# ANNEX A: SUB-FUNDS OFFERED FOR SUBSCRIPTIONS
Asset Allocation Sub-Funds

### LO Funds – All Roads Conservative	78

### LO Funds – All Roads	81

### LO Funds – All Roads Growth	84

### LO Funds – Event Convexity	87

### LO Funds – Multiadvisers UCITS	91

### LO Funds – Defensive Systematic Alternative Solution	93
Equity Sub-Funds
Global

### LO Funds – Generation Global	96

### LO Funds – TargetNetZero Global Equity	100
Sector/Thematic

### LO Funds – Continental Europe Family Leaders	103

### LO Funds – Golden Age	107

### LO Funds – World Brands	110

### LO Funds – World Gold Expertise	112

### LO Funds – Commodity Risk Premia	115

### LO Funds – Global FinTech	118

### LO Funds – Natural Capital	120

### LO Funds – Global HealthTech	122
Regional

### LO Funds – China High Conviction	124

### LO Funds – TargetNetZero Europe Equity	126

### LO Funds – Europe All Cap Leaders	129

### LO Funds – Europe High Conviction	131

### LO Funds – Continental Europe Small & Mid Leaders	135

### LO Funds – Emerging High Conviction	138

### LO Funds – Asia High Conviction	141

### LO Funds – TerreNeuve	144

### LO Funds – Swiss Equity	147

### LO Funds – Swiss Small & Mid Caps	150

### LO Funds – Climate Transition	153
Fixed-Income  Sub-Funds
Government

### LO Funds – Global Inflation-Linked Fundamental	155

### LO Funds – Global Government Fundamental	158
Aggregate

### LO Funds – Global Climate Bond	160
Credit

### LO Funds – TargetNetZero Global IG Corporate	163

### LO Funds – TargetNetZero Euro IG Corporate	166

### LO Funds – Global BBB-BB Fundamental	169

### LO Funds – Euro BBB-BB Fundamental	172

### LO Funds – Swiss Franc Credit Bond (Foreign)	175

### LO Funds – Ultra Low Duration (USD)	178

### LO Funds – Ultra Low Duration (EUR)	180

### LO Funds – Fallen Angels Recovery*	182

### LO Funds – Natural Capital Credit*	185
Emerging

### LO Funds – Emerging Local Currency Bond Fundamental	188

### LO Funds – Asia Value Bond	191

### LO Funds – Asia Investment Grade Bond	193
Convertibles

### LO Funds – Convertible Bond	195

### LO Funds – Global Convertible Bond Defensive Delta	198

### LO Funds – Convertible Bond Asia	201

### LO Funds – TargetNetZero Global Convertible Bond	204
Buy and Maintain**

### LO Funds – High Yield 20211	207

### LO Funds – Global Income 20272	210

### LO Funds – High Yield 2022	213

### LO Funds – High Yield 2023	216

### LO Funds – High Yield 2024	219

### LO Funds – Asia Income 2024	222

### LO Funds – Asia Income 2025*	225

### LO Funds – Asia Income 2026*	228
Short-Term Money Market Sub-Funds

### LO Funds – Short-Term Money Market (EUR)	231

### LO Funds – Short-Term Money Market (USD)	233

### LO Funds – Short-Term Money Market (GBP)	235

### LO Funds – Short-Term Money Market (CHF)	237
1  
To be changed into LO Funds – Global Income 2027 as of 2 November 2021.
2  
As of 2 November 2021.
*	This Sub-Fund is dormant at the time of issuance of the Prospectus and may be launched at any time. Investors are prompted to consult the Lombard Odier Group website (www.loim.com) to find out whether the Sub-Fund has been launched in the period between the issuance of the Prospectus and its following review during which the list of dormant Sub-Funds is updated.
**	Without prejudice to the provisions of the Section "Liquidation, Compulsory Redemption and Amalgamation of Sub-Funds", it is the intention to manage each of these Sub-Funds until sometime in the year indicated in the investment policy (hereafter referred as “the Term”), to liquidate it at the Term and to pay investors all the liquidation proceeds in cash thereafter. However, (i) should exceptional market conditions prevail at the Term and should the Investment Manager believe that the sale of the Sub-Fund’s assets is not in the best interest of shareholders, the Board may decide to defer the sale and final payment of the liquidation proceeds by up to four months after the end of the year indicated in the investment policy, in which case the shareholders will be notified accordingly thirty day in advance or (ii) should the objective return be achieved before the Term and should the Investment Manager believe that the sale of the Sub-Fund's assets before the Term is in the best interest of shareholders, the Board may liquidate or merge the Sub-Fund before the Term, in which case the shareholders will be notified accordingly at least thirty days before the liquidation or (iii) should appropriate market conditions prevail close to the Term and should the Investment Manager believe that it is in the best interest of shareholders, the Board may decide to set up a new investment period (i.e., a new Term),
in which case the shareholders will be notified accordingly at least thirty days before the end of the initial Term and will be offered the right to request the redemption of their Shares without redemption charge or the conversion of their Shares into Shares of another Sub-Fund at no cost. The name of the Sub-Fund will likely be modified to reflect the new Term.
Asset Allocation Sub-Fund

## LO Funds – All Roads Conservative
Investment Objective and Policy
The Sub-Fund is actively managed. The Sub-Fund is not managed in reference to an index.
The Sub-Fund implements an asset allocation strategy in bonds, other fixed or floating-rate debt securities and short-term debt instruments issued or guaranteed by sovereign or non-sovereign issuers, convertible bonds, equities, currencies and/or Cash and Cash Equivalents, denominated in OECD currencies and/or Emerging Market currencies, including CNH and CNY. The instruments described above may be of any credit quality (including below investment-grade securities as described in paragraph 3.2). The Investment Manager uses its discretion with regard to the selection of issuers, markets (in particular, the Sub-Fund may be fully invested in Emerging Markets) and currencies (including Emerging Market currencies).
The Sub-Fund may invest up to 10% of its net assets in shares issued by mainland China-incorporated companies (including China A-Shares) that trade on exchanges. The China A-Shares will be acquired via Stock Connect. Up to 20% of the Sub-Fund's portfolio may be invested in bonds of CIBM, notably through the Bond Connect. Please have regard to the Risk Factors Annex, in particular, paragraph 2.12 with regard to such investments.
The Investment Manager may implement qualitative and/or systematic strategies, such as risk-based methodologies. According to such methodology the weight of any given asset or Group of Assets is adjusted in order to control its contribution to the total portfolio risk. Other things equal, the higher the risk of loss of an asset or Group of Assets, the lower its weight in the portfolio. For each asset or Group of Assets, the risk is calculated using proprietary models analyzing various data such as historical price movements.
In addition to the above-mentioned investments, the Investment Manager may use financial derivative instruments (i) to take long and short positions on currencies (OECD currencies and/or Emerging Market currencies) and/or (ii) to increase or reduce its exposure to specific asset classes, markets (including Emerging Markets) and indices (including commodity indices).
With respect to strategies involving exposure to commodities, their exposure may be achieved through the use of a swap agreement as further explained under paragraph 3.3.1 and paragraph 3.3.2.
Also, as part of the implementation of its investment strategy, the Sub-Fund may enter into an unfunded excess return swap agreement as further explained under paragraph 3.3.5. According to the Investment Manager, such unfunded excess return swap is an efficient tool to implement a long/short strategy on equity while reducing costs as well as liquidity risks.
The Sub-Fund will only enter into swap agreements with counterparties which are first-class financial institutions.
The Sub-Fund may also be fully invested, in accordance with the applicable diversification rules, in Cash and Cash Equivalents (including short-term ABS/ MBS which may represent up to 10% of investments in Cash and Cash Equivalents) when, for instance, the Investment Manager considers that the Sub- Fund should be positioned in a defensive way.
As mentioned in paragraph 3.1, the Sub-Fund may hold up to 10% of its net assets in UCIs.
The Sub-Fund’s strategy aims at implementing a conservative risk profile. The level of expected leverage is deemed to remain relatively low.
Risks
Investors should note that the value of their investment could fall as well as rise and should accept that there is no guarantee that they will recover their initial investment.
Subject to the limits permitted by the Investment Restrictions described in Section 4 of the Prospectus, the Investment Manager is authorized to use financial derivative instruments (in particular, but not limited to futures, credit (including CDS), interest rate, inflation, currency and volatility derivatives):
- for hedging purposes	Yes
- for EPM	Yes
- as part of the investment strategy	YesThe use of structured financial instruments is described in paragraph 3.1.

The attention of investors is drawn to the Risk Factors Annex which sets out the risk factors applicable to the Sub-Fund.
Reference Currency
EUR
Classes of Shares available for subscription
Shares can also be in different forms (i.e., Alternative Currencies, dividend policy, currency hedging policy, seeding, "Connect"): see paragraph 2.2.
With respect to the dividend policy of the Shares, in addition to the provisions set forth in the Dividend Policy Section of the Prospectus, the following principles may apply:
- there may be fixed distributions of dividend the amount of which is to be determined on the first distribution of a given year by the Board for the year to which they relate;
- the periodicity of distributions may be annual or semi-annual.

The Board has discretion to implement the above principles and amend or adjust the amount of the fixed distributions as well as the periodicity of their payments having regard to market events or other circumstances such as investors' requirements and their best interest.
|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Type of investor | See table in paragraph 2.2. of the general part of the Prospectus |
| Minimum initial investment and minimum holding | Equivalent of EUR 3,000 | Equivalent of EUR 1,000 | Equivalent of CHF 1,000,000 | Equivalent of CHF 1,000,000 | t.b.d. | Equivalent of EUR 3,000 | Equivalent of EUR 3,000 | None |
| Maximum FROC | 0.44% | 0.56% | 0.28% | 0.24% | 0.10% | 0.44% | 0.56% | 0.44% |
| Maximum Management Fee | 1.00% | 1.00% | 1.00% | 1.00% | N/A | 1.10% | 2.00% | N/A |
| Maximum Distribution Fee | 1.00% | 1.55% | N/A | N/A | N/A | N/A | N/A | N/A |
| Performance Fee | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Maximum level of management fees when the Sub-Fund invests its assets in other UCITS or UCIs or Target Sub- Fund* | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% |
| Dealing Charge | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% |

* 
Notwithstanding any performance fee that may be levied in addition to this limit
SFDR Disclosure
The classification of the Sub-Fund under SFDR, the manner in which the Investment Manager integrates sustainability risks into its investment decisions in respect of the Sub-Fund and the results of the assessment of the likely impacts of sustainability risks on the returns of the Sub-Fund are set out in the SFDR Annex.
Investment Manager
See paragraph 6.3
Approach used to calculate the global exposure of the Sub-Fund
Absolute VaR
Reference portfolio used to assess the global exposure only
Not applicable
Expected level of leverage
The Sub-Fund's leverage under the sum of notional of financial derivative instruments approach is expected to be around 250% of Net Asset Value.
The Sub-Fund exposure to Total Return Swaps expressed as the sum of notionals is expected to range between 0% and 100% of Net Asset Value. In cases where this range is exceeded, exposures should remain below 250%.
Investors should note that expected exposures and leverage may be exceeded.
Risk budget
6%
Profile of typical investor
The Sub-Fund may be appropriate for investors, who:
- seek capital appreciation over the long-term; and
- are willing to take on the increased risks associated with the categories of assets described in the investment objective and policy; and
- can withstand volatility in the value of their Shares.

Application procedure
Application monies are to be sent in accordance with the application procedure set out in Section 20 of the Prospectus. Requests for subscriptions must be received by the Company no later than the Cut-off time.
Payment of the subscription monies must be made in the Reference Currency, or in the Alternative Currency, in case of classes issued in any Alternative Currency, for value before the Payment Date to the Depositary, indicating the proper identity of the subscriber(s) and the Sub-Fund in which Shares are subscribed.
Cut-off time
| Cut-off time  1 (Luxembourg time) (Subscriptions, redemptions and conversions) | Valuation Day  2 ("T") | Payment Date  3 |
| --- | --- | --- |
| 3 p.m. on T-1 day | Daily | Up to T+3 days 4 |

NB: any reference to a day shall be construed as a reference to a Business Day
1  
If such day is not a Business Day, the first Business Day in Luxembourg preceding this day.
2  
If such Valuation Day is not a Business Day, the Valuation Day will be the next Business Day or the previous Business Day in case of a bi-monthly valuation.
3  
For redemptions, payments will ordinarily be made in the Reference Currency.
4  
Shareholders are prompted to consult the Lombard Odier Group website (www.loim.com) for the applicable Payment Date.
For more details, please refer to paragraph 12.1 "General Provisions" of Section 12 "Issue and Sale of Shares".
Asset Allocation Sub-Fund

## LO Funds – All Roads
Investment Objective and Policy
The Sub-Fund is actively managed. The Sub-Fund is not managed in reference to an index.
The Sub-Fund implements an asset allocation strategy in bonds, other fixed or floating-rate debt securities and short-term debt instruments issued or guaranteed by sovereign or non-sovereign issuers, convertible bonds, equities, currencies and/or Cash and Cash Equivalents, denominated in OECD currencies and/or Emerging Market currencies, including CNH and CNY. The instruments described above may be of any credit quality (including below investment-grade securities as described in paragraph 3.2). The Investment Manager uses its discretion with regard to the selection of issuers, markets (in particular, the Sub-Fund may be fully invested in Emerging Markets) and currencies (including Emerging Market currencies).
The Sub-Fund may invest up to 10% of its net assets in shares issued by mainland China-incorporated companies (including China A-Shares) that trade on exchanges. The China A-Shares will be acquired via Stock Connect. Up to 20% of the Sub-Fund's portfolio may be invested in bonds of CIBM, notably through the Bond Connect. Please have regard to the Risk Factors Annex, in particular, paragraph 2.12 with regard to such investments.
The Investment Manager may implement qualitative and/or systematic strategies, such as risk-based methodologies. According to such methodology the weight of any given asset or Group of Assets is adjusted in order to control its contribution to the total portfolio risk. Other things equal, the higher the risk of loss of an asset or Group of Assets, the lower its weight in the portfolio. For each asset or Group of Assets, the risk is calculated using proprietary models analyzing various data such as historical price movements.
In addition to the above-mentioned investments, the Investment Manager may use financial derivative instruments (i) to take long and short positions on currencies (OECD currencies and/or Emerging Market currencies) and/or (ii) to increase or reduce its exposure to specific asset classes, markets (including Emerging Markets) and indices (including commodity indices).
With respect to strategies involving exposure to commodities, their exposure may be achieved through the use of a swap agreement as further explained under paragraph 3.3.1 and paragraph 3.3.2.
Also, as part of the implementation of its investment strategy, the Sub-Fund may enter into an unfunded excess return swap agreement as further explained under paragraph 3.3.5. According to the Investment Manager, such unfunded excess return swap is an efficient tool to implement a long/short strategy on equity while reducing costs as well as liquidity risks.
The Sub-Fund will only enter into swap agreements with counterparties which are first-class financial institutions.
The Sub-Fund may also be fully invested, in accordance with the applicable diversification rules, in Cash and Cash Equivalents (including short-term ABS/ MBS which may represent up to 10% of investments in Cash and Cash Equivalents) when, for instance, the Investment Manager considers that the Sub- Fund should be positioned in a defensive way.
As mentioned in paragraph 3.1, the Sub-Fund may hold up to 10% of its net assets in UCIs.
The Sub-Fund’s strategy aims at implementing a balanced risk profile. The level of expected leverage is deemed to remain relatively moderate.
Risks
Investors should note that the value of their investment could fall as well as rise and should accept that there is no guarantee that they will recover their initial investment.
Subject to the limits permitted by the Investment Restrictions described in Section 4 of the Prospectus, the Investment Manager is authorized to use financial derivative instruments (in particular, but not limited to futures, credit (including CDS), interest rate, inflation, currency and volatility derivatives):
- for hedging purposes	Yes
- for EPM	Yes
- as part of the investment strategy	YesThe use of structured financial instruments is described in paragraph 3.1.

The attention of investors is drawn to the Risk Factors Annex which sets out the risk factors applicable to the Sub-Fund.
Reference Currency
EUR
Classes of Shares available for subscription
Shares can also be in different forms (i.e., Alternative Currencies, dividend policy, currency hedging policy, seeding, "Connect"): see paragraph 2.2.
With respect to the dividend policy of the Shares, in addition to the provisions set forth in the Dividend Policy Section of the Prospectus, the following principles may apply:
- there may be fixed distributions of dividend the amount of which is to be determined on the first distribution of a given year by the Board for the year to which they relate;
- the periodicity of distributions may be annual or semi-annual.

The Board has discretion to implement the above principles and amend or adjust the amount of the fixed distributions as well as the periodicity of their payments having regard to market events or other circumstances such as investors' requirements and their best interest.
|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Type of investor | See table in paragraph 2.2. of the general part of the Prospectus |
| Minimum initial investment and minimum holding | Equivalent of EUR 3,000 | Equivalent of EUR 1,000 | Equivalent of CHF 1,000,000 | Equivalent of CHF 1,000,000 | t.b.d. | Equivalent of EUR 3,000 | Equivalent of EUR 3,000 | None |
| Maximum FROC | 0.44% | 0.56% | 0.28% | 0.24% | 0.10% | 0.44% | 0.56% | 0.44% |
| Maximum Management Fee | 1.00% | 1.00% | 1.00% | 1.00% | N/A | 1.10% | 2.00% | N/A |
| Maximum Distribution Fee | 1.00% | 1.55% | N/A | N/A | N/A | N/A | N/A | N/A |
| Performance Fee | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Maximum level of management fees when the Sub-Fund invests its assets in other UCITS or UCIs or Target Sub- Fund* | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% |
| Dealing Charge | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% |

* 
Notwithstanding any performance fee that may be levied in addition to this limit
SFDR Disclosure
The classification of the Sub-Fund under SFDR, the manner in which the Investment Manager integrates sustainability risks into its investment decisions in respect of the Sub-Fund and the results of the assessment of the likely impacts of sustainability risks on the returns of the Sub-Fund are set out in the SFDR Annex.
Investment Manager
See paragraph 6.3
Approach used to calculate the global exposure of the Sub-Fund
Absolute VaR
Reference portfolio used to assess the global exposure only
Not applicable
Expected level of leverage
The Sub-Fund's leverage under the sum of notional of financial derivative instruments approach is expected to be around 300% of Net Asset Value.
The Sub-Fund exposure to Total Return Swaps expressed as the sum of notionals is expected to range between 0% and 100% of Net Asset Value. In cases where this range is exceeded, exposures should remain below 300%.
Investors should note that expected exposures and leverage may be exceeded.
Risk budget
8%
Profile of typical investor
The Sub-Fund may be appropriate for investors, who:
- seek capital appreciation over the long-term; and
- are willing to take on the increased risks associated with the categories of assets described in the investment objective and policy; and
- can withstand volatility in the value of their Shares.

Application procedure
Application monies are to be sent in accordance with the application procedure set out in Section 20 of the Prospectus. Requests for subscriptions must be received by the Company no later than the Cut-off time.
Payment of the subscription monies must be made in the Reference Currency, or in the Alternative Currency, in case of classes issued in any Alternative Currency, for value before the Payment Date to the Depositary, indicating the proper identity of the subscriber(s) and the Sub-Fund in which Shares are subscribed.
Cut-off time
| Cut-off time  1 (Luxembourg time) (Subscriptions, redemptions and conversions) | Valuation Day  2 ("T") | Payment Date  3 |
| --- | --- | --- |
| 3 p.m. on T-1 day | Daily | Up to T+3 days 4 |

NB: any reference to a day shall be construed as a reference to a Business Day
1  
If such day is not a Business Day, the first Business Day in Luxembourg preceding this day.
2  
If such Valuation Day is not a Business Day, the Valuation Day will be the next Business Day or the previous Business Day in case of a bi-monthly valuation.
3  
For redemptions, payments will ordinarily be made in the Reference Currency.
4  
Shareholders are prompted to consult the Lombard Odier Group website (www.loim.com) for the applicable Payment Date.
For more details, please refer to paragraph 12.1 "General Provisions" of Section 12 "Issue and Sale of Shares".
Asset Allocation Sub-Fund

## LO Funds – All Roads Growth
Investment Objective and Policy
The Sub-Fund is actively managed. The Sub-Fund is not managed in reference to an index.
The Sub-Fund implements an asset allocation strategy in bonds, other fixed or floating-rate debt securities and short-term debt instruments issued or guaranteed by sovereign or non-sovereign issuers, convertible bonds, equities, currencies and/or Cash and Cash Equivalents, denominated in OECD currencies and/or Emerging Market currencies, including CNH and CNY. The instruments described above may be of any credit quality (including below investment-grade securities as described in paragraph 3.2). The Investment Manager uses its discretion with regard to the selection of issuers, markets (in particular, the Sub-Fund may be fully invested in Emerging Markets) and currencies (including Emerging Market currencies).
The Sub-Fund may invest up to 15% of its net assets in shares issued by mainland China-incorporated companies (including China A-Shares) that trade on exchanges. The China A-Shares will be acquired via Stock Connect. Up to 35% of the Sub-Fund's portfolio may be invested in bonds of CIBM, notably through the Bond Connect. Please have regard to the Risk Factors Annex, in particular, paragraph 2.12 with regard to such investments.
The Investment Manager may implement qualitative and/or systematic strategies, such as risk-based methodologies. According to such methodology the weight of any given asset or Group of Assets is adjusted in order to control its contribution to the total portfolio risk. Other things equal, the higher the risk of loss of an asset or Group of Assets, the lower its weight in the portfolio. For each asset or Group of Assets, the risk is calculated using proprietary models analyzing various data such as historical price movements.
In addition to the above-mentioned investments, the Investment Manager may use financial derivative instruments (i) to take long and short positions on currencies (OECD currencies and/or Emerging Market currencies) and/or (ii) to increase or reduce its exposure to specific asset classes, markets (including Emerging Markets) and indices (including commodity indices).
With respect to strategies involving exposure to commodities, their exposure may be achieved through the use of a swap agreement as further explained under paragraph 3.3.1 and paragraph 3.3.2.
Also, as part of the implementation of its investment strategy, the Sub-Fund may enter into an unfunded excess return swap agreement as further explained under paragraph 3.3.5. According to the Investment Manager, such unfunded excess return swap is an efficient tool to implement a long/short strategy on equity while reducing costs as well as liquidity risks.
The Sub-Fund will only enter into swap agreements with counterparties which are first-class financial institutions.
The Sub-Fund may also be fully invested, in accordance with the applicable diversification rules, in Cash and Cash Equivalents (including short-term ABS/ MBS which may represent up to 10% of investments in Cash and Cash Equivalents) when, for instance, the Investment Manager considers that the Sub- Fund should be positioned in a defensive way.
As mentioned in paragraph 3.1, the Sub-Fund may hold up to 10% of its net assets in UCIs.
The Sub-Fund’s strategy aims at implementing a growth risk profile. The level of expected leverage is deemed to remain relatively high.
Risks
Investors should note that the value of their investment could fall as well as rise and should accept that there is no guarantee that they will recover their initial investment.
Subject to the limits permitted by the Investment Restrictions described in Section 4 of the Prospectus, the Investment Manager is authorized to use financial derivative instruments (in particular, but not limited to futures, credit (including CDS), interest rate, inflation, currency and volatility derivatives):
- for hedging purposes	Yes
- for EPM	Yes
- as part of the investment strategy	YesThe use of structured financial instruments is described in paragraph 3.1.

The attention of investors is drawn to the Risk Factors Annex which sets out the risk factors applicable to the Sub-Fund.
Reference Currency
EUR
Classes of Shares available for subscription
Shares can also be in different forms (i.e., Alternative Currencies, dividend policy, currency hedging policy, seeding, "Connect"): see paragraph 2.2.
With respect to the dividend policy of the Shares, in addition to the provisions set forth in the Dividend Policy Section of the Prospectus, the following principles may apply:
- there may be fixed distributions of dividend the amount of which is to be determined on the first distribution of a given year by the Board for the year to which they relate;
- the periodicity of distributions may be annual or semi-annual.

The Board has discretion to implement the above principles and amend or adjust the amount of the fixed distributions as well as the periodicity of their payments having regard to market events or other circumstances such as investors' requirements and their best interest.
|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Type of investor | See table in paragraph 2.2. of the general part of the Prospectus |
| Minimum initial investment and minimum holding | Equivalent of EUR 3,000 | Equivalent of EUR 1,000 | Equivalent of CHF 1,000,000 | Equivalent of CHF 1,000,000 | t.b.d. | Equivalent of EUR 3,000 | Equivalent of EUR 3,000 | None |
| Maximum FROC | 0.44% | 0.56% | 0.28% | 0.24% | 0.10% | 0.44% | 0.56% | 0.44% |
| Maximum Management Fee | 1.00% | 1.00% | 1.00% | 1.00% | N/A | 1.10% | 2.00% | N/A |
| Maximum Distribution Fee | 1.00% | 1.55% | N/A | N/A | N/A | N/A | N/A | N/A |
| Performance Fee | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Maximum level of management fees when the Sub-Fund invests its assets in other UCITS or UCIs or Target Sub- Fund* | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% |
| Dealing Charge | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% |

* 
Notwithstanding any performance fee that may be levied in addition to this limit
SFDR Disclosure
The classification of the Sub-Fund under SFDR, the manner in which the Investment Manager integrates sustainability risks into its investment decisions in respect of the Sub-Fund and the results of the assessment of the likely impacts of sustainability risks on the returns of the Sub-Fund are set out in the SFDR Annex.
Investment Manager
See paragraph 6.3
Approach used to calculate the global exposure of the Sub-Fund
Absolute VaR
Reference portfolio used to assess the global exposure only
Not applicable
Expected level of leverage
The Sub-Fund's leverage under the sum of notional of financial derivative instruments approach is expected to be around 500% of Net Asset Value.
The Sub-Fund exposure to Total Return Swaps expressed as the sum of notionals is expected to range between 0% and 200% of Net Asset Value. In cases where this range is exceeded, exposures should remain below 500%.
Investors should note that expected exposures and leverage may be exceeded.
Risk budget
14%
Profile of typical investor
The Sub-Fund may be appropriate for investors, who:
- seek capital appreciation over the long-term; and
- are willing to take on the increased risks associated with the categories of assets described in the investment objective and policy; and
- can withstand volatility in the value of their Shares.

Application procedure
Application monies are to be sent in accordance with the application procedure set out in Section 20 of the Prospectus. Requests for subscriptions must be received by the Company no later than the Cut-off time.
Payment of the subscription monies must be made in the Reference Currency, or in the Alternative Currency, in case of classes issued in any Alternative Currency, for value before the Payment Date to the Depositary, indicating the proper identity of the subscriber(s) and the Sub-Fund in which Shares are subscribed.
Cut-off time
| Cut-off time  1 (Luxembourg time) (Subscriptions, redemptions and conversions) | Valuation Day  2 ("T") | Payment Date  3 |
| --- | --- | --- |
| 3 p.m. on T-1 day | Daily | Up to T+3 days 4 |

NB: any reference to a day shall be construed as a reference to a Business Day
1  
If such day is not a Business Day, the first Business Day in Luxembourg preceding this day.
2  
If such Valuation Day is not a Business Day, the Valuation Day will be the next Business Day or the previous Business Day in case of a bi-monthly valuation.
3  
For redemptions, payments will ordinarily be made in the Reference Currency.
4  
Shareholders are prompted to consult the Lombard Odier Group website (www.loim.com) for the applicable Payment Date.
For more details, please refer to paragraph 12.1 "General Provisions" of Section 12 "Issue and Sale of Shares".
Asset Allocation Sub-Fund

## LO Funds – Event Convexity
Objective
The Sub-Fund is actively managed. The Sub-Fund is not managed in reference to an index.
The Sub-Fund’s objective is to generate returns by implementing an event driven strategy. Such strategy seeks to benefit from corporate events such as, but not limited to, reorganization, restructuring, merger, acquisition, spin-off and other corporate changes that offer capital structure arbitrage opportunities: depending on the regulatory environment and possible synergies from the corporate events mentioned above, the company’s stock price may deviate from the consensus price established before the event takes place.
Strategies and portfolio construction
The Investment Manager combines securities across the capital structure of issuers to create asymmetric opportunities around events.
The investment approach enhances traditional fundamental event driven analysis with the convexity available from the combination of equities, credit and related financial derivatives. The strategy employs a methodical and disciplined investment process, which begins with screening and analysis systems to filter the universe of company events and dislocations, and results in a portfolio of positions with asymmetric trade structures. This strategy is based on the concept that markets may not be fully efficient and therefore, the Investment Manager will seek to layer the optionality from traditional fundamental corporate events, with inefficiencies across multiple asset classes (product convexity), aiming at creating a more predictable return profile.
Portfolio governance
Portfolio governance is ensured by applying pre-trade and post-trade reviews by the Investment Manager and the risk management department. These reviews are factored in the decision taking through ongoing discussions between the Investment Manager and the risk management department with each having well-delineated areas of responsibility.
On a daily basis, the Investment Manager reviews the portfolio to assess risk at portfolio and position level. Ensuing actions could include weight rebalancing, profit locking, loss limiting and premium recovery.
The risk management department provides advanced analytical insight and monitors respect of risk parameters.
Investment policy
The Sub-Fund may invest in bonds, other fixed or floating-rate debt securities and short-term debt instruments issued or guaranteed by sovereign or non- sovereign issuers, convertible bonds, equities and equity related securities (including, but not limited to warrants), commodities, currencies and/or Cash and Cash Equivalents, denominated in OECD currencies. The instruments described above may be of any credit quality (including below investment-grade and Distressed Securities (up to 10% of its net assets) as described in paragraph 3.2).
The Investment Manager uses its discretion with regard to the selection of issuers, markets and currencies. The Investment Manager may implement qualitative and/or systematic strategies. The Investment Manager may use a wide range of financial derivative instruments (in particular, but not limited to CFDs, options, futures, credit (including CDS), interest rate, inflation, currency and volatility derivatives) to take long and short positions on any of the
above-mentioned asset classes, instruments, currencies, markets and/or indices (including commodity indices). In certain circumstances, the net exposure of the Sub-Fund to financial markets may be negative.
The use of financial derivative instruments as part of the investment strategy may result in a higher level of leverage and increase the overall risk exposure (i.e., the total exposure on derivatives, portfolio and other assets) of the Sub-Fund and the volatility of its Net Asset Value (see paragraph 2.10 of the Risk Factors Annex).
The Sub-Fund may be fully invested, in accordance with the applicable diversification rules, in Cash and Cash Equivalents (including short-term ABS/MBS which may represent up to 10% of investments in Cash and Cash Equivalents) when, for instance, the Investment Manager considers that the Sub-Fund should be positioned in a defensive way.
As mentioned in paragraph 3.1, the Sub-Fund may hold up to 10% of its net assets in UCIs.
Subject to the limits permitted by the Investment Restrictions described in Section 4 of the Prospectus, the Investment Manager is authorized to use financial derivative instruments:
- for hedging purposes	Yes
- for EPM	Yes
- as part of the investment strategy	YesThe use of structured financial instruments is described in paragraph 3.1.

The attention of investors is drawn to the Risk Factors Annex which sets out the risk factors applicable to the Sub-Fund.
Reference Currency
USD
Classes of Shares available for subscription
Shares can also be in different forms (i.e., Alternative Currencies, dividend policy, currency hedging policy, seeding, "Connect"): see paragraph 2.2.
|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Type of investor | See table in paragraph 2.2. of the general part of the Prospectus |
| Minimum initial investment and minimum holding | Equivalent of EUR 3,000 | Equivalent of EUR 1,000 | Equivalent of CHF 1,000,000 | Equivalent of CHF 1,000,000 | t.b.d. | Equivalent of EUR 3,000 | Equivalent of EUR 3,000 | None |
| Maximum FROC | 0.44% | 0.56% | 0.44% | 0.40% | 0.13% | 0.44% | 0.56% | 0.44% |
| Maximum Management Fee | 2.00% | 2.00% | 2.00% | 2.00% | N/A | 2.20% | 3.50% | N/A |
| Maximum Distribution Fee | 2.00% | 2.00% | N/A | N/A | N/A | N/A | N/A | N/A |
| Performance Fee | Yes. See below. |
| Maximum level of management fees when the Sub-Fund invests its assets in other UCITS or UCIs or Target Sub- Fund* | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% |
| Dealing Charge | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% |

* Notwithstanding any performance fee that may be levied in addition to this limit
Performance Fee
| Absolute Performance Fee |
| --- |
| Percentage | Hurdle Rate | Reference period |
| 20% | None | 1 January (or the first Valuation Day following the launch of a Share class, as applicable) to 31 December, it being noted that the first reference period cannot be shorter than (12) months. |

Examples of Performance Fee calculation
|  | Sub-Fund’s NAV at end of reference period (net of all costs, gross of Performance Fee) | Sub-Fund’s performance compared to latest High Water Mark | Yearly hurdle rate | Performance Fee | NAV net of Performance Fee | High Water Mark |
| --- | --- | --- | --- | --- | --- | --- |
| Y0 | 100 | - | None | - | - | 100 |
| Y1 | 108 | 8% | 1.60% | 106.4 | 106.4 |
| Y2 | 105 | -1.32% | 0 | 105 | 106.4 |
| Y3 | 110 | 3.38% | 0.68% | 109.29 | 109.29 |

The Sub-Fund is launched at Y0 with a NAV of 100.
At the end of the first year ( Y1), the NAV is 108 and the Sub-Fund exhibits an absolute positive performance of 8%. The Management Company is entitled to a Performance Fee of 1.6% (8% x 20%). The Performance Fee amounts to 1.6 (1.6% of 100). The Sub-Fund's NAV net of Performance Fee amounts to 106.4 (108 – 1.6) and the High Water Mark is set at 106.40.
At the end of the second year ( Y2), the Sub-Fund exhibits a negative absolute performance of -1.32%. The Management Company is not entitled to a Performance Fee. The High Water Mark remains unchanged at 106.40.
At the end of the third year ( Y3), the Sub-Fund exhibits an absolute positive performance of 3.38% compared to the latest High Water Mark. The Management Company is entitled to a Performance Fee of 0.68% (3.38% x 20%). The Performance Fee amounts to 0.71 (0.68% of 105). The Sub-Fund's NAV net of Performance Fee amounts to 109.29 (110 – 0.71) and the High Water Mark is set at 109.29.
SFDR Disclosure
The classification of the Sub-Fund under SFDR, the manner in which the Investment Manager integrates sustainability risks into its investment decisions in respect of the Sub-Fund and the results of the assessment of the likely impacts of sustainability risks on the returns of the Sub-Fund are set out in the SFDR Annex.
Investment Manager
See paragraph 6.3
Approach used to calculate the global exposure of the Sub-Fund
Absolute VaR
Reference portfolio used to assess the global exposure only
Not applicable
Expected level of leverage
500%
Risk budget
10%
Global exposure and leverage
The Sub-Fund uses financial derivative instruments as part of its investment strategy and is expected to be leveraged. While leverage may present opportunities for increasing the Sub-Fund's total return, it also has the potential of increasing losses. The cumulative effect of the use of leverage by the Sub-Fund in a market that moves adversely to the Sub-Fund's investments could result in a substantial loss to the Sub-Fund.
Leverage is defined as the sum of the absolute value of the notional of the financial derivative instruments held in each Sub-Fund’s portfolio (excluding the investment portfolio) divided by its total net assets and therefore does not take into account any netting and hedging arrangements. Leverage per se is not an accurate risk indicator as a higher degree of leverage does not necessarily imply a higher degree of risk.
The global exposure of the Sub-Fund is calculated following the absolute VaR approach. The expected level of leverage is 500%. It should be noted that the strategy makes large use of protective derivatives. Therefore this leverage measurement might overestimate by several times the economic exposure of the portfolio, due for example to the following actions: i) collaring each position for added safety, by buying protective puts on any underlying and financing these puts by overwriting calls on the same underlying, thus adding to the leverage level while in fact significantly reducing the risk of the position, ii) hedging the currency of each global position, thus further doubling the leverage level for positions not denominated in the reference currency, and finally iii) hedging each share class that is not denominated in the reference currency. Investors should note that the expected level of leverage can be exceeded in certain circumstances which are linked, for instance, to sudden changes of market conditions rather than an intent to take additional exposure.
Although this measure of gross notional leverage may in some instances reach what could be considered as high levels, it is expected that net leverage taking into account netting and hedging will be substantially lower as a large part of notional leverage will usually be generated through relative trades with offsetting exposures and/or short term derivatives which require larger notional amounts than longer term derivatives to generate a given level of risk.
As described in paragraph 4.2 (l), the risk budget of the Sub-Fund is continuously monitored through a value-at-risk (VaR) methodology with an aim to not exceed an estimated 1-month ex-ante absolute VaR of 15%. Portfolios below their risk budget are, under normal market conditions, statistically not expected to decline by more than this risk budget over one month with a confidence interval of 99%. This risk budget is set according to the risk profile of the Sub-Fund which is lower than the regulatory VaR limit of 20%.
Profile of typical investor
The Sub-Fund may be appropriate for investors, who:
- seek capital appreciation over the long-term; and
- are willing to take on the increased risks associated with the categories of assets described in the investment objective and policy; and
- can withstand volatility in the value of their Shares.

Application procedure
Application monies are to be sent in accordance with the application procedure set out in Section 20 of the Prospectus. Requests for subscriptions must be received by the Company no later than the Cut-off time.
Payment of the subscription monies must be made in the Reference Currency, or in the Alternative Currency, in case of classes issued in any Alternative Currency, for value before the Payment Date to the Depositary, indicating the proper identity of the subscriber(s) and the Sub-Fund in which Shares are subscribed.
Cut-off time
| Cut-off time  1 (Luxembourg time) (Subscriptions, redemptions and conversions) | Valuation Day  2 ("T") | Payment Date  3 |
| --- | --- | --- |
| 3 p.m. on T-3 days | Weekly, each Wednesday | Up to T+3 days 4 |

NB: any reference to a day shall be construed as a reference to a Business Day
1  
If such day is not a Business Day, the first Business Day in Luxembourg preceding this day.
2  
If such Valuation Day is not a Business Day, the Valuation Day will be the next Business Day or the previous Business Day in case of a bi-monthly valuation.
3  
For redemptions, payments will ordinarily be made in the Reference Currency.
4  
Shareholders are prompted to consult the Lombard Odier Group website (www.loim.com) for the applicable Payment Date.
For more details, please refer to paragraph 12.1 "General Provisions" of Section 12 "Issue and Sale of Shares".
Asset Allocation Sub-Fund

## LO Funds – Multiadvisers UCITS
Investment Objective and Policy
The Sub-Fund is actively managed. The HFRX Global Hedge Fund index is used for performance comparison only, without implying any particular constraints to the Sub-Fund’s investments. Securities targeted by the Sub-Fund can be similar to those of the index to an extent that varies over time but their weighting is expected to differ materially. The performance of the Sub-Fund may deviate materially from that of the index.
The Sub-Fund invests in a broad range of funds implementing alternative investment strategies such as, but not limited to, equity long/short, equity market neutral, global macro, convertible arbitrage, distressed, fixed income arbitrage, credit arbitrage, event driven, managed futures or commodities as well as in traditional long-only strategies through equity securities, fixed income securities, convertible securities, money market instruments.
The Investment Manager may implement qualitative and/or systematic strategies, including risk-based allocation methodologies. For each asset or Group of Assets, the risk is calculated using proprietary models analyzing historical price movements amongst others. In addition to the above- mentioned investments, the Investment Manager may use financial derivative instruments (i) to take long and short positions on currencies (OECD
currencies and/or Emerging Market currencies) and/or (ii) to increase or reduce its exposure to specific asset classes, markets (including Emerging Markets) and indices (including commodity indices). The Sub-Fund may also be fully invested, in accordance with the applicable diversification rules, in Cash and Cash Equivalents (including short-term ABS/MBS which may represent up to 10% of investments in Cash and Cash Equivalents) when, for instance, the Investment Manager considers that the Sub-Fund should be positioned in a defensive way.
Subject to the limits permitted by the Investment Restrictions described in Section 4 of the Prospectus, the Investment Manager is authorized to use financial derivative instruments (in particular, but not limited to options, futures, credit (including CDS), interest rate, inflation, currency and volatility derivatives):
- for hedging purposes	Yes
- for EPM	Yes
- as part of the investment strategy	YesThe use of structured financial instruments is described in paragraph 3.1.

The attention of investors is drawn to the Risk Factors Annex which sets out the risk factors applicable to the Sub-Fund.
Reference Currency
EUR
Classes of Shares available for subscription
Shares can also be in different forms (i.e., Alternative Currencies, dividend policy, currency hedging policy, seeding, "Connect"): see paragraph 2.2.
|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Type of investor | See table in paragraph 2.2. of the general part of the Prospectus |
| Minimum initial investment and minimum holding | Equivalent of EUR 3,000 | Equivalent of EUR 1,000 | Equivalent of CHF 1,000,000 | Equivalent of CHF 1,000,000 | t.b.d. | Equivalent of EUR 3,000 | Equivalent of EUR 3,000 | None |
| Maximum FROC | 0.44% | 0.56% | 0.31% | 0.27% | 0.13% | 0.44% | 0.56% | 0.44% |
| Maximum Management Fee | 1.00% | 1.00% | 1.00% | 1.00% | N/A | 1.10% | 2.00% | N/A |
| Maximum Distribution Fee | 1.00% | 1.55% | N/A | N/A | N/A | N/A | N/A | N/A |
| Performance Fee | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |

|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Maximum level of management fees when the Sub-Fund invests its assets in other UCITS or UCIs or Target Sub- Fund* | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% |
| Dealing Charge | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% |

* 
Notwithstanding any performance fee that may be levied in addition to this limit
SFDR Disclosure
The classification of the Sub-Fund under SFDR, the manner in which the Investment Manager integrates sustainability risks into its investment decisions in respect of the Sub-Fund and the results of the assessment of the likely impacts of sustainability risks on the returns of the Sub-Fund are set out in the SFDR Annex.
Investment Manager
See paragraph 6.3
Approach used to calculate the global exposure of the Sub-Fund
Commitment approach
Profile of typical investor
The Sub-Fund may be appropriate for investors, who:
- seek capital appreciation over the long-term; and
- are willing to take on the increased risks associated with the categories of assets described in the investment objective and policy; and
- can withstand volatility in the value of their Shares.

Application procedure
Application monies are to be sent in accordance with the application procedure set out in Section 20 of the Prospectus. Requests for subscriptions must be received by the Company no later than the Cut-off time.
Payment of the subscription monies must be made in the Reference Currency, or in the Alternative Currency, in case of classes issued in any Alternative Currency, for value before the Payment Date to the Depositary, indicating the proper identity of the subscriber(s) and the Sub-Fund in which Shares are subscribed.
Cut-off time
| Cut-off time  1 (Luxembourg time) (Subscriptions, redemptions and conversions) | Valuation Day  2 ("T") | Payment Date  3 |
| --- | --- | --- |
| 3 p.m. on T-3 days | Weekly, each Tuesday | Up to T+5 days 4 |

NB: any reference to a day shall be construed as a reference to a Business Day
1  
If such day is not a Business Day, the first Business Day in Luxembourg preceding this day.
2  
If such Valuation Day is not a Business Day, the Valuation Day will be the next Business Day or the previous Business Day in case of a bi-monthly valuation.
3  
For redemptions, payments will ordinarily be made in the Reference Currency.
4  
Shareholders are prompted to consult the Lombard Odier Group website (www.loim.com) for the applicable Payment Date.
For more details, please refer to paragraph 12.1 "General Provisions" of Section 12 "Issue and Sale of Shares".
Asset Allocation Sub-Fund

## LO Funds – Defensive Systematic Alternative Solution
Investment Objective and Policy
The Sub-Fund is actively managed. The Sub-Fund is not managed in reference to an index.
The Sub-Fund seeks to mitigate significant downside market risk, and has been designed to provide a hedge solution against market declines and rising volatility. It invests in rule-based long/short strategies, which can be classified, but not limited to, two main groups: Risk-off Convexity and Diversifying Income.
Each of these groups displays certain characteristics and objectives:
- The Risk-off Convexity group of strategies seeks to take advantage from extreme market movements and rising volatility, by deploying systematic strategies such as, but not limited to, long volatility or intraday trends.
- The Diversifying Income group of strategies seeks to extract risk premia across different asset classes with low market correlation, by deploying systematic strategies such as, but not limited to, carry and relative-value arbitrages.

The Investment Manager may follow a risk based methodology to allocate capital. Each strategy and group receive a risk budget, with on average, the majority of budget allocated to the Risk-off convexity group. Risk budgets are then translated into capital weights. The higher the risk, the less capital it gets. At the global portfolio level, a volatility target mechanism is applied.
The Investment Manager, based on proprietary quantitative models, will determine the investment methodology for each strategy to allocate trades within pre-defined asset classes (including, but not limited to, equities, bonds, interest rates, currencies, commodity indices, credit indices and volatility indices) along with the respective financial derivatives instruments to be used to achieve the desired exposure. The Investment Manager will use its discretion with respect to the total number of underlying strategies and selection of markets (in particular, the Sub-Fund may be fully invested in Emerging Markets).
With respect to strategies involving exposure to commodities, their exposure may be achieved through the use of a swap agreement as further explained under paragraph 3.3.2, paragraph 3.3.3 and paragraph 3.3.4.
Also, as part of the implementation of its investment strategy, the Sub-Fund has entered into an unfunded excess return swap agreement as further explained under paragraph 3.3.5. According to the Investment Manager, such unfunded excess return swap is an efficient tool to implement a long/short strategy on equity while reducing costs as well as liquidity risks.
The Sub-Fund will only enter into swap agreements with counterparties which are first-class financial institutions.
The Sub-Fund invests in financial derivative instruments and possibly through the use of funds as well as Cash and Cash Equivalents. At the discretion of the Investment Manager, the Sub-Fund may be fully invested, in accordance with the applicable diversification rules, in Cash and Cash Equivalents (including short-term ABS/MBS which may represent up to 10% of investments in Cash and Cash Equivalents). The Sub-Fund is not subject to the minimum rating described in paragraph 3.2.
As mentioned in paragraph 3.1, the Sub-Fund may hold up to 10% of its net assets in UCIs.
Subject to the limits permitted by the Investment Restrictions described in Section 4 of the Prospectus, the Investment Manager is authorized to use financial derivative instruments:
- for hedging purposes	Yes
- for EPM	Yes
- as part of the investment strategy	YesThe use of structured financial instruments is described in paragraph 3.1.

The attention of investors is drawn to the Risk Factors Annex which sets out the risk factors applicable to the Sub-Fund.
Reference Currency
USD
Classes of Shares available for subscription
Shares can also be in different forms (i.e., Alternative Currencies, dividend policy, currency hedging policy, seeding, "Connect"): see paragraph 2.2.
|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Type of investor | See table in paragraph 2.2. of the general part of the Prospectus |
| Minimum initial investment and minimum holding | Equivalent of EUR 3,000 | Equivalent of EUR 1,000 | Equivalent of CHF 1,000,000 | Equivalent of CHF 1,000,000 | t.b.d. | Equivalent of EUR 3,000 | Equivalent of EUR 3,000 | None |
| Maximum FROC | 0.44% | 0.56% | 0.31% | 0.27% | 0.10% | 0.44% | 0.56% | 0.44% |
| Maximum Management Fee | 1.00% | 1.00% | 1.00% | 1.00% | N/A | 1.10% | 2.00% | N/A |
| Maximum Distribution Fee | 1.00% | 1.55% | N/A | N/A | N/A | N/A | N/A | N/A |
| Performance Fee | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Maximum level of management fees when the Sub-Fund invests its assets in other UCITS or UCIs or Target Sub- Fund* | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% |
| Dealing Charge | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% |

* 
Notwithstanding any performance fee that may be levied in addition to this limit
SFDR Disclosure
The classification of the Sub-Fund under SFDR, the manner in which the Investment Manager integrates sustainability risks into its investment decisions in respect of the Sub-Fund and the results of the assessment of the likely impacts of sustainability risks on the returns of the Sub-Fund are set out in the SFDR Annex.
Investment Manager
See paragraph 6.3
Approach used to calculate the global exposure of the Sub-Fund
Absolute VaR
Reference portfolio used to assess the global exposure only
Not applicable
Expected level of leverage
The Sub-Fund's leverage under the sum of notional of financial derivative instruments approach is expected to be around 400% of Net Asset Value.
The Sub-Fund exposure to Total Return Swaps expressed as the sum of notionals is expected to range between 0% and 150% of Net Asset Value. In cases where this range is exceeded, exposures should remain below 400%.
Investors should note that expected exposures and leverage may be exceeded.
Risk budget
10%
Profile of typical investor
The Sub-Fund may be appropriate for investors, who:
- seek capital appreciation over the long-term; and
- are willing to take on the increased risks associated with the categories of assets described in the investment objective and policy; and
- can withstand volatility in the value of their Shares.

Application procedure
Application monies are to be sent in accordance with the application procedure set out in Section 20 of the Prospectus. Requests for subscriptions must be received by the Company no later than the Cut-off time.
Payment of the subscription monies must be made in the Reference Currency, or in the Alternative Currency, in case of classes issued in any Alternative Currency, for value before the Payment Date to the Depositary, indicating the proper identity of the subscriber(s) and the Sub-Fund in which Shares are subscribed.
Cut-off time
| Cut-off time  1 (Luxembourg time) (Subscriptions, redemptions and conversions) | Valuation Day  2 ("T") | Payment Date  3 |
| --- | --- | --- |
| 3 p.m. on T-1 day | Daily | Up to T+3 days 4 |

NB: any reference to a day shall be construed as a reference to a Business Day
1  
If such day is not a Business Day, the first Business Day in Luxembourg preceding this day.
2  
If such Valuation Day is not a Business Day, the Valuation Day will be the next Business Day or the previous Business Day in case of a bi-monthly valuation.
3  
For redemptions, payments will ordinarily be made in the Reference Currency.
4  
Shareholders are prompted to consult the Lombard Odier Group website (www.loim.com) for the applicable Payment Date.
For more details, please refer to paragraph 12.1 "General Provisions" of Section 12 "Issue and Sale of Shares".
Equity Sub-Fund / Global

## LO Funds – Generation Global
Investment Objective and Policy
The Sub-Fund is actively managed. The MSCI World TR ND index is used for performance comparison only, without implying any particular constraints to the Sub-Fund’s investments. Securities targeted by the Sub-Fund can be similar to those of the index to an extent that varies over time but their weighting is expected to differ materially. The performance of the Sub-Fund may deviate materially from that of the index.
The Sub-Fund invests, at least two-thirds (2/3
rds
) of its portfolio, in equity securities, preferred stocks and convertible securities issued by companies worldwide (including Emerging Markets). However, investment in convertible securities may not represent more than 25% of the Sub-Fund's net asset value. This Sub-Fund seeks to achieve superior investment performance by taking a long term investment view and integrating sustainability research within a rigorous fundamental equity analysis framework. Sustainable investing is the explicit recognition that economic, health, environmental, social and governance factors directly affect long term business profitability. The aim of this Sub-Fund is to select companies that demonstrate practices and processes that will sustain their profits in a changing environment. The Investment Manager will use its discretion with regard to the selection of markets, sectors and currencies (including Emerging Market currencies). The Sub-Fund may invest in Emerging Markets. As part of its Emerging Market exposure,
the Sub-Fund may invest up to 10% of its net assets in shares issued by mainland China-incorporated companies (including China A-Shares) that trade on exchanges. The China A-Shares will be acquired via Stock Connect. Please have regard to the Risk Factors Annex, in particular, 2.12 with regard to such investments.
As mentioned in paragraph 3.1, the Sub-Fund may (i) in normal market conditions and in accordance with the applicable diversification rules, hold on a temporary and ancillary basis up to 15% of its net assets in Cash and Cash Equivalents (including short-term ABS/MBS which may represent up to 10% of investments in Cash and Cash Equivalents) and (ii) hold up to 10% of its net assets in UCIs.
Subject to the limits permitted by the Investment Restrictions described in Section 4 of the Prospectus, the Investment Manager is authorized to use financial derivative instruments:
- for hedging purposes	Yes
- for EPM	Yes
- as part of the investment strategy	NoThe use of structured financial instruments is described in paragraph 3.1.

The Sub-Fund qualifies as an Equity Fund under GITA.
The attention of investors is drawn to the Risk Factors Annex which sets out the risk factors applicable to the Sub-Fund.
Reference Currency
USD
Classes of Shares available for subscription
Shares can also be in different forms (i.e., Alternative Currencies, dividend policy, currency hedging policy, seeding, "Connect"): see paragraph 2.2.
|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Type of investor | See table in paragraph 2.2. of the general part of the Prospectus |
| Minimum initial investment and minimum holding | Equivalent of EUR 3,000 | Equivalent of EUR 1,000 | Equivalent of CHF 1,000,000 | Equivalent of CHF 1,000,000 | t.b.d. | Equivalent of EUR 3,000 | Equivalent of EUR 3,000 | None |
| Maximum FROC | 0.44% | 0.56% | 0.31% | 0.27% | 0.13% | 0.44% | 0.56% | 0.44% |
| Maximum Management Fee | 1.00% | 1.00% | 1.00% | 1.00% | N/A | 1.10% | 1.50% | N/A |
| Maximum Distribution Fee | 0.50% | 1.55% | N/A | N/A | N/A | N/A | N/A | N/A |

|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Performance Fee | Yes. See below. |
| Maximum level of management fees when the Sub-Fund invests its assets in other UCITS or UCIs or Target Sub- Fund* | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% |
| Dealing Charge | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% |

* 
Notwithstanding any performance fee that may be levied in addition to this limit
Performance Fee
| Relative Performance Fee (as an annual percentage of the performance compared to its benchmark) |
| --- |
| Percentage | Benchmark | Reference period |
| 20% | MSCI World ND | 1 October of year "Y" (or the first Valuation Day following the launch of a Share class, as applicable) to 30 September of the following year "Y+1", it being noted that the first reference period cannot be shorter than twelve (12) months. |

Example of Performance Fee calculation
|  | Sub-Fund’s | Benchmark's | Sub-Fund’s | Benchmark's | Performance | Performance | Reference Net | Reference |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAV at end | value | performance | performance | of Sub-Fund | Fee | Asset Value | Benchmark |
| of reference |  | compared | compared to | compared to |  |  | (ie, |
| period (net |  | to latest | Benchmark's | Benchmark |  |  | Benchmark's |
| of all costs, |  | reference Net | value | since launch |  |  | value |
| gross of |  | Asset Value | associated | or last |  |  | associated |
| Performance |  |  | with latest | reference |  |  | with latest |
| Fee) |  |  | reference | period when a |  |  | reference |
|  |  |  | period when a | Performance |  |  | period when a |
|  |  |  | Performance | Fee was paid |  |  | Performance |
|  |  |  | Fee was paid |  |  |  | Fee was paid) |
| Y0 | 100 | 100 | - | - | - | - | 100 | 100 |
| Y1 | 108 | 105 | 8.00% | 5.00% | 3.00% | 0.60% | 107.35 | 105 |
| Y2 | 105 | 102.9 | -2.19% | -2.00% | -0.19% | none | 107.35 | 105 |
| Y3 | 110 | 113.19 | 2.47% | 7.80% | -5.33% | none | 107.35 | 105 |
| Y4 | 120 | 101.87 | 11.78% | -2.98% | 14.76% | 2.95% | 116.46 | 101.87 |
| Y5 | 128.1 | 112.06 | 10.00% | 10.00% | 0.00% | None | 116.46 | 101.87 |
| Y6 | 115 | 95 | -1.25% | -6.74% | 5.49% | 1.10% | 113.74 | 95.00 |

The Sub-Fund is launched at Y0 with a NAV of 100.
At the end of the first year ( Y1), the NAV is 108 (gain of 8%) and the Benchmark is at 105 (gain of 5%). As the Sub-Fund has outperformed its Benchmark by 3%, the Management Company is entitled to a Performance Fee of 0.60% (20% x 3%). The Performance Fee amounts to 0.65 (0.60% x 108). The Sub-Fund's NAV net of Performance Fee amounts to 107.35 (108 – 0.65) and the reference NAV is set at 107.35 and the reference Benchmark is set at 105.
At the end of the second year ( Y2), the Sub-Fund has underperformed its Benchmark and the Sub-Fund’s NAV has remained below the last reference NAV. Thus, no Performance Fee is payable. The reference NAV and reference Benchmark remain unchanged (107.35 and 105 respectively).
At the end of the third year ( Y3), the Sub-Fund’s NAV (110) has exceeded the last reference NAV (110 against 107.35) but the Sub-Fund has underperformed the Benchmark. Thus, no Performance Fee is payable. The reference NAV and reference Benchmark remain unchanged (107.35 and 105 respectively)
At the end of the fourth year ( Y4), the Sub-Fund exhibits a performance of 11.78% (from 107.35 to 120) and the Benchmark exhibits a performance of –2.98% (from 105 to 101.87). As the Sub-Fund has outperformed its Benchmark by 14.76% (11.78 – (–2.98)), the Management Company is entitled to a Performance Fee of 2.95% (20% x 14.76%). The Performance Fee amounts to 3.54 (2.95% x 120). The Sub-Fund's NAV net of Performance Fee amounts to 116.46 (120 – 3.54), the new reference NAV is set at 116.46 and the reference Benchmark is set at 101.87.
At the end of the fifth year ( Y5), the Sub-Fund exhibits a performance of 10% (from 116.46 to 128.10) and the Benchmark exhibits a performance of 10% (from 101.87 to 112.06). As the performance of the Sub-Fund equals the performance of the Benchmark, no Performance Fee is payable. The reference NAV and reference Benchmark remain unchanged (116.46 and 101.87 respectively).
At the end of the sixth year ( Y6), the Sub-Fund exhibits a performance of –1.25% (from 116.46 to 115) and the Benchmark exhibits a performance of –6.74% (from 101.87 to 95). As the Sub-Fund has outperformed its Benchmark by 5.49% (–1.25 – (–6.74)), the Management Company
is entitled to a Performance Fee of 1.10% (20% x 5.49%). The Performance Fee amounts to 1.26 (1.10% x 115). The Sub-Fund's NAV net of Performance Fee amounts to 113.74 (115 – 1.26), the reference NAV is set at 113.74 and the reference Benchmark is set at 95.
SFDR Disclosure
The classification of the Sub-Fund under SFDR, the manner in which the Investment Manager integrates sustainability risks into its investment decisions in respect of the Sub-Fund and the results of the assessment of the likely impacts of sustainability risks on the returns of the Sub-Fund are set out in the SFDR Annex.
Benchmark Regulation
See the general part of the Prospectus: "3. Investment Objectives and Policies" / 3.1 "General Provisions Common to all Sub-Funds" / "(x) Benchmark Regulation".
Prior to 1 January 2021, MSCI Limited was an EU regulated benchmark administrator authorized under the Benchmark Regulation by the UK FCA and on the ESMA register for benchmark administrators.
As of 1 January 2021, MSCI Limited is and remains authorized as a UK benchmark administrator regulated by the UK FCA (and can be found on the FCA Financial Services Register), but is considered a “third country” UK administrator vis-a-vis the EU and will not appear on the ESMA
register for benchmark administrators unless and until the EU grants the UK “equivalence” or until MSCI is granted “endorsement” or “recognition”. Additional information on the Benchmark can be found on the website of the administrator: www.msci.com/index-regulation.
Investment Manager
See paragraph 6.3
Approach used to calculate the global exposure of the Sub-Fund
Relative VaR
Reference portfolio used to assess the global exposure only
MSCI World TR ND USD
Expected level of leverage
50%
Risk budget
125%
Profile of typical investor
The Sub-Fund may be appropriate for investors, who:
- seek capital appreciation over the long-term; and
- are willing to take on the increased risks associated with the categories of assets described in the investment objective and policy; and
- can withstand volatility in the value of their Shares.

Application procedure
Application monies are to be sent in accordance with the application procedure set out in Section 20 of the Prospectus. Requests for subscriptions must be received by the Company no later than the Cut-off time.
Payment of the subscription monies must be made in the Reference Currency, or in the Alternative Currency, in case of classes issued in any Alternative Currency, for value before the Payment Date to the Depositary, indicating the proper identity of the subscriber(s) and the Sub-Fund in which Shares are subscribed.
Cut-off time
| Cut-off time  1 (Luxembourg time) (Subscriptions, redemptions and conversions) | Valuation Day  2 ("T") | Payment Date  3 |
| --- | --- | --- |
| 3 p.m. on T-1 day | Daily | Up to T+3 days 4 |

NB: any reference to a day shall be construed as a reference to a Business Day
1  
If such day is not a Business Day, the first Business Day in Luxembourg preceding this day.
2  
If such Valuation Day is not a Business Day, the Valuation Day will be the next Business Day or the previous Business Day in case of a bi-monthly valuation.
3  
For redemptions, payments will ordinarily be made in the Reference Currency.
4  
Shareholders are prompted to consult the Lombard Odier Group website (www.loim.com) for the applicable Payment Date.
For more details, please refer to paragraph 12.1 "General Provisions" of Section 12 "Issue and Sale of Shares".
Equity Sub-Fund / Global

## LO Funds – TargetNetZero Global Equity
Investment Objective and Policy
The Sub-Fund is actively managed. The MSCI World TR ND index is used to define the initial investment universe for individual security selection, for performance comparison as well as for internal risk monitoring purposes, without implying any particular constraints to the Sub-Fund's investments. The Sub-Fund’s securities will generally be similar to those of the above-mentioned index but the security weightings are expected to differ materially. The Investment Manager may also select securities not included in the above-mentioned index in order to take advantage of investment opportunities.
The Sub-Fund invests in equity and equity related securities (including, but not limited to, warrants) issued by companies worldwide (including Emerging Markets).
The Sub-Fund may invest up to 10% of its net assets in shares issued by mainland China-incorporated companies (including China A-Shares) that trade on exchanges. The China A-Shares will be acquired via Stock Connect. Please have regard to the Risk Factors Annex, in particular, paragraph 2.12 with regard to such investments.
The investment approach applied by the Investment Manager to select securities is based on proprietary tools which aim to reduce the risk of climate transition. Moreover, the Sub-Fund seeks to select and allocate to issuers with the objective to form a universe compatible with the fight against global warming. It integrates a wide range of climate objectives covering the risk of transition, the opportunities and the physical risk linked to climate change.
The Investment Manager will aim to increase exposure to issuers within the Sub-Fund's investment portfolio which can contribute to a reduction in global CO2 emissions and the eventual achievement of net zero CO2 emissions by 2050. This will include issuers already targeting such net zero CO2 emissions by 2050, as well as issuers that may not yet have set such targets but that progressively may be brought into alignment, including through regulatory action, investor engagement and market changes. The Investment Manager will aim to ensure a faster rate of reductions in CO2 emissions in the Sub- Fund’s investment portfolio when compared to the MSCI World TR ND index. The achievement of these aims are dependent on regulatory, technological and commercial developments external to the Investment Manager and there can be no guarantee that they will be achieved in respect of the above referenced aims.
The Investment Manager may implement qualitative and/or systematic strategies, including risk-based allocation methodologies to select equity securities and allocate capital across sectors.
The Investment Manager will use its discretion with regard to the selection of markets, sectors and currencies (including Emerging Market currencies).
As mentioned in paragraph 3.1, the Sub-Fund may (i) in normal market conditions, hold on a temporary and ancillary basis up to 15% of its net assets in Cash and Cash Equivalents (including short-term ABS/MBS which may represent up to 10% of investments in Cash and Cash Equivalents) and (ii) hold up to 10% of its net assets in UCIs.
Subject to the limits permitted by the Investment Restrictions described in Section 4 of the Prospectus, the Investment Manager is authorized to use financial derivative instruments:
- for hedging purposes	Yes
- for EPM	Yes
- as part of the investment strategy	NoThe use of structured financial instruments is described in paragraph 3.1.

The Sub-Fund qualifies as an Equity Fund under GITA.
The attention of investors is drawn to the Risk Factors Annex which sets out the risk factors applicable to the Sub-Fund.
Reference Currency
USD
Classes of Shares available for subscription
Shares can also be in different forms (i.e., Alternative Currencies, dividend policy, currency hedging policy, seeding, "Connect"): see paragraph 2.2.
|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Type of investor | See table in paragraph 2.2. of the general part of the Prospectus |
| Minimum initial investment and minimum holding | Equivalent of EUR 3,000 | Equivalent of EUR 1,000 | Equivalent of CHF 1,000,000 | Equivalent of CHF 1,000,000 | t.b.d. | Equivalent of EUR 3,000 | Equivalent of EUR 3,000 | None |
| Maximum FROC | 0.44% | 0.56% | 0.31% | 0.27% | 0.13% | 0.44% | 0.56% | 0.44% |
| Maximum Management Fee | 1.00% | 1.00% | 1.00% | 1.00% | N/A | 1.10% | 1.50% | N/A |
| Maximum Distribution Fee | 1.00% | 1.55% | N/A | N/A | N/A | N/A | N/A | N/A |
| Performance Fee | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Maximum level of management fees when the Sub-Fund invests its assets in other UCITS or UCIs or Target Sub- Fund* | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% |
| Dealing Charge | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% |

* 
Notwithstanding any performance fee that may be levied in addition to this limit
SFDR Disclosure
The classification of the Sub-Fund under SFDR, the manner in which the Investment Manager integrates sustainability risks into its investment decisions in respect of the Sub-Fund and the results of the assessment of the likely impacts of sustainability risks on the returns of the Sub-Fund are set out in the SFDR Annex.
Benchmark Regulation
See the general part of the Prospectus: "3. Investment Objectives and Policies" / 3.1 "General Provisions Common to all Sub-Funds" / "(x) Benchmark Regulation".
Prior to 1 January 2021, MSCI Limited was an EU regulated benchmark administrator authorized under the Benchmark Regulation by the UK FCA and on the ESMA register for benchmark administrators.
As of 1 January 2021, MSCI Limited is and remains authorized as a UK benchmark administrator regulated by the UK FCA (and can be found on the FCA Financial Services Register), but is considered a “third country” UK administrator vis-a-vis the EU and will not appear on the ESMA
register for benchmark administrators unless and until the EU grants the UK “equivalence” or until MSCI is granted “endorsement” or “recognition”. Additional information on the Benchmark can be found on the website of the administrator: www.msci.com/index-regulation.
Investment Manager
See paragraph 6.3
Approach used to calculate the global exposure of the Sub-Fund
Commitment approach
Profile of typical investor
The Sub-Fund may be appropriate for investors, who:
- seek capital appreciation over the long-term; and
- are willing to take on the increased risks associated with the categories of assets described in the investment objective and policy; and
- can withstand volatility in the value of their Shares.

Application procedure
Application monies are to be sent in accordance with the application procedure set out in Section 20 of the Prospectus. Requests for subscriptions must be received by the Company no later than the Cut-off time.
Payment of the subscription monies must be made in the Reference Currency, or in the Alternative Currency, in case of classes issued in any Alternative Currency, for value before the Payment Date to the Depositary, indicating the proper identity of the subscriber(s) and the Sub-Fund in which Shares are subscribed.
Cut-off time
| Cut-off time  1 (Luxembourg time) (Subscriptions, redemptions and conversions) | Valuation Day  2 ("T") | Payment Date  3 |
| --- | --- | --- |
| 3 p.m. on T-1 day | Daily | Up to T+3 days 4 |

NB: any reference to a day shall be construed as a reference to a Business Day
1  
If such day is not a Business Day, the first Business Day in Luxembourg preceding this day.
2  
If such Valuation Day is not a Business Day, the Valuation Day will be the next Business Day or the previous Business Day in case of a bi-monthly valuation.
3  
For redemptions, payments will ordinarily be made in the Reference Currency.
4  
Shareholders are prompted to consult the Lombard Odier Group website (www.loim.com) for the applicable Payment Date.
For more details, please refer to paragraph 12.1 "General Provisions" of Section 12 "Issue and Sale of Shares".
Equity Sub-Fund / Sector / Thematic

## LO Funds – Continental Europe Family Leaders
Investment Objective and Policy
The Sub-Fund is actively managed. The MSCI Europe ex-UK Small Cap TR ND index is used for performance comparison as well as for internal risk monitoring purposes, without implying any particular constraints to the Sub-Fund’s investments. Securities targeted by the Sub-Fund can be similar to those of the index to an extent that varies over time but their weighting is expected to differ materially. The performance of the Sub-Fund may deviate materially from that of the index.
The Sub-Fund invests, at least two-thirds (2/3
rds) 
of its assets, in equity securities issued by companies directly or indirectly owned, controlled and/or managed by families.
The Sub-Fund may be fully invested in small and mid-cap companies.
At least 75% of the Sub-Fund’s assets will be exposed to equity of corporate issuers having their registered office in the EEA, excluding the UK.
Up to 25% of the Sub-Fund’s assets may be invested outside of these parameters, excluding the UK, including in Cash and Cash Equivalents (including short-term ABS/MBS which may represent up to 10% of investments in Cash and Cash Equivalents).
The Investment Manager will use its discretion with regard to the selection of markets (including Emerging Markets), sectors, size of companies and currencies.
The Investment Manager may implement qualitative and/or systematic strategies.
As mentioned in paragraph 3.1, the Sub-Fund may hold up to 10% of its net assets in UCIs.
Subject to the limits permitted by the Investment Restrictions described in Section 4 of the Prospectus, the Investment Manager is authorized to use financial derivative instruments:
- for hedging purposes	Yes
- for EPM	Yes
- as part of the investment strategy	YesThe use of structured financial instruments is described in paragraph 3.1.

The Sub-Fund qualifies as an Equity Fund under GITA.
The attention of investors is drawn to the Risk Factors Annex which sets out the risk factors applicable to the Sub-Fund.
Reference Currency
EUR
Classes of Shares available for subscription
Shares can also be in different forms (i.e., Alternative Currencies, dividend policy, currency hedging policy, seeding, "Connect"): see paragraph 2.2.
|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Type of investor | See table in paragraph 2.2. of the general part of the Prospectus |
| Minimum initial investment and minimum holding | Equivalent of EUR 3,000 | Equivalent of EUR 1,000 | Equivalent of CHF 1,000,000 | Equivalent of CHF 1,000,000 | t.b.d. | Equivalent of EUR 3,000 | Equivalent of EUR 3,000 | None |
| Maximum FROC | 0.44% | 0.56% | 0.31% | 0.27% | 0.15% | 0.44% | 0.56% | 0.44% |
| Maximum Management Fee | 1.00% | 1.00% | 1.00% | 1.00% | N/A | 1.10% | 2.00% | N/A |
| Maximum Distribution Fee | 1.00% | 1.55% | N/A | N/A | N/A | N/A | N/A | N/A |
| Performance Fee | Yes. See below. |

|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Maximum level of management fees when the Sub-Fund invests its assets in other UCITS or UCIs or Target Sub- Fund* | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% |
| Dealing Charge | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% |

* 
Notwithstanding any performance fee that may be levied in addition to this limit
Performance Fee
| Relative Performance Fee (as an annual percentage of the performance compared to its benchmark) |
| --- |
| Percentage | Benchmark | Reference period |
| 15% | MSCI Europe ex-UK Small Cap | 1 October of year "Y" (or the first Valuation Day following the launch of a Share class, as applicable) to 30 September of the following year "Y+1", it being noted that the first reference period cannot be shorter than twelve (12) months. |

Example of Performance Fee calculation
|  | Sub-Fund’s | Benchmark's | Sub-Fund’s | Benchmark's | Performance | Performance | Reference Net | Reference |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAV at end | value | performance | performance | of Sub-Fund | Fee | Asset Value | Benchmark |
| of reference |  | compared | compared to | compared to |  |  | (ie, |
| period (net |  | to latest | Benchmark's | Benchmark |  |  | Benchmark's |
| of all costs, |  | reference Net | value | since launch |  |  | value |
| gross of |  | Asset Value | associated | or last |  |  | associated |
| Performance |  |  | with latest | reference |  |  | with latest |
| Fee) |  |  | reference | period when a |  |  | reference |
|  |  |  | period when a | Performance |  |  | period when a |
|  |  |  | Performance | Fee was paid |  |  | Performance |
|  |  |  | Fee was paid |  |  |  | Fee was paid) |
| Y0 | 100 | 100 | - | - | - | - | 100 | 100 |
| Y1 | 108 | 105 | 8.00% | 5.00% | 3.00% | 0.45% | 107.51 | 105 |
| Y2 | 105 | 102.9 | -2.34% | -2.00% | -0.34% | none | 107.51 | 105 |
| Y3 | 110 | 113.19 | 2.31% | 7.80% | -5.49% | none | 107.51 | 105 |
| Y4 | 120 | 101.87 | 11.61% | -2.98% | 14.59% | 2.19% | 117.37 | 101.87 |
| Y5 | 129.11 | 112.06 | 10.00% | 10.00% | 0.00% | None | 117.37 | 101.87 |
| Y6 | 115 | 95 | -2.02% | -6.74% | 4.72% | 0.71% | 114.19 | 95.00 |

The Sub-Fund is launched at Y0 with a NAV of 100.
At the end of the first year ( Y1), the NAV is 108 (gain of 8%) and the Benchmark is at 105 (gain of 5%). As the Sub-Fund has outperformed its Benchmark by 3%, the Management Company is entitled to a Performance Fee of 0.45% (15% x 3%). The Performance Fee amounts to 0.49 (0.45% x 108). The Sub-Fund's NAV net of Performance Fee amounts to 107.51 (108 – 0.49) and the reference NAV is set at 107.51 and the reference Benchmark is set at 105.
At the end of the second year ( Y2), the Sub-Fund has underperformed its Benchmark and the Sub-Fund’s NAV has remained below the last reference NAV. Thus, no Performance Fee is payable. The reference NAV and reference Benchmark remain unchanged (107.51 and 105 respectively).
At the end of the third year ( Y3), the Sub-Fund’s NAV (110) has exceeded the last reference NAV (110 against 107.51) but the Sub-Fund has underperformed the Benchmark. Thus, no Performance Fee is payable. The reference NAV and reference Benchmark remain unchanged (107.51 and 105 respectively)
At the end of the fourth year ( Y4), the Sub-Fund exhibits a performance of 11.61% (from 107.51 to 120) and the Benchmark exhibits a performance of –2.98% (from 105 to 101.87). As the Sub-Fund has outperformed its Benchmark by 14.59% (11.61 – (–2.98)), the Management Company is entitled to a Performance Fee of 2.19% (15% x 14.76%). The Performance Fee amounts to 2.63 (2.19% x 120). The Sub-Fund's NAV net of Performance Fee amounts to 117.37 (120 – 2.63), the new reference NAV is set at 117.37 and the reference Benchmark is set at 101.87.
At the end of the fifth year ( Y5), the Sub-Fund exhibits a performance of 10% (from 117.37 to 129.11) and the Benchmark exhibits a performance of 10% (from 101.87 to 112.06). As the performance of the Sub-Fund equals the performance of the Benchmark, no Performance Fee is payable. The reference NAV and reference Benchmark remain unchanged (117.37 and 101.87 respectively).
At the end of the sixth year ( Y6), the Sub-Fund exhibits a performance of –2.02% (from 117.37 to 115) and the Benchmark exhibits a performance of –6.74% (from 101.87 to 95). As the Sub-Fund has outperformed its Benchmark by 4.72% (–2.02 – (–6.74)), the Management Company
is entitled to a Performance Fee of 0.71% (15% x 4.72%). The Performance Fee amounts to 0.81 (0.71% x 115). The Sub-Fund's NAV net of Performance Fee amounts to 114.19 (115 – 0.81), the reference NAV is set at 114.19 and the reference Benchmark is set at 95.
SFDR Disclosure
The classification of the Sub-Fund under SFDR, the manner in which the Investment Manager integrates sustainability risks into its investment decisions in respect of the Sub-Fund and the results of the assessment of the likely impacts of sustainability risks on the returns of the Sub-Fund are set out in the SFDR Annex.
Benchmark Regulation
See the general part of the Prospectus: "3. Investment Objectives and Policies" / 3.1 "General Provisions Common to all Sub-Funds" / "(x) Benchmark Regulation".
Prior to 1 January 2021, MSCI Limited was an EU regulated benchmark administrator authorized under the Benchmark Regulation by the UK FCA and on the ESMA register for benchmark administrators.
As of 1 January 2021, MSCI Limited is and remains authorized as a UK benchmark administrator regulated by the UK FCA (and can be found on the FCA Financial Services Register), but is considered a “third country” UK administrator vis-a-vis the EU and will not appear on the ESMA
register for benchmark administrators unless and until the EU grants the UK “equivalence” or until MSCI is granted “endorsement” or “recognition”. Additional information on the Benchmark can be found on the website of the administrator: www.msci.com/index-regulation.
Investment Manager
See paragraph 6.3
Approach used to calculate the global exposure of the Sub-Fund
Commitment approach
Profile of typical investor
The Sub-Fund may be appropriate for investors, who:
- seek capital appreciation over the long-term; and
- are willing to take on the increased risks associated with the categories of assets described in the investment objective and policy; and
- can withstand volatility in the value of their Shares.

Application procedure
Application monies are to be sent in accordance with the application procedure set out in Section 20 of the Prospectus. Requests for subscriptions must be received by the Company no later than the Cut-off time.
Payment of the subscription monies must be made in the Reference Currency, or in the Alternative Currency, in case of classes issued in any Alternative Currency, for value before the Payment Date to the Depositary, indicating the proper identity of the subscriber(s) and the Sub-Fund in which Shares are subscribed.
Cut-off time
| Cut-off time  1 (Luxembourg time) (Subscriptions, redemptions and conversions) | Valuation Day  2 ("T") | Payment Date  3 |
| --- | --- | --- |
| 3 p.m. on T-1 day | Daily | Up to T+3 days 4 |

NB: any reference to a day shall be construed as a reference to a Business Day
1  
If such day is not a Business Day, the first Business Day in Luxembourg preceding this day.
2  
If such Valuation Day is not a Business Day, the Valuation Day will be the next Business Day or the previous Business Day in case of a bi-monthly valuation.
3  
For redemptions, payments will ordinarily be made in the Reference Currency.
4  
Shareholders are prompted to consult the Lombard Odier Group website (www.loim.com) for the applicable Payment Date.
For more details, please refer to paragraph 12.1 "General Provisions" of Section 12 "Issue and Sale of Shares".
Equity Sub-Fund / Sector / Thematic

## LO Funds – Golden Age
Investment Objective and Policy
The Sub-Fund is actively managed. The MSCI World TR ND index is used for performance comparison as well as for internal risk monitoring purposes, without implying any particular constraints to the Sub-Fund’s investments. Securities targeted by the Sub-Fund can be similar to those of the index to an extent that varies over time but their weighting is expected to differ materially. The performance of the Sub-Fund may deviate materially from that of the index.
The Sub-Fund invests in equity securities, equity related securities (including, but not limited to, warrants) issued by companies worldwide, the future growth of which is significantly driven by the theme of the ageing population. Within this investment universe, the Investment Manager may invest in small and mid cap companies (as considered in their respective markets), as well as in companies incorporated or exercising a prominent part of their business activities in Emerging Markets.
The Sub-Fund seeks to invest in high quality companies with sustainable financial models, business practices and business models showing resilience and the ability to evolve and benefit from long term structural trends using LOIM proprietary ESG and Sustainability Profiling tools and methodologies.
The Sub-Fund may invest up to 20% of its net assets in shares issued by mainland China-incorporated companies (including China A-Shares) that trade on exchanges. The China A-Shares will be acquired via Stock Connect. Please have regard to the Risk Factors Annex, in particular, paragraph 2.12 with regard to such investments.
The Investment Manager may use a wide range of financial derivative instruments, such as options, futures and swaps (in particular CFD) in order to increase or reduce its exposure to specific markets, sectors, issuers and currencies.
As mentioned in paragraph 3.1, the Sub-Fund may (i) in normal market conditions and in accordance with the applicable diversification rules, hold on a temporary and ancillary basis up to 15% of its net assets in Cash and Cash Equivalents (including short-term ABS/MBS which may represent up to 10% of investments in Cash and Cash Equivalents) and (ii) hold up to 10% of its net assets in UCIs.
Subject to the limits permitted by the Investment Restrictions described in Section 4 of the Prospectus, the Investment Manager is authorized to use financial derivative instruments:
- for hedging purposes	Yes
- for EPM	Yes
- as part of the investment strategy	YesThe use of structured financial instruments is described in paragraph 3.1.

The Sub-Fund qualifies as an Equity Fund under GITA.
The attention of investors is drawn to the Risk Factors Annex which sets out the risk factors applicable to the Sub-Fund.
Reference Currency
USD
Classes of Shares available for subscription
Shares can also be in different forms (i.e., Alternative Currencies, dividend policy, currency hedging policy, seeding, "Connect"): see paragraph 2.2.
|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Type of investor | See table in paragraph 2.2. of the general part of the Prospectus |
| Minimum initial investment and minimum holding | Equivalent of EUR 3,000 | Equivalent of EUR 1,000 | Equivalent of CHF 1,000,000 | Equivalent of CHF 1,000,000 | t.b.d. | Equivalent of EUR 3,000 | Equivalent of EUR 3,000 | None |
| Maximum FROC | 0.44% | 0.56% | 0.31% | 0.27% | 0.13% | 0.44% | 0.56% | 0.44% |
| Maximum Management Fee | 0.75% | 0.75% | 0.75% | 0.75% | N/A | 0.85% | 1.50% | N/A |

|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Maximum Distribution Fee | 0.75% | 1.55% | N/A | N/A | N/A | N/A | N/A | N/A |
| Performance Fee | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Maximum level of management fees when the Sub-Fund invests its assets in other UCITS or UCIs or Target Sub- Fund* | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% |
| Dealing Charge | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% |

* 
Notwithstanding any performance fee that may be levied in addition to this limit
SFDR Disclosure
The classification of the Sub-Fund under SFDR, the manner in which the Investment Manager integrates sustainability risks into its investment decisions in respect of the Sub-Fund and the results of the assessment of the likely impacts of sustainability risks on the returns of the Sub-Fund are set out in the SFDR Annex.
Investment Manager
See paragraph 6.3
Approach used to calculate the global exposure of the Sub-Fund
Relative VaR
Reference portfolio used to assess the global exposure only
MSCI World TR ND USD
Expected level of leverage
100%
Risk budget
150%
Profile of typical investor
The Sub-Fund may be appropriate for investors, who:
- seek capital appreciation over the long-term; and
- are willing to take on the increased risks associated with the categories of assets described in the investment objective and policy; and
- can withstand volatility in the value of their Shares.

Application procedure
Application monies are to be sent in accordance with the application procedure set out in Section 20 of the Prospectus. Requests for subscriptions must be received by the Company no later than the Cut-off time.
Payment of the subscription monies must be made in the Reference Currency, or in the Alternative Currency, in case of classes issued in any Alternative Currency, for value before the Payment Date to the Depositary, indicating the proper identity of the subscriber(s) and the Sub-Fund in which Shares are subscribed.
Cut-off time
| Cut-off time  1 (Luxembourg time) (Subscriptions, redemptions and conversions) | Valuation Day  2 ("T") | Payment Date  3 |
| --- | --- | --- |
| 3 p.m. on T-1 day | Daily | Up to T+3 days 4 |

NB: any reference to a day shall be construed as a reference to a Business Day
1  
If such day is not a Business Day, the first Business Day in Luxembourg preceding this day.
2  
If such Valuation Day is not a Business Day, the Valuation Day will be the next Business Day or the previous Business Day in case of a bi-monthly valuation.
3  
For redemptions, payments will ordinarily be made in the Reference Currency.
4  
Shareholders are prompted to consult the Lombard Odier Group website (www.loim.com) for the applicable Payment Date.
For more details, please refer to paragraph 12.1 "General Provisions" of Section 12 "Issue and Sale of Shares".
Equity Sub-Fund / Sector / Thematic

## LO Funds – World Brands
Investment Objective and Policy
The Sub-Fund is actively managed. The MSCI World TR ND index is used for performance comparison as well as for internal risk monitoring purposes, without implying any particular constraints to the Sub-Fund’s investments. Securities targeted by the Sub-Fund can be similar to those of the index to an extent that varies over time but their weighting is expected to differ materially. The performance of the Sub-Fund may deviate materially from that of the index.
The Sub-Fund seeks to invest in high quality companies with sustainable financial models, business practices and business models showing resilience and the ability to evolve and benefit from long term structural trends using LOIM proprietary ESG and Sustainability Profiling tools and methodologies.
The Sub-Fund invests, at least two-thirds (2/3
rds
) of its assets, in equities, equity related securities (including, but not limited to, warrants) issued by companies worldwide (including Emerging Markets) with leading / premium brand recognition in the opinion of the Investment Manager and/or offering luxury, premium and prestige products and/or services, or which obtain the majority of their revenues by advising, supplying, manufacturing or financing such activities.
The Sub-Fund may invest up to one-third (1/3
rd
) of its assets (i) outside these parameters and/or (ii) in Cash and Cash Equivalents (including short-term ABS/MBS which may represent up to 10% of investments in Cash and Cash Equivalents).
The Sub-Fund may invest up to 20% of its net assets in shares issued by mainland China-incorporated companies (including China A-Shares) that trade on exchanges. The China A-Shares will be acquired via Stock Connect. Please have regard to the Risk Factors Annex, in particular, paragraph 2.12 with regard to such investments.
The Investment Manager may implement qualitative and/or systematic strategies, including risk-based allocation methodologies to select equity securities and allocate capital across sectors and/or countries.
The Investment Manager will use its discretion with regard to the selection of markets, sectors, size of companies and currencies (including Emerging Market currencies).
As mentioned in paragraph 3.1, the Sub-Fund may hold up to 10% of its net assets in UCIs.
Subject to the limits permitted by the Investment Restrictions described in Section 4 of the Prospectus, the Investment Manager is authorized to use financial derivative instruments:
- for hedging purposes	Yes
- for EPM	Yes
- as part of the investment strategy	NoThe use of structured financial instruments is described in paragraph 3.1.

The Sub-Fund qualifies as an Equity Fund under GITA.
The attention of investors is drawn to the Risk Factors Annex which sets out the risk factors applicable to the Sub-Fund.
Reference Currency
EUR
Classes of Shares available for subscription
Shares can also be in different forms (i.e., Alternative Currencies, dividend policy, currency hedging policy, seeding, "Connect"): see paragraph 2.2.
|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Type of investor | See table in paragraph 2.2. of the general part of the Prospectus |
| Minimum initial investment and minimum holding | Equivalent of EUR 3,000 | Equivalent of EUR 1,000 | Equivalent of CHF 1,000,000 | Equivalent of CHF 1,000,000 | t.b.d. | Equivalent of EUR 3,000 | Equivalent of EUR 3,000 | None |
| Maximum FROC | 0.44% | 0.56% | 0.31% | 0.27% | 0.13% | 0.44% | 0.56% | 0.44% |
| Maximum Management Fee | 1.00% | 1.00% | 1.00% | 1.00% | N/A | 1.10% | 2.00% | N/A |

|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Maximum Distribution Fee | 1.00% | 1.55% | N/A | N/A | N/A | N/A | N/A | N/A |
| Performance Fee | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Maximum level of management fees when the Sub-Fund invests its assets in other UCITS or UCIs or Target Sub- Fund* | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% |
| Dealing Charge | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% |

* 
Notwithstanding any performance fee that may be levied in addition to this limit
SFDR Disclosure
The classification of the Sub-Fund under SFDR, the manner in which the Investment Manager integrates sustainability risks into its investment decisions in respect of the Sub-Fund and the results of the assessment of the likely impacts of sustainability risks on the returns of the Sub-Fund are set out in the SFDR Annex.
Investment Manager
See paragraph 6.3
Approach used to calculate the global exposure of the Sub-Fund
Commitment approach
Profile of typical investor
The Sub-Fund may be appropriate for investors, who:
- seek capital appreciation over the long-term; and
- are willing to take on the increased risks associated with the categories of assets described in the investment objective and policy; and
- can withstand volatility in the value of their Shares.

Application procedure
Application monies are to be sent in accordance with the application procedure set out in Section 20 of the Prospectus. Requests for subscriptions must be received by the Company no later than the Cut-off time.
Payment of the subscription monies must be made in the Reference Currency, or in the Alternative Currency, in case of classes issued in any Alternative Currency, for value before the Payment Date to the Depositary, indicating the proper identity of the subscriber(s) and the Sub-Fund in which Shares are subscribed.
Cut-off time
| Cut-off time  1 (Luxembourg time) (Subscriptions, redemptions and conversions) | Valuation Day  2 ("T") | Payment Date  3 |
| --- | --- | --- |
| 3 p.m. on T-1 day | Daily | Up to T+3 days 4 |

NB: any reference to a day shall be construed as a reference to a Business Day
1  
If such day is not a Business Day, the first Business Day in Luxembourg preceding this day.
2  
If such Valuation Day is not a Business Day, the Valuation Day will be the next Business Day or the previous Business Day in case of a bi-monthly valuation.
3  
For redemptions, payments will ordinarily be made in the Reference Currency.
4  
Shareholders are prompted to consult the Lombard Odier Group website (www.loim.com) for the applicable Payment Date.
For more details, please refer to paragraph 12.1 "General Provisions" of Section 12 "Issue and Sale of Shares".
Equity Sub-Fund / Sector / Thematic

## LO Funds – World Gold Expertise
Investment Objective and Policy
The Sub-Fund is actively managed. The NYSE Arca Gold Miners TR ND index is used for performance comparison as well as for internal risk monitoring purposes, without implying any particular constraints to the Sub-Fund’s investments. Securities targeted by the Sub-Fund can be similar to those of the index to an extent that varies over time but their weighting is expected to differ materially. The performance of the Sub-Fund may deviate materially from that of the index.
The Sub-Fund invests in eligible transferable securities (including those represented by ADRs and GDRs), (i) issued by companies worldwide active in the gold mining, precious metals and precious stones industries and/or (ii) replicating on a one-to-one basis the price of gold or other precious metals. It is intended to invest at least two-thirds (2/3
rds
) of the Sub-Fund’s portfolio in gold mining companies active in the fields of exploration, extraction, processing, production and marketing or in companies with a substantial part of their turnover or income related to such activities or in companies financing such activities. The Sub-Fund will not hold physical gold, precious metals or precious stones. The Sub-Fund may be invested in small cap companies (as considered in their respective markets). Direct investments (local shares) in Russia (other than investments traded on the Moscow Exchange) and investments in markets which are not Regulated Markets shall in aggregate not exceed 10% of the Sub-Fund’s net assets.
As mentioned in paragraph 3.1, the Sub-Fund may (i) in normal market conditions and in accordance with the applicable diversification rules, hold on a temporary and ancillary basis up to 15% of its net assets in Cash and Cash Equivalents (including short-term ABS/MBS which may represent up to 10% of investments in Cash and Cash Equivalents) and (ii) hold up to 10% of its net assets in UCIs.
Subject to the limits permitted by the Investment Restrictions described in Section 4 of the Prospectus, the Investment Manager is authorized to use financial derivative instruments:
- for hedging purposes	Yes
- for EPM	Yes
- as part of the investment strategy	NoThe use of structured financial instruments is described in paragraph 3.1.

The Sub-Fund qualifies as an Equity Fund under GITA.
The attention of investors is drawn to the Risk Factors Annex which sets out the risk factors applicable to the Sub-Fund.
Reference Currency
USD
Classes of Shares available for subscription
Shares can also be in different forms (i.e., Alternative Currencies, dividend policy, currency hedging policy, seeding, "Connect"): see paragraph 2.2.
|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Type of investor | See table in paragraph 2.2. of the general part of the Prospectus |
| Minimum initial investment and minimum holding | Equivalent of EUR 3,000 | Equivalent of EUR 1,000 | Equivalent of CHF 1,000,000 | Equivalent of CHF 1,000,000 | t.b.d. | Equivalent of EUR 3,000 | Equivalent of EUR 3,000 | None |
| Maximum FROC | 0.44% | 0.56% | 0.31% | 0.27% | 0.13% | 0.44% | 0.56% | 0.44% |
| Maximum Management Fee | 1.00% | 1.00% | 1.00% | 1.00% | N/A | 1.10% | 2.00% | N/A |
| Maximum Distribution Fee | 1.00% | 1.55% | N/A | N/A | N/A | N/A | N/A | N/A |
| Performance Fee | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |

|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Maximum level of management fees when the Sub-Fund invests its assets in other UCITS or UCIs or Target Sub- Fund* | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% |
| Dealing Charge | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% |

* 
Notwithstanding any performance fee that may be levied in addition to this limit
SFDR Disclosure
The classification of the Sub-Fund under SFDR, the manner in which the Investment Manager integrates sustainability risks into its investment decisions in respect of the Sub-Fund and the results of the assessment of the likely impacts of sustainability risks on the returns of the Sub-Fund are set out in the SFDR Annex.
Investment Manager
See paragraph 6.3
Approach used to calculate the global exposure of the Sub-Fund
Relative VaR
Reference portfolio used to assess the global exposure only
NYSE ARCA Gold Miners TR ND
Expected level of leverage
50%
Risk budget
125%
Profile of typical investor
The Sub-Fund may be appropriate for investors, who:
- seek capital appreciation over the long-term; and
- are willing to take on the increased risks associated with the categories of assets described in the investment objective and policy; and
- can withstand volatility in the value of their Shares.

