Investeringsforeningen Multi Manager Invest

Transcription

1 Investeringsforeningen Multi Manager Invest Prospectus USA (US) (RCM) USA Akk. (US Acc) (RCM) Europa (Europe) (BlackRock) Europa Akk. (Europe Acc) (BlackRock) Globale Aktier (Global Equities) (Harding Loevner) Globale Aktier Akk (Global Equities Acc) (Harding Loevner) Japan (Lazard) Japan Akk. (Japan Acc) (Lazard) Nye obligationsmarkeder lokal valuta (New Bond Markets Local Currency) (Investec) Nye obligationsmarkeder lokal valuta Akk. (New Bond Markets Local Currency Acc) (Investec) Nye Aktiemarkeder (New Equity Markets) (Wells) Nye Aktiemarkeder Akk. (New Equity Markets Acc) (Wells) Virksomhedsobligationer (Corporate Bonds) (Standard Life) Published on 5 July 2013

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3 Issuer's declaration We hereby represent that to the best of our knowledge and belief, the information contained in this prospectus is in accordance with the facts and does not omit anything likely to affect the presentation which this prospectus is intended to give. To the best of our knowledge, this prospectus contains all material information which may be of relevance to potential investors in the Fund. Copenhagen, 14 June 2013 The Board of Directors of Investeringsforeningen Multi Manager Invest Kjeld Øberg Bjørn Bogason Kim Høibye Erik Højbjerg Nielsen Mads Jensen

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5 CONTENTS The Fund... 1 Name and address...1 Registration numbers...1 Formation...1 Purpose...1 Articles of Association and annual reports...1 Additional information...1 Net asset value...1 USA (US) (RCM)... 2 Europa (Europe) (BlackRock)... 5 Europa Akk. (Europe Acc) (BlackRock)... 6 Globale Aktier (Global Equities)... 8 Globale Aktier Akk. (Global Equities Acc)... 9 Japan (Lazard) Japan Akk. (Japan Acc) (Lazard) Nye obligationsmarkeder lokal valuta (New Bond Markets Local Currency) (Investec) Nye obligationsmarkeder lokal valuta Akk. (New Bond Markets Local Currency Acc) (Investec) Nye Aktiemarkeder (New Equity Markets) (Wells) Nye Aktiemarkeder Akk. (New Equity Markets Acc) (Wells) Virksomhedsobligationer (Corporate Bonds) (Standard Life) Risk scenarios and risk factors Units, subscription and redemption Place of subscription Registration in holder's name Open-ended issuance Issue costs Transfer/exchange Redemption Price information Negotiability Voting rights Rights Dissolution Loans Significant agreements and costs Related persons and companies... 33

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7 The Fund Name and address Investeringsforeningen Multi Manager Invest c/o Nykredit Portefølje Administration A/S Otto Mønsteds Plads 9 DK-1780 Copenhagen V Registration numbers Registration number with the Danish Financial Supervisory Authority (FSA): CVR no: Formation Investeringsforeningen Multi Manager Invest was formed on 30 September 2005 and has the following subfunds: Subfund USA (US) (SE no: ) Subfund USA Akk. (US Acc) (SE no: ) Subfund Europa (Europe) (SE no: ) Subfund Europa Akk. (Europe Acc) (SE no: ) Subfund Globale aktier (Global Equities) (SE no: ) Subfund Globale Aktier Akk. (Global Equities Acc) (SE no: ) Subfund Japan (SE no: ) Subfund Japan Akk. (Japan Acc) (SE no: ) Subfund Nye obligationsmarkeder lokal valuta (New Bond Markets Local Currency) (SE no: ) Subfund Nye obligationsmarkeder lokal valuta Akk. (New Bond Markets Local Currency Acc) (SE no: ) Subfund Nye Aktiemarkeder (New Equity Markets) (SE no: ) Subfund Nye Aktiemarkeder Akk. (New Equity Markets Acc) (SE no: ) Subfund Virksomhedsobligationer (Corporate Bonds) (SE no: ) Purpose According to the Articles of Association, the purpose of the Fund is to receive funds from the general public which, in accordance with a principle of risk diversification, are placed in instruments pursuant to parts 13 and 14 of the Danish Investment Associations, etc. Act and at the request of an investor to redeem the said investor's share of the net asset value with funds derived therefrom. Articles of Association and annual reports The Articles of Association of the Fund form an integral part of this prospectus and are attached as a Schedule. The Fund's annual reports are presented in accordance with the provisions of the Danish Investment Associations, etc. Act and current Executive Order on financial reports of investment associations and special-purpose associations, etc. The financial year is the calendar year. Annual and interim reports will be sent to registered investors upon request. Articles of Association, annual and interim reports may be obtained from the Fund upon request or may be downloaded from the Fund's website, multimanagerinvest.dk. The funds of the individual subfunds are treated separately for administrative and accounting purposes. Separate financial statements are prepared for each subfund. Administrative costs that cannot be directly attributed to a subfund are allocated to the subfunds in accordance with the relevant provisions of the Articles of Association. Additional information Additional information on the quantitative limits mentioned in the subfund sections and the methods applied by the investment management company to ensure compliance with those limits is available from Nykredit Portefølje Administration A/S. Investors may also obtain information on the latest development in the most important risks and returns of each instrument category of the subfunds. Net asset value At end-2012, the net asset value of the Fund totalled DKK 12,212m. Investeringsforeningen Multi Manager Invest Prospectus 1

