains, losses, deductions and expenses recognised by each such MLP,
regardless of whether the MLP distributes cash to the Fund. The Fund will incur a current tax
liability on its allocable share of an MLP’s income and gains that is not offset by the MLP’s tax
deductions, losses and credits, or its net operating loss carryforwards, if any. The portion, if any, of a
distribution received by the Fund from an MLP that is offset by the MLP’s tax deductions, losses or
credits is essentially treated as a return of capital. The percentage of an MLP’s income and gains thatis offset by tax deductions, losses and credits will fluctuate over time for various reasons. A
significant slowdown in acquisition activity or capital spending by MLPs held in the Fund’s portfolio
could result in a reduction of accelerated depreciation generated by new acquisitions, which may
result in increased current tax liability for the Fund.
Portfolio Selection Risk.
The Investment Manager’s judgment about the quality, relative yield, relative value or market trends
affecting a particular sector or region, market segment, security or about interest rates generally may
prove to be incorrect.
Preferred Stock Risk.
There are various risks associated with investing in preferred stock, including credit risk, interest raterisk, deferral and omission of distributions, subordination to bonds and other debt securities in acompany’s capital structure, limited liquidity, limited voting rights and special redemption rights.
Withdrawal Risk.
The Fund may need to sell its holdings in order to meet redemption requests. The Fund could
experience a loss when selling securities to meet redemption requests if the redemption requests are
unusually large or frequent, occur in times of overall market turmoil or declining prices for the
securities sold, or when the securities the Fund wishes to or is required to sell are illiquid.
Small- and Mid-Capitalization Risk.

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SECTION I: The FundThe risk that returns from small- and mid-capitalization stocks may trail returns from the overall
stock market. Historically, these stocks have been more volatile in price than the large-capitalization
stocks.
Stapled Securities Risk.
A stapled security is a security that is comprised of two parts that cannot be separated from one
another. The two parts of a stapled security are a unit of a trust and a share of a company. The
resulting security is influenced by both parts, and must be treated as one unit at all times, such as
when buying or selling a security.
Cash and Other Investments.
The Fund may invest all or a portion of its assets in cash or cash items for investment purposes,
pending other investments or as provision of margin for futures or forward contracts. These cash
items must be of high quality at the time of investment and may include a number of money market
instruments, such as negotiable or non-negotiable securities issued by or short-term deposits with the
US and non-US governments and agencies or instrumentalities thereof, bankers’ acceptances, highquality commercial paper and bank certificates of deposit. While investments in cash items generally
involve relatively low risk levels, they may produce lower than expected returns, and could result in
losses. Investments in cash items and money market funds may also provide less liquidity than
anticipated by the Investment Manager at the time of investment.
Sustainability Risk.
Sustainability risks within the meaning of SFDR are ESG events or conditions whose occurrence could
have an actual or potential principal adverse impact on the value of the Fund’s investment. ESG
strategies may take risks or eliminate exposures found in other strategies or broad market
benchmarks that may cause performance to diverge from the performance of these other strategies ormarket benchmarks. These effects may have an impact on the Fund’s return, on the assets, financial
and earnings position of the Fund and on the reputation of the Company. Sustainability risks canaffect all known types of risk (for example, market risk, liquidity risk, counterparty risk andoperational risk), and as a factor, contribute to the materiality of these risk types. ESG strategies will
be subject to the risks associated with their underlying investments’ asset classes. Further, thedemand within certain markets or sectors that an ESG strategy targets may not develop as forecasted
or may develop more slowly than anticipated.

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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 19 November
2020;“Initial Offer”

means the initial offer of Euro ‘Institutional’ Unhedged
Accumulation Shares in the Fund which commenced at 9a.m. (Irish time) on 20 April 2020 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 will commence at
9 a.m. (Irish time) on 20 April 2020 and will close on the
Closing Date;“Minimum Holding”

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

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

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

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

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SECTION IV: Euro ‘Institutional’ Hedged Accumulation Shares

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

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

means the initial offer of Euro ‘Institutional’ Hedged
Accumulation Shares in the Fund which will commenceon 20 April 2020 and will close on the Closing Date;“Minimum Holding”

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

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

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

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

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

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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 will commence at
9 a.m. (Irish time) on 20 April 2020 and will close on the
Closing Date;“Minimum Holding”

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

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

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

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

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

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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
will commence at 9 a.m. (Irish time) on 20 April 2020
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.

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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
will commence at 9 a.m. (Irish time) on 20 April 2020
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.

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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 19 August
2020;“Initial Offer”

means the initial offer of US Dollar ‘Institutional’
Accumulation Shares in the Fund which commenced
at 9 a.m. (Irish time) on 20 April 2020 and closed on
the Closing Date;“Minimum Holding”

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

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

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

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

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SECTION IX: US Dollar ‘Institutional’ Distribution Shares

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

means on or about 5 p.m. (Irish time) on 6 April
2021;“Initial Offer”

means the initial offer of US Dollar ‘Institutional’
Distribution Shares in the Fund which commenced
at 9 a.m. (Irish time) on 20 April 2020 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.

