Schroder A)ternative SoWtions. Dutch Supplement to the Prospectus FOR INVESTORS IN THE NETHERLANDS ONLY

Transcription

1 (a Luxembourg domiciled openended investment company) March MAY % ( FOR INVESTORS IN THE NETHERLANDS ONLY For dentificatiofl purposes only.. Dutch Supplement to the Prospectus Schroder A)ternative SoWtions

2 Page 2 TABLE OF CONTENTS [to be inserted later] For Identification purposes only. MAY fr2o11ij

3 This Dutch Supplement provides information for investors in the Schroder Alternative Solutions (the Company ) is a Luxembourg domiciled open-end investment company registered as a Société D lnvestissement a strategy (each a Fund and together, the Funds ), each of which is represented by one or more Share Classes. Capital Variable with the Commission de Surveillance du Secteur Financier offers Shares in separate funds with their own investment objective and ( CSSF ) under the Luxembourg law of 20 December The Company Netherlands only. Capitalized terms defined in the Prospectus shall have the same meaning when used in this Dutch Supplement. mportartt 1nforrnaton For investors in the Netherlands a financial information leaflet (financiële risks. Please request a copy thereof and read it before buying the product. The financial information leaflet, as well as the Prospectus and the Dutch For Identification purposes only bijsluiter) has also been prepared in respect of each Fund and its costs and subject to the regime applicable to collective investment schemes from a (as set out in the AFS and the Decree) apply. This is primarily because the Company is subject to regulation and supervision under the laws of personal advice in relation hereto. Investors in the Netherlands are advised that because the Company is Decree, do not apply. Investors in the Netherlands are advised to seek apply to collective investment schemes governed by the AFS and the Luxemburg. Consequently, many rules and requirements that normally set forth in the AFS and the Decree, limited Dutch rules and requirements designated jurisdiction (beleggingsinstellingen uit een aangewezen staat) as investors in the Netherlands in addition to the prospectus pursuant to Section 4:38 subsection 2 in conjunction with Section 4:49 of the Dutch Act part of the Prospectus, is meant for investors in the Netherlands only and must be read in conjunction with the Prospectus. This Dutch Supplement contains information which must be provided to included in this Dutch Supplement. The Dutch Supplement does not form gedragstoezicht financiële ondernemingen Wft (the Decree ). Information Decree on the Supervision of Market Conduct Financial Firms AFS (Besluit on Financial Supervision (Wet op het financleel toezichi) (the AFS ) and the which has already been included in the Prospectus will generally not be Dutch investors only about the relevant Fund. Shareholders for the past three closed financial years (including the Supplement provides general information for Dutch investors only about the (each an Additional Supplement ) and (iii) the Company s annual reports to accompanying report from an independent registered public accounting firm) and the most recent semi-annual report to Shareholders. The Base (ii) an Additional Supplement for each Fund offered in the Netherlands, Supplement ) consists of (i) this Base Supplement (the Base Supplement ), Company. Each Additional Supplement provides specific information for This Dutch Supplement to the Prospectus, [.] 2010 (the Dutch Precious Metals Fund (the Gold and Precious Metals Fund ), are offered in the Netherlands. Agriculture Fund ) and (iii) Schroder Alternative Solutions Gold and Commodity Fund ), (ii) Schroder Alternative Solutions Agriculture Fund (the Shares in the (i) Schroder Alternative Solutions Commodity Fund (the Prospectus ). the Company December 2009, as amended from time to time (the Details on the Company and the Funds can be found in the Prospectus of Page 3

4 from ni (the Website ). 5 rue Höhenhof, L-1736 Senningerberg, Grand Duchy of Luxembourg or from the Company at Schroder Investment Management Benelux B.V., De Supplement, are obtainable for all investors in the Netherlands at no cost Entrée 260/18, 1011 EE Amsterdam Zuid-Oost or Management Company at For Identification purposes only. Page 4

