Title: Documents.aspx URL Source: https://www.fundslibrary.co.uk/FundsLibrary.DataRetrieval/Documents.aspx?type=packet_fund_unit_doc_priip_kid&docid=68f81956-dfb9-45a9-8509-ab0e8ebbaf77&user=ner1dotJx8kfqpuTSRR8UVeJhkC4aWVeQnxKwUTc96U= Published Time: Fri, 14 Mar 2025 10:38:54 GMT Number of Pages: 3 Markdown Content: Key Informa on Document # Chenavari Toro Income Fund Limited # A sub fund of Chenavari Toro Income Fund Limited # Ordinary shares of no par value (“Ordinary Shares”) # Purpose This document provides you with key informa on about this investment product. It is not marke ng material. The informa on is required by law to help you understand the nature, risks, costs, poten al gains and losses of this product and to help you compare it with other products. # Product Name: Chenavari Toro Income Fund Limited Ordinary shares of no par value (“Ordinary Shares”) ISIN: GG00BWBSDM98 PRIIP Manufacturer: Chenavari Credit Partners LLP PRIIP Manufacturer Website: hps://www.chenavaritoroincomefund.com/ Telephone: +44 (0)1481 231100 Guernsey Financial Services Commission is responsible for supervising Chenavari Credit Partners LLP in rela on to this Key Informa on Document. This PRIIP is authorised in Guernsey. Carne Global AIFM Solu ons (C.I.) Limited is authorised in Guernsey and regulated by Guernsey Financial Services Commission. The key informa on document is accurate as at 3 January 2025. # What is this product? Type: Ordinary shares in a closed-ended investment company incorporated in Guernsey. Save for payments of dividends or other returns (e.g. on a winding up), the Company is not expec ng to pay you and you are expected to generate returns through selling your shares through a bank or stockbroker. Ordinary Shares are bought and sold via markets. Typically, at any given me on any given day, the price you pay for a share will be higher than the price at which you could sell it and brokers may charge addi onal commissions. The price at which you can sell your shares will vary depending on market condi ons and will not necessarily re fl ect the net asset value of the Company. Term: No fi xed term. Objec ves: The investment objec ve of the Company is to generate a rac ve, risk-adjusted returns, through inves ng, and in some cases, trading opportunis cally, in structured credit markets or asset backed transac ons via three sub-strategies: Public Asset Backed Securi es (ABS), Private Asset Backed Finance and Direct Origina on. Intended retail investor: This product is intended for ins tu onal, highly knowledgeable investors or professionally advised investors who plan to hold their investment for the long term and who have su ffi cient resources to be able to bear any losses (which may equal the whole amount invested) that may result from such an investment. Poten al investors should fully understand the addi onal risks associated with this par cular asset class, the poten al risk of capital loss and that there may be limited liquidity in the Ordinary Shares. The Ordinary Shares are suitable for investors as part of a diversi fi ed investment por olio and who are able to take a long-term view of any investment in the Company. Depositary: The Fund's assets are held through its Depositary, which is JPMorgan Chase Bank, Na onal Associa on, Jersey Branch. Distribu on type: The product is distribu ng. #  #  # Chenavari Toro Income Fund Limited / Ordinary shares of no par value (“Ordinary Shares”) / GG00BWBSDM98 1What are the risks and what could I get in return? Investment performance informa on The main factors a ff ec ng the performance of the fund can be broadly delineated into 'credit' and 'liquidity' based risks a ff ec ng the pricing of the underlying assets. Liquidity is a func on of the prevailing macroeconomic condi ons and in an environment of ghtening money supply we expect that bouts of vola lity will persist into the medium term and this will a ff ect pricing of the underlying investment in the Toro fund; this also presents opportuni es for reinvestment. Credit risk can also be expressed in the pricing of the underlying assets and presents a poten al headwind for the performance of the tranches invested in the Toro fund. Ul mately the performance of the underlying credit quality of the collateral invested into the CLOs will be the longer term driver of under/outperformance. The mi gants for this risk are the managed and term funded nature of CLOs and the mul sector and country diversi fi ca on and obligor concentra on. The most relevant index is the S&P European Leveraged Loan Index for an approxima on of the rate of the changes of the underlying price of CLO investments. The Palmer Square CLO BB Price Index is a useful approxima on tool for the price dynamics of mezzanine CLO tranches in the US which are correlated to some of the investments in Toro. The Markit iTraxx Europe Crossover is also a tool the market commonly uses to hedge credit products and is a useful yards ck by which to measure the prevailing level of risk tolerance in the market. What could a ff ect my return posi vely? As fi nancial condi ons ghten and interest rates increase this pushses up the cost of fi nancing for the types of borrowers that exist in CLOs and related asset classes in which the fund invests. This creates opportuni es to purchase assets at a higher yield than in the recent past and this creates the opportunity for the fund to generate higher returns for investors. Similarly a more vola le environment for the pricing of risk enables the investment manager to try and bene fi t from market disloca ons in trading the underyling por olio; however liquidity for the investments is not always guaranteed and the ability of the manager to buy and sell investments is limited. What could a ff ect my return nega vely? The condi ons that could cause an investor to face lower returns or a loss of return on their investment include, but are not limited to Fundamental Credit Losses in the underlying assets. It is likely that a macro environment of higher interest rates and constrained money supply will lead to an increase in credit events at a rela vely higher level than in the recent past. Whilst it is hard to predict terminal rates and any recessionary impacts it is realis c to assume that higher fi nancing costs for borrowers could impair certain credits as fi nancial condi ons ghten. Furthermore recoveries in work-out situa ons are likely to also be lower in a macro environment of higher interest rates and or a cyclical downturn. Investors may expect a signi fi cant writedown on their investment if the underlying investments are liquidated during a period of signi fi cantly heightened volality or market impairment that either relates