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AILIS

Sociétéd’investissementàcapitalvariable

Luxembourg

Prospectus

DatedSeptember4,2018

VISA 2018/113815-11220-0-PCL'apposition du visa ne peut en aucun cas servird'argument de publicitéLuxembourg, le 2018-09-07Commission de Surveillance du Secteur Financier

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TABLEOFCONTENTS

1. ORGANISATIONOFTHECOMPANY ................................................................ 6

2. LEGALFORMANDSTRUCTUREOFTHECOMPANY ...................................... 10

3. SUB-FUNDS ................................................................................................... 10

4. MANAGEMENTANDADMINISTRATION ....................................................... 11

5. INVESTMENTOBJECTIVESANDPOLICIES ..................................................... 17

6. INVESTMENTPOWERSANDRESTRICTIONS ................................................. 18

7. FINANCIALTECHNIQUESANDINSTRUMENTS ............................................. 26

8. RISKS ............................................................................................................. 39

9. FORMOFSHARES ......................................................................................... 53

10. ISSUEOFSHARES .......................................................................................... 53

11. CLASSESOFSHARES ...................................................................................... 54

12. SUBSCRIPTIONFORSHARES ......................................................................... 54

13. REDEMPTIONOFSHARES ............................................................................. 58

14. CONVERSIONOFSHARESINTOSHARESOFADIFFERENTSUB-FUND ......... 60

15. TEMPORARY SUSPENSION OF SUBSCRIPTIONS, REDEMPTIONS ANDCONVERSIONS .............................................................................................. 62

16. LATETRADINGANDMARKETTIMING .......................................................... 62

17. PROCEDURES FOR SUBSCRIPTIONS, REDEMPTIONS AND CONVERSIONSREPRESENTING10%ORMOREOFANYSUB-FUND ..................................... 63

18. COMMISSIONS .............................................................................................. 64

19. NETASSETVALUE ......................................................................................... 67

20. TAXATION–APPLICABLELAW ...................................................................... 73

21. GENERALMEETINGSANDREPORTS ............................................................. 78

22. LIQUIDATION–TERMINATIONANDAMALGAMATIONOFSUB-FUNDS ...... 78

23. INFORMATIONAVAILABLETOTHEPUBLIC .................................................. 81

24. DIVIDENDPOLICY ......................................................................................... 82

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APPENDIXA ............................................................................................................ 84

DetailsofeachSub-fund ........................................................................................ 84

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AILIS

Sociétéd’investissementàcapitalvariable

RegisteredOffice

9-11,RueGoethe

L-1637LUXEMBOURG

R.C.S.LuxembourgB215916

INTRODUCTION

AILIS(hereinafteralsoreferredtoasthe“Company”orthe“Sicav”) isan investmentcompany,qualifyingasa“sociétéd’investissementàcapitalvariable”withmultiplesub-fundsunderthelawsoftheGrandDuchyofLuxembourg,whichenvisagestoinvestinadiversifiedrangeoftransferablesecuritiesand/orotherliquidfinancialassetspermittedbylaw,conformingtotheinvestmentpolicyofeachparticularsub-fund.

TheCompanyisanUndertakingforCollectiveInvestmentinTransferableSecurities(a“UCITS”)forthepurposeoftheCouncilDirective2009/65/ECasupdatedandcompleted(“UCITS Directive”). The Company is registered in the Grand Duchy of Luxembourgpursuant toPart Iof theLuxembourg lawof17December2010onundertakings forcollective investment as updated and completed (the “UCI Law”). However, suchregistration does not imply a positive assessment by the Luxembourg supervisoryauthority of the financial sector of the contents of the current prospectus (the“Prospectus”) or of the quality of the shares (the "Shares") offered to sale. Anyrepresentationtothecontraryisunauthorizedandunlawful.

ThisProspectusdoesnotconstituteanoffertoanyoneorsolicitationbyanyoneinanyjurisdictioninwhichsuchanofferorsolicitationisunlawfulorinwhichthepersonmakingsuchanofferorsolicitationisnotqualifiedtodoso.

Thedistributionof thisProspectusandtheofferingof theSharesmayberestricted incertainjurisdictions. It is the responsibility of any persons in possession of this Prospectus and anypersonswishingtosubscribeforSharespursuanttothisProspectustoinformthemselvesof,andtoobserve,allapplicablelawsandregulationsofanyrelevantjurisdictions.PotentialsubscribersorpurchasersofSharesshouldinformthemselvesastothepossibletaxconsequences,thelegalrequirements and any foreign exchange restrictions or exchange control requirementswhichtheymightencounterunderthelawsofthecountriesoftheircitizenship,residenceordomicileandwhichmightberelevanttothesubscription,purchase,holding,conversionorsaleofShares.

Any information notmentioned in this Prospectus should be regarded as unauthorized. Theinformation contained in this Prospectus is considered to be accurate at the date of itspublication.Toreflectmaterialchanges,thisProspectusmaybeupdatedfromtimetotimeandpotentialsubscribersshouldenquireoftheCompanyastotheissueofanylaterProspectus.

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TheboardofdirectorsoftheCompany(the“BoardofDirectors”)isheldresponsiblefortheinformationcontainedinthisProspectusandhastakenallreasonablecaretoensurethatatthedateofthisProspectustheinformationcontainedhereinareaccurateandcompleteinallmaterialrespects.Thedirectorsacceptresponsibilityaccordingly.

SubscriptionsforSharescanbeacceptedonlyonthebasisofthecurrentProspectus.The Company will produce an annual report (the “Annual Report”) containing theauditedaccountsandsemi-annualreports(the“Semi-annualReports”).Followingthepublicationofthefirstofeitherreport,thecurrentProspectusatthatdatewillbevalidonlyifaccompaniedbysuchAnnualReportorSemi-annualReport.

In addition to this Prospectus, the Board of Directors of theManagement CompanypublishesaKIID(KeyInvestorInformation)relatingtoaninvestmentineachSub-fund,in particular information on the profile of a typical investor and the historicalperformance.TheKIIDisavailable,freeofcharge,toeachsubscriberattheregisteredofficesoftheManagementCompany,onitsInternetaddresswww.fideuramireland.ie,theTransferAgentandanyDistributorandmustbeconsideredbyaninvestorbeforetheconclusionofthesubscriptioncontract.

Anyreferenceto“EUR”or“Euro”intheProspectusreferstothelawfulcurrencyoftheEuropeanUnionMemberStates,whichadoptedtheEuro.

Anyreferenceto“USD”or“USDollar”intheProspectusreferstothelawfulcurrencyoftheUnitedStatesofAmerica.

Anyreferenceto“GBP”or“Sterling”intheProspectusreferstothelawfulcurrencyofGreatBritain.

IMPORTANTINFORMATION

IfyouareinanydoubtaboutthecontentsofthisProspectus,youshouldconsultyourstockbroker,solicitor,accountantorotherfinancialadvisor.Nopersonisauthorizedtogive any information other than that contained in this Prospectus, or any of thedocumentsreferredtohereinthatareavailableforpublicinspectionattheregisteredoffice.

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1. ORGANISATIONOFTHECOMPANYBOARDOFDIRECTORSOFTHECOMPANY

FrancoTUTINOProfessorattheUniversityoftheStudiesofRoma“LaSapienza”RomaChairman RiccardoNEGROHeadofBusinessDevelopment&OperationsatFideuramInvestimentiSGRS.p.A.MilanoDirector AlexSCHMITTIndependentDirector148avenuedelaFaïencerieL-1511LuxembourgDirectorADMINISTRATIONMANAGEMENTCOMPANYFIDEURAMASSETMANAGEMENT(IRELAND)dac2ndFloor,InternationalHouse,3HarbourmasterPlaceIFSCDUBLIN1,D01K8F1BOARDOFDIRECTORSOFTHEMANAGEMENTCOMPANY1.PadraicO’CONNORChairmanoftheIrishStockExchangeIrelandChairmanoftheBoardofDirectors2.VictoriaPARRYIndependentDirectorIrelandDirector3.GianlucaLACALCEHeadofInvestmentCenter–FideuramSpAManagingDirectorandGeneralManager–FideuramInvestimentiSpAItalyDirector

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4.WilliamMANAHANIrishIndependentDirectorIrelandDirector5.RobertoMEIManagingDirector-FideuramAssetManagement(Ireland)dacIrelandDirector7.IgnacioJAQUOTOTHeadoftheInternationalSubsidiaryBanksDivision–IntesaSanpaoloS.p.A.ItalyDirector8.GiuseppeRUSSOEconomistItalyDirectorAUDITOROFTHEMANAGEMENTCOMPANYKPMG1HarbourmasterPlaceIFSCDublin1IRELANDINVESTMENTMANAGERSAILIS–RISKPREMIAEQUITY,AILIS–RISKPREMIACARRY,AILIS–RISKPREMIAMOMENTUM,AILIS–RISKPREMIAVALUE,AILIS–RISKPREMIAQUALITYWillbemanagedbytheManagementCompanyactingthroughitbranchFideuramAssetManagement(Ireland)dac.,LondonBranch90QueenStreetLondon,EC4N1SAAILIS–M&GCOLLECTIONM&GInvestmentManagementLimitedLaurencePountneyHillLondon,EC4R0HH

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AILIS–INVESCOINCOMEInvescoAssetManagementLimitedPerpetualPark,PerpetualParkDriveHenley-on-Thames,OxfordshireRG91HHUnitedKingdomAILIS–MANMULTI-ASSETAHLPartnersLLPRiverbankHouse2SwanLaneLondon,EC4R3ADUnitedKingdomAILIS–JPMFLEXIBLEALLOCATIONJ.P.MorganAssetManagement(UK)Limited60VictoriaEmbankmentLondon,EC4Y0JPUnitedKingdomDEPOSITARY,PAYINGAGENT

FIDEURAMBANK(LUXEMBOURG)S.A.9-11,RueGoetheL–1637LUXEMBOURGPAYINGAGENTINITALY STATESTREETBANKGmbH–SuccursaleItaliaViaFerranteAporti,1020125Milan CENTRALADMINISTRATION,REGISTRARANDTRANSFERAGENT

FIDEURAMBANK(LUXEMBOURG)S.A.9-11,RueGoetheL–1637LUXEMBOURGDOMICILIATIONAGENTFIDEURAMBANK(LUXEMBOURG)S.A.9-11,RueGoetheL–1637LUXEMBOURG

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AUDITOROFTHECOMPANY

KPMGLuxembourgSociétécoopérative39,avenueJohnF.KennedyL–1855LUXEMBOURGLEGALADVISORS

BONN&SCHMITT148,avenuedelaFaïencerieL-1511LuxembourgGrandDuchyofLuxembourg

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2. LEGALFORMANDSTRUCTUREOFTHECOMPANY

AILIShasbeenincorporatedon21June2017underLuxembourglawasa“sociétéd’investissement à capital variable” (SICAV). The capital of the Company shallreachEuro1,250,000,-withinthefirstsixmonthsfollowingitsincorporation,andthereaftermaynotbelessthanthisamount.

The Company’s articles of incorporation have been deposited with theLuxembourgRegisterofTradeandCompaniesRegistredeCommerceetSociétésLuxembourg(the"RCS")andhavebeenpublishedintheRecueilElectroniquedesSociétés et Associations (the “RESA”) on 4 July 2017. The Company has beenregisteredundernumberB215916withtheRegister.

TheCompany’sarticlesofincorporationmaybeamendedfromtimetotimebyageneral meeting of shareholders, subject to the quorum and majorityrequirements provided by Luxembourg law. Any amendment thereto shall bepublishedintheRESA,inaLuxembourgdailynewspaperand,ifnecessary,intheofficialpublicationsspecifiedfortherespectivecountriesinwhichtheSharesaresold. Such amendments become legally binding on all shareholders, followingtheirapprovalbythegeneralmeetingofshareholders.

TheCompanyisonesingleentity;however,therightofinvestorsandcreditorsregardingaSub-fundorraisedbytheconstitution,operationorliquidationofaSub-fundarelimitedtotheassetsofthisSub-fund,andtheassetsofaSub-fundwillbeanswerableexclusivelyfortherightsoftheshareholdersrelatingtothisSub-fund and for those of the creditors whose claim arose in relation to theconstitution,operationorliquidationofthisSub-fund.IntherelationsbetweentheCompany’sshareholders,eachSub-fundistreatedasaseparateentity.

AnyamendmentsaffectingtherightsoftheholdersofSharesofanyClassvis-à-vis those of any other Class shall be subject further to the said quorum andmajorityrequirementsinrespectofeachrelevantClass.

The Board of Directorsmay decide to create further Sub-fundswith differentinvestment objectives, and in such cases, this Prospectus will be updatedaccordingly.TheBoardofDirectorsshallmaintainforeachSub-fundaseparatepoolofassets.

3. SUB-FUNDS

ThisisanoffertosubscribeforSharesissuedwithoutparvalueinAILIS,eachSharebeinglinkedtooneofthesub-fundsoftheCompany(the“Sub-funds”).ThedetailsofeachSub-fundarespecifiedinAppendixA.

Different classes of shares may be issued in each Sub-fund of the Company(the“Classes”),asdeterminedbytheBoardofDirectors.ForfurtherinformationabouttherightsattachingtothevariousSharesandClassesofShares,seeSection“FormofShares”andSection“ClassesofShares”.

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Onthelaunchdate(the“LaunchDate”)orduringtheinitialsubscriptionperiod(the“InitialSubscriptionPeriod”)SharesineachSub-fundwillbeofferedataninitialprice(the“InitialPrice”)asspecifiedineachSub-fundAppendix.TheInitialPricewillbesubjecttothecommissionsdetailedunderSection“Commissions”.The reference currency (the “Reference Currency”) of each Sub-fund is thecurrency in which the Net Asset Value of each Sub-fund is denominated, asspecifiedforeachSub-fundinAppendixA.TheBoardofDirectorsmayhoweverdecide to calculate the Net Asset Value per Share of one or more Sub-funds/Class(es) of Shares in addition to the Reference Currency in anotherdenominationcurrency(the“OtherDenominationCurrency”)asfurtherdetailedfortherespectiveSub-funds/ClassesofSharesinAppendixA.TheNAVcalculatedinanotherDenominationCurrencyistheequivalentoftheNAVintheReferenceCurrencyoftheSub-Fundconvertedattheprevailingexchangerate.

ThelaunchofaSub-fundtakesplaceontheInitialSubscriptionDayorthelastdayoftheInitialSubscriptionPeriodasspecifiedintheAppendixofeachSub-fund.Ifno subscriptions are accepted on this date, the Launch Date will be the nextfollowingValuationDayonwhichthefirstsubscriptionsfortherelevantSub-fundwillhavebeenacceptedattheInitialSubscriptionPrice.

4. MANAGEMENTANDADMINISTRATION

4.1 TheBoardofDirectors

TheBoardofDirectors is responsible fortheCompany’smanagement,control,administration and the determination of its overall investment objectives andpolicies.

TherearenoexistingorproposedservicecontractsbetweenanyofthedirectorsandtheCompany,althoughthedirectorsareentitledtoreceiveremunerationinaccordancewithusualmarketpractice.

4.2 TheManagementCompany

Fideuram Asset Management (Ireland) dac is a designated activity companylimited by shares under Irish law, incorporated in Dublin for an unlimitedduration, on October 18, 2001. Its share capital is at 1,000,000 EURO. Theregistered office is in D01 K8F1 - Dublin 1, 2nd Floor, International House, 3HarbourmasterPlace,IFSC(the“ManagementCompany”)hasbeendesignatedto serve as management company to the Company in accordance with theprovisionsoftheUCILaw.

ItsarticlesofincorporationwereamendedwitheffectonAugust18,2016.

The Management Company also acts as management company for otherinvestmentfunds.

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TheManagementCompanyisaccordingtoanagreemententeredintoon22June2017betweentheManagementCompanyandtheCompanyappointedtoserveastheCompany’sdesignatedmanagementcompany.TheManagementCompanyshallinparticularberesponsibleforthefollowingduties:

• overallcoordinationoftheinvestmentpolicyofallSub-fundsandfortheinvestmentmanagementandsupervisionof theSub-fundsonaday-to-daybasis;

• Centraladministration,includinginteralia,thecalculationofthenetassetvalue(the“NetAssetValue”),theprocedureofregistration,conversionand redemption of the Shares and the general administration of theCompany;

• Distribution of the Shares of the Company; in this respect theManagement Companymaywith the consent of the Company appointother distributors/nominees as further outlinedhere-belowunder Sub-section4.6;

• Generalco-ordination,administrationandmarketingservices.

TheManagementCompanyisgovernedbytheIrishlawimplementingtheUCITSDirectiveasamendedfromtimetotime,itsrightsanddutiesforthemanagementoftheCompanyaregovernedbytheUCILawandanagreemententeredintoforanunlimitedperiodoftime.Thisagreementmaybeterminatedbyeitherpartyuponthreemonths’priorwrittennotice.

InaccordancewithapplicablelawsandregulationsandwiththepriorconsentoftheBoardofDirectors, theManagementCompany isempowered todelegate,underitsresponsibility,allorpartofitsdutiesandpowerstoanypersonorentity,whichitmayconsiderappropriate.ItbeingunderstoodthattheProspectusshall,insuchcasebeamendedaccordingly.

ForthetimebeingthedutiesofportfoliomanagementforcertainSub-fundsandcentraladministrativeagent,whichincludetheregistrarandtransferagentdutieshavebeendelegatedasfurtherdetailedherebelowunderSub-section4.5.

TheManagementCompanyhasestablishedandapplies a remunerationpolicyand practices that are consistent with, and promote sound and effective riskmanagementandthatdoesnotencouragerisktakingwhichisinconsistentwiththeriskprofileandthearticlesofincorporationoftheCompany.TheManagement Company’s remuneration policy is in line with the businessstrategy,objectives,valuesandinterestsoftheManagementCompanyandtheCompanyanditsinvestorsandincludesmeasurestoavoidconflictsofinterest.

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If applicable, the assessment of performance is set in amulti-year frameworkappropriatetotheholdingperiodrecommendedtotheinvestorsoftheCompanymanagedbytheManagementCompanyinordertoensurethattheassessmentprocess is based on the longer-term performance of the Company and itsinvestmentrisksandthattheactualpaymentofperformance-basedcomponentsofremunerationisspreadoverthesameperiod.Fixedandvariablecomponentsoftotalremunerationareappropriatelybalancedand the fixedcomponent representsa sufficientlyhighproportionof the totalremuneration to allow the operation of a fully flexible policy on variableremuneration components, including the possibility to pay no variableremunerationcomponent.Theremunerationpolicyisreviewedatleastannually.Thedetails of theManagementCompany’s remunerationpolicy, including thepersons in charge of determining the fixed and variable remunerations of thestaff,adescriptionof thekeyremunerationelementsandanoverviewofhowremuneration is determined, are available on the followingwebsite http://www.fideuramassetmanagement.ie/upload/File/pdf/Policy_FAMI/FAMI_Remuneration_Policy.pdf.ApapercopyoftheremunerationpolicywillbemadeavailablefreeofchargeuponrequesttotheManagementCompany.OtherinternalproceduresTheManagementCompanyandtheInvestmentManageruseaninternalcreditratingmethodologywhichisabletocoverdebtsecuritiesusingquantitativeandqualitative components pursuant to Directive 2013/14/EU in respect of over-relianceoncreditratings.Suchmethodologywilluseinteraliatheratingsissuedbytheratingagenciesbutwillnotoverrelyonit.

4.3 InvestmentManagement

ForthedefinitionoftheinvestmentpolicyandthemanagementofsomeoftheCompany’sSub-funds,theManagementCompanymayactdirectlyorthroughitsbranch and may be assisted by one or several investment managers (the“InvestmentManager”).

Pursuanttoanyinvestmentmanagementagreement,theManagementCompanycould, with the consent of the Board of Directors, expressly delegate to theInvestmentManager thediscretion,onadailybasisbut subject to theoverallcontrol and responsibility of theManagement Company and the Company, topurchaseandsellsecuritiesasagentfortheCompanyandotherwisetomanagetheportfoliosofsomeoftheSub-fundsfortheaccountandinthenameoftheCompany.

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TheManagementCompanyactingthroughitsLondonbranch,isperformingtheinvestmentmanagement,foranunlimitedperiod,fortheSub-fundsAILIS–RISKPREMIAEQUITY,AILIS–RISKPREMIACARRY,AILIS–RISKPREMIAMOMENTUM,AILIS–RISKPREMIAVALUEandAILIS–RISKPREMIAQUALITY.FideuramAssetManagement(Ireland)dac.,LondonBranchhasitsregisteredofficeat90QueenStreet,London,EC4N1SA.

PursuanttoaninvestmentmanagementagreementbetweentheManagementCompany and M&G Investment Management Limited dated January 8, 2018,M&G Investment Management Limited is performing the investmentmanagement,foranunlimitedperiod,fortheSub-fundAILIS–M&GCOLLECTION.

PursuanttoaninvestmentmanagementagreementbetweentheManagementCompanyand InvescoAssetManagementLimiteddatedApril9,2018, InvescoAssetManagement Limited is performing the investmentmanagement, for anunlimitedperiod,fortheSub-fundAILIS–INVESCOINCOME.

PursuanttoaninvestmentmanagementagreementbetweentheManagementCompany and AHL Partners LLP dated April 23, 2018, AHL Partners LLP isperforming the investmentmanagement, foranunlimitedperiod, for theSub-fundAILIS–MANMULTI-ASSET.

PursuanttoaninvestmentmanagementagreementbetweentheManagementCompanyandJ.P.MorganAssetManagement(UK)LimiteddatedSeptember4,2018,J.P.MorganAssetManagement(UK)Limitedisperformingtheinvestmentmanagement, for an unlimited period, for the Sub-fund AILIS – JPM FLEXIBLEALLOCATION.

4.4 TheDepositaryandPayingAgent

FIDEURAMBANK(LUXEMBOURG)S.A.isactingasdepositaryoftheCompany(the"Depositary")inaccordancewithadepositaryagreementdated22June2017asamended from time to time (the "Depositary Agreement") and the relevantprovisionsoftheUCILawandUCITSruleswhichrepresentthesetofrulesformedbytheUCITSDirectiveandanyderivedorconnectedEUornationalact,statute,regulation,circularorbindingguidelines(“UCITSRules”).

InvestorsmayconsultuponrequestattheregisteredofficeoftheCompanytheDepositary Agreement to have a better understanding and knowledge of thelimiteddutiesandliabilitiesoftheDepositary.

TheDepositaryisasociétéanonymeincorporatedunderthelawsofLuxembourg,registered with the Register of Trade and Companies under number B-66380,whoseregisteredofficeisat9-11,RueGoetheL–1637Luxembourg,GrandDuchyofLuxembourg.TheDepositaryisauthorisedtoexerciseanybankingactivitiesintheGrandDuchyofLuxembourg.

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TheDepositaryhasbeenentrustedwiththecustodyand/or,asthecasemaybe,recordkeeping andownership verificationof the Sub-funds' assets, and it shallfulfil the obligations and duties provided for the UCI Law. In particular, theDepositaryshallensureaneffectiveandpropermonitoringoftheCompany'cashflows.

InduecompliancewiththeUCITSRulestheDepositaryshall:

(i) ensurethatthesale,issue,re-purchase,redemptionandcancellationofunitsoftheCompanyarecarriedoutinaccordancewiththeapplicablenationallawandtheUCITSRulesProspectusandarticlesofassociation;

(ii) ensurethat thevalueof theUnits iscalculated inaccordancewiththeUCITS Rules, the Company Prospectus and articles of association and theprocedureslaiddownintheUCITSDirective;

(iii) carryouttheinstructionsoftheCompany,unlesstheyconflictwiththeUCITSRules,ortheCompanyProspectusandarticlesofassociation;

(iv) ensure that in transactions involving the Company’s assets anyconsiderationisremittedtotheCompanywithintheusualtimelimits;

(v) ensurethatCompany’sincomeisappliedinaccordancewiththeUCITSRulesandtheCompanyProspectusandarticlesofassociation.

TheDepositarymaynotdelegateanyoftheobligationsanddutiessetoutin(i)to(v)ofthisclause.

In compliancewith the provisions of theUCITS Directive, the Depositarymay,undercertainconditions,entrustpartoralloftheassetswhichareplacedunderitscustodyand/orrecordkeepingtocorrespondentsorthirdpartydepositariesasappointedfromtimetotime.TheDepositary'sliabilityshallnotbeaffectedbyanysuch delegation, unless otherwise specified, but only within the limits aspermittedbytheUCITSRules.

A list of these correspondents /third party depositaries are available on thewebsite of the Depositaryhttp://www.fideuramlux.lu/upload/File/pdf/Policy_FAMI/286760_Sous_depositaires.pdf. Such list may be updated from time to time. A complete list of allcorrespondents /third party depositariesmay be obtained, free of charge anduponrequest,fromtheDepositary.Up-to-dateinformationregardingtheidentityoftheDepositary,thedescriptionofitsdutiesandofconflictsofinterestthatmayarise,thesafekeepingfunctionsdelegatedbytheDepositaryandanyconflictsofinterestthatmayarisefromsuchadelegationarealsomadeavailabletoinvestorsonthewebsiteoftheDepositary,asmentionedabove,anduponrequest.Therearemanysituations inwhichaconflictof interestmayarise,notablywhentheDepositary delegates its safekeeping functions or when the Depositary alsoperformsothertasksonbehalfoftheCompany,suchasadministrativeagency

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and registrar agency services. These situations and the conflicts of interesttheretorelatedhavebeenidentifiedbytheDepositary. InordertoprotecttheCompany’s and its Shareholders’ interests and comply with applicableregulations,apolicyandproceduresdesignedtopreventsituationsofconflictsofinterest andmonitor themwhen they arise have been set in placewithin theDepositary,aimingnamelyat:

(a) identifyingandanalysingpotentialsituationsofconflictsofinterest;

(b) recording,managingandmonitoringtheconflictofinterestsituationseitherin:

- relying on the permanent measures in place to address conflicts ofinterest such as maintaining separate legal entities, segregation ofduties,separationofreportinglines,insiderlistsforstaffmembers;or

- implementinga case-by-casemanagement to (i) take theappropriatepreventivemeasuressuchasdrawingupanewwatchlist,implementinganewChinesewall,makingsurethatoperationsarecarriedoutatarm’slengthand/orinformingtheconcernedshareholdersoftheCompany,or(ii)refusetocarryouttheactivitygivingrisetotheconflictofinterest.

The Depositary has established a functional, hierarchical and/or contractualseparationbetweentheperformanceofitsCompanydepositaryfunctionsandtheperformance of other tasks on behalf of the Company, notably, administrativeagencyandregistraragencyservices.

TheCompanyand theDepositarymay terminate theDepositaryAgreementatanytimebygivingninety(90)days’noticeinwriting.TheCompanymay,however,dismiss theDepositary only if a new depositary bank is appointedwithin twomonthstotakeoverthefunctionsandresponsibilitiesoftheDepositary.Afteritsdismissal, the Depositary must continue to carry out its functions andresponsibilitiesuntilsuchtimeastheentireassetsoftheSub-fundshavebeentransferredtothenewdepositarybank.

TheDepositaryhasnodecision-makingdiscretionnoranyadvicedutyrelatingtotheCompany'sinvestments.TheDepositaryisaserviceprovidertotheCompanyandisnotresponsibleforthepreparationofthisProspectusandthereforeacceptsnoresponsibilityfortheaccuracyofanyinformationcontainedinthisProspectusorthevalidityofthestructureandinvestmentsoftheCompany.

As Paying Agent in Luxembourg, FIDEURAM BANK (LUXEMBOURG) S.A. isresponsibleforthepaymentofdividends(ifany)totheshareholders.

The Management Company has appointed STATE STREET BANK GmbH –SuccursaleItaliaaslocalpayingagentinItaly.

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4.5 CentralAdministrationandRegistrarandTransferAgent

WiththepriorconsentoftheBoardofDirectors,theManagementCompanyhasdelegated its duties in relation to the central administration and registrar andtransferagencyof theCompany toFIDEURAMBANK (LUXEMBOURG)S.A. (the“CentralAdministration”).

As Central Administration Agent, FIDEURAM BANK (LUXEMBOURG) S.A. isresponsiblefortheprocedureofregistration,conversionandredemptionoftheShares,thecalculationofthenetassetvalueandthegeneraladministrationoftheCompany.

4.6 DomiciliationAgent

With theprior consentof theBoardofDirectors, theCompanyhasappointedFIDEURAMBANK(LUXEMBOURG)S.A.asDomiciliationAgentinLuxembourg.AsDomiciliation Agent FIDEURAM BANK (LUXEMBOURG) S.A. providesadministrativeandsecretarialservicestotheCompany.

4.7 TheDistributors

TheManagementCompanymay,with the consentof theCompany,decide toappoint distributors (the “Distributors”) for the purpose of assisting in thedistribution of the Shares of the Company in the countries in which they aremarketed. Certain Distributors may not offer all of the Sub-funds/Classes ofShares/Categories to their investors. Investors are invited to consult theirDistributorsforfurtherdetails.

Distributionagreements(the“DistributionAgreements”)willbesignedbetweentheManagementCompany,andthedifferentDistributors.

In accordance with the Distribution Agreements, the Distributors may beappointed as nominees. In such case the Distributor, as nominee shall berecordedintheRegisterofshareholdersandnottheclientswhohaveinvestedinthe Company. The terms and conditions of the Distribution Agreements shallstipulate,amongstotherthings,thataclientwhohasinvestedintheCompanyvia a nominee shall at all times have a direct claim to the Shares subscribedthroughthenominee.

SubscribersmaysubscribeforSharesapplyingdirectlytotheCompanywithouthavingtoactthroughoneoftheDistributors.

5. INVESTMENTOBJECTIVESANDPOLICIES

ThemainobjectiveoftheCompanyistoseekcapitalappreciationbyinvestinginarangeofdiversifiedtransferablesecuritiesand/orotherliquidfinancialassetspermittedby lawthrough theconstitutionofdifferentprofessionallymanagedSub-funds.

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Each Sub-fund is managed in accordance with the below Section Investmentpowers and restrictions (the “Investment Powers and Restrictions”), and thebelowSectionfinancial techniquesand instruments (the“FinancialTechniquesandInstruments”).

TheinvestmentobjectiveandpolicyofeachSub-fundisdescribedintheAppendixofeachSub-fund.

6. INVESTMENTPOWERSANDRESTRICTIONS

Definitions:

“Directive78/660/EEC”shallmeanDirective78/660/EECof25July1978basedonArticle54paragraph3g)oftheTreatyontheannualaccountsofcertaintypesofcompanies,asamended.

“GroupofCompanies”shallmeancompanieswhichareincludedinthesamegroupforthe purposes of consolidated accounts, as defined in accordance with Directive83/349/EEC on the preparation of consolidated accounts or in accordance withrecognizedinternationalaccountingrules.

“MoneyMarket Instruments” shallmean instruments normally dealt with in on themoneymarket,whichareliquidandhaveavalue,whichcanbeaccuratelydeterminedatanytime.

“RegulatedMarket”marketreferredtoinArticle4,point14ofDirective2004/39/ECoftheEuropeanParliamentandoftheCouncilofApril21,2004(the“MIFIDDirective”).

“TransferableSecurities”shallmean:

- Sharesincompaniesandothersecuritiesequivalenttosharesincompanies;

- Bondsandotherformsofsecuritizeddebt(“debtsecurities”);

- Any other negotiable securities, which carry the right to acquire any suchtransferablesecuritiesbysubscriptionorexchange;

excludingthetechniquesandinstrumentsreferredtoinSection7.

In order to achieve the Company’s investment objectives and policies, the Board ofDirectorshavedeterminedthatthefollowinginvestmentpowersandrestrictionsshallapplytoallinvestmentsbytheCompany:

1. TheCompany,ineachSub-fund,mayinvestin

a)TransferableSecuritiesandMoneyMarketInstrumentsadmittedtoordealtinonaRegulatedMarket.