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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
will commence at 9 a.m. (Irish time) on 20 April 2020
and will close on the Closing Date;“Minimum Holding”

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

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

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

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

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

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

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Redemption requests for amounts less than the Minimum

35

SECTION XI: Euro RDR ‘Retail’ Unhedged Distribution Shares

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

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

means the initial offer of Euro RDR ‘Retail’
Unhedged Distribution Shares in the Fund which
will commence at 9 a.m. (Irish time) on 20 April 2020
and will close on the Closing Date;“Minimum Holding”

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

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

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

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

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

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SECTION XI: Euro RDR ‘Retail’ Unhedged Distribution Shares

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

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SECTION XII: Euro RDR ‘Retail’ Hedged Accumulation Shares

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

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

means the initial offer of Euro RDR ‘Retail’ Hedged
Accumulation Shares in the Fund which willcommence at 9 a.m. (Irish time) on 20 April 2020 andwill close on the Closing Date;“Minimum Holding”

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

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

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

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

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

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

Redemption requests for amounts less than the Minimum

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

ANMG\35256608.23

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SECTION XIII: Euro RDR ‘Retail’ Hedged Distribution Shares

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

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

means the initial offer of Euro RDR ‘Retail’ Hedged
Distribution Shares in the Fund which willcommence at 9 a.m. (Irish time) on 20 April 2020 andwill close on the Closing Date;“Minimum Holding”

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

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

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

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

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

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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. Any overhedged positions materially in excess of
100% of the Net Asset Value of the Euro RDR Retail Hedged Distribution Share class will not be
carried forward from month to month. This review will also incorporate a procedure to ensure that
underhedged positions below 95% of the Net Asset Value of the Euro RDR Retail Hedged
Distribution Share class will not be carried forward from month to month. All currency hedging
transactions will be clearly attributable to the Euro RDR Retail Hedged Distribution Share class andthe costs and gains/losses of the hedging transactions will accrue solely to the Euro RDR Retail
Hedged Distribution Share class. To the extent that hedging is successful, the performance of theclass is likely to move in line with the performance of the class denominated in the base currency andinvestors in the hedged class will not benefit if the class currency falls against the base currency.

ANMG\35256608.23

41

SECTION XIV: Sterling RDR ‘Retail’ Accumulation Shares

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

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

means the initial offer of Sterling RDR ‘Retail’
Accumulation Shares in the Fund which willcommence at 9 a.m. (Irish time) on 20 April 2020 andwill close on the Closing Date;“Minimum Holding”

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

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

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

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

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

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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 willcommence at 9 a.m. (Irish time) on 20 April 2020 andwill close on the Closing Date;“Minimum Holding”

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

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

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

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

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

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SECTION XVI: US Dollar RDR ‘Retail’ Accumulation Shares

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

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

means the initial offer of US Dollar RDR ‘Retail’
Accumulation Shares in the Fund which willcommence on 9 a.m. (Irish time) on 20 April 2020
and will close on the Closing Date;“Minimum Holding”

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

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

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

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

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

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SECTION XVII: US Dollar RDR ‘Retail’ Distribution Shares

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

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

means the initial offer of US Dollar RDR ‘Retail’
Distribution Shares in the Fund which willcommence on 9 a.m. (Irish time) on 20 April 2020
and will close on the Closing Date;“Minimum Holding”

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

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

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

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

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

MDW\2406798.1

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

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

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

means the initial offer of Euro Non-RDR ‘Retail’
Unhedged Accumulation Shares in the Fund which
will commence at 9 a.m. (Irish time) on 20 April 2020
and will close on the Closing Date;“Minimum Holding”

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

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

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

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

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

MDW\2406798.1

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

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

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

means the initial offer of Euro Non-RDR ‘Retail’
Unhedged Distribution Shares in the Fund which
commenced at 9 a.m. (Irish time) on 20 April 2020
and will close on the Closing Date;“Minimum Holding”

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

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

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

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

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

MDW\2406798.1

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

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

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

means the initial offer of Euro Non-RDR ‘Retail’
Hedged Accumulation Shares in the Fund which
will commence at 9 a.m. (Irish time) on 20 April 2020
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.

MDW\2406798.1

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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. Any overhedged positions
materially in excess of 100% of the Net Asset Value of the Euro Non-RDR Retail Hedged
Accumulation Share class will not be carried forward from month to month. This review will also
incorporate a procedure to ensure that underhedged positions below 95% of the Net Asset Value of
the Euro Non-RDR Retail Hedged Accumulation Share class will not be carried forward from month
to month. All currency hedging transactions will be clearly attributable to the Euro Non-RDR Retail
Hedged Accumulation Share class and the costs and gains/losses of the hedging transactions willaccrue solely to the Euro Non-RDR Retail Hedged Accumulation Share class. To the extent that
hedging is successful, the performance of the class is likely to move in line with the performance ofthe class denominated in the base currency and investors in the hedged class will not benefit if theclass currency falls against the base currency.