Application procedure
Application monies are to be sent in accordance with the application procedure set out in Section 20 of the Prospectus. Requests for subscriptions must be received by the Company no later than the Cut-off time.
Payment of the subscription monies must be made in the Reference Currency, or in the Alternative Currency, in case of classes issued in any Alternative Currency, for value before the Payment Date to the Depositary, indicating the proper identity of the subscriber(s) and the Sub-Fund in which Shares are subscribed.
Cut-off time
| Cut-off time  1 (Luxembourg time) (Subscriptions, redemptions and conversions) | Valuation Day  2 ("T") | Payment Date  3 |
| --- | --- | --- |
| 12 p.m. on T | Daily | Up to T+3 days 4 |

NB: any reference to a day shall be construed as a reference to a Business Day
1  
If such day is not a Business Day, the first Business Day in Luxembourg preceding this day.
2  
If such Valuation Day is not a Business Day, the Valuation Day will be the next Business Day or the previous Business Day in case of a bi-monthly valuation.
3  
For redemptions, payments will ordinarily be made in the Reference Currency.
4  
Shareholders are prompted to consult the Lombard Odier Group website (www.loim.com) for the applicable Payment Date.
For more details, please refer to paragraph 12.1 "General Provisions" of Section 12 "Issue and Sale of Shares".
Equity Sub-Fund / Sector / Thematic

## LO Funds – Commodity Risk Premia
Objective
The Sub-Fund is actively managed. The Bloomberg Commodity TR index is used for performance comparison only, without implying any particular constraints to the Sub-Fund’s investments. Securities targeted by the Sub-Fund can be similar to those of the index to an extent that varies over time but their weighting is expected to differ materially. The performance of the Sub-Fund may deviate materially from that of the index.
The Sub-Fund's main objective is to replicate the performance of a proprietary commodity index (the "Proprietary Index").
Authorised investments
To achieve the above objective, the Sub-Fund will enter with one or several first-class financial institutions into one or several swap agreements, the underlying of which will be the Proprietary Index (the "Commodity Swap" whose mechanism is referenced below).
Assets of the Sub-Fund will be invested in Cash and Cash Equivalents (including short-term ABS/MBS which may represent up to 10% of investments in Cash and Cash Equivalents) in accordance with the applicable diversification rules. In addition, subscriptions and redemptions in the Sub-Fund shall determine the Swaps' notional which will be adapted accordingly by the Investment Manager.
As mentioned in paragraph 3.1, the Sub-Fund may hold up to 10% of its net assets in UCIs.
Subject to the limits permitted by the Investment Restrictions described in Section 4 of the Prospectus, the Investment Manager is authorized to use financial derivative instruments:
- for hedging purposes	Yes
- for EPM	Yes
- as part of the investment strategy	YesMechanism of the Commodity SwapPlease refer to paragraph 3.3.1.

Risks
Investors should note that the value of their investment could fall as well as rise and should accept that there is no guarantee that they will recover their initial investment.
The attention of investors is drawn to the Risk Factors Annex which sets out the risk factors applicable to the Sub-Fund.
Reference Currency
USD
Classes of Shares available for subscription
Shares can also be in different forms (i.e., Alternative Currencies, dividend policy, currency hedging policy, seeding, "Connect"): see paragraph 2.2.
|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Type of investor | See table in paragraph 2.2. of the general part of the Prospectus |
| Minimum initial investment and minimum holding | Equivalent of EUR 3,000 | Equivalent of EUR 1,000 | Equivalent of CHF 1,000,000 | Equivalent of CHF 1,000,000 | t.b.d. | Equivalent of EUR 3,000 | Equivalent of EUR 3,000 | None |
| Maximum FROC | 0.44% | 0.56% | 0.31% | 0.27% | 0.13% | 0.44% | 0.56% | 0.44% |
| Maximum Management Fee | 0.75% | 0.75% | 0.75% | 0.75% | N/A | 0.85% | 1.50% | N/A |
| Maximum Distribution Fee | 0.75% | 1.55% | N/A | N/A | N/A | N/A | N/A | N/A |

|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Performance Fee | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Maximum level of management fees when the Sub-Fund invests its assets in other UCITS or UCIs or Target Sub- Fund* | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% |
| Dealing Charge | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% |

* 
Notwithstanding any performance fee that may be levied in addition to this limit
SFDR Disclosure
The classification of the Sub-Fund under SFDR, the manner in which the Investment Manager integrates sustainability risks into its investment decisions in respect of the Sub-Fund and the results of the assessment of the likely impacts of sustainability risks on the returns of the Sub-Fund are set out in the SFDR Annex.
Benchmark Regulation
See the general part of the Prospectus: "3. Investment Objectives and Policies" / 3.1 "General Provisions Common to all Sub-Funds" / "(x) Benchmark Regulation".
See the general part of the Prospectus: "3. Investment Objectives and Policies" / 3.3 Commodity indices and other strategies – use of swaps/TRS.
Investment Manager
See paragraph 6.3
Approach used to calculate the global exposure of the Sub-Fund
Absolute VaR
Reference portfolio used to assess the global exposure only
Not applicable
Expected level of leverage
The Sub-Fund's leverage under the sum of notional of financial derivative instruments approach is expected to be around 175% of Net Asset Value.
The Sub-Fund exposure to Total Return Swaps expressed as the sum of notionals is expected to be around 100% of Net Asset Value. In cases where this range is exceeded, exposures should remain below 175%.
Investors should note that expected exposures and leverage may be exceeded.
Risk budget
15%
Profile of typical investor
The Sub-Fund may be appropriate for investors, who:
- seek capital appreciation over the long-term; and
- are willing to take on the increased risks associated with the categories of assets described in the investment objective and policy; and
- can withstand volatility in the value of their Shares.

Application procedure
Application monies are to be sent in accordance with the application procedure set out in Section 20 of the Prospectus. Requests for subscriptions must be received by the Company no later than the Cut-off time.
Payment of the subscription monies must be made in the Reference Currency, or in the Alternative Currency, in case of classes issued in any Alternative Currency, for value before the Payment Date to the Depositary, indicating the proper identity of the subscriber(s) and the Sub-Fund in which Shares are subscribed.
Cut-off time
| Cut-off time  1 (Luxembourg time) (Subscriptions, redemptions and conversions) | Valuation Day  2 ("T") | Payment Date  3 |
| --- | --- | --- |
| 3 p.m. on T-1 day | Daily | Up to T+3 days 4 |

NB: any reference to a day shall be construed as a reference to a Business Day
1  
If such day is not a Business Day, the first Business Day in Luxembourg preceding this day.
2  
If such Valuation Day is not a Business Day, the Valuation Day will be the next Business Day or the previous Business Day in case of a bi-monthly valuation.
3  
For redemptions, payments will ordinarily be made in the Reference Currency.
4  
Shareholders are prompted to consult the Lombard Odier Group website (www.loim.com) for the applicable Payment Date.
For more details, please refer to paragraph 12.1 "General Provisions" of Section 12 "Issue and Sale of Shares".
Equity Sub-Fund / Sector / Thematic

## LO Funds – Global FinTech
Investment Objective and Policy
The Sub-Fund is actively managed. The MSCI ACWI TR ND index is used for performance comparison as well as internal risk monitoring purposes, without implying any particular constraints to the Sub-Fund’s investments. Securities targeted by the Sub-Fund can be similar to those of the index to an extent that varies over time but their weighting is expected to differ materially. The performance of the Sub-Fund may deviate materially from that of the above- mentioned index.
The Sub-Fund invests primarily in equity and equity related securities (including, but not limited to, warrants) of companies worldwide (including Emerging Markets) that are active in the research, development, production, promotion and/or distribution of digital financial services and/or technologies. The Sub- Fund may invest across all economic sectors (including, but not limited to, companies that support the supply chain of, and provide services for, these companies).
The Sub-Fund seeks to invest in high quality companies with sustainable financial models, business practices and business models showing resilience and the ability to evolve and benefit from long term structural trends using LOIM proprietary ESG and Sustainability Profiling tools and methodologies.
The Investment Manager will use its discretion with regards to the selection of markets, sectors, size of companies and currencies (including Emerging Market currencies).
At least 75% of the Sub-Fund’s net assets will be exposed to the equity or equity related securities of corporate issuers worldwide.
The Sub-Fund may invest up to 20% of its net assets in shares issued by mainland China-incorporated companies (including China A-Shares) that trade on exchanges. The China A-Shares will be acquired via Stock Connect. Please have regard to the Risk Factors Annex, in particular, paragraph 2.12 with regard to such investments.
Up to 25% of the Sub-Fund’s assets may be invested outside of these parameters, including but not limited to Cash and Cash Equivalents (including short- term ABS/MBS, which may represent up to 10% of investments in Cash and Cash Equivalents).
As mentioned in paragraph 3.1, the Sub-Fund may hold up to 10% of its net assets in UCIs.
Subject to the limits permitted by the Investment Restrictions described in Section 4 of the Prospectus, the Investment Manager is authorized to use financial derivative instruments:
- for hedging purposes	Yes
- for EPM	Yes
- as part of the investment strategy	NoThe use of structured financial instruments is described in paragraph 3.1.

The Sub-Fund qualifies as an Equity Fund under GITA.
The attention of investors is drawn to the Risk Factors Annex which sets out the risk factors applicable to the Sub-Fund.
Reference Currency
USD
Classes of Shares available for subscription
Shares can also be in different forms (i.e., Alternative Currencies, dividend policy, currency hedging policy, seeding, "Connect"): see paragraph 2.2.
|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Type of investor | See table in paragraph 2.2. of the general part of the Prospectus |
| Minimum initial investment and minimum holding | Equivalent of EUR 3,000 | Equivalent of EUR 1,000 | Equivalent of CHF 1,000,000 | Equivalent of CHF 1,000,000 | t.b.d. | Equivalent of EUR 3,000 | Equivalent of EUR 3,000 | None |
| Maximum FROC | 0.44% | 0.56% | 0.31% | 0.27% | 0.13% | 0.44% | 0.56% | 0.44% |
| Maximum Management Fee | 0.75% | 0.75% | 0.75% | 0.75% | N/A | 0.85% | 1.50% | N/A |

|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Maximum Distribution Fee | 0.75% | 1.55% | N/A | N/A | N/A | N/A | N/A | N/A |
| Performance Fee | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Maximum level of management fees when the Sub-Fund invests its assets in other UCITS or UCIs or Target Sub- Fund* | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% |
| Dealing Charge | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% |

* 
Notwithstanding any performance fee that may be levied in addition to this limit
SFDR Disclosure
The classification of the Sub-Fund under SFDR, the manner in which the Investment Manager integrates sustainability risks into its investment decisions in respect of the Sub-Fund and the results of the assessment of the likely impacts of sustainability risks on the returns of the Sub-Fund are set out in the SFDR Annex.
Investment Manager
See paragraph 6.3
Approach used to calculate the global exposure of the Sub-Fund
Commitment approach
Profile of typical investor
The Sub-Fund may be appropriate for investors, who:
- seek capital appreciation over the long-term; and
- are willing to take on the increased risks associated with the categories of assets described in the investment objective and policy; and
- can withstand volatility in the value of their SharesApplication procedureApplication monies are to be sent in accordance with the application procedure set out in Section 20 of the Prospectus. Requests for subscriptions must be received by the Company no later than the Cut-off time.

Payment of the subscription monies must be made in the Reference Currency, or in the Alternative Currency, in case of classes issued in any Alternative Currency, for value before the Payment Date to the Depositary, indicating the proper identity of the subscriber(s) and the Sub-Fund in which Shares are subscribed.
Cut-off time
| Cut-off time  1 (Luxembourg time) (Subscriptions, redemptions and conversions) | Valuation Day  2 ("T") | Payment Date  3 |
| --- | --- | --- |
| 3 p.m. on T-1 day | Daily | Up to T+3 days 4 |

NB: any reference to a day shall be construed as a reference to a Business Day
1  
If such day is not a Business Day, the first Business Day in Luxembourg preceding this day.
2  
If such Valuation Day is not a Business Day, the Valuation Day will be the next Business Day or the previous Business Day in case of a bi-monthly valuation.
3  
For redemptions, payments will ordinarily be made in the Reference Currency.
4  
Shareholders are prompted to consult the Lombard Odier Group website (www.loim.com) for the applicable Payment Date.
For more details, please refer to paragraph 12.1 "General Provisions" of Section 12 "Issue and Sale of Shares".
Equity Sub-Fund / Sector / Thematic

## LO Funds – Natural Capital
Investment Objective and Policy
The Sub-Fund is actively managed. The MSCI World SMID Cap TR ND index is used for performance comparison as well as internal risk monitoring purposes, without implying any particular constraints to the Sub-Fund’s investments. Securities targeted by the Sub-Fund can be similar to those of the index to an extent that varies over time but their weighting is expected to differ materially. The performance of the Sub-Fund may deviate materially from that of the index.
The Sub-Fund invests in equity and equity related securities (including, but not limited to, warrants) issued by companies worldwide (including Emerging Markets) whose growth will benefit from regulations, innovations, services or products favoring the transition to a more circular economy and to an economy that values natural capital.
The Sub-Fund seeks to invest in high quality companies with sustainable financial models, business practices and business models showing resilience and the ability to evolve and benefit from long term structural trends using LOIM proprietary ESG and Sustainability Profiling tools and methodologies.
The Investment Manager will use its discretion with regards to the selection of markets, sectors, size of companies and currencies (including Emerging Market currencies), and will employ a high conviction strategy which means it will generally concentrate the Sub-Fund's assets into a smaller group of investments.
At least 75% of the Sub-Fund’s net assets will be exposed to the equity or equity related securities of corporate issuers worldwide.
The Sub-Fund may invest in Emerging Markets. As part of its Emerging Market exposure, the Sub-Fund may invest up to 20% of its net assets in shares issued by mainland China-incorporated companies (including China A-Shares) that trade on exchanges. The China A-Shares will be acquired via Stock Connect. Please have regard to the Risk Factors Annex, in particular, 2.12 with regard to such investments.
Up to 25% of the Sub-Fund’s assets may be invested outside of these parameters, including but not limited to Cash and Cash Equivalents (including short- term ABS/MBS, which may represent up to 10% of investments in Cash and Cash Equivalents)
As mentioned in paragraph 3.1, the Sub-Fund may hold up to 10% of its net assets in UCIs.
Subject to the limits permitted by the Investment Restrictions described in Section 4 of the Prospectus, the Investment Manager is authorized to use financial derivative instruments:
- for hedging purposes	Yes
- for EPM	Yes
- as part of the investment strategy	NoThe use of structured financial instruments is described in paragraph 3.1.

The Sub-Fund qualifies as an Equity Fund under GITA.
The attention of investors is drawn to the Risk Factors Annex which sets out the risk factors applicable to the Sub-Fund.
Reference Currency
USD
Classes of Shares available for subscription
Shares can also be in different forms (i.e., Alternative Currencies, dividend policy, currency hedging policy, seeding, "Connect"): see paragraph 2.2.
|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Type of investor | See table in paragraph 2.2. of the general part of the Prospectus |
| Minimum initial investment and minimum holding | Equivalent of EUR 3,000 | Equivalent of EUR 1,000 | Equivalent of CHF 1,000,000 | Equivalent of CHF 1,000,000 | t.b.d. | Equivalent of EUR 3,000 | Equivalent of EUR 3,000 | None |
| Maximum FROC | 0.44% | 0.56% | 0.31% | 0.27% | 0.13% | 0.44% | 0.56% | 0.44% |
| Maximum Management Fee | 1.00% | 1.00% | 1.00% | 1.00% | N/A | 1.10% | 1.50% | N/A |

|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Maximum Distribution Fee | 1.00% | 1.55% | N/A | N/A | N/A | N/A | N/A | N/A |
| Performance Fee | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Maximum level of management fees when the Sub-Fund invests its assets in other UCITS or UCIs or Target Sub- Fund* | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% |
| Dealing Charge | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% |

* 
Notwithstanding any performance fee that may be levied in addition to this limit
SFDR Disclosure
The classification of the Sub-Fund under SFDR, the manner in which the Investment Manager integrates sustainability risks into its investment decisions in respect of the Sub-Fund and the results of the assessment of the likely impacts of sustainability risks on the returns of the Sub-Fund are set out in the SFDR Annex.
Investment Manager
See paragraph 6.3
Approach used to calculate the global exposure of the Sub-Fund
Commitment approach
Profile of typical investor
The Sub-Fund may be appropriate for investors, who:
- seek capital appreciation over the long-term; and
- are willing to take on the increased risks associated with the categories of assets described in the investment objective and policy; and
- can withstand volatility in the value of their Shares.

Application procedure
Application monies are to be sent in accordance with the application procedure set out in Section 20 of the Prospectus. Requests for subscriptions must be received by the Company no later than the Cut-off time.
Payment of the subscription monies must be made in the Reference Currency, or in the Alternative Currency, in case of classes issued in any Alternative Currency, for value before the Payment Date to the Depositary, indicating the proper identity of the subscriber(s) and the Sub-Fund in which Shares are subscribed.
Cut-off time
| Cut-off time  1 (Luxembourg time) (Subscriptions, redemptions and conversions) | Valuation Day  2 ("T") | Payment Date  3 |
| --- | --- | --- |
| 3 p.m. on T-1 day | Daily | Up to T+3 days  4 |

NB: any reference to a day shall be construed as a reference to a Business Day
1  
If such day is not a Business Day, the first Business Day in Luxembourg preceding this day.
2  If such Valuation Day is not a Business Day, the Valuation Day will be the next Business Day or the previous Business Day in case of a bi-monthly valuation.
3  
For redemptions, payments will ordinarily be made in the Reference Currency.
4  
Shareholders are prompted to consult the Lombard Odier Group website (www.loim.com) for the applicable Payment Date.
For more details, please refer to paragraph 12.1 "General Provisions" of Section 12 "Issue and Sale of Shares".
Equity Sub-Fund / Sector / Thematic

## LO Funds – Global HealthTech
Investment Objective and Policy
The Sub-Fund is actively managed. The MSCI ACWI TR ND index is used for performance comparison as well as internal risk monitoring purposes, without implying any particular constraints to the Sub-Fund’s investments. Securities targeted by the Sub-Fund can be similar to those of the index to an extent that varies over time but their weighting is expected to differ materially. The performance of the Sub-Fund may deviate materially from that of the above- mentioned index.
The Sub-Fund invests primarily in equity and equity related securities (including, but not limited to, warrants) of companies worldwide (including Emerging Markets) that are active in the research, development, production, promotion and/or distribution of digital healthcare products, services and/or
technologies. The Sub-Fund may invest across all economic sectors (including, but not limited to, companies that support the supply chain of, and provide services for, these companies).
The Sub-Fund seeks to invest in high quality companies with sustainable financial models, business practices and business models showing resilience and the ability to evolve and benefit from long term structural trends using LOIM proprietary ESG and Sustainability Profiling tools and methodologies.
The Investment Manager will use its discretion with regards to the selection of markets, sectors, size of companies and currencies (including Emerging Market currencies).
At least 75% of the Sub-Fund’s net assets will be exposed to the equity or equity related securities of corporate issuers worldwide.
The Sub-Fund may invest up to 20% of its net assets in shares issued by mainland China-incorporated companies (including China A-Shares) that trade on exchanges. The China A-Shares will be acquired via Stock Connect. Please have regard to the Risk Factors Annex, in particular, paragraph 2.12 with regard to such investments.
Up to 25% of the Sub-Fund’s assets may be invested outside of these parameters, including but not limited to Cash and Cash Equivalents (including short- term ABS/MBS, which may represent up to 10% of investments in Cash and Cash Equivalents).
As mentioned in paragraph 3.1, the Sub-Fund may hold up to 10% of its net assets in UCIs.
Subject to the limits permitted by the Investment Restrictions described in Section 4 of the Prospectus, the Investment Manager is authorized to use financial derivative instruments:
- for hedging purposes	Yes
- for EPM	Yes
- as part of the investment strategy	NoThe use of structured financial instruments is described in paragraph 3.1.

The Sub-Fund qualifies as an Equity Fund under GITA.
The attention of investors is drawn to the Risk Factors Annex which sets out the risk factors applicable to the Sub-Fund.
Reference Currency
USD
Classes of Shares available for subscription
Shares can also be in different forms (i.e., Alternative Currencies, dividend policy, currency hedging policy, seeding, "Connect"): see paragraph 2.2.
|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Type of investor | See table in paragraph 2.2. of the general part of the Prospectus |
| Minimum initial investment and minimum holding | Equivalent of EUR 3,000 | Equivalent of EUR 1,000 | Equivalent of CHF 1,000,000 | Equivalent of CHF 1,000,000 | t.b.d. | Equivalent of EUR 3,000 | Equivalent of EUR 3,000 | None |
| Maximum FROC | 0.44% | 0.56% | 0.31% | 0.27% | 0.13% | 0.44% | 0.56% | 0.44% |
| Maximum Management Fee | 0.75% | 0.75% | 0.75% | 0.75% | N/A | 0.85% | 1.50% | N/A |

|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Maximum Distribution Fee | 0.75% | 1.55% | N/A | N/A | N/A | N/A | N/A | N/A |
| Performance Fee | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Maximum level of management fees when the Sub-Fund invests its assets in other UCITS or UCIs or Target Sub- Fund* | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% |
| Dealing Charge | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% |

* 
Notwithstanding any performance fee that may be levied in addition to this limit
SFDR Disclosure
The classification of the Sub-Fund under SFDR, the manner in which the Investment Manager integrates sustainability risks into its investment decisions in respect of the Sub-Fund and the results of the assessment of the likely impacts of sustainability risks on the returns of the Sub-Fund are set out in the SFDR Annex.
Investment Manager
See paragraph 6.3
Approach used to calculate the global exposure of the Sub-Fund
Commitment approach
Profile of typical investor
The Sub-Fund may be appropriate for investors, who:
- seek capital appreciation over the long-term; and
- are willing to take on the increased risks associated with the categories of assets described in the investment objective and policy; and
- can withstand volatility in the value of their Shares.

Application procedure
Application monies are to be sent in accordance with the application procedure set out in Section 20 of the Prospectus. Requests for subscriptions must be received by the Company no later than the Cut-off time.
Payment of the subscription monies must be made in the Reference Currency, or in the Alternative Currency, in case of classes issued in any Alternative Currency, for value before the Payment Date to the Depositary, indicating the proper identity of the subscriber(s) and the Sub-Fund in which Shares are subscribed.
Cut-off time
| Cut-off time  1 (Luxembourg time) (Subscriptions, redemptions and conversions) | Valuation Day  2 ("T") | Payment Date  3 |
| --- | --- | --- |
| 3 p.m. on T-1 day | Daily | Up to T+3 days 4 |

NB: any reference to a day shall be construed as a reference to a Business Day
1  
If such day is not a Business Day, the first Business Day in Luxembourg preceding this day.
2  
If such Valuation Day is not a Business Day, the Valuation Day will be the next Business Day or the previous Business Day in case of a bi-monthly valuation.
3  
For redemptions, payments will ordinarily be made in the Reference Currency.
4  
Shareholders are prompted to consult the Lombard Odier Group website (www.loim.com) for the applicable Payment Date.
For more details, please refer to paragraph 12.1 "General Provisions" of Section 12 "Issue and Sale of Shares".
Equity Sub-Fund / Regional

## LO Funds – China High Conviction
Investment Objective and Policy
The Sub-Fund is actively managed. The MSCI China All Shares TR ND index is used for performance comparison as well as internal risk monitoring purposes, without implying any particular constraints to the Sub-Fund’s investments. Securities targeted by the Sub-Fund can be similar to those of the index to an extent that varies over time but their weighting is expected to differ materially. The performance of the Sub-Fund may deviate materially from that of the index.
The Sub-Fund seeks to invest in high quality companies with sustainable financial models, business practices and business models showing resilience and the ability to evolve and benefit from long term structural trends using LOIM proprietary ESG and Sustainability Profiling tools and methodologies.
The Sub-Fund invests in equity and equity related securities (including, but not limited to, warrants) issued by companies incorporated or exercising a prominent part of their business activities, directly or indirectly in China, currencies and/or Cash and Cash Equivalents. Up to 100% of the Sub-Fund’s portfolio may be invested in China A-Shares which are shares issued by mainland China-based companies that trade on regulated exchanges but only available for purchase through certain trading facilities (such as Stock Connect) as further detailed in the Risk Factors Annex under paragraph 2.12. Up to 10% of the Sub-Fund’s portfolio may be invested in P-Notes as further detailed in the Risk Factors Annex under paragraph 2.17. Up to one-third (1/3
rd
) of the Sub-Fund's portfolio may be invested in similar securities as described above but issued by companies not incorporated or exercising a prominent part of their business activities in China. The Investment Manager will use its discretion with regard to the selection of instruments, markets (in particular, the Sub-Fund may be fully invested in Emerging Markets) and currencies (including Emerging Market currencies).
The Investment Manager may implement qualitative and/or systematic strategies.
In addition to the above-mentioned investments, the Investment Manager may use financial derivative instruments (i) to take long and short positions on currencies (OECD currencies and/or Emerging Market currencies) and/or (ii) to increase or reduce its exposure to specific asset classes, markets (including Emerging Markets), sectors, issuers and indices.
The Sub-Fund may also be fully invested, in accordance with the applicable diversification rules, in Cash and Cash Equivalents (including short-term ABS/ MBS which may represent up to 10% of investments in Cash and Cash Equivalents) when, for instance, the Investment Manager considers that the Sub- Fund should be positioned in a defensive way.
As mentioned in paragraph 3.1, the Sub-Fund may hold up to 10% of its net assets in UCIs.
Subject to the limits permitted by the Investment Restrictions described in Section 4 of the Prospectus, the Investment Manager is authorized to use financial derivative instruments (in particular, but not limited to futures, swaps (in particular CFD), currency and volatility derivatives):
- for hedging purposes	Yes
- for EPM	Yes
- as part of the investment strategy	NoThe use of structured financial instruments is described in paragraph 3.1.

The Sub-Fund qualifies as an Equity Fund under GITA.
The attention of investors is drawn to the Risk Factors Annex which sets out the risk factors applicable to the Sub-Fund.
Reference Currency
USD
Classes of Shares available for subscription
Shares can also be in different forms (i.e., Alternative Currencies, dividend policy, currency hedging policy, seeding, "Connect"): see paragraph 2.2.
|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Type of investor | See table in paragraph 2.2. of the general part of the Prospectus |
| Minimum initial investment and minimum holding | Equivalent of EUR 3,000 | Equivalent of EUR 1,000 | Equivalent of CHF 1,000,000 | Equivalent of CHF 1,000,000 | t.b.d. | Equivalent of EUR 3,000 | Equivalent of EUR 3,000 | None |
| Maximum FROC | 0.50% | 0.63% | 0.38% | 0.34% | 0.16% | 0.50% | 0.63% | 0.50% |

|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Maximum Management Fee | 1.00% | 1.00% | 1.00% | 1.00% | N/A | 1.10% | 2.00% | N/A |
| Maximum Distribution Fee | 1.00% | 1.55% | N/A | N/A | N/A | N/A | N/A | N/A |
| Performance Fee | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Maximum level of management fees when the Sub-Fund invests its assets in other UCITS or UCIs or Target Sub- Fund* | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% |
| Dealing Charge | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% |

* 
Notwithstanding any performance fee that may be levied in addition to this limit
SFDR Disclosure
The classification of the Sub-Fund under SFDR, the manner in which the Investment Manager integrates sustainability risks into its investment decisions in respect of the Sub-Fund and the results of the assessment of the likely impacts of sustainability risks on the returns of the Sub-Fund are set out in the SFDR Annex.
Investment Manager
See paragraph 6.3
Approach used to calculate the global exposure of the Sub-Fund
Commitment approach
Profile of typical investor
The Sub-Fund may be appropriate for investors, who:
- seek capital appreciation over the long-term; and
- are willing to take on the increased risks associated with the categories of assets described in the investment objective and policy; and
- can withstand volatility in the value of their Shares.

Application procedure
Application monies are to be sent in accordance with the application procedure set out in Section 20 of the Prospectus. Requests for subscriptions must be received by the Company no later than the Cut-off time.
Payment of the subscription monies must be made in the Reference Currency, or in the Alternative Currency, in case of classes issued in any Alternative Currency, for value before the Payment Date to the Depositary, indicating the proper identity of the subscriber(s) and the Sub-Fund in which Shares are subscribed.
Cut-off time
| Cut-off time  1 (Luxembourg time) (Subscriptions, redemptions and conversions) | Valuation Day  2 ("T") | Payment Date  3 |
| --- | --- | --- |
| 3 p.m. on T-1 day | Daily | Up to T+3 days 4 |

NB: any reference to a day shall be construed as a reference to a Business Day
1  
If such day is not a Business Day, the first Business Day in Luxembourg preceding this day.
2  
If such Valuation Day is not a Business Day, the Valuation Day will be the next Business Day or the previous Business Day in case of a bi-monthly valuation.
3  
For redemptions, payments will ordinarily be made in the Reference Currency.
4  
Shareholders are prompted to consult the Lombard Odier Group website (www.loim.com) for the applicable Payment Date.
For more details, please refer to paragraph 12.1 "General Provisions" of Section 12 "Issue and Sale of Shares".
Equity Sub-Fund / Regional

## LO Funds – TargetNetZero Europe Equity
Investment Objective and Policy
The Sub-Fund is actively managed. The MSCI Europe TR ND index is used to define the initial investment universe for individual security selection, for performance comparison as well as for internal risk monitoring purposes, without implying any particular constraints to the Sub-Fund's investments. The Sub-Fund’s securities will generally be similar to those of the above-mentioned index but the security weightings are expected to differ materially. The Investment Manager may also select securities not included in the above-mentioned index in order to take advantage of investment opportunities.
The Sub-Fund invests in equity and equity related securities (including, but not limited to, warrants) issued by companies incorporated or exercising a prominent part of their business activities in Europe. The investment approach applied by the Investment Manager to select securities will be based on proprietary responsible criteria which includes social, environmental, ethical and/or corporate governance factors. At least 75% of the Sub-Fund’s net assets will be exposed to equity of corporate issuers having their registered office in Europe 
1
.
The investment approach applied by the Investment Manager to select securities is based on proprietary tools which aim to reduce the risk of climate transition. Moreover, the Sub-Fund seeks to select and allocate to issuers with the objective to form a universe compatible with the fight against global warming. It integrates a wide range of climate objectives covering the risk of transition, the opportunities and the physical risk linked to climate change.
The Investment Manager will aim to increase exposure to issuers within the Sub-Fund's investment portfolio which can contribute to a reduction in global CO2 emissions and the eventual achievement of net zero CO2 emissions by 2050. This will include issuers already targeting such net zero CO2 emissions by 2050, as well as issuers that may not yet have set such targets but that progressively may be brought into alignment, including through regulatory action, investor engagement and market changes. The Investment Manager will aim to ensure a faster rate of reductions in CO2 emissions in the Sub-Fund’s investment portfolio when compared to the MSCI Europe TR ND index. The achievement of these aims are dependent
on regulatory, technological and commercial developments external to the Investment Manager and there can be no guarantee that they will be achieved in respect of the above referenced aims.
The Investment Manager may implement qualitative and/or systematic strategies, including risk-based allocation methodologies to select equity securities and allocate capital across sectors and/or countries. The Investment Manager will use its discretion with regard to the selection of markets, sectors and currencies. As mentioned in paragraph 3.1, the Sub-Fund may (i) in normal market conditions, hold on a temporary and ancillary basis up to 15% of its net assets in Cash and Cash Equivalents (including short-term ABS/MBS which may represent up to 10% of investments in Cash and Cash Equivalents) and
(ii) hold up to 10% of its net assets in UCIs.
Subject to the limits permitted by the Investment Restrictions described in Section 4 of the Prospectus, the Investment Manager is authorized to use financial derivative instruments:
- for hedging purposes	Yes
- for EPM	Yes
- as part of the investment strategy	NoThe use of structured financial instruments is described in paragraph 3.1.

The Sub-Fund qualifies as an Equity Fund under GITA.
The attention of investors is drawn to the Risk Factors Annex which sets out the risk factors applicable to the Sub-Fund.
Reference Currency
EUR
Classes of Shares available for subscription
Shares can also be in different forms (i.e., Alternative Currencies, dividend policy, currency hedging policy, seeding, "Connect"): see paragraph 2.2.
1  
Up to 30 September 2021, the Sub-Fund shall continue to be managed according to the PEA rules (as defined in Section 21.1) further to the French ordinance 2020-1595 of 16 December 2020 whereby securities issued by UK issuers can continue to be taken into account for the calculation of the ratio under the PEA rules (as defined in Section 21.1). As from 1 October 2021, the Sub-Fund shall no longer be managed according to the PEA rules (as defined in Section 21.1) given the investment manager's intention to maintain investment in securities of issuers located in the UK and the end of the transitory period under the aforementioned French ordinance.
|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Type of investor | See table in paragraph 2.2. of the general part of the Prospectus |
| Minimum initial investment and minimum holding | Equivalent of EUR 3,000 | Equivalent of EUR 1,000 | Equivalent of CHF 1,000,000 | Equivalent of CHF 1,000,000 | t.b.d. | Equivalent of EUR 3,000 | Equivalent of EUR 3,000 | None |
| Maximum FROC | 0.44% | 0.56% | 0.31% | 0.27% | 0.13% | 0.44% | 0.56% | 0.44% |
| Maximum Management Fee | 0.75% | 0.75% | 0.75% | 0.75% | N/A | 0.85% | 1.50% | N/A |
| Maximum Distribution Fee | 0.75% | 1.55% | N/A | N/A | N/A | N/A | N/A | N/A |
| Performance Fee | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Maximum level of management fees when the Sub-Fund invests its assets in other UCITS or UCIs or Target Sub- Fund* | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% |
| Dealing Charge | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% |

* 
Notwithstanding any performance fee that may be levied in addition to this limit
SFDR Disclosure
The classification of the Sub-Fund under SFDR, the manner in which the Investment Manager integrates sustainability risks into its investment decisions in respect of the Sub-Fund and the results of the assessment of the likely impacts of sustainability risks on the returns of the Sub-Fund are set out in the SFDR Annex.
Benchmark Regulation
See the general part of the Prospectus: "3. Investment Objectives and Policies" / 3.1 "General Provisions Common to all Sub-Funds" / "(x) Benchmark Regulation"
Prior to 1 January 2021, MSCI Limited was an EU regulated benchmark administrator authorized under the Benchmark Regulation by the UK FCA and on the ESMA register for benchmark administrators.
As of 1 January 2021, MSCI Limited is and remains authorized as a UK benchmark administrator regulated by the UK FCA (and can be found on the FCA Financial Services Register), but is considered a “third country” UK administrator vis-a-vis the EU and will not appear on the ESMA
register for benchmark administrators unless and until the EU grants the UK “equivalence” or until MSCI is granted “endorsement” or “recognition”. Additional information on the Benchmark can be found on the website of the administrator: www.msci.com/index-regulation.
Investment Manager
See paragraph 6.3
Approach used to calculate the global exposure of the Sub-Fund
Commitment approach
Profile of typical investor
The Sub-Fund may be appropriate for investors, who:
- seek capital appreciation over the long-term; and
- are willing to take on the increased risks associated with the categories of assets described in the investment objective and policy; and
- can withstand volatility in the value of their Shares.

Application procedure
Application monies are to be sent in accordance with the application procedure set out in Section 20 of the Prospectus. Requests for subscriptions must be received by the Company no later than the Cut-off time.
Payment of the subscription monies must be made in the Reference Currency, or in the Alternative Currency, in case of classes issued in any Alternative Currency, for value before the Payment Date to the Depositary, indicating the proper identity of the subscriber(s) and the Sub-Fund in which Shares are subscribed.
Cut-off time
| Cut-off time  1 (Luxembourg time) (Subscriptions, redemptions and conversions) | Valuation Day  2 ("T") | Payment Date  3 |
| --- | --- | --- |
| 12 p.m. on T | Daily | Up to T+3 days 4 |

NB: any reference to a day shall be construed as a reference to a Business Day
1  
If such day is not a Business Day, the first Business Day in Luxembourg preceding this day.
2  
If such Valuation Day is not a Business Day, the Valuation Day will be the next Business Day or the previous Business Day in case of a bi-monthly valuation.
3  
For redemptions, payments will ordinarily be made in the Reference Currency.
4  
Shareholders are prompted to consult the Lombard Odier Group website (www.loim.com) for the applicable Payment Date.
For more details, please refer to paragraph 12.1 "General Provisions" of Section 12 "Issue and Sale of Shares".
Equity Sub-Fund / Regional

## LO Funds – Europe All Cap Leaders
Investment Objective and Policy
The Sub-Fund is actively managed. The MSCI Europe TR ND index is used for performance comparison as well as internal risk monitoring purposes, without implying any particular constraints to the Sub-Fund’s investments. Securities targeted by the Sub-Fund can be similar to those of the index to an extent that varies over time but their weighting is expected to differ materially. The performance of the Sub-Fund may deviate materially from that of the index.
The Sub-Fund invests in a broad range of equity securities issued by small, mid and large cap companies exercising a prominent part of their business activities in countries of the EEA and Switzerland.
At least 75% of the Sub-Fund’s net assets will be exposed to equity of corporate issuers having their registered office in EEA.
Up to 15% of the Sub-Fund’s net assets may be exposed to equity securities issued by companies incorporated in Emerging Markets.
Up to 25% of the Sub-Fund’s net assets may be exposed Cash and Cash Equivalents (including short-term ABS/MBS which may represent up to 10% of investments in Cash and Cash Equivalents).
Due to investments in small and medium sized capitalization companies and as a result of corporate events on such securities, the Sub-Fund may have to accept delivery of convertible bonds and bonds attached with warrants which, combined, are not expected to exceed 5% of the Sub-Fund’s net assets.
The Investment Manager will implement its strategy primarily by identifying companies capable of generating excess economic returns, reviewing companies’ business practices and analyzing companies’ business models resilience and exposure to long-term trends.
The Sub-Fund will be managed with a high degree of flexibility and the Investment Manager will use its discretion with regard to the selection of markets (including Emerging Markets), sectors, size of companies and currencies.
As mentioned in paragraph 3.1, the Sub-Fund may hold up to 10% of its net assets in UCIs.
Subject to the limits permitted by the Investment Restrictions described in Section 4 of the Prospectus, the Investment Manager is authorized to use financial derivative instruments:
- for hedging purposes	Yes
- for EPM	Yes
- as part of the investment strategy	NoThe use of structured financial instruments is described in paragraph 3.1.

The Sub-Fund qualifies as an Equity Fund under GITA.
The attention of investors is drawn to the Risk Factors Annex which sets out the risk factors applicable to the Sub-Fund.
Reference Currency
EUR
Classes of Shares available for subscription
Shares can also be in different forms (i.e., Alternative Currencies, dividend policy, currency hedging policy, seeding, "Connect"): see paragraph 2.2.
|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Type of investor | See table in paragraph 2.2. of the general part of the Prospectus |
| Minimum initial investment and minimum holding | Equivalent of EUR 3,000 | Equivalent of EUR 1,000 | Equivalent of CHF 1,000,000 | Equivalent of CHF 1,000,000 | t.b.d. | Equivalent of EUR 3,000 | Equivalent of EUR 3,000 | None |
| Maximum FROC | 0.44% | 0.56% | 0.31% | 0.27% | 0.13% | 0.44% | 0.56% | 0.44% |
| Maximum Management Fee | 1.00% | 1.00% | 1.00% | 1.00% | N/A | 1.10% | 2.00% | N/A |

|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Maximum Distribution Fee | 1.00% | 1.55% | N/A | N/A | N/A | N/A | N/A | N/A |
| Performance Fee | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Maximum level of management fees when the Sub-Fund invests its assets in other UCITS or UCIs or Target Sub- Fund* | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% |
| Dealing Charge | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% |

* 
Notwithstanding any performance fee that may be levied in addition to this limit
SFDR Disclosure
The classification of the Sub-Fund under SFDR, the manner in which the Investment Manager integrates sustainability risks into its investment decisions in respect of the Sub-Fund and the results of the assessment of the likely impacts of sustainability risks on the returns of the Sub-Fund are set out in the SFDR Annex.
Investment Manager
See paragraph 6.3
Approach used to calculate the global exposure of the Sub-Fund
Commitment approach
Profile of typical investor
The Sub-Fund may be appropriate for investors, who:
- seek capital appreciation over the long-term; and
- are willing to take on the increased risks associated with the categories of assets described in the investment objective and policy; and
- can withstand volatility in the value of their SharesApplication procedureApplication monies are to be sent in accordance with the application procedure set out in Section 20 of the Prospectus. Requests for subscriptions must be received by the Company no later than the Cut-off time.

Payment of the subscription monies must be made in the Reference Currency, or in the Alternative Currency, in case of classes issued in any Alternative Currency, for value before the Payment Date to the Depositary, indicating the proper identity of the subscriber(s) and the Sub-Fund in which Shares are subscribed.
Cut-off time
| Cut-off time  1 (Luxembourg time) (Subscriptions, redemptions and conversions) | Valuation Day  2 ("T") | Payment Date  3 |
| --- | --- | --- |
| 12 p.m. on T | Daily | Up to T+3 days 4 |

NB: any reference to a day shall be construed as a reference to a Business Day
1  
If such day is not a Business Day, the first Business Day in Luxembourg preceding this day.
2  
If such Valuation Day is not a Business Day, the Valuation Day will be the next Business Day or the previous Business Day in case of a bi-monthly valuation.
3  
For redemptions, payments will ordinarily be made in the Reference Currency.
4  
Shareholders are prompted to consult the Lombard Odier Group website (www.loim.com) for the applicable Payment Date.
For more details, please refer to paragraph 12.1 "General Provisions" of Section 12 "Issue and Sale of Shares".
Equity Sub-Fund / Regional

## LO Funds – Europe High Conviction
Investment Objective and Policy
The Sub-Fund is actively managed. The MSCI Europe TR ND index is used for performance comparison, for internal risk monitoring purposes as well as for performance fee calculation, without implying any particular constraints to the Sub-Fund’s investments. Securities targeted by the Sub-Fund can be similar to those of the index to an extent that varies over time but their weighting is expected to differ materially. The performance of the Sub-Fund may deviate materially from that of the index.
The Sub-Fund invests in equity securities issued by companies incorporated or exercising a prominent part of their business activities in Europe 
1
. The Investment Manager will use its discretion with regard to the selection of markets, sectors, size of companies and currencies.
As mentioned in paragraph 3.1, the Sub-Fund may (i) in normal market conditions and in accordance with the applicable diversification rules, hold on a temporary and ancillary basis up to 15% of its net assets in Cash and Cash Equivalents (including short-term ABS/MBS which may represent up to 10% of investments in Cash and Cash Equivalents) and (ii) hold up to 10% of its net assets in UCIs.
Subject to the limits permitted by the Investment Restrictions described in Section 4 of the Prospectus, the Investment Manager is authorized to use financial derivative instruments:
- for hedging purposes	Yes
- for EPM	Yes
- as part of the investment strategy	YesThe use of structured financial instruments is described in paragraph 3.1.

The Sub-Fund qualifies as an Equity Fund under GITA.
The attention of investors is drawn to the Risk Factors Annex which sets out the risk factors applicable to the Sub-Fund.
Reference Currency
EUR
Classes of Shares available for subscription
Shares can also be in different forms (i.e., Alternative Currencies, dividend policy, currency hedging policy, seeding, "Connect"): see paragraph 2.2.
|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Type of investor | See table in paragraph 2.2. of the general part of the Prospectus |
| Minimum initial investment and minimum holding | Equivalent of EUR 3,000 | Equivalent of EUR 1,000 | Equivalent of CHF 1,000,000 | Equivalent of CHF 1,000,000 | t.b.d. | Equivalent of EUR 3,000 | Equivalent of EUR 3,000 | None |
| Maximum FROC | 0.44% | 0.56% | 0.31% | 0.27% | 0.13% | 0.44% | 0.56% | 0.44% |
| Maximum Management Fee | 0.75% | 0.75% | 0.75% | 0.75% | N/A | 0.85% | 1.50% | N/A |
| Maximum Distribution Fee | 0.75% | 1.55% | N/A | N/A | N/A | N/A | N/A | N/A |
| Performance Fee | Yes. See below. |

1  
Up to 30 September 2021, the Sub-Fund shall continue to be managed according to the PEA rules (as defined in Section 21.1) further to the French ordinance 2020-1595 of 16 December 2020 whereby securities issued by UK issuers can continue to be taken into account for the calculation of the ratio under the PEA rules (as defined in Section 21.1). As from 1 October 2021, the Sub-Fund shall no longer be managed according to the PEA rules (as defined in Section 21.1) given the investment manager's intention to maintain investment in securities of issuers located in the UK and the end of the transitory period under the aforementioned French ordinance.
|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Maximum level of management fees when the Sub-Fund invests its assets in other UCITS or UCIs or Target Sub- Fund* | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% |
| Dealing Charge | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% |

* 
Notwithstanding any performance fee that may be levied in addition to this limit
Performance Fee
| Relative Performance Fee (as an annual percentage of the performance compared to its benchmark) |
| --- |
| Percentage | Benchmark | Reference period |
| 15% | MSCI Europe ND | 1 October of year "Y" (or the first Valuation Day following the launch of a Share class, as applicable) to 30 September of the following year "Y+1", it being noted that the first reference period cannot be shorter than (12) months. |

Example of Performance Fee calculation
|  | Sub-Fund’s | Benchmark's | Sub-Fund’s | Benchmark's | Performance | Performance | Reference Net | Reference |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAV at end | value | performance | performance | of Sub-Fund | Fee | Asset Value | Benchmark |
| of reference |  | compared | compared to | compared to |  |  | (ie, |
| period (net |  | to latest | Benchmark's | Benchmark |  |  | Benchmark's |
| of all costs, |  | reference Net | value | since launch |  |  | value |
| gross of |  | Asset Value | associated | or last |  |  | associated |
| Performance |  |  | with latest | reference |  |  | with latest |
| Fee) |  |  | reference | period when a |  |  | reference |
|  |  |  | period when a | Performance |  |  | period when a |
|  |  |  | Performance | Fee was paid |  |  | Performance |
|  |  |  | Fee was paid |  |  |  | Fee was paid) |
| Y0 | 100 | 100 | - | - | - | - | 100 | 100 |
| Y1 | 108 | 105 | 8.00% | 5.00% | 3.00% | 0.45% | 107.51 | 105 |
| Y2 | 105 | 102.9 | -2.34% | -2.00% | -0.34% | none | 107.51 | 105 |
| Y3 | 110 | 113.19 | 2.31% | 7.80% | -5.49% | none | 107.51 | 105 |
| Y4 | 120 | 101.87 | 11.61% | -2.98% | 14.59% | 2.19% | 117.37 | 101.87 |
| Y5 | 129.11 | 112.06 | 10.00% | 10.00% | 0.00% | None | 117.37 | 101.87 |
| Y6 | 115 | 95 | -2.02% | -6.74% | 4.72% | 0.71% | 114.19 | 95.00 |

The Sub-Fund is launched at Y0 with a NAV of 100.
At the end of the first year ( Y1), the NAV is 108 (gain of 8%) and the Benchmark is at 105 (gain of 5%). As the Sub-Fund has outperformed its Benchmark by 3%, the Management Company is entitled to a Performance Fee of 0.45% (15% x 3%). The Performance Fee amounts to 0.49 (0.45% x 108). The Sub-Fund's NAV net of Performance Fee amounts to 107.51 (108 – 0.49) and the reference NAV is set at 107.51 and the reference Benchmark is set at 105.
At the end of the second year ( Y2), the Sub-Fund has underperformed its Benchmark and the Sub-Fund’s NAV has remained below the last reference NAV. Thus, no Performance Fee is payable. The reference NAV and reference Benchmark remain unchanged (107.51 and 105 respectively).
At the end of the third year ( Y3), the Sub-Fund’s NAV (110) has exceeded the last reference NAV (110 against 107.51) but the Sub-Fund has underperformed the Benchmark. Thus, no Performance Fee is payable. The reference NAV and reference Benchmark remain unchanged (107.51 and 105 respectively)
At the end of the fourth year ( Y4), the Sub-Fund exhibits a performance of 11.61% (from 107.51 to 120) and the Benchmark exhibits a performance of –2.98% (from 105 to 101.87). As the Sub-Fund has outperformed its Benchmark by 14.59% (11.61 – (–2.98)), the Management Company is entitled to a Performance Fee of 2.19% (15% x 14.76%). The Performance Fee amounts to 2.63 (2.19% x 120). The Sub-Fund's NAV net of Performance Fee amounts to 117.37 (120 – 2.63), the new reference NAV is set at 117.37 and the reference Benchmark is set at 101.87.
At the end of the fifth year ( Y5), the Sub-Fund exhibits a performance of 10% (from 117.37 to 129.11) and the Benchmark exhibits a performance of 10% (from 101.87 to 112.06). As the performance of the Sub-Fund equals the performance of the Benchmark, no Performance Fee is payable. The reference NAV and reference Benchmark remain unchanged (117.37 and 101.87 respectively).
At the end of the sixth year ( Y6), the Sub-Fund exhibits a performance of –2.02% (from 117.37 to 115) and the Benchmark exhibits a performance of –6.74% (from 101.87 to 95). As the Sub-Fund has outperformed its Benchmark by 4.72% (–2.02 – (–6.74)), the Management Company
is entitled to a Performance Fee of 0.71% (15% x 4.72%). The Performance Fee amounts to 0.81 (0.71% x 115). The Sub-Fund's NAV net of Performance Fee amounts to 114.19 (115 – 0.81), the reference NAV is set at 114.19 and the reference Benchmark is set at 95.
SFDR Disclosure
The classification of the Sub-Fund under SFDR, the manner in which the Investment Manager integrates sustainability risks into its investment decisions in respect of the Sub-Fund and the results of the assessment of the likely impacts of sustainability risks on the returns of the Sub-Fund are set out in the SFDR Annex.
Benchmark Regulation
See the general part of the Prospectus: "3. Investment Objectives and Policies" / 3.1 "General Provisions Common to all Sub-Funds" / "(x) Benchmark Regulation".
Prior to 1 January 2021, MSCI Limited was an EU regulated benchmark administrator authorized under the Benchmark Regulation by the UK FCA and on the ESMA register for benchmark administrators.
As of 1 January 2021, MSCI Limited is and remains authorized as a UK benchmark administrator regulated by the UK FCA (and can be found on the FCA Financial Services Register), but is considered a “third country” UK administrator vis-a-vis the EU and will not appear on the ESMA
register for benchmark administrators unless and until the EU grants the UK “equivalence” or until MSCI is granted “endorsement” or “recognition”. Additional information on the Benchmark can be found on the website of the administrator: www.msci.com/index-regulation.
Investment Manager
See paragraph 6.3
Approach used to calculate the global exposure of the Sub-Fund
Relative VaR
Reference portfolio used to assess the global exposure only
MSCI Europe TR ND EUR
Expected level of leverage
0%
Risk budget
150%
Profile of typical investor
The Sub-Fund may be appropriate for investors, who:
- seek capital appreciation over the long-term; and
- are willing to take on the increased risks associated with the categories of assets described in the investment objective and policy; and
- can withstand volatility in the value of their Shares.

Application procedure
Application monies are to be sent in accordance with the application procedure set out in Section 20 of the Prospectus. Requests for subscriptions must be received by the Company no later than the Cut-off time.
Payment of the subscription monies must be made in the Reference Currency, or in the Alternative Currency, in case of classes issued in any Alternative Currency, for value before the Payment Date to the Depositary, indicating the proper identity of the subscriber(s) and the Sub-Fund in which Shares are subscribed.
Cut-off time
| Cut-off time  1 (Luxembourg time) (Subscriptions, redemptions and conversions) | Valuation Day  2 ("T") | Payment Date  3 |
| --- | --- | --- |
| 12 p.m. on T | Daily | Up to T+3 days 4 |

NB: any reference to a day shall be construed as a reference to a Business Day
1  
If such day is not a Business Day, the first Business Day in Luxembourg preceding this day.
2  
If such Valuation Day is not a Business Day, the Valuation Day will be the next Business Day or the previous Business Day in case of a bi-monthly valuation.
3  
For redemptions, payments will ordinarily be made in the Reference Currency.
4  
Shareholders are prompted to consult the Lombard Odier Group website (www.loim.com) for the applicable Payment Date.
For more details, please refer to paragraph 12.1 "General Provisions" of Section 12 "Issue and Sale of Shares".
Equity Sub-Fund / Regional

## LO Funds – Continental Europe Small & Mid Leaders
Investment Objective and Policy
The Sub-Fund is actively managed. The Stoxx ex-UK Small Return TR ND index is used for performance comparison as well as internal risk monitoring purposes, without implying any particular constraints to the Sub-Fund’s investments. Securities targeted by the Sub-Fund can be similar to those of the index to an extent that varies over time but their weighting is expected to differ materially. The performance of the Sub-Fund may deviate materially from that of the index.
The Sub-Fund invests, at least 75% of its assets, in equity securities of corporate issuers having their registered office in the EEA, excluding the UK.
At least 60% of the Sub-Fund's portfolio is invested in equity securities issued by small and mid cap companies, incorporated or exercising a prominent part of their business activities in EEA, excluding the UK. The Sub-Fund may invest up to 40% of its portfolio outside these parameters, in particular in companies incorporated or exercising a prominent part of their business activity in other European countries, excluding the United Kingdom, in equity securities issued by large companies (as considered in their respective markets) and also in warrants on securities where the underlying aim is to acquire an equity investment.
As mentioned in paragraph 3.1, the Sub-Fund may (i) in normal market conditions and in accordance with the applicable diversification rules, hold on a temporary and ancillary basis up to 15% of its net assets in Cash and Cash Equivalents (including short-term ABS/MBS which may represent up to 10% of investments in Cash and Cash Equivalents) and (ii) hold up to 10% of its net assets in UCIs.
Subject to the limits permitted by the Investment Restrictions described in Section 4 of the Prospectus, the Investment Manager is authorized to use financial derivative instruments:
- for hedging purposes	Yes
- for EPM	Yes
- as part of the investment strategy	YesThe use of structured financial instruments is described in paragraph 3.1.

The Sub-Fund qualifies as an Equity Fund under GITA.
The attention of investors is drawn to the Risk Factors Annex which sets out the risk factors applicable to the Sub-Fund.
Reference Currency
EUR
Classes of Shares available for subscription
Shares can also be in different forms (i.e., Alternative Currencies, dividend policy, currency hedging policy, seeding, "Connect"): see paragraph 2.2.
|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Type of investor | See table in paragraph 2.2. of the general part of the Prospectus |
| Minimum initial investment and minimum holding | Equivalent of EUR 3,000 | Equivalent of EUR 1,000 | Equivalent of CHF 1,000,000 | Equivalent of CHF 1,000,000 | t.b.d. | Equivalent of EUR 3,000 | Equivalent of EUR 3,000 | None |
| Maximum FROC | 0.44% | 0.56% | 0.31% | 0.27% | 0.15% | 0.44% | 0.56% | 0.44% |
| Maximum Management Fee | 0.90% | 0.90% | 0.90% | 0.90% | N/A | 1.00% | 1.80% | N/A |
| Maximum Distribution Fee | 0.90% | 1.55% | N/A | N/A | N/A | N/A | N/A | N/A |
| Performance Fee | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |

|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Maximum level of management fees when the Sub-Fund invests its assets in other UCITS or UCIs or Target Sub- Fund* | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% |
| Dealing Charge | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% |

* 
Notwithstanding any performance fee that may be levied in addition to this limit
SFDR Disclosure
The classification of the Sub-Fund under SFDR, the manner in which the Investment Manager integrates sustainability risks into its investment decisions in respect of the Sub-Fund and the results of the assessment of the likely impacts of sustainability risks on the returns of the Sub-Fund are set out in the SFDR Annex.
Investment Manager
See paragraph 6.3
Approach used to calculate the global exposure of the Sub-Fund
Relative VaR
Reference portfolio used to assess the global exposure only
Stoxx ex-UK Small Return TR ND EUR
Expected level of leverage
0%
Risk budget
125%
Profile of typical investor
The Sub-Fund may be appropriate for investors, who:
- seek capital appreciation over the long-term; and
- are willing to take on the increased risks associated with the categories of assets described in the investment objective and policy; and
- can withstand volatility in the value of their Shares.

Application procedure
Application monies are to be sent in accordance with the application procedure set out in Section 20 of the Prospectus. Requests for subscriptions must be received by the Company no later than the Cut-off time.
Payment of the subscription monies must be made in the Reference Currency, or in the Alternative Currency, in case of classes issued in any Alternative Currency, for value before the Payment Date to the Depositary, indicating the proper identity of the subscriber(s) and the Sub-Fund in which Shares are subscribed.
Cut-off time
| Cut-off time  1 (Luxembourg time) (Subscriptions, redemptions and conversions) | Valuation Day  2 ("T") | Payment Date  3 |
| --- | --- | --- |
| 3 p.m. on T-1 day | Daily | Up to T+3 days 4 |

NB: any reference to a day shall be construed as a reference to a Business Day
1  
If such day is not a Business Day, the first Business Day in Luxembourg preceding this day.
2  
If such Valuation Day is not a Business Day, the Valuation Day will be the next Business Day or the previous Business Day in case of a bi-monthly valuation.
3  
For redemptions, payments will ordinarily be made in the Reference Currency.
4  
Shareholders are prompted to consult the Lombard Odier Group website (www.loim.com) for the applicable Payment Date.
For more details, please refer to paragraph 12.1 "General Provisions" of Section 12 "Issue and Sale of Shares".
Equity Sub-Fund / Regional

## LO Funds – Emerging High Conviction
Investment Objective and Policy
The Sub-Fund is actively managed. The MSCI Emerging Market TR ND index is used for performance comparison as well as internal risk monitoring purposes, without implying any particular constraints to the Sub-Fund’s investments. Securities targeted by the Sub-Fund can be similar to those of the index to an extent that varies over time but their weighting is expected to differ materially. The performance of the Sub-Fund may deviate materially from that of the index.
The Sub-Fund seeks to invest in high quality companies with sustainable financial models, business practices and business models showing resilience and the ability to evolve and benefit from long term structural trends using LOIM proprietary ESG and Sustainability Profiling tools and methodologies.
The Sub-Fund invests in equities, equity related securities (including, but not limited to, warrants, swaps providing long and/or short exposure to equity securities or options providing sovereign market exposure for hedging) issued by companies incorporated or exercising a prominent part of their business activities, directly or indirectly, in Emerging Markets. The Investment Manager may invest up to 20% of the Sub-Fund's portfolio outside these parameters, in particular (i) in companies exercising a prominent part of their business activities outside of Emerging Markets and/or (ii) in currencies (including Emerging Market currencies).
Investments in retail, and consumer related industries/companies may represent an important theme within the strategy.
The Investment Manager may invest up to 10% of the Sub-Fund’s assets in convertible bonds. Up to 20% of the Sub-Fund may be invested in China
A-Shares which are shares issued by mainland China-based companies that trade on regulated exchanges but only available for purchase through certain trading facilities (such as Stock Connect) as further detailed in the risk factor 2.12 of the Risk Factors Annex.
The unrealized gain and loss of financial derivative instruments on currency shall be taken into account for the purpose of assessing compliance with the investment policy, including its limits or restrictions.
The Investment Manager will implement its strategy primarily by investing in securities, listed derivatives, and synthetic derivative instruments of companies that it believes to be undervalued. The Investment Manager may use a wide range of financial derivative instruments, such as options, futures and swaps (in particular CFD) in order to increase or reduce its exposure to specific markets, sectors, issuers and currencies. The Investment Manager will use its discretion with regard to the selection of markets, sectors, categories of financial derivative instruments, size of companies and currencies. The Sub-Fund may be fully invested, in accordance with the applicable diversification rules, in Cash and Cash Equivalents (including short-term ABS/MBS which may represent up to 10% of investments in Cash and Cash Equivalents) when, for instance, the Investment Manager considers that the Sub-Fund should be positioned in a defensive way.
As mentioned in paragraph 3.1, the Sub-Fund may hold up to 10% of its net assets in UCIs.
Subject to the limits permitted by the Investment Restrictions described in Section 4 of the Prospectus, the Investment Manager is authorized to use financial derivative instruments:
- for hedging purposes	Yes
- for EPM	Yes
- as part of the investment strategy	YesThe use of structured financial instruments is described in paragraph 3.1.

The Sub-Fund qualifies as an Equity Fund under GITA.
The attention of investors is drawn to the Risk Factors Annex which sets out the risk factors applicable to the Sub-Fund.
Reference Currency
USD
Classes of Shares available for subscription
Shares can also be in different forms (i.e., Alternative Currencies, dividend policy, currency hedging policy, seeding, "Connect"): see paragraph 2.2.
|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Type of investor | See table in paragraph 2.2. of the general part of the Prospectus |

|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Minimum initial investment and minimum holding | Equivalent of EUR 3,000 | Equivalent of EUR 1,000 | Equivalent of CHF 1,000,000 | Equivalent of CHF 1,000,000 | t.b.d. | Equivalent of EUR 3,000 | Equivalent of EUR 3,000 | None |
| Maximum FROC | 0.50% | 0.63% | 0.38% | 0.34% | 0.16% | 0.50% | 0.63% | 0.50% |
| Maximum Management Fee | 0.85% | 0.85% | 0.85% | 0.85% | N/A | 0.95% | 1.70% | N/A |
| Maximum Distribution Fee | 0.85% | 1.55% | N/A | N/A | N/A | N/A | N/A | N/A |
| Performance Fee | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Maximum level of management fees when the Sub-Fund invests its assets in other UCITS or UCIs or Target Sub- Fund* | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% |
| Dealing Charge | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% |

* 
Notwithstanding any performance fee that may be levied in addition to this limit
SFDR Disclosure
The classification of the Sub-Fund under SFDR, the manner in which the Investment Manager integrates sustainability risks into its investment decisions in respect of the Sub-Fund and the results of the assessment of the likely impacts of sustainability risks on the returns of the Sub-Fund are set out in the SFDR Annex.
Investment Manager
See paragraph 6.3
Approach used to calculate the global exposure of the Sub-Fund
Relative VaR
Reference portfolio used to assess the global exposure only
MSCI Emerging Market TR ND
Expected level of leverage
75%
Risk budget
150%
Profile of typical investor
The Sub-Fund may be appropriate for investors, who:
- seek capital appreciation over the long-term; and
- are willing to take on the increased risks associated with the categories of assets described in the investment objective and policy; and
- can withstand volatility in the value of their Shares.

Application procedure
Application monies are to be sent in accordance with the application procedure set out in Section 20 of the Prospectus. Requests for subscriptions must be received by the Company no later than the Cut-off time.
Payment of the subscription monies must be made in the Reference Currency, or in the Alternative Currency, in case of classes issued in any Alternative Currency, for value before the Payment Date to the Depositary, indicating the proper identity of the subscriber(s) and the Sub-Fund in which Shares are subscribed.
Cut-off time
| Cut-off time  1 (Luxembourg time) (Subscriptions, redemptions and conversions) | Valuation Day  2 ("T") | Payment Date  3 |
| --- | --- | --- |
| 3 p.m. on T-1 day | Daily | Up to T+3 days 4 |

NB: any reference to a day shall be construed as a reference to a Business Day
1  
If such day is not a Business Day, the first Business Day in Luxembourg preceding this day.
2  
If such Valuation Day is not a Business Day, the Valuation Day will be the next Business Day or the previous Business Day in case of a bi-monthly valuation.
3  
For redemptions, payments will ordinarily be made in the Reference Currency.
4  
Shareholders are prompted to consult the Lombard Odier Group website (www.loim.com) for the applicable Payment Date.
For more details, please refer to paragraph 12.1 "General Provisions" of Section 12 "Issue and Sale of Shares".
Equity Sub-Fund / Regional

## LO Funds – Asia High Conviction
Investment Objective and Policy
The Sub-Fund is actively managed. The MSCI ACF Asia ex-Japan TR ND index is used for performance comparison as well as internal risk monitoring purposes, without implying any particular constraints to the Sub-Fund’s investments. Securities targeted by the Sub-Fund can be similar to those of the index to an extent that varies over time but their weighting is expected to differ materially. The performance of the Sub-Fund may deviate materially from that of the index.
The Sub-Fund seeks to invest in high quality companies with sustainable financial models, business practices and business models showing resilience and the ability to evolve and benefit from long term structural trends using LOIM proprietary ESG and Sustainability Profiling tools and methodologies.
The Sub-Fund invests in equity and equity related securities (including, but not limited to, warrants) issued by companies incorporated or exercising a prominent part of their business activities, directly or indirectly in Asia, currencies and/or Cash and Cash Equivalents. Up to 20% of the Sub-Fund’s
portfolio may be invested in China A-Shares which are shares issued by mainland China-based companies that trade on regulated exchanges but only available for purchase through certain trading facilities (such as Stock Connect) as further detailed in the Risk Factors Annex under paragraph 2.12. Up to one-third (1/3
rd
) of the Sub-Fund’s portfolio may be invested in similar securities as described above but issued by companies not incorporated or exercising a prominent part of their business activities in Asia.
The Investment Manager will use its discretion with regard to the selection of instruments, markets (in particular, the Sub-Fund may be fully invested in Emerging Markets) and currencies (including Emerging Market currencies). The Investment Manager may implement qualitative and/or systematic strategies.
In addition to the above-mentioned investments, the Investment Manager may use financial derivative instruments (i) to take long and short positions on currencies (OECD currencies and/or Emerging Market currencies) and/or (ii) to increase or reduce its exposure to specific asset classes, markets (including Emerging Markets), sectors, issuers and indices.
The Sub-Fund may also be fully invested, in accordance with the applicable diversification rules, in Cash and Cash Equivalents (including short-term ABS/ MBS which may represent up to 10% of investments in Cash and Cash Equivalents) when, for instance, the Investment Manager considers that the Sub- Fund should be positioned in a defensive way.
As mentioned in paragraph 3.1, the Sub-Fund may hold up to 10% of its net assets in UCIs.
Subject to the limits permitted by the Investment Restrictions described in Section 4 of the Prospectus, the Investment Manager is authorized to use financial derivative instruments (in particular, but not limited to futures, swaps (in particular CFD), currency and volatility derivatives):
- for hedging purposes	Yes
- for EPM	Yes
- as part of the investment strategy	YesThe use of structured financial instruments is described in paragraph 3.1.

The Sub-Fund qualifies as an Equity Fund under GITA.
The attention of investors is drawn to the Risk Factors Annex which sets out the risk factors applicable to the Sub-Fund.
Reference Currency
USD
Classes of Shares available for subscription
Shares can also be in different forms (i.e., Alternative Currencies, dividend policy, currency hedging policy, seeding, "Connect"): see paragraph 2.2.
|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Type of investor | See table in paragraph 2.2. of the general part of the Prospectus |
| Minimum initial investment and minimum holding | Equivalent of EUR 3,000 | Equivalent of EUR 1,000 | Equivalent of CHF 1,000,000 | Equivalent of CHF 1,000,000 | t.b.d. | Equivalent of EUR 3,000 | Equivalent of EUR 3,000 | None |

|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Maximum FROC | 0.50% | 0.63% | 0.38% | 0.34% | 0.16% | 0.50% | 0.63% | 0.50% |
| Maximum Management Fee | 1.00% | 1.00% | 1.00% | 1.00% | N/A | 1.10% | 2.00% | N/A |
| Maximum Distribution Fee | 1.00% | 1.55% | N/A | N/A | N/A | N/A | N/A | N/A |
| Performance Fee | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Maximum level of management fees when the Sub-Fund invests its assets in other UCITS or UCIs or Target Sub- Fund* | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% |
| Dealing Charge | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% |

* 
Notwithstanding any performance fee that may be levied in addition to this limit
SFDR Disclosure
The classification of the Sub-Fund under SFDR, the manner in which the Investment Manager integrates sustainability risks into its investment decisions in respect of the Sub-Fund and the results of the assessment of the likely impacts of sustainability risks on the returns of the Sub-Fund are set out in the SFDR Annex.
Investment Manager
See paragraph 6.3
Approach used to calculate the global exposure of the Sub-Fund
Commitment approach
Profile of typical investor
The Sub-Fund may be appropriate for investors, who:
- seek capital appreciation over the long-term; and
- are willing to take on the increased risks associated with the categories of assets described in the investment objective and policy; and
- can withstand volatility in the value of their Shares.

Application procedure
Application monies are to be sent in accordance with the application procedure set out in Section 20 of the Prospectus. Requests for subscriptions must be received by the Company no later than the Cut-off time.
Payment of the subscription monies must be made in the Reference Currency, or in the Alternative Currency, in case of classes issued in any Alternative Currency, for value before the Payment Date to the Depositary, indicating the proper identity of the subscriber(s) and the Sub-Fund in which Shares are subscribed.
Cut-off time
| Cut-off time  1 (Luxembourg time) (Subscriptions, redemptions and conversions) | Valuation Day  2 ("T") | Payment Date  3 |
| --- | --- | --- |
| 3 p.m. on T-1 day | Daily | Up to T+3 days 4 |

NB: any reference to a day shall be construed as a reference to a Business Day
1  
If such day is not a Business Day, the first Business Day in Luxembourg preceding this day.
2  
If such Valuation Day is not a Business Day, the Valuation Day will be the next Business Day or the previous Business Day in case of a bi-monthly valuation.
3  
For redemptions, payments will ordinarily be made in the Reference Currency.
4  
Shareholders are prompted to consult the Lombard Odier Group website (www.loim.com) for the applicable Payment Date.
For more details, please refer to paragraph 12.1 "General Provisions" of Section 12 "Issue and Sale of Shares".
Equity Sub-Fund / Regional

## LO Funds – TerreNeuve
Investment Objective and Policy
The Sub-Fund is actively managed. The Sub-Fund is not managed in reference to an index.
The Sub-Fund invests in equity and equity related securities (including, but not limited to, warrants) issued by companies worldwide (including Emerging Markets), as well as in Cash and Cash Equivalents. The Investment Manager may invest up to one-third (1/3
rd
) of the Sub-Fund's portfolio outside these parameters, in particular in i) bonds and fixed or floating-rate securities and/or ii) convertible bonds. Non-investment grade debt securities may not be purchased.
The Investment Manager will implement its strategy by investing in companies that it believes to be undervalued and by using short derivative instruments to seek exposure to companies that it believes to be overvalued.
The investment approach applied by the Investment Manager to select securities will be based on proprietary responsible criteria which includes environmental, social, ethical and/or corporate governance factors. In addition to these selection criteria, the Investment Manager may apply a screen to exclude certain companies from the investment universe based on a specific environmental, social, ethical and/or corporate governance scoring methodology of companies.
The Investment Manager may use a wide range of financial derivative instruments, such as options, futures (including, but not limited to, equity indices, commodity indices and currencies), CFD and swaps (including, but not limited to, CDS) in order to increase or reduce its exposure to specific markets, sectors, issuers, credit, interest rates and currencies. In certain circumstances, the net exposure of the Sub-Fund to financial markets may be negative.
Notwithstanding the limit above, the Investment Manager may fully invest the Sub-Fund's portfolio in Cash and Cash Equivalents (including short-term ABS/MBS which may represent up to 10% of investments in Cash and Cash Equivalents), in accordance with the applicable diversification rules, (i) when the Investment Manager deems it appropriate for the implementation of the investment policy (such as investment in derivatives) or (ii) temporarily, in times of increasing volatility when, for instance, it considers the Sub-Fund should be positioned in a defensive way.
As mentioned in paragraph 3.1, the Sub-Fund may hold up to 10% of its net assets in UCIs.
Subject to the limits permitted by the Investment Restrictions described in Section 4 of the Prospectus, the Investment Manager is authorized to use financial derivative instruments:
- for hedging purposes	Yes
- for EPM	Yes
- as part of the investment strategy	YesThe use of structured financial instruments is described in paragraph 3.1.

The attention of investors is drawn to the Risk Factors Annex which sets out the risk factors applicable to the Sub-Fund.
Reference Currency
USD
Classes of Shares available for subscription
Shares can also be in different forms (i.e., Alternative Currencies, dividend policy, currency hedging policy, seeding, "Connect"): see paragraph 2.2.
|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Type of investor | See table in paragraph 2.2. of the general part of the Prospectus |
| Minimum initial investment and minimum holding | Equivalent of EUR 3,000 | Equivalent of EUR 1,000 | Equivalent of CHF 1,000,000 | Equivalent of CHF 1,000,000 | t.b.d. | Equivalent of EUR 3,000 | Equivalent of EUR 3,000 | None |
| Maximum FROC | 0.44% | 0.56% | 0.44% | 0.40% | 0.13% | 0.44% | 0.56% | 0.44% |
| Maximum Management Fee | 2.00% | 2.00% | 2.00% | 2.00% | N/A | 2.20% | 3.50% | N/A |
| Distribution Fee | 2.00% | 2.00% | N/A | N/A | N/A | N/A | N/A | N/A |

|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Performance Fee | Yes. See below. |
| Maximum level of management fees when the Sub-Fund invests its assets in other UCITS or UCIs or Target Sub- Fund* | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% |
| Dealing Charge | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% |

* 
Notwithstanding any performance fee that may be levied in addition to this limit
Performance Fee
| Absolute Performance Fee |
| --- |
| Percentage | Hurdle Rate | Reference period |
| 20% | None | 1 January (or the first Valuation Day following the launch of a Share class, as applicable) to 31 December, it being noted that the first reference period cannot be shorter than twelve (12) months. |

Examples of Performance Fee calculation
|  | Sub-Fund’s NAV at end of reference period (net of all costs, gross of Performance Fee) | Sub-Fund’s performance compared to latest High Water Mark | Yearly hurdle rate | Performance Fee | NAV net of Performance Fee | High Water Mark |
| --- | --- | --- | --- | --- | --- | --- |
| Y0 | 100 | - | None | - | - | 100 |
| Y1 | 108 | 8% | 1.60% | 106.4 | 106.4 |
| Y2 | 105 | -1.32% | 0 | 105 | 106.4 |
| Y3 | 110 | 3.38% | 0.68% | 109.29 | 109.29 |

The Sub-Fund is launched at Y0 with a NAV of 100.
At the end of the first year ( Y1), the NAV is 108 and the Sub-Fund exhibits an absolute positive performance of 8%. The Management Company is entitled to a Performance Fee of 1.6% (8% x 20%). The Performance Fee amounts to 1.6 (1.6% of 100). The Sub-Fund's NAV net of Performance Fee amounts to 106.4 (108 – 1.6) and the High Water Mark is set at 106.40.
At the end of the second year ( Y2), the Sub-Fund exhibits a negative absolute performance of -1.32%. The Management Company is not entitled to a Performance Fee. The High Water Mark remains unchanged at 106.40.
At the end of the third year ( Y3), the Sub-Fund exhibits an absolute positive performance of 3.38% compared to the latest High Water Mark. The Management Company is entitled to a Performance Fee of 0.68% (3.38% x 20%). The Performance Fee amounts to 0.71 (0.68% of 105). The Sub-Fund's NAV net of Performance Fee amounts to 109.29 (110 – 0.71) and the High Water Mark is set at 109.29.
SFDR Disclosure
The classification of the Sub-Fund under SFDR, the manner in which the Investment Manager integrates sustainability risks into its investment decisions in respect of the Sub-Fund and the results of the assessment of the likely impacts of sustainability risks on the returns of the Sub-Fund are set out in the SFDR Annex.
Investment Manager
See paragraph 6.3
Approach used to calculate the global exposure of the Sub-Fund
Absolute VaR
Reference portfolio used to assess the global exposure only
Not applicable
Expected level of leverage
400%
Risk budget
18%
Profile of typical investor
The Sub-Fund may be appropriate for investors, who:
- seek capital appreciation over the long-term; and
- are willing to take on the increased risks associated with the categories of assets described in the investment objective and policy; and
- can withstand volatility in the value of their Shares.

Application procedure
Application monies are to be sent in accordance with the application procedure set out in Section 20 of the Prospectus. Requests for subscriptions must be received by the Company no later than the Cut-off time.
Payment of the subscription monies must be made in the Reference Currency, or in the Alternative Currency, in case of classes issued in any Alternative Currency, for value before the Payment Date to the Depositary, indicating the proper identity of the subscriber(s) and the Sub-Fund in which Shares are subscribed.
Cut-off time
| Cut-off time  1 (Luxembourg time) (Subscriptions, redemptions and conversions) | Valuation Day  2 ("T") | Payment Date  3 |
| --- | --- | --- |
| 3 p.m. on T-3 days | Weekly, each Wednesday | Up to T+3 days 4 |

NB: any reference to a day shall be construed as a reference to a Business Day
1  
If such day is not a Business Day, the first Business Day in Luxembourg preceding this day.
2  
If such Valuation Day is not a Business Day, the Valuation Day will be the next Business Day or the previous Business Day in case of a bi-monthly valuation.
3  
For redemptions, payments will ordinarily be made in the Reference Currency.
4  
Shareholders are prompted to consult the Lombard Odier Group website (www.loim.com) for the applicable Payment Date.
For more details, please refer to paragraph 12.1 "General Provisions" of Section 12 "Issue and Sale of Shares".
Equity Sub-Fund / Regional

## LO Funds – Swiss Equity
Investment Objective and Policy
The Sub-Fund is actively managed. The SPI TR index is used to define the initial investment universe for individual security selection, for performance comparison as well as for internal risk monitoring purposes, without implying any particular constraints to the Sub-Fund's investments. The Sub-Fund’s securities will generally be similar to those of the above-mentioned index but the security weightings are expected to differ materially. The Investment Manager may also select securities not included in the above-mentioned index in order to take advantage of investment opportunities.
The Sub-Fund invests in equity securities issued by companies incorporated or exercising a prominent part of their business activities in Switzerland. Up to 10% of portfolio may be invested in other equity securities outside these parameters.
The Investment Manager will use its discretion with regard to the selection of markets, sectors, size of companies and currencies.
As mentioned in paragraph 3.1, the Sub-Fund may (i) in normal market conditions and in accordance with the applicable diversification rules, hold on a temporary and ancillary basis up to 15% of its net assets in Cash and Cash Equivalents (including short-term ABS/MBS which may represent up to 10% of investments in Cash and Cash Equivalents) and (ii) hold up to 10% of its net assets in UCIs.
Subject to the limits permitted by the Investment Restrictions described in Section 4 of the Prospectus, the Investment Manager is authorized to use financial derivative instruments:
- for hedging purposes	Yes
- for EPM	Yes
- as part of the investment strategy	YesThe use of structured financial instruments is described in paragraph 3.1.

The Sub-Fund qualifies as an Equity Fund under GITA.
The attention of investors is drawn to the Risk Factors Annex which sets out the risk factors applicable to the Sub-Fund. Reference Currency
CHF
Classes of Shares available for subscription
Shares can also be in different forms (i.e., Alternative Currencies, dividend policy, currency hedging policy, seeding, "Connect"): see paragraph 2.2.
|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Type of investor | See table in paragraph 2.2. of the general part of the Prospectus |
| Minimum initial investment and minimum holding | Equivalent of EUR 3,000 | Equivalent of EUR 1,000 | Equivalent of CHF 1,000,000 | Equivalent of CHF 1,000,000 | t.b.d. | Equivalent of EUR 3,000 | Equivalent of EUR 3,000 | None |
| Maximum FROC | 0.44% | 0.56% | 0.31% | 0.27% | 0.13% | 0.44% | 0.56% | 0.44% |
| Maximum Management Fee | 0.75% | 0.75% | 0.75% | 0.75% | N/A | 0.85% | 1.50% | N/A |
| Maximum Distribution Fee | 0.75% | 1.55% | N/A | N/A | N/A | N/A | N/A | N/A |
| Performance Fee | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Maximum level of management fees when the Sub-Fund invests its assets in other UCITS or UCIs or Target Sub- Fund* | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% |

|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Dealing Charge | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% |

* 
Notwithstanding any performance fee that may be levied in addition to this limit
SFDR Disclosure
The classification of the Sub-Fund under SFDR, the manner in which the Investment Manager integrates sustainability risks into its investment decisions in respect of the Sub-Fund and the results of the assessment of the likely impacts of sustainability risks on the returns of the Sub-Fund are set out in the SFDR Annex.
Benchmark Regulation
See the general part of the Prospectus: "3. Investment Objectives and Policies" / 3.1 "General Provisions Common to all Sub-Funds" / "(x) Benchmark Regulation"
The Benchmark has been endorsed by SIX Financial Information Nordic AB as endorsing administrator for indices administered by SIX a benchmark administrator located outside of the EU. The Benchmark is included on the ESMA register for third country benchmarks.
Additional information on the Benchmark can be found on the website: https://www.six-group.com/en/products-services/financial-information/ indices.html/
Investment Manager
See paragraph 6.3
Approach used to calculate the global exposure of the Sub-Fund
Relative VaR
Reference portfolio used to assess the global exposure only
SPI TR
Expected level of leverage
0%
Risk budget
150%
Profile of typical investor
The Sub-Fund may be appropriate for investors, who:
- seek capital appreciation over the long-term; and
- are willing to take on the increased risks associated with the categories of assets described in the investment objective and policy; and
- can withstand volatility in the value of their Shares.

Application procedure
Application monies are to be sent in accordance with the application procedure set out in Section 20 of the Prospectus. Requests for subscriptions must be received by the Company no later than the Cut-off time.
Payment of the subscription monies must be made in the Reference Currency, or in the Alternative Currency, in case of classes issued in any Alternative Currency, for value before the Payment Date to the Depositary, indicating the proper identity of the subscriber(s) and the Sub-Fund in which Shares are subscribed.
Cut-off time
| Cut-off time  1 (Luxembourg time) (Subscriptions, redemptions and conversions) | Valuation Day  2 ("T") | Payment Date  3 |
| --- | --- | --- |
| 12 p.m. on T | Daily | Up to T+3 days 4 |

NB: any reference to a day shall be construed as a reference to a Business Day
1  
If such day is not a Business Day, the first Business Day in Luxembourg preceding this day.
2  
If such Valuation Day is not a Business Day, the Valuation Day will be the next Business Day or the previous Business Day in case of a bi-monthly valuation.
3  
For redemptions, payments will ordinarily be made in the Reference Currency.
4  
Shareholders are prompted to consult the Lombard Odier Group website (www.loim.com) for the applicable Payment Date.
For more details, please refer to paragraph 12.1 "General Provisions" of Section 12 "Issue and Sale of Shares".
Equity Sub-Fund / Regional

## LO Funds – Swiss Small & Mid Caps
Investment Objective and Policy
The Sub-Fund is actively managed. The SPI Extra TR index is used to define the initial investment universe for individual security selection, for performance comparison as well as for internal risk monitoring purposes, without implying any particular constraints to the Sub-Fund's investments. The Sub-Fund’s securities will generally be similar to those of the above-mentioned index but the security weightings are expected to differ materially. The Investment Manager may also select securities not included in the above-mentioned index in order to take advantage of investment opportunities.
The Sub-Fund invests in equity securities (including, but not limited to, warrants) issued by small and mid cap companies incorporated or exercising a prominent part of their business activities in Switzerland as listed in the SPI Extra Index (the “Benchmark”). Up to 10% of portfolio may be invested in other equity securities outside these parameters.
As mentioned in paragraph 3.1, the Sub-Fund may (i) in normal market conditions and in accordance with the applicable diversification rules, hold on a temporary and ancillary basis up to 15% of its net assets in Cash and Cash Equivalents (including short-term ABS/MBS which may represent up to 10% of investments within Cash and Cash Equivalents) and (ii) hold up to 10% of its net assets in UCIs.
Subject to the limits permitted by the Investment Restrictions described in Section 4 of the Prospectus, the Investment Manager is authorized to use financial derivative instruments:
- for hedging purposes	Yes
- for EPM	Yes
- as part of the investment strategy	YesThe use of structured financial instruments is described in paragraph 3.1.

The Sub-Fund is managed in reference to the Benchmark for portfolio composition and performance objective and measures. The majority of the Sub-Fund equity securities will be component of the Benchmark. The Investment Manager may use discretion to invest in equities not included in the
Benchmark in order to take advantage of specific investment opportunities. The investment strategy will restrict the extent to which the portfolio holdings may deviate from the Benchmark. This deviation may be material.
The Sub-Fund qualifies as an Equity Fund under GITA.
The attention of investors is drawn to the Risk Factors Annex which sets out the risk factors applicable to the Sub-Fund.
Reference Currency
CHF
Classes of Shares available for subscription
Shares can also be in different forms (i.e., Alternative Currencies, dividend policy, currency hedging policy, seeding, "Connect"): see paragraph 2.2.
|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Type of investor | See table in paragraph 2.2. of the general part of the Prospectus |
| Minimum initial investment and minimum holding | Equivalent of EUR 3,000 | Equivalent of EUR 1,000 | Equivalent of CHF 1,000,000 | Equivalent of CHF 1,000,000 | t.b.d. | Equivalent of EUR 3,000 | Equivalent of EUR 3,000 | None |
| Maximum FROC | 0.44% | 0.56% | 0.31% | 0.27% | 0.13% | 0.44% | 0.56% | 0.44% |
| Maximum Management Fee | 1.00% | 1.00% | 1.00% | 1.00% | N/A | 1.10% | 2.00% | N/A |
| Maximum Distribution Fee | 1.00% | 1.55% | N/A | N/A | N/A | N/A | N/A | N/A |
| Performance Fee | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |

|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Maximum level of management fees when the Sub-Fund invests its assets in other UCITS or UCIs or Target Sub- Fund* | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% |
| Dealing Charge | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% |

* 
Notwithstanding any performance fee that may be levied in addition to this limit
SFDR Disclosure
The classification of the Sub-Fund under SFDR, the manner in which the Investment Manager integrates sustainability risks into its investment decisions in respect of the Sub-Fund and the results of the assessment of the likely impacts of sustainability risks on the returns of the Sub-Fund are set out in the SFDR Annex.
Benchmark Regulation
See the general part of the Prospectus: "3. Investment Objectives and Policies" / 3.1 "General Provisions Common to all Sub-Funds" / "(x) Benchmark Regulation"
The Benchmark has been endorsed by SIX Financial Information Nordic AB as endorsing administrator for indices administered by SIX a benchmark administrator located outside of the EU. The Benchmark is included on the ESMA register for third country benchmarks.
Additional information on the Benchmark can be found on the website: https://www.six-group.com/en/products-services/financial-information/ indices.html/
Investment Manager
See paragraph 6.3
Approach used to calculate the global exposure of the Sub-Fund
Commitment approach
Profile of typical investor
The Sub-Fund may be appropriate for investors, who:
- seek capital appreciation over the long-term; and
- are willing to take on the increased risks associated with the categories of assets described in the investment objective and policy; and
- can withstand volatility in the value of their Shares.

Application procedure
Application monies are to be sent in accordance with the application procedure set out in Section 20 of the Prospectus. Requests for subscriptions must be received by the Company no later than the Cut-off time.
Payment of the subscription monies must be made in the Reference Currency, or in the Alternative Currency, in case of classes issued in any Alternative Currency, for value before the Payment Date to the Depositary, indicating the proper identity of the subscriber(s) and the Sub-Fund in which Shares are subscribed.
Cut-off time
| Cut-off time  1 (Luxembourg time) (Subscriptions, redemptions and conversions) | Valuation Day  2 ("T") | Payment Date  3 |
| --- | --- | --- |
| 12 p.m. on T | Daily | Up to T+3 days 4 |

NB: any reference to a day shall be construed as a reference to a Business Day
1  
If such day is not a Business Day, the first Business Day in Luxembourg preceding this day.
2  
If such Valuation Day is not a Business Day, the Valuation Day will be the next Business Day or the previous Business Day in case of a bi-monthly valuation.
3  
For redemptions, payments will ordinarily be made in the Reference Currency.
4  
Shareholders are prompted to consult the Lombard Odier Group website (www.loim.com) for the applicable Payment Date.
For more details, please refer to paragraph 12.1 "General Provisions" of Section 12 "Issue and Sale of Shares".
Equity Sub-Fund / Regional

## LO Funds – Climate Transition
Investment Objective and Policy
The Sub-Fund is actively managed. The MSCI World TR ND index is used for performance comparison as well as internal risk monitoring purposes, without implying any particular constraints to the Sub-Fund’s investments. Securities targeted by the Sub-Fund can be similar to those of the index to an extent that varies over time but their weighting is expected to differ materially. The performance of the Sub-Fund may deviate materially from that of the index.
The Sub-Fund invests in equity and equity related securities (including, but not limited to, warrants) issued by companies worldwide (including Emerging Markets) whose growth will benefit from regulations, innovations, services or products related to the global fight against or adaptation to climate change.
The Sub-Fund seeks to invest in high quality companies with sustainable financial models, business practices and business models showing resilience and the ability to evolve and benefit from long term structural trends using LOIM proprietary ESG and Sustainability Profiling tools and methodologies.
The Investment Manager will use its discretion with regards to the selection of markets, sectors, size of companies and currencies (including Emerging Market currencies), and will employ a high conviction strategy which means it will generally concentrate the Sub-Fund's assets into a smaller group of investments.
At least 75% of the Sub-Fund’s net assets will be exposed to the equity or equity related securities of corporate issuers worldwide.
The Sub-Fund may invest in Emerging Markets. As part of its Emerging Market exposure, the Sub-Fund may invest up to 20% of its net assets in shares issued by mainland China-incorporated companies (including China A-Shares) that trade on exchanges. The China A-Shares will be acquired via Stock Connect. Please have regard to the Risk Factors Annex, in particular, 2.12 with regard to such investments.
Up to 25% of the Sub-Fund’s assets may be invested outside of these parameters, including but not limited to Cash and Cash Equivalents (including short- term ABS/MBS, which may represent up to 10% of investments in Cash and Cash Equivalents)
As mentioned in paragraph 3.1, the Sub-Fund may hold up to 10% of its net assets in UCIs.
Subject to the limits permitted by the Investment Restrictions described in Section 4 of the Prospectus, the Investment Manager is authorized to use financial derivative instruments:
- for hedging purposes	Yes
- for EPM	Yes
- as part of the investment strategy	NoThe use of structured financial instruments is described in paragraph 3.1.

The Sub-Fund qualifies as an Equity Fund under GITA.
The attention of investors is drawn to the Risk Factors Annex which sets out the risk factors applicable to the Sub-Fund.
Reference Currency
USD
Classes of Shares available for subscription
Shares can also be in different forms (i.e., Alternative Currencies, dividend policy, currency hedging policy, seeding, "Connect"): see paragraph 2.2.
|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Type of investor | See table in paragraph 2.2. of the general part of the Prospectus |
| Minimum initial investment and minimum holding | Equivalent of EUR 3,000 | Equivalent of EUR 1,000 | Equivalent of CHF 1,000,000 | Equivalent of CHF 1,000,000 | t.b.d. | Equivalent of EUR 3,000 | Equivalent of EUR 3,000 | None |
| Maximum FROC | 0.44% | 0.56% | 0.31% | 0.27% | 0.13% | 0.44% | 0.56% | 0.44% |
| Maximum Management Fee | 1.00% | 1.00% | 1.00% | 1.00% | N/A | 1.10% | 1.50% | N/A |
| Maximum Distribution Fee | 1.00% | 1.55% | N/A | N/A | N/A | N/A | N/A | N/A |

|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Performance Fee | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Maximum level of management fees when the Sub-Fund invests its assets in other UCITS or UCIs or Target Sub- Fund* | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% |
| Dealing Charge | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% |

* 
Notwithstanding any performance fee that may be levied in addition to this limit
SFDR Disclosure
The classification of the Sub-Fund under SFDR, the manner in which the Investment Manager integrates sustainability risks into its investment decisions in respect of the Sub-Fund and the results of the assessment of the likely impacts of sustainability risks on the returns of the Sub-Fund are set out in the SFDR Annex.
Investment Manager
See paragraph 6.3
Approach used to calculate the global exposure of the Sub-Fund
Commitment approach
Profile of typical investor
The Sub-Fund may be appropriate for investors, who:
- seek capital appreciation over the long-term; and
- are willing to take on the increased risks associated with the categories of assets described in the investment objective and policy; and
- can withstand volatility in the value of their Shares.

Application procedure
Application monies are to be sent in accordance with the application procedure set out in Section 20 of the Prospectus. Requests for subscriptions must be received by the Company no later than the Cut-off time.
Payment of the subscription monies must be made in the Reference Currency, or in the Alternative Currency, in case of classes issued in any Alternative Currency, for value before the Payment Date to the Depositary, indicating the proper identity of the subscriber(s) and the Sub-Fund in which Shares are subscribed.
Cut-off time
| Cut-off time  1 (Luxembourg time) (Subscriptions, redemptions and conversions) | Valuation Day  2 ("T") | Payment Date  3 |
| --- | --- | --- |
| 3 p.m. on T-1 day | Daily | Up to T+3 days 4 |

NB: any reference to a day shall be construed as a reference to a Business Day
1  
If such day is not a Business Day, the first Business Day in Luxembourg preceding this day.
2  
If such Valuation Day is not a Business Day, the Valuation Day will be the next Business Day or the previous Business Day in case of a bi-monthly valuation.
3  
For redemptions, payments will ordinarily be made in the Reference Currency.
4  
Shareholders are prompted to consult the Lombard Odier Group website (www.loim.com) for the applicable Payment Date.
For more details, please refer to paragraph 12.1 "General Provisions" of Section 12 "Issue and Sale of Shares".
Fixed-Income Sub-Fund / Government

## LO Funds – Global Inflation-Linked Fundamental
Investment Objective and Policy
The Sub-Fund is actively managed. The Bloomberg Barclays World Govt Inflation All Maturities TR index is used for performance comparison as well as internal risk monitoring purposes, without implying any particular constraints to the Sub-Fund’s investments. Securities targeted by the Sub-Fund can be similar to those of the index to an extent that varies over time but their weighting is expected to differ materially. The performance of the Sub-Fund may deviate materially from that of the index.
The Sub-Fund invests, at least two-thirds (2/3
rds
) of its assets, in inflation-linked bonds, other fixed or floating-rate debt securities and short-term debt securities, denominated in any OECD currencies, issued or guaranteed by sovereign issuers participating in the OECD and/or supranational institutions. Up to one-third (1/3
rd
) of the Sub-Fund’s assets may be invested in (i) debt securities denominated in other currencies (including Emerging Market currencies),
(ii) debt securities issued or guaranteed by sovereign issuers not participating in the OECD (including Emerging Market issuers), (iii) debt securities issued by non-sovereign/supranational issuers, (iv) currencies (including Emerging Market currencies) and/or (v) Cash and Cash Equivalents (including short-term ABS/MBS which may represent up to 10% of investments in Cash and Cash Equivalents) in accordance with the applicable diversification rules.
The unrealized gain and loss of financial derivative instruments on currency shall be taken into account for the purpose of assessing compliance with the investment policy, including its limits or restrictions.
The investment approach applied by the Investment Manager to select securities is mainly based on a fundamental analysis of issuers, independently of their rating. This Sub-Fund is therefore not subject to the minimum rating described in paragraph 3.2. In addition, the Investment Manager may also apply other qualitative and/or systematic strategies.
The Investment Manager will use its discretion with regard to the maturity of the portfolio and the selection of currencies. The Sub-Fund may be exposed to a limited number of issuers.
As mentioned in paragraph 3.1, the Sub-Fund may hold up to 10% of its net assets in UCIs.
Subject to the limits permitted by the Investment Restrictions described in Section 4 of the Prospectus, the Investment Manager is authorized to use financial derivative instruments (in particular, but not limited to credit (including CDS), interest rate, inflation, currency and volatility derivatives):
- for hedging purposes	Yes
- for EPM	Yes
- as part of the investment strategy  YesThe use of structured financial instruments is described in paragraph 3.1.

