Deutsche Invest I China Bonds Deutsche Invest II China High Income Bonds Product News

Transcription

1 Deutsche Invest I China Bonds Deutsche Invest II China High Income Bonds Product News Transfer of fund management sub-delegation to Deutsche Asset Management (Hong Kong) Subject to regulatory approval by the Commission de Surveillance du Secteur Financier (CSSF), effective Jan 1, 2018, portfolio management responsibilities for Deutsche Invest I China Bonds (DIICB) and Deutsche Invest II China High Income Bonds (DIICHB) will be transfered from Harvest Global Investments Ltd. (HGI) to Deutsche Asset Management (Hong Kong) 1. Upon completion of the transfer, Henry Wong will become lead Portfolio Manager for both funds with Osvaldo Kwan as deputy manager. Until Jan 1, 2018 portfolio management responsibilities will continue to reside with Harvest Global Investments. Prior to the effective transfer date, DeAM HK and HGI will work together to jointly ensure a smooth transition process. A strategic decision based on strong capabilities Deutsche AM has significantly invested in growing our business in Asia, particularly through our Hong Kong hub. With the hiring of Henry Wong as Head of Asian Fixed Income in 2014, based in Hong Kong, we have signficantly expanded our local capabilities. He brings significant experience to the team with more than twenty years spent investing in Asian Fixed Income markets. The strengthening of our Hong Kong investment platform and subsequent successful launch of Deutsche Invest I Asian Bonds (please find performance details within) underpin our strategic commitment to Active fixed income management in Asia. These successful steps were the necessary pre-conditions to allow us to expand our investment universe. Now Deutsche Invest I China Bonds and Deutsche Invest II China High Income Bonds will become an integral part of the Hong Kong platform, embedded in a stable and growing team. As a business we continue to assess additional strategic initiatives in the region like investing directly into onshore Chinese bonds, potentially expanding our platform, presence, and product offering in this major market even further. New manager new strategy? The prospectus and internal investment guidelines strategies for DIICB, as well as DIICHIB, will not change. Both funds will continue to provide investors access to the Chinese Renminbi currency and provide dedicated Chinese and Asian issuer driven bond portfolios. DIICB and DIICHIB will continue to be well-diversified portfolios with allocation limits of 5% for Investment Grade (IG) issues and 3% for High Yield (HY) issues. 1 Legal Entity: Deutsche Bank AG, Hong Kong branch Page 1

2 The investment universe for Deutsche Invest I China Bonds and Deutsche Invest II China High Income Bonds remains the CNH and the USD denominated Offshore China Bond market in Hong Kong. Instruments not denominated in Renminbi will be hedged back to Renminbi using FX forwards. Specific guidelines: Deutsche Invest I China Bonds: The fund will keep a minimum of 80% exposure to IG rated securities and a maximum of 20% exposure to non-investment grade rated securities. Deutsche Invest II China High Income Bonds: The fund will continue to invest in higher income securities with a high yield HY exposure of between 50% to 80% of the NAV of the fund. The three strategies will strongly benefit from the local research and management set-up, and proximity to the target investment universe. The major differentiators between the three funds remain: a) the unhedged RMB-position b) the outright allocation in Dim-Sum-Bonds (both China Bond Funds) c) the constrained/unconstrained approaches with respect to credit risk. (see graph to the right). The addition of Deutsche Invest I China Bonds and of Deutsche Invest II China High Income Bonds will expand Deutsche Asset Management s Asian Fixed Income strategies in a logical and consistent way. A stable Hong Kong based portfolio management team combined with unchanged investment guidelines should ensure that the basic investment thesis remains unchanged, that is: provide investors with prime access to the growing and incomeoffering Renminbi bond market! Page 2

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6 Chances and risks: Opportunities Risks Consistent interest income Rising prices/falling yields in the bond markets may have a positive impact on the price of the funds units Currency opportunities in terms of USD/RMB, if RMB appreciates against USD. Depending on share class additional opportunities in terms of EUR/USD, if USD appreciates against EUR A fall in spreads on investment grade and high yield bonds also has a positive effect on unit prices Currency risks in terms of USD/RMB and depending on share class in terms of EUR/USD developments The price of the fund units may be negatively affected by yields rising/prices falling in the bond markets and by a spread widening on investment grade and high yield bonds. Issuer-, counterparty-, credit history- and default risk By economic and political changes in the emerging market countries it may come to markedly increased volatility of the bond prices. Hence, due to its composition and the techniques used by its fund managers, this fund is subject to high levels of volatility which means that the unit prices may be subject to substantial downward or upward fluctuation, even within short periods of time. The value of the fund s units may fall at any time below the price at which the client originally bought them. Important Information