5 Schroder Investment Management (Luxembourg) S.A. (the company authorised under Chapter 13 of the Luxembourg law of 20 December It manages a number of Luxembourg domiciled Schroder Investment Management (Luxembourg) S.A. is a part of management. Management Company) is a Luxembourg domiciled management the Schroders group having Schroders plc as ultimate holding company. The Schroders group is active in global asset 1. General information 1.1 Introduction on Schroders collective investment funds, of which the Company is one. Seafion I For ldentificatiofl purposes only. Schroder International Selection Fund Schroder Special Situations Fund Schroder Alternative Solutions Schroder Matching Plus Schroder Real Estate Fund of Funds Schroder Investment Fund Schroder Capital Investment Fund Schroder Selection Schroder SMBC Global Bond Schroder GAlA Strategic Solutions company for the following funds: Currently, the Management Company acts as management Management Company 2.2 Other collective investment schemes managed by the The Management Company is registered with the Luxembourg register of commerce under number B Management Company 2.1 Luxembourg registration Section NB Amsterdam Simmons & Simmons PC Box The Netherlands Legal adviser: The Netherlands 1043 DP Amsterdam Orlyplein 10 Deloitte Accountants B.V. Dutch assurance provider: 1.2 Dutch advisers Page 5

6 Page Policymakers The following persons are currently appointed as directors of the Management Company: Markus Ruetimann, Noel Fessey, Gary Janaway, Finbarr Browne, Marco Zwick. The directors of the Management Company may also be in the future directors of other companies within the Schroders group. 2.4 Reports The Management Company issues an audited consoli annual report in accordance with Luxembourg GAAP standards. The annual accounts and semi-annual accounts of the Management Company must be closed on 31 December and 30 June respectively pursuant to its articles of association. 2.5 Supply of information Information concerning the Management Company is made available as required under Luxembourg law. The articles of association, the annual reports and the semi-annual report of the Company are available on the Website. Shareholders can obtain these documents free of charge from the Management Company by sending a request to 5 rue Höhenhof, L-1736 Senningerberg Grand Duchy of Luxembourg. 2.6 Replacement of Management Company The appointment of the Management Company can be terminated in accordance with the terms of the agreement entered into between the Company and the Management Company and normally upon three months prior written notice. The replacement of the Management Company is subject to approval by the CSSF and any publication requirements that may be applicable under Luxembourg law and regulations. For Identification purposes only.

7 Page 7 SecUon 3 3. The Company 3.1 Policymakers The following persons are currently appointed as directors of the Company: Richard Mountford, Jacques Elvinger, Daniel de Fernando Garcia, Achim Kuessner, Ketil Petersen, Gavin Ralston, Georges Saier. The directors of the Company may also be in the future directors of other companies within the Schroders group. Secton 4 4. Amendments to the The articles of the Company may be changed by a general terms and conditions meeting of shareholders subject to the quorum and majority requirements provided by the law of 10 August 1915 on commercial companies as amended. The Company can amend the Prospectus including the investment policy and investment restrictions of the sub-funds. Notification to shareholders will be made in accordance with the requirements of Luxembourg law and regulation. Shareholders in the Netherlands will be notified where required, either by publication in a daily nationally distributed Dutch newspaper or by notification to all Shareholders in the Netherlands at their address as listed in the register of Shareholders, as well as on the Website. SectiOn 5 5. Information and reporting 5.1 Periodical information Information concerning the Company is made available as required under Luxembourg law. Where notification to shareholders is required under Luxembourg law, shareholders in the Netherlands will be notified, either by publication in a daily nationally distributed Dutch newspaper or by notification to all Shareholders in the Netherlands at their address as listed in the register of Shareholders, as well as on the Website. 5.2 General information Information from Luxembourg trade register Upon request, anyone can obtain data concerning the Management Company and the Company which must be filed with the register of commerce pursuant to any statutory regulation from the Luxembourg register of commerce, against cost price at the most. Other available information Furthermore, Shareholders can, upon request, obtain the following information: For Identification purposes only.

