Amundi Funds Prospectus (For Hong Kong Investors) - February 2015 Relating to the permanent offer of Shares of Amundi Funds a société d investissement à capital variable Amundi Hong Kong Limited 901-908, One Pacific Place, No. 88 Queensway, Hong Kong Tel: (852) 2521 4231 Fax:(852) 2868 1450 Email: info@hk.amundi.com Website: http://www.amundi.com/hkg
Amundi Funds (the Company ) Société d investissement à capital variable Registered office : 5, Allée Scheffer L-2520 Luxembourg R.C.S. de Luxembourg B-68.806 THIS NOTIFICATION IS IMPORTANT AND REQUIRES IMMEDIATE ATTENTION. IF IN DOUBT, PLEASE SEEK PROFESSIONAL ADVICE. THE BOARD OF DIRECTORS ACCEPT RESPONSIBILITY FOR THE INFORMATION CONTAINED IN THIS NOTIFICATION AS BEING ACCURATE AS AT THE DATE OF PUBLICATION. Dear Shareholder, Withdrawal of the authorization of Amundi Funds Equity India Infrastructure Luxembourg, 30 April, 2018 The Board of Directors of the Company has decided to withdraw the authorization of Equity India Infrastructure (the Sub-Fund ), a sub-fund of the Company, in Hong Kong with effect from 31 July, 2018, due to limited market demand on this single country/single sector fund. As of the date of issuance of the present notice, the Company will cease marketing the Sub-Fund to the public in Hong Kong, and as of 31 July, 2018 the authorization of the Sub-Fund in Hong Kong will be withdrawn. As such, as from 31 July, 2018, the Sub-Fund will no longer be regulated by the Securities and Futures Commission ( SFC ) and not be available for public distribution in Hong Kong nor be subject to the requirements of the Code on Unit Trusts and Mutual Funds. However the Sub-Fund will continue to operate and be subject to the supervision of the Luxembourg regulatory authority, the Commission de Surveillance du Secteur Financier. Consequently, references and information relating to the Sub-Fund in the Hong Kong prospectus will be deleted in their entirety. Product documentation of the Sub-Fund previously issued to investors should be retained for personal use only and not for public circulation. As mentioned above, the Company is no longer able to market the Sub-Fund to the public in Hong Kong from the date of issuance of the present notice. Affected shareholders have the right to redeem or convert their shares, without redemption or conversion fee to any other share class (provided that they meet the specific requirements described in the current Hong Kong prospectus of the Company, for each type of share class) of other SFC authorized sub-funds 1 of the Company in Hong Kong, from the date of issuance of the present notice until 31 July, 2018, 5pm Hong Kong time, in accordance with procedures and arrangements for redemption and conversion as set out in the Hong Kong prospectus of the Company. Shareholders should refer to the current Hong Kong prospectus of the Company for details of those other SFC authorized sub-funds 1 of the Company in Hong Kong. Should shareholders choose not to redeem or convert their shares on or prior to 31 July, 2018, they will remain invested in the Sub-Fund. The Sub-Fund will continue to be managed in accordance with its constitutive documents despite the withdrawal of authorization of the Sub-Fund in Hong Kong. There will be no change in the operation of the Sub-Fund. Shareholders should obtain professional advice regarding the withdrawal of the authorization in Hong Kong of the Sub-Fund. Save as otherwise contemplated hereunder, the withdrawal of the authorization in Hong Kong shall not affect the rights and interests of the shareholders in the Sub-Fund. 1 SFC authorization is not a recommendation or endorsement of a scheme nor does it guarantee the commercial merits of a scheme or its performance. It does not mean the scheme is suitable for all investors nor is it an endorsement of its suitability for any particular investor or class of investors. 1
Ordinarily, under current law and practice in Hong Kong, no tax will be payable by Hong Kong shareholders in respect of dividends or other income distributions of the Sub-Fund or in respect of any capital gain arising on a sale, realisation or other disposal of shares, except that Hong Kong profits tax may arise where such transactions form part of a trade, profession or business carried on in Hong Kong. However, it is recommended that you seek specific tax advice should your circumstances require. The total assets under management of the Sub-Fund as at 28 February, 2018 was USD 50.78 million. The costs relating to the withdrawal of the authorization in Hong Kong of the Sub-Fund shall be borne by Amundi Luxembourg S.A., the management company of the Company. The Hong Kong prospectus of the Company will be updated in due course to reflect the withdrawal of the authorization of the Sub-Fund and will be available on request free of charge at the office of Amundi Hong Kong Limited, the Hong Kong Representative, at 901-908, One Pacific Place, No.88 Queensway, Hong Kong. Concerning enquiries on the above, please contact Amundi Hong Kong Limited, the Hong Kong Representative at (852) 2521 4231. Yours sincerely, The Board of Directors 2
THIS NOTIFICATION IS IMPORTANT AND REQUIRES IMMEDIATE ATTENTION. IF IN DOUBT, PLEASE SEEK PROFESSIONAL ADVICE. THE BOARD OF DIRECTORS ACCEPT RESPONSIBILITY FOR THE INFORMATION CONTAINED IN THIS NOTIFICATION AS BEING ACCURATE AS AT THE DATE OF PUBLICATION. Dear Shareholder, Amundi Funds (the Fund ) Société d investissement à capital variable Registered office : 5, Allée Scheffer L-2520 Luxembourg R.C.S. de Luxembourg B-68.806 Luxembourg, 21 March, 2018 Unless otherwise defined herein, terms and expressions used in this notice have the same meanings as given to them in the Hong Kong offering documents of the Fund and the Sub-Funds. The Board of Directors of the Fund informs you about the following change decided for the sub-fund Amundi Funds Equity Asia Concentrated (the Sub-Fund ) Change of Investment Manager Within the framework of the organisational evolution within Amundi Group and streamlining of its management activities, the Board approved the decision of Amundi Luxembourg S.A., acting as Management Company of the Fund, to appoint Amundi Asset Management as investment manager (the New Investment Manager ) of the Sub-Fund in place of Amundi Hong