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b)TransferableSecuritiesandMoneyMarketInstrumentsdealtinonanotherregulatedmarket in aMember State of the European Union, which operates regularly and isrecognizedandopentothepublic.

c)TransferableSecuritiesandMoneyMarketInstrumentsadmittedtoofficiallistingonastockexchangeinanon-MemberStateoftheEuropeanUnionordealtinonanotherregulated market in a non-Member State of the European Union, which operatesregularlyandisrecognizedandopentothepublic.

d) Recently issued Transferable Securities andMoneyMarket Instruments providedthat:

Ø thetermsofissueincludeanundertakingthatapplicationwillbemadeforadmission to official listing on a stock exchange or to another regulatedmarketreferredtoundera)toc)above;and

Ø suchadmissionissecuredwithinoneyearofissue.

e) Shares or units of UCITS authorized according to UCITS Directive and/or otherundertakingsforcollectiveinvestment(UCI)withinthemeaningofthepointsa)andb)of Article 1 paragraph (2) of theUCITSDirective (including shares/units of aMasterUCITS), should they be situated in a Member State of the European Union or not,providedthat:

Ø such other UCIs are authorized under laws which provide that they aresubject tosupervisionconsideredby theMemberStatesof theOECDandGAFI to be equivalent to that laid down in Community law and thatcooperationbetweenauthoritiesissufficientlyensured;

Ø the levelofguaranteedprotectionforshare-orunit-holders insuchotherUCIsisequivalenttothatprovidedforshare-orunit-holdersinaUCITS,andin particular that the rules on asset segregation, borrowing, lending anduncoveredsalesofTransferableSecuritiesandMoneyMarketInstrumentsareequivalenttotherequirementsofUCITSDirective;

Ø thebusinessoftheotherUCIisreportedinsemi-annualandannualreportstoenableanassessmenttobemadeoftheassetsandliabilities,incomeandoperationsoverthereportingperiod;

Ø nomorethan10%oftheUCITSortheotherUCIassets,whoseacquisitioniscontemplated,canbe,accordingtoitsinstrumentsofincorporation,investedinaggregateinsharesorunitsofotherUCITSorotherUCIs;thisrestrictiondoesnotapplyincaseofMaster/FeederUCITSstructures.

f)Depositswithcreditinstitutionswhicharerepayableondemandorhavetherighttobe withdrawn, and maturing in no more than 12 months, provided that the creditinstitutionhasitsregisteredofficeinaMemberStateoftheEuropeanUnionor,iftheregisteredofficeofthecredit institutionissituatedinanon-MemberState,provided

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thatitissubjecttoprudentialrulesconsideredbytheMemberStatesoftheOECDandGAFIasequivalenttothoselaiddowninCommunitylaw.

g) Financial derivatives, including equivalent cash settled instruments, dealt in on aregulated market referred to under a), b) and c) above, and/or financial derivativeinstrumentsdealtinover-the-counter(“OTCderivatives”),providedthat:

Ø theunderlyingconsistsofinstrumentscoveredbySection1.ofthisSection,financial indices, interest rates, foreign exchange rates or currencies, inwhichtheCompanymayinvestinaccordancewithitsinvestmentobjectives;

Ø thecounterpartiestoOTCderivativetransactionsareinstitutionssubjecttoprudential supervision, and belonging to the categories approved by theCSSF,and

Ø OTCderivativesaresubjecttoreliableandverifiablevaluationonadailybasisandcanbesold,liquidatedorclosedbyanoffsettingtransactionatanytimeattheirfairmarketvalueattheCompany’sinitiative;

h)moneymarketinstrumentsotherthanthosedealtinonregulatedmarketsandotherthanMoneyMarket Instruments, if the issue or issuer of such instruments is itselfregulatedforthepurposeofprotectinginvestorsandsavings,andprovidedthattheyare:

Ø issuedorguaranteedbyacentral,regionalorlocalauthority,acentralbankofaMemberState,theEuropeanCentralBank,theEuropeanUnionortheEuropeanInvestmentBank,anon-MemberStateor,inthecaseofaFederalState, by one of the members making up the federation, or by a publicinternationalbodytowhichoneormoreMemberStatesbelong;or

Ø issuedbyanundertakinganysecuritiesofwhicharedealtinonRegulatedMarketsreferredtounder(a),(b)or(c)above;or

Ø issuedorguaranteedbyanestablishmentsubjecttoprudentialsupervision,inaccordancewithcriteriadefinedbyCommunitylaworbyanestablishmentwhich is subject to and complieswith prudential rules considered by theMemberStatesoftheOECDandGAFItobeatleastasstringentasthoselaiddownbyCommunitylaw;or

Ø issuedby other bodies belonging to the categories approvedby theCSSFprovided that investments in such instruments are subject to investorprotectionequivalenttothatlaiddowninthefirst,secondandthirdindentofthisSub-sectionh)ofPoint1ofthisSection,andprovidedthattheissuer(i) isacompanywhosecapitalandreservesamountat leasttotenmillionEuro (EUR 10,000,000) and (ii) which presents and publishes its annualaccounts in accordancewithDirective78/660/EEC, (iii) is anentitywhich,withinaGroupofCompanieswhichincludesoneorseverallistedcompanies,is dedicated to the financing of the group, or (iv) is an entity which is

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dedicated to the financing of securitization vehicleswhich benefit from abankingliquidityline.

2. Moreover,andforeachoftheSub-funds,theCompanymay:

a) Invest up to 10% of the net assets of each of the Sub-funds in transferablesecuritiesandmoneymarket instrumentsother than those referred tounderPoint1ofthisSectionabove.

b) Holdancillaryliquidasserts.

c) Borrowtheequivalentofupto10%ofitsnetassetsprovidedthattheborrowingisonatemporarybasis.

d) Acquireforeigncurrenciesbymeansofback-to-backloans.

3. Moreover,concerningthenetassetsofeachSub-fund,thefollowinginvestmentrestrictionsshallbeobservedbytheCompanyinrespectofeachissuer:

(a) Rulesforriskspreading

Forthecalculationofthelimitsdefinedinpoints(1)to(5)and(7)below,companiesbelongingtothesameGroupofCompaniesshallbetreatedasasingleissuer.

• TransferableSecuritiesandMoneyMarketInstruments

(1) A Sub-fundmay not investmore than 10% of its net assets in TransferableSecuritiesorMoneyMarketInstrumentsissuedbythesamebody.

ThetotalvalueoftheTransferableSecuritiesandMoneyMarketInstrumentsheldbytheSub-fundintheissuingbodiesineachofwhichitinvestsmorethan5%of itsnetassetsmustnotexceed40%ofthevalueof itsnetassets.Thisrestriction does not apply to deposits with financial institutions that aregoverned by prudential regulations or to transactions in OTC derivativeinstrumentswiththeseinstitutions.

(2) The 10% limit laid down in paragraph (1) is raised to 20% in the case ofTransferable Securities andMoneyMarket Instruments issued by the sameGroupofCompanies.

(3) The10%limitlaiddowninparagraph(1)israisedtoamaximumof35%iftheTransferableSecuritiesorMoneyMarketInstrumentsareissuedorguaranteedbyaMemberStateoftheEuropeanUnion,byitslocalauthorities,byanon-MemberStateorbypublicinternationalbodiestowhichoneormoreMemberStatesaremembers.

(4) The 10% limit laid down in paragraph (1) is raised to 25% for certain debtsecuritiesissuedbyacreditinstitutionwhoseregisteredofficeisinaMemberState of the European Union and which is subject by law to special publicsupervisiondesigned to protect theholders of debt securities. In particular,sumsderivingfromtheissueofsuchdebtsecuritiesmustbeinvestedpursuantto the law in assets which, during thewhole period of validity of the debt

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securities,arecapableofcoveringclaimsattachingtothedebtsecuritiesandwhich,ineventofbankruptcyoftheissuer,wouldbeusedonaprioritybasisforthereimbursementoftheprincipalandpaymentofaccruedinterest.Totheextent that the Sub-fund invests more than 5% of its assets in such debtsecurities,issuedbythesameissuer,thetotalvalueofsuchinvestmentsmaynotexceed80%ofthevalueoftheSub-fund’snetassets.

(5) Thevaluesmentionedin(3)and(4)abovearenottakenintoaccountforthepurposeofapplyingthe40%limitreferredtounderparagraph(1)above.

(6) Notwithstanding the limits indicated above, and in accordance with theprincipleofrisk-spreading,eachSub-fundisauthorizedtoinvestupto100%ofitsassetsinTransferableSecuritiesandMoneyMarketInstrumentsissuedorguaranteedbyaMemberStateoftheEuropeanUnion,itslocalauthorities,aMemberStateoftheOECDorpublicinternationalbodiesofwhichoneormoreMemberStatesoftheEuropeanUnionaremembers,providedthat(i)thesesecuritiesconsistofatleastsixdifferentissuesand(ii)securitiesfromanyoneissuemaynotaccountformorethan30%oftheSub-fundsnetassets.

(7) Withoutprejudicetothelimitslaiddownin(b)below,thelimitslaiddownin(1)aboveare raised tomaximum20% for investment in sharesand/ordebtsecuritiesissuedbythesamebodyandwhentheCompany’sinvestmentpolicyisaimedatduplicating thecompositionofacertain shareordebt securitiesindex,whichisrecognizedbytheCSSFandmeetsthefollowingcriteria:

Ø theindex’scompositionissufficientlydiversified;

Ø theindexrepresentsanadequatebenchmarkforthemarkettowhichitrefers;

Ø theindexispublishedinanappropriatemanner.

The 20% limit is increased to 35% where that proves to be justified byexceptional conditions, in particular in Regulated Markets where certaintransferablesecuritiesormoneymarketinstrumentsarehighlydominant.Theinvestmentuptothislimitisonlypermittedforonesingleissuer.

• Bankdeposits

(8) TheCompanymay,foreachofitsSub-funds,notinvestmorethan20%ofitsnetassetsindepositsmadewiththesameentity.

• Derivatives

(9) The risk exposure to a counterparty of the Company in an OTC derivativetransaction may not exceed 10% of the Sub-fund’s net assets when thecounterpartyisacreditinstitutionreferredtoinSub-sectionf)ofpoint1ofthisSection,or5%ofitsnetassetsintheothercases.

(10) TheCompanymayinvestinfinancialderivativeinstrumentsprovidedthattheexposuretotheunderlyingassetsdoesnotexceedinaggregatetheinvestmentlimitslaiddownin(1)to(5),(8),(16)and(17).WhentheCompanyinvestsinindexbasedfinancialderivativeinstruments,theseinvestmentsdonothavetobecombinedtothelimitslaiddownin(1)to(5),(8),(16)and(17).

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(11) When a Transferable Security or Money Market Instrument embeds aderivative,thelattermustbetakenintoaccountwhenapplyingtheprovisionslaid down in (12), (16) and (17), andwhen determining the risks arising ontransactionsinderivativeinstruments.

(12) Withregard toderivative instruments, theCompany, foreachSub-fund,willensure that its global exposure relating to derivative instruments does notexceedthetotalnetvalueofitsportfolio.

The risksexposure is calculated taking intoaccount thecurrentvalueof theunderlying assets, the counterparty risk, futuremarketmovements and thetimeavailabletoliquidatethepositions.

• Sharesorunitsinopen-endedfunds

(13) TheCompany,foreachofitsSub-funds,maynotinvestmorethan20%ofitsnetassetsinsharesorunitsofasingleUCITSorotherUCIreferredtoin1)e)above.

(14) Furthermore,investmentsmadeinUCIsotherthanUCITS,maynotexceed,inaggregate,30%ofthenetassetsoftheCompany.

(15) To the extent that a UCITS or UCI is composed of several sub-funds andprovidedthattheprincipleofsegregationofcommitmentsofthedifferentsub-fundsisensuredinrelationtothirdparties,eachsub-fundshallbeconsideredasaseparateentityfortheapplicationofthelimitlaiddownin(13)hereabove.

WhentheCompany invests in theunitsofotherUCITSand/orUCIs thataremanaged,directlyorbydelegation,bythesamemanagementcompanyorbyanyothercompanytowhichthemanagementcompanyislinkedbycommonmanagement or control or by a substantial direct or indirect holding, thatmanagement company or other company may not charge subscription orredemptionfeesonaccountoftheCompany’sinvestmentintheunitsofotherUCITSand/orotherUCI.

If the Company shall decide to invest in respect to a particular Sub-fund asubstantialproportionof itsassets inotherUCITSand/orUCIsthemaximumlevelofmanagementfeesthatmaybechargedtoboththeSub-fundandtotheUCITSand/orUCIinwhichitintendstoinvestmaynotexceed1.5%ofthenetassets of each Sub-fund and will be disclosed in the annual report of theCompanyforinvestmentsrealizedduringtherelevantfiscalyear.

• Combinedlimits

(16) Notwithstandingtheindividuallimitslaiddownin(1),(8)and(9),theCompany,foreachofitsSub-fundsmaynotcombine:

Ø investments in Transferable Securities and Money MarketInstrumentsissuedby;

Ø depositsmadewith;and/or

Ø exposures arising from OTC derivatives transactions undertakenwith;

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asinglebodyinexcessof20%ofitsnetassets.

(17) The limits set out in (1) to (5), (8) and (9) cannot be combined. Thus,investmentsby each Sub-fund in Transferable Securities andMoneyMarketInstrumentsissuedbythesamebodyorindepositsorderivativeinstrumentsmadewiththisbodyinaccordancewith(1)to(5),(8)and(9)maynotexceedatotalof35%ofthenetassetsofthisSub-fund.

(b) Restrictionswithregardtocontrol

(18) TheCompanyforallitsSub-fundsmaynotacquireanysharescarryingvotingrights which would enable it to exercise significant influence over themanagementofanissuingbody.

(19) TheCompanymayacquirenomorethan:

(i) 10%oftheoutstandingnon-votingsharesofthesameissuer,

(ii) 10%oftheoutstandingdebtsecuritiesofthesameissuer,

(iii) 25%oftheoutstandingsharesorunitsofthesameUCITSand/orotherUCI.

(iv) 10%oftheoutstandingMoneyMarketInstrumentsofthesameissuer,

Thelimitssetinpoints(ii)to(iv)maybedisregardedatthetimeofacquisitionif at that time the gross amount of debt securities or Money MarketInstruments, or the net amount of the securities in issue, cannot becalculated.

(20) Thelimitslaiddownin(18)and(19)arewaivedasregards:

Ø Transferable Securities and Money Market Instruments issued orguaranteed by a Member State of the European Union or its localauthorities;

Ø Transferable Securities and Money Market Instruments issued orguaranteedbyanon-MemberStateoftheEuropeanUnion;

Ø TransferableSecuritiesandMoneyMarketInstrumentsissuedbypublicinternational bodies of which one or more Member States of theEuropeanUnionaremembers;

Ø sharesheldinthecapitalofacompanyincorporatedinanon-MemberStateoftheEuropeanUnionwhichinvestsitsassetsmainlyinsecuritiesofissuingbodieshavingtheirregisteredofficeinthatState,whereunderthe legislation of that State, such holding represents the only way inwhichtheCompanycaninvestinthesecuritiesofissuingbodiesofthatStateandprovidedthattheinvestmentpolicyofthecompanycomplieswithregulationsgoverningriskdiversificationandrestrictionswithregardtocontrollaiddownherein.

Ø sharesheld in thecapitalofsubsidiarycompaniescarryingononly thebusinessofmanagement,adviceormarketinginthecountry/statewherethesubsidiaryislocated,inregardtotherepurchaseofthesharesattheshareholdersrequestexclusivelyonitsortheirbehalf.

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4. Furthermore,thefollowingrestrictionswillhavetobecompliedwith:

(1) The Company may not acquire either precious metals or certificatesrepresentingthem.

(2) TheCompanymaynotacquirerealestate,exceptwhensuchacquisitionisessentialforthedirectpursuitofitsbusiness.

(3) TheCompanymaynot issuewarrantsorother instrumentsgivingholderstherighttopurchasesharesintheCompany.

(4) Without prejudice to the possibility of the Company to acquire debtsecuritiesandtoholdbankdeposits,theCompanymaynotgrantloansoractasguarantoronbehalfofthirdparties.Thisrestrictiondoesnotprohibitthe Company from acquiring Transferable Securities, Money MarketInstrumentsorotherfinancialinstrumentsthatarenotfullypaid-up.

(5) TheCompanymaynotcarryoutuncoveredsalesofTransferableSecurities,MoneyMarketInstrumentsorotherfinancialinstruments.

5. Notwithstandingtheaboveprovisions:

(1) TheCompany,foreachoftheSub-funds,neednotnecessarilycomplywiththelimitsreferredtohereinwhenexercisingsubscriptionrightsattachingtoTransferableSecuritiesorMoneyMarketInstrumentswhichformpartoftheassetsoftheSub-fundconcerned.

(2) Ifthelimitsreferredtoaboveareexceededforreasonsbeyondthecontrolof the Company or as a result of the exercise of subscription rights, theCompanymust adopt as a priority objective for its sales transactions theremedying of that situation, taking due account of the interests of itsshareholders.

6. SpecificrulesforMaster/Feederstructures:

A. aFeedersub-fundisasub-fundoftheCompany,whichhasbeenapprovedtoinvest,bywayofderogationfromarticle2,paragraph(2),firstindentoftheUCILaw,atleast85%ofitsassetsinunitsofanotherUCITSorsub-fundthereof(hereafterreferredtoasthe"MasterUCITS").

B. AFeedersub-fundmayholdupto15%ofitsassetsinoneormoreofthefollowing:

a. ancillaryliquid;b. financialderivativeinstruments,whichmaybeusedonlyforhedging

purposes,inaccordancewitharticle42,paragraphs(2)and(3)oftheUCILaw;

c. movableand immovablepropertywhich is essential for thedirectpursuitofitsbusiness.

C. Forthepurposesofcompliancewitharticle42,paragraph(3)oftheUCILaw,theFeedersub-fundshallcalculateitsglobalexposurerelatedtofinancialderivativeinstrumentsbycombiningitsowndirectexposurewith:

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ü either the Master UCITS’s actual exposure to financial derivativeinstrumentsinproportiontotheFeedersub-funds'investmentintotheMasterUCITS;

ü or the Master UCITS’s potential maximum global exposure tofinancial derivative instruments provided for in theMaster UCITSmanagement regulations or instruments of incorporation inproportion to the Feeder sub-funds' investment into the MasterUCITS.

D. aMasterUCITSisaUCITS,orasub-fundthereof,which:a) has,amongitsshareholders,atleastoneFeederUCITS;b) isnotitselfaFeederUCITS;andc) doesnotholdunitsofaFeederUCITS.

E. ifaMasterUCITShasatleasttwoFeederUCITSasshareholders,article2,

paragraph(2),firstindentandarticle3,secondindentoftheUCILawshallnotapply.

The restriction pursuant towhich,when the Company invests in the units ofotherUCITSand/orotherUCIsthataremanaged,directlyorbydelegation,bythe same investment manager or by any other company with which theinvestment manager is linked by common management or control, or by asubstantialdirectorindirectholding,nosubscriptionorredemptionfeesmaybechargedonthetargetfundleveltotheCompanyonitsinvestmentintheunitsofsuchotherUCITSand/orUCIs,doesnotapplytoaFeederUCITS.

ShouldaSub-fundqualifyasaFeederUCITS,adescriptionofallremunerationand reimbursement of costs payable by the Feeder UCITS by virtue of itsinvestmentsinshares/unitsoftheMasterUCITS,aswellastheaggregatechargesofboththeFeederUCITSandtheMasterUCITS,shallbespecifiedinAppendixofeachSub-fund.TheCompanyshalldiscloseinitsannualreportastatementontheaggregatechargesofboththeFeederUCITSandtheMasterUCITS.

7. FINANCIALTECHNIQUESANDINSTRUMENTS

A. Generalprovisions

Forthepurposeofefficientportfoliomanagementand/ortoprotectitsassetsandcommitmentsor,whenitisspecifiedintheinvestmentpolicyofaspecificSub-fund,foranotherpurpose,theCompanymayarrangeforeachSub-fundtomakeuseoftechniquesandinstrumentsrelatingtoTransferableSecuritiesandMoneyMarketInstrumentsorothertypesofunderlyingassetsalwaysincompliancewithCSSF’sCircular 14/592 relating to ESMA Guidelines on ETFs and other UCITS issues asamendedfromtimetotime(the“CSSF’sCircular14/592”)andtheRegulation(EU)2015/2365oftheEuropeanParliamentandoftheCouncilof25November2015ontransparency of securities financing transactions and of reuse and amendingRegulation(EU)No648/2012asamendedfromtimetotime(the"SFTRegulation").

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The techniques and instruments referred to in this paragraph include, amongothers,thepurchaseandsaleofcallandputoptionsandthepurchaseandsaleoffuture contracts or the entering into swaps relating to foreign exchange rates,currencies, securities, indices, interest rates or other admissible financialinstrumentsasfurtherdescribedhereinbelow.TheSub-fundsshalluseinstrumentsdealtinonaregulatedmarketreferredtounderSection6aboveordealtinover-the-counter (in accordancewith the conditions set out in Section6). In general,when these transactions involve the use of derivatives, the conditions andrestrictionssetoutinSection6mustbecompliedwith.

Inaddition,techniquesandinstruments includesecurities lendingandborrowingtransactions as well as sale with right of repurchase transactions / reverserepurchaseandrepurchaseagreementtransactions. Innocasewhatsoevermustrecourse to transactions involving derivatives or other financial techniques andinstrumentscausetheCompanytodepartfromtheinvestmentobjectivessetoutintheProspectus.

Entering into total return swaps (TRS), securities lending, repurchase/reverserepurchasetransactionsmayincreasetheriskprofileoftheSub-funds.

None of the Sub-Funds will use (i) buy-sell back transaction or sell-buy backtransactionnor(ii)marginlendingtransaction.

Eligible counterparties for OTC financial derivatives transactions and efficientportfoliomanagementtechniques(EMT)financialderivativestransactionswillhavea public rating of at least A- from Standard & Poor’s or equivalent rating fromMoody’sandFitchandwillbefinancialcounterpartiesinaccordancewitharticle3of the SFT Regulation. In the event that a previously authorised counterparty isdowngraded to below the minimum level required to be eligible (A-), it mayneverthelessremainapprovedifthedowngradedoesnotfallbelowthesuspensionthresholdidentifiedbythefollowingtwocircumstances:

a) themajorityofthethreeratingsagenciesgivethebrokeraratingofBBB-orlower;

b) oneofthethreemajorratingsagenciesdowngradesthebrokertoBB+orlower.

The legal form is however not a decisive criterion for the selection of thecounterparty.

TheeligiblecounterpartieswillbeestablishedinEUmembercountries,incountriesmemberoftheOrganisationforEconomicCooperationandDevelopment(“OECD”),Jersey,HongKongorSingapore.

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B. Efficientportfoliomanagementtechniques(“EMT”)

1. Securitieslendingandborrowingtransactions

The Company may engage for each Sub-fund in securities lending transactionsprovidedthattheycomplywiththeregulationssetforthinCSSF’sCircular08/356and CSSF’s Circular 14/592 concerning the rules applicable to undertakings forcollectiveinvestmentwhentheyusecertaintechniquesandinstrumentsrelatingtotransferablesecuritiesandmoneymarketinstruments,asamendedfromtimetotimeandtheSFTRegulation.

EachSub-fundmaylendthesecuritiesincludedinitsportfoliotoaborrowereitherdirectly or through a standardized lending system organized by a recognizedclearinginstitutionorthroughalendingsystemorganizedbyafinancialinstitutionsubject to prudential supervision rules considered by the CSSF as equivalent tothoseprescribedbyCommunitylawandspecializedinthistypeoftransactions.Inallcases,thecounterpartytothesecuritieslendingagreement(i.e.theborrower)mustbesubjecttoprudentialsupervisionrulesconsideredbytheCSSFasequivalentto those prescribed by Community law and comply with article 3 of the SFTRegulation.Incasetheaforementionedfinancialinstitutionactsonitsownaccount,itistobeconsideredascounterpartyinthesecuritieslendingagreement.

In case of a standardized securities lending system organized by a recognizedclearinginstitutionorincaseofalendingsystemorganizedbyafinancialinstitutionsubject to prudential supervision rules considered by the CSSF as equivalent tothoseprescribedbyCommunity lawand specialized in this typeof transactions,securities lent may be transferred before the receipt of the guarantee if theintermediaryassuresthepropercompletionofthetransaction.

EachSub-fundmustensurethatthevolumeofthesecuritieslendingtransactionsiskept at an appropriate level or that it is entitled to request the return of thesecurities lent in amanner that enables it, at all times, tomeet its redemptionobligationsandthatthesetransactionsdonotjeopardizethemanagementoftheSub-fund’sassetsinaccordancewithitsinvestmentpolicy.

The Company may also engage for each Sub-fund in securities borrowingtransactionsprovidedthatthesetransactionscomplywiththefollowingrules:

• TheCompanyisauthorizedtoborrowsecuritieswithinastandardizedsystemorganized by a recognized securities clearing institution or a first ratefinancialinstitutionspecializedinthistypeoftransaction.

• TheCompanycannotsellanysecuritiesborrowedduringtheperiodoftheborrowing agreement unless hedging has been arranged by means offinancialinstrumentsthatwillenabletheCompanytoreturnthesecuritiesborrowedwhentheagreementexpires.

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• Borrowingtransactionsmaynotextendbeyondaperiodof30days,normaythey exceed 50% of the aggregate market value of the securities in theportfoliooftheSub-fundconcerned.

• The Company may engage in securities borrowing only in the followingexceptionalcircumstances.First,whentheCompanyiscommittedtosellingcertainsecurities in itsportfolioatatimewhenthesesecuritiesareintheprocessofbeingregisteredwithagovernmentagencyandarethereforenotavailable.Second,whensecurities lentwerenot returnedat thespecifiedtime. Third, to avoid the situation whereby a delivery of securities aspromisedcannotbemadeintheeventthattheDepositorydidnotfulfilitsobligationtocompletedeliveryofthesaidsecurities.

Securitiesthatarethesubjectofsecuritieslendingandborrowingtransactionsareequitiesandbonds

2. Salewithrightofrepurchasetransactions/reverserepurchaseandrepurchaseagreementtransactions

EachSub-fundmay,actingasbuyer,agreetopurchasesecuritieswitharepurchaseoptionor,actingasseller,agreetosellsecuritieswitharepurchaseoption;eachSub-fund may also enter into reverse repurchase agreement transactions and intorepurchaseagreementtransactions.

ItsinvolvementinsuchtransactionsishoweversubjecttotheregulationssetforthinCSSF’sCircular08/356andCSSF’sCircular14/592concerningtherulesapplicableto undertakings for collective investment when they use certain techniques andinstruments relating to transferablesecuritiesandmoneymarket instruments,asamendedfromtimetotime.

Consequently,eachSub-fundmustcomplywiththefollowingrules:

ItmayenterintothesetransactionsonlyifthecounterpartiestothesetransactionsaresubjecttoprudentialsupervisionrulesconsideredbytheCSSFasequivalenttothoseprescribedbyCommunitylaw.

During the duration of a purchase with a repurchase option agreement or of areverse repurchase agreement, it may not sell or pledge/give as security thesecurities which are the subject of the contract, before the counterparty hasexerciseditsoptionoruntilthedeadlinefortherepurchasehasexpired,unlessithasothermeansofcoverage.

Itmustensurethatitisable,atalltimes,tomeetitsredemptionobligationstowardsitsshareholders.

Securitiesthatarethesubjectofpurchasewitharepurchaseoptiontransactionorofreverserepurchaseagreementsarelimitedto:

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-(i) short term bank certificates or money market instruments such asdefined within Directive 2007/16/EC of 19March 2007 implementingCouncil Directive 85/611/EEC on the coordination of laws, regulationsand administrative provisions relating to certain UCITS as regards theclarificationofcertaindefinitions;

-(ii) bondsissuedorguaranteedbyaMemberStateoftheOECDorbytheirlocalpublicauthoritiesorbysupranationalinstitutionsandundertakingswithEU,regionalorworld-widescope;

-(iii) sharesorunitsissuedbymoneymarketUCIscalculatingadailynetassetvalueandbeingassignedaratingofAAAoritsequivalent;

-(iv) bondsissuedbynon-governmentalissuersofferinganadequateliquidity;

-(v) sharesquotedornegotiatedonaregulatedmarketofaEuropeanUnionMemberStateoronastockexchangeofaMemberStateoftheOECD,ontheconditionthatthesesharesareincludedinamainindex.

ThesecuritiespurchasedwitharepurchaseoptionorthroughareverserepurchaseagreementtransactionmustbeinaccordancewiththeSub-fundinvestmentpolicyandmust, togetherwiththeothersecurities that itholds in itsportfolio,globallycomplywithitsinvestmentrestrictions.

C. Sharing return generated by EMT and total return swap (TRS) or similarinstruments

AllrevenuesarisingfromEMT andTRSorsimilarinstruments,netofanydirectorindirectoperatingcosts,shallbereturnedtotheSub-fund andwillformpartoftheNetAssetValueofthesub-fund.

TheCompany’sAnnualreportwillcontaininformationonincomefromEMTandTRSor similar instruments for the Sub-funds’ entire reporting period, together withdetailsoftheSub-funds’directand indirectoperationalcostsandfees, insofarastheyareassociatedwiththemanagementofthecorrespondingCompany/Sub-fund.

The Company’s Annual report will provide details on the identity of companiesassociated with the Management Company or the Depositary of the Company,providedtheyreceivedirectandindirectoperationalcostsandfees.

Allincomearisingfromtheuseoftechniquesandinstrumentsforefficientportfoliomanagement and TRSor similar instruments, less direct and indirect operationalcosts,profittotheCompanyinordertobereinvestedinlinewiththeCompany’sinvestmentpolicyandconsequentlywillpositivelyimpactontheperformanceoftheSub-fund. The counterparties to the agreements on the use of techniques andinstrumentsforefficientportfoliomanagementandTRSorsimilarinstrumentsandOTC will be selected according to the Management Company’s principles forexecutingordersforfinancialinstruments(the“bestexecutionpolicy”).

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Thecostsandfeestobepaidtotherespectivecounterpartyorotherthirdpartywillbenegotiatedaccordingtomarketpractice.

In principle, the counterparties are not affiliated companies of theManagementCompanyorcompaniesbelongingtothepromoter’sgroup.

D. ManagementofcollateralforOTCderivativesandEMT

AsguaranteeforanyEMTandOTCderivativestransactions,therelevantSub-fundwillobtainthefollowingtypeofcollateralcoveringatleastthemarketvalueofthefinancialinstrumentsobjectofEMTandOTCderivatives:

1. Whenenteringintosecuritieslendingtransactions:- Governmentbondswithmaturityupto1year:Haircutbetween0

and2%- Governmentbondswithmaturityofmorethan1year:Minimum

haircut2%- Corporatebonds:Minimumhaircut6%- Equityinthesamecurrencyasthesecuritylent:Minimumhaircut

10%- Cash:0%

2. Whenenteringintorepurchaseorreverserepurchasetransactions:

- Cash:0%- GovernmentBonds:0%

Theabsenceofhaircutismainlyduetotheveryshorttermofthetransactions.

3. WhenenteringintoOTCfinancialderivatives:- Cash:0%- Governmentbondswithmaturityupto1year:Haircutbetween0

and2%- Governmentbondswithmaturityofmorethan1year:Minimum

haircut2%

The Company must proceed on a daily basis to the valuation of the guaranteereceived.

Inaddition,theCompanyhasimplementedahaircutpolicyinrespectofeachclassof bonds received as collateral in respect of each relevant Sub-fund. Such policytakesaccountofthecharacteristicsoftherelevantassetclass,includingthecreditstandingoftheissuerofthecollateral,thepricevolatilityofthecollateralandtheresultsofanystresstestswhichmaybeperformed inaccordancewiththestresstestingpolicy.

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EachSub-fundmustmakesurethatitisabletoclaimitsrightsontheguaranteeincaseoftheoccurrenceofaneventrequiringtheexecutionthereof.Therefore,theguaranteemustbeavailableatalltimes,eitherdirectlyorthroughtheintermediaryofafirstclassfinancialinstitutionorawholly-ownedsubsidiaryofthisinstitution,insuchamannerthattheSub-fundisabletoappropriateorrealizetheassetsgivenasguarantee,withoutdelay,ifthecounterpartydoesnotcomplywithitsobligationtoreturnthesecurities.

Duringthedurationoftheagreement,theguaranteecannotbesoldorgivenasasecurityorpledged,exceptwhentheSub-Fundhasothermeansofcoverage.

InaccordancewiththeCSSF’sCircular14/592,theriskexposuretoacounterpartyarising from OTC derivative transactions and efficient portfolio managementtechniquesshouldbecombinedwhencalculatingthecounterpartyrisklimitsstatedinSection6,paragraph3(a)9)above.

AllassetsreceivedbyaSub-fundinthecontextofefficientportfoliomanagementtechniquesorOTCderivativetransactionsshouldbetreatedascollateralandshouldcomplywiththecriterialistedbelow:

A. Liquidity–anycollateral receivedotherthancashshouldbehighly liquidand

traded on a regulatedmarket ormultilateral trading facilitywith transparentpricing in order that it canbe sold quickly at a price that is close to pre-salevaluation.CollateralreceivedshouldalsocomplywiththeprovisionsstatedinSection6,paragraph3above.

B. Valuation–collateralreceivedshouldbevaluedonatleastadailybasisandmustbe marked to market daily and may be subject to daily variation marginrequirements.Assetsthatexhibithighpricevolatilityshouldnotbeacceptedascollateralunlesssuitablyconservativehaircutsareinplace.

C. Issuercreditquality–collateralreceivedshouldbeofhighquality.

ForGovernment and Sovereign Bonds the ratingmust be >=A or equivalent(Standard & Poor/ Moody's) for long term issues (> 1 year) and >= A1 orequivalent(Standard&Poor/Moody's)forshorttermissues(<1year).TheIssuecurrencycanbeoneofthefollowing:EUR,GBP,USD,AUD,CAD,CHF,DKK,JPY,NOK,NZD,SEK,HKD,SGD.

For Supranational and Agency and EGGB (Explicitly Government GuaranteedBonds)theratingmustbe>=Aorequivalent(Standard&Poor/Moody's) forlongtermissues(>1year)and>=A1orequivalent(Standard&Poor/Moody's)forshorttermissues(<1year).TheIssuecurrencycanbeoneofthefollowing:EUR,GBP,USD,AUD,CAD,CHF,DKK,JPY,NOK,NZD,SEK.

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Thetermtomaturityshouldbebeloworequalto30years.

