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Dear Shareholder, The Company’s board of directors (the "Board") hereby informs you of the following changes to be made to the prospectus of the Company (the “Prospectus”):
1) Use of benchmark
In order to ensure compliance with the disclosure requirements foreseen by the ESMA Q&A on the UCITS Directive related to the use of a benchmark, the following paragraph has been added to the investment policy:
"The sub-fund is actively and discretionarily managed. The sub-fund is not managed in reference to an index."
2) Update of the section “Derivatives and Techniques”
The description of the use of repurchase and reverse repurchase transactions has been clarified by adding further details on the efficient portfolio management techniques that may be used:
“The sub-fund may also use repurchase and reverse repurchase agreements for efficient portfolio management (as further described in section “Instruments and Techniques the Sub-Funds may use”) such as (but not limited to) to create arbitrage positions designed to profit from changes in interest rate spreads.”
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