Danske Fund of Funds

Transcription

1 a Mutual Investment Fund (fonds commun de placement) organised under the laws of the Grand Duchy of Luxembourg Prospectus 19 January 2009 with Management Regulations Management Company: Danske Invest Management Company S.A. 13, rue Edward Steichen, L-2540 Luxembourg, Grand Duchy of Luxembourg

2 Notice The Prospectus does not constitute an offer or solicitation by any person in any jurisdiction in which such offer or solicitation is not lawful or in which the person making such offer or solicitation is not qualified to do so or to any person to whom it is unlawful to make such offer or solicitation. Units of DANSKE FUND OF FUNDS have not been registered under the United States Securities Act of 1933, as amended (the "1933 Act"), and are therefore not publicly offered in the United States and may not be offered to or subscribed by U.S. Persons as such expression is defined hereinafter. The Units are not being offered in the United States, and may be so offered only pursuant to an exemption from registration under the 1933 Act. The Units have not been registered with the Securities and Exchange Commission or any state securities commission nor have the Units been registered under the Investment Company Act of 1940, as amended (the "1940 Act"). No transfer or sale of the Units shall be made unless, among other things, such transfer or sale is exempt from the registration requirement of the 1933 Act and any applicable state securities laws or is made pursuant to an effective registration statement under the 1933 Act and such state securities laws and would not result in the Fund becoming subject to registration or regulation under the 1940 Act. Units may furthermore not be sold or held either directly by or to the benefit of, among others U.S. Persons. Applicants may be required to declare that they are not U.S. Persons and are not applying for Units on behalf of any U.S. Person nor reselling Units for the benefit of U.S. Persons. Article 6.5. of the Management Regulations contains provisions enabling the Fund to compulsorily redeem Units held by prohibited persons. No person is authorised to give any information or to make any representations other than those contained in the Prospectus. The value of and income from Units may go up as well as down and you may not get back the amount you have invested in the Fund. Before investing in the Fund you should consider the risks involved in such investment. Please see section General Risk Considerations of the Prospectus. Prospective subscribers of Units should read with care the Prospectus in its entirety and inform themselves as to the legal requirements, exchange control regulations and applicable taxes in the countries of their respective citizenship, residence or domicile as well as to the consequences (whether legal, tax, financial or else) resulting from the subscription for or redemption of the Units. If you are in any doubt about the contents of the Prospectus, you should consult your stockbroker, bank manager, solicitor, accountant or other financial adviser. Subscriptions for the Fund's Units are deemed to be made on the basis of the information contained in the Prospectus and supplementary documentation, and in the latest (semi-) annual reports which are available from the Registered Office of the Management Company and its agents. Unless stated to the contrary, all references herein to times and hours refer to Luxembourg local time. The date of this Prospectus is 19 January Notice 2

3 Management and Administration Management Company Board of Directors of the Management Company Danske Invest Management Company S.A. 13, rue Edward Steichen L-2540 Luxembourg Grand Duchy of Luxembourg Torben KRAG Chairman of the Board Deputy General Manager of Danske Bank International S.A., Luxembourg, Grand Duchy of Luxembourg Mads JENSEN First Vice-President of Danske Bank A/S; Copenhagen, Denmark Klaus EBERT Head of Fund Products of Danske Bank International S.A., Luxembourg, Grand Duchy of Luxembourg Managers of the Management Company Peter DYHR Senior Fund Administration Officer, Danske Bank International S.A., Luxembourg, Grand Duchy of Luxembourg Klaus EBERT Head of Fund Products of Danske Bank International S.A., Luxembourg, Grand Duchy of Luxembourg Custodian and Central Administration Registrar and Transfer Agent Paying Agent in Luxembourg Investment Adviser Investment Manager Global Distributor Distributor Auditor RBC Dexia Investor Services Bank S.A. 14, Porte de France L-4360 Esch-sur-Alzette Grand Duchy of Luxembourg Danske Bank International S.A. 13, rue Edward Steichen L-2540 Luxembourg Grand Duchy of Luxembourg Danske Bank International S.A. 13, rue Edward Steichen L-2540 Luxembourg Grand Duchy of Luxembourg see Appendices for information on the Investment Adviser of a given Sub-Fund see Appendices for information on the Investment Manager of a given Sub-Fund Danske Bank International S.A. 13, rue Edward Steichen L-2540 Luxembourg Grand Duchy of Luxembourg see Appendices for information on the specific Distributor of a given Sub-Fund Deloitte S.A. 560, rue de Neudorf L-2220 Luxembourg Grand Duchy of Luxembourg Management and Administration 3

4 Contents NOTICE...2 MANAGEMENT AND ADMINISTRATION...3 CONTENTS...4 GLOSSARY OF TERMS...6 DANSKE FUND OF FUNDS Principal Features Management Company Investment Manager and Investment Adviser Custodian and Central Administration Paying Agent Registrar and Transfer Agent Distribution of the Units Investment Objectives and Policies General Risk Considerations The Units Issue and Sale of Units Conversion of Units Redemption of Units Distribution Policy Determination of the Net Asset Value General Information Charges And Expenses Taxation Documents Available...26 APPENDICES...27 Pensionssparfonden...27 (for the purposes of distribution in Sweden, such Sub-Fund may be referred to as: the Danske Fonder Pensionssparfonden in relation to the Class C Units and the Danske Fonder Sparfonden in relation to the Class D Units)...27 Navigera (for the purposes of distribution in Sweden, such Sub-Fund may be referred to as the Danske Fonder Navigera 40 )...30 Navigera (for the purposes of distribution in Sweden, such Sub-Fund may be referred to as the Danske Fonder Navigera 50 )...32 Navigera (for the purposes of distribution in Sweden, such Sub-Fund may be referred to as the Danske Fonder Navigera 60 )...34 Navigera (for the purposes of distribution in Sweden, such Sub-Fund may be referred to as the Danske Fonder Navigera 70 )...36 NaviGate (for the purposes of distribution in Sweden, such Sub-Fund may be referred to as the Danske Fonder NaviGate 6 4 )...38 NaviGate Global...41 (for the purposes of distribution in Sweden, such Sub-Fund may be referred to as the Danske Fonder NaviGate Global )...41 EPFF Global Growth Fund...44 EPFF European Fund...46 MANAGEMENT REGULATIONS The Fund The Management Company Investment Objectives and Policies The Sub-Funds Classes of Units...49 Contents 4

5 6. The Units Issue and Redemption of Units Conversion of Units Charges of the Fund Accounting Year and Audit Publications Custodian and Central Administration Registrar and Transfer Agent Distributor(s) Investment Manager(s) Listing Agent Investment Restrictions, Techniques and Instruments Determination of the Net Asset Value per Unit Distribution Policy Amendments to the Management Regulations Duration and Liquidation of the Fund Merger of the Fund with another UCI Applicable Law, Jurisdiction, Governing Language...61 Contents 5

