To the shareholders of the Fund Luxembourg, 15 th June 2018 Dear Shareholder, We would like to inform you of the main following amendments to the Fund s Prospectus: 1. Change of the Management Company s registered office, from 42 rue de la Vallée, L-2661 Luxembourg, Grand-Duchy of Luxembourg to 44 rue de la Vallée, L-2661 Luxembourg, Grand-Duchy of Luxembourg, as from 15 th January 2018; 2. Change of the Fund s registered office, from 42 rue de la Vallée, L-2661 Luxembourg, Grand-Duchy of Luxembourg to 44 rue de la Vallée, L-2661 Luxembourg, Grand-Duchy of Luxembourg, as from 15 th January 2018; 3. Update of the composition of the Board of the Fund with the co-optation of Mr. Fabio Rocca, effective as from 19 th August 2017, in replacement of the resigned Director, Mr. Franco Bertoni; 4. Implementation of the relevant provisions of the European Regulation (EU) 2015/2365 of the European Parliament and of the Council of 25 November 2015 on Transparency of Securities Financing Transactions and of Reuse and amending Regulation (EU) No 648/2012 (SFTR) and update of the Section headed Risk Factors in order to insert a paragraph regarding the risks of relating to the use of Securities Financing Transactions, of Total return swaps and the collateral management; 5. Insertion of a dedicated section headed Data Protection Policy in order to reflect the necessary provisions of the Luxembourg law of 2 nd August 2002 on data protection; 6. Update of the Section headed Shares in order to precise that The shareholders' register is kept at the registered office of the Administrative, Registrar and Transfer Agent ; 7. Update of the Section headed Charges and Expenses as follows (changes in bold): The Depositary will receive a remuneration as follows: - a Custodian fee up to 0,06% maximum per annum payable monthly based on the average net assets of the Fund and with a minimum of EUR 10 000 per annum per Sub-Fund; - a Depositary fee up to 0,01% maximum per annum payable monthly based on the average net assets of each Sub-Fund; and - an additional fixed amount up to EUR 400 maximum per month (excluding VAT) per Sub-Fund for the cash flow monitoring. Such fees do not include brokerage fees, settlement fees and sub-custody fees, commissions charged by banks, brokers and prime brokers and other customary fees arising from transactions relating to securities and investment instruments in the Fund portfolio. The amounts effectively paid will be disclosed in the Fund s financial reports. The Management Company will also receive from the relevant Sub-Funds an administration fee, out of which the Management Company will remunerate the Administration Agent and Registrar and Transfer Agent, up to a maximum of 0,20% per annum payable monthly and based on the average net assets of the Sub-Fund during each month with minimum of EUR 16 500 per annum. ;
8. Update of the Section headed Charges and Expenses in order to precise that all expenses connected to the authorisation of the Fund, regulatory compliance obligations and reporting requirements of the Fund shall be borne by the Fund; 9. Addition of the following provisions to the Section headed Charges and Expenses : - All recurring expenses will be charged first to the Fund s income, then to realised capital gains, then to the Fund s assets. - Fees and expenses set forth under section headed Charges and Expenses shall be deemed to exclude VAT. Where applicable, VAT may additionally be charged. - In the case where any asset, liability, fees and expenses of the Fund cannot be considered as being attributable to a particular Share Class, such asset or liability shall be allocated to all the Share Classes pro rata to the Net Asset Value per Share of the relevant Share Classes or in such other manner as determined by the Board of Directors acting in good faith. Each Sub-Fund shall only be responsible for the liabilities which are attributable to such Sub-Fund. ; 10. Update of the Section headed Taxation pursuant to the provisions of the Luxembourg law of 18 th December 2015 relating to the automatic exchange of information in tax matters; 11. Insertion of a section headed Risk Factors in order to gather and list all the factors which can significantly affect the Sub-Funds performance; 12. Update of the Section headed General meetings of shareholders pursuant to new the provisions of the law of 10 th August 1915 on commercial companies, amended by the law of 10 th August 2016, relating to the convening of the general meetings of Shareholders; 13. Update of the provisions related to the merger and liquidation of the Fund and its sub-funds; 14. Update of the Section headed Informing Shareholders ; 15. Implementation of the Opinion on UCITS Share Classes. Reference ESMA34-43-296 and update of the Appendix I Sub-Funds Features accordingly.
