Itaú Funds. Prospectus

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1 VISA 2015/ PC L'apposition du visa ne peut en aucun cas servir d'argument de publicité Luxembourg, le Commission de Surveillance du Secteur Financier Itaú Funds Société d investissement à capital variable Luxembourg Prospectus Dated October 2015

2 TABLE OF CONTENTS INTRODUCTION 3 IMPORTANT INFORMATION 4 1. GLOSSARY OF TERMS 5 2. ORGANISATION OF THE COMPANY LEGAL FORM AND STRUCTURE OF THE COMPANY SUB-FUNDS MANAGEMENT AND ADMINISTRATION INVESTMENT OBJECTIVES AND POLICIES RISK FACTORS FORM OF SHARES ISSUE OF SHARES CLASSES OF SHARES SUBSCRIPTION FOR 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 THE NET ASSETS OF ANY SUB-FUND COMMISSIONS AND CHARGES NET ASSET VALUE TAXATION - APPLICABLE LAW GENERAL MEETINGS AND REPORTS RISK MANAGEMENT TERM, LIQUIDATION, MERGER AND DIVISION LIQUIDATION - TERMINATION AND AMALGAMATION OF SUB-FUNDS INFORMATION AVAILABLE TO THE PUBLIC DIVIDEND POLICY 41 APPENDIX A INVESTMENT POWERS AND RESTRICTIONS 43 APPENDIX B FINANCIAL TECHNIQUES AND INSTRUMENTS 49 APPENDIX C DETAILS OF EACH SUB-FUND 52 ITAÚ FUNDS - LATIN AMERICA EQUITY FUND 53 ITAÚ FUNDS - BRAZIL EQUITY FUND 58 ITAÚ FUNDS - LATIN AMERICA EX-BRAZIL EQUITY FUND 63 ITAÚ FUNDS - CONSERVATIVE FUND 68 ITAÚ FUNDS - MODERATE FUND 72 ITAÚ FUNDS - GROWTH FUND 76 ITAÚ FUNDS AGGRESSIVE GROWTH FUND

3 INTRODUCTION Itaú Funds Société d investissement à capital variable Registered Office: 49, avenue J.F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg R.C.S. Luxembourg B ITAÚ FUNDS is an investment company, qualifying as a SICAV with multiple sub-funds under the laws of the Grand Duchy of Luxembourg, 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 9 February 2001 as a UCI pursuant to part II of the Luxembourg law of 20 December 2002 on undertakings for collective investment, as amended. The Articles of Incorporation have been restated on 24 July 2009 to convert the Company into a UCITS. The Company is registered in the Grand Duchy of Luxembourg pursuant to Part I of the 2010 Law and qualifies as a UCITS for the purpose of the UCITS Directive. However, such registration does not imply a positive assessment by the Luxembourg supervisory authority of the contents of 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 unauthorized. 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 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. Subscriptions for Shares can be accepted only on the basis of the current Prospectus. The Company will produce an Annual Report and 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. 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 exchanges

4 IMPORTANT INFORMATION 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 authorized 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. This Prospectus contains forward-looking statements, which provide current expectations or forecasts of future events. Words such as may, expects, future and intends, and similar expressions, may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements include statements about the Company s plans, objectives, expectations and intentions and other statements that are not historical facts. Forward-looking statements are subject to known and unknown risks and uncertainties and inaccurate assumptions that could cause actual results to differ materially from those expected or implied by the forward-looking statements. Prospective investors should not unduly rely on these forward-looking statements, which apply only as of the date of this Prospectus

5 1. GLOSSARY OF TERMS This glossary is intended to help readers who may be unfamiliar with the terms used in this Prospectus. It is not intended to give definitions for legal purposes Law The Luxembourg law of 21 June 2005 implementing the EU Savings Directive in national legislation in Luxembourg, as amended Law The Luxembourg law of 17 December 2010 on undertakings for collective investment, as amended. ADRs Annual Report Articles of Incorporation Board of Directors Business Day Central Administration Central Administration Agreement Central Administration Fees CET Class Company Conversion Commission CSSF CSSF Circular 08/356 CSSF Circular 14/592 American depository receipts. The annual report of the Company containing the audited accounts. The articles of incorporation of the Company. The board of directors of the Company. The business day for each Sub-Fund as specified for each Sub-Fund in Appendix C. State Street Bank Luxembourg S.C.A., in its capacity as the central administration, domiciliary and corporate agent, registrar and transfer agent and paying agent of the Company. The administration agency, domiciliary, corporate and paying agency, registrar and transfer agency agreement entered into between the Company, the Management Company and the Central Administration. The fees of the Central Administration. Central European Time. One class of Shares of no par value in a Sub-fund. Itaú Funds. The conversion commission in the case of a conversion. The Commission de Surveillance du Secteur Financier, the Luxembourg Supervisory Authority. CSSF Circular 08/356 on the rules applicable to undertakings for collective investment when they employ certain techniques and instruments relating to transferable securities and money market instruments, as amended, supplemented or replaced. Circular CSSF 14/592 on Guidelines of the European Securities and Markets Authority (ESMA) on ETFs and other UCITS issues