6 Glossary of Terms Appendix(ces) Articles Board of Directors Business Day Class(es) of Units Consolidation Currency DKK ETF EUR Fund Institutional Investors Each appendix to the Prospectus; the Appendix(ces) set out certain specific details for the each of the Sub-Funds. The articles of incorporation of the Management Company dated 21 September 1988 as may be supplemented or amended from time to time. The Directors of the Management Company. Any day on which banks are open for business in Luxembourg. Each Class of Units within the Fund. The Fund comprises currently four Classes of Units: Class B Accumulation Units (dedicated to Institutional Investors generally) Class C Accumulation Units (dedicated to Institutional Investors generally) Class D Accumulation Units (dedicated to Retail Investors generally) Class P Distribution Units (dedicated to Institutional Investors generally) The consolidation currency of the Fund being the EUR. Danish Kroner, the legal currency of Denmark. Exchange Traded Fund, an Undertaking for Collective Investment traded on a recognised Stock Exchange provided it is compliant with all the conditions required by Part I of the Luxembourg law of 20 December 2002 on undertakings for collective investment, to be considered as an eligible instrument for a UCITS governed by this law. All references to "EUR" in the Prospectus are to the legal currency of the countries participating in the Economic and Monetary Union. DANSKE FUND OF FUNDS Institutional investors as defined from time to time by the Regulatory Authority in Luxembourg. The Fund will refuse the issue of Class Units dedicated to Institutional Investors where there is insufficient evidence that the organisation or the company to which these Units are issued is an institutional investor. In considering the qualification of a subscriber as an institutional investor, the Board of Directors shall give due consideration to the guidelines or recommendations (if any) of the Regulatory Authority in Luxembourg Law The Luxembourg law of 30 March 1988 on undertakings for collective investment, as amended. Law Management Regulations NAV Prospectus Recognised Exchange The Luxembourg law of 20 December 2002 on undertakings for collective investment The Management Regulations of the Fund currently in force. The Net Asset Value as calculated on the relevant Valuation Day. This prospectus, as it may be supplemented or amended from time to time. Any regulated market that operates regularly and is recognised and open to the public in any country and which is considered a recognised exchange within the meaning of Article 41(1) of the Law. Glossary of Terms 6

7 Reference Currency Regulatory Authority SEK Sub-Fund The currency of denomination of the different Sub-Funds of the Fund as defined for each Sub-Fund in the relevant Appendix. The Luxembourg authority or its successor in charge of the surveillance of the undertakings for collective investment in the Grand Duchy of Luxembourg. Swedish Krona, the legal currency of Sweden. Each sub-fund within the Fund. By derogation to the provisions of Article 2093 of the Civil Code, the assets of one given Sub-Fund are only liable for the debts, obligations and liabilities which are attributable to this Sub-Fund. In the relations between the Fund s Unitholders, each Sub-Fund is treated as a separate entity. UCI UCITS UCITS Directive Unit Unit Currency U.S. Person An undertaking for collective investment. An undertaking for collective investment in transferable securities. The Council Directive EEC/85/611, as amended. Each unit within any Class and Sub-Fund. If applicable, the currency of denomination of the relevant Class of Units. The term U.S. Person means with respect to individuals, any U.S. citizen (and certain former U.S. citizens as set out in relevant U.S. Income Tax laws) or resident alien within the meaning of U.S. income tax laws and in effect from time to time. With respect to persons other than individuals, the term U.S. Person means (i) a corporation or partnership or other entity created or organised in the United States or under the laws of the United States or any state thereof; (ii) a trust where (a) any trustee is a U.S. Person except if such trustee is a professional fiduciary and a co-trustee who is not a U.S. Person has sole or shared investment discretion with regard to trust assets and no beneficiary of the trust (and no settlor if the trust is revocable) is a U.S. Person or (b) a U.S. court is able to exercise primary jurisdiction over the trust and one or more U.S. fiduciaries have the authority to control all substantial decisions of the trust and (iii) an estate (a) which is subject to U.S. tax on its world-wide income from all sources; or (b) for which any U.S. Person acting as executor or administrator of the estate who is not a U.S. Person has sole or shared investment discretion with respect to the assets of the estate and which is not governed by foreign law. The term U.S. Person also means any entity organised principally for passive investment (such as a commodity pool, investment company or other similar entity), other than a pension plan for the employees, officers or principals of any entity organised and with its principal place of business outside the United States, (a) which has as a principal purpose the facilitating of investment by a U.S. Person in a commodity pool with respect to which the operator is exempt from certain requirements of Part 4 of the regulations promulgated by the United States Commodity Futures Trading Commission by virtue of its participants being non U.S. Persons or (b) by a U.S. Person principally for the purpose of investing in securities not registered under the 1933 Act, unless it is formed and owned by accredited investors (as defined in Rule 501 (a) under 1933 Act) who are not natural persons, estates or trusts. United States means the United States of America (including the States and the District of Columbia), its territories, its possessions and any other areas subject to its jurisdiction. Valuation Day Day on which the NAV per Unit of any Sub-Fund and Class is determined or calculated. Glossary of Terms 7

