FCP METROPOLE SELECTION PROSPECTUS FEBRUARY 2015

Transcription

1 FCP METROPOLE SELECTION PROSPECTUS FEBRUARY 2015

2 I GENERAL CHARACTERISTICS ISIN code Name Legal form Member state in which incorporated Date of creation and expected duration Summary of the investment offer Characteristics ISIN code Minimum initial subscription A unit FR unit P unit FR unit R unit FR unit W unit (1) FR unit Availability of latest annual report and interim report Environmental, social and governance (ESG) criteria Minimum subsequent subscription 1 one hundred thousandth of a unit 1 one hundred thousandth of a unit 1 one hundred thousandth of a unit 1 one hundred thousandth of a unit A unit: FR P unit: FR R unit: FR W unit: FR METROPOLE Sélection Fonds Commun de Placement (FCP), a French mutual fund France This fund was created on 12 November 2002 for a period of 99 years. A unit: 12 November 2002 P unit: 10 January 2011 R unit: 10 January 2011 W unit: 8 April 2013 There are four categories of unit. The fund reinvests its income. Currency of denomination Eligible investors Initial net asset value Euro All investors 200 Euro All investors 200 Euro All investors 200 Euro All investors domiciled in Switzerland, The Netherlands, Germany or the United Kingdom 200 Unitholders can obtain the most recent annual and interim reports within one week by writing to: METROPOLE Gestion - 9, rue des Filles Saint-Thomas Paris France Direction du développement Tel.: +33 (0) These documents are also available on the website Information about ESG criteria is available on the website and, as from the year ending 31 December 2012, in the annual reports. (1) No management fees will be paid on for the distribution of W units 2

3 II - DIRECTORY O Management company O Depository/Custodian METROPOLE Gestion 9, rue des Filles Saint-Thomas Paris France Portfolio management company authorised by Commission des Opérations de Bourse (now the AMF) on 21 October 2002 under the number 02/026 Société Générale Registered office: 29, boulevard Haussmann Paris Postal address: Paris Cedex 18 O Centralising agent under Société Générale delegation by the 32, rue du Champ de Tir BP 81236, Nantes Cedex 3 management company O Auditor O Promoter O Agents Cabinet PwC Sellam 49/53, avenue des Champs Elysées Paris METROPOLE Gestion 9, rue des Filles Saint-Thomas Paris France Financial manager: none Accounting manager: The fund s management is delegated to: Société Générale Securities Services Net Asset Value 10, passage de l Arche Paris La Défense France O Advisors None III OPERATION AND MANAGEMENT GENERAL CHARACTERISTICS ISIN code Characteristics of units Rights attached to units Management of liabilities Voting rights Form of units A unit: FR P unit: FR R unit: FR W unit: FR METROPOLE Selection capitalises all income earned on its fixed and variable income investments. Capitalised income increases the units net asset value. Units are denominated in euro. Each unitholder has a right of joint ownership of the fund's assets, pro rata to the number of units held. Société Générale manages the fund's liabilities and, to that end, centralises all unit subscription and redemption requests for this fund. The fund's units are also centralised by Euroclear France. There are no voting rights attached to the units; all decisions are taken by the management company. A, P, R and W units are bearer units. 3

4 Fractions of units End of financial year Tax treatment Units may be subscribed in hundred-thousandths of a unit. Units may be subscribed and/or redeemed by amount or in fractions of units. Last trading day in December on Euronext Paris. The first financial year ended in December METROPOLE Sélection is eligible as a P.E.A equity savings plan. The fund is not subject to income tax. However, capital gains and losses made by the investors are taxable. The tax treatment applicable to the unrealised or realised capital gains or losses recorded by the fund depends on the tax treatment applicable to the investor's specific situation and/or to the fund's investment jurisdiction. If the investor is unsure of his/her tax situation, he/she should seek advice. SPECIAL PROVISIONS ISIN code Classification Delegated management Investment objective Benchmark index A unit: FR P unit: FR R unit: FR W unit: FR European Union equities N/A METROPOLE Sélection aims to outperform the benchmark index, the STOXX Europe Large 200, net dividends reinvested, over a period of five years. The benchmark index is the STOXX Europe Large 200, net dividends reinvested. The STOXX Europe Large 200 is a capitalisation-weighted index of Europe s 200 largest listed companies by market capitalisation, covering the main European countries. The price of the index at close of trading will be used. Investment strategy Strategies used The fund will invest essentially in a selection of European securities in order to provide investors with a portfolio of equities from the European Union, Switzerland and Norway with potential for growth. The strategy consists of selecting discounted securities through a rigorous analysis of the issuing companies' balance sheets, knowledge of the management teams, and identification of one or two catalysts liable to reduce the discount within the next 18 to 24 months. The catalyst(s) will consist of one or more facts or events that will make the market realise that the company's future prospects have been incorrectly assessed, such as a restructuring or asset disposals. The fund will invest in European shares selected on the basis of the intrinsic quality of the issuers, and of the shares potential for regaining market value. As such, all capitalisations may be concerned. The fund may invest in securities not included in the STOXX Europe Large 200 index when appropriate. The fund will not invest in securities issued by companies linked to the production of anti-personnel mines and/or cluster bombs. 4