8 Page 8 (A) (B) The CSSF registration of the Management Company and the Company; A copy of the decision (beschikking), if any, from the Dutch Authority on the Financial Markets (the AFM ) regarding the Company (i) to grant dispensation from the provisions arising from the AFS, or (ii) to amend such a decision, or (iii) to revoke such a decision; and (C) A copy of the monthly reports (including explanatory memorandum) including an overview of the composition of the investments of the relevant Funds and a copy of the monthly factsheets including the results of the relevant Funds, the total value of the investments of the relevant Funds, the number of shares outstanding and the most recent Net Asset Value of the Shares. The information as described under (A) up to and including (C) can be obtained from Schroder Investment Management Benelux B.V., De Entrée 260/18, 1011 EE Amsterdam Zuid-Oost or from the Management Company, 5 rue Höhenhof, L-1736 Grand Duchy of Luxembourg against cost price at the most or can be viewed on the Website. Information on payments The distribution of payments to Shareholders, the composition of the payments and the manner in which these payments are distributed will be published by means of an advertisement in a daily nationally distributed Dutch newspaper or sent to each Shareholder individually at their address as listed in the register of Shareholders of the Company, as well as on the Website. 5.3 Reporting information The annual reports of the Company shall be prepared and published within four months after the end of the financial year. The Company s semi-annual reports shall be prepared and published within nine weeks after the end of the first half of the financial year. Simultaneously with the publication of the annual reports and the interim reports on the Website, the Company will announce, in a daily nationally distributed Dutch newspaper or by notification to all Shareholders in the Netherlands at their address as listed in the register of Shareholders, where copies of these reports will be available free of charge. The Company shall prepare its annual reports and interim reports in accordance with Luxembourg GAAP standards. The annual reports will contain a statement of operations, statement of net assets and statement of changes in net assets, portfolio of investments and explanatory notes. The interim reports will consist of a statement of net assets, portfolio of investments and explanatory notes. All amounts stated in the annual reports and the interim reports, including the value of the Fund, will be expressed in USD. Each subsequent annual reports of the Company with the accompanying auditor s statement will replace the Company s annual reports and accompanying auditor s statement of four financial years prior to the most recent annual reports and accompanying auditors statement, to the extent that such reports have been published. Each subsequent interim reports will replace the previous interim reports.. MAY...D.3..2D11...;4

9 Page 9 will always include the annual reports and accompanying auditors statements over the three most recent (completed) financial years as well as the most recent interim reports, to the extent yet available. 5.4 Information on withdrawal of authorization A request for the withdrawal of the authorization to offer the Shares in the Netherlands made by the Company to the AFM pursuant to Section 1:104(1)(a) of the AFS will be published in a daily nationally distributed Dutch newspaper or by notification to all Shareholders in the Netherlands at their address as listed in the register of Shareholders, as well as on the Website. Section 6 6. Activities and 6.1 Amendment to investment and borrowing investment policy restriction The investment and borrowing restriction applicable on the investments of the Company and the Funds are set out in Appendix I to the Prospectus. Any amendments to the conditions will be made in accordance with the requirements of Luxembourg law and regulation and as described above in Section Borrowing A Fund cannot borrow for investment purposes. Only on a temporary basis when a subscriber has given a written and definite commitment pay within a reasonable delay to the Fund, a Fund may borrow up to 10% of its Net Asset Value. 6.3 Agreements and transactions with affiliated parties The Company has appointed the Management Company to provide administration, distribution/rn arketing and investment management services under a Fund Services Agreement 6 October The Management Company provides domiciliary services to the Corn pany. The Management Company is entitled to receive the customary charges for its services as administration agent, coordinator, domiciliary agent, global distributor, principal paying agent and registrar and transfer agent. These fees accrue daily at an annual rate of up to 0.4% by reference to the Net Asset Value of the relevant portfolio and are paid monthly in arrears. The Company has entered into agreements and arrangements with Schroder Investment Management Limited and its affiliates, under which a management fee and a performance fee are payable. These agreements and arrangements have been entered into in the ordinary course of business and on normal commercial terms. 6.4 Underlying investments The underlying investments may or may not be traded on a regulated market or on another market which is regulated, operates regularly and is recognised and open to the public. For Identification purposes only. NA.Y.32G114 k