MDW\2406798.1

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

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

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

means the initial offer of Euro Non-RDR ‘Retail’
Hedged Distribution Shares in the Fund which willcommence at 9 a.m. (Irish time) on 20 April 2020 andwill close on the Closing Date;“Minimum Holding”

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

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

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

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

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

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

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

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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 willcommence at 9 a.m. (Irish time) on 20 April 2020 andwill close on the Closing Date;“Minimum Holding”

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

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

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

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

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

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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 willcommence at 9 a.m. (Irish time) on 20 April 2020 andwill close on the Closing Date;“Minimum Holding”

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

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

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

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

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

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

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

means on or about 5 p.m. (Irish time) on 1 December
2020;“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 20 April 2020 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
November 2024 or such earlier or later date as the
Directors may in their absolute discretion determine
having notified the Central Bank;“Initial Offer”

means the initial offer of US Dollar Non-RDR ‘Retail’
Distribution Shares in the Fund which willcommence on 9 a.m. (Irish time) on 20 April 2020
and will close on the Closing Date;“Minimum Holding”

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

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

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

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

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

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SECTION XXVI: Sterling ‘Institutional’ Hedged Accumulation Shares

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

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

means the initial offer of Sterling ‘Institutional’ Hedged
Accumulation Shares in the Fund which will commence
at 9 a.m. (Irish time) on 20 April 2020 and will close on
the Closing Date;“Minimum Holding”

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

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

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

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

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SECTION XXVI: Sterling ‘Institutional’ Hedged Accumulation Shares

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

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SECTION XXVII: Sterling ‘Institutional’ Hedged Distribution Shares

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

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

means the initial offer of Sterling ‘Institutional’ Hedged
Distribution Shares in the Fund which will commence at
9 a.m. (Irish time) on 20 April 2020 and will close on the
Closing Date;“Minimum Holding”

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

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

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

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

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SECTION XXVII: Sterling ‘Institutional’ Hedged Distribution Shares

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

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Appendix I

MDW\2406798.1

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ANNEX III
Template pre-contractual disclosure for the financial products referred to in Article 9, paragraphs 1 to 4a, ofRegulation (EU) 2019/2088 and Article 5, first paragraph, of Regulation (EU) 2020/852
Product name: BROOKFIELD GLOBAL RENEWABLES AND SUSTAINABLE INFRASTRUCTURE UCITS FUND
Legal entity identifier: 549300GQCDUXV8KYAY15
Sustainable
investment means
an investment in an
economic
activitythat contributes toan environmental orsocialobjective,
provided that theinvestment does not
significantly
harm
any environmental
or social objective
and
that
the
investee companies
follow
good
governancepractices.
The EU Taxonomy isaclassification
system laid down inRegulation(EU)
2020/852,
establishing a list ofenvironmentally
sustainableeconomic activities.
That Regulation does
not include a list ofsocially sustainableeconomic activities.
Sustainable
investments with anenvironmental
objective might bealigned with theTaxonomy or not.

Sustainable investment objective
Does this financial product have a sustainable investment objective?
Yesx

It will make a minimum ofsustainable
investments
withanenvironmental
objective: 80%
in economic activities that
qualify as environmentally
sustainable under the EU
Taxonomyx

in economic activities that do
notqualifyasenvironmentally
sustainable
under the EU TaxonomyNo
It promotes Environmental/Social (E/S)
characteristics and while it does not haveas its objective a sustainable investment, it will
have a minimum proportion of ___% ofsustainable investmentswith an environmental objective in economic
activities that qualify as environmentally
sustainable under the EU Taxonomy
with an environmental objective ineconomic activities that do not qualify asenvironmentally sustainable under the EU
Taxonomywith a social objective

It will make a minimum ofsustainable
investmentswith a social objective: ___%

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

What is the sustainable investment objective of this financial product?
Whilst the investment objective of the Fund is to seek total return through growth ofcapital and current income, the sustainable investment objective is to have a positiveenvironmental impact with alignment to global renewables, sustainable infrastructure
activities, and / or supporting the global transition towards a lower-carbon future. This isachieved primarily through the Fund's ESG-focused screening processes and its
investment in sustainable investments within the meaning of Article 2(17) of SFDR, which
will typically be securities of global renewables and sustainable infrastructure companies.
These sustainable investments, in contributing to the Fund’s sustainable investment
objective, will seek to mitigate the impact of fossil fuel-based infrastructure assets while61

providing important social benefits, these investments will also seek to positively
contribute to the following objectives:
i.

positive environmental impact (e.g., decarbonization) on resource consumption;ii.

affordability and equitable access to essential resources & infrastructure systems forall end consumers; andiii.

reliability, resilience, and security of essential infrastructure systems

The Investment Manager considers all three objectives to have important social benefits,
but more explicitly through objectives (ii) and (iii) (e.g. the benefits for affordable clean
energy to low income households).
Sustainability
indicators measure
how the sustainableobjectives of thisfinancial product are
attained.