5 Assets (excluding derivatives) 1. Equities The fund will invest at least 75% of its assets in equities issued in the European Union, so as to obtain the best possible performance. Exposure to European equities risk will be 60% minimum. The fund will invest in a limited number of different shares relative to the 200 stocks that make up the STOXX Europe Large 200 index. In view of this, the portfolio's performance may not follow that of the benchmark index. The weight of any particular stock in the portfolio may not exceed 10% of the fund's total assets. 2. Debt securities and money market instruments The fund may invest up to 15% of its assets in money market products including negotiable debt securities, certificates of deposit and money market funds. Such funds will be taken into account when calculating the 10% ratio mentioned below. 3. UCITS shares or units The portion of the assets not invested in equities may be invested for up to 10% of the fund s net assets in shares or units issued by UCITS of any classification. METROPOLE Selection will invest only in French or European UCITS. METROPOLE Selection may invest in UCITS managed by METROPOLE Gestion. Derivatives Securities with embedded derivatives Deposits Cash loans Temporary sales and purchases of securities METROPOLE Sélection may use derivatives to expose or hedge the fund's assets with regard to a given index or security. Only listed options and futures can be used. These derivatives will be used to hedge the portfolio or to invest in futures or options that will optimise the level of exposure to the European Union equities market. Should the securities or indexes fall, METROPOLE Sélection may buy put options or sell futures to hedge the portfolio or security in question. The derivatives in which the fund invests will not have a maturity of more than two years. METROPOLE Sélection will not use specialist derivative instruments, such as those traded over the counter. METROPOLE Sélection may invest in securities with embedded derivatives. Use of this type of instrument will be limited to convertible bonds (ordinary bonds, indexed bonds, bonds redeemable for shares), rights, warrants, and guaranteed value certificates (certificats de valeur garantie). These instruments will be used when buying the underlying share through the convertible bond would be better than buying it directly. The fund will not invest more than 10% of its assets in securities with embedded derivatives. Securities with embedded derivatives will only be used instead of the corresponding underlying equities, to gain exposure for the portfolio. Deposits may be used for asset allocation purposes, but for no more than 20% of the assets. The term of deposits must not exceed one year. METROPOLE Sélection may borrow cash for up to 10% of its assets. METROPOLE Sélection will not enter into any temporary sales or purchases of securities. 5

6 Risk profile Investors are informed that this fund is exposed to market risk, with a minimum equity risk of 60%, which means there is a risk that investors may lose some of their investment. The fund will invest most of its money in financial instruments selected by the management company. These instruments will be affected by market trends and fluctuations. For securities not listed in euro, there is a foreign exchange risk that is not hedged by the fund. Market risk: Part of the portfolio may be invested in shares. Share price fluctuations can have a positive or a negative impact on the net asset value. Market risk corresponds to the risk of a fall in share prices. Risk of loss of capital: A capital loss occurs when a share is sold for less than the acquisition price. Investors are warned that their capital is not guaranteed, and might not be recovered in full. Credit risk: Part of the portfolio may be invested in mutual funds that are invested in bonds. The fund's net asset value could decrease in the event of a deterioration in the bond issuer's credit quality, for example a rating agency downgrade. Interest rate risk: This concerns the risk of a loss of value of fixed income instruments resulting from changes in interest rates. The fund's net asset value could decrease in the event of a rise in interest rates. Currency risk: An investment in a currency other than the reference currency involves a foreign exchange risk. The fund may be directly exposed to foreign exchange risk through the portion of assets invested in securities denominated in a currency other than the euro. The depreciation of such a currency will result in a drop in the fund's net asset value. Eligible investors Calculation and allocation of income Frequency of distribution of income Subscriptions and redemptions A, P and R units are available to all investors. W units are reserved for investors domiciled in Switzerland, the Netherlands, Germany or the United Kingdom. METROPOLE Sélection is designed for any investor who already has a portfolio comprising open-ended investment companies (such as a SICAV) or mutual funds (such as an FCP) investing in equities and/or direct equity interests, and who wishes to diversify into the European Union. Because of the equity exposure, the recommended investment period is at least five years. Investors are strongly recommended to diversify their investments to avoid being exclusively exposed to the risks inherent in this fund. Capitalisation N/A Subscription and redemption requests are centralised with Société Générale daily until 12pm and processed at the next net asset value, which is calculated using the stock market closing prices of the day in question, i.e., at an unknown price. Settlement takes on the second business day after the net asset value date in question (D+2). 6