This marketing communication is intended for professional clients only. Deutsche Asset Management represents the asset management activities conducted by Deutsche Bank AG or any of its subsidiaries. Clients will be provided Deutsche Asset Management products or services by one or more legal entities that will be identified to clients pursuant to the contracts, agreements, offering materials or other documentation relevant to such products or services. This document has been prepared without consideration of the investment needs, objectives or financial circumstances of any investor. Before making an investment decision, investors need to consider, with or without the assistance of an investment adviser, whether the investments and strategies described or provided by Deutsche Asset Management, are appropriate, in light of their particular investment needs, objectives and financial circumstances. Furthermore, any report or analysis within this document is shown for information/discussion/illustrative purposes and does not constitute an offer, recommendation or solicitation to conclude a transaction and should not be treated as giving investment advice. The information contained in this document does not constitute investment advice. Complete information on the Funds including risks can be found in the relevant prospectuses in their prevailing version. These and the relevant key investor information documents constitute the only binding sales documents for the Funds. Investors can obtain these documents along with copies of the articles of association and the latest published annual and semi-annual reports from the Deutsche Asset Management Investment GmbH, Mainzer Landstraße 11-17, D Frankfurt am Main in Germany or Deutsche Asset Management S.A., 2, Boulevard Konrad Adenauer, L-1115 Luxembourg in printed form free of charge, or download them from All opinions and estimates herein, including forecast returns, reflect our judgment on the date of this report and are subject to change without notice and involve a number of assumptions which may not prove valid. Investments are subject to various risks, including market fluctuations, regulatory change, possible delays in repayment and loss of income and principal invested. The value of investments can fall as well as rise and you may not recover the amount originally invested at any point in time. Furthermore, substantial fluctuations of the value of the investment are possible even over short periods of time. This publication contains forward looking statements. Forward looking statements include, but are not limited to assumptions, estimates, projections, opinions, models and hypothetical performance analysis. The forward looking statements expressed constitute the author s judgment as of the date of this material. Forward looking statements involve significant elements of subjective judgments and analyses and changes thereto and/or consideration of different or additional factors could have a material impact on the results indicated. Therefore, actual results may vary, perhaps materially, from the results contained herein. No representation or warranty is made by Deutsche Asset Management International GmbH as to the reasonableness or completeness of such forward looking statements or to any other financial information contained herein. The terms of any investment will be exclusively subject to the detailed provisions, including risk considerations, contained in the Offering Documents. When making an investment decision, you should rely on the final documentation relating to the transaction and not the summary contained herein. This document may not be reproduced or circulated without our written authority. The manner of circulation and distribution of this document may be restricted by law or regulation in certain countries, including the United States. Past performance is not an indication of future results. Nothing contained herein shall constitute any representation or warranty as to future performance. Further information is available upon investor's request. Deutsche Asset Management International GmbH does not give tax or legal advice. Investors should seek advice from their own tax experts and lawyers, in considering investments and strategies suggested by Deutsche Asset Management International GmbH. Page 6

7 Deutsche Asset Management International GmbH, All rights reserved. No further distribution is allowed without prior written consent of the Issuer Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. For investors in Switzerland This fund has been registered as a foreign collective investment schemes for distribution to non qualified investors in Switzerland by the Swiss Financial Market Supervisory Authority (FINMA) pursuant to the Swiss Federal Act on Collective Investment Schemes of June 23, 2006 ("CISA"). The Representative for the Fund is Deutsche Bank (Switzerland) Ltd., 8021 Zürich, Hardstrasse 201. The Paying Agent is [Deutsche Bank (Suisse) SA, Place des Bergues 3, CH-1201 Geneva. The current sales prospectus, the Articles of Association, KID (Key Investor Information Document) as well as the annual and semi-annual reports may upon request be obtained upon free of charge from the representative as well as from In respect of the units distributed in and from Switzerland, the place of performance and jurisdiction is at the registered /office of the representative. / This first section is for registered funds The distribution of the shares of this collective investment scheme (the Shares ) in