Kong Limited, effective as from 2 July, 2018. The New Investment Manager is a company acting through its main establishment (90, boulevard Pasteur, 75015 Paris, France), or its London Branch (41, Lothbury, London EC2R7HF, United Kingdom). The New Investment Manager is acting as the investment manager of a range of existing SFC-authorized sub-funds under the Fund. The change of investment manager will not require the shareholders approval pursuant to applicable law and the Articles of Incorporation. The change of investment manager will not have any material impact on the investment policy, operation, dealing arrangement, terms and conditions, fee structure and overall risk profile of the Fund and the Sub- Funds. The Fund and the Sub-Fund will continue to operate and be managed in the same manner notwithstanding the change of investment manager. Any costs associated with the above change will be borne by the Management Company. If you don t agree with the above change, you have the right to redeem your shares, without redemption fee, before 5 pm Hong Kong time by 2 July, 2018. The latest prospectus of the Fund is available on request free of charge at its registered office and at the office of the Hong Kong Representative at 901-908, One Pacific Place, No.88 Queensway, Hong Kong. If you would like any further information, please contact Amundi Hong Kong Limited, the Hong Kong Representative at (852) 2521 4231. Yours faithfully, The Board of Directors
THIS NOTIFICATION IS IMPORTANT AND REQUIRES IMMEDIATE ATTENTION. IF IN DOUBT, PLEASE SEEK PROFESSIONAL ADVICE. THE BOARD OF DIRECTORS ACCEPT RESPONSIBILITY FOR THE INFORMATION CONTAINED IN THIS NOTIFICATION AS BEING ACCURATE AS AT THE DATE OF PUBLICATION. Dear Shareholder, Amundi Funds (the Fund ) Société d investissement à capital variable Registered office : 5, Allée Scheffer L-2520 Luxembourg R.C.S. de Luxembourg B-68.806 Luxembourg, 21 March, 2018 Unless otherwise defined herein, terms and expressions used in this notice have the same meanings as given to them in the Hong Kong offering documents of the Fund and the Sub-Funds. The Board of Directors of the Fund informs you about the following change decided for the sub-fund Amundi Funds Equity Greater China (the Sub-Fund ) Change of Investment Manager Within the framework of the organisational evolution within Amundi Group and streamlining of its management activities, the Board approved the decision of Amundi Luxembourg S.A., acting as Management Company of the Fund, to appoint Amundi Asset Management as investment manager (the New Investment Manager ) of the Sub-Fund in place of Amundi Hong Kong Limited, effective as from 2 July, 2018. The New Investment Manager is a company acting through its main establishment (90, boulevard Pasteur, 75015 Paris, France), or its London Branch (41, Lothbury, London EC2R7HF, United Kingdom). The New Investment Manager is acting as the investment manager of a range of existing SFC-authorized sub-funds under the Fund. The change of investment manager will not require the shareholders approval pursuant to applicable law and the Articles of Incorporation. The change of investment manager will not have any material impact on the investment policy, operation, dealing arrangement, terms and conditions, fee structure and overall risk profile of the Fund and the Sub- Funds. The Fund and the Sub-Fund will continue to operate and be managed in the same manner notwithstanding the change of investment manager. Any costs associated with the above change will be borne by the Management Company. If you don t agree with the above change, you have the right to redeem your shares, without redemption fee, before 5 pm Hong Kong time by 2 July, 2018. The latest prospectus of the Fund is available on request free of charge at its registered office and at the office of the Hong Kong Representative at 901-908, One Pacific Place, No.88 Queensway, Hong Kong. If you would like any further information, please contact Amundi Hong Kong Limited, the Hong Kong Representative at (852) 2521 4231. Yours faithfully, The Board of Directors
Amundi Funds Société d investissement à capital variable Registered office : 5, Allée Scheffer L-2520 Luxembourg R.C.S. de Luxembourg B-68.806 THIS NOTIFICATION IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION. IF IN DOUBT, PLEASE SEEK PROFESSIONAL ADVICE. THE BOARD OF DIRECTORS ACCEPT RESPONSIBILITY FOR THE INFORMATION CONTAINED IN THIS NOTIFICATION AS BEING ACCURATE AS AT THE DATE OF PUBLICATION. Dear Shareholders, Luxembourg, 2 March 2018 The Board of Directors of Amundi Funds informs you about the following change decided for the sub-fund Amundi Funds Equity India Infrastructure (the Sub-Fund ) Implementation of advisory agreement Due to the reorganisation of the Amundi Group and streamlining of the management activities, and with the approval of Amundi Luxembourg, acting as management company of the Company, the Board agreed with the decision of Amundi Hong-Kong Ltd, acting as Investment Manager of the Sub-Fund Amundi Funds Equity India Infrastructure, to appoint, as from 31 March 2018 (the Effective Date ), SBI FM, as Investment Adviser, in order to provide investment advice (without discretionary management power) for this Sub-Fund. The Investment Adviser is a company incorporated under Indian Law with a capital of INR 500,000,000. Its principal activity is to offer and manage Indian mutual funds. SBI FM is regulated by the Securities and Exchange Board of India. Please be assured that the above change will not affect the operation of the Sub-Fund, the way the Sub- Fund is managed nor any other characteristic of the Sub-Fund, including its risk profile and level of fees and charges. There will not be any material adverse impact on the interests of the shareholders of the Company and the Sub-Fund, Also, there will be no change in the fees payable (such as current and maximum trustee and management fees) by the Company, the Sub-Fund or shareholders and there will be no additional type of fee being payable by shareholders as a result of the changes. The costs and expenses in connection with the above changes will be borne by the management company of the Company and the Sub-Fund. If you don t agree with this modification, you have the right to redeem your shares, without redemption fee, on or before the Effective Date. The latest prospectus of the Company and Product Key Facts Statement of the Sub-Fund are available on request free of charge at the office of the Hong Kong Representative at 901-908, One Pacific Place, No.88 Queensway, Hong Kong. Concerning the enquiries on the above, please contact Amundi Hong Kong Limited, the Hong Kong Representative at (852) 2521 4231. Yours faithfully, The Board of Directors
