PC NMS October 2012 clean version CSSF 3010 pour VISA FINAL

Interest rate risk
The value of the assets can change as a function of the change in interest rates. In particular, the value of fixed
income securities held by the Sub-Funds move, in general, in the opposite direction to that of the change in
the interest rates, and the longer the maturity of the securities, the larger the fluctuation. As a result, such
variations can affect the value of the Sub-Funds that invest in such securities.
Liquidity risk
Some markets in which a Sub-Fund may invest could, in some circumstances, turn out to be illiquid, not
sufficiently liquid or extremely volatile. This could influence the price at which a Sub-Fund can liquidate
positions in order to meet redemption requests or other cash needs.
Foreign currency risk
Since the securities held by a Sub-Fund may be denominated in currencies different from its base currency, the
value of the Shares of such Sub-Funds will be affected by changes in the exchange rates between the base
currency and other currencies.
It should be pointed out that the exchange rates with the currencies of several countries, and in particular of
emerging countries, are highly volatile, and in any case the evolution of exchange rates can influence the total
return on the investment.
To the extent that a Sub-Fund seeks to use any strategies or instruments to hedge or to protect against
currency exchange risk, there is no guarantee that hedging or protection will be achieved.
Risks inherent in investing in emerging European markets
In the emerging and less developed markets of the above area, the legal, judiciary and regulatory apparatus is
in the development phase, and the uncertainties inherent in the legal system are numerous, both for local
market operators and for their foreign counterparties. Some markets can present a higher level of risk to
investors, who thus should make sure, before investing, to have understood well the associated risks and that
such an investment is suitable for their portfolio. Investment in emerging and less developed countries should
only be carried out by professional investors or in any case investors with a good knowledge of the markets in
question, who are capable of considering and evaluating the various risks inherent in such investment and
who have the necessary financial resources to withstand the considerable risk of loss of capital invested in
such financial instruments.
Risks inherent in investing in emerging markets
Potential investors should be aware the some Sub-Funds can invest in companies or issues of companies in
emerging countries and thus be exposed to higher risk levels than those associated with investments in
developed countries. Investors should realize that the eventual social, political or economic instability of some
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