8 USA (US) (RCM) The Fund has entered into an asset management agreement with RCM Capital Management LLC with regard to this subfund. Resolution on formation A resolution was passed to form the subfund USA at the Fund's statutory general meeting on 30 September Net asset value At end-2012, the net asset value of the subfund totalled DKK 1,029.4m. Investment area The subfund's funds are invested in compliance with the provisions of parts 13 and 14 of the Danish Investment Associations, etc. Act. The subfund may invest in equities issued by US companies or admitted to trading on a US regulated market. The subfund may also invest its funds in depository receipts (eg ADRs or GDRs) admitted to trading on a regulated market or another market which operates regularly, is recognised and open to the public. Investment may be made in equities admitted to trading on regulated markets which are members of the World Federation of Exchanges. Furthermore, the subfund may invest in equities issued by US companies traded on another regulated market within the European Union which operates regularly and is recognised and open to the public. The subfund may have up to 10% of its net asset value invested in other securities within its investment area. The subfund may have up to 10% of its net asset value invested in units in other Danish UCITS, special-purpose associations, foreign investment associations or subfunds thereof, pursuant to the provisions of the Danish Investment Associations, etc. Act. The subfund may also deposit funds with a credit institution pursuant to the Danish Investment Associations, etc. Act. The subfund may have up to 10% of its net asset value invested in securities not admitted to trading on a regulated market. The subfund complies with the criteria for investment laid down in section 21(2) and (3) of the Danish Capital Gains Tax Act. The subfund's investments are subject to the Fund's general socially responsible investment policy. Derivative financial instruments The subfund may apply derivative financial instruments on a hedged basis and provide loans of securities. Return and benchmark As of 1 April 2012, the subfund has changed its benchmark to MSCI Daily TR Net USA (NDDUUS). Until 1 April 2012, the subfund's benchmark was S&P 500 including dividend in DKK. The subfund and benchmark returns for the relevant period appear from the table below: Return, % (35.6) Benchmark (33.9) It should be noted that past performance is not necessarily a guide to the future returns of the subfund. Risk factors The risk of investing in the subfund is considered high. On a risk scale ranging from 1 to 7, with 7 being the highest risk category, the subfund is expected to be in risk category 6. Investors should be aware that the value of any investment in the subfund is subject to equity price risk, geographic risk, foreign exchange risk, issuer-specific risk and cash deposit risk. For further information about the individual risk factors, see "Risk scenarios and risk factors". Investor profile/the typical investor The subfund is open to the general public. Investment in the subfund is suitable for risk-tolerant investors seeking a high return and tolerating a risk of loss and long periods of considerable price fluctuations. The investment must not be of significant importance to an investor's overall financial position, and the investment horizon must be long-term. For private investors, the subfund is mainly aimed at investors with available capital. This subfund may not be suitable for investors planning to realise their investment within four years. Distribution of dividend The subfund is an income subfund, as net profits are distributed to the investors upon adoption at the annual general meeting. The distribution amount depends on income and costs of the previous financial year and is calculated in accordance with section 16C of the Danish Tax Assessment Act. The subfund's dividend distribution for the past five years appears from the table below: %/DKK per unit Investeringsforeningen Multi Manager Invest Prospectus

9 The dividend adopted by the General Meeting is distributed via VP Securities A/S. Dividend tax is withheld in connection with the subfund's dividend distribution, currently 27%. Tax rules The subfund is an income subfund and is therefore not subject to separate tax liability. Investors' returns on available capital invested in the subfund are in general taxable according to the rules applying to direct investment in securities. Dividend is taxable under the Danish Personal Tax Act or the Danish Corporation Tax Act, while gains or losses on the sale of units in the subfund are taxable under the rules of the Danish Capital Gains Tax Act. The Fund classifies distribution of dividend into relevant categories of income from available capital. Dividend tax is withheld in connection with the subfund's dividend distribution. Pension investment returns are taxable under the Danish Pension Returns Tax Act. Currently, the Fund is not open to foreign investors. Therefore, the Fund does not disclose information on its subfunds, including current interest income to paying agents abroad, cf the EU Savings Directive. The consequence is that a savings tax will be imposed on the returns on subfund units of investors having custody accounts with banks in Belgium, Luxembourg, Switzerland or Austria, which may render ownership unfavourable for tax reasons relative to other investments. For further information on the tax rules, please contact the Fund. Investors are recommended to consult their own tax advisers for more detailed information. ISIN The subfund is registered with VP Securities A/S under the following ISIN: DK Admission to trading on a regulated market Units in the subfund have been admitted to trading on NASDAQ OMX Copenhagen A/S. USA Akk. (US Acc) (RCM) The Fund has entered into an asset management agreement with RCM Capital Management with regard to this subfund. Resolution on formation A resolution was made to form the subfund USA Akk. at the board meeting held on 10 March Net asset value At end-2012, the net asset value of the subfund totalled DKK 2,973.7m. Investment area The subfund's funds are invested in compliance with the provisions of parts 13 and 14 of the Danish Investment Associations, etc. Act. The subfund may invest in equities issued by US companies or admitted to trading on a US regulated market. The subfund may also invest its funds in depository receipts (eg ADRs or GDRs) admitted to trading on a regulated market or another market which operates regularly, is recognised and open to the public. Investment may be made in equities admitted to trading on regulated markets which are members of the World Federation of Exchanges. Furthermore, the subfund may invest in equities issued by US companies traded on another regulated market within the European Union which operates regularly and is recognised and open to the public. The subfund may have up to 10% of its net asset value invested in other securities within its investment area. The subfund may have up to 10% of its net asset value invested in units in other Danish UCITS, special-purpose associations, foreign investment associations or subfunds thereof, pursuant to the provisions of the Danish Investment Associations, etc. Act. The subfund may also deposit funds with a credit institution pursuant to the Danish Investment Associations, etc. Act. The subfund may have up to 10% of its net asset value invested in securities not admitted to trading on a regulated market. The subfund's investments are subject to the Fund's general socially responsible investment policy. Derivative financial instruments The subfund may apply derivative financial instruments on a hedged basis and provide loans of securities, in accordance with the guidelines of the Danish FSA. Return/benchmark As of 1 April 2012, the subfund has changed its benchmark to MSCI Daily TR Net USA (NDDUUS). Until 1 April 2012, the subfund's benchmark was S&P 500 including dividend in DKK. Investeringsforeningen Multi Manager Invest Prospectus 3