To the shareholders of the sub-fund VG SICAV US Equity Fund (the Sub-Fund ) 16. Modification of the Investment Policy and the Risk Profile of the Sub-Fund as follows : Investment Policy VG SICAV US Equity Fund (Last visastamped Prospectus dated 1 st December 2016) The objective of this Sub-Fund is to seek longterm capital growth, by investing in equities primarily listed in US, directly or through international equity-linked instruments focused on USA markets, like Exchange Trade Funds (ETFs), or UCITS or UCIs that may represent a sector or a market index, together with investments in high-grade bonds, in order to preserve the invested capital. To achieve its investment objective, the Sub- Fund will be mainly invested: VG SICAV US Equity Fund (Updated Prospectus dated 16 th July 2018) The objective of this Sub-Fund is to seek long-term capital growth, by investing in equities primarily listed in US, directly or through international equitylinked instruments focused on USA markets, like Exchange Trade Funds (ETFs), or UCITS or UCIs that may represent a sector or a market index, together with investments in high-grade bonds, in order to preserve the invested capital. To achieve its investment objective, and under normal conditions, the Sub-Fund will be mainly invested: In equities and equity-linked instruments In equities and equity-linked instruments Up to 10% of its net assets in units/shares of UCITS and/or other UCIs and/or ETFs, qualifying as UCITS or respectively UCIs, as per the meaning of articles 41 (1) and 46 of the 2010 Law, provided that : - no more than 10% of its net assets are invested in the units of a single UCITS,other UCI or ETF; - the entry and management fees applying to the target UCITS or other UCI shall not exceed 3% (three percent) each of the net asset value ; - the Sub-Fund shall not be charged for subscription or redemption fees on account of its investments in such UCITS, other UCIs and ETFs, for which Casa4Funds SA acts as management company nor is linked to such UCITS/UCIs management company within the meaning of article 46(3) of the 2010 Law. The Sub-Fund may invest up to 49% (forty nine percent) of its net assets in: bonds instruments, including fixed or floating rates, zero-coupons, government and treasury bonds, without limits of duration and grade convertible bonds options and warrants money market instruments. The Sub-Fund may use on a regular basis Up to 10% of its net assets in units/shares of Target Funds, provided that : - no more than 10% of its net assets are invested in the units of a single Target Fund; - the management fee applying to the Target Funds shall not exceed 3% (three percent) each of the net asset value. The Sub-Fund may invest up to 49% (forty nine percent) of its net assets in: Bonds instruments, including fixed or floating rates, zero-coupons, government and treasury bonds, without limits of duration and grade; Convertible bonds options and warrants; Money market instruments. In addition, the Sub-Fund may also invest up to 15% (fifteen percent) maximum of its total net assets in CoCos. The Sub-Fund will not directly invest in assetbacked securities ( ABS ) or mortgage-backed securities ( MBS ), indirect exposure may occur from the investment in the eligible Target Funds. Under exceptional circumstances and in the best interest of the shareholders, the Sub-Fund may be invested up to 100% of its net assets in cash, liquid assets or money market instruments on a temporary basis.