Switzerland will be exclusively made to, and directed at, qualified investors (the Qualified Investors ), as defined in the Swiss Collective Investment Schemes Act of 23 June 2006, as amended ( CISA ), and its implementing ordinance. Accordingly, this collective investment scheme has not been and will not be registered with the Swiss Financial Market Supervisory Authority ( FINMA ). This fund document and/or any other offering materials relating to the Shares may be made available in Switzerland solely to Qualified Investors. For investors in Austria Marketing Communication This brochure constitutes a marketing communication as defined in Section 41 para 1 of the Austrian Securities Supervision Act 2007 (Wertpapieraufsichtsgesetz WAG 2007) as well as advertising pursuant to Section 128 of the Austrian Investment Fund Act 2011 (Investmentfondsgesetz 2011 InvFG 2011). Neither this marketing communication nor any other document in connection with the this marketing communication is a prospectus (Prospekt) pursuant to the InvFG 2011, the Austrian Capital Markets Act (Kapitalmarktgesetz - KMG) or the Austrian Stock Exchange Act (Börsegesetz - BörseG) and has therefore not been drawn up, audited, approved, passported and/or published in accordance with the aforesaid statutes. This document is a marketing communication and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is further not subject to the prohibition on dealing after the dissemination of investment research. The information contained herein is based on our assessments of the current legal and tax situation. Our assessments may change at any time without notice and/or with retroactive effect due to changes in current law, the introduction of new acts or changes in interpretation of law by regulators or tax authorities. The information contained in this marketing communication does not constitute investment advice and serves only as a brief summary of key aspects of the funds for the purpose of a product description. Investment decisions should solely be made based upon the key investor information document (or - where applicable the simplified prospectus) and the current published prospectus together with any other related documents. Only these documents are binding. The current key investor information document as well as the current prospectus may be obtained in printed form free of charge at the offices of Deutsche Bank AG Filiale Wien, 1010 Wien, Fleischmarkt 1 or downloaded at the following homepage Limitation of Liability We assume no liability for the accuracy of information or data contained within this brochure; no responsibility can be assumed for any information contained herein. Furthermore, the handing out of this brochure also does not represent an offer for sale, a solicitation to submit a purchase offer or recommendations for investment or other consultancy services as defined in WAG 2007 or the Austrian Banking Act (Bankwesengesetz - BWG). Since information regarding performance, development of value or interest returns refers to past values or represents simulations, no conclusions can be drawn with regard to future earning capacity or development of value. It is not guaranteed that the respective product(s) would and will generate any income as compared to the income described (for purposes of illustration) in this marketing communication. In any case, the relevant market risks should be evaluated prior to investing by having sought advice from a professional consultant. Any liability for losses resulting from investments is hereby waived. We would like to point out that any information contained in this brochure is of a general nature. The information stated herein may change at any time without notice. We explicitly warn against putting any information into practice without having sought more substantiated and detailed advice and analysis of your specific asset situation. Without recourse to this analysis, any information contained in this brochure could lead to an undesired performance of investments. The units in investment funds as described herein may solely be offered and sold in jurisdictions where the offering and sale of such units is legally permissible. Thus, the units in investment funds may not be offered within the territory of the United States or for account of any US-person. This document and the information contained therein may not be distributed into the United States. Direct or indirect distribution of this document to any person located or resident in the United States, United Kingdom, Canada or Japan as well as the distribution to any US-person are prohibited. Taxes If information contained in this brochure refers to a specific tax treatment, we explicitly advise you of the fact that this tax treatment depends upon the personal circumstances of the customer in question, and may be subject to change in the future. Persons who are interested in acquiring of, disposing of units in investment funds or are holding such units are advised to consult a tax adviser in relation to the individual tax implications of such actions. Descriptions of risks We explicitly remind you that securities-based investments, in particular in units in investment funds, may be subject to a range of risks. Page 7