10 The costs and fees as set out in this paragraph are the costs and and fees in the Additional Supplement of the relevant Fund. this paragraph should be read in conjunction with the section Costs specific costs and fees. For a complete overview of the total costs fees incurred by the Company. Each specific Fund also has its own 7. Costs and fees 7.1 Introduction Section 7 For Identification purposes only. or other information facilities; (A) research, analysis or price information including computer commission are in majority limited to the following areas: the Company. Services which are paid for through or by soft Soft commission arrangements have been undertaken in respect of 7.4 Soft commission arrangements assets of the Company. The costs and fees incurred by the Company are charged to the net 7.3 Deduction market practice in Luxembourg as the Company and the and the Decree. will not materially deviate from the TER as required under the AFS rules, amongst others since the Luxembourg rules require calculation on a daily basis. It is however anticipated that this TER Management Company believe these to be superior to the Dutch You are advised that the TER is calculated on the basis of general Total Expense Ratio Corn pany. The total costs and fees are described in the annual reports of the annual report. subsequent financial years with the exception of any investment management fee including a performance fee as specified in the inflation, will be, special circumstances excepted, in the same line in It is expected that the costs and fees adjusted in respect of potential Total costs expected that the auditor s fees for the forthcoming financial years adjusted in respect of potential inflation, will be, special circumstances excepted, in the same line in subsequent financial years. The auditor s fees are described in section Other Charges and Expenses in the Prospectus and are paid by the Company. It is Auditor s fees 7.2 Costs incurred by the Company reports, notably the statement of operations. Costs and fees relating to past periods are set out in the annual Page 10

11 (B) portfolio valuations; and (C) performance measurement. provision or in case of temporary suspension of the redemption of There are sufficient guarantees to ensure that, subject to statutory 8. Issuance and redemption 8.1 Safeguards to meet redemption requests of Shares Section 8 notification to all Shareholders in the Netherlands at their address 11.2 Compensation for incorrect Net Asset Value An error in the Net Asset Value calculation is caused by one or In case of undervaluation: - Investors which have redeemed their shares during such period shall be indemnified of the difference between the recalculated Net Asset Value and the undervalued Net Asset Value which was applied to. - the redeemed shares; For Identification purposes only. which have joined the Fund before the error period and operation of the IT, accounting or communication systems as well constitutional documents of the Fund and the Prospectus. as to non-compliance with the valuation rules provided in the circumstances are related to inadequate internal control procedures, management shortfalls, imperfections or deficiencies in the more factors or circumstances. Generally, these factors and The Net Asset Value will be disclosed on the Website. 11. Valuation 11.1 Publication of Net Asset Value Secfion 11 as listed in the register of Shareholders, as well as on the Website. means of a daily nationally distributed Dutch newspaper or by published at least 14 days before the start of that meeting by 10. Meeting of shareholders A notice convening a meeting of Shareholders will be Secton 10 the relevant Funds as well as the perceived relative order of set out in Appendix II to the Prospectus. For any specific risks of 9. Risks An indication of the principal risks in relation to each Fund is importance of the risks of the relevant Funds, please see the section Risks of the Additional Supplements of the relevant Funds. Section 9 repayment obligation in case of redemption requests can be fulfilled. Shares as described in the Prospectus, the repurchase and Page 11

12 Page 12 - The Fund shall be indemnified of the difference between the recalculated Net Asset Value and the undervalued Net Asset Value which has been applied to shares subscribed to during the error period and which remained outstanding beyond that period. - The Fund shall be indemnified of the difference between the overvalued Net Asset Value which was applied to shares redeemed during the error period but which were subscribed to before that period and the recalculated Net Asset Value; - Investors which have joined the Fund during the error period and which have held their shares beyond such period shall be indemnified of the difference between the overvalued Net Asset Value applied to the units/shares subscribed to and the recalculated Net Asset Value. 12. Voting policy The Fund will exercise (where appropriate) any voting rights it is entitled to out of the shares of other companies held in its portfolio in the best interest of the Fund s shareholders. Secton Declarations by the The Management Company hereby declares that the Management Company Company comply with the rules laid down by or pursuant to the AFS, and that the prospectus including this Dutch Supplement complies with the rules laid down by or pursuant to the AFS. For identification purposes only.

