Prospectus. (along with the Articles of Incorporation) WMP I SICAV

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1 Prospectus (along with the Articles of Incorporation) WMP I SICAV An investment company organised as a société anonyme under the laws of the Grand Duchy of Luxembourg and qualifies as a société d investissement à capital variable (SICAV) authorised under Part I of the Luxembourg law of 17 December 2010 relating to collective investment undertakings. Status: Juni 2014 VISA 2014/ PC L'apposition du visa ne peut en aucun cas servir d'argument de publicité Luxembourg, le Commission de Surveillance du Secteur Financier 1/75

2 IMPORTANT INFORMATION WMP I SICAV (hereinafter also referred to as the Company or the Fund or the SICAV ) is an investment company, qualifying as a société d investissement à capital variable (SICAV) with multiple Sub-Funds, which envisages investing in a diversified range of transferable securities and/or other liquid financial assets permitted by law, conforming to the investment policy of each particular Sub-Fund. The Company has been incorporated on December 20 th, 2012 as an Undertaking for Collective Investment in Transferable Securities (a UCITS ) pursuant to Part I of the law of 17 December 2010 on undertakings for collective investment (the UCI Law ). The Company is registered in the Grand Duchy of Luxembourg pursuant to Part I of the Luxembourg law of 17 December 2010 on undertakings for collective investment and qualifies as a UCITS for the purpose of the Directive 2009/65/EC of the European Parliament and of the Council ( UCITS Directive ). However, such registration does not imply a positive assessment by the Luxembourg supervisory authority, the Commission de Surveillance du Secteur Financier (the CSSF ), of the contents of the current Prospectus (the Prospectus ) or of the quality of the Shares offered to sale. Any representation to the contrary is unauthorised and unlawful. The Prospectus does not constitute an offer to anyone or solicitation by anyone in any jurisdiction in which such an offer or solicitation is unlawful or in which the person making such an offer or solicitation is not qualified to do so. The distribution of the Prospectus and the offering of the Shares may be restricted in certain jurisdictions. It is the responsibility of any persons in possession of the Prospectus and any persons wishing to subscribe for Shares pursuant to the Prospectus to inform themselves of, and to observe, all applicable laws and regulations of any relevant jurisdictions. Potential subscribers or purchasers of Shares should inform themselves as to the possible tax consequences, the legal requirements and any foreign exchange restrictions or exchange control requirements which they might encounter under the laws of the countries of their citizenship, residence or domicile and which might be relevant to the subscription, purchase, holding, conversion or sale of Shares. Any information not mentioned in the Prospectus should be regarded as unauthorised. The information contained in the Prospectus is considered to be accurate at the date of its publication. To reflect material changes, the Prospectus may be updated from time to time and potential subscribers should enquire of the Company as to the issue of any later Prospectus. The Board of Directors of the Company (the Board of Directors ) is held responsible for the information contained in the Prospectus and has taken all reasonable care to ensure that at the date of the Prospectus the information contained herein is accurate and complete in all material respects. The directors accept responsibility accordingly. The Board of Directors reserves the right to apply in the future for listing the Shares on the Luxembourg Stock Exchange or any other securities exchange. Subscriptions for Shares can be accepted only on the basis of the current Prospectus. The Company will produce an Annual Report (the Annual Report ) containing the audited accounts and Semi-Annual Reports (the Semi-Annual Reports ). Following the publication of the first of either report, the current Prospectus at that date will be valid only if accompanied by such Annual Report or Semi-Annual Report. WMP I SICAV draws the investors attention to the fact that any investor will only be able to fully exercise his investor rights directly against the UCITS, notably the right to participate in general shareholders meetings if the investor is registered himself and in his own name in the shareholders register of the UCITS. In cases where an investor invests in the UCITS through an intermediary investing into the UCITS in his own name but on behalf of the investor, it may not always be possible for the investor to exercise certain shareholder rights directly against the UCITS. Investors are advised to take advice on their rights. 2/75

3 Information for Investors that are U.S. Persons None of the Shares have been or will be registered under the United States Securities Act of 1933, as amended or under the securities laws of any state or political subdivision of the United States of America or any of its territories, possessions or other areas subject to its jurisdiction including the Commonwealth of Puerto Rico (the United States ). The Fund has not been and will not be registered under the United States Investment Company Act of 1940, as amended, nor under any other U.S. federal laws. Accordingly, except as provided for below, no Shares are being offered to U.S. Persons or persons who are in the United States at the time the Shares are offered or sold. For the purposes of the Prospectus, a U.S. Person includes, but is not limited to, a person (including a partnership, corporation, limited liability company or similar entity) that is a citizen or a resident of the United States of America or is organised or incorporated under the laws of the United States of America. Shares will only be offered to a U.S. Person at the sole discretion of either the directors or the Management Company. Certain restrictions also apply to any subsequent transfer of Shares in the United States or to U.S. Persons. Should a shareholder become a U.S. Person, they may be subject to U.S. withholding taxes and tax reporting. 3/75