A reference benchmark has not been designated for the purpose of attaining thesustainable investment objective.
What sustainability indicators are used to measure the attainment of the sustainable
investment objective of this financial product?
The Investment Manager is responsible for determining whether an investment meets thecriteria for a sustainable investment. The Fund’s investment eligibility process examines
the magnitude of companies’ impact towards environmental sustainability, and theenvironmental and/or social objectives to which the Fund’s sustainable investments willcontribute are:i.

positive environmental impact (e.g., decarbonization) on resource consumption;ii.

affordability and equitable access to essential resources & infrastructure systems forall end consumers; andiii.

reliability, resilience, and security of essential infrastructure systems

The Investment Manager measures the attainment of the sustainable investment objective
through the following four key areas: (1) the positive contribution of business activities; (2)exclusionary screening; (3) Sustainable Development Goal (“SDG”) alignment, and (4)Weighted Average Carbon Intensity (or WACI).
(1) Positive Contribution
Determining positive contribution of business activities: the Investment Manager
determines that a sustainable investment has made or is making a positive contribution toa particular environmental and/or social objective (as set in (i) to (iii) above) where, at thetime of purchase and on an on-going basis thereafter, an investee company makes orderives at least 50% of any of its: (i) revenues; (ii) cash flow; (iii) regulated assets base;and/or (iv) capital expenditures from any, or a combination of, the following businessactivities.
i.

renewable energy sources, including: generation (wind, solar, and other forms ofclean power (e.g., biomass)); batteries and storage (storage and electrification
technology (e.g., clean hydrogen)); and/or manufacturing (renewable energy
products and/or services).

ii.

ielectric transmission and distribution networks.

iii.

water and waste infrastructure, including water utilities and/or circular economy(promotion of the redesign of products and systems to minimize waste and enable62

greater recycling, reuse of materials, and methane capture for renewable natural
gas).
iv.

clean technology, including grid modernization, energy efficiency, smart gridtechnology and efficient materials and equipment.

v.

data storage and transmission.

The above business activities are either directly defined as sustainable activities by EU
Taxonomy standards or are determined by the Investment Manager to have similar
positive environmental and / or social characteristics to sustainable business activities.
The Fund’s investment process examines the magnitude of companies’ impact towards theenvironmental and / or social objectives to which the Fund’s sustainable investments willcontribute. The Investment Manager believes that these objectives must work
interdependently to achieve the best possible outcome for companies and their investors
and that companies making critical investments in resources seeking to mitigate relianceon fossil fuel-based infrastructure while promoting clean resource consumption are
integral to the world’s transformation towards a sustainable future. The Investment
Manager seeks to support companies that demonstrate substantially reduced investments
in fossil fuel generation (specifically coal) and prioritizes companies that (i) have reduced
and ultimately exited all coal operations; or (ii) have never been involved with coal
operations. In addition, the Investment Manager believes that natural gas, as a low carbon
fuel source, is a pragmatic resource in the absence of renewable energy storage to ensureboth an affordable and reliable energy system.
On an annual basis, the Investment Manager reviews all investee companies held in the
Fund’s portfolio by assessing investee companies’ reported revenue, cash flow, regulated
asset base, and/or capital expenditures directly from investee company materials as a
primary source and other third party data providers as a secondary source. If an investee
company is non-compliant with the 50% threshold set out above, the Investment Manager
further assesses the investment opportunity to engage with the investee company or will
divest the Fund’s position due to a change in fundamental business activities that nolonger align with the objectives of the Fund.
(2) Exclusionary Screening
The Fund applies certain exclusions to the portfolio in order to mitigate the impact of fossil
fuels. The Investment Manager uses these exclusions to identify appropriate companies
that do not have high thresholds of carbon intensity. All screening is carried out internallyby the Investment Manager and no external sources are used to aid the screening process.
The additional screening criteria can be found in the ‘binding elements’ section of thisAnnex set out below.
(3) SDG Alignment
The Fund measures UN SDG alignment to assist in determining whether the Fund’s
sustainable investments meet the environmental and social objectives (listed at (i) to (iii)
above). The Investment Manager has determined that each investee company’s businessactivities, as defined above, should align with at least three of the following SDGs:

SDG 6: Clean Water & Sanitation – ensure availability and sustainable managementof water and sanitation for all
SDG 7: Affordable & Clean Energy – ensure access to affordable, reliable,
sustainable, and modern energy for all