The attention of investors is drawn to the Risk Factors Annex which sets out the risk factors applicable to the Sub-Fund.
Reference Currency
EUR
Classes of Shares available for subscription
Shares can also be in different forms (i.e., Alternative Currencies, dividend policy, currency hedging policy, seeding, "Connect"): see paragraph 2.2.
|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Type of investor | See table in paragraph 2.2. of the general part of the Prospectus |
| Minimum initial investment and minimum holding | Equivalent of EUR 3,000 | Equivalent of EUR 1,000 | Equivalent of CHF 1,000,000 | Equivalent of CHF 1,000,000 | t.b.d. | Equivalent of EUR 3,000 | Equivalent of EUR 3,000 | None |
| Maximum FROC | 0.31% | 0.44% | 0.21% | 0.17% | 0.10% | 0.31% | 0.44% | 0.31% |
| Maximum Management Fee | 0.375% | 0.375% | 0.375% | 0.375% | N/A | 0.45% | 0.75% | N/A |

|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Maximum Distribution Fee | 0.375% | 0.825% | N/A | N/A | N/A | N/A | N/A | N/A |
| Performance Fee | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Maximum level of management fees when the Sub-Fund invests its assets in other UCITS or UCIs or Target Sub- Fund* | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% |
| Dealing Charge | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% |

* 
Notwithstanding any performance fee that may be levied in addition to this limit
SFDR Disclosure
The classification of the Sub-Fund under SFDR, the manner in which the Investment Manager integrates sustainability risks into its investment decisions in respect of the Sub-Fund and the results of the assessment of the likely impacts of sustainability risks on the returns of the Sub-Fund are set out in the SFDR Annex.
Investment Manager
See paragraph 6.3
Approach used to calculate the global exposure of the Sub-Fund
Relative VaR
Reference portfolio used to assess the global exposure only
Bloomberg Barclays World Govt Inflation-Linked Bonds All Maturities TR Index
Expected level of leverage
300%
Risk budget
175%
Profile of typical investor
The Sub-Fund may be appropriate for investors, who:
- seek regular income and potentially capital gains from their investment; and
- are willing to take on the increased risks associated with the categories of assets described in the investment objective and policy; and
- can withstand volatility in the value of their Shares.

Application procedure
Application monies are to be sent in accordance with the application procedure set out in Section 20 of the Prospectus. Requests for subscriptions must be received by the Company no later than the Cut-off time.
Payment of the subscription monies must be made in the Reference Currency, or in the Alternative Currency, in case of classes issued in any Alternative Currency, for value before the Payment Date to the Depositary, indicating the proper identity of the subscriber(s) and the Sub-Fund in which Shares are subscribed.
Cut-off time
| Cut-off time  1 (Luxembourg time) (Subscriptions, redemptions and conversions) | Valuation Day  2 ("T") | Payment Date  3 |
| --- | --- | --- |
| 3 p.m. on T-1 | Daily | Up to T+3 days 4 |

NB: any reference to a day shall be construed as a reference to a Business Day
1  
If such day is not a Business Day, the first Business Day in Luxembourg preceding this day.
2  
If such Valuation Day is not a Business Day, the Valuation Day will be the next Business Day or the previous Business Day in case of a bi-monthly valuation.
3  
For redemptions, payments will ordinarily be made in the Reference Currency.
4  
Shareholders are prompted to consult the Lombard Odier Group website (www.loim.com) for the applicable Payment Date.
For more details, please refer to paragraph 12.1 "General Provisions" of Section 12 "Issue and Sale of Shares".
Fixed-Income Sub-Fund / Government

## LO Funds – Global Government Fundamental
Investment Objective and Policy
The Sub-Fund is actively managed. The Bloomberg Barclays Global Treasury TR index is used for performance comparison as well as internal risk monitoring purposes, without implying any particular constraints to the Sub-Fund’s investments. Securities targeted by the Sub-Fund can be similar to those of the index to an extent that varies over time but their weighting is expected to differ materially. The performance of the Sub-Fund may deviate materially from that of the index.
The Sub-Fund invests, at least two-thirds (2/3
rds
) of its assets, in bonds, other fixed or floating-rate debt securities and short-term debt securities issued or guaranteed by sovereign issuers participating in the OECD and/or by supranational institutions. Up to one-third (1/3
rd
) of the Sub-Fund’s assets may be invested in (i) debt securities issued or guaranteed by sovereign issuers not participating in the OECD (including Emerging Market issuers), (ii) debt
securities issued by non-sovereign/supranational institutions, (iii) currencies (including Emerging Market currencies) and/or (iv) Cash and Cash Equivalents (including short-term ABS/MBS which may represent up to 10% of investments in Cash and Cash Equivalents) in accordance with the applicable diversification rules. Up to 15% of the Sub-Fund's portfolio may be invested in bonds of CIBM, notably through the Bond Connect.
The unrealized gain and loss of financial derivative instruments on currency shall be taken into account for the purpose of assessing compliance with the investment policy, including its limits or restrictions.
The investment approach applied by the Investment Manager to select securities is mainly based on a fundamental analysis of issuers, independently of their rating. This Sub-Fund is therefore not subject to the minimum rating described in paragraph 3.2. In addition, the Investment Manager may also apply other qualitative and/or systematic strategies.
As mentioned in paragraph 3.1, the Sub-Fund may hold up to 10% of its net assets in UCIs.
Subject to the limits permitted by the Investment Restrictions described in Section 4 of the Prospectus, the Investment Manager is authorized to use financial derivative instruments (in particular, but not limited to credit (including CDS), interest rate, inflation, currency and volatility derivatives):
- for hedging purposes	Yes
- for EPM	Yes
- as part of the investment strategy	YesThe Investment Manager will use its discretion with regard to the maturity of the portfolio, the selection of currencies, the categories of financial derivative instruments and their underlying.

The use of structured financial instruments is described in paragraph 3.1.
The attention of investors is drawn to the Risk Factors Annex which sets out the risk factors applicable to the Sub-Fund in particular
2.12 with regard to investments in Emerging Markets.
Reference Currency
EUR
Classes of Shares available for subscription
Shares can also be in different forms (i.e., Alternative Currencies, dividend policy, currency hedging policy, seeding, "Connect"): see paragraph 2.2.
|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Type of investor | See table in paragraph 2.2. of the general part of the Prospectus |
| Minimum initial investment and minimum holding | Equivalent of EUR 3,000 | Equivalent of EUR 1,000 | Equivalent of CHF 1,000,000 | Equivalent of CHF 1,000,000 | t.b.d. | Equivalent of EUR 3,000 | Equivalent of EUR 3,000 | None |
| Maximum FROC | 0.31% | 0.44% | 0.21% | 0.17% | 0.10% | 0.31% | 0.44% | 0.31% |
| Maximum Management Fee | 0.375% | 0.375% | 0.375% | 0.375% | N/A | 0.45% | 0.75% | N/A |
| Maximum Distribution Fee | 0.375% | 1.125% | N/A | N/A | N/A | N/A | N/A | N/A |
| Performance Fee | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |

|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Maximum level of management fees when the Sub-Fund invests its assets in other UCITS or UCIs or Target Sub- Fund* | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% |
| Dealing Charge | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% |

* 
Notwithstanding any performance fee that may be levied in addition to this limit
SFDR Disclosure
The classification of the Sub-Fund under SFDR, the manner in which the Investment Manager integrates sustainability risks into its investment decisions in respect of the Sub-Fund and the results of the assessment of the likely impacts of sustainability risks on the returns of the Sub-Fund are set out in the SFDR Annex.
Investment Manager
See paragraph 6.3
Approach used to calculate the global exposure of the Sub-Fund
Relative VaR
Reference portfolio used to assess the global exposure only
Bloomberg Barclays Global Treasury TR
Expected level of leverage
300%
Risk budget
190%
Profile of typical investor
The Sub-Fund may be appropriate for investors, who:
- seek regular income and potentially capital gains from their investment; and
- are willing to take on the increased risks associated with the categories of assets described in the investment objective and policy; and
- can withstand volatility in the value of their Shares.

Application procedure
Application monies are to be sent in accordance with the application procedure set out in Section 20 of the Prospectus. Requests for subscriptions must be received by the Company no later than the Cut-off time.
Payment of the subscription monies must be made in the Reference Currency, or in the Alternative Currency, in case of classes issued in any Alternative Currency, for value before the Payment Date to the Depositary, indicating the proper identity of the subscriber(s) and the Sub-Fund in which Shares are subscribed.
Cut-off time
| Cut-off time  1 (Luxembourg time) (Subscriptions, redemptions and conversions) | Valuation Day  2 ("T") | Payment Date  3 |
| --- | --- | --- |
| 3 p.m. on T-1 day | Daily | Up to T+3 days 4 |

NB: any reference to a day shall be construed as a reference to a Business Day
1  
If such day is not a Business Day, the first Business Day in Luxembourg preceding this day.
2  
If such Valuation Day is not a Business Day, the Valuation Day will be the next Business Day or the previous Business Day in case of a bi-monthly valuation.
3  
For redemptions, payments will ordinarily be made in the Reference Currency.
4  
Shareholders are prompted to consult the Lombard Odier Group website (www.loim.com) for the applicable Payment Date.
For more details, please refer to paragraph 12.1 "General Provisions" of Section 12 "Issue and Sale of Shares".
Fixed-Income Sub-Fund / Aggregate

## LO Funds – Global Climate Bond
Investment Objective and Policy
The Sub-Fund is actively managed. The Bloomberg Barclays Global Aggregate TR index is used for performance comparison as well as internal risk monitoring purposes, without implying any particular constraints to the Sub-Fund’s investments. Securities targeted by the Sub-Fund can be similar to those of the index to an extent that varies over time but their weighting is expected to differ materially. The performance of the Sub-Fund may deviate materially from that of the index.
The Sub-Fund invests in bonds, other fixed or floating-rate debt securities and short-term debt securities issued by sovereign, corporate or supranational entities and where the use of all or part of the proceeds of the sale of debt securities will be used to finance projects that favor the environment.
These projects may include, but are not limited to:
- mitigation projects against climate change such as wind farms, solar and other renewable energy plants, clean transportation, energy and resource efficiency, recycling and circular economy;
- adaptation projects against climate change such as building sea walls in cities threatened by rising sea levels, flood protection, water filtration infrastructure.

The Sub-Fund may invest up to 25% in bonds, other fixed or floating-rate debt securities and short-term debt securities issued by sovereign, corporate or supranational entities and where the use of all or part of the proceeds of the sale of debt securities will be used to finance social projects designed to help build resilient communities and economies, such as giving access to essential healthcare, school, electricity or housing.
The investment approach applied by the Investment Manager to select securities is mainly based on a fundamental analysis of issuers, independently of their rating. This Sub-Fund is therefore not subject to the minimum rating described in paragraph 3.2. In addition, the Investment Manager may also apply other qualitative and/or systematic strategies.
The Sub-Fund may invest up to 10% of its net assets in securities issued by corporate issuers graded less than BBB- or equivalent by the rating agencies described in paragraph 3.2 of the Prospectus or of equivalent quality in the opinion of the Investment Manager.
The Sub-Fund may be fully invested, in accordance with the applicable diversification rules, in Cash and Cash Equivalents (including short-term ABS/MBS which may represent up to 10% of investments in Cash and Cash Equivalents) when, for instance, the Investment Manager considers that the Sub-Fund should be positioned in a defensive way.
The Investment Manager will use its discretion with regard to the selection of instruments, sectors, geographical exposure (including Emerging Markets), currencies (including Emerging Market currencies) and maturity of the portfolio.
As mentioned in paragraph 3.1, the Sub-Fund may hold up to 10% of its net assets in UCIs.
Subject to the limits permitted by the Investment Restrictions described in Section 4 of the Prospectus, the Investment Manager is authorized to use financial derivative instruments (in particular, but not limited to credit (including CDS), interest rate, inflation, currency and volatility derivatives):
- for hedging purposes	Yes
- for EPM	Yes
- as part of the investment strategy	NoThe use of structured financial instruments is described in paragraph 3.1.

The attention of investors is drawn to the Risk Factors Annex which sets out the risk factors applicable to the Sub-Fund.
Reference Currency
USD
Classes of Shares available for subscription
Shares can also be in different forms (i.e., Alternative Currencies, dividend policy, currency hedging policy, seeding, "Connect"): see paragraph 2.2.
|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Type of investor | See table in paragraph 2.2. of the general part of the Prospectus |
| Minimum initial investment and minimum holding | Equivalent of EUR 3,000 | Equivalent of EUR 1,000 | Equivalent of CHF 1,000,000 | Equivalent of CHF 1,000,000 | t.b.d. | Equivalent of EUR 3,000 | Equivalent of EUR 3,000 | None |

|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Maximum FROC | 0.44% | 0.56% | 0.28% | 0.24% | 0.10% | 0.44% | 0.56% | 0.44% |
| Maximum Management Fee | 0.75% | 0.75% | 0.75% | 0.75% | N/A | 0.85% | 1.50% | N/A |
| Maximum Distribution Fee | 0.75% | 1.55% | N/A | N/A | N/A | N/A | N/A | N/A |
| Performance Fee | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Maximum level of management fees when the Sub-Fund invests its assets in other UCITS or UCIs or Target Sub- Fund* | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% |
| Dealing Charge | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% |

* 
Notwithstanding any performance fee that may be levied in addition to this limit
SFDR Disclosure
The classification of the Sub-Fund under SFDR, the manner in which the Investment Manager integrates sustainability risks into its investment decisions in respect of the Sub-Fund and the results of the assessment of the likely impacts of sustainability risks on the returns of the Sub-Fund are set out in the SFDR Annex.
Investment Manager
See paragraph 6.3
Approach used to calculate the global exposure of the Sub-Fund
Commitment approach
Profile of typical investor
The Sub-Fund may be appropriate for investors, who:
- seek regular income and potentially capital gains from their investment; and
- are willing to take on the increased risks associated with the categories of assets described in the investment objective and policy; and
- can withstand volatility in the value of their Shares.

Application procedure
Application monies are to be sent in accordance with the application procedure set out in Section 20 of the Prospectus. Requests for subscriptions must be received by the Company no later than the Cut-off time.
Payment of the subscription monies must be made in the Reference Currency, or in the Alternative Currency, in case of classes issued in any Alternative Currency, for value before the Payment Date to the Depositary, indicating the proper identity of the subscriber(s) and the Sub-Fund in which Shares are subscribed.
Cut-off time
| Cut-off time  1 (Luxembourg time) (Subscriptions, redemptions and conversions) | Valuation Day  2 ("T") | Payment Date  3 |
| --- | --- | --- |
| 3 p.m. on T-1 day | Daily | Up to T+3 days 4 |

NB: any reference to a day shall be construed as a reference to a Business Day
1  
If such day is not a Business Day, the first Business Day in Luxembourg preceding this day.
2  
If such Valuation Day is not a Business Day, the Valuation Day will be the next Business Day or the previous Business Day in case of a bi-monthly valuation.
3  
For redemptions, payments will ordinarily be made in the Reference Currency.
4  
Shareholders are prompted to consult the Lombard Odier Group website (www.loim.com) for the applicable Payment Date.
For more details, please refer to paragraph 12.1 "General Provisions" of Section 12 "Issue and Sale of Shares".
Fixed-Income Sub-Fund / Credit

## LO Funds – TargetNetZero Global IG Corporate
Investment Objective and Policy
The Sub-Fund is actively managed. The Bloomberg Barclays Global Aggregate Corporates TR index is used to define the initial investment universe for individual security selection, for performance comparison as well as for internal risk monitoring purposes, without implying any particular constraints to the Sub-Fund's investments. The Sub-Fund’s securities will generally be similar to those of the above-mentioned index but the security weightings are expected to differ materially. The Investment Manager may also select securities not included in the above-mentioned index in order to take advantage of investment opportunities.
The Sub-Fund invests in bonds, other fixed or floating-rate debt securities and short-term debt securities of corporate issuers (including Emerging Market corporate issuers) and graded from AAA to BBB or equivalent by the rating agencies described in paragraph 3.2 or of equivalent quality in the opinion of the Investment Manager.
Up to 20% of the Sub-Fund’s assets may be invested in debt securities graded below BBB but not lower than B, or of equivalent quality in the opinion of the Investment Manager.
Up to 10% of the Sub-Fund’s assets may be invested in debt securities issued or guaranteed by sovereign (including Emerging Market sovereign issuers) and/or supranational issuers.
Up to 10% of the Sub-Fund’s assets may be invested in Coco Bonds
Up to 10% of the Sub-Fund’s assets may be invested in currencies (including Emerging Market currencies).
Up to 10% of the Sub-Fund’s assets may be invested in Cash and Cash Equivalents (including short-term ABS/MBS which may represent up to 10% of investments in Cash and Cash Equivalents) in accordance with the applicable diversification rules.
The investment approach applied by the Investment Manager to select securities will be based on responsible criteria which includes social, environmental, ethical and/or corporate governance factors and on a fundamental analysis of issuers. Moreover, the Sub-Fund seeks to invest in issuers with sustainable financial models, business practices and business models showing resilience and the ability to evolve and benefit from long term structural trends using LOIM proprietary ESG and Sustainability Profiling tools and methodologies.
The Investment Manager will aim to invest in securities of issuers which can contribute to a reduction in global CO2 emissions and the eventual achievement of net zero CO2 emissions by 2050. This will include issuers already targeting such net zero CO2 emissions by 2050, as well as issuers that may not yet have set such targets but that progressively may be brought into alignment, including through regulatory action, investor engagement and market changes. The Investment Manager will aim to ensure a faster rate of reductions in CO2 emissions in the Sub-Fund’s investment portfolio when compared to the Bloomberg Barclays Global Aggregate Corporates TR index. The achievement of these aims are dependent on regulatory, technological and commercial developments external to the Investment Manager and there can be no guarantee that they will be achieved in respect of the above referenced aims.
The unrealized gain and loss of financial derivative instruments on currency shall be taken into account for the purpose of assessing compliance with the investment policy, including its limits or restrictions.
The investment approach applied by the Investment Manager to select securities is mainly based on a fundamental analysis of issuers. In addition, the Investment Manager may also apply other qualitative and/or systematic strategies.
The Investment Manager will use its discretion with regard to the maturity of the portfolio, the selection of currencies, the categories of financial derivative instruments and their underlying.
As mentioned in paragraph 3.1, the Sub-Fund may hold up to 10% of its net assets in UCIs.
Subject to the limits permitted by the Investment Restrictions described in Section 4 of the Prospectus, the Investment Manager is authorized to use financial derivative instruments (in particular, but not limited to credit (including CDS), interest rate, inflation, currency and volatility
derivatives):
- for hedging purposes	Yes
- for EPM	Yes
- as part of the investment strategy	YesThe use of structured financial instruments is described in paragraph 3.1.

The attention of investors is drawn to the Risk Factors Annex which sets out the risk factors applicable to the Sub-Fund.
Reference Currency
USD
Classes of Shares available for subscription
Shares can also be in different forms (i.e., Alternative Currencies, dividend policy, currency hedging policy, seeding, "Connect"): see paragraph 2.2.
|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Type of investor | See table in paragraph 2.2. of the general part of the Prospectus |
| Minimum initial investment and minimum holding | Equivalent of EUR 3,000 | Equivalent of EUR 1,000 | Equivalent of CHF 1,000,000 | Equivalent of CHF 1,000,000 | t.b.d. | Equivalent of EUR 3,000 | Equivalent of EUR 3,000 | None |
| Maximum FROC | 0.44% | 0.56% | 0.28% | 0.24% | 0.10% | 0.44% | 0.56% | 0.44% |
| Maximum Management Fee | 0.55% | 0.55% | 0.55% | 0.55% | N/A | 0.65% | 1.10% | N/A |
| Maximum Distribution Fee | 0.55% | 1.15% | N/A | N/A | N/A | N/A | N/A | N/A |
| Performance Fee | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Maximum level of management fees when the Sub-Fund invests its assets in other UCITS or UCIs or Target Sub- Fund* | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% |
| Dealing Charge | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% |

* 
Notwithstanding any performance fee that may be levied in addition to this limit
SFDR Disclosure
The classification of the Sub-Fund under SFDR, the manner in which the Investment Manager integrates sustainability risks into its investment decisions in respect of the Sub-Fund and the results of the assessment of the likely impacts of sustainability risks on the returns of the Sub-Fund are set out in the SFDR Annex.
Benchmark Regulation
See the general part of the Prospectus: "3. Investment Objectives and Policies" / 3.1 "General Provisions Common to all Sub-Funds" / "(x) Benchmark Regulation"
Bloomberg Index Services Limited is the administrator of the Benchmark. Bloomberg Index Services Limited is listed on the ESMA register for benchmark administrators.
Additional information on the Benchmark can be found on the website of the administrator: https://www.bloomberg.com/professional/product/ indices/
Investment Manager
See paragraph 6.3
Approach used to calculate the global exposure of the Sub-Fund
Relative VaR
Reference portfolio used to assess the global exposure only
Bloomberg Barclays Global Aggregate Corporates TR
Expected level of leverage
300%
Risk budget
190%
Profile of typical investor
The Sub-Fund may be appropriate for investors, who:
- seek regular income and potentially capital gains from their investment; and
- are willing to take on the increased risks associated with the categories of assets described in the investment objective and policy; and
- can withstand volatility in the value of their Shares.

Application procedure
Application monies are to be sent in accordance with the application procedure set out in Section 20 of the Prospectus. Requests for subscriptions must be received by the Company no later than the Cut-off time.
Payment of the subscription monies must be made in the Reference Currency, or in the Alternative Currency, in case of classes issued in any Alternative Currency, for value before the Payment Date to the Depositary, indicating the proper identity of the subscriber(s) and the Sub-Fund in which Shares are subscribed.
Cut-off time
| Cut-off time  1 (Luxembourg time) (Subscriptions, redemptions and conversions) | Valuation Day  2 ("T") | Payment Date  3 |
| --- | --- | --- |
| 12 p.m. on T | Daily | Up to T+3 days 4 |

NB: any reference to a day shall be construed as a reference to a Business Day
1  
If such day is not a Business Day, the first Business Day in Luxembourg preceding this day.
2  
If such Valuation Day is not a Business Day, the Valuation Day will be the next Business Day or the previous Business Day in case of a bi-monthly valuation.
3  
For redemptions, payments will ordinarily be made in the Reference Currency.
4  
Shareholders are prompted to consult the Lombard Odier Group website (www.loim.com) for the applicable Payment Date.
For more details, please refer to paragraph 12.1 "General Provisions" of Section 12 "Issue and Sale of Shares".
Fixed-Income Sub-Fund / Credit

## LO Funds – TargetNetZero Euro IG Corporate
Investment Objective and Policy
The Sub-Fund is actively managed. The Bloomberg Barclays Euro-Aggregate Corporates TR index is used to define the initial investment universe for individual security selection, as well as for performance and internal risk monitoring purposes. The Sub-Fund’s securities will generally be similar to those of the above-mentioned index but their allocations may differ. The Investment Manager may also select securities not included in the above-mentioned index in order to take advantage of investment opportunities. It is the intention of the Investment Manager to build a diversified portfolio selecting securities using fundamentals criteria including extra financial data (i.e., responsible criteria) as a result the allocation to sectors and issuers will likely deviate from those of the above-mentioned index. Especially under a low volatility environment, the performance of the Sub-Fund may be close to that of the above- mentioned index.
The Sub-Fund invests in bonds, other fixed or floating-rate debt securities and short-term debt securities of corporate issuers denominated in EUR (including Emerging Market corporate issuers) and graded from AAA to BBB or equivalent by the rating agencies described in paragraph 3.2 or of equivalent quality in the opinion of the Investment Manager.
Up to 20% of the Sub-Fund’s assets may be invested in debt securities graded below BBB but not lower than B, or of equivalent quality in the opinion of the Investment Manager.
Up to 10% of the Sub-Fund’s assets may be invested in debt securities issued or guaranteed by sovereign (including Emerging Market sovereign issuers) and/or supranational issuers.
Up to 10% of the Sub-Fund’s assets may be invested in debt securities denominated in other currencies (including Emerging Market currencies). Up to 10% of the Sub-Fund’s assets may be invested in Coco Bonds
Up to 10% of the Sub-Fund’s asset may be invested in Currencies (including Emerging Market currencies). Up to 10% of the Sub-Fund’s assets may be invested in Cash and Cash Equivalents (including short-term ABS/MBS which may represent up to 10% of investments in Cash and Cash Equivalents) in accordance with the applicable diversification rules.
The investment approach applied by the Investment Manager to select securities will be based on responsible criteria which includes social, environmental, ethical and/or corporate governance factors and on a fundamental analysis of issuers. Moreover, the Sub-Fund seeks to invest in issuers with sustainable financial models, business practices and business models showing resilience and the ability to evolve and benefit from long term structural trends using LOIM proprietary ESG and Sustainability Profiling tools and methodologies.
The Investment Manager will aim to invest in securities of issuers which can contribute to a reduction in global CO2 emissions and the eventual achievement of net zero CO2 emissions by 2050. This will include issuers already targeting such net zero CO2 emissions by 2050, as well as issuers that may not yet have set such targets but that progressively may be brought into alignment, including through regulatory action, investor engagement and market changes. The Investment Manager will aim to ensure a faster rate of reductions in CO2 emissions in the Sub-Fund’s investment portfolio when compared to the Bloomberg Barclays Euro-Aggregate Corporates TR index. The achievement of these aims are dependent on regulatory, technological and commercial developments external to the Investment Manager and there can be no guarantee that they will be achieved in respect of the above referenced aims.
The unrealized gain and loss of financial derivative instruments on currency shall be taken into account for the purpose of assessing compliance with the investment policy, including its limits or restrictions.
The investment approach applied by the Investment Manager to select securities is mainly based on a fundamental analysis of issuers. In addition, the Investment Manager may also apply other qualitative and/or systematic strategies.
The Investment Manager will use its discretion with regard to sectors, geographical exposure and maturity of the portfolio. The Sub-Fund may be exposed to a limited number of issues and issuers.
As mentioned in paragraph 3.1, the Sub-Fund may hold up to 10% of its net assets in UCIs.
Subject to the limits permitted by the Investment Restrictions described in Section 4 of the Prospectus, the Investment Manager is authorized to use financial derivative instruments (in particular, but not limited to credit (including CDS), interest rate, inflation, currency and volatility derivatives):
- for hedging purposes	Yes
- for EPM	Yes
- as part of the investment strategy	YesThe use of structured financial instruments is described in paragraph 3.1.

The attention of investors is drawn to the Risk Factors Annex which sets out the risk factors applicable to the Sub-Fund.
Reference Currency
EUR
Classes of Shares available for subscription
Shares can also be in different forms (i.e., Alternative Currencies, dividend policy, currency hedging policy, seeding, "Connect"): see paragraph 2.2.
|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Type of investor | See table in paragraph 2.2. of the general part of the Prospectus |
| Minimum initial investment and minimum holding | Equivalent of EUR 3,000 | Equivalent of EUR 1,000 | Equivalent of CHF 1,000,000 | Equivalent of CHF 1,000,000 | t.b.d. | Equivalent of EUR 3,000 | Equivalent of EUR 3,000 | None |
| Maximum FROC | 0.44% | 0.56% | 0.28% | 0.24% | 0.10% | 0.44% | 0.56% | 0.44% |
| Maximum Management Fee | 0.45% | 0.45% | 0.45% | 0.45% | N/A | 0.50% | 0.90% | N/A |
| Maximum Distribution Fee | 0.45% | 0.90% | N/A | N/A | N/A | N/A | N/A | N/A |
| Performance Fee | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Maximum level of management fees when the Sub-Fund invests its assets in other UCITS or UCIs or Target Sub- Fund* | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% |
| Dealing Charge | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% |

* 
Notwithstanding any performance fee that may be levied in addition to this limit
SFDR Disclosure
The classification of the Sub-Fund under SFDR, the manner in which the Investment Manager integrates sustainability risks into its investment decisions in respect of the Sub-Fund and the results of the assessment of the likely impacts of sustainability risks on the returns of the Sub-Fund are set out in the SFDR Annex.
Benchmark Regulation
See the general part of the Prospectus: "3. Investment Objectives and Policies" / 3.1 "General Provisions Common to all Sub-Funds" / "(x) Benchmark Regulation"
Bloomberg Index Services Limited is the administrator of the Benchmark. Bloomberg Index Services Limited is listed on the ESMA register for benchmark administrators.
Additional information on the Benchmark can be found on the website of the administrator: https://www.bloomberg.com/professional/product/ indices/
Investment Manager
See paragraph 6.3
Approach used to calculate the global exposure of the Sub-Fund
Relative VaR
Reference portfolio used to assess the global exposure only
Bloomberg Barclays Euro-Aggregate Corporates TR
Expected level of leverage
300%
Risk budget
175%
Profile of typical investor
The Sub-Fund may be appropriate for investors, who:
- seek regular income and potentially capital gains from their investment; and
- are willing to take on the increased risks associated with the categories of assets described in the investment objective and policy; and
- can withstand volatility in the value of their Shares.

Application procedure
Application monies are to be sent in accordance with the application procedure set out in Section 20 of the Prospectus. Requests for subscriptions must be received by the Company no later than the Cut-off time.
Payment of the subscription monies must be made in the Reference Currency, or in the Alternative Currency, in case of classes issued in any Alternative Currency, for value before the Payment Date to the Depositary, indicating the proper identity of the subscriber(s) and the Sub-Fund in which Shares are subscribed.
Cut-off time
| Cut-off time  1 (Luxembourg time) (Subscriptions, redemptions and conversions) | Valuation Day  2 ("T") | Payment Date  3 |
| --- | --- | --- |
| 12 p.m. on T | Daily | Up to T+3 days 4 |

NB: any reference to a day shall be construed as a reference to a Business Day
1  
If such day is not a Business Day, the first Business Day in Luxembourg preceding this day.
2  
If such Valuation Day is not a Business Day, the Valuation Day will be the next Business Day or the previous Business Day in case of a bi-monthly valuation.
3  
For redemptions, payments will ordinarily be made in the Reference Currency.
4  
Shareholders are prompted to consult the Lombard Odier Group website (www.loim.com) for the applicable Payment Date.
For more details, please refer to paragraph 12.1 "General Provisions" of Section 12 "Issue and Sale of Shares".
Fixed-Income Sub-Fund / Credit

## LO Funds – Global BBB-BB Fundamental
Investment Objective and Policy
The Sub-Fund is actively managed. The Bloomberg Barclays Global Aggregate Corporates 500MM TR index is used for performance comparison as well as internal risk monitoring purposes, without implying any particular constraints to the Sub-Fund’s investments. Securities targeted by the Sub-Fund can be similar to those of the index to an extent that varies over time but their weighting is expected to differ materially. The performance of the Sub-Fund may deviate materially from that of the index.
The Sub-Fund invests, at least two-thirds (2/3
rds
) of its assets, in bonds, other fixed or floating-rate debt securities and short-term debt securities of non-governmental issuers denominated in any currencies (including Emerging Market currencies) and graded either BBB, BB or equivalent by the rating agencies described in paragraph 3.2 or of equivalent quality in the opinion of the Investment Manager. Up to one-third (1/3
rd
) of the Sub-Fund’s assets may be invested in (i) debt securities of governmental issuers, (ii) debt securities graded above BBB or below BB but not lower than B, or of equivalent quality in the opinion of the Investment Manager, (iii) Coco Bonds (which may represent up to 10% of the Sub-Fund's assets) and/or in (iv) Cash and Cash Equivalents (including short-term ABS/MBS which may represent up to 10% of investments in Cash and Cash Equivalents) in accordance with the applicable diversification rules. The debt securities graded below BBB or equivalent by the rating agencies described in paragraph 3.2 or of equivalent quality in the opinion of the Investment Manager may not represent more than 40% of the Sub-Fund’s assets. The Investment Manager will use its discretion with regard to sectors, geographical exposure (in particular, the Sub-Fund may be fully invested in Emerging Markets) and maturity of the portfolio. The Sub-Fund may be exposed to a limited number of issues and issuers.
The investment approach applied by the Investment Manager to select securities is mainly based on a fundamental analysis of issuers. In addition, the Investment Manager may also apply other qualitative and/or systematic strategies.
As mentioned in paragraph 3.1, the Sub-Fund may hold up to 10% of its net assets in UCIs.
Subject to the limits permitted by the Investment Restrictions described in Section 4 of the Prospectus, the Investment Manager is authorized to use financial derivative instruments (in particular, but not limited to credit (including CDS), interest rate, inflation, currency and volatility derivatives):
- for hedging purposes	Yes
- for EPM	Yes
- as part of the investment strategy	YesThe use of structured financial instruments is described in paragraph 3.1.

The attention of investors is drawn to the Risk Factors Annex which sets out the risk factors applicable to the Sub-Fund.
Reference Currency
USD
Classes of Shares available for subscription
Shares can also be in different forms (i.e., Alternative Currencies, dividend policy, currency hedging policy, seeding, "Connect"): see paragraph 2.2.
|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Type of investor | See table in paragraph 2.2. of the general part of the Prospectus |
| Minimum initial investment and minimum holding | Equivalent of EUR 3,000 | Equivalent of EUR 1,000 | Equivalent of CHF 1,000,000 | Equivalent of CHF 1,000,000 | t.b.d. | Equivalent of EUR 3,000 | Equivalent of EUR 3,000 | None |
| Maximum FROC | 0.44% | 0.56% | 0.28% | 0.24% | 0.10% | 0.44% | 0.56% | 0.44% |
| Maximum Management Fee | 0.65% | 0.65% | 0.65% | 0.65% | N/A | 0.75% | 1.30% | N/A |
| Maximum Distribution Fee | 0.65% | 1.25% | N/A | N/A | N/A | N/A | N/A | N/A |
| Performance Fee | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |

|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Maximum level of management fees when the Sub-Fund invests its assets in other UCITS or UCIs or Target Sub- Fund* | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% |
| Dealing Charge | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% |

* 
Notwithstanding any performance fee that may be levied in addition to this limit
SFDR Disclosure
The classification of the Sub-Fund under SFDR, the manner in which the Investment Manager integrates sustainability risks into its investment decisions in respect of the Sub-Fund and the results of the assessment of the likely impacts of sustainability risks on the returns of the Sub-Fund are set out in the SFDR Annex.
Investment Manager
See paragraph 6.3
Approach used to calculate the global exposure of the Sub-Fund
Relative VaR
Reference portfolio used to assess the global exposure only
Bloomberg Barclays Global Aggregate Corporates 500MM TR
Expected level of leverage
300%
Risk budget
190%
Profile of typical investor
The Sub-Fund may be appropriate for investors, who:
- seek regular income and potentially capital gains from their investment; and
- are willing to take on the increased risks associated with the categories of assets described in the investment objective and policy; and
- can withstand volatility in the value of their Shares.

Application procedure
Application monies are to be sent in accordance with the application procedure set out in Section 20 of the Prospectus. Requests for subscriptions must be received by the Company no later than the Cut-off time.
Payment of the subscription monies must be made in the Reference Currency, or in the Alternative Currency, in case of classes issued in any Alternative Currency, for value before the Payment Date to the Depositary, indicating the proper identity of the subscriber(s) and the Sub-Fund in which Shares are subscribed.
Cut-off time
| Cut-off time  1 (Luxembourg time) (Subscriptions, redemptions and conversions) | Valuation Day  2 ("T") | Payment Date  3 |
| --- | --- | --- |
| 12 p.m. on T | Daily | Up to T+3 days 4 |

NB: any reference to a day shall be construed as a reference to a Business Day
1  
If such day is not a Business Day, the first Business Day in Luxembourg preceding this day.
2  
If such Valuation Day is not a Business Day, the Valuation Day will be the next Business Day or the previous Business Day in case of a bi-monthly valuation.
3  
For redemptions, payments will ordinarily be made in the Reference Currency.
4  
Shareholders are prompted to consult the Lombard Odier Group website (www.loim.com) for the applicable Payment Date.
For more details, please refer to paragraph 12.1 "General Provisions" of Section 12 "Issue and Sale of Shares".
Fixed-Income Sub-Fund / Credit
LO Funds – Euro BBB-BB Fundamental
Investment Objective and Policy
The Sub-Fund is actively managed. The Bloomberg Barclays Euro-Aggregate Corporates 500MM TR index is used for performance comparison as well as internal risk monitoring purposes, without implying any particular constraints to the Sub-Fund’s investments. Securities targeted by the Sub-Fund can be similar to those of the index to an extent that varies over time but their weighting is expected to differ materially. The performance of the Sub-Fund may deviate materially from that of the index.
The Sub-Fund invests, at least two-thirds (2/3
rds
) of its assets, in bonds, other fixed or floating-rate debt securities and short-term debt securities of non- governmental issuers denominated in EUR and graded either BBB, BB or equivalent by the rating agencies described in paragraph 3.2 or of equivalent quality in the opinion of the Investment Manager. Up to one-third (1/3
rd
) of the Sub-Fund’s assets may be invested in (i) debt securities of governmental issuers, (ii) debt securities denominated in other currencies (including Emerging Market currencies), (iii) debt securities graded above BBB or below BB but not lower than B, or of equivalent quality in the opinion of the Investment Manager, (iv) Coco Bonds (which may represent up to 10% of the Sub- Fund's assets) and/or in (v) Cash and Cash Equivalents (including short-term ABS/MBS which may represent up to 10% of investments in Cash and Cash Equivalents) in accordance with the applicable diversification rules. The debt securities graded below BBB or equivalent by the rating agencies described in paragraph 3.2 or of equivalent quality in the opinion of the Investment Manager may not represent more than 40% of the Sub-Fund’s assets. The Investment Manager will use its discretion with regard to sectors, geographical exposure (including Emerging Markets) and maturity of the portfolio. The Sub-Fund may be exposed to a limited number of issues and issuers.
The investment approach applied by the Investment Manager to select securities is mainly based on a fundamental analysis of issuers. In addition, the Investment Manager may also apply other qualitative and/or systematic strategies.
As mentioned in paragraph 3.1, the Sub-Fund may hold up to 10% of its net assets in UCIs.
Subject to the limits permitted by the Investment Restrictions described in Section 4 of the Prospectus, the Investment Manager is authorized to use financial derivative instruments (in particular, but not limited to credit (including CDS), interest rate, inflation, currency and volatility derivatives):
- for hedging purposes	Yes
- for EPM	Yes
- as part of the investment strategy	YesThe use of structured financial instruments is described in paragraph 3.1.

The attention of investors is drawn to the Risk Factors Annex which sets out the risk factors applicable to the Sub-Fund.
Reference Currency
EUR
Classes of Shares available for subscription
Shares can also be in different forms (i.e., Alternative Currencies, dividend policy, currency hedging policy, seeding, "Connect"): see paragraph 2.2.
|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Type of investor | See table in paragraph 2.2. of the general part of the Prospectus |
| Minimum initial investment and minimum holding | Equivalent of EUR 3,000 | Equivalent of EUR 1,000 | Equivalent of CHF 1,000,000 | Equivalent of CHF 1,000,000 | t.b.d. | Equivalent of EUR 3,000 | Equivalent of EUR 3,000 | None |
| Maximum FROC | 0.44% | 0.56% | 0.28% | 0.24% | 0.10% | 0.44% | 0.56% | 0.44% |
| Maximum Management Fee | 0.50% | 0.50% | 0.50% | 0.50% | N/A | 0.55% | 1.00% | N/A |
| Maximum Distribution Fee | 0.50% | 1.00% | N/A | N/A | N/A | N/A | N/A | N/A |
| Performance Fee | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |

|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Maximum level of management fees when the Sub-Fund invests its assets in other UCITS or UCIs or Target Sub- Fund* | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% |
| Dealing Charge | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% |

* 
Notwithstanding any performance fee that may be levied in addition to this limit
SFDR Disclosure
The classification of the Sub-Fund under SFDR, the manner in which the Investment Manager integrates sustainability risks into its investment decisions in respect of the Sub-Fund and the results of the assessment of the likely impacts of sustainability risks on the returns of the Sub-Fund are set out in the SFDR Annex.
Investment Manager
See paragraph 6.3
Approach used to calculate the global exposure of the Sub-Fund
Relative VaR
Reference portfolio used to assess the global exposure only
Bloomberg Barclays Euro-Aggregate Corporates 500MM TR
Expected level of leverage
300%
Risk budget
190%
Profile of typical investor
The Sub-Fund may be appropriate for investors, who:
- seek regular income and potentially capital gains from their investment; and
- are willing to take on the increased risks associated with the categories of assets described in the investment objective and policy; and
- can withstand volatility in the value of their Shares.

Application procedure
Application monies are to be sent in accordance with the application procedure set out in Section 20 of the Prospectus. Requests for subscriptions must be received by the Company no later than the Cut-off time.
Payment of the subscription monies must be made in the Reference Currency, or in the Alternative Currency, in case of classes issued in any Alternative Currency, for value before the Payment Date to the Depositary, indicating the proper identity of the subscriber(s) and the Sub-Fund in which Shares are subscribed.
Cut-off time
| Cut-off time  1 (Luxembourg time) (Subscriptions, redemptions and conversions) | Valuation Day  2 ("T") | Payment Date  3 |
| --- | --- | --- |
| 12 p.m. on T | Daily | Up to T+3 days 4 |

NB: any reference to a day shall be construed as a reference to a Business Day
1  
If such day is not a Business Day, the first Business Day in Luxembourg preceding this day.
2  
If such Valuation Day is not a Business Day, the Valuation Day will be the next Business Day or the previous Business Day in case of a bi-monthly valuation.
3  
For redemptions, payments will ordinarily be made in the Reference Currency.
4  
Shareholders are prompted to consult the Lombard Odier Group website (www.loim.com) for the applicable Payment Date.
For more details, please refer to paragraph 12.1 "General Provisions" of Section 12 "Issue and Sale of Shares".
Fixed-Income Sub-Fund / Credit
LO Funds – Swiss Franc Credit Bond (Foreign)
Investment Objective and Policy
The Sub-Fund is actively managed. The SBI Foreign A-BBB TR index is used to define the initial investment universe for individual security selection, for performance comparison as well as for internal risk monitoring purposes, without implying any particular constraints to the Sub-Fund's investments. The Sub-Fund’s securities will generally be similar to those of the above-mentioned index but the security weightings are expected to differ materially. The Investment Manager may also select securities not included in the above-mentioned index in order to take advantage of investment opportunities.
The Sub-Fund invests, at least two-thirds (2/3
rds
) of its assets, in bonds, other fixed or floating rate debt securities and short-term debt securities denominated in CHF and graded from A to BBB or equivalent by the rating agencies described in paragraph 3.2 or of equivalent quality in the opinion of the Investment Manager, it being precised that if a security is rated by more than one rating agency the lowest rating is considered as the valid one. Up to one-third (1/3
rd
) of the Sub-Fund’s assets may be invested in (i) debt securities denominated in other currencies (including Emerging Market currencies),
(ii) debt securities graded above A or of equivalent quality in the opinion of the Investment Manager, (iii) debt securities graded below BBB but not lower than B, or of equivalent quality in the opinion of the Investment Manager, (iv) Coco Bonds (which may represent up to 10% of the Sub-Fund's assets), (v) currencies (including Emerging Market currencies) and/or in (vi) Cash and Cash Equivalents (including short-term ABS/MBS which may represent up to 10% of investments in Cash and Cash Equivalents) in accordance with the applicable diversification rules. The Investment Manager will use its discretion with regard to sectors, geographical exposure, maturity of the portfolio and the selection of currencies. The Sub-Fund may be exposed to a limited number of issuers. The unrealized gain and loss of financial derivative instruments on currency shall be taken into account for the purpose of assessing compliance with the investment policy, including its limits or restrictions.
The investment approach applied by the Investment Manager is based on qualitative and/or systematic strategies. As mentioned in paragraph 3.1, the Sub-Fund may hold up to 10% of its net assets in UCIs.
Subject to the limits permitted by the Investment Restrictions described in Section 4 of the Prospectus, the Investment Manager is authorized to use financial derivative instruments (in particular, but not limited to credit (including CDS), interest rate, inflation, currency and volatility derivatives):
- for hedging purposes	Yes
- for EPM	Yes
- as part of the investment strategy	YesThe use of structured financial instruments is described in paragraph 3.1.

The attention of investors is drawn to the Risk Factors Annex which sets out the risk factors applicable to the Sub-Fund.
Reference Currency
CHF
Classes of Shares available for subscription
Shares can also be in different forms (i.e., Alternative Currencies, dividend policy, currency hedging policy, seeding, "Connect"): see paragraph 2.2.
|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Type of investor | See table in paragraph 2.2. of the general part of the Prospectus |
| Minimum initial investment and minimum holding | Equivalent of EUR 3,000 | Equivalent of EUR 1,000 | Equivalent of CHF 1,000,000 | Equivalent of CHF 1,000,000 | t.b.d. | Equivalent of EUR 3,000 | Equivalent of EUR 3,000 | None |
| Maximum FROC | 0.44% | 0.56% | 0.28% | 0.24% | 0.10% | 0.44% | 0.56% | 0.44% |
| Maximum Management Fee | 0.35% | 0.35% | 0.35% | 0.35% | N/A | 0.40% | 0.70% | N/A |
| Maximum Distribution Fee | 0.35% | 0.70% | N/A | N/A | N/A | N/A | N/A | N/A |
| Performance Fee | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |

|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Maximum level of management fees when the Sub-Fund invests its assets in other UCITS or UCIs or Target Sub- Fund* | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% |
| Dealing Charge | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% |

* 
Notwithstanding any performance fee that may be levied in addition to this limit
SFDR Disclosure
The classification of the Sub-Fund under SFDR, the manner in which the Investment Manager integrates sustainability risks into its investment decisions in respect of the Sub-Fund and the results of the assessment of the likely impacts of sustainability risks on the returns of the Sub-Fund are set out in the SFDR Annex.
Benchmark Regulation
See the general part of the Prospectus: "3. Investment Objectives and Policies" / 3.1 "General Provisions Common to all Sub-Funds" / "(x) Benchmark Regulation"
The Benchmark has been endorsed by SIX Financial Information Nordic AB as endorsing administrator for indices administered by SIX a benchmark administrator located outside of the EU. The Benchmark is included on the ESMA register for third country benchmarks.
Additional information on the Benchmark can be found on the website: https://www.six-group.com/en/products-services/financial-information/ indices.html/
Investment Manager
See paragraph 6.3
Approach used to calculate the global exposure of the Sub-Fund
Relative VaR
Reference portfolio used to assess the global exposure only
SBI Foreign A-BBB TR
Expected level of leverage
300%
Risk budget
175%
Profile of typical investor
The Sub-Fund may be appropriate for investors, who:
- seek regular income and potentially capital gains from their investment; and
- are willing to take on the increased risks associated with the categories of assets described in the investment objective and policy; and
- can withstand volatility in the value of their Shares.

Application procedure
Application monies are to be sent in accordance with the application procedure set out in Section 20 of the Prospectus. Requests for subscriptions must be received by the Company no later than the Cut-off time.
Payment of the subscription monies must be made in the Reference Currency, or in the Alternative Currency, in case of classes issued in any Alternative Currency, for value before the Payment Date to the Depositary, indicating the proper identity of the subscriber(s) and the Sub-Fund in which Shares are subscribed.
Cut-off time
| Cut-off time  1 (Luxembourg time) (Subscriptions, redemptions and conversions) | Valuation Day  2 ("T") | Payment Date  3 |
| --- | --- | --- |
| 3 p.m. on T-1 day | Daily | Up to T+3 days 4 |

NB: any reference to a day shall be construed as a reference to a Business Day
1  
If such day is not a Business Day, the first Business Day in Luxembourg preceding this day.
2  
If such Valuation Day is not a Business Day, the Valuation Day will be the next Business Day or the previous Business Day in case of a bi-monthly valuation.
3  
For redemptions, payments will ordinarily be made in the Reference Currency.
4  
Shareholders are prompted to consult the Lombard Odier Group website (www.loim.com) for the applicable Payment Date.
For more details, please refer to paragraph 12.1 "General Provisions" of Section 12 "Issue and Sale of Shares".
Fixed-Income Sub-Fund / Credit
LO Funds – Ultra Low Duration (USD)
Investment Objective and Policy
The Sub-Fund is actively managed. The FTSE 6-Month U.S. Dollar Eurodeposit is used for performance comparison, without implying any particular constraints to the Sub-Fund's investments.
The Sub-Fund invests, for at least two-thirds (2/3
rds
) of its assets, in bank deposits, money market instruments (including short-term ABS/MBS which may represent up to 10% of investments), bonds, other fixed or floating-rate debt securities and short-term debt securities of governmental and/or corporate issuers rated BBB or above by the rating agencies described in paragraph 3.2 or of equivalent quality in the opinion of the Investment Manager. Up to
one-third (1/3
rd
) of the Sub-Fund’s assets may be invested in convertible bonds. The Investment Manager will use its discretion with regard to sectors, geographical exposure (including Emerging Markets), maturity of the portfolio and currencies (including Emerging Market currencies). The Sub-Fund may be exposed to a limited number of issues and issuers. The maximum weighted average duration of the portfolio is no more than 365 days. Instruments may have a maximum residual maturity of three years, except for (i) regularly amortizing structured finance instruments (such as ABS/MBS) which must have an average life of 2 years or less and (ii) non-amortizing or scheduled amortizing structured finance instruments (such as ABS/MBS) which must have an expected final maturity of maximum 3 years. It is the intention of the Investment Manager to target an average rating of A at the portfolio level, however without any guarantee.
The investment approach applied by the Investment Manager to select securities is mainly based on a fundamental analysis of issuers. In addition, the Investment Manager may also apply other qualitative and/or systematic strategies.
As mentioned in paragraph 3.1, the Sub-Fund may hold up to 10% of its net assets in UCIs.
Subject to the limits permitted by the Investment Restrictions described in Section 4 of the Prospectus, the Investment Manager is authorized to use financial derivative instruments (in particular, but not limited to credit (including CDS), interest rate and currency derivatives):
- for hedging purposes	Yes
- for EPM	Yes
- as part of the investment strategy	NoThe use of structured financial instruments is described in paragraph 3.1.

The attention of investors is drawn to the Risk Factors Annex which sets out the risk factors applicable to the Sub-Fund.
Reference Currency
USD
Classes of Shares available for subscription
Shares can also be in different forms (i.e., Alternative Currencies, dividend policy, currency hedging policy, seeding, "Connect"): see paragraph 2.2.
|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Type of investor | See table in paragraph 2.2. of the general part of the Prospectus |
| Minimum initial investment and minimum holding | Equivalent of EUR 3,000 | Equivalent of EUR 1,000 | Equivalent of CHF 1,000,000 | Equivalent of CHF 1,000,000 | t.b.d. | Equivalent of EUR 3,000 | Equivalent of EUR 3,000 | None |
| Maximum FROC | 0.31% | 0.44% | 0.21% | 0.17% | 0.10% | 0.31% | 0.44% | 0.31% |
| Maximum Management Fee | 0.45% | 0.45% | 0.45% | 0.45% | N/A | 0.50% | 0.90% | N/A |
| Maximum Distribution Fee | 0.45% | 0.90% | N/A | N/A | N/A | N/A | N/A | N/A |
| Performance Fee | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |

|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Maximum level of management fees when the Sub-Fund invests its assets in other UCITS or UCIs or Target Sub- Fund* | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% |
| Dealing Charge | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% |

* 
Notwithstanding any performance fee that may be levied in addition to this limit
SFDR Disclosure
The classification of the Sub-Fund under SFDR, the manner in which the Investment Manager integrates sustainability risks into its investment decisions in respect of the Sub-Fund and the results of the assessment of the likely impacts of sustainability risks on the returns of the Sub-Fund are set out in the SFDR Annex.
Investment Manager
See paragraph 6.3
Approach used to calculate the global exposure of the Sub-Fund
Commitment approach
Profile of typical investor
The Sub-Fund may be appropriate for investors, who:
- seek regular income and potentially capital gains from their investment; and
- are willing to take on the increased risks associated with the categories of assets described in the investment objective and policy; and
- can withstand volatility in the value of their Shares.

Application procedure
Application monies are to be sent in accordance with the application procedure set out in Section 20 of the Prospectus. Requests for subscriptions must be received by the Company no later than the Cut-off time.
Payment of the subscription monies must be made in the Reference Currency, or in the Alternative Currency, in case of classes issued in any Alternative Currency, for value before the Payment Date to the Depositary, indicating the proper identity of the subscriber(s) and the Sub-Fund in which Shares are subscribed.
Cut-off time
| Cut-off time  1 (Luxembourg time) (Subscriptions, redemptions and conversions) | Valuation Day  2 ("T") | Payment Date  3 |
| --- | --- | --- |
| 2 p.m. on T | Daily | Up to T+3 days 4 |

NB: any reference to a day shall be construed as a reference to a Business Day
1  
If such day is not a Business Day, the first Business Day in Luxembourg preceding this day.
2  
If such Valuation Day is not a Business Day, the Valuation Day will be the next Business Day or the previous Business Day in case of a bi-monthly valuation.
3  
For redemptions, payments will ordinarily be made in the Reference Currency.
4  
Shareholders are prompted to consult the Lombard Odier Group website (www.loim.com) for the applicable Payment Date.
For more details, please refer to paragraph 12.1 "General Provisions" of Section 12 "Issue and Sale of Shares".
Fixed-Income Sub-Fund / Credit
LO Funds – Ultra Low Duration (EUR)
Investment Objective and Policy
The Sub-Fund is actively managed. The FTSE 6-Month Euro Eurodeposit is used for performance comparison, without implying any particular constraints to the Sub-Fund's investments.
The Sub-Fund invests, for at least two-thirds (2/3
rds
) of its assets, in bank deposits, money market instruments (including short-term ABS/MBS which may represent up to 10% of investments), bonds, other fixed or floating-rate debt securities and short-term debt securities of governmental and/or corporate issuers rated BBB or above by the rating agencies described in paragraph 3.2 or of equivalent quality in the opinion of the Investment Manager. Up to
one-third (1/3
rd
) of the Sub-Fund’s assets may be invested in convertible bonds. The Investment Manager will use its discretion with regard to sectors, geographical exposure (including Emerging Markets), maturity of the portfolio and currencies (including Emerging Market currencies). The Sub-Fund may be exposed to a limited number of issues and issuers. The maximum weighted average duration of the portfolio is no more than 365 days. Instruments may have a maximum residual maturity of three years, except for (i) regularly amortizing structured finance instruments (such as ABS/MBS) which must have an average life of 2 years or less and (ii) non-amortizing or scheduled amortizing structured finance instruments (such as ABS/MBS) which must have an expected final maturity of maximum 3 years. It is the intention of the Investment Manager to target an average rating of A at the portfolio level, however without any guarantee.
The investment approach applied by the Investment Manager to select securities is mainly based on a fundamental analysis of issuers. In addition, the Investment Manager may also apply other qualitative and/or systematic strategies.
As mentioned in paragraph 3.1, the Sub-Fund may hold up to 10% of its net assets in UCIs.
Subject to the limits permitted by the Investment Restrictions described in Section 4 of the Prospectus, the Investment Manager is authorized to use financial derivative instruments (in particular, but not limited to credit (including CDS), interest rate and currency derivatives):
- for hedging purposes	Yes
- for EPM	Yes
- as part of the investment strategy	NoThe use of structured financial instruments is described in paragraph 3.1.

The attention of investors is drawn to the Risk Factors Annex which sets out the risk factors applicable to the Sub-Fund.
Reference Currency
EUR
Classes of Shares available for subscription
Shares can also be in different forms (i.e., Alternative Currencies, dividend policy, currency hedging policy, seeding, "Connect"): see paragraph 2.2.
|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Type of investor | See table in paragraph 2.2. of the general part of the Prospectus |
| Minimum initial investment and minimum holding | Equivalent of EUR 3,000 | Equivalent of EUR 1,000 | Equivalent of CHF 1,000,000 | Equivalent of CHF 1,000,000 | t.b.d. | Equivalent of EUR 3,000 | Equivalent of EUR 3,000 | None |
| Maximum FROC | 0.31% | 0.44% | 0.21% | 0.17% | 0.10% | 0.31% | 0.44% | 0.31% |
| Maximum Management Fee | 0.45% | 0.45% | 0.45% | 0.45% | N/A | 0.50% | 0.90% | N/A |
| Maximum Distribution Fee | 0.45% | 0.90% | N/A | N/A | N/A | N/A | N/A | N/A |
| Performance Fee | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |

|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Maximum level of management fees when the Sub-Fund invests its assets in other UCITS or UCIs or Target Sub- Fund* | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% |
| Dealing Charge | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% |

* 
Notwithstanding any performance fee that may be levied in addition to this limit
SFDR Disclosure
The classification of the Sub-Fund under SFDR, the manner in which the Investment Manager integrates sustainability risks into its investment decisions in respect of the Sub-Fund and the results of the assessment of the likely impacts of sustainability risks on the returns of the Sub-Fund are set out in the SFDR Annex.
Investment Manager
See paragraph 6.3
Approach used to calculate the global exposure of the Sub-Fund
Commitment approach
Profile of typical investor
The Sub-Fund may be appropriate for investors, who:
- seek regular income and potentially capital gains from their investment; and
- are willing to take on the increased risks associated with the categories of assets described in the investment objective and policy; and
- can withstand volatility in the value of their Shares.

Application procedure
Application monies are to be sent in accordance with the application procedure set out in Section 20 of the Prospectus. Requests for subscriptions must be received by the Company no later than the Cut-off time.
Payment of the subscription monies must be made in the Reference Currency, or in the Alternative Currency, in case of classes issued in any Alternative Currency, for value before the Payment Date to the Depositary, indicating the proper identity of the subscriber(s) and the Sub-Fund in which Shares are subscribed.
Cut-off time
| Cut-off time  1 (Luxembourg time) (Subscriptions, redemptions and conversions) | Valuation Day  2 ("T") | Payment Date  3 |
| --- | --- | --- |
| 2 p.m. on T | Daily | Up to T+3 days 4 |

NB: any reference to a day shall be construed as a reference to a Business Day
1  
If such day is not a Business Day, the first Business Day in Luxembourg preceding this day.
2  
If such Valuation Day is not a Business Day, the Valuation Day will be the next Business Day or the previous Business Day in case of a bi-monthly valuation.
3  
For redemptions, payments will ordinarily be made in the Reference Currency.
4  
Shareholders are prompted to consult the Lombard Odier Group website (www.loim.com) for the applicable Payment Date.
For more details, please refer to paragraph 12.1 "General Provisions" of Section 12 "Issue and Sale of Shares".
Fixed-Income Sub-Fund / Credit
LO Funds – Fallen Angels Recovery
Investment Objective and Policy
The Sub-Fund is actively managed. The Bloomberg Barclays Global Corporate ex-EM Fallen Angels 3% Issuer Capped TR Index is used to define the initial investment universe for individual security selection, for performance comparison as well as for internal risk monitoring purposes, without implying any particular constraints to the Sub-Fund's investments. The Sub-Fund’s securities will generally be similar to those of the above-mentioned index but the security weightings are expected to differ materially. The Investment Manager may also select securities not included in the above-mentioned index in order to take advantage of investment opportunities. In addition to the above-mentioned index, the Bloomberg Barclays Global High Yield Corporate Total Return Index may also be used for performance comparison as well as for internal risk monitoring purposes.
The Sub-Fund invests, at least two-thirds (2/3
rds
) of its assets, in bonds, other fixed or floating-rate debt securities and short-term debt securities of “Fallen Angels” issuers; that is, issuers that were previously rated investment grade and that are now rated below investment grade and which one or more of their issues are part of the Bloomberg Barclays Global Corporate ex-EM Fallen Angels 3% Issuer Capped TR index, denominated in any currencies (including Emerging Market currencies).
Up to one-third (1/3
rd
) of the Sub-Fund’s assets may be invested in (i) bonds, other fixed or floating-rate debt securities and short-term debt securities of issuers which issues are not part of the above-mentioned index, (ii) bonds, other fixed or floating-rate debt securities and short-term debt securities of emerging market issuers, (iii) debt securities of governmental issuers (iv) Coco Bonds (which may represent up to 10% of the Sub-Fund's assets) and/ or in (v) Cash and Cash Equivalents (including short-term ABS/MBS which may represent up to 10% of investments in Cash and Cash Equivalents) in accordance with the applicable diversification rules.
Debt securities cannot be graded lower than B, or of equivalent quality in the opinion of the Investment Manager. In case of a downgrade of a debt security below B, the Investment Manager will sell the position within 12 months.
The use of financial derivative instruments will not be considered within these limits. The Investment Manager will use its discretion with regard to sectors, geographical exposure (in particular, the Sub-Fund may be fully invested in Emerging Markets) and maturity of the portfolio. The Sub-Fund may be exposed to a limited number of issues and issuers.
The investment approach applied by the Investment Manager to select securities is mainly based on a fundamental analysis of issuers. In addition, the Investment Manager may also apply other qualitative and/or systematic strategies.
As mentioned in paragraph 3.1, the Sub-Fund may hold up to 10% of its net assets in UCIs.
Subject to the limits permitted by the Investment Restrictions described in Section 4 of the Prospectus, the Investment Manager is authorized to use financial derivative instruments (in particular, but not limited to credit (including CDS), interest rate, inflation, currency and volatility derivatives):
- for hedging purposes	Yes
- for EPM	Yes
- as part of the investment strategy	YesThe use of structured financial instruments is described in paragraph 3.1.

The attention of investors is drawn to the Risk Factors Annex which sets out the risk factors applicable to the Sub-Fund.
Reference Currency
USD
Classes of Shares available for subscription
Shares can also be in different forms (i.e., Alternative Currencies, dividend policy, currency hedging policy, seeding, "Connect"): see paragraph 2.2.
|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Type of investor | See table in paragraph 2.2. of the general part of the Prospectus |
| Minimum initial investment and minimum holding | Equivalent of EUR 3,000 | Equivalent of EUR 1,000 | Equivalent of CHF 1,000,000 | Equivalent of CHF 1,000,000 | t.b.d. | Equivalent of EUR 3,000 | Equivalent of EUR 3,000 | None |
| Maximum FROC | 0.44% | 0.56% | 0.28% | 0.24% | 0.10% | 0.44% | 0.56% | 0.44% |

|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Maximum Management Fee | 0.65% | 0.65% | 0.65% | 0.65% | N/A | 0.75% | 1.30% | N/A |
| Maximum Distribution Fee | 0.65% | 1.30% | N/A | N/A | N/A | N/A | N/A | N/A |
| Performance Fee | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Maximum level of management fees when the Sub-Fund invests its assets in other UCITS or UCIs or Target Sub- Fund* | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% |
| Dealing Charge | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% |

* 
Notwithstanding any performance fee that may be levied in addition to this limit
SFDR Disclosure
The classification of the Sub-Fund under SFDR, the manner in which the Investment Manager integrates sustainability risks into its investment decisions in respect of the Sub-Fund and the results of the assessment of the likely impacts of sustainability risks on the returns of the Sub-Fund are set out in the SFDR Annex.
Benchmark Regulation
See the general part of the Prospectus: "3. Investment Objectives and Policies" / 3.1 "General Provisions Common to all Sub-Funds" / "(x) Benchmark Regulation"
Bloomberg Index Services Limited is the administrator of the Benchmark. Bloomberg Index Services Limited is listed on the ESMA register for benchmark administrators.
Additional information on the Benchmark can be found on the website of the administrator: https://www.bloomberg.com/professional/product/ indices/
Investment Manager
See paragraph 6.3
Approach used to calculate the global exposure of the Sub-Fund
Commitment approach
Profile of typical investor
The Sub-Fund may be appropriate for investors, who:
- seek regular income and potentially capital gains from their investment; and
- are willing to take on the increased risks associated with the categories of assets described in the investment objective and policy; and
- can withstand volatility in the value of their Shares.

Application procedure
Application monies are to be sent in accordance with the application procedure set out in Section 20 of the Prospectus. Requests for subscriptions must be received by the Company no later than the Cut-off time.
Payment of the subscription monies must be made in the Reference Currency, or in the Alternative Currency, in case of classes issued in any Alternative Currency, for value before the Payment Date to the Depositary, indicating the proper identity of the subscriber(s) and the Sub-Fund in which Shares are subscribed.
Cut-off time
| Cut-off time  1 (Luxembourg time) (Subscriptions, redemptions and conversions) | Valuation Day  2 ("T") | Payment Date  3 |
| --- | --- | --- |
| 15 p.m. on T-1 | Daily | Up to T+3 days 4 |

NB: any reference to a day shall be construed as a reference to a Business Day
1  
If such day is not a Business Day, the first Business Day in Luxembourg preceding this day.
2  
If such Valuation Day is not a Business Day, the Valuation Day will be the next Business Day or the previous Business Day in case of a bi-monthly valuation.
3  
For redemptions, payments will ordinarily be made in the Reference Currency.
4  
Shareholders are prompted to consult the Lombard Odier Group website (www.loim.com) for the applicable Payment Date.
For more details, please refer to paragraph 12.1 "General Provisions" of Section 12 "Issue and Sale of Shares".
Fixed-Income Sub-Fund / Credit
LO Funds – Natural Capital Credit
Investment Objective and Policy
The Sub-Fund is actively managed. The Sub-Fund is not managed in reference to an index.
The Sub-Fund invests in bonds, other fixed or floating-rate debt securities and short-term debt securities of corporate issuers (including Emerging Market corporate issuers) graded from AAA to B or equivalent by the rating agencies described in paragraph 3.2 or of equivalent quality in the opinion of the Investment Manager.
The Sub-Fund seeks to invest in companies that will benefit from regulations, innovations, services or products favoring the transition to a more circular economy and to an economy that values and harnesses natural capital.
The Sub-Fund seeks to invest in high quality companies with sustainable financial models, business practices and business models showing resilience and the ability to evolve and benefit from long term structural trends using LOIM proprietary ESG and Sustainability Profiling tools and methodologies.
Up to 50% of the Sub-Fund’s assets may be invested in debt securities graded below BBB but not lower than B, or of equivalent quality in the opinion of the Investment Manager.
Up to 20% of the Sub-Funds assets may be invested in debt securities issued or guaranteed by sovereign (including Emerging Market sovereign issuers) and/or supranational issuers.
Up to 20% of the Sub-Funds assets may be invested in Coco Bonds.
The Sub-Fund may hold up to 10% of its assets in securitisation positions (including, but not limited to ABS/MBS). Up to 10% of the Sub-Funds assets may be invested in currencies (including Emerging Market currencies).
Up to 20% of the Sub-Fund’s assets may be invested in Cash and Cash Equivalents (including short-term ABS/MBS which may represent up to 10% of investments in Cash and Cash Equivalents) in accordance with the applicable diversification rules.
The Investment Manager will use its discretion with regards to the selection of markets, sectors, size of companies and currencies (including Emerging Market currencies), and will employ a high conviction strategy which means it will generally concentrate the Sub-Fund's assets into a smaller group of investments.
As mentioned in paragraph 3.1, the Sub-Fund may hold up to 10% of its net assets in UCIs.
Subject to the limits permitted by the Investment Restrictions described in Section 4 of the Prospectus, the Investment Manager is authorized to use financial derivative instruments:
- for hedging purposes	Yes
- as part of the investment strategy	YesThe use of structured financial instruments is described in paragraph 3.1.

Reference Currency
USD
Classes of Shares available for subscription
Shares can also be in different forms (i.e., Alternative Currencies, dividend policy, currency hedging policy, seeding, "Connect"): see paragraph 2.2.
|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Type of investor | See table in paragraph 2.2. of the general part of the Prospectus |
| Minimum initial investment and minimum holding | Equivalent of EUR 3,000 | Equivalent of EUR 1,000 | Equivalent of CHF 1,000,000 | Equivalent of CHF 1,000,000 | t.b.d. | Equivalent of EUR 3,000 | Equivalent of EUR 3,000 | None |
| Maximum FROC | 0.44% | 0.56% | 0.28% | 0.24% | 0.10% | 0.44% | 0.56% | 0.44% |
| Maximum Management Fee | 0.65% | 0.65% | 0.65% | 0.65% | N/A | 0.75% | 1.30% | N/A |

|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Maximum Distribution Fee | 0.65% | 1.25% | N/A | N/A | N/A | N/A | N/A | N/A |
| Performance Fee | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Maximum level of management fees when the Sub-Fund invests its assets in other UCITS or UCIs or Target Sub- Fund* | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% |
| Dealing Charge | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% |

* 
Notwithstanding any performance fee that may be levied in addition to this limit
SFDR Disclosure
The classification of the Sub-Fund under SFDR, the manner in which the Investment Manager integrates sustainability risks into its investment decisions in respect of the Sub-Fund and the results of the assessment of the likely impacts of sustainability risks on the returns of the Sub-Fund are set out in the SFDR Annex.
Investment Manager
See paragraph 6.3
Approach used to calculate the global exposure of the Sub-Fund
Absolute VaR
Expected level of leverage
300%
Risk budget
10%
Profile of typical investor
The Sub-Fund may be appropriate for investors, who:
- seek regular income and potentially capital gains from their investment; and
- are willing to take on the increased risks associated with the categories of assets described in the investment objective and policy; and
- can withstand volatility in the value of their Shares.

Application procedure
Application monies are to be sent in accordance with the application procedure set out in Section 20 of the Prospectus. Requests for subscriptions must be received by the Company no later than the Cut-off time.
Payment of the subscription monies must be made in the Reference Currency, or in the Alternative Currency, in case of classes issued in any Alternative Currency, for value before the Payment Date to the Depositary, indicating the proper identity of the subscriber(s) and the Sub-Fund in which Shares are subscribed
Cut-off time
| Cut-off time  1 (Luxembourg time) (Subscriptions, redemptions and conversions) | Valuation Day  2 ("T") | Payment Date  3 |
| --- | --- | --- |
| 12 p.m. on T | Daily | Up to T+3 days  4 |

NB: any reference to a day shall be construed as a reference to a Business Day
1  
If such day is not a Business Day, the first Business Day in Luxembourg preceding this day.
2  
If such Valuation Day is not a Business Day, the Valuation Day will be the next Business Day or the previous Business Day in case of a bi-monthly valuation.
3  
For redemptions, payments will ordinarily be made in the Reference Currency.
4  
Shareholders are prompted to consult the Lombard Odier Group website (www.loim.com) for the applicable Payment Date.
For more details, please refer to paragraph 12.1 "General Provisions" of Section 12 "Issue and Sale of Shares".
Fixed-Income Sub-Fund / Emerging
LO Funds – Emerging Local Currency Bond Fundamental
Investment Objective and Policy
The Sub-Fund is actively managed. The JP Morgan GBI-EM Global Diversified TR index is used for performance comparison as well as internal risk monitoring purposes, without implying any particular constraints to the Sub-Fund’s investments. Securities targeted by the Sub-Fund can be similar to those of the index to an extent that varies over time but their weighting is expected to differ materially. The performance of the Sub-Fund may deviate materially from that of the index.
The Sub-Fund invests in bonds, other fixed or floating-rate debt securities and short-term debt instruments issued or guaranteed by Emerging Market sovereign entities or corporate entities incorporated or exercising a prominent part of their business activities in Emerging Markets, denominated in OECD currencies and/or Emerging Market currencies. In specific market conditions or where the Investment Manager considers it appropriate, the Sub-Fund may also invest in bonds, other fixed or floating-rate debt instruments and short-term debt instruments issued or guaranteed by sovereign OECD entities, denominated in OECD currencies. The instruments described above may be of any credit quality (including below investment-grade securities as described in paragraph 3.2). The Investment Manager uses its discretion with regard to the selection of issuers and countries. Up to 35% of the Sub-Fund’s portfolio may be invested in bonds issued or guaranteed by the Russian State admitted to Official Listing or dealt in a Regulated Market. Direct investments in Russian markets (other than investments traded on the Moscow Exchange) together with other investments traded through markets which are not Regulated Markets but which are, inter alia, transferable, liquid and have a value which can be accurately determined at any time shall in aggregate not exceed 10% of the Sub-Fund’s net assets. Up to 20% of the Sub-Fund's portfolio may be invested in bonds of CIBM, notably through the Bond Connect.
In addition to the investments in bonds and other debt securities and instruments, the Investment Manager may use financial derivative instruments (i) to take long and short positions on currencies (OECD currencies and/or Emerging Market currencies) and/or (ii) to increase or reduce its exposure to specific asset classes (including equities), markets (including Emerging Markets) and indices (including commodity indices).
The Sub-Fund may also be fully invested, in accordance with the applicable diversification rules, in Cash and Cash Equivalents (including short-term ABS/MBS which may represent up to 10% of investments in Cash and Cash Equivalents) when, for instance, the Investment Manager considers that the Sub-Fund should be positioned in a defensive way. The Sub-Fund may be fully invested in Emerging Markets. Please have regard to the Risk Factors Annex, in particular, 2.12 with regard to such investments.
As mentioned in paragraph 3.1, the Sub-Fund may hold up to 10% of its net assets in UCIs.
Subject to the limits permitted by the Investment Restrictions described in Section 4 of the Prospectus, the Investment Manager is authorized to use financial derivative instruments (in particular, but not limited to credit (including CDS), interest rate, inflation, currency and volatility derivatives):
- for hedging purposes	Yes
- for EPM	Yes
- as part of the investment strategy	YesThe use of structured financial instruments is described in paragraph 3.1.

The attention of investors is drawn to the Risk Factors Annex which sets out the risk factors applicable to the Sub-Fund.
Reference Currency
USD
Classes of Shares available for subscription
Shares can also be in different forms (i.e., Alternative Currencies, dividend policy, currency hedging policy, seeding, "Connect"): see paragraph 2.2.
|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Type of investor | See table in paragraph 2.2. of the general part of the Prospectus |
| Minimum initial investment and minimum holding | Equivalent of EUR 3,000 | Equivalent of EUR 1,000 | Equivalent of CHF 1,000,000 | Equivalent of CHF 1,000,000 | t.b.d. | Equivalent of EUR 3,000 | Equivalent of EUR 3,000 | None |
| Maximum FROC | 0.44% | 0.56% | 0.31% | 0.27% | 0.13% | 0.44% | 0.56% | 0.44% |
| Maximum Management Fee | 0.75% | 0.75% | 0.75% | 0.75% | N/A | 0.85% | 1.50% | N/A |
| Maximum Distribution Fee | 0.75% | 1.55% | N/A | N/A | N/A | N/A | N/A | N/A |

|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Performance Fee | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Maximum level of management fees when the Sub-Fund invests its assets in other UCITS or UCIs or Target Sub- Fund* | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% |
| Dealing Charge | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% |

* 
Notwithstanding any performance fee that may be levied in addition to this limit
SFDR Disclosure
The classification of the Sub-Fund under SFDR, the manner in which the Investment Manager integrates sustainability risks into its investment decisions in respect of the Sub-Fund and the results of the assessment of the likely impacts of sustainability risks on the returns of the Sub-Fund are set out in the SFDR Annex.
Investment Manager
See paragraph 6.3
Approach used to calculate the global exposure of the Sub-Fund
Relative VaR
Reference portfolio used to assess the global exposure only
JPMorgan GBI-EM Global Diversified TR
Expected level of leverage
300%
Risk budget
190%
Profile of typical investor
The Sub-Fund may be appropriate for investors, who:
- seek regular income and potentially capital gains from their investment; and
- are willing to take on the increased risks associated with the categories of assets described in the investment objective and policy; and
- can withstand volatility in the value of their Shares.

Application procedure
Application monies are to be sent in accordance with the application procedure set out in Section 20 of the Prospectus. Requests for subscriptions must be received by the Company no later than the Cut-off time.
Payment of the subscription monies must be made in the Reference Currency, or in the Alternative Currency, in case of classes issued in any Alternative Currency, for value before the Payment Date to the Depositary, indicating the proper identity of the subscriber(s) and the Sub-Fund in which Shares are subscribed.
Cut-off time
| Cut-off time  1 (Luxembourg time) (Subscriptions, redemptions and conversions) | Valuation Day  2 ("T") | Payment Date  3 |
| --- | --- | --- |
| 3 p.m. on T-1 day | Daily | Up to T+3 days 4 |

NB: any reference to a day shall be construed as a reference to a Business Day
1  
If such day is not a Business Day, the first Business Day in Luxembourg preceding this day.
2  
If such Valuation Day is not a Business Day, the Valuation Day will be the next Business Day or the previous Business Day in case of a bi-monthly valuation.
3  
For redemptions, payments will ordinarily be made in the Reference Currency.
4  
Shareholders are prompted to consult the Lombard Odier Group website (www.loim.com) for the applicable Payment Date.
For more details, please refer to paragraph 12.1 "General Provisions" of Section 12 "Issue and Sale of Shares".
Fixed-Income Sub-Fund / Emerging
LO Funds – Asia Value Bond
Investment Objective and Policy
The Sub-Fund is actively managed. The JP Morgan Asia Credit TR index is used for performance comparison as well as internal risk monitoring purposes, without implying any particular constraints to the Sub-Fund’s investments. Securities targeted by the Sub-Fund can be similar to those of the index to an extent that varies over time but their weighting is expected to differ materially. The performance of the Sub-Fund may deviate materially from that of the index.
The Sub-Fund invests in (i) bonds, other fixed or floating-rate debt securities, convertible bonds, bonds with attached warrants on transferable securities and short-term debt instruments, issued or guaranteed by sovereign entities or corporate entities worldwide, (ii) currencies and (iii) Cash and Cash Equivalents (including short-term ABS/MBS which may represent up to 10% of investments in Cash and Cash Equivalents).
While investing worldwide, the Investment Manager maintains a clear and distinct focus on Asia by investing in issuers having their main activity in Asia-Pacific (including Japan).
The Sub-Fund may invest up to:
- 5% of its net assets in UCIs;
- 40% of its net assets in debt securities graded below BBB- or equivalent by the rating agencies described in paragraph 3.2 or of equivalent quality in the opinion of the Investment Manager, it being precised that if a security is rated by more than one rating agency the highest rating is considered as the valid one;
- 20% of its net assets in convertible bonds, bonds with attached warrants on transferable securities;
- 25% of its net assets in Coco Bonds; and
- 25% of its net assets in non-Asia-Pacific (including Japan) bonds.

The Sub-Fund may also invest in Emerging Market currencies including CNH and CNY. Up to 25% of the Sub-Fund's portfolio may be invested in bonds of CIBM, notably through the Bond Connect.
The Investment Manager will use its discretion with regard to the selection of issuers, instruments, markets (in particular, the Sub-Fund may be fully invested in Emerging Markets), maturity and currencies (including Emerging Market currencies).
Subject to the limits permitted by the Investment Restrictions described in Section 4 of the Prospectus, the Investment Manager is authorized to use financial derivative instruments (in particular, but not limited to credit (including CDS), interest rate and currency derivatives):
- for hedging purposes	Yes
- for EPM	Yes
- as part of the investment strategy	NoThe attention of investors is drawn to the Risk Factors Annex which sets out the risk factors applicable to the Sub-Fund.

Reference Currency
USD
Classes of Shares available for subscription
Shares can also be in different forms (i.e., Alternative Currencies, dividend policy, currency hedging policy, seeding, "Connect"): see paragraph 2.2.
|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Type of investor | See table in paragraph 2.2. of the general part of the Prospectus |
| Minimum initial investment and minimum holding | Equivalent of EUR 3,000 | Equivalent of EUR 1,000 | Equivalent of CHF 1,000,000 | Equivalent of CHF 1,000,000 | t.b.d. | Equivalent of EUR 3,000 | Equivalent of EUR 3,000 | None |
| Maximum FROC | 0.44% | 0.56% | 0.31% | 0.27% | 0.13% | 0.44% | 0.56% | 0.44% |
| Maximum Management Fee | 0.75% | 0.75% | 0.75% | 0.75% | N/A | 0.85% | 1.50% | N/A |

|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Maximum Distribution Fee | 0.75% | 1.55% | N/A | N/A | N/A | N/A | N/A | N/A |
| Performance Fee | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Maximum level of management fees when the Sub-Fund invests its assets in other UCITS or UCIs or Target Sub- Fund* | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% |
| Dealing Charge | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% |

* 
Notwithstanding any performance fee that may be levied in addition to this limit
SFDR Disclosure
The classification of the Sub-Fund under SFDR, the manner in which the Investment Manager integrates sustainability risks into its investment decisions in respect of the Sub-Fund and the results of the assessment of the likely impacts of sustainability risks on the returns of the Sub-Fund are set out in the SFDR Annex.
Investment Manager
See paragraph 6.3
Approach used to calculate the global exposure of the Sub-Fund
Commitment approach
Profile of typical investor
The Sub-Fund may be appropriate for investors, who:
- seek regular income and potentially capital gains from their investment; and
- are willing to take on the increased risks associated with the categories of assets described in the investment objective and policy; and
- can withstand volatility in the value of their Shares.

Application procedure
Application monies are to be sent in accordance with the application procedure set out in Section 20 of the Prospectus. Requests for subscriptions must be received by the Company no later than the Cut-off time.
Payment of the subscription monies must be made in the Reference Currency, or in the Alternative Currency, in case of classes issued in any Alternative Currency, for value before the Payment Date to the Depositary, indicating the proper identity of the subscriber(s) and the Sub-Fund in which Shares are subscribed.
Cut-off time
| Cut-off time  1 (Luxembourg time) (Subscriptions, redemptions and conversions) | Valuation Day  2 ("T") | Payment Date  3 |
| --- | --- | --- |
| 3 p.m. on T-1 day | Daily | Up to T+3 days 4 |

NB: any reference to a day shall be construed as a reference to a Business Day
1  
If such day is not a Business Day, the first Business Day in Luxembourg preceding this day.
2  
If such Valuation Day is not a Business Day, the Valuation Day will be the next Business Day or the previous Business Day in case of a bi-monthly valuation.
3  
For redemptions, payments will ordinarily be made in the Reference Currency.
4  
Shareholders are prompted to consult the Lombard Odier Group website (www.loim.com) for the applicable Payment Date.
For more details, please refer to paragraph 12.1 "General Provisions" of Section 12 "Issue and Sale of Shares".
Fixed-Income Sub-Fund / Emerging
LO Funds – Asia Investment Grade Bond
Investment Objective and Policy
The Sub-Fund is actively managed. The JP Morgan JACI Investment Grade TR index is used for performance comparison as well as internal risk monitoring purposes, without implying any particular constraints to the Sub-Fund’s investments. Securities targeted by the Sub-Fund can be similar to those of the index to an extent that varies over time but their weighting is expected to differ materially. The performance of the Sub-Fund may deviate materially from that of the index.
The Sub-Fund invests at least 70% of its net assets in (i) bonds, other fixed or floating-rate debt securities, convertible bonds, bonds with attached warrants on transferable securities and short-term debt instruments, issued or guaranteed by sovereign entities or corporate entities having their main activity in the Asia-Pacific region (including Japan and Australia), (ii) currencies and (iii) Cash and Cash Equivalents (including short-term ABS/MBS which may represent up to 10% of investments in Cash and Cash Equivalents).
The Sub-Fund may invest up to:
- 5% of its net assets in UCIs;
- 20% of its net assets in Coco Bonds; and
- 30% of its net assets in non-Asia-Pacific debt securities.

Should securities held by the Sub-Fund be downgraded below BBB- or equivalent by the rating agencies described in paragraph 3.2 or of equivalent quality in the opinion of the Investment Manager, the following principles will apply:
- in case the downgraded securities are rated BB+, BB or BB- (or equivalent as per the above), the Sub-Fund may hold up to 10% of its net assets in such securities pending their disposal having regard to the market conditions and the best interest of the shareholders;
- in case the downgraded securities are rated below BB- (or equivalent as per the above), the Sub-Fund will dispose of such securities forthwith.

The Sub-Fund may also invest in Emerging Market currencies including CNH and CNY. Up to 25% of the Sub-Fund's portfolio may be invested in bonds of CIBM, notably through the Bond Connect.
The Investment Manager will use its discretion with regard to the selection of issuers, instruments, markets (in particular, the Sub-Fund may be fully invested in Emerging Markets), maturity and currencies (including Emerging Market currencies).
Subject to the limits permitted by the Investment Restrictions described in Section 4 of the Prospectus, the Investment Manager is authorized to use financial derivative instruments (in particular, but not limited to credit (including CDS), interest rate and currency derivatives):
- for hedging purposes	Yes
- for EPM	Yes
- as part of the investment strategy	NoThe attention of investors is drawn to the Risk Factors Annex which sets out the risk factors applicable to the Sub-Fund.

Reference Currency
USD
Classes of Shares available for subscription
Shares can also be in different forms (i.e., Alternative Currencies, dividend policy, currency hedging policy, seeding, "Connect"): see paragraph 2.2.
|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Type of investor | See table in paragraph 2.2. of the general part of the Prospectus |
| Minimum initial investment and minimum holding | Equivalent of EUR 3,000 | Equivalent of EUR 1,000 | Equivalent of CHF 1,000,000 | Equivalent of CHF 1,000,000 | t.b.d. | Equivalent of EUR 3,000 | Equivalent of EUR 3,000 | None |
| Maximum FROC | 0.44% | 0.56% | 0.31% | 0.27% | 0.13% | 0.44% | 0.56% | 0.44% |
| Maximum Management Fee | 0.75% | 0.75% | 0.75% | 0.75% | N/A | 0.85% | 1.50% | N/A |

|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Maximum Distribution Fee | 0.75% | 1.55% | N/A | N/A | N/A | N/A | N/A | N/A |
| Performance Fee | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Maximum level of management fees when the Sub-Fund invests its assets in other UCITS or UCIs or Target Sub- Fund* | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% |
| Dealing Charge | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% |

* 
Notwithstanding any performance fee that may be levied in addition to this limit
SFDR Disclosure
The classification of the Sub-Fund under SFDR, the manner in which the Investment Manager integrates sustainability risks into its investment decisions in respect of the Sub-Fund and the results of the assessment of the likely impacts of sustainability risks on the returns of the Sub-Fund are set out in the SFDR Annex.
Investment Manager
See paragraph 6.3
Approach used to calculate the global exposure of the Sub-Fund
Commitment approach
Profile of typical investor
The Sub-Fund may be appropriate for investors, who:
- seek regular income and potentially capital gains from their investment; and
- are willing to take on the increased risks associated with the categories of assets described in the investment objective and policy; and
- can withstand volatility in the value of their Shares.

Application procedure
Application monies are to be sent in accordance with the application procedure set out in Section 20 of the Prospectus. Requests for subscriptions must be received by the Company no later than the Cut-off time.
Payment of the subscription monies must be made in the Reference Currency, or in the Alternative Currency, in case of classes issued in any Alternative Currency, for value before the Payment Date to the Depositary, indicating the proper identity of the subscriber(s) and the Sub-Fund in which Shares are subscribed.
Cut-off time
| Cut-off time  1 (Luxembourg time) (Subscriptions, redemptions and conversions) | Valuation Day  2 ("T") | Payment Date  3 |
| --- | --- | --- |
| 3 p.m. on T-1 day | Daily | Up to T+3 days 4 |

NB: any reference to a day shall be construed as a reference to a Business Day
1  
If such day is not a Business Day, the first Business Day in Luxembourg preceding this day.
2  
If such Valuation Day is not a Business Day, the Valuation Day will be the next Business Day or the previous Business Day in case of a bi-monthly valuation.
3  
For redemptions, payments will ordinarily be made in the Reference Currency.
4  
Shareholders are prompted to consult the Lombard Odier Group website (www.loim.com) for the applicable Payment Date.
For more details, please refer to paragraph 12.1 "General Provisions" of Section 12 "Issue and Sale of Shares".
Fixed-Income Sub-Fund / Convertibles
LO Funds – Convertible Bond
Investment Objective and Policy
The Sub-Fund is actively managed. The Refinitiv Global Convertible Composite Hedged TR index is used for performance comparison as well as internal risk monitoring purposes, without implying any particular constraints to the Sub-Fund’s investments. Securities targeted by the Sub-Fund can be similar to those of the index to an extent that varies over time but their weighting is expected to differ materially. The performance of the Sub-Fund may deviate materially from that of the index.
The Sub-Fund seeks to invest in high quality companies with sustainable financial models, business practices and business models showing resilience and the ability to evolve and benefit from long term structural trends using LOIM proprietary ESG and Sustainability Profiling tools and methodologies.
The Sub-Fund invests, at least two-thirds (2/3
rds
) of its assets, in bonds convertible into equities and in associated instruments such as warrants and convertible preference shares, denominated in various currencies, as well as synthetic convertible bonds (segregated purchase of bonds and options or convertible bonds and options) and financial derivative instruments on convertible bonds. Up to one-third (1/3
rd
) of the Sub-Fund's assets may be invested in other transferable securities and/or in Cash and Cash Equivalents (including short-term ABS/MBS which may represent up to 10% of investments in Cash and Cash Equivalents) in accordance with the applicable diversification rules. The Sub-Fund may not hold more than 10% of its net assets in equity securities. The market value of the optional part of the synthetic convertible bonds shall be taken into account for the purpose of verifying compliance with the two-thirds ratio of the investment policy described above.
The Investment Manager may invest the assets of the Sub-Fund in securities or issuers graded B or better by the rating agencies described in paragraph 3.2 or of equivalent quality in the opinion of the Investment Manager. The Investment Manager will use its discretion with regard to the selection of instruments, markets (in particular, the Sub-Fund may be fully invested in Emerging Markets) and currencies (including Emerging Market currencies). The Investment Manager may invest up to 5% of the Sub-Fund's assets in Chinese convertible bonds through the RQFII regime.
As mentioned in paragraph 3.1, the Sub-Fund may hold up to 10% of its net assets in UCIs.
Subject to the limits permitted by the Investment Restrictions described in Section 4 of the Prospectus, the Investment Manager is authorized to use financial derivative instruments (in particular, but not limited to, forwards, credit derivatives and interest rate derivatives):
- for hedging purposes	Yes
- for EPM	Yes
- as part of the investment strategy	YesThe use of structured financial instruments is described in paragraph 3.1.

The attention of investors is drawn to the Risk Factors Annex which sets out the risk factors applicable to the Sub-Fund, in particular
2.12 with regard to investments in Emerging Markets.
Reference Currency
EUR
Classes of Shares available for subscription
Shares can also be in different forms (i.e., Alternative Currencies, dividend policy, currency hedging policy, seeding, "Connect"): see paragraph 2.2.
|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Type of investor | See table in paragraph 2.2. of the general part of the Prospectus |
| Minimum initial investment and minimum holding | Equivalent of EUR 3,000 | Equivalent of EUR 1,000 | Equivalent of CHF 1,000,000 | Equivalent of CHF 1,000,000 | t.b.d. | Equivalent of EUR 3,000 | Equivalent of EUR 3,000 | None |
| Maximum FROC | 0.44% | 0.56% | 0.28% | 0.24% | 0.10% | 0.44% | 0.56% | 0.44% |
| Maximum Management Fee | 0.65% | 0.65% | 0.65% | 0.65% | N/A | 0.75% | 1.30% | N/A |
| Maximum Distribution Fee | 0.65% | 1.15% | N/A | N/A | N/A | N/A | N/A | N/A |

|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Performance Fee | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Maximum level of management fees when the Sub-Fund invests its assets in other UCITS or UCIs or Target Sub- Fund* | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% |
| Dealing Charge | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% |

* 
Notwithstanding any performance fee that may be levied in addition to this limit
SFDR Disclosure
The classification of the Sub-Fund under SFDR, the manner in which the Investment Manager integrates sustainability risks into its investment decisions in respect of the Sub-Fund and the results of the assessment of the likely impacts of sustainability risks on the returns of the Sub-Fund are set out in the SFDR Annex.
Investment Manager
See paragraph 6.3
Approach used to calculate the global exposure of the Sub-Fund
Relative VaR
Reference portfolio used to assess the global exposure only
Thomson Reuters Global Convertible Composite Index Hedged EUR TR
Expected level of leverage
125%
Risk budget
150%
Profile of typical investor
The Sub-Fund may be appropriate for investors, who:
- seek regular income and potentially capital gains from their investment; and
- are willing to take on the increased risks associated with the categories of assets described in the investment objective and policy; and
- can withstand volatility in the value of their Shares.