techniques and financial derivative instruments to meet its investment objective as well as to hedge currency, market and interest rate risk, provided that the provisions of the article 41 (1) g) of the Law 2010 are fulfilled. According to the market conditions, the sub fund may enter in credit default swap transactions as buyer or seller. The Fund shall ensure that the global exposure relating to derivative instruments of the Sub-Fund does not exceed the total net asset value of the portfolio of the Sub-Fund. Appropriate risk management process is employed to monitor and measure at any time the risk of its position. The Sub-Fund may further use investment techniques and advanced tools for an efficient portfolio management (for example the Sub-Fund may trade on equity indices according to the investment policy in order to gain the adequate exposition on the market). There is no guarantee that the investment objectives of the Sub-Fund will be achieved. To comply with the investment policy, the Sub- Fund may use financial derivative instruments, dealt on a regulated market or not, subject to the provisions of the Section Investments and Borrowing Restrictions, or the purposes of hedging currency risks, interest rate risk, and market risk and for efficient portfolio management, therefore including investment purposes, to meet the sub-fund s investment objective. Financial derivative instruments used by the Sub-Fund may include, but are not limited to, futures, options, contracts for difference, forward contracts on financial instruments and options on such contracts, credit linked instruments, swap contracts and other fixed income, currency and credit derivatives dealt on a regulated market or OTC ( Over the counter ). The maximum proportion of assets under management of the Fund that can be subject to SFTs is as follows: Securities lending 10% Securities borrowing 10% Repurchase agreements 10% Total Return Swaps 5% Risk Profile The Sub-Fund is subject to market fluctuations and there is no guarantee that the set objectives will be achieved. Swaps, options and derivatives instruments may represent additional risks for the investor. The current expected proportion of assets under management that will be subject to SFTs is as follows: Securities lending 0% Securities borrowing 0% Repurchase agreements 0% Total Return Swaps 0% There is no guarantee that the investment objectives of the Sub-Fund will be achieved. The Sub-Fund is subject to market fluctuations and there is no guarantee that the set objectives will be achieved. Swaps, options, derivatives instruments and CoCos may represent additional risks for the investor. We encourage the investors to consult the potential risks associated with investing in Contingent convertible capital instruments (CoCos) shown on the section entitled Risk Factors in the Prospectus.
To the shareholders of the sub-fund VG SICAV World Equity Fund (the Sub-Fund ) 17. Modification of the Investment Policy and the Risk Profile of the Sub-Fund as follows : Investment Policy VG SICAV World Equity Fund) (Last visastamped Prospectus dated 1 st December 2016) The objective of the Sub-Fund, is to seek longterm capital growth, by investing in equities and equity-linked instruments issued by companies listed on main world stock exchanges, directly or through Exchange Trade Funds (ETFs), which qualify as UCITS or respectively UCIs and may represent a sector index or a market index, together with investments in high-grade bonds, in order to preserve the invested capital. Moreover, the Sub-Fund may hold money market instruments on an ancillary basis. To achieve its investment objective, the Sub- Fund will be mainly invested in: VG SICAV World Equity Fund) (Updated Prospectus dated 16 th July 2018) The objective of the Sub-Fund, is to seek long-term capital growth, by investing in equities and equitylinked instruments issued by companies listed on main world stock exchanges, directly or through Exchange Trade Funds (ETFs), which qualify as UCITS or respectively UCIs and may represent a sector index or a market index, together with investments in high-grade bonds, in order to preserve the invested capital. Moreover, the Sub- Fund may hold money market instruments on an ancillary basis. To achieve its investment objective, the Sub-Fund will be mainly invested in: equities and equity-linked instruments, Equities and equity-linked instruments, Units/shares of UCITS and/or other UCIs provided that : - no more than 20% of its net assets are invested in the units of a single UCITS or other UCI; - the entry and management fees applying to the