Amundi Funds Société d investissement à capital variable Registered office : 5, Allée Scheffer L-2520 Luxembourg R.C.S. de Luxembourg B-68.806 THIS NOTIFICATION IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION. IF IN DOUBT, PLEASE SEEK PROFESSIONAL ADVICE. THE BOARD OF DIRECTORS ACCEPT RESPONSIBILITY FOR THE INFORMATION CONTAINED IN THIS NOTIFICATION AS BEING ACCURATE AS AT THE DATE OF PUBLICATION. Dear Shareholder, Luxembourg, 28 February 2018 The Board of Directors of Amundi Funds informs you about the following change decided for the sub-fund Amundi Funds Equity Europe Concentrated (the Sub-Fund ) Implementation of advisory agreement Due to the reorganisation of the Amundi Group and streamlining of the management activities, and with the approval of Amundi Luxembourg, acting as management company of the Company, the Board agreed with the decision of Amundi Asset Management, acting as Investment Manager of the Sub-Fund Amundi Funds Equity Europe Concentrated, to appoint, since January 8, 2018 (the Effective Date ), Pioneer Investment Management Limited, as Investment Adviser, in order to provide investment advice (without discretionary management power) for this Sub-Fund. The Investment Adviser is Pioneer Investment Management Limited, a wholly owned subsidiary of Pioneer Global Asset Management S.p.A incorporated and existing in accordance with the laws of Ireland, with its registered office at 1 George s Quay Plaza, George s Quay, Dublin 2, Ireland. Please be assured that the above change will not affect the operation of the Sub-Fund, the way the Sub- Fund is managed nor any other characteristic of the Sub-Fund, including its risk profile and level of fees and charges. There will not be any material adverse impact on the interests of the shareholders of the Company and the Sub-Fund. Also, there will be no change in the fees payable (such as current and maximum trustee and management fees) by the Company, the Sub-Fund or shareholders and there will be no additional type of fee being payable by shareholders as a result of the changes. The costs and expenses in connection with the above changes will be borne by the management company of the Company and the Sub-Fund. If you don t agree with this modification, you have the right to redeem your shares, without redemption fee, on or before the Effective Date. The latest prospectus of the Company and Product Key Facts Statement of the Sub-Fund are available on request free of charge at the office of the Hong Kong Representative at 901-908, One Pacific Place, No.88 Queensway, Hong Kong. Concerning the enquiries on the above, please contact Amundi Hong Kong Limited, the Hong Kong Representative at (852) 2521 4231. Yours faithfully, The Board of Directors
Amundi Funds (the Fund ) Sixth Addendum to the Prospectus dated February 2015 I. Removal of Equity Brazil As a result of the completion of the merger of Equity Brazil into Equity Latin America and the withdrawal of the Equity Brazil s authorization status in Hong Kong, all references and information related to this subfund in the following sections of the prospectus are hereby deleted in their entirety with immediate effect: - IV. List of Sub-funds (p.4) - V. Objective and Investment Policy (p.15) - Appendix I: Classes of Shares (p.58) - Appendix II: Investment Managers and Sub-managers (p.60) - Appendix III: Measurement and Management of Risk (p.63) II. Change of name of Equity Asia ex Japan and Equity Global Agriculture All references to the sub-funds Equity Asia ex Japan and Equity Global Agriculture in the following sections are changed respectively to Equity Asia Concentrated with effect from 20 December 2017 and CPR Global Agriculture with effect from 27 October 2017: - IV. List of Sub-funds (p.4) - V. Objective and Investment Policy (p.13 and 15) - Appendix I: Classes of Shares (p.58) - Appendix II: Investment Managers and Sub-managers (p.60) - Appendix III: Measurement and Management of Risk (p.63 and 64) III. Investment Policy Changes With effect from 3 July 2017, the investment policy of the following sub-funds under the section headed V. Objective and Investment Policy has been changed respectively in the following manner: 1. Equity Global Concentrated The sub-section headed Equity Global Concentrated (p.11) is deleted in its entirety and replaced by the following: Equity Global Concentrated Objective and Investment Policy Objective To achieve long-term capital growth. Specifically, the sub-fund seeks to outperform (after applicable fees) the MSCI World All Countries (ACWI) TR index. 1
Investments The sub-fund invests mainly in equities of large capitalisation companies around the world. Specifically, the sub-fund invests at least 67% of net assets in equities of companies that have a market capitalisation of at least USD 500 million at the time of the purchase. There are no currency constraints on these investments. While complying with the above policies, the remaining net assets of the sub-fund may also invest in other equities, Equity-Linked Instruments, convertible bonds, bonds, money market instruments and deposits, and may invest up to 10% of net assets in UCITS/UCIs. The sub-fund does not intend to invest more than 10% of net assets in unrated or below Investment Grade bonds issued or guaranteed by any one sovereign issuer (including its government, a public or local authority of that country). Derivatives The sub-fund may use derivatives for hedging purposes only. Base Currency USD. Management Process The investment team selects equities based on a disciplined approach to valuation (bottom-up), constructing a concentrated portfolio that consists of those securities about which the investment team has conviction. The team focuses on long-term opportunities to take advantage of market mispricings. Investment Manager Amundi Asset Management. 2. Equity US Relative Value The sub-section headed Equity US Relative Value (p.12) is deleted in its entirety and replaced by the following: Equity US Relative Value Objective and Investment Policy Objective To achieve long-term capital growth. Specifically, the sub-fund seeks to outperform (after applicable fees) the S&P 500 (Total Return) index. Investments The sub-fund invests mainly in equities in the United States. Specifically, the sub-fund invests at least 67% of assets in equities of companies that: - are headquartered, or do substantial business, in the United States, and - are listed in the United States or in one of the OECD countries. 2