13 Page 13 Auditors assurance report [to be inserted by the auditor] For ldentificatb0t purposes only- fay37d15

14 Page 14 Additional Supplement to the Prospectus of Schroder Alternative Solutions for Schroder Alternative Solutions Commodity Fund FOR INVESTORS IN THE NETHERLANDS ONLY For Identification purposes only. NAYfr21311

15 Page 15 Section I Introduction This Additional Supplement should be read in conjunction with the Base Supplement. This Additional Supplement together with the Base Supplement constitutes the Dutch Supplement to the Prospectus. Unless otherwise specified, capitalized terms used in this Additional Supplement shall have the same meaning attributed to them in the Prospectus. Please note that the entire Dutch Supplement to the Prospectus is separate from the Prospectus and is only meant for investors in the Netherlands who consider investing in the Commodity Fund. Section 2 2. Costs and fees 2.1 Overview of the costs The costs and fees as set out in this paragraph are the costs incurred by the Commodity Fund. The Company also has its own specific costs and fees. For a complete overview of the total costs and fees (including those relating to past periods) this paragraph should be read in conjunction with the section Costs and fees in the Prospectus. Incorporation costs The incorporation costs are described in the section Other Charges and Expenses of the Prospectus. Management fees Amounts paid to the Management Company are described in the sections Management Company and Initial Charge in combination with the chart in the particulars of the Fund in Appendix Ill of the Prospectus. Custody fees Amounts paid to the Custodian are described in the section Custodian of the Prospectus. Supervisory fees The Board of Directors supervises the Company s policy and general affairs. External directors may be remunerated for their services further to the terms of the Prospectus and as agreed at the Annual General Meeting of the Company. Any such remuneration shall be specified in the annual reports. Marketing costs The marketing costs are described in the section Marketing of the Shares and the terms applying to Distributors of the Prospectus. For Identification purposes only. NAY.+3 2fl1 L

16 Fund in Appendix Ill. The transaction costs are paid to the custodian of the Company but The external management fees paid to the Investment Manager are receive a performance fee, which is described in the section Performance Fee and in the chart included in the particulars of the described in the sections investment Manager and Investment Management Fee. Furthermore the Investment Manager will are not disclosed individually. External management fees Transaction costs MA.Y.O4.2O1 Any costs associated with the investment in other collective 2.2 Level of costs Distributor. Shareholders should check with the respective Distributors for details of the arrangement. 3. Risks 3.1 Risks in addition to Appendix II In addition to the risks mentioned in this section, please refer to For Identification purposes only. Supplement. Appendix II of the Prospectus and the section Risks in the Base Section 3 charge, distribution charge, shareholding servicing fee and Prospectus. Distributors may be paid a portion or all of the initial management fee. Different subscription and redemption procedures may apply if applications are made through Distributors. Some charges may be deducted by the Distributor from redemption proceeds as agreed separately between the Shareholder and the The charges including any initial charge are specified in the 2.3 Surcharges and discounts The TER is described in Appendix II of the annual reports. The total expenses incurred by the Commodity Fund are set out in the annual reports. Total costs investment schemes will be set out in the annual reports. Costs of investing in other collective investment schemes Page 16