target UCITS or other UCI shall not exceed 3% (three percent) each of the net asset value ; - the Sub-Fund shall not be charged for subscription or redemption fees on account of its investments in such UCITS and other UCIs, for which Casa4Funds SA acts as management company nor is linked to such UCITS/UCIs management company within the meaning of article 46(3) of the 2010 Law, ETFs provided that : - no more than 20% of its net assets are invested in a single ETF; - the Sub-Fund shall not be charged for subscription or redemption fees on account of its investments in such ETF, for which Casa4Funds SA acts as management company nor is linked to the ETF s management company within the meaning of article 46(3) of the 2010 Law. The Sub-Fund may invest up to a maximum of 100% (one hundred percent) of its net assets in ETFs. The Sub-Fund may also invest in convertible Units/shares of Target Funds provided that : - no more than 20% of its net assets are invested in the units of a single Target Funds; and - the management fees applying to the Target Funds shall not exceed 3% (three percent) each of the net asset value. The Sub-Fund may invest up to 49% (forty nine percent) of its net assets in: - Bonds, including fixed or floating rates, zerocoupons, government, treasury and corporate bonds, without limits of duration and grade; and - Convertible bonds, options, warrants or futures. In addition, the Sub-Fund may also invest up to 15% (fifteen percent) maximum of its total net assets in CoCos. The Sub-Fund will not directly invest in assetbacked securities ( ABS ) or mortgage-backed securities ( MBS ), indirect exposure may occur from the investment in the eligible Target Funds. Under exceptional circumstances and in the best interest of the shareholders, the Sub-Fund may be invested up to 100% of its net assets in cash, liquid assets or money market instruments on a temporary basis. To comply with the investment policy, the Sub- Fund may use financial derivative instruments, dealt on a regulated market or not, subject to the provisions of the Section Investments and
bonds, options, warrants or futures. The Sub-Fund may invest up to 49% in bonds, including fixed or floating rates, zero-coupons, government, treasury and corporate bonds, without limits of duration and grade. The Sub-Fund may use on a regular basis techniques and financial derivative instruments to meet its investment objective as well as to hedge currency, market and interest rate risks, provided that the provisions of the article 41 (1) g) of the Law 2010 are fulfilled. According to the market conditions, the Sub-Fund may enter in credit default swap transactions as buyer or seller. The Fund shall ensure that the global exposure relating to derivative instruments of the Sub-Fund does not exceed the total net asset value of the portfolio of the Sub-Fund. Appropriate risk management process is employed to monitor and measure at any time the risk of its position. Borrowing Restrictions, or the purposes of hedging currency risks, interest rate risk, and market risk and for efficient portfolio management, therefore including investment purposes, to meet the sub-fund s investment objective. Financial derivative instruments used by the Sub-Fund may include, but are not limited to, futures, options, contracts for difference, forward contracts on financial instruments and options on such contracts, credit linked instruments, swap contracts and other fixed income, currency and credit derivatives dealt on a regulated market or OTC ( Over the counter ). The Sub-Fund may have recourse to neither SFTs, nor TRS. No assurance is given that the investment objectives will be achieved. Risk Profile The Sub-Fund may use advanced investment techniques for an efficient portfolio management (for example the Sub-Fund can trade on equity indices according to the above investment policy, in order to gain the adequate exposition on the market). No assurance is given that the investment objectives will be achieved. The Sub-Fund is subject to market fluctuations and there is no guarantee that the set objectives will be achieved. Swaps, options and derivatives instruments may represent additional risks for the investor. The Sub-Fund is subject to market fluctuations and there is no guarantee that the set objectives will be achieved. Swaps, options, derivatives instruments and CoCos may represent additional risks for the investor. We encourage the investors to consult the potential risks associated with investing in Contingent convertible capital instruments (CoCos), shown on the section entitled Risk Factors in the Prospectus.