7 Frequency of calculation of net asset value Place and method of publication of net asset value Fractions of units Minimum initial subscription Minimum subsequent subscription Currency of denomination Appropriation of income Daily: The fund s units will not be valued on days when the Paris stock exchange and settlement systems are closed. Net asset values can be obtained from the offices of the management company and from the website Units may be subscribed in hundred-thousandths of a unit. Units may be subscribed and/or redeemed by amount or in fractions of units. 1 unit 1 one hundred thousandth of a unit Euro Capitalisation COSTS AND FEES SUBSCRIPTION AND REDEMPTION FEES Subscription fees will be payable in addition to the subscription price paid by the investor and redemption fees will be deducted from the redemption price. Fees retained by the fund will be used to cover costs borne by the fund to invest or divest the assets under management. Fees not retained by the fund will be forwarded to the promoter. Investor's costs, payable with subscriptions or redemptions Base Rate, scale (incl. taxes) A units Rate, scale (incl. taxes) P units Rate, scale (incl. taxes) R units Rate, scale (incl. taxes) W units Subscription fee not retained by fund Net asset value x number of units 4% maximum, negotiable* 4% maximum, negotiable* 4% maximum, negotiable* 6% maximum, negotiable* Subscription fee retained by fund Redemption fee not retained by the fund N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Redemption fee retained by the fund N/A N/A N/A N/A N/A * No subscription or redemption fee will apply in case of a redemption followed by a subscription on the same day for a same amount in the same account based on the same net asset value. 7

8 OPERATING AND MANAGEMENT COSTS Operating and management costs include all costs invoiced directly to the fund, except for portfolio transaction costs. Portfolio transaction costs include all intermediation costs as well as any turnover commissions (commission de mouvement) that may be charged by the depository or the management company. The following may also be payable in addition to the operating and management costs: - Performance fees. These are paid to the management company if the fund's objectives are surpassed. - Turnover commissions invoiced to the fund. - A portion of the income earned on temporary security purchase and sale transactions. For further details of the costs invoiced to the fund, please refer to the key investor information document. COSTS INVOICED TO THE FUND Costs invoiced to the fund Internal and external management costs (including all costs other than portfolio transaction costs, performance fees, costs related to investments in UCITS or investment funds, and fees charged by statutory auditors, depositories, distributors and lawyers) Base Net assets excluding METROPOLE Gestion UCITS Rate, scale (incl. taxes) A units Rate, scale (incl. taxes) P units Rate, scale (incl. taxes) R units Rate, scale (incl. taxes) W units 1.5% maximum 2% maximum 2.20% maximum 0.85% maximum Maximum indirect costs (managements fees and costs) Net assets N/A N/A N/A N/A Turnover commissions (paid to the management company) Deducted from each transaction 0.20% 0.20% 0.20% 0.20% Performance fee* Net assets N/A 15% of outperformance with regard to the STOXX Europe Large 200 net dividends reinvested 15% of outperformance with regard to the STOXX Europe Large 200 net dividends reinvested N/A 8