D. Correlation–thecollateralreceivedbyaSub-fundshouldbeissuedbyanentitythatisindependentfromthecounterpartyandisexpectednottodisplayahighcorrelationwiththeperformanceofthecounterparty.

E. Collateraldiversification(assetconcentration)–collateralshouldbesufficiently

diversified in terms of country, markets and issuers. In accordance with theCSSF’sCircular14/592,thecriterionofsufficientdiversificationwithrespecttothe issuer concentration is considered to be respected if a Sub-fund receivesfrom a counterparty of efficient portfolio management techniques and OTCderivative transactions a basket of collateral with amaximum exposure to agivenissuerof20%oftheSub-fund’snetassets.Whereapplicable,ifaSub-fundisexposedtodifferentcounterparties,thedifferentbasketsofcollateralshouldbeaggregatedtocalculatethe20%limitofexposuretoasingleissuer.Bywayofderogation, a Sub-fundmay be fully collateralizedwith different transferablesecuritiesandMoneyMarket instruments issuedorguaranteedbyaMemberState of the OECD, one or more of its local authorities, or a supranationalorganizationtowhichsuchMemberStatesbelong,providedthattheSub-fundreceives securities from at least six different issueswith any single issue notrepresentingmorethan30%oftheSub-fund’snetassets.

F. Riskslinkedtothemanagementofcollateral-riskslinkedtothemanagementofcollateral,suchascustody,operationalandlegalrisks,areidentified,managedandmitigatedbytheriskmanagementprocessofeachSub-fund.

G. Titletransferofcollateral-wherethereisatitletransfer,thecollateralreceived

shouldbeheldbythedepositaryoftheSub-fund.Forothertypesofcollateralarrangement, the collateral can be held by a third party depositary which issubjecttoprudentialsupervision,andwhichisunrelatedtotheproviderofthecollateral.

H. CollateralreceivedshouldbecapableofbeingfullyenforcedbyaSub-fundat

anytimewithoutreferencetooranypriorapprovalfromthecounterparty.

I. Non-cashcollateralreceivedmustnotbesold,re-investedorpledged.

J. Cashcollateralreceivedshouldonlybe:- PlacedondepositwithentitiesprescribedinSection6,paragraph(1)f)

above;- Investedinhigh-qualitygovernmentbonds;- Used for the purpose of reverse repo transactions provided the

transactionsarecarriedoutwithcreditinstitutionssubjecttoprudentialsupervisionandtheSub-fundisabletorecallatanytimethefullamountofcashonaccruedbasis;

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- Investedinshort-termmoneymarketfundsasperdefinedintheESMAguidelinesonaCommonDefinitionofEuropeanMoneyMarketFunds(previouslyCESR10-049).

Financialassetsotherthanbankdepositsandunitsorsharesoffundsacquiredbymeansofreinvestmentofcashreceivedasaguarantee,mustbeissuedbyanentitynotaffiliatedtothecounterparty.

Financialassetsotherthanbankdepositsmustnotbesafekeptbythecounterparty,exceptiftheyaresegregatedinanappropriatemannerfromthelatter’sownassets.Bankdepositsmustinprinciplenotbesafekeptbythecounterparty,unlesstheyarelegallyprotectedfromconsequencesofdefaultofthelatter.

K. Safekeeping-Asaprinciple,assetssubjecttoSFTsbecomethepropertyofthecounterpartyoftheCompanyandtheassetsofequivalenttypewillbereturnedtotheCompanyatthematurityofthetransaction.Asaconsequence,duringthelifeofthetransaction,theassetswillnotbeheldbytheDepositary.AnycollateralpostedinfavouroftheCompanyoranyofitsSub-fundsunderatitletransferarrangementshouldbeheldbytheDepositary.Suchcollateralmaybeheldbyonecollateralagentor,incaseofTRSs,bytheDepositary'scorrespondentsorsub-custodiansprovidedthattheDepositaryhasdelegatedthecustodyofthecollateral to such collateral agent, correspondent or sub-custodian and theDepositaryremainsliablesubjecttotheprovisionsoftheLaw,ifthecollateralislostbythecollateralagentorthesub-custodian.CollateralpostedinfavouroftheCompanyoranyofitsSub-fundsunderasecurityinterestarrangement(e.g.,a pledge) can be held by the Depositary or a third-party custodian which issubjecttoprudentialsupervision,andwhichisunrelatedtotheproviderofthecollateral.

Financialassetsmaynotbepledged/givenasaguarantee,exceptwhentheSub-fund has sufficient liquid assets enabling it to return the guarantee by a cashpayment.

Short-termbankdeposits,moneymarketfundsandbondsreferredtoabovemustbe eligible investments within the meaning of Article 41 (1) of the law of 17December2010.

ExposuresarisingfromthereinvestmentofcollateralreceivedbytheSub-fundshallbetakenintoaccountwithinthediversificationlimitsapplicableundertheUCILaw.

Iftheshort-termbankdepositsreferredtoin(a)arelikelytoexposeeachSub-fundtoacreditriskvis-à-visthetrustee,theCompanymusttakethisintoconsiderationforthepurposeofthelimitsondepositsprescribedbyarticle43(1)oftheamendedlawof17December2010concerningundertakingsforcollectiveinvestment.

TheCompany,whenreceivingcollateralforatleast30%oftheassetsofaSub-fund,musthaveanappropriatestresstestingpolicyinplacetoensureregularstresstestsare carried out under normal and exceptional liquidity conditions to enable the

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Companytoassesstheliquidityriskattachedtothecollateral.Theliquiditystresstestingpolicyshouldatleastprescribethefollowing:

- design of stress test scenario analysis including calibration, certification andsensitivityanalysis;

- empirical approach to impact assessment, including back-testing of liquidityriskestimates;

- reportingfrequencyandlimit/losstolerancethreshold(s);and

- mitigation actions to reduce loss including haircut policy and gap riskprotection.

Thereinvestmentmust, inparticular if itcreatesa leverageeffect,betaken intoaccountforthecalculationofeachSub-fund’sglobalexposure.Anyreinvestmentofaguaranteeprovidedintheformofcashinfinancialassetsprovidingareturninexcessoftheriskfreerate,issubjecttothisrequirement.

ReinvestmentswillbementionedwiththeirrespectivevalueinanappendixtothefinancialreportsoftheCompany.

TheAnnualreportswillalsomentionthefollowinginformation:

A. IftheCollateralreceivedfromanissuerhasexceeded20%oftheNAVofaSub-fund,and/or;

B. IfaSub-fundhasbeenfullycollateralisedinsecuritiesissuedorguaranteedbyaMemberState.

E. Useofderivativeinstruments

a)Limits

Investments in derivative instruments will be in compliance with CSSF’s Circular14/592 andmay be carried out provided the global risk relating to the financialinstrumentsdoesnotexceedthetotalnetassetsofaSub-fund.

In such context “global risk relating to financial derivative instruments does notexceedthetotalnetvalueoftheportfolio”meansthattheglobalriskrelatingtotheuseoffinancialderivativeinstrumentsshallnotexceed100%oftheNetAssetValueandthattheglobalriskforaSub-fundshallnotbehigheronalong-termbasisthan200%oftheNetAssetValue.TheglobalriskfortheSub-fundmaybeincreasedby10%bywayoftemporaryborrowingsinsuchawaythatsuchglobalriskshallneverbehigherthan210%oftheNetAssetValue.

The risks exposure is calculated taking into account the current value of theunderlying assets, the counterparty risk, futuremarketmovements and the timeavailabletoliquidatethepositions.

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Short and long positions on the same underlying asset or on assets having animportanthistoricalcorrelation,maybesetoff.

Whenatransferablesecurityoramoneymarket instrumentembedsaderivativeproduct, the latter must be taken into account when complying with theseprovisions.

WhenaSub-fundhasrecoursetoderivative instrumentsbasedonan index,suchinvestmentsarenotcombinedwithlimitssetforthinSection6).

b)Speciallimitsrelatingtocreditderivatives

TheCompanymaycarryouttransactionsoncreditderivatives:

-withfirstclasscounterpartiesspecialisedinthistypeoftransactionandsubjecttoprudential supervision rules considered by the CSSF as equivalent to thoseprescribedbyCommunitylaw,

-whoseunderlyingassetscomplywiththeinvestmentobjectivesandpolicyoftheSub-fund,

-thatmaybeliquidatedatanytimeattheirvaluationvalue,

-whosevaluation,realizedindependently,mustbereliableandverifiableonadailybasis,

-forhedgingpurposesornot.

If the credit derivatives are concluded for another purpose than hedging, thefollowingrequirementsmustbefulfilled:

-creditderivativesmustbeusedintheexclusiveinterestofinvestorsbyassuminganinterestingreturnbalancedagainstrisksoftheCompanyandinaccordancewiththeinvestmentobjectives,

-investmentrestrictionsinSection6shallapplytotheissuerofaCreditDefaultSwap(CDS)andtotheriskofthefinaldebtorofthecreditderivative(underlying),exceptifthecreditderivativeisbasedonanindex,

- the Sub-fund must ensure an appropriate and permanent covering of thecommitmentsrelatingtoCDSinordertobeableatanytimetomeettheredemptionrequestsfrominvestors.

Claimed strategies relating to credit derivatives are notably the following (whichmay,asappropriate,becombined):

-toinvestquicklythenewlysubscribedamountsinafundinthecreditmarketviathesaleofcreditderivatives,

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- in case of positive anticipation on the evolution of spreads, to take a creditexposure(globalortargeted)thankstothesaleofcreditderivatives,

- in caseof negative anticipationon the evolutionof spreads, toprotect or takeactions(globallyortargeted)bythepurchaseofcreditderivatives.

c) Special limits relating to total return swaps or other financial derivativeinstrumentswiththesamecharacteristics

The Company may conclude total return swaps, or other financial derivativeinstrumentswith the same characteristics, in accordancewith the diversificationlimitssetoutinArticles43,44,45,46and48oftheUCILaw.Theunderlyingassetsofthetotalreturnswaps,orotherfinancialderivativeinstrumentswiththesamecharacteristics,beingeligibletransferablesecuritiesorfinancialindices.Eachindexwillcomplywiththeclassificationof“financial index”pursuanttoarticle9of theGrandDucalRegulationofFebruary8,2008relatingtocertaindefinitionsoftheUCILawandwithCSSF’sCircular14/592.

A Sub-fund may enter into a total return swap, or other financial derivativeinstrumentswiththesamecharacteristics,forhedgingorinvestmentpurposesandincompliancewiththeinvestmentobjectiveandpolicyoftheconcernedSub-fundaspersetoutinSection6.

Total return swaps involve the exchange of the right to receive the total return,couponspluscapitalgainsorlosses,ofaspecifiedreferenceasset,indexorbasketofassetsagainsttherighttomakefixedorfloatingpayments.

InterestrateswapsinvolvetheexchangebyaSub-fundwithanotherpartyoftheirrespectivecommitmentstopayorreceiveinterest,suchasanexchangeoffixedratepaymentsforfloatingratepayments.Currencyswapsmayinvolvetheexchangeofrightstomakeorreceivepaymentsinspecifiedcurrencies.WhereaSub-fundentersinto interest rate swaps or total return swaps on a net basis, the two paymentstreamsarenettedout,witheachSub-fundreceivingorpaying,asthecasemaybe,onlythenetamountofthetwopayments.Interestrateswapsortotalreturnswapsenteredintoonanetbasisdonotinvolvethephysicaldeliveryofinvestments,otherunderlyingassetsorprincipal.Accordingly, it is intendedthattheriskof losswithrespecttointerestrateswapsislimitedtothenetamountofinterestpaymentsthattheSub-fundiscontractuallyobligatedtomake(orinthecaseoftotalreturnswaps,thenetamountof thedifferencebetweenthetotal rateofreturnofareferenceinvestment,indexorbasketofinvestmentsandthefixedorfloatingpayments).Iftheotherparty toan interest rate swapor total return swapdefaults, innormalcircumstancestheSub-fund’sriskoflossconsistsofthenetamountofinterestortotal return payments that the Sub-fund is contractually entitled to receive. Incontrast,currencyswapsusuallyinvolvethedeliveryoftheentireprincipalvalueofonedesignatedcurrencyinexchangefortheotherdesignatedcurrency.Therefore,theentireprincipalvalueofacurrencyswapissubjecttotheriskthattheotherpartytotheswapwilldefaultonitscontractualdeliveryobligations.

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The Sub-fund entering into a total return swap, or other financial derivativeinstrumentswiththesamecharacteristics,maybesubjecttotheriskofcounterpartydefaultorinsolvency.SucheventcouldaffecttheassetsoftheSub-fundandtheriskprofileoftheSub-fundmaybeincreased.Formoreinformationtothisspecificriskand/orotherrisksrelatedtothiskindofinstruments,theinvestorscanrefertothespecificsection“Risks”below.

UnlessotherwiseprovidedinAppendixAforaspecificSub-fund,thecounterpartyof a total return swap, or other financial derivative instruments with the samecharacteristics, has no discretion about the composition or management of theUCITS’targetinvestmentsortheunderlyingofthefinancialderivativeinstruments.

Whether, for a particular Sub-fund, the counterparty has discretion about thecompositionormanagementoftheCompany’stargetinvestmentsortheunderlyingof the financialderivative instruments theagreementbetweentheCompanyandthe counterparty will be considered as an investment management delegationarrangementandwillcomplywiththeCompany’srequirementsondelegation.

d)Speciallimitsrelatingtoequityswapsandindexswaps

TheCompanymayconcludeequityswapsandswapsonmarketindex,inaccordancewiththeinvestmentrestrictionsinSection6:

-withfirstclasscounterpartiesspecialisedinthistypeoftransactionandsubjecttoprudential supervision rules considered by the CSSF as equivalent to thoseprescribedbyCommunitylaw,

-whereunderlyingassetscomplywiththeinvestmentobjectivesandpolicyoftheSub-fund,

-theymaybeliquidatedatanytimeattheirvaluationvalue,

-whosevaluation,realizedindependently,mustbereliableandverifiableonadailybasis,

-forhedgingpurposesornot.

Eachindexwillcomplywiththeclassificationof“financialindex”pursuanttoarticle9oftheGrandDucalRegulationofFebruary8,2008relatingtocertaindefinitionsoftheUCILawandwithCSSF’sCircular14/592.

e)Conclusionof“ContractsforDifference”(“CFD”)

Each Sub-fund may enter into “contracts for difference” (“CFD”). A CFD is anagreementbetweentwopartiesfortheexchange,attheendofthecontract,ofthedifferencebetweentheopenpriceandtheclosedpriceofthecontract,multipliedby the number of units of the underlying assets specified in the contract. Thesedifferencesinthesettlementsarethereforemadebypaymentincashmorethanbyphysicaldeliveryofunderlyingassets.

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WhentheseCFDtransactionsarecarriedoutforadifferentpurposethantheoneofrisk hedging, the risk exposure relating to these transactions, together with theglobalriskrelatingtootherderivativeinstrumentsshallnot,atanytime,exceedtheNetAssetValueoftheconcernedSub-fund.

Particularly,theCFDontransferablesecurities,onfinancialindexoronswapsshallbeusedstrictlyinaccordancewiththeinvestmentpolicyfollowedbyeachSub-fund.Each Sub-fund shall ensure an adequate and permanent coverage of itscommitments related to CFDs in order to face the redemption requests ofshareholders.

f)Interventiononcurrencymarkets

Each Sub-fundmay enter into transactions on derivatives on currencies (such asforwardexchange,options,futuresandswaps)forhedgingpurposeorintendedtotakeexchangeriskswithinitsinvestmentpolicywithouthoweverdivertingfromitsinvestmentobjectives.

Moreover, for all Sub-funds that follow a benchmark, the Company may alsopurchase, respectively sell, forward contracts on currencies within an efficientmanagementofitsportfolioinordertomaintainthesameexposureoncurrenciesas the one of the benchmark of each Sub-fund. These forward contracts oncurrenciesmustbewithinthelimitsofthebenchmarkoftheSub-fundinthewaythatanexposureincurrencyotherthanthereferencecurrencyoftheSub-fundshallnot, in principle, be higher than the portion of this currency being part of thebenchmark.Theuseoftheseforwardcontractsoncurrenciesshallbemadeinthebestinterestofshareholders.

In addition, for all Sub-funds that follow a benchmark, the Company may alsopurchase,respectivelysell,forwardcontractsoncurrenciesinordertoprotectitselfagainst the risk of exchange rate fluctuation with the view to acquire futureinvestments.ThehedgingpurposeofthesetransactionspresupposestheexistenceofadirectrelationshipbetweenthemandthefuturecommitmentstobecoveredtakingintoaccountthebenchmarkoftheSub-funds;consequently,thetransactionsmade inonecurrencymay inprinciplenoexceedthevaluationof theaggregatefuturecommitmentsinthatcurrencynorexceedthepresumedperiodduringwhichsuchfuturecommitmentswillbeheld.

8. RISKS

8.1 RiskManagement

TheCompanyemploysarisk-managementprocesswhichenablesittomonitorandmeasureatanytimetheriskofthepositionsandtheircontributiontotheoverallriskprofileoftheSub-fundsanditemploysaprocessallowingforaccurateand independent assessment of the value of OTC derivative instruments. TheCompanymustfurthermorecommunicatetothesupervisoryauthorityregularlyandinaccordancewiththerulesthesupervisoryauthorityshalldefine,thetypesofderivatives instruments, theunderlyingrisks, thequantitative limitsandthe

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methods which are chosen in order to estimate the risks associated withderivativeinstrumenttransactions.

8.2 RiskFactors

8.2.1 General

DespitethepossibilityfortheCompanytouseoption,futuresandswapcontractsandtoenterintoforwardforeignexchangetransactionswiththeaimtohedgeexchangeraterisks,allSub-fundsaresubjecttomarketor currency fluctuations, and to the risks inherent in all investments.Fluctuationmaybemoreextreme inperiodsofmarketdisruptionandotherexceptionalevents.Theinvestmentobjectivemaynotbeachieved.Therefore, no assurance canbe given that the invested capitalwill bepreservednorrecouped,orthatcapitalappreciationwilloccur.

8.2.2 ExchangeRates

The Reference Currency of each Sub-fund is not necessarily theinvestmentcurrencyoftheSub-fundconcerned.InvestmentsaremadeinthosecurrenciesthatbestbenefittheperformanceoftheSub-fundsintheviewoftheInvestmentManager.

ChangesinforeigncurrencyexchangerateswillaffectthevalueofSharesheldintheEquityandBond/DebtSub-funds.

ShareholdersinvestinginaSub-fundotherthaninitsReferenceCurrencyshouldbeawarethatexchangeratefluctuationscouldcausethevalueoftheirinvestmenttodiminishorincrease.

8.2.3 InterestRates

ThevalueoffixedincomesecuritiesheldbytheSub-fundsgenerallywillvaryinverselywithchangesininterestratesandsuchvariationmayaffectSharepricesaccordingly.

8.2.4 EquitySecurities

ThevalueofaSub-fundthatinvestsinequitysecuritieswillbeaffectedbychanges inthestockmarketsandchanges inthevalueof individualportfoliosecurities.Attimes,stockmarketsandindividualsecuritiescanbevolatileandpricescanchangesubstantiallyinshortperiodsoftime.Theequitysecuritiesofsmallercompaniesaremoresensitivetothesechangesthanthoseoflargercompanies.ThisriskwillaffectthevalueofsuchSub-funds,whichwillfluctuateasthevalueoftheunderlyingequitysecuritiesfluctuates.

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8.2.5 InvestmentsinotherUCITSand/orUCIs

ThevalueofaninvestmentrepresentedbyaUCIinwhichtheCompanyinvests,maybeaffectedby fluctuations in thecurrencyof thecountrywheresuchUCIinvests,orbyforeignexchangerules,theapplicationofthe various tax laws of the relevant countries, including withholdingtaxes,governmentchangesorvariationsofthemonetaryandeconomicpolicy of the relevant countries. Fluctuationmay bemore extreme inperiods of market disruption and other exceptional events. Theinvestmentobjectivemaynotbeachieved.Furthermore,itistobenotedthattheNetAssetValueperSharewillfluctuatemainlyinlightofthenetassetvalueofthetargetedUCITSand/orUCIs.ThetargetedUCITSand/orUCIs are subject to their own risks which may include inter alia thefollowingrisks:

CreditRisk

ThevalueoftheunderlyingUCITSand/orUCIswillfallintheeventofthedefaultorperceivedincreasedcreditriskofanissuer.Thisisbecausethecapital and income value and liquidity of the investment is likely todecrease.Debtsecurities,suchasAAAratedgovernmentandcorporatebonds,havearelativelylowriskofdefaultcomparedtonon-investmentgradebonds.However,theratingsaresubjecttochangeandtheymaybedowngraded.Thelowertheratingthehighertheriskofdefault.TheriskassociatedwithUnratedbondsissimilartotheriskassociatedtoarateddebtsecuritywithsimilarfeatures.

Leverage-Volatility

Derivativesmay be used to generatemarket exposure to investmentsexceeding the net asset value of the underlying UCITS and/or UCIs,therebyexposingtheunderlyingUCITSand/orUCIstoahigherdegreeofriskthananequivalentfundthatdoesnotusederivatives.Asaresultofthisexposure,thesizeofanypositiveornegativemovementinmarketsmay have a more significant effect on the net asset value of theunderlyingUCITSand/orUCIs.

8.2.6 Duplicationoffees

Thereshallbeduplicationofmanagementfeesandotheroperatingfundrelatedexpenses,eachtimetheCompany invests inotherUCIsand/orUCITS.Themaximumproportionofmanagement feeschargedbothtotheCompanyitselfandtotheUCIsand/orUCITSinwhichtheCompanyinvestsshallbedisclosedintheannualreportoftheCompany.

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8.2.7 EmergingMarkets

Potential investors should note that investments in emergingmarketscarryrisksadditionaltothoseinherentinotherinvestments.Inparticular,potentialinvestorsshouldnotethatinvestmentinanyemergingmarketcarriesahigher risk than investment inadevelopedmarket;emergingmarketsmayaffordalowerleveloflegalprotectiontoinvestors;somecountriesmayplacecontrolsonforeignownership;andsomecountriesmay apply accounting standards and auditing practices which do notnecessarilyconformwithinternationallyacceptedaccountingprinciples.

8.2.8 Options,FuturesandSwaps

EachoftheSub-fundsmayuseoptions,futuresandswapcontractsandenterintoforwardforeignexchangetransactions.Theabilitytousethesestrategiesmaybelimitedbymarketconditionsandregulatorylimitsandtherecanbenoassurancethattheobjectivesoughttobeattainedfromtheuseofthesestrategieswillbeachieved.Participationintheoptionsor futures markets, in swap contracts and in foreign exchangetransactionsinvolvesinvestmentrisksandtransactioncoststowhichtheSub-fundswouldnotbesubjectiftheydidnotusethesestrategies.IftheManagementCompany 'spredictionsofmovements inthedirectionofthesecurities,foreigncurrencyandinterestratemarketsareinaccurate,the adverse consequences to a Sub-fundmay leave the Sub-fund in afavourablepositionthanifsuchstrategieswerenotused.

Risksinherentintheuseofoptions,foreigncurrency,swapsandfuturescontractsandoptionsonfuturescontractsinclude,butarenotlimitedto(a) dependence on the Management Company 's ability to predictcorrectlymovements inthedirectionof interestrates,securitiespricesand currencymarkets; (b) imperfect correlation between the price ofoptionsandfuturescontractsandoptionsthereonandmovementsinthepricesofthesecuritiesorcurrenciesbeinghedged;(c)thefactthatskillsneededtousethesestrategiesaredifferentfromthoseneededtoselectportfoliosecurities;(d)thepossibleabsenceofaliquidsecondarymarketforanyparticularinstrumentatanytime;and(e)thepossibleinabilityofaSub-fundtopurchaseorsellaportfoliosecurityatatimethatotherwisewouldbefavourableforittodoso,orthepossibleneedforaSub-fundtosellaportfoliosecurityatadisadvantageoustime.

Where a Sub-fund enters into swap transactions it is exposed to apotentialcounterpartyrisk.Incaseofinsolvencyordefaultoftheswapcounterparty,sucheventwouldaffecttheassetsoftheSub-fund.

8.2.9 CreditDefaultSwaps(CDS)transactions

ThepurchaseofcreditdefaultswapprotectionallowstheSub-fund,onpaymentofapremium,toprotectitselfagainsttheriskofdefaultbyan

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issuer.Intheeventofdefaultbyanissuer,settlementcanbeeffectedincashor inkind. In thecaseofacashsettlement, thebuyerof theCDSprotectionreceivesfromtheselleroftheCDSprotectionthedifferencebetween the nominal value and the attainable redemption amount.Where settlement is made in kind, the buyer of the CDS protectionreceivesthefullnominalvaluefromtheselleroftheCDSprotectionandin exchange delivers to him the security which is the subject of thedefault,oranexchangeshallbemadefromabasketofsecurities.Thedetailedcompositionofthebasketofsecuritiesshallbedeterminedatthe time theCDScontract is concluded.TheeventswhichconstituteadefaultandthetermsofdeliveryofbondsanddebtcertificatesshallbedefinedintheCDScontract.TheSub-fundcanifnecessaryselltheCDSprotectionorrestorethecreditriskbypurchasingcalloptions.

Upon thesaleof creditdefault swapprotection, theSub-fund incursacredit risk comparable to the purchase of a bond issued by the sameissueratthesamenominalvalue.Ineithercase,theriskintheeventofissuerdefault is in theamountof thedifferencebetween thenominalvalueandtheattainableredemptionamount.

Besides the general counterparty risk, upon the concluding of creditdefault swap transactions there is also in particular a risk of thecounterpartybeingunabletoestablishoneof thepaymentobligationswhich it must fulfil. The Sub-fund will ensure that the counterpartiesinvolved in these transactions are selected carefully and the riskassociatedwiththecounterpartyislimitedandcloselymonitored.

8.2.10 Totalreturnswapand/orexcessreturnswap

SomeSub-fundsmayenterintoatotalreturnswapand/orexcessreturnswapinwhichonepartyreceivesinterestpaymentsonareferenceassetplusanycapitalgainsandlossesoverthepaymentperiod,whiletheotherreceives a specified fixed and/or floating cash flow unrelated to theperformanceofthereferenceasset.WhereaSub-fundusestotalreturnswaps or a similar type of instrument for investment purposes, thestrategyand theunderlying towhich theSub-fund takesexposurearethosedescribedintheinvestmentstrategyoftherelevantSub-fund

8.2.11 Financialderivativesonindicesorsub-indices

Sub-fundsmay invest in financial derivative instruments on indices orsub-indices.When investing insuch instruments, there isnoassurancethattheunderlyingindexorsub-indexwillcontinuetobecalculatedandpublishedorthatitwillnotbeamendedsignificantly.Anychangetotheunderlying index or sub-index may adversely affect the value of therelevantinstrument.Thepastperformanceofanindexorsub-indexisnotnecessarilyaguidetoitsfutureperformance.

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8.2.12 Commodity indices

Sub-funds may invest in commodity indices comprised of futurescontracts on physical commodities in certain sectors. Unlike equities,whichtypicallyentitletheholdertoacontinuingstakeinacorporation,commodityfuturescontractsnormallyspecifyacertaindatefordeliveryoftheunderlyingphysicalcommodity.Asthefuturescontractsthattheindexcomprisesapproachexpiration,theyarereplacedbycontractsthathave a later expiration. Sub-fund could be positively or negativelyimpacted.Sub-fundsinvestingincommodityindiceswillbeaffectedbytheunderlyingcommoditymarketsandtheunderlyingcommoditiesmayperform very differently to the traditional securities markets such asequities and bonds. Commodity prices may change unpredictably,affectingtheindexandtheleveloftheindexandthevalueoftheSub-fundinunforeseeableways.Tradinginfuturescontractsassociatedwiththeindexcommoditiesisspeculativeandcanbeextremelyvolatile.

Commodity indices may be particularly susceptible to fluctuation andmayfluctuaterapidlybasedonnumerousfactorsaffectingtheunderlyingcommodities, including: changes in supply and demand relationships;weather; trade; fiscal, monetary and exchange control programs;domesticandforeignpoliticalandeconomiceventsandpolicies;disease;technologicaldevelopmentsandchangesininterestrates.ThesefactorsmayaffecttheleveloftheindexandthevalueoftherelevantSub-fundinvaryingways,anddifferentfactorsmaycausethevalueoftheindexcommodities,and thevolatilityof theirprices, tomove in inconsistentdirectionsatinconsistentrates.ThiscouldadverselyaffectthevalueoftheSub-fund.

Thecommoditiesunderlyingtheindexcomponentsmaybeproducedinalimitednumberofcountriesandmaybecontrolledbyasmallnumberof producers, political, economic and supply related events in suchcountries could have a disproportionate impact on the prices of suchcommoditiesandthevalueoftheindex.

8.2.13 Counterpartyrisks

WithOTCderivativesthereisariskthatacounterpartywillnotbeabletofulfil itsobligationsand/orthatacontractwillbecancelled,e.g.duetobankruptcy, subsequent illegality or a change in the tax or accountingregulationssincetheconclusionoftheOTCderivativecontract.Inorderto determine the counterparty risk relating toOTC financial derivativeinstruments,theCompanywillnormallyapplythemethoddescribedinCSSFCircular11/512.

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8.2.14 LegalRisks

Thereisariskthatagreementsandderivativestechniquesareterminateddue,forinstance,tobankruptcy,superveningillegalityorchangeintaxoraccountinglaws.Insuchcircumstances,aSub-Fundmayberequiredtocoveranylossesincurred.

Furthermore, certain transactions are entered into on the basis ofcomplexlegaldocuments.Suchdocumentsmaybedifficulttoenforceormay be the subject of a dispute as to interpretation in certaincircumstances.WhilsttherightsandobligationsofthepartiestoalegaldocumentmaybegovernedbyLuxembourglaw,incertaincircumstances(for example insolvency proceedings) other legal systems may takeprioritywhichmayaffecttheenforceabilityofexistingtransactions.

8.2.15 Operationalrisk

The Company’s operations (including investment management) arecarriedoutbytheserviceprovidersmentionedinthisProspectus.Intheeventofabankruptcyorinsolvencyofaserviceprovider,investorscouldexperiencedelays(forexample,delaysintheprocessingofsubscriptions,conversionsandredemptionofShares)orotherdisruptions.

8.2.16 Custodyrisk

The Company’s assets are held in custody by the Depositary, whichexposestheCompanytocustodianrisk.ThismeansthattheCompanyisexposed to the risk of loss of assets placed in custody as a result ofinsolvency,negligenceorfraudulenttradingbytheDepositary.

8.2.17 Securitieslendingrisk

Theprincipalriskwhenengaginginsecuritieslendingtransactionsistherisk of default by a counterparty who has become insolvent or isotherwiseunableorrefusestohonoritsobligationstoreturnsecuritiesor cash to the Sub-fund as required by the terms of the transaction.Counterparty risk ismitigatedby the transferorpledgeofcollateral infavoroftheSub-fund.

8.2.18 Repurchase/reverserepurchaseagreements

The principal risk when engaging in repurchase/reverse repurchasetransactions is the risk of default by a counterparty who has becomeinsolvent or is otherwise unable or refuses to honor its obligations toreturnsecuritiesorcashtotheSub-fundasrequiredbythetermsofthetransaction.Counterparty risk ismitigatedby the transferorpledgeofcollateralinfavoroftheSub-fund.

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8.2.19 Liquidityrisk

Liquidityriskexistswhenaparticularinstrumentisdifficulttopurchaseor sell. Ifaderivative transaction isparticularly largeor if the relevantmarket is illiquid, it may not be possible to initiate a transaction orliquidateapositionatanadvantageousprice(however,theCompanywillonly enter into OTC Derivatives if it is allowed to liquidate suchtransactionsatanytimeatfairvalue).

8.2.20 Warrants

With regard to investment inwarrants investors should note that theleverageeffectof investment inwarrants and the volatilityofwarrantpricesmaketheriskattachedtotheinvestmentinwarrantshigherthaninthecasewithinvestmentinequities.

8.2.21 Asset-Backed-Securities–Mortgage-Backed-Securities

Securitization is the process of creating securities by pooling togethervariouscash-flowproducingfinancialassets.Anyassetmaybesecuritizedaslongasitiscash-flowproducing.Thetermsasset-backedsecurity(ABS)andmortgage-backedsecurity (MBS) refers to theunderlyingassets inthesecurity.

Anasset-backedsecurity(“ABS”)oramortgage-backedsecurity(“MBS”)are generic terms for debt securities issued by corporations or otherentities(includingpublicorlocalauthorities)backedorcollateralizedbythe income stream from an underlying pool of assets. The underlyingassetstypicallyincludethefollowing:

Consumerloansandreceivables:

• Mortgageloans;• Home-equityloans;• Manufacturinghousingcontracts;• Studentloans;• CreditCardreceivables;• Auto,boat,recreationalvehicleloansBusinessreceivable:

• Tradereceivables;• Equipmentleases.MBS/ABSareusuallyissuedinanumberofdifferentclasseswithvaryingcharacteristics depending on the riskiness of the underlying assetsassessedbyreferencetotheircreditqualityandtermandcanbeissuedatafixedorafloatingrate.Thehighertheriskcontainedintheclass,the

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moretheasset-backedsecuritypaysbywayofincome.Theobligationsassociatedwiththesesecuritiesmaybesubjecttogreatercredit,liquidityandinterestrateriskcomparedtootherfixedincomesecuritiessuchasgovernment issued bonds. The average life of each individual securitymaybeaffectedbyalargenumberoffactorssuchastheexistenceandfrequency of exercise of any optional redemption and mandatoryprepayment,theprevailinglevelofinterestrates,theactualdefaultrateoftheunderlyingassets,thetimingofrecoveriesandthelevelofrotationintheunderlyingassets.