63







SDG 9: Industry, Innovation & Infrastructure – build resilient infrastructure,promote inclusive sustainable industrialization and foster innovationo Target 9.4 – upgrading infrastructure for sustainability & efficiency
SDG 12: Responsible Consumption & Production – ensure sustainable consumption
and production patternso Target 12.2 – achieve sustainable management and efficient use of natural
resourceso Target 12A – support developing countries to move towards sustainable
patterns of consumption & productiono Target 12C – rationalize inefficient fossil-fuel subsidies that encourage
wasteful consumption
SDG 13: Climate Action – take urgent action to combat climate change and its
impacts

The Investment Manager reviews investee company SDG alignment at the point ofinvestible universe inclusion and determines SDG Alignment via explicit investee
company disclosures or the Investment Manager’s self-assessment of the investee
company’s activities and alignment to the SDGs. Alignment is determined on a “yes” or“no” basis based on the eligible investment criteria business activities that are determined
to be positive contributors to climate change adaptation and/or climate change mitigation.
If an investee company does not align to 3 of the 5 SDG’s listed above, they are notincluded in the investible universe of the Fund.
SDG alignment is also reviewed on an annual basis. If an invesete company no longeraligns to 3 of the 5 SDG’s listed above, the Investment Manager assesses the investment
opportunity to engage with the investee company or will divest the Fund’s position due toa change in fundamental business activities that no longer align with the objectives of theFund.
(4) Weighted Average Carbon Intensity (or WACI)In accordance with its sustainable investment objective, the Investment Manager measures
the WACI of the Fund and the trajectory of the Fund’s WACI, for any given measurable
period (e.g. annual), and projections of the Fund’s WACI to 2030 to measure the Fund’s
potential net zero alignment. The measurement of the WACI trajectory is to determine that
the Fund is making considerable reduction efforts by measuring the individual investee
company’s contribution to the overall WACI of the Fund. The trajectory, while not limited
by an underlying benchmark or specific target, is measured to demonstrate positiveenvironmental progress of the carbon intensity of investee companies. The intention of themeasurement is to demonstrate progress from any measurement period (e.g. calendar
year) through 2030, an intermediate time period to assess progress towards net zeroalignment.
The Investment Manager analyses the portfolio’s WACI and the efforts made by theunderlying investee companies. Carbon reduction efforts are ratified through internal
analysis of an investee company’s business plan alignment to positive contributing
activities to climate change adaptation and mitigation, and are supported by third party
analysis such as the Science Based Targets (SBTi). Given the eligible investment criteria for
an investee company includes physical assets that may be carbon emitting (e.g. coal
power), a significant reduction effort is constituted by achieving the following: planned
investments in positive contribution activities that lower the operational emissions of anactivity and/or the shut-down of high emitting assets. If a business activity is not aphysical asset such as a power plant or transmission line, a significant reduction effort is64

achieved via scope 2 emissions reduction policies leading to increased use of low to zero
emission power sources for the business activity and a stated commitment by the investee
company to use more renewable sources of power. If an investee company does not have a
reduction target or initiatives to reduce absolute emissions, the Investment Manager uses
the absence of these targets as an opportunity to engage with the investee company further
and better understand their long-term climate and energy transition strategy. While an
investee company is not required to have an emissions reduction target, the Investment
Manager expects operational efforts by the investee company to reduce the carbon
intensity of business activities.
How do sustainable investments not cause significant harm to any environmental or social
sustainable investment objective?
The Investment Manager’s approach for its sustainable investments to not cause signifcant
harm to any environmental or social objective includes the following guidelines:(1) The Fund fully excludes companies that derive revenues from activities related to:tobacco; weapons (controversial or manufacturing); unconventional oil & gas;
conventional oil & gas (exploration, extraction, or refining of oil & gas); and coal
(exploration, mining, extraction, transportation, distribution or refining).
(2) The Investment Manager has mitigated the impact of fossil fuels through thebinding elements of the strategy which puts thresholds in place on the maximum
level of exposure to fossil fuel activities undertaken by a company.
(3) The Fund seeks to ensure that the investee companies in which it invests follow
good governance practices. For example, the Fund monitors each investee
company's alignment with the following frameworks (see also the response below to“How are the sustainable investments aligned with the OECD Guidelines forMultinational Enterprises and the UN Guiding Principles on Business and Human
Rights” below):a.

UN Global Compact;

b. UN Guiding Principles on Business and Human Rights ("UNGPs");c.