To the shareholders of the sub-fund VG SICAV European Equity Fund (the Sub-Fund ) 18. Modification of the Investment Policy and the Risk Policy of the Sub-Fund as follows : Investment Policy VG SICAV European Equity Fund (Last visastamped Prospectus dated 1 st December 2016) The objective of this Sub-Fund is to seek longterm capital growth, by investing in equities primarily listed on the European stock markets, directly or through international equity-linked instruments focused on European exchanges, like Exchange Trade Funds (ETFs), or UCITS or UCI that may represent a sector or a market index, together with investments in high-grade bonds, in order to preserve the invested capital. Moreover, the Sub-Fund may hold money market instruments on an ancillary basis. To achieve its investment objective, the Sub- Fund will be mainly invested: VG SICAV European Equity Fund (Updated Prospectus dated July 2018) The objective of this Sub-Fund is to seek long-term capital growth, by investing in equities primarily listed on the European stock markets, directly or through international equity-linked instruments focused on European exchanges, like Exchange Trade Funds (ETFs), or UCITS or UCI that may represent a sector or a market index, together with investments in high-grade bonds, in order to preserve the invested capital. Moreover, the Sub-Fund may hold money market instruments on an ancillary basis. To achieve its investment objective, and under normal conditions, the Sub-Fund will be mainly invested: In equities and equity-linked instruments, In equities and equity-linked instruments, Up to 10% of its net assets in units/shares of UCITS and/or other UCIs and/or ETFs, qualifying as UCITS or respectively UCIs, as per the meaning of articles 41 (1) and 46 of the 2010 Law, provided that: - no more than 10% of its net assets are invested in the units of a single UCITS, other UCI or ETF; - the entry and management fees applying to the target UCITS or other UCI shall not exceed 3% (three percent) each of the net asset value; - the Sub-Fund shall not be charged for subscription or redemption fees on account of its investments in such UCITS, other UCIs and ETFs, for which Casa4Funds SA acts as management company nor is linked to such UCITS/UCIs management company within the meaning of article 46(3) of the 2010 Law; The Sub-Fund may also invest in convertible bonds options, warrants or futures. The Sub-Fund may invest up to 49% (forty nine percent) of its net assets in bonds instruments, including fixed or floating rates, zero-coupons, government and treasury bonds, without limits of duration and grade. The Sub-Fund may use on a regular basis techniques and financial derivative instruments to meet its investment objective as well as to hedge currency, market and interest rate risk, provided that the provisions Up to 10% of its net assets in units/shares of Target Funds, provided that: - no more than 10% of its net assets are invested in the units of a single Target Fund; - the management fee applying to the Target Funds shall not exceed 3% (three percent) each of the net asset value. The Sub-Fund may invest up to 49% (forty nine percent) of its net assets in : - Bonds instruments, including fixed or floating rates, zero-coupons, government and treasury bonds, without limits of duration and grade; - Convertible bonds options and warrants. In addition, the Sub-Fund may also invest up to 15% (fifteen percent) maximum of its total net assets in CoCos. The Sub-Fund will not directly invest in assetbacked securities ( ABS ) or mortgage-backed securities ( MBS ), indirect exposure may occur from the investment in the eligible Target Funds. Under exceptional circumstances and in the best interest of the shareholders, the Sub-Fund may be invested up to 100% of its net assets in cash, liquid assets or money market instruments on a temporary basis. To comply with the investment policy, the Sub- Fund may use financial derivative instruments, dealt on a regulated market or not, subject to the provisions of the Section Investments and Borrowing Restrictions, or the purposes of
of the article 41 (1) g) of the Law 2010 are fulfilled. According to the market conditions, the sub fund may enter in credit default swap transactions as buyer or seller. The Fund shall ensure that the global exposure relating to derivative instruments of the Sub-Fund does not exceed the total net asset value of the portfolio of the Sub-Fund. Appropriate risk management process is employed to monitor and measure at any time the risk of its position. The Sub-Fund may further use investment techniques and advanced tools for an efficient portfolio management (for example the Sub-Fund may trade on equity indices according to the investment policy in order to gain the adequate exposition on the market). There is no guarantee that the investment objectives of the Sub-Fund will be achieved. hedging currency risks, interest rate risk, and market risk and for efficient portfolio management, therefore including investment purposes, to meet the sub-fund s investment objective. Financial derivative instruments used by the Sub-Fund may include, but are not limited to, futures, options, contracts for difference, forward contracts on financial instruments and options on such contracts, credit linked instruments, swap contracts and other fixed income, currency and credit derivatives dealt on a regulated market or OTC ( Over the counter ). The maximum proportion of assets under management of the Fund that can be subject to SFTs is as follows: Securities lending 10% Securities borrowing 10% Repurchase agreements 10% Total Return Swaps 5% Risk Profile The Sub-Fund is subject to market fluctuations and there is no guarantee that the set objectives will be achieved. Swaps, options and derivatives instruments may represent additional risks for the investor. The current expected proportion of assets under management that will be subject to SFTs is as follows: Securities lending 0% Securities borrowing 0% Repurchase agreements 0% Total Return Swaps 0% There is no guarantee that the investment objectives of the Sub-Fund will be achieved. The Sub-Fund is subject to market fluctuations and there is no guarantee that the set objectives will be achieved. Swaps, options, derivatives instruments and CoCos may represent additional risks for the investor. We encourage the investors to consult the potential risks associated with investing in Contingent convertible capital instruments (CoCos), shown on the section entitled Risk Factors in the Prospectus.