ABSandMBSareoftenexposedtotworelevantriskfactorssuchas:

• Extensionrisk:Theriskofasecurity'sexpectedmaturitylengtheningindurationduetothedecelerationofprepayments.Extensionriskismainlytheresultofrisinginterestrates.Asinterestratesmayriseduetodifferenteconomicfactors,thelikelihoodofprepaymentdecreasesaspeoplewillbelesslikelytorefinancetheirRealEstateInvestment.

• Prepayment Risk: The risk associated with the early unscheduledreturnofprincipalonafixed-incomesecurity.Onamortgage/asset-backed security, the higher the interest rate relative to currentinterest rates, the higher the probability that the underlyingmortgages will be refinanced. Investors who pay a premium for acallablebondwithahigh interest rate takeonprepayment risk. Inaddition to being highly correlated with falling interest rates,mortgageprepaymentsarehighlycorrelatedwithrisinghomevalues,asrisinghomevaluesprovideincentiveforborrowerstotradeupinhomes or use cash-out re-finances, both leading to mortgageprepayments.

8.2.22 ContingentConvertibleBonds

ContingentConvertibleBonds(“CoCos”)areaformofcontingenthybridsecurities, usually subordinated, that behave like debt securities innormal circumstances butwhich either convert to equity securities orhavewritedown(fullorpartial,permanentortemporary)lossabsorptionmechanisms on the occurrence of a particular ‘trigger’ event. A writedownmeansthatsomeoralloftheprincipalamountoftheCoCoswillbewritten down. The trigger events may, for example, be based on amechanicalrule(e.g.theissuer’sregulatorycapitalratios)oraregulatorysupervisor’sdiscretion(e.g.therelevantregulatoryauthoritydeemsthebankinginstitutiontobenon-viable).

InvestmentinCoCosmayexposeaSub-fundtodifferentrisks,themainrisksare(i)Unknownrisk:CoCosare innovativeandnotyettested;(ii)Conversion risk: in case of conversion, the Sub-fund will becomeshareholderofordinaryequities.IncaseofconversiontheSub-fundwill

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ormaykeeptheequitiesinitsportfolioandwillhavepotentiallytoadaptitsinvestmentstrategy,(iii)Writedown,(iv)Triggerevent:theactivationofatriggerevent(asdeterminedintheissuingdocumentofeachCoCo)mayleadtoapartialoreventotallossofcapitalforCoCos’holders,(v)CouponCancellation:CoCos’coupons’paymentmaybecancelledbytheissueroftheCoCos,(vi)Callextensionrisk:RedemptionrightsofCoCos’holdersdependontheCoCos’issuer’scompetentauthorityapproval(vii)CapitalStructureinversionrisk:theSub-fundmaysuffermorelossesthanwithequityinvestments.(viii)Yield/Valuationrisk:CoCosmayhaveanattractiveyieldwhichmaybeviewedasacomplexitypremium.TheSub-fundisalsoexposedtoliquidityriskandconcentrationriskasdescribedinthepresentsection(ix) Industryconcentrationrisk:Sincecontingentconvertible bonds are issued by a limited number of banks, theseinvestmentsmightleadtoanindustryconcentrationrisk.

8.2.23 Non-investmentgradesecurities

Certain high-yielding securities are very speculative and involvecomparativelygreaterrisksthanhigherqualitysecurities.Comparedtohigher-rated securities, lower-rated high yield price fluctuations arelargerandhighyieldsecuritiespricesaremoreaffectedbychangesinthefinancialconditionoftheir issuers,besides,highyieldsecuritieshaveahigherincidenceofdefaultandtheyarelessliquid.

8.2.24 Distressedsecurities

Although investment in distressed securities may result in significantreturnsforaSub-fund,itinvolvesasubstantialdegreeofrisk.Thelevelofanalyticalsophistication,bothfinancialandlegal,necessaryforsuccessfulinvestmentindistressedsecuritiesisunusuallyhigh.Troubledcompanyinvestmentsrequiredactivemonitoring.ThereisnoassurancethattheInvestmentManagerwill correctlyevaluate thevalueofanycompany.TheSub-fundmayloseitsentireinvestment.

8.2.25 Defaultsecurities

AlthoughinvestmentindefaultsecuritiesmayresultinsignificantreturnsforaSub-fund, it involvesasubstantialriskof liquidity.Theriskof lossduetodefaultmaybeconsiderablygreaterwithlower-qualitysecuritiesbecause they are generally unsecured and are often subordinated toother creditorsof the issuer. If the issuerof a security ina Sub-fund’sportfolio defaults, the Sub-fund may have unrealised losses on thesecurity, which may lower the Sub-fund’s Net Asset Value per Share.Defaultedsecuritiestendtolosemuchoftheirvaluebeforetheydefault.Thus,theSub-fund’sNetAssetValueperSharemaybeadverselyaffectedbeforeanissuerdefaults.Inaddition,theSub-fundmayincuradditionalexpenses if itmust try to recover principal or interest payments on adefaultedsecurity.

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8.2.26 InvestmentsinthePeople’sRepublicofChina(PRC)

Investing in the PRC is subject to the risks of investing in emergingmarketsandadditionalrisks,whicharespecifictothePRCmarket.

The economy of the PRC is in a state of transition from a plannedeconomytoamoremarketorientedeconomyandinvestmentsmaybesensitivetochangesinlawandregulationtogetherwithpolitical,socialoreconomicpolicywhichincludespossiblegovernmentintervention.

Inextremecircumstances,theSub-fundsmayincurlossesduetolimitedinvestmentcapabilities,ormaynotbeabletofullyimplementorpursueitsinvestmentobjectivesorstrategy,duetolocalinvestmentrestrictions,illiquidity of the Chinese domestic securities market, and/or delay ordisruptioninexecutionandsettlementoftrades.

Shanghai-HongKongStockConnect

TheShanghai-HongKongStockConnectprogramisasecuritiestradingand clearing linked program developed by Hong Kong Exchanges andClearing Limited (“HKEx”), theHongKong SecuritiesClearingCompanyLimited(“HKSCC”),ShanghaiStockExchange(“SSE”)andChinaSecuritiesDepositoryandClearingCorporationLimited(“ChinaClear”)withanaimto achieve mutual stock market access between mainland China andHongKong.ThisprogramwillallowforeigninvestorstotradecertainSSElistedChinaA-SharesthroughtheirHongKongbasedbrokers.

TheSub-fundsseekingtoinvestinthedomesticsecuritiesmarketsofthePRC may use the Shanghai-Hong Kong Stock Connect and, thus, aresubjecttothefollowingadditionalrisks:

General Risk: The relevant regulations are untested and subject tochange.Thereisnocertaintyastohowtheywillbeappliedwhichcouldadversely affect the Sub-funds. The program requires use of newinformationtechnologysystems,whichmaybesubjecttooperationalriskdue to its cross-border nature. If the relevant systems fail to functionproperly,tradinginbothHongKongandShanghaimarketsthroughtheprogramcouldbedisrupted.

Clearing and Settlement Risk: The HKSCC and ChinaClear haveestablishedtheclearinglinksandeachwillbecomeaparticipantofeachothertofacilitateclearingandsettlementofcross-boundarytrades.Forcross-boundary trades initiated inamarket, theclearinghouseof thatmarket will on one hand clear and settle with its own clearingparticipants,andontheotherhandundertaketofulfiltheclearingandsettlementobligationsofitsclearingparticipantswiththecounterpartyclearinghouse.

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Legal/BeneficialOwnership:Wheresecuritiesareheld incustodyonacross-border basis, there are specific legal/beneficial ownership riskslinked to compulsory requirements of the local central securitiesdepositories,HKSCCandChinaClear.

As in other emerging and less developed markets, the legislativeframework is only beginning to develop the concept of legal/formalownership and of beneficial ownership or interest in securities. Inaddition, HKSCC, as nominee holder, does not guarantee the title toShanghai-HongKongStockConnectsecuritiesheldthroughitandisundernoobligationtoenforcetitleorotherrightsassociatedwithownershiponbehalfofbeneficialowners.Consequently, thecourtsmayconsiderthatanynomineeordepositarybankasregisteredholderofShanghai-HongKongStockConnectsecuritieswouldhavefullownershipthereof,andthatthoseShanghai-HongKongStockConnectsecuritieswouldformpart of the pool of assets of such entity available for distribution tocreditors of such entities and/or that a beneficial ownermay have norightswhatsoever in respect thereof.Consequently, theSub-fundsandthe depository cannot ensure that the Sub-funds ownership of thesesecuritiesortitletheretoisassured.

To the extent that HKSCC is deemed to be performing safekeepingfunctionswithrespecttoassetsheldthroughit,itshouldbenotedthatthe depository and the Sub-funds will have no legal relationship withHKSCCandnodirectlegalrecourseagainstHKSCCintheeventthattheSub-fundssufferlossesresultingfromtheperformanceorinsolvencyofHKSCC.

In the event ChinaClear defaults, HKSCC’s liabilities under its marketcontractswith clearingparticipantswill be limited to assisting clearingparticipantswithclaims.HKSCCwillactingoodfaithtoseekrecoveryofthe outstanding stocks andmonies from ChinaClear through availablelegal channels or the liquidation of ChinaClear. In this event, the Sub-fundsmay not fully recover their losses or their Shanghai-Hong KongStock Connect securities and the process of recovery could also bedelayed.

Operational Risk: The HKSCC provides clearing, settlement, nomineefunctionsandotherrelatedservicesofthetradesexecutedbyHongKongmarketparticipants.PRC regulations,which includecertain restrictionsonsellingandbuyingwillapplytoallmarketparticipants.Inthecaseofsale,someoperatingmodelscouldrequirepre-deliveryofsharestothebroker,increasingcounterpartyrisk.Becauseofsuchrequirements,theSub-fundsmay not be able to purchase and/or dispose of holdings ofChinaA-Sharesinatimelymanner.

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Quota Limitations: The program is subject to quota limitations,whichmayrestricttheSub-fundsabilitytoinvestinChinaA-Sharesthroughtheprogramonatimelybasis.

InvestorCompensation:TheSub-fundwillnotbenefitfromlocalinvestorcompensationschemes.

Shanghai-HongKongStockConnectwillonlyoperateondayswhenboththePRCandHongKongmarketsareopenfortradingandwhenbanksinbothmarketsareopenonthecorrespondingsettlementdays.TheremaybeoccasionswhenitisanormaltradingdayforthePRCmarketbuttheSub-funds cannot carryoutanyChinaA-Shares trading. TheSub-fundsmaybesubjecttorisksofpricefluctuationsinChinaA-SharesduringthetimewhenShanghai-HongKongStockConnectisnottradingasaresult.

CurrencyRisk: Investing inproducts/sharesdenominated inRenminbi-theChinesecurrency(“RMB”) involvescurrencyrisk.Fluctuation intheexchangerateofRMBmayresultinlossesintheeventthatthecustomersubsequently converts RMB into another currency. Exchange controlsimposed by the relevant authorities may also adversely affect theapplicable exchange rate. RMB is currently not freely convertible andconversion of RMB may be subject to certain policy, regulatoryrequirementsand/orrestrictions(whicharesubjecttochangesfromtimetotimewithoutnotice).Theactualconversionarrangementwilldependonthepolicy, regulatoryrequirementsand/orrestrictionsprevailingattherelevanttime.

CNHistheoffshoreRMB,accessibleoutsidethePRCandtradedprimarilyinHongKong.

CNYistheChineseonshoreRMBaccessiblewithinthePRC.

Investments through StockConnect arequoted inCNY (onshoreRMB)whereasthesettlementcurrencyisCNH(offshoreRMB).

TheconvertibilityfromCNH(offshoreRMB)toCNY(onshoreRMB)isamanagedcurrencyprocesssubjecttoforeignexchangecontrolpoliciesofandrepatriationrestrictions.TheconversionratebetweenCNH(offshoreRMB) and CNY (Onshore RMB) is currently 1 (one) but there is noguarantee that this rate remains unchanged.Any potential conversioncosts would be supported by the investors. It is possible that theavailability of CNH (offshore RMB) to meet redemption paymentsimmediatelymaybereducedandsuchpaymentsmaybedelayed.

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8.2.27 OperationalrisksrelatedtoMaster/Feederstructures

LiquidityandValuationRisk

TheNetAssetValueoftheFeederSub-fundwillrelyessentiallyonthenetassetvalueoftheMasterFund.

Asaconsequence,theNetAssetValuepersharewillbedeterminedonlyafterthecomputationandpublicationofthenetassetvalueoftheMasterFund.Thenumberofsharestobeissuedto,exchangedorredeemedfrom,aninvestorintheFeederSub-fundwillnotbedetermineduntilthenetassetvaluepershareoftheMasterFundisdetermined.

OperationalandLegalRisks

ThemainoperationalandlegalrisksassociatedwithanyFeederSub-fund'sinvestment in theMaster Fund include, without being limited to, theFeeder Sub-fund's access to information on the Master Fund,coordinationofdealingarrangementsbetweentheFeederSub-fundandthe Master Fund, the occurrence of events affecting such dealingarrangements,thecommunicationofdocumentsfromandtotheMasterFund to and from the Feeder Sub-fund, the coordination of theinvolvementoftherespectivedepositaryandauditoroftheFeederSub-fundandtheMasterFundandtheidentificationandreportingofinvestmentbreachesandirregularitiesbytheMasterFund.

Such operational and legal risks are managed by the ManagementCompany,theDepositaryandtheIndependentAuditor,asapplicable,incoordinationwiththedepositary,theadministratorandtheauditoroftheMasterFund.Anumberofdocumentsand/oragreementsareinplacetothateffect,including(1)agreementbetweenthemasterandtheFeederFund,(2)aninformationsharingagreementbetweentheDepositaryandthedepositaryoftheMasterFund,and(3)aninformationexchangeagreementbetweenthe IndependentAuditorandtheauditor(s)oftheMasterFund.

ConcentrationRiskandMarketrisk

Given the feeder nature of the Feeder Sub-fund, it will naturally beconcentrated in the Master Fund. Therefore, concentration risks andmarket riskswillmainly occur at the level of theMaster Fund. In thisrespect, investors should carefully read the risks associated with aninvestment in the Master Fund, as described in the prospectus of theMasterFund.

The list above refers to the most frequently encountered risks and is not anexhaustivelistofallthepotentialrisks.

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All these risks are correctly identified, monitored and mitigated according toCSSF’sCirculars11/512and14/592.

PleaseseeSection6oftheProspectus"InvestmentPowersandRestrictions"andSection 7 of the Prospectus "Financial Techniques and Instruments'' formoreinformation.

9. FORMOFSHARES

All Shares are issued in un-certificated registered form (the share register isconclusiveevidenceofownership).

TheSharesmaybeheldinasettlementsystemrepresentedbyaglobalnote.Inthiscase,theinvestorsinShareswilldirectlyorindirectlyhavetheirinterestsintheSharescreditedbybook-entryintheaccountsofthesettlementsystem.

The Company treats the registered owner of a Share as the absolute andbeneficialownerthereof.

Shares are freely transferable (with the exception that Shares may not betransferred to a Prohibited Person or a US Person, as defined in Sub-section“Subscription Procedure”) and may be converted at any time for Shares ofanotherSub-fundwithinthesameClass,incurringanyconversioncommission,asdescribedunder Section16 “Commissions”.Upon issue, Sharesareentitled toparticipateequallyintheprofitsanddividendsoftheSub-fundattributabletotherelevantClassinwhichtheShareshavebeenissued,aswellasintheliquidationproceedsofsuchSub-fund.

Shares do not carry any preferential or pre-emptive rights and each Share,irrespectiveoftheClasstowhichitbelongsoritsNetAssetValue,isentitledtoone vote at all generalmeetings of shareholders. Fractions of Shares are notentitled to a vote, but are entitled to participate in the liquidation proceeds.Sharesareissuedwithoutparvalueandmustbefullypaidforuponsubscription.

Upon the death of a shareholder, the Board of Directors reserve the right torequiretheprovisionofappropriate legaldocumentation inordertoverifytherightsofallandanysuccessorsintitletoShares.

10. ISSUEOFSHARES

Intheabsenceofanyspecificinstructions,ShareswillbeissuedattheNetAssetValueperShareof therelevantClass in theReferenceCurrency.Uponwritteninstructions by the shareholder, Shares may also be issued in the OtherDenominationCurrency,ifavailable.

Fractionsof Shares to threedecimalplaceswill be issued, theCompanybeingentitledtoreceivetheadjustment.

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NoSharesofanyClasswillbeissuedbytheCompanyduringanyperiodinwhichthe determination of the Net Asset Value of the Shares of that Sub-fund issuspended by the Company, as noted under Sub-section 19.2 “TemporarySuspensionofDeterminationofNetAssetValueperShare”.

TheBoardofDirectorsmaydecidethatforaparticularSub-fundnofurtherShareswillbeissuedaftertheInitialSubscriptionPeriodortheLaunchDateasfurtherspecifiedfortherespectiveSub-fundinAppendixA.

11. CLASSESOFSHARES

TheCompanymayissuedifferentClassesofShares,asdeterminedbytheBoardofDirectors,whichmaydifferinteraliaintheirfeestructure,distributionpolicyorhedgingpolicyapplyingtothem.CertainClassesofSharesareavailabletoretailinvestorswhileotherClassesofSharesareavailableonlytoinstitutionalinvestorsassuchtermisinterpretedbythesupervisoryauthorityandanyapplicablelawsandregulationsfromtimetotimeinLuxembourg.TheseClassesofShareswillbesub-dividedintoaccumulationofincomeordistributionofincomecategories(the“Categories”).

The amounts invested in the various Classes of Shares of each Sub-fund arethemselvesinvestedinacommonunderlyingportfolioofinvestments.TheBoardof Directors may decide to create further Classes of Shares with differentcharacteristics,andinsuchcases,thisProspectuswillbeupdatedaccordingly.

TheClassesofSharesandtheirCategoriesforeachSub-fundarethefollowing:

-theShareClass“I”,characterizedbyaccumulationandreservedtoinstitutionalinvestors, the minimum initial investment is 50.000 Euro and the minimumsubsequentholdingis25.000Euro;

- the Share Class “R”, characterized by accumulation, the minimum initialinvestmentis5.000Euroandtheminimumsubsequentholdingis2.500Euro;

- the Share Class “S”, characterized by the distribution of net incomes, theminimuminitialinvestmentis5.000Euroandtheminimumsubsequentholdingis2.500Euro.

12. SUBSCRIPTIONFORSHARES

12.1 SubscriptionProcedure

SubscriptionoftheSharesmaybeperformedeitherbymeansofasinglepaymentas describedbelowunder theheading “Single Payment” or, if available in thecountryofsubscription,throughaPluri-annualInvestmentPlan.Moreover,theCompanymayissueSharesasconsiderationforacontributioninkindofsecuritiesincompliancewiththeconditionssetforthbyLuxembourglaw,inparticulartheobligationtoobtainavaluationreportfromanauditor.

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TheCompanymayrestrictorpreventtheownershipofSharesintheCompanybyany person, firm, partnership or corporate body, if in the sole opinion of theCompany such holding may be detrimental to the interests of the existingshareholders or of the Company, if it may result in a breach of any law orregulation, whether Luxembourg or otherwise, or if as a result thereof theCompanymaybecomeexposed to taxdisadvantages, finesorpenalties that itwould not have otherwise incurred. Such persons, firms, partnerships orcorporatebodiesshallbedeterminedbytheBoardofDirectors(the“ProhibitedPersons”).

AstheCompanyisnotregisteredundertheUnitedStatesSecuritiesActof1933,as amended, nor has the Company been registered under the United StatesInvestmentCompanyActof1940,asamended,itsSharesmaynotbeofferedorsold, directly or indirectly, in theUnited States ofAmerica or its territories orpossessionsorareassubjecttoitsjurisdiction,ortocitizensorresidentsthereof(hereinafterreferredtoas“USPersons”).Accordingly,theCompanymayrequireanysubscribertoprovideitwithanyinformationthatitmayconsidernecessaryforthepurposeofdecidingwhetherornotheis,orwillbe,aProhibitedPersonoraUSPerson.

TheCompanyretainstherighttoofferonlyoneorseveralClassesofSharesforsubscriptioninanyparticularjurisdictioninordertoconformtolocallaw,custom,businesspracticeortheCompany’scommercialobjectives.

The Company reserves the right to accept or refuse at its own discretion anysubscriptioninwholeorinpart.

Shareholdersare informedthattheirpersonaldataor informationgiven inthesubscription documents or otherwise in connection with an application tosubscribe for Shares, aswell as details of their shareholding,will be stored indigitalformandprocessedincompliancewiththeprovisionsoftheLuxembourglawofAugust2,2002ondataprotectionasamendedorsupplementedfromtimetotime.Inparticular,suchprocessofpersonaldataorinformationimpliesthatsubscribingtheCompany,shareholdersconsentthattheirpersonaldataoranyinformationrelatingtothembedisclosed(i)toanyentityoftheCompany'sgroupand any affiliate and delegates, or (ii) to any authority in any country whenrequiredbylaworregulation.

12.2 PaymentProcedure

AninvestorshallsubscribeSharesthroughtheTransferAgentinLuxembourgorthroughaDistributorusingtheSubscriptionForm(the“SubscriptionForm”),oranyotheragreedformat.TheCompanyreservestherighttoreject,inwholeorinpart,anysubscriptionwithoutgivinganyreasontherefore.

JointsubscribersmusteachsigntheSubscriptionFormunlessapowerofattorneyisprovidedwhichisacceptabletotheCompany.

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Theminimuminitial investmentandtheminimumsubsequentholdingforeachClassofSharesofeachSub-fundisspecifiedinSection“ClassofShares”.TheBoardofDirectorsmay,atitsdiscretion,waiveormodifysuchminimumlimits.

Subscriptions forShares inanySub-fundreceivedbytheTransferAgentontheValuationDay(asdefinedinSection“NetAssetValue”)beforetherelevantSub-fund’s cut-off timedescribed in theAppendixofeachSub-fund (the “Sub-fundSubscriptionDeadline”),willbeprocessedonthatValuationDayusingtheNetAsset Value per Share determined on the Calculation Day plus any applicablecommissionorfee(asdescribedintheAppendixofeachSub-fund)basedonthelatestavailablepricesinLuxembourg(asdescribedinSection“NetAssetValue”).

Any subscriptions received by the Transfer Agent after this deadline will beprocessedonthenextValuationDayonthebasisoftheNetAssetValueperSharedeterminedontherelatedCalculationDay.

Different time limitsmay apply if subscriptions for Shares aremade through aDistributor. No Distributor is permitted to withhold subscription orders topersonallybenefitfromapricechange.Investorsshouldnotethattheymightbeunable to purchase or redeem Shares through aDistributor on days that suchDistributorisnotopenforbusiness.Forsubsequentsubscriptionsonly,investorssubscribing via certain Distributors may be authorized to subscribe Shares viameans of distance communication in accordance with applicable laws andregulationsintherelevantcountriesofdistribution.WhenthemeansofdistancecommunicationisthroughInternet,theinitialsubscriptionmaybeacceptedundercertain conditions. These subscription applications may be transmitted to theTransfer Agent in Luxembourg in writing. Investors subscribing for Shares andapplyingdirectlytotheTransferAgentinLuxembourgmaynotusethesemeansofdistancecommunication.

Payment for Sharesmust be received by the Depositary no later than threeLuxembourgBusinessDays(asdefinedinSection“NetAssetValue”)followingtheapplicable Valuation Day (except specific payment procedure as detailed inAppendixifeachSub-fund).

Intheabsenceofspecificinstructions,thecurrencyofpaymentforSharesofeachClass will be the Reference Currency. Upon written instructions by theshareholder, the currency of payment for Shares may also be the OtherDenomination Currency, if available. In addition, a subscriber may with theagreementoftheTransferAgent,effectpaymentinanyotherfreelyconvertiblecurrency.TheTransferAgentwillarrangeforanynecessarycurrencytransactionto convert the subscription monies from the currency of subscription (the“SubscriptionCurrency”)intotheReferenceCurrencyortheOtherDenominationCurrency(ifavailable)oftherelevantSub-fund.AnysuchcurrencytransactionwillbeeffectedwiththeDepositaryoraDistributoratthesubscriber’scostandrisk.CurrencyexchangetransactionsmaydelayanyissueofSharessincetheTransferAgent may choose at its option to delay executing any foreign exchangetransactionuntilclearedfundshavebeenreceived.

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Subscription instructionsaccompanythisProspectusandmayalsobeobtainedfromtheTransferAgentoraDistributor.

If timelypayment forShares (asdetailedunderSub-section12.1“SubscriptionProcedure”)isnotmade(oracompletedSubscriptionFormisnotreceivedforaninitial subscription), the relevant issue of Shares may be cancelled, and asubscribermay be required to compensate the Company and/or any relevantDistributorforanylossincurredinrelationtosuchcancellation.

12.3NotificationofTransaction

Aconfirmationstatementwillbesenttothesubscriber(orhisnominatedagentif so requested by the subscriber) as soon as reasonably practicable after therelevantValuationDay,providing fulldetailsof thetransaction.Thesubscribermay also be informed through a durable medium or by means of a website.Notwithstandingthesame,apapercopyoftheconfirmationwillbedeliveredtothesubscriberonrequestandfreeofcharge.Subscribersshouldalwayscheckthisstatementtoensurethatthetransactionhasbeenaccuratelyrecorded.

Ifanysubscriptionisnotacceptedinwholeorinpart,thesubscriptionmoniesorthebalanceoutstandingwillbereturnedwithoutdelaytothesubscriberbypostorbanktransferatthesubscriber’sriskwithoutanyinterest.

12.4 RejectionofSubscriptions

TheCompanymayrejectanysubscriptioninwholeorinpart,inwhichcase,thesubscriptionmoniesorthebalanceoutstandingwillbereturnedwithoutdelaytothe subscriber by post or bank transfer at the subscriber’s risk without anyinterestandtheBoardofDirectorsmay,atanytimeandfromtimetotimeandinitsabsolutediscretionwithoutliabilityandwithoutnotice,discontinuetheissueandsaleofSharesofanyClassinanyoneormoreSub-funds.

12.5 MoneyLaunderingPrevention

PursuanttotheLuxembourglawof12November2004relatingtothefightagainstmoney-launderingandthefinancingofterrorism,asamendedandtheCircularsoftheCommissiondeSurveillanceduSecteurFinancieror“CSSF”,obligationshavebeenimposedinteraliaonUCIaswellasonprofessionalsofthefinancialsectortopreventtheuseofUCIformoneylaunderingpurposes.Withinthiscontextaprocedure for the identification of investors has been imposed. Namely, theSubscriptionFormofaninvestormustbeaccompanied,inthecaseofindividuals,byacertifiedcopyofthesubscriber’spassportoridentificationcardand,inthecase of legal entities, by a certified copy of the subscriber’s articles ofincorporationand,whereapplicable,anextract fromtheRegisteroracopyofsuchotherdocumentsasmaybeacceptedintherelevantcountryoftheFinancialActionTaskForce(Grouped'ActionFinancière(the“GAFI”))asverificationoftheidentityandaddressoftheindividualorlegalentityinaccordancewithapplicableGAFIrules.

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ThisidentificationproceduremustbecompliedwithbytheTransferAgentinthecase of direct subscriptions to the Company, and in the case of subscriptionsreceivedbytheCompanyfromanyintermediaryresidentinacountrythatdoesnotimposeonsuchintermediaryanobligationtoidentifyinvestorsequivalenttothatrequiredunderLuxembourglawsforthepreventionofmoneylaundering.

It is generally accepted that professionals of the financial sector resident in acountry that has ratified the conclusions of the GAFI are deemed to beintermediaries having an identification obligation equivalent to that requiredunderLuxembourglaw.

The Transfer Agent may request any such additional documents, as it deemsnecessarytoestablishtheidentityofinvestorsorbeneficialowners.

Any informationprovided to theCompany in this context is collected foranti-moneylaunderingcompliancepurposesonly.

13. REDEMPTIONOFSHARES

13.1 ProcedureforRedemption

Shareholders wishing to have all or some of their Shares redeemed by theCompanymayapplytodosobyanyagreedformattotheTransferAgentortoaDistributor.

TheapplicationforredemptionofanySharesmustinclude:

• thenumberofSharestheshareholderwishestoredeem,and

• theClassandSub-fundsfromwhichsuchSharesaretoberedeemed.

In addition, the application of redemption should include the following, ifapplicable:

• instructionsonwhethertheshareholderwishestoredeemitsSharesattheNetAssetValuedenominatedintheReferenceCurrencyor,ifavailable,intheotherDenominationCurrency,and

• the currency in which the shareholder wishes to receive its redemptionproceeds.

In addition, the application for redemption must include the shareholder’spersonaldetailstogetherwithhisIdentificationNumber,ifapplicable.Failuretoprovide any of the aforementioned information may result in delay of suchapplication for redemption whilst verification is being sought from theshareholder.

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ApplicationsforredemptionfromanySub-fundreceivedbytheTransferAgentontherelevantcut-offtimedescribedintheAppendixofeachSub-fund(the“Sub-fundRedemptionDeadline”)willbeprocessedonthatValuationDayusingtheNetAssetValueperSharedeterminedontheCalculationDay(asdescribedintheAppendixofeachSub-fund)basedonthelatestavailableprices(asdescribedinSection“NetAssetValue”).

Anyapplications for redemption receivedby theTransferAgentafter theSub-fundRedemptionDeadlinewillbeprocessedonthenextValuationDayonthebasisoftheNetAssetValueperSharedeterminedontherelatedCalculationDay.

Different time limits may apply if applications for redemption are made to aDistributor.Insuchcases,theDistributorwillinformtheshareholderconcernedoftheredemptionprocedurerelevantthereto,togetherwithanytime limitbywhich the application for redemption must be received. No Distributor ispermittedtowithholdredemptionordersreceivedtopersonallybenefitfromaprice change. Shareholders should note that theymight be unable to redeemShares through a Distributor on days that such Distributor is not open forbusiness.

13.2 Paymentprocedures

Payment for Shares redeemedwill be effected no later than five LuxembourgBusinessDaysaftertherelevantValuationDayforallSub-funds(exceptspecificpaymentprocedureasdetailedinAppendixofeachSub-fund,providedthatallthe documents necessary to the redemption, such as the physical sharecertificates, if any, have been received by the Company and unless legalconstraints, such as foreign exchange controls or restrictions on capitalmovements,orothercircumstancesbeyondthecontroloftheDepositary,makeitimpossibleorimpracticabletotransfertheredemptionamounttothecountryinwhichtheapplicationforredemptionwassubmitted.

In theabsenceofanyspecific instructions, redemptionswillbeeffected in theReferenceCurrencyoftherelevantSub-fund/ClassofShares.Shareholdersmaychoose,inwriting,atthetimeofgivingtheredemptioninstructionstoreceivetheredemptionproceedsinanotherDenominationCurrency,ifavailable,or(withtheagreementof theTransferAgent) inanyother freelyconvertiblecurrency (the“RedemptionCurrency”).Inthelattercase,theTransferAgentwillarrangethecurrencytransactionrequiredforconversionoftheredemptionmoniesfromtheReference Currency or Other Denomination Currency of the relevant Sub-fund/Class of Shares into the relevant Redemption Currency. Such currencytransactionwillbeeffectedwiththeDepositaryoraDistributorattherelevantshareholder’scost.

OnpaymentoftheRedemptionPrice,thecorrespondingShareswillbecancelledimmediatelyintheCompany’sShareregister.Anytaxes,commissionsandotherfees incurred in the respective countries in which the Shares are soldwill bechargedtotheshareholders.

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13.3 Notificationoftransaction

A confirmation statement will be sent to the shareholder detailing theredemption proceeds due thereto as soon as reasonably practicable afterdetermination of the Redemption Price of the Shares being redeemed. Theshareholdermayalsobeinformedthroughadurablemediumorbymeansofawebsite. Notwithstanding the same, a paper copy of the confirmationwill bedeliveredtotheshareholderonrequestandfreeofcharge.Shareholdersshouldcheckthisstatementtoensurethatthetransactionhasbeenaccuratelyrecorded.TheredemptionproceedswillbenetofanyapplicableRedemptionCommission.In calculating the redemption proceeds, the Company will round up to twodecimalplaces.

Intheeventofanexcessively largevolumeofapplicationsforredemption,theCompany may decide to delay execution of such applications until thecorrespondingassetsoftheCompanyhavebeensoldwithoutunnecessarydelay.

13.4 LimitsonRedemption

TheCompany isnotboundtocomplywitha request for redemptionofShareseither(i)ifitrelatestoShareswithavalueoflessthanhalfofthecurrentminimumholdinginanySub-fundasdetailedforeachSub-fundinAppendixA;or(ii)ifafterredemptiontheshareholderwouldbeleftwithabalanceofShareshavingavalueof less thanthecurrentminimumholding inanySub-fundasdetailed foreachSub-fundinAppendixA,inwhichcasetheCompanymaydecidethatthisrequestbetreatedasarequestforredemptionforthefullbalanceoftheshareholder’sholdingofSharesinsuchSub-fund.