6 Custodian Custodian Agreement Custody Fees Distributor(s) ESMA ESMA 2014/937 ETF EU Member State EU Savings Directive FATCA GDRs Global Distribution Agreement Global Distribution Fees Global Distributor State Street Bank Luxembourg S.C.A., in its capacity as the custodian of the Company s assets. The custodian agreement entered into between the Company and the Custodian. The fees of the Custodian. Distributor(s)/nominee(s) for the purpose of assisting in the distribution and/or marketing of the Shares. The European Securities and Markets Authority (formerly, the Committee of European Securities Regulators). ESMA Guidelines 2014/937 dated 1 August 2014 regarding Guidelines on ETFs and other UCITS issues. An exchange-traded fund. A member state of the European Union. The states that are contracting parties to the agreement creating the European Economic Area other than the member states of the European Union, within the limits set forth by this agreement and related acts, are considered as equivalent to member states of the European Union. Council Directive 2003/48/EC on the taxation of savings income, as amended. Means the Foreign Account Tax Compliance provisions of the U.S. Hiring Incentives to Restore Employment Act enacted in March Global depository receipts. The global distribution agreement executed between the Management Company and the Global Distributor. The fees of the Global Distributor. Itaú UK Asset Management Limited. Initial Price The initial price of a Class as specified for each Sub-fund in Appendix C. Initial Subscription Period The initial subscription day or the initial subscription period of a Class as specified for each Sub-fund in Appendix C. Institutional Investor An institutional investor within the meaning of articles 174, 175 and 176 of the 2010 Law. Investment Management Agreement The agreement entered into between the Management Company and each Investment Manager. Investment Manager The investment manager of each Sub-fund as specified in Appendix C

7 Investment Management Fee Itaú Group KIID Management Company Management Company Services Agreement Management Company Fees Mémorial The fees of each Investment Manager. Itaú Unibanco S.A. and/or any affiliated and/or associated company thereof. A Key Investor Information Document. UBS Third Party Management Company S.A.. The agreement entered into between the Company and the Management Company. The fees of the Management Company. Mémorial C, Recueil des Sociétés et Associations. Net Asset Value Other Denomination Currency Prohibited Persons Prospectus Redemption Commission Redemption Price Reference Currency Registrar The net value of the assets less liabilities attributable to the Company or a Sub-fund or a Class, as applicable, and calculated in accordance with the provisions of this Prospectus. A currency other than the Reference Currency. Any person, firm, partnership or corporate body, if in the sole opinion of the Company such holding may be detrimental to the interests of the existing Shareholders or of the Company, if it may result in a breach of any law or regulation, whether Luxembourg or otherwise, or if as a result thereof the Company may become exposed to tax disadvantages, fines or penalties that it would not have otherwise incurred. Such persons, firms, partnerships or corporate bodies shall be determined by the Board of Directors. For the avoidance of doubt, US Persons will by default be considered as Prohibited Persons. The prospectus of the Company in accordance with the 2010 Law. The redemption commission of each Class as specified for each Sub-fund in Appendix C. The redemption price of each Class as specified for each Sub-fund in Appendix C. The reference currency of the Company, a Sub-fund or a Class. Registre de Commerce et des Sociétés, Luxembourg

8 Regulated Market - a regulated market within the meaning of article 4, item 1.14 of Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments; - a market in an EU Member State which is regulated, operates regularly and is recognized and open to the public; - a stock exchange or market in a non-eu Member State which is regulated, operates regularly and is recognized and open to the public. Retail Investor Securities Act Semi-annual Report Shares Shareholders SICAV A retail investor in the Company. the United States Securities Act of 1933, as amended The semi-annual report of the Company. Shares of the Company. Holders of Shares. A société d investissement à capital variable. Sub-fund Sub-fund Conversion Deadline Sub-fund Redemption Deadline Sub-fund Subscription Deadline Subscription Commission Subscription Form Subscription Price UCI UCITS A separate sub-fund established and maintained in respect of one or more Classes to which the assets and liabilities and income and expenditure attributable or allocated to each such Class or Classes will be applied or charged. The conversion deadline as specified for each Sub-fund in Appendix C. The redemption deadline as specified for each Sub-fund in Appendix C. The subscription deadline as specified for each Sub-fund in Appendix C. The subscription commission of each Class as specified for each Sub-fund in Appendix C. The subscription form of the Company. The subscription price of each Class as specified for each Sub-fund in Appendix C. An undertaking for collective investment which has as its sole object the collective investment in transferable securities and/or other publicly offered liquid financial assets of capital raised from the public and which operates on the principle of risk spreading and the units/shares of which are at the request of holders repurchased or redeemed directly or indirectly out of those undertakings assets provided that action taken to ensure that the stock exchange value of such units/shares does not significantly vary shall be regarded as equivalent to such repurchase or redemption. An undertaking for collective investment in transferable securities - 8 -

