SARACEN INVESTMENT FUNDS ICVC (the Company) SUPPLEMENTARY INFORMATION DOCUMENT (SID)
This SID was prepared in December 2012. Please ensure that this document is read in conjunction with the relevant fund specific Key Investor Information Document (KIID).
What are the Key Investor Information Documents (KIIDs) and Supplementary Information Document (SID)? The KIIDs and SID are essential documents available to all investors. The KIIDs contain details of the investment objective, charges and risks for our funds. The KIID is aimed at helping you assess whether a particular fund meets your needs. It comes in a standardised format and replaces the Simplified Prospectus. The SID provides additional useful information you should be aware of before investing with us. When considering an investment in any Saracen fund, you should read the relevant KIID and SID carefully so that you understand what you are buying, and then keep them safe for future reference. To make sure you have the most up-to-date version of the relevant KIID and SID, visit our website ) or contact us. Which shares are available for investment?
An Accumulation Share is a share in which the income allocated after the date of issue is to be accumulated. No cash distributions are made and no additional shares are issued. Instead, the income that would be otherwise available for distribution is re-invested and the re-investment reflected in the price of the Accumulation Share. A Distribution Share income is distributed to shareholders by way of an interim and final dividend each year. Saracen Growth Fund (SGF) offers two classes of Accumulation Shares - Alpha Shares and Beta Shares - each of which are issued on a net basis meaning that income (net of any tax deducted or accounted for by the Company) is allocated periodically to capital in accordance with the relevant section of the Financial Services Authority (FSA) Sourcebook. The SGF Shares differ in their charging structures and levels of minimum shareholdings. Saracen Global Income & Growth Fund (SGIG) offers SGIG Accumulation and Distribution Shares and SGIG A Accumulation and Distribution Shares each of which are issued on a net basis meaning that income (net of any tax deducted or accounted for by the Company) is allocated periodically to capital in accordance with the relevant section of the Financial Services Authority (FSA) Sourcebook. The SGIG and SGIG A Shares differ in their charging structures. How can I make an investment? Applications for SGF and SGIG Shares may be made by completing an application form and this should be sent to your financial adviser or directly to the Administrator, SMT Fund Services (Ireland) Ltd, (SMT) at Block 5, Harcourt Centre, Harcourt Road, Dublin 2. The completed application form may initially be sent by facsimile to 0035316475830 or by email (containing a scanned copy of the completed and signed application form) to with the original application form to follow promptly by post. Application forms may be obtained from the Administrator at the above address or from Saracen Fund Managers Ltd, at 19 Rutland Square, Edinburgh, EH1 2BB (Tel: 0131 202 9100). Payment in respect of the issue of Shares must be made within T+3 Business Days of the relevant Dealing Day, (the “Settlement Date”) unless the ACD, in its absolute discretion determines otherwise, by telegraphic transfer (net of handling charges and fees) in cleared funds in the currency denomination of the relevant Share. We do not currently offer a regular savings plan. The shares are eligible to be included in an Individual Savings Account. When will my shares be bought? Requests to buy or redeem shares in a fund received after 3 p.m. (United Kingdom time) on any Dealing Day will be executed on the next Dealing Day. Shares may be bought or sold on any day the Administrator is open for business. These “business days” are normally Monday to Friday each week between 9.00 am and 5.00 pm. Business days do not include: - - UK bank and public holidays, - Bank and public holidays in Ireland, (e.g.17th March, first Monday in June, first Monday in August and the last Monday in October) - 24 and 31 December, and if these fall on a Saturday or Sunday, the Friday preceding; - Any other day at the ACD’s discretion. How is my investment valued?
Shares in SGF and SGIG are priced on a single ‘mid-market’ basis in accordance with the relevant rules of the FSA. This means that there is a single price which applies regardless of whether you are buying or selling. However, there are costs, such as an annual management charge, which you pay on investing in the Funds, and (in certain circumstances) the dilution levy. The price of a share is calculated by dividing the net asset value (which generally constitutes assets minus liabilities) in SGF or SGIG by the number of shares in SGF or SGIG respectively. Will you assess whether an investment is appropriate for me? No. We are not required to assess the suitability of the investment or service provided or offered to you and, as a result, you will not benefit from the protection of the FSA rules on assessing suitability. Therefore, we will not assess whether: – the investment or service meets your investment objectives; – you are able financially to bear the risk of any loss that the investment or service may cause; or – you have the necessary knowledge and experience to understand the risks involved.
We would always recommend that investors seek professional guidance from either their own IFA or other suitably qualified source prior to making any form of investment. How and why will you verify my identity?
The Authorised Corporate Director (ACD) Saracen Fund Managers Ltd, has delegated the task of verifying the identity of investors to SMT. The Irish Criminal Justice (Money Laundering and Terrorist Financing) Act, 2010 imposes obligations on SMT to implement risk based and adequate measures to prevent and detect Money Laundering and Terrorist Financing which includes measures to verify the identity and address of all Shareholders and in some instances the beneficial owner on whose behalf a Shareholder holds Shares. Under the Administration Agreement, the ACD has appointed SMT to obtain the documentation necessary to verify the identity of each Shareholder. The application of this risk based approach dictates that in certain circumstances SMT will be required to apply enhanced customer due diligence to certain investor types e.g. Politically Exposed Persons or other investors who have been assessed as falling within a high risk category. SMT reserves the right to request, at the time of an application for Shares and at any time whilst an investor holds Shares, including at the time of redemption of such Shares, such information as may be necessary to verify the identity and address of that Shareholder and any beneficial owner on whose behalf such Shares are held. A factsheet is available from the FSA on verification. Client classification? Investors in Saracen Funds will be classified as professional investors. What happens if I change my mind?