13.5 CompulsoryRedemption

If the Company discovers at any time that Shares are owned by a ProhibitedPerson,eitheraloneorinconjunctionwithanyotherperson,whetherdirectlyorindirectly, the Board of Directors may at its discretion and without liability,compulsorilyredeemtheSharesattheRedemptionPriceasdescribedaboveaftergivingnoticeofatleasttendays,anduponredemption,theProhibitedPersonwillceasetobetheownerofthoseShares.TheCompanymayrequireanyshareholdertoprovideitwithanyinformationthatitmayconsidernecessaryforthepurposeofdeterminingwhetherornot suchownerofShares isorwillbeaProhibitedPerson.

14. CONVERSIONOFSHARESINTOSHARESOFADIFFERENTSUB-FUND

14.1 Conversionprocedure

ConversionsofSharesbetweendifferentClassesarepossible.

ShareholdersmayconvertallorpartoftheirSharesofoneSub-fund(the“OriginalSub-fund”) intoSharesof thesameClassofoneormoreotherSub-funds (the“NewSub-fund”)byapplicationtotheTransferAgentortoaDistributor,stating

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which Shares are to be converted into which Sub-funds. Shareholders mustenclosewiththeirrequestthephysicalsharecertificates,ifany.

The application for conversion must include the number of Shares theshareholderwishestoconvert.Inaddition,theapplicationforconversionmustinclude the shareholder’s personal details together with his IdentificationNumber,ifapplicable.

Failuretoprovideanyofthisinformationmayresultindelayoftheapplicationforconversion.

ShareholdersshouldnotethatifanapplicationforconversionrelatestoapartialconversionofanexistingholdingofSharesandtheremainingbalancewithintheexistingholdingisbelowtheminimumrequirementasdetailedunderSub-section“Limits on Redemption”, the Company is not bound to comply with suchapplicationforconversion.

Applications for conversion between any Sub-funds received by the TransferAgentontheValuationDaybeforethecut-offtimedescribedintheAppendixofeachSub-fund(the“Sub-fundConversionDeadline”),willbeprocessedonthatValuationDayusingtheNetAssetValueperSharedeterminedontheCalculationDay(asdescribedintheAppendixofeachSub-fund)basedonthelatestavailableprices(asdescribedinSection“NetAssetValue”).

Different time limits may apply if applications for conversion are made to aDistributor. In such cases, the Distributor will inform the shareholder of theconversionprocedurerelevanttothatshareholder,togetherwithanytimelimitbywhichtheapplicationmustbereceived.Shareholdersshouldnotethattheymight be unable to convert Shares through a Distributor on days that suchDistributorisnotopenforbusiness

AnyapplicationsforconversionreceivedbytheTransferAgentaftertheSub-fundConversionDeadline on a day that is not a Luxembourg Business Day,will beprocessedonthenextValuationDayonthebasisoftheNetAssetValueperSharedeterminedontherelatedCalculationDay.

TherateatwhichallorpartoftheSharesinanOriginalSub-fundareconvertedintoShares inaNewSub-fund isdetermined inaccordancewith the followingformula:

A=

where:

A isthenumberofSharestobeallocatedintheNewSub-fund;

B isthenumberofSharesoftheOriginalSub-fundtobeconverted;

FE) - (1 x D) x C x (B

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C is theNetAssetValueperShareof therelevantClassofSharesof theOriginalSub-funddeterminedontherelevantValuationDay;

D istheactualrateofforeignexchangeonthedayconcernedinrespectofthe Reference Currency of the Original Sub-fund and the ReferenceCurrencyoftheNewSub-fund,andisequalto1inrelationtoconversionsbetweenSub-fundsdenominatedinthesameReferenceCurrency;

E istheConversionCommissionpercentagepayableperShare;and

F istheNetAssetValueperShareoftherelevantClassofSharesoftheNewSub-fund determined on the relevant Valuation Day, plus any taxes,commissionsorotherfees.

14.2 NotificationofTransaction

FollowingsuchconversionofShares,theCompanywillinformtheshareholderinquestionofthenumberofSharesoftheNewSub-fundobtainedbyconversionand the price thereof. Shares issued in the New Sub-fundwith three decimalplaceswillberoundedup.

15. TEMPORARY SUSPENSION OF SUBSCRIPTIONS, REDEMPTIONS ANDCONVERSIONS

NoShareswill be issuedby theCompany and the right of any shareholder torequire the redemption or conversion of its Shares of the Company will besuspendedduringanyperiodinwhichthedeterminationoftheNetAssetValueoftherelevantSub-fundissuspendedbytheCompanypursuanttothepowerscontained in its articles of incorporation and as discussed in Sub-section 19.2“TemporarySuspensionofDeterminationofNetAssetValueperShare”.

NoticeofsuspensionwillbegiventosubscribersandtoanyshareholdertenderingShares for redemption or conversion. Withdrawal of a subscription or of anapplication for redemption or conversion will only be effective if writtennotification by letter or by fax is received by the Transfer Agent beforeterminationoftheperiodofsuspension,failingwhichsubscription,redemptionand conversion applications not withdrawn will be processed on the firstValuationDayfollowingtheendofthesuspensionperiod,onthebasisoftheNetAssetValueper Sharedeterminedon theCalculationDay (asdescribed in theAppendixofeachSub-fund).

16. LATETRADINGANDMARKETTIMING

16.1 LateTrading

TheCompanydeterminesthepriceofitsSharesonaforwardbasis.ThismeansthatitisnotpossibletoknowinadvancetheNetAssetValueperShareatwhichShares will be bought or sold (exclusive of any Subscription or RedemptionCommissionasdefinedhereafter).Subscriptionapplicationshavetobereceived

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andwill be accepted for each Sub-fund only in accordancewith the Sub-fundSubscriptionDeadline.

16.2 MarketTiming

TheCompanyisnotdesignedforinvestorswithshort-terminvestmenthorizons.ActivitieswhichmayadverselyaffecttheinterestsoftheCompany’sshareholders(for example that disrupt investment strategies or impact expenses) such asmarkettimingortheuseoftheCompanyasanexcessiveorshort-termtradingvehiclearenotpermitted.

While recognising that shareholdersmayhave legitimateneeds toadjust theirinvestmentsfromtimetotime,theBoardofDirectorsinitsdiscretionmay,ifitdeems such activities adversely affect the interests of the Company or itsshareholders,takeactionasappropriatetodetersuchactivities.

Accordingly,iftheBoardofDirectorsdeterminesorsuspectsthatashareholderhasengagedinsuchactivities, itmaysuspend,cancel,rejectorotherwisedealwith that shareholder’s subscription or conversion applications and take anyactionormeasuresasappropriateornecessarytoprotecttheCompanyanditsshareholders.

17. PROCEDURES FOR SUBSCRIPTIONS, REDEMPTIONS AND CONVERSIONSREPRESENTING10%ORMOREOFANYSUB-FUND

IftheBoardofDirectorsdeterminesthatitwouldbedetrimentaltotheexistingshareholdersoftheCompanytoacceptasubscriptionforSharesofanySub-fundthatrepresentsmorethan10%ofthenetassetsofsuchSub-fund,thentheymaypostpone the acceptance of such subscription and, in consultation with theincomingshareholder,mayrequirehimtostaggerhisproposedsubscriptionoveranagreedperiodoftime.

IfanyapplicationforredemptionorconversionisreceivedinrespectofanyoneValuation Day, which either singly or when aggregated with other suchapplicationssoreceived,representsmorethan10%ofthenetassetsofanyoneSub-fund,theCompanyreservestheright,initssoleandabsolutediscretionandwithoutliability(andinthereasonableopinionoftheBoardofDirectorsthattodosoisinthebestinterestsoftheremainingshareholders),toscaledownprorataeachapplicationwithrespecttosuchValuationDaysothatnotmorethan10%ofthenetassetsoftherelevantSub-fundberedeemedorconvertedonsuchValuationDay.

TotheextentthatanyapplicationforredemptionorconversionisnotgivenfulleffectonsuchValuationDaybyvirtueoftheexercisebytheCompanyofitspowerto pro-rate applications, such application shall be treatedwith respect to theunsatisfied balance thereof as if a further request had been made by theshareholder inquestion inrespectof thenextValuationDayand, ifnecessary,subsequentValuationDays,untilsuchapplicationshallhavebeensatisfiedinfull.

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Withrespecttoanyapplicationforredemptionorconversionreceivedinrespectof such Valuation Day, to the extent that subsequent applications shall bereceivedinrespectoffollowingValuationDays,suchlaterapplicationsshallbepostponed in priority to the satisfaction of applications relating to such firstValuationDay,butsubjecttheretoshallbedealtwithassetoutabove.

18. COMMISSIONS

18.1 SubscriptionsandRedemptions

18.1.1 SubscriptionCommissions

Thesubscriptionprice(the“SubscriptionPrice”)ofeachClassofSharesofeachSub-fundontheLaunchDateorduringtheInitialSubscriptionPeriodwillbeequaltotheInitialPrice(assetoutinAppendixofeachSub-fund),plusasubscriptioncommission(the“SubscriptionCommission”)oraplacementfee(the“PlacementFee”)(assetoutinAppendixofeachSub-fund).

Any taxes, commissions andother fees incurred in the respective countries inwhichCompanySharesaresoldwillalsobecharged,totheshareholders.

18.1.2 RedemptionCommissions

SharesofanyClassmayberedeemedinwholeorinpartontheValuationDayatthe redemption price (the “Redemption Price”) on the basis of theNet AssetValueperSharedeterminedontheCalculationDay(asdescribedintheAppendixof each Sub-fund) less a redemption commission (the “RedemptionCommission”)asdetailedintheAppendixofeachSub-fund.

18.2 ConversionCommissions

A Conversion Commissionmay apply to conversion between Share Classes ofdifferentSub-fundsasdetailintheAppendixofeachSub-fund.

18.3 CompanyCharges

TheCompanypaysforthevariousSub-fundsafeetotheManagementCompanyasfollows:

A) A management fee (the “Management Fee”) by Class of Shares, asdescribed in Appendix of each Sub-fund. The Management Fee iscalculated and accrued on each ValuationDay based on the total netassetsattributabletotherelevantClassofSharesandispayablequarterlyinarrears;outoftheManagementFee,theManagementCompanywillpaytheInvestmentManagers.

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Anadministrativefeeof0.135%peryear,payabletotheManagementCompany for the activity of Central Administration, calculated on thebasisofthe lastnetassetvalueofeachSub-fundforeachmonth,andpayablemonthlyandpaidatthebeginningofthefollowingmonth.

B) Aperformancefee(the“PerformanceFee”) inrelationtocertainSub-funds,asindicatedinAppendixofeachSub-fund.

TheManagementCompanyand/ortheInvestmentManagersmaybeentitledtoreceivesoftcommissionsintheformofsupplementalgoodsandservicessuchasconsultancy and research, information-technology material associated withspecialist software, performance methods and instruments for setting prices,subscriptionstofinancialinformationorpricingproviders.Brokerswhoprovidesupplemental goods and services to the Management Company and/or theInvestmentManagersmayreceiveordersfortransactionsbytheCompany.Thefollowinggoodsandservicesareexpresslyexcludedfromthesoftcommissions:travel, accommodation costs, entertainment, current goods and servicesconnectedwiththemanagement,theoffices,theofficeequipment,staffcosts,clericalsalariesandallfinancialcharges.SoftcommissionservicessoreceivedbytheManagementCompanyand/ortheInvestmentManagerswillbeinadditiontoandnotinlieuoftheservicesrequiredtobeperformedbytheManagementCompany and/or the InvestmentManagers and the fees of theManagementCompanyand/ortheInvestmentManagerswillnotbereducedasaresultofthereceipt of such soft commissions. The Management Company and/or theInvestmentManagers,inusingabrokerwhoprovidessoftcommissionservices,willdosoonlyonthebasisthatthebrokerisnotaphysicalpersonandwillexecutethe relevant transactions on a best execution basis and that therewill be nocomparativepricedisadvantageinusingthatbroker.TheManagementCompanyand/or the Investment Managers or anyone connected to them shall notpersonally benefit from any financial return on the commissions collected bybrokersordealers.TheManagementCompanyand/ortheInvestmentManagerswill provide the Companywith the details of the soft commissions effectivelyreceivedonanannualbasis.

TheManagementCompanywillpay,outofitsfees,theDistributorswhichmayreallocateaportionoftheirfeestosub-distributors,dealers,otherintermediariesorentities,withwhomtheyhaveadistributionagreement.

C) DepositaryFees

UnlessotherwiseprovidedinAppendixofaspecificSub-fund,theDepositaryisentitledtoreceivefeesoutoftheassetsoftheCompany,pursuanttotherelevantagreement between theDepositary and the Company and in accordancewithusual market practice. The fees payable to the Depositary (excluding sub-depositaryfees,ifany)willnotexceed0.045%%p.a.(excludingVAT)(calculatedontheaggregateofnetassetsoftheCompanyonthelastbusinessdayofeachmonth).Thefeesarenotinclusiveofthecostsrelatedtothetransactionfeesand

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any applicable value added tax undertook by the Depositary in relation withcustodianactivities.

D) Domiciliationfee

TheDomiciliaryagentisentitledtoreceivefeesoutoftheassetsoftheCompanyasdescribedbelow:

NetAssetValueoftheFund(FundNAV) Remuneration

FundNAV≤EUR1billion EUR2.000permonthplusanyapplicableVAT

EUR1billion<FundNAV≤EUR5billion EUR6.000permonthplusanyapplicableVAT

FundNAV>EUR5billion EUR12.000permonthplusanyapplicableVAT

E) OtherExpenses

AlltaxesleviedontheassetsandtheincomeoftheCompany(inparticular,butnotlimitedto,the“taxed’abonnement”andanystampdutiespayable),feesforlegalandauditingservices,costsofanyproposedlistingsandofmaintainingsuchlistings, promotion, printing, reporting and publishing expenses (includingreasonablemarketing and advertising expenses) of prospectuses, Key InvestorInformation,addenda,explanatorymemoranda,registrationstatements,globalnoteifany,annualreportsandsemi-annualreports,allreasonableout-of-pocketexpensesofthedirectors,alltaxesleviedontheassets,registrationfeesandotherexpensespayable to governmental and supervisory authorities in any relevantjurisdictions,insurancecosts,costsofextraordinarymeasurescarriedoutintheinterests of shareholders (in particular, but not limited to, arranging expertopinionsanddealingwith legalproceedings)andallotheroperatingexpenses,including fees payable to trustees, fiduciaries, correspondent banks and localpaying agents, service providers and any other agents (e.g. OTC derivativesevaluation and collateralmanagement), the cost of buying and selling assets,customarytransactionfeesandcommissionschargedbydepositarybanksortheiragents(includingfreepaymentsandreceiptsandanyreasonableout-of-pocketexpenses, i.e. stamp taxes, registration costs, scrip fees, special transportationcosts, etc.), customarybrokerage feesand commissions chargedbybanksandbrokersforsecuritiestransactionsandsimilartransactions,interestandpostage,telephone,facsimile,telexchargesandallthecostsrelatedtosecuritieslendingtransactions(agencyfeesandtransactionscosts),shallbebornebytheCompany.

The allocation of costs and expenses to be borne by the Company exclusivelyattributabletoaspecificSub-fund,willbechargedtothatSub-fund.Incasewhereit cannot be establishedwhat costs and expenses are directly and exclusively

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attributabletoaspecificSub-fundtheyshallbechargedproratatothenetassetsofeachSub-fundinaccordancewiththearticlesofincorporationoftheCompany.

TheCompanyshallbeartheexpensesofsettingup,includingcostsfordraftingandprintingoftheProspectus,expensesfornotarialdeeds,costsrelatingtothefilingoftheCompanywithadministrativeandstockexchangeauthoritiesandanyothercostrelatingtotheincorporationandlaunchingoftheSicav.ThesecostsareapproximatelyevaluatedatEUR75,000.-andwillbewrittenoffwithinthefirstfivefinancialyears.ThepreliminaryexpenseswillonlybebornebytheSub-funds, which will be initially launched. Further, Sub-funds will only bear thepreliminaryexpensesrelatingtotheirownlaunching.

19. NETASSETVALUE

19.1 Definition

TheNetAssetValueperShareofeachClassofSharesineachSub-fundshallbedeterminedoneachvaluationday(a“ValuationDay”),beinganybusinessday(a“BusinessDay”),whichisaworkingdayinLuxembourgandinItalyduringwhichthebanksareopenforbusiness(exceptifanotherfrequencyforthevaluationisindicatedforaparticularSub-fundinAppendixA).

TheNetAssetValueperShareofeachClassofSharesineachSub-fundwillbeexpressed in the Reference Currency of the relevant Sub-fund. The Board ofDirectorsmay however decide to calculate theNet Asset Value per Share forcertain Sub-funds/Classes of Shares in the Other Denomination Currency asfurtherdetailedfortherespectiveSub-funds/ClassesofSharesinAppendixA.TheNAVcalculatedintheOtherDenominationCurrencyistheequivalentoftheNAVintheReferenceCurrencyoftheSub-Fundconvertedattheprevailingexchangerate.TheNetAssetValueperShareofeachClassofSharesineachSub-fundisdeterminedoneachValuationDay.

TheNetAssetValueperShareofeachClassofSharesineachSub-fundonanyValuationDayisdeterminedbydividingthevalueofthetotalassetsofthatSub-fundproperlyallocabletosuchClasslesstheliabilitiesofsuchSub-fundproperlyallocabletosuchClassbythetotalnumberofSharesofsuchClassoutstandingonsuchValuationDay.

TheSubscriptionPriceandtheRedemptionPriceofthedifferentClassesofShareswilldifferwithineachSub-fundasaresultofthedifferingfeestructureand/ordistributionpolicyforeachClass.

ThevaluationoftheNetAssetValueperShareofeachClassofSharesineachSub-fundshallbemadeinthefollowingmanner:

TheassetsoftheCompanyshallbedeemedtoinclude:

(i) allcashonhandorondeposit,includinganyinterestaccruedthereon;

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(ii) all bills and demand notes payable and accounts receivable (includingproceedsofsecuritiessoldbutnotdelivered);

(iii) allbonds,timenotes,certificatesofdeposit,shares,stock,debentures,debenture stocks, subscription rights, warrants, options and othersecurities,financialinstrumentsandsimilarassetsownedorcontractedforbytheCompany(providedthattheCompanymaymakeadjustmentsinamannernot inconsistentwithparagraph(a)belowwithregardstofluctuations in the market value of securities caused by trading ex-dividends,ex-rights,orbysimilarpractices);

(iv) all stockdividends,cashdividendsandcashdistributions receivablebytheCompanytotheextentinformationthereonisreasonablyavailabletotheCompany;

(v) allinterestaccruedonanyinterestbearingassetsownedbytheCompanyexcepttotheextentthatthesameisincludedorreflectedintheprincipalamountofsuchasset;

(vi) thepreliminaryexpensesoftheCompany, includingthecostof issuinganddistributing Sharesof theCompany, insofar as the samehavenotbeenwrittenoff;

(vii) the liquidatingvalueofall forwardcontracts,swaps,andallcallorputoptionstheCompanyhasanopenpositionin;

(viii) all other assets of any kind and nature including expenses paid inadvance.

Thevalueofsuchassetsshallbedeterminedasfollows:

(i) thevalueofanycashonhandorondeposit,billsanddemandnotesandaccounts receivable, prepaid expenses, cash dividends and interestdeclaredoraccruedandnotyetreceived,isdeemedtobethefullamountthereof,unlessinanycasethesameisunlikelytobepaidorreceivedinfull, in which case the value thereof is arrived at after making suchdiscountasmaybeconsideredappropriateinsuchcasetoreflectthetruevaluethereof;

(ii) thevalueoffinancialassetslistedordealtinonaRegulatedMarket(asdefinedinSection6)oronanyotherregulatedmarketwillbevaluedattheirlatestavailableprices,or,intheeventthatthereshouldbeseveralsuchmarkets, on thebasis of their latest availablepriceson themainmarketfortherelevantasset;

(iii) in the event that the assets are not listed or dealt in on a RegulatedMarketoronanyotherregulatedmarketorif,intheopinionoftheBoardof Directors, the latest available price does not truly reflect the fairmarketvalueoftherelevantasset,thevalueofsuchassetwillbedefined

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by the Board of Directors based on the reasonably foreseeable salesproceeds determined prudently and in good faith by the Board ofDirectors;

(iv) theliquidatingvalueoffutures,forwardoroptionscontractsnotdealtinonRegulatedMarketsoronotherregulatedmarketsshallmeantheirnetliquidatingvaluedetermined,pursuanttothepoliciesestablishedbytheBoard of Directors, on a basis consistently applied for each differentvarietyofcontracts.Theliquidatingvalueoffutures,forwardoroptionscontractsdealt inonRegulatedMarketsoronotherregulatedmarketsshallbebaseduponthelastavailablesettlementpricesofthesecontractson Regulated Markets and other regulated markets on which theparticular futures, forward or options contracts are dealt in by theCompany;providedthat ifafutures,forwardoroptionscontractcouldnotbeliquidatedonthedaywithrespecttowhichnetassetsarebeingdetermined, the basis for determining the liquidating value of suchcontractshallbesuchvalueastheBoardofDirectorsmaydeemfairandreasonable;

(v) the units of Undertakings for Collective Investment are valued on thebasisof their latestavailableand/orpublishednetassetvalue; FeederUCITSinvestmentsintoMasterUCITSwillbevaluedatthelatestavailablenetassetvaluepershareaspublishedbytheMasterUCITS;

(vi) TheNetAssetValueperShareofanySub-fundoftheCompanymaybedeterminedbyusinganamortisedcostmethodforallinvestmentswithaknownshorttermmaturitydate.Thisinvolvesvaluinganinvestmentatitscostandthereafterassumingaconstantamortisationtomaturityofanydiscountorpremium,regardlessoftheimpactoffluctuatinginterestratesonthemarketvalueoftheinvestments.Whilethismethodprovidescertainty in valuation, it may result in periods during which value, asdeterminedbyamortisationcost,ishigherorlowerthanthepricesuchSub-fundwouldreceiveifitsoldtheinvestment.TheBoardofDirectorswillcontinuallyassessthismethodofvaluationandrecommendchanges,wherenecessary,toensurethattherelevantSub-fund’sinvestmentswillbevaluedattheirfairvalueasdeterminedingoodfaithbytheBoardofDirectors. If the Board of Directors believe that a deviation from theamortisedcostpersharemayresultinmaterialdilutionorotherunfairresultstoshareholders,theBoardofDirectorsshalltakesuchcorrectiveaction, ifany,as theydeemappropriatetoeliminateorreduce, totheextentreasonablypracticable,thedilutionorunfairresults;

(vii) The relevant Sub-fund shall, in principle, keep in its portfolio theinvestments determined by the amortisation cost method until theirrespectivematuritydate;

(viii) Interest rateswapswillbevaluedat theirmarketvalueestablishedbyreference to the applicable interest rates curve. Index and financial

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instruments related swaps will be valued at their market valueestablishedbyreferencetotheapplicableindexorfinancialinstrument.The valuation of the index or financial instrument related swapagreement shall be based upon the market value of such swaptransactionestablishedingoodfaithpursuanttoproceduresestablishedbytheBoardofDirectors;

(ix) AllotherassetswillbevaluedatfairmarketvalueasdeterminedingoodfaithpursuanttoproceduresestablishedbytheBoardofDirectors;

(x) TheBoardofDirectors,initsdiscretion,maypermitsomeothermethodofvaluationtobeusedifitconsidersthatsuchvaluationbetterreflectsthefairvalueofanyassetoftheCompany.

TheliabilitiesoftheCompanyshallbedeemedtoinclude:

(i) allloans,billsandaccountspayable;

(ii) allaccruedinterestonloansoftheCompany(includingaccruedfeesforcommitmentforsuchloans);

(iii) allaccruedorpayableadministrativeexpenses(includingtheAggregateFeesandanyotherthirdpartyfees);

(iv) allknownliabilities,presentandfuture,includingallmaturedcontractualobligationsforpaymentofmoneyorproperty;

(v) anappropriateprovisionforfuturepredictabletaxesbasedoncapitalandincometotherelevantValuationDay,asdeterminedfromtimetotimebytheCompany,andotherreserves,ifany,authorizedandapprovedbytheBoardofDirectors;and

(vi) allotherliabilitiesoftheCompanyofwhatsoeverkindandnatureexceptliabilities represented by Shares of the Company. In determining theamount of such liabilities, the Company shall take into account allexpenses payable and all costs incurred by the Company, which shallcomprisethemanagementfees,feespayabletoitsdirectors(includingall reasonable out-of-pocket expenses), the Management Company,investment advisors (if any), accountants, the depositary bank, theadministrative agent, corporate agents, domiciliary agents, payingagents,registrars,transferagents,permanentrepresentativesinplacesof registration, distributors, trustees, fiduciaries, correspondent banksand any other agent employed by the Company, fees for legal andauditingservices,costsofanyproposedlistingsandofmaintainingsuchlistings, promotion, printing, reporting and publishing expenses(includingreasonablemarketingandadvertisingexpensesandcostsofpreparing, translating and printing in different languages) ofprospectuses, Key Investor Information, addenda, explanatory

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memoranda, registration statements, annual reports and semi-annualreports,alltaxesleviedontheassetsandtheincomeoftheCompany(inparticular, the “taxe d’abonnement” and any stamp duties payable),registration fees and other expenses payable to governmental andsupervisory authorities in any relevant jurisdictions, insurance costs,costs of extraordinary measures carried out in the interests ofshareholders(inparticular,butnotlimitedto,arrangingexpertopinionsand dealingwith legal proceedings) and all other operating expenses,includingthecostofbuyingandsellingassets,customarytransactionfeesandcommissionschargedbydepositarybanksortheiragents(includingfreepaymentsandreceiptsandanyreasonableout-of-pocketexpenses,i.e. stamp taxes, registration costs, scrip fees, special transportationcosts,etc.),customarybrokeragefeesandcommissionschargedbybanksandbrokersforsecuritiestransactionsandsimilartransactions,interestandpostage,telephone,facsimile,telexchargesandallthecostsrelatedto securities lending transactions (agency feesand transactions costs).The Company may calculate administrative and other expenses of aregular or recurring nature on an estimated figure for yearly or otherperiodsinadvance,andmayaccruethesameinequalproportionsoveranysuchperiod.

ThenetassetsoftheCompanyareatanytimeequaltothetotalofthenetassetsofthevariousSub-funds.

IndeterminingtheNetAssetValueperShare, incomeandexpenditurearetreatedasaccruingdaily.

19.2 TemporarySuspensionofDeterminationofNetAssetValueperShare

TheCompanymaysuspendthedeterminationoftheNetAssetValueperShareof one or more Sub-funds and the issue, redemption and conversion of anyClassesofSharesinthefollowingcircumstances:

(i) duringanyperiodwhenanyof theprincipal stockexchangesorothermarkets on which a substantial portion of the investments of theCompanyattributabletosuchSub-fundfromtimetotimeisquotedordealt inisclosedotherwisethanforordinaryholidays,orduringwhichdealings therein are restricted or suspended, provided that suchrestrictionorsuspensionaffectsthevaluationoftheinvestmentsoftheCompanyattributabletosuchSub-fundquotedthereon;

(ii) during the existence of any state of affairs which constitutes anemergencyintheopinionoftheBoardofDirectorsasaresultofwhichdisposal or valuationof assetsownedby theCompanyattributable tosuchSub-fundwouldbeimpracticable;

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(iii) duringanybreakdowninthemeansofcommunicationorcomputationnormally employed in determining the price or value of any of theinvestmentsofsuchSub-fundorthecurrentpriceorvalueonanystockexchangeorothermarket inrespectof theassetsattributabletosuchSub-fund;

(iv) duringanyperiodwhentheCompany isunabletorepatriatefundsforthepurposeofmakingpaymentsontheredemptionofSharesofsuchSub-fundorduringwhichanytransferoffundsinvolvedintherealizationoracquisitionofinvestmentsorpaymentsdueonredemptionofSharescannot, intheopinionoftheBoardofDirectors,beeffectedatnormalratesofexchange;

(v) whenforanyotherreasonthepricesofanyinvestmentsownedbytheCompanyattributabletosuchSub-fundcannotpromptlyoraccuratelybeascertained;or

(vi) upon the publication of a notice convening a general meeting ofshareholdersforthepurposeofwinding-uptheCompanyorduringanyperiodduringwhichaSub-fundmergeswithanotherSub-fundoranotherUCITS(orSub-fundofsuchotherUCITS), ifsuchsuspension is justifiedundertheprotectionofshareholders.

Incaseofmaster-feederstructureadoptedbytheCompany,iftheMasterUCITStemporarilysuspendstherepurchase,redemptionorsubscriptionof itsshares,whetheratitsowninitiativeorattherequestofitssupervisoryauthority,eachofits Feeder UCITS will be entitled to suspend the repurchase, redemption orsubscriptionofitsshareswithinthesameperiodoftimeastheMasterUCITS.

ThesuspensionofaSub-fundshallhavenoeffectonthedeterminationoftheNetAssetValueperShareorontheissue,redemptionandconversionofSharesofanyotherSub-fundthatisnotsuspended.

Any request for subscription, redemption or conversion shall be irrevocableexceptintheeventofasuspensionofthedeterminationoftheNetAssetValueperShare.

Notice of thebeginning andof the endof anyperiodof suspensionwill, if sodecidedbytheboardofdirectors,bepublishedinaLuxembourgdailynewspaperandinanyothernewspaper(s)selectedbytheBoardofDirectors,aswellasintheofficial publications specified for the respective countries in which CompanyShares are sold. The Luxembourg regulatory authority, and the relevantauthoritiesofanymemberstatesoftheEuropeanUnioninwhichSharesoftheCompanyaremarketed,willbeinformedofanysuchsuspension.Noticewillbegiven to any subscriber or shareholder as the case may be applying forsubscription,conversionorredemptionofSharesintheSub-fund(s)concerned.

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20. TAXATION–APPLICABLELAW

20.1 TheCompany

AtthedateofthisProspectus,theCompanyisnotliableforanyLuxembourgtaxotherthanaonce-and-for-alltaxofEuro1,250.-thatwaspaiduponincorporationand an annual taxe d’abonnement calculated and payable at the end of eachquarterattherateof0.01percentofthenetassetsoftherelevantClassorSub-fundwithregardtoinstitutionalClassSharesorinstitutionalSub-funds.FortheClasses of Shares or Sub-funds offered to retail investors, the annual taxed’abonnementwillbecalculatedattherateof0.05percentofthenetassetsoftherelevantClassorSub-fund.

InvestmentincomefromdividendsandinterestreceivedbytheCompanymaybesubject to withholding taxes at varying rates. Such withholding taxes are notusuallyrecoverable.TheSub-fundsmaybesubjecttocertainotherforeigntaxes.

20.2 Shareholders

Subject to theprovisionsof sectionbelow,shareholdersarenotsubject toanycapital gains, incomeorwithholding tax in Luxembourg (exceptionsmay applymainly to shareholders who are domiciled, resident or have a permanentestablishmentinLuxembourg).

20.3 EUSavingsDirectiveandAutomaticExchangeofInformation

OnJune3,2003,theEUCouncilofEconomicandFinanceMinistersadoptedanew directive regarding the taxation of savings income (the “EU SavingsDirective”).TheEUSavingsDirectiveisappliedbyMemberStatesasfromJuly1,2005andhasbeenimplementedinLuxembourgbythelawofJune21,2005(the“Law”).UndertheEUSavingsDirective,eachMemberStateisrequiredtoprovidetothetaxauthoritiesofanotherMemberStatedetailsofpaymentsofinterestorothersimilarincomepaidbyapayingagentwithinthemeaningoftheEUSavingsDirective to an individual or certain types of entities called “residual entities”resident(s) in that otherMember State (or certain dependant and associatedterritories)

For a transitional period, however, Austria is permitted to apply an optionalinformationreportingsystemwherebyifabeneficialownerdoesnotcomplywithoneoftwoproceduresforinformationreporting,Austriawilllevyawithholdingtax of 35% on payments to such beneficial owner. Before 1 January 2015,Luxembourg applied a similar system. However, according to the law of 25November 2014, which entered into force on 1 January 2015, Luxembourgreplacedthewithholdingtaxprinciplebyanautomaticexchangeofinformationregardingthepaymentofinterestorsimilarincome.

AlsowitheffectfromJuly1,2005,anumberofnon-EUcountries(Switzerland,Andorra, Liechtenstein, Monaco and San Marino), and certain dependent orassociated territories of certainMember States, have agreed to adopt similar

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measures(eitherprovisionofinformationortransitionalwithholding)inrelationtopaymentsmadebyapayingagentwithinitsjurisdictionto,orcollectedbysucha paying agent for, an individual or a residual entity in a Member State. Inaddition, Luxembourg has entered into reciprocal provision of informationarrangementswithcertainofthosedependentorassociatedterritories(Jersey,Guernsey,IsleofMan,Montserrat,BritishVirginIslands,NetherlandsAntillesandAruba) in relation to paymentsmade by a paying agent in Luxembourg to, orcollectedbysuchapayingagentfor,anindividualoraresidualentityresidentinoneofthoseterritories.