Application procedure
Application monies are to be sent in accordance with the application procedure set out in Section 20 of the Prospectus. Requests for subscriptions must be received by the Company no later than the Cut-off time.
Payment of the subscription monies must be made in the Reference Currency, or in the Alternative Currency, in case of classes issued in any Alternative Currency, for value before the Payment Date to the Depositary, indicating the proper identity of the subscriber(s) and the Sub-Fund in which Shares are subscribed.
Cut-off time
| Cut-off time  1 (Luxembourg time) (Subscriptions, redemptions and conversions) | Valuation Day  2 ("T") | Payment Date  3 |
| --- | --- | --- |
| 3 p.m. on T-1 day | Daily | Up to T+3 days 4 |

NB: any reference to a day shall be construed as a reference to a Business Day
1  
If such day is not a Business Day, the first Business Day in Luxembourg preceding this day.
2  
If such Valuation Day is not a Business Day, the Valuation Day will be the next Business Day or the previous Business Day in case of a bi-monthly valuation.
3  
For redemptions, payments will ordinarily be made in the Reference Currency.
4  
Shareholders are prompted to consult the Lombard Odier Group website (www.loim.com) for the applicable Payment Date.
For more details, please refer to paragraph 12.1 "General Provisions" of Section 12 "Issue and Sale of Shares".
Fixed-Income Sub-Fund / Convertibles
LO Funds – Global Convertible Bond Defensive Delta
Investment Objective and Policy
The Sub-Fund is actively managed. The Sub-Fund is not managed in reference to an index.
The Sub-Fund invests, at least two-thirds (2/3
rds
) of its assets, in bonds convertible into equities and in associated instruments such as warrants and convertible preference shares, denominated in various currencies, as well as synthetic convertible bonds (segregated purchase of bonds and options or convertible bonds and options) and financial derivative instruments on convertible bonds. Up to one-third (1/3
rd
) of the Sub-Fund's assets may be invested in other transferable securities and/or in Cash and Cash Equivalents (including short-term ABS/MBS which may represent up to 10% of investments in Cash and Cash Equivalents) in accordance with the applicable diversification rules. The Sub-Fund may not hold more than 10% of its net assets in equity securities. The market value of the optional part of the synthetic convertible bonds shall be taken into account for the purpose of verifying compliance with the two-thirds ratio of the investment policy described above. The Investment Manager will seek to keep the weighted average delta of the Sub-Fund at or below 40%. The delta refers to the sensitivity of the price of a convertible bond to the change in price of the underlying equities.
The Investment Manager may invest the assets of the Sub-Fund in securities or issuers graded B or better by the rating agencies described in paragraph 3.2 or of equivalent quality in the opinion of the Investment Manager. The Investment Manager will use its discretion with regard to the selection of instruments, markets (in particular, the Sub-Fund may be fully invested in Emerging Markets) and currencies (including Emerging Market currencies).
As mentioned in paragraph 3.1, the Sub-Fund may hold up to 10% of its net assets in UCIs.
Subject to the limits permitted by the Investment Restrictions described in Section 4 of the Prospectus, the Investment Manager is authorized to use financial derivative instruments (in particular, but not limited to, forwards, credit derivatives and interest rate derivatives):
- for hedging purposes	Yes
- for EPM	Yes
- as part of the investment strategy	YesThe use of structured financial instruments is described in paragraph 3.1.

The attention of investors is drawn to the Risk Factors Annex which sets out the risk factors applicable to the Sub-Fund.
Reference Currency
EUR
Classes of Shares available for subscription
Shares can also be in different forms (i.e., Alternative Currencies, dividend policy, currency hedging policy, seeding, "Connect"): see paragraph 2.2.
|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Type of investor | See table in paragraph 2.2. of the general part of the Prospectus |
| Minimum initial investment and minimum holding | Equivalent of EUR 3,000 | Equivalent of EUR 1,000 | Equivalent of CHF 1,000,000 | Equivalent of CHF 1,000,000 | t.b.d. | Equivalent of EUR 3,000 | Equivalent of EUR 3,000 | None |
| Maximum FROC | 0.44% | 0.56% | 0.28% | 0.24% | 0.10% | 0.44% | 0.56% | 0.44% |
| Maximum Management Fee | 0.65% | 0.65% | 0.65% | 0.65% | N/A | 0.75% | 1.30% | N/A |
| Maximum Distribution Fee | 0.65% | 1.15% | N/A | N/A | N/A | N/A | N/A | N/A |
| Performance Fee | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |

|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Maximum level of management fees when the Sub-Fund invests its assets in other UCITS or UCIs or Target Sub- Fund* | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% |
| Dealing Charge | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% |

* 
Notwithstanding any performance fee that may be levied in addition to this limit
SFDR Disclosure
The classification of the Sub-Fund under SFDR, the manner in which the Investment Manager integrates sustainability risks into its investment decisions in respect of the Sub-Fund and the results of the assessment of the likely impacts of sustainability risks on the returns of the Sub-Fund are set out in the SFDR Annex.
Investment Manager
See paragraph 6.3
Approach used to calculate the global exposure of the Sub-Fund
Absolute VaR
Reference portfolio used to assess the global exposure only
Not applicable
Expected level of leverage
The Sub-Fund's leverage under the sum of notional of financial derivative instruments approach is expected to be around 125% of Net Asset Value.
Investors should note that expected exposures and leverage may be exceeded.
Risk budget
10%
Profile of typical investor
The Sub-Fund may be appropriate for investors, who:
- seek regular income and potentially capital gains from their investment; and
- are willing to take on the increased risks associated with the categories of assets described in the investment objective and policy; and
- can withstand volatility in the value of their Shares.

Application procedure
Application monies are to be sent in accordance with the application procedure set out in Section 20 of the Prospectus. Requests for subscriptions must be received by the Company no later than the Cut-off time.
Payment of the subscription monies must be made in the Reference Currency, or in the Alternative Currency, in case of classes issued in any Alternative Currency, for value before the Payment Date to the Depositary, indicating the proper identity of the subscriber(s) and the Sub-Fund in which Shares are subscribed.
Cut-off time
| Cut-off time  1 (Luxembourg time) (Subscriptions, redemptions and conversions) | Valuation Day  2 ("T") | Payment Date  3 |
| --- | --- | --- |
| 3 p.m. on T-1 day | Daily | Up to T+3 days 4 |

NB: any reference to a day shall be construed as a reference to a Business Day
1  
If such day is not a Business Day, the first Business Day in Luxembourg preceding this day.
2  
If such Valuation Day is not a Business Day, the Valuation Day will be the next Business Day or the previous Business Day in case of a bi-monthly valuation.
3  
For redemptions, payments will ordinarily be made in the Reference Currency.
4  
Shareholders are prompted to consult the Lombard Odier Group website (www.loim.com) for the applicable Payment Date.
For more details, please refer to paragraph 12.1 "General Provisions" of Section 12 "Issue and Sale of Shares".
Fixed-Income Sub-Fund / Convertibles
LO Funds – Convertible Bond Asia
Investment Objective and Policy
The Sub-Fund is actively managed. The Refinitiv Convertible Asia Ex-Japan TR index is used for performance comparison as well as internal risk monitoring purposes, without implying any particular constraints to the Sub-Fund’s investments. Securities targeted by the Sub-Fund can be similar to those of the index to an extent that varies over time but their weighting is expected to differ materially. The performance of the Sub-Fund may deviate materially from that of the index.
The Sub-Fund invests, at least two-thirds (2/3
rds
) of its portfolio, in bonds convertible into equities of companies incorporated or exercising a prominent part of their business activities in the Asian area, denominated in various currencies, as well as synthetic convertible bonds (segregated purchase of bonds and options or convertible bonds and options) and financial derivative instruments on convertible bonds. The Sub-Fund may invest up to one-third (1/3
rd
) of its portfolio in other transferable securities and/or Cash and Cash Equivalents. The Sub-Fund may not hold more than 10% of its net assets in equity securities. The market value of the optional part of the synthetic convertible bonds shall be taken into account for the purpose of verifying compliance with the two-thirds ratio of the investment policy described above. The Investment Manager may invest
the assets of the Sub-Fund in securities or issuers graded B or better by the rating agencies described in paragraph 3.2 or of equivalent quality in the opinion of the Investment Manager. The Investment Manager will use its discretion with regard to the selection of instruments, markets (in particular, the Sub-Fund may be fully invested in Emerging Markets) and currencies (including Emerging Market currencies). The Investment Manager may invest up to 15% of the Sub-Fund's assets in Chinese convertible bonds through the RQFII regime.
As mentioned in paragraph 3.1, the Sub-Fund may (i) in normal market conditions and in accordance with the applicable diversification rules, hold on a temporary and ancillary basis up to one-third (1/3
rd
) of its net assets in Cash and Cash Equivalents (including short-term ABS/MBS which may represent up to 10% of investments in Cash and Cash Equivalents) and (ii) hold up to 10% of its net assets in UCIs.
Subject to the limits permitted by the Investment Restrictions described in Section 4 of the Prospectus, the Investment Manager is authorized to use financial derivative instruments (in particular, but not limited to, forwards, credit derivatives and interest rate derivatives):
- for hedging purposes	Yes
- for EPM	Yes
- as part of the investment strategy	YesThe use of structured financial instruments is described in paragraph 3.1.

The attention of investors is drawn to the Risk Factors Annex which sets out the risk factors applicable to the Sub-Fund, in particular
2.12 with regard to investments in Emerging Markets.
Reference Currency
USD
Classes of Shares available for subscription
Shares can also be in different forms (i.e., Alternative Currencies, dividend policy, currency hedging policy, seeding, "Connect"): see paragraph 2.2.
|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Type of investor | See table in paragraph 2.2. of the general part of the Prospectus |
| Minimum initial investment and minimum holding | Equivalent of EUR 3,000 | Equivalent of EUR 1,000 | Equivalent of CHF 1,000,000 | Equivalent of CHF 1,000,000 | t.b.d. | Equivalent of EUR 3,000 | Equivalent of EUR 3,000 | None |
| Maximum FROC | 0.44% | 0.56% | 0.28% | 0.24% | 0.10% | 0.44% | 0.56% | 0.44% |
| Maximum Management Fee | 0.75% | 0.75% | 0.75% | 0.75% | N/A | 0.85% | 1.50% | N/A |
| Maximum Distribution Fee | 0.75% | 1.55% | N/A | N/A | N/A | N/A | N/A | N/A |
| Performance Fee | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |

|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Maximum level of management fees when the Sub-Fund invests its assets in other UCITS or UCIs or Target Sub- Fund* | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% |
| Dealing Charge | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% |

* 
Notwithstanding any performance fee that may be levied in addition to this limit
SFDR Disclosure
The classification of the Sub-Fund under SFDR, the manner in which the Investment Manager integrates sustainability risks into its investment decisions in respect of the Sub-Fund and the results of the assessment of the likely impacts of sustainability risks on the returns of the Sub-Fund are set out in the SFDR Annex.
Investment Manager
See paragraph 6.3
Approach used to calculate the global exposure of the Sub-Fund
Relative VaR
Reference portfolio used to assess the global exposure only
Thomson Reuters Convertible Asia ex Japan Index (USD) TR
Expected level of leverage
125%
Risk budget
150%
Profile of typical investor
The Sub-Fund may be appropriate for investors, who:
- seek regular income and potentially capital gains from their investment; and
- are willing to take on the increased risks associated with the categories of assets described in the investment objective and policy; and
- can withstand volatility in the value of their Shares.

Application procedure
Application monies are to be sent in accordance with the application procedure set out in Section 20 of the Prospectus. Requests for subscriptions must be received by the Company no later than the Cut-off time.
Payment of the subscription monies must be made in the Reference Currency, or in the Alternative Currency, in case of classes issued in any Alternative Currency, for value before the Payment Date to the Depositary, indicating the proper identity of the subscriber(s) and the Sub-Fund in which Shares are subscribed.
Cut-off time
| Cut-off time  1 (Luxembourg time) (Subscriptions, redemptions and conversions) | Valuation Day  2 ("T") | Payment Date  3 |
| --- | --- | --- |
| 3 p.m. on T-1 day | Daily | Up to T+3 days 4 |

NB: any reference to a day shall be construed as a reference to a Business Day
1  
If such day is not a Business Day, the first Business Day in Luxembourg preceding this day.
2  
If such Valuation Day is not a Business Day, the Valuation Day will be the next Business Day or the previous Business Day in case of a bi-monthly valuation.
3  
For redemptions, payments will ordinarily be made in the Reference Currency.
4  
Shareholders are prompted to consult the Lombard Odier Group website (www.loim.com) for the applicable Payment Date.
For more details, please refer to paragraph 12.1 "General Provisions" of Section 12 "Issue and Sale of Shares".
Fixed-Income Sub-Fund / Convertibles
LO Funds – TargetNetZero Global Convertible Bond
Investment Objective and Policy
The Sub-Fund is actively managed. The Refinitiv Global Focus Convertible Bond TR index is used for performance comparison as well as internal risk monitoring purposes, without implying any particular constraints to the Sub-Fund’s investments. Securities targeted by the Sub-Fund can be similar to those of the index to an extent that varies over time but their weighting is expected to differ materially. The performance of the Sub-Fund may deviate materially from that of the index.
The Sub-Fund seeks to invest in high quality companies with sustainable financial models, business practices and business models showing resilience and the ability to evolve and benefit from long term structural trends using LOIM proprietary ESG and Sustainability Profiling tools and methodologies.
The Investment Manager will aim to invest in securities of issuers which can contribute to a reduction in global CO2 emissions and the eventual achievement of net zero CO2 emissions by 2050. This will include issuers already targeting such net zero CO2 emissions by 2050, as well as issuers that may not yet have set such targets but that may progressively be brought into alignment, including through regulatory action, investor engagement and market changes. The Investment Manager will aim to ensure a faster rate of reductions in CO2 emissions in the Sub-Fund’s investment portfolio when compared to the MSCI World TR index. The achievement of these aims is dependent on regulatory, technological and commercial developments external to the Investment Manager and there can be no guarantee that they will be achieved in respect of the above referenced aims.
The Sub-Fund invests, at least two-thirds (2/3
rds
) of its assets, in bonds convertible into equities and in associated instruments such as warrants and convertible preference shares, denominated in various currencies, as well as synthetic convertible bonds (segregated purchase of bonds and options or convertible bonds and options) and financial derivative instruments on convertible bonds. Up to one-third (1/3
rd
) of the Sub-Fund's assets may be invested in other transferable securities and/or in Cash and Cash Equivalents (including short-term ABS/MBS which may represent up to 10% of investments in Cash and Cash Equivalents) in accordance with the applicable diversification rules. The Sub-Fund may not hold more than 10% of its net assets in equity securities. The market value of the optional part of the synthetic convertible bonds shall be taken into account for the purpose of verifying compliance with the two-thirds ratio of the investment policy described above.
The Investment Manager may invest the assets of the Sub-Fund in securities or issuers graded CCC+ or better by the rating agencies described in paragraph 3.2 or of equivalent quality in the opinion of the Investment Manager. The Investment Manager will use its discretion with regard to the selection of instruments, markets (in particular, the Sub-Fund may be fully invested in Emerging Markets) and currencies (including Emerging Market currencies).
The Sub-Fund may invest up to 10% of its net assets in Chinese convertible bonds through the RQFII regime. As mentioned in paragraph 3.1, the Sub-Fund may hold up to 10% of its net assets in UCIs.
Subject to the limits permitted by the Investment Restrictions described in Section 4 of the Prospectus, the Investment Manager is authorized to use financial derivative instruments (in particular, but not limited to, forwards, futures, credit derivatives and interest rate derivatives):
- for hedging purposes	Yes
- for EPM	Yes
- as part of the investment strategy	YesThe use of structured financial instruments is described in paragraph 3.1.

The attention of investors is drawn to the Risk Factors Annex which sets out the risk factors applicable to the Sub-Fund.
Reference Currency
EUR
Classes of Shares available for subscription
Shares can also be in different forms (i.e., Alternative Currencies, dividend policy, currency hedging policy, seeding, "Connect"): see paragraph 2.2.
|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Type of investor | See table in paragraph 2.2. of the general part of the Prospectus |
| Minimum initial investment and minimum holding | Equivalent of EUR 3,000 | Equivalent of EUR 1,000 | Equivalent of CHF 1,000,000 | Equivalent of CHF 1,000,000 | t.b.d. | Equivalent of EUR 3,000 | Equivalent of EUR 3,000 | None |

|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Maximum FROC | 0.44% | 0.56% | 0.28% | 0.24% | 0.10% | 0.44% | 0.56% | 0.44% |
| Maximum Management Fee | 0.75% | 0.75% | 0.75% | 0.75% | N/A | 0.85% | 1.50% | N/A |
| Maximum Distribution Fee | 0.75% | 1.50% | N/A | N/A | N/A | N/A | N/A | N/A |
| Performance Fee | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Maximum level of management fees when the Sub-Fund invests its assets in other UCITS or UCIs or Target Sub- Fund* | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% |
| Dealing Charge | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% |

* 
Notwithstanding any performance fee that may be levied in addition to this limit
SFDR Disclosure
The classification of the Sub-Fund under SFDR, the manner in which the Investment Manager integrates sustainability risks into its investment decisions in respect of the Sub-Fund and the results of the assessment of the likely impacts of sustainability risks on the returns of the Sub-Fund are set out in the SFDR Annex.
Investment Manager
See paragraph 6.3
Approach used to calculate the global exposure of the Sub-Fund
Relative VaR
Reference portfolio used to assess the global exposure only
Refinitiv Global Focus Convertible Bond TR
Expected level of leverage
125%
Risk budget
150%
Profile of typical investor
The Sub-Fund may be appropriate for investors, who:
- seek regular income and potentially capital gains from their investment; and
- are willing to take on the increased risks associated with the categories of assets described in the investment objective and policy; and
- can withstand volatility in the value of their Shares.

Application procedure
Application monies are to be sent in accordance with the application procedure set out in Section 20 of the Prospectus. Requests for subscriptions must be received by the Company no later than the Cut-off time.
Payment of the subscription monies must be made in the Reference Currency, or in the Alternative Currency, in case of classes issued in any Alternative Currency, for value before the Payment Date to the Depositary, indicating the proper identity of the subscriber(s) and the Sub-Fund in which Shares are subscribed.
Cut-off time
| Cut-off time  1 (Luxembourg time) (Subscriptions, redemptions and conversions) | Valuation Day  2 ("T") | Payment Date  3 |
| --- | --- | --- |
| 3 p.m. on T-1 day | Daily | Up to T+3 days 4 |

NB: any reference to a day shall be construed as a reference to a Business Day
1  
If such day is not a Business Day, the first Business Day in Luxembourg preceding this day.
2  
If such Valuation Day is not a Business Day, the Valuation Day will be the next Business Day or the previous Business Day in case of a bi-monthly valuation.
3  
For redemptions, payments will ordinarily be made in the Reference Currency.
4  
Shareholders are prompted to consult the Lombard Odier Group website (www.loim.com) for the applicable Payment Date.
For more details, please refer to paragraph 12.1 "General Provisions" of Section 12 "Issue and Sale of Shares".
Fixed-Income Sub-Fund / Buy and Maintain
LO Funds – High Yield 2021
Please note that this Sub-Fund will be changed into LO Funds – Global Income 2027 on 2 November 2021. The appendix related to LO Funds – Global Income 2027 is to be found right after the present appendix.
Please see the note regarding "Buy and Maintain" Sub-Funds after the list of Sub-Funds under "Annex A: Sub-Funds offered for subscriptions" above. In addition, to achieve the Sub-Fund's investment objective as described below, the Board may decide to cease issuing Shares in the Sub- Fund at any time following the launch of the Sub-Fund, as well as to resume issuing Shares for a period it deems appropriate.
Investment Objective and Policy
The Sub-Fund is actively managed. The Sub-Fund is not managed in reference to an index.
The Sub-Fund primary objective is to build a buy and maintain portfolio set up for a period ending in the course of the year 2021 (hereafter referred as "the Term").
The Sub-Fund invests, at least 50% of its assets, in bonds, other fixed or floating-rate debt securities and short-term debt securities of corporate or governmental issuers denominated in any OECD currencies and graded either BB, B, CCC or equivalent by the rating agencies described in paragraph 3.2 or of equivalent quality in the opinion of the Investment Manager. Up to 50% of the Sub-Fund’s assets may be invested in (i) debt securities denominated in other currencies (including Emerging Market currencies), (ii) debt securities graded above BB, or of equivalent quality in the opinion of the Investment Manager, and/or in (iii) Coco Bonds (which may represent up to 10% of the Sub-Fund's assets). However, due
to the nature of the Sub-Fund's strategy, the portfolio may deviate from the above-mentioned limits as a result of a credit rating upgrade of bonds or cash flows resulting from the maturity of bonds held in the portfolio. At the discretion of the Investment Manager, the Sub-Fund may be fully invested, in accordance with the applicable diversification rules, in Cash and Cash Equivalents (including short-term ABS/MBS which may represent up to 10% of investments within Cash and Cash Equivalents). In particular, while approaching the Term, positions in Cash and Cash Equivalents will tend to grow and gradually represent most part of the assets.
The Investment Manager will use its discretion with regard to sectors, geographical exposure (including Emerging Markets) and maturities. The Sub-Fund may be exposed to a limited number of issues and issuers.
The investment approach applied by the Investment Manager to select securities is mainly based on a rules-based fundamental analysis of issuers. In addition, the Investment Manager may also apply other qualitative and/or systematic strategies.
As mentioned in paragraph 3.1, the Sub-Fund may hold up to 10% of its net assets in UCIs.
Subject to the limits permitted by the Investment Restrictions described in Section 4 of the Prospectus, the Investment Manager is authorized to use financial derivative instruments (in particular, but not limited to credit (including CDS), interest rate, inflation, currency and volatility derivatives):
- for hedging purposes	Yes
- for EPM	Yes
- as part of the investment strategy	NoThe use of structured financial instruments is described in paragraph 3.1.

The attention of investors is drawn to the Risk Factors Annex which sets out the risk factors applicable to the Sub-Fund.
Reference Currency
EUR
Classes of Shares available for subscription
Shares can also be in different forms (i.e., Alternative Currencies, dividend policy, currency hedging policy, seeding, "Connect"): see paragraph 2.2.
With respect to the dividend policy of the Shares, in addition to the provisions set forth in the Dividend Policy Section of the Prospectus, the following principles may apply:
- there may be fixed distributions of dividend the amount of which is to be determined on the first distribution of a given year by the Board for the year to which they relate;
- the periodicity of distributions is annual.

The Board has discretion to implement the above principles and amend or adjust the amount of the fixed distributions as well as the periodicity of their payments having regard to market events or other circumstances such as investors' requirements and their best interest.
|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Type of investor | See table in paragraph 2.2. of the general part of the Prospectus |
| Minimum initial investment and minimum holding | Equivalent of EUR 3,000 | Equivalent of EUR 1,000 | Equivalent of CHF 1,000,000 | Equivalent of CHF 1,000,000 | t.b.d. | Equivalent of EUR 3,000 | Equivalent of EUR 3,000 | None |
| Maximum FROC | 0.44% | 0.56% | 0.28% | 0.24% | 0.10% | 0.44% | 0.56% | 0.44% |
| Maximum Management Fee | 0.75% | 0.75% | 0.75% | 0.75% | N/A | 0.85% | 1.50% | N/A |
| Maximum Distribution Fee | 0.75% | 1.55% | N/A | N/A | N/A | N/A | N/A | N/A |
| Performance Fee | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Maximum level of management fees when the Sub-Fund invests its assets in other UCITS or UCIs or Target Sub- Fund* | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% |
| Dealing Charge | Up to 5% | Up to 5% | Up to 5% | Up to 5% | Up to 5% | Up to 5% | Up to 5% | Up to 5% |

* 
Notwithstanding any performance fee that may be levied in addition to this limit
SFDR Disclosure
The classification of the Sub-Fund under SFDR, the manner in which the Investment Manager integrates sustainability risks into its investment decisions in respect of the Sub-Fund and the results of the assessment of the likely impacts of sustainability risks on the returns of the Sub-Fund are set out in the SFDR Annex.
Investment Manager
See paragraph 6.3
Approach used to calculate the global exposure of the Sub-Fund
Commitment approach
Profile of typical investor
The Sub-Fund may be appropriate for investors, who:
- seek regular income and potentially capital gains from their investment; and
- are willing to take on the increased risks associated with the categories of assets described in the investment objective and policy; and
- can withstand volatility in the value of their Shares.

Application procedure
Application monies are to be sent in accordance with the application procedure set out in Section 20 of the Prospectus. Requests for subscriptions must be received by the Company no later than the Cut-off time.
Payment of the subscription monies must be made in the Reference Currency, or in the Alternative Currency, in case of classes issued in any Alternative Currency, for value before the Payment Date to the Depositary, indicating the proper identity of the subscriber(s) and the Sub-Fund in which Shares are subscribed.
Cut-off time
| Cut-off time  1 (Luxembourg time) (Subscriptions, redemptions and conversions) | Valuation Day  2 ("T") | Payment Date  3 |
| --- | --- | --- |
| 3 p.m. on T-1 day | Daily | Up to T+3 days 4 |

NB: any reference to a day shall be construed as a reference to a Business Day
1  
If such day is not a Business Day, the first Business Day in Luxembourg preceding this day.
2  
If such Valuation Day is not a Business Day, the Valuation Day will be the next Business Day or the previous Business Day in case of a bi-monthly valuation.
3  
For redemptions, payments will ordinarily be made in the Reference Currency.
4  
Shareholders are prompted to consult the Lombard Odier Group website (www.loim.com) for the applicable Payment Date.
For more details, please refer to paragraph 12.1 "General Provisions" of Section 12 "Issue and Sale of Shares".
Fixed-Income Sub-Fund / Buy and Maintain
LO Funds – Global Income 2027
(as from 2 November 2021)
Please see the note regarding "Buy and Maintain" Sub-Funds after the list of Sub-Funds under "Annex A: Sub-Funds offered for subscriptions" above. In addition, to achieve the Sub-Fund's investment objective as described below, the Board may decide to cease issuing Shares in the Sub- Fund at any time following the launch of the Sub-Fund, as well as to resume issuing Shares for a period it deems appropriate.
Investment Objective
The Sub-Fund primary objective is to build a buy and maintain portfolio set up for a period ending in the course of the year 2027 (hereafter referred as "the Term").
The concept of a buy and maintain strategy refers to a portfolio mainly invested in debt securities which are initially purchased with the intention to hold them until their respective maturity (“Buy Process”). However, the portfolio is monitored/maintained (“Maintain Process”) so that the replacement of one or several of these debt securities is triggered in the case of a significant increase in the risk of default and/or relative value opportunities, in the opinion of the Investment Manager.
Buy and Maintain Investment Process
The Buy Process is composed of two steps:
- a systematic/rule-based process that aims to allocate to sectors considered as contributing the most to the economy and at reducing the default risk and reflect the issuers' fundamentals within portfolio weightings;
- a credit overlay aiming at selecting issuers based on the Investment Manager’s views and conviction.

The Maintain Process is based on the Investment Manager’s credit research expertise aiming at making sure bonds are replaced in case of:
- a deterioration of the issuer’s fundamentals leading to a material increase in the risk of default;
- a breach of the investment guidelines (for example a rating downgrade);
- relative value opportunities.

Investment Policy
The Sub-Fund is actively managed. The Sub-Fund is not managed in reference to an index.
The Sub-Fund invests in bonds, other fixed or floating-rate debt securities and short-term debt securities of corporate, sovereign and/or supranational entities denominated in EUR, USD, GBP and/or CHF. However, the Investment Manager will seek to fully hedge the portfolio against currency risk. At least 50% of the Sub-Fund’s assets are invested in debt securities graded either BB or above by the rating agencies described in paragraph 3.2 or of equivalent quality in the opinion of the Investment Manager.
Up to 50% of the Sub-Fund’s assets may be invested in debt securities graded B by the rating agencies described in paragraph 3.2 or of equivalent quality in the opinion of the Investment Manager. In case of a downgrade of a debt security below B, the Investment Manager will sell the position within 18 months.
The use of financial derivative instruments must not be considered within these limits. The Investment Manager will target an average rating at the portfolio level of BB.
Up to 50% of the Sub-Fund’s assets may be invested in callable debt securities with a call date on or before the Term and an extended maturity date beyond one year from the Term.
The maximum maturity date of any debt securities without a call option is one year after the Term. The Sub-Fund’s assets cannot be invested in callable debt securities with a call date after the Term and an extended maturity date beyond one year from the Term. At the discretion of the Investment Manager, the Sub-Fund may be fully invested, in accordance with the applicable diversification rules, in Cash and Cash Equivalents (including short-term ABS/MBS which may represent up to 10% of investments within Cash and Cash Equivalents). In particular, while approaching the Term, positions in Cash and Cash Equivalents will tend to grow and gradually represent most part of the assets.
The Investment Manager will seek to remain diversified at the sector/industry level.
The Investment Manager will seek to invest in at least 70 distinct underlying positions. While approaching the Term, the number of positions will tend to reduce below the threshold of 70 distinct underlying positions.
As mentioned in paragraph 3.1, the Sub-Fund may hold up to 10% of its net assets in UCIs.
Subject to the limits permitted by the Investment Restrictions described in Section 4 of the Prospectus, the Investment Manager is authorized to use financial derivative instruments within the authorized absolute VaR limit (18%) and expected of sum of notionals limit (300%) and within a net leverage budget (derivatives net exposure/Sub-Fund’s assets under management) of 50% (in CDS and CDS options):
- for hedging purposes	Yes
- as part of the investment strategy	YesInvestors should note that indicative levels of leverage can be exceeded in certain circumstances which are linked, for instance, to sudden changes of market conditions rather than an intent to take additional exposure.

The use of structured financial instruments is described in paragraph 3.1.
The attention of investors is drawn to the Risk Factors Annex which sets out the risk factors applicable to the Sub-Fund.
Reference Currency
EUR
Classes of Shares available for subscription
Shares can also be in different forms (i.e., Alternative Currencies, dividend policy, currency hedging policy, seeding, "Connect"): see paragraph 2.2.
With respect to the dividend policy of the Shares, in addition to the provisions set forth in the Dividend Policy Section of the Prospectus, the following principles may apply:
- there may be fixed distributions of dividend the amount of which is to be determined on the first distribution of a given year by the Board for the year to which they relate;
- the periodicity of distributions is annual.

The Board has discretion to implement the above principles and amend or adjust the amount of the fixed distributions as well as the periodicity of their payments having regard to market events or other circumstances such as investors' requirements and their best interest.
|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Type of investor | See table in paragraph 2.2. of the general part of the Prospectus |
| Minimum initial investment and minimum holding | Equivalent of EUR 3,000 | Equivalent of EUR 1,000 | Equivalent of CHF 1,000,000 | Equivalent of CHF 1,000,000 | t.b.d. | Equivalent of EUR 3,000 | Equivalent of EUR 3,000 | None |
| Maximum FROC | 0.31% | 0.44% | 0.22% | 0.22% | 0.08% | 0.31% | 0.44% | 0.44% |
| Maximum Management Fee | 0.40% | 0.40% | 0.40% | 0.40% | N/A | 0.44% | 0.80% | N/A |
| Maximum Distribution Fee | 0.40% | 0.80% | N/A | N/A | N/A | N/A | N/A | N/A |
| Performance Fee | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Maximum level of management fees when the Sub-Fund invests its assets in other UCITS or UCIs or Target Sub- Fund* | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% |
| Dealing Charge | Up to 2% | Up to 2% | Up to 2% | Up to 2% | Up to 2% | Up to 2% | Up to 2% | Up to 2% |

* 
Notwithstanding any performance fee that may be levied in addition to this limit
SFDR Disclosure
The classification of the Sub-Fund under SFDR, the manner in which the Investment Manager integrates sustainability risks into its investment decisions in respect of the Sub-Fund and the results of the assessment of the likely impacts of sustainability risks on the returns of the Sub-Fund are set out in the SFDR Annex.
Investment Manager
See paragraph 6.3
Approach used to calculate the global exposure of the Sub-Fund
Absolute VaR
Reference portfolio used to assess the global exposure only
Not applicable
Expected level of leverage
300%
Risk budget
18%
Profile of typical investor
The Sub-Fund may be appropriate for investors, who:
- seek regular income and potentially capital gains from their investment; and
- are willing to take on the increased risks associated with the categories of assets described in the investment objective and policy; and
- can withstand volatility in the value of their Shares.

Application procedure
Application monies are to be sent in accordance with the application procedure set out in Section 20 of the Prospectus. Requests for subscriptions must be received by the Company no later than the Cut-off time.
Payment of the subscription monies must be made in the Reference Currency, or in the Alternative Currency, in case of classes issued in any Alternative Currency, for value before the Payment Date to the Depositary, indicating the proper identity of the subscriber(s) and the Sub-Fund in which Shares are subscribed.
Cut-off time
| Cut-off time  1 (Luxembourg time) (Subscriptions, redemptions and conversions) | Valuation Day  2 ("T") | Payment Date  3 |
| --- | --- | --- |
| 3 p.m. on T-1 day | Daily | Up to T+3 days 4 |

NB: any reference to a day shall be construed as a reference to a Business Day
1  
If such day is not a Business Day, the first Business Day in Luxembourg preceding this day.
2  
If such Valuation Day is not a Business Day, the Valuation Day will be the next Business Day or the previous Business Day in case of a bi-monthly valuation.
3  
For redemptions, payments will ordinarily be made in the Reference Currency.
4  
Shareholders are prompted to consult the Lombard Odier Group website (www.loim.com) for the applicable Payment Date.
For more details, please refer to paragraph 12.1 "General Provisions" of Section 12 "Issue and Sale of Shares".
Fixed-Income Sub-Fund / Buy and Maintain
LO Funds – High Yield 2022
Please see the note regarding "Buy and Maintain" Sub-Funds after the list of Sub-Funds under "Annex A: Sub-Funds offered for subscriptions" above. In addition, to achieve the Sub-Fund's investment objective as described below, the Board may decide to cease issuing Shares in the Sub- Fund at any time following the launch of the Sub-Fund, as well as to resume issuing Shares for a period it deems appropriate.
Investment Objective
The Sub-Fund is actively managed. The Sub-Fund is not managed in reference to an index.
The Sub-Fund primary objective is to build a buy and maintain portfolio set up for a period ending in the course of the year 2022 (hereafter referred as "the Term").
The concept of a buy and maintain strategy refers to a portfolio mainly invested in debt securities which are initially purchased with the intention to hold them until their respective maturity (“Buy Process”). However, the portfolio is monitored/maintained (“Maintain Process”) so that the replacement of one or several of these debt securities is triggered in the case of a significant increase in the risk of default and/or relative value opportunities, in the opinion of the Investment Manager.
Buy and Maintain Investment Process
The Buy Process is composed of two steps:
- a systematic/rule-based process that aims to allocate to sectors considered as contributing the most to the economy and at reducing the default risk and reflect the issuers' fundamentals within portfolio weightings;
- a credit overlay aiming at selecting issuers based on the Investment Manager’s views and conviction.

The Maintain Process is based on the Investment Manager’s credit research expertise aiming at making sure bonds are replaced in case of:
- a deterioration of the issuer’s fundamentals leading to a material increase in the risk of default;
- a breach of the investment guidelines (for example a rating downgrade);
- relative value opportunities.

Investment Policy
The Sub-Fund invests in bonds, other fixed or floating-rate debt securities and short-term debt securities of corporate, sovereign and/or supranational entities denominated in EUR, USD, GBP and/or CHF. However, the Investment Manager will seek to fully hedge the portfolio against currency risk.
At least 50% of the Sub-Fund’s assets are invested in debt securities graded either BB or above by the rating agencies described in paragraph 3.2 or of equivalent quality in the opinion of the Investment Manager.
Up to 50% of the Sub-Fund’s assets may be invested in debt securities graded B by the rating agencies described in paragraph 3.2 or of equivalent quality in the opinion of the Investment Manager. In case of a downgrade of a debt security below B, the Investment Manager will sell the position within 12 months.
The use of financial derivative instruments must not be considered within these limits. The Investment Manager will target an average rating at the portfolio level of BB.
Up to 50% of the Sub-Fund’s assets may be invested in callable debt securities with a call date on or before June 2023 and extended maturity date after June 2023. The maximum maturity date of any debt securities without a call option is 28 December 2023.
At the discretion of the Investment Manager, the Sub-Fund may be fully invested, in accordance with the applicable diversification rules, in Cash and Cash Equivalents (including short-term ABS/MBS which may represent up to 10% of investments within Cash and Cash Equivalents). In particular, while approaching the Term, positions in Cash and Cash Equivalents will tend to grow and gradually represent most part of the assets.
The Investment Manager will seek to remain diversified at the sector/industry level.
The Investment Manager will seek to invest in at least 70 distinct underlying positions. While approaching the Term, the number of positions will tend to reduce.
As mentioned in paragraph 3.1, the Sub-Fund may hold up to 10% of its net assets in UCIs.
Subject to the limits permitted by the Investment Restrictions described in Section 4 of the Prospectus, the Investment Manager is authorized to use financial derivative instruments within the authorized 100% commitment (leverage including netting and hedging arrangements) limit and within a gross leverage (sum of notionals in absolute value approach) budget of 150% (up to 50% of the Sub-Fund’s assets in CDS and CDS options and up to 100% in forex forwards):
- for hedging purposes	Yes
- for EPM	Yes
- as part of the investment strategy	YesInvestors should note that indicative levels of leverage can be exceeded in certain circumstances which are linked, for instance, to sudden changes of market conditions rather than an intent to take additional exposure.

The attention of investors is drawn to the Risk Factors Annex which sets out the risk factors applicable to the Sub-Fund.
Reference Currency
EUR
Classes of Shares available for subscription
Shares can also be in different forms (i.e., Alternative Currencies, dividend policy, currency hedging policy, seeding, "Connect"): see paragraph 2.2.
With respect to the dividend policy of the Shares, in addition to the provisions set forth in the Dividend Policy Section of the Prospectus, the following principles may apply:
- there may be fixed distributions of dividend the amount of which is to be determined on the first distribution of a given year by the Board for the year to which they relate;
- the periodicity of distributions is annual.

The Board has discretion to implement the above principles and amend or adjust the amount of the fixed distributions as well as the periodicity of their payments having regard to market events or other circumstances such as investors' requirements and their best interest.
|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Type of investor | See table in paragraph 2.2. of the general part of the Prospectus |
| Minimum initial investment and minimum holding | Equivalent of EUR 3,000 | Equivalent of EUR 1,000 | Equivalent of CHF 1,000,000 | Equivalent of CHF 1,000,000 | t.b.d. | Equivalent of EUR 3,000 | Equivalent of EUR 3,000 | None |
| Maximum FROC | 0.31% | 0.44% | 0.22% | 0.22% | 0.08% | 0.31% | 0.44% | 0.44% |
| Maximum Management Fee | 0.40% | 0.40% | 0.40% | 0.40% | N/A | 0.44% | 0.80% | N/A |
| Maximum Distribution Fee | 0.40% | 0.80% | N/A | N/A | N/A | N/A | N/A | N/A |
| Performance Fee | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Maximum level of management fees when the Sub-Fund invests its assets in other UCITS or UCIs or Target Sub- Fund* | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% |
| Dealing Charge | Up to 2% | Up to 2% | Up to 2% | Up to 2% | Up to 2% | Up to 2% | Up to 2% | Up to 2% |

* 
Notwithstanding any performance fee that may be levied in addition to this limit
SFDR Disclosure
The classification of the Sub-Fund under SFDR, the manner in which the Investment Manager integrates sustainability risks into its investment decisions in respect of the Sub-Fund and the results of the assessment of the likely impacts of sustainability risks on the returns of the Sub-Fund are set out in the SFDR Annex.
Investment Manager
See paragraph 6.3
Approach used to calculate the global exposure of the Sub-Fund
Commitment approach
Profile of typical investor
The Sub-Fund may be appropriate for investors, who:
- seek regular income and potentially capital gains from their investment; and
- are willing to take on the increased risks associated with the categories of assets described in the investment objective and policy; and
- can withstand volatility in the value of their Shares.

Application procedure
Application monies are to be sent in accordance with the application procedure set out in Section 20 of the Prospectus. Requests for subscriptions must be received by the Company no later than the Cut-off time.
Payment of the subscription monies must be made in the Reference Currency, or in the Alternative Currency, in case of classes issued in any Alternative Currency, for value before the Payment Date to the Depositary, indicating the proper identity of the subscriber(s) and the Sub-Fund in which Shares are subscribed.
Cut-off time
| Cut-off time  1 (Luxembourg time) (Subscriptions, redemptions and conversions) | Valuation Day  2 ("T") | Payment Date  3 |
| --- | --- | --- |
| 3 p.m. on T-1 day | Daily | Up to T+3 days 4 |

NB: any reference to a day shall be construed as a reference to a Business Day
1  
If such day is not a Business Day, the first Business Day in Luxembourg preceding this day.
2  
If such Valuation Day is not a Business Day, the Valuation Day will be the next Business Day or the previous Business Day in case of a bi-monthly valuation.
3  
For redemptions, payments will ordinarily be made in the Reference Currency.
4  
Shareholders are prompted to consult the Lombard Odier Group website (www.loim.com) for the applicable Payment Date.
For more details, please refer to paragraph 12.1 "General Provisions" of Section 12 "Issue and Sale of Shares".
Fixed-Income Sub-Fund / Buy and Maintain
LO Funds – High Yield 2023
Please see the note regarding "Buy and Maintain" Sub-Funds after the list of Sub-Funds under "Annex A: Sub-Funds offered for subscriptions" above. In addition, to achieve the Sub-Fund's investment objective as described below, the Board may decide to cease issuing Shares in the Sub- Fund at any time following the launch of the Sub-Fund, as well as to resume issuing Shares for a period it deems appropriate.
Investment Objective
The Sub-Fund is actively managed. The Sub-Fund is not managed in reference to an index.
The Sub-Fund primary objective is to build a buy and maintain portfolio set up for a period ending in the course of the year 2023 (hereafter referred as "the Term").
The concept of a buy and maintain strategy refers to a portfolio mainly invested in debt securities which are initially purchased with the intention to hold them until their respective maturity (“Buy Process”). However, the portfolio is monitored/maintained (“Maintain Process”) so that the replacement of one or several of these debt securities is triggered in the case of a significant increase in the risk of default and/or relative value opportunities, in the opinion of the Investment Manager.
Buy and Maintain Investment Process
The Buy Process is composed of two steps:
- a systematic/rule-based process that aims to allocate to sectors considered as contributing the most to the economy and at reducing the default risk and reflect the issuers' fundamentals within portfolio weightings;
- a credit overlay aiming at selecting issuers based on the Investment Manager’s views and conviction.

The Maintain Process is based on the Investment Manager’s credit research expertise aiming at making sure bonds are replaced in case of:
- a deterioration of the issuer’s fundamentals leading to a material increase in the risk of default;
- a breach of the investment guidelines (for example a rating downgrade);
- relative value opportunities.

Investment Policy
The Sub-Fund invests in bonds, other fixed or floating-rate debt securities and short-term debt securities of corporate, sovereign and/or supranational entities denominated in EUR, USD, GBP and/or CHF. However, the Investment Manager will seek to fully hedge the portfolio against currency risk.
At least 50% of the Sub-Fund’s assets are invested in debt securities graded either BB or above by the rating agencies described in paragraph 3.2 or of equivalent quality in the opinion of the Investment Manager.
Up to 50% of the Sub-Fund’s assets may be invested in debt securities graded B by the rating agencies described in paragraph 3.2 or of equivalent quality in the opinion of the Investment Manager. In case of a downgrade of a debt security below B, the Investment Manager will sell the position within 12 months.
The use of financial derivative instruments must not be considered within these limits. The Investment Manager will target an average rating at the portfolio level of BB.
Up to 50% of the Sub-Fund’s assets may be invested in callable debt securities with a call date on or before June 2024 and extended maturity date after June 2024. The maximum maturity date of any debt securities without a call option is 28 December 2024.
At the discretion of the Investment Manager, the Sub-Fund may be fully invested, in accordance with the applicable diversification rules, in Cash and Cash Equivalents (including short-term ABS/MBS which may represent up to 10% of investments within Cash and Cash Equivalents). In particular, while approaching the Term, positions in Cash and Cash Equivalents will tend to grow and gradually represent most part of the assets.
The Investment Manager will seek to remain diversified at the sector/industry level.
The Investment Manager will seek to invest in at least 70 distinct underlying positions. While approaching the Term, the number of positions will tend to reduce.
As mentioned in paragraph 3.1, the Sub-Fund may hold up to 10% of its net assets in UCIs.
Subject to the limits permitted by the Investment Restrictions described in Section 4 of the Prospectus, the Investment Manager is authorized to use financial derivative instruments within the authorized 100% commitment (leverage including netting and hedging arrangements) limit and within a gross leverage (sum of notionals in absolute value approach) budget of 150% (up to 50% of the Sub-Fund’s assets in CDS and CDS options and up to 100% in forex forwards):
- for hedging purposes	Yes
- for EPM	Yes
- as part of the investment strategy	YesInvestors should note that indicative levels of leverage can be exceeded in certain circumstances which are linked, for instance, to sudden changes of market conditions rather than an intent to take additional exposure.

The attention of investors is drawn to the Risk Factors Annex which sets out the risk factors applicable to the Sub-Fund.
Reference Currency
EUR
Classes of Shares available for subscription
Shares can also be in different forms (i.e., Alternative Currencies, dividend policy, currency hedging policy, seeding, "Connect"): see paragraph 2.2.
With respect to the dividend policy of the Shares, in addition to the provisions set forth in the Dividend Policy Section of the Prospectus, the following principles may apply:
- there may be fixed distributions of dividend the amount of which is to be determined on the first distribution of a given year by the Board for the year to which they relate;
- the periodicity of distributions is annual.

The Board has discretion to implement the above principles and amend or adjust the amount of the fixed distributions as well as the periodicity of their payments having regard to market events or other circumstances such as investors' requirements and their best interest.
|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Type of investor | See table in paragraph 2.2. of the general part of the Prospectus |
| Minimum initial investment and minimum holding | Equivalent of EUR 3,000 | Equivalent of EUR 1,000 | Equivalent of CHF 1,000,000 | Equivalent of CHF 1,000,000 | t.b.d. | Equivalent of EUR 3,000 | Equivalent of EUR 3,000 | None |
| Maximum FROC | 0.31% | 0.44% | 0.22% | 0.22% | 0.08% | 0.31% | 0.44% | 0.44% |
| Maximum Management Fee | 0.40% | 0.40% | 0.40% | 0.40% | N/A | 0.44% | 0.80% | N/A |
| Maximum Distribution Fee | 0.40% | 0.80% | N/A | N/A | N/A | N/A | N/A | N/A |
| Performance Fee | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Maximum level of management fees when the Sub-Fund invests its assets in other UCITS or UCIs or Target Sub- Fund* | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% |
| Dealing Charge | Up to 2% | Up to 2% | Up to 2% | Up to 2% | Up to 2% | Up to 2% | Up to 2% | Up to 2% |

* 
Notwithstanding any performance fee that may be levied in addition to this limit
SFDR Disclosure
The classification of the Sub-Fund under SFDR, the manner in which the Investment Manager integrates sustainability risks into its investment decisions in respect of the Sub-Fund and the results of the assessment of the likely impacts of sustainability risks on the returns of the Sub-Fund are set out in the SFDR Annex.
Investment Manager
See paragraph 6.3
Approach used to calculate the global exposure of the Sub-Fund
Commitment approach
Profile of typical investor
The Sub-Fund may be appropriate for investors, who:
- seek regular income and potentially capital gains from their investment; and
- are willing to take on the increased risks associated with the categories of assets described in the investment objective and policy; and
- can withstand volatility in the value of their Shares.

Application procedure
Application monies are to be sent in accordance with the application procedure set out in Section 20 of the Prospectus. Requests for subscriptions must be received by the Company no later than the Cut-off time.
Payment of the subscription monies must be made in the Reference Currency, or in the Alternative Currency, in case of classes issued in any Alternative Currency, for value before the Payment Date to the Depositary, indicating the proper identity of the subscriber(s) and the Sub-Fund in which Shares are subscribed.
Cut-off time
| Cut-off time  1 (Luxembourg time) (Subscriptions, redemptions and conversions) | Valuation Day  2 ("T") | Payment Date  3 |
| --- | --- | --- |
| 3 p.m. on T-1 day | Daily | Up to T+3 days 4 |

NB: any reference to a day shall be construed as a reference to a Business Day
1  
If such day is not a Business Day, the first Business Day in Luxembourg preceding this day.
2  
If such Valuation Day is not a Business Day, the Valuation Day will be the next Business Day or the previous Business Day in case of a bi-monthly valuation.
3  
For redemptions, payments will ordinarily be made in the Reference Currency.
4  
Shareholders are prompted to consult the Lombard Odier Group website (www.loim.com) for the applicable Payment Date.
For more details, please refer to paragraph 12.1 "General Provisions" of Section 12 "Issue and Sale of Shares".
Fixed-Income Sub-Fund / Buy and Maintain
LO Funds – High Yield 2024
Please see the note regarding "Buy and Maintain" Sub-Funds after the list of Sub-Funds under "Annex A: Sub-Funds offered for subscriptions" above. In addition, to achieve the Sub-Fund's investment objective as described below, the Board may decide to cease issuing Shares in the Sub- Fund at any time following the launch of the Sub-Fund, as well as to resume issuing Shares for a period it deems appropriate.
Investment Objective
The Sub-Fund is actively managed. The Sub-Fund is not managed in reference to an index.
The Sub-Fund primary objective is to build a buy and maintain portfolio set up for a period ending in the course of the year 2024 (hereafter referred as "the Term").
The concept of a buy and maintain strategy refers to a portfolio mainly invested in debt securities which are initially purchased with the intention to hold them until their respective maturity (“Buy Process”). However, the portfolio is monitored/maintained (“Maintain Process”) so that the replacement of one or several of these debt securities is triggered in the case of a significant increase in the risk of default and/or relative value opportunities, in the opinion of the Investment Manager.
Buy and Maintain Investment Process
The Buy Process is composed of two steps:
- a systematic/rule-based process that aims to allocate to sectors considered as contributing the most to the economy and at reducing the default risk and reflect the issuers' fundamentals within portfolio weightings;
- a credit overlay aiming at selecting issuers based on the Investment Manager’s views and conviction.

The Maintain Process is based on the Investment Manager’s credit research expertise aiming at making sure bonds are replaced in case of:
- a deterioration of the issuer’s fundamentals leading to a material increase in the risk of default;
- a breach of the investment guidelines (for example a rating downgrade);
- relative value opportunities.

Investment Policy
The Sub-Fund invests in bonds, other fixed or floating-rate debt securities and short-term debt securities of corporate, sovereign and/or supranational entities denominated in EUR, USD, GBP and/or CHF. However, the Investment Manager will seek to fully hedge the portfolio against currency risk.
At least 50% of the Sub-Fund’s assets are invested in debt securities graded either BB or above by the rating agencies described in paragraph 3.2 or of equivalent quality in the opinion of the Investment Manager.
Up to 50% of the Sub-Fund’s assets may be invested in debt securities graded B by the rating agencies described in paragraph 3.2 or of equivalent quality in the opinion of the Investment Manager. In case of a downgrade of a debt security below B, the Investment Manager will sell the position within 12 months.
The use of financial derivative instruments must not be considered within these limits. The Investment Manager will target an average rating at the portfolio level of BB.
Up to 50% of the Sub-Fund’s assets may be invested in callable debt securities with a call date on or before June 2025 and extended maturity date after June 2025. The maximum maturity date of any debt securities without a call option is 28 December 2025.
At the discretion of the Investment Manager, the Sub-Fund may be fully invested, in accordance with the applicable diversification rules, in Cash and Cash Equivalents (including short-term ABS/MBS which may represent up to 10% of investments within Cash and Cash Equivalents). In particular, while approaching the Term, positions in Cash and Cash Equivalents will tend to grow and gradually represent most part of the assets.
The Investment Manager will seek to remain diversified at the sector/industry level.
The Investment Manager will seek to invest in at least 70 distinct underlying positions. While approaching the Term, the number of positions will tend to reduce.
As mentioned in paragraph 3.1, the Sub-Fund may hold up to 10% of its net assets in UCIs.
Subject to the limits permitted by the Investment Restrictions described in Section 4 of the Prospectus, the Investment Manager is authorized to use financial derivative instruments within the authorized 100% commitment (leverage including netting and hedging arrangements) limit and within a gross leverage (sum of notionals in absolute value approach) budget of 150% (up to 50% of the Sub-Fund’s assets in CDS and CDS options and up to 100% in forex forwards):
- for hedging purposes	Yes
- for EPM	Yes
- as part of the investment strategy	YesInvestors should note that indicative levels of leverage can be exceeded in certain circumstances which are linked, for instance, to sudden changes of market conditions rather than an intent to take additional exposure.

The attention of investors is drawn to the Risk Factors Annex which sets out the risk factors applicable to the Sub-Fund.
Reference Currency
EUR
Classes of Shares available for subscription
Shares can also be in different forms (i.e., Alternative Currencies, dividend policy, currency hedging policy, seeding, "Connect"): see paragraph 2.2.
With respect to the dividend policy of the Shares, in addition to the provisions set forth in the Dividend Policy Section of the Prospectus, the following principles may apply:
- there may be fixed distributions of dividend the amount of which is to be determined on the first distribution of a given year by the Board for the year to which they relate;
- the periodicity of distributions is annual.

The Board has discretion to implement the above principles and amend or adjust the amount of the fixed distributions as well as the periodicity of their payments having regard to market events or other circumstances such as investors' requirements and their best interest.
|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Type of investor | See table in paragraph 2.2. of the general part of the Prospectus |
| Minimum initial investment and minimum holding | Equivalent of EUR 3,000 | Equivalent of EUR 1,000 | Equivalent of CHF 1,000,000 | Equivalent of CHF 1,000,000 | t.b.d. | Equivalent of EUR 3,000 | Equivalent of EUR 3,000 | None |
| Maximum FROC | 0.31% | 0.44% | 0.22% | 0.22% | 0.08% | 0.31% | 0.44% | 0.44% |
| Maximum Management Fee | 0.40% | 0.40% | 0.40% | 0.40% | N/A | 0.44% | 0.80% | N/A |
| Maximum Distribution Fee | 0.40% | 0.80% | N/A | N/A | N/A | N/A | N/A | N/A |
| Performance Fee | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Maximum level of management fees when the Sub-Fund invests its assets in other UCITS or UCIs or Target Sub- Fund* | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% |
| Dealing Charge | Up to 2% | Up to 2% | Up to 2% | Up to 2% | Up to 2% | Up to 2% | Up to 2% | Up to 2% |

* 
Notwithstanding any performance fee that may be levied in addition to this limit
SFDR Disclosure
The classification of the Sub-Fund under SFDR, the manner in which the Investment Manager integrates sustainability risks into its investment decisions in respect of the Sub-Fund and the results of the assessment of the likely impacts of sustainability risks on the returns of the Sub-Fund are set out in the SFDR Annex.
Investment Manager
See paragraph 6.3
Approach used to calculate the global exposure of the Sub-Fund
Commitment approach
Profile of typical investor
The Sub-Fund may be appropriate for investors, who:
- seek regular income and potentially capital gains from their investment; and
- are willing to take on the increased risks associated with the categories of assets described in the investment objective and policy; and
- can withstand volatility in the value of their Shares.

Application procedure
Application monies are to be sent in accordance with the application procedure set out in Section 20 of the Prospectus. Requests for subscriptions must be received by the Company no later than the Cut-off time.
Payment of the subscription monies must be made in the Reference Currency, or in the Alternative Currency, in case of classes issued in any Alternative Currency, for value before the Payment Date to the Depositary, indicating the proper identity of the subscriber(s) and the Sub-Fund in which Shares are subscribed.
Cut-off time
| Cut-off time  1 (Luxembourg time) (Subscriptions, redemptions and conversions) | Valuation Day  2 ("T") | Payment Date  3 |
| --- | --- | --- |
| 3 p.m. on T-1 day | Daily | Up to T+3 days 4 |

NB: any reference to a day shall be construed as a reference to a Business Day
1  
If such day is not a Business Day, the first Business Day in Luxembourg preceding this day.
2  
If such Valuation Day is not a Business Day, the Valuation Day will be the next Business Day or the previous Business Day in case of a bi-monthly valuation.
3  
For redemptions, payments will ordinarily be made in the Reference Currency.
4  
Shareholders are prompted to consult the Lombard Odier Group website (www.loim.com) for the applicable Payment Date.
For more details, please refer to paragraph 12.1 "General Provisions" of Section 12 "Issue and Sale of Shares".
Fixed-Income Sub-Fund / Buy and Maintain
LO Funds – Asia Income 2024
Please see the note regarding "Buy and Maintain" Sub-Funds after the list of Sub-Funds under "Annex A: Sub-Funds offered for subscriptions" above. In addition, to achieve the Sub-Fund's investment objective as described below, the Board may decide to cease issuing Shares in the Sub- Fund at any time following the launch of the Sub-Fund, as well as to resume issuing Shares for a period it deems appropriate.
Investment Objective
The Sub-Fund primary objective is to build a buy and maintain portfolio set up for a period ending in November 2024 (hereafter referred as "the Term"). The concept of a buy and maintain strategy refers to a portfolio mainly invested in debt securities which are initially purchased with the intention to hold them until their respective maturity. However, the portfolio of securities is monitored/maintained so that the replacement of one or several of these debt securities can occur at the discretion of the Investment Manager in the case of a significant increase in the risk of default or downgrade in credit ratings, and/or presence of relative value opportunities, in the opinion of the Investment Manager.
Investment Policy
The Sub-Fund is actively managed. The Sub-Fund is not managed in reference to an index.
The Sub-Fund invests at least two-thirds (2/3
rds
) of its assets in bonds, other fixed or floating-rate debt securities and short-term debt securities of corporate, sovereign and/or supranational entities of Asian issuers, including entities incorporated or exercising a prominent part of their business activities in Asia-Pacific region (including Japan and Australia), denominated in USD. Up to two-thirds (2/3
rds
) of the Sub-Fund’s assets may be invested in debt securities grade below BBB but not lower than B. In the instance of debt security downgrade lower than B, the Investment Manager reserves the right to continue holding on to these debt securities.
At the discretion of the Investment Manager, the Sub-Fund may be fully invested, in accordance with the applicable diversification rules, in Cash and Cash Equivalents (including short-term ABS/MBS which may represent up to 10% of investments within Cash and Cash Equivalents). In particular, while approaching the Term, positions in Cash and Cash Equivalents will tend to grow.
The Sub-Fund has been set up for a period ending on the Term.
The Investment Manager will use its discretion with regard to sectors, geographical exposure and maturity of the portfolio. The Sub-Fund may be exposed to a limited number of issuers, especially as the Sub-Fund approaches its Term.
The investment approach applied by the Investment Manager to select securities is mainly based on a fundamental analysis of issuers. The Investment Manager may also apply qualitative and/or systematic strategies.
The Sub-Fund will not invest in units or shares of UCIs or in any Sub-Funds (except, in money market UCIs included in the definition of Cash and Cash Equivalents).
Subject to the limits permitted by the Investment Restrictions described in Section 4 of the Prospectus, the Investment Manager is authorized to use financial derivative instruments (in particular, but not limited to credit (including CDS), interest rate and currency derivatives):
- for hedging purposes	Yes
- for EPM	Yes
- as part of the investment strategy	NoThe attention of investors is drawn to the Risk Factors Annex which sets out the risk factors applicable to the Sub-Fund.

Reference Currency
USD
Classes of Shares available for subscription
Shares can also be in different forms (i.e., Alternative Currencies, dividend policy, currency hedging policy, seeding, "Connect"): see paragraph 2.2.
|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Type of investor | See table in paragraph 2.2. of the general part of the Prospectus |
| Minimum initial investment and minimum holding | Equivalent of EUR 3,000 | Equivalent of EUR 1,000 | Equivalent of CHF 1,000,000 | Equivalent of CHF 1,000,000 | t.b.d. | Equivalent of EUR 3,000 | Equivalent of EUR 3,000 | None |

|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Maximum FROC | 0.31% | 0.44% | 0.22% | 0.22% | 0.08% | 0.31% | 0.44% | 0.44% |
| Maximum Management Fee | 0.50% | 0.50% | 0.50% | 0.50% | N/A | 0.55% | 1.00% | N/A |
| Maximum Distribution Fee | 0.50% | 0.80% | N/A | N/A | N/A | N/A | N/A | N/A |
| Performance Fee | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Maximum level of management fees when the Sub-Fund invests its assets in other UCITS or UCIs or Target Sub- Fund* | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% |
| Dealing Charge | Up to 2% | Up to 2% | Up to 2% | Up to 2% | Up to 2% | Up to 2% | Up to 2% | Up to 2% |

* 
Notwithstanding any performance fee that may be levied in addition to this limit
SFDR Disclosure
The classification of the Sub-Fund under SFDR, the manner in which the Investment Manager integrates sustainability risks into its investment decisions in respect of the Sub-Fund and the results of the assessment of the likely impacts of sustainability risks on the returns of the Sub-Fund are set out in the SFDR Annex.
Investment Manager
See paragraph 6.3
Approach used to calculate the global exposure of the Sub-Fund
Commitment approach
Profile of typical investor
The Sub-Fund may be appropriate for investors, who:
- seek regular income and potentially capital gains from their investment; and
- are willing to take on the increased risks associated with the categories of assets described in the investment objective and policy; and
- can withstand volatility in the value of their Shares.

Application procedure
Application monies are to be sent in accordance with the application procedure set out in Section 20 of the Prospectus. Requests for subscriptions must be received by the Company no later than the Cut-off time.
Payment of the subscription monies must be made in the Reference Currency, or in the Alternative Currency, in case of classes issued in any Alternative Currency, for value before the Payment Date to the Depositary, indicating the proper identity of the subscriber(s) and the Sub-Fund in which Shares are subscribed.
Cut-off time
| Cut-off time  1 (Luxembourg time) (Subscriptions, redemptions and conversions) | Valuation Day  2 ("T") | Payment Date  3 |
| --- | --- | --- |
| 3 p.m. on T-1 day | Daily | Up to T+3 days 4 |

NB: any reference to a day shall be construed as a reference to a Business Day
1  
If such day is not a Business Day, the first Business Day in Luxembourg preceding this day.
2  
If such Valuation Day is not a Business Day, the Valuation Day will be the next Business Day or the previous Business Day in case of a bi-monthly valuation.
3  
For redemptions, payments will ordinarily be made in the Reference Currency.
4  
Shareholders are prompted to consult the Lombard Odier Group website (www.loim.com) for the applicable Payment Date.
For more details, please refer to paragraph 12.1 "General Provisions" of Section 12 "Issue and Sale of Shares".
Fixed-Income Sub-Fund / Buy and Maintain
LO Funds – Asia Income 2025
Please see the note regarding "Buy and Maintain" Sub-Funds after the list of Sub-Funds under "Annex A: Sub-Funds offered for subscriptions" above. In addition, to achieve the Sub-Fund's investment objective as described below, the Board may decide to cease issuing Shares in the Sub-Fund at any time following the launch of the Sub-Fund, as well as to resume issuing Shares for a period it deems appropriate.
Investment Objective
The Sub-Fund primary objective is to build a buy and maintain portfolio set up for a period ending in November 2025 (hereafter referred as "the Term").
The concept of a buy and maintain strategy refers to a portfolio mainly invested in debt securities which are initially purchased with the intention to hold them until their respective maturity. However, the portfolio of securities is monitored/maintained so that the replacement of one or several of these debt securities can occur at the discretion of the Investment Manager in the case of a significant increase in the risk of default or downgrade in credit ratings, and/or presence of relative value opportunities, in the opinion of the Investment Manager.
Investment Policy
The Sub-Fund is actively managed. The Sub-Fund is not managed in reference to an index.
The Sub-Fund invests at least two-thirds (2/3
rds
) of its assets in bonds, other fixed or floating-rate debt securities and short-term debt securities of corporate, sovereign and/or supranational entities of Asian issuers, including entities incorporated or exercising a prominent part of their business activities in Asia-Pacific region (including Japan and Australia), denominated in USD. Up to 70% of the Sub-Fund’s assets may be invested in debt securities grade below BBB but not lower than B. In the instance of debt security downgrade lower than B, the Investment Manager reserves the right to continue holding on to these debt securities.
At the discretion of the Investment Manager, the Sub-Fund may be fully invested, in accordance with the applicable diversification rules, in Cash and Cash Equivalents (including short-term ABS/MBS which may represent up to 10% of investments within Cash and Cash Equivalents). In particular, while approaching the Term, positions in Cash and Cash Equivalents will tend to grow.
The Sub-Fund has been set up for a period ending on the Term.
The Investment Manager will use its discretion with regard to sectors, geographical exposure and maturity of the portfolio. The Sub-Fund may be exposed to a limited number of issuers, especially as the Sub-Fund approaches its Term.
The investment approach applied by the Investment Manager to select securities is mainly based on a fundamental analysis of issuers. The Investment Manager may also apply qualitative and/or systematic strategies.
The Sub-Fund will not invest in units or shares of UCIs or in any Sub-Funds (except, in money market UCIs included in the definition of Cash and Cash Equivalents).
Subject to the limits permitted by the Investment Restrictions described in Section 4 of the Prospectus, the Investment Manager is authorized to use financial derivative instruments (in particular, but not limited to credit (including CDS), interest rate and currency derivatives):
- for hedging purposes	Yes
- for EPM	Yes
- as part of the investment strategy	NoThe attention of investors is drawn to the Risk Factors Annex which sets out the risk factors applicable to the Sub-Fund.

Reference Currency
USD
Classes of Shares available for subscription
Shares can also be in different forms (i.e., Alternative Currencies, dividend policy, currency hedging policy, seeding, "Connect"): see paragraph 2.2.
|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Type of investor | See table in paragraph 2.2. of the general part of the Prospectus |
| Minimum initial investment and minimum holding | Equivalent of EUR 3,000 | Equivalent of EUR 1,000 | Equivalent of CHF 1,000,000 | Equivalent of CHF 1,000,000 | t.b.d. | Equivalent of EUR 3,000 | Equivalent of EUR 3,000 | None |
| Maximum FROC | 0.31% | 0.44% | 0.22% | 0.22% | 0.08% | 0.31% | 0.44% | 0.44% |
| Maximum Management Fee | 0.50% | 0.50% | 0.50% | 0.50% | N/A | 0.55% | 1.00% | N/A |
| Maximum Distribution Fee | 0.50% | 0.80% | N/A | N/A | N/A | N/A | N/A | N/A |
| Performance Fee | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Maximum level of management fees when the Sub-Fund invests its assets in other UCITS or UCIs or Target Sub- Fund* | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% |
| Dealing Charge | Up to 2% | Up to 2% | Up to 2% | Up to 2% | Up to 2% | Up to 2% | Up to 2% | Up to 2% |

* 
Notwithstanding any performance fee that may be levied in addition to this limit
SFDR Disclosure
The classification of the Sub-Fund under SFDR, the manner in which the Investment Manager integrates sustainability risks into its investment decisions in respect of the Sub-Fund and the results of the assessment of the likely impacts of sustainability risks on the returns of the Sub-Fund are set out in the SFDR Annex.
Investment Manager
See paragraph 6.3
Approach used to calculate the global exposure of the Sub-Fund
Commitment approach
Profile of typical investor
The Sub-Fund may be appropriate for investors, who:
- seek regular income and potentially capital gains from their investment; and
- are willing to take on the increased risks associated with the categories of assets described in the investment objective and policy; and
- can withstand volatility in the value of their Shares.

Application procedure
Application monies are to be sent in accordance with the application procedure set out in Section 20 of the Prospectus. Requests for subscriptions must be received by the Company no later than the Cut-off time.
Payment of the subscription monies must be made in the Reference Currency, or in the Alternative Currency, in case of classes issued in any Alternative Currency, for value before the Payment Date to the Depositary, indicating the proper identity of the subscriber(s) and the Sub-Fund in which Shares are subscribed.
Cut-off time
| Cut-off time  1 (Luxembourg time) (Subscriptions, redemptions and conversions) | Valuation Day  2 ("T") | Payment Date  3 |
| --- | --- | --- |
| 3 p.m. on T-1 day | Daily | Up to T+3 days 4 |

NB: any reference to a day shall be construed as a reference to a Business Day
1  
If such day is not a Business Day, the first Business Day in Luxembourg preceding this day.
2  
If such Valuation Day is not a Business Day, the Valuation Day will be the next Business Day or the previous Business Day in case of a bi-monthly valuation.
3  
For redemptions, payments will ordinarily be made in the Reference Currency.
4  
Shareholders are prompted to consult the Lombard Odier Group website (www.loim.com) for the applicable Payment Date.
For more details, please refer to paragraph 12.1 "General Provisions" of Section 12 "Issue and Sale of Shares".
Fixed-Income Sub-Fund / Buy and Maintain
LO Funds – Asia Income 2026
Please see the note regarding "Buy and Maintain" Sub-Funds after the list of Sub-Funds under "Annex A: Sub-Funds offered for subscriptions" above. In addition, to achieve the Sub-Fund's investment objective as described below, the Board may decide to cease issuing Shares in the Sub- Fund at any time following the launch of the Sub-Fund, as well as to resume issuing Shares for a period it deems appropriate.
Investment Objective
The Sub-Fund primary objective is to build a buy and maintain portfolio set up for a period ending in November 2026 (hereafter referred as "the Term"). The concept of a buy and maintain strategy refers to a portfolio mainly invested in debt securities which are initially purchased with the intention to hold them until their respective maturity. However, the portfolio of securities is monitored/maintained so that the replacement of one or several of these debt securities can occur at the discretion of the Investment Manager in the case of a significant increase in the risk of default or downgrade in credit ratings, and/or presence of relative value opportunities, in the opinion of the Investment Manager.
Investment Policy
The Sub-Fund is actively managed. The Sub-Fund is not managed in reference to an index.
The Sub-Fund invests at least two-thirds (2/3
rds
) of its assets in bonds, other fixed or floating-rate debt securities and short-term debt securities of corporate, sovereign and/or supranational entities of Asian issuers, including entities incorporated or exercising a prominent part of their business activities in Asia-Pacific region (including Japan and Australia), denominated in USD. Up to 70% of the Sub-Fund’s assets may be invested in debt securities grade below BBB but not lower than B. In the instance of debt security downgrade lower than B, the Investment Manager reserves the right to continue holding on to these debt securities.
At the discretion of the Investment Manager, the Sub-Fund may be fully invested, in accordance with the applicable diversification rules, in Cash and Cash Equivalents (including short-term ABS/MBS which may represent up to 10% of investments within Cash and Cash Equivalents). In particular, while approaching the Term, positions in Cash and Cash Equivalents will tend to grow.
The Sub-Fund has been set up for a period ending on the Term.
The Investment Manager will use its discretion with regard to sectors, geographical exposure and maturity of the portfolio. The Sub-Fund may be exposed to a limited number of issuers, especially as the Sub-Fund approaches its Term.
The investment approach applied by the Investment Manager to select securities is mainly based on a fundamental analysis of issuers. The Investment Manager may also apply qualitative and/or systematic strategies.
The Sub-Fund will not invest in units or shares of UCIs or in any Sub-Funds (except, in money market UCIs included in the definition of Cash and Cash Equivalents).
Subject to the limits permitted by the Investment Restrictions described in Section 4 of the Prospectus, the Investment Manager is authorized to use financial derivative instruments (in particular, but not limited to credit (including CDS), interest rate and currency derivatives):
- for hedging purposes	Yes
- for EPM	Yes
- as part of the investment strategy	NoThe attention of investors is drawn to the Risk Factors Annex which sets out the risk factors applicable to the Sub-Fund.

Reference Currency
USD
Classes of Shares available for subscription
Shares can also be in different forms (i.e., Alternative Currencies, dividend policy, currency hedging policy, seeding, "Connect"): see paragraph 2.2.
|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Type of investor | See table in paragraph 2.2. of the general part of the Prospectus |
| Minimum initial investment and minimum holding | Equivalent of EUR 3,000 | Equivalent of EUR 1,000 | Equivalent of CHF 1,000,000 | Equivalent of CHF 1,000,000 | t.b.d. | Equivalent of EUR 3,000 | Equivalent of EUR 3,000 | None |
| Maximum FROC | 0.31% | 0.44% | 0.22% | 0.22% | 0.08% | 0.31% | 0.44% | 0.44% |
| Maximum Management Fee | 0.50% | 0.50% | 0.50% | 0.50% | N/A | 0.55% | 1.00% | N/A |
| Maximum Distribution Fee | 0.50% | 0.80% | N/A | N/A | N/A | N/A | N/A | N/A |
| Performance Fee | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Maximum level of management fees when the Sub-Fund invests its assets in other UCITS or UCIs or Target Sub- Fund* | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% |
| Dealing Charge | Up to 2% | Up to 2% | Up to 2% | Up to 2% | Up to 2% | Up to 2% | Up to 2% | Up to 2% |

* 
Notwithstanding any performance fee that may be levied in addition to this limit
SFDR Disclosure
The classification of the Sub-Fund under SFDR, the manner in which the Investment Manager integrates sustainability risks into its investment decisions in respect of the Sub-Fund and the results of the assessment of the likely impacts of sustainability risks on the returns of the Sub-Fund are set out in the SFDR Annex.
Investment Manager
See paragraph 6.3
Approach used to calculate the global exposure of the Sub-Fund
Commitment approach
Profile of typical investor
The Sub-Fund may be appropriate for investors, who:
- seek regular income and potentially capital gains from their investment; and
- are willing to take on the increased risks associated with the categories of assets described in the investment objective and policy; and
- can withstand volatility in the value of their Shares.

Application procedure
Application monies are to be sent in accordance with the application procedure set out in Section 20 of the Prospectus. Requests for subscriptions must be received by the Company no later than the Cut-off time.
Payment of the subscription monies must be made in the Reference Currency, or in the Alternative Currency, in case of classes issued in any Alternative Currency, for value before the Payment Date to the Depositary, indicating the proper identity of the subscriber(s) and the Sub-Fund in which Shares are subscribed.
Cut-off time
| Cut-off time  1 (Luxembourg time) (Subscriptions, redemptions and conversions) | Valuation Day  2 ("T") | Payment Date  3 |
| --- | --- | --- |
| 3 p.m. on T-1 day | Daily | Up to T+3 days 4 |

NB: any reference to a day shall be construed as a reference to a Business Day
1  
If such day is not a Business Day, the first Business Day in Luxembourg preceding this day.
2  
If such Valuation Day is not a Business Day, the Valuation Day will be the next Business Day or the previous Business Day in case of a bi-monthly valuation.
3  
For redemptions, payments will ordinarily be made in the Reference Currency.
4  
Shareholders are prompted to consult the Lombard Odier Group website (www.loim.com) for the applicable Payment Date.
For more details, please refer to paragraph 12.1 "General Provisions" of Section 12 "Issue and Sale of Shares".
Short-Term Money Market Sub-Fund
LO Funds – Short-Term Money Market (EUR)
The Sub-Fund is actively managed. The FTSE 1-Month Euro Eurodeposit is used for performance comparison, without implying any particular constraints to the Sub-Fund's investments.
This Sub-Fund qualifies as a Short-Term VNAV MMF under the MMF Regulation.
Investment Objective and Policy
The Sub-Fund invests in bank deposits, money market instruments and short-term debt instruments (e.g. ECP, T-Bills, CDs) and other fixed- or variable-rate securities, denominated in OECD currencies and/or Emerging Market currencies, with the objective to provide a return in line with money market rates. The entire portfolio of the Sub-Fund may not have a WAL of more than 120 days. Instruments are of high quality and may have a maximum residual maturity of 397 days. The WAM of the portfolio is no more than 60 days. Up to 20% of the Sub-Fund's assets may be invested in ABCPs.
The Sub-Fund has to invest in securities of high quality as determined by the Investment Manager. In order to determine the high quality credit factor, the Investment Manager assesses the attributes of each security before any purchase, including but not limited to the rank (senior, subordinated, covered), the type of coupon (fixed, floating, zero), the size of the issue, the size of the issuer, the number of quotations in the market (liquidity impact), the liquidity of proxies, the market of the issue, the type of guarantee, the currency, the country of the issuer, the country of the issue, the maturity of the issue and the available rating of the issue and the issuer. Moreover the Investment Manager monitors this credit assessment on an ongoing basis.
The Sub-Fund will not invest in units of UCIs.
Subject to the limits permitted by the Investment Restrictions Applicable to MMFs described in Section 4.6 of the Prospectus, the Investment Manager is authorized to use financial derivative instruments:
- for hedging purposes	Yes
- for EPM	No
- as part of the investment strategy	NoThe Sub-Fund may use financial derivative instruments for the purpose of only hedging the interest rate or exchange rate risks; underlying of those financial derivative instruments consists of interest rates, foreign exchange rates, currencies or indices representing one of those categories.

Investments in currencies other than the Reference Currency are hedged against exchange risk.
The attention of investors is drawn to the Risk Factors Annex which sets out the risk factors applicable to the Sub-Fund.
Reference Currency
EUR
Classes of Shares available for subscription
Shares can also be in different forms (i.e., Alternative Currencies, dividend policy, currency hedging policy, seeding, "Connect"): see paragraph 2.2.
|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Type of investor | See table in paragraph 2.2. of the general part of the Prospectus |
| Minimum initial investment and minimum holding | Equivalent of EUR 3,000 | Equivalent of EUR 1,000 | Equivalent of CHF 1,000,000 | Equivalent of CHF 1,000,000 | t.b.d. | Equivalent of EUR 3,000 | Equivalent of EUR 3,000 | None |
| Maximum FROC | 0.14% | 0.25% | 0.08% | 0.08% | 0.08% | 0.14% | 0.25% | 0.14% |
| Maximum Management Fee | 0.30% | 0.30% | 0.30% | 0.30% | N/A | 0.35% | 0.60% | N/A |
| Maximum Distribution Fee | 0.30% | 0.40% | N/A | N/A | N/A | N/A | N/A | N/A |

|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Performance Fee | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Maximum level of management fees when the Sub-Fund invests its assets in other UCITS or UCIs or Target Sub- Fund* | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% |
| Dealing Charge | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% |

* 
Notwithstanding any performance fee that may be levied in addition to this limit
SFDR Disclosure
The classification of the Sub-Fund under SFDR, the manner in which the Investment Manager integrates sustainability risks into its investment decisions in respect of the Sub-Fund and the results of the assessment of the likely impacts of sustainability risks on the returns of the Sub-Fund are set out in the SFDR Annex.
Investment Manager
See paragraph 6.3
Approach used to calculate the global exposure of the Sub-Fund
Commitment approach
Profile of typical investor
The Sub-Fund may be appropriate for investors, who:
- seek regular income, where both capital security and liquidity are prime consideration; and
- are willing to take on the increased risks associated with the categories of assets described in the investment objective and policy; and
- can withstand volatility in the value of their Shares.

Application procedure
Application monies are to be sent in accordance with the application procedure set out in Section 20 of the Prospectus. Requests for subscriptions must be received by the Company no later than the Cut-off time.
Payment of the subscription monies must be made in the Reference Currency, or in the Alternative Currency, in case of classes issued in any Alternative Currency, for value before the Payment Date to the Depositary, indicating the proper identity of the subscriber(s) and the Sub-Fund in which Shares are subscribed.
Cut-off time
| Cut-off time  1 (Luxembourg time) (Subscriptions, redemptions and conversions) | Valuation Day  2 ("T") | Payment Date  3 |
| --- | --- | --- |
| 2 p.m. on T | Daily | Up to T+1 day 4 |

NB: any reference to a day shall be construed as a reference to a Business Day
1  
If such day is not a Business Day, the first Business Day in Luxembourg preceding this day.
2  
If such Valuation Day is not a Business Day, the Valuation Day will be the next Business Day or the previous Business Day in case of a bi-monthly valuation.
3  
For redemptions, payments will ordinarily be made in the Reference Currency.
4  
Shareholders are prompted to consult the Lombard Odier Group website (www.loim.com) for the applicable Payment Date.
For more details, please refer to paragraph 12.1 "General Provisions" of Section 12 "Issue and Sale of Shares".
Short-Term Money Market Sub-Fund
LO Funds – Short-Term Money Market (USD)
The Sub-Fund is actively managed. The FTSE 1-Month U.S. Dollar Eurodeposit is used for performance comparison, without implying any particular constraints to the Sub-Fund's investments.
This Sub-Fund qualifies as a Short-Term VNAV MMF under the MMF Regulation.
Investment Objective and Policy
The Sub-Fund invests in bank deposits, money market instruments and short-term debt instruments (e.g. ECP, T-Bills, CDs) and other fixed- or variable-rate securities, denominated in OECD currencies and/or Emerging Market currencies, with the objective to provide a return in line with money market rates. The entire portfolio of the Sub-Fund may not have a WAL of more than 120 days. Instruments are of high quality and may have a maximum residual maturity of 397 days. The WAM of the portfolio is no more than 60 days. Up to 20% of the Sub-Fund's assets may be invested in ABCPs.
The Sub-Fund has to invest in securities of high quality as determined by the Investment Manager. In order to determine the high quality credit factor, the Investment Manager assesses the attributes of each security before any purchase, including but not limited to the rank (senior, subordinated, covered), the type of coupon (fixed, floating, zero), the size of the issue, the size of the issuer, the number of quotations in the market (liquidity impact), the liquidity of proxies, the market of the issue, the type of guarantee, the currency, the country of the issuer, the country of the issue, the maturity of the issue and the available rating of the issue and the issuer. Moreover the Investment Manager monitors this credit assessment on an ongoing basis.
The Sub-Fund will not invest in units of UCIs.
Subject to the limits permitted by the Investment Restrictions Applicable to MMFs described in Section 4.6 of the Prospectus, the Investment Manager is authorized to use financial derivative instruments:
- for hedging purposes	Yes
- for EPM	No
- as part of the investment strategy	NoThe Sub-Fund may use financial derivative instruments for the purpose of only hedging the interest rate or exchange rate risks; underlying of those financial derivative instruments consists of interest rates, foreign exchange rates, currencies or indices representing one of those categories.

Investments in currencies other than the Reference Currency are hedged against exchange risk.
The attention of investors is drawn to the Risk Factors Annex which sets out the risk factors applicable to the Sub-Fund.
Reference Currency
USD
Classes of Shares available for subscription
Shares can also be in different forms (i.e., Alternative Currencies, dividend policy, currency hedging policy, seeding, "Connect"): see paragraph 2.2.
|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Type of investor | See table in paragraph 2.2. of the general part of the Prospectus |
| Minimum initial investment and minimum holding | Equivalent of EUR 3,000 | Equivalent of EUR 1,000 | Equivalent of CHF 1,000,000 | Equivalent of CHF 1,000,000 | t.b.d. | Equivalent of EUR 3,000 | Equivalent of EUR 3,000 | None |
| Maximum FROC | 0.19% | 0.25% | 0.08% | 0.08% | 0.08% | 0.19% | 0.25% | 0.19% |
| Maximum Management Fee | 0.30% | 0.30% | 0.30% | 0.30% | N/A | 0.35% | 0.60% | N/A |
| Maximum Distribution Fee | 0.30% | 0.40% | N/A | N/A | N/A | N/A | N/A | N/A |

|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Performance Fee | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Maximum level of management fees when the Sub-Fund invests its assets in other UCITS or UCIs or Target Sub- Fund* | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% |
| Dealing Charge | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% |

* 
Notwithstanding any performance fee that may be levied in addition to this limit
SFDR Disclosure
The classification of the Sub-Fund under SFDR, the manner in which the Investment Manager integrates sustainability risks into its investment decisions in respect of the Sub-Fund and the results of the assessment of the likely impacts of sustainability risks on the returns of the Sub-Fund are set out in the SFDR Annex.
Investment Manager
See paragraph 6.3
Approach used to calculate the global exposure of the Sub-Fund
Commitment approach
Profile of typical investor
The Sub-Fund may be appropriate for investors, who:
- seek regular income, where both capital security and liquidity are prime consideration; and
- are willing to take on the increased risks associated with the categories of assets described in the investment objective and policy; and
- can withstand volatility in the value of their Shares.

Application procedure
Application monies are to be sent in accordance with the application procedure set out in Section 20 of the Prospectus. Requests for subscriptions must be received by the Company no later than the Cut-off time.
Payment of the subscription monies must be made in the Reference Currency, or in the Alternative Currency, in case of classes issued in any Alternative Currency, for value before the Payment Date to the Depositary, indicating the proper identity of the subscriber(s) and the Sub-Fund in which Shares are subscribed.
Cut-off time
| Cut-off time  1 (Luxembourg time) (Subscriptions, redemptions and conversions) | Valuation Day  2 ("T") | Payment Date  3 |
| --- | --- | --- |
| 2 p.m. on T | Daily | Up to T+1 day 4 |

NB: any reference to a day shall be construed as a reference to a Business Day
1  
If such day is not a Business Day, the first Business Day in Luxembourg preceding this day.
2  
If such Valuation Day is not a Business Day, the Valuation Day will be the next Business Day or the previous Business Day in case of a bi-monthly valuation.
3  
For redemptions, payments will ordinarily be made in the Reference Currency.
4  
Shareholders are prompted to consult the Lombard Odier Group website (www.loim.com) for the applicable Payment Date.
For more details, please refer to paragraph 12.1 "General Provisions" of Section 12 "Issue and Sale of Shares".
Short-Term Money Market Sub-Fund
LO Funds – Short-Term Money Market (GBP)
The Sub-Fund is actively managed. The FTSE 1-Month U.K. Sterling Eurodeposit is used for performance comparison, without implying any particular constraints to the Sub-Fund's investments.
This Sub-Fund qualifies as a Short-Term VNAV MMF under the MMF Regulation.
Investment Objective and Policy
The Sub-Fund invests in bank deposits, money market instruments and short-term debt instruments (e.g. ECP, T-Bills, CDs) and other fixed- or variable-rate securities, denominated in OECD currencies and/or Emerging Market currencies, with the objective to provide a return in line with money market rates. The entire portfolio of the Sub-Fund may not have a WAL of more than 120 days. Instruments are of high quality and may have a maximum residual maturity of 397 days. The WAM of the portfolio is no more than 60 days. Up to 20% of the Sub-Fund's assets may be invested in ABCPs.
The Sub-Fund has to invest in securities of high quality as determined by the Investment Manager. In order to determine the high quality credit factor, the Investment Manager assesses the attributes of each security before any purchase, including but not limited to the rank (senior, subordinated, covered), the type of coupon (fixed, floating, zero), the size of the issue, the size of the issuer, the number of quotations in the market (liquidity impact), the liquidity of proxies, the market of the issue, the type of guarantee, the currency, the country of the issuer, the country of the issue, the maturity of the issue and the available rating of the issue and the issuer. Moreover the Investment Manager monitors this credit assessment on an ongoing basis.
The Sub-Fund will not invest in units of UCIs.
Subject to the limits permitted by the Investment Restrictions Applicable to MMFs described in Section 4.6 of the Prospectus, the Investment Manager is authorized to use financial derivative instruments:
- for hedging purposes	Yes
- for EPM	No
- as part of the investment strategy	NoThe Sub-Fund may use financial derivative instruments for the purpose of only hedging the interest rate or exchange rate risks; underlying of those financial derivative instruments consists of interest rates, foreign exchange rates, currencies or indices representing one of those categories.

Investments in currencies other than the Reference Currency are hedged against exchange risk.
The attention of investors is drawn to the Risk Factors Annex which sets out the risk factors applicable to the Sub-Fund.
Reference Currency
GBP
Classes of Shares available for subscription
Shares can also be in different forms (i.e., Alternative Currencies, dividend policy, currency hedging policy, seeding, "Connect"): see paragraph 2.2.
|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Type of investor | See table in paragraph 2.2. of the general part of the Prospectus |
| Minimum initial investment and minimum holding | Equivalent of EUR 3,000 | Equivalent of EUR 1,000 | Equivalent of CHF 1,000,000 | Equivalent of CHF 1,000,000 | t.b.d. | Equivalent of EUR 3,000 | Equivalent of EUR 3,000 | None |
| Maximum FROC | 0.19% | 0.25% | 0.08% | 0.08% | 0.08% | 0.19% | 0.25% | 0.19% |
| Maximum Management Fee | 0.30% | 0.30% | 0.30% | 0.30% | N/A | 0.35% | 0.60% | N/A |
| Maximum Distribution Fee | 0.30% | 0.40% | N/A | N/A | N/A | N/A | N/A | N/A |
| Performance Fee | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |

|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Maximum level of management fees when the Sub-Fund invests its assets in other UCITS or UCIs or Target Sub- Fund* | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% |
| Dealing Charge | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% |

* 
Notwithstanding any performance fee that may be levied in addition to this limit
SFDR Disclosure
The classification of the Sub-Fund under SFDR, the manner in which the Investment Manager integrates sustainability risks into its investment decisions in respect of the Sub-Fund and the results of the assessment of the likely impacts of sustainability risks on the returns of the Sub-Fund are set out in the SFDR Annex.
Investment Manager
See paragraph 6.3
Approach used to calculate the global exposure of the Sub-Fund
Commitment approach
Profile of typical investor
The Sub-Fund may be appropriate for investors, who:
- seek regular income, where both capital security and liquidity are prime consideration; and
- are willing to take on the increased risks associated with the categories of assets described in the investment objective and policy; and
- can withstand volatility in the value of their Shares.

Application procedure
Application monies are to be sent in accordance with the application procedure set out in Section 20 of the Prospectus. Requests for subscriptions must be received by the Company no later than the Cut-off time.
Payment of the subscription monies must be made in the Reference Currency, or in the Alternative Currency, in case of classes issued in any Alternative Currency, for value before the Payment Date to the Depositary, indicating the proper identity of the subscriber(s) and the Sub-Fund in which Shares are subscribed.
Cut-off time
| Cut-off time  1 (Luxembourg time) (Subscriptions, redemptions and conversions) | Valuation Day  2 ("T") | Payment Date  3 |
| --- | --- | --- |
| 2 p.m. on T | Daily | Up to T+1 day 4 |

NB: any reference to a day shall be construed as a reference to a Business Day
1  
If such day is not a Business Day, the first Business Day in Luxembourg preceding this day.
2  
If such Valuation Day is not a Business Day, the Valuation Day will be the next Business Day or the previous Business Day in case of a bi-monthly valuation.
3  
For redemptions, payments will ordinarily be made in the Reference Currency.
4  
Shareholders are prompted to consult the Lombard Odier Group website (www.loim.com) for the applicable Payment Date.
For more details, please refer to paragraph 12.1 "General Provisions" of Section 12 "Issue and Sale of Shares".
Short-Term Money Market Sub-Fund
LO Funds – Short-Term Money Market (CHF)
The Sub-Fund is actively managed. The FTSE 1-Month Swiss Franc Eurodeposit is used for performance comparison, without implying any particular constraints to the Sub-Fund's investments.
This Sub-Fund qualifies as a Short-Term VNAV MMF under the MMF Regulation.
Investment Objective and Policy
The Sub-Fund invests in bank deposits, money market instruments and short-term debt instruments (e.g. ECP, T-Bills, CDs) and other fixed- or variable-rate securities, denominated in OECD currencies and/or Emerging Market currencies, with the objective to provide a return in line with money market rates. The entire portfolio of the Sub-Fund may not have a WAL of more than 120 days. Instruments are of high quality and may have a maximum residual maturity of 397 days. The WAM of the portfolio is no more than 60 days. Up to 20% of the Sub-Fund's assets may be invested in ABCPs.
The Sub-Fund has to invest in securities of high quality as determined by the Investment Manager. In order to determine the high quality credit factor, the Investment Manager assesses the attributes of each security before any purchase, including but not limited to the rank (senior, subordinated, covered), the type of coupon (fixed, floating, zero), the size of the issue, the size of the issuer, the number of quotations in the market (liquidity impact), the liquidity of proxies, the market of the issue, the type of guarantee, the currency, the country of the issuer, the country of the issue, the maturity of the issue and the available rating of the issue and the issuer. Moreover the Investment Manager monitors this credit assessment on an ongoing basis.
The Sub-Fund will not invest in units of UCIs.
Subject to the limits permitted by the Investment Restrictions Applicable to MMFs described in Section 4.6 of the Prospectus, the Investment Manager is authorized to use financial derivative instruments:
- for hedging purposes	Yes
- for EPM	No
- as part of the investment strategy	NoThe Sub-Fund may use financial derivative instruments for the purpose of only hedging the interest rate or exchange rate risks; underlying of those financial derivative instruments consists of interest rates, foreign exchange rates, currencies or indices representing one of those categories.

Investments in currencies other than the Reference Currency are hedged against exchange risk.
The attention of investors is drawn to the Risk Factors Annex which sets out the risk factors applicable to the Sub-Fund.
Reference Currency
CHF
Classes of Shares available for subscription
Shares can also be in different forms (i.e., Alternative Currencies, dividend policy, currency hedging policy, seeding, "Connect"): see paragraph 2.2.
|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Type of investor | See table in paragraph 2.2. of the general part of the Prospectus |
| Minimum initial investment and minimum holding | Equivalent of EUR 3,000 | Equivalent of EUR 1,000 | Equivalent of CHF 1,000,000 | Equivalent of CHF 1,000,000 | t.b.d. | Equivalent of EUR 3,000 | Equivalent of EUR 3,000 | None |
| Maximum FROC | 0.14% | 0.25% | 0.08% | 0.08% | 0.08% | 0.14% | 0.25% | 0.14% |
| Maximum Management Fee | 0.30% | 0.30% | 0.30% | 0.30% | N/A | 0.35% | 0.60% | N/A |
| Maximum Distribution Fee | 0.30% | 0.40% | N/A | N/A | N/A | N/A | N/A | N/A |

|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Performance Fee | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Maximum level of management fees when the Sub-Fund invests its assets in other UCITS or UCIs or Target Sub- Fund* | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% |
| Dealing Charge | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% |

* 
Notwithstanding any performance fee that may be levied in addition to this limit
SFDR Disclosure
The classification of the Sub-Fund under SFDR, the manner in which the Investment Manager integrates sustainability risks into its investment decisions in respect of the Sub-Fund and the results of the assessment of the likely impacts of sustainability risks on the returns of the Sub-Fund are set out in the SFDR Annex.
Investment Manager
See paragraph 6.3
Approach used to calculate the global exposure of the Sub-Fund
Commitment approach
Profile of typical investor
The Sub-Fund may be appropriate for investors, who:
- seek regular income, where both capital security and liquidity are prime consideration; and
- are willing to take on the increased risks associated with the categories of assets described in the investment objective and policy; and
- can withstand volatility in the value of their Shares.

