PC NMS October 2012 clean version CSSF 3010 pour VISA FINAL

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Shareholders should understand that all investments involve risk and there can be no guarantee against loss resulting from an investment in a Sub-Fund, nor can be any assurance that the investment objectives will be attained. 7. DISTRIBUTION POLICY Each year, the General Meeting of Shareholders shall decide upon the proposal made by the Board of Directors on this matter. Should the Board of Directors decide to propose the payment of a dividend to the General Meeting, such dividend shall be calculated in accordance with the legal and statutory limits provided for this purpose. Except for the D share class, which distributes income and which is available for some of the Sub-Funds (as detailed in the Section II – “Description of the Sub-Funds”), in its distribution policy, the Board of Directors has determined to propose the capitalisation of the income. Nevertheless, if in its opinion, the payment of a dividend could be more profitable to the Shareholders, the Board shall not refrain from proposing such a dividend to the General Meeting. This dividend may include, beside the net investment income, the realised and unrealised capital gains, after deduction of realised and unrealised capital losses. All dividend payment notices are published on the company’s website (www.newmillenniumsicav.com) and notified by any other means the Board of Directors deems appropriate. Registered Shareholders are paid by cheque sent to their address indicated in the Shareholders' register or by bank transfer according to their instructions. Each Shareholder is offered the possibility to reinvest his/her dividend free of charge up to the available share unit. Dividends not claimed within five years after their payment date shall no longer be payable to the beneficiaries and shall revert to the Sub-Fund. 8. INVESTMENT RESTRICTIONS The Board of Directors has adopted the following restrictions relating to the investment of the Fund's assets and its activities. These restrictions and policies may be amended from time to time by the Board of Directors if and as they shall deem it to be in the best interests of the Fund in which case this Prospectus will be updated. The investment restrictions imposed by Luxembourg law must be complied with by each Sub-Fund. Those restrictions in paragraph 1.(D) below are applicable to the Fund as a whole. 1. Investment in transferable securities and liquid asset A. (1) The Fund will invest in: i. transferable securities and money market instruments admitted to an official listing on a stock 16
exchange in any Member State of the European Union (EU), any Member State of the Organisation for the Economic Cooperation and Development (OECD), and any other State which the Board of Directors deems appropriate with regard to the investment objective of each Sub-Fund (each an "Eligible State"); and/or ii. transferable securities and money market instruments dealt in on another market which is regulated, operates regularly and is recognised and open to the public in an Eligible State (a "Regulated Market"); and/or iii. recently issued transferable securities and money market instruments, provided that the terms of issue include an undertaking that application will be made for admission to official listing on an official stock exchange or another Regulated Market (an "Eligible Market") and such admission is achieved within one year of the issue; and/or iv. units of undertakings for collective investment in transferable securities (a "UCITS") and/or of other undertakings for collective investment within the meaning of Article 1, paragraph (2) points a) and b) of Directive 2009/65/EC , as amended ("other UCIs"), whether situated in an EU member state or not, provided that: • such other UCIs have been authorised under laws which provide that they are subject to supervision considered by the Luxembourg supervisory authority to be equivalent to that laid down in Community law and that a cooperation between authorities is sufficiently ensured, • the level of protection for unitholders in such other UCIs is equivalent to that provided for unitholders in a UCITS, and in particular that the rules on assets segregation, borrowing, lending, and uncovered sales of transferable securities and money market instruments are equivalent to the requirements of directive 2009/65/EC, • the business of such other UCIs is reported in half-yearly and annual reports to enable an assessment of the assets and liabilities, income and operations over the reporting period, • no more than 10% of the assets of the UCITS or of the other UCIs, whose acquisition is contemplated, can, according to their constitutional documents, in aggregate be invested in units of other UCITS or other UCIs; and/or v. deposits with credit institutions which are repayable on demand or have the right to be withdrawn, and maturing in no more than 12 months, provided that the credit institution has its registered office in a Member State of the European Union, or if the registered office of the credit institution is situated in a non-Member State, provided that it is subject to prudential rules considered by the <strong>CSSF</strong> as equivalent to those laid down in Community law; and/or vi. financial derivative instruments, including equivalent cash-settled instruments, dealt in on a regulated market referred to in subparagraphs i. and ii. above, and/or financial derivative 17
Page 1 and 2: PROSPECTUS OCTOBER 2012 The latest
Page 3 and 4: SECTION II - Description of the Sub
Page 5 and 6: SECTION I - GENERAL PROVISIONS 1. M
Page 7 and 8: Auditor PricewaterhouseCoopers Sàr
Page 9 and 10: The Shares are available through th
Page 11 and 12: exercise certain shareholder rights
Page 13 and 14: Interest rate risk The value of the
Page 15: Each Sub-Fund, where it is clearly
Page 19 and 20: entity which is dedicated to the fi
Page 21 and 22: value of any Sub-Fund in such secur
Page 23 and 24: C. The Fund will not purchase or se
Page 25 and 26: If the limits referred into paragra
Page 27 and 28: Q7 Fund Management AG is an Investm
Page 29 and 30: - GAV of the Sub-Fund is above HWM
Page 31 and 32: 15. CENTRAL ADMINISTRATION State St
Page 33 and 34: (e) the value of each position in e
Page 35 and 36: d. whenever exchange or capital mov
Page 37 and 38: The Fund does not allow practices r
Page 39 and 40: 21. DISTRIBUTION IN ITALY, SAVINGS
Page 41 and 42: 22. TAX CONSIDERATIONS Taxation of
Page 43 and 44: 24. GENERAL MEETINGS OF SHAREHOLDER
Page 45 and 46: Financial notices and publications
Page 47 and 48: 1. EQUITY FUNDS NEW MILLENNIUM Euro
Page 49 and 50: NEW MILLENNIUM Global Equities (Glo
Page 51 and 52: 2. BOND FUNDS NEW MILLENNIUM Euro B
Page 53 and 54: NEW MILLENNIUM Augustum High Qualit
Page 55 and 56: NEW MILLENNIUM Inflation Linked Bon
Page 57 and 58: NEW MILLENNIUM Large Europe Corpora
Page 59 and 60: NEW MILLENNIUM Augustum Corporate B
Page 61 and 62: New Millennium Augustum Italian Div
Page 63 and 64: 3. BALANCED AND FLEXIBLE FUNDS NEW
Page 65 and 66: NEW MILLENNIUM Total Return Flexibl
Page 67 and 68:
NEW MILLENNIUM Q7 Globalflex Invest
Page 69 and 70:
NEW MILLENNIUM Q7 Active Equities I
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