10 The subfund and benchmark returns for the relevant period appear from the table below: Return, % (34.1) Benchmark (33.9) It should be noted that past performance is not necessarily a guide to the future returns of the subfund. Risk factors The risk of investing in the subfund is considered high. On a risk scale ranging from 1 to 7, with 7 being the highest risk category, the subfund is expected to be in risk category 6. Investors should be aware that the value of any investment in the subfund is subject to equity price risk, foreign exchange risk, issuerspecific risk and cash deposit risk. For further information about the individual risk factors, see "Risk scenarios and risk factors". Investor profile/the typical investor The subfund is open to the general public. Investment in the subfund is suitable for risk-tolerant investors seeking a high return and tolerating a risk of loss and long periods of considerable price fluctuations. The investment must not be of significant importance to an investor's overall financial position, and the investment horizon must be long-term. Tax rules applying to investors: Returns on units purchased with available capital are taxed according to the market-value principle. Therefore, both realised and unrealised gains are taxed annually, and any losses are deductible. Investors subject to Danish personal tax legislation are liable to capital gains tax while companies are liable to corporate income tax. Returns on units purchased with funds subject to the Danish Business Tax Scheme are also taxed according to the market-value principle, and the returns are included in the company tax statement. Returns on units purchased with pension capital are taxed annually according to the market-value principle and the Danish Pension Returns Tax Act. For further information on the tax rules, please contact the Fund or visit the Fund's website. Investors are recommended to consult their own tax advisers for more detailed information. ISIN The subfund is registered with VP Securities A/S under the following ISIN: DK Admission to trading on a regulated market Units in the subfund have been admitted to trading on NASDAQ OMX Copenhagen A/S. For private investors, the subfund is mainly aimed at investors with pension capital or available capital and a negative capital income. Further, funds subject to the Danish Business Tax Scheme may be applied. The subfund is suitable as part of a pension portfolio if there are many years until payout. This subfund may not be suitable for investors planning to realise their investment within four years. Distribution of dividend As the subfund is an accumulation subfund, no dividend is distributed as the net profit will be transferred to the subfund's net asset value. Tax rules Tax rules applying to the Fund: Generally, the subfund is not liable to pay tax, as it is an accumulation subfund issuing certificates, cf section 3(1)(xix) of the Danish Corporation Tax Act. However, dividend received from Danish companies is subject to 15% tax, cf the same provision. 4 Investeringsforeningen Multi Manager Invest Prospectus

11 Europa (Europe) (BlackRock) The Fund has entered into an asset management agreement with BlackRock Investment Management (UK) with regard to this subfund. Resolution on formation A resolution was passed to form the subfund Europa at the Fund's statutory general meeting on 30 September Net asset value At end-2012, the net asset value of the subfund totalled DKK 570.0m. Investment area The subfund's funds are invested in compliance with the provisions of parts 13 and 14 of the Danish Investment Associations, etc. Act. The subfund invests in equities issued by European companies or admitted to trading on a European regulated market. The subfund may also invest its funds in depository receipts (eg ADRs or GDRs) admitted to trading on a regulated market or another market which operates regularly, is recognised and open to the public. Investment may be made in equities admitted to trading on regulated markets or traded on another regulated market within the European Union which operates regularly and is recognised and open to the public. Moreover, the subfund may invest in equities issued by European companies admitted to trading on other regulated markets which are members of the World Federation of Exchanges or full members or associate members of the FESE where the equities have been admitted to trading on such markets. The subfund may have up to 10% of its net asset value invested in other securities within its investment area. The subfund may have up to 10% of its net asset value invested in units in other Danish UCITS, special-purpose associations, foreign investment associations or subfunds thereof, pursuant to the provisions of the Danish Investment Associations, etc. Act. The subfund may also deposit funds with a credit institution pursuant to the Danish Investment Associations, etc. Act. The subfund complies with the criteria for investment laid down in section 21(2) and (3) of the Danish Capital Gains Tax Act. The subfund's investments are subject to the Fund's general socially responsible investment policy. Derivative financial instruments The subfund may apply derivative financial instruments on a hedged basis and provide loans of securities. Return/benchmark The subfund's benchmark is MSCI Europe incl dividend in DKK. The subfund and benchmark returns for the past five years appear from the table below: Return, % (46.9) (10.4) 21.1 MSCI Europe (43.8) (8.3) 17.7 It should be noted that past performance is not necessarily a guide to the future returns of the subfund. Risk factors The risk of investing in the subfund is considered high. On a risk scale ranging from 1 to 7, with 7 being the highest risk category, the subfund is expected to be in risk category 6. Investors should be aware that the value of any investment in the subfund is subject to equity price risk, foreign exchange risk, issuerspecific risk and cash deposit risk. For further information about the individual risk factors, see "Risk scenarios and risk factors". Investor profile/the typical investor The subfund is open to the general public. Investment in the subfund is suitable for risk-tolerant investors seeking a high return and tolerating a risk of loss and long periods of considerable price fluctuations. The investment must not be of significant importance to an investor's overall financial position, and the investment horizon must be long-term. For private investors, the subfund is mainly aimed at investors with available capital. The subfund is suitable as part of a pension portfolio if there are many years until payout. This subfund may not be suitable for investors planning to realise their investment within four years. Distribution of dividend The subfund is an income subfund and the net profit is distributed to the investors upon adoption at the annual general meeting. The distribution amount depends on income and costs of the previous financial year and is calculated in accordance with section 16C of the Danish Tax Assessment Act. The subfund's dividend distribution for the past five years appears from the table below: %/DKK per unit The dividend adopted by the General Meeting is distributed via VP Securities A/S. Dividend tax is withheld in connection with the subfund's dividend distribution, currently 27%. Investeringsforeningen Multi Manager Invest Prospectus 5