Application procedure
Application monies are to be sent in accordance with the application procedure set out in Section 20 of the Prospectus. Requests for subscriptions must be received by the Company no later than the Cut-off time.
Payment of the subscription monies must be made in the Reference Currency, or in the Alternative Currency, in case of classes issued in any Alternative Currency, for value before the Payment Date to the Depositary, indicating the proper identity of the subscriber(s) and the Sub-Fund in which Shares are subscribed.
Cut-off time
| Cut-off time  1 (Luxembourg time) (Subscriptions, redemptions and conversions) | Valuation Day  2 ("T") | Payment Date  3 |
| --- | --- | --- |
| 2 p.m. on T | Daily | Up to T+1 day 4 |

NB: any reference to a day shall be construed as a reference to a Business Day
1  
If such day is not a Business Day, the first Business Day in Luxembourg preceding this day.
2  
If such Valuation Day is not a Business Day, the Valuation Day will be the next Business Day or the previous Business Day in case of a bi-monthly valuation.
3  
For redemptions, payments will ordinarily be made in the Reference Currency.
4  
Shareholders are prompted to consult the Lombard Odier Group website (www.loim.com) for the applicable Payment Date.
For more details, please refer to paragraph 12.1 "General Provisions" of Section 12 "Issue and Sale of Shares".
ANNEX B: RISK FACTORS
The list of risk factors detailed below does not claim to be an exhaustive description of the risks involved in investing in the Sub-Funds’ Shares. Before deciding to subscribe to or purchase Shares, potential investors should read the whole Prospectus carefully and contact their professional advisers to understand the fiscal and other consequences of such an investment based on their personal situation.
Past performance is no guarantee for future returns and the investor may consequently get back less than he/she invested. There is no assurance that the investment objective of the Sub-Funds will actually be achieved or that any appreciation in the value of the assets will occur.
The table below is a summary of the main risks relating to the core portfolio of each Sub-Fund as of the date of the Prospectus. It is not a rigid and exhaustive list of all the potential risks. Investors should bear in mind that risks are interrelated and that the Sub-Funds can be sensitive to any of the risk factors, especially in turbulent market conditions.
| Summary of main risks |
| --- |
| Risks Sub-Funds | General | Equities | Small and Medium Sized Capitalisations | Fixed-Income Securities | Currencies | Below Investment Grade and Distressed Securities | Convertible Securities | Contingent Convertible Bonds | Commodities | Undertakings for Collective Investments (above 10%) | ABS/MBS (above 10%) | Emerging Markets | Russian Registration / Investment in Russia | Regional or sectorial concentration | Derivatives (Hedging / Efficient Portfolio Mgt) | Derivatives (Investment Strategy) | Model |
| Asset Allocation Sub-Funds |
| All Roads Conservative | X | X | X | X | X | X | X |  | X |  |  | X |  |  | X | X | X |
| All Roads | X | X | X | X | X | X | X |  | X |  |  | X |  |  | X | X | X |
| All Roads Growth | X | X | X | X | X | X | X |  | X |  |  | X |  |  | X | X | X |
| Event Convexity | X | X | X | X | X | X | X |  | X |  |  |  |  | X | X | X | X |
| Multiadvisers UCITS | X | X | X | X | X | X | X |  | X | X |  | X |  | X | X | X | X |
| Defensive Systematic Alternative Solution | X | X |  | X | X | X |  |  | X |  |  | X |  | X | X | X | X |
| Equity Sub-Funds |
| Generation Global | X | X |  |  | X |  | X |  |  |  |  | X |  | X | X |  |  |
| TargetNetZero Global Equity | X | X | X |  | X |  |  |  |  |  |  | X |  | X | X | X | X |
| Continental Europe Family Leaders | X | X | X |  | X |  |  |  |  |  |  |  |  | X | X | X |  |
| Golden Age | X | X | X |  | X |  |  |  |  |  |  | X |  | X | X | X |  |
| World Brands | X | X | X |  | X |  |  |  |  |  |  | X |  | X | X |  |  |
| World Gold Expertise | X | X | X |  | X |  |  |  | X |  |  | X | X | X | X |  |  |
| Commodity Risk Premia | X |  |  |  | X |  |  |  | X |  |  |  |  | X | X | X | X |
| Global FinTech | X | X | X |  | X |  |  |  |  |  |  | X |  | X | X |  |  |
| Natural Capital | X | X | X |  | X |  |  |  |  |  |  | X |  | X | X |  |  |
| Global HealthTech | X | X | X |  | X |  |  |  |  |  |  | X |  | X | X |  |  |
| Emerging High Conviction | X | X | X |  | X |  | X |  |  |  |  | X |  | X | X | X |  |
| China High Conviction | X | X | X |  | X |  |  |  |  |  |  | X |  | X | X |  |  |
| TargetNetZero Europe Equity | X | X | X |  | X |  |  |  |  |  |  |  |  | X | X |  | X |
| Europe All Cap Leaders | X | X | X |  | X |  | X |  |  |  |  | X |  | X | X |  |  |
| Europe High Conviction | X | X |  |  | X |  |  |  |  |  |  |  |  | X | X | X |  |
| Continental Europe Small & Mid Leaders | X | X | X |  | X |  |  |  |  |  |  |  |  | X | X | X |  |
| Asia High Conviction | X | X | X |  | X |  |  |  |  |  |  | X |  | X | X | X | X |
| TerreNeuve | X | X | X | X | X |  | X |  |  |  |  | X |  |  | X | X |  |

| Summary of main risks |
| --- |
| Risks Sub-Funds | General | Equities | Small and Medium Sized Capitalisations | Fixed-Income Securities | Currencies | Below Investment Grade and Distressed Securities | Convertible Securities | Contingent Convertible Bonds | Commodities | Undertakings for Collective Investments (above 10%) | ABS/MBS (above 10%) | Emerging Markets | Russian Registration / Investment in Russia | Regional or sectorial concentration | Derivatives (Hedging / Efficient Portfolio Mgt) | Derivatives (Investment Strategy) | Model |
| Swiss Equity | X | X | X |  |  |  |  |  |  |  |  |  |  | X | X |  |  |
| Swiss Small & Mid Caps | X | X | X |  |  |  |  |  |  |  |  |  |  | X | X |  |  |
| Climate Transition | X | X | X |  | X |  |  |  |  |  |  | X |  | X | X |  |  |
| Fixed-Income  Sub-Funds |
| Global Inflation-Linked Fundamental | X |  |  | X | X | X |  |  |  |  |  | X |  | X | X | X | X |
| Global Government Fundamental | X |  |  | X | X | X |  |  |  |  |  | X |  |  | X | X | X |
| Global Climate Bond | X |  |  | X | X | X |  |  |  |  |  | X |  | X | X |  | X |
| TargetNetZero Global IG Corporate | X |  |  | X | X | X |  | X |  |  |  | X |  | X | X | X | X |
| TargetNetZero Euro IG Corporate | X |  |  | X | X | X |  | X |  |  |  | X |  |  | X | X | X |
| Global BBB-BB Fundamental | X |  |  | X | X | X |  | X |  |  |  | X |  | X | X | X | X |
| Euro BBB-BB Fundamental | X |  |  | X | X | X |  | X |  |  |  | X |  | X | X | X | X |
| Swiss Franc Credit Bond (Foreign) | X |  |  | X | X | X |  | X |  |  |  | X |  |  | X | X | X |
| Ultra Low Duration (USD) | X |  |  | X |  |  |  |  |  |  |  |  |  | X | X |  |  |
| Ultra Low Duration (EUR) | X |  |  | X |  |  |  |  |  |  |  |  |  | X | X |  |  |
| Fallen Angels Recovery | X |  |  | X | X | X |  | X |  |  |  | X |  | X | X | X |  |
| Natural Capital Credit | X |  |  | X | X | X |  | X |  |  | X | X |  | X | X | X |  |
| Emerging Local Currency Bond Fundamental | X |  |  | X | X | X |  |  | X |  |  | X | X | X | X | X |  |
| Asia Value Bond | X |  |  | X | X | X | X | X |  |  |  | X |  | X | X |  |  |
| Asia Investment Grade Bond | X |  |  | X | X |  | X | X |  |  |  | X |  | X | X |  |  |
| Convertible Bond | X | X |  | X | X | X | X |  |  |  |  | X |  |  | X | X |  |
| Global Convertible Bond Defensive Delta | X | X |  | X | X | X | X |  |  |  |  | X |  |  | X | X |  |
| Convertible Bond Asia | X | X |  | X | X | X | X |  |  |  |  | X |  | X | X | X |  |
| TargetNetZero Global Convertible Bond | X | X |  | X | X | X | X |  |  |  |  | X |  |  | X | X |  |
| High Yield 2021 1 | X |  |  | X | X | X |  | X |  |  |  | X |  | X | X |  | X |
| Global Income 2027 2 | X |  |  | X | X | X |  |  |  |  |  |  |  |  | X | X |  |
| High Yield 2022 | X |  |  | X | X | X |  |  |  |  |  |  |  |  | X |  |  |
| High Yield 2023 | X |  |  | X | X | X |  |  |  |  |  |  |  |  | X |  |  |
| High Yield 2024 | X |  |  | X | X | X |  |  |  |  |  |  |  |  | X |  |  |
| Asia Income 2024 | X |  |  | X |  | X |  |  |  |  |  | X |  | X | X |  |  |
| Asia Income 2025 | X |  |  | X |  | X |  |  |  |  |  | X |  | X | X |  |  |
| Asia Income 2026 | X |  |  | X |  | X |  |  |  |  |  | X |  | X | X |  |  |
| Short-Term Money Market Sub-Funds |
| Short-Term Money Market (EUR)3 | X |  |  | X |  |  |  |  |  |  |  |  |  |  | X |  |  |
| Short-Term Money Market (USD)3 | X |  |  | X |  |  |  |  |  |  |  |  |  |  | X |  |  |
| Short-Term Money Market (GBP)3 | X |  |  | X |  |  |  |  |  |  |  |  |  |  | X |  |  |

| Summary of main risks |
| --- |
| Risks Sub-Funds | General | Equities | Small and Medium Sized Capitalisations | Fixed-Income Securities | Currencies | Below Investment Grade and Distressed Securities | Convertible Securities | Contingent Convertible Bonds | Commodities | Undertakings for Collective Investments (above 10%) | ABS/MBS (above 10%) | Emerging Markets | Russian Registration / Investment in Russia | Regional or sectorial concentration | Derivatives (Hedging / Efficient Portfolio Mgt) | Derivatives (Investment Strategy) | Model |
| Short-Term Money Market (CHF)3 | X |  |  | X |  |  |  |  |  |  |  |  |  |  | X |  |  |

1	
To be changed into LO Funds – Global Income 2027 as of 2 November 2021.
2	
As of 2 November 2021
3	
See also specific risk factor under 2.16
- General RisksGeneral risks may become correlated in a harmful manner in particular when the Sub-Funds do not face normal market conditions. Therefore, in turbulent market times an increase of one of those risks may not only increase the Sub-Funds exposure to other general risks but may also trigger other risks.
- Credit RiskCredit risk is a general risk that applies to all investments. It is the risk of loss due a debtor’s non-payment of a loan or other obligation (either the principal or interest or both). For the Sub-Funds, the debtor may be either the issuer of an underlying security (the "issuer risk") or the counterparty to a transaction, such as an OTC derivative contract, a repurchase or reverse repurchase agreement or a loan of portfolio securities (the "counterparty risk"). The debtor may be a government (the "sovereign risk"). Credit risk is also the risk of loss due to a credit event, other than the debtor’s default of payment, such as, but not limited to, the downgrading of a debtor’s credit rating or the rescheduling of a debtor’s debt.

Issuer risk- If an issuer of an underlying fixed income or equity security defaults, the Sub-Fund may lose the full amount invested in such security.
Counterparty risk- The Sub-Funds may effect "over-the-counter" transactions or deal in "interdealer" markets. This exposes the Sub-Funds to the risk that a counterparty will not settle a transaction in accordance with its terms and conditions because of a dispute over the terms of the contract (whether or not bona fide) or because of a credit or liquidity problem, thus causing the Sub-Funds to suffer a loss which may correspond to the full amount exposed with such counterparty. Such "counterparty risk" is accentuated for contracts with longer maturities where events may intervene to prevent settlement, or where the Sub- Funds have concentrated their transactions with a single or small group of counterparties.
Sovereign risk- Where the issuer of the underlying fixed income security is a government or other sovereign issuer, there is a risk that such government is unable or unwilling to meet its obligations, therefore exposing the Sub-Funds to a loss corresponding to the amount invested in such security.
Systemic risk- Credit risk may also arise through a default by one of several large institutions that are dependent on one another to meet their liquidity or operational needs, so that a default by one institution causes a series of defaults by the other institutions. This is sometimes referred to as a "systemic risk" and may adversely affect financial intermediaries, such as clearing agencies, clearing houses, banks, securities firms and exchanges, with which the Sub-Funds interacts on a daily basis.
- Market and Volatility RiskMarket risk is a general risk that applies to all investments. It is the risk that the value of an investment will decrease due to moves in market factors such as exchange rate, interest rate, equity or volatility.

Volatility risk is the likelihood of fluctuations in prices, rates or currencies quoted on different markets. Volatility may impact the Net Asset Value of the Sub-Funds in several ways. As market volatility increases so does the volatility of the Net Asset Value per Share.
- Interest Rate RiskInterest rate risk is the risk that the value of an investment will decrease, due to the variability of interest rates. When interest rates tend to rise, the value of debt securities tend to fall, as does the Net Asset Value per Share of the Sub-Funds invested in debt securities. Securities with longer durations tend to be more sensitive to changes in interest rates, usually making them more volatile than securities with shorter durations. Duration is a measure of sensitivity of the price (the value of principal) of a fixed-income investment to a change in interest rates.
- Exchange Rate RiskExchange rate risk is a general risk that applies to all Sub-Funds investing in assets in a currency other than the Reference Currency (the "foreign currency"). It is the risk that the value of those assets will decrease, as will the Net Asset Value of the Sub-Funds, due to unfavorable exchange rates. If the currency in which a security is denominated appreciates against the Reference Currency, the value of the security will increase. Conversely, a decline in the exchange rate of the currency would adversely affect the value of the security. Currency risks are proportional to the amount of assets of each Sub-Fund held in foreign currencies.

The Sub-Funds may offer classes of Shares in an Alternative Currency. Changes in the exchange rate between the Reference Currency and such Alternative Currency may lead to a depreciation of the value of such Shares as expressed in the Alternative Currency. Even when the exchange rate risk is hedged, there can remain a residual exchange rate risk. Although hedging strategies may not necessarily be used in relation to each class of Share within a Sub-Fund, the financial instruments used to implement such strategies shall be assets/liabilities of the Sub-Fund as a whole (no segregation between classes within a Sub-Fund).
- Liquidity RiskLiquidity risk is the risk that a given asset can not be traded quickly enough without affecting the price of the asset. In normal market conditions, liquidity risk is low as the Sub-Funds may only invest in eligible assets mentioned in paragraph 4.1. In turbulent market times however, low-volume markets make it difficult for the Sub-Funds to sell their assets at their fair price or to sell them at all.

Should the Sub-Funds face large redemption requests in turbulent market times, the Directors may take appropriate measures to protect shareholders interests.
- Unlisted and/or Illiquid Securities RiskSub-Funds may invest or hold a limited part of their net assets (max 10%) in securities that are not (or no longer) listed on exchanges or on a Regulated Market or which may be considered illiquid due to the lack of an active trading market. The Sub-Funds may encounter substantial delays and could incur losses in attempting to sell such securities. Where appropriate, positions in the Sub- Funds’ portfolio that are illiquid and do not actively trade will be marked to market, taking into account current market prices, market prices of comparable investments and/or such other factors (e.g. the tenor of the respective instrument) as may be appropriate. To the extent that marking an illiquid investment to market is not practicable, an investment will be carried at fair value, as reasonably determined by the Directors or their delegate. There is no guarantee that fair value will represent the value that will be realized bythe Sub-Funds on the eventual disposition of the investment or that would, in fact, be realized upon an immediate disposition of the investment. As a result, an investor redeeming his/her Shares from the Sub-Funds prior to realization of such an investment may not participate in gains or losses thereof.
- Large Redemption RiskLarge redemptions of Shares in any of the Sub-Funds within a limited period of time might result in the Sub-Fund being forced to liquidate positions more rapidly than would otherwise be desirable, adversely affecting the value of both the Shares being redeemed and the remaining outstanding Shares.
- Hedging Transactions RiskThe Sub-Funds may hold financial instruments, both for investment purposes and for hedging or EPM purposes. The success of the Sub-Funds’ or Share classes’ hedging strategy will depend, in part, upon the Investment Manager’s ability correctly to assess the degree of correlation between the performance of the instruments used in the hedging strategy and the performance of the portfolio investments being hedged. Since the characteristics of many securities change as markets change or time passes, the success of the Sub-Funds’ or Share classes’ hedging strategy will also be subject to the Investment Manager‘s ability to continually recalculate, readjust and execute hedges in an efficient and timely manner. While the Sub-Funds or Share classes may enter into hedging transactions to seek to reduce risk, such transactions may result in a poorer overall performance for the Sub-Funds or Share classesthan if it had not engaged in such hedging transactions. For a variety of reasons, the Investment Manager may not seek to establish a perfect correlation between the hedging instrument utilised and the portfolio holdings being hedged. Such an imperfect correlation may prevent the Sub-Funds or Share classes from achieving the intended hedge or expose the Sub-Funds or Share classes to risk of loss. The Investment Manager may not hedge against a particular risk because it does not regard the probability of the risk occurring to be sufficiently high as to justify the cost of the hedge, or because it does not foresee the occurrence of the risk.
- SFIs RiskSFIs are subject to the risks associated with the underlying investments. Investments in SFIs may entail the risk of loss of principal and/or interest payment as a result of movements in the underlying investments. As such underlying investments may combine financial derivative instruments, SFIs may be subject to greater volatility than direct investments in fixed income and equity securities.

In addition, investments in SFIs will expose the Sub-Funds to the credit risk of the counterparty issuing the SFI. In the event of a bankruptcy or insolvency of such counterparty or when the financial institutions issuing such SFIs are facing difficult market
conditions, the Sub-Funds may experience delays in liquidating the positions and significant losses as a result of declines in value of the SFIs. The SFIs also entail liquidity risk, as they may not be as liquid as their underlying assets, depending on the market conditions.
- Fiscal RiskInvestors should note in particular that the proceeds from the sale of securities in some markets or the receipt of any dividends or other income may be or may become subject to tax, levies, duties or other fees or charges imposed by the authorities in that market, including taxation levied by withholding at source. Tax law and practice in certain countries into which the Sub-Funds invest or may invest in the future cannot be definitively established. It is possible therefore that the current interpretation of the law or understanding of practice might change, or that the law might be changed retroactively. It is therefore possible that the Sub-Funds could become subject to additional taxation in such countries where this is not anticipated either at the date of the Prospectus or when investments are made, valued or disposed of.
- Administrative Agent and Depositary RiskThe Sub-Funds’ operations are carried out by the service providers described in the Prospectus. In the event of bankruptcy or insolvency of a service provider, investors could experience delays (for example, delays in the processing of subscriptions, conversions and redemption of Shares) or other disruptions.

The Sub-Funds’ assets are held in custody by the Depositary and the duly appointed sub-custodians, which expose the Sub- Funds to risks of loss associated to the depositary function if (1) the Depositary/sub-custodian fails to perform its duties (improper performance) and (2) if the Depositary/sub-custodian defaults.
- Performance Risk in respect of the use of EPM techniquesWhile the Sub-Funds seek to generate additional revenues, the overall performance of the Sub-Funds employing such techniques may be adversely affected in the event that one of the risks mentioned above materializes and leads to a loss.
- Operational RiskOperational risk is a general risk that applies to all Sub-Funds when carrying operations on behalf of these Sub-Funds as part of their respective investment policy. Such risk materializes through operational errors which includes, inter alia, trading errors and similar human errors, such as keystroke errors that occur when entering trades into an electronic trading system or typographical or drafting errors related to derivatives contracts or similar agreements. The Management Company or, as the case may be the Investment Managers, their members, directors, shareholders, officers, employees and affiliates, their respective legal representatives (each, an "Indemnified Party"), shall not be liable to the Company or its shareholders for any losses resulting from operational errors, except such losses resulting from fraud, wilful default or negligence of the Indemnified Party. The foregoing provisions shall not be construed to relieve any Indemnified Party of any liability, to the extent that such liability may not be waived, modified or limited under applicable law, but shall be construed so as to effectuate these provisions to the fullest extent permitted by law and regulations.
- Regulatory RiskGeneral - Due to numerous regulatory reforms currently undertaken, there is a risk that the investment policy of the Sub- Funds may be affected and that further restrictions may limit the ability of the Sub-Funds to hold certain instruments or enter into certain transactions and impair the Sub-Funds’ capability of achieving their initial respective investment objectives. In order to comply with new or modified laws, rules and regulations it cannot be excluded that restructuring or termination of a given Sub-Fund may be necessary and additional costs may be incurred. A non-exhaustive list of potential regulatory changes in the EU and the United States of America are listed below.

EU - The EU is currently addressing the following topics (list not exhaustive):
- the consultation initiated by the European Commission on product rules, liquidity management, depositary, money market funds, long-term investments in view to another UCITS directive ("UCITS VI Directive");
- specific matters relating to UCITS and dealt with by ESMA - the role of ESMA is to achieve greater consistency in day to day application of EU legislation in the security markets field and it plays an active role in building a common EU supervisory culture and consistent supervisory practice, including by providing opinions and issuing guidelines and recommendations which are a central reference for the work of national regulators; and
- the proposal for the EU Financial Transaction Tax ("EU FTT").

United States of America - Regulators in the United States are taking or have taken actions on the following topics (list not exhaustive)
- the Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Dodd-Frank Act") imposed the so-called "Volcker Rule" which restricts, "banking entities" and "non-bank financial companies" from engaging in certain activities, such as proprietary trading and investing in, sponsoring, or holding interests in investment funds;
- the Hiring Incentives to Restore Employment Act (the "Hire Act") was signed into US law in March 2010. It includes provisions on FATCA. The purpose of FATCA is to reduce tax evasions by US citizens by having details of US investors holding assets outside the US reported by FFIs to the US Internal Revenue Service. As a result of the Hire Act, and to discourage FFIs from staying outside this regime, all US securities held by a financial institution that does not enter and comply with the regime will be subject to a US tax withholding of 30% on gross sales proceeds as well as income (the "FATCA Withholding"). This regime has become effective in phases between 1 July 2014 and 2017. On 28 March 2014, the US and the Grand Duchy of Luxembourg entered into a model 1 intergovernmental agreement ("IGA") anda memorandum of understanding in respect thereof in order to facilitate the compliance with the provisions of FATCA. On 29 July 2015, the law of 24 July 2015 approving the IGA between the Grand Duchy of Luxembourg and the US was published (the "FATCA Luxembourg Law"). The Company, through its Sub-Funds, qualifies as a FFI. Accordingto FATCA, the IGA and the FATCA Luxembourg Law, a FFI can qualify as either a "reporting" FFI or a "non-reporting" FFI. Depending on the status of "reporting" or "non-reporting" FFI attributable to the Company, it may be obliged to require all shareholders to provide mandatory documentary evidence of their tax residence and report certain data to the Luxembourg authority on reportable accounts and/or impose restrictions on the offering and selling of Shares to certain categories of investors with no duty to report or withhold on US source gross sales proceeds or income (see paragraph 13.2). It should also be noted that although the Company will make all reasonable efforts to comply with all FATCA obligations, no assurance can be given that it will be able to satisfy such obligations and therefore avoid the FATCA Withholding which may have adverse impact on all shareholders. Investors are further advised to consult their own legal and tax advisor regarding the possible implications of FATCA on their investment in the Company.
- Dilution RiskInvestors may reasonably expect to incur costs caused by an investment manager’s trading activities in pursuit of the investment objectives of the Sub-Fund but may not reasonably expect to suffer a reduction in shareholder value (dilution) influenced by other shareholders excessively trading into or out of the Sub-Fund causing the Sub-Fund to significantly invest/ disinvest in securities or markets.

Dilution can occur, for example, due to:
- buying securities at a higher offer-price;
- selling securities at a lower bid-price;
- increased explicit transaction costs including brokerage fees, commissions and taxes
- market impacts as a result of purchasing or selling down securities due to the effects on the supply and demand curves of those securities in the market.

Anti-dilution mechanisms such as Swing Pricing purport to provide reasonable protection to existing shareholders in a Sub- Fund against the negative dilution impact on the NAV occurring when a Sub-Fund invests/disinvests in securities or markets as a result of shareholder activity. This is achieved by transferring the estimated dilution impact to those shareholders who are subscribing or redeeming.
However, it should be noted that the application of anti-dilution mechanisms may not completely cancel out the adverse effects on the Sub-Fund's NAV caused by shareholder activity, especially during stressed market conditions. It should also be noted that a Sub-Fund’s short-term performance may experience greater volatility as a result of the anti-dilution mechanisms.
- Sustainability RiskSustainability risks mean an environmental, social, or governance event or condition that, if it occurs, could potentially or actually cause a material negative impact on the value of a Sub-Fund’s investment. Sustainability risks can either represent a risk of its own or have an impact on other risks and may contribute significantly to risks, such as market risks, operational risks, liquidity risks or counterparty risks.

Assessment of sustainability risks is complex and may be based on ESG data which is difficult to obtain and incomplete, estimated, out of date or otherwise materially inaccurate. Even when identified, there can be no guarantee that these data will be correctly assessed.
The integration of sustainability risks in the investment decision process may have the effect of excluding profitable investments from the investment universe of the Sub-Funds and may also cause the Sub-Funds to sell investments that will continue to perform well.
Appreciation of sustainability risk is to a degree subjective and there is no guarantee that all investments made by the Sub-Funds will reflect beliefs or values of any particular investor on sustainable investments.
Sustainability risks can manifest themselves in different ways and can lead to a significant deterioration in the financial profile, profitability or reputation of an underlying investment and thus may materially impact its market price or liquidity.
The results of the assessment of the likely impacts of sustainability risks on the returns of the Sub-Fund is set out in the SFDR Annex.
- Risks Linked to Certain Sub-Funds
	- Equity RiskThe risks associated with investment in equity (and equity-like) securities include significant fluctuations in market prices, adverse issuer or market information and the subordinate status of equity in relation to debt paper issued by the same company. Prices of equities fluctuate daily and can be influenced by many micro and macro factors such as political and economic news, corporate earnings reports and catastrophic events. The value of equities will go up and down and the value of a Sub-Fund investing in equities could incur significant losses.


Sub-Funds may invest in initial public offerings ("IPOs"). There is a risk that the price of the newly floated share may incur greater volatility as a result of factors such as the absence of an existing public market, non-seasonal transactions, a limited number of securities that can be traded and a lack of information about the issuer.
- Small and Medium-Sized Capitalisation RiskStocks of small-to medium-sized capitalisation companies often traded on OTC markets may be less liquid than those listed on the major securities exchanges. Consequently, securities of small and even medium-sized cap companies may, from time to time, and especially in falling markets, become illiquid and experience short-term price volatility and wide spreads between bid and offer prices. The combination of price volatility and the limited liquidity of those markets may have an adverse effect on the investment performance of the Sub-Funds. Further the risk of bankruptcy or insolvency of many smaller companies is higher than that of larger, "blue chips", companies.
- Fixed Income Securities RiskThe risks associated with investment in bonds or others fixed income securities include credit, liquidity and interest rate risks.
- Currency RiskThe Sub-Funds may be exposed to currency exchange risk. The Sub-Funds may invest in currencies different from their Reference Currency. Accordingly, the value of an investment may be affected favourably or unfavourably by fluctuations in exchange rates, notwithstanding any efforts made to hedge such fluctuations. In addition, prospective investors whoseassets and liabilities are primarily denominated in currencies other than the Reference Currency of a Sub-Fund should take into account the potential risk of loss arising from fluctuations in the rate of exchange between the Reference Currency of the Sub-Fund and such other currency. Currency exchange rates may fluctuate significantly over short periods of time. They generally are determined by supply and demand in the currency exchange markets and the relative merits of investments indifferent countries, actual or perceived changes in interest rates and other complex factors. Currency exchange rates also can be affected unpredictably by intervention (or the failure to intervene) by relevant governments or central banks, or by currency controls or political developments. Some currencies are not freely convertible currency.

Furthermore, a Sub-Fund may incur costs in connection with conversions between various currencies. Currency exchange dealers realise a profit based on the difference between the prices at which they are buying and selling various currencies. Thus, a dealer normally will offer to sell currency to the Sub-Fund at one rate, while offering a lesser rate of exchange should the Sub-Fund desire immediately to resell that currency to the dealer. The Sub-Fund will conduct its currency exchange transactions either on a spot (i.e. cash) basis at the spot rate prevailing in the currency exchange market, or through entering into forward or options contracts to purchase or sell non-Reference Currency currencies. It is anticipated that most of the Sub-Funds’ currency exchange transactions will occur at the time securities are purchased and will be executed through the local broker or the Depositary.
- Below Investment Grade Risk and Distressed Securities RiskInvestment in debt securities or associated instruments rated BB or below (following Standard & Poor's, Moody's or equivalent), or of equivalent quality in the opinion of the Investment Manager, can involve additional risks. Securities rated BB or equivalent are regarded as predominantly speculative with respect to the issuer’s capacity to pay interest and principal or maintain other terms of the offer documents over any long period of time. Whilst such issues are likely to have some quality and protective characteristics, these are outweighed by large uncertainties or major risk exposure to adverse economic conditions. Securities rated lower than B, and in particular distress obligations, are most of the time issued by companies in weak financial condition, experiencing poor operating results, having substantial capital needs or negative net worth, facing special competitive or product obsolescence problems, including companies involved in bankruptcy or other reorganisation and liquidation proceedings. These obligations are likely to be particularly risky investments although they also may offer the potential for correspondingly high returns. They are generally unsecured and may be subordinated to certain other outstanding securities and obligations of the issuer. Non-investment grade debt securities may not be protected by financial covenantsor limitations on additional indebtedness. The ability of such companies to pay their debts on schedule could be affected by adverse interest rate movements, changes in the general economic climate, economic factors affecting a particular industry or specific developments within such companies. Among the risks inherent in investments in troubled entities is the fact that it frequently may be difficult to obtain information as to the true condition of such issuers. Such investments may also be adversely affected by laws relating to, among other things, fraudulent transfers and other voidable transfers or payments, lender liability, and the bankruptcy court’s power to disallow, reduce, subordinate, recharacterise debt as equityor disenfranchise particular claims. There is no assurance that value of the assets collateralising the Company's investments will be sufficient or that prospects for a successful reorganisation or similar action will become available. In any reorganisation or liquidation proceeding relating to a company in which the Company invests, the Company may lose its entire investment, may be required to accept cash or securities with a value less than its original investment and/or may be required to accept payment over an extended period of time. Under such circumstances, the returns generated from the Company's investments may not compensate the shareholders adequately for the risks assumed.

In addition evaluating credit risk for debt securities involves uncertainty because credit rating agencies throughout the world have different standards, making comparison across countries difficult. Also, the market for credit spreads is often inefficient and illiquid, making it difficult to accurately calculate discounting spreads for valuing financial instruments.
- Convertible Securities RiskConvertible securities are bonds, debentures, notes, preferred stocks or other securities that may be converted into or exchanged for a specified amount of common stock of the same or different issuer within a particular period of time at a specified price or formula. A convertible security entitles the holder to receive interest that is generally paid or accrued on debt or a dividend that is paid or accrued on preferred stock until the convertible security matures or is redeemed, converted or exchanged. Convertible securities generally (i) have higher yields than common stocks, but lower yields thancomparable non-convertible securities, (ii) are less subject to fluctuation in value than the underlying common stock due to their fixed-income characteristics and (iii) provide the potential for capital appreciation if the market price of the underlying common stock increases. The value of a convertible security is a function of its "investment value" (determined by its yield in comparison with the yields of other securities of comparable maturity and quality that do not have a conversion privilege) and its "conversion value" (the security's worth, at market value, if converted into the underlying common stock). A convertible security generally will sell at a premium over its conversion value by the extent to which investors place value on the right to acquire the underlying common stock while holding a fixed-income security. Generally, the amount of the premium decreases as the convertible security approaches maturity. A convertible security may be subject to redemption at the option of the issuer at a price established in the convertible security's governing instrument. If a convertible security held by a Sub-Fund is called for redemption, the Sub-Fund will be required to permit the issuer to redeem the security, convert it into the underlying common stock or sell it to a third party. Any of these actions could have an adverse effect on the Sub-Fund.
- Contingent Convertible Bonds RiskContingent convertible bonds (hereafter "Coco Bonds") are debt instruments that transform into shares of equity or are written off upon a triggering event. The investment in Coco Bonds is subject to different risks which may result in the total or partial loss of the invested sums or a delay in payment. These situations may adversely affect the Sub-Funds.

Investment in Coco Bonds may entail the following risks (non-exhaustive list):
Trigger level risk:
Trigger levels differ and determine exposure to conversion risk depending on the distance of the capital ratio to the trigger level. It might be difficult for the investment manager of the Sub-Fund to anticipate the triggering events that would require the debt to convert into equity.
Triggers are designed so that conversion occurs when the issuer faces a given crisis situation, as determined either by regulatory assessment or objective losses (e.g. measure of the issuer’s core tier 1 prudential capital ratio). As a particular form of convertible securities, Coco Bonds have some characteristics common to those of the convertible securities as described above but have a distinctive feature which is their debt-to-equity conversion trigger.
Coupon cancellation risk
For some Coco Bonds coupon payments are entirely discretionary and may be cancelled by the issuer at any point, for any reason and for any length of time. For some Coco Bonds the cancelled coupon payments do not accumulate and are instead written off. This may lead to mispricing of the risk related to the investment in Coco Bonds.
Capital structure inversion risk
Contrary to classical capital hierarchy, Coco Bonds’ investors (i) may suffer a loss of capital when equity holders do not suffer a loss or (ii) may suffer a loss ahead of equity holders. The Coco Bonds’ investors may see their coupons cancelled while the issuer continues to pay dividends on its common equity.
Call extension risk
Some Coco Bonds are issued as perpetual instruments, callable at pre-determined levels only with the approval of the competent authority. It cannot be assumed that the perpetual Coco Bonds will be called on the call date. The Coco Bonds’ investors may not receive return of principal as expected on a call date or, indeed, at any date.
Unknown risk
The structure of Coco Bonds is innovative yet untested. In a stressed environment, when the underlying features of these instruments will be put to the test, it is uncertain how they will perform. In the event a single issuer activates a trigger or suspends coupons,
it is difficult to predict whether the market will view the issue as an idiosyncratic or rather as a systemic event. In the latter case, potential price contagion and volatility to the entire asset class is possible. This risk may in turn be reinforced depending on the level of underlying instrument arbitrage. Furthermore, in an illiquid market, price formation may be increasingly stressed.
Yield/valuation risk
Relative to more highly rated debt issues of the same issuer or similarly rated debt issues of other issuers, Coco Bonds tend to compare favorably from a yield standpoint. Some investors may be drawn to the Coco Bonds as a result of their attractive yield which may be viewed as a complexity premium.
Conversion risk
Coco Bonds entail uncertainty and conversion risks, amongst others, due to the difficulty of predicting triggering events that would require the debt to convert to equity.
With respect to conversion risks, there remain uncertainties as to how these securities will behave upon conversion: for instance, conversion triggers will generate newly converted equities to holders of Coco Bonds who may want or be required to sell immediately upon conversion the new equities entailing a decrease of the price of the stock of the issuer. In particular, the investment manager might be forced to sell the new equities because of the investment policy of a Sub-Fund which would not allow equity in its portfolio.
Write down risk
Coco Bonds qualify as securities with hybrid character which insofar as they are issued in the form of bonds may lose their nominal value (i.e. be permanently written down to zero of principal investment and/or accrued interest) or, following a trigger event, may be converted in equity (see above under "Conversion risk").
Sector concentration risk
Coco Bonds are issued by banking/insurance institutions. If a Sub-Fund invests significantly in contingent convertibles bonds its performance will depend to a greater extent on the overall condition of the financial services industry than a Sub-Fund following a more diversified strategy.
Liquidity risk
In certain circumstances finding a ready buyer for Coco Bonds may be difficult and the seller may have to accept a significant discount to the expected value of the bond in order to sell it.
- Commodity RiskThough the Company is prohibited to make investments in, or enter into transactions involving commodities, commodities contracts, or certificates representing commodities, they may seek to be exposed to commodities via units of UCI, equity securities or index based derivative instruments. Prices of commodities are influenced by, among other things, various macro economic factors such as changing supply and demand relationships, weather conditions and other natural phenomena, agricultural, trade, fiscal, monetary, and exchange control programmes and policies of governments and other unforeseeable events. The prices of commodities may be highly volatile.
- UCIs RiskUnderlying UCIs in which Sub-Funds may invest may be valued by administrators resulting in valuations which are not verified by an independent third party on a regular or timely basis. Accordingly there is a risk that (i) the valuations of the Sub-Funds may not reflect the true value of underlying investment vehicles holdings held by the Sub-Funds at a specific time which could result in losses or inaccurate pricing for the Sub-Funds and/or (ii) the valuations may not be available on the Valuation Day so that some of the assets of the Sub-Funds may be valued on an estimated basis.

For some of these underlying UCIs, the custodian may be a broker instead of a bank. Such brokers do not, in some cases, have the same credit rating as a bank. Moreover, the legislation applicable to underlying UCIs may provide that the custodian's duties be limited to the custody of assets and will not include supervisory duties similar to those which must be carried out by a custodian of a Luxembourg UCI.
Furthermore, some of these underlying UCIs may have auditors that do not use monitoring measures similar to those required for the Luxembourg investment funds.
- Financial Derivative Instruments Risk
- Valuation riskMany financial derivative instruments, in particular OTC financial derivative instruments, are complex, difficult to value and often valued subjectively and the valuation may only be provided by a limited number of market professionals. Thereplacement value of an OTC derivative transaction may differ from the liquidation value of such transaction, and the valuations provided by the Sub-Fund’s counterparty to such transaction may differ from the valuation provided by a third party or the value upon liquidation. A counterparty might cease making a market or quoting prices for some of the instruments. Inaccurate valuations can result in increased cash payment requirements to counterparties or a loss of value to a Sub-Fund.
- VolatilityThe price of a financial derivative instrument can be very volatile. This is because a small movement in the price of the underlying security, index, interest rate or currency may result in a substantial movement in the price of the financial derivative instrument. Investment in financial derivative instruments may result in losses in excess of the amount invested.
- CorrelationFinancial derivative instruments do not always perfectly or even highly correlate or track the value of the underlying assets they are designed to track. Consequently, a Sub-Fund’s use of financial derivative instruments techniques may not always be an effective means of, and sometimes could be counter-productive to, following a Sub-Fund’s investment objective.
- Short ExposureAlthough the Company may not carry out uncovered sales of transferable securities, some Sub-Funds may, as part of their investment strategy, use financial derivative instruments to seek short exposure to such transferable securities. The Sub-Funds may face substantial loss should the price of the transferable securities increase.
- LeverageThe Sub-Funds will not use borrowing to purchase additional investments but a Sub-Fund using financial derivative instruments as part of its investment strategy may be expected to be leveraged (gross market exposure, aggregating both long and synthetic short positions, in excess of net asset value).

While leverage presents opportunities for increasing the Sub-Fund's total return, it also has the potential of increasing losses as well. Accordingly, any event which adversely affects the value of an investment by the Sub-Fund would be magnified to the extent the Sub-Fund is leveraged. The cumulative effect of the use of leverage by the Sub-Fund in a market that moves adversely to the Sub-Fund's investments could result in a substantial loss to the Sub-Fund.
- Counterparty Risk (OTC derivative transactions)The Sub-Funds may enter into derivatives transactions in over-the-counter markets, which will expose the Sub-Funds to the credit risk of their counterparties and their inability to satisfy the terms of such contracts as mentioned in the clause of counterparty risk above.

The Sub-Funds might also be unable to close out when they wish to end or to enter into an offsetting OTC transaction with respect to an open position, which might adversely affect their performance. The closing-out of an OTC derivative transaction may only be made with the consent of the counterparty to the transaction.
- Control and MonitoringFinancial derivative instruments are highly specialised instruments that require investment techniques and risk analysis different from those associated with equity and fixed income securities. The use of derivative techniques requires an understanding not only of the underlying assets of the financial derivative instruments but also of the financial derivative instruments themselves, without the benefit of observing the performance of the financial derivative instruments under all possible market conditions. In particular, the use and complexity of financial derivative instruments require the maintenance of adequate controls to monitor the transactions entered into, the ability to assess the risk that financial derivative instruments add to the Sub-Funds and the ability to forecast the relative price, interest rate or currency rate movements of the underlying assets correctly. There is no guarantee that a particular forecast will be correct or that an investment strategy which deploys financial derivative instruments will be successful.
- CollateralUnder the terms of the ISDA Agreements and related Collateral Support Annexes which the Company has with each of its OTC counterparties, the Company and its respective ISDA Counterparties have an obligation to collateralise their exposure to one another on a mark to market basis. Collateral transferred by the Company to its ISDA counterparties is transferred with full legal title.
- Limited recourseThe Company has an umbrella structure with multiple compartments (each compartment being referred to as a Sub- Fund). Each Sub-Fund, although not a separate legal entity, corresponds to a distinct part of the assets and liabilities of the Company under Luxembourg law, and consequently benefits from limited liability in accordance with the provisions of the Company's constitutive documents and Luxembourg law. When dealing for the account of a specified Sub-Fund, the Company will endeavour where possible to obtain a contractual acknowledgement from trading counterparties (each a "Counterparty") that the Company's obligation to that Counterparty will be limited to the assets of the specified Sub-Fund and that the Counterparty shall have no recourse to the assets of any other Sub-Fund. It may not however always be possible to obtain such an acknowledgement and in the event that (i) a Counterparty holds assets of more than one Sub- Fund; and (ii) the courts of the jurisdiction in which the assets are situated do not uphold the Luxembourg principle of limited liability as mentioned above, it is possible that the assets of one Sub-Fund could be used to satisfy the obligations of another Sub-Fund.
- Options / WarrantsAn option is a contract that gives the buyer the right, but not the obligation, to buy (call) or sell (put) the underlying asset at or within a certain point in time in the future at a pre-determined price (strike price) against the payment of a premium, which represent the maximum loss for the buyer of an option.

Options can allow the Investment Manager to cost-effectively be able to restrict downsides while enjoying the full upside of a stock, financial index, etc. Long positions in option may be taken to provide insurance against adverse movements in the underlying. Short position may also be taken to enhance total returns and generate income for the Sub-Fund via premium received. The writing and purchase of options is a specialised activity which can involve substantial risks. If the Investment Manager is incorrect in its expectation of changes in the market prices or determination of the correlation between the instruments or indices on which the options are written or purchased and the instruments in a Sub-Fund’s investment portfolio, the Sub-Fund may incur losses that it would not otherwise incur.
A warrant is a certificate that entitles the holder to buy a specific amount of the underlying security of the issuing company at a pre-determined price until the expiry date, against the payment of a premium. Warrants are very similar to call options but there are some key differences such as, (i) warrants are issued by private parties, typically the corporation on which
a warrant is based, (ii) warrants are considered over-the-counter instruments, (iii) warrants are not standardized like exchange-listed options, (iv) warrants can usually not be shorted by investors.
- ForwardsA forward is a contract whereby two parties agree to exchange the underlying asset at a predetermined point in time in the future at a fixed price. The buyer agrees today to buy a certain asset in the future and the seller agrees to deliver that asset at that point in time.

Forward contracts, unlike futures contracts, are not traded on exchanges and are not standardised; rather banks and dealers act as principals in these markets, negotiating each transaction on an individual basis. Forward trading is substantially unregulated; there is no limitation on daily price movements. The principals who deal in the forward markets are not
required to continue to make markets in the underlying securities they trade and these markets may experience periods of illiquidity, sometimes of significant duration. Disruptions can occur in any market traded by the Sub-Funds due to unusually high trading volume, political intervention or other factors. In respect of such trading, the Sub-Fund is subject to the risk of counterparty failure or the inability or refusal by a counterparty to perform with respect to such contracts. Market illiquidity or disruption could result in major losses to the Sub-Funds.
- FuturesFutures are standardised forwards traded on an organized exchange. The amount of the initial margin is small relative to the value of the futures contract so that transactions are "leveraged" or "geared". A relatively small market movement will have a proportionately larger impact which may work for or against the investor. The placing of certain orders which are intended to limit losses to certain amounts may not be effective because market conditions may make it impossible to execute such orders.
- Contract for DifferenceA CFD is a contract between two parties that allows them to gain exposure to the economic performance and cash flows of a security without the need for actually buying or selling the security. The two parties agree that the seller will pay the buyer the difference in price after a certain period of time if the designated security’s price increases, and the buyer will in return pay the seller the difference in price if the security’s price decreases. It is linked to the underlying security price. Consequently, no right is acquired or obligation incurred relating to the underlying share.

The Sub-Funds can take synthetic long or synthetic short positions with a variable margin via CFD. They are highly leveraged instruments and for a small deposit, it is possible for a Sub-Fund to hold a position much greater than would be possible with a traditional investment. In case of substantial and adverse market movements, the potential exists to lose all of the money originally deposited and to remain liable to pay additional funds immediately to maintain the margin requirement.
- Swaps (including IRS and TRS)In a standard swap transaction, two parties agree to exchange the returns (or differentials in rates of return) earned or realized on particular pre-determined investments or instruments.

The Sub-Funds may enter swap transactions with a view to effecting synthetic long and short positions in certain securities, sectors or indices, including commodities indices. Swap agreements can be individually negotiated and structured to include exposure to a variety of different types of investments or market factors. Depending on their structure, swap agreements may increase or decrease the Sub-Funds' exposure to long-term or short-term interest rates, currency values, corporate borrowing rates, inflation rates, or other factors such as single equity securities, baskets of equity securities or equity indices. Swap agreements can take many different forms and are known by a variety of names.
An IRS is an agreement to exchange one set of cash flows (perceived as risky, as linked to e.g. a floating interest rate) against another set of cash flows (perceived as stable, as linked to, e.g. a fixed interest rate).
A TRS is an agreement that involves the exchange of the right to receive the total return, coupons plus capital gains or losses, of a specified reference asset (such as for example an equity), index or basket of assets against the rights to make fixed or floating payments or another equity return.
The most significant factor in the performance of swap agreements is the change in the specific interest rate, currency, individual equity values or other factors that determine the amounts of payments due to and from the Sub-Fund. If a swap agreement calls for payments by the Sub-Fund, the Sub-Fund must be prepared to make such payments when due. In addition, if a counterparty's creditworthiness declines, the value of swap agreements with such counterparty can be expected to decline, potentially resulting in losses by the Sub-Fund.
The swap market has grown substantially in recent years with a large number of banks and investment banking firms, acting both as principals and as agents utilising standardised swap documentation. As a result, the swap market has become liquid but there can be no assurance that a liquid secondary market will exist at any specified time for any particular swap.
- Credit Default SwapsA CDS is an agreement in which one party buys protection against losses occurring due to a credit event of a reference entity up to the maturity date of the swap. The protection buyer pays a periodic fee for this protection up to the maturity date, unless a credit event triggers the contingent payment. In the latter case, the buyer of protection only needs to pay the accrued fee up to the day of the credit event. If a credit event occurs, the settlement will be either in cash or physical:(i) Cash settlement: the seller of protection will pay to the buyer of protection the net amount between the nominal value and the market value of the security; (ii) Physical settlement: the buyer of protection will deliver a bond or a loan ofthe reference entity to the seller of protection and the latter will pay the par value in return. Credit events for CDS are typically: bankruptcy, failure to pay, and restructuring.

The Sub-Funds can take synthetic long or short positions in certain securities via CDS. The use of CDS may carry a higher risk than investing in bonds directly. A CDS allows the transfer of default risk. CDS can either serve as a substitute for purchasing corporate bonds or they can hedge specific corporate bond exposure or reduce exposure to credit basis risk. If the Sub-Fund is a buyer and no event of default occurs, the Sub-Fund will lose its investment and recover nothing. However, if an event of default occurs, the buyer Sub-Fund will receive the amount above mentioned depending on cash or physical settlement. If the Sub-Fund is a seller, it will receive a fixed rate of income throughout the term of the contract provided no credit event occurs. In the latter case, the Sub-Fund will have to pay the amount provided in the contract.
All Sub-Funds using Credit Default Swaps may, in the case of a credit event, have to accept delivery of non-investment- grade bonds issued in a currency other than the Reference Currency. The delivery of such non-investment-grade bonds in a currency other than the Reference Currency will not be regarded as a breach of investment policy for those Sub- Funds which may only be invested in investment-grade-bonds or in bonds issued in the Reference Currency.
The market for CDS may sometimes be more illiquid than bond markets.
- ABS Risk and MBS RiskABS and MBS are securities backed by financial assets whose nature varies and determine the qualification of the security.

MBS are securities that represent direct or indirect participation in, or are collateralized by and payable from, mortgage loans secured by real property or instruments derived from such loans. The payment of principal and interest and the price of a MBS generally depend on the cash flows generated by the underlying mortgages and the terms of the MBS. MBS are backed by different types of mortgages, including commercial and residential properties. MBS are issued by government and non- government entities and include various types of securities such as pass-throughs, collateralized mortgage obligations and stripped MBS.
Certain MBS represent interests in pools of mortgage loans assembled for sale to investors by various governmental agencies, such as the US Government National Mortgage Association (GNMA), by government-related organizations, such as the U.S. Federal National Mortgage Association (FNMA) and the U.S. Federal Home Loan Mortgage Corporation (FHLMC), and by private issuers, such as commercial banks, savings and loan institutions and mortgage companies.
Private, government, or government-related entities may create mortgage loan pools offering pass-through investments. Interests in pools of mortgage-related securities differ from other forms of debt instruments, which normally provide for periodic payment of interest in fixed amounts with principal payments at maturity or specified call dates. Instead, these securities typically provide a monthly payment which consists of both interest and principal payments. These payments generally are a “pass-through” of the monthly payments made by the individual borrowers on their residential or commercial loans, net of any fees paid to the issuer or guarantor of such securities. Additional payments are caused by repayments of principal resulting from the sale of the underlying property, refinancing or foreclosure, net of fees or costs incurred. Pass-through securities issued by the U.S. Federal National Mortgage Association (FNMA) and the U.S. Federal Home Loan Mortgage Corporation (FHLMC) are guaranteed as to timely payment of principal and interest by the U.S. Federal National Mortgage Association (FNMA) and the U.S. Federal Home Loan Mortgage Corporation (FHLMC). Private MBS represent interest in pools consisting of residential or commercial mortgage loans created by non-government issuers, such as commercial banks and savings and loan associations and private mortgage companies. Private MBS securities may be subject to greater credit risk and be more volatile than government or government- related MBS. In addition, private MBS may be less liquid than government or government-related MBS.
Collateralized mortgage obligations are debt obligations of a legal entity that are collateralized by mortgages. They are typically rated by a rating agency and are structured into multiple classes, often referred to as “tranches”, with each class bearing a different stated maturity and entitled to a different schedule for payments of principal and interest, including pre-payments. The shorter, more senior tranches will generally be lower risk than the longer dated, more junior tranches.
Stripped MBS are derivative multi-class MBS. Stripped MBS may be issued by agencies or instrumentalities of the U.S. government, or by private originators of, or investors in, mortgage loans, including savings and loan associations, mortgage banks, commercial banks, investment banks, and special purpose entities formed or sponsored by any of the foregoing.
Stripped MBS may be less liquid than other types of MBS. Stripped MBS are usually structured with two classes that receive different proportions of the interest and principal distributions on a pool of mortgage assets. A common type of Stripped MBS will have one class receiving some of the interest and most of the principal from the mortgage assets, while the other class will receive most of the interest and the remainder of the principal. In the most extreme case, one class will receive all of the interest (interest-only), while the other class will receive all of the principal (principal-only).
ABS are very similar to MBS, except that the securities are collateralized by other types of assets besides mortgages, such as credit card receivables, home-equity loans, manufactured homes, automobile loans, student loans, equipment leases, or senior bank loans, among others. The assets can be a pool of assets or a single asset. ABS that represent an interest in a pool of assets provide greater credit diversification than ABS that represent an interest in a single asset. Payment of interest and repayment of principal on ABS may be largely dependent upon the cash flows generated by the underlying assets and, in certain cases, may be supported by letters of credit, surety bonds, or other credit enhancements.
The credit quality of ABS depends primarily on the quality of the underlying assets, the rights of recourse available against the underlying assets and/or the issuer, the level of credit enhancement, if any, provided for the securities, and the credit quality of the credit-support provider, if any. The value of ABS may be affected by the various factors, such as changes in interest rates, the
availability of information concerning the pool and its structure, the creditworthiness of the servicing agent for the pool, the originator of the underlying assets, or the entities providing the credit enhancement. ABS that do not have the benefit of a security interest in the underlying assets present certain additional risks that are not present with ABS that do have a security interest in the underlying assets.
MBS and ABS are subject to pre-payment, extension and default risks.
Prepayment riskis the risk that principal is paid back over the life of the security rather than at maturity, as the underlying obligations are subject to unscheduled pre-payments of principal before the security’s maturity date due to voluntary prepayments, refinancings or foreclosures on the underlying loans. Some types of ABS are often subject to more rapid repayment than their stated maturity date would indicate, as a result of the pass-through of prepayments of principal on the underlying assets. The rate of principal payments on these ABS is related to the rate of principal payments on the underlying asset pool and related to the priority of payment of the security with respect to the asset pool. The occurrence of prepayments is a function of several factors, such
as the level of interest rates, general economic conditions, the location, and age of the underlying obligations, asset default and recovery rates, and other social and demographic conditions. Because prepayments of principal generally occur when interest rates are declining, an investor generally has to reinvest the proceeds of such prepayments at lower interest rates than those at which its assets were previously invested. Therefore, these ABS may have less potential for capital appreciation in periods of falling interest rates than other income-bearing securities of comparable maturity. Also, the interest-only and principal-only securities mentioned above are highly sensitive to the pre-payment experience associated with the underlying mortgages and will behave in opposite ways to the same trend in pre-payments. For interest-only securities, early pre-payments within the pool will mean less than expected interest payments since the mortgages will have terminated, adversely affecting security holders. For principal-only securities, early pre-payments within the pool will mean quicker repayment of principal than expected, benefiting security holders. Because of the highly sensitive nature of these securities, the possibility of sharp declines in prices is much greater compared to conventional MBS.
Extension riskis the risk that debt obligations will be paid off more slowly than originally anticipated, increasing the average life of such debt obligations and the sensitivity of the prices of such debt obligations to future interest rate changes. For example, rising interest rates could cause property owners to pay their mortgages more slowly than expected, resulting in slower payments of mortgage backed debt obligations. This could lengthen the duration of the debt obligation, making its price more sensitive to interest rate changes, and increase the potential for loss.
Default riskis the risk of default on the underlying assets that back the security. Weakening credit fundamentals associated with the underlying assets that back ABS/MBS securities may cause default rates to rise, which would result in a decline in the value of ABS/ MBS obligations.
Because of their specific features, ABS/MBS may also be subject to higher interest rate, credit, and liquidity risks than other debt securities such as government bonds.
ABS/MBS may be structured as synthetic securities. For example, the CMBX is a credit default swap on a basket of commercial MBS bonds, constituting in effect a CMBS index. By purchasing such an instrument, the Sub-Funds are buying protection (i.e. the ability to get par for the bonds in the event of an unfavorable credit event), allowing the Sub-Funds to hedge their exposure or go short the commercial MBS sector. By selling such an instrument short and holding cash against the potential obligation to purchase it, the
Sub-Funds are selling protection and effectively getting long exposure to the commercial MBS sector more quickly and efficiently than by purchasing individual bonds. The risks associated with such synthetic instruments are comparable to those of the underlying ABS or MBS securities that the instruments are seeking to replicate, in addition to the risk that the synthetic instruments themselves do not perform as intended due to adverse market conditions.
If any of the risk mentioned above materializes, the Sub-Funds may fail to recoup some or all of their initial investment in the securities, notwithstanding the existence of mechanisms such as credit enhancement or seniority.
- Emerging Market RiskGeneral- In Emerging Markets, to which the Sub-Funds may be exposed, the legal, judicial and regulatory infrastructure is still developing and there is much legal uncertainty both for local market participants and their counterparties. Some markets carry significant risks for investors who should therefore ensure that, before investing, they understand the relevant risks and are satisfied that an investment is suitable. Such risks may include (i) increased risk of nationalisation, expropriation of assets, forced mergers of companies, creation of government monopolies, confiscatory taxation or price controls; (ii) greater social, economic and political uncertainty, including war; (iii) higher dependence on exports and the corresponding importance of international trade; (iv) greater volatility, less liquidity, low trading volumes and smaller capitalisation of securities markets; (v) greater volatility in currency exchange rates; (vi) greater risk of inflation; (vii) greater controls on foreign investment and limitations on repatriation of invested capital and on the ability to exchange local currencies for any major currency and/or restriction on the buying or selling by foreign investors; (viii) increased likelihood of governmental decisions to cease support of economic reform programmes or to impose centrally planned economies; (ix) differences in accounting, auditing and financial reporting standards, methods, practices and disclosures which may result in the unavailability or incompleteness or tardiness of material information about issuers; (x) less extensive regulation of the securities markets; (xi) longer settlement periods for securities transactions and less reliable clearance and custody arrangements; (xii) less protection through registration of assets; (xiii) less developed corporate laws regarding fiduciary duties of officers and directors and protection of shareholders and (xiv) less formalised procedures for corporate actions (no central source of identification, no formal notification) and proxy voting.

Exchange Rate Fluctuations Risk- In accordance with the investment objectives of certain Sub-Funds, the assets will be invested primarily in securities of companies in developing countries and substantially all income will be received by these Sub-Funds in currencies of such countries. A number of the currencies of developing countries have already experienced and could experience significant declines against the major currencies in recent years and devaluation may occur suddenly. Where possible, hedging strategies will be implemented but they cannot totally eliminate unfavorable currency fluctuations. Some currencies are not freely convertible currencies.
Custody Risk- The Company may also have to utilise local service providers for the safekeeping of the assets and for the execution of securities transactions. Although the Company intends to use only the best-qualified service providers in each of the markets concerned, the choice of providers in some emerging countries may be very limited. These providers may not offer guarantees comparable to those given by firms operating in developed countries. Accordingly, the quality of the services that the Company may obtain with regard to the execution of transactions on securities and their custody may be less reliable.
Settlement and Trading Risk- Settlement systems in Emerging Markets may be less well organized than in developed markets. Emerging Markets may not employ true Delivery versus Payment. Thus, there may be risks that settlement may be delayed and that cash or securities of these Sub-Funds may be in jeopardy because of failures of or defects in the systems. In particular, market practice may require that payment be made prior to receipt of the security which is being purchased or that delivery of a security must be made before payment is received. Exchanges on Emerging Markets may not have a settlement guarantee fund in case of
temporary securities or cash shortfalls or in the event of a counterparty default or broker malpractice. The Company will seek, where possible, to use counterparties whose financial status is such that the risk of default is reduced, but the risk of losses resulting from default cannot be totally eliminated. Some markets may have specific trading restrictions.
Registration of Securities- In some countries, there is no recognition of "nominee" ownership. Registration must be done with the issuer in the final beneficial owner’s name.
Regulatory Risk- Many of the laws that govern private and foreign investment, equity securities transactions and other contractual relationships in certain countries, particularly in developing countries, are new and largely untested. As a result, the Company may be subject to a number of unusual risks, including inadequate investor protection, contradictory legislation, incomplete, unclear and changing laws, ignorance or breaches of regulations on the part of other market participants, lack of established or effective avenues for legal redress, lack of standard practices and confidentiality customs characteristic of developed markets and lack of enforcement of existing regulations. Furthermore, it may be difficult to obtain and enforce a judgment in certain countries in which assets of
the Company are invested. There can be no assurance that this difficulty in protecting and enforcing rights will not have a material adverse effect on the Company and its operations. In addition, the income and gains of the Sub-Funds may be subject to withholding taxes imposed by foreign governments for which unitholders may not receive a full foreign tax credit.
Investment and Repatriation Restrictions Risk- Some countries prohibit or impose substantial restrictions on investments by foreign entities. Certain countries require governmental approval prior to investments by foreign persons, or limit the amount of investment by foreign in a particular company, or limit the investment by foreign persons in a company to only a specific class of securities which may have less advantageous terms than securities of the company available for purchase by nationals. Certain countries may restrict investment opportunities in issuers or industries deemed important to national interests. Repatriation of investment income, capital and the proceeds of sales by foreign investors may require governmental registration and/or approval in some developing countries. It may have an adverse impact on the operations of a Sub-Fund. While the Sub-Funds will invest only in markets where these restrictions are considered acceptable, new or additional restrictions might be imposed subsequent to the initial investment and thus may restrict the Investment Manager's ability to manage effectively such assets and could ultimately result in a substantial loss.
Liquidity Risk- As these Sub-Funds invest a high proportion of their assets in Emerging-Market securities which tend to be less liquid than those of developed markets, investors should consider a shareholding in these Sub-Funds to be a long-term investment and be aware that it may not always be possible to make redemption payments within the usual time frame (see Section 14).
Investment in PRC- The securities markets in the PRC are Emerging Markets that are undergoing rapid growth and changes. Most PRC laws and regulations governing securities and corporations might be subject to unpredictable changes and development. The effect of such changes can be retrospective and can have an adverse impact on the investments of the Sub-Funds.
Trading China A-Shares, if contemplated by a Sub-Fund, will be achieved through the Shanghai-Hong Kong Stock Connect ("Stock Connect", please also see the Definitions section). Stock Connect is still developing and will be open to all investors without the requirement of a licence and there are only limited restrictions relating to, inter alia, settlement currency, locking up the proceeds of sale or delaying repatriation of those proceeds. A particular risk around Stock Connect is the manner in which assets are held as part of the Stock Connect and ensuring proper segregation of those assets. Compared to a clearing system in a non-Emerging Market, there is a greater risk of assets being lost or being unable to be properly identified as belonging to the Company when utilizing
Stock Connect. The Company may commence recourse to Stock Connect for a Sub-Fund only when it is reasonably satisfied that such trading facility is permissible according to the relevant laws and regulations applicable to the Company. Also, a Sub-Fund may seek exposure to China A-Shares using market access products such as warrants and participating or "P" notes or other forms of structured products or derivatives with a similar purpose.
Although the above mentioned trading facilities are signs of a greater internationalization of the RMB and the liberalization of China’s financial markets, it should also be noted that (i) China A-Shares held through Stock Connect directly or via market access products may have limited voting rights and (ii) the renmimbi is subject to foreign exchange restrictions and is not a fully convertible currency. The exchange rate used for the Sub-Funds is in relation to the offshore renminbi ("CNH"), not the onshore renminbi ("CNY"). The value of CNH could differ, perhaps significantly, from that of CNY due to a number of factors including those mentioned above.
Risks relating to Stock Connect
Under Stock Connect, the Company through its Hong Kong brokers may trade certain eligible securities listed and traded on the SSE, including China A-Shares (the "SSE Securities"). Such trading is subject to the laws and regulations of PRC and Hong Kong and the relevant rules, policies or guidelines issued from time to time.
Segregation and beneficial ownership of SSE Securities
The SSE Securities are held in a nominee account in the name of HKSCC, opened with ChinaClear, which is an omnibus account in which all SSE Securities of the investors of Stock Connect are commingled. The SSE Securities are beneficially owned by the investors (a Sub-Fund) and are segregated from the own assets of HKSCC.
In addition, the SSE Securities beneficially owned by investors (including a Sub-Fund) will be segregated in the accounts opened with HKSCC by relevant sub-custodians, and in the accounts opened with the relevant sub-custodians of such Sub-Fund in the CCASS maintained by the HKSCC as the central securities depositary in Hong Kong.
PRC laws suggest that the Sub-Fund would have beneficial ownership of SSE Securities. It is expressly stipulated in the Several Provisions on the Pilot Programme of Stock Connect (as published by the China Securities Regulatory Commission to prescribe the launch and operation of the Stock Connect) that HKSCC acts as the nominee holder and the Sub-Fund would own the rights and interests with respect to the SSE Securities. The SEHK has also stated that it is the Sub-Fund who is the beneficial owner of the SSE Securities.
However, it should be noted that the exact nature and methods of enforcement of the rights and interests of a Sub-Fund under PRC law is not certain and there have been few cases involving a nominee account structure in the PRC courts.
It should also be noted that as with other clearing systems or central securities depositaries, Stock Connect is not obliged to enforce the rights of a Sub-Fund in the PRC courts. If a Sub-Fund wishes to enforce its beneficial ownership rights in the PRC courts, it will need to consider the legal and procedural issues at the relevant time.
Quota limitations
Stock Connect is subject to an aggregate cross-boundary investment quota as well as a daily quota which does not belong to a Sub-Fund and can only be utilised on a first-come-first-served basis. In particular, once the remaining balance of the Northbound
daily quota drops to zero or the Northbound daily quota is exceeded during the opening call session, new buy orders will be rejected (though investors will be allowed to sell their cross-boundary securities regardless of the quota balance). Therefore, quota limitations may restrict a relevant Sub-Fund’s ability to invest in SSE Securities through Stock Connect on a timely basis, and a Sub-Fund may not be able to effectively pursue its investment strategies.
Settlement
The Company will set up arrangements with its Hong Kong brokers and sub-custodian to ensure that cash payment is received against delivery of securities for the trades of the SSE Securities (delivery versus payment settlement). To this end, for the trades of the SSE Securities by a Sub-Fund, Hong Kong brokers will credit or debit the cash account of a Sub-Fund on the same day for the settlement of securities, for an amount equal to the funds relating to such trading.
Clearing and settlement risk
HKSCC and ChinaClear will establish the clearing links and each will become a participant of each other to facilitate clearing and settlement of cross-boundary trades. For cross-boundary trades initiated in a market, the clearing house of that market will on one hand clear and settle with its own clearing participants, and on the other hand undertake to fulfill the clearing and settlement obligations of its clearing participants with the counterparty clearing house.
Should a ChinaClear default occur and ChinaClear be declared as a defaulter, HKSCC’s liabilities in Northbound trades under its market contracts with clearing participants will be limited to assisting clearing participants in pursuing their claims against ChinaClear. HKSCC will in good faith, seek recovery of the outstanding stocks and monies from ChinaClear through available legal channels or through ChinaClear’s liquidation. In that event, a Sub-Fund may suffer delay in the recovery process or may not be able to fully recover its losses from ChinaClear.
No Protection by Investor Compensation Fund
Investment through Stock Connect is conducted through broker(s), and is subject to the risks of default by such brokers’ in their obligations. A Sub-Fund’s investments through Northbound trading under Stock Connect is not covered by the Hong Kong’s Investor Compensation Fund. Therefore Sub-Funds are exposed to the risks of default of the broker(s) it engages in its trading in SSE Securities through Stock Connect.
Suspension risk
Both the SEHK and SSE reserve the right to suspend Northbound and/or Southbound trading if necessary for ensuring an orderly and fair market and risks are managed prudently. Consent from the relevant regulator would be sought before a suspension is triggered. Where a suspension in the Northbound trading through Stock Connect is effected, the relevant Sub- Fund’s ability to access the PRC market will be adversely affected.
Differences in trading day
Stock Connect will only operate on days when both the PRC and Hong Kong markets are open for trading and when banks in both markets are open on the corresponding settlement days. So it is possible that there are occasions when it is a normal trading day for the PRC market but not for the Hong Kong market, in which case a Sub-Fund will not be able to access the PRC market via Stock Connect. A Sub-Fund may be subject to a risk of price fluctuations in SSE Securities during the time when Stock Connect is not trading as a result.
Operational risk
Stock Connect provides a new channel for investors from Hong Kong and overseas to access the China stock market directly. Stock Connect is premised on the functioning of the operational systems of the relevant market participants. Market participants are able to participate in this programme subject to meeting certain information technology capability, risk management and other requirements as may be specified by the relevant exchange and/or clearing house. It should be appreciated that the securities regimes and legal systems of the two markets differ significantly and in order for the trial programme to operate, market participants may need to address issues arising from the differences on an on-going basis.
Further, the "connectivity" in Stock Connect requires routing of orders across the PRC-Hong Kong border. This requires the development of new information technology systems on the part of the SEHK and exchange participants (i.e. a new order routing system ("China Stock Connect System") to be set up by SEHK to which exchange participants need to connect). There is no assurance that the systems of the SEHK and market participants will function properly or will continue to be adapted to changes and developments in both markets. In the event that the relevant systems failed to function properly, trading in both markets through the programme could be disrupted. A Sub-Fund’s ability to access the SSE Securities market (and hence to pursue its investment objective) will be adversely affected.
Restrictions on selling imposed by front-end monitoring
PRC regulations require that before an investor sells any SSE Securities, there should be sufficient SSE Securities in the account; otherwise SSE will reject the sell order concerned. SEHK will carry out pre-trade checking on SSE Securities sell orders of its participants (i.e. the stock brokers) to ensure there is no over-selling. If a Sub-Fund desires to sell certain SSE Securities it holds, it must transfer those SSE Securities to the respective accounts of its brokers before the market opens on the day of trading. If it fails to meet this deadline, it will not be able to sell those SSE Securities on the trading day. Because of this requirement, the relevant Sub-Fund may not be able to dispose of holdings of SSE Securities in a timely manner.
Regulatory risk
Stock Connect is novel in nature, and will be subject to regulations circulated by regulatory authorities and implementation rules made by the stock exchanges in the PRC and Hong Kong. Further, new regulations may be circulated from time to time by the regulators in connection with operations and cross-border legal enforcement in connection with cross-border trades under Stock Connect.
It should be noted that the regulations are untested and there is no certainty as to how they will be applied. Moreover, the current regulations are subject to change. There can be no assurance that Stock Connect will not be abolished. A Sub-Fund, which may invest in the PRC markets through Stock Connect, may be adversely affected as a result of such changes.
Taxation risk
On 14 November 2014, the Ministry of Finance, the State Administration of Taxation and the China Securities Regulatory Commission published the Circular on relevant Tax Treatment for the Pilot Programme of Shanghai-Hong Kong Stock Connect. Such circular provides that funds investing in SSE Securities via Stock Connect are temporarily exempt from income tax on
capital gains derived from the transfer of SSE Securities on or after 17 November 2014 (the "Stock Connect Exemption"). Dividends from SSE Securities paid to a fund will continue to be subject to 10% withholding tax which is to be withheld at source. It is possible that any new tax laws and regulations and any new interpretations may be applied retroactively.
CIBM
CIBM is an OTC market where institutional investors trade sovereign, government and corporate bonds on a one-to-one quote-driven basis and accounts for almost all of outstanding bond values of total trading volume in China.
Investors should be aware that trading on the CIBM exposes the Sub-Fund to certain risks (counterparties risk, liquidity risk, settlement risk).
Settlement risk
There are various transaction settlement methods in the CIBM and although favorable terms are negotiated in the name of the Sub-Fund, there is no assurance that settlement risks can be eliminated. Where the counterparty fails to perform its obligations under a transaction, the Sub-Fund will sustain losses.
All bond trades will be settled through ChinaClear. ChinaClear operates under the supervision of the relevant Chinese authorities.
If a participant defaults in payment of any sum payable to ChinaClear, the latter has the power to apply the funds available towards the satisfaction of any amount due to ChinaClear either from (i) cash collateral provided by the defaulting participant;
(ii) cash held in the joint guarantee fund contributed by the defaulting participant; or (iii) cash generated by the sale of securities. The defaulting party will be responsible for the expenses and any price differences resulting from the sale of the securities.
If a participant defaults in delivering securities, ChinaClear is entitled to delay the payment due to the delivering participant until the outstanding obligation is satisfied. In addition, ChinaClear may apply all or any securities (in lieu of the securities that are the subject of the delivery obligations) from the following sources to satisfy the obligations and liabilities of such participant to ChinaClear:
- securities furnished by the defaulting party;
- securities purchased using the funds in the designated escrow account; or
- securities available to ChinaClear from other alternative sources.

Although ChinaClear is due to deliver payment and securities to delivering participant and receiving participants, respectively, a delay may occur if either party fails to fulfil its payment or delivery obligation.
PRC has undertaken the liberalization to its financial markets by proposing or facilitating the access to several investment programs. Further to a revision in 2016, access to CIBM has been facilitated ("CIBM Facilitated Access"). Foreign institutional investors may invest, without particular license or quota, directly in RMB fixed income securities dealt on the CIBM via an onshore bond settlement agent (the “Bond Settlement Agent”), which has the responsibility for making the relevant filings and account opening with the relevant PRC authorities in particular the PBOC.
The CIBM Facilitated Access rules and regulations are relatively new. The application and interpretation of such investment regulations are therefore relatively untested and there is no certainty as to how they will be applied as the PRC authorities and regulators have been given wide discretion in such investment regulations and there is no precedent or certainty as to how such discretion may be exercised now or in the future. In addition, there can be no assurance that the CIBM Facilitated Access rules and regulations will not be abolished in the future. A Sub-Fund, which invests in the PRC markets through the CIBM Facilitated Access, may be adversely affected as a result of any such changes or abolition.
Restrictions to Remittances and Repatriations Risk
Foreign investors (such as the Sub-Fund) may remit investment principal in RMB or foreign currency into the PRC for investing in the CIBM under the CIBM Facilitated Access. A Sub-Fund using the CIBM Facilitated Access will need to remit investment principal matching at least 50 % of its anticipated investment size within nine (9) months after filing with the PBOC, or else an updated filing will need to be made through the onshore Bond Settlement Agent.
Where a Sub-Fund repatriates funds out of the PRC, the ratio of RMB to foreign currency (“Currency Ratio”) should generally match the original Currency Ratio when the investment principal was remitted into PRC, with a permissible deviation of 10%. However, to the extent an outward repatriation is in the same currency as the inward remittance the Currency Ratio restriction will not apply.
Certain restrictions may be imposed by the PRC authorities on investors participating in the CIBM Facilitated Access and/or the Bond Settlement Agent which may have an adverse effect on the Sub-Fund’s liquidity and performance. Repatriations conducted in RMB are currently permitted daily and are not subject to repatriation restrictions (such as lock-up periods) or prior approval, although authenticity and compliance reviews will be conducted, and reports on remittances and repatriations will be submitted to the relevant PRC authorities by the Bond Settlement Agent. There is no assurance, however, that PRC rules and regulations will not change or that repatriation restrictions will not be imposed in the future. Furthermore, as the Bond Settlement Agent’s review on authenticity and compliance is conducted on each repatriation, the repatriation may be delayed or even rejected by the Bond Settlement Agent
in case of non-compliance with the CIBM Facilitated Access rules and regulations. Any restrictions imposed in the future by the PRC authorities, or rejection or delay by the Bond Settlement Agent, on repatriation of the invested capital and net profits may impact on the Sub-Fund’s ability to meet redemption requests from the shareholders. It should be noted that the actual time required for the completion of the relevant repatriation will be beyond the Investment Manager’s control.
Securities and cash accounts
Beneficial ownership of RMB securities acquired through CIBM Facilitated Access has been acknowledged in documentation released by the PBOC and PRC authorities. Beneficial ownership is however an untested concept in the PRC. Investors should note that cash deposited in the cash account of the Sub-Fund with the Bond Settlement Agent will not be segregated but will be a debt owing from the Bond Settlement Agent to the Sub-Fund as a depositor. Such cash will be co-mingled with cash belonging to other clients of
the Bond Settlement Agent. In the event of bankruptcy or liquidation of the Bond Settlement Agent, the Sub-Fund will not have any proprietary rights to the cash deposited in such cash account, and the Sub-Fund will become an unsecured creditor, ranking pari passu with all other unsecured creditors, of the Bond Settlement Agent. The Sub-Fund may face difficulty and/or encounter delays in recovering such debt, or may not be able to recover it in full or at all, in which case the Sub-Fund will suffer losses.
Bond Settlement Agent Risk
There is a risk that the Sub-Fund may suffer losses, whether direct or consequential, from: (i) the acts or omissions in the settlement of any transaction or in the transfer of funds or securities by the Bond Settlement Agent; or (ii) the default or bankruptcy of the
Bond Settlement Agent; or (iii) the disqualification of the Bond Settlement Agent from acting in such capacity either on a temporary or permanent basis. Such acts, omissions, default or disqualification may also adversely affect a Sub-Fund in implementing its investment strategy or disrupt the operations of a Sub-Fund, including causing delays in the settlement of any transaction or the transfer of any funds or securities in the PRC or in recovering assets, which may in turn adversely impact the net asset value of a Sub-Fund.
In addition, the PBOC is vested with the power to impose regulatory sanctions if the Bond Settlement Agent violates any provision of the CIBM Facilitated Access rules. Such sanctions may adversely impact on the investment by the Sub-Fund through the CIBM Facilitated Access.
Risks associated with Bond Connect
Overview of the Bond Connect
Bond Connect is a mutual bond market access between Hong Kong and mainland China established by China Foreign Exchange Trade System & National Interbank Funding Centre, China Central Depository & Clearing Co., Ltd, Shanghai Clearing House, and SEHK and Central Moneymarkets Unit. China bond market primarily consists of CIBM. Eligible foreign investors can invest in the CIBM under the northbound trading of Bond Connect ("Northbound Trading"). Northbound Trading will follow the current policy framework for overseas participation in the CIBM. There will be no investment quota for Northbound Trading.
Under the prevailing regulations in mainland China, eligible foreign investors who wish to invest in the CIBM via Bond Connect may do so via an offshore custody agent approved by the Hong Kong Monetary Authority, who will be responsible for the account opening with the relevant onshore custody agent approved by PBOC.
Market volatility and potential lack of liquidity due to low trading volume of certain debt securities in the CIBM may result in prices of certain debt securities traded on such market fluctuating significantly. The relevant Sub-Fund investing in such market is therefore subject to liquidity and volatility risks. The bid and offer spreads of the prices of such securities may be large, and the relevant Sub- Fund may therefore incur significant trading and realisation costs and may even suffer losses when selling such investments.
To the extent that the relevant Sub-Fund transacts in the CIBM, the relevant Sub-Fund may also be exposed to risks associated with settlement procedures and default of counterparties. The counterparty which has entered into a transaction with the relevant Sub- Fund may default in its obligation to settle the transaction by delivery of the relevant security or by payment for value.
Since the account opening for investment in the CIBM via Bond Connect has to be carried out via an offshore custody agent, the relevant Sub-Fund is subject to the risks of default or errors on the part of the offshore custody agent.
Bond Connect is subject to regulatory risks. The relevant rules and regulations on investment via Bond Connect are subject to change which may have potential retrospective effect. In the event that the relevant Chinese authorities suspend account opening or trading
via Bond Connect, the relevant Sub-Fund’s ability to invest in CIBM will be limited and, may have an adverse effect on the relevant Sub-Fund’s performance as the relevant Sub-Fund may be required to dispose of its CIBM holdings. The relevant Sub-Fund may also suffer substantial losses as a result.
There is no specific written guidance by the mainland China tax authorities on the treatment of income tax and other tax categories payable in respect of trading in CIBM by eligible foreign institutional investors via Bond Connect. Hence it is uncertain as to the relevant Sub-Fund’s tax liabilities for trading in CIBM via Bond Connect. Also it is possible that any new tax laws and regulations and any new interpretations may be applied retroactively.
Risks associated with RQFII regime
In addition to the risks set out above “Investments in the PRC” the following additional risks apply.
RQFII Risk. The application and interpretation of the regulations which regulate investments through RQFII regime in the PRC are relatively untested and there is no certainty as to how they will be applied as the PRC authorities and regulators have been given wide discretion in such investment regulations and there is no precedent or certainty as to how such discretion may
be exercised now or in the future. It is not possible to predict the future development of the RQFII regime. Any restrictions on repatriation imposed in respect of the relevant investments through the RQFII regime may have an adverse effect on the Sub-Fund’s ability to meet redemption requests. Any change in the RQFII regime generally, including the possibility of the RQFII-Investment Manager losing its RQFII status, may affect the relevant Sub-Fund’s ability to invest in eligible securities
in the PRC directly through the relevant RQFII. In addition, should the RQFII status be suspended or revoked, the Sub-Fund’s performance may be adversely affected as the Sub-Fund may be required to dispose of its RQFII eligible securities holdings. The applicable laws, rules and regulations on RQFII are subject to change and such change may have potential retrospective effects.
RQFII Investment Restrictions Risk. Although the RQFII does not anticipate that RQFII investment restrictions will impact on the ability of the Sub-Fund to achieve its investment objective, investors should note that the relevant PRC laws and regulations may limit the ability of a RQFII to acquire securities in certain PRC issuers from time to time and may force the Sub-Fund
to dispose of its securities, thus affecting its capacity in making investments in PRC. Trading of China securities may be impacted by any temporary or permanent suspensions imposed from time to time by the Shanghai and/or Shenzhen stock exchanges or pursuant to any regulatory or governmental intervention with respect to particular investments or the markets generally. Any such suspension or corporate action may make it impossible for the Sub-Fund to acquire or liquidate positions in the relevant securities as part of the general management and periodic adjustment of the Sub-Fund’s investments through the RQFII or to meet redemption requests. Such circumstances may also make it difficult for the Net Asset Value of the Sub- Fund to be determined and may expose the Sub-Fund to losses. In order to mitigate the effects of extreme volatility in the market price of securities, the Shanghai and Shenzhen stock exchanges currently limit the amount of fluctuation permitted in the prices of securities during a single trading day. The daily limit represents the maximum amount that the price of a security (during the current trading session) may vary either up or down from the previous day's settlement price. The daily limit governs only price movements and does not restrict trading within the relevant limit. However, the limit does not limit potential losses because
the limit may work to prevent a liquidation of any relevant securities at the fair or probable realisation value for such securities which means that the Sub-Fund may be unable to dispose of unfavourable positions. There can be no assurance that a liquid market on an exchange would exist for any particular security or for any particular time.
Counterparty Risk. Any assets acquired through the RQFII regime will be maintained by a local custodian pursuant to the PRC regulations, in electronic form via the RQFII securities account(s) and any cash will be held in Renminbi cash account(s) with the local custodian. Whilst the assets held in such accounts are segregated and held separately and belong solely to the Sub-Fund, it is possible that the judicial and regulatory authorities in the PRC may interpret this position differently in the future. The Sub-Fund may also incur losses due to the acts or omissions of the local custodian in the execution or settlement of any transaction or in the transfer of any funds or securities. Cash held by the local custodian in the Renminbi cash account(s) will not be segregated in
practice but will be a debt owing from the local custodian to the relevant Sub-Fund as a depositor. Such cash will be co-mingled with cash belonging to other clients of the local custodian. In the event of insolvency of the local custodian, the Sub-Fund will not have any proprietary rights to the cash deposited in the cash account opened with the local custodian, and the Sub-Fund will become an unsecured creditor, ranking pari passu with all other unsecured creditors, of the local custodian. The Sub-Fund may face difficulties and/or encounter delays in recovering such debt, or may not be able to recover it in full or at all, in which case the Sub-Fund will lose some or all of its cash.
Counterparty Risk to PRC broker(s) The RQFII-Investment Manager selects brokers in the PRC (“PRC Broker(s)”) to execute transactions for the Sub-Fund in markets in the PRC. There is a possibility that the RQFII-Investment Manager may only appoint one PRC Broker in respect of each stock exchange in the PRC as a result of the requirement in the PRC that securities are sold through the same PRC Broker through which they were originally purchased. If, for any reason, the RQFII-Investment Manager is unable to use the relevant broker in the PRC, the operation of the Sub-Fund may be adversely affected. The Sub-Fund may also incur losses due to the acts or omissions of any of the PRC Broker(s) in the execution or settlement of any transaction or in the transfer of any funds or securities. If a single PRC Broker is appointed, the Sub-Fund may not pay the lowest commission available in the market.
However, the RQFII-Investment Manager shall, in the selection of PRC Brokers, have regard to factors such as the competitiveness of commission rates, size of the relevant orders and execution standards. There is a risk that the Sub-Fund may suffer losses from the default, insolvency or disqualification of a PRC Broker. In such event, the Sub-Fund may be adversely affected in the execution of transactions through such PRC Broker. As a result, the Net Asset Value of the Sub-Fund may also be adversely affected. To mitigate the Company’s exposure to the PRC Broker(s), the RQFII-Investment Manager employs specific procedures to ensure that each PRC Broker selected is a reputable institution and that the credit risk is acceptable to the Company.
Remittance and Repatriation of RMB Risk. Repatriations of RMB are currently not subject to, any lock-up periods or prior regulatory approval; although authenticity and compliance reviews will be conducted and monthly reports on remittances and repatriations will be submitted to the State Administration of Foreign Exchange of the PRC by the local custodian. The repatriation process may be subject to certain requirements set out in the relevant regulations (e.g. submission of certain documents when repatriating the
realised cumulative profits). Completion of the repatriation process may be subject to delay. There is no assurance that PRC rules and regulations will not change or that repatriation restrictions will not be imposed in the future. Further, such changes to the PRC rules and regulations may be applied retroactively. Any restrictions on repatriation imposed in respect of the Sub-Fund’s cash may have an adverse effect on the Sub-Fund’s ability to meet redemption requests. Furthermore, as the local custodian’s review on authenticity and compliance is conducted on each repatriation, the repatriation may be delayed or even rejected by the local custodian in case
of non-compliance with the RQFII rules and regulations. In such case, it is expected that redemption proceeds will be paid to the redeeming shareholder as soon as practicable and after the completion of the repatriation of funds concerned. The actual time required for the completion of the relevant repatriation will be beyond the RQFII-Investment Manager's control.
- Russian Registration Risk / Investment in RussiaInvestments in Russia are currently subject to certain heightened risks with regard to the ownership and custody of securities.

In Russia this is evidenced by entries in the books of a company or its registrar (which is neither an agent nor responsible to the Depositary). No certificates representing ownership of Russian companies will be held by the Depositary or any sub-custodian or in an effective central depository system. As a result of this system and the lack of state regulation and
enforcement, the Company could lose its registration and ownership of Russian securities through fraud, negligence or even mere oversight.
In addition, investments in Russia may also be impacted in the context of the geopolitical crisis in Eastern Europe involving Russia and Ukraine. Western countries have taken sanctions against Russia. This may lead Russia to take counter measures against some Western and other countries. As a result, the Russian economy may be adversely impacted and Russia may become a more risky investment with higher volatility on certain markets, restrictions on foreign investments in Russia, difficulties to liquidate Russian investments or expatriation of funds out of Russia.
The Moscow Exchange MICEX-RTS is the sole market qualifying as a Regulated Market in Russia.
- Regional or Sectorial Concentration RiskConcentration risk on certain countries/regions- Where a Sub-Fund restricts itself to investing in securities of issuers located in a particular country or region, such concentration will expose the Sub-Fund to the risk of adverse social, political or economic events which may occur in that country or region. The risk increases if the country or region in question is an Emerging Market.

Concentration risk on certain sectors- Where a Sub-Fund restricts itself to invest in a certain sector, such as technology or healthcare, it may be sensitive to factors affecting technology-related industries and to greater risk and market fluctuation than investment in a broader range of portfolio securities covering different economic sectors. Technology, technology-related, healthcare industries may also be subject to greater government regulation than many other industries. Accordingly, changes in government policies and the need for regulatory approvals may have a materially adverse affect on these industries. Additionally, these companies may be subject to risk of developing technologies, competitive pressures and other factors as well as a relatively high risk of obsolescence caused by scientific and technological advances and are depended upon consumer and business acceptance as new technologies evolve. Many companies in the technology sector are smaller companies and are therefore also subject to the risks attendant on investing in such companies set out above. The development of these sector-specific investments may differ from the general stock exchange trend.
- Model RiskSub-Funds that apply quantitative management methods or systematic process or strategies, rely for their management process on models based to a varying extent on past market conditions. Given the uncertainty of the future, these models may not necessarily capture the risk they were designed and expected to capture and hence could signal erroneous investment opportunities.
- Specific risk factor related to MMFA Money Market Fund is not a guaranteed investment. Investments in MMFs is different from investments in deposits as the value of Shares can fluctuate and the return generated from them may go up or down, and investors may not recover the amount initially invested. The Company does not rely on any external support for guaranteeing the liquidity of the MMF or stabilizing the Net Asset Value per Share of its MMF. As a consequence thereof, the risk of loss of the principal is borne by the shareholder.
- P-NotesCertain Sub-Funds may invest in P-Notes or certificates which are structured products. P-Notes are issued by banks or broker- dealers and are designed to offer a return linked to the performance of a particular underlying equity security or market. P-Notes can have the characteristics or take the form of various instruments, including, but not limited to, certificates or warrants. The holder of a P-Note that is linked to a particular underlying security is entitled to receive any dividends paid in connection with the underlying security. However, the holder of a P-Note generally does not receive voting rights as it would if it directly owned the underlying security. P-Notes constitute direct, general and unsecured contractual obligations of the banks or broker-dealers that issue them, which therefore subject the Sub-Funds investing in P-Notes to counterparty risk. Investments in P-Notes involve certain risks in addition to those associated with a direct investment in the underlying foreign securities or foreign securities markets whose return they seek to replicate. For instance, there can be no assurance that the trading price of a P-Note will equal the value of the underlying foreign security or foreign securities market that it seeks to replicate. As the purchaser of a P-Note, the Sub-Funds investing in P-Notes are relying on the creditworthiness of the counterparty issuing the P-Note and have no rights under a P-Noteagainst the issuer of the underlying security. Therefore, if such counterparty were to become insolvent, the relevant Sub-Funds would lose their investment. The risk that these Sub-Funds may lose their investments due to the insolvency of a single counterparty may be amplified to the extent the Sub-Funds purchase P-Notes issued by one issuer or a small number of issuers. P-Notes also include transaction costs in addition to those applicable to a direct investment in securities. In addition, the Sub-Funds’ useof P-Notes may cause the Sub-Funds’ performance to deviate from the performance of the portion of the index to which the Sub-Funds are gaining exposure through the use of P-Notes. Due to liquidity and transfer restrictions, the secondary markets on which P-Notes are traded may be less liquid than the markets for other securities, which may lead to the absence of readily available market quotations for securities in the Sub-Funds’ portfolios and may cause the value of the P-Notes to decline.

The ability of the Sub-Funds to value their securities becomes more difficult and the judgment in the application of fair value procedures may play a greater role in the valuation of the Sub-Funds’ shares due to reduced availability of reliable objective pricing data. Consequently, while such determinations will be made in good faith, it may nevertheless be more difficult for the Sub-Funds to accurately assign a daily value to such securities.
ANNEX C: SFDR
SFDR disclosures C-1.1 to C-1.14 relate to Sub-Funds complying with article 8 of SFDR.
| C-1.1 | 265 |
| --- | --- |
| C-1.2 | 268 |
| C-1.3 | 271 |
| C-1.4 | 275 |
| C-1.5 | 277 |
| C-1.6 | 280 |
| C-1.7 | 283 |
| C-1.8 | 286 |
| C-1.9 | 290 |
| C-1.10 | 293 |
| C-1.11 | 297 |
| C-1.12 | 301 |
| C-1.13 | 305 |
| C-1.14 | 308 |

SFDR disclosures C-2.1 to C-2.7 relate to Sub-Funds complying with article 9 of SFDR.
| C-2.1 | 311 |
| --- | --- |
| C-2.2 | 315 |
| C-2.3 | 319 |
| C-2.4 | 325 |
| C-2.5 | 328 |
| C-2.6 | 332 |
| C-2.7 | 336 |

SFDR disclosures C-3.1 to C-3.8 relate to all other Sub-Funds.
| C-3.1 | 340 |
| --- | --- |
| C-3.2 | 341 |
| C-3.3 | 342 |
| C-3.4 | 343 |
| C-3.5 | 344 |
| C-3.6 | 345 |
| C-3.7 | 346 |
| C-3.8 | 347 |

| Asset Allocation Sub-Funds | SFDR disclosure |
| --- | --- |
| All Roads Conservative | C-1.8 |
| All Roads | C-1.8 |
| All Roads Growth | C-1.8 |
| Event Convexity | C-3.1 |
| Multiadvisers UCITS | C-3.2 |
| Defensive Systematic Alternative Solution | C-3.3 |
| Equity Sub-Funds | SFDR disclosure |
| Generation Global | C-1.10 |
| TargetNetZero Global Equity | C-2.6 |
| Continental Europe Family Leaders | C-1.1 |
| Golden Age | C-1.1 |
| World Brands | C-1.1 |
| World Gold Expertise | C-3.4 |
| Commodity Risk Premia | C-3.5 |
| Global FinTech | C-1.1 |
| Natural Capital | C-2.2 |
| Global HealthTech | C-1.1 |
| China High Conviction | C-1.1 |
| TargetNetZero Europe Equity | C-2.6 |
| Europe All Cap Leaders | C-1.1 |
| Europe High Conviction | C-3.6 |
| Continental Europe Small & Mid Leaders | C-1.1 |
| Emerging High Conviction | C-1.1 |
| Asia High Conviction | C-1.1 |
| TerreNeuve | C-1.7 |
| Swiss Equity | C-1.13 |
| Swiss Small & Mid Caps | C-1.13 |
| Climate Transition | C-2.1 |
| Fixed-Income  Sub-Funds | SFDR disclosure |
| Global Inflation-Linked Fundamental | C-1.4 |
| Global Government Fundamental | C-1.4 |
| Global Climate Bond | C-2.3 |
| TargetNetZero Global IG Corporate | C-2.7 |
| TargetNetZero Euro IG Corporate | C-2.7 |
| Global BBB-BB Fundamental | C-1.11 |
| Euro BBB-BB Fundamental | C-1.11 |
| Swiss Franc Credit Bond (Foreign) | C-1.5 |
| Ultra Low Duration (USD) | C-1.12 |
| Ultra Low Duration (EUR) | C-1.12 |
| Fallen Angels Recovery | C-1.9 |
| Natural Capital Credit | C-2.4 |
| Emerging Local Currency Bond Fundamental | C-1.4 |

| Asia Value Bond | C-1.3 |
| --- | --- |
| Asia Investment Grade Bond | C-1.3 |
| Convertible Bond | C-1.2 |
| Global Convertible Bond Defensive Delta | C-1.6 |
| Convertible Bond Asia | C-1.2 |
| TargetNetZero Global Convertible Bond | C-2.5 |
| High Yield 2021 1 | C-3.8 |
| Global Income 2027 2 | C-1.14 |
| High Yield 2022 | C-3.7 |
| High Yield 2023 | C-3.7 |
| High Yield 2024 | C-3.7 |
| Asia Income 2024 | C-3.8 |
| Asia Income 2025 | C-1.3 |
| Asia Income 2026 | C-1.3 |
| Short-Term Money Market Sub-Funds | SFDR disclosure |
| Short-Term Money Market (EUR) | C-1.12 |
| Short-Term Money Market (USD) | C-1.12 |
| Short-Term Money Market (GBP) | C-1.12 |
| Short-Term Money Market (CHF) | C-1.12 |

1  
To be changed into LO Funds – Global Income 2027 as of 2 November 2021.
2  
As of 2 November 2021.
SFDR Disclosure – Article 8 C-1.1
Applicable to the following Sub-Funds:
- Continental Europe Family Leaders
- Golden Age
- World Brands
- Global FinTech
- China High Conviction
- Europe All Cap Leaders
- Continental Europe Small & Mid Leaders
- Emerging High Conviction
- Asia High Conviction
- Global HealthTechClassification of the Sub-Fund under SFDRThe Management Company has classified the Sub-Fund as a financial product subject to Article 8 of SFDR.