While complying with the above policies, the remaining net assets of the sub-fund may also invest in other equities, Equity-Linked Instruments, convertible bonds, bonds, money market instruments and deposits, and may invest up to 10% of net assets in UCITS/UCIs. The sub-fund does not intend to invest more than 10% of net assets in unrated or below Investment Grade bonds issued or guaranteed by any one sovereign issuer (including its government, a public or local authority of that country). Derivatives The sub-fund may use derivatives for hedging and efficient portfolio management. The sub-fund will not invest extensively in financial derivative instruments for investment purposes. Base Currency USD. Management Process The investment team actively manages the sub-fund s portfolio by using a stock-picking model (bottom-up) that is based on relative value analysis and that aims to select companies that appear to be undervalued with strong growth potential and a limited downside risk. Investment Manager TCW Investment Management Company. 3. Equity Europe Concentrated The sub-section headed Equity Europe Concentrated (p.12) is deleted in its entirety and replaced by the following: Equity Europe Concentrated Objective and Investment Policy Objective To achieve long-term capital growth. Specifically, the sub-fund seeks to outperform (after applicable fees) the MSCI Europe (dividends reinvested) index. Investments The sub-fund invests mainly in European equities. Specifically, the sub-fund invests at least 75% of net assets in equities of companies that are headquartered, or do substantial business, in Europe. There are no currency constraints on these investments. While complying with the above policies, the remaining net assets of the sub-fund may also invest in other equities, Equity-Linked Instruments, convertible bonds, bonds, money market instruments and deposits, and may invest up to 10% of net assets in UCITS/UCIs. The Sub-Fund does not intend to invest more than 10% of the Sub-Fund's net asset value in securities issued and/or guaranteed by a single sovereign issuer (including its government, a public or local authority of that country) which is below Investment Grade or unrated. 3
Derivatives The sub-fund may use derivatives for hedging and efficient portfolio management. The sub-fund will not invest extensively in financial derivative instruments for investment purposes. Base Currency EUR. Management Process The investment team selects equities based on a fundamental analysis (bottom-up), constructing a concentrated portfolio that consists of those securities about which the investment team has conviction, with no bias in terms of style or market capitalisation. Investment Manager Amundi Asset Management. 4. CPR Global Gold Mines The sub-section headed CPR Global Gold Mines (p.13) is deleted in its entirety and replaced by the following: CPR Global Gold Mines Objective and Investment Policy Objective To achieve long-term capital growth. Specifically, the sub-fund seeks to outperform (after applicable fees) the NYSE Arca Gold Miners Index. Investments The sub-fund invests mainly in equities of companies around the world that are involved in the mining of gold, and in related activities. Specifically, the sub-fund invests at least 67% of assets in equities of companies involved in the mining of gold or other precious metals and minerals or related activities. There are no currency constraints on these investments. While complying with the above policies, the remaining net assets of the sub-fund may also invest in other equities, Equity-Linked Instruments, convertible bonds, bonds, money market instruments and deposits, and may invest up to 10% of net assets in UCITS/UCIs. Derivatives The sub-fund may use derivatives for hedging and efficient portfolio management only. The sub-fund will not invest extensively in financial derivative instruments for investment purposes. Base Currency USD. Management Process The investment team selects equities based on the analysis of the gold market trends (top-down) and fundamental analysis of company outlooks (bottom-up). Investment Manager CPR Asset Management. 4
5. CPR Global Lifestyles The sub-section headed CPR Global Lifestyles (p.13) is deleted in its entirety and replaced by the following: CPR Global Lifestyles Objective and Investment Policy Objective To achieve long-term capital growth. Specifically, the sub-fund seeks to outperform (after applicable fees) the MSCI World Index. Investments The sub-fund invests mainly in equities of companies around the world benefiting from the dynamism of consumption related to individual self-fulfillment and well-being. Specifically, the sub-fund invests at least 67% of assets in the companies tied to this theme through, amongst others, luxury goods, travel, leisure and information technology. There are no currency constraints on these investments. While complying with the above policies, the remaining net assets of the sub-fund may also invest in other equities, Equity-Linked Instruments, convertible bonds, bonds, money market instruments and deposits, and may invest up to 10% of net assets in UCITS/UCIs. Derivatives The sub-fund may use derivatives for hedging and efficient portfolio management. The sub-fund will not invest extensively in financial derivative instruments for investment purposes. Base Currency USD. Management Process The investment team selects equities based on the analysis of consumption trends (top-down) and fundamental analysis of company outlooks (bottom-up). Investment Manager CPR Asset Management 6. CPR Global Agriculture The sub-section headed CPR Global Agriculture (p.13-14) is deleted in its entirety and replaced by the following: CPR Global Agriculture Objective and Investment Policy Objective To achieve long-term capital growth. Specifically, the sub-fund seeks to outperform (after applicable fees) the S&P Global Agribusiness Equity net total return index. 5