8 Danske Fund of Funds The Fund is offering Units of different sub-funds (individually a Sub-Fund and collectively the Sub-Funds ) on the basis of the information contained in the Prospectus and in the documents referred to herein. No person is authorised to give any information or to make any representations concerning the Fund other than those contained in the Prospectus and in the documents referred to herein, and any subscription made by any person on the basis of statements or representations not contained in or inconsistent with the information and representations contained in the Prospectus shall be solely at the risk of the subscriber. The most recent annual and semi-annual reports of the Fund are deemed to be an integral part of the Prospectus and are available free of charge upon request at the Registered Office of the Management Company and of the Fund s Distributor(s). In accordance with the Management Regulations, the Board of Directors may issue Units of different classes (individually a Class and collectively the Classes ) in each Sub-Fund. A separate pool of assets is maintained for each Sub-Fund and is invested in accordance with the investment objective applicable to the relevant Sub-Fund as more specifically described under Investment Objectives and Policies and in the Appendix to the present prospectus. Investors may choose which one or more Sub-Fund(s) may be most appropriate for their specific risk and return expectations as well as for their diversification needs. Within each relevant Sub-Fund, investors may choose to invest into a specific Class depending on their qualification, the amount subscribed and the Unit Currency (if applicable) of the relevant Class, among other personal investment criteria. Units of the different Classes within the different Sub-Funds may be issued, redeemed or converted at prices computed on the basis of the NAV per Unit applicable to the relevant Sub-Fund and Class, as defined in the Management Regulations. The Board of Directors may, at any time, create additional Classes of Units, whose features may differ from the existing Class(es) and additional Sub-Funds whose investment objectives may differ from those of the Sub-Funds then existing. Details with regard to the Sub-Funds and Classes issued within a Sub-Fund are described in the Appendices applicable to each Sub-Fund. Upon creation of new Sub-Funds or Classes of Units, the Prospectus will be updated or supplemented accordingly. The Board of Directors has taken all reasonable care to ensure that the facts stated herein are true and accurate in all material respects and that there are no other material facts the omission of which would make any statement herein misleading, whether of fact or opinion. The Board of Directors accepts responsibility accordingly. The Fund is registered under Part I of the Law, it was initially set up under Part II of the 1988 Law. The principal object of the Fund is to invest in shares or units of other Luxembourg or foreign undertakings for collective investment of the open-ended type. However, such registration does not require the Regulatory Authority to approve or disapprove either the adequacy or the accuracy of the Prospectus or the assets held in the Fund. Any representations to the contrary are unauthorised and unlawful. 1. Principal Features 1.1 Structure The Fund is an open-ended mutual investment fund ( fonds commun de placement ) with several separate Sub- Funds ( umbrella fund ) set up under the laws of the Grand Duchy of Luxembourg. Initially, the Fund was set up under Part II of the 1988 Law and its Management Regulations were executed on 31 st July 2002, published on 24 th August 2002 in the Mémorial, Recueil des Sociétés et Associations of the Grand Duchy of Luxembourg and were filed with the Chancery of the District Court of and in Luxembourg, from which copies may be obtained. On February 13, 2004 Management Regulations were amended so as to comply with and to submit the Fund to Part I of the Law. Prospectus 8

9 Additional amendments to the Management Regulations were made on May 2005, 24 October 2005, 22 February 2006, 7 July 2006 and 2 March The mention of the deposit of the last Management Regulations dated 12 January 2009 with the Registre de Commerce et des Sociétés de et à Luxembourg will be published on 30 January 2009 in the Mémorial C, Recueil des Sociétés et Associations of the Grand Duchy of Luxembourg. The Board of Directors is entitled to issue in each Sub-Fund separate Classes of Units depending inter alia on the qualification of the investors and on the subscription amount. At present, the following Sub-Funds are offered to potential investors: Danske Fund of Funds Pensionssparfonden (hereinafter "Pensionssparfonden" and for the purposes of distribution in Sweden, such Sub- Fund may be referred to as: the Danske Fonder Pensionssparefonden in relation to the Class C Units and the Danske Fonder Sparfonden in relation to the Class D Units) Danske Fund of Funds Navigera 40 (hereinafter "Navigera 40" and for the purposes of distribution in Sweden, such Sub-Fund may be referred to as Danske Fonder Navigera 40 ) Danske Fund of Funds Navigera 50 (hereinafter "Navigera 50" and for the purposes of distribution in Sweden, such Sub-Fund may be referred to as Danske Fonder Navigera 50 ) Danske Fund of Funds Navigera 60 (hereinafter "Navigera 60" and for the purposes of distribution in Sweden, such Sub-Fund may be referred to as Danske Fonder Navigera 60 ) Danske Fund of Funds Navigera 70 (hereinafter "Navigera 70" and for the purposes of distribution in Sweden, such Sub-Fund may be referred to as Danske Fonder Navigera 70 ) Danske Fund of Funds NaviGate 6-4 (hereinafter "NaviGate 6-4" and for the purposes of distribution in Sweden, such Sub-Fund may be referred to as Danske Fonder NaviGate 6-4 ) Danske Fund of Funds NaviGate Global (hereinafter "NaviGate Global" and for the purposes of distribution in Sweden, such Sub-Fund may be referred to as Danske Fonder NaviGate Global ) Danske Fund of Funds EPFF Global Growth Fund (hereinafter "EPFF Global Growth Fund") Danske Fund of Funds EPFF European Fund (hereinafter "EPFF European Fund") 1.2 Minimum Investment and Holding Requirement The minimum initial and subsequent investment as well as the minimum holding requirement are defined for each Sub-Fund in the Appendices. The Board of Directors or its delegates may however at their discretion decide to apply different limits. 1.3 Offer Price The offer price per Unit, within each Class of Units of each Sub-Fund will be equal to the sum of (i) the NAV per Unit applicable to such Class plus (ii) any applicable Subscription Fee. The Offer Price is available for inspection at the Registered Office of the Management Company. 1.4 Sales Charge The Management Company may levy, for its benefit and/or for the benefit of any Distributor as described in the Appendices of the respective Sub-Fund(s), a Subscription Fee, a Redemption Fee and/or a Conversion Fee which Prospectus 9

10 will not exceed a maximum percentage stated for each Sub-Fund and Class in the Appendices of the NAV per Unit or initial offer price, as the case may be, of the relevant Units being issued, redeemed or converted; see "Issue and Sale of Units", Conversion of Units and Redemption of Units below. Investors should also refer to section "General Risk Considerations" regarding the possible duplication of fees to be incurred by them. 1.5 Dealing Units may normally be subscribed or redeemed on each Valuation Day as determined for each Sub-Fund in the Appendices at prices based on the NAV per Unit applicable to the relevant Class of Units. The application for subscription, redemption or conversion must be received by the Registrar and Transfer Agent before the subscription/redemption deadline determined for each Sub-Fund in the relevant Appendix. Applications received after the subscription/redemption deadline shall be deemed to have been received on the next following Business Day. 1.6 Listing The Units of the different Sub-Funds and Classes of the Fund are not and shall not be listed on the Luxembourg Stock Exchange. 2. Management Company The Management Company for the Fund is Danske Invest Management Company S.A., a public limited company established under Luxembourg law. It was incorporated on 21 September 1988 for an unlimited period of time and has its registered and principal office at 13, rue Edward Steichen, L-2540 Luxembourg. The shareholders in the Company are Danske Bank A/S, Copenhagen, Denmark and Danske Bank International S.A., Luxembourg, Grand Duchy of Luxembourg. The Articles of Incorporation of the Management Company were published in the Mémorial on 14 December 1988 and it is registered under the number RCS Luxembourg B The articles of incorporation were amended on 6 October 1989, 20 November 1992, 17 December 1993, 9 June 1999, 4 August 2000, 8 October 2003, 11 April 2005, 24 October 2005 and 14 November 2008; these amendments were published respectively in the Mémorial of 2 February 1990, 11 February 1993, 18 March 1994, 1 September 1999, 29 August 2000, 4 November 2003, 9 May 2005, 16 November The last amendment will be published on 8 December Restated Articles of Incorporation will be published in the Mémorial C on 8 December The Management Company acts for the Fund as management company governed by Chapter 13 of the Law. The corporate objective of the Management Company is the creation and the management of Luxembourg and foreign UCITS authorised according to Council Directive 85/611/EEC of 20 December 1985 on the coordination of laws, regulations and administrative provisions relating to UCITS, as amended, and other Luxembourg and foreign UCIs or funds. The Management Company's corporate capital amounts to EUR 125,000 and has been totally paid up. In addition to Danske Fund of Funds, the Management Company is also managing Danske Fund, an Undertaking for Collective Investment in Transferable Securities or UCITS pursuant to Part I of the Law. Both Funds are managed in accordance with their Management Regulations and in the exclusive interest of the unitholders. The Management Company manages the assets of the Fund in compliance with the Management Regulations and the provisions of Chapter 13 of the Law in its own name, but for the sole benefit of the unitholders (individually a "Unitholder" and collectively the "Unitholders") of the Fund. The Board of Directors shall determine the investment policy of the different Sub-Funds of the Fund, which is more fully described for each Sub-Fund in the Appendix to the present prospectus, within the objectives set forth in Article 3 and the restrictions set forth in Article 17 of the Management Regulations. The Board of Directors shall have the broadest powers to administer and manage the Fund within the restrictions set forth in Article 17 of the Management Regulations, including but not limited to the purchase, sale, subscription, exchange and receipt of securities and other assets permitted by law and the exercise of all rights attached directly or indirectly to the assets of the Fund. In compliance with the provisions of Chapter 13 of the Law and CSSF Circular 03/108, the effective conduct of the business of the Management Company has been entrusted to two persons of sufficiently good repute and Prospectus 10