4 Information for Investors in the Federal Republic of Germany Neither the Fund nor the Management Company is subject to state supervision by the Federal Financial Supervisory Authority ( BaFin ). The Fund s Prospectus, the Articles of Incorporation and the annual and semi-annual reports are available on paper free of charge in the Federal Republic of Germany at Bankhaus von der Heydt GmbH & Co. KG, which is both the Paying and Information Agent; they are also available through the Distributors. Furthermore, the information in this Prospectus listed under the heading Information available to the public is available on paper, as are the documents listed there. For distribution within the Federal Republic of Germany, the German version of the Key Investor Information Documents (KIIDs) shall prevail. Notices to the investors are published in the electronic Federal Gazette (Bundesanzeiger) in accordance with the legal regulatory requirements. Issue and redemption prices will be published on each Valuation Day as defined in the relevant section to this Prospectus on the Management Company's website at ( If the Fund decides to suspend the issue of units, investors will be informed of the suspension and resumption of redemption of units in the Federal Republic of Germany through notice in the Federal Gazette. Distribution in the Federal Republic of Germany The Fund has delegated Bankhaus von der Heydt GmbH & Co. KG, a limited partnership under German law, with its registered office in Widenmayerstraße 3, D Munich, to function as the Paying and Information Agent in the Federal Republic of Germany. Requests for subscriptions, redemptions and conversions of units may be submitted to the Paying Agent. All payments made by investors or certain payments for investors may be executed through the above-mentioned Paying Agent at the investor s request. Payments made by the investors to the Fund can be made through the following account with the German Paying Agent: Account holder: Bankhaus von der Heydt GmbH & Co. KG IBAN: DE BIC: MEFIDEMMXXX Bank: Merck Finck & Co. 4/75

5 Risks associated with investing Shareholders are advised that all investments include a risk and that there will be no compensation for losses from investing in the Fund. In addition, there is no guarantee that the investment objective is achieved. It is recommended to shareholders and potential investors of the Fund to inform about the tax implications, legal requirements and restrictions and exchange controls of their country of origin, residence or domicile, relating to the subscription, holding and sale of Shares of the Fund. If you are in any doubt about the contents of the Prospectus, you should consult your stockbroker, solicitor, accountant or other financial advisor. No person is authorised to give any information other than that contained in the Prospectus, or any of the documents referred to herein that are available for public inspection at the registered office. 5/75

6 WMP I SICAV Registered office of the Company 304, route de Thionville 5884 Hesperange Grand Duchy of Luxembourg R.C.S. Luxembourg B Board of Directors Stephan Blohm (Chairman) Claus Bering Ina Mangelsdorf-Wallner Management Company and Central Administration von der Heydt Invest SA 304, route de Thionville 5884 Hesperange Grand Duchy of Luxembourg Board of Directors of the Management Company until 31. March 2014: Friedhelm von Zieten (Chairman) Claus Bering Stephan Blohm Nicolaus Bocklandt Klaus Ebel since 1. April 2014: Stephan Blohm (Chairman) Claus Bering Klaus Ebel Managing Director of the Management Company Claus Bering Fabian Frieg Ina Mangelsdorf-Wallner Friedhelm von Zieten (until 31. March 2014) Custodian and Paying Agent ING Luxembourg S.A. 52, route d Esch 2956 Luxembourg Grand Duchy of Luxembourg Registrar- and Transfer Agent Apex Fund Services (Malta) Limited, Luxembourg Branch 2, Boulevard de la Foire 1528 Luxembourg Grand Duchy of Luxembourg Auditor of the Company Deloitte Audit S.à r.l. 560, rue de Neudorf 2220 Luxembourg Grand Duchy of Luxembourg Paying Agent and Information Agent in Germany Bankhaus von der Heydt GmbH & Co. KG Widenmayerstraße Munich Germany 6/75

7 TABLE OF CONTENTS IMPORTANT INFORMATION... 2 PART A: GENERAL INFORMATION OF THE FUND LEGAL FORM AND STRUCTURE OF THE COMPANY SUB-FUNDS REFERENCE CURRENCY CAPITAL FISCAL YEAR LISTING MANAGEMENT AND ADMINISTRATION INVESTMENT OBJECTIVES AND POLICIES INVESTMENT POWERS AND RESTRICTIONS FINANCIAL TECHNIQUES AND INSTRUMENTS RISKS FORM OF SHARES ISSUE OF SHARES CLASSES OF SHARES SUBSCRIPTION OF SHARES REDEMPTION OF SHARES CONVERSION OF SHARES TEMPORARY SUSPENSION OF SUBSCRIPTIONS, REDEMPTIONS AND CONVERSIONS LATE TRADING AND MARKET TIMING PROCEDURES FOR SUBSCRIPTIONS, REDEMPTIONS AND CONVERSIONS REPRESENTING 10% OR MORE OF ANY SUB-FUND COMMISSIONS NET ASSET VALUE TAXATION - APPLICABLE LAW GENERAL MEETINGS AND REPORTS LIQUIDATION - TERMINATION AND AMALGAMATION OF SUB-FUNDS DIVIDEND POLICY INFORMATION AVAILABLE TO THE PUBLIC PART B: SPECIFIC INFORMATION ON THE SUB-FUNDS WMP I SICAV - Absolute Return Currency Fund WMP I SICAV - Currency Performance Fund WMP I SICAV - Europe Asset Patrimoine Fund ARTICLES OF INCORPORATION /75