Investments The sub-fund invests mainly in equities of companies around the world that are involved in agriculture and related activities. Specifically, the sub-fund invests at least 67% of assets in equities of companies in agriculture, animal husbandry, fertilizers, systems of irrigation, agrarian equipment, transport, stocking and trade of farm products, and related activities. There are no currency constraints on these investments. While complying with the above policies, the remaining net assets of the sub-fund may also invest in other equities, Equity-Linked Instruments, convertible bonds, bonds, money market instruments and deposits, and may invest up to 10% of net assets in UCITS/UCIs. Derivatives The sub-fund may use derivatives for hedging and efficient portfolio management. The sub-fund will not invest extensively in financial derivative instruments for investment purposes. Base Currency USD. Management Process The investment team selects equities based on a combination of sector-based macro (top-down) and fundamental (bottom-up) analysis. Investment Manager CPR Asset Management. 7. CPR Global Resources The sub-section headed CPR Global Resources (p.14) is deleted in its entirety and replaced by the following: CPR Global Resources Objective and Investment Policy Objective To achieve long-term capital growth. Specifically, the sub-fund seeks to outperform (after applicable fees) a reference indicator that is structured as follows: 1/3 Nyse Arca Gold Miners + 1/3 MSCI World Energy (GICS Industry Group 1010) + 1/3 MSCI World Materials (GICS Industry Group 1510) index. Investments The sub-fund invests mainly in equities of companies around the world in the energy, gold and materials sectors. Specifically, the sub-fund invests at least 67% of assets in equities and Equity-Linked Instruments of these companies. There are no currency constraints on these investments. While complying with the above policies, the remaining net assets of the sub-fund may also invest in other equities, Equity-Linked Instruments, convertible bonds, bonds, money market instruments and deposits, and may invest up to 10% of net assets in UCITS/UCIs. 6
Derivatives The sub-fund may use derivatives for hedging and efficient portfolio management. The sub-fund will not invest extensively in financial derivative instruments for investment purposes. Base Currency USD. Management Process The investment team builds a diversified portfolio reflecting their strongest convictions on sectors and equities. The investment team allocates actively amongst sectors depending on economic cycles (topdown) and selects equities based on the fundamental analysis of company outlooks (bottom-up). Investment Manager CPR Asset Management. 8. Equity ASEAN The sub-section headed Equity ASEAN (p.15) is deleted in its entirety and replaced by the following: Equity ASEAN Objective and Investment Policy Objective To achieve long-term capital growth. Specifically, the sub-fund seeks to outperform (after applicable fees) the MSCI South East Asia index. Investments The sub-fund invests mainly in equities of companies in countries that are members of the Association of the Southeast Asian Nations (ASEAN). Specifically, the sub-fund invests at least 67% of assets in equities of companies that are headquartered, or do substantial business, in ASEAN member countries. The sub-fund may invest in equity-linked notes (including P-Notes) for the purpose of efficient portfolio management, with a maximum of 30% of net assets in P-Notes based on China A-Shares. There are no currency constraints on these investments. While complying with the above policies, the remaining net assets of the sub-fund may also invest in other equities, Equity-Linked Instruments, convertible bonds, bonds, money market instruments and deposits, and may invest up to 10% of net assets in UCITS/UCIs. Derivatives The sub-fund may use derivatives for hedging and efficient portfolio management. The sub-fund will not invest extensively in financial derivative instruments for investment purposes. Base Currency USD. Management Process The investment team actively manages the sub-fund s portfolio by using a stock-picking model (bottom-up) that aims to select the most attractive equities based on growth potential and valuation. Investment Manager Amundi Hong Kong Ltd. 7
9. Equity MENA The sub-section headed Equity MENA (p.16) is deleted in its entirety and replaced by the following: Equity MENA Objective and Investment Policy Objective To achieve long-term capital growth. Specifically, the sub-fund seeks to outperform (after applicable fees) the S&P Pan Arab Large Mid Cap index. Investments The sub-fund invests mainly in equities of companies in the Middle East and North Africa (MENA). Specifically, the sub-fund invests at least 67% of assets in equities and Equity-Linked Instruments of companies that are headquartered, or do substantial business, in MENA countries. The sub-fund may invest in P-Notes for the purpose of efficient portfolio management. There are no currency constraints on these investments. While complying with the above policies, the remaining assets of the sub-fund may also invest in other equities, Equity-Linked Instruments, convertible bonds, bonds, money market instruments and deposits, and may invest up to 10% of net assets in UCITS/UCIs. Derivatives The sub-fund may use derivatives for hedging and efficient portfolio management. The sub-fund will not invest extensively in financial derivative instruments for investment purposes. Base Currency USD. Management Process The investment team actively manages the sub-fund s portfolio by combining top-down and bottom-up strategies: geographical allocation, sector allocation within each country and equity selection based on growth potential and valuation. Investment Manager Amundi Asset Management. 10. SBI FM Equity India The sub-section headed SBI FM Equity India (p.17) is deleted in its entirety and replaced by the following: SBI FM Equity India Objective and Investment Policy Objective To achieve long-term capital growth. Specifically, the sub-fund seeks to outperform (after applicable fees) the 10/40 MSCI India index. 8