12 Tax rules The subfund is an income subfund and is therefore not subject to separate tax liability. Investors' returns on available capital invested in the subfund are in general taxable subject to the rules applying to direct investment in securities. Dividend is taxable under the Danish Personal Tax Act or the Danish Corporation Tax Act, while gains or losses on the sale of units in the subfund are taxable under the rules of the Danish Capital Gains Tax Act. The Fund classifies distribution of dividend into relevant categories of income from available capital. Dividend tax is withheld in connection with the dividend distribution of equity-based subfunds. Pension investment returns are taxable under the Danish Pension Returns Tax Act. Currently, the Fund is not open to foreign investors. Therefore, the Fund does not disclose information on its subfunds, including current interest income to paying agents abroad, cf the EU Savings Directive. The consequence is that a savings tax will be imposed on the returns on subfund units of investors having custody accounts with banks in Belgium, Luxembourg, Switzerland or Austria, which may render the ownership unfavourable for tax reasons relative to other investments. For further information on the tax rules, please contact the Fund. Investors are recommended to consult their own tax advisers for more detailed information. ISIN The subfund is registered with VP Securities A/S under the following ISIN: DK Admission to trading on a regulated market Units in the subfund have been admitted to trading on NASDAQ OMX Copenhagen A/S. Europa Akk. (Europe Acc) (BlackRock) The Fund has entered into an asset management agreement with BlackRock Investment Management (UK) with regard to this subfund. Resolution on formation A resolution was made to form the subfund Europa Akk. at the board meeting held on 16 January Net asset value At end-2012, the net asset value of the subfund totalled DKK 1,595,5m. Investment area The subfund's funds are invested in compliance with the provisions of parts 13 and 14 of the Danish Investment Associations, etc. Act. The subfund invests in equities issued by European companies or admitted to trading on a European regulated market. The subfund may also invest its funds in depository receipts (eg ADRs or GDRs) admitted to trading on a regulated market or another market which operates regularly, is recognised and open to the public. Investment may be made in equities admitted to trading on regulated markets or traded on another regulated market within the European Union which operates regularly and is recognised and open to the public. Moreover, the subfund may invest in equities issued by European companies admitted to trading on other regulated markets which are members of the World Federation of Exchanges or full members or associate members of the FESE where the equities have been admitted to trading on such markets. The subfund may have up to 10% of its net asset value invested in other securities within its investment area. The subfund may have up to 10% of its net asset value invested in units in other Danish UCITS, special-purpose associations, foreign investment associations or subfunds thereof, pursuant to the provisions of the Danish Investment Associations, etc. Act. The subfund may also deposit funds with a credit institution pursuant to the Danish Investment Associations, etc. Act. The subfund's investments are subject to the Fund's general socially responsible investment policy. Derivative financial instruments The subfund may apply derivative financial instruments on a hedged basis and provide loans of securities, in accordance with the guidelines of the Danish FSA. Return and benchmark The subfund's benchmark is MSCI Europe incl dividend in DKK. The subfund and benchmark returns for the past five years appear from the table below: 6 Investeringsforeningen Multi Manager Invest Prospectus

13 Return, % (47.5) (10.1) 21.1 MSCI Europe (43.8) (8.3) 17.7 It should be noted that past performance is not necessarily a guide to the future returns of the subfund. Risk factors The risk of investing in the subfund is considered high. On a risk scale ranging from 1 to 7, with 7 being the highest risk category, the subfund is expected to be in risk category 6. Investors should be aware that the value of any investment in the subfund is subject to equity price risk, foreign exchange risk, issuerspecific risk and cash deposit risk. For further information about the individual risk factors, see "Risk scenarios and risk factors". Investor profile/the typical investor The subfund is open to the general public. Investors subject to Danish personal tax legislation are liable to capital gains tax while companies are liable to corporate income tax. Returns on units purchased with funds subject to the Danish Business Tax Scheme are also taxed according to the market-value principle, and the returns are included in the company tax statement. Returns on units purchased with pension capital are taxed annually according to the market-value principle and the Danish Pension Returns Tax Act. For further information on the tax rules, please contact the Fund or visit the Fund's website. Investors are recommended to consult their own tax advisers for more detailed information. ISIN The subfund is registered with VP Securities A/S under the following ISIN: DK Admission to trading on a regulated market Units in the subfund have been admitted to trading on NASDAQ OMX Copenhagen A/S. Investment in the subfund is suitable for risk-tolerant investors seeking a high return and tolerating a risk of loss and long periods of considerable price fluctuations. The investment must not be of significant importance to an investor's overall financial position, and the investment horizon must be long-term. For private investors, the subfund is mainly aimed at investors with pension capital or available capital and a negative capital income. Further, funds subject to the Danish Business Tax Scheme may be applied. The subfund is suitable as part of a pension portfolio if there are many years until payout. This subfund may not be suitable for investors planning to realise their investment within four years. Distribution of dividend As the subfund is an accumulation subfund, no dividend is distributed as the net profit will be transferred to the subfund's net asset value. Tax rules Tax rules applying to the Fund: Generally, the subfund is not liable to pay tax, as it is an accumulation subfund issuing certificates, cf section 3(1)(xix) of the Danish Corporation Tax Act. However, dividend received from Danish companies is subject to 15% tax, cf the same provision. Tax rules applying to investors: Returns on units purchased with available capital are taxed according to the market-value principle. Therefore, both realised and unrealised gains are taxed annually, and any losses are deductible. Investeringsforeningen Multi Manager Invest Prospectus 7