9 authorized pursuant to the UCITS Directive. UCITS Directive Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities, as may be amended from time to time. US Persons Valuation Day means any national or person resident in the United States of America, a partnership, corporation or other entity organised or existing in any state, territory or possession of the United States, or any other person or entity that is either (i) a U.S. Person under Rule 902 of Regulation S under the U.S. Securities Act of 1933 or (ii) not a Non-United States person under U.S. Commodity Futures Trading Commission Regulation 4.7. Each day on which the Net Asset Value of each Class of each Sub-fund shall be determined, which, unless otherwise provided for in for a particular Sub-fund in Appendix C, shall be each Business Day. All references herein to EUR are to the Euro, the official currency of the euro area or any successor currency to be defined as hereinafter. All references to US Dollars and USD are to United States Dollars, the lawful currency of the United States of America. All references herein to Real are to the Brazilian Real, the lawful currency of Brazil. In the event of a Euro break-up, or the composition of countries comprising the Euro experiences a material change, or the currency no longer exists, a successor currency may be determined by the Board of Directors at its sole discretion. The descriptions in the main body of the Prospectus are generally applicable to all Sub-funds. However, where different descriptions or exceptions appear in Appendix C in respect of a given Sub-fund, the descriptions or exceptions in Appendix C shall prevail. Thus, it is advisable to carefully review the relevant Appendixes together with the main body of the Prospectus

10 2. ORGANISATION OF THE COMPANY BOARD OF DIRECTORS Mr. Renato Mansur Itaú Unibanco S.A. Av. Eng. de Armando Arruda Pereira, th floor Torre Eudoro Villela Jabaquara São Paulo - SP Brazil Mr. Kenneth Casey Itaú UK Asset Management Limited Level 20 The Broadgate Tower 20 Primrose Street London EC2A 2EW United Kingdom Mr. John Alldis Carne Global Financial Services Luxembourg 6B, route de Trèves L-2633 Senningerberg Grand Duchy of Luxembourg MANAGEMENT COMPANY UBS Third Party Management Company S.A. 33A, Avenue J.F. Kennedy L-1855 Luxembourg Grand Duchy of Luxembourg CUSTODIAN State Street Bank Luxembourg S.C.A. 49, avenue J.F. Kennedy L-1855 Luxembourg Grand Duchy of Luxembourg CENTRAL ADMINISTRATION State Street Bank Luxembourg S.C.A. 49, avenue J.F. Kennedy L-1855 Luxembourg Grand Duchy of Luxembourg GLOBAL DISTRIBUTOR Itaú UK Asset Management Limited Level 20 The Broadgate Tower 20 Primrose Street London EC2A 2EW United Kingdom

11 AUDITOR PricewaterhouseCoopers 2, rue Gerhard Mercator L-2182 Luxembourg Grand Duchy of Luxembourg INVESTMENT MANAGER Itaú USA Asset Management Inc. 767 Fifth Ave - 50 th Floor New York, NY, United States of America LEGAL ADVISOR Dechert (Luxembourg) LLP 1, allée Scheffer B.P. 709 L-2017 Luxembourg Grand Duchy of Luxembourg 3. LEGAL FORM AND STRUCTURE OF THE COMPANY ITAÚ FUNDS has been incorporated as a UCI on 9 February 2001 under Luxembourg law as a SICAV pursuant to part II of the Luxembourg law of 20 December 2002 on undertakings for collective investment, as amended. The Company has been converted into a UCITS as from 1 September 2009 and is registered in the Grand Duchy of Luxembourg pursuant to part I of the 2010 Law. The minimum capital of the Company is the equivalent in US Dollars of Euro The Articles of Incorporation have been deposited with the Registrar and have been published in the Mémorial for the first time on 16 March The Company has been registered under number B at the Registrar. The Articles of Incorporation were amended for the last time on 19 December 2014 and have not yet been published in the Mémorial. The 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, in a Luxembourg daily newspaper 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. The Company draws the investors attention to the fact that any investor will only be able to fully exercise his investor rights directly against the Company, 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 Company. In cases where an investor invests in the Company through an intermediary investing into the Company 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 Company. Investors are advised to take advice on their rights