9 * The performance fee is based on a comparison between the fund s performance over the financial year and that of its benchmark index net dividends reinvested. The benchmark index is the STOXX Europe Large 200 dividends reinvested. The fund s performance is calculated with reference to the change in its net asset value. For each day that the fund outperforms the STOXX Europe Large 200 index net dividends reinvested, a provision of 15% maximum of the outperformance is set aside. For each day that the fund underperforms this index, 15% maximum of this underperformance is written back against the provision within the limit of the amount set aside previously. The management company calculates this provision daily and deducts it annually from the last net asset value in December. This variable portion will only be definitively payable at the close of each financial year if, over the year in question, the fund has performed positively and outperformed its benchmark index net dividends reinvested. If, when the last net asset value in December is calculated, the fund s absolute performance over the year is negative the reference period will be extended by a year and the provision set aside will be carried over to the next year. The provision will then only be definitively payable if the fund s aggregate absolute performance at the end of the second year is positive, in which case the provision set aside in respect of the outperformance for both years will be deducted from the last net asset value in December of the second year. If the fund s aggregate absolute performance for the two years is negative the provision set aside in respect of the outperformance in the first year will be definitively written back. For the first financial year, the reference period for calculating the outperformance will be for a period of more than 12 months, expiring on 31 December These costs (the fixed portion and any variable portion) will be recognised directly in the fund s income statement. The share of performance fees corresponding to any redeemed units is paid to the management company. Exceptional legal costs related to the recovery of receivables may be borne by the fund. Subscriptions and redemptions of shares or Nil (free of charge) units issued by UCITS managed by METROPOLE Gestion Policy on fees in kind No intermediary or counterparty pays the Brief description of intermediary selection procedure management company fees in kind. The management company has implemented a selection and assessment procedure for its intermediaries and counterparties that takes into consideration objective criteria such as the cost of the service provided, execution quality and research. 9

10 IV COMMERCIAL INFORMATION In some cases, events affecting the fund are reported on the local financial markets via the central custodian, Euroclear France, and/or are reported via various media as required by the applicable regulations and in accordance with the commercial policy of each marketer. These events may be reported in individual letters sent to unitholders, in notices published in national newspapers, or in the fund's interim financial reports or annual report. In addition, reminders may be included in any commercial documents made available to the unitholders by the marketers or supplied on request. The report on the conditions for the exercise of voting rights by the management company is available on the website: Unitholders can obtain the fund s prospectus and most recent annual and interim reports within one week by writing to: METROPOLE Gestion 9, rue des Filles Saint-Thomas Paris France Tel.: + 33 (0) Fax.: +33 (0) V INVESTMENT RULES The investment rules specified in the French monetary and financial code (Code Monétaire et Financier) shall apply. The fund will comply with the 5% - 10% - 40% rule. The fund will not enter into commitments in excess of the amount of its assets. VI OVERALL RISK METROPOLE Gestion uses the commitment method to calculate its overall risk ratio. Special exceptions: none VII VALUATION RULES Accounts for the securities portfolio will be kept on an historical cost basis: acquisitions (purchases or subscriptions) and disposals (sales or redemptions) will be recorded at the acquisition price, excluding costs. All disposals will generate a capital gain or a capital loss on sale or redemption, as well as a possible redemption premium. The fund will calculate the value of its securities portfolio at present value, based on the market value. The prices used to value the portfolio will be the closing prices in the respective eurozone markets. Closeof-trading prices for the European securities will be compiled by the valuer, Société Générale Securities Services Net Asset Value, at approximately 8.00 a.m. (local time) using the Bloomberg database. 10

11 If a price is not quoted for a given stock on the valuation day, the last known price will be used. If the price of a financial instrument was not recorded on the day the net asset value was calculated or was subsequently adjusted, said financial instrument's value will be calculated on the basis of its probable trading value, under the management company's responsibility. The auditor will be provided with all such data for audit purposes. The difference between the acquisition cost and the present value will generate a capital gain or loss which will be recorded under portfolio valuation differences. Income will be recorded on an accruals basis. European securities and other foreign securities will be valued on the basis of close-of-trading prices. If a price is not quoted on the calculation day, the last known price will be used. Any securities that may be hedged will be valued on the basis of data consistent with the valuation of the hedging or arbitrage instruments. Forward trades will be valued at the relevant day's settlement price. Options will be valued at the relevant day's settlement price. Units or shares issued by UCITS will be valued at the last known net asset value. Negotiable debt securities with a maturity of less than three months at the time of purchase will be valued by recognising the premium/discount upon acquisition on a straight-line basis. Negotiable debt securities with a maturity of more than three months will be valued at their market value, adjusted if necessary by a spread corresponding to the issuer risk. Interest rate swaps will be valued at their market value, adjusted if necessary by a spread corresponding to the issuer risk. VALUATION METHOD FOR OFF-BALANCE SHEET COMMITMENTS Off-balance sheet transactions will be valued at their market value. The market value for forward contracts is the price of the security in euro multiplied by the contract's nominal amount. The market value for options corresponds to the value of the underlying asset, if exercised. 11

