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collective investment undertaking other than the closed-end type

    (in PR) (as defined in Article 2.1(o) of the prospectus directive) unit trusts and investment companies:

      1. (a) the object of which is the collective investment of capital provided by the public, and which operate on the principle of risk-spreading;
      1. (b) the units of which are, at the holder's request, repurchased or redeemed, directly or indirectly, out of the assets of these undertakings.31