Investments The sub-fund invests mainly in Indian equities. Specifically, the sub-fund invests at least 67% of assets in equities and Equity-Linked Instruments of companies that are headquartered, or do substantial business, in India. While complying with the above policies, the remaining net assets of sub-fund may also invest in other equities, Equity-Linked Instruments, convertible bonds, bonds, money market instruments and deposits, and may invest up to 10% of net assets in UCITS/UCIs. Derivatives The sub-fund may use derivatives for hedging purpose only. Base Currency USD. Management Process The investment team actively manages the sub-fund s portfolio by using a stock-picking model (bottom-up) that aims to select the most attractive equities based on growth potential and valuation. Investment Manager Amundi Hong Kong Ltd. Investment Advisor SBI-FM (no discretionary management power). 11. Equity India Infrastructure The sub-section headed Equity India Infrastructure (p.17) is deleted in its entirety and replaced by the following: Equity India Infrastructure Objective and Investment Policy Objective To achieve long-term capital growth. Specifically, the sub-fund seeks to outperform (after applicable fees) the 10/40 MSCI India index. Investments The sub-fund invests mainly in equities of companies that are involved in the infrastructure sector in India. Specifically, the sub-fund invests at least 67% of assets in equities and Equity-Linked Instruments of companies that are headquartered, or do substantial business, in the following infrastructure sectors in India: energy, telecommunications, transport, water, infrastructure financing and materials. While complying with the above policies, the remaining assets of the sub-fund may also invest in other equities, Equity-Linked Instruments, convertible bonds, bonds, money market instruments and deposits, and may invest up to 10% of net assets in UCITS/UCIs. Derivatives The sub-fund may use derivatives for hedging purpose only. 9
Base Currency USD. Management Process The investment team actively manages the sub-fund s portfolio by using a stock-picking model (bottom-up) that aims to select the most attractive equities based on growth potential and valuation. Investment Manager Amundi Hong Kong Ltd. 12. Equity Korea The sub-section headed Equity Korea (p.17) is deleted in its entirety and replaced by the following: Equity Korea Objective and Investment Policy Objective To achieve long-term capital growth. Specifically, the sub-fund seeks to outperform (after applicable fees) the 10/40 MSCI Korea index. Investments The sub-fund invests mainly in Korean equities. Specifically, the sub-fund invests at least 67% of assets in equities of companies that are headquartered, or do substantial business, in Korea. While complying with the above policies, the remaining assets of the sub-fund may also invest in other equities, Equity-Linked Instruments, convertible bonds, bonds, money market instruments and deposits, and may invest up to 10% of net assets in UCITS/UCIs. The sub-fund will comply with all rules and regulations issued by the Korea Exchange (KRX) relating to investment by foreigners in securities listed on the Korea Exchange including the Rules on Sales and Purchases of Shares by Foreigners adopted by the KSEC on 30th September 1991 as amended from time to time. Derivatives The sub-fund may use derivatives for hedging and efficient portfolio management. The sub-fund will not invest extensively in financial derivative instruments for investment purposes. Base Currency USD. Management Process The investment team actively manages the sub-fund s portfolio by using a stock-picking model (bottom-up) that aims to select the most attractive equities based on growth potential and valuation. Investment Manager Amundi Hong Kong Ltd. Sub-Investment Manager NH-Amundi Asset Management Co.,Ltd 10
13. Equity Latin America The sub-section headed Equity Latin America (p.17-18) is deleted in its entirety and replaced by the following: Equity Latin America Objective and Investment Policy Objective To achieve long-term capital growth. Specifically, the sub-fund seeks to outperform (after applicable fees) the MSCI EM Latin America index. Investments The sub-fund invests mainly in Latin America equities. Specifically, the sub-fund invests at least 67% of assets in equities and Equity-Linked Instruments of companies that are headquartered, or do substantial business, in Latin America. The sub-fund may invest in P-Notes for the purpose of efficient portfolio management. There are no currency constraints on these investments. While complying with the above policies, the remaining net assets of the sub-fund may also invest in other equities, Equity-Linked Instruments, convertible bonds, bonds, money market instruments and deposits, and may invest up to 10% of net assets in UCITS/UCIs. Derivatives The sub-fund may use derivatives for hedging and efficient portfolio management. The sub-fund will not invest extensively in financial derivative instruments for investment purposes. Base Currency USD. Management Process The investment team actively manages the sub-fund s portfolio by combining top-down and bottom-up strategies: geographical allocation, sector allocation within each country and equity selection based on growth potential and valuation. Investment Manager Amundi Asset Management. 14. Equity Thailand The sub-section headed Equity Thailand (p.18) is deleted in its entirety and replaced by the following: Equity Thailand Objective and Investment Policy Objective To achieve long-term capital growth. Specifically, the sub-fund seeks to outperform (after applicable fees) the Bangkok Set (TRI) index. 11