OECD Guidelines for Multinational Enterprises (as applicable); andd. ILO Conventions
Framework alignment is determined on a “yes” or “no” basis, based on theInvestment Manager’s review of investee company disclosures. Frameworkalignment is reviewed by the Investment Manager on an annual basis. If an investee
company no longer aligns with these frameworks, the Investment Manager may
seek the opportunity to engage with the investee company or divest due to a change
in business practices that no longer align with the objectives of the Fund.
The Investment Manager takes into account the mandatory principal adverse indicators(PAI) to determine that investee companies are doing no significant harm to theenvironmental or social objectives. In particular, the Fund relies on investee companies
adhering to explicit criteria (e.g. PAI 10) as well as reporting ongoing targets (e.g. PAI 1 – 3)
to determine both a positive alignment to the sustainable investment objective of the Fund as
well as ensuring there is no significant harm to the sustainable investment objective. Some
PAIs are considered but are not binding elements for the Fund, as access to relevant data has
areas for improvement (e.g. PAI 7). Further detail in relation to the Fund’s use of PAIs is set

65

out below in response to the question: “Does this financial product consider principal
adverse impacts on sustainability factors?”
How have the indicators for adverse impacts on sustainability factors been taken into account?
The way in which the Fund considers the indicators for adverse impacts on sustainability
factors is set out above and see also below the response to “Does this financial productconsider principal adverse impacts on sustainability factors?”. In addition, the Fund’sbinding elements and its asset eligibily criteria (as detailed herein) address a company’senvironmental footprint, alignment with global organisations and industry norms, andrestricted exposure to controversial industries. For example, the Investment Manager uses
these exclusions to identify appropriate companies that do not have high thresholds ofcarbon intensity. For example, the Fund fully excludes companies that derive revenues from
activities related to: tobacco; weapons (controversial or manufacturing); unconventional oil& gas; conventional oil & gas (exploration, extraction, or refining of oil & gas); and coal
(exploration, mining, extraction, transportation, distribution or refining). The additional
screening criteria can be found in the binding elements section. Please reference below forfurther information regarding the Fund’s binding elements. The Investment Manager
reviews indicators for adverse impacts and sustainability factors at minimum on an annual
basis and also on an ad hoc basis as needed and as data is made available. The Investment
Manager continually reviews and adjusts its approach as the availability of relevant data
evolves.
How are the sustainable investments aligned with the OECD Guidelines for Multinational
Enterprises and the UN Guiding Principles on Business and Human Rights?
Based on available information at the time of investment, the Investment Manager confirms
whether each investee company is a signatory of the UN Global Compact and the associatedUN Guiding Principles. Additionally, in the context of an incomplete and developing data
landscape, the Investment Manager monitors whether portfolio companies either directly or
indirectly report alignment to OECD and UN Global Compact principles and existing
policies that may address issues such as human rights, bribery and corruptions, labour
rights, child labour, discrimination, health and safety, collective bargaining.
Principal
adverseimpacts are the mostsignificant negative
impactsofinvestment decisionsonsustainability
factors relating toenvironmental, social
andemployeematters, respect for
humanrights,anti‐corruption andanti‐bribery matters.

Does this financial product consider principal adverse impacts on sustainability
factors?

X

Yes

No
The Investment Manager’s approach to considering principle adverse impacts onsustainability factors is implemented through the consideration of the following
principal adverse indicators:
i. GHG Emissions (1) & Carbon footprint (2)a. Limiting companies in power generation to demonstrate carbon emissions
intensity less than 354 (scope 1 & 2 grams/KWh).
b. Conducting a net zero analysis of the portfolio to determine portfolio
trajectory and engagement opportuniteis with companies that do notdemonstrate progress in reducing aboslute emissions or setting ambitious
targets.
66

ii. Exposure to companies in active in the fossil fuel sector (3)a. Excluding or limiting companies with activities in coal or nuclear power
generation, and unconventional oil and gas.
iii. Share of non-renewable energy consumption and production (4)a. Identifying companies in positively contributing activities such as renewableenergy generation, battery & storage, as well as, clean technology
supporting the use and base load power of renwable energy generation.
iv. Exposure to controversial weapons (anti-personnel mines, cluster munitions,chemical weapons and biological weapons) (14)a. Excluding companies involved in weapons (controversial or manufacturing).

What investment strategy does this financial product follow?

The
investment
strategy
guidesinvestment
decisions based on
factors such as
investment
objectives and risk
tolerance.