17 Page 17 Market Conditions Market conditions do change and past performance is not a guide to future performance. Furthermore, the value of investments may change as a result of price fluctuations in the commodity markets. Where the currency of the Commodity Fund varies from the currencies of the markets in which it invests, there is the prospect of additional loss (or the prospect of additional gain) to the investor greater than the usual risks of investment. Withdrawal and profit distributions risk Shares may be redeemed in accordance with the Prospectus. Substantial redemptions may require the Company to liquidate investments more rapidly than otherwise desirable in order to raise the necessary cash to fund the redemptions. This could adversely affect the value of the Shares. 3.2 Order of importance The below constitutes the list of risks described in the Prospectus and Dutch Supplement in order of importance. The list does not constitute advice of any kind. Investors should consult their financial or other professional advisers on the risks, possible tax or other consequences of buying, holding, transferring, switching, redeeming or otherwise dealing in the Company s Shares under the laws of their countries of citizenship, residence and domicile and in relation to their specific circumstances. Market Conditions / General Risks / Investment Objective Risk Concentration of the Investment Risks Risk of Suspension of Share Dealings Counterparty Risk General Risk associated with OTC Transactions Futures, Options and Forward Transactions Risk Potential Conflicts of Interest Regulatory risk Liquidity Risk Custody Risk Commodity Linked Derivatives Withdrawal and profit distribution risk The other risks of investment mentioned in Appendix II of the Prospectus are not deemed to be relevant for the Commodity Fund. Section 4 4. Investment returns Comparative overview A comparative overview of the development of the assets of the Commodity Fund, as well as the revenues and expenses of the Commodity Fund over the last three years is part of the annual reports of the Company over the last three financial years, with the accompanying financial statements and the latest semi-annual reports. These documents are public and available from For identification purposes only.,. MA.Y..Q QL

18 Page 18 Section 5 5. Meetings of Shareholders Fund shareholder meetings are possible and the procedure is described in the articles of association and the Prospectus. A notice convening a meeting of Commodity Fund s shareholders will be published at least 14 days before the start of that meeting by means of a daily distributed nation-wide Dutch newspaper, as well as on the Website. For Identification purposes only McV13 2Dfl

19 Page 19 Additional Supplement to the Prospectus of Schroder Alternative Solutions for Schroder Alternative Solutions Agriculture Fund FOR INVESTORS IN THE NETHERLANDS ONLY For Identification purposes only. Related to assurance report,q 4Att31O1I

20 Page 20 Secflon I 1. Introduction This Additional Supplement should be read in conjunction with the Base Supplement. This Additional Supplement together with the Base Supplement constitutes the Dutch Supplement to the Prospectus. Unless otherwise specified, capitalized terms used in this Additional Supplement shall have the same meaning attributed to them in the Prospectus. Please note that the entire Dutch Supplement to the Prospectus is separate from the Prospectus and is only meant for investors in the Netherlands who consider investing in the Agriculture Fund. SeCtOn 2 2. Costs and fees 2.1 Overview of the costs The costs and fees as set out in this paragraph are the costs incurred by the Agriculture Fund. The Company also has its own specific costs and fees. For a complete overview of the total costs and fees (including those relating to past periods) this paragraph should be read in conjunction with the section Costs and fees in the Prospectus. Incorporation costs The incorporation costs are described in the section Other Charges and Expenses of the Prospectus. Management fees Amounts paid to the Management Company are described in the sections Management Company and Initial Charge in combination with the chart in the particulars of the Fund in Appendix III of the Prospectus. Custody fees Amounts paid to the Custodian are described in the section Custodian of the Prospectus. Supervisory fees The Board of Directors supervises the Company s policy and general affairs. External directors may be remunerated for their services further to the terms of the Prospectus and as agreed at the Annual General Meeting of the Company. Any such remuneration shall be specified in the annual reports. Marketing costs The marketing costs are described in the section Marketing of the Shares and the terms applying to Distributors of the Prospectus. For Identification purposes only. Yf3

21 Fund in Appendix III. The transaction costs are paid to the custodian of the Company but The external management fees paid to the Investment Manager are receive a performance fee, which is described in the section Performance Fee and in the chart included in the particulars of the described in the sections Investment Manager and Investment Management Fee. Furthermore the Investment Manager will are not disclosed individually. External management tees Transaction costs MkIl ,i For Identification purposes only. Supplement. Appendix II of the Prospectus and the section Risks in the Base In addition to the risks mentioned in this section, please refer to 3. Risks 3.1 Risks in addition to Appendix II Section Distributors for details of the arrangement. Distributor. Shareholders should check with the respective charge, distribution charge, shareholding servicing fee and Prospectus. Distributors may be paid a portion or all of the initial procedures may apply if applications are made through Distributors. management fee. Different subscription and redemption Some charges may be deducted by the Distributor from redemption proceeds as agreed separately between the Shareholder and the The charges including any initial charge are specified in the 2.3 Surcharges and discounts The TER is described in Appendix II of the annual reports. 2.2 Level of costs the annual reports. The total expenses incurred by the Agriculture Fund are set out in Total costs investment schemes will be set out in the annual reports. Any costs associated with the investment in other collective Costs of investing in other collective investment schemes Page 21