14 Globale Aktier (Global Equities) The Fund has entered into an asset management agreement with Harding Loevner with regard to this subfund. Resolution on formation A resolution was made to form the subfund Globale Aktier at the board meeting held on 3 July Net asset value At end-2012, the net asset value of the subfund totalled DKK 300.3m. Investment area The subfund's funds are invested in compliance with the provisions of parts 13 and 14 of the Danish Investment Associations, etc. Act. The subfund invests mainly in global equities admitted to trading on a regulated market. The subfund may also invest its funds in depository receipts (eg ADRs or GDRs) admitted to trading on a regulated market or another market which operates regularly, is recognised and open to the public. Within its investment area, the subfund may have up to 10% of its net asset value invested in securities not admitted to trading on a regulated market or another market which operates regularly and is recognised and open to the public. The subfund may also deposit funds with a credit institution pursuant to the Danish Investment Associations, etc. Act. The subfund may have up to 10% of its net asset value invested in units in other Danish UCITS, special-purpose associations, foreign investment associations or subfunds thereof, pursuant to the provisions of the Danish Investment Associations, etc. Act. The subfund's investments are subject to the Fund's general socially responsible investment policy. The subfund complies with the criteria for investment laid down in section 21(2) and (3) of the Danish Capital Gains Tax Act. Derivative financial instruments The subfund may apply derivative financial instruments on a hedged basis and provide loans of securities. Return and benchmark The subfund's benchmark is MSCI AC World Daily TR Net USD in DKK. The subfund and benchmark returns for the past five years appear from the table below: Return, % 0.6 Benchmark 2.0 It should be noted that past performance is not necessarily a guide to the future returns of the subfund. Risk factors The risk of investing in the subfund is considered high. On a risk scale ranging from 1 to 7, with 7 being the highest risk category, the subfund is expected to be in risk category 6. Investors should be aware that the value of any investment in the subfund is subject to equity price risk, foreign exchange risk, issuerspecific risk and cash deposit risk. For further information about the individual risk factors, see "Risk scenarios and risk factors". Investor profile/the typical investor The subfund is open to the general public. Investment in the subfund is suitable for risk-tolerant investors seeking a high return and tolerating a risk of loss and long periods of considerable price fluctuations. The investment must not be of significant importance to an investor's overall financial position, and the investment horizon must be long-term. For private investors, the subfund is mainly aimed at investors with available capital. This subfund may not be suitable for investors planning to realise their investments within four years. Distribution of dividend The subfund is an income subfund, and the net profit will be distributed to the members upon adoption at the annual general meeting. The distribution amount depends on the income and costs of the previous financial year and is calculated in accordance with section 16C of the Danish Tax Assessment Act. The subfund's distribution since its launch is as follows: 2012 %/DKK per unit 0.0 The dividend adopted by the General Meeting is distributed via VP Securities A/S. Dividend tax is withheld in connection with the subfund's dividend distribution, currently 27%. 1 The subfund has been active since 13 November Investeringsforeningen Multi Manager Invest Prospectus