To the shareholders of the sub-fund VG SICAV Global Bond (the Sub-Fund ) 19. Modification of the Investment Policy and the Risk Policy of the Sub-Fund as follows : Investment Policy VG SICAV Global Bond (Last visa-stamped Prospectus dated 1 st December 2016) This Sub-Fund will seek to obtain a high level of return as may be consistent with the preservation of capital by investing directly or indirectly in: fixed income securities worldwide ; money market instruments, convertible bonds, zero coupon bonds ; high yield bonds either investment noninvestment grade and unrated bonds (up to 100% of its net assets). The securities can be denominated in a wide range of foreign currencies. In order to meet the investment objective of the Sub-Fund set out above, the Sub-Fund may also invest up to 10% of its total assets in: Units of UCITS and/or other undertakings for collective investment. The entry and management fees applying to the target UCITS or other UCI shall not exceed 3% (three percent); Exchange Traded Funds (ETFs), qualifying as UCITS or respectively UCIs, as per the meaning of article 41 (1) and 46 of the 2010 Law. The Sub-Fund shall not be charged for subscription or redemption fees on account of its investments in such UCITS, UCIs and ETFs, for which the Management Company acts as management company nor is linked to such UCITS/UCIs or ETFs management company within the meaning of article 46(3) of the 2010 Law. Under exceptional circumstances and in the best interest of the shareholders, the Sub-Fund may be invested up to 100% of its net assets in cash, liquid assets or money market instruments on a temporary basis. To comply with the investment policy, the Sub- Fund may use financial derivative instruments, dealt on a regulated market or not, subject to the provisions of the Section Investments and Borrowing Restrictions, for the purposes of hedging currency risks, interest rate risk, and market risk and for efficient portfolio management, therefore including investment purposes, to meet the sub-fund s investment VG SICAV Global Bond (Updated Prospectus dated 16 th July 2018) This Sub-Fund will seek to obtain a high level of return as may be consistent with the preservation of capital by investing directly or indirectly, and under normal conditions, in: fixed income securities worldwide ; money market instruments, convertible bonds, zero coupon bonds ; high yield bonds either investment noninvestment grade and unrated bonds (up to 100% of its net assets); CoCos, up to 15% (fifteen percent) of its total net assets. The securities can be denominated in a wide range of foreign currencies. In order to meet the investment objective of the Sub-Fund set out above, the Sub-Fund may also invest up to 10% of its total assets in Target Funds, provided that the management fee applying to the Target Funds shall not exceed 3% (three percent). The Sub-Fund will not directly invest in assetbacked securities ( ABS ) or mortgage-backed securities ( MBS ), indirect exposure may occur from the investment in the eligible Target Funds. Under exceptional circumstances and in the best interest of the shareholders, the Sub-Fund may be invested up to 100% of its net assets in cash, liquid assets or money market instruments on a temporary basis. To comply with the investment policy, the Sub-Fund may use financial derivative instruments, dealt on a regulated market or not, subject to the provisions of the Section Investments and Borrowing Restrictions, for the purposes of hedging currency risks, interest rate risk, and market risk and for efficient portfolio management, therefore including investment purposes, to meet the sub-fund s investment objective.