11 sufficiently experienced in relation to the UCITS and UCIs managed by the Management Company. These persons are referred to as the Managers of the Management Company under the section Management and Administration above. 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, paying agent, registrar and transfer agent duties have been delegated as further detailed here-below under Sections 3 to 6 of the Prospectus. 3. Investment Manager and Investment Adviser The Management Company shall have the broadest powers to act in any circumstances on behalf of the Fund as described above. The Board of Directors is responsible for the investment management, the investment objectives and policies and for the administration of the Fund. The Management Company may under its overall control and responsibility appoint investment managers or investment advisers for the different Sub-Funds. The investment adviser, if appointed for a Sub-Fund, shall provide the Management Company with advice, reports and recommendations in connection with the investment management of the assets of the relevant Sub-Fund and shall advise the Management Company as to the selection of the securities and other assets constituting the portfolio of the relevant Sub-Fund. The investment manager, if appointed for a Sub-Fund, has moreover the discretion, on a day-to-day basis and subject to the overall control and responsibility of the Management Company of the Fund, to make investment decisions in respect of the relevant Sub-Fund's assets and in particular to purchase and sell securities and otherwise to manage the relevant Sub-Fund's portfolio. Appointments of investment adviser(s) and/ or investment manager(s) as well as further details thereto are contained in the Appendix of the respective Sub-Fund(s). The investment adviser and/or manager may, subject to the approval of the Management Company and of the Regulatory Authority, sub-delegate its powers, in which case the Prospectus will be updated or supplemented accordingly. The investment adviser and/or manager shall remain responsible for the proper performance by such party of those powers. 4. Custodian and Central Administration Pursuant to an agreement dated July 31, 2002, the Management Company had appointed Dexia Banque Internationale à Luxembourg as the custodian (the "Custodian") of the Fund's assets. Effective as of 2 nd January 2006, Dexia Banque Internationale à Luxembourg, société anonyme, with registered office at 69 route d'esch, L-2953 Luxembourg, has assigned its function as custodian bank to RBC Dexia Investor Services Bank S.A., société anonyme, with registered office at 14, Porte de France, L-4360 Esch-sur- Alzette, Grand Duchy of Luxembourg. RBC Dexia Investor Services Bank S.A. is registered with the Luxembourg Company Register (RCS) under number B and has been incorporated in 1994 under the name "First European Transfer Agent". It is licensed to carry out banking activities under the terms of the Luxembourg law of 5 April 1993 on the financial services sector and specialises in custody, fund administration and related services. As of 2nd January 2006, its tangible equity amounts to over EUR 300 million. RBC Dexia Investor Services Bank S.A. is fully owned by RBC Dexia Investor Services Limited, a company under the laws of England and Wales that is controlled by Dexia Banque Internationale à Luxembourg S.A., Luxembourg, Grand Duchy of Luxembourg, and Royal Bank of Canada, Toronto, Canada. The Custodian carries out the usual duties regarding custody, cash and securities deposits, without any restriction. In particular, and upon the instructions of the Fund, it will execute all financial transactions and provide all banking facilities. The Custodian will further, in accordance with the Law: Prospectus 11

12 a) ensure that the sale, issue, redemption, conversion (if any) and cancellation of Units effected on behalf of the Fund or by the Management Company are carried out in accordance with the Law and the Management Regulations; b) ensure that the value of Units is calculated in accordance with the Law and the Management Regulations; c) carry out the instructions of the Management Company, unless they conflict with the Law or the Management Regulations; d) ensure that in transactions involving the assets of the Fund, any consideration is remitted to it within the customary settlement dates; e) ensure that the income of the Fund is applied in accordance with the Management Regulations. The Custodian may entrust all or part of the assets of the Fund, in particular securities traded abroad or listed on a foreign stock exchange or admitted to a clearing system, to such clearing system or to such correspondent banks as may be determined by the Custodian from time to time. The Custodian's liability shall not be affected by the fact that it has entrusted all or part of the assets in its care to a third party. The rights and duties of the Custodian are governed by an agreement entered into for an unlimited period of time as from the date of its signature. It may be terminated by either party upon six (6) months' prior written notice; however, the Custodian shall continue to act as the Custodian pending replacement and until all assets of the Fund have been transferred to the successor custodian. The Management Company had also appointed Dexia Banque Internationale à Luxembourg as the Fund's administrative agent (the Central Administration"). Effective as of 2 nd January 2006, Dexia Banque Internationale à Luxembourg, société anonyme, has assigned its function as administrative agent to RBC Dexia Investor Services Bank S.A., société anonyme, with registered office at 14, Porte de France, L-4360 Esch-sur-Alzette, Grand Duchy of Luxembourg. In its capacity as administrative agent, it will be responsible for all administrative duties required by Luxembourg law, and in particular for the book-keeping and calculation of the NAV of the Units. The rights and duties of RBC Dexia Investor Services Bank S.A. as Central Administration are governed by an agreement entered into for an unlimited period of time as from the date of its signature. It may be terminated by either party upon six (6) months' prior written notice. 5. Paying Agent The Management Company has appointed Danske Bank International S.A. as the Fund's paying agent (the "Paying Agent"). Danske Bank International S.A. is a public limited company ( société anonyme ) incorporated under the laws of the Grand Duchy of Luxembourg on Its registered office is at 13, rue Edward Steichen, L-2540 Luxembourg, Grand Duchy of Luxembourg. On 31 st December 2007, its issued share capital was EUR 90,625, The Paying Agent will be responsible for the payment of distributions, if any, and for the payment of the redemption price by the Fund. The rights and duties of Danske Bank International S.A. as Paying Agent are governed by an agreement entered into for an unlimited period of time as from the date of its signature. It may be terminated by either party upon six (6) months' prior written notice. 6. Registrar and Transfer Agent The Management Company has appointed Danske Bank International S.A. as the Fund's registrar (the Registrar ) and transfer agent (the Transfer Agent ) which will be responsible for handling the processing of subscriptions for Units, dealing with requests for redemptions and accepting transfers of funds, for the safekeeping of the register of Unitholders of the Fund and the delivery of Unit confirmations in compliance with the provisions of and as more fully described in the agreement mentioned hereinafter. The rights and duties of Danske Bank International S.A. as Registrar and Transfer Agent are governed by an agreement entered into for an unlimited period of time as from the date of its signature. It may be terminated at any time by either party upon six (6) months' prior written notice. Prospectus 12