8 PART A: GENERAL INFORMATION OF THE FUND 1. LEGAL FORM AND STRUCTURE OF THE COMPANY WMP I SICAV has been incorporated on 20 December 2012 under Luxembourg law as a société d investissement à capital variable (SICAV) pursuant to part I of the Luxembourg law of 10 December 2010 on undertakings for collective investment in its current relevant version. The Company is registered in the Grand Duchy of Luxembourg pursuant to part I of the UCI Law. The capital of the Company must reach EUR 1,250,000 within the first six (6) months following its incorporation, and thereafter may not be less than this amount. The Company s Articles of Incorporation have been deposited with the Registrar of Commerce and Companies of Luxembourg (the Registrar ) and have been published in the Mémorial C, Recueil des Sociétés et Associations (the Mémorial ) for the first time on. The Company has been registered under number B at the Registrar. The Company s Articles of Incorporation may be amended from time to time by a meeting of shareholders, subject to the quorum and majority requirements provided by Luxembourg law. Any amendment thereto shall be published in the Mémorial and, if necessary, in the official publications specified for the respective countries in which Company Shares are sold. If all shareholders are registered shareholders, in lieu of a publication, such amendment may be notified to the shareholders by mail. Such amendments become legally binding on all shareholders, following their approval by the general meeting of shareholders. Any amendments affecting the rights of the holders of Shares of any Class vis-à-vis those of any other Class shall be subject further to the said quorum and majority requirements in respect of each relevant Class. The Company is one single entity; however, the right of investors and creditors regarding a Sub-Fund or raised by the constitution, operation or liquidation of a Sub-Fund are limited to the assets of the Sub-Fund, and the assets of a Sub-Fund will be answerable exclusively for the rights of the shareholders relating to the Sub-Fund and for those of the creditors whose claim arose in relation to the constitution, operation or liquidation of the Sub-Fund. In the relations between the Company s shareholders, each Sub-Fund is treated as a separate entity. The Board of Directors may decide to create further Sub-Funds with different investment objectives, and in such cases, the Prospectus will be updated accordingly. The Board of Directors shall maintain for each Sub-Fund a separate pool of assets. The initial capital is EUR 31,000 fully paid and represents 310 Shares of no par value. 2. SUB-FUNDS This is an offer to subscribe for Shares (the Shares ) issued without par value in the WMP I SICAV, each share being linked to one of the Sub-Funds of the Company (the Sub-Fund or the Sub- Funds ). The details of each Sub-Fund are specified in Part B of the Prospectus. Different Classes of Shares may be issued in each Sub-Fund of the Company (the Classes ), as determined by the Board of Directors and outlined in Part B of the Prospectus. For further information about the rights attaching to the various Shares and Classes of Shares, see Section 12 Form of Shares and Section 14 Classes of Shares. On the Initial Subscription Day (the Initial Subscription Day ) or during the Initial Subscription Period (the Initial Subscription Period ) Shares in each Sub-Fund will be offered at an Initial Price (the Initial Price ) as specified for each Sub-Fund in Part B of the Prospectus. The Initial Price will be subject to the commissions detailed under Section 21 Commissions. The Reference Currency (the Reference Currency ) of each Sub-Fund is the currency in which the Net Asset Value (the NAV ) of each Sub- Fund is denominated, as specified for each Sub-Fund in Part B of the Prospectus. The Board of Directors may however decide to calculate the NAV per Share of one or more Sub-Funds and/or Class(es) of Shares in addition to the Reference Currency in a Other Denomination Currency (the 8/75

9 Other Denomination Currency ) as further detailed for the respective Sub-Funds and/or Classes of Shares in Part B of the Prospectus. The NAV calculated in any Other Denomination Currency is the equivalent of the NAV in the Reference Currency of the Sub-Fund converted at the prevailing exchange rate. 3. REFERENCE CURRENCY The Reference Currency of the Fund is Euro (EUR). 4. CAPITAL The capital of the Fund equates at any time the value of the sum of the net assets of the Sub-Funds. The net assets of the Fund must achieve within six (6) months after approval by the Luxembourg supervisory authority, the CSSF, the statutory minimum amount of EUR 1,250,000. This amount must not be below the amount. To determine the capital of the Fund, the net assets attributable to each Sub-Fund will be added. If net assets are not expressed in Euros, each of these net assets will be converted into Euro with the exchange rate prevailing in Luxembourg. Once the capital of the Fund falls below two-thirds (2/3) of the legal minimum, the Board of Directors of the Fund has to propose to the General Assembly of shareholders, the liquidation of the Fund. The General Assembly takes its decision without a quorum and a simple majority of the Shares represented at the General Assembly. If the capital falls below one-fourth (1/4) of the legal minimum, a decision to dissolve the Fund shall be taken by shareholders holding one-fourth (1/4) of the Shares represented at the General Assembly. Each meeting must be convened and held within 40 days after discovery that the minimum capital has fallen below two-thirds (2/3) or one-fourth (1/4) of the legal minimum. 5. FISCAL YEAR The Fund's financial year begins on 1 November and ends on 31 October each year. The first financial year begins with the Fund's inception date and ends on 31 October The Fund shall publish its first Annual Report of 31 October 2013 at the latest four (4) months after the end of the first fiscal year. 6. LISTING The Board of Directors reserves the right to apply for the listing of the Shares of the respective Sub- Funds of the Luxembourg Stock Exchange. 7. MANAGEMENT AND ADMINISTRATION 7.1. The Board of Directors The Board of Directors is responsible for the Company s management, control, administration and the determination of its overall investment objectives and policies. There are no existing or proposed service contracts between any of the Directors and the Company, although the Directors are entitled to receive remuneration in accordance with usual market practice. The Directors of the Company are: 1) Stephan Blohm 2) Claus Bering 3) Ina Mangelsdorf-Wallner 9/75

