Investment Funds: Swift Funds Standards Release - Dividend Option (DVOP) and Reinvestment Service Update: Impact on AGIF Funds - Update

Note: This announcement, originally published on 28 September 2026, has been updated to amend information on the the reinvestment service for AGIF funds. Changes have been highlighted.

Clearstream¹ informs clients that effective

November 2026

as part of the Swift Funds Standards Release, Clearstream will introduce the Dividend Option (DVOP) event combination with a Mandatory indicator (MAND) for investment funds, replacing the current use of Dividend Cash (DVCA) events for distributions with a reinvestment option.

In parallel, Clearstream is updating the eligibility rules for its dividend reinvestment service. Going forward, reinvestment will only be supported where the client’s Clearstream account is set to distribution mandate reinvest and the underlying Fund (ISIN) and/or its Transfer Agent offers a reinvestment option. Consequently, the reinvestment service will be discontinued for Funds that do not support reinvestment at Transfer Agent level, including all sub-funds of Allianz Global Investors Fund (AGIF).

Overview

Clearstream will introduce DVOP MAND events to systematically handle fund distributions that offer both cash and reinvestment options, aligning corporate action messaging with updated Standard Market Practice Group (SMPG) market practice.

Currently, Clearstream facilitates dividend reinvestment whenever a client’s account is flagged for reinvestment. Under the new framework, reinvestment eligibility will be verified against two distinct criteria:

• Client Account level: The standing instruction configured on the client account (Cash or Reinvest).
• Instrument (ISIN) level: Whether the underlying Fund and/or its Transfer Agent actually offer a dividend reinvestment.

If the Transfer Agent does not offer dividend reinvestment for a particular fund, Clearstream will no longer provide the service and distributions will be paid in cash.

Impact on clients

Clients should note the following operational impacts effective November 2026:

• Dual-Flag Reinvestment Rule: Reinvestment will only be executed if both the client account is flagged for reinvestment and the Fund (ISIN) supports reinvestment at Transfer Agent level.
• Discontinuation of AGIF Reinvestment: As Allianz Global Investors Fund (AGIF) does not offer a dividend reinvestment option, Clearstream will discontinue the reinvestment service for all AGIF funds.
• Default to Cash for AGIF: Any standing reinvestment instruction on client accounts will no longer apply to AGIF funds. All future AGIF distributions will default to Cash (CASH) and be announced as Dividend Cash (DVCA) events.
• Fund Static Data: To avoid redundant static listings, individual ISINs are not listed in this publication. Clients can consult the reinvestment indicator in the Vestima Fund search module to verify whether reinvestment is supported for a specific fund.

Recommendation for clients

• Review portfolio holdings in Allianz Global Investors Fund (AGIF) share classes;
• Assess existing account standing instructions and internal processes configured for AGIF reinvestment;
• Consult the reinvestment indicator in Vestima static data to verify eligibility for relevant fund holdings;
• Ensure downstream systems are prepared for cash distributions for AGIF funds; and
• For the general introduction of DVOP MAND events.

Key messages for clients

• Clearstream is introducing DVOP MAND events to replace legacy DVCA reinvestment processing.
• Reinvestment will now be validated at both account level (client flag) and ISIN level (Fund/Transfer Agent flag).
• Clearstream will not offer reinvestment where the Fund and/or its Transfer Agent does not support the option.
• The reinvestment service for AGIF funds will stop effective December, with the last reinvestment in November, and all future AGIF distributions will be paid in cash.

Further information

Clients with questions on the impact of this change should contact their Relationship Manager.

Operational and fund static data queries may continue to be directed to Vestima Client Services (CSvestima@clearstream.com).

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1. Clearstream refers collectively to Clearstream Banking S.A., registered office at 42, avenue John F. Kennedy, L-1855 Luxembourg, and registered with the Luxembourg Trade and Companies Register under number B-9248, and Clearstream Europe AG, registered office at Mergenthalerallee 61, 65760 Eschborn, Germany and registered in Register B of the Amtsgericht Frankfurt am Main, Germany under number HRB 7500. Clearstream Banking S.A. is registered as an Australian CS (Overseas) Facility, under subsection 824B(2) of the Corporations Act 2001, with registration number ARBN 675 244 783.