12 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. FATCA provisions generally impose a reporting to the U.S. Internal Revenue Service of U.S. Persons direct and indirect ownership of non-u.s. accounts and non-u.s. entities. Failure to provide the requested information will lead to a 30% withholding tax applying to certain U.S. source income (including dividends and interest) and gross proceeds from the sale or other disposal of property that can produce U.S. source interest or dividends. The basic terms of FATCA currently appear to include the Company as a Financial Institution, such that in order to comply, the Company may require all shareholders to provide documentary evidence of their tax residence and all other information deemed necessary to comply with the above mentioned legislation. Despite anything else herein contained and as far as permitted by Luxembourg law, the Company shall have the right to: 4. SUB-FUNDS - withhold any taxes or similar charges that it is legally required to withhold, whether by law or otherwise, in respect of any shareholding in the Company; - require any shareholder or beneficial owner of the Shares to promptly furnish such personal data as may be required by the Company in its discretion in order to comply with any law and/or to promptly determine the amount of withholding to be retained; - divulge any such personal information to any tax or regulatory authority, as may be required by law or such authority; - withhold the payment of any dividend or redemption proceeds to a shareholder until the Company holds sufficient information to enable it to determine the correct amount to be withheld. This is an offer to subscribe for Shares issued without par value in ITAÚ FUNDS, each Share being linked to one of the Sub-funds. The details of each Sub-fund are specified in Appendix C. Different Classes may be issued in each Sub-fund, as determined by the Board of Directors and outlined in Appendix C. For further information about the rights attaching to the various Shares and Classes, see Section 8 Form of Shares and Section 10 Classes of Shares. On the Initial Subscription Period, Shares in each Sub-fund will be offered at an Initial Price. The Initial Price will be subject to the commissions detailed under Section 17 Commissions and Charges. The Reference Currency of each Sub-fund is the currency in which the Net Asset Value

13 of each Sub-fund is denominated, as specified for each Sub-fund in Appendix C. The Board of Directors may however decide to calculate the Net Asset Value per Share of one or more Sub-funds/Class(es) in addition to the Reference Currency in an Other Denomination Currency as further detailed for the respective Sub-funds/Classes in Appendix C. The NAV calculated in an Other Denomination Currency is the equivalent of the NAV in the Reference Currency of the Sub-fund converted at the prevailing exchange rate. 5. MANAGEMENT AND ADMINISTRATION 5.1 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. Directors The directors of the Company are Renato Mansur, Kenneth Casey and John Alldis. Mr Alldis of Carne Global Financial Services Luxembourg is the COO of Carne operations in Luxembourg and acts as an independent director and chairman to a number of fund boards and management companies. He brings with him a strong management and operations background with over 30 years experience in the funds industry. Mr Mansur is the Head of Investment Products of Itaú Unibanco S.A.. Mr Casey is the Chief Executive Officer of Itaú UK Asset Management Limited. 5.2 The Management Company UBS Third Party Management Company S.A., a company incorporated as a société anonyme and duly existing under the laws of the Grand Duchy of Luxembourg, is the management company to the Company in accordance with the provisions of the 2010 Law. UBS Third Party Management Company S.A., originally known as Schroeder Muenchmeyer Hengst Investment Luxembourg SA until it changed name on 27 January 2006, was incorporated in Luxembourg on 23 December 1993 as a public limited liability company for an indefinite period and is subject to the provisions of chapter 15 of the 2010 Law. The Management Company is registered with the Registrar under no. B 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 Management Company Services Agreement, 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 Net Asset Value, the procedure of registration, conversion and redemption of the Shares and the general administration of the Company; Distribution of the Shares; in this respect the Management Company may with the consent of the Company appoint other distributors/nominees as further outlined here-below under Sub-section

14 The rights and duties of the Management Company are governed by the 2010 Law and the Management Company Services Agreement entered into for an unlimited period of time. 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. It being understood that the Prospectus shall the case being be amended accordingly. For the time being the duties of portfolio management, central administrative agent, registrar and transfer agent, domiciliary agent and distribution duties have been delegated as further detailed here-below under Sub-sections 5.3. to The Investment Managers Pursuant to an Investment Management Agreement, the Management Company has expressly delegated to each Investment Manager the discretion, on a daily basis but subject to the overall control and responsibility of the Management Company, to purchase and sell securities and otherwise to manage the portfolios of the Sub-funds for the account and in the name of the Company. Each Investment Management Agreement may be terminated as specified in the relevant agreement. 5.4 Central Administration Pursuant to the Central Administration Agreement, the Company and the Management Company have selected the Central Administration to act, in accordance with any applicable Luxembourg laws, CSSF circulars or regulations, as the Company s central administration agent, as the Company s domiciliary and corporate agent, as the Company s registrar and transfer agent and as the Company s paying agent, to perform in Luxembourg certain administrative, domiciliary and corporate, registration and transfer agency and paying agency duties in connection with the business of the Company. State Street Bank Luxembourg S.C.A. is a bank incorporated under the laws of Luxembourg, R.C.S. B , having its registered office at 49, avenue J.F. Kennedy, L-1855 Luxembourg, Grand Duchy Luxembourg. On 28 February 2014, its paid up share capital amounted to EUR 65,000,975. State Street Bank Luxembourg S.C.A. is responsible for the procedure of registration, conversion and redemption of the Shares, the calculation of the net asset value and the general administration of the Company. State Street Bank Luxembourg S.C.A. is inter alia responsible for the payment of dividends (if any) to the Shareholders. State Street Bank Luxembourg S.C.A. provides administrative and secretarial services to the Company. 5.5 Global Distributor Pursuant to the Global Distribution Agreement, Itaú UK Asset Management Limited has been appointed as the Company s global distributor. Itaú UK Asset Management Limited is incorporated under the laws of the United Kingdom and duly authorised under part 4A of the Financial Services and Markets Act 2000 and other