12 FUND RULES TITLE 1 ASSETS AND UNITS Article 1 Joint ownership rights The rights of the joint owners are represented by units, and each unit corresponds to an identical portion of the fund's assets. Each unitholder has a right of joint ownership over the fund's assets pro rata to the number of units held. The duration of the fund is 99 years from its creation, except in the cases of early dissolution or extension provided for in these fund rules. Article 2 Minimum amount of assets Units may not be redeemed if the fund's assets fall below 300,000; if the fund s assets remain below this level for a period of 30 days, the management company shall take all necessary action to liquidate the fund or proceed with one of the measures referred to in Article (UCITS transfers) of the General Regulation of the AMF (Autorité des Marchés Financiers the French financial services regulatory authority). Article 3 Issue and redemption of units Units shall be issued at any time as and when requested by investors, on the basis of their net asset value increased, if applicable, by a subscription fee. Subscriptions and redemptions shall be carried out in accordance with the terms and conditions and procedures defined in the prospectus. Units issued by this type of mutual fund (fonds commun de placement) may be admitted for listing on a financial market in accordance with the applicable regulations. Subscriptions must be paid in full on the date of calculation of the net asset value. Subscriptions may be made in cash and/or by the contribution of financial instruments. The management company may reject the securities offered, and has seven days from the date of their deposit in which to make its decision known. If it accepts the securities, they shall be valued on the basis of the rules laid down in Article 4, and the subscription shall be made on the basis of the first net asset value calculated following acceptance of the securities involved. Redemptions shall be solely in cash, except in the event of the liquidation of the fund if unitholders have stated that they agree to be repaid in securities. Payments shall be made by the issuer account administrator within five days of calculation of the redemption price. However, if, due to special circumstances, fund assets need to be realised in order to redeem units, said period may be extended but may not exceed 30 days. Except in the event of settlement of an estate or an inter vivos distribution, the sale or transfer of units between unitholders, or from unitholders to a third party, shall be treated as a redemption followed by a subscription. If a third party is involved, the transferee will be required to pay an additional sum, if necessary, to bring the price paid up to at least the minimum subscription specified in the prospectus. Pursuant to Article L of the French monetary and financial code, the management company may temporarily suspend redemption of units or the issue of new units by the fund, when exceptional circumstances and the interests of the unitholders so require. Units may not be redeemed when the fund's net assets are below the minimum set by the fund rules. 12

13 Article 4 Calculation of the net asset value The net asset value of the units shall be calculated in compliance with the valuation rules specified in the detailed description in the prospectus. TITLE 2 OPERATION OF THE FUND Article 5 The management company The fund shall be managed by the management company in accordance with the fund's defined policy. The management company shall act solely in the interest of the unitholders under all circumstances and shall have sole authority to exercise the voting rights attached to securities held by the fund. Article 5a Operating rules The instruments and deposits in which the fund's assets may be invested and the investment rules are defined in the prospectus. Article 6 The depository The depository shall perform both its statutory and regulatory functions and those assigned to under contract by the management company. In particular, it shall verify the legality of decisions made by the management company. It shall take any precautionary measures it deems appropriate. In the event of a dispute with the management company, it shall inform the AMF. Article 7 The auditor An auditor shall be appointed for six financial years, subject to approval by the AMF and the management company's governing body. It shall certify that the financial statements are accurate, true and fair. The auditor may be re-appointed. The auditor shall have a duty to report promptly to the AMF any fact or decision concerning the fund of which it has become aware while carrying out its tasks and which is liable to: 1. Constitute a breach of the laws or regulations applicable to said fund and be likely to have a significant impact on its financial situation, profits or assets; 2. Jeopardise its operations or continuous functioning; 3. Lead to the expression of reservations or a refusal to certify the financial statements. Assets will be valued and exchange ratios will be determined for the purpose of any transformation, merger or demerger under the auditor's supervision. It shall determine the value of any contribution in kind. It shall audit the details of the assets and other items before publication. The auditor's fees shall be fixed by mutual agreement between the auditor and the management company's board of directors or executive board, in light of the work schedule and the checks and audits deemed necessary. Its fees shall be recorded as management costs. It shall certify the financial statements used to calculate distributions. Article 8 Financial statements and management report At the end of each financial year, the management company shall prepare the summary documents and a report on the management of the fund over the past financial year. Under the depository s supervision, at least every six months the management company shall prepare a statement of the fund s assets and liabilities. 13