Investments The sub-fund invests mainly in Thai equities. Specifically, the sub-fund invests at least 67% of assets in equities that are listed on the Stock Exchange of Thailand (SET) and are issued by companies that are headquartered, or do substantial business, in Thailand. While complying with the above policies, the remaining assets of the sub-fund may also invest in other equities, Equity-Linked Instruments, convertible bonds, bonds, money market instruments and deposits, and may invest up to 10% of net assets in UCITS/UCIs. Derivatives The sub-fund may use derivatives for hedging and efficient portfolio management. The sub-fund will not invest extensively in financial derivative instruments for investment purposes. Base Currency USD. Management Process The investment team actively manages the sub-fund s portfolio by using a stock-picking model (bottom-up) that aims to select the most attractive equities based on growth potential and valuation. Investment Manager Amundi Hong Kong Ltd. 15. Convertible Global The sub-section headed Convertible Global (p.20) is deleted in its entirety and replaced by the following: Convertible Global Objective and Investment Policy Objective To achieve medium- to long-term capital growth. Specifically, the sub-fund seeks to outperform (after applicable fees) the Thomson Reuters Convertible Index-Global Focus Hedged (EUR) index. Investments The sub-fund invests mainly in convertible bonds of companies around the world. The sub-fund seeks to eliminate the effects of most currency exchange differences for investments in non-euro denominated securities (currency hedging). Specifically, the sub-fund invests at least 67% of assets in convertible bonds. There are no rating constraints on these investments. While complying with the above policies, the remaining assets of the sub-fund may also invest in other types of bonds, in money market instruments, in deposits, and in the following up to these percentages of net assets: - equities and Equity-Linked Instruments: 10% - UCITS/UCIs: 10% 12
The sub-fund s exposure to contingent convertible bonds is limited to 10% of net assets. Derivatives The sub-fund may use derivatives for hedging and efficient portfolio management. The sub-fund will not invest extensively in financial derivative instruments for investment purposes. Base Currency EUR. Management Process The investment team chooses securities based on an intrinsic value analysis (bottom-up), then monitors the sensitivity of the portfolio to equity and credit markets according to their market expectations (topdown). The investment team actively manages market and risk exposure with the goal of optimising the asymmetric risk/return profile of the sub-fund. Investment Manager Amundi Asset Management. 16. Bond Euro Corporate The sub-section headed Bond Euro Corporate (p.21) is deleted in its entirety and replaced by the following: Bond Euro Corporate Objective and Investment Policy Objective To achieve a combination of income and capital growth (total return). Specifically, the sub-fund seeks to outperform (after applicable fees) the Bloomberg Barclays Euro-Agg Corporates (E) index. Investments The sub-fund invests mainly in investment-grade corporate and government bonds that are denominated in euro. Specifically, the sub-fund invests at least 67% of assets in investment-grade bonds that are denominated in euro and are issued or guaranteed by governments in the Eurozone, or issued by companies around the world and listed on a European market. While complying with the above policies, the remaining assets of the sub-fund may also invest in other types of bonds, in money market instruments, in deposits, and in the following up to these percentages of net assets: - convertible bonds: 25% - equities and Equity-Linked Instruments: 10% - UCITS/UCIs: 10% The sub-fund s exposure to contingent convertible bonds is limited to 10% of net assets. Derivatives The sub-fund may use derivatives for hedging and efficient portfolio management. The sub-fund will not invest extensively in financial derivative instruments for investment purposes. 13
In addition to core derivatives (defined on page 42), the sub-fund may use credit derivatives (up to 40% of net assets). Base Currency EUR. Management Process The investment team analyses interest rate and economic trends (top-down) to identify geographic areas and sectors that appear likely to offer the best risk-adjusted returns. The investment team then uses both technical and fundamental analysis, including credit analysis, to select sectors and securities (bottom-up) and to construct a highly diversified portfolio. Investment Manager Amundi Asset Management. 17. Bond Euro High Yield The sub-section headed Bond Euro High Yield (p.21) is deleted in its entirety and replaced by the following: Bond Euro High Yield Objective and Investment Policy Objective To achieve a combination of income and capital growth (total return). Specifically, the sub-fund seeks to outperform (after applicable fees) the ML European Curr H YLD BB-B Rated Constrained Hed index. Investments The sub-fund invests mainly in below investment-grade bonds (high-yield bonds) that are denominated in euro. Specifically, the sub-fund invests at least 67% of assets in below-investment-grade bonds that are denominated in euro. While complying with the above policies, the remaining assets of the sub-fund may also invest in other types of bonds, in money market instruments, in deposits, and in the following up to these percentages of net assets: - convertible bonds: 25% - equities and Equity-Linked Instruments: 10% - UCITS/UCIs: 10% The sub-fund s exposure to contingent convertible bonds is limited to 10% of net assets. Derivatives The sub-fund may use derivatives for hedging and efficient portfolio management, and to increase its net exposure (focusing on interest rate and credit). The sub-fund will not invest extensively in financial derivative instruments for investment purposes. 14