10 7.2. The Management Company von der Heydt Invest SA, a Company incorporated as a société anonyme and duly existing under the laws of the Grand Duchy of Luxembourg, having its registered office at 304, route de Thionville, L Hesperange (the Management Company ) is the Management Company to the Company in accordance with the provisions of the UCI Law. The Management Company was incorporated for an unlimited duration under the laws of Luxembourg on 15 February 2006 by notarial deed published in the Mémorial on 23 February The notarial deed was deposited with the Registrar under the number RCS B Its Articles of Incorporation have been published in the Mémorial for the last time on 23 February The Management Company is also acting as Management Company for other Luxembourg domiciled undertakings for collective investment, a list of which shall be disclosed in the financial reports of the Company. The Management Company is, according to an agreement entered into between the Management Company and the Company, appointed to serve as the Company s designated Management Company. The Management Company shall in particular be responsible for the following duties: Portfolio management of the Sub-Funds; Central Administration, including inter alia, the calculation of the NAV, the procedure of registration, conversion and redemption of the Shares and the general administration of the Company; Distribution of the Shares of the Company; in this respect the Management Company may with the consent of the Company appoint other Distributors as further outlined here-below under sub-section 7.6. The rights and duties of the Management Company are governed by the UCI Law and specified in the agreement entered into between the Management Company and the Company for an unlimited period of time. This agreement may be terminated as specified in the agreement. In accordance with applicable laws and regulations and with the prior consent of the Board of Directors, the Management Company is empowered to delegate, under its responsibility, all or part of its duties and powers to any person or entity, which it may consider appropriate. If it is the case the Prospectus shall be amended accordingly. For the time being the duties of Central Administration, Registrar, Transfer and Paying Agent have been delegated as further detailed here-below under sub-sections 7.4. and The Investment Manager Pursuant to an investment management agreement, the Management Company has the right, with the prior consent of the Board of Directors, to delegate to an Investment Manager the discretion, on a daily basis but subject to the overall control and responsibility of the Management Company and the Company, to purchase and sell securities as agent for the Company and otherwise to manage the portfolio of a Sub-Fund for the account and in the name of the Company. The Investment Manager may under the conditions of article 110 of UCI Law delegate the performance of its functions to a regulated Investment Management Company or, with the prior consent of the Management Company and the Company, to a third party. If functions are delegated to third parties the Prospectus has to be updated accordingly. The investment management function may be terminated as specified in the investment management agreement. If an Investment Manager is appointed for a Sub-Fund, the specifications are outlined in the description of the relevant Sub-Fund in Part B of the Prospectus. 10/75

11 7.4. The Custodian and Paying Agent ING Luxembourg S.A. is appointed to act as the Custodian of the Company s assets and is appointed with the prior consent of the Board of Directors as the Company s Paying Agent (the Custodian ). ING Luxembourg S.A. is incorporated as a société anonyme under the laws of Luxembourg, with its registered office at 52, route d Esch, L-2956 Luxembourg. The Custodian has been entrusted with the custody of the Company s assets and it shall fulfil the obligations and duties provided for by the UCI Law. In compliance with usual banking practices, the Custodian may, under its responsibility, entrust part or all of the assets which are placed under its custody to other banking institutions or financial intermediaries. The Custodian shall also ensure that: a) in transactions involving the assets of the Company, the consideration is remitted to it within the usual time limits; b) the income of the Company is allocated in accordance with the Company s Articles of Incorporation; As Paying Agent ING Luxembourg S.A. is inter alia responsible for the payment of dividends (if any) to the shareholders The Registrar and Transfer Agent Apex Fund Services (Malta) Limited, Luxembourg Branch is appointed with the prior consent of the Board of Directors as the Company s Registrar and Transfer Agent (the Registrar and Transfer Agent ). The Registrar and Transfer Agent shall ensure that the subscription, redemption, conversion, transfer and cancellation of Shares, performed by or on behalf of the Company is carried out in accordance with the law and the Company s Articles of Incorporation Central Administration With the prior consent of the Board of Directors, the Management Company is appointed the Central Administration of the Company (the Central Administration ). The Central Administration is responsible for the calculation of the NAV and the general administration of the Company The Distributors The Management Company may, with the consent of the Company, decide to appoint Distributors (the Distributors ) for the purpose of assisting in the distribution of the Shares of the Company in the countries in which they are marketed. Certain Distributors may not offer all of the Sub-Funds/Classes (if any) of Shares to their investors. Investors are invited to consult their Distributors for further details. Distribution Agreements (the Distribution Agreements ) will be signed between the Management Company and the different Distributors. In accordance with the Distribution Agreements, the Distributor shall be recorded in the Register of Shareholders (the Register of Shareholders ) and not the clients who have invested in the Company. The terms and conditions of the Distribution Agreements shall stipulate, amongst other things, that a client who has invested in the Company via a Distributor may at all times require that the Shares thus subscribed be transferred to his name, as a result of which the client shall be registered under his own name in the Register of Shareholders with effect from the date on which the transfer instructions are received from the Distributor. Subscribers may subscribe for Shares applying directly to the Company without having to act through one of the Distributors. 11/75