directly or indirectly to the underlying investments. Nothwithstanding this, the underlying CLO and ABS investments are themselves term fi nanced and can su ff er an event of default only in condi ons of extreme market stress. # What happens if Chenavari Credit Partners LLP is unable to pay out? As a shareholder of Chenavari Toro Income Fund Limited you would not be able to make a claim to the Financial Services Compensa on Scheme about the Company in the event that the Company were unable to pay dividends to you, or if it were unable to pay any amounts due to you on a winding-up. If you sell your Ordinary Shares on the London Stock Exchange, your bank or stockbroker will receive cash on delivery of your shares and should pass that to you. Risk indicator 1 2 3 4 5 6 7 Lower risk Higher risk The risk indicator assumes you keep the product for 5 years. The summary risk indicator is a guide to the level of risk of this product compared to other products. It shows how likely it is that the product will lose money because of movements in the markets or because we are not able to pay you. We have classi fi ed this product as 5 out of 7, which is a medium-high risk class. This rates the poten al losses from future performance at a medium-high level. Poor market condi ons will likely impact the Fund's capacity to pay you. Be aware of currency risk. You will receive payments in a currency other than your local currency, so the fi nal return you will get depends on the exchange rate between the two currencies. This risk is not considered in the indicator shown above. In some circumstances you may be required to make further payments to pay for losses. The total loss you may incur may signi fi cantly exceed the amount invested. For other risks materially relevant to the product which are not taken into account in the summary risk indicator, please read the Company's Prospectus available at h p://www.chenavaritoroincomefund.com. This product does not include any protec on from future market performance, so you could lose some or all of your investment. If we are not able to pay you what is owed, you could lose your en re investment. #  # Chenavari Toro Income Fund Limited / Ordinary shares of no par value (“Ordinary Shares”) / GG00BWBSDM98 2What are the costs? This disclosure has been prepared with reference to the Financial Conduct Authority’s Statement on forbearance in rela on to investment trust disclosure requirements dated 19 September 2024. It does not seek to comply with the requirements of the PRIIPS Regula on in this regard. Further relevant informa on is disclosed in the Company’s Annual Report and Accounts. Costs over me The person advising on or selling you this product may charge you other costs. If so, this person will provide you with informa on about these costs and how they aff ect your investment. The table below shows what impact the total costs you pay will have on the investment return you might get. The total costs take into account one-o ff , ongoing and incidental costs. The fi gures are es mates and may change in the future. We have not included opera ng costs, which are paid by the Company, on the basis that the return that you may receive will depend on the Company's share price perfromance and there is no direct link between the Company's share price and the costs that it pays. The opera ng costs incurred by the Company (together with other market factors) can a ff ect the share price of the Company. The amounts shown here are the cumula ve costs of the product itself, for three di ff erent holding periods. They include poten al early exit penal es. The fi gures assume you invest 10,000 GBP. The fi gures are es mates and may change in the future. We have assumed: In the fi rst year you would get back the amount that you invested (0% annual return) For the other holding periods we have assumed the product performs as shown in the moderate scenario EUR 10,000 per year is invested Example Investment: EUR 10,000 If you cash in a er 1 year If you cash in a er 3 years If you cash in a er 5 years Total costs EUR 0 EUR 0 EUR 0 Annual cost impact 0.00% 0.00% 0.00% Composi on of costs The table below shows the impact each year of the di ff erent types of costs on the investment return you might get at the end of the recommended holding period and the meaning of the di ff erent cost categories The impact on return per year One-o ff costs Entry costs 0.00% The impact of the costs you pay when entering your investment. Exit costs 0.00% The impact of the costs of exi ng your investment when it matures. Ongoing costs Por olio transac on costs 0.00% The impact of the costs of us buying and selling underlying investments for the product. Other ongoing costs 0.00% The impact of the costs that we take each year for managing your investments and the costs associated with running the Company. Incidental costs Performance fees 0.00% The impact of the performance fee. We take these from your investment if the adjusted NAV of Company outperforms. Carried interests 0.00% The impact of carried interests. # How long should I hold it and can I take my money out early? The recommended minimum holding period: 5 years. Listed funds are designed to be long term investments and the returns from them can be vola le during their life. You should plan to hold your shares for at least a fi ve year investment horizon. As the Company's shares are listed on the London Stock Exchange, you can expect to sell them at any me through your bank or stockbroker. # How can I complain? If you have any complaints about the Company, you may lodge your complaint: via our website: h p://www.chenavaritoroincomefund.com/ in wri ng to Estera Administra on (Guernsey) Limited, PO Box 286, Floor 2, Trafalgar Court, Les Banques, St. Peter Port, GY1 4LY, Guernsey. # Other relevant informa on We are required to provide you with further documenta on, such as the Company's annual and interim reports. These documents and other informa on rela ng to the Company are available online at h p://www.chenavaritoroincomefund.com/. The past performance of the Company is not a guide to future performance. The price of the Company's shares can go down as well as up. The cost and risk calcula ons included in the KID are based on prescribed methodologies. The data used in these calcula ons and the speci fi c methodology applied may change in the future. Depending on how you buy your shares, you may incur other costs including broker commission, pla orm fees and stamp duty. Please ask your broker or pla orm provider for addi onal informa on where necessary. #  #  #  # Chenavari Toro Income Fund Limited / Ordinary shares of no par value (“Ordinary Shares”) / GG00BWBSDM98 3