15 applicable legislation to carry on its activities in the United Kingdom and subject to on-going and effective supervision of the Financial Conduct Authority. 5.6 The Distributors The Global Distributor may, in accordance with the terms of the Global Distribution Agreement, decide to appoint Distributors. Certain Distributors may not offer all of the Sub-funds/Classes (if any) of Shares to their investors. A list of the Distributors is available at the Company s registered office and will be updated on a periodic basis. 5.7 The Custodian State Street Bank Luxembourg S.C.A. has been appointed to act as Custodian on the basis of the Custodian Agreement. 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 2010 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) the sale, issue, redemption, conversion and cancellation of Shares, performed by or on behalf of the Company are carried out in accordance with the law and the Articles of Incorporation; b) in transactions involving the assets of the Company, the consideration is remitted to it within the usual time limits; c) the income of the Company is allocated in accordance with the Articles of Incorporation. 6. 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. A Sub-fund may only invest in ADRs and/or GDRs the underlying of which complies with the requirements set out in the section Investment instruments specified in Appendix A. Each Sub-fund is managed in accordance with the investment powers and restrictions specified in Appendix A and may use financial derivatives in accordance with the restrictions of Appendix A or use the financial techniques and instruments specified in Appendix B. The investment objective and policy of each Sub-fund is described in Appendix C. 7. RISK FACTORS 7.1 General Despite the possibility for the Company to use option, futures and swap contracts and to enter into forward foreign exchange transactions with the aim to hedge exchange rate risks, all Sub-funds are subject to market or currency fluctuations, and to the risks inherent in all investments. Therefore, no assurance can be given that the invested capital will be preserved, or that capital appreciation will occur

16 7.2 Exchange Rates The Reference Currency of each Sub-fund is not necessarily the investment currency of the Sub-fund concerned. Investments are made in those currencies that best benefit the performance of the Sub-funds in the view of the Investment Manager(s). Changes in foreign currency exchange rates will affect the value of Shares held in the equity and bond/ debt Sub-funds. Shareholders investing in a Sub-fund other than in its Reference Currency should be aware that exchange rate fluctuations could cause the value of their investment to diminish or increase. 7.3 Interest Rates The value of fixed income securities held by the Sub-funds generally will vary inversely with changes in interest rates and such variation may affect Share prices accordingly. 7.4 Equity Securities The value of a Sub-fund that invests in equity securities will be affected by changes in the stock markets and changes in the value of individual portfolio securities. At times, stock markets and individual securities can be volatile and prices can change substantially in short periods of time. The equity securities of smaller companies are more sensitive to these changes than those of larger companies. This risk will affect the value of such Sub-funds, which will fluctuate as the value of the underlying equity securities fluctuates. 7.5 Investments in other UCI and/or UCITS The performance of a Sub-Fund will depend upon the performance of the investment strategies pursued by the UCI/UCITS in which the Company invests. No guarantee or representation is made that investment programs of the UCI/UCITS in which the Company invests will be successful, that the UCI/UCITS in which the Company invests, the Sub-Funds or the Company will achieve any targeted returns or that there will be any return on (or of) any amounts invested, and investment results may vary substantially over time. In addition, investments made by the Sub-Funds in the underlying funds which may include funds managed by the Portfolio Manager or by its affiliates, are subject to costs and fees charged by the underlying funds, including but not limited to portfolio management fees. The value of an investment represented by a UCI/UCITS in which the Company invests, may be affected by fluctuations in the currency of the country where such UCI/UCITS invests, or by foreign exchange rules, the application of the various tax laws of the relevant countries, including withholding taxes, government changes or variations of the monetary and economic policy of the relevant countries. Furthermore, it is to be noted that the Net Asset Value per Share will fluctuate mainly in light of the net asset value of the targeted UCIs/UCITS. There shall be duplication of management fees and other operating fund related expenses, each time the Company invests in other UCIs and/or UCITS. The maximum proportion of management fees charged both to the Company itself and to the UCIs and/or UCITS in which the Company invests shall be disclosed in the Annual Report. 7.6 Emerging Markets Potential investors should note that investments in emerging markets carry risks additional to those inherent in other investments. In particular, potential investors should note that investment in any emerging market carries a higher risk than investment in a developed market; emerging markets may afford a lower level of legal protection to investors; some countries may place