12 In accordance with the Distribution Agreements, the Distributor shall be authorised to delegate, at its own costs and under its full responsibility, all or part of its obligations hereunder to a third entity, with prior written notification and approval of the Management Company Investment Advisory Committee The Management Company may provide for each Sub-Fund an Investment Advisory Committee to represent the interests of the shareholders. The Management Company determines in its sole discretion the members of the Investment Advisory Committee that can consist of shareholders, their agents or other individuals appointed by the Management Company. Members of the Investment Advisory Committee commit themselves, as part of their advisory capacity, to the provisions of Luxembourg law and to observe all instructions and requirements of the Luxembourg supervisory authority. They are obligated to secrecy and not to disclose information to third parties without the explicit permission of the Management Company. They have to indicate potential conflicts of interest to the Management Company. In such event, the specifications are outlined in the description of the relevant Sub-Fund in Part B of the Prospectus. 8. INVESTMENT OBJECTIVES AND POLICIES The main objective of the Company is to seek capital appreciation by investing in a range of diversified transferable securities and/or other liquid financial assets permitted by law through the constitution of different professionally managed Sub-Funds. Each Sub-Fund is managed in accordance with the Investment Powers and Restrictions (the Investment Powers and Restrictions ) specified under section 9, and may use financial derivatives in accordance with the restrictions specified under section 9 or use the Financial Techniques and Instruments (the Financial Techniques and Instruments ) specified under section 10. The investment objective and policy of each Sub-Fund is described in Part B of the Prospectus. 9. INVESTMENT POWERS AND RESTRICTIONS In order to achieve the Company s investment objectives and policies, the Board of Directors has determined that the following Investment Powers and Restrictions shall apply to all investments by the Company, whereas the description of the relevant Sub-Fund in Part B of the Prospectus may provide additional restrictions: Investment instruments 1) The Company, in each Sub-Fund, may only invest in: a) transferable securities and money market instruments admitted to or dealt in on a regulated market, as defined in Article 4 point 1 (14) of the Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004; b) transferable securities and money market instruments dealt in on another regulated market in a Member State of the European Union ( EU Member State ) which operates regularly and is recognised and open to the public; c) transferable securities and money market instruments admitted to official listing on a stock exchange in a non-eu Member State or dealt in on another regulated market in a non-eu Member State, which operates regularly and is recognised and open to the public located within any other country of Europe, Asia Oceania, the American continent or Africa; 12/75

13 d) recently issued transferable securities and money market instruments, provided that the terms of issue include an undertaking that an application will be made for admission to official listing on a stock exchange or to another regulated market referred to under sub-sections a) to c) above and that such admission is secured within one year of issue; e) Shares or units of UCITS authorised according to the UCITS Directive and/or other undertakings for collective investment ( UCIs, each an UCI ) within the meaning of the first and second indent of Article 1 (2) of the UCITS Directive, should they be situated in a EU member state or not, provided that: i. such other UCI are authorised under laws which provide that they are subject to supervision considered by the CSSF to be equivalent to that laid down in community law, and that cooperation between authorities is sufficiently ensured; ii. iii. iv. the level of guaranteed protection for unit-holders in such other UCI is equivalent to that provided for unit-holders in a UCITS, and in particular that the rules on asset segregation, borrowing, lending, and uncovered sales of transferable securities and money market instruments are equivalent to the requirements of the UCITS Directive; the business of the other UCI is reported in half-yearly and Annual Reports to enable an assessment to be made of the assets and liabilities, income and operations over the reporting period; no more than 10% of the UCITS or the other UCI assets, whose acquisition is contemplated, can be, according to its Fund rules or instruments of incorporation, invested in aggregate in units of other UCITS or other UCIs. f) deposits with credit institutions which are repayable on demand or have the right to be withdrawn, and maturing in no more than twelve (12) months, provided that the credit institution has its registered office in a EU Member State or, if the registered office of the credit institution is situated in a non EU Member State, provided that it is subject to prudential rules considered by the CSSF as equivalent to those laid down in community law; g) financial derivative instruments, including equivalent cash-settled instruments, dealt in on a regulated market referred to in sub-sections a), b) and c); and/or financial derivative instruments dealt in over-the-counter ( OTC Derivatives ), provided that: i. the underlying consists of instruments covered by sub-sections a) to h), financial indices, interest rates, foreign exchange rates or currencies, in which the Company may invest according to the investment objectives of its Sub-Funds; ii. iii. the counterparties to OTC Derivatives transactions are institutions subject to prudential supervision, and belonging to the Categories approved by the CSSF; and the OTC Derivatives are subject to reliable and verifiable valuation on each Valuation Day and can be sold, liquidated or closed by an offsetting transaction at any time at their fair market value at the Company s initiative; h) money market instruments other than those dealt in on a regulated market and referred to in sub-sections a) to c) above, if the issue or issuer of such instruments is itself regulated for the purpose of protecting investors and savings, and provided that they are: i. issued or guaranteed by a central, regional or local authority, a central bank of a EU Member State, the European Central Bank, the European Union or the European Investment Bank, a non-eu Member State or, in the case of a Federal State, by one of the members making up the federation, or by a public international body to which one or more EU Member States belong; or ii. issued by an undertaking any securities of which are dealt in on regulated markets referred to in sub-sections a), b) or c); or 13/75