13 7. Distribution of the Units The Management Company has appointed Danske Bank International SA as the Fund's global distributor (the "Global Distributor") to market and promote the Units of each Sub-Fund and/or Class in all countries of the world except in any jurisdiction which may require other distribution arrangements. The appointment of the Global Distributor was made pursuant to a Distribution Agreement dated 7 July 2006, concluded for an unlimited period of time and may be terminated by either party upon a six (6) months' written prior notice. The Management Company and/or the Global Distributor may enter into agreements with distributors (each a Distributor ) - which is specified in the Appendix of the relevant Sub-Funds - for the offer and sale to the public of the Units, in accordance with all applicable laws. In addition, the Global Distributor may conclude contractual arrangements with dealers as its agents for the distribution of Units outside any jurisdiction that may require other distribution arrangements. The Global Distributor or any of its agents, or the Distributors, may be involved in the collection of subscription, conversion and redemption orders on behalf of the Management Company and for any of the Sub-Funds and/or Classes and may, in that case, provide a Nominee service for investors purchasing Units through them. Investors may elect to make use of such Nominee service pursuant to which the Nominee will hold the Units in its name for and on behalf of the investors who shall be entitled at any time to claim direct title to the Units. The Management Company, the Global Distributor and the Distributors will at all times comply with any obligations imposed by any applicable laws, rules and regulations with respect to money laundering, as they may be amended or revised from time to time. The Global Distributor will furthermore adopt procedures designed to ensure, to the extent applicable, that it and its agents or the Distributors shall comply with the foregoing undertaking. The Global Distributor or any of its agents, if any, or the Distributors shall, to the extent required by the Management Company in Luxembourg, forward application forms, and shall furthermore forward cheques (made payable to the Fund) or wire monies in respect of applications for Units, to the Fund and will then be paid the sales charge in respect to Units issued pursuant thereto. 8. Investment Objectives and Policies 8.1 General The investment objective of the Fund is to manage the assets of the different Sub-Funds for the benefit of the Unitholders for the purpose of earning a rate of return reflective of the investment objectives of the Fund, and of seeking growth of capital in the medium to long term in accordance with, for each Sub-Fund, the investment objective mentioned in the respective Appendix of each Sub-Fund, as defined for each Sub-Fund by the Board of Directors of the Management Company. No assurance can however be given that the investment objective as described above will be achieved. 8.2 Investment Rules and Restrictions (A) (a) The investment objective and policy shall comply with the following rules and restrictions: The Fund may acquire the units of UCITS and/or other UCIs referred to hereafter, provided that no more than 20% of its assets are invested in a single UCITS or other UCIs. Such units encompass units of UCITS authorised according to Directive 85/611/EEC and/or other UCIs within the meaning of Article 1, paragraph (2) first and second indents of Directive 85/611/EEC, should they be situated in a Member State of the European Union or not, provided that: - such other UCIs are authorised under laws of a member State of the EU or in Canada, U.S.A., Japan, Hong Kong and Switzerland; - the level of protection for unit-holders in the other UCIs is equivalent to that provided for unitholders in a UCITS, and in particular that the rules on asset segregation, borrowing, lending, uncovered sales of transferable securities and money market instruments are equivalent to the requirements of Directive 85/611/EEC; Prospectus 13

14 - the business of the other UCIs is reported in half-yearly and annual reports to enable an assessment to be made of the assets and liabilities, income and operations over the reporting period; - no more than 10% of the UCITS' or the other UCIs' assets, whose acquisition is contemplated, can, according to their constitutional documents, be invested in aggregate in units of other UCITS or other UCIs; For the purposes of applying this investment limit, each Sub-Fund is to be considered as a separate issuer. (b) (c) Investments in other UCIs of the open ended type will not exceed, in aggregate, 30 % of the net assets of the Fund and may represent an increased risk as there may be for such UCIs investors' protection measures which are not equivalent to the measures investors are familiar with. The Fund may however, in each Sub-Fund invest in UCIs of the closed-ended type, provided that the Fund shall not: (i) (ii) (iii) invest more than 10% of the net assets of any Sub-Funds in transferable securities which are not listed on a stock exchange or dealt in on another regulated market, that operates regularly and is recognised and open to the public; acquire, in each Sub-Fund and in all the Sub-Fund together, more than 10% of the securities of the same kind issued by the same issuing body; invest more than 10% of the net assets of any Sub-Fund in securities issued by the same issuing body. (d) The Fund shall not acquire more than: - 10 % of the non-voting shares of the same issuer; - 10 % of the debt securities of the same issuer; - 25 % of the units of the same UCITS and/or other UCI; - 10 % of the money market instruments issued by the same issuer. The limits laid down in the second, third and fourth indents may be disregarded at the time of acquisition if at that time the gross amount of debt securities or money market instruments or the net amount of the securities in issue cannot be calculated. Such limits do not apply in relation to: a) transferable securities and money market instruments issued or guaranteed by a Member State of the European Union or its local authorities; b) transferable securities and money market instruments issued or guaranteed by a non-member State of the European Union; c) transferable securities and money market instruments issued by public international bodies of which one or more Member States of the European Union are members; d) shares held by UCITS in the capital of a company incorporated in a non-member State of the European Union which invests its assets mainly in the securities of issuing bodies having their registered office in that State, where under the legislation of that State, such a holding represents the only way in which the UCITS can invest in the securities of issuing bodies of that State. This derogation, however, shall apply only if in its investment policy the company from the non-member State of the European Union complies with the limits laid down in Articles 43 and 46 and Article 48, paragraphs (1) and (2). Where the limits set in Articles 43 and 46 are exceeded, Article 49 shall apply mutatis mutandis; shares held by one or several investment companies in the capital of subsidiary companies carrying on only the business of management, advice or marketing in the country where the subsidiary is located, in regard to the repurchase of units at unit-holders request exclusively on its or their behalf. (e) (f) The Fund shall not invest in UCIs the purpose of which is to invest in other UCIs; The Fund shall not invest in UCIs the main purpose of which is the investment in futures contracts on commodities and/or financial instruments and/or options and/or in venture capital and/or in real estate Prospectus 14