8 These risks include, for example, currency risk, transfer risk, country risk, liquidity risk, solvency risk, interest risk and price risk. Depending on the type of investment, these risks can lead to losses, and in the worst case to a total loss of the invested capital. A detailed description of the risks involved can be found in the information leaflet "information about investments - notes on risk" already provided to you by your adviser. In connection with the instrument specific risks we refer to the respective key investor information document and the current prospectus, which your adviser has also already provided you with or you may obtain as described above. For investors in the Netherlands For registered fund: Deutsche Invest I China Bonds, Deutsche Invest Asian Bonds Additional information for investors in the Netherlands. The prospectus, key investor information, articles of association, annual and semiannual reports are all available in Dutch language in electronic or printed form free of charge from Deutsche Bank AG, Amsterdam Branch, 1101 HE Amsterdam, DE Entrée or the website For investors in Belgium The information contained herein is only intended for and must only be distributed to institutional and/or professional investors (as defined in the Belgian law of 2 August 2002 on the supervision of the financial sector and the financial services). In reviewing this presentation you confirm that you are such an institutional or professional investor. When making an investment decision, potential investors should rely solely on the final documentation (including the prospectus) relating to the investment or service and not the information contained herein. The investments or services mentioned herein may not be adequate or appropriate for all investors and before entering into any transaction you should take steps to ensure that you fully understand the transaction and have made an independent assessment of the suitability or appropriateness of the transaction in the light of your own objectives and circumstances, including the possible risks and benefits of entering into such transaction. You should also consider seeking advice from your own advisers in making this assessment. If you decide to enter into a transaction with us you do so in reliance on your own judgment. For investors in the Netherlands For not registered fund: Deutsche Invest II High Income Bonds The Interests may not be offered or acquired, directly or indirectly, in the Netherlands and this document may not be circulated in the Netherlands, as part of an initial distribution or any time thereafter, other than (i) to individuals or legal entities who are Qualified Investors within the meaning of Article 1:1 of the Financial Supervision Act as amended from time to time; or (ii) to persons and legal entities who will commit to invest in the Fund at least 100,000 per investor for each separate offer; or (iii) where the nominal value per Interest is at least 100,000. The Fund does not require a license pursuant to the Financial Supervision Act and the Fund is not supervised by the Netherlands Authority for the Financial Markets. For investors in France For not registered funds: Deutsche Invest II High Income Bonds The Fund has not been authorized and this Document has not been approved by the Autorité des Marchés Financiers or any other French authority. No marketing of the Interests has been made on French territory, and this Document and any other offering materials relating to the Fund are being provided only at the request of potential professional investors. This Document and any other offering materials are strictly confidential and may not be distributed to any person or entity other than the recipients hereof. Where distributed by Deutsche Bank AG, Stockholm branch: Deutsche Bank AG is authorised under German Banking Law (competent authority: European Central Bank and the BaFin, Germany s Federal Financial Supervisory Authority). 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This material and attachments is for information purposes only and is not intended to be an offer or an advice or recommendation or solicitation, or the basis for any contract to purchase or sell any security, or other instrument, or for DBS to enter into or arrange any type of transaction as a consequence of any information contained herein. The implicit or explicit views and recommendations expressed in marketing or other financial presentation material as well as any financial proposals are solely those of the issuer of such material, and forwarded to you on behalf of the contracting party. 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9 in making this assessment. If you decide to enter into a transaction with a contracting party you do so in reliance on your own judgment. For general information regarding the nature and risks and types of financial instruments please go to Past performance is not a suitable indicator of future results. [An investment in [mutual funds/etfs/units, etc.] can rise or fall in value and there is no guarantee that the investor will get back all capital invested. Fluctuations in currency rates may cause the value of investments to either rise or fall. Investors should note that most [mutual funds/etfs/units, etc.] are not capital protected or capital guaranteed. Investors in [mutual funds/etfs/units, etc.] should be aware of the possibility, and financially able, to lose part or all of the invested capital. An investment in [mutual funds/etfs/units, etc.] is associated with risks, for a presentation of the risks related to investments in these funds, please refer to respective [funds/etfs, etc.].fact Sheet and/or Key Investor Information Document ( KIID s) and/or fund Prospectus). DB SPECIFICALLY DISCLAIMS ALL LIABILITY FOR ANY