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14.1. Policy and Procedure

The Directors may distribute after the proposal by Manager, in respect of each accounting period a percentage of surplus net income represented by the dividends, interest, and realized capital gains received for the Fund to the holders of Units of the Fund, after charging expenses and various other items, as set out under “Fees and Expenses”. In addition, the Directors, after the proposal by the Manager may distribute to the holders of Units of the Fund such part of any capital gains less realized and unrealized capital losses attributable to the Fund as, in their opinion, is appropriate to maintain a satisfactory level of distribution.

The Fund may declare periodic distributions out of the net investment income and net realized capital gains and, if considered necessary to maintain a reasonable level of dividends, out of any other funds available for distribution. 

The part of the year's net income that has been decided to be distributed will be distributed to the holders of the Investor Units. 

The part of the year's net income corresponding to re-investing categories will be capitalised in the Fund for the benefit of the Accumulating Classes of Units.

Dividends will be declared in the Reference Currency of the Fund but, for the convenience of Investors, payment may be made in a currency chosen by the investor.