Promotion of environmental and/or social characteristics
The Sub-Fund is a financial product that promotes, among other characteristics, environmental or social characteristics, or a combination of those characteristics. The Sub-Fund’s investment objective and policy are set out in the Sub-Fund's annex and it should be understood that unless otherwise stated in that section, the Sub-Fund has no objective or commitment to invest in investments that qualify as ‘sustainable investments’ for the purposes of SFDR. The Investment Manager nevertheless believes that there is a strong correlation between the long term financial success and viability of an investment and its sustainability profile and therefore seeks to make a measurable assessment of the positive ESG characteristics of the Sub-Fund’s investments as an integral part of its investment process with a view to promoting the environmental and/or social and/or governance practices which are most material to the sector in which an investment sits.
The Investment Manager’s assessment of ESG characteristics includes the following:
Systematic ESG screening and scoring
- Screening companies with the Lombard Odier ESG/CAR Industrial Materiality Rating Methodology, which encompasses relevant information on each of the SFDR Focused Sustainability Indicators covering greenhouse gas emissions, energy performance, biodiversity, water utilization, waste management, social and employee matters, human rights and anti-corruption and bribery. The Lombard Odier ESG/CAR Industrial Materiality Rating Methodology enables the Investment Manager to identify the bottom quintile of companies in terms of sustainability within the Sub-Fund’s investment universe. This rating system is also “materiality driven”, and therefore identifies the most relevant sustainability framework for each industry in order to focus on the most important ESG issues that may affect a particular company. It also aims to distinguish between companies that are merely demonstrating awareness from those that are delivering measurable outcomes (Consciousness, Actions, Results - CAR framework). Schedule I describes in more detail the Lombard Odier ESG/ CAR Industrial Materiality Rating Methodology.
- Based upon the scoring under the Lombard Odier ESG/CAR Industrial Materiality Rating Methodology the Investment Manager adopts a selectivity approach and will seek to eliminate the bottom scoring 20% of companies unless there are objective reasons for not doing so. Any decision to eliminate remains entirely within the discretion of the Investment Manager. The Investment Manager believes that an elimination process based entirely on the results of automated negative screening does not necessarily lead to a promotion of ESGcharacteristics and that a forward looking qualitative judgment may be required. This may be particularly true of companies transitioning to a lower carbon economy.

Exclusions
- Exclusion of companies involved in controversial weapons (production, research & development, maintenance/services/management, system integration, testing, sales/trade), directly or through ownership. The scope of this exclusion includes weapons banned or outlawed by the Ottawa Treaty on landmines (effective 1999), the Convention on Cluster Munitions (Oslo Convention) of 2008, the Biological and Toxin Weapons Convention (BWC – 1972) and the Chemical Weapons Convention (CWC – 1993). In addition, depleted uranium and white phosphorus are excluded.

Restrictions
- Tobacco, Coal and Unconventional Oil & Gas - the Investment Manager will seek to restrict the following companies:Tobacco - companies deriving more than 10% of their revenues from either production of tobacco products or retailing of tobacco products/services.

Thermal Coal
Mining - companies deriving more than 10% of their revenues from thermal coal extraction.
Power Generation - companies deriving more than 10% of their revenues from coal power generation.
Unconventional Oil & Gas - companies deriving more than 10% in aggregate of their revenues from any of tar sands, shale gas and oil and arctic oil & gas exploration.
- Material breaches of UN Global Compact Principles - the Investment Manager will seek to restrict companies that are involved in the most severe breaches of the UN Global Compact Principles (“Highest Level Controversies”).
- Any decision to exclude a company under the above restrictions remains entirely within the discretion of the Investment Manager. The Investment Manager believes that a process based entirely around absolute exclusions (other than in the case of controversial weapons) does not necessarily lead to a promotion of ESG characteristics and that a forward looking qualitative judgment may be required. This may be particularly true in the case of companies transitioning to a lower carbon economy or where stewardship and engagement may lead to a more effective and positive change in the business practices affecting ESG characteristics.

Quantitative and qualitative review of business practices and business models
- Active review by the Investment Manager of the following sustainability data points (available for review across different historic time periods) to support the Investment Manager’s evaluation of a company’s contribution to a Circular, Lean, Inclusive and Clean (CLIC™) economy:
	- Review of the scoring/ratings under the Lombard Odier ESG/CAR Industrial Materiality Rating, which encompasses relevant information on each of the SFDR Focused Sustainability Indicators.
	- Review of a company’s climate alignment taking into account not only carbon footprints (how many emissions a company produces as of today) but also its temperature alignment (taking into account a company’s expected, future emissions and the degree of alignment of these emissions and any commitments to climate objectives).
	- Review of a company’s business activities to assess how the company’s business model, products and services will be affected by the transition to the CLIC™ economy

- These data points are designed to help the Investment Manager analyze the business practices and operations of a company to determine whether the company can be sustainable in the long term.
- The Investment Manager believes that a forward looking and active assessment of a company’s sustainability profile and not just a historic review of scores or a comparison to an ESG based benchmark is vital to properly understand the long term viability of a company.

Engagement
- The Investment Manager aims to promote sustainable business practices and encourages sustainable business models that contribute to mitigation and adaptation of climate change and the transition to a CLIC™ economic model through its engagement efforts. TheInvestment Manager engages with investee companies following a firm-wide strategic engagement priorities framework and actively tracks progress against engagement objectives to appropriately measure outcomes. The Investment Manager’s engagement priorities are:
- Encouraging companies to transition towards profitable, net-zero business models, using the Oxford Martin Principles for Climate- Conscious Investment Framework;
- Engaging for improved disclosures (i) for companies with limited reporting that are in the bottom quintile of the Investment Manager’s proprietary materiality-ESG model; (ii) for companies which already disclose, but which could improve reporting under the rubric of the FSB Task Force on Climate-related Disclosures;
- Engaging with companies indicated as having an adverse impact on the SFDR Focused Sustainability Indicators based on the SFDR Principal Adverse Impact measurement methodology described in Schedule II of the SFDR Annex;
- Engaging with non-ESG rated companies.
- Engagements are based upon strategic priorities and the level of engagement may not necessarily be proportionate to the size of holdings in the Sub-Fund’s portfolio.
- Engagement at firm level is dynamic and the Investment Manager reserves the right to adapt its engagement strategy at any time.

Environmental and/or social and/or governance practices promoted by the Sub-Fund
The Investment Manager’s investment process is designed to make an assessment of the ESG practices which are most material to the companies in which the Sub-Fund invests using the Lombard Odier ESG/CAR Industrial Materiality Rating Methodology described in Schedule I.
No sustainable investment objective
The Sub-Fund does not have as its objective sustainable investment.
Binding elements of the investment strategy designed to attain the ESG characteristics promoted by the sub-fund
The exclusion of companies involved in controversial weapons is an absolute prohibition which cannot be overridden. The elimination of companies with bottom 20% scores and the exclusion of companies with material exposure to tobacco, coal and unconventional oil and gas or which are exposed to Highest Level Controversies as described above are not absolute prohibitions. Discretion is retained by the Investment Manager to ensure that a qualitative assessment of a company’s ESG profile may still be made, including where there may be a lack of data, outdated data or the Investment Manager considers that engagement and stewardship may lead to a more effective and positive change in the business practices affecting ESG characteristics.
Continuous basis of the investment manager’s assessment process
The Investment Manager’s investment process is dynamic and is designed to be adaptive to changing market conditions, data coverage and developments in global sustainability analysis and may therefore change over time.
Minimum asset allocation to sustainable investments for this Sub-Fund
There is no minimum targeted allocation to sustainable investments for this Sub-Fund. The actual allocation to sustainable investments will be a product of the ESG assessment process described above.
Likely impacts of sustainability risks on the returns of the Sub-Fund
The likely impacts of sustainability risks are difficult to quantify. The Investment Manager believes that the environmental, social and governance practices of a company are inherently linked to its long-term success and that those companies with ESG aligned business practices and operations are more likely to succeed and create long-term value. There can be no guarantee, however, regarding the performance of individual companies in which the Sub-Fund invests nor on the returns of the Sub-Fund’s portfolio as a whole.
Reference benchmark
The Sub-Fund is not referenced to a benchmark which is an ESG aligned benchmark.
C-1.2
Applicable to the following Sub-Funds:
- Convertible Bond
- Convertible Bond AsiaClassification of the Sub-Fund under SFDRThe Management Company has classified the Sub-Fund as a financial product subject to Article 8 of SFDR.

Promotion of environmental and/or social characteristics
The Sub-Fund is a financial product that promotes, among other characteristics, environmental or social characteristics, or a combination of those characteristics. The Sub-Fund’s investment objective and policy are set out in the Sub-Fund’s annex and it should be understood that unless otherwise stated in that section, the Sub-Fund has no objective or commitment to invest in investments that qualify as ‘sustainable investments’ for the purposes of SFDR. The Investment Manager nevertheless believes that there is a strong correlation between the long term financial success and viability of an investment and its sustainability profile and therefore seeks to make a measurable assessment of the positive ESG characteristics of the Sub-Fund’s investments as an integral part of its investment process with a view to promoting the environmental and/or social and/or governance practices which are most material to the sector in which an investment sits.
The Investment Manager’s assessment of ESG characteristics includes the following:
Systematic ESG screening and scoring
- Screening using the Lombard Odier ESG/CAR Industrial Materiality Rating Methodology, which encompasses relevant information on each of the SFDR Focused Sustainability Indicators covering greenhouse gas emissions, energy performance, biodiversity, waterutilization, waste management, social and employee matters, human rights and anti-corruption and bribery. The Lombard Odier ESG/ CAR Industrial Materiality Rating Methodology enables the Investment Manager to identify the bottom scoring 20% of companies in terms of sustainability within the Sub-Fund’s investment universe. This scoring and rating system is also “materiality driven”, and therefore identifies the most relevant sustainability framework for each industry in order to focus on the most important ESG issues that mayaffect a particular company. It also aims to distinguish between companies that are merely demonstrating awareness from those that are delivering measurable outcomes (Consciousness, Actions, Results - CAR framework). Schedule I describes in more detail the Lombard Odier ESG/CAR Industrial Materiality Rating Methodology.
- The Investment Manager will use the screening and scoring exercise referred to above as part of its investment assessment. The Investment Manager will not seek to automatically eliminate the bottom scoring 20% of companies due to the reduced universe of companies that would result in an already constrained market but will use the exercise as a guide and will typically aim to invest in companies with higher scores. Any decision to eliminate a company or to make an investment in a company as a result of the screening exercise, however, remains entirely within the discretion of the Investment Manager. Furthermore the Investment Manager believes that an elimination process based entirely on the results of automated negative screening does not necessarily lead to a promotion of ESGcharacteristics and that a forward looking qualitative judgment may be required. This may be particularly true of companies transitioning to a lower carbon economy.

Exclusions
- Exclusion of companies involved in controversial weapons (production, research & development, maintenance/services/management, system integration, testing, sales/trade), directly or through ownership. The scope of this exclusion includes weapons banned or outlawed by the Ottawa Treaty on landmines (effective 1999), the Convention on Cluster Munitions (Oslo Convention) of 2008, the Biological and Toxin Weapons Convention (BWC – 1972) and the Chemical Weapons Convention (CWC – 1993). In addition, depleted uranium and white phosphorus are excluded.

Restrictions
- Tobacco, Coal and Unconventional Oil & Gas and Conventional Oil & Gas - the Investment Manager will seek to restrict the following companies:Tobacco - companies deriving more than 10% of their revenues from either production of tobacco products or retailing of tobacco products/services.

Thermal Coal
Mining - companies deriving more than 10% of their revenues from thermal coal extraction.
Power Generation - companies deriving more than 10% of their revenues from coal power generation.
Unconventional Oil & Gas - companies deriving more than 10% in aggregate of their revenues from any of tar sands, shale gas and oil and arctic oil & gas exploration.
- Conventional Oil & Gas - the Investment Manager will seek to restrict investments in companies in the conventional oil and gas sector unless their revenues from natural gas and renewable energy are greater than 40%.
- Material breaches of UN Global Compact Principles - the Investment Manager will seek to restrict companies that are involved in the most severe breaches of the UN Global Compact Principles (“Highest Level Controversies”).
- Any decision to exclude a company under the above restrictions remains entirely within the discretion of the Investment Manager. The Investment Manager believes that a process based entirely around absolute exclusions (other than in the case of controversial weapons) does not necessarily lead to a promotion of ESG characteristics and that a forward looking qualitative judgment may be required. This may be particularly true in the case of companies transitioning to a lower carbon economy or where stewardship and engagement may lead to a more effective and positive change in the business practices affecting ESG characteristics.

Quantitative and qualitative review of business practices and business models
- Active review by the Investment Manager of the following sustainability data points (available for review across different historic time periods) to support the Investment Manager’s evaluation of a company’s contribution to a Circular, Lean, Inclusive and Clean (CLIC™) economy:
	- Review of the scoring/ratings under the Lombard Odier ESG/CAR Industrial Materiality Rating, which encompasses relevant information on each of the SFDR Focused Sustainability Indicators.
	- Review of a company’s climate alignment taking into account not only carbon footprints (how much emissions a company produces as of today) but also its temperature alignment (taking into account a company’s expected, future emissions and the degree of alignment of these emissions and any commitments to climate objectives).
	- Review of a company’s business activities to assess how the company’s business model, products and services will be affected by the transition to the CLIC™ economy.

- These data points are designed to help the Investment Manager analyze the business practices and operations of a company to determine whether the company can be sustainable in the long term.
- The Investment Manager believes that a forward looking and active assessment of a company’s sustainability profile and not just a historic review of scores or a comparison to an ESG based benchmark is vital to properly understand the long term viability of a company.

Temperature Contribution & ESG Rating Comparison
- The Investment Manager will aim to achieve a lower weighted average temperature contribution for the Sub-Fund’s portfolio when compared to the weighted average temperature contribution of the benchmark used by the Sub-Fund and referred to in its investment objective and policy.
- The Investment Manager will aim to achieve a higher weighted average ESG score for the Sub-Fund’s portfolio when compared to the weighted average ESG score of its benchmark.
- There can be no guarantee that either a lower weighted average temperature contribution or higher ESG score may be achieved and the Investment Manager shall in no way be bound by an objective or requirement to achieve these aims.

Engagement
The Investment Manager has a firm level and sub-fund level approach to engagement.
Firm level - The Investment Manager aims to promote sustainable business practices and encourages sustainable business models that contribute to mitigation and adaptation of climate change and the transition to a CLIC™ economic model through its engagement efforts. The Investment Manager engages with investee companies following a firm-wide strategic engagement priorities framework and actively tracks progress against engagement objectives to appropriately measure outcomes. The Investment Manager’s engagement priorities are:
- Encouraging companies to transition towards profitable, net-zero business models, using the Oxford Martin Principles for Climate- Conscious Investment Framework;
- Engaging for improved disclosures (i) for companies with limited reporting that are in the bottom quintile of the Investment Manager’s proprietary materiality-ESG model; and (ii) for companies which already disclose, but which could improve reporting under the rubric of the FSB Task Force on Climate-related Disclosures;
- Engaging with companies indicated as having an adverse impact on the SFDR Focused Sustainability Indicators based on the SFDR principal adverse impact measurement methodology described in Schedule II of the SFDR Annex;
- Engaging with non-ESG rated companies.

The engagements at a firm level reflect holdings across all portfolios managed by the Investment Manager and may not necessarily include companies included in the Sub-Fund’s portfolio. Engagements at a firm level are based upon strategic priorities and the level of engagement may not necessarily be proportionate to the size of holdings in portfolios managed by the Investment Manager. Engagement at firm level is dynamic and the Investment Manager reserves the right to adapt its engagement strategy at any time.
Sub-Fund level - The Investment Manager believes that engagement/stewardship can lead to positive sustainability orientated changes in business practices in situations where exclusion/restriction alone may be less impactful in the longer term. As a result, at a Sub-Fund level the Investment Manager is committed to engage with companies with the highest negative contributions to the Sub-Fund’s portfolio overall ESG score. This engagement aims to encourage companies to provide more transparency on ESG matters (for companies whose low scores reflects poor disclosure), as well as to stewarding management towards better practices (for companies scoring poorly on specific ESG metrics). The Investment Manager is also committed to regularly reviewing these companies’ ESG scores, with a view to reducing the exposure to companies where the engagement process has not lead to progress in their ESG score.
Environmental and/or social and/or governance practices promoted by the Sub-Fund
The Investment Manager’s investment process is designed to make an assessment of the ESG practices which are most material to the companies in which the Sub-Fund invests using the Lombard Odier ESG/CAR Industrial Materiality Rating Methodology described in Schedule I.
No sustainable investment objective
The Sub-Fund does not have as its objective sustainable investment.
Binding elements of the investment strategy designed to attain the ESG characteristics promoted by the Sub-Fund
The exclusion of companies involved in controversial weapons is an absolute prohibition which cannot be overridden. The aim to invest in companies with higher ESG scores is not a binding investment objective and the restrictions relating to companies with material exposure to tobacco, coal and unconventional oil and gas or which are exposed to Highest Level Controversies as described above are not absolute
prohibitions. Discretion is retained by the Investment Manager to ensure that a qualitative assessment of a company’s ESG profile may still be made, including where there may be a lack of data, outdated data or the Investment Manager considers that engagement and stewardship may lead to a more effective and positive change in the business practices affecting ESG characteristics.
Continuous basis of the investment manager’s assessment process
The Investment Manager’s investment process is dynamic and is designed to be adaptive to changing market conditions, data coverage and developments in global sustainability analysis and may therefore change over time.
Minimum asset allocation to sustainable investments for this Sub-Fund
There is no minimum targeted allocation to sustainable investments for this Sub-Fund. The actual allocation to sustainable investments will be a product of the ESG assessment process described above.
Likely impacts of sustainability risks on the returns of the Sub-Fund
The likely impacts of sustainability risks are difficult to quantify. The Investment Manager believes that the environmental, social and governance practices of a company are inherently linked to its long-term success and that those companies with ESG aligned business practices and operations are more likely to succeed and create long-term value. There can be no guarantee, however, regarding the performance of individual companies in which the Sub-Fund invests nor on the returns of the Sub-Fund’s portfolio as a whole.
Reference benchmark
The Sub-Fund is not referenced to a benchmark which is an ESG aligned benchmark.
C-1.3
Applicable to the following Sub-Funds:
- Asia Value Bond
- Asia Investment Grade Bond
- Asia Income 2025
- Asia Income 2026Classification of the Sub-Fund under SFDRThe Management Company has classified the Sub-Fund as a financial product subject to Article 8 of SFDR.

Promotion of environmental and/or social characteristics
The Sub-Fund is a financial product that promotes, among other characteristics, environmental or social characteristics, or a combination of those characteristics. The Sub-Fund’s investment objective and policy are set out in the Sub-Fund’s annex and it should be understood that unless otherwise stated in that section, the Sub-Fund has no objective or commitment to invest in investments that qualify as ‘sustainable investments’ for the purposes of SFDR. The Investment Manager nevertheless believes that there is a strong correlation between the long term financial success and viability of an investment and its sustainability profile and therefore seeks to make a measurable assessment of the positive ESG characteristics of the Sub-Fund’s investments as an integral part of its investment process with a view to promoting the environmental and/or social and/or governance practices which are most material to the sector in which an investment sits.
The Investment Manager’s assessment of ESG characteristics includes the following:
Systematic ESG screening and scoring
- Screening using the Lombard Odier ESG/CAR Industrial Materiality Rating Methodology, which encompasses relevant information on each of the SFDR Focused Sustainability Indicators covering greenhouse gas emissions, energy performance, biodiversity, water utilization, waste management, social and employee matters, human rights and anti-corruption and bribery. The Lombard Odier ESG/CAR Industrial Materiality Rating Methodology enables the Investment Manager to identify the bottom scoring 10% of companies in terms of sustainability within the Sub-Fund’s investment universe. This scoring and rating system is also “materiality driven”, and therefore identifies the most relevant sustainability framework for each industry in order to focus on the most important ESG issues that may affect a particular company. It also aims to distinguish between companies that are merely demonstrating awareness from those that are delivering measurable outcomes (Consciousness, Actions, Results - CAR framework). Schedule I describes in more detail the Lombard Odier ESG/ CAR Industrial Materiality Rating Methodology.
- Based upon the scoring under the Lombard Odier ESG/CAR Industrial Materiality Rating Methodology the Investment Manager will seek to eliminate the bottom scoring 10% of companies within the Sub-Fund’s universe unless there are objective reasons for not doingso. Any decision to eliminate remains entirely within the discretion of the Investment Manager. The Investment Manager believes that an elimination process based entirely on the results of automated negative screening does not necessarily lead to a promotion of ESGcharacteristics and that a forward looking qualitative judgment may be required. This may be particularly true of companies transitioning to a lower carbon economy. Companies in Emerging Markets are highly dependent upon access to capital to enable them to transition towards more sustainable business practices and have much higher dependence upon industrial sectors with larger carbon footprints and temperature contributions than their developed market counterparts. It is not always possible therefore to simply eliminate companies with larger footprints as they are integral to the economic and social health/stability of emerging market nations. Stemming completely the access to capital of companies in emerging markets will likely result in a slower longer term transition to a lower carbon economy in those markets. The elimination exercise will not apply to positions which the Investment Manager expects to be shorter term holdings (positions with an expected holding period of less than 6 months).
- The Investment Manager will also seek to eliminate the bottom scoring 10% of sovereign issuers within the Sub-Fund’s investment universe, based upon its own sovereign scoring methodology, unless there are objective reasons for not doing so. In relation to sovereign issuers, it should be noted that sustainability data is more limited and that it is not easy to link the proceeds of the issuance of debt instruments by or linked to sovereign issuers to individual ESG characteristics. It should also be noted that emerging market economies may have lower scores than their developed market counterparts but may still have positive elements around ESG promotion which require capital to improve those scores. It will not therefore be a binary exercise of excluding sovereign issuers based upon their scores alone.

A more holistic review of policies and commitments to the promotion of environmental characteristics will be required. Any decision to eliminate therefore remains entirely within the discretion of the Investment Manager.
Exclusions
- Exclusion of companies involved in controversial weapons (production, research & development, maintenance/services/management, system integration, testing, sales/trade), directly or through ownership. The scope of this exclusion includes weapons banned or outlawed by the Ottawa Treaty on landmines (effective 1999), the Convention on Cluster Munitions (Oslo Convention) of 2008, the Biological and Toxin Weapons Convention (BWC – 1972) and the Chemical Weapons Convention (CWC – 1993). In addition, depleted uranium and white phosphorus are excluded.

Restrictions
- Tobacco, Coal and Unconventional Oil & Gas - the Investment Manager will seek to restrict the following companies:Tobacco - companies deriving more than 10% of their revenues from either production of tobacco products or retailing of tobacco products/services.

Thermal Coal
Mining - companies deriving more than 10% of their revenues from thermal coal extraction.
Power Generation - companies deriving more than 10% of their revenues from coal power generation.
Unconventional Oil & Gas - companies deriving more than 10% in aggregate of their revenues from any of tar sands, shale gas and oil and arctic oil & gas exploration.
- Material breaches of UN Global Compact Principles - the Investment Manager will seek to restrict companies that are involved in the most severe breaches of the UN Global Compact Principles (“Highest Level Controversies”).
- Any decision to exclude a company under the above restrictions remains entirely within the discretion of the Investment Manager. The Investment Manager believes that a process based entirely around absolute exclusions (other than in the case of controversial weapons) does not necessarily lead to a promotion of ESG characteristics and that a forward looking qualitative judgment may be required. This may be particularly true in the case of companies transitioning to a lower carbon economy or where stewardship and engagement may lead to a more effective and positive change in the business practices affecting ESG characteristics.

Quantitative and qualitative review of business practices and business models
- Active review by the Investment Manager of the following sustainability data points (available for review across different historic time periods) to support the Investment Manager’s evaluation of a company’s contribution to a Circular, Lean, Inclusive and Clean (CLIC™) economy:
	- Review of the scoring/ratings under the Lombard Odier ESG/CAR Industrial Materiality Rating, which encompasses relevant information on each of the SFDR Focused Sustainability Indicators.
	- Review of a company’s climate alignment taking into account not only carbon footprints (how much emissions a company produces as of today) but also its temperature alignment (taking into account a company’s expected, future emissions and the degree of alignment of these emissions and any commitments to climate objectives).
	- Review of a company’s business activities to assess how the company’s business model, products and services will be affected by the transition to the CLIC™ economy.

- These data points are designed to help the Investment Manager analyze the business practices and operations of an issuer to determine whether the issuer can be sustainable in the long term.
- The Investment Manager believes that a forward looking and active assessment of an issuer’s sustainability profile and not just a historic review of scores or a comparison to an ESG based benchmark is vital to properly understand the long term viability of an issuer.

Preference for Green bonds
- Where possible, green, sustainable and social bonds will be preferred by the Investment Manager. The ability to invest in green bonds, sustainable and social bonds however depends upon availability of suitable investment opportunities and therefore there can be no commitment by the Investment Manager to invest a particular portion of the Sub-Fund’s portfolio in green bonds. Further, it is likely that only a small portion of issuers among the investment universe in which the Sub-Fund invests will have suitable green, sustainable and social bonds which fit the target profile of the Sub-Fund.

Temperature Contribution & ESG Rating Comparison
- The Investment Manager will aim to reduce the weighted average temperature contribution of the Sub-Fund’s portfolio in the medium to long term, subject to availability of suitable investment opportunities in line with objectives of the Sub-Fund.
- The Investment Manager will aim to increase the weighted average ESG score of the Sub-Fund’s portfolio in the medium to long term, subject to availability of suitable investment opportunities in line with objectives of the Sub-Fund.
- There can be no guarantee that either a lower weighted average temperature contribution or higher ESG score may be achieved in respect of the above referenced aims.

Engagement
The Investment Manager has a firm level and sub-fund level approach to engagement.
Firm level - the Investment Manager aims to promote sustainable business practices and encourages sustainable business models that contribute to mitigation and adaptation of climate change and the transition to a CLIC™ economic model through its engagement efforts. The Investment Manager engages with investee companies following a group-wide strategic engagement priorities framework and actively tracks progress against engagement objectives to appropriately measure outcomes. The Investment Manager’s engagement priorities are:
- Encouraging companies to transition towards profitable, net-zero business models, using the Oxford Martin Principles for Climate- Conscious Investment Framework;
- Engaging for improved disclosures (i) for companies with limited reporting that are in the bottom quintile of the Investment Manager’s proprietary materiality-ESG model; and (ii) for companies which already disclose, but which could improve reporting under the rubric of the FSB Task Force on Climate-related Disclosures;
- Engaging with companies indicated as having an adverse impact on the SFDR Focused Sustainability Indicators based on the SFDR principal adverse impact measurement methodology described in Schedule II of the SFDR Annex;
- Engaging with non-ESG rated companies.

The engagements at a firm level reflect holdings across all portfolios managed by the Investment Manager and may not necessarily include companies included in the Sub-Fund’s portfolio. Engagements at a firm level are based upon strategic priorities and the level of engagement may not necessarily be proportionate to the size of holdings in portfolios managed by the Investment Manager. Engagement at firm level is dynamic and the Investment Manager reserves the right to adapt its engagement strategy at any time.
Sub-Fund level - At the Sub-Fund level, the Investment Manager will seek to engage with the top 10 carbon emitters in the Sub-Fund’s portfolio with a view to stewarding companies towards a lower carbon economy. Such engagement/stewardship activities will not apply to positions which the Investment Manager expects to be shorter term holdings.
The Investment Manager believes that engagement/stewardship can lead to positive sustainability orientated changes in business practices in situations where exclusion/restriction alone may be less impactful in the longer term.
Environmental and/or social and/or governance practices promoted by the Sub-Fund
The Investment Manager’s investment process is designed to make an assessment of the ESG practices which are most material to the companies in which the Sub-Fund invests using the Lombard Odier ESG/CAR Industrial Materiality Rating Methodology described in Schedule I.
The Investment Manager seeks to promote in particular ESG practices that support infrastructure development, clean energy, sustainable mega trends and employment generation and lower poverty. The Investment Manager believes that these themes are well encapsulated under UN SDGs #1, #6, #7, #8, #9, #11 and #13.
The Investment Manager favours companies and sovereign issuers that can contribute to positive long term sustainable developments in line with the following themes and related UN SDGs:
- Infrastructure Development
	- UN SDG #6 (Clean Water & Sanitation) and #9 (Industry, Innovation and Infrastructure)

- Clean Energy
- 1
	- UN SDG #7 (Affordable and Clean Energy) and #13 (Climate Action)1  Where possible the Investment Manager will favour investments in electricity generation from renewable sources, and save in respect of legacy positions existing prior to the introduction of the Investment Manager’s restrictions around thermal coal in November 2019, the Investment Manager will (whilst retaining full investment discretion) not seek to make new investments in thermal coal powered electricity generation for the account of the Sub-Fund.

- Sustainable Urbanization Trends
	- UN SDG #11 (Sustainable Cities and Communities)

- Employment Generation & Lower Poverty
	- UN SDG #1 (No Poverty) and #8 (Decent Work and Economic Growth)No sustainable investment objectiveThe Sub-Fund does not have as its objective sustainable investment.


Binding elements of the investment strategy designed to attain the ESG characteristics promoted by the Sub-Fund
The exclusion of companies involved in controversial weapons is an absolute prohibition which cannot be overridden. The elimination of companies with bottom 10% scores and the exclusion of companies with material exposure to tobacco, coal and unconventional oil and gas or which are exposed to Highest Level Controversies as described above are not absolute prohibitions and do not apply to the portfolios which are already constructed at the date of this Prospectus. Discretion is retained by the Investment Manager to ensure that a qualitative assessment of a company’s ESG profile may still be made, including where there may be a lack of data, outdated data or the Investment Manager considers that engagement and stewardship may lead to a more effective and positive change in the business practices affecting ESG characteristics.
Continuous basis of the investment manager’s assessment process
The Investment Manager’s investment process is dynamic and is designed to be adaptive to changing market conditions, data coverage and developments in global sustainability analysis and may therefore change over time.
Minimum asset allocation to sustainable investments for this Sub-Fund
There is no minimum targeted allocation to sustainable investments for this Sub-Fund. The actual allocation to sustainable investments will be a product of the ESG assessment process described above.
Likely impacts of sustainability risks on the returns of the Sub-Fund
The likely impacts of sustainability risks are difficult to quantify. The Investment Manager believes that the environmental, social and governance practices of an issuer are inherently linked to its long-term success and that those issuers with ESG aligned business practices and operations are more likely to succeed and create long-term value. There can be no guarantee, however, regarding the performance of individual issuers in which the Sub-Fund invests nor on the returns of the Sub-Fund’s portfolio as a whole.
Reference benchmark
The Sub-Fund is not referenced to a benchmark which is an ESG aligned benchmark.
C-1.4
Applicable to the following Sub-Funds:
- Global Inflation-Linked Fundamental
- Global Government Fundamental
- Emerging Local Currency Bond FundamentalClassification of the Sub-Fund under SFDRThe Management Company has classified the Sub-Fund as a financial product subject to Article 8 of SFDR.

Promotion of environmental and/or social characteristics
The Sub-Fund is a financial product that promotes, among other characteristics, environmental or social characteristics, or a combination of those characteristics. The Sub-Fund’s investment objective and policy are set out in the Sub-Fund's annex and it should be understood that unless otherwise stated in that section, the Sub-Fund has no objective or commitment to invest in investments that qualify as ‘sustainable investments’ for the purposes of SFDR. The Investment Manager nevertheless believes that there is a strong correlation between the long term financial success and viability of an investment and its sustainability profile and therefore seeks to make a measurable assessment of the positive ESG characteristics of the Sub-Fund’s investments as an integral part of its investment process with a view to promoting the Sustainable Development Goals defined by the United Nations.
Systematic ESG screening and scoring of sovereign issuers
Given the challenges the world faces today, the analysis of sustainability-related risks in sovereign bonds is now essential. Therefore, the Investment Manager complements its traditional sovereign credit assessment with an analytical framework that integrates sustainability risk factors in a holistic way. Alongside usual macro criteria, broader ESG considerations are integrated in the sovereign bond risk assessment. The Investment Manager has developed an in-house model (the “LO Scoring Methodology”) to independently assess sovereign issuers’ alignment with Human and Environmental Rights standards and the United Nations Sustainable development goals (SDGs). The model covers a broad spectrum of environmental, social and governance issues, including inequalities, social cohesion, quality of public services, water and food supply, energy security, global warming mitigation and resilience, biodiversity protection, pollutions, regulatory effectiveness, institutional strength and political stability. A selection of highly reliable dataset sourced from diverse supra-national bodies, universities, research institutes and major NGO’s is used to inform the investment decisions. The data collected is normalized into indicators from 0 to 100 points. The methodology embeds the Investment Manager’s proprietary ‘Consciousness’, ‘Actions’ and ‘Results’ (‘CAR’) methodology which overweighs the ‘R’ component – indicators linked to definitive outcomes.
Overweighting or Underweighting of Sovereign Issuers
The Investment Manager will seek to underweight or overweight exposure to Sovereign Issuers by up to 10% in aggregate depending upon the results of the scoring. The decision to underweight (penalize) or overweight (favour) as relevant remains entirely within the discretion of the Investment Manager. The Investment Manager aims to favour or penalize an issuer based on ESG characteristics and has the flexibility to apply a forward looking qualitative assessment if required.
Preference for Green bonds
Where possible, green, sustainable and social bonds will be preferred by the Investment Manager. The ability to invest in green bonds depends upon availability, profile and valuation and therefore there can be no commitment by the Investment Manager to invest a particular portion of the Sub-Fund’s portfolio in green bonds.
Temperature Contribution & ESG Rating Comparison
- The Investment Manager will aim to achieve a lower weighted average temperature contribution for the Sub-Fund’s portfolio when compared to the weighted average temperature contribution of the benchmark used by the Sub-Fund and referred to in its investment objective and policy.
- The Investment Manager will aim to achieve a higher weighted average ESG score for the Sub-Fund’s portfolio when compared to the weighted average ESG score of its benchmark.
- There can be no guarantee that either a lower weighted average temperature contribution or higher ESG score may be achieved and the Investment Manager shall in no way be bound by an objective or requirement to achieve these aims.

Engagement
Investment firms do not generally have appropriate access to sovereigns and governmental bodies to engage around sustainability issues. Instead, the Investment Manager will look to support industry level initiatives to help highlight sustainability issues/ improve sustainability outcomes at a sovereign level.
Environmental and/or social and/or governance practices promoted by the Sub-Fund
The Investment Manager’s investment process in respect of the Sub-Fund is designed to promote amongst other things the Sustainable Development Goals defined by the United Nations.
No sustainable investment objective
The Sub-Fund does not have as its objective sustainable investment.
Binding elements of the investment strategy designed to attain the ESG characteristics promoted by the Sub-Fund
Underweighting or overweighting Sovereign Issuers based upon the LO Sovereign Scoring Methodology is implemented for the fundamental beta component of the Sub-Fund’s portfolio on a systematic basis, subject to adjustments when the Sub-Fund’s portfolio is rebalanced. The level of
the underweighting or overweighting is subject to the discretion of the Investment Manager so that a qualitative as well as quantitative assessment may be made of a Sovereign Issuer’s sustainability profile.
Continuous basis of the investment manager’s assessment process
The Investment Manager’s investment process is dynamic and is designed to be adaptive to changing market conditions, data coverage and developments in global sustainability analysis and may therefore change over time.
Minimum asset allocation to sustainable investments for this Sub-Fund
There is no minimum targeted allocation to sustainable investments for this Sub-Fund. The actual allocation to sustainable investments will be a product of the ESG assessment process described above.
Likely impacts of sustainability risks on the returns of the Sub-Fund
The likely impacts of sustainability risks are difficult to quantify. The Investment Manager believes that the environmental, social and governance profile of a Sovereign Issuer is inherently linked to the long-term value of bonds issued by that Sovereign Issuer. There can be no guarantee, however, regarding the performance of individual issuers in which the Sub-Fund invests nor on the returns of the Sub-Fund’s portfolio as a whole.
Reference benchmark
The Sub-Fund is not referenced to a benchmark which is an ESG aligned benchmark.
C-1.5
Applicable to the following Sub-Funds:
- Swiss Franc Credit Bond (Foreign)Classification of the Sub-Fund under SFDRThe Management Company has classified the Sub-Fund as a financial product subject to Article 8 of SFDR.

Promotion of environmental and/or social characteristics
The Sub-Fund is a financial product that promotes, among other characteristics, environmental or social characteristics, or a combination of those characteristics. The Sub-Fund’s investment objective and policy are set out in the Sub-Fund's annex and it should be understood that unless otherwise stated in that section, the Sub-Fund has no objective or commitment to invest in investments that qualify as ‘sustainable investments’ for the purposes of SFDR. The Investment Manager nevertheless believes that there is a strong correlation between the long term financial success and viability of an investment and its sustainability profile and therefore seeks to make a measurable assessment of the positive ESG characteristics of the Sub-Fund’s investments as an integral part of its investment process with a view to promoting the environmental and/or social and/or governance practices which are most material to the sector in which an investment sits.
The Investment Manager’s assessment of ESG characteristics includes the following:
Systematic ESG screening and scoring
- Screening using the Lombard Odier ESG/CAR Industrial Materiality Rating Methodology, which encompasses relevant information on each of the SFDR Focused Sustainability Indicators covering greenhouse gas emissions, energy performance, biodiversity, water utilization, waste management, social and employee matters, human rights and anti-corruption and bribery. The Lombard Odier ESG/CAR Industrial Materiality Rating Methodology enables the Investment Manager to identify the companies with the bottom scoring sustainability profiles within the Sub-Fund’s investment universe. This scoring and rating system is also “materiality driven”, and therefore identifies the most relevant sustainability framework for each industry in order to focus on the most important ESG issues that may affect a particular company. It also aims to distinguish between companies that are merely demonstrating awareness from those that are delivering measurable outcomes (Consciousness, Actions, Results - CAR framework). Schedule I describes in more detail the Lombard Odier ESG/ CAR Industrial Materiality Rating Methodology.
- The Investment Manager will use the screening and scoring exercise referred to above as part of its investment assessment. The Investment Manager will not seek to automatically eliminate the bottom scoring companies due to the reduced universe of companies that would result in an already constrained market but will use the exercise as a guide and will typically aim to invest in companies with higher scores. Any decision to eliminate remains entirely within the discretion of the Investment Manager.
- In relation to the above screening process, the Investment Manager believes that an elimination process based entirely on the results of automated negative screening does not necessarily lead to a promotion of ESG characteristics and that a forward looking qualitative judgment may be required. This may be particularly true, for example, of companies transitioning to a lower carbon economy.

Exclusions
- Exclusion of companies involved in controversial weapons (production, research & development, maintenance/services/management, system integration, testing, sales/trade), directly or through ownership. The scope of this exclusion includes weapons banned or outlawed by the Ottawa Treaty on landmines (effective 1999), the Convention on Cluster Munitions (Oslo Convention) of 2008, the Biological and Toxin Weapons Convention (BWC – 1972) and the Chemical Weapons Convention (CWC – 1993). In addition, depleted uranium and white phosphorus are excluded.

Restrictions
- Tobacco, Coal and Unconventional Oil & Gas - the Investment Manager will seek to restrict the following companies:Tobacco - companies deriving more than 10% of their revenues from either production of tobacco products or retailing of tobacco products/services.

Thermal Coal
Mining - companies deriving more than 10% of their revenues from thermal coal extraction.
Power Generation - companies deriving more than 10% of their revenues from coal power generation.
Unconventional Oil & Gas - companies deriving more than 10% in aggregate of their revenues from any of tar sands, shale gas and oil and arctic oil & gas exploration.
- SVVK - ASIR exclusion list - the Investment Manager will seek to restrict companies which are mentioned on the exclusion list maintained by the Swiss Association for Responsible Investments (“SVVK – ASIR Exclusion List”).
- Material breaches of UN Global Compact Principles - the Investment Manager will seek to restrict companies that are involved in the most severe breaches of the UN Global Compact Principles (“Highest Level Controversies”).
- Any decision to exclude a company under the above restrictions remains entirely within the discretion of the Investment Manager. The Investment Manager believes that a process based entirely around absolute exclusions (other than in the case of controversial weapons) does not necessarily lead to a promotion of ESG characteristics and that a forward looking qualitative judgment may be required. This may be particularly true in the case of companies transitioning to a lower carbon economy or where stewardship and engagement may lead to a more effective and positive change in the business practices affecting ESG characteristics.

Quantitative and qualitative review of business practices and business models
- Active review by the Investment Manager of the following sustainability data points (available for review across different historic time periods) to support the Investment Manager’s evaluation of a company’s contribution to a Circular, Lean, Inclusive and Clean (CLIC™) economy:
	- Review of the scoring/ratings under the Lombard Odier ESG/CAR Industrial Materiality Rating, which encompasses relevant information on each of the SFDR Focused Sustainability Indicators.
	- Review of a company’s climate alignment taking into account not only carbon footprints (how much emissions a company produces as of today) but also its temperature alignment (taking into account a company’s expected, future emissions and the degree of alignment of these emissions and any commitments to climate objectives).
	- Review of a company’s business activities to assess how the company’s business model, products and services will be affected by the transition to the CLIC™ economy.

- These data points are designed to help the Investment Manager analyze the business practices and operations of a company to determine whether the company can be sustainable in the long term.
- The Investment Manager believes that a forward looking and active assessment of a company’s sustainability profile and not just a historic review of ESG scores or a comparison to an ESG based benchmark is vital to properly understand the long term viability of a company.

Preference for Green bonds
- Where possible, green, sustainable and social bonds will be preferred by the Investment Manager. The ability to invest in green bonds depends upon availability, profile and valuation and therefore there can be no commitment by the Investment Manager to invest a particular portion of the Sub-Fund’s portfolio in green bonds.

Temperature Contribution & ESG Rating Comparison
- The Investment Manager will aim to achieve a lower weighted average temperature contribution for the Sub-Fund’s portfolio when compared to the weighted average temperature contribution of the benchmark used by the Sub-Fund and referred to in its investment objective and policy.
- The Investment Manager will aim to achieve a higher weighted average ESG score for the Sub-Fund’s portfolio when compared to the weighted average ESG score of its benchmark.
- There can be no guarantee that either a lower weighted average temperature contribution or higher ESG score may be achieved and the Investment Manager shall in no way be bound by an objective or requirement to achieve these aims.

Engagement
The Investment Manager has a firm level and sub-fund level approach to engagement.
Firm level - the Investment Manager aims to promote sustainable business practices and encourages sustainable business models that contribute to mitigation and adaptation of climate change and the transition to a CLIC™ economic model through its engagement efforts.  The Investment Manager engages with investee companies following a firm-wide strategic engagement priorities framework and actively tracks progress against engagement objectives to appropriately measure outcomes. The Investment Manager’s engagement priorities are:
- Encouraging companies to transition towards profitable, net-zero business models, using the Oxford Martin Principles for Climate- Conscious Investment Framework;
- Engaging for improved disclosures (i) for companies with limited reporting that are in the bottom quintile of the Investment Manager’s proprietary materiality-ESG model; (ii) for companies which already disclose, but which could improve reporting under the rubric of the FSB Task Force on Climate-related Disclosures;
- Engaging with companies indicated as having an adverse impact on the SFDR Focused Sustainability Indicators based on the SFDR Principal Adverse Impact measurement methodology described in Schedule II of the SFDR Annex;
- Engaging with non-ESG rated companies.

The engagements at a firm level reflect holdings across all portfolios managed by the Investment Manager and may not necessarily include companies included in the Sub-Fund’s portfolio. Engagements at a firm level are based upon strategic priorities and the level of engagement may not necessarily be proportionate to the size of holdings in portfolios managed by the Investment Manager. Engagement at firm level is dynamic and the Investment Manager reserves the right to adapt its engagement strategy at any time.
Sub-Fund level - At a Sub-Fund level the Investment Manager will aim to engage with smaller companies in the Sub-Fund’s portfolio with weaker ESG, carbon intensity and temperature alignment scores where there is greater ability to influence the contribution that those companies will make to a CLIC™ economy compared to larger companies within the Sub-Fund’s portfolio. The Investment Manager will keep under review the companies with which it engages over a multi-year timeframe and will reduce exposure to companies if improvements do not materialize.
Environmental and/or social and/or governance practices promoted by the Sub-Fund
The Investment Manager’s investment process is designed to make an assessment of the ESG practices which are most material to the companies in which the Sub-Fund invests using the
Lombard Odier ESG/CAR Industrial Materiality Rating Methodology described in Schedule I.
No sustainable investment objective
The Sub-Fund does not have as its objective sustainable investment.
Binding elements of the investment strategy designed to attain the ESG characteristics promoted by the Sub-Fund
The exclusion of companies involved in controversial weapons is an absolute prohibition which cannot be overridden. The aim to select companies with higher scores and the exclusion of companies with material exposure to tobacco, coal and unconventional oil and gas, companies which are mentioned on the SVVK – ASIR Exclusion List or companies which are exposed to Highest Level Controversies as described above are not absolute rules/prohibitions. Discretion is retained by the Investment Manager to ensure that a qualitative assessment of a company’s ESG profile may still be made, including where there may be a lack of data, outdated data or the Investment Manager considers that engagement and stewardship may lead to a more effective and positive change in the business practices affecting ESG characteristics.
Continuous basis of the investment manager’s assessment process
The Investment Manager’s investment process is dynamic and is designed to be adaptive to changing market conditions, data coverage and developments in global sustainability analysis and may therefore change over time.
Minimum asset allocation to sustainable investments for this Sub-Fund
There is no minimum targeted allocation to sustainable investments for this Sub-Fund. The actual allocation to sustainable investments will be a product of the ESG assessment process described above.
Likely impacts of sustainability risks on the returns of the Sub-Fund
The likely impacts of sustainability risks are difficult to quantify. The Investment Manager believes that the environmental, social and governance practices of a company are inherently linked to its long-term success and that those companies with ESG and CLIC
TM 
aligned business practices and operations are more likely to succeed and create long-term value. There can be no guarantee, however, regarding the performance of individual companies in which the Sub-Fund invests nor on the returns of the Sub-Fund’s portfolio as a whole.
Reference benchmark
The Sub-Fund is not referenced to a benchmark which is an ESG aligned benchmark.
C-1.6
Applicable to the following Sub-Fund:
- Global Convertible Bond Defensive DeltaClassification of the Sub-Fund under SFDRThe Management Company has classified the Sub-Fund as a financial product subject to Article 8 of SFDR.

Promotion of environmental and/or social characteristics
The Sub-Fund is a financial product that promotes, among other characteristics, environmental or social characteristics, or a combination of those characteristics. The Sub-Fund’s investment objective and policy are set out in the Sub-Fund’s annex and it should be understood that unless otherwise stated in that section, the Sub-Fund has no objective or commitment to invest in investments that qualify as ‘sustainable investments’ for the purposes of SFDR. The Investment Manager nevertheless believes that there is a strong correlation between the long term financial success and viability of an investment and its sustainability profile and therefore seeks to make a measurable assessment of the positive ESG characteristics of the Sub-Fund’s investments as an integral part of its investment process with a view to promoting the environmental and/or social and/or governance practices which are most material to the sector in which an investment sits.
The Investment Manager’s assessment of ESG characteristics includes the following:
Systematic ESG screening and scoring
- Screening using the Lombard Odier ESG/CAR Industrial Materiality Rating Methodology, which encompasses relevant information on each of the SFDR Focused Sustainability Indicators covering greenhouse gas emissions, energy performance, biodiversity, waterutilization, waste management, social and employee matters, human rights and anti-corruption and bribery. The Lombard Odier ESG/ CAR Industrial Materiality Rating Methodology enables the Investment Manager to identify the bottom scoring 20% of companies in terms of sustainability within the Sub-Fund’s investment universe. This scoring and rating system is also “materiality driven”, and therefore identifies the most relevant sustainability framework for each industry in order to focus on the most important ESG issues that mayaffect a particular company. It also aims to distinguish between companies that are merely demonstrating awareness from those that are delivering measurable outcomes (Consciousness, Actions, Results - CAR framework). Schedule I describes in more detail the Lombard Odier ESG/CAR Industrial Materiality Rating Methodology.
- The Investment Manager will use the screening and scoring exercise referred to above as part of its investment assessment. The Investment Manager will not seek to automatically eliminate the bottom scoring 20% of companies due to the reduced universe of companies that would result in an already constrained market but will use the exercise as a guide and will typically aim to invest in companies with higher scores. Any decision to eliminate a company or to make an investment in a company as a result of the screening exercise, however, remains entirely within the discretion of the Investment Manager. Furthermore the Investment Manager believes that an elimination process based entirely on the results of automated negative screening does not necessarily lead to a promotion of ESGcharacteristics and that a forward looking qualitative judgment may be required. This may be particularly true of companies transitioning to a lower carbon economy.

Exclusions
- Exclusion of companies involved in controversial weapons (production, research & development, maintenance/services/management, system integration, testing, sales/trade), directly or through ownership. The scope of this exclusion includes weapons banned or outlawed by the Ottawa Treaty on landmines (effective 1999), the Convention on Cluster Munitions (Oslo Convention) of 2008, the Biological and Toxin Weapons Convention (BWC – 1972) and the Chemical Weapons Convention (CWC – 1993). In addition, depleted uranium and white phosphorus are excluded.

Restrictions
- Tobacco, Coal and Unconventional Oil & Gas and Conventional Oil & Gas - the Investment Manager will seek to restrict the following companies:Tobacco - companies deriving more than 10% of their revenues from either production of tobacco products or retailing of tobacco products/services.

Thermal Coal
Mining - companies deriving more than 10% of their revenues from thermal coal extraction.
Power Generation - companies deriving more than 10% of their revenues from coal power generation.
Unconventional Oil & Gas - companies deriving more than 10% in aggregate of their revenues from any of tar sands, shale gas and oil and arctic oil & gas exploration.
- Conventional Oil & Gas - the Investment Manager will seek to restrict investments in companies in the conventional oil and gas sector unless their revenues from natural gas and renewable energy are greater than 40%.
- Material breaches of UN Global Compact Principles - the Investment Manager will seek to restrict companies that are involved in the most severe breaches of the UN Global Compact Principles (“Highest Level Controversies”).
- Any decision to exclude a company under the above restrictions remains entirely within the discretion of the Investment Manager. The Investment Manager believes that a process based entirely around absolute exclusions (other than in the case of controversial weapons) does not necessarily lead to a promotion of ESG characteristics and that a forward looking qualitative judgment may be required. This may be particularly true in the case of companies transitioning to a lower carbon economy or where stewardship and engagement may lead to a more effective and positive change in the business practices affecting ESG characteristics.

Quantitative and qualitative review of business practices and business models
- Active review by the Investment Manager of the following sustainability data points (available for review across different historic time periods) to support the Investment Manager’s evaluation of a company’s contribution to a Circular, Lean, Inclusive and Clean (CLIC™) economy:
	- Review of the scoring/ratings under the Lombard Odier ESG/CAR Industrial Materiality Rating, which encompasses relevant information on each of the SFDR Focused Sustainability Indicators.
	- Review of a company’s climate alignment taking into account not only carbon footprints (how much emissions a company produces as of today) but also its temperature alignment (taking into account a company’s expected, future emissions and the degree of alignment of these emissions and any commitments to climate objectives).
	- Review of a company’s business activities to assess how the company’s business model, products and services will be affected by the transition to the CLIC™ economy.

- These data points are designed to help the Investment Manager analyze the business practices and operations of a company to determine whether the company can be sustainable in the long term.
- The Investment Manager believes that a forward looking and active assessment of a company’s sustainability profile and not just a historic review of scores or a comparison to an ESG based benchmark is vital to properly understand the long term viability of a company.

Engagement
The Investment Manager has a firm level and sub-fund level approach to engagement.
Firm level - the Investment Manager aims to promote sustainable business practices and encourages sustainable business models that contribute to mitigation and adaptation of climate change and the transition to a CLIC™ economic model through its engagement efforts. The Investment Manager engages with investee companies following a firm-wide strategic engagement priorities framework and actively tracks progress against engagement objectives to appropriately measure outcomes. The Investment Manager’s engagement priorities are:
- Encouraging companies to transition towards profitable, net-zero business models, using the Oxford Martin Principles for Climate- Conscious Investment Framework;
- Engaging for improved disclosures (i) for companies with limited reporting that are in the bottom quintile of the Investment Manager’s proprietary materiality-ESG model; and (ii) for companies which already disclose, but which could improve reporting under the rubric of the FSB Task Force on Climate-related Disclosures;
- Engaging with companies indicated as having an adverse impact on the SFDR Focused Sustainability Indicators based on the SFDR principal adverse impact measurement methodology described in Schedule II of the SFDR Annex;
- Engaging with non-ESG rated companies.

The engagements at a firm level reflect holdings across all portfolios managed by the Investment Manager and may not necessarily include companies included in the Sub-Fund’s portfolio. Engagements at a firm level are based upon strategic priorities and the level of engagement may not necessarily be proportionate to the size of holdings in portfolios managed by the Investment Manager. Engagement at firm level is dynamic and the Investment Manager reserves the right to adapt its engagement strategy at any time.
Sub-Fund level - The Investment Manager believes that engagement/stewardship can lead to positive sustainability orientated changes in business practices in situations where exclusion/restriction alone may be less impactful in the longer term. As a result, at a Sub-Fund level the Investment Manager is committed to engage with companies with the highest negative contributions to the Sub-Fund’s portfolio overall ESG score. This engagement aims to encourage companies to provide more transparency on ESG matters (for companies whose low scores reflects poor disclosure), as well as to stewarding management towards better practices (for companies scoring poorly on specific ESG metrics). The Investment Manager is also committed to regularly reviewing these companies’ ESG scores, with a view to reducing the exposure to companies where the engagement process has not lead to progress in their ESG score.
Environmental and/or social and/or governance practices promoted by the Sub-Fund
The Investment Manager’s investment process is designed to make an assessment of the ESG practices which are most material to the companies in which the Sub-Fund invests using the Lombard Odier ESG/CAR Industrial Materiality Rating Methodology described in Schedule I.
No sustainable investment objective
The Sub-Fund does not have as its objective sustainable investment.
Binding elements of the investment strategy designed to attain the ESG characteristics promoted by the Sub-Fund
The exclusion of companies involved in controversial weapons is an absolute prohibition which cannot be overridden. The aim to invest in companies with higher ESG scores is not a binding investment objective and the restrictions relating to companies with material exposure to tobacco, coal and unconventional oil and gas or which are exposed to Highest Level Controversies as described above are not absolute
prohibitions. Discretion is retained by the Investment Manager to ensure that a qualitative assessment of a company’s ESG profile may still be made, including where there may be a lack of data, outdated data or the Investment Manager considers that engagement and stewardship may lead to a more effective and positive change in the business practices affecting ESG characteristics.
Continuous basis of the investment manager’s assessment process
The Investment Manager’s investment process is dynamic and is designed to be adaptive to changing market conditions, data coverage and developments in global sustainability analysis and may therefore change over time.
Minimum asset allocation to sustainable investments for this Sub-Fund
There is no minimum targeted allocation to sustainable investments for this Sub-Fund. The actual allocation to sustainable investments will be a product of the ESG assessment process described above.
Likely impacts of sustainability risks on the returns of the Sub-Fund
The likely impacts of sustainability risks are difficult to quantify. The Investment Manager believes that the environmental, social and governance practices of a company are inherently linked to its long-term success and that those companies with ESG aligned business practices and operations are more likely to succeed and create long-term value. There can be no guarantee, however, regarding the performance of individual companies in which the Sub-Fund invests nor on the returns of the Sub-Fund’s portfolio as a whole.
Reference benchmark
The Sub-Fund is not referenced to a benchmark which is an ESG aligned benchmark.
C-1.7
Applicable to the following Sub-Fund:
- TerreNeuveClassification of the Sub-Fund under SFDRThe Management Company has classified the Sub-Fund as a financial product subject to Article 8 of SFDR.

Promotion of environmental and/or social characteristics
The Sub-Fund is a financial product that promotes, among other characteristics, environmental or social characteristics, or a combination of those characteristics. The Sub-Fund’s investment objective and policy are set out in the Sub-Fund's annex. The Investment Manager believes that there is a strong correlation between the long term financial success and viability of an investment and its sustainability profile and therefore seeks to make a measurable assessment of the positive ESG characteristics of the Sub-Fund’s investments as an integral part of its investment process with a view to promoting the environmental and/or social and/or governance practices which are most material to the sector in which an investment sits.
The Investment Manager aims for the Sub-Fund to capture alpha by investing in stocks that offer key solutions to environmental and social challenges and to use short derivative instruments on stocks that are poorly positioned with respect to such challenges.
The Investment Manager’s investment proposition in respect of the Sub-Fund is that companies that offer solutions to environmental and social challenges, such as decarbonisation technologies, agricultural technologies that preserve soil quality and biodiversity, or solutions that promote a circular economy, will outperform over time because the demand for their products will increase faster than peers. Conversely, companies that offer products and services that are misaligned with sustainability trends will see a decline in demand and erosion of their returns.
Notwithstanding the aims or investment proposition of the Investment Manager, there can be no guarantee relating to the performance of companies in which the Sub-Fund invests.
The Investment Manager’s assessment of ESG characteristics includes the following:
Systematic ESG screening and scoring
- Screening companies with the Investment Manager's TerreNeuve proprietary ESG rating methodology, which encompasses relevant information on sustainability indicators covering climate and other environment related indicators (greenhouse gas emissions, energy performance, biodiversity, water utilization, waste management), social and employee matters, respect for human rights and anti- corruption and anti-bribery (“the TerreNeuve Rating Methodology”). In addition, the Investment Manager ranks companies against governance factors such as management quality, accounting and taxation standards and practices and incentive alignments.
- The TerreNeuve Rating Methodology enables the Investment Manager to identify the bottom scoring 15% of companies within the Sub-Fund’s investment universe. This scoring and rating system is also “materiality driven”, and therefore identifies the most relevantsustainability framework for each industry in order to focus on the most important ESG issues that may affect a particular company. The TerreNeuve Rating Methodology is described in more detail at the end of this disclosure.
- The Investment Manager will seek to invest in the highest scoring companies while using short derivative instruments on the lowest scoring companies unless there are objective reasons for not doing so. Without committing the Investment Manager to any particular restrictions, the Investment Manager will generally avoid taking long positions in companies in the bottom 15% of the Sub-Fund’s universe under the above scoring. Any decision to take a position in relation to any company, however, remains entirely within the discretion of the Investment Manager. The Investment Manager believes that an investment process based entirely on the results of automated screening does not necessarily lead to a promotion of ESG characteristics and that a forward looking qualitative judgment may also be required. This may be particularly true of companies transitioning to a lower carbon economy.

Exclusions
- Controversial weapons - exclusion of companies involved in controversial weapons (production, research & development, maintenance/ services/management, system integration, testing, sales/trade), directly or through ownership. The scope of this exclusion includes weapons banned or outlawed by the Ottawa Treaty on landmines (effective 1999), the Convention on Cluster Munitions (Oslo Convention) of 2008, the Biological and Toxin Weapons Convention (BWC – 1972) and the Chemical Weapons Convention (CWC – 1993). In addition, depleted uranium and white phosphorus are excluded.
- Tobacco – exclusion of companies deriving more than 10% of their revenues from either production of tobacco products or retailing of tobacco products/services.

Restrictions
- Coal and Unconventional Oil & Gas - the Investment Manager will seek to restrict the following companies: Thermal CoalMining - companies deriving more than 10% of their revenues from thermal coal extraction.

Power Generation - companies deriving more than 10% of their revenues from coal power generation.
Unconventional Oil & Gas - companies deriving more than 10% in aggregate of their revenues from any of tar sands, shale gas and oil and arctic oil & gas exploration.
- Material breaches of UN Global Compact Principles - the Investment Manager will seek not to take long positions for the account of the Sub-Fund in companies that are involved in the most severe breaches of the UN Global Compact Principles (“Highest Level Controversies”).
- Any decision to exclude a company under the above restrictions remains entirely within the discretion of the Investment Manager. The Investment Manager believes that a process based entirely around absolute exclusions (other than in the case of controversial weapons and tobacco) does not necessarily lead to a promotion of ESG characteristics and that a forward looking qualitative judgment may be required. This may be particularly true, for example, in the case of companies involved in a Highest level Controversy, where the company has recognized the issue, acknowledged wrongdoing, is taking remedial action and has provisioned for potential liabilities.

Quantitative and qualitative review of business practices and business models
- Active review by the Investment Manager of the following sustainability data points (available for review across different historic time periods) to support the Investment Manager’s evaluation of a company’s contribution to a Circular, Lean, Inclusive and Clean (CLIC™) economy:
	- Review of the scoring under the TerreNeuve Rating Methodology, which encompasses indicators on greenhouse gas emissions, energy performance, biodiversity, water utilization, waste management, social and employee matters, respect for human rights and anti- corruption and anti-bribery.
	- Review of a company’s climate alignment taking into account not only carbon footprints (how many emissions a company produces as of today) but also its temperature alignment (taking into account a company’s expected, future emissions and the degree of alignment of these emissions and any commitments to climate objectives).
	- Review of a company’s business activities to assess how the company’s business model, products and services will be affected by environmental and social trends /the transition to the CLIC™ economy

- These data points are designed to help the Investment Manager analyze the business practices and operations of a company to determine whether the company can be sustainable in the long term.
- The Investment Manager believes that a forward looking and active assessment of a company’s sustainability profile and not just a historic review of ESG scores or a comparison to an ESG based benchmark is vital to properly understand the long term viability of a company.

Engagement
- The Investment Manager aims to promote sustainable business practices and encourages sustainable business models that contribute to mitigation and adaption of climate change and the transition to a CLIC™ economic model through its engagement efforts. The Investment Manager engages with investee companies following a firm-wide strategic engagement priorities framework and actively tracks progress against engagement objectives to appropriately measure outcomes. The Investment Manager’s three engagement priorities are:
	- Encouraging companies to transition towards profitable, net-zero business models, using the Oxford Martin Principles for Climate- Conscious Investment framework;
	- Engaging for improved disclosures (i) for companies with limited reporting that are in the bottom quintile of the Investment Manager’s proprietary ESG model; and (ii) for companies which already disclose, but which could improve reporting under the rubric of the FSB Task Force on Climate-related Disclosures;
	- Engaging with non-ESG rated companies.

- Engagements are based upon strategic priorities and the level of engagement may not necessarily be proportionate to the size of holdings in the Sub-Fund’s portfolio.

Environmental and/or social and/or governance practices promoted by the Sub-Fund
The Investment Manager’s investment process is designed to make an assessment of the ESG practices which are most material to the companies in which the Sub-Fund invests using the material mapping methodology described at the end of this disclosure.
The Investment Manager favours companies for the account of the Sub-Fund that can contribute positively to environmental and social issues and seeks to invest in leaders in the following areas: renewable energy, hydrogen economy, circular economy, sustainable agriculture, clean mobility, resource efficiency, health & wellness, water, digital enablers, access to education. Any decision to invest in a company remains entirely within the discretion of the Investment Manager.
No sustainable investment objective
The Sub-Fund does not have as its objective sustainable investment.
Binding elements of the investment strategy designed to attain the ESG characteristics promoted by the Sub-Fund
The exclusion of companies involved in controversial weapons and tobacco are absolute prohibitions which cannot be overridden. In respect of the other processes, assessments, filtering and restrictions referred to in this annex, full discretion is retained by the Investment Manager in respect of its investment decisions, to ensure that a qualitative assessment of a company’s ESG profile may still be made, including where there may be
a lack of data, outdated data or the Investment Manager considers that engagement and stewardship may lead to a more effective and positive change in the business practices affecting ESG characteristics.
Continuous basis of the investment manager’s assessment process
The Investment Manager’s investment process is dynamic and is designed to be adaptive to changing market conditions, data coverage and developments in global sustainability analysis and may therefore change over time.
Minimum asset allocation to sustainable investments for this Sub-Fund
There is no minimum targeted allocation to sustainable investments for this Sub-Fund. The actual allocation to sustainable investments will be a product of the ESG assessment process described above.
Likely impacts of sustainability risks on the returns of the Sub-Fund
The likely impacts of sustainability risks are difficult to quantify. The Investment Manager believes that the environmental, social and governance practices of a company are inherently linked to its long-term success and that those companies with ESG aligned business practices and operations are more likely to succeed and create long-term value. There can be no guarantee, however, regarding the performance of individual companies in which the Sub-Fund invests nor on the returns of the Sub-Fund’s portfolio as a whole.
Reference benchmark
The Sub-Fund is not referenced to a benchmark which is an ESG aligned benchmark.
The TerreNeuve Rating Methodology
The Investment Manager’s sustainable investment framework looks at companies' business practices in relation to their broad ecosystem of stakeholders. The Investment Manager has developed a proprietary ESG materiality rating methodology, allowing the Investment Manager to focus on the environmental, social and governance dimensions that really matter to a company across its value chain. The Investment Manager’s proprietary framework of 10 categories reflects the main dimensions of potential ESG opportunities and risks expositions across a company’s value chain. This includes upstream risks predominantly related to supply chain or natural resource usage, operational risks directly related to a company’s direct production and operational processes and downstream risks related to the potential negative impact of products and services sold. The construction of the ratings uses raw data from a variety of specialized suppliers, which includes, but is not limited to, information on greenhouse gas emissions, energy performance, biodiversity, water utilization, waste management, social and employee matters, respect for human rights and anti-corruption and anti-bribery. In addition, the Investment Manager ranks companies against governance factors such as management quality, accounting and taxation standards and practices and incentive alignments.
The Investment Manager identifies and ranks the most material ESG dimensions for ca. 90 GICS (Global Industry Classification Standard) Level 4 sub-industries, captured in the Investment Manager’s ESG materiality heatmap. For each company, the Investment Manager calculates a score from 0 to 100 integrating materiality by overweighting the information that has greater significance based on their specific industry, and underweighting general information that is less relevant. These scores allow the Investment Manager to attribute to each company an ESG rating
from 0-100 and compare companies within sectors and across sectors. The TerreNeuve Rating Methodology enhances the Investment Manager’s ability to monitor a company’s progress on the most relevant sector-specific issues for long-term sustainability, and engage with them on these material issues.
C-1.8
Applicable to the following Sub-Funds:
- All Roads Conservative
- All Roads
- All Roads GrowthClassification of the Sub-Fund under SFDRThe Management Company has classified the Sub-Fund as a financial product subject to Article 8 of SFDR.

This Sub-Fund promotes environmental or social characteristics, but does not have as its objective a sustainable investment. It does not invest in sustainable investments.
What environmental and/or social characteristics are promoted by this financial product?
The Sub-Fund does not target specific environmental and/or social objectives. The integration of sustainability risk considerations into the investment decision making process by the Investment Manager aims to promote the broad spectrum of environmental and social characteristics that the underlying investments of the Sub-Fund may be exposed to.
What sustainability indicators are used to measure the attainment of the environmental or social characteristics promoted by this Sub-Fund?
The investment Manager uses over 150 sustainability focused data points to analyse the environmental and social profile of the underlying investments of the Sub-Fund. These data points include the principal adverse sustainability indicators established by SFDR, covering the following topics:
- greenhouse gas emissions;
- temperature contribution;
- energy performance;
- biodiversity;
- water utilization;
- waste management;
- social and employee matters;
- human rights;
- anti-corruption and bribery.

The Investment Manager uses the Lombard Odier ESG/CAR Industrial Materiality Rating Methodology to analyse and score the Sub-Fund’s direct exposure to single name corporate bonds and equities. The Lombard Odier ESG/CAR Industrial Materiality Rating Methodology looks at companies' business practices in relation to their broad ecosystem of stakeholders and uses a proprietary ESG materiality heatmap and rating methodology, allowing the Investment Manager to focus on the environmental, social and governance dimensions that really matter to a company across its
value chain. Further information in relation to the Lombard Odier ESG/CAR Industrial Materiality Rating Methodology can be found in Schedule I.
For the Sub-Fund’s direct exposure to single name sovereign bonds, the Investment Manager complements its traditional sovereign credit assessment with an analytical framework that integrates sustainability risk factors in a holistic way. Alongside usual macro criteria, broader ESG considerations are integrated in the sovereign bond risk assessment. The Investment Manager has developed an in-house model (the “LO Sovereign Scoring Methodology”) to independently assess sovereign issuers’ alignment with Human and Environmental Rights standards and the United Nations Sustainable development goals (SDGs). The model covers a broad spectrum of environmental, social and governance issues,
including inequalities, social cohesion, quality of public services, water and food supply, energy security, global warming mitigation and resilience, biodiversity protection, pollutions, regulatory effectiveness, institutional strength and political stability. A selection of highly reliable dataset sourced from diverse supra-national bodies, universities, research institutes and major NGO’s is used to inform the investment decisions. The data collected is normalized into indicators from 0 to 100 points. The methodology embeds the Investment Manager’s proprietary ‘Consciousness’, ‘Actions’ and ‘Results’ (‘CAR’) methodology which overweighs the ‘R’ component – indicators linked to definitive outcomes.
What investment strategy does this Sub-Fund follow?
The Sub-Fund implements an asset allocation strategy in bonds, other fixed or floating-rate debt securities and short-term debt instruments issued or guaranteed by sovereign or non-sovereign issuers, convertible bonds, equities, currencies and/or Cash and Cash Equivalents, denominated in OECD currencies and/or Emerging Market currencies. Full details of the investment objective and policy of the Sub-Fund can be found in Annex A of this Prospectus.
When the Sub-Fund has direct exposure to the Sub-Fund’s target assets, the Investment Manager is able to analyse and select investments based upon their sustainability profile and contribution to environmental or social objectives. When the Sub-Fund has indirect exposure to the Sub- Fund’s target assets, particularly derivatives referencing indices or baskets of indices, it is not possible to select investments based upon their sustainability profile and contribution to environmental or social objectives.
For the purposes of this disclosure, references to ‘direct’ exposure means investments in or referencing single name corporate or sovereign issuers (whether through instruments issued directly by the relevant corporate or sovereign or through derivatives instruments) and references to ‘indirect’ exposure means investments in or referencing indices or baskets of indices (typically through derivative instruments).
The Sub-Fund’s strategy is dynamic and the portion of the Sub-Fund’s investment portfolio which has direct or indirect exposure to the Sub- Fund’s target assets will fluctuate depending upon market conditions.
What are the binding elements of the investment strategy used to select the investments to attain each of the environmental or social characteristics promoted by this Sub-Fund?
The Sub-Fund will exclude direct exposure to companies involved in controversial weapons i.e. companies that produce, trade or store controversial weapons (biological and chemical weapons, anti-personnel mines, cluster weapons, depleted uranium, white phosphorus) as defined by the United Nations conventions are excluded. With the exception of depleted uranium and white phosphorus, the production and use of such weapons has been banned or outlawed by international treaties, namely the Biological and Toxin Weapons Convention (BWC – 1972), the Chemical Weapons Convention (CWC – 1993), the Ottawa Treaty on landmines (effective 1999), and the Convention on Cluster Munition (Oslo Convention - 2008).
Where the Sub-Fund has direct exposure to equities, bonds or other fixed income instruments, the Investment Manager will seek to apply the following restrictions (but are not binding):
Tobacco, Coal and Unconventional Oil & Gas - the Investment Manager will seek to restrict the following companies:
Tobacco - companies deriving more than 10% of their revenues from either production of tobacco products or retailing of tobacco products/ services.
Thermal Coal
Mining - companies deriving more than 10% of their revenues from thermal coal extraction.
Power Generation - companies deriving more than 10% of their revenues from coal power generation.
Unconventional Oil & Gas - companies deriving more than 10% in aggregate of their revenues from any of tar sands, shale gas and oil and artic oil & gas exploration.
Material breaches of UN Global Compact Principles, the OECD guidelines for multinational enterprises, the UN guidelines principles on business and Human rights and their underlying conventions - companies that are involved in the most severe breaches of those norms (“Highest Level Controversies”).
How is that strategy implemented in the investment process on a continuous basis?
The Sub-Fund’s investment strategy encompasses a wide range of asset classes, instruments and processes. The way in which sustainability considerations are integrated into the investment decision process will remain dynamic and adaptive to the changing composition of the Sub- Fund’s investment portfolio, market conditions, data coverage and developments in global sustainability analysis and may therefore change over time.
What is the committed minimum rate to reduce the scope of the investments considered prior to the application of that investment strategy?
There is no committed minimum rate to reduce the scope of the investments considered prior to the application of the Sub-Fund’s investment strategy.
What is the policy to assess good governance practices of the investee companies?
Where the Sub-Fund has direct exposure to equities, bonds or other fixed income instruments issued by corporates, the Investment Manager will assess the governance profile of a company using the Lombard Odier ESG/CAR Industrial Materiality Rating Methodology and will aim to avoid companies with a rating of D or less. The Investment Manager may adjust this threshold rating in its discretion at any time.
Where can I find further details on the investment strategy?
Lombard Odier Group website: www.loim.com
How does the use of derivatives attain the environmental or social characteristics promoted by the financial product?
Derivatives may be used for a variety of reasons, including to manage risks. Where direct exposure to the Sub-Fund’s target assets is gained through derivatives (for example single name futures), the Investment Manager is able to make a similar analysis of the environmental or social credentials of an underlying reference issuer as an investment in the underlying issuer itself. This is not possible where derivatives reference indices with multiple underlying reference issuers or baskets of indices.
How will sustainable investments contribute to a sustainable investment objective and not significantly harm any sustainable investment objective?
The Sub-Fund does not make any commitment to make investments in ‘sustainable investments’ as defined by SFDR. The Lombard Odier ESG/ CAR Industrial Materiality Rating Methodology nevertheless incorporates an evaluation of the extent to which the business practices of a company may significantly harm environmental or social objectives as measured by the use of energy, renewable energy, raw materials, water and land, on the production of waste, and greenhouse gas emissions, or on its impact on biodiversity and the circular economy, social and employee matters, human rights, anti-corruption and anti-bribery.
How are indicators for adverse impacts on sustainability factors taken into account?
Adverse impacts on sustainability factors are those impacts of investment decisions and advice that result in negative effects on environmental, social and employee matters, respect for human rights, anti‐corruption and anti‐bribery matters. They are taken into account as follows:
- Adverse sustainability indicator number 14 in Table 1, Annex I of SFDR Level 2 Measures (in draft form) related to the exposure to controversial weapons (anti-personnel mines, cluster munitions, chemical weapons and biological weapons) is taken into account through the Manager’s investment exclusion rule described above.
- Adverse sustainability indicator number 10 in Table 1, Annex I of SFDR Level 2 Measures (in draft form) related to the Violations of UN Global Compact principles and Organisation for Economic Cooperation and Development (OECD) Guidelines for Multinational Enterprises is implemented through the investments restriction of severe controversies described above and is also included into the Managers proprietary ESG materiality rating via a rating penalty.
- Other adverse sustainability indicators in Table 1, Annex I of SFDR Level 2 Measures (in draft form) are fully embedded within the Lombard Odier ESG/CAR Industrial Materiality Rating Methodology and LO Sovereign Scoring Methodology when assessing direct exposure to the Sub-Fund’s target assets. For corporate issuers, the weighting of the adverse sustainability indicators is set according to the Investment Manager’s in-house materiality framework that defines the exposure of the different industries to the sustainability challenges. The adverse sustainability indicators weighting may thus vary according to the portfolio composition and industrial exposure (e.g. water or waste metrics will be underweighted if not relevant for the investee companies activities). For sovereign issuers, the adverse sustainability indicatorsare weighted according to the Investment Manager’s CAR weighting scheme (results overweighed compared to action and consciousness indicators).
- Other adverse sustainability indicators in table 2 (environmental) and table 3 (social), Annex I of SFDR Level 2 Measures (in draft form) are embedded into the Investment Manager’s ESG materiality rating when available.

The way in which adverse sustainability indicators are taken into consideration may change over time depending upon a number of factors, including the changing composition of the Sub-Fund’s investment portfolio, market conditions, data coverage and developments in global sustainability analysis.
Are sustainable investments aligned with the OECD Guidelines for Multinational Enterprises and the UN Guiding Principles on Business and Human Rights?
Details:
N/A. The Sub-Fund does not commit to invest any particular portion of the Sub-Fund’s assets in sustainable investments.
Does this Sub-Fund take into account principal adverse impacts on sustainability factors?
Yes 
No 
Can I find more Sub-Fund specific information online?
More product-specific information can be found on the Lombard Odier Group website: www.loim.com.
Is a specific index designated as a reference benchmark to determine whether this Sub-Fund is aligned with the environmental or social characteristics that it promotes?
Yes 
No 
How does the designated index differ from a relevant broad market index?
N/A
How is the reference benchmark continuously aligned with each of the environmental or social characteristics promoted by the Sub-Fund and with the investment strategy?
N/A
Likely impacts of sustainability risks on the returns of the Sub-Fund
The likely impacts of sustainability risks are difficult to quantify. The Investment Manager believes that the environmental, social and governance practices of a company are inherently linked to its long-term success and that those companies with ESG aligned business practices and operations are more likely to succeed and create long-term value. There can be no guarantee, however, regarding the performance of the Sub- Fund’s portfolio.
C-1.9
Applicable to the following Sub-Fund:
- Fallen Angels RecoveryClassification of the Sub-Fund under SFDRThe Management Company has classified the Sub-Fund as a financial product subject to Article 8 of SFDR.

Promotion of environmental and/or social characteristics
The Sub-Fund is a financial product that promotes, among other characteristics, environmental or social characteristics, or a combination of those characteristics. The Sub-Fund’s investment objective and policy are set out in the Sub-Fund's appendix and it should be understood that unless otherwise stated in that section, the Sub-Fund has no objective or commitment to invest in investments that qualify as ‘sustainable investments’ for the purposes of SFDR. The Investment Manager nevertheless believes that there is a strong correlation between the long term financial success and viability of an investment and its sustainability profile and therefore seeks to make a measurable assessment of the positive ESG characteristics of the Sub-Fund’s investments as an integral part of its investment process with a view to promoting the environmental and/or social and/or governance practices which are most material to the sector in which an investment sits.
The Investment Manager’s assessment of ESG characteristics includes the following:
Systematic ESG screening and scoring
- Screening using the Lombard Odier ESG/CAR Industrial Materiality Rating Methodology, which encompasses relevant information on each of the SFDR Focused Sustainability Indicators covering greenhouse gas emissions, energy performance, biodiversity, waterutilization, waste management, social and employee matters, human rights and anti-corruption and bribery. The Lombard Odier ESG/ CAR Industrial Materiality Rating Methodology enables the Investment Manager to identify the bottom scoring 20% of companies within the Sub-Fund’s investment universe. This scoring and rating system is also “materiality driven”, and therefore identifies the most relevantsustainability framework for each industry in order to focus on the most important ESG issues that may affect a particular company. It also aims to distinguish between companies that are merely demonstrating awareness from those that are delivering measurable outcomes (Consciousness, Actions, Results - CAR framework). Schedule I describes in more detail the Lombard Odier ESG/CAR Industrial Materiality Rating Methodology.
- The Investment Manager will use the screening and scoring exercise referred to above as part of its investment assessment. The Investment Manager will not seek to automatically eliminate the bottom scoring 20% of companies due to the reduced universe of companies that would result in an already constrained market but will use the exercise as a guide and will typically aim to invest in companies with higher scores. Any decision to eliminate a company or to make an investment in a company as a result of the screening exercise, however, remains entirely within the discretion of the Investment Manager. Furthermore the Investment Manager believes that an elimination process based entirely on the results of automated negative screening does not necessarily lead to a promotion of ESGcharacteristics and that a forward looking qualitative judgment may be required. This may be particularly true of companies transitioning to a lower carbon economy.

Exclusions
- Exclusion of companies involved in controversial weapons (production, research & development, maintenance/services/management, system integration, testing, sales/trade), directly or through ownership. The scope of this exclusion includes weapons banned or outlawed by the Ottawa Treaty on landmines (effective 1999), the Convention on Cluster Munitions (Oslo Convention) of 2008, the Biological and Toxin Weapons Convention (BWC – 1972) and the Chemical Weapons Convention (CWC – 1993). In addition, depleted uranium and white phosphorus are excluded.

Restrictions
- Tobacco, Coal and Unconventional Oil & Gas - the Investment Manager will seek to restrict the following companies:Tobacco - companies deriving more than 10% of their revenues from either production of tobacco products or retailing of tobacco products/services.

Thermal Coal
Mining - companies deriving more than 10% of their revenues from thermal coal extraction.
Power Generation - companies deriving more than 10% of their revenues from coal power generation.
Unconventional Oil & Gas - companies deriving more than 10% in aggregate of their revenues from any of tar sands, shale gas and oil and arctic oil & gas exploration.
- Material breaches of UN Global Compact Principles - the Investment Manager will seek to restrict companies that are involved in the most severe breaches of the UN Global Compact Principles (“Highest Level Controversies”).
- Any decision to exclude a company under the above restrictions remains entirely within the discretion of the Investment Manager. The Investment Manager believes that a process based entirely around absolute exclusions (other than in the case of controversial weapons) does not necessarily lead to a promotion of ESG characteristics and that a forward looking qualitative judgment may be required. This may be particularly true in the case of companies transitioning to a lower carbon economy or where stewardship and engagement may lead to a more effective and positive change in the business practices affecting ESG characteristics.

Quantitative and qualitative review of business practices and business models
- Active review by the Investment Manager of the following sustainability data points (available for review across different historic time periods) to support the Investment Manager’s evaluation of a company’s contribution to a Circular, Lean, Inclusive and Clean (CLIC™) economy:
	- Review of the scoring/ratings under the Lombard Odier ESG/CAR Industrial Materiality Rating, which encompasses relevant information on each of the SFDR Focused Sustainability Indicators.
	- Review of a company’s climate alignment taking into account not only carbon footprints (how much emissions a company produces as of today) but also its temperature alignment (taking into account a company’s expected, future emissions and the degree of alignment of these emissions and any commitments to climate objectives).
	- Review of a company’s business activities to assess how the company’s business model, products and services will be affected by the transition to the CLIC™ economy.

- These data points are designed to help the Investment Manager analyze the business practices and operations of a company to determine whether the company can be sustainable in the long term.
- The Investment Manager believes that a forward looking and active assessment of a company’s sustainability profile and not just a historic review of ESG scores or a comparison to an ESG based benchmark is vital to properly understand the long term viability of a company.

Preference for Green bonds
- Where possible, green, sustainable and social bonds will be preferred by the Investment Manager. The ability to invest in green bonds depends upon availability, profile and valuation and therefore there can be no commitment by the Investment Manager to invest a particular portion of the Sub-Fund’s portfolio in green bonds.

Engagement
The Investment Manager has a firm level and sub-fund level approach to engagement.
Firm level - the Investment Manager aims to promote sustainable business practices and encourages sustainable business models that contribute to mitigation and adaption of climate change and the transition to a CLIC™ economic model through its engagement efforts. The Investment Manager engages with investee companies following a firm-wide strategic engagement priorities framework and actively tracks progress against engagement objectives to appropriately measure outcomes. The Investment Manager’s engagement priorities are:
- Encouraging companies to transition towards profitable, net-zero business models, using the Oxford Martin Principles for Climate- Conscious Investment Framework;
- Engaging for improved disclosures (i) for companies with limited reporting that are in the bottom quintile of the Investment Manager’s proprietary materiality-ESG model; (ii) for companies which already disclose, but which could improve reporting under the rubric of the FSB Task Force on Climate-related Disclosures;
- Engaging with companies indicated as having an adverse impact on the SFDR Focused Sustainability Indicators based on the SFDR Principal Adverse Impact measurement methodology described in Schedule II of the SFDR Annex;
- Engaging with non-ESG rated companies.

The engagements at a firm level reflect holdings across all portfolios managed by the Investment Manager and may not necessarily include companies included in the Sub-Fund’s portfolio. Engagements at a firm level are based upon strategic priorities and the level of engagement may not necessarily be proportionate to the size of holdings in portfolios managed by the Investment Manager. Engagement at firm level is dynamic and the Investment Manager reserves the right to adapt its engagement strategy at any time.
Sub-Fund level - At a Sub-Fund level the Investment Manager will aim to engage with smaller companies in the Sub-Fund’s portfolio with weaker ESG, carbon intensity and temperature alignment scores where there is greater ability to influence the contribution that those companies will make to a CLIC™ economy compared to larger companies within the Sub-Fund’s portfolio. The Investment Manager will keep under review the companies with which it engages over a multi-year timeframe and will reduce exposure to companies if improvements do not materialize.
Environmental and/or social and/or governance practices promoted by the Sub-Fund
The Investment Manager’s investment process is designed to make an assessment of the ESG practices which are most material to the companies in which the Sub-Fund invests using the
Lombard Odier ESG/CAR Industrial Materiality Rating Methodology described in Schedule I.
No sustainable investment objective
The Sub-Fund does not have as its objective sustainable investment.
Binding elements of the investment strategy designed to attain the ESG characteristics promoted by the Sub-Fund
The exclusion of companies involved in controversial weapons is an absolute prohibition which cannot be overridden. The aim to invest in companies with higher ESG scores is not a binding investment objective and the restrictions relating to companies with material exposure to tobacco, coal and unconventional oil and gas or which are exposed to Highest Level Controversies as described above are not absolute
prohibitions. Discretion is retained by the Investment Manager to ensure that a qualitative assessment of a company’s ESG profile may still be made, including where there may be a lack of data, outdated data or the Investment Manager considers that engagement and stewardship may lead to a more effective and positive change in the business practices affecting ESG characteristics.
Continuous basis of the investment manager’s assessment process
The Investment Manager’s investment process is dynamic and is designed to be adaptive to changing market conditions, data coverage and developments in global sustainability analysis and may therefore change over time.
Minimum asset allocation to sustainable investments for this Sub-Fund
There is no minimum targeted allocation to sustainable investments for this Sub-Fund. The actual allocation to sustainable investments will be a product of the ESG assessment process described above.
Likely impacts of sustainability risks on the returns of the Sub-Fund
The likely impacts of sustainability risks are difficult to quantify. The Investment Manager believes that the environmental, social and governance practices of a company are inherently linked to its long-term success and that those companies with ESG and CLIC aligned business practices and operations are more likely to succeed and create long-term value. There can be no guarantee, however, regarding the performance of individual companies in which the Sub-Fund invests nor on the returns of the Sub-Fund’s portfolio as a whole.
Reference benchmark
The Sub-Fund is not referenced to a benchmark which is an ESG aligned benchmark.
C-1.10
Applicable to the following Sub-Fund:
- Generation GlobalThe terms used in this Section have the meaning as defined in the Glossary of the Prospectus and below:Focus List	means the list of companies maintained by the Investment Manager as part of its bottom up selection process and consideration of ESG characteristics as further described below;Investment Manager	means Generation Investment Management LLP;MQ and BQ	means Management Quality (MQ) and Business Quality (BQ) which are metrics applied by the Investment Manager to guide it in determining admission, retention and removal of Focus List companies.

Classification of the Sub-Fund under SFDR
The Management Company has classified the Sub-Fund as a financial product subject to Article 8 of SFDR.
Promotion of environmental and/or social characteristics
The Sub-Fund is a financial product that promotes, among other characteristics, environmental or social characteristics, or a combination of those characteristics. The Sub-Fund’s investment objective and policy are set out in the Sub-Fund's annex and it should be understood that unless otherwise stated in that section, the Sub-Fund has no objective or commitment to invest in investments that qualify as ‘sustainable investments’ for the purposes of SFDR.
The Sub-Fund’s investment strategy seeks to integrate sustainability research within a rigorous fundamental equity analysis framework. The Investment Manager believes that long term equity research requires a broad, systemic view of future business risks and opportunities by recognising ESG challenges facing companies around the world. Central to the Investment Manager’s investment philosophy is its belief that ESG factors directly affect long-term business profitability.
ESG dynamics are considered as an intrinsic part of the implementation of the Sub-Fund’s investment strategy. The Investment Manager generally does not adopt “screens” or “filters” as part of its investment process. Rather, it believes that its portfolio process embeds an ESG analysis
into each investment decision and, as a result, that process naturally indicates away from those stocks that are typically filtered out by a list- based approach. Such a list-based approach would typically involve the use of a benchmark and exclusions from it whereas the Sub-Fund is not managed to any benchmark1.
Because the Investment Manager considers ESG factors to be closely linked to long-term value, separating such analysis from its financial models is considered counteractive to its investment philosophy. Rather integrating ESG research with fundamental equity analysis is inherent to that philosophy and underpins its investment process.
As an alternative to the widespread investment strategy of extrinsic screening of investments, the Investment Manager’s process has the distinct steps outlined below at its core. ESG dynamics are considered throughout the investment process. It follows from this that there are no tactical or strategic allocations to specific countries/regions, industries/sectors or currencies and that any positions taken are a result of a “bottom-up” stock selection process. The Investment Manager's process, as set out below, illustrates the manner in which the Investment Manager assesses the environmental and social characteristics promoted by the Sub-Fund and how the good governance practices of companies are assessed. It also demonstrates how the identification of sustainability risks is integrated into the investment decision-making process of the Investment Manager. This operates in the following manner:
- Roadmaps. The Investment Manager develops “Roadmaps” which initiate the investment process and provide an opportunity for analysts and the broader team to investigate factors driving sector and global trends while deepening their understanding of the investment landscape. Roadmaps may have a broader focus, on regions and countries or ESG themes (past examples have been Europe and China, sustainable travel or hydrogen energy) but more typically focus on sectors and sub-sectors. Regardless, Roadmaps allow the Investment Manager’s team to identify ESG issues (including risks) that are relevant and material to particular sectors. In constructing a Roadmap in this way, the investment team is able to establish a template for what it believes would be a high quality business and management team for their particular sector, and is hence guided towards the parts of the market where it thinks such a robust set of companies are likely to exist. Through their Roadmap research, the Investment Manager’s analysts generate a list of potential company names for further analysis.

1  
As noted the Sub-fund is not managed to an index.
- Focus List. Detailed company research then follows until either the analyst determines that the business under investigation will not meet the quality thresholds or the analyst is ready to present a comprehensive investment thesis on that company to his or her fellow investment team members. This is known as a “Focus List” presentation. This stage is guided by the robust criteria set for Management Quality (MQ) and Business Quality (BQ). Aspects considered include sector barriers to entry, business stability and alignment of management incentives which are key components in the assessment of ESG factors. For example, the analysts will consider factors including but not limited to:
	- A fair deal: is the company delivering its products/services in a manner that drives long-term satisfaction of its customers without unfair methods of competition?
	- Environmental impact: is the company delivering products consistent with a sustainable environment?
	- People: is the company compensating its people fairly and managing risks around talent?
	- Sustainable consumption: is the company offering products and services consistent with sustainable levels of consumption?
	- Data risk: is the company protecting sensitive data from attackers and ensuring customers’ privacy is respected?
	- Regulatory regime change: does the company face any material risks from a change to the global geo-political or regulatory environment?
	- Unsustainable customers: does the company offer a material amount of products to customers which belong to an unsustainable ecosystem?


The entire investment team participates in this process and use these criteria to score companies against its BQ/MQ ranking system where 1 is the highest and 5 is the lowest. A company must score 3 or less in both BQ and MQ to be admitted to the Focus List.
- Buy Decision. When a company is admitted to the Focus List it is then capable of being selected by the Investment Manager’s portfolio managers for inclusion in the portfolio if they consider in their absolute discretion that there is sufficient “upside” in that stock. The Investment Manager seeks to invest only in companies which have been admitted to the Focus List. For the avoidance of doubt, any admission to the Focus List does not necessarily result in the purchase of a company’s securities. It is possible that even although a company is admitted to the Focus List, it is never purchased for the portfolio. This could occur where the portfolio managers consider that, although it is a company they would like to own, it is does not in their opinion represent good value. The composition of the Focus List is reviewed periodically and companies that are no longer considered to meet the criteria determined for admission to the list are removed. Upon removal from the Focus List, positions not previously sold will be sold in the Investment Manager’s discretion having regard to the best interest of shareholders.

The Investment Manager cautions potential investors that while it will seek, amongst other elements, to identify ESG factors relevant to the inclusion of companies within the Focus List there remains a lack of relevant, comparable, reliable and publicly available data on companies in a number of areas and this represents an impediment to a comprehensive and accurate assessment of such factors. The assessment of ESG factors is therefore dynamic and will change over time as the data sources develop. Even where data is available its impact and/or interpretation may be disputed. There are multiple aspects of this, but the following example is illustrative of these broader methodological limits. Data around carbon emissions and carbon footprint may not always be available and, in cases where it is, there remains extensive debate around its measurement. In a manufacturing process this could be measured as the emissions of the factory making the item or the carbon emissions across the entire supply chain into that factory and to the ultimate user of that product. Due to recent regulatory efforts to standardise the approach to this and similar data collation, the Investment Manager expects the availability, scope and accuracy of ESG data to continue to improve but it will remain a potential constraint on the methodology. Furthermore, such data relies on the efforts of third parties and interruptions or inaccuracies in that data supply will be beyond the control of the Investment Manager.
Exclusions
As noted, the Investment Manager generally does not adopt “screens” or “filters” as part of its investment process.
Restrictions
The Investment Manager does not invest in companies which have not been admitted on the Focus List. For the avoidance of doubt hedging strategies, where permitted, are not subject to the Focus List process and are in the discretion of the Investment Manager.
The Investment Manager will not knowingly invest in companies:
- that derive a material part (broadly defined as in excess of 15%) of their revenues from the manufacture, sale and distribution of tobacco products where the end usage of such products is one which is known to cause medical harm; or
- that are engaged in the manufacture or sale of cluster munitions and anti-personnel mines.