objective. Financial derivative instruments used by the Sub-Fund may include, but are not limited to, futures, options, contracts for difference, forward contracts on financial instruments and options on such contracts, credit linked instruments, swap contracts and other fixed income, currency and credit derivatives dealt on a regulated market or OTC ( Over the counter ). Financial derivative instruments used by the Sub- Fund may include, but are not limited to, futures, options, contracts for difference, forward contracts on financial instruments and options on such contracts, credit linked instruments, swap contracts and other fixed income, currency and credit derivatives dealt on a regulated market or OTC ( Over the counter ). The maximum proportion of assets under management of the Fund that can be subject to SFTs is as follows: Securities lending 10% Securities borrowing 10% Repurchase agreements 10% Total Return Swaps 5% The current expected proportion of assets under management that will be subject to SFTs is as follows: Securities lending 0% Securities borrowing 0% Repurchase agreements 0% Total Return Swaps 0% Risk Profile Such risks are further detailed in the above section Risk Factors. Such risks including potential risks associated with investing in CoCos are further detailed in the above section Risk Factors. We encourage the investors to consult the potential risks associated with investing in Contingent convertible capital instruments (CoCos), shown on the section entitled Risk Factors in the Prospectus.
Sub-funds Class Targeted investors Shares form Categories Denomination Currency Currency Hedged Share Class NAV Calculation Frequency Management Fees 1 Performance Fees Subscription Fee 2;3 Redemption Fee 2 Conversion Fee 2 Initial Issue Price Initial Minimum Investment 4 Subsequent Minimum Investment 4 Minimum Holding Amount 4 VG SICAV 20. Creation of the share class VG SICAV Global Bond A1 available to all types of investors, as reflected in the table entitled Appendix I Sub-Funds Features (Prospectus dated July 2018). VG SICAV GLOBAL BOND R Retail 0.15% YES I Institutional EUR YES for Registered / CHF CHF & USD 0.80% YES A All Types of Investors or dealt in through Acc. Classes Daily USD a clearing house 1.00% YES Up to 5% to the benefit of distributors / selling agents Up to 5% to the benefit of distributors / selling agents Up to 5% to the benefit of distributors / selling agents Up to 2% Up to 2% Up to 2% None 100 1 000 None 1 000 None 100 10 000 None 1 000 None 100 1 000 None 1 000 A1 All Types of Investors 1.50% YES None None None 100 100 None 100 L Listed and tradable on Borsa Italiana EUR N/A 0.30% YES None None None 100 1 share 1 share 1 share 1 Per annum, payable monthly on the value of the average net assets of the Sub-Fund during the relevant month. 2 Percentage of the net asset value of the shares subscribed/redeemed/converted. 3 Such fee may be use in order to remunerate the distributors, and any other financial intermediaries involved in the distribution, placement and marketing of the Shares through a regular agreement. 4 The Board of Directors is authorised to waive any requirements relating to the initial minimum investment, subsequent minimum investment or to the minimum holding amount in its reasonable discretion and by taking into consideration the best interest of the Fund.
The above mentioned changes will be reflected in the Prospectus dated 16 th July 2018. The Sub-Fund s Shareholders who do not agree with the changes indicated under points 7, 16, 17, 18, 19 and 20 may redeem their Shares free of any charges. Such instruction must be sent to European Fund Administration S.A., 2, rue d'alsace - P.O. Box 1725, L-1017 Luxembourg, Grand Duchy of Luxembourg by noon (Luxembourg Time) at the latest one month after the date of the sending of this notice (or the following open bank business day). An updated copy of the Prospectus in force, namely 1 st December 2016 can be obtained free of charge on request made at the Fund s registered office. We remain at your disposal should you need any additional information thereon. Sincerely yours, The Board of Directors