22 currencies of the markets in which it invests, there is the prospect of change as a result of price fluctuations in the commodity markets. future performance. Furthermore, the value of investments may Market conditions do change and past performance is not a guide to Market Conditions Where the currency of the Agriculture Fund varies from the Substantial redemptions may require the Company to liquidate investments more rapidly than otherwise desirable in order to raise Shares may be redeemed in accordance with the Prospectus. greater than the usual risks of investment. Withdrawal and profit distributions risk additional loss (or the prospect of additional gain) to the investor M.:lll Related t0 assurance repo 3.2 Order of importance or other professional advisers on the risks, possible tax or other or otherwise dealing in the Company s Shares under the laws of their countries of citizenship, residence and domicile and in relation to their specific circumstances. Market Conditions / General Risks / Investment Objective Risk Risk of Suspension of Share Dealings Liquidity Risk Withdrawal and profit distribution risk 4. Investment returns Comparative overview A comparative overview of the development of the assets of the Agriculture Fund, as well as the revenues and expenses of the Agriculture Fund over the last three years is part of the annual For Ideritificatbohl purposes only reports of the Company over the last three financial years, with the reports. These documents are public and available from accompanying financial statements and the latest semi-annual Secton 4 Prospectus are not deemed to be relevant for the Agriculture Fund. The other risks of investment mentioned in Appendix II of the Potential Conflicts of Interest Commodity Linked Derivatives Counterparty Risk Concentration of the Investment Risks General Risk associated with OTC Transactions Futures, Options and Forward Transactions Risk Regulatory risk Custody Risk consequences of buying, holding, transferring, switching, redeeming The below constitutes the list of risks described in the Prospectus and Dutch Supplement in order of importance. The list does not constitute advice of any kind. Investors should consult their financial affect the value of the Shares. the necessary cash to fund the redemptions. This could adversely Page 22

23 Page 23 Section 5 5. Meetings of Shareholders Fund shareholder meetings are possible and the procedure is described in the articles of association and the Prospectus. A notice convening a meeting of Agriculture Fund s shareholders will be published at least 14 days before the start of that meeting by means of a daily distributed nation-wide Dutch newspaper, as well as on the Website. For Identification purposes only. MA

24 Page 24 ADDITIONAL SUPPLEMENT to the Prospectus of Schroder Alternative Solutions for Schroder Alternative Solutions Gold and Precious Metals Fund FOR INVESTORS IN THE NETHERLANDS ONLY For IdentifiCat purposes oriiy r 3ohl Ay..o a2o11

25 Please note that the entire Dutch Supplement to the Prospectus is separate from the Prospectus and is only meant for investors in the Prospectus. Unless otherwise specified, capitalized terms used in 1. Introduction This Additional Supplement should be read in conjunction with the Base Supplement. This Additional Supplement together with the Base Supplement constitutes the Dutch Supplement to the this Additional Supplement shall have the same meaning attributed to them in the Prospectus. Section 1 MY OT2Ofl Metals Fund. 2. Costs and tees 2.1 Overview of the costs total costs and fees (including those relating to past periods) this fees in the Prospectus. with the chart in the particulars of the Fund in Appendix Ill of the Custodian of the Prospectus. Meeting of the Company. Any such remuneration shall be specified in the annual reports. For IdentifiCatI0l purposes only. / Marketing costs the terms of the Prospectus and as agreed at the Annual General External directors may be remunerated for their services further to general affairs. The Board of Directors supervises the Company s policy and Supervisory fees Amounts paid to the Custodian are described in the section Custody fees sections Management Company and Initial Charge in combination Prospectus. Amounts paid to the Management Company are described in the Management fees and Expenses of the Prospectus. The incorporation costs are described in the section Other Charges Incorporation costs paragraph should be read in conjunction with the section Costs and has its own specific costs and fees. For a complete overview of the incurred by the Gold and Precious Metals Fund. The Company also The costs and fees as set out in this paragraph are the costs Section 2 Netherlands who consider investing in the Gold and Precious Page 25