14 iii. iv. issued or guaranteed by an establishment subject to prudential supervision, in accordance with criteria defined by community law or by an establishment which is subject to and comply with prudential rules considered by the CSSF to be at least as stringent as those laid down by community law; or issued by other bodies belonging to the Categories approved by the CSSF provided that investments in such instruments are subject to investor protection equivalent to that laid down in the first, the second or the third indent of this sub-section h) and provided that the issuer is a company whose capital and reserves amount at least to ten million Euro (EUR 10,000,000) and which presents and publishes its Annual Reports in accordance with the Fourth Directive 78/660/EEC, is an entity which, within a group of companies including one or several listed companies, is dedicated to the financing of the group or is an entity which is dedicated to the financing of securitisation vehicles which benefit from a banking liquidity line. 2) However, the Company may: a) invest up to 10% of the net assets of a Sub-Fund in transferable securities and money market instruments other than those referred to in section 1) above; b) acquire movable and immovable property which is essential for the direct pursuit of its business; c) not acquire either precious metals or certificates representing them; and d) hold ancillary liquid assets. Risk diversification 3) In accordance with the principle of risk diversification, each Sub-Fund will invest no more than 10% of its net assets in transferable securities or money market instruments issued by the same body. Each Sub-Fund may not invest more than 20% of its assets in deposits made with the same body. 4) The risk exposure to a counterparty of each Sub-Fund in an OTC Derivatives transaction may not exceed 10% of its assets when the counterparty is a credit institution referred to in section 1) f) above, or 5% of its assets in any other case. 5) Moreover, the total value of the transferable securities and money market instruments held by the Sub-Fund in the issuing bodies in each of which it invests more than 5% of its assets must not exceed 40% of the value of its assets. This limitation does not apply to deposits and OTC Derivatives transactions made with financial institutions subject to prudential supervision. 6) Notwithstanding the limits laid down in sections 3) and 4) above, the Sub-Fund may not combine in excess of 20% of its assets in: i. investments in transferable securities or money market instruments issued by a single body; and/or ii. deposits made with a single body; and/or iii. exposures arising from OTC Derivatives transactions undertaken within a single body. 7) The following exceptions can be made: a) The aforementioned limit of 10% can be raised to a maximum of 25% for certain debt securities if they are issued by credit institution whose registered office is situated in an EU Member State and which is subject, by virtue of law, to particular public supervision for the purpose of protecting the holders of such debt securities. In particular, the amounts resulting from the issue of such debt securities must be invested, pursuant to the law in assets which sufficiently cover, during the whole period of validity of such debt securities, the liabilities arising there from and which are assigned to the preferential repayment of capital and accrued interest in the case of default by the issue. If the Sub-Fund invests more than 5% of its net assets in such debt securities as referred to above and issued by the same issuer, the 14/75