15 except if those UCIs are submitted to rules which are comparable to those provided for by Luxembourg law and regulations for such UCIs in the Grand Duchy of Luxembourg; (g) (h) (i) (j) (k) (l) (m) (n) The Fund may, in each Sub-Fund, hold ancillary cash and cash equivalents (including money market instruments which are regularly negotiated and the residual maturity of which does not exceed twelve (12) months), provided that the investments in money market instruments be made in instruments issued or guaranteed by first class financial issuers; The Fund may borrow up to 10% of the net assets of each Sub-Fund provided that the borrowing is on a temporary basis; The Fund shall not make short sales on transferable securities or make other transactions relating to securities of which the Fund is not the owner; The Fund shall not acquire real estate except if such investment is necessary for the direct exercise of its business; The Fund shall not use its assets to underwrite any transferable securities; The Fund shall not issue warrants or other instruments granting the right to acquire Units of the Fund; The Fund shall not grant loans or act as a guarantor on behalf of third parties. When the Fund invests in the units of other UCITS and/or other UCIs that are managed, directly or by delegation, by the Management Company or by any other company with which the Management Company is linked by common management or control, or by a substantial direct or indirect holding, no subscription or redemption fees may be charged to the Fund on account of its investment in the units of such other UCITS and/or UCIs. In respect of a Sub-Fund's investments in UCITS and other UCIs whether managed or not by the Management Company or any other company linked to the Management Company as described above, the total management fee (excluding any performance fee, if any) charged to such Sub-Fund itself and the other UCITS and/or other UCIs concerned shall not exceed 3% of the relevant assets. The Fund will indicate in its annual report the total management fees charged both to the relevant Sub-Fund and to the UCITS and other UCIs in which such Sub-Fund has invested during the relevant period. (B) Rules and restrictions with regard to financial instruments 1. The Fund can use financial derivative instruments for hedging and efficient portfolio management. The Management Company must employ: - a risk management process which enables it to monitor and measure at any time the risk of the positions and their contribution to the overall risk profile of the portfolio and - a process for accurate and independent assessment of the value of OTC financial derivative instruments. 2. The global exposure of each Sub-Fund relating to the financial derivative instruments may not exceed its net assets. Unless otherwise specified in the appendices to the Prospectus (relating to the specific information on the different Sub-Funds), the global exposure is calculated using the commitment approach. 3. The Fund may enter into securities lending transactions, for the purpose of efficient portfolio management, provided that it complies with the following rules: The Fund may only lend securities through a standardised system organised by a recognised clearing institution or through a first class financial institution subject to prudential supervision rules considered by the Regulatory Authority as equivalent to those prescribed by Community law and specialising in this type of transaction. As part of its lending transactions, the Fund must in principle receive a guarantee, the value of which, during the duration of the contract, must be at least equal to 90% of the global valuation of the securities lent. Such a guarantee shall not be required if the securities lending is made through Clearstream or Euroclear or through any other organisations assuring to the lender a reimbursement of the value of the securities Prospectus 15

16 lent by way of a guarantee or otherwise. This guarantee must be given in the form of liquid assets and/or in the form of securities issued or guaranteed by a member state of the OECD or by their local authorities or by supranational institutions and undertakings of a community, regional or worldwide nature and blocked in the name of the Fund until the expiry of the loan contract. 4. The Fund may enter into repurchase ( repo ) transactions which consist of the purchase and sale of securities with a clause reserving the seller the right or the obligation to repurchase from the acquirer the securities sold at a price and term specified by the two parties in their contractual arrangement. The Fund can act either as purchaser or seller in repo transactions. Its involvement in such transactions is however subject to the following rules: (a) (b) (c) The Fund may not buy or sell securities using a repo transaction unless the counterpart in such transactions is subject to prudential supervision rules considered by the Regulatory Authority as equivalent to those prescribed by Community law specialising in this type of transaction. During the life of a repo contract of purchase, the Fund cannot sell the securities which are the object of the contract, either before the right to repurchase these securities has been exercised by the counterparty, or the repurchase term has expired. Where the Fund is exposed to repurchases, it must take care to ensure that the level of its exposure to repo transactions is such that it is able, at all times, to meet its repurchase obligations. 9. General Risk Considerations The investments of the Fund are subject to market fluctuations and to the risks inherent in all investments; accordingly, no assurance can be given that the investment objectives will be achieved. The value of an investment by the Fund in a UCI may be affected by fluctuations in the currency of the country where such UCI invests, or by the application of foreign exchange rules, or of various tax laws of the relevant countries, including withholding taxes, government changes or variations of the monetary and economic policy of the relevant countries. However, the risks inherent to investments in other UCI are limited to the loss of the initial investment contributed by the Fund. Furthermore, it is noteworthy that the evolution of the NAV per Unit will mainly depend on the evolution of the NAV of the targeted UCIs. Investors' attention is drawn on the following: the calculation of the NAV per Unit of each Sub-Fund or Class may only be determined after the value of the investments has been determined, which may take some time after the Valuation Day; the number of Units subscribed may therefore not be determined until the NAV per Unit is calculated. Investors should note that investments in non regulated UCIs may represent an increased risk as there may be for such UCIs investor's protection measures which are not equivalent to the measures investors are familiar with. 9.1 Specific Nature of a Fund of Funds Prospective investors should be aware of the specific features of a fund of funds and the consequences of investing in UCITS and/or UCI s. Although the Fund will seek to monitor investments and trading activities of the UCITS and/or UCI s to which assets will be allocated, investment decisions are made at the level of such UCITS and/or UCI s and it is possible that the managers of such UCITS and/or UCI s will take positions or engage in transactions in the same securities or in issues of the same asset class, industry or country or currency at the same time. Consequently there is a possibility that one UCITS and/or UCI may purchase an asset at about the same time as another UCITS and/or UCI may sell it. There can be no assurance that the selection of the managers of the UCITS and/or UCI s will result in an effective diversification of investment styles and that positions taken by the underlying UCITS and/or UCI s will always be Prospectus 16

