CORUM Butler Credit Strategies ICAV an Umbrella Open-Ended Irish
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CORUM Butler Credit Strategies ICAV An umbrella open-ended Irish collective asset-management vehicle registered on 12 July 2019 with segregated liability between sub-funds (''Funds'') formed in Ireland under the Irish Collective Asset-management Vehicles Act 2015 and authorised by the Central Bank as a UCITS pursuant to the UCITS Regulations CORUM Butler Asset Management Limited PROSPECTUS This Prospectus may not be distributed unless accompanied by, and must be read in conjunction with, the Supplement for the Shares of the Fund being offered. Dated 7 May 2020 1 NTAC:2SE-18 _____________________________________________________________________________ Index _____________________________________________________________________________ Important Information ....................................................................................................................... 1 Definitions ......................................................................................................................................... 4 Summary ........................................................................................................................................ 12 Investment Objectives and Policies ............................................................................................... 13 Special Considerations and Risk Factors ...................................................................................... 15 Borrowing Policy ............................................................................................................................. 31 Investing in Shares ......................................................................................................................... 32 Dividend Policy ............................................................................................................................... 42 Fees and Expenses ........................................................................................................................ 44 Determination of Net Asset Value .................................................................................................. 48 Temporary Suspension of Dealings ............................................................................................... 51 Termination of Funds ..................................................................................................................... 52 Taxation ......................................................................................................................................... 53 The ICAV ........................................................................................................................................ 65 General Information ........................................................................................................................ 74 Appendix I Recognised Markets .................................................................................................... 81 Appendix II Securities Financing Transactions .............................................................................. 86 Appendix III Use of Derivatives ...................................................................................................... 90 Appendix IV Investment Restrictions ............................................................................................. 94 Appendix V Global Sub-Custodians ............................................................................................... 99 Directory ....................................................................................................................................... 106 2 ROC/730617-000009/24663666v17 _____________________________________________________________________________ Important Information _____________________________________________________________________________ Capitalised words and expressions are defined in the body of this Prospectus or under "Definitions" below. The ICAV has three existing Funds: -Butler Credit Opportunities Fund; -Butler VAG Credit Opportunities Fund; and -CORUM Butler European High Yield Fund. Responsibility The Directors (whose names appear under the heading "The ICAV" below), accept responsibility for the information contained in this Prospectus and each Relevant 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 this Prospectus (as complemented, modified or supplemented by the Relevant Supplement), when read together with the Relevant Supplement, is in accordance with the facts as at the date of the Prospectus and does not omit anything likely to affect the import of such information. This Prospectus In deciding whether to invest in the ICAV, investors should rely on information in this Prospectus, the relevant KIID and the relevant Fund's most recent annual and/or semi-annual reports. Each Class that is available for subscription will have a KIID issued in accordance with the Central Bank Rules. Prospective investors should consider the KIID for the relevant Class prior to subscribing for Shares in that Class in order to assist them in making an informed investment decision. While some Classes are described in the Supplement for the relevant Fund as available, these Classes may not currently be offered for subscription and in that event a KIID may not be available. Prospective investors should contact the Manager directly to determine whether the relevant Class is available for subscription. Each Fund must calculate and disclose in the relevant KIID a Synthetic Risk and Reward Indicator or SRRI, in accordance with the methodology prescribed in the European Securities and Markets Authority's Guidelines on the Methodology for the Calculation of the SRRI. The SRRI will correspond to a number designed to rank the relevant Fund over a scale from 1 to 7 based on levels of volatility experienced or permitted in the Fund, with 1 the lowest and 7 the highest level on the scale. Because the Prospectus and KIID may be updated from time to time, investors should make sure they have the most recent versions. Statements made in this Prospectus are based on the law and practice in force in the Republic of Ireland at the date of this Prospectus, which may be subject to change. This Prospectus will be updated to take into account material changes to the ICAV or the Funds from time to time and any such amendments will be notified in advance to and cleared by the Central Bank. If you are in any doubt about the contents of this Prospectus, the risks involved in investing in the ICAV or the suitability for you of investing in the ICAV, you should consult your stockbroker, bank manager, solicitor, accountant or other independent financial adviser. The ICAV, the Manager, the Investment Manager and the Sub-Investment Manager of a particular Fund shall not be liable to investors (or to any other persons) for any error of judgement in the selection of each Fund's investments. NTAC:2SE-18 1 ROC/730617-000009/24663666v17 This Prospectus and any contractual obligations arising out of or in connection with it shall be governed by and construed in accordance with Irish law. With respect to any suit, action or proceedings relating to any dispute arising out of or in connection with this Prospectus (including any contractual obligations arising out of or in connection with it), each party irrevocably submits to the jurisdiction of the Irish courts. Shareholders should note that the Instrument of Incorporation permits the ICAV to impose a subscription fee of up to a maximum of 5% of the Net Asset Value per Share to purchases. A redemption fee of up to 3% may also be chargeable. In the event that such charges are imposed the difference at any time between the sale and redemption price of Shares means that any investment in the ICAV should be viewed as being in the medium to long term. Prices of Shares in the ICAV may fall as well as rise. Shareholders should note that for Funds that have a policy of making regular distributions of income to Shareholders, dividends may be paid out of the capital of a Fund in order to maintain a target level of distributions to Shareholders. There is a risk that the capital of the Fund may be eroded and that the distributions will be achieved by foregoing the potential for future capital growth of your investment. This cycle may continue until all capital is depleted. Distributions out of capital may have different tax consequences to distributions of income and it is recommended that you seek appropriate advice in this regard. Shareholders should also note that the fees and expenses of a Fund may also be charged to the capital of a Fund. This will have the effect of lowering the capital value of your investment. Central Bank Authorisation The ICAV is authorised in Ireland by the Central Bank as an undertaking for collective investment in transferable securities pursuant to the UCITS Regulations. This authorisation, however, does not constitute a warranty by the Central Bank as to the performance of the ICAV and the Central Bank shall not be liable for the performance or default of the ICAV. Authorisation of the ICAV is not an endorsement or guarantee of the ICAV by the Central Bank nor is the Central Bank responsible for the contents of this Prospectus. Shares representing interests in different Funds may be issued from time to time by the Directors. Shares of more than one Class may be issued in relation