DIRECT, INDIRECT, CONSEQUENTIAL OR OTHER LOSSES OR DAMAGES INCLUDING LOSS OF PROFITS INCURRED BY YOU OR ANY THIRD PARTY THAT MAY ARISE FROM ANY RELIANCE ON THIS DOCUMENT OR FOR THE RELIABILITY, ACCURACY, COMPLETENESS OR TIMELINESS THEREOF. For investors in UK Issued and approved by Deutsche Asset Management (UK) Limited of Winchester House, 1 Great Winchester Street, London EC2N 2DB, authorised and regulated by the Financial Conduct Authority ( FCA ). This document is a non-retail communication within the meaning of the FCA's Rules and is directed only at persons satisfying the FCA s client categorisation criteria for an eligible counterparty or a professional client. This document is not intended for and should not be relied upon by a retail client. This document may not be reproduced or circulated without written consent of the issuer. This document is intended for discussion purposes only and does not create any legally binding obligations on the part of Deutsche Bank AG and/or its affiliates ( DB ). Without limitation, this document does not constitute investment advice or a recommendation or an offer or solicitation and is not the basis for any contract to purchase or sell any security or other instrument, or for DB to enter into or arrange any type of transaction as a consequence of any information contained herein. The information contained in this document is based on material we believe to be reliable; however, we do not represent that it is accurate, current, complete, or error free. Assumptions, estimates and opinions contained in this document constitute our judgment as of the date of the document and are subject to change without notice. Past performance is not a guarantee of future results. Any forecasts provided herein are based upon our opinion of the market as at this date and are subject to change, dependent on future changes in the market. Any prediction, projection or forecast on the economy, stock market, bond market or the economic trends of the markets is not necessarily indicative of the future or likely performance. Investments are subject to risks, including possible loss of principal amount invested. When making an investment decision, potential investors should rely solely on the final documentation relating to the investment or service and not the information contained herein. The investments or services mentioned herein may not be appropriate for all investors and before entering into any transaction you should take steps to ensure that you fully understand the transaction and have made an independent assessment of the appropriateness of the transaction in the light of your own objectives and circumstances, including the possible risks and benefits of entering into such transaction. For general information regarding the nature and risks of the proposed transaction and types of financial instruments please go to You should also consider seeking advice from your own advisers in making this assessment. If you decide to enter into a transaction with us you do so in reliance on your own judgment. This material was prepared by a Sales or Trading function within DB, and was not produced, reviewed or edited by the Research Department. Any opinions expressed herein may differ from the opinions expressed by other DB departments including the Research Department. Sales and Trading functions are subject to additional potential conflicts of interest which the Research Department does not face. DB may engage in transactions in a manner inconsistent with the views discussed herein. DB trades or may trade as principal in the instruments (or related derivatives), and may have proprietary positions in the instruments (or related derivatives) discussed herein. DB may make a market in the instruments (or related derivatives) discussed herein. Sales and Trading personnel are compensated in part based on the volume of transactions effected by them. The distribution of this document and availability of these products and services in certain jurisdictions may be restricted by law. You may not distribute this document, in whole or in part, without our express written permission. For investors in UK Issued and approved by Deutsche Bank AG London Branch, Winchester House, 1 Great Winchester Street, London EC2N 2DB. Deutsche Bank AG is authorised under German Banking Law (competent authority: European Central Bank) and, in the United Kingdom, by the Prudential Regulation Authority. It is subject to supervision by the European Central Bank and by BaFin, Germany s Federal Financial Supervisory Authority, and is subject to limited regulation in the United Kingdom by the Prudential Regulation Authority and Financial Conduct Authority. Deutsche Bank AG is a joint stock corporation with limited liability incorporated in the Federal Republic of Germany, Local Court of Frankfurt am Main, HRB No ; Branch Registration in England and Wales BR and Registered Address: Winchester House, 1 Great Winchester Street, London EC2N 2DB. Deutsche Asset Management is the brand name for the asset management arm of Deutsche Bank AG. This document is a non-retail communication within the meaning of the FCA's Rules and is directed only at persons satisfying the FCA s client categorisation criteria for an eligible counterparty or a professional client. This document is not intended for and should not be relied upon by a retail client. This document may not be reproduced or circulated without written consent of the issuer. This document is intended for discussion purposes only and does not create