As outlined in the Supplement’s Investment Policy section, the Fund seeks toachieve its investment objective and its sustainable investment objective by investing
primarily in equity securities of global renewables and sustainable infrastructure(“GRSI”) companies listed or traded on a Recognized Market. All securities ofissuers of equities and/or corporate bonds, as appropriate, are subject tosustainability analysis both before purchase and on an ongoing basis while held in
the Fund’s portfolio.
Additionally, the Investment Manager may also utilize sustainability assessments
and data of an external third party data providers to supplement the Investment
Manager’s due diligence process. The Investment Manager actively monitors
relevant press releases, research and news updates, in addition to the sustainability
assessments of external data providers regarding any potential violation of the ten
principles of the UN Global Compact.
Please refer to the Supplement’s Investment Policy section for further details on thevarious instruments which the Fund may use to achieve its investment objective andsustainable investment objective.
What are the binding elements of the investment strategy used to select the investments
to attain the sustainable investment objective?
The Investment Manager employs the following binding elements to select theinvestments to attain the Fund’s sustainable investment objective:
i. The Fund only invests in GRSI companies as defined above.
1. The Fund defines eligible investments (which in turn assists
the Investment Manager in determining whether asustainable investment has made or is making a positive
contribution to a particular environmental and/or social
objective) as, at the time of purchase, securities of any
company that makes or derives at least 50% of any of its: (i)revenues; (ii) cash flow; (iii) regulated assets base; and/or(iv) capital expenditures from any, or a combination of, thefollowing business activities :67

a.

renewable energy sources, including:i. generation: wind, solar, and other forms ofclean power (e.g., biomass);
ii. batteries and storage: storage andelectrification technology (e.g., cleanhydrogen); and/oriii. manufacturing: renewable energy products
and/or services.
b. electric transmission and distribution networks.
c. water and waste infrastructure, including:i. water utilities; and/or
ii. circular economy (promotion of theredesign of products and systems tominimize waste and enable greater
recycling, reuse of materials, and methane
capture for renewable natural gas).
d. clean technology, including grid modernization,energy efficiency, smart grid technology andefficient materials and equipment.
e. data storage and transmission.
ii. If a company derives recurring revenue >0% from any of thefollowing activities, it is excluded:
1. Tobacco: full exclusion
2. Weapons (controversial or manufacturing): full exclusion
3. Unconventional Oil & Gas: full exclusion
4. Conventional Oil & Gas (exploration, extraction, or refiningof oil & gas): full exclusion
5. Coal (exploration, mining, extraction, transportation,
distribution or refining): full exclusioniii. If a company derives recurring revenue from any of the following
activities, there are partial exclusions based on the below criteria:
1. Conventional Gas Transportation: companies shall meet atleast one of the following criteria to be considered forinclusion:a. Have a SBTi target set at well-below 2°C or 1.5°C, or
have a SBTi ‘Business Ambition for 1.5°C’
commitment
b. Derive less than 5% of its revenues from oil andgas-related activities
c. Have less than 15% of CapEx dedicated to oil andgas-related activities and not with the objective of
increasing revenue
d. Have more than 15% of CapEx dedicated tocontributing activities
2. Power Generation: companies shall meet the following
criteria to be considered for inclusion:a. Coal Power Generation: <10% of revenues, cash
flow, and / or regulated asset base in baseinvestment year
b. Natural Gas Generation: <30% of revenues, cash
flow, and / or regulated asset base in baseinvestment year
c. Nuclear Power Generation: <30% of revenues, cash
flow, and / or regulated asset base in baseinvestment year

68

3.

Good
governancepractices
includesound management
structures,
employee relations,
remuneration
of
staff
and
tax
compliance.

d. Absolute production of or capacity for coal-based or
nuclear-based energy related products/services
must not be structurally increasinge. Absolute production of or capacity for contributing
products/services must be increasingf. Additionally, companies must meet at least one of
the following criteria:
i. Set its SBTi target at well-below 2°C or
1.5°C, or have a SBTi ‘Business Ambition
for 1.5°C’ commitment
ii. Derive more than 50% of its revenues fromcontributing activitiesiii. Dedicate more than 50% of its capital
expenditures to contributing activities
iv. Demonstrate carbon emissions intensity(Scope 1 & 2 grams / kWh)of <354 in 2023
trending to <315 in 2025 (post 2025, thecompany should meet one of the previous
criteria)
Additionally, we expect companies with meaningful
generation activities (>30% of business activities) to have
GHG reduction targets: >25% reduction target over a 10year period.

What is the policy to assess good governance practices of the investee companies?
Based on available information at the time of investment purchase and subject toongoing review as new data becomes available, the Investment Manager confirms
whether each investee company is a signatory of the UN Global Compact, and as aresult, the UN Guiding Principles, as well as adherence OECD Guidelines. As set
out in the “Integration of Sustainability Risks into the Investment Process” section of
the Supplement, the Investment Manager’s analysis of the management ofsustainability risks incorporates governance analysis sourced by both internal andexternal data providers. The analysis covers the boards’ independence, experienceand effectiveness, executive pay practices, ownership structure, employee relations,tax compliance as well as reliability of reported financials in respect of theunderlying companies in which the Fund invests. The Investment Manager engages
with the underlying companies via dialogue and voting rights. In exercising theFund’s voting rights in its investments, the Investment Manager considers ESG
factors, as appropriate. The governance guidelines establish a consistent philosophy
and approach to corporate governance and the exercising of voting rights.

69

What is the asset allocation and the minimum share of sustainable
investments?

Asset
allocation
describes the shareof investments inspecific assets.