15 Tax rules The subfund is an income subfund and is therefore not subject to separate tax liability. Investors' returns on available capital invested in the subfund are in general taxable according to the rules applying to direct investment in securities. Dividend is taxable under the Danish Personal Tax Act or the Danish Corporation Tax Act, while gains or losses on the sale of units in the subfund are taxable under the rules of the Danish Capital Gains Tax Act. The Fund classifies distribution of dividend into relevant categories of income from available capital. Dividend tax is withheld in connection with the subfund's dividend distribution. Pension investment returns are taxable under the Danish Pension Returns Tax Act. Currently, the Fund is not open to foreign investors. Therefore, the Fund does not disclose information on its subfunds, including current interest income to paying agents abroad, cf the EU Savings Directive. The consequence is that a savings tax will be imposed on the returns on subfund units of investors having custody accounts with banks in Belgium, Luxembourg, Switzerland or Austria, which may render ownership unfavourable for tax reasons relative to other investments. For further information on the tax rules, please contact the Fund. Investors are recommended to consult their own tax advisers for more detailed information. ISIN The subfund is registered with VP Securities A/S under the following ISIN: DK Admission to trading on a regulated market The subfund has been admitted to trading in the investment unit marketplace of NASDAQ OMX Copenhagen A/S. Globale Aktier Akk. (Global Equities Acc) The Fund has entered into an asset management agreement with Harding Loevner with regard to this subfund. Resolution on formation A resolution was made to form the subfund Globale Aktier [Akk.] at the board meeting held on 3 July Net asset value At end-2012, the net asset value of the subfund totalled DKK 959.2m. Investment area The subfund's funds are invested in compliance with the provisions of parts 13 and 14 of the Danish Investment Associations, etc. Act. The subfund invests mainly in global equities admitted to trading on a regulated market. The subfund may also invest its funds in depository receipts (eg ADRs or GDRs) admitted to trading on a regulated market or another market which operates regularly, is recognised and open to the public. Within its investment area, the subfund may have up to 10% of its net asset value invested in securities not admitted to trading on a regulated market or another market which operates regularly and is recognised and open to the public. The subfund may also deposit funds with a credit institution pursuant to the Danish Investment Associations, etc. Act. The subfund may have up to 10% of its net asset value invested in units in other Danish UCITS, special-purpose associations, foreign investment associations or subfunds thereof, pursuant to the provisions of the Danish Investment Associations, etc. Act. The subfund's investments are subject to the Fund's general socially responsible investment policy. Derivative financial instruments The subfund may apply derivative financial instruments on a hedged basis and provide loans of securities. Return and benchmark The subfund's benchmark is MSCI AC World Daily TR Net USD in DKK. The subfund and benchmark returns for the past five years appear from the table below: Return, % 0.8 Benchmark The subfund has been active since 13 November Investeringsforeningen Multi Manager Invest Prospectus 9

16 It should be noted that past performance is not necessarily a guide to the future returns of the subfund. Risk factors The risk of investing in the subfund is considered high. On a risk scale ranging from 1 to 7, with 7 being the highest risk category, the subfund is expected to be in risk category 6. Investors should be aware that the value of any investment in the subfund is subject to equity price risk, foreign exchange risk, issuerspecific risk and cash deposit risk. For further information about the individual risk factors, see "Risk scenarios and risk factors". Investor profile/the typical investor The subfund is open to the general public. Returns on units purchased with pension capital are taxed annually according to the market-value principle and the Danish Pension Returns Tax Act. For further information on the tax rules, please contact the Fund. Investors are recommended to consult their own tax advisers for more detailed information. ISIN The subfund is registered with VP Securities A/S under the following ISIN: DK Admission to trading on a regulated market The subfund has been admitted to trading in the investment unit marketplace of NASDAQ OMX Copenhagen. Investment in the subfund is suitable for risk-tolerant investors seeking a high return and tolerating a risk of loss and long periods of considerable price fluctuations. The investment must not be of significant importance to an investor's overall financial position, and the investment horizon must be long-term. For private investors, the subfund is mainly aimed at investors with pension capital or available capital and a negative capital income. Further, funds subject to the Danish Business Tax Scheme may be applied. The subfund is suitable as part of a pension portfolio if there are many years until payout. This subfund may not be suitable for investors planning to realise their investments within four years. Distribution of dividend The subfund is an accumulation subfund and will not make any distribution as realisation gains and the net profit will be transferred to the subfund's net asset value. Tax rules Tax rules applying to the Fund: Generally, the subfund is not liable to pay tax, as it is an accumulation subfund issuing certificates, cf section 3(1)(xix) of the Danish Corporation Tax Act. However, dividend received from Danish companies is subject to 15% tax, cf the same provision. Tax rules applying to investors: Returns on units purchased with available capital are taxed according to the market-value principle. Therefore, both realised and unrealised gains are taxed annually, and any losses are deductible. Investors subject to Danish personal tax legislation are liable to capital gains tax while companies are liable to corporate income tax. Returns on units purchased with funds subject to the Danish Business Tax Scheme are also taxed according to the market-value principle, and the returns are included in the company tax statement. 10 Investeringsforeningen Multi Manager Invest Prospectus