17 controls on foreign ownership; and some countries may apply accounting standards and auditing practices which do not necessarily conform with internationally accepted accounting principles. 7.7 Options, Futures and Swaps Each of the Sub-funds may use options, futures and swap contracts and enter into forward foreign exchange transactions. The ability to use these strategies may be limited by market conditions and regulatory limits and there can be no assurance that the objective sought to be attained from the use of these strategies will be achieved. Participation in the options or futures markets, in swap contracts and in foreign exchange transactions involves investment risks and transaction costs to which the Sub-funds would not be subject if they did not use these strategies. If the Investment Managers predictions of movements in the direction of the securities, foreign currency and interest rate markets are inaccurate, the adverse consequences to a Sub-fund may leave the Sub-fund in a less favourable position than if such strategies were not used. Risks inherent in the use of options, foreign currency, swaps and futures contracts and options on futures contracts include, but are not limited to (a) dependence on the Investment Managers ability to predict correctly movements in the direction of interest rates, securities prices and currency markets; (b) imperfect correlation between the price of options and futures contracts and options thereon and movements in the prices of the securities or currencies being hedged; (c) the fact that skills needed to use these strategies are different from those needed to select portfolio securities; (d) the possible absence of a liquid secondary market for any particular instrument at any time; and (e) the possible inability of a Sub-fund to purchase or sell a portfolio security at a time that otherwise would be favourable for it to do so, or the possible need for a Sub-fund to sell a portfolio security at a disadvantageous time. Where a Sub-fund enters into swap transactions it is exposed to a potential counterparty risk. In case of insolvency or default of the swap counterparty, such event would affect the assets of the Sub-fund. 7.8 Warrants With regard to investment in warrants investors should note that the gearing effect of investment in warrants and the volatility of warrant prices make the risk attached to the investment in warrants higher than in the case with investment in equities. Please see Appendix A of the Prospectus Investment Powers and Restrictions and Appendix B of the Prospectus Financial Techniques and Instruments for more information. 7.9 Cross-Class Liability The Classes within a Sub-fund are not separate legal entities. Thus all of the assets of a Sub-fund are available to meet all the liabilities of such Sub-fund. In practice, cross-class liability will only arise where any Class becomes insolvent and is unable to meet all its liabilities. In this case, all of the assets of a Sub-fund may be applied to cover the liabilities of the insolvent Class Cross-Sub-Fund Liability For the purpose of the relations between the Shareholders of different Sub-funds, each Sub-fund will be deemed to be a separate entity with, but not limited to, its own contributions, redemptions, capital gains, losses, charges and expenses. Thus, liabilities of an individual Sub-fund which remain undischarged will neither attach to the Company as a whole, nor to other Sub-funds. However, while Luxembourg law states that, unless otherwise provided for in the constituent documentation of the Company, there is no cross-liability, there can be no assurance that such provisions of Luxembourg law will be recognized and effective in other jurisdictions

