Prospectus Of Clerical Medical Open Ended Investment Company ...

(iii)
any estate of which any executor or administrator is a US Person;
(iv) any trust of which any trustee, beneficiary or, if the trust is revocable, any settlor
is a US Person;
(v)
any agency or branch of a foreign entity located in the US;
(vi) any discretionary or non-discretionary account or similar account (other than an
estate or trust) held by a dealer or fiduciary for the benefit or account of a resident of
the US;
(vii) any discretionary account or similar account (other than an estate or trust) held
by a dealer or other fiduciary organised or incorporated in the US, or (if an individual)
a resident of the US;
(viii) any employee benefit plan unless such employee benefit plan is established
and administered in accordance with the laws of a country other than the US and the
customary practices and documentation of such country;
and
(ix) any person or entity whose ownership of shares or solicitation for ownership of
shares the ACD through its officers or directors shall determine may violate any
securities laws or banking laws of the US or any state or other jurisdiction thereof.
Except that a US Person shall not include corporations, partnerships or other entities
which are organised or incorporated under the laws of any non-US jurisdiction, unless
such corporation, partnership or other entity was formed by such US Person
principally for the purpose of investing in securities not registered under the US
Securities Act of 1933, as amended.
Potential investors should not treat the contents of this Prospectus as advice relating to legal,
taxation, investment or any other matters and are recommended to consult their own
professional advisers concerning the acquisition, holding or disposal of Shares.
The provisions of the Company's Instrument of Incorporation are binding on each of
its Shareholders (who are taken to have notice of them). This Prospectus has been
approved for the purpose of section 21 of the Financial Services and Markets Act 2000
by the ACD.
This Prospectus is dated, and is valid as at 30 October 2015. This Prospectus may at
any time be replaced by a new Prospectus or extended by a supplement issued by the
Company; investors should, therefore, check with the ACD that this is the most
recently published Prospectus and that they have all (if any) supplements to it issued
by the Company.
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