If you exercise your right to cancel you will not have to pay any charges. If the share price has fallen since you invested you will not get back all of your money.
How would I be compensated in certain situations?
The Company is covered by the Financial Services Compensation Scheme (FSCS) and you may be entitled to compensation if the Company cannot meet its liabilities. Most types of investment business are covered for 100% of the first £50,000 only. Further information on compensation arrangements is available from the ACD or from the FSCS at 7th Floor, Lloyds Chambers, 1, Portsoken Street, London, E1 8BN.
How do I make a complaint?
Complaints may be made to the Compliance Department, SMT Fund Services (Ireland) Limited, Block 5, Harcourt Centre, Harcourt Road, Dublin 2. If a complaint is not settled satisfactorily, complaints may be made to the Financial Ombudsman Service, at 1 South Quay Plaza, 183 Marsh Wall, London E14 9SR, Tel 0845 080 1800.
When and how can I sell?
Requests, signed by or on behalf of the Shareholder, to redeem SGF and SGIG Shares may be made to SMT by email (containing a scanned copy of the completed and signed redemption request form)
by facsimile (on 0035316475830) or in writing to Block 5, Harcourt Centre, Harcourt Road, Dublin 2. The redemption request form may be obtained from SMT.
The signed redemption request must be received by SMT not later than 3pm on the Business Day (see above). Redemption requests received after such time will be processed on the next following Business Day. Redemption requests sent by facsimile or email will be treated as definite orders. The
proceeds of your sale will be sent to you no later than four business days after your instructions have been received, together with the necessary documentation.
Can I switch my investment?
Yes, switching between Funds is allowed. No charge will be made if shares in one Saracen sub-fund are exchanged for those of another sub-fund. However, capital gains tax, stamp duty, SDRT and preliminary charges may apply.
How do I monitor my investment?
The most recent price of Shares will be available oand onddition, the price of shares may also be published in one or more United Kingdom newspapers including the Financial Times. Neither the Company nor the ACD are responsible for any errors in publication or for non-publication. Such prices should be used as a guide only since by the time the price is published or given, it may not still be in use. The ACD issues and redeems Shares on a forward pricing basis, not on the basis of the published prices.
How does taxation affect my investment?
The following information on taxation is based on the ACD’s understanding of current taxation legislation and practice in the UK, which may be subject to change. The tax that you may have to pay on income or capital gains depends upon the tax law that applies to you. Potential investors are, therefore, advised that they should consult their own professional advisers on tax. You should be aware that other taxes or costs may exist that are not paid through the Company or imposed by it.
As the Company is an open-ended investment company to which the Open-Ended Investment Companies (Tax) Regulations 1997 apply, it is exempt from United Kingdom tax on capital gains realised on the disposal of investments held within the Company. The Company will also not generally be subject to United Kingdom tax on dividends received from United Kingdom companies. Other income of the Company, after deduction of allowable management expenses, will be subject to United Kingdom corporation tax at the rate of 20%.
How does Saracen deal with conflicts of interest?
Saracen has a written conflicts of interest policy and further details are available on request.
What is Saracen policy on Gifts?
The Saracen Fund Managers limit for Gifts etc is £100.00. Saracen has a written gifts policy.
How do you ensure best execution when dealing? When buying and selling underlying securities within our fund range, we endeavour to achieve the best result for that transaction. A variety of factors will be considered to ensure that the best possible result is achieved. These include, but will not be limited to, price, cost, size of order, nature of order and speed and likelihood of execution and settlement. Where we consider these factors are not met on a consistent basis we will cease placing orders with that counterparty. Details of our best execution policy are available upon request. Minimum Investment levels The minimum initial value of Alpha Shares of SGF in which a person may invest is £1,000 and no minimum thereafter, and in the case of the Beta Shares of SGF, a minimum initial value of £250,000 and £10,000 thereafter.
The minimum value of SGIG and SGIG A Shares in which a person may invest is £1,000 and no minimum thereafter. Redemption requests may be for a minimum value of £250 of the Alpha Shares, £10,000 of the Beta Shares and £1000 of SGIG and SGIG A Shares unless the ACD is requested to redeem all of such Shares held by a Shareholder. If by a requested redemption the resultant shareholding of a Shareholder of Alpha Shares would be valued at less than £1,000 or the resultant Shareholding of Beta Shares would be valued at less than £250,000, then all of the Shares of the relevant class held by that Shareholder in SGF may, at the discretion of the ACD, be required to be redeemed. Furthermore, in the case of the Beta Shares, if the value of the shareholding falls below the minimum of £250,000, the ACD has the right to redeem the Beta Shares and to reinvest the net proceeds after all expenses (if any) in the Alpha Shares. If by a requested redemption the resultant shareholding of SGIG and SGIG A shares would be valued at less than £1,000, then all of the Shares in SGIG held by that Shareholder may, at the discretion of the ACD, be required to be redeemed. You can sell your shares on any normal business day. How can I contact you for further details? The annual and half-annual reports can be obtained, free of charge, from Saracen Fund Managers Ltd, at 19 Rutland Square, Edinburgh, EH1 2BB (0131 202 9100), or ther documents such as the prospectus, fact sheets and KIIDs are available on-line a The Company is an open-ended investment company (OEIC) with variable capital which has been incorporated under the Open-Ended Investment Companies Regulations 2001 in the United Kingdom and was authorised by the FSA on 19 January 1999, Registration Number 188536. It is structured as an umbrella company.
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