18 7.11 U.S. Foreign Account Tax Compliance Act ( FATCA ) Pursuant to FATCA, the Company (or each Sub-fund) will be required to comply (or be deemed compliant) with extensive new reporting and withholding requirements designed to inform the U.S. Department of the Treasury of U.S.-owned foreign investment accounts. Failure to comply (or be deemed compliant) with these requirements will subject the Company (or each Sub-fund) to U.S. withholding taxes on certain U.S.-sourced income and gains beginning in July Pursuant to an intergovernmental agreement between the United States and Luxembourg, the Company (or each Sub-fund) may be deemed compliant, and therefore not subject to the withholding tax, if it identifies and reports U.S. taxpayer information directly to the Luxembourg government. Investors may be requested to provide additional information to the Company to enable the Company (or each Sub-fund) to satisfy these obligations. Failure to provide requested information or, if applicable, satisfy its own FATCA obligations may subject an investor to liability for any resulting U.S. withholding taxes, U.S. tax information reporting and/or mandatory redemption, transfer or other termination of the investor s interest in its Shares. Detailed guidance as to the mechanics and scope of this new reporting and withholding regime is continuing to develop. There can be no assurance as to the timing or impact of any such guidance on future operations of the Company or its Sub-funds Fair value pricing Fair value pricing adjustments may be made to the price of an underlying asset of a Sub-Fund, at the absolute discretion of the Board of Directors. Fair value pricing adjustments may be necessary where pricing or valuation information with respect to an asset is unavailable or unreliable due to market dislocations, loss of pricing coverage or market-making activities by broker-dealers, mergers and liquidations of broker-dealers or third-party pricing vendors that previously supplied pricing data, extreme market volatility in certain asset classes, uncertainty surrounding potential or actual government intervention in the markets for certain assets and other factors that the Board of Directors determines may diminish the timeliness, accuracy or reliability of the most recent market price or other pricing information. For example, the Board of Directors may determine that a market price is unavailable or the last available price is unreliable if, among other reasons, the price provided varies significantly from a recent trade, the security or asset is thinly traded, the security does not have a readily available market price, recent asset sales represent distressed sales prices not reflective of the price a market participant might reasonably expect to receive from the current sale of that asset in an arm s-length transaction, or there is a significant material event subsequent to the most recent market quotation or pricing information. The Board of Director s good faith judgment as to whether an event would constitute a significant material event or whether a valuation is unavailable or unreliable may, in hindsight, prove to be incorrect. Accordingly, there is a risk that the fair value price of a security as determined by the Board of Directors is not consistent with the subsequent opening or traded price of that security. 8. FORM OF SHARES All Shares are issued in uncertificated registered form (the share register is conclusive evidence of ownership) The Shares may only be issued in registered form and held in a settlement system represented by a global note. In this case, the investors in Shares will directly or indirectly have their interests in the Shares credited by book-entry in the accounts of the settlement system. The Company treats the registered owner of a Share as the absolute and beneficial owner thereof. Shares are freely transferable (with the exception that Shares may not be transferred to a Prohibited Person or a US Person, as defined in Sub-section 11.1 Subscription Procedure ) and may be converted at any time for Shares of another Sub-fund within the same Class. For any conversion of Shares, a conversion commission, as described under Section 17 Commissions and

19 Charges, may be charged. Upon issue, Shares are entitled to participate equally in the profits and dividends of the Sub-fund attributable to the relevant Class in which the Shares have been issued, as well as in the liquidation proceeds of such Sub-fund. Shares do not carry any preferential or pre-emptive rights and each Share, irrespective of the Class to which it belongs or its Net Asset Value, is entitled to one vote at all general meetings of Shareholders. Fractions of Shares are not entitled to a vote, but are entitled to participate in the liquidation proceeds. Shares are issued without par value and must be fully paid for subscription. Upon the death of a Shareholder, the Board of Directors reserve the right to require the provision of appropriate legal documentation in order to verify the rights of all and any successors in title to Shares. 9. ISSUE OF SHARES In the absence of any specific instructions, Shares will be issued at the Net Asset Value per Share of the relevant Class in the Reference Currency. Upon written instructions by the Shareholder, Shares may also be issued in the Other Denomination Currency, if available. Fractions of Shares to four decimal places will be issued, the Company being entitled to receive the adjustment. No Shares of any Class will be issued by the Company during any period in which the determination of the Net Asset Value of the Shares of that Sub-fund is suspended by the Company, as noted under Sub-section 18.3 Temporary Suspension of Determination of Net Asset Value per Share. The Board of Directors may decide that for a particular Sub-fund no further Shares will be issued after the Initial Subscription Period as further specified for the respective Sub-fund in Appendix C. 10. CLASSES OF SHARES The Company may issue different Classes, as determined by the Board of Directors which may differ inter alia in their fee structure and distribution policy applying to them. Certain Classes are available to Retail Investors while other Classes may be available only to Institutional Investors as such term are interpreted by the supervisory authority and any applicable laws and regulations from time to time in Luxembourg. The Classes for each Sub-fund are indicated in Appendix C. The amounts invested in the various Classes of each Sub-fund are themselves invested in a common underlying portfolio of investments. The Board of Directors may decide to create further Classes with different characteristics (such as hedges classes, different charging structures, different minimum amounts of investment or different currencies of denomination), and in such cases, the Prospectus will be updated accordingly. 11. SUBSCRIPTION FOR SHARES 11.1 Subscription Procedure The Company may restrict or prevent the ownership of Shares by Prohibited Persons. As the Company is not registered under the Securities Act, nor has the Company been registered under the United States Investment Company Act of 1940, as amended, its Shares may not be offered or sold, directly or indirectly, in the United States of America or its territories or possessions or areas subject to its jurisdiction, or to US Persons. Accordingly, the Company may