15 total value of such investments may not exceed 80% of the value of the Sub-Fund s net assets. b) The aforementioned limit of 10% can be raised to a maximum of 35% for transferable securities or money market instruments issued or guaranteed by an EU Member State, by its local authorities, by a non EU Member State or by public international bodies of which one or more EU Member States are members. c) The transferable securities and money market instruments referred to in exceptions a) and b) are not included in the calculation of the limit of 40% laid down in section 5) above. d) The limits stated under sections 3) to 6) and 7) a) and b) above, may not be combined and, accordingly, investments in transferable securities or money market instruments issued by the same body or in deposits or derivatives instruments made with this body in accordance with sections 3) to 6) and 7) a) and b) above, may not, in any event, exceed a total of 35% of the Sub-Fund s net assets. e) Companies which are included in the same group for the purposes of consolidated accounts, as defined in accordance with Directive 83/349/EEC or in accordance with recognised international accounting rules are regarded as a single body for the purpose of calculating the limits contained in sections 3) to 7). f) Each Sub-Fund may invest in aggregate up to 20% of its assets in transferable securities and money market instruments with the same group. g) Without prejudice to the limits laid down in section 12) below, the limit of 10% laid down in sections 3) to 7) is raised to a maximum of 20% for investment in equity and or debt securities issued by the same body when the aim of the investment policy of the Company is to replicate the composition of a certain equity or debt securities index which is recognised by the CSSF, on the following basis: the composition of the index is sufficiently diversified, the index represents an adequate benchmark for the market to which it refers, it is published in an appropriate manner. This limit is 35% where that proves to be justified by exceptional market conditions in particular in regulated markets where certain transferable securities or money market instruments are highly dominant. The investment up to this limit is only permitted for a single issuer. 8) When a transferable security or money market instrument embeds a derivative, the latter must be taken into account when complying with the requirements of the above-mentioned restrictions. 9) The Company may further invest up to 100% of the net assets of any Sub-Fund, in accordance with the principle of risk spreading, in transferable securities and money market instruments issued or guaranteed by a EU Member State, its local authorities, any other authorised country (disclosed in the appendix corresponding to the relevant Sub-Fund), or public international bodies of which one or more EU Member State are members, provided that in such event the Sub-Fund must hold securities from at least six (6) different issues, and that securities from any one issue do not account for more than 30% of the Sub-Fund s net assets. 10) Each Sub-Fund has six (6) months from its date of authorisation to achieve compliance with sections 3) to 9) and 10). a) Each Sub-Fund may acquire Shares or units of UCITS and/or other UCIs referred to under section 1) e), provided that no more than 20% of its assets are invested in a single UCITS or other UCI. b) For the purposes of applying this investment limit, each Sub-Fund of a UCI with multiple Sub- Funds, within the meaning of Article 181 of the UCI Law, shall be considered as a separate 15/75

16 entity, provided that the principle of segregation of commitments of the different Sub-Funds is ensured in relation to third parties. c) Investments made in Shares or units of UCI other than UCITS may not exceed, in aggregate, 30% of the assets of the relevant Sub-Fund. d) When the Sub-Fund has acquired Shares or units of UCITS and/or other UCIs, the assets of the respective UCITS or other UCI do not have to be combined in the view of the limits laid down in sections 3) to 7) a) to f). e) When the Sub-Fund invests in the Shares or units of other UCITS and/or other UCIs that are managed, directly or by delegation, by the same Management Company or by any other Company to which the Management Company is linked by common management or control or by a substantial direct or indirect holding, that Management Company or other Company may not charge any management fee nor any subscription or redemption fees on account of the UCITS investment in the units of other UCITS and/or other UCI. 11) The Company will not acquire any Shares carrying voting rights which would enable it to exercise significant influence over the management of an issuing body. 12) The Company may not acquire more than: 10% of non-voting Shares of the same issuer; 10% of the debt securities issued by the same issuer; 25% of the units of the same UCITS and/or other UCI; or 10% of the money market instruments of the same issuer. The limits laid down in the second, third and fourth indents may be disregarded at the time of acquisition if at that time the gross amount of debt securities or money market instruments, or the net amount of the securities in issue, cannot be calculated. 13) The limits of sections 11) and 12) above are waived as to: a) transferable securities and money market instruments issued or guaranteed by an EU Member State or its local authorities; b) transferable securities and money market instruments issued or guaranteed by a non-eu Member State; c) transferable securities and money market instruments issued by public international bodies of which one or more EU Member States are members; d) Shares held in the capital of a Company incorporated in a non-eu Member State and investing its assets mainly in securities of issuers having their registered office in that state, if under the legislation of that state such a holding represents the only way in which the Sub- Fund can invest in the securities of the issuers of that state. This derogation only applies if the Company has an investment policy complying with sections 3) to 7) a) to f) as well as sections 10) to 12) above. If the limits stated in sections 3) to 7) a) to f) and 10) above are exceeded, the provisions laid down in 9) and 17) shall apply mutatis mutandis; e) Shares held by the Sub-Funds in the capital of one or more subsidiary companies carrying on only the business of management, advice or marketing in the country/state where the subsidiary is located, in regard to the repurchase of units at shareholders request exclusively on its or their behalf. 14) Any Sub-Fund may not borrow more than 10% of its total net assets, and then only from financial institutions and on a temporary basis. Each Sub-Fund may, however, acquire foreign currency by means of a back to back loan. Each Sub-Fund will not purchase securities while borrowings are outstanding in relation to it, except to fulfil prior commitments and/or exercise subscription rights. However, each Sub-Fund can borrow up to 10% of its net assets to make possible the acquisition of immovable property essential for the direct pursuit of its business. In this case, these 16/75