TheEUSavingsDirectivehasbeenrepealedonNovember10,2015byDirective2015/2060/EUbutwillcontinuetoapplyuntilallreportingobligationsunderEUSavingsDirectivehavebeencompliedwith.

AutomaticExchangeofTaxInformationandofInformationAgreementsbetweenGovernments

Directive 2011/16/EU concerning administrative cooperation in taxation, asamendedbyDirective2014/107/EUconcerningmandatoryautomaticexchangeofinformationintaxation(the“CRSDirective”)aimstoprovideMemberStateswithanappropriateEU-levellegalbasisforimplementingtheglobalstandardonautomaticexchangeofinformationdevelopedbytheOECD.

TheCRSDirectivehasbeentransposedintoLuxembourgdomesticlawbythelawof18December2015ontheautomaticexchangeof informationinthefieldoftaxation(the“CRSLaw”),theCRSlawisapplicableasfrom1stJanuary2016forafirstreportingin2017.

Under the CRS Law, Luxembourg financial institutions (i.e. Luxembourg banks,certain insurance companies, funds, non-supervised investment entities) arerequiredtoidentifyresidentsofCRSpartner’jurisdictionsthroughcollectionofinformation related to the tax residencystatusofanyaccountholderand/orbeneficial owner of certain entities, and to report such information (includingidentification of accounts, their balances and revenue received) to theLuxembourgtaxauthorities.ThisinformationshouldbeautomaticallytransferredtorelevanttaxauthoritiesoftheconcernedCRSpartners’jurisdictiononayearlybasis.

Inthisrespect,Luxembourgsignedamultilateralagreementwithothercountriesonautomaticexchangeoffinancialaccountinformation.From2017,Luxembourgwill start information sharing on certain cross border investors from thosecountries(CRSpartners’jurisdiction),subjecttocertainprocesses,safeguardsandlegalrequirementsbeingmet.TheautomaticexchangeofinformationwiththirdStates requires an agreement on a country-by-country basis. LuxembourginvestmentfundsandotherentitieswillberequiredtocomplywiththeCRSLaw.

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Investors should contact their own tax advisers regarding the application ofinformation reporting and exchange between governments to their particularcircumstances.

20.4 USTaxWithholdingandReportingundertheForeignAccountTaxComplianceAct(‘FATCA’)

TheFATCAprovisionsoftheUSHiringIncentivestoRestoreEmploymentActof2010 (the “Hire Act”) represent an expansive information reporting regimeenactedbytheUnitedStates(“US”)aimingatensuringthatUSinvestorsholdingfinancialassetsoutsidetheUSwillbereportedbyfinancialinstitutionstotheUSInternalRevenueService(“IRS”),asasafeguardagainstUStaxevasion.Asaresultof the Hire Act, and to discourage non-US financial institutions from stayingoutsidethisregime,allUSsecuritiesheldbyafinancialinstitutionthatdoesnotenterandcomplywiththeregimewillbesubjecttoaUStaxwithholdingof30%ongrosssalesproceedsaswellasincome.Thisregimewillbecomeeffectiveinphasesbetween1July2014and1January2017.

The Model I Intergovernmental Agreement between the government of theUnitedStatesofAmericaandthegovernmentoftheGrandDuchyofLuxembourgto Improve International Tax Compliance and to Implement FATCA (ForeignAccountTaxComplianceAct)hasbeensignedonMarch28,2014inLuxembourg.UnderthetermsoftheIntergovernmentalAgreement(“IGA”),theCompanywillbeobligedtocomplywiththeprovisionsofFATCAunderthetermsoftheIGAandunder the terms of Luxembourg legislation implementing the IGA (the“Luxembourg IGALegislation”), rather thanunder theUSTreasuryRegulationsimplementingFATCA.UndertheIGA,Luxembourgresidentfinancialinstitutionsthat complywith the requirements of the Luxembourg IGA Legislationwill betreated as compliant with FATCA and, as a result, will not be subject towithholding tax under FATCA (“FATCA Withholding”). The Company will beconsidered to be a Luxembourg-resident financial institution thatwill need tocomplywiththerequirementsoftheLuxembourgIGALegislationand,asaresultofsuchcompliance,theCompanyshouldnotbesubjecttoFATCAWithholding.

Under the Luxembourg IGA Legislation, the Company via the ManagementCompanywill be required to report to the Luxembourg tax authorities certainholdings by, and payments made to, (a) certain US investors, (b) certain UScontrolledforeignentity investorsand(c)non-USfinancial institution investorsthatdonotcomplywiththetermsoftheLuxembourgIGALegislation.UndertheLuxembourg IGA Legislation, such informationwill beonward reportedby theLuxembourgtaxauthoritiestotheUSIRSunderthegeneralinformationexchangeprovisions of the US-Luxembourg Income Tax Treaty. The first report to theLuxembourgtaxauthoritiesisanticipatedtooccurin2015,inrespectof2014.

AdditionalintergovernmentalagreementssimilartotheIGAhavebeenenteredinto or are under discussion by other jurisdictions with the United States.Investorsholdinginvestmentsviadistributorsthatarenot inLuxembourgor inanother IGA country should checkwith suchdistributor as to the distributor’s

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intentiontocomplywithFATCA.AdditionalinformationmayberequiredbytheManagementCompanyordistributorsfromcertaininvestorsinordertocomplywiththeirobligationsunderFATCAorunderanapplicableIGA.

The scope and application of FATCA Withholding and information reportingpursuant to the terms of FATCA and the IGAs is subject to review by theUS,Luxembourgandother IGAgovernments, and the rulesmay change. InvestorsshouldcontacttheirowntaxadvisorsregardingtheapplicationofFATCAtotheirparticularcircumstances.

In order to be compliant with FATCA, theManagement Company and/or theTransferAgent,thedistributorsandlocalpayingagentshaveimplementedproperAnti Money Laundering and Know Your Customer (AML/KYC) rules and newinvestorswillbeacceptedonly if certainconditionsaremet. Indeed,potentialinvestorsarerequiredtoprovidetheTransferAgent,thedistributorsand localpayingagentswithcertaindocumentsandself-certification.Thisdocumentationthatmayvaryaccordingthelocallegislationapplicabletothepotentialinvestorismandatory,themostcommondocumentbeingtheapplicationorsubscriptionform. As a consequence, should the potential investor refuse to provide suchdocumentation,theTransferAgent,thedistributorsandlocalpayingagentswillrefusethesubscriptionfromsuchinvestor.

Incaseofself-certification,theManagementCompanyand/ortheTransferAgent,the distributors and local paying agents should assess a “reasonableness” toFATCA purposes. “Reasonableness” means that a cross-check will be madebetween information, US indicia (as defined below), self-certification andAML/KYCcollectedinformation.Incaseinconsistencyininformationcontainedinself-certification is detected, more clarifications will be required. In case therequestisdeclined,theinvestorwillnotbeaccepted.

Onthebasisofthedocumentationreceived,averificationofthestatus(USPersonornotUSPerson)willbemade.

AnyinvestormustbeawarethattheManagementCompanyandtheCompanywillcomplywithFATCAandtheIGALuxembourgLegislation.

As a result, the Transfer Agent, the distributors and local paying agents willconsequentlymonitoralldataprovidedforbyaninvestorfromtimetotimeinorder to check if any change in circumstances (US Indicia) to FATCA purposesoccurs,whichcouldcausetheinvestorclassificationasanUSPersonornotandtheinvestorwillagreetoprovidethemwiththerequesteddocuments.

Notwithstandingtheabove,theinvestorwillcommunicatetotheTransferAgent,thedistributorsandlocalpayingagentsinwritinganychangeofcircumstancesinitsstatus(USIndicia)inatimelymannerandinanycasenolaterthan90businessdaysfromthedateofthechangeofcircumstancesandprovidethemwithanyrelevantdocumentationevidencingsaidchangeincircumstances.

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ListofUSIndicia-providedforinformationandsubjecttomodification

AnyindividualinvestorwillcommunicatetotheTransferAgent,thedistributorsandlocalpayingagents,inatimelymanner,achangeinthefollowinginformation:

a. UScitizenshiporresidency;

b. US address of residence and mailingaddress(i.e. includingaUSpostofficebox);

c. UStelephonenumber;

d. standinginstructiontopayamountstoanaccountmaintainedintheUS;

e. power of attorney or signatoryauthoritygrantedtoapersonwithaUSaddress;

f. an“in-careof”addressor “holdmail”address that is the sole addressprovidedforbytheinvestor.

AnycorporateinvestorwillcommunicatetotheTransferAgent,thedistributorsand local paying agents, in a timely manner, a change in its US place ofincorporationororganization,orinanUSaddress.

The investors who do not comply with their obligations of communication inchangeofsituationasdescribedabovewillbesubjecttoreportingtothelocaltaxauthorityand,assuch,betreatedas“USReportableAccounts”.

20.5 Prospectiveinvestorsshouldinformthemselvesof,andwhereappropriatetakeadviceonthelawsandregulationsinparticularthoserelatingtotaxation(butalsothoserelatingtoforeignexchangecontrolsandbeingProhibitedPersons)applicabletothesubscription,purchase,holding,conversionandredemptionofSharesinthecountryoftheircitizenship,residenceordomicileandtheircurrenttaxsituationandthecurrenttaxstatusoftheCompanyinLuxembourg.

20.6 Applicablelaw

TheLuxembourgDistrictCourtistheplaceofperformanceforalllegaldisputesbetween the shareholders and the Company. Luxembourg law applies. TheEnglishversionofthisProspectusistheauthoritativeversionandshallprevailintheeventofanyinconsistencywithanytranslationhereof.

StatementsmadeinthisProspectusarebasedonthelawsandpracticeinforceatthedateofthisProspectusintheGrandDuchyofLuxembourg,andaresubjecttochangesinthoselawsandpractice.

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21. GENERALMEETINGSANDREPORTS

21.1 GeneralMeetings

TheannualgeneralmeetingofshareholderswillbeheldattheregisteredofficeoftheCompanyeachyearwithinsix(6)monthsoftheendoftheaccountingyearandforthefirsttimewithinsix(6)monthsfollowingthefinancialyearendingin2018. Notices of all general meetings are sent by mail to all registeredshareholdersattheirregisteredaddressatleasteightdayspriortosuchmeeting.Suchnoticewillindicatethetimeandplaceofsuchmeetingandtheconditionsofadmissionthereto,willcontaintheagendaandwillrefertotherequirementsofLuxembourg lawwith regard to the necessary quorum andmajorities at suchmeeting. To the extent required by Luxembourg law, further notices will bepublishedintheRESAandinoneLuxembourgnewspaper.

TheCompanydrawstheinvestors’attentiontothefactthatanyinvestorwillonlybeabletofullyexercisehisinvestorrightsdirectlyagainsttheCompany,notablythe right to participate in general shareholders’ meetings if the investor isregistered himself and in his own name in the shareholders’ register of theCompany. In cases where an investor invests in the Company through anintermediaryinvestingintotheCompanyinhisownnamebutonbehalfoftheinvestor, it may not always be possible for the investor to exercise certainshareholder rightsdirectly against theCompany. Investors are advised to takeadviceontheirrights.

21.2 AnnualandSemi-annualReports

Audited Annual Reports and un-audited Semi-annual Reports will be madeavailableforpublicinspectionateachoftheregisteredofficesoftheCompany,theTransferAgentandanyDistributorrespectively.ThelatestAnnualReportshallbeavailableforinspectionatleastfifteendaysbeforetheannualgeneralmeeting.TheCompany’sfinancialyearendson31Augustofeachyear.

ThefirstannualreportavailableshallbetheannualreportpreparedwithregardtotheperiodstartingwiththedateoftheincorporationoftheFundandendingon31August2018,andthefirstSemi-annualreportwillcovertheperiodstartingwiththedateofincorporationoftheFundandendingon28February2018.

TheconsolidationcurrencyoftheCompanyistheEuro(“EUR”).

22. LIQUIDATION–TERMINATIONANDAMALGAMATIONOFSUB-FUNDS

22.1 DissolutionandLiquidationoftheCompany

TheCompanymayatanytimebedissolvedbyaresolutiontakenbythegeneralmeeting of shareholders subject to the quorum andmajority requirements asdefinedinthearticlesofincorporationoftheCompany.

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WheneverthecapitalfallsbelowtwothirdsoftheminimumcapitalasprovidedbytheUCILaw,theBoardofDirectorsmustsubmitthequestionofthedissolutionoftheCompanytothegeneralmeetingofshareholders.Thegeneralmeeting,forwhichnoquorumshallberequired,shalldecideonsimplemajorityofthevotesoftheSharespresentandrepresentedatthemeeting.

The question of the dissolution of the Company shall also be referred to thegeneralmeetingofshareholderswheneverthecapitalfallsbelowonequarteroftheminimumcapital. Insuchevent, thegeneralmeetingshallbeheldwithoutquorumrequirements,andthedissolutionmaybedecidedbytheshareholdersholdingonequarterofthevotespresentandrepresentedatthatmeeting.

Themeetingmustbeconvenedsothatitisheldwithinaperiodof40daysfromwhenitisascertainedthatthenetassetsoftheCompanyhavefallenbelowtwothirdsoronequarterofthelegalminimumasthecasemaybe.

TheissueofnewSharesbytheCompanyshallceaseonthedateofpublicationofthenoticeofthegeneralmeetingofshareholders,towhichthedissolutionandliquidationoftheCompanyshallbeproposed.Oneormoreliquidatorsshallbeappointedby the generalmeetingof shareholders to realize the assets of theCompany,subjecttothesupervisionoftherelevantsupervisoryauthorityinthebestinterestsoftheshareholders.TheproceedsoftheliquidationofeachSub-fund,netofallliquidationexpenses,shallbedistributedbytheliquidatorsamongtheholdersofSharesineachClassinaccordancewiththeirrespectiverights.Theamountsnotclaimedbyshareholdersattheendoftheliquidationprocessshallbe deposited, in accordance with Luxembourg law, with the Caisse deConsignationsinLuxembourguntilthestatutorylimitationperiodhaslapsed.

EachSub-fundoftheCompanybeingaFeedersub-fundshallbeliquidated,ifitsMaster UCITS is liquidated, divided into two or more UCITS or merged withanotherUCITS,unlesstheCSSFapproves:

a. theinvestmentofatleast85%oftheassetsoftheFeedersub-fundinunitsofanotherMasterUCITS;or

b. itsconversionintoasub-fundwhichisnotaFeedersub-fund.

Without prejudice to specific provisions regarding compulsory liquidation, theliquidationofaSub-fundoftheCompanybeingaMastersub-fundshalltakeplacenosoonerthanthreemonthsaftertheMastersub-fundhas informedallof itsshareholdersandtheCSSFofthebindingdecisiontoliquidate.

22.2 TerminationofaSub-fund

In the event that for any reason the value of the assets in any Sub-fund hasdecreasedtoanamountdeterminedbytheBoardofDirectorsfromtimetotimetobe theminimum level for suchSub-fund tobeoperated inaneconomicallyefficientmanner,orifachangeintheeconomicorpoliticalsituationrelatingtothe Sub-fund concerned would have material adverse consequences on the

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investmentsofthatSub-fund,theBoardofDirectorsmaydecidetooffertotheshareholders of such Sub-fund the conversion of their Shares into Shares ofanotherSub-fund,undertermsfixedbytheBoardofDirectorsortocompulsorilyredeemalltheSharesoftherelevantClassesissuedinsuchSub-fundattheNetAssetValueperShare(takingintoaccountactualrealizationpricesofinvestmentsand realization expenses), determined on the Valuation Day on which suchdecision shall take effect. The Company shall serve a notice in writing to theholdersoftherelevantSub-fundpriortotheeffectivedateforthecompulsoryredemption, which will indicate the reasons for, and the procedure of, theredemptionoperations.

Unless it is otherwise decided in the interests of, or to keep equal treatmentbetween, the shareholders, the shareholders of the Sub fund concernedmaycontinuetorequestredemptionorconversionoftheirSharesfreeofcharge(buttaking into account actual realization prices of investments and realizationexpenses)priortothedateeffectiveforthecompulsoryredemption.

Any request for subscription shall be suspended as from the moment of theannouncementofthetermination,themergerorthetransferoftherelevantSub-fund.

Inaddition,thegeneralmeetingofshareholdersofSharesissuedinaSub-fundmay,uponaproposalfromtheBoardofDirectors,redeemalltheSharesissuedinsuchSub-fundandrefundtotheshareholderstheNetAssetValueperShareoftheir Shares (taking into account actual realization prices of investments andrealizationexpenses)determinedontheValuationDayonwhichsuchdecisionshalltakeeffect.Thereshallbenoquorumrequirementsforsuchgeneralmeetingofshareholdersthatshalldecidebyresolutiontakenbysimplemajorityofthosepresentandrepresented.

AssetswhichmaynotbedistributedtotheirownersupontheimplementationoftheredemptionwillbedepositedwiththeCaissedeConsignationsonbehalfofthepersonsentitledthereto.

AllredeemedSharesshallbecancelledbytheCompany.

22.3 Amalgamation,DivisionorTransferofSub-funds

AsprovidedintheArticlesofIncorporation,theBoardofDirectorshavetherightfromtimetotimetoamalgamateordivideanySub-fundortotransferoneormoreSub-fundstoanotherLuxembourgbasedorforeignUCITS.InthecaseoftheamalgamationordivisionofSub-funds,theexistingshareholdersoftherespectiveSub-funds have the right to require,within onemonth of notification of suchevent,theredemptionbytheCompanyoftheirSharesfreeofcharge.Anymerger,asdefined inArticle1 (20)of theUCI Law,willbe realized inaccordancewithChapter8oftheUCILaw.

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Moreover,theBoardofDirectorswilldecideontheeffectivedateofanymergeroftheCompanyananySub-FundwithanotherUCITSpursuanttoarticle66(4)oftheUCILaw.

WhereaSub-fundoftheCompanyhasbeenestablishedasaMastersub-fund,nomerger or division shall become effective, unless the Master sub-fund hasprovidedallof its shareholdersandtheCSSFwith the informationrequiredbylaw, by sixty days before the proposed effective date. Unless the CSSF or thecompetentauthoritiesof thehomeMemberStateof theEuropeanUnion (the"Member State") of the Feeder UCITS, as the casemay be, have granted theFeeder-UCITSapprovaltocontinuetobeaFeeder-UCITSoftheMastersub-fundresultingfromthemergerordivisionofsuchmastersub-fund,theMastersub-fund shall enable the FeederUCITS to repurchase or redeemall shares in theMastersub-fundbeforethemergerordivisionbecomeseffective.

23. INFORMATIONAVAILABLETOTHEPUBLIC

23.1 DocumentsAvailableforInspection

Thefollowingdocumentsmaybeinspectedfreeofchargeduringusualbusinesshoursonanyweekday(Saturdayandpublicholidaysexcepted)attheregisteredofficeoftheCompany:

Ø thearticlesofincorporationoftheCompany;

Ø theagreement(s)concludedbetweentheManagementCompanyandtheCompany;

Ø theagreementconcludedbetweentheDepositaryandtheCompany;

Ø theagreementconcludedwiththeCentralAdministration;

Ø theagreementsconcludedwiththeInvestmentManagers;

Ø thehistoricalperformancesof theSub-fundsaspublished in the latestKIID.

Copies of the Prospectus and Key Investor Information, the articles ofincorporationoftheCompanyandofthelatestAnnualandSemi-annualReportsoftheCompanymaybeobtainedwithoutcostatthesameaddress.

Finally,theprospectusoftheMasterFundassupplementedfromtimetotimeisavailable free of charge from the Company (i) at the registered office of theManagementCompanyandoftheCompanyaswellas(ii)onthewebsiteoftheMaster Fund. The relevant agreement between the Company and theMasterFundmaybeobtainedfreeofchargeatthesameaddress.

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23.2 PublicationofNetAssetValueperShare

TheNetAssetValueperShareofeachClassofSharesineachSub-fundismadepublicattheregisteredofficeoftheCompanyandisavailableattheofficesoftheDepositary.TheCompanywillarrangeforthepublicationofthisinformationinthe Reference Currency or another Denomination Currency, if any, in leadingfinancialnewspapers.TheCompanycannotacceptanyresponsibilityforanyerrorordelayinpublicationorfornon-publicationofprices.

24. DIVIDENDPOLICY

WhetheraccumulationordistributionCategorieshavebeenissuedinrelationtoaparticularSub-fundisindicatedinAppendixA.

Eachyearthegeneralmeetingofshareholderswilldecide,basedonaproposalfromtheBoardofDirectors,foreachSub-fundandfordistributionCategoriesontheuseoftheCompany’snetincome.

Over and above the distributions mentioned in the preceding paragraph, theBoardofDirectorsmaydecideonthepaymentofinterimdividendsintheformandundertheconditionsasprovidedbylaw.

Net Incomesmeans the combination of all accrued and realized incomes andinterests,realizedandunrealizedcapitalgains/lossesoftheSub-fund,netofalloperationalandmanagementcostsand taxes,as resulting fromtheSub-fund’saccountingreports.

The Company reserves the possibility not to distribute any net income due tomarketconditionsortodistributeevenifthenetincomeisnegativeprovidedthatafter the distribution the net assets of the Company total more thanEUR1,250,000.-.takingintoconsiderationthatthismayentailapartialrepaymentoftheinvestedcapital.

The part of the year's net income that has been decided to be distributed inrelation to the distribution Categorieswill be distributed to the holders of thedistributionSharesincash.

Thepartoftheyear'snetincomecorrespondingtoaccumulationCategorieswillbe capitalised in the relevant Sub-fund for the benefit of the accumulationCategory.

DividendswillbedeclaredintheReferenceCurrencyofeachSub-fundbut,fortheconvenienceofshareholders,paymentmaybemadeinacurrencychosenbytheinvestor.TheexchangeratesusedtocalculatepaymentswillbedeterminedbytheCentralAdministrationbyreferencetonormalbankingrates.SuchcurrencytransactionwillbeeffectedwiththeDepositaryattherelevantshareholder’scost.In the absence ofwritten instructions, dividendswill be paid in the ReferenceCurrencyoftheSub-fund.

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Dividends remaining unclaimed for five years after their declaration will beforfeitedandreverttotherelevantSub-fund/relevantCategoryoftherelevantClass.

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APPENDIXA

DETAILSOFEACHSUB-FUND

ListofSub-funds:

1. EquitySub-funds:AILIS-RISKPREMIAEQUITY

2. FlexibleSub-funds:AILIS-RISKPREMIACARRY

AILIS-RISKPREMIAMOMENTUM

AILIS-RISKPREMIAVALUE

AILIS-RISKPREMIAQUALITY

AILIS-M&GCOLLECTION

AILIS-INVESCOINCOME

AILIS-MANMULTI-ASSET

AILIS–JPMFLEXIBLEALLOCATION

3. Bond/DebtSub-fund:

/

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AILIS

RISKPREMIACARRY

Investmentpolicy

The Risk Premia Sub-fund, expressed in EURO, aims to achieve a long-term positiveabsolutereturnforinvestorsregardlessofmarketmovements.TheSub-fundseekstoachieveits investmentobjectivethroughaglobalexposuretoarangeofRiskPremia,acrossmultipleassetclasses.

RiskPremiaexistsduetosystematicrisksandbehaviouralpatternsinfinancialmarkets,andmaybeexploited toprovide returnswith lowcorrelation to traditionalmarkets.However, a positive performance is not guaranteed andwhile the Sub-Fund aims toachievepositivereturninallmarketconditions,itmaynotalwaysachievethisobjective.

The Sub-fund is focus on the Carry Risk Premia strategy: carry exposure favoursinvestmentswithhigheryields, inthebeliefthatthesewilloutperformloweryieldingassets.TheSub-fundwillseektoexploitRiskPremiaacrossagloballydiversifiedrangeof assets, such as equities, government bondsmoneymarket instruments and fixedincomesecurities,commoditiesandcurrencies.

TheSub-fundwillfollowaflexibleapproachinrelationtoassetexposuretoachievetheinvestmentobjective,whichattimesmayresultintheSub-fundhavingnoexposuretoparticularassetclasses.

TheSub-fundwillinvestinderivativeinstruments,listedorOTC,including(withoutbeinglimitedto),totalreturnswaps,interestrateswaps,creditdefaultswaps,forwardforeignexchange,equityfutures,bondfutures,indexfuturesandoptionsonfinancialderivativeinstruments,forinvestment,hedgingandfinancingpurposes.

Theexposurewillbeachievedmainly throughunfundedTRSon indices.Such Indicesmayhaveasunderlyingassets(withoutbeinglimitedto)equity,bond,ETF,interestrateswaps, credit default swaps, forward foreign exchange, equity futures, bond futures,commodityfutures,indexfuturesandoptionsonfinancialderivativeinstruments.

MaximumportionofassetsthatcanbesubjecttoTRS:100%

ExpectedportionofassetsthatwillbesubjecttoTRS:80%

The Sub-fundwill not enter into securities lending transactions nor in repurchase orreverserepurchaseagreements.

Inaddition,theSub-fundmayalsogainexposureindirectlytotheindexthroughETFandUCITS.

Investors shouldnote that theuseof financial derivative instruments for investmentpurposes may increase the risk profile of the Sub-fund and the level of leverage

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exhibited,whichmayinturnleadtoincreasedmovementsintheSub-fund’snetassetvaluewhencomparedtolessleveragedportfolios.

Whenusingtotalreturnswaps:IndicesmaycaptureRiskPremiaindividuallyormultiplepremiaacrossdifferentassetclasses.For instance, inordertotakeexposuretobondcarry risk premium, the Sub-fund will seek to access a bond index, the underlyingconstituentsofwhichshowcarrycharacteristicsasdescribedabove.Asaresultofsuchaninvestment,theSub-fundwillineffecttakealongexposuretosecuritiesexhibitingfavourablevaluationmetrics(highyieldtomaturity),andashortexposuretosecuritiesexhibitingunfavourable valuationmetrics (lowyield tomaturity), designingamarketneutralpositionwhichextractsthedesiredcarryfactor.Thesameorasimilarapproachappliesforotherfactors,acrossalltypesofassetclasses.

TheindicestowhichtheSub-fundwilltakeexposurecomplywitharticle44oftheUCILawandthearticle9ofGrandDucalregulationdated8February2008.Suchindicesmayhavedifferentrebalancingfrequencies,withthemostprevalentrebalancingfrequencybeingmonthly. The frequency of the rebalancing does not affect the costs linked togaining exposure to the indices. The list of indices to which the Sub-fundmay takeexposure from time to time is available on the Management Company’s website:http://www.fideuramireland.ie.

TheSub-fundwillnormally,butnotexclusively,payafixedswapfeetoaccesstheindicesto the index sponsor (which generally also acts as counterparty to the total returnswaps).Anyindexrebalancingcostsarealreadypricedintotheapplicableindexreturnorcoveredbythefixedswapfeetotheindexsponsor.

In order to determine the index allocation, the Sub-fund evaluates publicly availableinformation and conducts proprietary research to identify appropriate Risk Premiastrategies,bydeterminingtheirexpectedriskandreturnprofile.Thisallocationandthestrategies to which the Sub-fund takes exposure may change from time to time,dependingontheanalysis.

InvestorsshouldnotethatalthoughtheSub-fundaimstoprovideareturnwithalowcorrelationtotraditionalassetclasses,andwithlowvolatilityrelativetoequities,itcanbe exposed to low probability but severe downside events. As a result, due to theleverageembeddedintheindicesviawhichtheSub-fundgainsexposuretoRiskPremia,and the long and short positions involved in their construction, the Sub-fund couldpotentiallybeexposedtosignificantlosses.TheSub-fundseekstomitigatetheimpactof such events through diversification along with dynamic leverage control, whichattemptstodeleveragetheSub-fundinhigh-riskenvironments.Ontheotherhand,inlow volatility environment, in order tomeet the risk reward goal, the Sub-fundmayincrease the level of leverage up to themaximum level indicated in the Prospectus(2600%). However, it cannot be guaranteed that thesemitigation techniqueswill besuccessful.

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Profileofthetypicalinvestor

ThisSub-Fund is suitable for investorswhosearch long-terminvestments.Theinvestorsmustbeabletoacceptacertainvolatilityandthepossibilityoflosingapartoftheinvested amount. This Sub-fund is reserved toinstitutionalinvestorsonly.

Riskfactors Investors should refer to the “Risks” section of thisProspectusintermsofrisksapplicabletoinvestingintheSub-fundandinparticular“UseofDerivativesandotherinvestmentTechniques”,“CounterpartyRisk”,“Financialderivatives on indices or sub-indices”, “Total/ExcessReturnSwaps,and“CommodityIndices”.Investorsshouldconsider this extra risk when evaluating the potentialbenefitsofinvestinginthisSub-fund.

ReferenceCurrency Euro

InvestmentManager TheManagementCompany,actingthroughitsLondonBranch90QueenStreetLondon,EC4N1SA

LaunchDateoftheSub-fund

8July2017

SubscriptionPeriodoftheSub-fund/InitialSubscriptionDay

From8July2017to17July2017

FirstCalculationDay 18July2017

ValuationDay AnyBusinessDayinLuxembourgandinItaly

Subscriptiondeadline 14:00CEToftheValuationDay

Conversiondeadline 14:00CEToftheValuationDay

Redemptiondeadline 14:00CEToftheValuationDay

CalculationDay TheDayfollowingtheValuationDay,beingaBusinessDayinLuxembourgandinItaly

InitialPrice 10Euro

Minimumsubsequentholding

Standard

ClassesofShares Class«I»

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CategoriesofShares Accumulation

Managementfee 1,20%

Performancefee 0%

Subscriptioncommission Upto3,00%

Redemptioncommission 0%

Conversioncommission 0%

Global exposuredetermination

AbsoluteVaRapproach

Maximumlevelofleverage 2600%

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AILIS

RISKPREMIAMOMENTUM

Investmentpolicy

The Risk Premia Sub-fund, expressed in EURO, aims to achieve a long-term positiveabsolutereturnforinvestorsregardlessofmarketmovements.TheSub-fundseekstoachieveitsinvestmentobjectivethroughthegloballyexposuretoarangeofRiskPremia,acrossmultipleassetclasses.

RiskPremiaexistduetosystematicrisksandbehaviouralpatternsinfinancialmarkets,andmaybeexploited toprovide returnswith lowcorrelation to traditionalmarkets.However, a positive performance is not guaranteed andwhile the Sub-fund aims toachievepositivereturninallmarketconditions,itmaynotalwaysachievethisobjective.

TheSub-fundisfocusedontheMomentumRiskPremiastrategy:momentumexposureisfavourablewhereinvestmentsthathaveperformedwellinrecenthistorycontinuetoperformwellinthenearfuture.TheSub-fundwillseektoexploitRiskPremiaacrossaglobally diversified range of assets, such as equities, money market instrumentsgovernmentbondsandcorporatefixedincomesecurities,commoditiesandcurrencies.

TheSub-fundwillfollowaflexibleapproachinrelationtoassetexposuretoachievetheinvestmentobjective,whichattimesmayresultintheSub-fundhavingnoexposuretoparticularassetclasses.

The Sub-fundwill invest in: derivative instruments, listed or OTC, including (withoutbeinglimitedto),totalreturnswaps,interestrateswaps,creditdefaultswaps,forwardforeignexchange,equityfutures,bondfutures, indexfuturesandoptionsonfinancialderivativeinstrumentsforinvestment,hedgingandfinancingpurposes.

Theexposurewillbeachievedmainly throughunfundedTRSon indices.Such indicesmayhaveasunderlyingasset(withoutbeinglimitedto)equity,bond,ETF,interestrateswaps, credit default swaps, forward foreign exchange, equity futures, bond futures,commodityfutures,indexfuturesandoptionsonfinancialderivativeinstruments.

MaximumportionofassetsthatcanbesubjecttoTRS:100%

ExpectedportionofassetsthatwillbesubjecttoTRS:80%

The Sub-fundwill not enter into securities lending transactions nor in repurchase orreverserepurchaseagreements.

Inaddition,theSub-fundmayalsogainexposureindirectlytotheindexthroughETFandUCITS.

The Sub-fund uses financial derivative instruments for investment, hedging andfinancingpurposes.

Investors shouldnote that theuseof financial derivative instruments for investmentpurposes may increase the risk profile of the Sub-fund and the level of leverage

- 90 -

exhibited,whichmayinturnleadtoincreasedmovementsintheSub-fund’snetassetvaluewhencomparedtolessleveragedportfolios.

Whenusingtotalreturnswaps:IndicesmaycaptureRiskPremiaindividuallyormultiplepremiaacrossdifferentassetclasses.Forinstance,inordertotakeexposuretoanequitymomentum risk premium, the Sub-fund will seek to access an equity index, theunderlying constituentsofwhich showvaluecharacteristicsasdescribedabove.Asaresultofsuchaninvestment,theSub-fundwillineffecttakealongexposuretostocksexhibitingfavourablevaluationmetrics(recentpositivepricemomentum),andashortexposure to stocks exhibiting unfavourable valuation metrics (recent negative pricemomentum) ormay use futures to hedge themarket exposure, designing amarketneutral positionwhich extracts thedesired equitymomentum factor. The sameor asimilarapproachappliesforotherfactors,acrossalltypesofassetclasses.