20 require any subscriber to provide it with any information that it may consider necessary for the purpose of deciding whether or not he is, or will be, a Prohibited Person or a US Person. The Shares may not be offered, sold or distributed, directly or indirectly, in Canada or to or for the benefit of any resident of Canada, other than in compliance with applicable securities laws. This Prospectus will not be distributed or delivered in Canada other than in compliance with applicable securities laws. The Company retains the right to offer only one or several Classes for subscription in any particular jurisdiction in order to conform to local law, custom, business practice or the Company s commercial objectives. Subscription instructions accompany the Prospectus and may also be obtained from the Central Administration or a Distributor. An investor s first subscription for Shares must be made in writing or by fax to the Central Administration in Luxembourg or to a Distributor (if any) as indicated on the Subscription Form. Subsequent subscriptions for Shares may be made in writing or by fax to the Central Administration or a Distributor. The Company reserves the right to reject, in whole or in part, any subscription without giving any reason therefore. Joint subscribers must each sign the Subscription Form unless a power of attorney is provided which is acceptable to the Company. The minimum initial investment for each Class of each Sub-fund is specified in Appendix C. The Board of Directors may, at its discretion, waive such minimum limits subject to the respect of the principle of equal treatment of Shareholders. Unless otherwise determined in Appendix C for a specific Sub-fund, subscriptions for Shares in any Sub-fund received by the Central Administration on the Business Day preceding the Valuation Day before the Sub-fund Subscription Deadline will be processed on that Valuation Day using the Net Asset Value per Share determined on such Valuation Day based on the latest available prices in Luxembourg (as described in Section 18 Net Asset Value ). Any subscriptions received by the Central Administration after the relevant Sub-fund Subscription Deadline will be processed on the next Valuation Day on the basis of the Net Asset Value per Share determined on such Valuation Day. Different time limits may apply if subscriptions for Shares are made through a Distributor. No Distributor is permitted to withhold subscription orders to personally benefit from a price change. Investors should note that they might be unable to purchase or redeem Shares through a Distributor on days that such Distributor is not open for business Payment Procedure Unless otherwise determined in Appendix C for a specific Sub-fund, the Subscription Price must be received by the Custodian no later than three Business Days following the applicable Valuation Day (except specific payment procedure as detailed in Appendix C). In the absence of specific instructions, the currency of payment for Shares of each Class will be the Reference Currency. Upon written instructions by the Shareholder, the currency of payment for Shares may also be the Other Denomination Currency, if available. In addition, a subscriber may with the agreement of the Central Administration, effect payment in any other freely convertible currency. The Central Administration will arrange for any necessary currency transaction to convert the subscription monies from the currency of subscription into the Reference Currency or the Other Denomination Currency (if available) of the relevant Sub-fund. Any such currency

21 transaction will be effected with the Custodian or a Distributor at the subscriber s cost and risk. Currency exchange transactions may delay any issue of Shares since the Central Administration may choose at its option to delay executing any foreign exchange transaction until cleared funds have been received. Subscription instructions accompany the Prospectus and may also be obtained from the Central Administration or a Distributor. If timely payment for Shares is not made (or a completed Subscription Form is not received for an initial subscription), the relevant issue of Shares may be cancelled, and a subscriber may be required to compensate the Company and/or any relevant Distributor for any loss incurred in relation to such cancellation Notification of Transaction A confirmation statement will be sent to the subscriber (or his nominated agent if so requested by the subscriber) by ordinary post as soon as reasonably practicable after the relevant Valuation Day, providing full details of the transaction. Subscribers should always check this statement to ensure that the transaction has been accurately recorded. If any subscription is not accepted in whole or in part, the subscription monies or the balance outstanding will be returned without delay to the subscriber by post or bank transfer at the subscriber s risk without any interest Rejection of Subscriptions The Company may reject any subscription in whole or in part, in that case, the subscription monies or the balance outstanding will be returned without delay to the subscriber by post or bank transfer at the subscriber s risk without any interest and the Board of Directors may, at any time and from time to time and in its absolute discretion without liability and without notice, discontinue the issue and sale of Shares of any Class in any one or more Sub-funds Money Laundering Prevention Pursuant to the Luxembourg law of 12 November 2004 (as amended) relating to the fight against money-laundering and the financing of terrorism and the Circulars of the CSSF, obligations have been imposed inter alia on UCI as well as on professionals of the financial sector to prevent the use of UCI for money laundering purposes. Within this context a procedure for the identification of investors has been imposed. Namely, the Subscription Form of an investor must be accompanied, in the case of individuals, by a certified copy of the subscriber s passport or identification card and, in the case of legal entities, by a certified copy of the subscriber s articles of incorporation and, where applicable, an extract from the commercial register or a copy of such other documents as may be accepted as equivalent. This identification procedure must be complied with by the Central Administration (or the relevant competent agent of the Central Administration) in the case of direct subscriptions to the Company, and in the case of subscriptions received by the Company from any intermediary resident in a country that does not impose on such intermediary an obligation to identify investors equivalent to that required under Luxembourg laws for the prevention of money laundering. The Central Administration may request any such additional documents, as it deems necessary to establish the identity of investors or beneficial owners. Any information provided to the Company in this context is collected for anti-money laundering compliance purposes only

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