14 The management company shall make these documents available to the unitholders within four months of the end of the financial year, and shall inform them of the amount of income to which they are entitled: said documents shall be sent by post if expressly requested by the unitholders, or held at their disposal by the management company. TITLE 3 APPROPRIATION OF INCOME Article 9 Appropriation of income and amounts available for distribution Net income for the fiscal year shall be equal to the amount of interest, arrears, dividends, premiums and bonus payments, attendance fees and all income relating to the securities in the fund's portfolio, increased by the income from any amounts held temporarily as cash or cash equivalents and reduced by management fees and interest on borrowings. Earnings available for distribution shall be equal to the year's net income plus retained earnings and plus or minus the net balance of any income adjustment accounts pertaining to the financial year. Available amounts will be capitalised in full, except for those that must be distributed by law. TITLE 4 MERGER SPLIT DISSOLUTION LIQUIDATION Article 10 Merger Split The management company may transfer all or part of the fund's assets to another mutual fund, or split the fund into two or more other mutual funds. Said merger or Split may only take place after the shareholders have been informed thereof. Said merger or Split shall give rise to the issue of a new certificate specifying the number of units held by each investor. Article 11 Dissolution - Extension If the fund's assets remain less than the amount laid down in Article 2 above for 30 days, the management company shall inform the AMF and, in the absence of a merger with another mutual fund, shall dissolve the fund. The management company may dissolve the fund before its term. It shall inform the shareholders of its decision, after which no further applications for subscription or redemption shall be accepted. The management company shall also dissolve the fund in the event of an application for redemption of all the shares, or in the event of termination of the depository s duties if no other depository has been appointed, or at the end of the fund's duration if it has not been extended. The management company shall inform the AMF by letter of the date of dissolution and the dissolution procedure selected. It shall then send the auditor's report to the AMF. Extension of the fund may be decided by the management company in agreement with the depository. Its decision shall be made at least three months before the scheduled end of the fund's duration and the unitholders and the AMF shall be informed thereof. Article 12 Liquidation In the event of dissolution, the management company or the depository shall be responsible for liquidation. If this is not possible, the liquidator shall be designated by the relevant court on the request of any claimant concerned. The liquidator shall be granted the broadest powers to realise assets, pay off creditors, if any, and divide the available balance among the unitholders in the form of cash or securities. 14

15 The auditor and the depository shall continue to perform their duties until completion of the liquidation proceedings. TITLE 5 DISPUTES Article 13 Jurisdiction Address for service Any dispute relating to the fund that may arise during the operation thereof or at the time of its liquidation, either between the unitholders or between the unitholders and the management company or the depository, shall be referred to the courts with jurisdiction. 15

16 Addendum to the prospectus of METROPOLE Selection dated February 2015 for Investors in the United Kingdom The UK Facilities Agent for METROPOLE Selection (The Fund) is Société Générale London Branch, Société Générale Securities Services Custody London (The Facilities Agent), a company authorized and regulated by the UK Financial Services Authority. Address Société Générale London Branch, Société Générale Securities Services Custody London 5 Devonshire Square, Cutlers Gardens London EC2M 4YD United Kingdom The following documents related to the Fund will be available for inspection (free of charge) and for the obtaining (free of charge in the case of the documents at (2) and (3), and otherwise at no more than a reasonable charge) of copies in English during regular business hours at the office of the Facilities Agent: (1) the Fund rules; (2) the latest prospectus for the Fund; (3) the key investor information document; (4) the latest Annual and half-yearly reports. The prospectus contains information describing where information in English can be obtained about prices of units in the Fund and where a participant in the Fund may redeemi or arrange for redemption of units in the Fund and obtain payment. For UK investors, information in English can be obtained about prices of the scheme and where a participant may arrange for redemption of units in the scheme and arrange payment from Facilities Agent. The Facilities Agent shall maintain facilities in the United Kingdom to enable any person with a complaint about the operation of a Fund to submit the complaint to the Fund.