TheindicestowhichtheSub-fundwilltakeexposurecomplywitharticle44oftheUCILawandthearticle9ofGrandDucalregulationdated8February2008.Suchindicesmayhavedifferentrebalancingfrequencies,withthemostprevalentrebalancingfrequencybeingmonthly. The frequency of the rebalancing does not affect the costs linked togaining exposure to the indices. The list of indices to which the Sub-fundmay takeexposure from time to time is available on the Management Company’s website:http://www.fideuramireland.ie.

TheSub-fundwillnormally,butnotexclusively,payafixedswapfeetoaccesstheindicesto the index sponsor (which generally also acts as counterparty to the total returnswaps).Anyindexrebalancingcostsarealreadypricedintotheapplicableindexreturnorcoveredbythefixedswapfeetotheindexsponsor.

In order to determine the index allocation, the Sub-fund evaluates publicly availableinformation and conducts proprietary research to identify appropriate Risk Premiastrategies,bydeterminingtheirexpectedriskandreturnprofile.Thisallocationandthestrategies to which the Sub-fund takes exposure may change from time to time,dependingontheanalysis.

InvestorsshouldnotethatalthoughtheSub-fundaimstoprovideareturnwithalowcorrelationtotraditionalassetclasses,andwithlowvolatilityrelativetoequities,itcanbe exposed to low probability but severe downside events. As a result, due to theleverageembeddedintheindicesviawhichtheSub-fundgainsexposuretoRiskPremia,and the long and short positions involved in their construction, the Sub-fund couldpotentiallybeexposedtosignificantlosses.TheSub-fundseekstomitigatetheimpactof such events through diversification along with dynamic leverage control, whichattemptstodeleveragetheSub-fundinhigh-riskenvironments.Ontheotherhand,inlow volatility environment, in order tomeet the risk reward goal, the Sub-fundmayincrease the level of leverage up to themaximum level indicated in the Prospectus(4000%). However, it cannot be guaranteed that thesemitigation techniqueswill besuccessful.

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Profile of the typicalinvestor

ThisSub-Fund is suitable for investorswhosearch long-terminvestments.Theinvestormustbeabletoacceptacertainvolatilityandthepossibilityoflosingapartoftheinvested amount. This Sub-fund is reserved toinstitutionalinvestorsonly.

Riskfactors Investors should refer to the “Risks” section of thisProspectusintermsofrisksapplicabletoinvestingintheSub-fundandinparticular“UseofDerivativesandotherinvestmentTechniques”,“CounterpartyRisk”,“Financialderivatives on indices or sub-indices”, “Total/ExcessReturn Swaps” and “Commodity Indices”. Investorsshould consider this extra risk when evaluating thepotentialbenefitsofinvestinginthisSub-fund.

ReferenceCurrency Euro

InvestmentManager TheManagementCompany,actingthroughitsLondonBranch90QueenStreetLondon,EC4N1SA

Launch Date of the Sub-fund

8July2017

Subscription Period of theSub-fund/ InitialSubscriptionDay

From8July2017to17July2017

FirstCalculationDay 18July2017

ValuationDay AnyBusinessDayinLuxembourgandinItaly

Subscriptiondeadline 14:00CEToftheValuationDay

Conversiondeadline 14:00CEToftheValuationDay

Redemptiondeadline 14:00CEToftheValuationDay

CalculationDay TheDayfollowingtheValuationDay,beingaBusinessDayinLuxembourgandinItaly

InitialPrice 10Euro

Minimum subsequentholding

Standard

ClassesofShares Class«I»

- 92 -

CategoriesofShares Accumulation

Managementfee 1,20%

Performancefee 0%

Subscriptioncommission Upto3,00%

Redemptioncommission 0%

Conversioncommission 0%

Global exposuredetermination

AbsoluteVaRapproach

Maximumlevelofleverage 4000%

- 93 -

AILIS

RISKPREMIAVALUE

Investmentpolicy

The Risk Premia Sub-fund, expressed in EURO, aims to achieve a long-term positiveabsolutereturnforinvestorsregardlessofmarketmovements.TheSub-fundseekstoachieveitsinvestmentobjectivethroughthegloballyexposuretoarangeofRiskPremia,acrossmultipleassetclasses.

RiskPremiaexistduetosystematicrisksandbehaviouralpatternsinfinancialmarkets,andmaybeexploited toprovide returnswith lowcorrelation to traditionalmarkets.However, a positive performance is not guaranteed andwhile the Sub-fund aims toachievepositivereturninallmarketconditions,itmaynotalwaysachievethisobjective.

TheSub-fundisfocusedontheValueRiskPremiastrategy:exposureofthisriskpremiumisfavourablewhereinvestmentswithlowervaluationsoutperformthosewithrelativelyhigher valuations. The Sub-fund will seek to exploit Risk Premia across a globallydiversified rangeofassets, suchasequities,moneymarket instruments, governmentbondsandcorporatefixedincomesecurities,commoditiesandcurrencies.

TheSub-fundwillfollowaflexibleapproachinrelationtoassetexposuretoachievetheinvestmentobjective,whichattimesmayresultintheSub-fundhavingnoexposuretoparticularassetclasses.

TheSub-fundwillinvestinderivativeinstruments,listedorOTC,including(withoutbeinglimitedto),totalreturnswaps,interestrateswaps,creditdefaultswaps,forwardforeignexchange,equityfutures,bondfutures,indexfuturesandoptionsonfinancialderivativeinstrumentsforinvestment,hedgingandfinancingpurposes.

Theexposurewillbeachievedmainly throughunfundedTRSon indices.Such indicesmayhaveasunderlyingasset(withoutbeinglimitedto)equity,bond,ETF,interestrateswaps, credit default swaps, forward foreign exchange, equity futures, bond futures,commodityfutures,indexfuturesandoptionsonfinancialderivativeinstruments.

MaximumportionofassetsthatcanbesubjecttoTRS:100%

ExpectedportionofassetsthatwillbesubjecttoTRS:80%

The Sub-fundwill not enter into securities lending transactions nor in repurchase orreverserepurchaseagreements.

Inaddition,theSub-fundmayalsogainexposureindirectlytotheindexthroughETFandUCITS.

Investors shouldnote that theuseof financial derivative instruments for investmentpurposes may increase the risk profile of the Sub-fund and the level of leverage

- 94 -

exhibited,whichmayinturnleadtoincreasedmovementsintheSub-fund’snetassetvaluewhencomparedtolessleveragedportfolios.

Whenusingtotalreturnswaps:IndicesmaycaptureRiskPremiaindividuallyormultiplepremiaacrossdifferentassetclasses.Forinstance,inordertotakeexposuretoanequityvalue riskpremium, the Sub-fundwill seek toaccess anequity index, theunderlyingconstituentsofwhichshowvaluecharacteristicsasdescribedabove.Asaresultofsuchan investment, the Sub-fundwill in effect take a long exposure to stocks exhibitingfavourable valuation metrics (cheap), and a short exposure to stocks exhibitingunfavourable valuationmetrics (expensive) ormay use futures to hedge themarketexposure,designingamarketneutralpositionwhichextractsthedesiredequityvaluefactor.Thesameorasimilarapproachappliesforotherfactors,acrossalltypesofassetclasses.

TheindicestowhichtheSub-fundwilltakeexposurecomplywitharticle44oftheUCILawandthearticle9ofGrandDucalregulationdated8February2008.Suchindicesmayhavedifferentrebalancingfrequencies,withthemostprevalentrebalancingfrequencybeingmonthly. The frequency of the rebalancing does not affect the costs linked togaining exposure to the indices. The list of indices to which the Sub-fundmay takeexposure from time to time is available on the Management Company’s website:http://www.fideuramireland.ie.

TheSub-fundwillnormally,butnotexclusively,payafixedswapfeetoaccesstheindicesto the index sponsor (which generally also acts as counterparty to the total returnswaps).Anyindexrebalancingcostsarealreadypricedintotheapplicableindexreturnorcoveredbythefixedswapfeetotheindexsponsor.

In order to determine the index allocation, the Sub-fund evaluates publicly availableinformation and conducts proprietary research to identify appropriate Risk Premiastrategies,bydeterminingtheirexpectedriskandreturnprofile.Thisallocationandthestrategies to which the Sub-fund takes exposure may change from time to time,dependingontheanalysis.

InvestorsshouldnotethatalthoughtheSub-fundaimstoprovideareturnwithalowcorrelationtotraditionalassetclasses,andwithlowvolatilityrelativetoequities,itcanbe exposed to low probability but severe downside events. As a result, due to theleverageembeddedintheindicesviawhichtheSub-fundgainsexposuretoRiskPremia,and the long and short positions involved in their construction, the Sub-fund couldpotentiallybeexposedtosignificantlosses.TheSub-fundseekstomitigatetheimpactof such events through diversification along with dynamic leverage control, whichattemptstodeleveragetheSub-fundinhigh-riskenvironments.Ontheotherhand,inlow volatility environment, in order tomeet the risk reward goal, the Sub-fundmayincrease the level of leverage up to themaximum level indicated in the Prospectus(1800%). However, it cannot be guaranteed that thesemitigation techniqueswill besuccessful.

- 95 -

Profileofthetypicalinvestor

This Sub-fund is suitable for investorswho search long-terminvestments.Theinvestormustbeabletoacceptacertainvolatilityandthepossibilityoflosingapartoftheinvested amount. This Sub-fund is reserved toinstitutionalinvestorsonly.

Riskfactors Investors should refer to the “Risks” section of thisProspectusintermsofrisksapplicabletoinvestingintheSub-Fundandinparticular“UseofDerivativesandotherinvestmentTechniques”,“CounterpartyRisk”,“Financialderivatives on indices or sub-indices”, “Total/ExcessReturn Swaps” and “Commodity Indices”. Investorsshould consider this extra risk when evaluating thepotentialbenefitsofinvestinginthisSub-fund.

ReferenceCurrency Euro

InvestmentManager TheManagementCompany,actingthroughitsLondonBranch90QueenStreetLondon,EC4N1SA

LaunchDateoftheSub-fund

8July2017

SubscriptionPeriodoftheSub-fund/InitialSubscriptionDay

From8July2017to17July2017

FirstCalculationDay 18July2017

ValuationDay AnyBusinessDayinLuxembourgandinItaly

Subscriptiondeadline 14:00CEToftheValuationDay

Conversiondeadline 14:00CEToftheValuationDay

Redemptiondeadline 14:00CEToftheValuationDay

CalculationDay TheDayfollowingtheValuationDay,beingaBusinessDayinLuxembourgandinItaly

InitialPrice 10

Minimumsubsequentholding

Standard

ClassesofShares Class«I»

- 96 -

CategoriesofShares Accumulation

Managementfee 1,20%

Performancefee 0%

Subscriptioncommission Upto3,00%

Redemptioncommission 0%

Conversioncommission 0%

Global exposuredetermination

AbsoluteVaRapproach

Maximumlevelofleverage 1800%

- 97 -

AILIS

RISKPREMIAQUALITY

Investmentpolicy

The Risk Premia Sub-fund, expressed in EURO, aims to achieve a long-term positiveabsolutereturnforinvestorsregardlessofmarketmovements.TheSub-fundseekstoachieveitsinvestmentobjectivethroughthegloballyexposuretoarangeofRiskPremia,acrossmultipleassetclasses.

RiskPremiaexistduetosystematicrisksandbehaviouralpatternsinfinancialmarkets,andmaybeexploited toprovide returnswith lowcorrelation to traditionalmarkets.However, a positive performance is not guaranteed andwhile the Sub-fund aims toachievepositivereturninallmarketconditions,itmaynotalwaysachievethisobjective.

TheSub-FundisfocusedontheQuality/DefensiveRiskPremiastrategy:thetendencyforlowerriskandhigherqualityassetstogeneratehigherriskadjustedreturnsTheSub-fundwillseektoexploitRiskPremiaacrossagloballydiversifiedrangeofassets,suchasequities,moneymarket instruments, government bonds and corporate fixed incomesecurities,commoditiesandcurrencies.

TheSub-fundwillfollowaflexibleapproachinrelationtoassetexposuretoachievetheinvestmentobjective,whichattimesmayresultintheSub-fundhavingnoexposuretoparticularassetclasses.

The Sub-Fundwill invest in, derivative instruments, listed orOTC, including (withoutbeinglimitedto),totalreturnswaps,interestrateswaps,creditdefaultswaps,forwardforeignexchange,equityfutures,bondfutures, indexfuturesandoptionsonfinancialderivativeinstrumentsforinvestment,hedgingandfinancingpurposes.

Theexposurewillbeachievedmainly throughunfundedTRSon indices.Such indicesmayhaveasunderlyingasset(withoutbeinglimitedto)equity,bond,ETF,interestrateswaps, credit default swaps, forward foreign exchange, equity futures, bond futures,commodityfutures,indexfuturesandoptionsonfinancialderivativeinstruments.

MaximumportionofassetsthatcanbesubjecttoTRS:100%

ExpectedportionofassetsthatwillbesubjecttoTRS:80%

The Sub-fundwill not enter into securities lending transactions nor in repurchase orreverserepurchaseagreements.

Inaddition,theSub-FundmayalsogainexposureindirectlytotheindexthroughETFandUCITS.

Investors shouldnote that theuseof financial derivative instruments for investmentpurposes may increase the risk profile of the Sub-fund and the level of leverage

- 98 -

exhibited,whichmayinturnleadtoincreasedmovementsintheSub-fund’snetassetvaluewhencomparedtolessleveragedportfolios.

Whenusingtotalreturnswaps:IndicesmaycaptureRiskPremiaindividuallyormultiplepremiaacrossdifferentassetclasses.Forinstance,inordertotakeexposuretoanequitylow volatility risk premium, the Sub-fund will seek to access an equity index, theunderlying constituentsofwhich showvaluecharacteristicsasdescribedabove.Asaresultofsuchaninvestment,theSub-fundwillineffecttakealongexposuretostocksexhibiting favourable valuationmetrics (lowvolatilityprice), anda short exposure tostocksexhibitingunfavourablevaluationmetrics(highvolatilityprice)ormayusefuturestohedgethemarketexposure,designingamarketneutralpositionwhichextractsthedesiredequity lowvolatility factor. The sameor a similar approachapplies forotherfactors,acrossalltypesofassetclasses.

TheindicestowhichtheSub-fundwilltakeexposurecomplywitharticle44oftheUCILawandthearticle9ofGrandDucalregulationdated8February2008.Suchindicesmayhavedifferentrebalancingfrequencies,withthemostprevalentrebalancingfrequencybeingmonthly. The frequency of the rebalancing does not affect the costs linked togaining exposure to the indices. The list of indices to which the Sub-fundmay takeexposure from time to time is available on the Management Company’s website:http://www.fideuramireland.ie.

TheSub-fundwillnormally,butnotexclusively,payafixedswapfeetoaccesstheindicesto the index sponsor (which generally also acts as counterparty to the total returnswaps).Anyindexrebalancingcostsarealreadypricedintotheapplicableindexreturnorcoveredbythefixedswapfeetotheindexsponsor.

In order to determine the index allocation, the Sub-fund evaluates publicly availableinformation and conducts proprietary research to identify appropriate Risk Premiastrategies,bydeterminingtheirexpectedriskandreturnprofile.Thisallocationandthestrategies to which the Sub-fund takes exposure may change from time to time,dependingontheanalysis.

InvestorsshouldnotethatalthoughtheSub-fundaimstoprovideareturnwithalowcorrelationtotraditionalassetclasses,andwithlowvolatilityrelativetoequities,itcanbe exposed to low probability but severe downside events. As a result, due to theleverageembeddedintheindicesviawhichtheSub-fundgainsexposuretoRiskPremia,and the long and short positions involved in their construction, the Sub-fund couldpotentiallybeexposedtosignificantlosses.TheSub-fundseekstomitigatetheimpactof such events through diversification along with dynamic leverage control, whichattemptstodeleveragetheSub-fundinhigh-riskenvironments.Ontheotherhand,inlow volatility environment, in order tomeet the risk reward goal, the Sub-fundmayincrease the level of leverage up to themaximum level indicated in the Prospectus(1900%).However, it cannot be guaranteed that these mitigation techniques will besuccessful.

- 99 -

Profileofthetypicalinvestor

This Sub-fund is suitable for investorswho search long-terminvestments.Theinvestormustbeabletoacceptacertainvolatilityandthepossibilityoflosingapartoftheinvested amount. This Sub-fund is reserved toinstitutionalinvestorsonly.

Riskfactors Investors should refer to the “Risks” section of thisProspectusintermsofrisksapplicabletoinvestingintheSub-fundandinparticular“UseofDerivativesandotherinvestmentTechniques”,“CounterpartyRisk”,“Financialderivatives on indices or sub-indices”, “Total/ExcessReturn Swaps” and “Commodity Indices”. Investorsshould consider this extra risk when evaluating thepotentialbenefitsofinvestinginthisSub-fund.

ReferenceCurrency Euro

InvestmentManager TheManagementCompany,actingthroughitsLondonBranch90QueenStreetLondon,EC4N1SA

LaunchDateoftheSub-fund

8July2017

SubscriptionPeriodoftheSub-fund/InitialSubscriptionDay

From8July2017to17July2017

FirstCalculationDay 18July2017

ValuationDay AnyBusinessDayinLuxembourgandinItaly

Subscriptiondeadline 14:00CEToftheValuationDay

Conversiondeadline 14:00CEToftheValuationDay

Redemptiondeadline 14:00CEToftheValuationDay

CalculationDay TheDayfollowingtheValuationDaybeingaBusinessDayinLuxembourgandinItaly

InitialPrice 10Euro

Minimumsubsequentholding

Standard

ClassesofShares Class«I»

- 100 -

CategoriesofShares Accumulation

Managementfee 1,20%

Performancefee 0%

Subscriptioncommission Upto3,00%

Redemptioncommission 0%

Conversioncommission 0%

Global exposuredetermination

AbsoluteVaRapproach

Maximumlevelofleverage 1900%

- 101 -

AILIS

RISKPREMIAEQUITY

Investmentpolicy

The Risk Premia Sub-fund, expressed in EURO, aims to achieve a long-term positiveabsolutereturnforinvestorsregardlessofmarketmovements.TheSub-fundseekstoachieveitsinvestmentobjectivethroughthegloballyexposuretoarangeofRiskPremia,acrossmultipleassetclasses.

RiskPremiaexistduetosystematicrisksandbehaviouralpatternsinfinancialmarkets,andmaybeexploited toprovide returnswith lowcorrelation to traditionalmarkets.However, a positive performance is not guaranteed andwhile the Sub-fund aims toachievepositivereturninallmarketconditions,itmaynotalwaysachievethisobjective.

TheSub-fundisfocusedontheEquityRiskPremiastrategy:investsacrossRiskPremiaanomalies (carry, value, momentum and quality) only in equity and equity-relatedsecuritiesandderivativesmarketsTheSub-fundwillfollowaflexibleapproachinrelationtoassetexposuretoachievetheinvestmentobjective,whichattimesmayresultintheSub-fundhavingnoexposuretoparticularassetclasses.

The Sub-Fund will invest in: money market instruments, fixed income instruments,equity,derivativeinstruments,listedorOTC,including(withoutbeinglimitedto),totalreturn swaps, interest rate swaps, credit default swaps, forward foreign exchange,equity futures, bond futures, index futures and options on financial derivativeinstrumentsforinvestment,hedgingandfinancingpurposes.

Theexposurewillbeachievedmainly throughunfundedTRSon indices.Such indicesmayhaveasunderlying asset (withoutbeing limited to) equity, ETF, forward foreignexchange,equityfutures,indexfuturesandoptionsonfinancialderivativeinstruments.

MaximumportionofassetsthatcanbesubjecttoTRS:100%

ExpectedportionofassetsthatwillbesubjecttoTRS:80%

The Sub-fundwill not enter into securities lending transactions nor in repurchase orreverserepurchaseagreements.

Inaddition,theSub-fundmayalsogainexposureindirectlytotheindexthroughETFandUCITS.

Investors shouldnote that theuseof financial derivative instruments for investmentpurposes may increase the risk profile of the Sub-fund and the level of leverageexhibited,whichmayinturnleadtoincreasedmovementsintheSub-fund’snetassetvaluewhencomparedtolessleveragedportfolios.

Whenusingtotalreturnswaps:IndicesmaycaptureRiskPremiaindividuallyormultiplepremiaacrossdifferentassetclasses.Forinstance,inordertotakeexposuretoanequityvalue riskpremium, the Sub-fundwill seek toaccess anequity index, theunderlyingconstituentsofwhichshowvaluecharacteristicsasdescribedabove.Asaresultofsuch

- 102 -

an investment, the Sub-fundwill in effect take a long exposure to stocks exhibitingfavourable valuation metrics (cheap), and a short exposure to stocks exhibitingunfavourable valuationmetrics (expensive) ormay use futures to hedge themarketexposure,designingamarketneutralpositionwhichextractsthedesiredequityvaluefactor.Thesameorasimilarapproachappliesforotherfactors,acrossalltypesofassetclasses.

TheindicestowhichtheSub-fundwilltakeexposurecomplywitharticle44oftheUCILawandthearticle9ofGrandDucalregulationdated8February2008.Suchindicesmayhavedifferentrebalancingfrequencies,withthemostprevalentrebalancingfrequencybeingmonthly. The frequency of the rebalancing does not affect the costs linked togaining exposure to the indices. The list of indices to which the Sub-fundmay takeexposure from time to time is available on the Management Company’s website:http://www.fideuramireland.ie.

TheSub-fundwillnormally,butnotexclusively,payafixedswapfeetoaccesstheindicesto the index sponsor (which generally also acts as counterparty to the total returnswaps).Anyindexrebalancingcostsarealreadypricedintotheapplicableindexreturnorcoveredbythefixedswapfeetotheindexsponsor.

In order to determine the index allocation, the Sub-fund evaluates publicly availableinformation and conducts proprietary research to identify appropriate Risk Premiastrategies,bydeterminingtheirexpectedriskandreturnprofile.Thisallocationandthestrategies to which the Sub-fund takes exposure may change from time to time,dependingontheanalysis.

InvestorsshouldnotethatalthoughtheSub-fundaimstoprovideareturnwithalowcorrelationtotraditionalassetclasses,andwithlowvolatilityrelativetoequities,itcanbe exposed to low probability but severe downside events. As a result, due to theleverageembeddedintheindicesviawhichtheSub-fundgainsexposuretoRiskPremia,and the long and short positions involved in their construction, the Sub-fund couldpotentiallybeexposedtosignificantlosses.TheSub-fundseekstomitigatetheimpactof such events through diversification along with dynamic leverage control, whichattemptstodeleveragetheSub-fundinhigh-riskenvironments.Ontheotherhand,inlow volatility environment, in order tomeet the risk reward goal, the Sub-fundmayincrease the level of leverage up to themaximum level indicated in the Prospectus(2000%) However, it cannot be guaranteed that thesemitigation techniques will besuccessful.

Profileofthetypicalinvestor

This Sub-fund is suitable for investorswho search long-terminvestments.Theinvestormustbeabletoacceptacertainvolatilityandthepossibilityoflosingapartoftheinvested amount. This Sub-fund is reserved toinstitutionalinvestorsonly.

- 103 -

Riskfactors Investors should refer to the “Risk” section of thisProspectusintermsofrisksapplicabletoinvestingintheSub-fundandinparticular“UseofDerivativesandotherinvestmentTechniques”,“CounterpartyRisk”,“Financialderivatives on indices or sub-indices”, “Total/ExcessReturn Swaps” and “Commodity Indices”. Investorsshould consider this extra risk when evaluating thepotentialbenefitsofinvestinginthisSub-fund.

ReferenceCurrency Euro

InvestmentManager TheManagementCompany,actingthroughitsLondonBranch90QueenStreetLondon,EC4N1SA

LaunchDateoftheSub-fund

8July2017

SubscriptionPeriodoftheSub-fund/InitialSubscriptionDay

From8July2017to17July2017

FirstCalculationDay 18July2017

ValuationDay AnyBusinessDayinLuxembourgandinItaly

Subscriptiondeadline 14:00CEToftheValuationDay

Conversiondeadline 14:00CEToftheValuationDay

Redemptiondeadline 14:00CEToftheValuationDay

CalculationDay TheDayfollowingtheValuationDay,beingaBusinessDayinLuxembourgandinItaly

InitialPrice 10Euro

Minimumsubsequentholding

Standard

ClassesofShares Class«I»

CategoriesofShares Accumulation

Managementfee 1,20%

- 104 -

Performancefee 0%

Subscriptioncommission Upto3,00%

Redemptioncommission 0%

Conversioncommission 0%

Global exposuredetermination

AbsoluteVaRapproach

Maximumlevelofleverage 2000%

- 105 -

AILIS

M&GCOLLECTION

Investmentpolicy

TheM&GCollectionSub-fund,expressedinEuro,willbecharacterisedbythreeseparatephases:(i)aninitialsubscriptionperiodrunningfromJanuary8,2018toFebruary28,2018 (the “Initial Subscription Period”); (ii) a period of five years after the InitialSubscriptionPeriodduringwhichtheSub-fundwillpursueitsmaininvestmentobjective(the “Principal Investment Period”); and (iii) a period subsequent to the PrincipalInvestmentPeriod(the“Post-InvestmentPeriod”).

TheSub-fundhasbeendesigned for subscribers investing in theSub-fundduring theInitialSubscriptionPeriodandmaintainingtheinvestmentuntiltheendofthePrincipalInvestmentPeriod.

TheSub-fundismanagedwiththeaimtopreservethecapital.

TheSub-fundisnotmanagedtobecomparedtoanyspecificindex.

DuringtheInitialSubscriptionPeriod,theSub-fundwillhold100%of itsnetassets incash,denominatedinEuro.

Theinvestmentobjectiveistoprovidepositivetotalreturns,measuredinEuro,definedas amixof incomeand capital growthandachievedduring thePrincipal InvestmentPeriod. The return forecasts may differ if the investor does not intend to hold theinvestmentuntiltheendofthePrincipalInvestmentPeriod.

The Sub-fund will achieve its objective during the Principal Investment Period byinvestingmainlyinunits/sharesofundertakingsforcollectiveinvestmentintransferablesecurities(“UCITS”)and/orundertakingsforcollectiveinvestment(“UCIs”)inordertoobtainaglobalexposuretoadiversifiedrangeofassetclasses.

TheSub-fund’sexposuremayincludeequities,debtsecurities,highyieldcorporateorgovernmentfloatingratenotes,assetbackedsecurities(“ABS”)andmortgagebackedsecurities(“MBS”),contingentconvertiblesecurities(“CoCos”),currenciesandcash.

Theexposuretoequitiesinstrumentswillnotexceed50%oftheSub-fund’snetassets.

The exposure to non-investment grade instrumentswill not exceed 60%of the Sub-fund’snetassets.

Securitieswillbedeemednon-investmentgrade if,at the timeofpurchase, theyareclassifiedbelow“BBB-”orequivalentandaboveorequalto“CCC”orequivalentbasedonratingagenciesorequivalentdefinedonthebasisof the internalvaluationmodelimplementedbytheInvestmentManager.

TheSub-fundwillnotinvestdirectlyindistressedsecuritiesnorindefaultsecurities.TheSub-fundmayinvestinUCITSand/orUCIwhichinvestindistressedordefaultsecurities.Suchindirectexposurewillnotrepresentmorethan10%oftheSub-fund’snetassets.

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Althoughtherearenoparticulargeographicinvestmentlimits,theSub-fundmayinvestnomore than50%of its net asset value in instruments issuedby entities located inemergingmarkets.

TheSub-fundmayinvestnomorethan15%ofitsnetassetvalue(cumulatively)inABSandMBS.TheSub-fundmayinvestnomorethan20%ofitsnetassetvalueinCoCos.TheexposuretoABS,MBSandCoCosinstrumentswillnotexceed(cumulatively)35%ofthenet asset value and will be achieved exclusively through indirect investments inunits/sharesofUCITSand/orotherUCIs.

TheSub-fundmayinvestwithoutlimitationininstrumentsdenominatedincurrenciesotherthanthereferencecurrency(EUR).

The Sub-fundmayalsobuymoney-market instruments andhold cash. In an adversemarketenvironment,orapproaching theendof thePrincipal InvestmentPeriod, theSub-fundisallowedtobeexposedupto100%ofitsassetstomoneymarketinstrumentsandcash.

TheSub-fundhasapre-definedperiodof5years(ending28thFebruary2023).Oncethetermsof5yearshaveexpired(28thFebruary2023),therewillbeprogressiveinvestmentseekingtoconsolidatetheperformanceachieved.Therefore, inthemonthsfollowingtheendofthePrincipalInvestmentPeriod,theBoardofDirectorsoftheManagementCompanymay decide to incorporate this Sub-fund into another sub-fund promotedand/or managed by companies of the group to which the Management CompanybelongsorofanotherUCITSortoliquidateitorreformulateitsinvestmentpolicyinthebestinterestsoftheshareholders.

Consequently,intheweeksprecedingtheendofthePrincipalInvestmentPeriod,theshareholderswillreceiveanoticeadvisingthemofthedecisionoftheBoardofDirectorsinthisrespect.

InvestorsshouldbeawarethatcashdepositsheldinEuroandEurodenominatedmoneymarketfundsmayoffernegativeyields.AsaresultoftheSub-fundholdingsuchassetsduring the Initial Subscription Period, the Principal Investment Period and the PostInvestmentPeriod,thenetassetvalueoftheSub-fundattheendofsuchperiodmaybelessthanthenetassetvalueatthebeginningofsuchperiod.

TheSub-fundmayusefinancialderivativeinstrumentsforthepurposeofriskhedging,efficientmanagementandforinvestmentpurpose.

ThetargetUCITSandorUCIsmay invest inderivative instrumentswhichwill include,withoutlimitation,spotandforwardcontracts,exchangetradedfutures,swaps,creditdefaultswaps,options,totalreturnswaps.

The Sub-fund will not enter into total return swaps, neither securities lendingtransactionsnorinrepurchaseorreverserepurchaseagreements.

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Profileofthetypicalinvestor

TheSub-fundissuitableforinvestorswhosearchmediumterminvestments.Theinvestormustbeabletoacceptacertainvolatilityandthepossibilityof losingpartof theinvestedamount.

Riskfactors Investors should refer to the “Risk” section of thisProspectusintermsofrisksapplicabletoinvestingintheSub-fundandinteralia“Equitysecurities”,“Investmentinother UCITS and/or UCIs” including the sub-sections“CreditRisks”and“Leverage–Volatility”whichapplyatthe level of such other UCITS and/or UCIs, “EmergingMarkets”, “Asset-Backed-Securities –Mortgage-Backed-Securities”, “Non-investment grade securities” and“Contingent Convertible Bonds”. Investors shouldconsider this extra risk when evaluating the potentialbenefitsofinvestinginthisSub-fund.

ReferenceCurrency Euro

InvestmentManager M&GInvestmentManagementLimitedLaurencePountneyHillLondonEC4R0HH

LaunchDateoftheSub-fund

January8,2018

InitialSubscriptionPeriodoftheSub-fund

FromJanuary8,2018toFebruary28,2018

FirstCalculationDay March1st,2018

ValuationDay AnyBusinessDayinLuxembourgandinItaly

Subscriptiondeadline 14:00CEToftheValuationDay

Conversiondeadline 14:00CEToftheValuationDay

Redemptiondeadline 14:00CEToftheValuationDay

CalculationDay ThedayfollowingtheValuationDay,beingaBusinessDayinLuxembourgandinItaly

InitialPrice 10Euro

Minimumsubsequentholding

Standard

ClassesofShares ClassesR,S

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CategoriesofShares Accumulation,Distribution

Managementfee -1,30%(duringthe«PrincipalInvestmentPeriod»runningfromMarch1,2018toFebruary28,2023)

-0,80%(aftertheendofthe«PrincipalInvestmentPeriod»fromMarch1,2023

Performancefee N/A

Subscriptioncommission N/A

Placementfee A placement fee applied at the end of the InitialSubscription Period equals to 2,00% of the initial NetAssetValueperunit/sharemultipliedby thenumberofresultingunits/sharesbeingissued;itisleviedontheSub-fund’s assets collected as formation expenses and isamortisedoverthenext5years.

