PC NMS October 2012 clean version CSSF 3010 pour VISA FINAL

INTRODUCTION ....................................................................................................................................................... 4
SECTION I - GENERAL PROVISIONS .......................................................................................................................... 5
1. MANAGEMENT AND ADMINISTRATION OF THE FUND .............................................................................. 5
2. MAIN FEATURES OF THE FUND ................................................................................................................... 8
3. INVESTMENT POLICY AND OBJECTIVES ..................................................................................................... 11
4. TYPE OF SHARES ........................................................................................................................................ 11
5. CLASSES OF SHARES .................................................................................................................................. 11
6. RISK FACTORS ............................................................................................................................................ 12
7. DISTRIBUTION POLICY ............................................................................................................................... 16
8. INVESTMENT RESTRICTIONS ..................................................................................................................... 16
9. SECURITIES LENDING ................................................................................................................................. 25
10. RISK MANAGEMENT PROCESS .................................................................................................................. 25
11. DELEGATES OF THE BOARD OF DIRECTORS .............................................................................................. 25
12. INVESTMENT ADVICE AND MANAGEMENT DELEGATION AND RESPECTIVE FEES ................................... 26
13. MAIN DISTRIBUTOR AND GENERAL ADVISOR ........................................................................................... 29
14. CUSTODIAN BANK ..................................................................................................................................... 30
15. CENTRAL ADMINISTRATION ...................................................................................................................... 31
16. NET ASSET VALUE ...................................................................................................................................... 31
17. SUSPENSION OF THE CALCULATION OF NET ASSET VALUE, ISSUE AND REDEMPTION OF SHARES ......... 34
18. ISSUE OF SHARES, SUBSCRIPTION AND PAYMENT PROCEDURE ............................................................... 35
19. CONVERSION OF SHARES .......................................................................................................................... 37
20. REDEMPTION OF SHARES .......................................................................................................................... 38
21. DISTRIBUTION IN ITALY, SAVINGS PLANS AND ITALIAN PAYING AGENTS ................................................ 39
22. TAX CONSIDERATIONS .............................................................................................................................. 41
23. FEES AND EXPENSES .................................................................................................................................. 42
24. GENERAL MEETINGS OF SHAREHOLDERS ................................................................................................. 43
25. LIQUIDATION ............................................................................................................................................. 43
26. LIQUIDATION AND MERGER OF SUB-FUNDS ............................................................................................ 44
27. INFORMATION FOR SHAREHOLDERS ........................................................................................................ 44
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