26 The marketing costs are described in the section Marketing of the The transaction costs are paid to the custodian of the Company but The external management fees paid to the Investment Manager are are not disclosed individually. External management tees Transaction costs Shares and the terms applying to Distributors of the Prospectus. MA.Y..a..a2O11 Fund in Appendix Ill. Any costs associated with the investment in other collective 2.2 Level of costs 2.3 Surcharges and discounts Distributor. Shareholders should check with the respective Distributors for details of the arrangement. 3. Risks 3.1 Risks in addition to Appendix II In addition to the risks mentioned in this section, please refer to Appendix II of the Prospectus and the section Risks in the Base For ldentiflcatiohl purposes only Supplement. Section 3 Prospectus. Distributors may be paid a portion or all of the initial management fee. Different subscription and redemption charge, distribution charge, shareholding servicing fee and procedures may apply if applications are made through Distributors. proceeds as agreed separately between the Shareholder and the Some charges may be deducted by the Distributor from redemption The charges including any initial charge are specified in the The TER is described in Appendix II of the annual reports. are set out in the annual reports. The total expenses incurred by the Gold and Precious Metals Fund Total costs investment schemes will be set out in the annual reports. Costs of investing in other collective investment schemes receive a performance fee, which is described in the section Performance Fee and in the chart included in the particulars of the described in the sections Investment Manager and Investment Management Fee. Furthermore the Investment Manager will Page 26

27 Page 27 Market Conditions Market conditions do change and past performance is not a guide to future performance. Furthermore, the value of investments may change as a result of price fluctuations in the commodity markets. Where the currency of the Gold and Precious Metals Fund varies from the currencies of the markets in which it invests, there is the prospect of additional loss (or the prospect of additional gain) to the investor greater than the usual risks of investment. Withdrawal and profit distributions risk Shares may be redeemed in accordance with the Prospectus. Substantial redemptions may require the Company to liquidate investments more rapidly than otherwise desirable in order to raise the necessary cash to fund the redemptions. This could adversely affect the value of the Shares. 3.2 Order of importance The below constitutes the list of risks described in the Prospectus and Dutch Supplement in order of importance. The list does not constitute advice of any kind. Investors should consult their financial or other professional advisers on the risks, possible tax or other consequences of buying, holding, transferring, switching, redeeming or otherwise dealing in the Company s Shares under the laws of their countries of citizenship, residence and domicile and in relation to their specific circumstances. Market Conditions / General Risks / Investment Objective Risk Concentration of the Investment Risks Risk of Suspension of Share Dealings Counterparty Risk General Risk associated with OTC Transactions Futures, Options and Forward Transactions Risk Potential Conflicts of Interest Regulatory risk Liquidity Risk Custody Risk Commodity Linked Derivatives Withdrawal and profit distribution risk The other risks of investment mentioned in Appendix II of the Prospectus are not deemed to be relevant for the Gold and Precious Metals Fund. Section 4 4. Investment returns Comparative overview A comparative overview of the development of the assets of the Gold and Precious Metals Fund, as well as the revenues and expenses of the Gold and Precious Metals Fund over the last three years is part of the annual reports of the Company over the last three financial years, with the accompanying financial statements and the latest semi-annual reports. These documents are public and available from For Identification purposes only.,-,

28 Page 28 SecUon 5 5. Meetings of Shareholders Fund shareholder meetings are possible and the procedure is described in the articles of association and the Prospectus. A notice convening a meeting of Gold and Precious Metals Fund s shareholders will be published at least 14 days before the start of that meeting by means of a daily distributed nation-wide Dutch newspaper, as well as on the Website. For Identification purposes only.