Transfer restrictions and interim liquidity constraints on these beneficial interests
First written in FY2027-H1. 1 of 2 entries say "Restated". Latest entry: FY2026.
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- FY2026RestatedAnnual report
「As a general rule, these beneficial interests cannot be transferred. Nor may they be disposed of by way of a pledge, transfer security or any other provision of security under any circumstances.」
The product structure generally prohibits transfers and the provision of security, and continues to prohibit requests for interim redemption except in limited cases such as inheritance, becoming a non-resident or suffering disaster. - FY2027-H1First statedAnnual report
「As a general rule, these beneficial interests cannot be transferred. Nor may they be disposed of by way of a pledge, transfer security or any other provision of security (including any transfer or similar disposition) under any circumstances. In addition, except where a redemption event occurs during the trust term, beneficiaries may not request redemption. Accordingly, opportunities to realize cash through redemption during the trust term are limited, and beneficiaries may receive no interim redemption at all or may be unable to receive interim redemption at the time they desire.」
The disclosure described a product structure under which the interests generally cannot be transferred or pledged, and interim redemption cannot be requested except in limited circumstances such as inheritance, becoming a non-resident or suffering disaster.