17 borrowings and those referred to above (temporary borrowings) may not in any case in total exceed 15% of the Sub-Funds net assets. 15) The Company may not grant credits or act as guarantor for third parties. This limitation does not prevent the Company to purchase securities that are not fully paid up, nor to lend securities as further described there under. This limitation does not apply to margin payments on option deals and other similar transactions made in conformity with established market practices. 16) Each Sub-Fund will not purchase any securities on margin (except that the Sub-Fund may obtain such short-term credit as may be necessary for the clearance of purchases and sales of securities) or make short sales of securities or maintain a short position. Deposits on other accounts in connection with option, forward or financial futures contracts, are, however, permitted within the limits provided for here below. 17) Each Sub-Fund will not enter into total return swaps or other derivatives with the same characteristics, except it is specifically allowed in the description of the relevant Sub-Fund in Part B of the Prospectus. 18) The Board of Directors of the Company is authorised to introduce further investment restrictions at any time in the interests of the shareholders provided these are necessary to ensure compliance with the laws and regulations of those countries in which the Company s Shares are offered and sold. In this event this Prospectus will be updated. 19) If any of the above limitations are exceeded for reasons beyond the control of the Company and/or each Sub-Fund or as a result of the exercise of subscription rights attaching to transferable securities or money market instruments, the Company and/or each Sub-Fund must adopt, as a priority objective, sales transactions for the remedying of that situation, taking due account of the interests of its shareholders. 10. FINANCIAL TECHNIQUES AND INSTRUMENTS General Provisions For the purpose of efficient portfolio management and/or to protect its assets and commitments, the Company may arrange for each Sub-Fund to make use of techniques and instruments relating to transferable securities and money market instruments. The techniques and instruments referred to in this section include, among others, the purchase and sale of call and put options and the purchase and sale of future contracts or the entering into swaps relating to foreign exchange rates, currencies, securities, indices, interest rates or other admissible financial instruments. The Sub-Funds shall use instruments dealt in on a regulated market referred to under section 9 a), b) and c) above or dealt in over-the-counter (in accordance with the conditions set out under section 9). In general, when these transactions involve the use of derivatives, the conditions and restrictions set out under section 9 must be complied with. In no case whatsoever must recourse to transactions involving derivatives or other Financial Techniques and Instruments cause the Company to depart from the investment objectives set out in the Prospectus. The Company shall ensure for each Sub-Fund (i) that the fees and expenses associated with the techniques of efficient portfolio management are charged against the earnings, (ii) that the accrued costs and fees are in accordance with the Fund-specific descriptions to the costs and fees and, (iii ) that the Sub-Fund related parties receive no remuneration from the fees charged. In the annual report, all counterparties are disclosed with which transactions were completed for the relevant Sub-Fund. It is explicitly stated to what extent authorised counterparties have corporate ties with the management company or the custodian bank Securities Lending and Repurchase Transactions In addition to the techniques and instruments referred to under sub-section above, the Company may, for each Sub-Fund, for the purpose of efficient portfolio management and/or for hedging 17/75

18 purpose, engage in securities lending transactions, sales with a right of repurchase transactions and/or reverse repurchase transactions/repurchase transactions subject to the provisions set forth in CSSF Circular 08/356. Cash collateral received by the Company in relation to these transactions may be reinvested in: short-term bank deposits; money market instruments as defined in Directive 2007/16/EC of 19 March 2007; short-term bonds issued or guaranteed by a Member State of the European Union, Switzerland, Canada, Japan or the United States or by their local authorities or by supranational institutions and undertakings with EU, regional or world-wide scope; and bonds issued or guaranteed by first Class issuers offering an adequate liquidity. 11. RISKS Risk Management The Company employs a risk-management process which enables it to monitor and measure at any time the risk of the positions and their contribution to the overall risk profile of the Sub-Funds and it employs a process allowing for accurate and independent assessment of the value of OTC Derivative instruments. The Company must furthermore communicate to the supervisory authority regularly and in accordance with the rules the supervisory authority shall define, the types of derivatives instruments, the underlying risks, the quantitative limits and the methods which are chosen in order to estimate the risks associated with derivative instrument transactions. The Fund may use techniques and instruments relating to transferable securities and money market instruments under the conditions and within the limits of the law of 17 December 2010, provided that such techniques and instruments are used because of efficient portfolio management. In the case of the use of derivatives the conditions and limits of the Regulation of the Law of 17 December 2010 should apply. Under no circumstances these activities will result in breaches of the investment policy described in this prospectus. In cases in which the Fund conducts business in OTC derivatives and applies techniques for efficient portfolio management, all collaterals that are creditable against the counterparty risk must always fulfill all of the following criteria: a) Liquidity: all accepted collaterals that are not cash, must be highly liquid and traded on a transparent price on a regulated market or within a multilateral trading system, so they can be sold at a price in the short term, which is close to the observed pre-sale evaluation. The received collaterals must also comply with the provisions of Article 56 of the EU Directive 2009/65/EG. b) Rating: Accepted collaterals must be valued at least each trading day. Assets that have high price volatility will only be accepted as collateral when appropriate conservative valuation proposals (haircuts) are applied. c) Creditworthiness of the issuer: The issuer of the accepted collaterals must have a high creditworthiness. d) Correlation: The collaterals accepted by the Fund assets must be issued by a legal entity independent of the counterparty and has no strong correlation with the development of the counterparty. e) Diversification of the collaterals (investment concentration): The collaterals have to be properly diversified in terms of countries, markets and issuers. The criterion of reasonable diversification in terms of issuer concentration is considered to be met if the Fund receives a collateral basket from a counterparty for effective portfolio management or transactions with OTC derivatives, at which the maximum exposure (open position) against a particular issuer corresponds to 20% of the net 18/75

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