17 consistent. The selection of UCITS and/or UCI s will be made in a manner to secure the opportunity to have the shares or units in such UCITS and/or UCI s redeemed within a reasonable time frame. There is, however, no assurance that the liquidity of the UCITS and/or UCI s will always be sufficient to meet redemption requests as and when made. 9.2 Duplication of Fees The Fund will indirectly bear its proportionate share of any fees and expenses paid by the UCIs in which the Fund invests, in addition to all fees and expenses payable by the Fund. 9.3 Special Investment Techniques The use of currency hedging techniques and instruments, compared to traditional forms of investment, involves greater risks. 9.4 Foreign Exchange/Currency Risk Each Sub-Fund may invest its assets in securities denominated in a wide range of currencies which are not the Unit Currency. The NAV of Units is expressed in its respective Unit Currency and will fluctuate in accordance with the changes in foreign exchange rate between the Unit Currency and the currencies in which the Fund's investments are denominated. 9.5 Emerging Markets Risk Investing in emerging market securities involves a number of risk factors and special considerations, including (1) restrictions on foreign investment and on repatriation of capital invested in emerging markets, (2) currency fluctuations, (3) potential price volatility and lesser liquidity of securities traded in emerging markets, (4) economic and political risks, including the risk of nationalization or expropriation of assets and (5) risks related to custodial arrangements and delays or other factors in the settlement of securities transactions. In addition, accounting, auditing, financial and other reporting standards in emerging markets are not equivalent to those in more developed markets. Investments in emerging markets may increase the volatility of the fund s net asset value. Accordingly, an investment in the fund s Units may be worth more or less on redemption than their original purchase value. 10. The Units Units in any Sub-Fund will be issued on a registered basis only. The inscription of a Unitholder's name in the register of Units evidences his or her right of ownership of such registered Units. Holders of registered Units shall receive a written confirmation of his or her unitholding. No Unit certificates will be issued. The forms relating to the transfer of Units are available at the Registered Office of the Management Company. Units are freely transferable except to prohibited persons as referred to in Article 6.5 of the Management Regulations. All Units must be fully paid-up; they are of no par value and carry no preferential or pre-emptive rights. Fractional registered Units are issued with up to four (4) decimals (ten thousandth of a Unit), and such fractional Units shall be entitled to a participation in the net results and in the proceeds of liquidation attributable to the relevant Sub-Fund and Class of Units on a prorata basis. 11. Issue and Sale of Units Units are made available through the Management Company. The Management Company and the Registrar and Transfer Agent will at all times comply with any obligations imposed by any applicable Luxembourg laws, rules and regulations with respect to money laundering and, in particular, with all the relevant IML/CSSF Circulars as they may be amended or revised from time to time. Prospectus 17

18 Within each Sub-Fund several Classes of Units may be issued by the Management Company acting on behalf of the Fund depending, among others, on the qualification and characteristics of the subscribers, the subscription amount, and, on the Unit Currency of the relevant Class. The minimum initial and subsequent investment as well as the minimum holding per investor is determined in the Appendix of the relevant Sub-Fund. The subscription price for the Units shall be equal to the NAV per Unit of the relevant Sub-Fund and Class calculated on the applicable Valuation Day together with any applicable Subscription Fee, which may not exceed a maximum percentage (as defined for each Sub-Fund in the respective Appendix) of the NAV per Unit or initial offer price, as the case may be. Unitholders subscription requests will be dealt with on any Business Day, using the next calculated NAV determined following the day of receipt of the subscription request, provided that the applications are received by the Registrar and Transfer Agent before the subscription deadline determined for each Sub-Fund in the respective Appendix and provided that the payment for Units is made within the deadline mentioned here below. Applications received after the subscription deadline will be processed on the next Valuation Day following the day of receipt of the subscription request, using the NAV determined on that Valuation Day. By derogation of the above, subscriptions for Units accepted during the initial offering period for a Sub-Fund and/or Class will be dealt with at the initial subscription price per Unit, as mentioned in the Appendix relating to the relevant Sub-Fund and Class. Investors will be required to complete the application form for Units attached hereto or other documentation satisfactory to the Management Company in particular for the purpose of verifying that the subscriber is not a "U.S Person". Application forms containing such representations are available from the Management Company or the Fund's duly appointed agents. Payments for Units shall be made available to the Transfer Agent no later than on the subscription deadline as mentioned in the Appendix relating to the relevant Sub-Fund and Class by electronic bank transfer net of all bank charges (except where local banking practices do not allow electronic bank transfers). Payment should be made in the Reference or Unit Currency of the relevant Sub-Fund and Class or in such other currency(ies) available to the Unitholders as mentioned under section 15.1 below, in which case any currency conversion costs shall be borne by the relevant Sub-Fund and/or Class, to the bank account indicated by the Registrar and Transfer Agent. Currency conversion rate of the relevant Valuation Day will be used. Information on the available currency(ies) of subscription may also be obtained at the registered office of the Management Company and of the Distributor or its agents. Other methods of payment are subject to the prior approval of the Management Company. Where payments do not result in the receipt of cleared funds within the deadline mentioned here-above, the processing of the subscription requests will be deferred until cleared monies are received, unless otherwise decided by the Management Company or the Fund's duly appointed agents. Written confirmations of unitholding will be sent to Unitholders within five (5) Business Days after the relevant Valuation Day. The Management Company may agree to issue Units as a consideration for a contribution in kind of securities, in compliance with the conditions set forth by Luxembourg law, in particular the obligation to deliver a valuation report from the Auditor ( réviseur d'entreprises agréé ) which shall be available for inspection by any Unitholder at the Registered Office of the Management Company and provided that such securities comply with the investment objectives and policies of the Fund described herein. Any costs incurred in connection with a contribution in kind of securities shall be borne by the relevant Unitholders. The Management Company reserves the right to reject, at its sole discretion, any subscription request whether in whole or in part, in which case subscription monies paid, or the balance thereof, as appropriate, will be returned to the applicant as soon as practicable thereafter, provided such subscription monies have cleared, or to suspend at any time and without prior notice the issue of Units. No Units will be issued during any period when the calculation of the NAV per Unit is suspended by the Management Company, pursuant to the powers reserved to it by Article 18.3 of the Management Regulations. In the case of suspension of dealings in the Units any subscription request will be dealt with on the first Valuation Day following the end of such suspension period. 12. Conversion of Units Each Unitholder may convert all or part of the Units he holds in a Sub-Fund into Units of another Sub-Fund within Prospectus 18