The Investment Manager may amend this list of restricted investments from time to time. In the event that such investments come to form part of the portfolio (for example due to the changing business model of the company concerned or as a result of incomplete or unclear information at the time of purchase), the Investment Manager will sell the position in its discretion. For the avoidance of doubt, the Investment Manager shall
not otherwise be liable for acquisition or retention of a restricted security on the basis that this will have resulted from a reappraisal of information the Investment Manager reasonably believed to be reliable and acted upon in good faith. That is ultimately a discretionary evaluation and not implementation of a rule set giving rise to a breach of investment guidelines.
Quantitative and qualitative review of business practices and business models
The criteria specified above in respect of Business Quality and Management Quality, also necessitate a deeper analysis of a company’s positioning with regard to the material and relevant ESG factors within its sector. If the Investment Manager believes a company is not appropriately positioning its operations against the relevant and material ESG factors it faced, it will not be placed on the Focus List (even if it scored highly
on other criteria). A detailed valuation is conducted by the relevant analyst for each company on the Focus List and a target price and range is established.
The Investment Manager adopts a selectivity approach. Admission of a company to the Focus List is therefore the product of the scoring of all (or substantially all in the case of absence) of the Investment Manager’s investment team for this strategy. Once admitted to the Focus List a company is eligible for investment by the Investment Manager’s portfolio managers. Typically the Investment Manager will invest in approximately 30-60 stocks from the Focus List of around 130 names at any one time, although these numbers are guidelines rather than hard restrictions and both
the number of invested stocks from the Focus List and the size of the Focus List may vary over time. In consequence of this, while no specific reduction percentage of the Sub-fund is targeted, the number of securities selected for the portfolio is expected to be materially smaller than the Sub-fund’s potential investible universe
2 
based on the Investment Manager’s process. Historically, the portfolio has tended to be relatively concentrated relative to broader market indices which means that the performance of individual companies may have a disproportionally greater impact on the value of the Sub-fund.
The Investment Manager actively monitors a number of the key outputs from the portfolio management process in order to ensure that the stocks contained in the portfolio are both the Investment Manager’s best ideas and are appropriately sized. A rebalancing of the portfolio or selling decisions may be required as market movements take companies away from their target allocations or as target allocations are altered. The Investment Manager will pay particular attention to the modelled target returns of each investment expressed as a range of values and the Business Quality and Management Quality scores. Changes in these scores (including as a result of ESG factors) will lead to a position in the portfolio being reassessed.
Engagement
As part of its due diligence, the Investment Manager aims to form as thorough a view as it can on BQ and MQ through its own research and by talking with a company’s management. Discussions provide an opportunity to learn about companies and how they are managed. During this process the Investment Manager shares insights from its research that it believes are material for companies. As a sustainability-focused investment manager, it finds that management teams are often particularly interested in discussing perspectives on how sustainability factors
may materially affect the company and its sector. The Investment Manager monitors all the companies on its Focus List by considering insights gathered from public data, from its own research and from discussions with the management of the companies. As appropriate, the Investment Manager then engages on topics identified through its monitoring that could, in its view, create material risks for the company or, in contrast, offer significant opportunities to enhance its performance. If a risk identified through its monitoring process reduces its assessment of BQ or MQ below the threshold for inclusion on its Focus List, this will tend towards removal of the company from the Focus List, noting that this is not an automatic process and the company may be retained on the Focus List if a reasonable view is formed that the position will improve.
In addition to specific engagements with individual companies, we also engage with companies on the Focus List on topics such as diversity and the climate crisis that the Investment Manager views as material for all companies. The Investment Manager’s investment analysts are responsible for the monitoring of, and engaging with, companies.
Environmental and/or social and/or governance practices promoted by the Sub-Fund
An important part of the design of the Investment Manager’s investment process is an assessment of the ESG practices which are believed to be the most material to the companies in which the Sub-Fund invests.
2  
As noted the Sub-fund is not managed to an index. It can invest globally using a largely unconstrained approach. A typical global index that captures large and mid-cap representation could have over one thousand constituents, potentially significantly more. For the avoidance of doubt, the benchmark referenced in the investment objective and policy of the Sub-Fund is only used for performance comparison.
No sustainable investment objective
The Sub-Fund does not have as its objective sustainable investment.
Binding elements of the investment strategy designed to attain the ESG characteristics promoted by the Sub-Fund
The Investment Manager may only invest in companies admitted on the Focus List. In addition, the Investment Manager seeks not to invest in companies involved in the manufacture, sale and distribution of tobacco products as well as cluster munitions and anti-personnel mines (as further detailed above).
Any decision to invest outside of those parameters remains entirely within the discretion of the Investment Manager. Discretion is retained by the Investment Manager to ensure that a qualitative assessment of a company’s ESG profile may still be made, including where there may be a lack of data, outdated data or the Investment Manager considers that engagement and stewardship may lead to a more effective and positive change in the business practices affecting ESG characteristics.
Minimum asset allocation to sustainable investments for this Sub-Fund
There is no minimum targeted allocation to sustainable investments for this Sub-Fund. The actual allocation to sustainable investments will be a product of the ESG analysis process described above as part of the construction of the Focus List.
Likely impacts of sustainability risks on the returns of the Sub-Fund
The likely impacts of sustainability risks are difficult to quantify. The Investment Manager believes that the environmental, social and governance practices of a company are inherently linked to its long-term success and that those companies with ESG aligned business practices and operations are more likely to succeed and create long-term value. There can be no guarantee regarding the performance of individual companies in which the Sub-Fund invests nor on the returns of the Sub-Fund’s portfolio as a whole.
Reference benchmark
The Sub-Fund is not referenced to a benchmark which is an ESG aligned benchmark nor is it managed to any benchmark.
C-1.11
Applicable to the following Sub-Funds:
- Global BBB-BB Fundamental
- Euro BBB-BB FundamentalClassification of the Sub-Fund under SFDRThe Management Company has classified the Sub-Fund as a financial product subject to Article 8 of SFDR.

Promotion of environmental and/or social characteristics
The Sub-Fund is a financial product that promotes, among other characteristics, environmental or social characteristics, or a combination of those characteristics. The Sub-Fund’s investment objective and policy are set out in the Sub-Fund's annex and it should be understood that unless otherwise stated in that section, the Sub-Fund has no objective or commitment to invest in investments that qualify as ‘sustainable investments’ for the purposes of SFDR. The Investment Manager nevertheless believes that there is a strong correlation between the long term financial success and viability of an investment and its sustainability profile and therefore seeks to make a measurable assessment of the positive ESG characteristics of the Sub-Fund’s investments as an integral part of its investment process with a view to promoting the environmental and/or social and/or governance practices which are most material to the sector in which an investment sits.
The Investment Manager’s assessment of ESG characteristics includes the following:
Systematic ESG screening and scoring
- Screening using the Lombard Odier ESG/CAR Industrial Materiality Rating Methodology, which encompasses relevant information on each of the SFDR Focused Sustainability Indicators covering greenhouse gas emissions, energy performance, biodiversity, water utilization, waste management, social and employee matters, human rights and anti-corruption and bribery. The Lombard Odier ESG/CAR Industrial Materiality Rating Methodology enables the Investment Manager to identify the companies with the bottom scoring sustainability profiles within the Sub-Fund’s investment universe. This scoring and rating system is also “materiality driven”, and therefore identifies the most relevant sustainability framework for each industry in order to focus on the most important ESG issues that may affect a particular company. It also aims to distinguish between companies that are merely demonstrating awareness from those that are delivering measurable outcomes (Consciousness, Actions, Results - CAR framework). Schedule I describes in more detail the Lombard Odier ESG/ CAR Industrial Materiality Rating Methodology.
- For the alpha overlay component of the Sub-Fund’s portfolio, based upon the scoring under the Lombard Odier ESG/CAR Industrial Materiality Rating Methodology, the Investment Manager adopts a selectivity approach and will generally seek not to invest in the bottom scoring 20% of companies unless there are objective reasons for doing so. Any decision to eliminate remains entirely within the discretion of the Investment Manager.
- For the fundamental beta component of the Sub-Fund’s portfolio, the Investment Manager will seek to underweight or overweight exposure to a company by up to 15% (or in extreme situations exclude a company) depending upon the results of the scoring. The decision to underweight or overweight as relevant remains entirely within the discretion of the Investment Manager.
- In relation to the above screening process, the Investment Manager believes that an elimination process based entirely on the results of automated negative screening does not necessarily lead to a promotion of ESG characteristics and that a forward looking qualitative judgment may be required. This may be particularly true, for example, of companies transitioning to a lower carbon economy.

Carbon intensity screening and scoring
- For the fundamental beta component of the Sub-Fund’s portfolio, the Investment Manager will seek to overweight or underweight the portfolio by 5% by region and 15% by sector based upon the carbon intensity scoring of companies. The decision to underweight or overweight as relevant remains entirely within the discretion of the Investment Manager.

Exclusions
- Exclusion of companies involved in controversial weapons (production, research & development, maintenance/services/management, system integration, testing, sales/trade), directly or through ownership. The scope of this exclusion includes weapons banned or outlawed by the Ottawa Treaty on landmines (effective 1999), the Convention on Cluster Munitions (Oslo Convention) of 2008, the Biological and Toxin Weapons Convention (BWC – 1972) and the Chemical Weapons Convention (CWC – 1993). In addition, depleted uranium and white phosphorus are excluded.

Restrictions
- Tobacco, Coal and Unconventional Oil & Gas - the Investment Manager will seek to restrict the following companies:Tobacco - companies deriving more than 10% of their revenues from either production of tobacco products or retailing of tobacco products/servicesThermal CoalMining - companies deriving more than 10% of their revenues from thermal coal extraction.

Power Generation - companies deriving more than 10% of their revenues from coal power generation.
Unconventional Oil & Gas - companies deriving more than 10% in aggregate of their revenues from any of tar sands, shale gas and oil and arctic oil & gas exploration.
- Material breaches of UN Global Compact Principles -the Investment Manager will seek to restrict companies that are involved in the most severe breaches of the UN Global Compact Principles (“Highest Level Controversies”).
- Any decision to exclude a company under the above restrictions remains entirely within the discretion of the Investment Manager. The Investment Manager believes that a process based entirely around absolute exclusions (other than in the case of controversial weapons) does not necessarily lead to a promotion of ESG characteristics and that a forward looking qualitative judgment may be required. This may be particularly true in the case of companies transitioning to a lower carbon economy or where stewardship and engagement may lead to a more effective and positive change in the business practices affecting ESG characteristics.

Quantitative and qualitative review of business practices and business models
- For the alpha overlay component of the Sub-Fund’s portfolio, active review by the Investment Manager of the following sustainability data points (available for review across different historic time periods) to support the Investment Manager’s evaluation of a company’s contribution to a Circular, Lean, Inclusive and Clean (CLIC™) economy:
	- Review of the scoring/ratings under the Lombard Odier ESG/CAR Industrial Materiality Rating, which encompasses relevant information on each of the SFDR Focused Sustainability Indicators.
	- Review of a company’s climate alignment taking into account not only carbon footprints (how much emissions a company produces as of today) but also its temperature alignment (taking into account a company’s expected, future emissions and the degree of alignment of these emissions and any commitments to climate objectives).
	- Review of a company’s business activities to assess how the company’s business model, products and services will be affected by the transition to the CLIC™ economy.

- These data points are designed to help the Investment Manager analyze the business practices and operations of a company to determine whether the company can be sustainable in the long term.
- The Investment Manager believes that a forward looking and active assessment of a company’s sustainability profile and not just a historic review of ESG scores or a comparison to an ESG based benchmark is vital to properly understand the long term viability of a company.

Preference for Green bonds
- Where possible, green, sustainable and social bonds will be preferred by the Investment Manager. The ability to invest in green bonds depends upon availability, profile and valuation and therefore there can be no commitment by the Investment Manager to invest a particular portion of the Sub-Fund’s portfolio in green bonds.

Temperature Contribution & ESG Rating Comparison
- The Investment Manager will aim to achieve a lower weighted average temperature contribution for the Sub-Fund’s portfolio when compared to the weighted average temperature contribution of the benchmark used by the Sub-Fund and referred to in its investment objective and policy.
- The Investment Manager will aim to achieve a higher weighted average ESG score for the Sub-Fund’s portfolio when compared to the weighted average ESG score of its benchmark.
- There can be no guarantee that either a lower weighted average temperature contribution or higher ESG score may be achieved and the Investment Manager shall in no way be bound by an objective or requirement to achieve these aims.

Engagement
The Investment Manager has a firm level and sub-fund level approach to engagement.
Firm level – the Investment Manager aims to promote sustainable business practices and encourages sustainable business models that contribute to mitigation and adaptation of climate change and the transition to a CLIC™ economic model through its engagement efforts.  The Investment Manager engages with investee companies following a firm-wide strategic engagement priorities framework and actively tracks progress against engagement objectives to appropriately measure outcomes. The Investment Manager’s engagement priorities are:
- Encouraging companies to transition towards profitable, net-zero business models, using the Oxford Martin Principles for Climate- Conscious Investment Framework;
- Engaging for improved disclosures (i) for companies with limited reporting that are in the bottom quintile of the Investment Manager’s proprietary materiality-ESG model; (ii) for companies which already disclose, but which could improve reporting under the rubric of the FSB Task Force on Climate-related Disclosures;
- Engaging with companies indicated as having an adverse impact on the SFDR Focused Sustainability Indicators based on the SFDR Principal Adverse Impact measurement methodology described in Schedule II of the SFDR Annex;
- Engaging with non-ESG rated companies.

The engagements at a firm level reflect holdings across all portfolios managed by the Investment Manager and may not necessarily include companies included in the Sub-Fund’s portfolio. Engagements at a firm level are based upon strategic priorities and the level of engagement may not necessarily be proportionate to the size of holdings in portfolios managed by the Investment Manager. Engagement at firm level is dynamic and the Investment Manager reserves the right to adapt its engagement strategy at any time.
Sub-Fund level - At a Sub-Fund level the Investment Manager will aim to engage with smaller companies in the Sub-Fund’s portfolio with weaker ESG, carbon intensity and temperature alignment scores where there is greater ability to influence the contribution that those companies will make to a CLIC™ economy compared to larger companies within the Sub-Fund’s portfolio. The Investment Manager will keep under review the companies with which it engages over a multi-year timeframe and will reduce exposure to companies if improvements do not materialize.
Environmental and/or social and/or governance practices promoted by the Sub-Fund
The Investment Manager’s investment process is designed to make an assessment of the ESG practices which are most material to the companies in which the Sub-Fund invests using the
Lombard Odier ESG/CAR Industrial Materiality Rating Methodology described in Schedule I.
No sustainable investment objective
The Sub-Fund does not have as its objective sustainable investment.
Binding elements of the investment strategy designed to attain the ESG characteristics promoted by the Sub-Fund
The exclusion of companies involved in controversial weapons is an absolute prohibition which cannot be overridden. The elimination or underweighting of companies with bottom scores and the exclusion of companies with material exposure to tobacco, coal and unconventional oil and gas or which are exposed to Highest Level Controversies as described above are not absolute rules/prohibitions. Discretion is retained by the Investment Manager to ensure that a qualitative assessment of a company’s ESG profile may still be made, including where there may be a lack of data, outdated data or the Investment Manager considers that engagement and stewardship may lead to a more effective and positive change in the business practices affecting ESG characteristics.
Continuous basis of the investment manager’s assessment process
The Investment Manager’s investment process is dynamic and is designed to be adaptive to changing market conditions, data coverage and developments in global sustainability analysis and may therefore change over time.
Minimum asset allocation to sustainable investments for this Sub-Fund
There is no minimum targeted allocation to sustainable investments for this Sub-Fund. The actual allocation to sustainable investments will be a product of the ESG assessment process described above.
Likely impacts of sustainability risks on the returns of the Sub-Fund
The likely impacts of sustainability risks are difficult to quantify. The Investment Manager believes that the environmental, social and governance practices of a company are inherently linked to its long-term success and that those companies with ESG and CLIC aligned business practices and operations are more likely to succeed and create long-term value. There can be no guarantee regarding the performance of individual companies in which the Sub-Fund invests nor on the returns of the Sub-Fund’s portfolio as a whole.
Reference benchmark
The Sub-Fund is not referenced to a benchmark which is an ESG aligned benchmark.
C-1.12
Applicable to the following Sub-Funds:
- Ultra Low Duration (USD)
- Ultra Low Duration (EUR)
- Short-Term Money Market (EUR)
- Short-Term Money Market (USD)
- Short-Term Money Market (GBP)
- Short-Term Money Market (CHF)Classification of the Sub-Fund under SFDRThe Management Company has classified the Sub-Fund as a financial product subject to Article 8 of SFDR.

Promotion of environmental and/or social characteristics
The Sub-Fund is a financial product that promotes, among other characteristics, environmental or social characteristics, or a combination of those characteristics. The Sub-Fund’s investment objective and policy are set out in the Sub-Fund's annex and it should be understood that unless otherwise stated in that section, the Sub-Fund has no objective or commitment to invest in investments that qualify as ‘sustainable investments’ for the purposes of SFDR. The Investment Manager nevertheless believes that there is a strong correlation between the long term financial success and viability of an investment and its sustainability profile and therefore seeks to make a measurable assessment of the positive ESG characteristics of the Sub-Fund’s investments as an integral part of its investment process with a view to promoting the environmental and/or social and/or governance practices which are most material to the sector in which an investment sits.
The Investment Manager’s assessment of ESG characteristics includes the following:
Systematic ESG screening and scoring for the corporate holdings
- Screening using the Lombard Odier ESG/CAR Industrial Materiality Rating Methodology, which encompasses relevant information on each of the SFDR Focused Sustainability Indicators covering greenhouse gas emissions, energy performance, biodiversity, water utilization, waste management, social and employee matters, human rights and anti-corruption and bribery. The Lombard Odier ESG/CAR Industrial Materiality Rating Methodology enables the Investment Manager to identify the companies with the bottom scoring sustainability profiles within the Sub-Fund’s investment universe. This scoring and rating system is also “materiality driven”, and therefore identifies the most relevant sustainability framework for each industry in order to focus on the most important ESG issues that may affect a particular company. It also aims to distinguish between companies that are merely demonstrating awareness from those that are delivering measurable outcomes (Consciousness, Actions, Results - CAR framework). Schedule I describes in more detail the Lombard Odier ESG/ CAR Industrial Materiality Rating Methodology.
- Based upon the scoring under the Lombard Odier ESG/CAR Industrial Materiality Rating Methodology, the Investment Manager adopts a selectivity approach and will generally seek not to invest in the bottom scoring 20% of companies unless there are objective reasons for doing so. Any decision to eliminate remains entirely within the discretion of the Investment Manager.

Systematic ESG screening and scoring for the sovereign holdings
- Given the challenges the world faces today, the analysis of sustainability-related risks in sovereign bonds is now essential. Therefore, the Investment Manager complements its traditional sovereign credit assessment with an analytical framework that integrates sustainability risk factors in a holistic way. Alongside usual macro criteria, broader ESG considerations are integrated in the sovereign bond risk assessment. The Investment Manager has developed an in-house model (the “LO Scoring Methodology”) to independently assess sovereign issuers’ alignment with Human and Environmental Rights standards and the United Nations Sustainable development goals (SDGs). The model covers a broad spectrum of environmental, social and governance issues, including inequalities, social cohesion, quality of public services, water and food supply, energy security, global warming mitigation and resilience, biodiversity protection, pollutions, regulatory effectiveness, institutional strength and political stability. A selection of highly reliable datasets sourced from diverse supranational bodies, universities, research institutes and major NGOs is used to inform the investment decisions. The data collectedis normalized into indicators from 0 to 100 points. The methodology embeds the Investment Manager’s proprietary ‘Consciousness’, ‘Actions’ and ‘Results’ (‘CAR’) methodology which overweighs the ‘R’ component – indicators linked to definitive outcomes.

Sovereign/Government Holdings
- For the Sub-Fund’s Sovereign/Government Bond holdings, the Investment Manager will generally seek to underweight or overweight exposure to a sovereign and government related issuer depending upon the results of the scoring. The decision to underweight or overweight as relevant remains entirely within the discretion of the Investment Manager.

In relation to the screening processes described above, the Investment Manager believes that an elimination or underweighting/overweighting process based entirely on the results of automated negative screening does not necessarily lead to a promotion of ESG characteristics and that a forward looking qualitative judgment may be required. This may be particularly true, for example, of companies transitioning to a lower carbon economy.
Exclusions
- Exclusion of companies involved in controversial weapons (production, research & development, maintenance/services/management, system integration, testing, sales/trade), directly or through ownership. The scope of this exclusion includes weapons banned or outlawed by the Ottawa Treaty on landmines (effective 1999), the Convention on Cluster Munitions (Oslo Convention) of 2008, the Biological and Toxin Weapons Convention (BWC – 1972) and the Chemical Weapons Convention (CWC – 1993). In addition, depleted uranium and white phosphorus are excluded.

Restrictions
- Tobacco, Coal and Unconventional Oil & Gas - the Investment Manager will seek to restrict the following companies:Tobacco - companies deriving more than 10% of their revenues from either production of tobacco products or retailing of tobacco products/servicesThermal CoalMining - companies deriving more than 10% of their revenues from thermal coal extraction.

Power Generation - companies deriving more than 10% of their revenues from coal power generation.
Unconventional Oil & Gas - companies deriving more than 10% in aggregate of their revenues from any of tar sands, shale gas and oil and arctic oil & gas exploration.
- Material breaches of UN Global Compact Principles - the Investment Manager will seek to restrict companies that are involved in the most severe breaches of the UN Global Compact Principles (“Highest Level Controversies”).
- Any decision to exclude a company under the above restrictions remains entirely within the discretion of the Investment Manager. The Investment Manager believes that a process based entirely around absolute exclusions (other than in the case of controversial weapons) does not necessarily lead to a promotion of ESG characteristics and that a forward looking qualitative judgment may be required. This may be particularly true in the case of companies transitioning to a lower carbon economy or where stewardship and engagement may lead to a more effective and positive change in the business practices affecting ESG characteristics.

Quantitative and qualitative review of business practices and business models
- For the Sub-Fund’s portfolio, active review by the Investment Manager of the following sustainability data points (available for review across different historic time periods) to support the Investment Manager’s evaluation of a company’s contribution to a Circular, Lean, Inclusive and Clean (CLIC™) economy:
	- Review of the scoring/ratings under the Lombard Odier ESG/CAR Industrial Materiality Rating, which encompasses relevant information on each of the SFDR Focused Sustainability Indicators.
	- Review of a company’s climate alignment taking into account not only carbon footprints (how much emissions a company produces as of today) but also its temperature alignment (taking into account a company’s expected, future emissions and the degree of alignment of these emissions and any commitments to climate objectives).
	- Review of a company’s business activities to assess how the company’s business model, products and services will be affected by the transition to the CLIC™ economy.

- These data points are designed to help the Investment Manager analyze the business practices and operations of a company to determine whether the company can be sustainable in the long term.
- The Investment Manager believes that a forward looking and active assessment of a company’s sustainability profile and not just a historic review of ESG scores or a comparison to an ESG based benchmark is vital to properly understand the long term viability of a company.

Preference for Green bonds
- Where possible, green, sustainable and social bonds will be preferred by the Investment Manager. The ability to invest in green bonds depends upon availability, profile and valuation and therefore there can be no commitment by the Investment Manager to invest a particular portion of the Sub-Fund’s portfolio in green bonds.

Engagement
Corporate Issuers
The Investment Manager has a firm level and sub-fund level approach to engagement.
Firm level – the Investment Manager aims to promote sustainable business practices and encourages sustainable business models that contribute to mitigation and adaptation of climate change and the transition to a CLIC™ economic model through its engagement efforts.  The Investment Manager engages with investee companies following a firm-wide strategic engagement priorities framework and actively tracks progress against engagement objectives to appropriately measure outcomes. The Investment Manager’s engagement priorities are:
- Encouraging companies to transition towards profitable, net-zero business models, using the Oxford Martin Principles for Climate- Conscious Investment framework;
- Engaging for improved disclosures (i) for companies with limited reporting that are in the bottom quintile of the Investment Manager’s proprietary materiality-ESG model; (ii) for companies which already disclose, but which could improve reporting under the rubric of the FSB Task Force on Climate-related Disclosures;
- Engaging with companies indicated as having an adverse impact on the SFDR Focused Sustainability Indicators based on the SFDR Principal Adverse Impact measurement methodology described in Schedule II of the SFDR Annex;
- Engaging with non-ESG rated companies.

The engagements at a firm level reflect holdings across all portfolios managed by the Investment Manager and may not necessarily include companies included in the Sub-Fund’s portfolio. Engagements at a firm level are based upon strategic priorities and the level of engagement may not necessarily be proportionate to the size of holdings in portfolios managed by the Investment Manager. Engagement at firm level is dynamic and the Investment Manager reserves the right to adapt its engagement strategy at any time.
Sub-Fund level - At a Sub-Fund level the Investment Manager will aim to engage with smaller companies in the Sub-Fund’s portfolio with weaker ESG, carbon intensity and temperature alignment scores where there is greater ability to influence the contribution that those companies will make to a CLIC™ economy compared to larger companies within the Sub-Fund’s portfolio. The Investment Manager will keep under review the companies with which it engages over a multi-year timeframe and will reduce exposure to companies if improvements do not materialize.
Sovereign Issuers
Investment firms do not generally have appropriate access to sovereigns and governmental bodies to engage around sustainability issues. Instead, the Investment Manager will look to support industry level initiatives to help highlight sustainability issues/ improve sustainability outcomes at a sovereign level.
Environmental and/or social and/or governance practices promoted by the Sub-Fund
The Investment Manager’s investment process is designed to make an assessment of the ESG practices which are most material to the companies in which the Sub-Fund invests using the
Lombard Odier ESG/CAR Industrial Materiality Rating Methodology described in Schedule I.
No sustainable investment objective
The Sub-Fund does not have as its objective sustainable investment.
Binding elements of the investment strategy designed to attain the ESG characteristics promoted by the Sub-Fund
The exclusion of companies involved in controversial weapons is an absolute prohibition which cannot be overridden. The elimination or underweighting/overweighting of companies or sovereign issuers with bottom scores and the exclusion of companies with material exposure to tobacco, coal and unconventional oil and gas or which are exposed to Highest Level Controversies as described above are not absolute rules/ prohibitions. Discretion is retained by the Investment Manager to ensure that a qualitative assessment of an issuer’s ESG profile may still be made, including where there may be a lack of data, outdated data or the Investment Manager considers that engagement and stewardship may lead to a more effective and positive change in the business practices affecting ESG characteristics.
Continuous basis of the investment manager’s assessment process
The Investment Manager’s investment process is dynamic and is designed to be adaptive to changing market conditions, data coverage and developments in global sustainability analysis and may therefore change over time.
Minimum asset allocation to sustainable investments for this Sub-Fund
There is no minimum targeted allocation to sustainable investments for this Sub-Fund. The actual allocation to sustainable investments will be a product of the ESG assessment process described above.
Likely impacts of sustainability risks on the returns of the Sub-Fund
The likely impacts of sustainability risks are difficult to quantify. The Investment Manager believes that the environmental, social and governance practices of a company are inherently linked to its long-term success and that those companies with ESG and CLIC aligned business practices and operations are more likely to succeed and create long-term value. There can be no guarantee, however, regarding the performance of individual companies/issuers in which the Sub-Fund invests nor on the returns of the Sub-Fund’s portfolio as a whole.
Reference benchmark
The Sub-Fund is not referenced to a benchmark which is an ESG aligned benchmark.
C-1.13
Applicable to the following Sub-Funds:
- Swiss Equity
- Swiss Small & Mid CapsClassification of the Sub-Fund under SFDRThe Management Company has classified the Sub-Fund as a financial product subject to Article 8 of SFDR.

Promotion of environmental and/or social characteristics
The Sub-Fund is a financial product that promotes, among other characteristics, environmental or social characteristics, or a combination of those characteristics. The Sub-Fund’s investment objective and policy are set out in the Sub-Fund's annex and it should be understood that unless otherwise stated in that section, the Sub-Fund has no objective or commitment to invest in investments that qualify as ‘sustainable investments’ for the purposes of SFDR. The Investment Manager nevertheless believes that there is a strong correlation between the long term financial success and viability of an investment and its sustainability profile and therefore seeks to make a measurable assessment of the positive ESG characteristics of the Sub-Fund’s investments as an integral part of its investment process with a view to promoting the environmental and/or social and/or governance practices which are most material to the sector in which an investment sits.
The Investment Manager’s assessment of ESG characteristics includes the following:
Systematic ESG screening and scoring
- Screening companies with the Lombard Odier ESG/CAR Industrial Materiality Rating Methodology, which encompasses relevant information on each of the SFDR Focused Sustainability Indicators covering greenhouse gas emissions, energy performance, biodiversity, water utilization, waste management, social and employee matters, human rights and anti-corruption and bribery. The Lombard Odier ESG/CAR Industrial Materiality Rating Methodology enables the Investment Manager to identify the bottom quintile of companies in terms of sustainability within the Sub-Fund’s investment universe. This rating system is also “materiality driven”, and therefore identifies the most relevant sustainability framework for each industry in order to focus on the most important ESG issues that may affect a particular company. It also aims to distinguish between companies that are merely demonstrating awareness from those that are delivering measurable outcomes (Consciousness, Actions, Results - CAR framework). Schedule I describes in more detail the Lombard Odier ESG/ CAR Industrial Materiality Rating Methodology.
- The Investment Manager will use the screening and scoring exercise referred to above as part of its investment assessment. The Investment Manager will not seek to automatically eliminate the bottom scoring companies due to the reduced universe of companies that would result in an already constrained market but, without committing the Investment Manager to any specific restrictions, the Investment Manager will adopt a selectivity approach and will seek to underweight the bottom scoring 20% of companies unless there are objective reasons for not doing so. Any decision to underweight remains entirely within the discretion of the Investment Manager. The Investment Manager believes that an automatic underweighting based entirely on the results of automated negative screening does not necessarily lead to a promotion of ESG characteristics and that a forward looking qualitative judgment may be required. This may be particularly true of companies transitioning to a lower carbon economy.

Exclusions
- Exclusion of companies involved in controversial weapons (production, research & development, maintenance/services/management, system integration, testing, sales/trade), directly or through ownership. The scope of this exclusion includes weapons banned or outlawed by the Ottawa Treaty on landmines (effective 1999), the Convention on Cluster Munitions (Oslo Convention) of 2008, the Biological and Toxin Weapons Convention (BWC – 1972) and the Chemical Weapons Convention (CWC – 1993). In addition, depleted uranium and white phosphorus are excluded.

Restrictions
- Tobacco, Coal and Unconventional Oil & Gas - the Investment Manager will seek to restrict the following companies:Tobacco - companies deriving more than 10% of their revenues from either production of tobacco products or retailing of tobacco products/services.

Thermal Coal
Mining - companies deriving more than 10% of their revenues from thermal coal extraction.
Power Generation - companies deriving more than 10% of their revenues from coal power generation.
Unconventional Oil & Gas - companies deriving more than 10% in aggregate of their revenues from any of tar sands, shale gas and oil and arctic oil & gas exploration.
- Material breaches of UN Global Compact Principles - given the concentrated investment universe the Sub-Fund is exposed to, the Investment Manager will seek to reduce exposure to companies that are involved in the most severe breaches of the UN Global Compact Principles (“Highest Level Controversies”).
- Any decision to exclude or reduce exposure to a company under the above restrictions remains entirely within the discretion of the Investment Manager. The Investment Manager believes that a process based entirely around absolute exclusions (other than in the case of controversial weapons) or exposure reduction does not necessarily lead to a promotion of ESG characteristics and that a forward looking qualitative judgment may be required. This may be particularly true in the case of companies transitioning to a lower carbon economy or where stewardship and engagement may lead to a more effective and positive change in the business practices affecting ESG characteristics. Also, the promotion of environmental or social characteristics by the Sub-Fund is appraised holistically having regard also to the other factors detailed therein.

Quantitative and qualitative review of business practices and business models
- Active review by the Investment Manager of the following sustainability data points (available for review across different historic time periods) to support the Investment Manager’s evaluation of a company’s contribution to a Circular, Lean, Inclusive and Clean (CLIC™) economy:
	- Review of the scoring/ratings under the Lombard Odier ESG/CAR Industrial Materiality Rating, which encompasses relevant information on each of the SFDR Focused Sustainability Indicators.
	- Review of a company’s climate alignment taking into account not only carbon footprints (how much emissions a company produces as of today) but also its temperature alignment (taking into account a company’s expected, future emissions and the degree of alignment of these emissions and any commitments to climate objectives).
	- Review of a company’s business activities to assess how the company’s business model, products and services will be affected by the transition to the CLIC™ economy

- These data points are designed to help the Investment Manager analyze the business practices and operations of a company to determine whether the company can be sustainable in the long term.
- The Investment Manager believes that a forward looking and active assessment of a company’s sustainability profile and not just a historic review of scores or a comparison to an ESG based benchmark is vital to properly understand the long term viability of a company.

Engagement
- The Investment Manager aims to promote sustainable business practices and encourages sustainable business models that contribute to mitigation and adaptation of climate change and the transition to a CLIC™ economic model through its engagement efforts. TheInvestment Manager engages with investee companies following a firm-wide strategic engagement priorities framework and actively tracks progress against engagement objectives to appropriately measure outcomes. The Investment Manager’s engagement priorities are:
- Encouraging companies to transition towards profitable, net-zero business models, using the Oxford Martin Principles for Climate- Conscious Investment Framework;
- Engaging for improved disclosures (i) for companies with limited reporting that are in the bottom quintile of the Investment Manager’s proprietary materiality-ESG model; (ii) for companies which already disclose, but which could improve reporting under the rubric of the FSB Task Force on Climate-related Disclosures;
- Engaging with companies indicated as having an adverse impact on the SFDR Focused Sustainability Indicators based on the SFDR Principal Adverse Impact measurement methodology described in Schedule II of the SFDR Annex;
- Engaging with non-ESG rated companies.
- Engagements are based upon strategic priorities and the level of engagement may not necessarily be proportionate to the size of holdings in the Sub-Fund’s portfolio.
- Engagement at firm level is dynamic and the Investment Manager reserves the right to adapt its engagement strategy at any time.

Environmental and/or social and/or governance practices promoted by the Sub-Fund
The Investment Manager’s investment process is designed to make an assessment of the ESG practices which are most material to the companies in which the Sub-Fund invests using the Lombard Odier ESG/CAR Industrial Materiality Rating Methodology described in Schedule I.
No sustainable investment objective
The Sub-Fund does not have as its objective sustainable investment.
Binding elements of the investment strategy designed to attain the ESG characteristics promoted by the Sub-Fund
The exclusion of companies involved in controversial weapons is an absolute prohibition which cannot be overridden. The underweighting of companies with bottom 20% scores or which are exposed to Highest Level Controversies and the exclusion of companies with material exposure to tobacco, coal and unconventional oil and gas as described above are not absolute rules/prohibitions. Discretion is retained by the Investment Manager to ensure that a qualitative assessment of a company’s ESG profile may still be made, including where there may be a lack of data, outdated data or the Investment Manager considers that engagement and stewardship may lead to a more effective and positive change in the business practices affecting ESG characteristics.
Continuous basis of the investment manager’s assessment process
The Investment Manager’s investment process is dynamic and is designed to be adaptive to changing market conditions, data coverage and developments in global sustainability analysis and may therefore change over time.
Minimum asset allocation to sustainable investments for this Sub-Fund
There is no minimum targeted allocation to sustainable investments for this Sub-Fund. The actual allocation to sustainable investments will be a product of the ESG assessment process described above.
Likely impacts of sustainability risks on the returns of the Sub-Fund
The likely impacts of sustainability risks are difficult to quantify. The Investment Manager believes that the environmental, social and governance practices of a company are inherently linked to its long-term success and that those companies with ESG aligned business practices and operations are more likely to succeed and create long-term value. There can be no guarantee, however, regarding the performance of individual companies in which the Sub-Fund invests nor on the returns of the Sub-Fund’s portfolio as a whole.
Reference benchmark
The Sub-Fund is not referenced to a benchmark which is an ESG aligned benchmark.
C-1.14
Applicable to the following Sub-Funds:
- Global Income 2027
- 1Classification of the Sub-Fund under SFDRThe Management Company has classified the Sub-Fund as a financial product subject to Article 8 of SFDR.

Promotion of environmental and/or social characteristics
The Sub-Fund is a financial product that promotes, among other characteristics, environmental or social characteristics, or a combination of those characteristics. The Sub-Fund’s investment objective and policy are set out in the Sub-Fund's appendix and it should be understood that unless otherwise stated in that section, the Sub-Fund has no objective or commitment to invest in investments that qualify as ‘sustainable investments’ for the purposes of SFDR. The Investment Manager nevertheless believes that there is a strong correlation between the long term financial success and viability of an investment and its sustainability profile and therefore seeks to make a measurable assessment of the positive ESG characteristics of the Sub-Fund’s investments as an integral part of its investment process with a view to promoting the environmental and/or social and/or governance practices which are most material to the sector in which an investment sits.
The Investment Manager’s assessment of ESG characteristics includes the following:
Systematic ESG screening and scoring
- Screening using the Lombard Odier ESG/CAR Industrial Materiality Rating Methodology, which encompasses relevant information on each of the SFDR Focused Sustainability Indicators covering greenhouse gas emissions, energy performance, biodiversity, waterutilization, waste management, social and employee matters, human rights and anti-corruption and bribery. The Lombard Odier ESG/ CAR Industrial Materiality Rating Methodology enables the Investment Manager to identify the bottom scoring 20% of companies within the Sub-Fund’s investment universe. This scoring and rating system is also “materiality driven”, and therefore identifies the most relevantsustainability framework for each industry in order to focus on the most important ESG issues that may affect a particular company. It also aims to distinguish between companies that are merely demonstrating awareness from those that are delivering measurable outcomes (Consciousness, Actions, Results - CAR framework). Schedule I describes in more detail the Lombard Odier ESG/CAR Industrial Materiality Rating Methodology.
- The Investment Manager will use the screening and scoring exercise referred to above as part of its investment assessment. The Investment Manager will not seek to automatically eliminate the bottom scoring 20% of companies due to the reduced universe of companies that would result in an already constrained market but will use the exercise as a guide and will typically aim to invest in companies with higher scores. Any decision to eliminate a company or to make an investment in a company as a result of the screening exercise, however, remains entirely within the discretion of the Investment Manager. Furthermore the Investment Manager believes that an elimination process based entirely on the results of automated negative screening does not necessarily lead to a promotion of ESGcharacteristics and that a forward looking qualitative judgment may be required. This may be particularly true of companies transitioning to a lower carbon economy.

Exclusions
- Exclusion of companies involved in controversial weapons (production, research & development, maintenance/services/management, system integration, testing, sales/trade), directly or through ownership. The scope of this exclusion includes weapons banned or outlawed by the Ottawa Treaty on landmines (effective 1999), the Convention on Cluster Munitions (Oslo Convention) of 2008, the Biological and Toxin Weapons Convention (BWC – 1972) and the Chemical Weapons Convention (CWC – 1993). In addition, depleted uranium and white phosphorus are excluded.

Restrictions
- Tobacco, Coal and Unconventional Oil & Gas - the Investment Manager will seek to restrict the following companies:Tobacco - companies deriving more than 10% of their revenues from either production of tobacco products or retailing of tobacco products/services.

1  
As of 2 November 2021.
Thermal Coal
Mining - companies deriving more than 10% of their revenues from thermal coal extraction.
Power Generation - companies deriving more than 10% of their revenues from coal power generation.
Unconventional Oil & Gas - companies deriving more than 10% in aggregate of their revenues from any of tar sands, shale gas and oil and arctic oil & gas exploration.
- Material breaches of UN Global Compact Principles - the Investment Manager will seek to restrict companies that are involved in the most severe breaches of the UN Global Compact Principles (“Highest Level Controversies”).
- Any decision to exclude a company under the above restrictions remains entirely within the discretion of the Investment Manager. The Investment Manager believes that a process based entirely around absolute exclusions (other than in the case of controversial weapons) does not necessarily lead to a promotion of ESG characteristics and that a forward looking qualitative judgment may be required. This may be particularly true in the case of companies transitioning to a lower carbon economy or where stewardship and engagement may lead to a more effective and positive change in the business practices affecting ESG characteristics.

Quantitative and qualitative review of business practices and business models
- Active review by the Investment Manager of the following sustainability data points (available for review across different historic time periods) to support the Investment Manager’s evaluation of a company’s contribution to a Circular, Lean, Inclusive and Clean (CLIC™) economy:
	- Review of the scoring/ratings under the Lombard Odier ESG/CAR Industrial Materiality Rating, which encompasses relevant information on each of the SFDR Focused Sustainability Indicators.
	- Review of a company’s climate alignment taking into account not only carbon footprints (how much emissions a company produces as of today) but also its temperature alignment (taking into account a company’s expected, future emissions and the degree of alignment of these emissions and any commitments to climate objectives).
	- Review of a company’s business activities to assess how the company’s business model, products and services will be affected by the transition to the CLIC™ economy.

- These data points are designed to help the Investment Manager analyze the business practices and operations of a company to determine whether the company can be sustainable in the long term.
- The Investment Manager believes that a forward looking and active assessment of a company’s sustainability profile and not just a historic review of ESG scores or a comparison to an ESG based benchmark is vital to properly understand the long term viability of a company.

Preference for Green bonds
- Where possible, green, sustainable and social bonds will be preferred by the Investment Manager. The ability to invest in green bonds depends upon availability, profile and valuation and therefore there can be no commitment by the Investment Manager to invest a particular portion of the Sub-Fund’s portfolio in green bonds.

Engagement
The Investment Manager has a firm level and sub-fund level approach to engagement.
Firm level - the Investment Manager aims to promote sustainable business practices and encourages sustainable business models that contribute to mitigation and adaption of climate change and the transition to a CLIC™ economic model through its engagement efforts. The Investment Manager engages with investee companies following a firm-wide strategic engagement priorities framework and actively tracks progress against engagement objectives to appropriately measure outcomes. The Investment Manager’s engagement priorities are:
- Encouraging companies to transition towards profitable, net-zero business models, using the Oxford Martin Principles for Climate- Conscious Investment Framework;
- Engaging for improved disclosures (i) for companies with limited reporting that are in the bottom quintile of the Investment Manager’s proprietary materiality-ESG model; (ii) for companies which already disclose, but which could improve reporting under the rubric of the FSB Task Force on Climate-related Disclosures;
- Engaging with companies indicated as having an adverse impact on the SFDR Focused Sustainability Indicators based on the SFDR Principal Adverse Impact measurement methodology described in Schedule II of the SFDR Annex;
- Engaging with non-ESG rated companies.

The engagements at a firm level reflect holdings across all portfolios managed by the Investment Manager and may not necessarily include companies included in the Sub-Fund’s portfolio. Engagements at a firm level are based upon strategic priorities and the level of engagement may not necessarily be proportionate to the size of holdings in portfolios managed by the Investment Manager. Engagement at firm level is dynamic and the Investment Manager reserves the right to adapt its engagement strategy at any time.
Sub-Fund level - At a Sub-Fund level the Investment Manager will aim to engage with smaller companies in the Sub-Fund’s portfolio with weaker ESG, carbon intensity and temperature alignment scores where there is greater ability to influence the contribution that those companies will make to a CLIC™ economy compared to larger companies within the Sub-Fund’s portfolio. The Investment Manager will keep under review the companies with which it engages over a multi-year timeframe and will reduce exposure to companies if improvements do not materialize.
Environmental and/or social and/or governance practices promoted by the Sub-Fund
The Investment Manager’s investment process is designed to make an assessment of the ESG practices which are most material to the companies in which the Sub-Fund invests using the Lombard Odier ESG/CAR Industrial Materiality Rating Methodology described in Schedule I.
No sustainable investment objective
The Sub-Fund does not have as its objective sustainable investment.
Binding elements of the investment strategy designed to attain the ESG characteristics promoted by the Sub-Fund
The exclusion of companies involved in controversial weapons is an absolute prohibition which cannot be overridden. The aim to invest in companies with higher ESG scores is not a binding investment objective and the restrictions relating to companies with material exposure to tobacco, coal and unconventional oil and gas or which are exposed to Highest Level Controversies as described above are not absolute
prohibitions. Discretion is retained by the Investment Manager to ensure that a qualitative assessment of a company’s ESG profile may still be made, including where there may be a lack of data, outdated data or the Investment Manager considers that engagement and stewardship may lead to a more effective and positive change in the business practices affecting ESG characteristics.
Continuous basis of the investment manager’s assessment process
The Sub-Fund has a buy and maintain strategy. If changes are made to the Sub-Fund’s portfolio after the initial portfolio construction, those changes may be made by integrating ESG investment processes that evolve and are adaptive to changing market conditions, data coverage and developments in global sustainability analysis.
Minimum asset allocation to sustainable investments for this Sub-Fund
There is no minimum targeted allocation to sustainable investments for this Sub-Fund. The actual allocation to sustainable investments will be a product of the ESG assessment process described above.
Likely impacts of sustainability risks on the returns of the Sub-Fund
The likely impacts of sustainability risks are difficult to quantify. The Investment Manager believes that the environmental, social and governance practices of a company are inherently linked to its long-term success and that those companies with ESG and CLIC aligned business practices and operations are more likely to succeed and create long-term value. There can be no guarantee, however, regarding the performance of individual companies in which the Sub-Fund invests nor on the returns of the Sub-Fund’s portfolio as a whole.
Reference benchmark
The Sub-Fund is not referenced to a benchmark which is an ESG aligned benchmark.
SFDR Disclosure – Article 9 C-2.1
Applicable to the following Sub-Fund:
- Climate TransitionClassification of the Sub-Fund under SFDRThe Management Company has classified the Sub-Fund as a financial product subject to Article 9 of SFDR.

Sustainable objective
The Sub-Fund invests in companies whose growth will benefit from regulations, innovations, services or products related to the global fight against or adaptation to climate change. The Sub-Fund seeks to invest in high quality companies with sustainable financial models, business practices and business models showing resilience and the ability to evolve and benefit from long term structural trends using inter alia the proprietary ESG and sustainability profiling tools and methodologies set out below.
Assessment of Contribution to Positive Environmental Outcomes
- The Investment Manager’s internal investment process in respect of the Sub-Fund aims to select companies for inclusion in the Sub- Fund’s investable universe which generate material revenues and/or earnings from business activities that have a positive contribution towards one or more of the following areas of climate transition investment opportunities: Solution providers that propose innovative solutions to reduce, avoid or capture carbon coming from the use of fossil fuel. Transition candidates that operate in hard to abate carbon- intensive industries whose transition to a cleaner model will unlock strong competitive advantages as regulations tighten or carbon price soars. Adaptation candidates that make infrastructure more climate-compatible in a climate-damaged environment. The verification ofa company with respect to its eligible business activities is performed by the Investment Manager’s Sustainable Investment Research, Strategy and Stewardship (SIRSS), equity research and ESG teams. The level of materiality with respect to revenues from eligible business activities may differ depending upon sector and the size of a company. The Investment Manager will seek to restrict companies involved in sectors with no positive contribution towards the climate transition, involved in selected business activities (detailed further), or which are poor ESG performers.
- Securities are reassessed for inclusion in the investable universe whenever necessary. If a company changes its business model, if its revenue exposure falls below pre-determined thresholds or the company fails to continue to meet the Investment Manager’s ESG criteria, the company will be considered for divestment, subject to the best interest of shareholders.
- In order to qualify for investment in the portfolio, a company further needs to meet the Investment Manager’s ESG quality assessment criteria that aim to review the business practices alongside the key material metrics that encompass a range of environmental, social and governance parameters including the most sector-relevant principal adverse indicators. Where such performance is below optimalperformance, or the reported data is incomplete to reach a conclusion, the Investment Manager will engage with the company to evaluate the performance, policies and prospects against the key material parameters.

Systematic ESG screening and scoring
- Screening companies with the Lombard Odier ESG/CAR Industrial Materiality Rating Methodology, which encompasses relevant information on each of the SFDR Focused Sustainability Indicators covering greenhouse gas emissions, energy performance, biodiversity, water utilization, waste management, social and employee matters, human rights and anti-corruption and bribery. The Lombard Odier ESG/CAR Industrial Materiality Rating Methodology enables the Investment Manager to identify the bottom quintile of companies in terms of sustainability within the Sub-Fund’s investment universe. This rating system is also “materiality driven”, and therefore identifies the most relevant sustainability framework for each industry in order to focus on the most important ESG issues that may affect a particular company. It also aims to distinguish between companies that are merely demonstrating awareness from those that are delivering measurable outcomes (Consciousness, Actions, Results - CAR framework). Schedule I describes in more detail the Lombard Odier ESG/ CAR Industrial Materiality Rating Methodology.
- Based upon the scoring under the Lombard Odier ESG/CAR Industrial Materiality Rating Methodology the Investment Manager adopts a selectivity approach and will seek to eliminate the bottom scoring 20% of companies unless there are objective reasons for not doing so. Any decision to eliminate remains entirely within the discretion of the Investment Manager. The Investment Manager believes that an elimination process based entirely on the results of automated negative screening does not necessarily lead to an identification of sustainable investments and that a forward looking qualitative judgment may be required. This may be particularly true of companies transitioning to a lower carbon economy.

Exclusions
- Exclusion of companies involved in controversial weapons (production, research & development, maintenance/services/management, system integration, testing, sales/trade), directly or through ownership. The scope of this exclusion includes weapons banned or outlawed by the Ottawa Treaty on landmines (effective 1999), the Convention on Cluster Munitions (Oslo Convention) of 2008, the Biological and Toxin Weapons Convention (BWC – 1972) and the Chemical Weapons Convention (CWC – 1993). In addition, depleted uranium and white phosphorus are excluded.

Restrictions
- Tobacco, Coal and Unconventional Oil & Gas - the Investment Manager will seek to restrict the following companies:Tobacco - companies deriving more than 10% of their revenues from either production of tobacco products or retailing of tobacco products/services.

Thermal Coal
Mining - companies deriving more than 10% of their revenues from thermal coal extraction.
Power Generation - companies deriving more than 10% of their revenues from coal power generation.
Unconventional Oil & Gas - companies deriving more than 10% in aggregate of their revenues from any of tar sands, shale gas and oil and arctic oil & gas exploration.
- Material breaches of UN Global Compact Principles - the Investment Manager will seek to restrict companies that are involved in the most severe breaches of the UN Global Compact Principles (“Highest Level Controversies”).
- Any decision to exclude a company under the above restrictions remains entirely within the discretion of the Investment Manager. The Investment Manager believes that a process based entirely around absolute exclusions (other than in the case of controversial weapons) does not necessarily lead to an identification of sustainable investments and that a forward looking qualitative judgment may be required. This may be particularly true in the case of companies transitioning to a lower carbon economy or where stewardship and engagement may lead to a more effective and positive change in the business practices affecting ESG characteristics.

Quantitative and qualitative review of business practices and business models
- Active review by the Investment Manager of the following sustainability data points (available for review across different historic time periods) to support the Investment Manager’s evaluation of a company’s contribution to a Circular, Lean, Inclusive and Clean (CLIC™) economy:
	- Review of the scoring/ratings under the Lombard Odier ESG/CAR Industrial Materiality Rating, which encompasses relevant information on each of the SFDR Focused Sustainability Indicators.
	- Review of a company’s climate alignment taking into account not only carbon footprints (how much emissions a company produces as of today) but also its temperature alignment (taking into account a company’s expected, future emissions and the degree of alignment of these emissions and any commitments to climate objectives).
	- Review of a company’s business activities to assess how the company’s business model, products and services will be affected by the transition to the CLIC™ economy

- These data points are designed to help the Investment Manager analyze the business practices and operations of a company to determine whether the company can be sustainable in the long term.
- The Investment Manager believes that a forward looking and active assessment of a company’s sustainability profile and not just a historic review of scores or a comparison to an ESG based benchmark is vital to properly understand the long term viability of a company.
- In addition to the analysis of the positive contribution that a company may make to climate transition focused environmental objectives and a CLIC™ economy, companies are further analyzed with respect to whether they could nevertheless cause harm to other environmentalor social objectives, the so called ‘Do No Significant Harm’ principle. The data points considered in respect of the Lombard Odier ESG/ CAR Industrial Materiality Rating Methodology are also evaluated in respect of negative impacts that a company could make to other sustainability objectives to assist the Do No Significant Harm analysis.

Engagement
- The Investment Manager aims to promote sustainable business practices and encourages sustainable business models that contribute to mitigation and adaptation of climate change and the transition to a CLIC™ economic model through its engagement efforts. TheInvestment Manager engages with investee companies following a firm-wide strategic engagement priorities framework and actively tracks progress against engagement objectives to appropriately measure outcomes. The Investment Manager’s engagement priorities are:
- Encouraging companies to transition towards profitable, net-zero business models, using the Oxford Martin Principles for Climate- Conscious Investment Framework;
- Engaging for improved disclosures (i) for companies with limited reporting that are in the bottom quintile of the Investment Manager’s proprietary materiality-ESG model; (ii) for companies which already disclose, but which could improve reporting under the rubric of the FSB Task Force on Climate-related Disclosures;
- Engaging with companies indicated as having an adverse impact on the SFDR Focused Sustainability Indicators based on the SFDR Principal Adverse Impact measurement methodology described in Schedule II of the SFDR Annex;
- Engaging with non-ESG rated companies.
- Engagements are based upon strategic priorities and the level of engagement may not necessarily be proportionate to the size of holdings in the Sub-Fund’s portfolio.
- Engagement at firm level is dynamic and the Investment Manager reserves the right to adapt its engagement strategy at any time.

What sustainability indicators are used to measure the attainment of the sustainable objective of the sub-fund?
The environmental and social characteristics of the Sub-Fund’s investments are assessed during several stages: at the initial verification of a company’s inclusion in the investable universe, during the investment decision for alignment with the do-no-significant-harm principles, and during annual sustainability reporting.
The Sub-Fund investments are measured on the exposure to the business activities with a contribution towards positive environmental outcomes along the climate transition. These include: Solution providers that propose innovative solutions to reduce, avoid or capture carbon coming from the use of fossil fuel; transition candidates that operate in hard to abate carbon-intensive industries whose transition to a cleaner model will unlock strong competitive advantages as regulations tighten or carbon price soars; and adaptation candidates that make infrastructure more climate- compatible in a climate-damaged environment.
The Sub-Fund investments are assessed with the Lombard Odier ESG/CAR Industrial Materiality Rating Methodology, which encompasses relevant information on the SFDR Focused Sustainability Indicators. These indicators are also evaluated in respect of negative impacts that a company could make to other sustainability objectives to assist the Do No Significant Harm analysis.
Sustainability indicators include carbon emissions, cubic m of water saved, the potential avoided emissions, and temperature alignment toward the Paris Agreement goals.
To measure temperature alignment Lombard Odier has developed a proprietary tool: the Lombard Odier Portfolio Temperature Alignment (LOPTA). LOPTA quantifies the risk of climate transition inherent to individual securities and portfolios in the form of a forward-looking temperature metric. This metric allows the Investment Manager to assess an investment’s alignment with the Paris Agreement and exclude companies which may significantly harm the objectives of the Paris Agreement.
The temperature alignment methodology seeks to assess a company’s demonstrated level of ambition with respect to carbon reductions, as well as any targets or commitments the company may have announced with respect to decarbonisation objectives. The Investment Manager compares these assessments against industry and region-specific benchmarks to determine whether the company’s expected, cumulative emissions are likely to remain within or exceed climate benchmarks. This allows the Investment Manager to determine the implied level of global warming
that the company’s business activities and strategies are presently aligned with, helping the Investment Manager to identify climate risks and opportunities, and acting as the basis for more focused stewardship and engagement focused on the transition to a net zero economy.
Binding elements of the investment strategy designed to attain the ESG characteristics promoted by the Sub-Fund
The aim to invest in companies whose growth will benefit from regulations, innovations, services or products favoring the climate transition and to look for high quality companies with sustainable financial models, business practices and business models showing resilience and the ability to evolve and benefit from long term structural trends is a binding requirement.
The exclusion of companies involved in controversial weapons is an absolute prohibition which cannot be overridden.
The elimination of companies with bottom 20% scores and the exclusion of companies with material exposure to tobacco, coal and unconventional oil and gas or which are exposed to Highest Level Controversies as described above are not absolute prohibitions. Discretion is retained by the Investment Manager to ensure that a qualitative assessment of a company’s sustainability profile may still be made, including where there may be a lack of data, outdated data or the Investment Manager considers that engagement and stewardship may lead to a more effective and positive change in the business practices affecting sustainability characteristics.
Continuous basis of the investment manager’s assessment process
The Investment Manager’s investment process is dynamic and is designed to be adaptive to changing market conditions, data coverage and developments in global sustainability analysis and may therefore change over time.
Minimum asset allocation to sustainable investments for this Sub-Fund
There is no minimum targeted allocation to sustainable investments for this Sub-Fund. The actual allocation to sustainable investments will be a product of the ESG assessment process described above.
Likely impacts of sustainability risks on the returns of the Sub-Fund
The likely impacts of sustainability risks are difficult to quantify. The Investment Manager believes that the environmental, social and governance practices of a company are inherently linked to its long-term success and that those companies with ESG aligned business practices and operations are more likely to succeed and create long-term value. There can be no guarantee, however, regarding the performance of individual companies in which the Sub-Fund invests nor on the returns of the Sub-Fund’s portfolio as a whole.
Reference benchmark
The Sub-Fund is not referenced to a benchmark which is an ESG aligned benchmark.
C-2.2
Applicable to the following Sub-Fund:
- Natural CapitalClassification of the Sub-Fund under SFDRThe Management Company has classified the Sub-Fund as a financial product subject to Article 9 of SFDR.

Sustainable objective
The Sub-Fund invests in companies whose growth will benefit from regulations, innovations, services or products favoring the transition to a more circular economy and to an economy that values natural capital. The Sub-Fund seeks to invest in high quality companies with sustainable financial models, business practices and business models showing resilience and the ability to evolve and benefit from long term structural trends using inter alia the proprietary ESG and sustainability profiling tools and methodologies set out below.
Assessment of Contribution to Positive Environmental Outcomes
- The Investment Manager’s internal investment process in respect of the Sub-Fund aims to select companies for inclusion in the Sub- Fund’s investable universe which generate material revenues and/or earnings from business activities that have a positive contribution towards one or more of the following areas of Natural Capital investment opportunities: Circular Bio-Economy, Resource Efficiency, Outcome-oriented Economy and Zero Waste. The verification of a company with respect to its eligible business activities is performed by the Investment Manager’s Sustainable Investment Research, Strategy and Stewardship (SIRSS), equity research and ESG teams. The level of materiality with respect to revenues from eligible business activities may differ depending upon sector and the size of a company. The Investment Manager will seek to restrict companies involved in sectors with no positive contribution towards preservation or harnessing of the natural capital, involved in selected business activities (detailed further), or which are poor ESG performers.
- Securities are reassessed for inclusion in the investable universe whenever necessary. If a company changes its business model, if its revenue exposure falls below pre-determined thresholds or the company fails to continue to meet the Investment Manager’s ESG criteria, the company will be considered for divestment, subject to the best interest of shareholders.
- In order to qualify for investment in the Sub-Fund’s portfolio, a company further needs to meet the Investment Manager’s ESG quality assessment criteria that aim to review the business practices alongside the key material metrics that encompass a range of environmental, social and governance parameters including the most sector-relevant principle adverse indicators. Where such performance is below optimal performance, or the reported data is incomplete to reach a conclusion, the Investment Manager will engage with the company to evaluate the performance, policies and prospects against the key material parameters.

Systematic ESG screening and scoring
- The Investment Manager screens companies with the Lombard Odier ESG/CAR Industrial Materiality Rating Methodology, which encompasses relevant information on each of the SFDR Focused Sustainability Indicators covering greenhouse gas emissions, energy performance, biodiversity, water utilization, waste management, social and employee matters, human rights and anti-corruption and bribery. The Lombard Odier ESG/CAR Industrial Materiality Rating Methodology enables the Investment Manager to identify the bottom quintile of companies in terms of sustainability within the Sub-Fund’s investment universe. This rating system is also “materiality driven”, and therefore identifies the most relevant sustainability framework for each industry in order to focus on the most important ESG issues that may affect a particular company. It also aims to distinguish between companies that are merely demonstrating awareness from those that are delivering measurable outcomes (Consciousness, Actions, Results - CAR framework). Schedule I describes in more detail the Lombard Odier ESG/CAR Industrial Materiality Rating Methodology.
- Based upon the scoring under the Lombard Odier ESG/CAR Industrial Materiality Rating Methodology the Investment Manager adopts a selectivity approach and will seek to eliminate the bottom scoring 20% of companies unless there are objective reasons for not doing so. Any decision to eliminate remains entirely within the discretion of the Investment Manager. The Investment Manager believes that an elimination process based entirely on the results of automated negative screening does not necessarily lead to an identification of sustainable investments and that a forward looking qualitative judgment may be required. This may be particularly true of companies transitioning to a lower carbon economy.

Exclusions
- Exclusion of companies involved in controversial weapons (production, research & development, maintenance/services/management, system integration, testing, sales/trade), directly or through ownership. The scope of this exclusion includes weapons banned or outlawed by the Ottawa Treaty on landmines (effective 1999), the Convention on Cluster Munitions (Oslo Convention) of 2008, the Biological and Toxin Weapons Convention (BWC – 1972) and the Chemical Weapons Convention (CWC – 1993). In addition, depleted uranium and white phosphorus are excluded.

Restrictions
- Tobacco, Coal and Unconventional Oil & Gas - the Investment Manager will seek to restrict the following companies:Tobacco - companies deriving more than 10% of their revenues from either production of tobacco products or retailing of tobacco products/services.

Thermal Coal
Mining - companies deriving more than 10% of their revenues from thermal coal extraction.
Power Generation - companies deriving more than 10% of their revenues from coal power generation.
Unconventional Oil & Gas - companies deriving more than 10% in aggregate of their revenues from any of tar sands, shale gas and oil and arctic oil & gas exploration.
- Material breaches of UN Global Compact Principles - the Investment Manager will seek to restrict companies that are involved in the most severe breaches of the UN Global Compact Principles (“Highest Level Controversies”).
- Any decision to exclude a company under the above restrictions remains entirely within the discretion of the Investment Manager. The Investment Manager believes that a process based entirely around absolute exclusions (other than in the case of controversial weapons) does not necessarily lead to an identification of sustainable investments and that a forward looking qualitative judgment may be required. This may be particularly true in the case of companies transitioning to a lower carbon economy or where stewardship and engagement may lead to a more effective and positive change in the business practices affecting ESG characteristics.

Quantitative and qualitative review of business practices and business models
- The Investment Manager undertakes an active review of the following sustainability data points (available for review across different historic time periods) to support the Investment Manager’s evaluation of a company’s contribution to a Circular, Lean, Inclusive and Clean (CLIC™) economy:
	- Review of the scoring/ratings under the Lombard Odier ESG/CAR Industrial Materiality Rating, which encompasses relevant information on each of the SFDR Focused Sustainability Indicators.
	- Review of a company’s climate alignment taking into account not only carbon footprints (how much emissions a company produces as of today) but also its temperature alignment (taking into account a company’s expected, future emissions and the degree of alignment of these emissions and any commitments to climate objectives).
	- Review of a company’s business activities to assess how the company’s business model, products and services will be affected by the transition to the CLIC™ economy

- These data points are designed to help the Investment Manager analyze the business practices and operations of a company to determine whether the company can be sustainable in the long term.
- The Investment Manager believes that a forward looking and active assessment of a company’s sustainability profile and not just a historic review of scores or a comparison to an ESG based benchmark is vital to properly understand the long term viability of a company.
- In addition to the analysis of the positive contribution that a company may make to natural capital focused environmental objectives and a CLIC™ economy, companies are further analyzed with respect to whether they could nevertheless cause harm to other environmentalor social objectives, the so called ‘Do No Significant Harm’ principle. In this context, the data points considered in respect of the Lombard Odier ESG/CAR Industrial Materiality Rating Methodology are also evaluated in respect of negative impacts that a company could make to other sustainability objectives to assist the Do No Significant Harm analysis.

Engagement
- The Investment Manager aims to promote sustainable business practices and encourages sustainable business models that contribute to mitigation and adaptation of climate change and the transition to a CLIC™ economic model through its engagement efforts. TheInvestment Manager engages with investee companies following a firm-wide strategic engagement priorities framework and actively tracks progress against engagement objectives to appropriately measure outcomes. The Investment Manager’s engagement priorities are:
- Encouraging companies to transition towards profitable, net-zero business models, using the Oxford Martin Principles for Climate- Conscious Investment Framework;
- Engaging for improved disclosures (i) for companies with limited reporting that are in the bottom quintile of the Investment Manager’s proprietary materiality-ESG model; (ii) for companies which already disclose, but which could improve reporting under the rubric of the FSB Task Force on Climate-related Disclosures;
- Engaging with companies indicated as having an adverse impact on the SFDR Focused Sustainability Indicators based on the SFDR Principal Adverse Impact measurement methodology described in Schedule II of the SFDR Annex;
- Engaging with non-ESG rated companies.
- Engagements are based upon strategic priorities and the level of engagement may not necessarily be proportionate to the size of holdings in the Sub-Fund’s portfolio.
- Engagement at firm level is dynamic and the Investment Manager reserves the right to adapt its engagement strategy at any time.

What sustainability indicators are used to measure the attainment of the sustainable objective of the sub-fund?
The environmental and social characteristics of the Sub-Fund’s investments are assessed during several stages: at the initial verification of a company’s inclusion in the investable universe, during the investment decision for alignment with the do-no-significant-harm principles, and during annual sustainability reporting.
The Sub-Fund investments are measured on the exposure to the business activities with a contribution towards positive environmental outcomes along the transition to Circular Bio-Economy, Resource Efficiency, Outcome-oriented economy and Zero Waste.
The Sub-Fund investments are assessed with the Lombard Odier ESG/CAR Industrial Materiality Rating Methodology, which encompasses relevant information on the SFDR Focused Sustainability Indicators. These indicators are also evaluated in respect of negative impacts that a company could make to other sustainability objectives to assist the Do No Significant Harm analysis.
Sustainability indicators include carbon emissions, cubic m of water saved, the potential avoided emissions, and temperature alignment toward the Paris Agreement goals.
To measure temperature alignment, Lombard Odier has developed a proprietary tool, the Lombard Odier Portfolio Temperature Alignment (LOPTA), which quantifies the risk of climate transition inherent to individual securities and portfolios in the form of a forward-looking temperature metric. This metric allows the Investment Manager to assess an investment’s alignment with the Paris Agreement and exclude companies which may significantly harm the objectives of the Paris Agreement.
Binding elements of the investment strategy designed to attain the ESG characteristics promoted by the Sub-Fund
The aim to invest in companies whose growth will benefit from regulations, innovations, services or products favoring the transition to a more circular economy and to an economy that values natural capital and to look for high quality companies with sustainable financial models, business practices and business models showing resilience and the ability to evolve and benefit from long term structural trends is a binding requirement.
The exclusion of companies involved in controversial weapons is an absolute prohibition which cannot be overridden.
The elimination of companies with bottom 20% scores and the exclusion of companies with material exposure to tobacco, coal and unconventional oil and gas or which are exposed to Highest Level Controversies as described above are not absolute prohibitions. Discretion is retained by the Investment Manager to ensure that a qualitative assessment of a company’s sustainability profile may still be made, including where there may be a lack of data, outdated data or the Investment Manager considers that engagement and stewardship may lead to a more effective and positive change in the business practices affecting sustainability characteristics.
Continuous basis of the investment manager’s assessment process
The Investment Manager’s investment process is dynamic and is designed to be adaptive to changing market conditions, data coverage and developments in global sustainability analysis and may therefore change over time.
Minimum asset allocation to sustainable investments for this Sub-Fund
There is no minimum targeted allocation to sustainable investments for this Sub-Fund. The actual allocation to sustainable investments will be a product of the ESG assessment process described above.
Likely impacts of sustainability risks on the returns of the Sub-Fund
The likely impacts of sustainability risks are difficult to quantify. The Investment Manager believes that the environmental, social and governance practices of a company are inherently linked to its long-term success and that those companies with ESG aligned business practices and operations are more likely to succeed and create long-term value. There can be no guarantee, however, regarding the performance of individual companies in which the Sub-Fund invests nor on the returns of the Sub-Fund’s portfolio as a whole.
Reference benchmark
The Sub-Fund is not referenced to a benchmark which is an ESG aligned benchmark.
C-2.3
Applicable to the following Sub-Fund:
- Global Climate BondWhat is the classification of the Sub-Fund under SFDR?

The Management Company has classified the Sub-Fund as a sub-fund subject to Article 9 of SFDR. The Sub-Fund has a sustainable investment objective.
The terms used in this Section have the meaning as defined in the Glossary of the Prospectus and below:
E/S	means environmental and/or social
Impact Report	means the Investment Manager’s annual Impact Report for the Sub-Fund which evidences the positive environmental and social impacts of the Sub-Fund’s investments, which includes portfolio alignment with the UN SDG Goals and an assessment of portfolio greenhouse gas emissions avoided. The latest Impact Report is published on https://affirmativeim.com/impact-report/
Investment Manager or AIM  means Affirmative Investment Management Partners Limited, the investment manager of the Sub-Fund
SPECTRUM
® 
process	means the Investment Manager’s proprietary and independent verification process available on https:// affirmativeim.com/process
What is the sustainable investment objective of the Sub-Fund?
The Sub-Fund is a dedicated impact fixed income sub-fund and has sustainable investment as its core objective. The Sub-Fund seeks to provide mainstream, risk-adjusted returns alongside environmental and/or social impact.
Securities are only included in the Sub-Fund if they have a positive environmental and/or social impact that contributes either to meeting the Paris Agreement or the UN SDGs. The issuer of securities must also pass the verification process from an environmental, social and governance perspective.
Securities selected for inclusion in the Sub-Fund’s investable universe are verified through Affirmative Investment Management’s (AIM) proprietary and independent verification process, the SPECTRUM
® 
process. Further details of the process can be found on the Investment Manager’s website: https://affirmativeim.com/process/.
A diversified investment grade fixed income portfolio is constructed to deliver a positive environmental and social impact with mainstream fixed income returns. The Investment Manager reports on key environmental and social metrics within its annual Impact Report, which may vary year on year depending on investments made by the Sub-Fund.
Examples of environmental metrics include tonnes of green gas emissions (GHG) avoided per year, weighted average carbon intensity (WACI), megawatts of clean energy capacity installed, m3 of water treated, daily passenger capacity for low carbon transport and m3 of green buildings by floor area.
Examples of social metrics include number of jobs retained/created, number of students with access to green education facilities, number of children immunised, number of microfinance and SME loans.
What investment strategy does the Sub-Fund follow to meet its sustainable investment objective?
An investment strategy is what guides the decision on what to invest in based on e.g. investment goals, risk tolerance and future needs for liquidity.
The Sub-Fund invests only in securities which are verified as having a positive environmental and/or social impact and which contribute to achieving the Paris Agreement and/or the UN SDGs. The verification team at AIM, which comprises the credit and sustainability teams, analyses each security and issuer according to the SPECTRUM
® 
process. The output of this analysis is the investable universe from which the AIM portfolio management team manages the Sub-Fund. The impact of the Sub-Fund is measured on an annual basis in the annual Impact Report. The 2019 Impact Report had an investment coverage ratio of 93%.
What are the binding elements for the investment selection?
Binding elements are commitments that cannot be amended during the life of the Sub-Fund.
The Sub-Fund invests only in securities that are expected to deliver a positive environmental and/or social impact. The investment universe is limited to securities which have passed the AIM proprietary SPECTRUM
® 
verification process, which includes separate sustainability and credit assessments.
The exclusion of certain issuers is another binding element. Issuers that are involved in certain sectors or are poor ESG performers, as set out in AIM’s exclusionary criteria, will be excluded from the portfolio. Such issuers are examined on a case-by-cases basis under the SPECTRUM
® 
process. AIM’s exclusionary criteria apply to the Sub-Fund, details of which can be found here: https://affirmativeim.com/policies/.
How is the strategy implemented in the investment process on a continuous basis?
The SPECTRUM
® 
verification process is the first stage of AIM’s investment process. The output of the verification process is a universe of eligible securities. If a security is held, it will be reviewed on at least an annual basis during AIM’s annual impact reporting cycle.
During the impact reporting process, the issuer’s impact reporting is reviewed. AIM will engage with the issuer if the impact reporting is not deemed sufficient.
Credit and sustainability analysts also engage with issuers prior to issuance and on an ad hoc basis. Securities are reassessed for inclusion in the investable universe whenever necessary. If a security fails to deliver positive impact or the issuer fails to continue to meet AIM’s strict ESG criteria or reporting standards, the security will be ‘downgraded’ and the portfolio managers must sell the security within 30 days subject to the best interest of shareholders.
Given the impact bond market is evolving, the SPECTRUM
® 
verification methodology is reviewed annually and updated where necessary.
Is there a measurable objective?
The Investment Manager adopts a "best-in class" approach by screening the investment universe using the SPECTRUM
® 
verification process. The Sub-Fund is based on positive selection. It only invests in securities that deliver mainstream returns alongside positive impact. The majority of conventional bonds on issue globally will be excluded as they do not deliver positive environmental or social impact.
The number of securities excluded varies depending on the level and quality of issuances. Historically approximately 15-25% of the securities we have reviewed from both labelled and unlabelled bond market have been excluded from our investable universe.
What is the policy to assess good governance practices of the investee companies?
Governance is about a company's leadership, remuneration of staff (incl. executives}, audits, internal controls, shareholder rights, tax compliance and its relations to other stakeholders.
The governance practices of issuers are assessed within the SPECTRUM
® 
process. Both the sustainability and credit teams consider an issuer’s governance in their assessments. Governance is specifically taken into account under the ‘ethics & issuer conduct’ (credit assessment) and ‘responsible issuer’ (sustainability assessment) pillars. In this assessment the sustainability and credit teams undertake their own research alongside the research of some external ESG providers.
What are the likely impacts of sustainability risks on the returns of the Sub-Fund?
The likely impacts of sustainability risks are difficult to quantify. The Investment Manager believes that the environmental, social and governance practices of a company or issuer are inherently linked to its long-term success and that those companies or issuers with ESG business practices and operations are more likely to succeed and long term be more credit worthy.
What is the minimum asset allocation planned for the Sub-Fund?
Asset Allocation is one element of the implementation of the investment strategy, it describes which percentage of your investments goes into what type of assets.
The category #1 Aligned with E/S characteristics includes any investment that is aligned with the characteristic:
- The Subcategory #1A covers investments that are qualified as sustainable. A sustainable investment means an investment in an economic activity that contributes to an environmental objective, measured for example by key resource efficiency indicators such as CO2 emissions, or the use of water, or an investment that contributes to a social objective, such as tackling inequality or that fosters social cohesion.
- The sub-category #1B Other E/S characteristics covers investments aligned with the environmental or social characteristics that do not meet the criteria of 'sustainable investment'.
- #2Remainder includes investments which are not aligned with the E/S characteristics, nor are qualified as sustainable.

The Sub-Fund invests solely in labelled and unlabelled green, social or sustainability bonds, alongside SPECTRUM aligned bonds and thus all investments in the Sub-Fund are sustainable and fall in the #1A category, except cash.
The mixture of green, social, sustainability and SPECTRUM
® 
aligned bonds will change through time. The investment mix as at 30 November 2020 is shown in the chart below.
Impact bond allocation
Green
Unlabelled - Green Sustainability
Unlabelled - Sustainability Social
Unlabelled - Social Aligned
Cash
Investments
#1A Aligned
#2 Remainder (Cash)
In which economic sectors are the investments made?
The Sub-Fund is mostly exposed to the financial and government-related fixed income sectors. The sectoral mix is expected to change over time.
The sectoral exposure for the Sub-Fund as of 30 November 2020 is shown in the chart below. All investments are in Subcategory #1A, except for cash.
Sector Allocation
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
#1A	#1B	#2
Consumer, Cyclical	Consumer, Non-cyclical	Energy
Financial	Government	Industrial
Utilities	Cash
Does the Sub-Fund make use of derivatives?
Yes. The Sub-Fund uses derivatives for hedging and effective portfolio management purposes.
What investments are included under "#2 Remainder"?
The Sub-Fund may also use cash for risk management or liquidity purposes, which is not subject to the AIM SPECTRUM
® 
process.
How will sustainable investments contribute to a sustainable objective and not significantly harm any other sustainable investment objectives during the reference period?
This section only concerns the portion of sustainable investments illustrated above (#1A Sustainable), and not the other E/S characteristics part, nor the remainder
How will sustainable investments of the Sub-Fund contribute to a sustainable objective?
An investment that contributes to an environmental or social objective can only be considered "sustainable" where it demonstrates a contribution to an environmental or social objective, and it does not significantly harm any (other) sustainability objective. The EU Taxonomy is a classification of environmental activities approved by the European Union .
The Sub-Fund solely invests in bonds that generate positive environmental and/or social impact. The potential for this impact is assessed through the SPECTRUM
® 
process and a full analysis is conducted for each unlabelled issuer or labelled bond framework. This allows AIM to research on a case-by-case basis the expected impact. To understand this, both the intended positive impact and any externalities, positive or negative, are considered.
AIM has its own internal taxonomy of environmental and social projects. An assessment of alignment with this taxonomy is included in the SPECTRUM
® 
process. The eligible environmental sectors include energy, infrastructure, water resource management, resource efficiency, land management, marine environment and fisheries. The eligible social sectors include education, training and employment, global health, empowerment of women and vulnerable groups, financial inclusion and sustainable enterprises, food security and social housing. The AIM taxonomy is informed by other external efforts to define environmental and social investing, such as the EU Sustainable Finance Taxonomy,
Climate Bonds Initiative’s Taxonomy and the International Capital Market Association’s (ICMA) guidance on green and social bonds. AIM reviews whether changes are needed regularly, based on the latest market and scientific developments.
The issues and issuers within the SPECTRUM
® 
investment universe are reviewed on an ongoing basis and AIM reports on the Sub-Fund’s impact in the annual Impact Report.
How are principal adverse impacts on sustainability factors taken into account? 
Principal adverse impacts are the biggest negative impact of the investments on sustainability factors (environmental, social and employee matters, respect for human rights, anticorruption and antibribery matters.).
Principal adverse impacts on sustainability factors are taken into account within the AIM verification process SPECTRUM®. These are considered at two levels:
- adverse impacts that are associated with the use of proceeds of the bond; and
- adverse impacts associated with the issuer of the bond, but not necessarily coming from the stated use of proceeds. The ‘responsible issuer’ criteria within the SPECTRUM
- ® 
- analysis focuses on the issuer itself and whether it meets AIM’s standards from an ESG perspective. This includes environmental, social and employee matters, respect for human rights, anticorruption and antibribery.

How are investments excluded that significantly harm sustainable investment objectives?
If an investment is associated with significant environmental or social harm it would fail to meet the AIM SPECTRUM
® 
criteria and would be excluded from the SPECTRUM Bond® universe. As a result, the issuance will not be eligible for purchase in the Sub-Fund. The SPECTRUM
® 
process requires the analyst to consider whether there are direct or indirect environmental or social negative impacts resulting from the stated use of proceeds or the issuer.
The Sub-Fund also adheres to the AIM exclusionary criteria which can be found on AIM’s website https://affirmativeim.com/policies/
What sustainability indicators are used to measure the attainment of the sustainable objective of the Sub-Fund?
Sustainability indicators are used to measure the attainment of the sustainable objective of the Sub-Fund. The environmental and social characteristics of the Sub-Fund are assessed during two stages:
- at the initial verification of the bond issue and issuer, when the AIM verification team first completes the SPECTRUM
- ® 
- analysis; and
- during annual impact reporting.

Both the bond issue, in terms of use of proceeds, and the issuer of the bond, from an ESG perspective, are independently assessed.
The SPECTRUM
® 
verification process encompasses both sustainability and credit reviews. Through this process the SPECTRUM Bond® and SPECTRUM
® 
aligned universe of eligible bonds is built through positive selection across the criteria listed below. Further information on the SPECTRUM
® 
process can be found here https://affirmativeim.com/process/.
Sustainability indicators are also included in the annual Impact report. Examples include the potential avoided emissions calculated through the Carbon Yield methodology and the Task Force on Climate-Related Financial Disclosures (TCFD) recommended metric Weighted Average Carbon Intensity (WACI). The annual Impact Report for the Sub-Fund is available here https://affirmativeim.com/impact-report/.
Warning
The SPECTRUM
® 
verification methodology may be subject to limitations due to the availability of data from issuers or from data service providers. The SPECTRUM
® 
methodology allows the Investment Manager to have a disciplined process in its assessment of the sustainability profile of an issuer but is not definitive and is designed to be used in conjunction with other tools and data providers and assessments relating to a company’s sustainability related business model and practices.
The SPECTRUM
® 
methodology is dynamic and is designed to be adaptive to changing developments in relation to sustainability. The Investment Manager may change any of its SPECTRUM
® 
methodology related processes at any time without notice and at its discretion.
No guarantee or undertaking is given in relation to the financial performance of a particular company based upon its scoring under the SPECTRUM
® 
methodology.
Can I find on-line more product-specific information?
You can find more information regarding the AIM investment process at https://affirmativeim.com/process/ More information on the Sub-Fund can be found on www.loim.com
Is a specific index designated as a reference benchmark to determine whether the Sub-Fund is sustainable?
A reference sustainable benchmark is an index against which it can be measured whether the Sub-Fund is meeting its sustainable investment objective.
The Sub-Fund assesses the sustainability aspects of the portfolio on an absolute basis. An example is the number of tonnes of CO2 expected to be mitigated by the projects funded by the securities the Sub-Fund owns. This assessment is a true ‘net’ expected CO2 saving, as it analyses the carbon expended in the construction of the project as well as the expected carbon saving over the life of the project.
The Sub-Fund uses the Bloomberg Barclays Global Aggregate Index as its reference benchmark for the purposes of comparing the Sub-Fund’s carbon footprint to that of the benchmark. AIM publishes the Sub-Fund’s Weighted Average Carbon Intensity (WACI) in the annual Impact Report. The benchmark is a broad market index. It is not aligned with the sustainable investment objective pursued by the Sub-Fund.
C-2.4
Applicable to the following Sub-Fund:
- Natural Capital CreditClassification of the Sub-Fund under SFDRThe Management Company has classified the Sub-Fund as a financial product subject to Article 9 of SFDR.

Sustainable objective
The Sub-Fund invests in companies that will benefit from regulations, innovations, services or products favoring the transition to a more circular economy and to an economy that values and harnesses natural capital. The Sub-Fund seeks to invest in high quality companies with sustainable financial models, business practices and business models showing resilience and the ability to evolve and benefit from long term structural trends using inter alia the proprietary ESG and sustainability profiling tools and methodologies set out below.
Assessment of Contribution to Positive Environmental Outcomes
- The Investment Manager’s internal investment process in respect of the Sub-Fund aims to select companies for inclusion in the Sub- Fund’s investable universe which generate material revenues and/or earnings from business activities that have a positive contribution towards one or more of the following areas of Natural Capital investment opportunities: Circular Bio-Economy, Resource Efficiency, Outcome-oriented Economy, Zero Waste, and “Transition Champions” (i.e., companies in industries exposed to natural capital that are credibly transitioning to more sustainable business models that harness and preserve natural capital). The verification of a company with respect to its eligible business activities is performed by the Investment Manager’s Sustainable Investment Research, Strategy andStewardship (SIRSS), credit analysis and ESG teams. The level of materiality with respect to revenues from eligible business activities may differ depending upon sector and the size of a company. Additionally, the Sub-Fund’s investment universe will include use-of-proceeds green bonds and other sustainability linked bonds (as defined under the International Capital Market Association’s (ICMA) guidance on green and social bonds) where they have material levels of natural capital-related use of proceeds (projects and activities). For these securities, the the Investment Manager’s Sustainable Investment Research, Strategy and Stewardship (SIRSS) team will assess the sustainability credentials of the securities (as well as the parent issuer) to ensure alignment with market best practices and sustainability integrity. The Investment Manager will seek to restrict companies involved in sectors with no positive contribution towards preservation or harnessing of natural capital, involved in selected business activities (detailed further), or which are poor ESG performers.
- Securities are reassessed for inclusion in the investable universe whenever necessary. If a company changes its business model, if its revenue exposure falls below pre-determined thresholds or the company fails to continue to meet the Investment Manager’s ESG criteria, the company will be considered for divestment, subject to the best interest of shareholders.
- In order to qualify for investment in the Sub-Fund’s portfolio, a company further needs to meet the Investment Manager’s ESG quality assessment criteria that aim to review the business practices alongside the key material metrics that encompass a range of environmental, social and governance parameters including the most sector-relevant principle adverse indicators. Where such performance is below optimal performance, or the reported data is incomplete to reach a conclusion, the Investment Manager will engage with the company to evaluate the performance, policies and prospects against the key material parameters.

Systematic ESG screening and scoring
- The Investment Manager screens companies with the Lombard Odier ESG/CAR Industrial Materiality Rating Methodology, which encompasses relevant information on each of the SFDR Focused Sustainability Indicators covering greenhouse gas emissions, energy performance, biodiversity, water utilization, waste management, social and employee matters, human rights and anti-corruption and bribery. The Lombard Odier ESG/CAR Industrial Materiality Rating Methodology enables the Investment Manager to identify the bottom quintile of companies in terms of sustainability within the Sub-Fund’s investment universe. This rating system is also “materiality driven”, and therefore identifies the most relevant sustainability framework for each industry in order to focus on the most important ESG issues that may affect a particular company. It also aims to distinguish between companies that are merely demonstrating awareness from those that are delivering measurable outcomes (Consciousness, Actions, Results - CAR framework). Schedule I describes in more detail the Lombard Odier ESG/CAR Industrial Materiality Rating Methodology.
- Based upon the scoring under the Lombard Odier ESG/CAR Industrial Materiality Rating Methodology the Investment Manager adopts a selectivity approach and will seek to eliminate the bottom scoring 20% of companies unless there are objective reasons for not doing so. Any decision to eliminate remains entirely within the discretion of the Investment Manager. The Investment Manager believes that an elimination process based entirely on the results of automated negative screening does not necessarily lead to an identification of sustainable investments and that a forward looking qualitative judgment may be required. This may be particularly true of companies transitioning to a lower carbon economy.

Exclusions
- Exclusion of companies involved in controversial weapons (production, research & development, maintenance/services/management, system integration, testing, sales/trade), directly or through ownership. The scope of this exclusion includes weapons banned or outlawed by the Ottawa Treaty on landmines (effective 1999), the Convention on Cluster Munitions (Oslo Convention) of 2008, the Biological and Toxin Weapons Convention (BWC – 1972) and the Chemical Weapons Convention (CWC – 1993). In addition, depleted uranium and white phosphorus are excluded.

Restrictions
- Tobacco, Coal and Unconventional Oil & Gas - the Investment Manager will seek to restrict the following companies:Tobacco - companies deriving more than 10% of their revenues from either production of tobacco products or retailing of tobacco products/services.

Thermal Coal
Mining - companies deriving more than 10% of their revenues from thermal coal extraction.
Power Generation - companies deriving more than 10% of their revenues from coal power generation.
Unconventional Oil & Gas - companies deriving more than 10% in aggregate of their revenues from any of tar sands, shale gas and oil and arctic oil & gas exploration.
- Material breaches of UN Global Compact Principles - the Investment Manager will seek to restrict companies that are involved in the most severe breaches of the UN Global Compact Principles (“Highest Level Controversies”).
- Any decision to exclude a company under the above restrictions remains entirely within the discretion of the Investment Manager. The Investment Manager believes that a process based entirely around absolute exclusions (other than in the case of controversial weapons) does not necessarily lead to an identification of sustainable investments and that a forward looking qualitative judgment may be required. This may be particularly true in the case of companies transitioning to a lower carbon economy or where stewardship and engagement may lead to a more effective and positive change in the business practices affecting ESG characteristics.

Quantitative and qualitative review of business practices and business models
- The Investment Manager may undertake an active review of the following sustainability data points (available for review across different historic time periods) to support the Investment Manager’s evaluation of a company’s contribution to a Circular, Lean, Inclusive and Clean (CLIC™) economy:
	- Review of the scoring/ratings under the Lombard Odier ESG/CAR Industrial Materiality Rating, which encompasses relevant information on each of the SFDR Focused Sustainability Indicators.
	- Review of a company’s climate alignment taking into account not only carbon footprints (how much emissions a company produces as of today) but also its temperature alignment (taking into account a company’s expected, future emissions and the degree of alignment of these emissions and any commitments to climate objectives).
	- Review of a company’s business activities to assess how the company’s business model, products and services will be affected by the transition to the CLIC™ economy

- These data points are designed to help the Investment Manager analyze the business practices and operations of a company to determine whether the company can be sustainable in the long term.
- The Investment Manager believes that a forward looking and active assessment of a company’s sustainability profile and not just a historic review of scores or a comparison to an ESG based benchmark is vital to properly understand the long term viability of a company.
- In addition to the analysis of the positive contribution that a company may make to natural capital focused environmental objectives and a CLIC™ economy, companies are further analyzed with respect to whether they could nevertheless cause harm to other environmentalor social objectives, the so called ‘Do No Significant Harm’ principle. In this context, the data points considered in respect of the Lombard Odier ESG/CAR Industrial Materiality Rating Methodology are also evaluated in respect of negative impacts that a company could make to other sustainability objectives to assist the Do No Significant Harm analysis.

Engagement
- The Investment Manager aims to promote sustainable business practices and encourages sustainable business models that contribute to mitigation and adaptation of climate change and the transition to a CLIC™ economic model through its engagement efforts. TheInvestment Manager engages with investee companies following a firm-wide strategic engagement priorities framework and actively tracks progress against engagement objectives to appropriately measure outcomes. The Investment Manager’s engagement priorities are:
- Encouraging companies to transition towards profitable, net-zero business models, using the Oxford Martin Principles for Climate- Conscious Investment Framework;
- Engaging for improved disclosures (i) for companies with limited reporting that are in the bottom quintile of the Investment Manager’s proprietary materiality-ESG model; (ii) for companies which already disclose, but which could improve reporting under the rubric of the FSB Task Force on Climate-related Disclosures;
- Engaging with companies indicated as having an adverse impact on the SFDR Focused Sustainability Indicators based on the SFDR Principal Adverse Impact measurement methodology described in Schedule II of the SFDR Annex;
- Engaging with non-ESG rated companies.
- Engagements are based upon strategic priorities and the level of engagement may not necessarily be proportionate to the size of holdings in the Sub-Fund’s portfolio.
- Engagement at firm level is dynamic and the Investment Manager reserves the right to adapt its engagement strategy at any time.

What sustainability indicators are used to measure the attainment of the sustainable objective of the sub-fund?
The environmental and social characteristics of the Sub-Fund’s investments are assessed during several stages: at the initial verification of a company’s inclusion in the investable universe, during the investment decision for alignment with the do-no-significant-harm principles, and during annual sustainability reporting.
The Sub-Fund investments are measured on the exposure to the business activities with a contribution towards positive environmental outcomes along the transition to Circular Bio-Economy, Resource Efficiency, Outcome-oriented economy and Zero Waste.
The Sub-Fund investments are assessed with the Lombard Odier ESG/CAR Industrial Materiality Rating Methodology, which encompasses relevant information on the SFDR Focused Sustainability Indicators. These indicators are also evaluated in respect of negative impacts that a company could make to other sustainability objectives to assist the Do No Significant Harm analysis.
Sustainability indicators include carbon emissions, cubic m of water saved, the potential avoided emissions, and temperature alignment toward the Paris Agreement goals.
To measure temperature alignment, Lombard Odier has developed a proprietary tool, the Lombard Odier Portfolio Temperature Alignment (LOPTA), which quantifies the risk of climate transition inherent to individual securities and portfolios in the form of a forward-looking temperature metric. This metric allows the Investment Manager to assess an investment’s alignment with the Paris Agreement and exclude companies which may significantly harm the objectives of the Paris Agreement.
Binding elements of the investment strategy designed to attain the ESG characteristics promoted by the Sub-Fund
The aim to invest in companies that will benefit from regulations, innovations, services or products favoring the transition to a more circular economy and to an economy that values natural capital and to look for high quality companies with sustainable financial models, business practices and business models showing resilience and the ability to evolve and benefit from long term structural trends is a binding requirement.
The exclusion of companies involved in controversial weapons is an absolute prohibition which cannot be overridden.
The elimination of companies with bottom 20% scores and the exclusion of companies with material exposure to tobacco, coal and unconventional oil and gas or which are exposed to Highest Level Controversies as described above are not absolute prohibitions. Discretion is retained by the Investment Manager to ensure that a qualitative assessment of a company’s sustainability profile may still be made, including where there may be a lack of data, outdated data or the Investment Manager considers that engagement and stewardship may lead to a more effective and positive change in the business practices affecting sustainability characteristics.
Continuous basis of the investment manager’s assessment process
The Investment Manager’s investment process is dynamic and is designed to be adaptive to changing market conditions, data coverage and developments in global sustainability analysis and may therefore change over time.
Likely impacts of sustainability risks on the returns of the Sub-Fund
The likely impacts of sustainability risks are difficult to quantify. The Investment Manager believes that the environmental, social and governance practices of a company are inherently linked to its long-term success and that those companies with ESG aligned business practices and operations are more likely to succeed and create long-term value. There can be no guarantee, however, regarding the performance of individual companies in which the Sub-Fund invests nor on the returns of the Sub-Fund’s portfolio as a whole.
Reference benchmark
The Sub-Fund is not referenced to a benchmark which is an ESG aligned benchmark.
C-2.5
Applicable to the following Sub-Fund:
- TargetNetZero Global Convertible BondClassification of the Sub-Fund under SFDRThe Management Company has classified the Sub-Fund as a financial product subject to Article 9 of SFDR.