In addition to core derivatives (defined on page 42), the sub-fund may use credit derivatives (up to 40% of net assets). Base Currency EUR. Management Process The investment team analyses interest rate and economic trends (top-down) to identify geographic areas and sectors that appear likely to offer the best risk-adjusted returns. The investment team then uses both technical and fundamental analysis, including credit analysis, to select sectors and securities (bottom-up) and to construct a highly diversified portfolio. Investment Manager Amundi Asset Management. 18. Bond Global The sub-section headed Bond Global (p.21-22) is deleted in its entirety and replaced by the following: Bond Global Objective and Investment Policy Objective To achieve a combination of income and capital growth (total return). Specifically, the sub-fund seeks to outperform the JP Morgan Government Bond Global All Maturities Unhedged in USD index. Investments The sub-fund invests mainly in investment-grade bonds of issuers in OECD countries. Investments may include mortgage-backed securities (MBS) and asset-backed securities (ABS). The sub-fund primarily invests in bonds and currencies (indirectly via financial derivative instruments ( FDI )). The active currency positions implemented by the sub-fund may not be correlated with the underlying assets (i.e. bonds) of the sub- fund. Specifically, the sub-fund invests at least 67% of assets in investment-grade bonds that are either issued or guaranteed by OECD governments or supranational entities (at least 60% of assets), or issued by corporate entities. There are no currency constraints on these investments. While complying with the above policies, the remaining assets of the sub-fund may also invest in other types of bonds, in money market instruments, in deposits, and in the following up to these percentages of net assets: - convertible bonds: 25% - ABSs and MBSs: 20% - equities and Equity-Linked Instruments: 10% - UCITS/UCIs: 10% The sub-fund s exposure to contingent convertible bonds is limited to 10% of net assets. Derivatives Derivatives are integral to the sub-fund s investment strategies. The sub-fund may use derivatives for hedging and efficient portfolio management, and to increase its net exposure (focusing on interest rate, 15
credit and currency). The sub-fund will invest extensively in FDI for investment purposes (e.g. currency exposure management, active duration management, and creating synthetic exposure to issuers) but it is not limited to a particular strategy regarding the usage of FDI. Such FDI may include over-the-counter and/or exchange traded options, futures, warrants, swaps, forward contracts. In addition to core derivatives (defined on page 42), the sub-fund may use credit derivatives (such as single issuer swap and Indices credit default swap, up to 40% of net assets). Base Currency USD. Management Process The investment team analyses interest rate and economic trends (top-down) to identify the strategies that appear likely to offer the best risk-adjusted returns. The investment team uses a wide range of strategic and tactical positions, including arbitrage among credit, interest rate and currency markets, in assembling a highly diversified portfolio. Investment Manager Amundi Asset Management. Risk management method Relative VaR. Reference for risk management method JP Morgan Government Bond Global All Maturities Unhedged in USD index. Expected gross level of leverage (sum of notional approach) 900%. Expected net level of leverage (commitment approach) 0%-270%. Factors contributing to leverage include the use of derivatives as indicated in the left column. The risk allocation between those strategies depends on the identified investment opportunities. The expected level of leverage is an indicator and not a regulatory limit. The expected level of leverage may namely be higher when interest rates are expected to change significantly, when credit spreads are expected to widen or tighten significantly, or when market volatility is very low. 19. Cash EUR The sub-section headed Cash EUR (p.24) is deleted in its entirety and replaced by the following: Cash EUR Objective and Investment Policy Objective To achieve a stable performance in line with the Euribor 3-month rate. Investments The sub-fund invests mainly in money market instruments that are denominated in euro or hedged against the euro. Specifically, the sub-fund invests at least 67% of assets in money market instruments. The sub-fund maintains an average portfolio maturity of 90 days or less. 16
For as long as the sub-fund remains authorised by the SFC, it will be operated in accordance with the investment principles of (including the investment and borrowing restrictions) Chapter 8.2 of the SFC Code on Unit Trusts and Mutual Funds. The Sub-Fund will not purchase an instrument with a remaining maturity of more than 397 days, or two years in the case of government and other public securities. The sub-fund does not invest more than 30% of assets in transferable securities and money market instruments issued or guaranteed by any single nation, public local authority within the EU, or an international body to which at least one EU member belongs. Derivatives The sub-fund may use derivatives for hedging and efficient portfolio management. The sub-fund will not invest extensively in financial derivative instruments for investment purposes. Base Currency EUR. Management Process The investment team uses both technical and fundamental analysis, including credit analysis, to select issuers and short term private securities (bottom-up) while constructing a high quality portfolio with a strong focus on liquidity and risk management. Investment Manager Amundi Asset Management. 20. Cash USD The sub-section headed Cash USD (p.24) is deleted in its entirety and replaced by the following: Cash USD Objective and Investment Policy Objective To achieve a stable performance in line with the USD Libor 3-month rate. Investments The sub-fund invests mainly in money market instruments that are denominated in US dollar or hedged against the US dollar. Specifically, the sub-fund invests at least 67% of assets in money market instruments. The sub-fund maintains an average portfolio maturity of 90 days or less. For as long as the sub-fund remains authorised by the SFC, it will be operated in accordance with the investment principles of (including the investment and borrowing restrictions) Chapter 8.2 of the SFC Code on Unit Trusts and Mutual Funds. The Sub-Fund will not purchase an instrument with a remaining maturity of more than 397 days, or two years in the case of government and other public securities. The sub-fund does not invest more than 30% of assets in transferable securities and money market instruments issued or guaranteed by any single nation, public local authority within the EU, or an international body to which at least one EU member belongs. 17