19 the same Class of Units. Unitholders must specify the relevant Sub-Fund(s) and Class(es) of Units as well as the number of Units or monetary amount they wish to convert and the newly selected Sub-Fund(s) to which their Units are to be converted. The value at which Units of any Class in any Sub-Fund shall be converted will be determined by reference to the respective NAV of the relevant Units, calculated on the same Valuation Day decreased, if applicable, by a conversion fee as determined for each Sub-Fund in the respective Appendix. A conversion of Units of one Sub-Fund for Units of another Sub-Fund will be treated as redemption of Units and simultaneous purchase of Units. A converting Unitholder may, therefore, realise a taxable gain or loss in connection with the conversion under the laws of the country of the Unitholder's citizenship, residence or domicile. All terms and notices regarding the redemption of Units shall equally apply to the conversion of Units. In converting Units of a Sub-Fund for Units of another Sub-Fund, a Unitholder must meet any applicable minimum investment requirement imposed in the relevant Class of the acquired Sub-Fund. If, as a result of any request for conversion the aggregate NAV of the Units held by the converting Unitholder in a Class of Units within a Sub-Fund falls below the minimum holding requirement indicated herein the Fund may treat such request as a request to convert the entire unitholding of such Unitholder in such Class at the Fund's discretion. If on any given date dealing with conversion requests representing more than 10% of the Units in issuance in any Sub-Fund may not be effected without affecting the relevant Sub-Fund's assets, the Management Company may upon consent of the Custodian defer conversions exceeding such percentage for such period as is considered necessary to sell part of the relevant Sub-Fund's assets in order to be able to meet the substantial conversion requests. 13. Redemption of Units Each Unitholder of the Fund may at any time request the Management Company to redeem on any Business Day all or any of the Units held by such Unitholder. Unitholders desiring to have all or any of their Units redeemed have to apply in writing to the Management Company directly at the registered office of the Registrar and Transfer Agent. Redemption requests should contain the following information (if applicable): the identity and address of the Unitholder requesting the redemption, the number of Units or currency amount to be redeemed, the relevant Sub- Fund and Class, the name in which such Units are registered and details as to whom payment should be made. All necessary documents to complete the redemption request have to be enclosed with such application. Unitholders whose redemption requests are accepted on a Business Day will have their Units redeemed on the next Valuation Day, using the NAV of the relevant Sub-Fund and Class determined on that Valuation Day, provided that the applications are received by the Registrar and Transfer Agent before the redemption deadline as determined for each Sub-Fund in the respective Appendix. Applications received after that deadline will be processed on the next Valuation Day following the day of receipt of the redemption request, using the NAV determined on that Valuation Day. Units will be redeemed at a price equal to the NAV per Unit of the relevant Sub-Fund and Class on the applicable Valuation Day less any applicable Redemption Fee for the benefit of the Management Company and/or for the benefit of any Distributor as described in the Appendices of the respective Sub-Fund(s) which may not exceed a maximum percentage (as determined for each Sub-Fund in the respective Appendix) of the NAV per Unit as described below (the "Redemption Price"). The Redemption Price may be higher or lower than the price paid at the time the subscription was made. The Redemption Price shall be paid not later than three (3) Business Days after the applicable Redemption Day, or from the date on which the redemption request details have been received by the Management Company, whichever is the later date. Payment of the Redemption Price will be made by wire or by cheque mailed to the Unitholder at the address indicated by him or her at such Unitholder's expense and at the Unitholder's risk. The Redemption Price will be paid in the Reference or Unit Currency of the relevant Sub-Fund or Class or the currency in which the Unitholder has subscribed, in which case any currency conversion costs shall be borne by Prospectus 19

20 the relevant Sub-Fund and/or Class. Currency conversion rate of the relevant Valuation Day will be used. Units of any Class of any Sub-Fund will not be redeemed if the calculation of the NAV per Unit is suspended by the Management Company in accordance with Article 18.3 of the Management Regulations. Furthermore, if on any Valuation Day, redemption requests pursuant to Article 7.2 of the Management Regulations relate to more than 10% of the Units in issue in a Sub-Fund, the Board of Directors may decide that part or all of such requests for redemption will be deferred for such period as the Board of Directors considers to be in the best interests of the Fund, but normally not exceeding two Valuation Days. On the next Valuation Day following such period, these redemptions requests will be met in priority to later requests. The Management Regulations contain at Article 6.5 provisions, which entitle the Fund to compulsorily redeem Units held by prohibited persons. 14. Distribution Policy The Fund pursues the following distribution policy: The Management Company may, on behalf of the Sub-Funds and/or Classes, declare annually, or, if the Management Company so decides, semi-annually the amounts which will be distributed to the Unitholders of the Sub-Fund and/or Class in question. Such payments shall be made within one (1) month of their declaration to all Unitholders as of the record date and the Units shall be traded and issued ex-dividend form the day following such record date. Monies not claimed within five (5) years of the publication of the declaration in relation to their payment shall be forfeited and shall revert to the relevant Sub-Fund and/or Class. With regard to the Sub-Funds and/or Classes which accumulate their income, there will be no cash dividends and all net income and net realized capital gains and net unrealized appreciation shall be accumulated. The Management Company may, however, declare a stock dividend out of accumulated profits. Please refer to the Sub-Fund s relevant Appendix under Distribution Policy in order to determine whether a given Sub-Fund and/or Class distributes or accumulates its income. In any event, no distribution may be made if, as a result, the net assets of the Fund would fall below EUR , Determination of the Net Asset Value 15.1 Calculation and Publication The NAV per Unit of each Sub-Fund and Class shall be expressed in the relevant Reference Currency or Unit Currency as determined in the relevant Appendix. The Management Company may decide to accept subscriptions of Units in a currency different from the Reference Currency of the relevant Sub-Fund or the Unit Currency, if the latter should differ from the Reference Currency, in which case, the Net Asset Value per Unit shall also be available in such currency(ies). For the time being, the available currency of subscription different from the Reference currency or the Unit Currency, as the case may be, is the Swedish Kroner. Information on the available currency(ies) of subscription may also be obtained at the registered office of the Management Company and of the Distributor or its agents. The NAV per Unit of each Sub-Fund and Class shall be determined as of any Valuation Day by dividing the net assets of the relevant Sub-Fund attributable to the relevant Class of Units, (being the value of the portion of assets less the portion of liabilities attributable to such Class, on any such Valuation Day), by the total number of Units in such Class then outstanding, in accordance with the valuation rules set forth below. The NAV per Unit may be rounded up or down to the nearest unit of the relevant currency of each Class as the Management Company shall determine. If since the time of determination of the NAV per Unit on the relevant Valuation Day, there has been a material change in the quotations in the markets on which a substantial portion of the investments of the relevant Sub-Fund are dealt in or quoted, the Management Company may, in order to safeguard the interests of the Unitholders and the relevant Sub-Fund, cancel the first valuation and carry out a second valuation for all applications received on the relevant Valuation Day. Prospectus 20