Taxonomy‐aligned
activities
areexpressed as a shareof:‐ turnoverreflecting theshare of revenue
from green
activities ofinvesteecompanies‐ capital
expenditure(CapEx) showing
the green
investments madeby investee
companies, e.g. fora transition to agreen economy.
‐ operational
expenditure(OpEx) reflecting
green operational
activities ofinvesteecompanies.

The Fund’s investments that are used to meet its sustainable investment objective aresummarized below. The Fund invests at least 80% of its assets in #1 Sustainable below,
which are defined as GRSI companies (and deemed to be sustainable investments within
the meaning of SFDR) and which are used to meet the Fund’s sustainable investment
objective. Within this commitment of 80%, 100% of the investments are used to meet theFund’s sustainable investment objective and 0% of the investments qualify asenvironmentally sustainable under the EU Taxonomy. The Fund invests at most 20% of
its assets in #2 Not Sustainable investments, which are defined as cash or money market
instruments which may be held as ancillary liquidity, or derivatives which may be used
for hedging purposes.
#1
Sustainable
covers sustainable
investments
withenvironmentalorsocial objectives.
#2 Not sustainable
includesinvestments which
do not qualify assustainable
investments.

How does the use of derivatives attain the sustainable investment objective?
The Investment Manager has the option to use derivatives, but derivatives are notused to meet the Fund’s sustainable investment objective.

To what minimum extent are sustainable investments with an environmental
objective aligned with the EU Taxonomy?
The Fund does not commit to a minimum share of Taxonomy-aligned investments.
Does the financial product invest in fossil gas and/or nuclear energy related activities
that comply with the EU Taxonomy1?
Yes:
In fossil gas
X

In nuclear energy

No

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

70

To comply with the
EU Taxonomy, thecriteria for fossil
gasincludelimitationsonemissionsandswitching to fully
renewable power
or low‐carbon fuelsby the end of 2035.
Fornuclearenergy, the criteria
includecomprehensive
safety and waste
management rules.
Enabling activities
directlyenableother activities tomake a substantial
contribution to an
environmental
objective.
Transitional
activities
areactivities for which
low‐carbon
alternatives
arenot yet available
and among others
have greenhousegas emission leels
corresponding tothebest
performance.

The Fund does not commit to a minimum share of Taxonomy‐aligned
investments. The fund has some exposure to fossil gas and/or nuclear energy
related activities. Please refer to binding elemetns for elebiligity criteria ofinvestments in these activities.
The two graphs below show in green the minimum percentage of investments that are aligned with
the EU Taxonomy. As there is no appropriate methodology to determine the Taxonomy-alignmentofWsovereign bonds*, the first graph shows the Taxonomy alignment in relation to all theinvestmentsof the financial product including sovereign bonds, while the second graph shows thehTaxonomyalignment only in relation to the investments of the financial product other thanasovereignbonds.
t

i
s
t
h
e
m
i
n
i
m
u
*m For the purpose of these graphs, ‘sovereign bonds’ consist of all sovereign exposures.

What is the minimum share of investments in transitional and enabling activities?
The Fund will make a minimum of 0% of total investments in transitional andenabling activities.

What is the minimum share of sustainable investments with anenvironmental objective that are not aligned with the EU Taxonomy?
aresustainable
investments with anenvironmental
objective that do nottake into accountthecriteria
forenvironmentaly
sustainableeconomic activities
under
the
EU
Taxonomy.

The minimum share of sustainable investments with an environmental objective thatare not aligned with the EU Taxonomy is 80%.

What is the minimum share of sustainable investments with a social
objective?
The Fund does not commit to a minimum share of sustainable investments with asocial objective.

What investments are included under “#2 Not sustainable”, what is their
purpose and are there any minimum environmental or social safeguards?
The investments included under “#2 Not sustainable” are cash or money market
instruments which may be held as ancillary liquidity, or derivatives which may be71

used for hedging purposes. Minimum environmental and social safeguards are notapplied to investments included under “#2 Not sustainable.”

Is a specific index designated as a reference benchmark to meet the sustainable
investment objective?
A reference benchmark has not been designated for the purpose of attaining thesustainable investment objective.
How does the reference benchmark take into account sustainability factors in a way thatis continuously aligned with the sustainable investment objective?
Reference
benchmarksareindexes to measure
whether the financial
product attains thesustainable
investment objective.

N/A
How is the alignment of the investment strategy with the methodology of the index
ensured on a continuous basis?
N/A
How does the designated index differ from a relevant broad market index?
N/A
Where can the methodology used for the calculation of the designated index be found?
N/A

Where can I find more product specific information online?
More product-specific information can be found on the website:
More product‐specific information can be found on the website:
https://www.brookfieldoaktree.com/fund/brookfield-global-renewables-and-sustainableinfrastructure-ucits-fund?r=psg

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