any legally binding obligations on the part of Deutsche Bank AG and/or its affiliates ( DB ). Without limitation, this document does not constitute investment advice or a recommendation or an offer or solicitation and is not the basis for any contract to purchase or sell any security or other instrument, or for DB to enter into or arrange any type of transaction as a consequence of any information contained herein. The information contained in this document is based on material we believe to be reliable; however, we do not represent that it is accurate, current, complete, or error free. Assumptions, estimates and opinions contained in this document constitute our judgment as of the date of the document and are subject to change without notice. Past performance is not a guarantee of future results. Any forecasts provided herein are based upon our opinion of the market as at this date and are subject to change, dependent on future changes in the market. Any prediction, projection or forecast on the economy, stock market, bond market or the economic trends of the markets is not necessarily indicative of the future or likely performance. Investments are subject to risks, including possible loss of principal amount invested. When making an investment decision, potential investors should rely solely on the final documentation relating to the investment or service and not the information contained herein. The investments or services mentioned herein may not be appropriate for all investors and before entering into any transaction you should take steps to ensure that you fully understand the transaction and have made an independent assessment of the appropriateness of the transaction in the light of your own objectives and circumstances, including the possible risks and benefits of entering into such transaction. For general information regarding the nature and risks of the proposed transaction and types of Page 9

10 financial instruments please go to You should also consider seeking advice from your own advisers in making this assessment. If you decide to enter into a transaction with us you do so in reliance on your own judgment. This material was prepared by a Sales or Trading function within DB, and was not produced, reviewed or edited by the Research Department. Any opinions expressed herein may differ from the opinions expressed by other DB departments including the Research Department. Sales and Trading functions are subject to additional potential conflicts of interest which the Research Department does not face. DB may engage in transactions in a manner inconsistent with the views discussed herein. DB trades or may trade as principal in the instruments (or related derivatives), and may have proprietary positions in the instruments (or related derivatives) discussed herein. DB may make a market in the instruments (or related derivatives) discussed herein. Sales and Trading personnel are compensated in part based on the volume of transactions effected by them. The distribution of this document and availability of these products and services in certain jurisdictions may be restricted by law. You may not distribute this document, in whole or in part, without our express written permission. [Specific wording (depending on content) to be included here (see below SECTION 3)] Certain Deutsche Asset Management products and services may not be available in every region or country for legal or other reasons, and information about these products or services is not directed to those investors residing or located in any such region or country. DB SPECIFICALLY DISCLAIMS ALL LIABILITY FOR ANY DIRECT, INDIRECT, CONSEQUENTIAL OR OTHER LOSSES OR DAMAGES INCLUDING LOSS OF PROFITS INCURRED BY YOU OR ANY THIRD PARTY THAT MAY ARISE FROM ANY RELIANCE ON THIS DOCUMENT OR FOR THE RELIABILITY, ACCURACY, COMPLETENESS OR TIMELINESS THEREOF. For investors in Singapore For not registered fund: Deutsche Invest I Asian Bonds This Information has not been registered as a prospectus with the Monetary Authority of Singapore. Accordingly, this Information and any other document or material in connection with the offer or sale, or invitation for subscription or purchase, of [Shares/Units/Interests] may not be circulated or distributed, nor may [Shares/Units/Interests] be offered or sold, or be made the subject of an invitation for subscription or purchase, whether directly or indirectly, to persons in Singapore other than (i) to an institutional investor under Section 304 of the Securities and Futures Act, Chapter 289 of Singapore (the SFA ) or (ii) otherwise pursuant to, and in accordance with the conditions of, any other applicable provision of the SFA For investors in Chile Without limitation, this document does not constitute an offer, an invitation to offer or a recommendation to enter into any transaction neither does it constitute the offer of securities or funds. The offer of any services and/or securities or funds will be subject to appropriate local legislation and regulation. The information contained in this document is not intended to be an offer of securities. This information is subject to General Rule No. 336 of the Superintendencia de Valores y Seguros de Chile ( SVS ). The units issued under this fund are not registered with the SVS. The issuer is not required to provide information in Chile on the units issued under the fund. The units may not be publicly offered unless they are properly registered with the SVS. Page 10

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