17 Japan (Lazard) The Fund has entered into an asset management agreement with Lazard Asset Management Limited with regard to this subfund. Resolution on formation A resolution was made to form the subfund Japan at the board meeting held on 16 January Net asset value At end-2012, the net asset value of the subfund totalled DKK 167.1m. Investment area The subfund's funds are invested in compliance with the provisions of parts 13 and 14 of the Danish Investment Associations, etc. Act. The subfund invests in equities issued by Japanese companies or admitted to trading on a regulated Japanese market. The subfund may also invest its funds in depository receipts (eg ADRs or GDRs) admitted to trading on a regulated market or another market which operates regularly, is recognised and open to the public. Investment may be made in equities admitted to trading on regulated markets which are members of the World Federation of Exchanges. Furthermore, the subfund may invest in equities issued by Japanese companies traded on another regulated market within the European Union which operates regularly and is recognised and open to the public. The subfund may have up to 10% of its net asset value invested in other securities within its investment area. The subfund may have up to 10% of its net asset value invested in units in other Danish UCITS, special-purpose associations, foreign investment associations or subfunds thereof, pursuant to the provisions of the Danish Investment Associations, etc. Act. The subfund may also deposit funds with a credit institution pursuant to the Danish Investment Associations, etc. Act. The subfund complies with the criteria for investment laid down in section 21(2) and (3) of the Danish Capital Gains Tax Act. The subfund's investments are subject to the Fund's general socially responsible investment policy. Derivative financial instruments The subfund may apply derivative financial instruments on a hedged basis and provide loans of securities. Return and benchmark As of 1 April 2012, the subfund has changed its benchmark to MSCI Japan Index Net Dividends Reinvested TR (NDDLJN). Until 1 April 2012, the subfund's benchmark was TOPIX including dividend in DKK. The subfund and benchmark returns for the relevant period appear from the table below: Return, % (35.6) (10.5) 10.7 Benchmark (22.6) (9.8) 6.5 It should be noted that past performance is not necessarily a guide to the future returns of the subfund. Risk factors The risk of investing in the subfund is considered high. On a risk scale ranging from 1 to 7, with 7 being the highest risk category, the subfund is expected to be in risk category 6. Investors should be aware that the value of any investment in the subfund is subject to equity price risk, geographic risk, foreign exchange risk, issuer-specific risk and cash deposit risk. For further information about the individual risk factors, see "Risk scenarios and risk factors". Investor profile/the typical investor The subfund is open to the general public. Investment in the subfund is suitable for risk-tolerant investors seeking a high return and tolerating a risk of loss and long periods of considerable price fluctuations. The investment must not be of significant importance to an investor's overall financial position, and the investment horizon must be long-term. For private investors, the subfund is mainly aimed at investors with available capital. This subfund may not be suitable for investors planning to realise their investment within four years. Distribution of dividend The subfund is an income subfund, and the net profit is distributed to the investors upon adoption at the annual general meeting. The distribution amount depends on income and costs of the previous financial year and is calculated in accordance with section 16C of the Danish Tax Assessment Act. The subfund's dividend distribution for the past five years appears from the table below: %/DKK per unit The dividend adopted by the General Meeting is distributed via [VP] Securities A/S. Dividend tax is withheld in connection with the subfund's dividend distribution, currently 27%. Investeringsforeningen Multi Manager Invest Prospectus 11

18 Tax rules The subfund is an income subfund and is therefore not subject to separate tax liability. Investors' returns on available capital invested in the subfund are in general taxable subject to the rules applying to direct investment in securities. Dividend is taxable under the Danish Personal Tax Act or the Danish Corporation Tax Act, while gains or losses on the sale of units in the subfund are taxable under the rules of the Danish Capital Gains Tax Act. The Fund classifies distribution of dividend into relevant categories of income from available capital. Dividend tax is withheld in connection with the subfund's dividend distribution. Pension investment returns are taxable under the Danish Pension Returns Tax Act. Currently, the Fund is not open to foreign investors. Therefore, the Fund does not disclose information on its subfunds, including current interest income to paying agents abroad, cf the EU Savings Directive. The consequence is that a savings tax will be imposed on the returns on subfund units of investors having custody accounts with banks in Belgium, Luxembourg, Switzerland or Austria, which may render the ownership unfavourable for tax reasons relative to other investments. For further information on the tax rules, please contact the Fund. Investors are recommended to consult their own tax advisers for more detailed information. ISIN The subfund is registered with VP Securities A/S under the following ISIN: DK Admission to trading on a regulated market Units in the subfund have been admitted to trading on NASDAQ OMX Copenhagen A/S. Japan Akk. (Japan Acc) (Lazard) The Fund has entered into an asset management agreement with Lazard Asset Management Limited with regard to this subfund. Resolution on formation A resolution was made to form the subfund Japan Akk. at the board meeting held on 16 January Net asset value At end-2012, the net asset value of the subfund totalled DKK 421.5m. Investment area The subfund's funds are invested in compliance with the provisions of parts 13 and 14 of the Danish Investment Associations, etc. Act. The subfund invests in equities issued by Japanese companies or admitted to trading on a regulated Japanese market. The subfund may also invest its funds in depository receipts (eg ADRs or GDRs) admitted to trading on a regulated market or another market which operates regularly, is recognised and open to the public. Investment may be made in equities admitted to trading on regulated markets which are members of the World Federation of Exchanges. Furthermore, the subfund may invest in equities issued by Japanese companies traded on another regulated market within the European Union which operates regularly and is recognised and open to the public. The subfund may have up to 10% of its net asset value invested in other securities within its investment area. The subfund may have up to 10% of its net asset value invested in units in other Danish UCITS, special-purpose associations, foreign investment associations or subfunds thereof, pursuant to the provisions of the Danish Investment Associations, etc. Act. The subfund may also deposit funds with a credit institution pursuant to the Danish Investment Associations, etc. Act. The subfund's investments are subject to the Fund's general socially responsible investment policy. Derivative financial instruments The subfund may apply derivative financial instruments on a hedged basis and provide loans of securities. Return and benchmark As of 1 April 2012, the subfund has changed its benchmark to MSCI Japan Index Net Dividends Reinvested TR (NDDLJN). Until 1 April 2012, the subfund's benchmark was TOPIX including dividend in DKK. The subfund and benchmark returns for the relevant period appear from the table below: 12 Investeringsforeningen Multi Manager Invest Prospectus

