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Threadneedle PAIF (Feeder Fund) Prospectus

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Threadneedle PAIF (Feeder Fund) Prospectus PROSPECTUS 14 MAY 2016 THREADNEEDLE UK PROPERTY AUTHORISED TRUST Threadneedle UK Property Authorised Trust Contents Definitions ................................................................................................................ 3 1. Details of the Trust ....................................................................................... 5 2. The structure of the Trust ............................................................................ 5 3. Classes of Units ........................................................................................... 5 4. Investment objective, policy and other details of the Trust ......................... 5 5. Buying, selling and switching Units ............................................................. 6 6. Fees and expenses .................................................................................... 13 7. Valuation of the Trust ................................................................................. 16 8. Risk factors ................................................................................................ 19 9. Management and administration ............................................................... 22 10. Unitholder meetings and voting rights ....................................................... 24 11. Taxation ..................................................................................................... 25 12. Winding up of the Trust .............................................................................. 27 13. General information ................................................................................... 27 Appendix I Eligible Securities and Derivatives Markets ........................................ 33 Appendix II Investment Objectives and Policy of the Company ........................... 34 Appendix III Unit Class Characteristics – Unit Classes ........................................ 36 Appendix IV Investment Management and Borrowing Powers ............................ 37 Appendix V Valuation Provisions .......................................................................... 38 Appendix VI Performance of the Trust .................................................................. 39 Directory ................................................................................................................ 40 1 Threadneedle UK Property Authorised Trust Important: if you are in any doubt about the or not accompanied by any reports) or the issue of Units shall not, under any contents of this Prospectus you should circumstances, create any implication that the affairs of the Trust have not consult your financial adviser. changed since the date of the Prospectus. The distribution of this Prospectus and the offering of Units in certain This Prospectus is intended for distribution in the United Kingdom only. jurisdictions may be restricted by law. Persons into whose possession this Its distribution may be restricted in other countries. It does not Prospectus comes are required by the Trust and the Manager to inform constitute an offer or solicitation to anyone in any jurisdiction in which themselves about and to observe any such restrictions. This Prospectus does such offer or solicitation is not lawful or in which the person making not constitute an offer or solicitation by anyone in any jurisdiction in which such offer or solicitation is not qualified to do so, or to anyone to whom such offer or solicitation is not authorised or to any person to whom it is it is unlawful to make such an offer or solicitation. Potential investors unlawful to make such offer or solicitation. should inform themselves about and observe the legal requirements within their own countries for the acquisition of Units of Threadneedle Potential investors should not treat the contents of this Prospectus as advice UK Property Authorised Trust and any taxation or exchange control relating to legal, taxation, investment or any other matters and are legislation affecting them personally, including the obtaining of any recommended to consult their own professional advisers concerning the requisite governmental or other consents and the observation of any acquisition, holding or disposal of Units. other formalities. The provisions of the Trust's Trust Deed are binding on each of its Threadneedle Investment Services Limited, the manager and AIFM of the Unitholders (who are taken to have notice of them). Trust (the 'Manager'), is the person responsible for the information contained in this Prospectus. To the best of its knowledge and belief (having taken This Prospectus has been approved for the purpose of section 21 of the reasonable care to ensure that it is the case) the information contained in it Financial Services and Markets Act 2000 (the 'Act') by the Manager. does not contain any untrue or misleading statement or omit any matters required by the FCA Rules to be included in it. Threadneedle Investment This Prospectus is based on information, law and practice at the date of the Services Limited accepts responsibility accordingly. Prospectus. The Trust shall not be bound by an out of date Prospectus when it has issued a new Prospectus and investors should check with the Manager Prospectus of Threadneedle UK Property that this is the most recently published Prospectus. Authorised Trust Copies of this Prospectus can be provided in large print or electronic format. Threadneedle UK Property Authorised Trust (the ‘Trust’) is an authorised unit trust scheme for the purposes section 243(1) of the Financial Services and Units in the Trust are not available for offer or sale in any state in the United Markets Act 2000. This document constitutes the Prospectus for States, or to persons (including companies, partnerships, trusts or other Threadneedle UK Property Authorised Trust (the 'Trust'), which has been entities) who are 'US Persons', nor may Units be owned or otherwise held by prepared in accordance with the FCA Rules. The Trust Deed of the Trust is such persons. Accordingly, this Prospectus may not be distributed in the registered with the Financial Conduct Authority (the 'FCA'). United States or to a US Person. The Manager reserves the right to give notice to any Unitholder that is or that subsequently becomes incorporated in This Prospectus is dated, and is valid as at, [14 May 2016]. the United States or to a US Person to (i) transfer the Units to a person that is not a US Person or (ii) request a redemption or cancellation of the Units and Copies of this Prospectus have been sent to the FCA and the Trustee. the Manager may redeem or cancel the Units if the Unitholder fails to make such transfer or request within 30 days of that notice provided by the No person has been authorised by the Trust or the Manager to give any Manager. information or to make any representations in connection with the offering of Units other than those contained in the Prospectus and, if given or made, . such information or representations must not be relied on as having been made by the Trust or the Manager. The delivery of this Prospectus (whether 2 Threadneedle UK Property Authorised Trust Definitions ‘Eligible Unitholder’ means a Unitholder or potential Unitholder who is eligible to invest in the appropriate Class ‘Accumulation Units’ means Units (of whatever Class) in the Trust as may be in issue from time to time in respect of which income allocated to them ‘Efficient Portfolio Management’ or ‘EPM’ means the use of techniques and is credited periodically to capital pursuant to the FCA Rules instruments which relate to transferable securities and approved money- market instruments and which fulfil the following criteria: ‘ACD’ means Threadneedle Investment Services Limited, the authorised corporate director of the Company (a) they are economically appropriate in that they are realised in a cost effective way; and ‘AIFM’ means the legal person appointed on behalf of the Trust, which (through this appointment) is responsible for managing the Trust in (b) they are entered into for one or more of the following specific aims: accordance with the AIFM Directive and the Alternative Investment Fund Managers Regulations 2013, which at the date of this Prospectus is the (i) reduction of risk; Manager (ii) reduction of cost; ‘AIFM Directive’ means the Alternative Investment Fund Managers Directive 2011/61/EU of the European Parliament and Council of 8 June (iii) generation of additional capital or income for the scheme 2011 as amended from time to time with a risk level which is consistent with the risk profile of the scheme and the risk diversification rules laid down in COLL ‘Approved Bank’ means one of certain institutions as defined in the glossary to the FCA Handbook ‘Fraction’ means a fraction of a Unit (which may not be less than one ten- thousandth of a Unit) “Business Day” shall constitute a “Dealing Day” ‘FCA’ means the Financial Conduct Authority or any successor ‘Class’ or ‘Classes’ means, in relation to Units (according to the context), a organisation particular class or classes of Unit related to the Trust or all of the Units related to the Trust ‘FCA Handbook’ means the FCA Handbook of Rules and Guidance, as amended from time to time ‘Class’ or ‘Classes’ in relation to Shares (according to the context) all of the Shares related to the Company or a particular class or classes of Share ‘FCA Rules’ means the rules contained in the COLL Sourcebook and the related to the Company Investment Funds Sourcebook, as amended, published as part of the FCA Handbook
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