Redemptioncommission TheredemptionpricewillbedecreasedbyaredemptionfeepaidtotheSub-fund,appliedonthecountervalueofthenumberofSharesredeemedbasedontheinitialNetAssetValueperShare(EUR10)accordingtothefollowingscheme:Period RateofRedemptionFee

During the initial subscriptionperiod(fromJanuary8,2018toFebruary28,2018)

Nil

FromMarch1,2018toJune30,2018

2,00%

FromJuly1,2018toSeptember30,2018

1,90%

From October 1, 2018 toDecember31,2018

1,80%

From January 1, 2019 toFebruary28,2019

1,70%

FromMarch1,2019toJune30,2019)

1,60%

FromJuly1,2019toSeptember30,2019

1,50%

From October 1, 2019 toDecember31,2019

1,40%

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From January 1, 2020 toFebruary29,2020

1,30%

FromMarch1,2020toJune30,2020)

1,20%

FromJuly1,2020toSeptember30,2020

1,10%

From October 1, 2020 toDecember31,2020

1,00%

From January 1, 2021 toFebruary28,2021

0,90%

FromMarch1,2021toJune30,2021)

0,80%

FromJuly1,2021toSeptember30,2021

0,70%

From October 1, 2021 toDecember31,2021

0,60%

From January 1, 2022 toFebruary28,2022

0,50%

FromMarch1,2022toJune30,2022)

0,40%

FromJuly1,2022toSeptember30,2022

0,30%

From October 1, 2022 toDecember31,2022

0,20%

From January 1, 2023 toFebruary28,2023

0,10%

FromMarch1,2023 0,00%

Conversioncommission N/A

Global exposuredetermination

Commitmentapproach

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AILIS

INVESCOINCOME

Investmentpolicy

TheInvescoIncomeSub-fund,expressedinEuro,willbecharacterisedbythreeseparatephases:(i)aninitialsubscriptionperiodrunningfromApril09,2018toMay31,2018(the“InitialSubscriptionPeriod”);(ii)aperiodof5yearsaftertheInitialSubscriptionPeriodduring which the Sub-fund will pursue itsmain investment objective (the “PrincipalInvestmentPeriod”);and(iii)aperiodsubsequenttothePrincipal InvestmentPeriod(the“Post-InvestmentPeriod”).

TheSub-fundhasbeendesigned for subscribers investing in theSub-fundduring theInitialSubscriptionPeriodandmaintainingtheinvestmentuntiltheendofthePrincipalInvestmentPeriod.

TheSub-fundseekstoachieveitsobjectivebyinvestinginaflexibleallocationto:- debt securities from all issuer types globally (including emerging markets debtsecurities);and-globalequities(includingemergingmarketsequities).TheSub-fundisnotmanagedtobecomparedtoanyspecificindex.

DuringtheInitialSubscriptionPeriod,theSub-fundwillhold100%of itsnetassets incash,denominatedinEuro.

Theinvestmentobjectiveistoprovidepositivereturns,measuredinEuro,definedasamixofincomeandcapitalgrowthoverthemedium-tolongtermandachievedduringthePrincipalInvestmentPeriod.ThereturnforecastsmaydifferiftheinvestordoesnotintendtoholdtheinvestmentuntiltheendofthePrincipalInvestmentPeriod.

TheSub-fundselectseligiblesecuritiesfromtheworld-widerangeoffixed-interestandfloating rate securities including corporate bonds, non-investment grade, contingentconvertibles(“CoCos”),government,andsupra-nationalbonds.TheSub-fundmayalsoinvestinbondsissuedbysecuritizationvehiclesorequivalentsuchasmortgage-backedsecurities (“MBS”),assetbackedsecurities (“ABS”)andcollateralized loanobligations(“CLOs”).TheSub-fundcaninvestupto70%ofitsnetassetvalueinnon-investmentgradedebtsecurities(includingnon-investmentgradedebtsecuritiesissuedbyemergingmarketsissuers).

Securitieswillbedeemednon-investmentgrade if,at the timeofpurchase, theyareclassifiedbelow“BBB-”orequivalentandaboveorequalto“CCC”orequivalentbasedonratingagenciesorequivalentdefinedonthebasisof the internalvaluationmodelimplementedbytheInvestmentManager.

TheSub-fundwillnotpurchasedistressedsecuritiesnordefaultsecurities.Inaccordancewiththeabove-mentionedprohibition,withoutprejudicetothefactthatsome“CCC”ratedsecuritiesmaybeconsideredasdistressedsecurities,ifasecurityeligibleforthe

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Sub-fundisrated“CCC”,theInvestmentManagerwillperformananalysis inordertodetermineifsuchsecurityisadistressedsecurity, ifsotheSub-fundwillnotinvestinsuchsecurity.In case of downgrade of an existing investment or other events leading to qualify asecurityoftheSub-fundasdistressedordefault,theManagementCompanythroughitspricingcommittee,willanalysethesituationinthebestinterestoftheCompanyinordertotakeactions.Actionsmayincludewithoutlimitationsellingthesecurityatlowvalue.Inanyevent theManagementCompanyshallensurethatdistressedand/ordefaultsecuritiesheldbytheSub-fundshallnotexceed10%ofitsnetassetvalue. The Sub-fund will aim to maintain a portfolio minimum average rating of “B” orequivalent, (where the portfolio average rating is the market-weighted sum of theindividualsecurityratings,whichdoesnotincludecash),basedontheratingagenciesorequivalentratingdefinedonthebasisoftheinternalvaluationmodelimplementedbytheInvestmentManager.

TheSub-fundmayalso invest inglobalequities(includingemergingmarketsequities)withalimitof40%ofitsnetassetvalue.

Althoughtherearenoparticulargeographicinvestmentlimits,theSub-fundmayinvestnomorethan30%ofitsnetassetvalueingovernment,corporatebonds(investmentgradeandnon-investmentgrade)andequities issuedbyentities located inemergingmarkets.

TheSub-fund’sinvestmentsinCoCoswillnotexceed20%ofitsnetassetvalue.

TheexposuretoassetsissuedbysecuritizationvehiclesorequivalentsuchasABS,MBSandCLOswillnotexceed10%oftheSub-fund’snetassetvalue.

The Sub-fundmayalsobuymoney-market instruments andhold cash. In an adversemarketenvironment,orapproaching theendof thePrincipal InvestmentPeriod, theSub-fundisallowedtobeexposedupto100%ofitsassetstomoneymarketinstrumentsandcash.

TheSub-fundwillinvestinderivativeinstruments,listedorOTC,including(withoutbeinglimited to), forwards, futures, options, swaps (including interest rate and currencyswaps)aswellascreditderivativessuchascreditdefaultswapsforinvestment,hedgingpurposesandefficientportfoliomanagement.TheInvestmentManagerwillnormallyusestrategiestohedgecurrencyrisksduringallperiods,inrespectofinvestmentsheldincurrenciesdifferentfromtheEuro.

The InvestmentManagerwill alsomitigate interest rate risks, credit risks and othermarket risks that the Investment Manager deems relevant, whilst exchange rateexposurewillbepossibleuptoamaximumof30%oftheSub-fund’snetassets.

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The Sub-fund will not enter into total return swaps, neither securities lendingtransactionsnorinrepurchaseorreverserepurchaseagreements.

TheSub-fundhasapre-definedperiodof5years(ending31stMay2023).Oncethetermsof5yearshaveexpired(31stMay2023),therewillbeprogressiveinvestmentseekingtoconsolidatetheperformanceachieved.Therefore, inthemonthsfollowingtheendofthePrincipal InvestmentPeriod,theBoardofDirectorsoftheManagementCompanymay decide to incorporate this Sub-fund into another sub-fund promoted and/ormanagedbycompaniesofthegrouptowhichtheManagementCompanybelongsorofanotherUCITSortoliquidateitorreformulateitsinvestmentpolicyinthebestinterestsoftheshareholders.

Consequently,intheweeksprecedingtheendofthePrincipalInvestmentPeriod,theshareholderswillreceiveanoticeadvisingthemofthedecisionoftheBoardofDirectorsinthisrespect.

InvestorsshouldbeawarethatcashdepositsheldinEuroandEurodenominatedmoneymarketfundsmayoffernegativeyields.AsaresultoftheSub-fundholdingsuchassetsduring the Initial Subscription Period, the Principal Investment Period and the Post-InvestmentPeriod,thenetassetvalueoftheSub-fundattheendofsuchperiodmaybelessthanthenetassetvalueatthebeginningofsuchperiod.

Profileofthetypicalinvestor

TheSub-fundissuitableforinvestorswhosearchmediumterminvestments.Theinvestormustbeabletoacceptacertainvolatilityandthepossibilityof losingpartof theinvestedamount.

Riskfactors Investors should refer to the “Risk” section of thisProspectusintermsofrisksapplicabletoinvestingintheSub-fund and inter alia “Equity securities”, “EmergingMarkets”,“Options,FuturesandSwaps,“InterestRates”,“CreditDefaultSwaps(CDS)transactions”,“CreditRisk”,“Asset-Backed-Securities–Mortgage-Backed-Securities”,“Non-investment grade securities”, “ContingentConvertible Bonds”, “Liquidity Risk”, “CounterpartyRisks”,“LegalRisks”.InvestorsshouldconsiderthisextrariskwhenevaluatingthepotentialbenefitsofinvestinginthisSub-fund.

ReferenceCurrency Euro

InvestmentManager InvescoAssetManagementLimitedPerpetualPark,PerpetualParkDriveHenley-on-Thames,OxfordshireRG91HHUnitedKingdom

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LaunchDateoftheSub-fund

April09,2018

InitialSubscriptionPeriodoftheSub-fund

FromApril09,2018toMay31,2018

FirstCalculationDay June1st,2018

ValuationDay AnyBusinessDayinLuxembourgandinItaly

Subscriptiondeadline 14:00CEToftheValuationDay

Conversiondeadline 14:00CEToftheValuationDay

Redemptiondeadline 14:00CEToftheValuationDay

CalculationDay ThedayfollowingtheValuationDay,beingaBusinessDayinLuxembourgandinItaly

InitialPrice 10Euro

Minimumsubsequentholding

Standard

ClassesofShares ClassesR,S

CategoriesofShares Accumulation,Distribution

Managementfee -1,30%(duringthe«PrincipalInvestmentPeriod»runningfromJune1,2018toMay31,2023)

-0,80%(aftertheendofthe«PrincipalInvestmentPeriod»fromJune1st,2023

Performancefee N/A

Subscriptioncommission N/A

Placementfee A placement fee applied at the end of the InitialSubscription Period equals to 2,00% of the initial NetAssetValueperunit/sharemultipliedby thenumberofresultingunits/sharesbeingissued;itisleviedontheSub-fund’s assets collected as formation expenses and isamortisedoverthenext5years.

Redemptioncommission TheredemptionpricewillbedecreasedbyaredemptionfeepaidtotheSub-fund,appliedonthecountervalueofthenumberofSharesredeemedbasedontheinitialNet

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AssetValueperShare(EUR10)accordingtothefollowingscheme:Period RateofRedemptionFee

During the initialsubscription period (fromApril09,2018toMay31,2018)

Nil

From June 1, 2018 toAugust31,2018

2,00%

From September 1, 2018toNovember30,2018

1,90%

FromDecember1,2018toFebruary28,2019

1,80%

From March 1, 2019 toMay31,2019

1,70%

From June 1, 2019 toAugust31,2019

1,60%

From September 1, 2019toNovember30,2019

1,50%

FromDecember1,2019toFebruary29,2020

1,40%

From March 1, 2020 toMay31,2020

1,30%

From June 1, 2020 toAugust31,2020

1,20%

From September 1, 2020toNovember30,2020

1,10%

FromDecember1,2020toFebruary28,2021

1,00%

From March 1, 2021 toMay31,2021

0,90%

From June 1, 2021 toAugust31,2021

0,80%

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From September 1, 2021toNovember30,2021

0,70%

FromDecember1,2021toFebruary28,2022

0,60%

From March 1, 2022 toMay31,2022

0,50%

From June 1, 2022 toAugust31,2022

0,40%

From September 1, 2022toNovember30,2022

0,30%

FromDecember1,2022toFebruary28,2023

0,20%

From March 1, 2023 toMay31,2023

0,10%

FromJune1,2023 0,00%

Conversioncommission N/A

Global exposuredetermination

AbsoluteVaRapproach

Expectedlevelofleverage TheSub-fundwillregularlymonitor its leverageandtheaveragelevelofleverageisexpectedtobeapproximately150%. The Sub-fund’s leverage may increase to higherlevels, for example, at times when the InvestmentManager deems it most appropriate to use financialderivative instruments to alter the Sub-fund’s interestratesensitivity.The leverage figure is calculated as the sum of thenotionals of the derivatives used as required by theregulations.Thenotionalvalueoftheinvestmentsvariessignificantly from their market value which is why theleveragelimitsmaybehigh.Theseleveragelimitsdonottakeintoaccountanynettingandhedgingarrangementsthat the Sub-fundmay have in place at any time eventhoughthesenettingandhedgingarrangementsareusedfor risk reduction purposes. The methodology used tocalculatetheleverageisthesumoftheabsolutevalueofthenotionals.

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AILIS

MANMULTI-ASSET

Investmentpolicy

The MAN Multi-Asset Sub-fund, expressed in Euro, will be characterised by threeseparatephases:(i)aninitialsubscriptionperiodrunningfromApril23,2018toJune18,2018 (the “Initial Subscription Period”); (ii) a period of five years after the InitialSubscriptionPeriodduringwhichtheSub-fundwillpursueitsmaininvestmentobjective(the “Principal Investment Period”); and (iii) a period subsequent to the PrincipalInvestmentPeriod(the“Post-InvestmentPeriod”).

TheSub-fundhasbeendesigned for subscribers investing in theSub-fundduring theInitialSubscriptionPeriodandmaintainingtheinvestmentuntiltheendofthePrincipalInvestmentPeriod.

DuringtheInitialSubscriptionPeriod,theSub-fundwillhold100%of itsnetassets incash,denominatedinEuro.

The investmentobjective is togeneratecapitalgrowthover thePrincipal InvestmentPeriod by providing dynamic exposure to a diversified range of asset classes and toprovideapositivereturn,measuredinEuro,withastablelevelofvolatilityregardlessofmarketconditions.However,apositiveperformance isnotguaranteedandwhiletheSub-fund aims to achieve positive return in allmarket conditions, itmay not alwaysachievethisobjective.ThereturnforecastsmaydifferiftheinvestordoesnotintendtoholdtheinvestmentuntiltheendofthePrincipalInvestmentPeriod.

TheSub-fundhassetanannualisedvolatilitytargetof5%ofitsnetassets.

TheSub-fundwillfollowaflexibleapproachinrelationtoassetexposuretoachievetheinvestmentobjective,whichattimesmayresultintheSub-fundhavingnoexposuretoparticularassetclasses.

TheSub-fundisnotmanagedtobecomparedtoanyspecificindex.

TheSub-fundwillachieveitsobjectiveduringthePrincipalInvestmentPeriodthroughinvestinginaccordancewithaquantitativestrategy,withtheaimtoprovidestableriskexposures(primarilythroughtheuseoffinancialderivativeinstruments)toallmarketsandassetclassesincluding,butnotlimitedto:equityindexfutures,governmentbondfutures,inflationlinkedbonds,creditdefaultswaps,andcommodityindexswaps.

The Sub-fundwill implement its strategy by investing directly or indirectly - throughunits/shares of undertakings for collective investment in transferable securities(“UCITS”)and/orundertakingsforcollectiveinvestment(“UCIs”)-mainlyin:

(i) exchangetradedandOTCfinancialderivativeinstruments,(ii) transferablesecurities,whichmayincludebutarenotlimitedto:listedequities

securitiesandcommonstock(acrossallindustrialandgeographicalsectorsandmarket capitalisations) and fixed income instruments (including fixed and/orfloating rate, government and/or corporate bonds whichmay be investment

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grade,non-investmentgradeandinflationlinkedbonds),deposits,cashorcashequivalentsandmoneymarketinstruments.

The Sub-fund exposure to the above-mentioned asset classes achieved by indirectinvestmentsthroughunits/sharesofUCITSand/orotherUCIswillnotexceed30%oftheSub-fund’snetassets.

Theexposuretoequitiesinstrumentswillnotexceed60%oftheSub-fund’snetassets.

The exposure to non-investment grade instrumentswill not exceed 30%of the Sub-fund’snetassets.

Securitieswillbedeemednon-investmentgrade if,at the timeofpurchase, theyareclassifiedbelow“BBB-”orequivalentandaboveorequalto“CCC”orequivalentbasedonratingagenciesorequivalentdefinedonthebasisof the internalvaluationmodelimplementedbytheInvestmentManager.

In case of downgrade of an existing investment or other events leading to qualify asecurityoftheSub-fundasdistressedordefault,theManagementCompanythroughitspricingcommittee,willanalysethesituationinthebestinterestoftheCompanyinordertotakeactions.Actionsmayincludewithoutlimitationsellingthesecurityatlowvalue.Inanyevent theManagementCompanyshallensurethatdistressedand/ordefaultsecuritiesheldbytheSub-fundshallnotexceed10%ofitsnetassets.The Sub-fund will not invest in asset backed securities (“ABS”), mortgage backedsecurities(“MBS”)norincontingentconvertiblesecurities(“CoCos”).

TheSub-fundwillnotinvestindistressedsecuritiesnorindefaultsecurities.

TheSub-fundmayalsoobtainexposureupto30%of itsnetassetstoarangeofRiskPremia(MomentumandCarry),acrossmultipleassetclasses.RiskPremiaexistsduetosystematicrisksandbehaviouralpatternsinfinancialmarkets,andmaybeexploitedtoprovidereturnswithlowcorrelationtotraditionalmarkets.

Risk Premia Momentum strategies seeks to exploit the tendency that momentumexposureisfavourablewhereinvestmentsthathaveperformedwell inrecenthistorycontinuetoperformwellinthenearfuture.MomentumStrategiesbuymarketsthataretrendingupandsellmarketsthataretrendingdownandcreatepositivereturnswhenthosetrendspersist.

RiskPremiaCarrystrategiesseekstoexploitthetendencythatcarryexposurefavoursinvestmentswithhigheryields, inthebeliefthatthesewilloutperformloweryieldingassets.CarryStrategiescreatepositivereturnswhenthepricesoftheinstrumentsusedremainrelativelystableallowingdifferentialinyieldstoaccruegraduallyovertime.

TheexposuretoRiskPremiastrategieswillbeachievedbyinvestingin:

(i) transferablesecurities(asdescribedabove);(ii) exchangetradedandOTCfinancialderivativeinstruments;

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(iii) units/shares of undertakings for collective investment in transferablesecurities(“UCITS”)and/orundertakingsforcollectiveinvestment(“UCIs”).

The Sub-fund may use financial derivative instruments for investment purpose, riskhedgingandefficientmanagement.TheSub-fundmayinvestinderivativeinstrumentswhich will include, without limitation, spot and forward contracts, exchange tradedfutures,swaps,totalreturnswaps(whereunderlyingisequity,debtsecuritiesorUCITSeligiblecommodityindex),creditdefaultswaps,options. Investors shouldnote that theuseof financial derivative instruments for investmentpurposes may increase the risk profile of the Sub-fund and the level of leverageexhibited,whichmayinturnleadtoincreasedmovementsintheSub-fund’snetassetvaluewhencomparedtolessleveragedportfolios.

MaximumportionofassetsthatcanbesubjecttoTRS:25%

ExpectedportionofassetsthatwillbesubjecttoTRS:7.8%

Althoughtherearenoparticulargeographicinvestmentlimits,theSub-fundmayinvestnomorethan30%ofitsnetassetsininstrumentsissuedbyentitieslocatedinemergingmarkets.

The Sub-fundwill not enter into securities lending transactions nor in repurchase orreverserepurchaseagreements.

TheSub-fundmayinvestwithoutlimitationininstrumentsdenominatedincurrenciesother thanthereferencecurrency (EUR).TheSub-fundhasapre-definedperiodof5years(endingJune18,2023).Oncethetermsof5yearshaveexpired(June18,2023),therewillbeprogressiveinvestmentseekingtoconsolidatetheperformanceachieved.Therefore,inthemonthsfollowingtheendofthePrincipalInvestmentPeriod,theBoardofDirectorsoftheManagementCompanymaydecidetoincorporatethisSub-fundintoanothersub-fundpromotedand/ormanagedbycompaniesofthegrouptowhichtheManagementCompanybelongsorofanotherUCITSortoliquidateitorreformulateitsinvestmentpolicyinthebestinterestsoftheshareholders.

Consequently,intheweeksprecedingtheendofthePrincipalInvestmentPeriod,theshareholderswillreceiveanoticeadvisingthemofthedecisionoftheBoardofDirectorsinthisrespect.

InvestorsshouldbeawarethatcashdepositsheldinEuroandEurodenominatedmoneymarketfundsmayoffernegativeyields.AsaresultoftheSub-fundholdingsuchassetsduring the Initial Subscription Period, the Principal Investment Period and the PostInvestmentPeriod,thenetassetvalueoftheSub-fundattheendofsuchperiodmaybelessthanthenetassetvalueatthebeginningofsuchperiod.

- 119 -

Profileofthetypicalinvestor

TheSub-fundissuitableforinvestorswhosearchmediumterminvestments.Theinvestormustbeabletoacceptacertainvolatilityandthepossibilityof losingpartof theinvestedamount.

Riskfactors Investors should refer to the “Risk” section of thisProspectusintermsofrisksapplicabletoinvestingintheSub-fundandinteralia“Interestrate”,“Equitysecurities”,“Investment in other UCITS and/or UCIs” including thesub-sections “Credit Risks” and “Leverage – Volatility”whichapplyatthelevelofsuchotherUCITSand/orUCIs,“Credit Risks”, “Leverage – Volatility”, “EmergingMarkets”,“Options,FuturesandSwaps”,“CreditDefaultSwaps (CDS) transactions”, “Total return swap and/orexcessreturnswap”,“Financialderivativesonindicesorsub-indices”,“Commodityindices”,“Counterpartyrisks”,“Legal risks” and “Non-investment grade securities”.InvestorsshouldconsiderthisextrariskwhenevaluatingthepotentialbenefitsofinvestinginthisSub-fund.

ReferenceCurrency Euro

InvestmentManager AHLPartnersLLPRiverbankHouse2SwanLaneLondon,EC4R3ADUnitedKingdom

LaunchDateoftheSub-fund

April23,2018

InitialSubscriptionPeriodoftheSub-fund

FromApril23,2018toJune18,2018

FirstCalculationDay June19,2018

ValuationDay AnyBusinessDayinLuxembourgandinItaly

Subscriptiondeadline 14:00CEToftheValuationDay

Conversiondeadline 14:00CEToftheValuationDay

Redemptiondeadline 14:00CEToftheValuationDay

CalculationDay ThedayfollowingtheValuationDay,beingaBusinessDayinLuxembourgandinItaly

- 120 -

InitialPrice 10Euro

Minimumsubsequentholding

Standard

ClassesofShares ClassesR,S

CategoriesofShares Accumulation,Distribution

Managementfee -1,50%(duringthe«PrincipalInvestmentPeriod»runningfromJune19,2018toJune18,2023)

-0,80%(aftertheendofthe«PrincipalInvestmentPeriod»fromJune19,2023)

Performancefee N/A

Subscriptioncommission N/A

Placementfee A placement fee applied at the end of the InitialSubscription Period equals to 2,00% of the initial NetAssetValueperunit/sharemultipliedby thenumberofresultingunits/sharesbeingissued;itisleviedontheSub-fund’s assets collected as formation expenses and isamortisedoverthenext5years.

Redemptioncommission TheredemptionpricewillbedecreasedbyaredemptionfeepaidtotheSub-fund,appliedonthecountervalueofthenumberofSharesredeemedbasedontheinitialNetAssetValueperShare(EUR10)accordingtothefollowingscheme:Period RateofRedemptionFee

During the initial subscriptionperiod (from April 23, 2018 toJune18,2018)

Nil

From June 19, 2018 toSeptember18,2018

2,00%

From September 19, 2018 toDecember18,2018

1,90%

From December 19, 2018 toMarch18,2019

1,80%

From March 19, 2019 to June18,2019

1,70%

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From June 19, 2019 toSeptember18,2019

1,60%

From September 19, 2019 toDecember18,2019

1,50%

From December 19, 2019 toMarch18,2020

1,40%

From March 19, 2020 to June18,2020

1,30%

From June 19, 2020 toSeptember18,2020

1,20%

From September 19, 2020 toDecember18,2020

1,10%

From December 19, 2020 toMarch18,2021

1,00%

From March 19, 2021 to June18,2021

0,90%

From June 19, 2021 toSeptember18,2021

0,80%

From September 19, 2021 toDecember18,2021

0,70%

From December 19, 2021 toMarch18,2022

0,60%

From March 19, 2022 to June18,2022

0,50%

From June 19, 2022 toSeptember18,2022

0,40%

From September 19, 2022 toDecember18,2022

0,30%

From December 19, 2022 toMarch18,2023

0,20%

From March 19, 2023 to June18,2023

0,10%

FromJune19,2023 0,00%

Conversioncommission N/A

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Global exposuredetermination

AbsoluteVaRapproach

Expectedlevelofleverage TheSub-fundwillregularlymonitor its leverageandtheaveragelevelofleverageisexpectedtobeapproximately250%. The Sub-fund’s leverage may increase to higherlevels,forexample,attimeswhenthe InvestmentManager deems itmost appropriate touse financial derivative instruments to alter the Sub-fund’s interest rate sensitivity. The leverage figure iscalculatedasthesumofthenotionalsofthederivativesusedasrequiredbytheregulations.Thenotionalvalueofthe investments varies significantly from their marketvaluewhichiswhytheleveragelimitsmaybehigh.Theseleveragelimitsdonottakeintoaccountanynettingandhedging arrangements that the Sub-fund may have inplaceatanytimeeventhoughthesenettingandhedgingarrangementsareused for risk reductionpurposes.Themethodologyusedtocalculatetheleverageisthesumoftheabsolutevalueofthenotionals.

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AILIS

JPMFLEXIBLEALLOCATION

Investmentpolicy

The JPM Flexible Allocation Sub-fund, expressed in Euro, aims to provide a positivereturn,measuredinEuro,definedasamixofincomeandcapitalgrowth,byprovidingdynamicexposuretoadiversifiedrangeofassetclasses.

TheSub-fundwillinvestgloballyinadiversifiedportfoliowhichmayinclude:equities,governmentbonds,corporatebonds,emergingmarketdebt,non-investmentgradedebtsecurities (as defined below), asset backed securities (“ABS”), mortgage backedsecurities(“MBS”),contingentconvertiblesecurities(“CoCos”),currenciesandcash.

Theexposuretoequitiesinstrumentswillnotexceed40%oftheSub-fund’snetassets.

TheSub-fundmayinvestupto50%oftheSub-fund’snetassetsinnon-investmentgradedebt securities (including non-investment grade debt securities issued by emergingmarketissuers).

Securitieswillbedeemednon-investmentgrade if,at the timeofpurchase, theyareclassifiedbelow“BBB-”orequivalentandaboveorequalto“CCC”orequivalentbasedonratingagenciesorequivalentdefinedonthebasisof the internalvaluationmodelimplementedbytheInvestmentManager.

The Sub-fundwill not investdirectly indistressed securitiesnor indefault securities,withoutprejudice to the fact that some“CCC” ratedsecuritiesmaybeconsideredasdistressedsecurities.Inaccordancewiththeabove-mentionedprohibition,ifasecurityeligiblefortheSub-fundisrated“CCC”,theInvestmentManagerwillperformananalysisinordertodetermineifsuchsecurityisadistressedsecurity,ifsotheSub-fundwillnotinvestinsuchsecurity.

TheSub-fundmayinvestinunits/sharesofUCITSwhichinvestindistressedordefaultsecurities.Suchindirectexposurewillnotrepresentmorethan10%oftheSub-fund’snetassets.In case of downgrade of an existing investment or other events leading to qualify asecurityoftheSub-fundasdistressedordefault,theInvestmentManagerwillanalysethesituationinthebestinterestoftheCompanyinordertotakeactions.Actionsmayincludewithoutlimitationsellingthesecurityatlowvalue.InanyeventtheManagementCompanyshallensurethatthe investmentrestrictionsconcerningdirectand/orindirectinvestmentsindistressedand/ordefaultsecuritiesshallbecompliedwithinsuchsituation.The Sub-fund will aim to maintain a portfolio’s minimum average rating of BB- orequivalent, (where the portfolio’s average rating is themarketweighted sumof theindividualsecurity’sratings,whichdoesnotincludecash),basedontheratingagencies

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orequivalentratingdefinedonthebasisoftheinternalvaluationmodelimplementedbytheInvestmentManager.

TheSub-fund’saggregateexposuretoABSandMBSwillnotexceed15%ofitsnetassetvalue.TheSub-fund’sinvestmentsinCoCoswillnotexceed20%ofitsnetassetvalue.

Althoughtherearenoparticulargeographic investment limits, theSub-fundmaynotinvest more than 30% of its net assets in government bonds, corporate bonds(investmentgradeandnon-investmentgrade)andequityinstrumentsissuedbyentitieslocated in emerging markets. The Sub-fund may invest in China A-Shares via theShanghai-HongKongStockConnectprogram.

TheSub-fundexposuretotheabove-mentionedassetclassesmaybeachievedthroughdirectinvestmentsand/or,uptothe49%oftheSub-fund’snetassets,throughindirectinvestmentsinunits/sharesofUCITSand/orUCIs.

TheSub-fundmayalsoinvestinmoney-marketinstrumentsandholdcash.Inanadversemarketenvironmentandalwayssubjecttothecompliancewiththeriskdiversificationrequirementsapplicabletoit,theSub-fundisallowedtobeexposedupto100%ofitsnetassetstomoneymarketinstrumentsandcash.

TheSub-fundisnotmanagedtobecomparedtoanyspecificindex.

Toenhanceinvestmentreturns,theInvestmentManagermayusebothlongandshortpositions (achieved through the use of financial derivative instruments which mayinclude,withoutlimitation,spotandforwardcontracts,exchangetradedfutures,swaps,creditdefaultswaps,options)inordertovaryassets,currenciesandmarketallocationsinresponsetomarketconditionsandopportunities.AsaresulttheSub-fundmayhavenetlongornetshortexposuretocertainmarketsand/orcurrenciesfromtimetotime.

TheSub-Fundmayusefinancialderivativeinstrumentsforthepurposeofriskhedging,investmentandefficientportfoliomanagement.TheSub-fundmayinvestwithoutlimitationininstrumentsdenominatedincurrenciesother than the reference currency (EUR). The Sub-fundmay use strategies to hedgedevelopedmarketcurrencyrisks,inrelationtocurrenciesdifferentfromtheEURO.Inaggregate, and accounting for active currency positions as described in the previousparagraph,thenon-EUROcurrencyexposurewillnotexceed30%oftheSub-fund’snetassets.

MaximumportionofassetsthatcanbesubjecttoTRS:0%

ExpectedportionofassetsthatwillbesubjecttoTRS:0%

The Sub-fundwill not enter into securities lending transactions nor in repurchase orreverserepurchaseagreements.

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AtinceptionoftheSub-fundandforaperiodofmaximum6months,theabovedescribedinvestmentpolicy canbepursuedby investingpart or all of the Sub-fund’s assets inUCITSwithsimilarinvestmentuniverseandequivalentperformance.

Profileofthetypicalinvestor

TheSub-fundissuitableforinvestorswhosearchmediumterm investments. Investors must be able to accept acertainvolatilityandthepossibilityof losingpartof theinvestedamount.

Riskfactors Investors should refer to the “Risk” section of thisProspectusintermsofrisksapplicabletoinvestingintheSub-fund and inter alia “Equity securities”, “EmergingMarkets”,“Options,FuturesandSwaps,“InterestRates”,“CreditDefaultSwaps(CDS)transactions”,“CreditRisk”,“Asset-Backed-Securities–Mortgage-Backed-Securities”,“Non-investment grade securities”, “ContingentConvertible Bonds”, “Distressed securities”, “Defaultsecurities”,“LiquidityRisk”,“CounterpartyRisks”,“LegalRisks”,“InvestmentinotherUCITSand/orUCIs”.Investorsshould consider this extra risk when evaluating thepotentialbenefitsofinvestingintheSub-fund.

ReferenceCurrency Euro

InvestmentManager J.P.MorganAssetManagement(UK)Limited60VictoriaEmbankmentLondon,EC4Y0JP

LaunchDateoftheSub-fund

September10,2018

InitialSubscriptionPeriodoftheSub-fund/InitialSubscriptionDay

FromSeptember10,2018toSeptember19,2018

FirstCalculationDay September20,2018

ValuationDay AnyBusinessDayinLuxembourgandinItaly

Subscriptiondeadline 14:00CEToftheValuationDay

Conversiondeadline 14:00CEToftheValuationDay

Redemptiondeadline 14:00CEToftheValuationDay

CalculationDay ThedayfollowingtheValuationDay,beingaBusinessDayinLuxembourgandinItaly

InitialPrice 10Euro

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Minimumsubsequentholding

Standard

ClassesofShares ClassesR,S,I

CategoriesofShares Accumulation,Distribution

Managementfee -1,70%forshareclassesR,S

-1,10%forshareclassI

Performancefee N/A

Subscriptioncommission Upto2,00%

Placementfee N/A

Redemptioncommission N/A

Conversioncommission N/A

Global exposuredetermination

AbsoluteVaRapproach

Expectedlevelofleverage TheSub-fundwillregularlymonitor its leverageandtheaveragelevelofleverageisexpectedtobeapproximately200%. The Sub-fund’s leverage may increase to higherlevels, for example, at times when the InvestmentManager deems it most appropriate to use financialderivative instruments to alter the Sub-fund’s interestrate sensitivity. The leverage figure is calculated as thesumofthenotionalsofthederivativesusedasrequiredbytheregulations.Thenotionalvalueoftheinvestmentsvariessignificantlyfromtheirmarketvaluewhichiswhytheleveragelimitsmaybehigh.Theseleveragelimitsdonot take into account any netting and hedgingarrangementsthattheSub-fundmayhaveinplaceatanytime even though these netting and hedgingarrangementsareused for risk reductionpurposes.Themethodologyusedtocalculatetheleverageisthesumoftheabsolutevalueofthenotionals.