19 Return, % (35.7) (9.7) 11.1 Benchmark (22.6) (9.8) 6.5 It should be noted that past performance is not necessarily a guide to the future returns of the subfund. Risk factors The risk of investing in the subfund is considered high. On a risk scale ranging from 1 to 7, with 7 being the highest risk category, the subfund is expected to be in risk category 6. Investors should be aware that the value of any investment in the subfund is subject to equity price risk, geographic risk, foreign exchange risk, issuer-specific risk and cash deposit risk. For further information about the individual risk factors, see "Risk scenarios and risk factors". Investor profile/the typical investor The subfund is open to the general public. Investors subject to Danish personal tax legislation are liable to capital gains tax while companies are liable to corporate income tax. Returns on units purchased with funds subject to the Danish Business Tax Scheme are also taxed according to the market-value principle, and the returns are included in the company tax statement. Returns on units purchased with pension capital are taxed annually according to the market-value principle and the Danish Pension Returns Tax Act. For further information on the tax rules, please contact the Fund or visit the Fund's website. Investors are recommended to consult their own tax advisers for more detailed information. ISIN The subfund is registered with VP Securities A/S under the following ISIN: DK Admission to trading on a regulated market Units in the subfund have been admitted to trading on NASDAQ OMX Copenhagen A/S. Investment in the subfund is suitable for risk-tolerant investors seeking a high return and tolerating a risk of loss and long periods of considerable price fluctuations. The investment must not be of significant importance to an investor's overall financial position, and the investment horizon must be long-term. For private investors, the subfund is mainly aimed at investors with pension capital or available capital and a negative capital income. Further, funds subject to the Danish Business Tax Scheme may be applied. The subfund is suitable as part of a pension portfolio if there are many years until payout. This subfund may not be suitable for investors planning to realise their investment within four years. Distribution of dividend As the subfund is an accumulation subfund, no dividend is distributed as the net profit will be transferred to the subfund's net asset value. Tax rules Tax rules applying to the Fund: Generally, the subfund is not liable to pay tax, as it is an accumulation subfund issuing certificates, cf section 3(1)(xix) of the Danish Corporation Tax Act. However, dividend received from Danish companies is subject to 15% tax, cf the same provision. Tax rules applying to investors: Returns on units purchased with available capital are taxed according to the market-value principle. Therefore, both realised and unrealised gains are taxed annually, and any losses are deductible. Investeringsforeningen Multi Manager Invest Prospectus 13

20 Nye obligationsmarkeder lokal valuta (New Bond Markets Local Currency) (Investec) The Fund has entered into an asset management agreement with Investec Asset Management Limit[ed] with regard to this subfund. Resolution on formation A resolution was made to form the subfund Nye obligationsmarkeder lokal valuta at the Fund's board meeting held on 12 October Net asset value At end-2012, the net asset value of the subfund totalled DKK 481.7m. Investment area The subfund's funds are invested in compliance with the provisions of part 14 of the Danish Investment Associations, etc. Act. The subfund primarily invests its funds in bonds, money market instruments and other similar debt instruments denominated in local currencies in emerging markets, but may secondarily invest in bonds, money market instruments and other similar debt instruments denominated in USD, EUR, JPY or CHF. The subfund invests in the above instruments issued by or relating to sovereigns, local authorities, supranational organisations or companies etc with registered offices or main activities in emerging markets. The subfund chiefly invests its funds in instruments issued by issuers with registered offices or main activities in countries in Latin America, Eastern Europe, the Middle East, Africa or Asia. The subfund may also invest in the above instruments issued by issuers in other countries if issuance is related to issuers in emerging market countries and/or denominated in local currencies in emerging market countries. The instruments must be admitted to trading on regulated markets which are members of the World Federation of Exchanges or full members or associate members of the Federation of European Securities Exchanges (FESE) or traded on another regulated market within the European Union which operates regularly and is recognised and open to the public. The instruments may also be traded on the US OTC Fixed Income market regulated by FINRA. Moreover, the subfund may invest in US securities issued under Rule 144A with a right to exchange them for securities which must be registered with the Securities and Exchange Commission (SEC) within one year pursuant to the US Securities Act of 1933 and which are traded on the US OTC Fixed Income market. Investments on the US OTC Fixed Income market will be made primarily in issues of or exceeding USD 25 million. There are no requirements as to the credit rating of these instruments in the subfund. The subfund may invest in liquid as well as less liquid securities on the US OTC Fixed Income market. The subfund may also invest in the above instruments admitted to trading on the markets which in the opinion of the Board of Directors satisfy the Danish FSA guidelines on eligible markets. Together with investments in instruments not admitted to trading on a regulated market, investments in instruments not admitted to trading on the above markets may not exceed 10% of the subfund's net asset value. The subfund may have up to 10% of its net asset value invested in units in other Danish UCITS, special-purpose associations, foreign investment associations or subfunds thereof, pursuant to the provisions of the Danish Investment Associations, etc. Act. The subfund may also deposit funds with a credit institution pursuant to the Danish Investment Associations, etc. Act. The subfund's investments are subject to the Fund's general socially responsible investment policy. Derivative financial instruments The subfund may apply derivative financial instruments on a hedged or unhedged basis and provide loans of securities. In combination with derivative financial instruments, the subfund may invest in EUR-denominated government bonds and US government bonds to obtain exposure to emerging markets. Return and benchmark The subfund's benchmark is JP Morgan Government Bond Index Emerging Markets Global Diversified DKK Unhedged. The subfund and benchmark returns since the launch of the subfund appear from the table below: Return, % (0.4) (1.2) 15.9 Benchmark (1.0) It should be noted that past performance is not necessarily a guide to the future returns of the subfund. Risk factors The risk of investing in the subfund is considered to be medium to high. On a risk scale ranging from 1 to 7, with 7 being the highest risk category, the subfund is expected to be in risk category 4-5. Investors should be aware that the value of any investment in the subfund is subject to interest rate and bond market risk, credit risk, counterparty risk, liquidity risk, emerging markets risk, leverage risk, foreign exchange risk and cash deposit risk. For further information about the individual risk factors, see "Risk scenarios and risk factors". 3 The subfund has been active since 4 October Investeringsforeningen Multi Manager Invest Prospectus