This Sub-Fund has sustainable investment as its objective. Sustainable investment means an investment in an economic activity that contributes to an environmental or social objective, provided that the investment does not significantly harm any environmental or social objective and that the investee companies follow good governance practices.
What is the sustainable investment objective of this financial product?
The sustainable investment objective of the Sub-Fund is climate mitigation through exposure to issuers which can contribute to a reduction in global CO2 emissions and the eventual achievement of net zero CO2 emissions by 2050.
What sustainability indicators are used to measure the attainment of the sustainable investment objective of this financial product?
The investment Manager uses over 150 sustainability focused data points to analyse the environmental and social profile of the underlying investments of the Sub-Fund. These data points include the principal adverse sustainability indicators established by SFDR, covering the following topics:
- greenhouse gas emissions;
- temperature contribution;
- energy performance;
- biodiversity;
- water utilization;
- waste management;
- social and employee matters ;
- human rights;
- anti-corruption and bribery.

The Investment Manager uses the Lombard Odier ESG/CAR Industrial Materiality Rating Methodology to analyse and score companies. The Lombard Odier ESG/CAR Industrial Materiality Rating Methodology looks at companies' business practices in relation to their broad ecosystem of stakeholders and uses a proprietary ESG materiality heatmap and rating methodology, allowing the Investment Manager to focus on the environmental, social and governance dimensions that really matter to a company across its value chain. Further information in relation to the Lombard Odier ESG/CAR Industrial Materiality Rating Methodology can be found in Schedule I.
The Investment Manager, through its proprietary LOPTA (Lombard Odier Portfolio Temperature Alignment) tool, assesses the carbon footprint and temperature alignment of companies based on industry/region breakdowns, historical paths and forward looking trajectories and targets. The LOPTA framework allows the Investment Manager to analyse temperature trajectories across portfolios and the extent to which individual companies or portfolios are aligned with the climate transition by estimating the level of global warming represented by specific companies or portfolios by extrapolation to the targets for their respective peer groups.
What investment strategy does this Sub-Fund follow?
The investment objective and policy of the Sub-Fund is set out in the Annex A of this Prospectus. In relation to the sustainable objective of the Sub-Fund, the Investment Manager:
- will aim to invest in securities of issuers which can contribute to a reduction in global CO2 emissions and the eventual achievement of net zero CO2 emissions by 2050. This will include issuers already targeting such net zero CO2 emissions by 2050, as well as issuers that may not yet have set such targets but that progressively may be brought into alignment, including through regulatory action, investor engagement and market changes.
- will aim for a faster rate of reduction in CO2 emissions when compared to the index referred to in the Sub-Fund's investment policy.

These aims are dependent on regulatory, technological and commercial developments external to the Investment Manager and there can be no guarantee that they will be achieved.
What are the binding elements of the investment strategy used to select the investments to attain the sustainable investment objective?
The Sub-Fund will exclude companies involved in controversial weapons i.e. companies that produce, trade or store controversial weapons (biological and chemical weapons, anti-personnel mines, cluster weapons, depleted uranium, white phosphorus) as defined by the United Nations conventions are excluded. With the exception of depleted uranium and white phosphorus, the production and use of such weapons has been banned or outlawed by international treaties, namely the Biological and Toxin Weapons Convention (BWC – 1972), the Chemical Weapons Convention (CWC – 1993), the Ottawa Treaty on landmines (effective 1999), and the Convention on Cluster Munition (Oslo Convention - 2008).
The Sub-Fund will also exclude companies deriving more than 10% of their revenues from either production of tobacco products or retailing of tobacco products/services.
The Investment Manager will seek to apply the following exposure restrictions (but are not binding):
Coal and Unconventional Oil & Gas - the Investment Manager will seek to reduce exposure to the following companies: Thermal Coal
Mining - companies deriving more than 10% of their revenues from thermal coal extraction.
Power Generation - companies deriving more than 10% of their revenues from coal power generation.
Unconventional Oil & Gas - companies deriving more than 10% in aggregate of their revenues from any of tar sands, shale gas and oil and artic oil & gas exploration.
Material breaches of UN Global Compact Principles, the OECD guidelines for multinational enterprises, the UN guidelines principles on business and Human rights and their underlying conventions - companies that are involved in the most severe breaches of those norms (“Highest Level Controversies”).
How is that strategy implemented in the investment process on a continuous basis?
The investment processes outlined in this disclosure will be applied on a consistent and ongoing basis. It should be understood, however, that these investment processes will remain dynamic and adaptive to the changing composition of the Sub-Fund’s investment portfolio, market conditions, data coverage and developments in global sustainability analysis and may therefore change over time.
What is the committed minimum rate to reduce the scope of the investments considered prior to the application of that investment strategy?
There is no committed minimum rate to reduce the scope of the investments considered prior to the application of the Sub-Fund’s investment strategy. However, the Investment Manager aims, on average, to weight the portfolio in favour of better ESG scoring companies using the Lombard Odier ESG/CAR Industrial Materiality Rating Methodology.
What is the policy to assess good governance practices of the investee companies?
The assessment of the governance practices of a company is systematically embedded into the Lombard Odier ESG/CAR Industrial Materiality Rating Methodology used by the Investment Manager. Indicators for assessing governance include board/management quality and integrity, board structure (including leadership, diversity and independence scoring), ownership and shareholder rights, remuneration, audit and financial reporting and stakeholder governance or resilience.
Where can I find further details on the investment strategy?
Lombard Odier Group website: www.loim.com
How does the use of derivatives attain the sustainable investment objective?
Where derivatives are used to gain long exposure to single underlying companies for investment purposes, the Investment Manager will follow the sustainability processes set out in this disclosure. Where the Investment Manager uses derivatives to gain short exposure to single underlying companies or to manage risk (which may include for example, derivatives referencing indices with multiple underlying issuers or futures or currency hedging) it may not be possible to integrate the sustainability processes described in this disclosure.
How will sustainable investments contribute to a sustainable investment objective and not significantly harm any sustainable investment objective?
The Lombard Odier ESG/CAR Industrial Materiality Rating Methodology is a central part of the Investment Manager’s investment selection process and incorporates an evaluation of both the positive contribution that a company may make to environmental or social objectives and also the extent to which the business operations and practices of a company may significantly harm any of those objectives using the adverse
sustainability indicators referred to above. The selection and weighting of investments based on the Lombard Odier ESG/CAR Industrial Materiality Rating Methodology will therefore aim to minimize the average weighted exposure of the Sub-Fund to companies that may significantly harm environmental or social objectives.
How are indicators for adverse impacts on sustainability factors taken into account?
Adverse impacts on sustainability factors are those impacts of investment decisions and advice that result in negative effects on environmental, social and employee matters, respect for human rights, anti‐corruption and anti‐bribery matters. They are taken into account as follows:
- Adverse sustainability indicator number 14 in Table 1, Annex I of SFDR Level 2 Measures (in draft form) related to the exposure to controversial weapons (anti-personnel mines, cluster munitions, chemical weapons and biological weapons) is taken into account through the Manager’s investment exclusion rule described above.
- Adverse sustainability indicator number 10 in Table 1, Annex I of SFDR Level 2 Measures (in draft form) related to the Violations of UN Global Compact principles and Organisation for Economic Cooperation and Development (OECD) Guidelines for Multinational Enterprises is implemented through the investments restriction of severe controversies described above and is also included into the Managers proprietary ESG materiality rating via a rating penalty.
- Other adverse sustainability indicators in Table 1, Annex I of SFDR Level 2 Measures (in draft form) are fully embedded within the Lombard Odier ESG/CAR Industrial Materiality Rating Methodology and LO Sovereign Scoring Methodology when assessing direct exposure to the Sub-Fund’s target assets. For corporate issuers, the weighting of the adverse sustainability indicators is set according to the Investment Manager’s in-house materiality framework that defines the exposure of the different industries to the sustainability challenges. The adverse sustainability indicators weighting may thus vary according to the portfolio composition and industrial exposure (e.g. water or waste metrics will be underweighted if not relevant for the investee companies activities). For sovereign issuers, the adverse sustainability indicatorsare weighted according to the Investment Manager’s CAR weighting scheme (results overweighed compared to action and consciousness indicators).
- Other adverse sustainability indicators in table 2 (environmental) and table 3 (social), Annex I of SFDR Level 2 Measures (in draft form) are embedded into the Investment Manager’s ESG materiality rating when available.

The way in which adverse sustainability indicators are taken into consideration may change over time depending upon a number of factors, including the changing composition of the Sub-Fund’s investment portfolio, market conditions, data coverage and developments in global sustainability analysis.
Are sustainable investments aligned with the OECD Guidelines for Multinational Enterprises and the UN Guiding Principles on Business and Human Rights?
Details:
Yes, the Lombard Odier ESG/CAR Industrial Materiality Rating Methodology incorporates an assessment of alignment with OECD Guidelines for Multinational Enterprises and the UN Guiding Principles on Business and Human Rights as an integral part of portfolio construction.
Does this Sub-Fund take into account principal adverse impacts on sustainability factors?
Yes 
No 
Can I find more Sub-Fund specific information online?
More product-specific information can be found on the Lombard Odier Group website: www.loim.com.
Is a specific index designated as a reference sustainable benchmark to meet the sustainable investment objective?
Yes 
No 
How does the reference benchmark take into account sustainability factors in a way that is continuously aligned with the sustainable investment objective?
N/A
How is the reference benchmark continuously aligned with each of the environmental or social characteristics promoted by the Sub-Fund and with the investment strategy?
N/A
Does the financial product have the objective of a reduction in carbon emissions?
Yes, the Investment Manager has the following aims in respect of carbon emissions for the Sub-Fund:
- to reduce the carbon footprint (calculated by reference to tons of CO2/enterprise value) of the Sub-Fund’s initial investment portfolio by 30% when compared to a broad market index and to reduce CO2 emissions at a faster rate than a broad market index on ongoing basis, whilst maintaining the exposure of the Sub-Fund to sectors highly exposed to climate change and its mitigation. The Investment Manager aims to include "scope 1, 2 and 3 emissions" (i.e., the scope of greenhouse gas emissions referred to in Annex III of Benchmark Regulation) as part of the carbon footprint calculation.
- to reduce the carbon footprint of the Sub-Fund’s investment portfolio by 50% by 2030 and by 100% by 2050, in line with the Paris Agreement objectives.

There can be no guarantee that any of the above aims will be achieved. Furthermore, the Investment Manager does not expect carbon reductions to be linear (i.e. that carbon emissions will be reduced at a particular rate per annum). The Investment Manager believes that carbon reduction technology/practices/regulations/imperatives are more likely to culminate in sporadic rather than incremental changes.
Likely impacts of sustainability risks on the returns of the Sub-Fund
The likely impacts of sustainability risks are difficult to quantify. The Investment Manager believes that the environmental, social and governance practices of a company are inherently linked to its long-term success and that those companies with ESG aligned business practices and operations are more likely to succeed and create long-term value. There can be no guarantee, however, regarding the performance of the Sub- Fund’s portfolio.
C-2.6
Applicable to the following Sub-Funds:
- TargetNetZero Global Equity
- TargetNetZero Europe EquityClassification of the Sub-Fund under SFDRThe Management Company has classified the Sub-Fund as a financial product subject to Article 9 of SFDR.

This Sub-Fund has sustainable investment as its objective. Sustainable investment means an investment in an economic activity that contributes to an environmental or social objective, provided that the investment does not significantly harm any environmental or social objective and that the investee companies follow good governance practices.
What is the sustainable investment objective of this financial product?
The sustainable investment objective of the Sub-Fund is climate mitigation through exposure to issuers which can contribute to a reduction in global CO2 emissions and the eventual achievement of net zero CO2 emissions by 2050.
What sustainability indicators are used to measure the attainment of the sustainable investment objective of this financial product?
The investment Manager uses over 150 sustainability focused data points to analyse the environmental and social profile of the underlying investments of the Sub-Fund. These data points include the principal adverse sustainability indicators established by SFDR, covering the following topics:
- greenhouse gas emissions;
- temperature contribution;
- energy performance;
- biodiversity;
- water utilization;
- waste management;
- social and employee matters;
- human rights;
- anti-corruption and bribery.

The Investment Manager uses the Lombard Odier ESG/CAR Industrial Materiality Rating Methodology to analyse and score companies. The Lombard Odier ESG/CAR Industrial Materiality Rating Methodology looks at companies' business practices in relation to their broad ecosystem of stakeholders and uses a proprietary ESG materiality heatmap and rating methodology, allowing the Investment Manager to focus on the environmental, social and governance dimensions that really matter to a company across its value chain. Further information in relation to the Lombard Odier ESG/CAR Industrial Materiality Rating Methodology can be found in Schedule I.
The Investment Manager, through its proprietary LOPTA (Lombard Odier Portfolio Temperature Alignment) tool, assesses the carbon footprint and temperature alignment of companies based on industry/region breakdowns, historical paths and forward looking trajectories and targets. The LOPTA framework allows the Investment Manager to analyse temperature trajectories across portfolios and the extent to which individual companies or portfolios are aligned with the climate transition by estimating the level of global warming represented by specific companies or portfolios by extrapolation to the targets for their respective peer groups.
What investment strategy does this Sub-Fund follow?
The investment objective and policy of the Sub-Fund is set out in the Annex A of this Prospectus. In relation to the sustainable objective of the Sub-Fund, the Investment Manager:
- will aim to invest in securities of issuers which can contribute to a reduction in global CO2 emissions and the eventual achievement of net zero CO2 emissions by 2050. This will include issuers already targeting such net zero CO2 emissions by 2050, as well as issuers that may not yet have set such targets but that progressively may be brought into alignment, including through regulatory action, investor engagement and market changes.
- will aim for a faster rate of reduction in CO2 emissions when compared to the index referred to in the Sub-Fund's investment policy.

These aims are dependent on regulatory, technological and commercial developments external to the Investment Manager and there can be no guarantee that they will be achieved.
What are the binding elements of the investment strategy used to select the investments to attain the sustainable investment objective?
The Sub-Fund will exclude companies involved in controversial weapons i.e. companies that produce, trade or store controversial weapons (biological and chemical weapons, anti-personnel mines, cluster weapons, depleted uranium, white phosphorus) as defined by the United Nations conventions are excluded. With the exception of depleted uranium and white phosphorus, the production and use of such weapons has been banned or outlawed by international treaties, namely the Biological and Toxin Weapons Convention (BWC – 1972), the Chemical Weapons Convention (CWC – 1993), the Ottawa Treaty on landmines (effective 1999), and the Convention on Cluster Munition (Oslo Convention - 2008).
The Sub-Fund will also exclude companies deriving more than 10% of their revenues from either production of tobacco products or retailing of tobacco products/services.
The Investment Manager will seek to apply the following exposure restrictions (but are not binding):
Coal and Unconventional Oil & Gas - the Investment Manager will seek to reduce exposure to the following companies: Thermal Coal
Mining - companies deriving more than 10% of their revenues from thermal coal extraction.
Power Generation - companies deriving more than 10% of their revenues from coal power generation.
Unconventional Oil & Gas - companies deriving more than 10% in aggregate of their revenues from any of tar sands, shale gas and oil and artic oil & gas exploration.
Material breaches of UN Global Compact Principles, the OECD guidelines for multinational enterprises, the UN guidelines principles on business and Human rights and their underlying conventions - companies that are involved in the most severe breaches of those norms (“Highest Level Controversies”).
How is that strategy implemented in the investment process on a continuous basis?
The investment processes outlined in this disclosure will be applied on a consistent and ongoing basis. It should be understood, however, that these investment processes will remain dynamic and adaptive to the changing composition of the Sub-Fund’s investment portfolio, market conditions, data coverage and developments in global sustainability analysis and may therefore change over time.
What is the committed minimum rate to reduce the scope of the investments considered prior to the application of that investment strategy?
There is no committed minimum rate to reduce the scope of the investments considered prior to the application of the Sub-Fund’s investment strategy. However, the Investment Manager aims, on average, to increase the portfolio's exposure to better ESG scoring companies using the Lombard Odier ESG/CAR Industrial Materiality Rating Methodology.
What is the policy to assess good governance practices of the investee companies?
The assessment of the governance practices of a company is systematically embedded into the Lombard Odier ESG/CAR Industrial Materiality Rating Methodology used by the Investment Manager. Indicators for assessing governance include board/management quality and integrity, board structure (including leadership, diversity and independence scoring), ownership and shareholder rights, remuneration, audit and financial reporting and stakeholder governance or resilience.
Where can I find further details on the investment strategy?
Lombard Odier Group website: www.loim.com
How does the use of derivatives attain the sustainable investment objective?
Where derivatives are used to gain exposure to single underlying companies for investment purposes, the Investment Manager will follow the sustainability processes set out in this disclosure. Where the Investment Manager uses derivatives to manage risk (which may include for example, derivatives referencing indices with multiple underlying issuers, or futures on sovereign bonds or currency hedging) it may not be possible to integrate the sustainability processes described in this disclosure.
How will sustainable investments contribute to a sustainable investment objective and not significantly harm any sustainable investment objective?
The Lombard Odier ESG/CAR Industrial Materiality Rating Methodology is a central part of the Investment Manager’s investment selection process and incorporates an evaluation of both the positive contribution that a company may make to environmental or social objectives and also the extent to which the business operations and practices of a company may significantly harm any of those objectives using the adverse
sustainability indicators referred to above. The selection and weighting of investments based on the Lombard Odier ESG/CAR Industrial Materiality Rating Methodology will therefore aim to minimize the average weighted exposure of the Sub-Fund to companies that may significantly harm environmental or social objectives.
How are indicators for adverse impacts on sustainability factors taken into account?
Adverse impacts on sustainability factors are those impacts of investment decisions and advice that result in negative effects on environmental, social and employee matters, respect for human rights, anti‐corruption and anti‐bribery matters. They are taken into account as follows:
- Adverse sustainability indicator number 14 in Table 1, Annex I of SFDR Level 2 Measures (in draft form) related to the exposure to controversial weapons (anti-personnel mines, cluster munitions, chemical weapons and biological weapons) is taken into account through the Manager’s investment exclusion rule described above.
- Adverse sustainability indicator number 10 in Table 1, Annex I of SFDR Level 2 Measures (in draft form) related to the Violations of UN Global Compact principles and Organisation for Economic Cooperation and Development (OECD) Guidelines for Multinational Enterprises is implemented through the investments restriction of severe controversies described above and is also included into the Managers proprietary ESG materiality rating via a rating penalty.
- Other adverse sustainability indicators in Table 1, Annex I of SFDR Level 2 Measures (in draft form) are fully embedded within the Lombard Odier ESG/CAR Industrial Materiality Rating Methodology and LO Sovereign Scoring Methodology when assessing direct exposure to the Sub-Fund’s target assets. For corporate issuers, the weighting of the adverse sustainability indicators is set according to the Investment Manager’s in-house materiality framework that defines the exposure of the different industries to the sustainability challenges. The adverse sustainability indicators weighting may thus vary according to the portfolio composition and industrial exposure (e.g. water or waste metrics will be underweighted if not relevant for the investee companies activities). For sovereign issuers, the adverse sustainability indicatorsare weighted according to the Investment Manager’s CAR weighting scheme (results overweighed compared to action and consciousness indicators).
- Other adverse sustainability indicators in table 2 (environmental) and table 3 (social), Annex I of SFDR Level 2 Measures (in draft form) are embedded into the Investment Manager’s ESG materiality rating when available.

The way in which adverse sustainability indicators are taken into consideration may change over time depending upon a number of factors, including the changing composition of the Sub-Fund’s investment portfolio, market conditions, data coverage and developments in global sustainability analysis.
Are sustainable investments aligned with the OECD Guidelines for Multinational Enterprises and the UN Guiding Principles on Business and Human Rights?
Details:
Yes, the Lombard Odier ESG/CAR Industrial Materiality Rating Methodology incorporates an assessment of alignment with OECD Guidelines for Multinational Enterprises and the UN Guiding Principles on Business and Human Rights as an integral part of portfolio construction and weighting.
Does this Sub-Fund take into account principal adverse impacts on sustainability factors?
Yes 
No 
Can I find more Sub-Fund specific information online?
More product-specific information can be found on the Lombard Odier Group website: www.loim.com.
Is a specific index designated as a reference sustainable benchmark to meet the sustainable investment objective?
Yes 
No 
How does the reference benchmark take into account sustainability factors in a way that is continuously aligned with the sustainable investment objective?
N/A
How is the reference benchmark continuously aligned with each of the environmental or social characteristics promoted by the Sub-Fund and with the investment strategy?
N/A
Does the financial product have the objective of a reduction in carbon emissions?
Yes, the Investment Manager has the following aims in respect of carbon emissions for the Sub-Fund:
- to reduce the carbon footprint (calculated by reference to tons of CO2/enterprise value) of the Sub-Fund’s initial investment portfolio by 30% when compared to a broad market index and to reduce CO2 emissions at a faster rate than a broad market index on ongoing basis, whilst maintaining the exposure of the Sub-Fund to sectors highly exposed to climate change and its mitigation. The Investment Manager aims to include "scope 1, 2 and 3 emissions" (i.e., the scope of greenhouse gas emissions referred to in Annex III of Benchmark Regulation) as part of the carbon footprint calculation.
- to reduce the carbon footprint of the Sub-Fund’s investment portfolio by 50% by 2030 and by 100% by 2050, in line with the Paris Agreement objectives.

There can be no guarantee that any of the above aims will be achieved. Furthermore, the Investment Manager does not expect carbon reductions to be linear (i.e. that carbon emissions will be reduced at a particular rate per annum). The Investment Manager believes that carbon reduction technology/practices/regulations/imperatives are more likely to culminate in sporadic rather than incremental changes.
Likely impacts of sustainability risks on the returns of the Sub-Fund
The likely impacts of sustainability risks are difficult to quantify. The Investment Manager believes that the environmental, social and governance practices of a company are inherently linked to its long-term success and that those companies with ESG aligned business practices and operations are more likely to succeed and create long-term value. There can be no guarantee, however, regarding the performance of the Sub- Fund’s portfolio.
C-2.7
Applicable to the following Sub-Funds:
- TargetNetZero Global IG Corporate
- TargetNetZero Euro IG CorporateClassification of the Sub-Fund under SFDRThe Management Company has classified the Sub-Fund as a financial product subject to Article 9 of SFDR.

This Sub-Fund has sustainable investment as its objective. Sustainable investment means an investment in an economic activity that contributes to an environmental or social objective, provided that the investment does not significantly harm any environmental or social objective and that the investee companies follow good governance practices.
What is the sustainable investment objective of this financial product?
The sustainable investment objective of the Sub-Fund is climate mitigation through exposure to issuers which can contribute to a reduction in global CO2 emissions and the eventual achievement of net zero CO2 emissions by 2050.
What sustainability indicators are used to measure the attainment of the sustainable investment objective of this financial product?
The investment Manager uses over 150 sustainability focused data points to analyse the environmental and social profile of the underlying investments of the Sub-Fund. These data points include the principal adverse sustainability indicators established by SFDR, covering the following topics:
- greenhouse gas emissions;
- temperature contribution;
- energy performance;
- biodiversity;
- water utilization;
- waste management;
- social and employee matters;
- human rights;
- anti-corruption and bribery.

The Investment Manager uses the Lombard Odier ESG/CAR Industrial Materiality Rating Methodology to analyse and score companies. The Lombard Odier ESG/CAR Industrial Materiality Rating Methodology looks at companies' business practices in relation to their broad ecosystem of stakeholders and uses a proprietary ESG materiality heatmap and rating methodology, allowing the Investment Manager to focus on the environmental, social and governance dimensions that really matter to a company across its value chain. Further information in relation to the Lombard Odier ESG/CAR Industrial Materiality Rating Methodology can be found in Schedule I.
The Investment Manager, through its proprietary LOPTA (Lombard Odier Portfolio Temperature Alignment) tool, assesses the carbon footprint and temperature alignment of companies based on industry/region breakdowns, historical paths and forward looking trajectories and targets. The LOPTA framework allows the Investment Manager to analyse temperature trajectories across portfolios and the extent to which individual companies or portfolios are aligned with the climate transition by estimating the level of global warming represented by specific companies or portfolios by extrapolation to the targets for their respective peer groups.
What investment strategy does this Sub-Fund follow?
The investment objective and policy of the Sub-Fund is set out in the Annex A of this Prospectus. In relation to the sustainable objective of the Sub-Fund, the Investment Manager:
- will aim to invest in securities of issuers which can contribute to a reduction in global CO2 emissions and the eventual achievement of net zero CO2 emissions by 2050. This will include issuers already targeting such net zero CO2 emissions by 2050, as well as issuers that may not yet have set such targets but that progressively may be brought into alignment, including through regulatory action, investor engagement and market changes.
- will aim for a faster rate of reduction in CO2 emissions when compared to the index referred to in the Sub-Fund's investment policy.

These aims are dependent on regulatory, technological and commercial developments external to the Investment Manager and there can be no guarantee that they will be achieved.
What are the binding elements of the investment strategy used to select the investments to attain the sustainable investment objective?
The Sub-Fund will exclude companies involved in controversial weapons i.e. companies that produce, trade or store controversial weapons (biological and chemical weapons, anti-personnel mines, cluster weapons, depleted uranium, white phosphorus) as defined by the United Nations conventions are excluded. With the exception of depleted uranium and white phosphorus, the production and use of such weapons has been banned or outlawed by international treaties, namely the Biological and Toxin Weapons Convention (BWC – 1972), the Chemical Weapons Convention (CWC – 1993), the Ottawa Treaty on landmines (effective 1999), and the Convention on Cluster Munition (Oslo Convention - 2008).
The Investment Manager will seek to apply the following exposure restrictions (but are not binding):
Tobacco, Coal and Unconventional Oil & Gas - the Investment Manager will seek to restrict the following companies:
Tobacco - companies deriving more than 10% of their revenues from either production of tobacco products or retailing of tobacco products/ services.
Thermal Coal
Mining - companies deriving more than 10% of their revenues from thermal coal extraction.
Power Generation - companies deriving more than 10% of their revenues from coal power generation.
Unconventional Oil & Gas - companies deriving more than 10% in aggregate of their revenues from any of tar sands, shale gas and oil and artic oil & gas exploration.
Material breaches of UN Global Compact Principles, the OECD guidelines for multinational enterprises, the UN guidelines principles on business and Human rights and their underlying conventions - companies that are involved in the most severe breaches of those norms (“Highest Level Controversies”).
The Investment Manager will also seek to avoid companies in the bottom scoring 20% of companies within the relevant Global Industry Classification Standard (GICS) Level 2 sub-industries using the Lombard Odier ESG/CAR Industrial Materiality Rating Methodology, unless there are objective reasons for doing so. Any decision to avoid/eliminate remains entirely within the discretion of the Investment Manager.
How is that strategy implemented in the investment process on a continuous basis?
The investment processes outlined in this disclosure will be applied on a consistent and ongoing basis. It should be understood, however, that these investment processes will remain dynamic and adaptive to the changing composition of the Sub-Fund’s investment portfolio, market conditions, data coverage and developments in global sustainability analysis and may therefore change over time.
What is the committed minimum rate to reduce the scope of the investments considered prior to the application of that investment strategy?
There is no committed minimum rate to reduce the scope of the investments considered prior to the application of the Sub-Fund’s investment strategy. However, as outlined above, the Investment Manager will seek to avoid companies in the bottom scoring 20% of companies within the relevant Global Industry Classification Standard (GICS) Level 2 sub-industries using the Lombard Odier ESG/CAR Industrial Materiality Rating Methodology, unless there are objective reasons for doing so. Any decision to avoid/eliminate, however, remains entirely within the discretion of the Investment Manager.
What is the policy to assess good governance practices of the investee companies?
The assessment of the governance practices of a company is systematically embedded into the Lombard Odier ESG/CAR Industrial Materiality Rating Methodology used by the Investment Manager. Indicators for assessing governance include board/management quality and integrity, board structure (including leadership, diversity and independence scoring), ownership and shareholder rights, remuneration, audit and financial reporting and stakeholder governance or resilience.
Where can I find further details on the investment strategy?
Lombard Odier Group website: www.loim.com
How does the use of derivatives attain the sustainable investment objective?
Where derivatives are used to gain exposure to single underlying companies for investment purposes the Investment Manager will follow the sustainability processes set out in this disclosure. Where the Investment Manager uses derivatives to manage risk (which may include for example, derivatives referencing indices with multiple underlying issuers, or futures on sovereign bonds or currency hedging) it may not be possible to integrate the sustainability processes described in this disclosure.
How will sustainable investments contribute to a sustainable investment objective and not significantly harm any sustainable investment objective?
The Lombard Odier ESG/CAR Industrial Materiality Rating Methodology is a central part of the Investment Manager’s investment selection process and incorporates an evaluation of both the positive contribution that a company may make to environmental or social objectives and also the extent to which the business operations and practices of a company may significantly harm any of those objectives using the adverse sustainability indicators referred to above. The selection of investments based on the Lombard Odier ESG/CAR Industrial Materiality Rating Methodology will therefore aim to minimize the average weighted exposure of the Sub-Fund to companies that may significantly harm environmental or social
objectives.
How are indicators for adverse impacts on sustainability factors taken into account?
Adverse impacts on sustainability factors are those impacts of investment decisions and advice that result in negative effects on environmental, social and employee matters, respect for human rights, anti‐corruption and anti‐bribery matters. They are taken into account as follows:
- Adverse sustainability indicator number 14 in Table 1, Annex I of SFDR Level 2 Measures (in draft form) related to the exposure to controversial weapons (anti-personnel mines, cluster munitions, chemical weapons and biological weapons) is taken into account through the Manager’s investment exclusion rule described above.
- Adverse sustainability indicator number 10 in Table 1, Annex I of SFDR Level 2 Measures (in draft form) related to the Violations of UN Global Compact principles and Organisation for Economic Cooperation and Development (OECD) Guidelines for Multinational Enterprises is implemented through the investments restriction of severe controversies described above and is also included into the Managers proprietary ESG materiality rating via a rating penalty.
- Other adverse sustainability indicators in Table 1, Annex I of SFDR Level 2 Measures (in draft form) are fully embedded within the Lombard Odier ESG/CAR Industrial Materiality Rating Methodology and LO Sovereign Scoring Methodology when assessing direct exposure to the Sub-Fund’s target assets. For corporate issuers, the weighting of the adverse sustainability indicators is set according to the Investment Manager’s in-house materiality framework that defines the exposure of the different industries to the sustainability challenges. The adverse sustainability indicators weighting may thus vary according to the portfolio composition and industrial exposure (e.g. water or waste metrics will be underweighted if not relevant for the investee companies activities). For sovereign issuers, the adverse sustainability indicatorsare weighted according to the Investment Manager’s CAR weighting scheme (results overweighed compared to action and consciousness indicators).
- Other adverse sustainability indicators in table 2 (environmental) and table 3 (social), Annex I of SFDR Level 2 Measures (in draft form) are embedded into the Investment Manager’s ESG materiality rating when available.

The way in which adverse sustainability indicators are taken into consideration may change over time depending upon a number of factors, including the changing composition of the Sub-Fund’s investment portfolio, market conditions, data coverage and developments in global sustainability analysis.
Are sustainable investments aligned with the OECD Guidelines for Multinational Enterprises and the UN Guiding Principles on Business and Human Rights?
Details:
Yes, the Lombard Odier ESG/CAR Industrial Materiality Rating Methodology incorporates an assessment of alignment with OECD Guidelines for Multinational Enterprises and the UN Guiding Principles on Business and Human Rights.
Does this Sub-Fund take into account principal adverse impacts on sustainability factors?
Yes 
No 
Can I find more Sub-Fund specific information online?
More product-specific information can be found on the Lombard Odier Group website: www.loim.com.
Is a specific index designated as a reference sustainable benchmark to meet the sustainable investment objective?
Yes 
No 
How does the reference benchmark take into account sustainability factors in a way that is continuously aligned with the sustainable investment objective?
N/A
How is the reference benchmark continuously aligned with each of the environmental or social characteristics promoted by the Sub-Fund and with the investment strategy?
N/A
Does the financial product have the objective of a reduction in carbon emissions?
Yes, the Investment Manager has the following aims in respect of carbon emissions for the Sub-Fund:
- to reduce the carbon footprint (calculated by reference to tons of CO2/enterprise value) of the Sub-Fund’s initial investment portfolio by 30% when compared to a broad market index and to reduce CO2 emissions at a faster rate than a broad market index on ongoing basis, whilst maintaining the exposure of the Sub-Fund to sectors highly exposed to climate change and its mitigation. The Investment Manager aims to include "scope 1, 2 and 3 emissions" (i.e., the scope of greenhouse gas emissions referred to in Annex III of Benchmark Regulation) as part of the carbon footprint calculation.
- to reduce the carbon footprint of the Sub-Fund’s investment portfolio by 50% by 2030 and by 100% by 2050, in line with the Paris Agreement objectives.

There can be no guarantee that any of the above aims will be achieved. Furthermore, the Investment Manager does not expect carbon reductions to be linear (i.e. that carbon emissions will be reduced at a particular rate per annum). The Investment Manager believes that carbon reduction technology/practices/regulations/imperatives are more likely to culminate in sporadic rather than incremental changes.
Likely impacts of sustainability risks on the returns of the Sub-Fund
The likely impacts of sustainability risks are difficult to quantify. The Investment Manager believes that the environmental, social and governance practices of a company are inherently linked to its long-term success and that those companies with ESG aligned business practices and operations are more likely to succeed and create long-term value. There can be no guarantee, however, regarding the performance of the Sub- Fund’s portfolio.
SFDR Disclosure – All other Sub-Funds C-3.1
Applicable to the following Sub-Fund:
- Event ConvexityThis disclosure is made for the purposes of Article 6 of SFDR.

Integration of sustainability risks and assessments into investment decisions
The Sub-Fund’s investment objective and policy are set out in the Sub-Fund's annex.
The Sub-Fund has no objective or commitment to invest in investments that qualify as ‘sustainable investments’ or to promote ‘environmental or social characteristics’ for the purposes of article 8 and 9 of SFDR.
While ESG Factors are not systematically integrated in the investment decision process for the Sub-Fund, the Investment Manager will consider sustainability developments from a holistic standpoint as part of its fundamental analysis.
Without prejudice to the foregoing, the Investment Manager will have regard to the LOIM group exclusion/restriction policy:
Exclusions
- Exclusion of companies involved in controversial weapons (production, research & development, maintenance/services/management, system integration, testing, sales/trade), directly or through ownership. The scope of this exclusion includes weapons banned or outlawed by the Ottawa Treaty on landmines (effective 1999), the Convention on Cluster Munitions (Oslo Convention) of 2008, the Biological and Toxin Weapons Convention (BWC – 1972) and the Chemical Weapons Convention (CWC – 1993). In addition, depleted uranium and white phosphorus are excluded.

Restrictions
- Coal and Unconventional Oil & Gas - the Investment Manager will seek to exclude companies identified as being involved in the following activities:Thermal CoalMining - companies deriving more than 10% of their revenues from thermal coal extraction.

Power Generation - companies deriving more than 10% of their revenues from coal power generation.
Unconventional Oil & Gas - companies deriving more than 10% in aggregate of their revenues from any of tar sands, shale gas and oil and arctic oil & gas exploration.
- Material breaches of UN Global Compact Principles - the Investment Manager will seek to exclude companies identified as being involved in the most severe breaches of the UN Global Compact Principles.

Any decision to exclude a company under the above restrictions remains entirely within the discretion of the Investment Manager.
Likely impacts of sustainability risks on the returns of the Sub-Fund
The likely impacts of sustainability risks are difficult to quantify. The Investment Manager believes that the environmental, social and governance practices of a company are inherently linked to its long-term success and that those companies with ESG aligned business practices and operations are more likely to succeed and create long-term value. There can be no guarantee, however, that the Investment Manager will select for the account of the Sub-Fund investments that are ESG aligned, or in the case that the Investment Manager does select such investments, that such investments will contribute to the positive performance of the Sub-Fund.
C-3.2
Applicable to the following Sub-Fund:
- Multiadvisers UCITSThis disclosure is made for the purposes of Article 6 of SFDR.

Integration of sustainability risks and assessments into investment decisions
The Sub-Fund’s investment objective and policy are set out in the Sub-Fund's annex.
The Sub-Fund has no objective or commitment to invest in investments that qualify as ‘sustainable investments’ or to promote ‘environmental or social characteristics’ for the purposes of article 8 and 9 of SFDR. As the Sub-Fund invests in underlying funds whose investment objective and policy may or not be in line with the provisions of article 8 or 9 of SFDR, the level of adherence by the Sub-Fund to these provisions through its target funds cannot be ascertained.
However, the sustainability risks are included in the investment decision-making process of the underlying funds to the extent that it has an impact on their stated strategy. This may be by securities valuation impacts, more formal impact strategies or restricted companies. Overall, there is clearly a growing proportion of investments across the equity, credit and macro space that take a view on the future impacts of ESG policies and investment methods.
Likely impacts of sustainability risks on the returns of the Sub-Fund
The impact of any such risks falls within the normal expect return scope of the Sub-Fund and negative impact on the underlying funds is expected to be limited. Indeed as ESG Factors grow with respect to their impact on security valuations, managers will adjust their pricing models to reflect this, thus including the actual market effects of ESG in the market pricing models. There can be no guarantee, however, that the Investment Manager will select for the account of the Sub-Fund investments that are ESG aligned, or in the case that the Investment Manager does select such investments, that such investments will contribute to the positive performance of the Sub-Fund.
C-3.3
Applicable to the following Sub-Fund:
- Defensive Systematic Alternative SolutionThis disclosure is made for the purposes of Article 6 of SFDR.

Integration of sustainability risks and assessments into investment decisions
The Sub-Fund’s investment objective and policy are set out in the Sub-Fund's annex.
The Sub-Fund has no objective or commitment to invest in investments that qualify as ‘sustainable investments’ or to promote ‘environmental or social characteristics’ for the purposes of article 8 and 9 of SFDR. The Investment Manager nevertheless believes that there is a strong correlation between the long term financial success and viability of an investment portfolio and its sustainability profile and therefore seeks to include ESG factors and assessments into its investment processes in respect of the Sub-Fund where it considers this possible.
The Investment Manager’s integration of ESG factors and assessments into its investment processes includes the following:
Systematic ESG screening and scoring of companies
- Screening using the Lombard Odier ESG/CAR Industrial Materiality Rating Methodology, which encompasses relevant information on each of the SFDR Focused Sustainability Indicators covering greenhouse gas emissions, energy performance, biodiversity, water utilization, waste management, social and employee matters, human rights and anti-corruption and bribery. The Lombard Odier ESG/CAR Industrial Materiality Rating Methodology enables the Investment Manager to quickly understand and compare the sustainability profiles of companies that may sit within the Sub-Fund’s target underlying universe. This scoring and rating system is also “materiality driven”, and therefore identifies the most relevant sustainability framework for each industry in order to focus on the most important ESG issues that may affect a particular company. It also aims to distinguish between companies that are merely demonstrating awareness from those that are delivering measurable outcomes (Consciousness, Actions, Results - CAR framework). Schedule I describes the Lombard Odier ESG/ CAR Industrial Materiality Rating Methodology in more detail.

Integration of the results of scoring
- The investment process of the Sub-Fund aims to reduce both the sustainability and carbon-related risks. The Investment Manager therefore aims to increase the exposure of the Sub-Fund's portfolio to companies with lower sustainability carbon-related risks.
- For the portfolio of long positions maintained by the Sub-Fund, the Investment Manager will generally seek to exclude investments in the bottom scoring 10% of companies using the Lombard Odier ESG/CAR Industrial Materiality Rating Methodology, unless there are reasons for doing so. This restriction is however not an absolute rule. Discretion is retained by the Investment Manager to invest in any company when it deems it appropriate.
- The Investment Manager will generally seek to factor the above proprietary scoring and assessments into the basket construction of the Sub-Fund’s portfolio of long positions by tilting the baskets towards enhanced sustainability and carbon scores compared to the portfolio of short positions.
- Notwithstanding the above, the Investment Manager retains complete discretion regarding the way in which it integrates ESG assessments into its investment processes and will not be bound by any aim regard integration of ESG Factors in its investment process.

Likely impacts of sustainability risks on the returns of the Sub-Fund
The likely impacts of sustainability risks are difficult to quantify. The Investment Manager believes that the environmental, social and governance practices of a company are inherently linked to its long-term success and that those companies with ESG aligned business practices and operations are more likely to succeed and create long-term value. There can be no guarantee, however, regarding the performance of the Sub- Fund’s portfolio and the impact of the integration of ESG Factors in the Investment Manager’s investment decision process.
C-3.4
Applicable to the following Sub-Fund:
- World Gold ExpertiseThis disclosure is made for the purposes of Article 6 of SFDR.

Integration of sustainability risks and assessments into investment decisions
The Sub-Fund’s investment objective and policy are set out in the Sub-Fund's annex.
The Sub-Fund has no objective or commitment to invest in investments that qualify as ‘sustainable investments’ or to promote ‘environmental or social characteristics’ for the purposes of article 8 and 9 of SFDR.
However, the Investment Manager may integrate ESG Factors as part of the fundamental assessment of a company or country and/or the portfolio construction methodology.
Sustainability features
The Investment Manager applies the following exclusions in its investment decision process with regard to the Sub-Fund:
- Exclusion of companies that act in violation of international laws and treaties.
- Exclusion of companies involved in controversial weapons (production, research & development, maintenance/services/management, system integration, testing, sales/trade), directly or through ownership. The scope of this exclusion includes weapons banned or outlawed by the Ottawa Treaty on landmines (effective 1999), the Convention on Cluster Munitions (Oslo Convention) of 2008, the Biological and Toxin Weapons Convention (BWC – 1972) and the Chemical Weapons Convention (CWC – 1993). In addition, depleted uranium and white phosphorus are excluded.

The integration of ESG Factors in its investment decision may lead the Investment Manager to identify more persistent risks pertaining to certain industries such as mining or energy.
Likely impacts of sustainability risks on the returns of the Sub-Fund
Certain sustainability risks may adversely affect the returns of the Sub-Fund. In addition, the Investment Manager considers that the occurrence of a sustainability risk may result in other (financial) risks manifesting, which can also negatively affect the value of the investment.
Given the investment universe of the Sub-Fund, the Investment Manager shall have specific regard to the sustainability risks in connection with investments in mining companies. Mining companies are increasingly expected to demonstrate responsible stewardship. Not doing so can cause reputational damage or loss of access to shared resources such as land. This can negatively influence the value of the mining company. Also, a mining company's reputation can deteriorate as a result of negative publicity about a labor issue that can cause the value of its stock to decline. The expected impact of sustainability risks on the return depends on the type of sustainability risk that materializes. For mining companies, the expected impact is generally viewed as significant.
C-3.5
Applicable to the following Sub-Fund:
- Commodity Risk PremiaThis disclosure is made for the purposes of Article 6 of SFDR.

Integration of sustainability risks and assessments into investment decisions
The Sub-Fund’s investment objective and policy are set out in the Sub-Fund's annex.
The Sub-Fund has no objective or commitment to invest in investments that qualify as ‘sustainable investments’ or to promote ‘environmental or social characteristics’ for the purposes of article 8 and 9 of SFDR.
The Sub-Fund's main objective is to replicate the performance of a proprietary commodity index which intends to capture the performance of commodities within four broad commodity sectors (i.e., precious metals, industrial metals, energy and agriculture – ex-essential food commodities).
The integration of sustainability risks in the Investment Manager's decision made for the Sub-Fund is not relevant to the extent that the underlying components of the index are commodity futures.
Likely impacts of sustainability risks on the returns of the Sub-Fund
Returns of the Sub-Fund are uncorrelated with sustainability risks.
C-3.6
Applicable to the following Sub-Fund:
- Europe High ConvictionThis disclosure is made for the purposes of Article 6 of SFDR.

Integration of sustainability risks and assessments into investment decisions
The Sub-Fund’s investment objective and policy are set out in the Sub-Fund's annex.
The Sub-Fund has no objective or commitment to invest in investments that qualify as ‘sustainable investments’ or to promote ‘environmental or social characteristics’ for the purposes of article 8 and 9 of SFDR.
While ESG Factors are not systematically integrated in the investment decision process for the Sub-Fund, the Investment Manager considers ESG Factors as a risk management tool. Specifically, the Investment Manager assesses how a company’s ESG practices may present a risk to the relevant stock’s investment profile and/or value. The Investment Manager may decide, in its sole discretion, to either exclude stocks which present certain ESG related risks or include stocks with ESG related risks if it deems that these risks are appropriately reflected in the stock price.
Without prejudice to the foregoing, the Investment Manager intends to have regard to the LOIM group exclusion/restriction policy:
Exclusions
- Exclusion of companies involved in controversial weapons (production, research & development, maintenance/services/management, system integration, testing, sales/trade), directly or through ownership. The scope of this exclusion includes weapons banned or outlawed by the Ottawa Treaty on landmines (effective 1999), the Convention on Cluster Munitions (Oslo Convention) of 2008, the Biological and Toxin Weapons Convention (BWC – 1972) and the Chemical Weapons Convention (CWC – 1993). In addition, depleted uranium and white phosphorus are excluded.

Restrictions
- Tobacco, Coal and Unconventional Oil & Gas - the Investment Manager will seek to exclude companies identified as being involved in the following activities:Tobacco - companies deriving more than 10% of their revenues from either production of tobacco products or retailing of tobacco products/services.

Thermal Coal
Mining - companies deriving more than 10% of their revenues from thermal coal extraction.
Power Generation - companies deriving more than 10% of their revenues from coal power generation.
Unconventional Oil & Gas - companies deriving more than 10% in aggregate of their revenues from any of tar sands, shale gas and oil and arctic oil & gas exploration.
Any decision to exclude a company under the above restrictions remains entirely within the discretion of the Investment Manager.
Likely impacts of sustainability risks on the returns of the Sub-Fund
The likely impacts of sustainability risks are difficult to quantify. The Investment Manager believes that the environmental, social and governance practices of a company are inherently linked to its long-term success and that those companies with ESG aligned business practices and operations are more likely to succeed and create long-term value. There can be no guarantee, however, that the Investment Manager will select for the account of the Sub-Fund investments that are ESG aligned, or in the case that the Investment Manager does select such investments, that such investments will contribute to the positive performance of the Sub-Fund.
C-3.7
Applicable to the following Sub-Funds:
- High Yield 2021
- 1
- High Yield 2022
- High Yield 2023
- High Yield 2024This disclosure is made for the purposes of Article 6 of SFDR.

Integration of sustainability risks and assessments into investment decisions
The Sub-Fund’s investment objective and policy are set out in the Sub-Fund's annex.
The Sub-Fund has no objective or commitment to invest in investments that qualify as ‘sustainable investments’ or to promote ‘environmental or social characteristics’ for the purposes of article 8 and 9 of SFDR. The Investment Manager nevertheless believes that there is a strong correlation between the long term financial success and viability of an investment portfolio and its sustainability profile and therefore seeks to include ESG factors and assessments into its investment processes in respect of the Sub-Fund where it considers this possible.
The Investment Manager’s integration of ESG factors and assessments into its investment processes includes the following:
Systematic ESG screening and scoring of companies
- Screening using the Lombard Odier ESG/CAR Industrial Materiality Rating Methodology, which encompasses relevant information on each of the SFDR Focused Sustainability Indicators covering greenhouse gas emissions, energy performance, biodiversity, water utilization, wastemanagement, social and employee matters, human rights and anti-corruption and bribery. The Lombard Odier ESG/CAR Industrial Materiality Rating Methodology enables the Investment Manager to quickly understand and compare the sustainability profiles of companies that may sit within the Sub-Fund’s target underlying universe. This scoring and rating system is also “materiality driven”, and therefore identifies the most relevant sustainability framework for each industry in order to focus on the most important ESG issues that may affect a particular company.

It also aims to distinguish between companies that are merely demonstrating awareness from those that are delivering measurable outcomes (Consciousness, Actions, Results - CAR framework). Schedule I describes the Lombard Odier ESG/CAR Industrial Materiality Rating Methodology in more detail.
Temperature assessment and alignment
- The Investment Manager, through the proprietary LOPTA (Lombard Odier Portfolio Temperature Alignment) tool, assesses the carbon footprint and temperature alignment of companies based on industry/region breakdowns, historical paths and forward looking trajectories and targets. The LOPTA framework allows the Investment Manager to analyse temperature trajectories across portfolios and the extent to which individual companies or portfolios are aligned with the climate transition by estimating the level of global warming represented by specific companies or portfolios by extrapolation to the targets for their respective peer groups.

Integration of the results of scoring and temperature alignment into basket construction
- The Sub-Fund has a buy and maintain strategy. The Investment Manager has considered the ESG scores of companies using the Lombard Odier ESG/CAR Industrial Materiality Rating Methodology in the construction of the initial portfolio.
- The Investment may also consider such scoring, as well as the LOPTA framework, if and when it decides to admit additional issuers to the Sub- Fund’s initial portfolio.
- However, given the investment universe, the Investment Manager acknowledges that the Lombard Odier ESG/CAR Industrial Materiality Rating Methodology and the LOPTA framework may be subject to limitations as a result of unavailability of ESG related data.
- Notwithstanding the above, the Investment Manager retains complete discretion regarding the way in which it integrates ESG assessments into its investment processes and will not be bound by any aim regard integration of ESG Factors in its investment process.

Likely impacts of sustainability risks on the returns of the Sub-Fund
The likely impacts of sustainability risks are difficult to quantify. The Investment Manager believes that the environmental, social and governance practices of a company are inherently linked to its long-term success and that those companies with ESG aligned business practices and operations are more likely to succeed and create long-term value. There can be no guarantee, however, regarding the performance of the Sub-Fund’s portfolio.
1  
To be changed into LO Funds – Global Income 2027 as of 2 November 2021. See SFDR disclosure C-1.14.
C-3.8
Applicable to the following Sub-Fund:
- Asia Income 2024This disclosure is made for the purposes of Article 6 of SFDR.

Integration of sustainability risks and assessments into investment decisions
The Sub-Fund’s investment objective and policy are set out in the Sub-Fund's annex.
The Sub-Fund has no objective or commitment to invest in investments that qualify as ‘sustainable investments’ or to promote ‘environmental or social characteristics’ for the purposes of article 8 and 9 of SFDR.
The Sub-Fund has a buy and maintain strategy. While ESG Factors were not systematically integrated in the construction of the Sub-Fund’s initial investment portfolio, the Investment Manager may consider sustainability developments from a holistic standpoint as part of its fundamental analysis if and when it decides to add new issuers.
Without prejudice to the foregoing, the Investment Manager will have regard to the LOIM group exclusion/restriction policy in respect of any new investments made for the account of the Sub-Fund:
Exclusions
- Exclusion of companies involved in controversial weapons (production, research & development, maintenance/services/management, system integration, testing, sales/trade), directly or through ownership. The scope of this exclusion includes weapons banned or outlawed by the Ottawa Treaty on landmines (effective 1999), the Convention on Cluster Munitions (Oslo Convention) of 2008, the Biological and Toxin Weapons Convention (BWC – 1972) and the Chemical Weapons Convention (CWC – 1993). In addition, depleted uranium and white phosphorus are excluded.

Restrictions
- Coal and Unconventional Oil & Gas - the Investment Manager seeks to exclude companies identified as being involved in the following activities:Thermal CoalMining - companies deriving more than 10% of their revenues from thermal coal extraction.

Power Generation - companies deriving more than 10% of their revenues from coal power generation.
Unconventional Oil & Gas - companies deriving more than 10% in aggregate of their revenues from any of tar sands, shale gas and oil and arctic oil & gas exploration.
- Material breaches of UN Global Compact Principles - the Investment Manager seeks to exclude companies identified as being involved in the most severe breaches of the UN Global Compact Principles.

Any decision to exclude a company under the above restrictions remains entirely within the discretion of the Investment Manager.
Likely impacts of sustainability risks on the returns of the Sub-Fund
The likely impacts of sustainability risks are difficult to quantify. The Investment Manager believes that the environmental, social and governance practices of a company are inherently linked to its long-term success and that those companies with ESG aligned business practices and operations are more likely to succeed and create long-term value. It is possible that the Sub-Fund could experience negative impacts in respect of issuers in the Sub-Fund’s portfolio whose business model and practices are not able to adapt to sustainability risks.
ANNEX C SCHEDULE I
The Lombard Odier ESG/CAR Industrial Materiality Rating Methodology
The Investment Manager’s sustainable investment framework looks at companies' business practices in relation to their broad ecosystem of stakeholders. The Investment Manager has developed a proprietary ESG materiality heatmap and rating methodology, allowing the Investment Manager to focus on the environmental, social and governance dimensions that really matter to a company across its value chain. The Investment Manager’s proprietary framework of 14 categories reflects the main dimensions of potential ESG opportunities and risks expositions across a company’s value chain. This includes upstream risks predominantly related to supply chain or natural resource usage, operational risks directly related to a company’s direct production and operational processes and downstream risks related to the potential negative impact of products and services sold. The construction of the ratings uses raw data from a variety of specialized suppliers, which includes, but is not limited to, all relevant information used in the construction of the methodology applied to measure the principal adverse impacts of the Investment Manager’s decisions on the SFDR Focused Sustainability Indicators, as further detailed in Schedule II.
The Investment Manager identifies and ranks the most material ESG dimensions for 158 GICS (Global Industry Classification Standard) Level 4 sub-industries, captured in the Investment Manager’s ESG materiality heatmap. For each company, the Investment Manager calculates a score from 0 to 100 integrating materiality by overweighting the information that has greater significance based on its specific industry, and underweighting general information that is less relevant. The methodology embeds the Investment Manager’s proprietary ‘Consciousness’,
‘Actions’ and ‘Results’ (‘CAR’) methodology which overweighs the ‘R’ component – ESG indicators linked to definitive results/outcomes. These scores allow the Investment Manager to attribute to each company an ESG rating from A+ to D based on its percentile positioning in their respective sector. The Lombard Odier ESG/CAR Industrial Materiality Rating Methodology enhances the Investment Manager’s ability to monitor a company’s progress on the most relevant sector-specific issues for long-term sustainability, and engage with them on these material issues. The methodology differentiates the talkers from the doers and achievers.
The ESG metrics and data in the Lombard Odier ESG/CAR Industrial Materiality Rating Methodology are also mapped against the 17 United Nations Sustainable Development Goals (UN SDGs). This provides the Investment Manager with another important lens to consider the sustainability of a company’s’ business practices, to inform their engagement and provides greater visibility on the alignment of the Sub-Fund’s portfolio against to the UN SDGs.
The Lombard Odier ESG/CAR Industrial Materiality Rating Methodology aims to screen not less than 90% of the companies in the investible universe of the Sub-Funds using that methodology.
Warning
The Lombard Odier ESG/CAR Industrial Materiality Rating Methodology may be subject to limitations due to the availability of data from companies/issuers or from data service providers. The Lombard Odier ESG/CAR Industrial Materiality Rating Methodology may assist an investment manager with its assessment of the sustainability profile of a company/issuer but is not definitive and is designed to be used in conjunction with other tools and assessments relating to a company’s sustainability related business model and practices.
The Lombard Odier ESG/CAR Industrial Materiality Rating Methodology is dynamic and is designed to be adaptive to changing developments in relation to sustainability. The Investment Manager may change any of its Lombard Odier ESG/CAR Industrial Materiality Rating Methodology related processes at any time without notice and at its discretion.
No guarantee or undertaking is given in relation to the financial performance of a particular company based upon its scoring under the Lombard Odier ESG/CAR Industrial Materiality Rating Methodology.
ANNEX C SCHEDULE II
Methodology used to measure the principal adverse impacts (PAI) of the Investment Manager’s decisions on the SFDR Focused Sustainability Indicators
The principal adverse impacts of the Investment Manager’s decisions on the SFDR Focused Sustainability Indicators are measured by mapping the most relevant information from the Investment Manager’s ESG database against the principal adverse sustainability indicators listed below.
The Investment Manager’s comprehensive ESG database as further detailed in Schedule I is continuously enriched by new feeders/providers and covers all sustainability dimensions. If an information required by the PAI’s is not available in the Investment Manager’s ESG database or from an external ESG data provider, a matching indicator is built using the closest relevant information to assess the PAI.
List of the SFDR Focused Sustainability Indicators
The list of the SFDR Focused Sustainability Indicators is set out below, it being understood that the actual indicators retained will depend on the final versions of the Commission Delegated Regulation supplementing SFDR, the availability of data and the Investment Manager’s view of how it integrates those indicators in its model. Discretion is maintained by the Investment Manager to adopt the sustainability indicators it deems most appropriate/relevant.
Climate and Other-Environment-related indicators
- Greenhouse gas emissions
- Energy performance
- Biodiversity
- Water
- WasteSocial and employee, respect for human rights, anti-corruption and anti-bribery
- Social and employee matters
- Human rights
- Anti-corruption and anti-briberyANNEX C SCHEDULE IIILombard Odier Portfolio Temperature Alignment ToolThe proprietary LOPTA (Lombard Odier Portfolio Temperature Alignment) tool enables the Investment Manager to rapidly assess not only the carbon footprint of companies, but also their temperature alignment based on industry/region breakdowns, historical paths and forward looking trajectories and targets. The LOPTA framework allows the Investment Manager to analyse temperature trajectories across portfolios. These proprietary temperature alignment tools seek to assess the extent to which individual companies or portfolios are aligned with the climate transition. LOPTA estimates the level of global warming represented by specific companies or portfolios by extrapolation to the targets for their respective peer groups.

PP_09.2021_en_SG_09.2021
www.lombardodier.com

Translation (ENDE, 2021-09-30):
# ANHANG A: ZUR ZEICHNUNG ANGEBOTENE TEILFONDS
Gemischte Teilfonds
LO Funds – All Roads Conservative	87
LO Funds – All Roads	90
LO Funds – All Roads Growth	93
LO Funds – Event Convexity	96
LO Funds – Multiadvisers UCITS	100
LO Funds – Defensive Systematic Alternative Solution	102
Aktienteilfonds
Globale Teilfonds
LO Funds – Generation Global	105
LO Funds – TargetNetZero Global Equity	109
Sektor-/Thementeilfonds
LO Funds – Continental Europe Family Leaders	112
LO Funds – Golden Age	116
LO Funds – World Brands	119
LO Funds – World Gold Expertise	122
LO Funds – Commodity Risk Premia	125
LO Funds – Global FinTech	128
LO Funds – Natural Capital	131
LO Funds – Global HealthTech*	134
Regionenteilfonds
LO Funds – China High Conviction	137
LO Funds – TargetNetZero Europe Equity	140
LO Funds – Europe All Cap Leaders*	143
LO Funds – Europe High Conviction	146
LO Funds – Continental Europe Small & Mid Leaders	150
LO Funds – Emerging High Conviction	153
LO Funds – Asia High Conviction	156
LO Funds – TerreNeuve	159
LO Funds – Swiss Equity	162
LO Funds – Swiss Small & Mid Caps	165
LO Funds – Climate Transition	168
Fixed-Income-Teilfonds
Staatsanleihenteilfonds
LO Funds – Global Inflation-Linked Fundamental	171
LO Funds – Global Government Fundamental	174
Aggregate-Teilfonds
LO Funds – Global Climate Bond	177
Unternehmensanleihen-Teilfonds
LO Funds – TargetNetZero Global IG Corporate	180
LO Funds – TargetNetZero Euro IG Corporate	183
LO Funds – Global BBB-BB Fundamental	186
LO Funds – Euro BBB-BB Fundamental	189
LO Funds – Swiss Franc Credit Bond (Foreign)	192
LO Funds – Ultra Low Duration (USD)	195
LO Funds – Ultra Low Duration (EUR)	198
LO Funds – Fallen Angels Recovery	201
LO Funds – Natural Capital Credit*	204
Emerging-Market-Teilfonds
LO Funds – Emerging Local Currency Bond Fundamental	207
LO Funds – Asia Value Bond	210
LO Funds – Asia Investment Grade Bond	213
Wandelanleihen-Teilfonds
LO Funds – Convertible Bond	216
LO Funds – Global Convertible Bond Defensive Delta	219
LO Funds – Convertible Bond Asia	222
LO Funds – TargetNetZero Global Convertible Bond	225
Buy and Maintain**
LO Funds – High Yield 2021*
1	
228
LO Funds – Global Income 2027
2	
231
LO Funds – High Yield 2022	234
LO Funds – High Yield 2023	237
LO Funds – High Yield 2024	240
LO Funds – Asia Income 2024	243
LO Funds – Asia Income 2025	246
LO Funds – Asia Income 2026	249
Kurzfristige Geldmarkt-Teilfonds
LO Funds – Short-Term Money Market (EUR)	252
LO Funds – Short-Term Money Market (USD)	255
LO Funds – Short-Term Money Market (GBP)	258
LO Funds – Short-Term Money Market (CHF)	261
1  
Per 2. November 2021 in LO Funds – Global Income 2027 umzuwandeln.
2  
Ab 2. November 2021
*	Dieser Teilfonds ist zum Zeitpunkt der Prospektveröffentlichung ruhend und kann jederzeit erneut aufgelegt werden. Die Anleger werden gebeten, die Website der Lombard Odier Gruppe zu konsultieren (www.loim.com), wenn sie wissen wollen, ob der Teilfonds in dem Zeitraum von der Veröffentlichung des Prospekts bis zu dessen nächster Überarbeitung, in dem die Liste der ruhenden Teilfonds aktualisiert wird, aufgelegt wurde.
**	Unbeschadet der Bestimmungen im Kapitel "Liquidation, Zwangsrücknahme und Verschmelzung von Teilfonds" ist geplant, jeden dieser Teilfonds bis zu einem Tag in dem Jahr zu verwalten, das in der Anlagepolitik genannt wird
(nachstehend "das Ende der Laufzeit"), sie am Ende der Laufzeit zu liquidieren und danach den Anlegern den gesamten Liquidationserlös in bar auszubezahlen. Sollten jedoch (i) am Ende der Laufzeit aussergewöhnliche Marktbedingungen vorherrschen und sollte der Fondsmanager der Meinung sein, dass der Verkauf des Vermögens der Teilfonds nicht im besten Interesse der Aktieninhaber ist, kann der Verwaltungsrat beschliessen, den Verkauf und die Abschlusszahlung
des Liquidationserlöses bis zu vier Monate nach Ende des in der Anlagepolitik angegebenen Jahres aufzuschieben, worüber die Aktieninhaber 30 Tage im Voraus informiert werden, oder (ii) sollte die objektive Rendite vor dem Ende der Laufzeit erreicht werden und sollte der Fondsmanager der Meinung sein, dass der Verkauf des Vermögens des Teilfonds vor dem Ende der Laufzeit im besten Interesse der Aktieninhaber ist, kann der Verwaltungsrat den Teilfonds vor dem Ende der Laufzeit liquidieren oder verschmelzen, worüber die Aktieninhaber mindestens 30 Tage vor der Liquidation informiert werden, oder (iii) sollten gegen Ende der Laufzeit angemessene Marktbedingungen vorherrschen und sollte
der Fondsmanager der Meinung sein, dass es im besten Interesse der Aktieninhaber ist, kann der Verwaltungsrat
einen neuen Anlagezeitraum (d.h. ein neues Ende der Laufzeit) beschliessen, worüber die Aktieninhaber mindestens 30 Tage vor dem Ende der ursprünglichen Laufzeit informiert werden. Sie können dann die Rücknahme ihrer Aktien ohne Rücknahmegebühren oder die kostenlose Umwandlung ihrer Aktien in Aktien eines anderen Teilfonds verlangen. Der Teilfonds wird wahrscheinlich umbenannt, um dem neuen Ende der Laufzeit Rechnung zu tragen.
Gemischte Teilfonds

### LO Funds – All Roads Conservative
Anlageziel und Anlagepolitik
Der Teilfonds wird aktiv verwaltet. Die Verwaltung des Teilfonds orientiert sich nicht an einem Index.
Dieser Teilfonds setzt eine Asset-Allocation-Strategie für Anleihen, andere fest- oder variabel verzinsliche Schuldtitel und kurzfristige Schuldtitel, die von staatlichen oder nichtstaatlichen Emittenten begeben oder garantiert werden, Wandelanleihen, Aktien, Währungen und/oder Zahlungsmittel und Zahlungsmitteläquivalente um, die auf Währungen der OECD-Staaten und/oder der Emerging Markets, einschliesslich CNH und CNY, lauten. Die oben beschriebenen Instrumente müssen kein bestimmtes Rating aufweisen ("Non-Investment-Grade"-Wertpapiere wie in
Paragraph 3.2 beschrieben sind ebenfalls erlaubt). Die Wahl der Emittenten, Märkte (insbesondere darf der Teilfonds vollständig in den Emerging Markets investiert sein) und Währungen (einschliesslich Emerging-Market-Währungen) liegt im freien Ermessen des Fondsmanagers.
Der Teilfonds kann bis zu 10% seines Nettovermögens in Aktien von auf dem chinesischen Festland eingetragenen Unternehmen (einschliesslich chinesischer A-Aktien) investieren, die an Börsen gehandelt werden. Die chinesischen A-Aktien werden über Stock Connect erworben. Bis zu 20% des Portefeuilles des Teilfonds dürfen in Anleihen des CIBM investiert werden, insbesondere über Bond Connect. Bitte beachten Sie den Anhang zu den Risikofaktoren, insbesondere Paragraph 2.12 zu den Risiken solcher Anlagen.
Der Fondsmanager kann qualitative und/oder systematische Strategien wie risikobasierte Methoden einsetzen. Bei diesen Methoden wird die Gewichtung des einzelnen Vermögenswerts bzw. einer Gruppe von Vermögenswerten so angepasst, dass dessen/deren Beitrag zum gesamten Portfoliorisiko kontrolliert werden kann. Bei ansonsten gleichen Merkmalen ist die Gewichtung eines Vermögenswerts bzw. einer Gruppe von Vermögenswerten im Portefeuille umso geringer, je höher dessen/deren Verlustrisiko ist. Dieses Risiko wird für jeden Vermögenswert bzw. jede Gruppe von Vermögenswerten mithilfe eigener Modelle auf Basis verschiedener Daten, zum Beispiel historischer Preisschwankungen, berechnet.
Neben den erwähnten Anlagen darf der Fondsmanager Finanzderivate verwenden, um (i) Long- und Short-Positionen in Währungen einzugehen (OECD- und/oder Emerging-Market-Währungen) und/oder um (ii) das Engagement in bestimmten Anlagekategorien, Märkten (einschliesslich Emerging Markets) und Indizes (einschliesslich Rohstoffindizes) zu erhöhen oder zu reduzieren.
Rohstoffstrategien können mittels einer Swap-Vereinbarung umgesetzt werden, die unter Paragraph 3.3.1 und Paragraph 3.3.2 näher erklärt wird.
Im Rahmen der Umsetzung seiner Anlagestrategie kann der Teilfonds auch eine ungedeckte Excess-Return-Swap-Vereinbarung abschliessen, die unter Paragraph 3.3.5 näher erklärt wird. Der Fondsmanager hält eine solche ungedeckte Excess-Return-Swap-Vereinbarung für ein effizientes Instrument zur Umsetzung einer Long/Short-Aktienstrategie, das gleichzeitig die Kosten und die Liquiditätsrisiken reduziert.
Der Teilfonds schliesst Swap-Vereinbarungen ausschliesslich mit erstklassigen Finanzinstituten als Gegenparteien ab.
Der Teilfonds kann ausserdem im Einklang mit den geltenden Diversifikationsvorschriften vollständig in Zahlungsmitteln und Zahlungsmitteläquivalenten (einschliesslich kurzfristiger ABS/MBS, die bis zu 10% der Anlagen in Zahlungsmittel und Zahlungsmitteläquivalente ausmachen dürfen) investiert sein, wenn der Fondsmanager beispielsweise der Meinung ist, dass der Teilfonds defensiv positioniert sein sollte.
Wie in Paragraph 3.1 erwähnt, darf der Teilfonds bis zu 10% seines Nettovermögens in OGA halten.
Die Strategie des Teilfonds zielt darauf ab, ein konservatives Risikoprofil umzusetzen. Das erwartete Leverage-Niveau dürfte relativ niedrig bleiben.
Risiken
Die Anleger sollten sich bewusst sein, dass der Wert ihrer Anlage sowohl steigen als auch fallen kann. Sie sollten in Kauf nehmen, dass sie ihr ursprünglich investiertes Kapital unter Umständen nicht zurückerhalten.
Vorbehaltlich der in den Anlagerestriktionen (siehe Kapitel 4 des Prospekts) erlaubten Grenzen ist der Fondsmanager berechtigt, Finanzderivate einzusetzen (darunter namentlich Futures, Kreditderivate einschliesslich CDS, sowie Zins-, Inflations-, Währungs- und Volatilitätsderivate):
- zur Absicherung	Ja
- zu EPM-Zwecken	Ja
- als Teil der Anlagestrategie	JaDie Verwendung von strukturierten Finanzinstrumenten ist in Paragraph 3.1 oben beschrieben.

Die Anleger werden auf den Anhang zu den Risikofaktoren hingewiesen, in dem die Risikofaktoren des Teilfonds aufgeführt sind.
Referenzwährung
EUR
Zur Zeichnung aufliegende Aktienklassen
Aktien können auch verschiedene Formen annehmen (d.h. in Bezug auf Alternativwährungen, Ausschüttungspolitik, Währungsabsicherungspolitik, Seeding, "Connect"): siehe Paragraph 2.2.
In Bezug auf die Dividendenpolitik der Aktien gelten neben den Bestimmungen im Abschnitt des Prospekts zur Dividendenpolitik die folgenden Grundsätze:
- Es können feste Dividendenausschüttungen vorgenommen werden, deren Betrag an der ersten Ausschüttung eines Jahres vom Verwaltungsrat für das Jahr, für das er gilt, festgelegt wird;
- die Frequenz der Ausschüttungen kann jährlich oder halbjährlich sein.

Der Verwaltungsrat kann in eigenem Ermessen die oben aufgeführten Grundsätze anwenden und den Betrag der festen Ausschüttungen sowie die Frequenz ihrer Zahlungen unter Berücksichtigung von Marktereignissen oder anderen Umständen wie den Anforderungen der Anleger und deren bestem Interesse ändern oder anpassen.
|  | P-Aktien | R-Aktien | N-Aktien | I-Aktien | S-Aktien | M-Aktien | H-Aktien | E-Aktien |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Anlegertyp | Siehe Tabelle in Paragraph 2.2 im allgemeinen Teil des Prospekts |
| Erstmalige Mindestanlage bzw. Mindestanlagebetrag | Gegenwert von EUR 3’000 | Gegenwert von EUR 1’000 | Gegenwert von CHF 1’000’000 | Gegenwert von CHF 1’000’000 | t.b.d. | Gegenwert von EUR 3’000 | Gegenwert von EUR 3’000 | Nein |
| Maximaler FROC | 0,44% | 0,56% | 0,28% | 0,24% | 0,10% | 0,44% | 0,56% | 0,44% |
| Maximale Managementgebühr | 1,00% | 1,00% | 1,00% | 1,00% | k.A. | 1,10% | 2,00% | k.A. |
| Maximale Vertriebsgebühr | 1,00% | 1,55% | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. |
| Performance-Fee | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. |
| Höchstsatz der Managementgebühren, wenn der Teilfonds in andere OGAW oder OGA oder Ziel-Teilfonds investiert* | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% |
| Handelsgebühr | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% |
| * Ungeachtet einer Performance-Fee, die zusätzlich zu dieser Limite erhoben werden kann. |

Offenlegung gemäss SFDR
Die Einstufung des Teilfonds gemäss SFDR, die Art und Weise, in der der Fondsmanager Nachhaltigkeitsrisiken in seine Anlageentscheidungen in Bezug auf die Teilfonds integriert, sowie die Ergebnisse der Bewertung der wahrscheinlichen Auswirkungen von Nachhaltigkeitsrisiken auf die Renditen des Teilfonds sind im SFDR-Anhang dargelegt.
Fondsmanager
Siehe Paragraph 6.3
Ansatz, mit dem das Gesamtrisiko des Teilfonds berechnet wird
Absoluter VaR
Referenzportefeuille ausschliesslich für die Gesamtrisikomessung
Nicht anwendbar
Erwartetes  Leverage-Niveau
Es wird erwartet, dass das Leverage des Teilfonds für den Gesamtnennwert der Finanzderivate rund 250% des Nettoinventarwerts betragen wird.
Es wird erwartet, dass das Engagement des Teilfonds in Total Return Swaps, das als Summe der Nennwerte ausgedrückt wird, zwischen 0% und 100% des Nettoinventarwerts betragen wird. In Fällen, in denen diese Spanne durchbrochen wird, dürfte das Engagement unter 250% bleiben.
Die Anleger werden darauf hingewiesen, dass die erwarteten Engagements und Leverage-Niveaus überschritten werden können.
Risikobudget
6%
Profil des typischen Anlegers
Der Teilfonds ist geeignet für Anleger, die:
- einen langfristigen Kapitalzuwachs anstreben; und
- bereit sind, das erhöhte Risiko zu tragen, das mit den Anlagekategorien verbunden ist, die im Anlageziel und in der Anlagepolitik beschrieben sind; und
- der Volatilität ihrer Aktien standhalten können.

Zeichnungsverfahren
Die Zeichnungsbeträge sind gemäss dem in Kapitel 20 des Prospekts beschriebenen Verfahren zu überweisen. Zeichnungsanträge müssen spätestens zur betreffenden Annahmeschlusszeit bei der Gesellschaft eingehen.
Die Zeichnungsbeträge sind der Verwahrstelle in der Referenzwährung oder im Falle von in einer Alternativwährung begebenen Klassen in der Alternativwährung mit Valuta vor dem Zahlungstermin unter Angabe der genauen Identität der/des Aktienzeichner(s) und des Teilfonds, von dem Aktien gezeichnet werden, zu überweisen.
Annahmeschlusszeit
| Annahmeschlusszeit 1  (Luxemburger Zeit) (Zeichnungs-, Rücknahme- und Umtauschanträge) | Bewertungstag 2  ("T") | Zahlungstermin 3 |
| --- | --- | --- |
| 15.00 Uhr am T-1 Tag | Täglich | Bis zu T+3 Tage 4 |

Hinweis: Als Tag ist ein Geschäftstag zu verstehen
1 
Ist dieser Tag kein Geschäftstag, einen Geschäftstag in Luxemburg vor dem betreffenden Tag.
2 
Ist dieser Bewertungstag kein Geschäftstag, gilt als Bewertungstag der nächste Geschäftstag oder der vorhergehende Geschäftstag bei einer Bewertung alle zwei Monate.
3 
Für Rücknahmen erfolgen die Zahlungen normalerweise in der Referenzwährung.
4 
Die Aktieninhaber werden gebeten, den jeweils geltenden Zahlungstermin der Website der Lombard Odier Gruppe (www.loim.com) zu entnehmen.
Weitere Einzelheiten sind in Paragraph 12.1 "Allgemeine Bestimmungen" des Kapitels 12 "Ausgabe und Verkauf der Aktien" enthalten.
Gemischte Teilfonds

### LO Funds – All Roads
Anlageziel und Anlagepolitik
Der Teilfonds wird aktiv verwaltet. Die Verwaltung des Teilfonds orientiert sich nicht an einem Index.
Dieser Teilfonds setzt eine Asset-Allocation-Strategie für Anleihen, andere fest- oder variable verzinsliche Schuldtitel und kurzfristige Schuldtitel, die von staatlichen oder nichtstaatlichen Emittenten begeben oder garantiert werden, Wandelanleihen, Aktien, Währungen und/oder Zahlungsmittel und Zahlungsmitteläquivalente um, die auf Währungen der OECD-Staaten und/oder der Emerging Markets, einschliesslich CNH und CNY, lauten. Die oben beschriebenen Instrumente müssen kein bestimmtes Rating aufweisen ("Non-Investment-Grade"-Wertpapiere wie in
Paragraph 3.2 beschrieben sind ebenfalls erlaubt). Die Wahl der Emittenten, Märkte (insbesondere darf der Teilfonds vollständig in den Emerging Markets investiert sein) und Währungen (einschliesslich Emerging-Market-Währungen) liegt im freien Ermessen des Fondsmanagers.
Der Teilfonds kann bis zu 10% seines Nettovermögens in Aktien von auf dem chinesischen Festland eingetragenen Unternehmen (einschliesslich chinesischer A-Aktien) investieren, die an Börsen gehandelt werden. Die chinesischen A-Aktien werden über Stock Connect erworben. Bis zu 20% des Portefeuilles des Teilfonds dürfen in Anleihen des CIBM investiert werden, insbesondere über Bond Connect. Bitte beachten Sie den Anhang zu den Risikofaktoren, insbesondere Paragraph 2.12 zu den Risiken solcher Anlagen.
Der Fondsmanager kann qualitative und/oder systematische Strategien wie risikobasierte Methoden einsetzen. Bei diesen Methoden wird die Gewichtung des einzelnen Vermögenswerts bzw. einer Gruppe von Vermögenswerten so angepasst, dass dessen/deren Beitrag zum gesamten Portfoliorisiko kontrolliert werden kann. Bei ansonsten gleichen Merkmalen ist die Gewichtung eines Vermögenswerts bzw. einer Gruppe von Vermögenswerten im Portefeuille somit umso geringer, je höher dessen/deren Verlustrisiko ist. Dieses Risiko wird für jeden Vermögenswert bzw. jede Gruppe von Vermögenswerten mithilfe eigener Modelle auf Basis verschiedener Daten, zum Beispiel historische Preisschwankungen, berechnet.
Neben den erwähnten Anlagen darf der Fondsmanager Finanzderivate verwenden, um (i) Long- und Short-Positionen in Währungen einzugehen (OECD- und/oder Emerging-Market-Währungen) und/oder um (ii) das Engagement in bestimmten Anlagekategorien, Märkten (einschliesslich Emerging Markets) und Indizes (einschliesslich Rohstoffindizes) zu erhöhen oder zu reduzieren.
Rohstoffstrategien können mittels einer Swap-Vereinbarung umgesetzt werden, die unter Paragraph 3.3.1 und Paragraph 3.3.2 näher erklärt wird.
Im Rahmen der Umsetzung seiner Anlagestrategie kann der Teilfonds auch eine ungedeckte Excess-Return-Swap-Vereinbarung abschliessen, die unter Paragraph 3.3.5 näher erklärt wird. Der Fondsmanager hält eine solche ungedeckte Excess-Return-Swap-Vereinbarung für ein effizientes Instrument zur Umsetzung einer Long/Short-Aktienstrategie, das gleichzeitig die Kosten und die Liquiditätsrisiken reduziert.
Der Teilfonds schliesst Swap-Vereinbarungen ausschliesslich mit erstklassigen Finanzinstituten als Gegenparteien ab.
Der Teilfonds kann ausserdem im Einklang mit den geltenden Diversifikationsvorschriften vollständig in Zahlungsmittel und Zahlungsmitteläquivalente (einschliesslich kurzfristiger ABS/MBS, die bis zu 10% der Anlagen in Zahlungsmittel und Zahlungsmitteläquivalente ausmachen dürfen) investiert sein, wenn der Fondsmanager beispielsweise der Meinung ist, dass der Teilfonds defensiv positioniert sein sollte.
Wie in Paragraph 3.1 erwähnt, darf der Teilfonds bis zu 10% seines Nettovermögens in OGA halten.
Die Strategie des Teilfonds zielt darauf ab, ein ausgewogenes Risikoprofil umzusetzen. Das erwartete Leverage-Niveau dürfte relativ moderat bleiben.
Risiken
Die Anleger sollten sich bewusst sein, dass der Wert ihrer Anlage sowohl steigen als auch fallen kann. Sie sollten in Kauf nehmen, dass sie ihr ursprünglich investiertes Kapital unter Umständen nicht zurückerhalten.
Vorbehaltlich der in den Anlagerestriktionen (siehe Kapitel 4 des Prospekts) erlaubten Grenzen ist der Fondsmanager berechtigt, Finanzderivate einzusetzen (darunter namentlich Futures, Kreditderivate einschliesslich CDS, sowie Zins-, Inflations-, Währungs- und Volatilitätsderivate):
- zur Absicherung	Ja
- zu EPM-Zwecken	Ja
- als Teil der Anlagestrategie	JaDie Verwendung von strukturierten Finanzinstrumenten ist in Paragraph 3.1 beschrieben.

Die Anleger werden auf den Anhang zu den Risikofaktoren hingewiesen, in dem die Risikofaktoren des Teilfonds aufgeführt sind.
Referenzwährung
EUR
Zur Zeichnung aufliegende Aktienklassen
Aktien können auch verschiedene Formen annehmen (d.h. in Bezug auf Alternativwährungen, Ausschüttungspolitik, Währungsabsicherungspolitik, Seeding, "Connect"): siehe Paragraph 2.2.
In Bezug auf die Dividendenpolitik der Aktien gelten neben den Bestimmungen im Abschnitt des Prospekts zur Dividendenpolitik die folgenden Grundsätze:
- Es können feste Dividendenausschüttungen vorgenommen werden, deren Betrag an der ersten Ausschüttung eines Jahres vom Verwaltungsrat für das Jahr, für das er gilt, festgelegt wird;
- die Frequenz der Ausschüttungen kann jährlich oder halbjährlich sein.

Der Verwaltungsrat kann in eigenem Ermessen die oben aufgeführten Grundsätze anwenden und den Betrag der festen Ausschüttungen sowie die Frequenz ihrer Zahlungen unter Berücksichtigung von Marktereignissen oder anderen Umständen wie den Anforderungen der Anleger und deren bestem Interesse ändern oder anpassen.
|  | P-Aktien | R-Aktien | N-Aktien | I-Aktien | S-Aktien | M-Aktien | H-Aktien | E-Aktien |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Anlegertyp | Siehe Tabelle in Paragraph 2.2 im allgemeinen Teil des Prospekts |
| Erstmalige Mindestanlage bzw. Mindestanlagebetrag | Gegenwert von EUR 3’000 | Gegenwert von EUR 1’000 | Gegenwert von CHF 1’000’000 | Gegenwert von CHF 1’000’000 | t.b.d. | Gegenwert von EUR 3’000 | Gegenwert von EUR 3’000 | Nein |
| Maximaler FROC | 0,44% | 0,56% | 0,28% | 0,24% | 0,10% | 0,44% | 0,56% | 0,44% |
| Maximale Managementgebühr | 1,00% | 1,00% | 1,00% | 1,00% | k.A. | 1,10% | 2,00% | k.A. |
| Maximale Vertriebsgebühr | 1,00% | 1,55% | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. |
| Performance-Fee | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. |
| Höchstsatz der Managementgebühren, wenn der Teilfonds in andere OGAW oder OGA oder Ziel-Teilfonds investiert* | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% |
| Handelsgebühr | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% |
| * Ungeachtet einer Performance-Fee, die zusätzlich zu dieser Limite erhoben werden kann. |

Offenlegung gemäss SFDR
Die Einstufung des Teilfonds gemäss SFDR, die Art und Weise, in der der Fondsmanager Nachhaltigkeitsrisiken in seine Anlageentscheidungen in Bezug auf die Teilfonds integriert, sowie die Ergebnisse der Bewertung der wahrscheinlichen Auswirkungen von Nachhaltigkeitsrisiken auf die Renditen des Teilfonds sind im SFDR-Anhang dargelegt.
Fondsmanager
Siehe Paragraph 6.3
Ansatz, mit dem das Gesamtrisiko des Teilfonds berechnet wird
Absoluter VaR
Referenzportefeuille ausschliesslich für die Gesamtrisikomessung
Nicht anwendbar
Erwartetes  Leverage-Niveau
Es wird erwartet, dass das Leverage des Teilfonds für den Gesamtnennwert der Finanzderivate rund 300% des Nettoinventarwerts betragen wird.
Es wird erwartet, dass das Engagement des Teilfonds in Total Return Swaps, das als Summe der Nennwerte ausgedrückt wird, zwischen 0% und 100% des Nettoinventarwerts betragen wird. In Fällen, in denen diese Spanne durchbrochen wird, dürfte das Engagement unter 300% bleiben.
Die Anleger werden darauf hingewiesen, dass die erwarteten Engagements und Leverage-Niveaus überschritten werden können.
Risikobudget
8%
Profil des typischen Anlegers
Der Teilfonds ist geeignet für Anleger, die:
- einen langfristigen Kapitalzuwachs anstreben; und
- bereit sind, das erhöhte Risiko zu tragen, das mit den Anlagekategorien verbunden ist, die im Anlageziel und in der Anlagepolitik beschrieben sind; und
- der Volatilität ihrer Aktien standhalten können.

Zeichnungsverfahren
Die Zeichnungsbeträge sind gemäss dem in Kapitel 20 des Prospekts beschriebenen Verfahren zu überweisen. Zeichnungsanträge müssen spätestens zur betreffenden Annahmeschlusszeit bei der Gesellschaft eingehen.
Die Zeichnungsbeträge sind der Verwahrstelle in der Referenzwährung oder im Falle von in einer Alternativwährung begebenen Klassen in der Alternativwährung mit Valuta vor dem Zahlungstermin unter Angabe der genauen Identität der/des Aktienzeichner(s) und des Teilfonds, von dem Aktien gezeichnet werden, zu überweisen.
Annahmeschlusszeit
| Annahmeschlusszeit 1  (Luxemburger Zeit) (Zeichnungs-, Rücknahme- und Umtauschanträge) | Bewertungstag 2  ("T") | Zahlungstermin 3 |
| --- | --- | --- |
| 15.00 Uhr am T-1 Tag | Täglich | Bis zu T+3 Tage 4 |

Hinweis: Als Tag ist ein Geschäftstag zu verstehen
1  
Ist dieser Tag kein Geschäftstag, einen Geschäftstag in Luxemburg vor dem betreffenden Tag.
2  
Ist dieser Bewertungstag kein Geschäftstag, gilt als Bewertungstag der nächste Geschäftstag oder der vorhergehende Geschäftstag bei einer Bewertung alle zwei Monate.
3  
Für Rücknahmen erfolgen die Zahlungen normalerweise in der Referenzwährung.
4  
Die Aktieninhaber werden gebeten, den jeweils geltenden Zahlungstermin der Website der Lombard Odier Gruppe (www.loim.com) zu entnehmen.
Weitere Einzelheiten sind in Paragraph 12.1 "Allgemeine Bestimmungen" des Kapitels 12 "Ausgabe und Verkauf der Aktien" enthalten.
Gemischte Teilfonds

### LO Funds – All Roads Growth
Anlageziel und Anlagepolitik
Der Teilfonds wird aktiv verwaltet. Die Verwaltung des Teilfonds orientiert sich nicht an einem Index.
Dieser Teilfonds setzt eine Asset-Allocation-Strategie für Anleihen, andere fest- oder variabel verzinsliche Schuldtitel und kurzfristige Schuldtitel, die von staatlichen oder nichtstaatlichen Emittenten begeben oder garantiert werden, Wandelanleihen, Aktien, Währungen und/oder Zahlungsmittel und Zahlungsmitteläquivalente um, die auf Währungen der OECD-Staaten und/oder der Emerging Markets, einschliesslich CNH und CNY, lauten. Die oben beschriebenen Instrumente müssen kein bestimmtes Rating aufweisen ("Non-Investment-Grade"-Wertpapiere wie in
Paragraph 3.2 beschrieben sind ebenfalls erlaubt). Die Wahl der Emittenten, Märkte (insbesondere darf der Teilfonds vollständig in den Emerging Markets investiert sein) und Währungen (einschliesslich Emerging-Market-Währungen) liegt im freien Ermessen des Fondsmanagers.
Der Teilfonds kann bis zu 15% seines Nettovermögens in Aktien von auf dem chinesischen Festland eingetragenen Unternehmen (einschliesslich chinesischer A-Aktien) investieren, die an Börsen gehandelt werden. Die chinesischen A-Aktien werden über Stock Connect erworben. Bis zu 35% des Portefeuilles des Teilfonds dürfen in Anleihen des CIBM investiert werden, insbesondere über Bond Connect. Bitte beachten Sie den Anhang zu den Risikofaktoren, insbesondere Paragraph 2.12 zu den Risiken solcher Anlagen.
Der Fondsmanager kann qualitative und/oder systematische Strategien wie risikobasierte Methoden einsetzen. Bei diesen Methoden wird die Gewichtung des einzelnen Vermögenswerts bzw. einer Gruppe von Vermögenswerten so angepasst, dass dessen/deren Beitrag zum gesamten Portfoliorisiko kontrolliert werden kann. Bei ansonsten gleichen Merkmalen ist die Gewichtung eines Vermögenswerts bzw. einer Gruppe von Vermögenswerten im Portefeuille umso geringer, je höher dessen/deren Verlustrisiko ist. Dieses Risiko wird für jeden Vermögenswert bzw. jede Gruppe von Vermögenswerten mithilfe eigener Modelle auf Basis verschiedener Daten, zum Beispiel historischer Preisschwankungen, berechnet.
Neben den erwähnten Anlagen darf der Fondsmanager Finanzderivate verwenden, um (i) Long- und Short-Positionen in Währungen einzugehen (OECD- und/oder Emerging-Market-Währungen) und/oder um (ii) das Engagement in bestimmten Anlagekategorien, Märkten (einschliesslich Emerging Markets) und Indizes (einschliesslich Rohstoffindizes) zu erhöhen oder zu reduzieren.
Rohstoffstrategien können mittels einer Swap-Vereinbarung umgesetzt werden, die unter Paragraph 3.3.1 und Paragraph 3.3.2 näher erklärt wird.
Im Rahmen der Umsetzung seiner Anlagestrategie kann der Teilfonds auch eine ungedeckte Excess-Return-Swap-Vereinbarung abschliessen, die unter Paragraph 3.3.5 näher erklärt wird. Der Fondsmanager hält eine solche ungedeckte Excess-Return-Swap-Vereinbarung für ein effizientes Instrument zur Umsetzung einer Long/Short-Aktienstrategie, das gleichzeitig die Kosten und die Liquiditätsrisiken reduziert.
Der Teilfonds schliesst Swap-Vereinbarungen ausschliesslich mit erstklassigen Finanzinstituten als Gegenparteien ab.
Der Teilfonds kann ausserdem im Einklang mit den geltenden Diversifikationsvorschriften vollständig in Zahlungsmitteln und Zahlungsmitteläquivalenten (einschliesslich kurzfristiger ABS/MBS, die bis zu 10% der Anlagen in Zahlungsmittel und Zahlungsmitteläquivalente ausmachen dürfen) investiert sein, wenn der Fondsmanager beispielsweise der Meinung ist, dass der Teilfonds defensiv positioniert sein sollte.
Wie in Paragraph 3.1 erwähnt, darf der Teilfonds bis zu 10% seines Nettovermögens in OGA halten.
Die Strategie des Teilfonds zielt darauf ab, ein wachstumsorientiertes Risikoprofil umzusetzen. Das erwartete Leverage-Niveau dürfte relativ hoch bleiben.
Risiken
Die Anleger sollten sich bewusst sein, dass der Wert ihrer Anlage sowohl steigen als auch fallen kann. Sie sollten in Kauf nehmen, dass sie ihr ursprünglich investiertes Kapital unter Umständen nicht zurückerhalten.
Vorbehaltlich der in den Anlagerestriktionen (siehe Kapitel 4 des Prospekts) erlaubten Grenzen ist der Fondsmanager berechtigt, Finanzderivate einzusetzen (darunter namentlich Futures, Kreditderivate einschliesslich CDS, sowie Zins-, Inflations-, Währungs- und Volatilitätsderivate):
- zur Absicherung	Ja
- zu EPM-Zwecken	Ja
- als Teil der Anlagestrategie	JaDie Verwendung von strukturierten Finanzinstrumenten ist in Paragraph 3.1 oben beschrieben.

Die Anleger werden auf den Anhang zu den Risikofaktoren hingewiesen, in dem die Risikofaktoren des Teilfonds aufgeführt sind.
Referenzwährung
EUR
Zur Zeichnung aufliegende Aktienklassen
Aktien können auch verschiedene Formen annehmen (d.h. in Bezug auf Alternativwährungen, Ausschüttungspolitik, Währungsabsicherungspolitik, Seeding, "Connect"): siehe Paragraph 2.2.
In Bezug auf die Dividendenpolitik der Aktien gelten neben den Bestimmungen im Abschnitt des Prospekts zur Dividendenpolitik die folgenden Grundsätze:
- Es können feste Dividendenausschüttungen vorgenommen werden, deren Betrag an der ersten Ausschüttung eines Jahres vom Verwaltungsrat für das Jahr, für das er gilt, festgelegt wird;
- die Frequenz der Ausschüttungen kann jährlich oder halbjährlich sein.

Der Verwaltungsrat kann in eigenem Ermessen die oben aufgeführten Grundsätze anwenden und den Betrag der festen Ausschüttungen sowie die Frequenz ihrer Zahlungen unter Berücksichtigung von Marktereignissen oder anderen Umständen wie den Anforderungen der Anleger und deren bestem Interesse ändern oder anpassen.
|  | P-Aktien | R-Aktien | N-Aktien | I-Aktien | S-Aktien | M-Aktien | H-Aktien | E-Aktien |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Anlegertyp | Siehe Tabelle in Paragraph 2.2 im allgemeinen Teil des Prospekts |
| Erstmalige Mindestanlage bzw. Mindestanlagebetrag | Gegenwert von EUR 3’000 | Gegenwert von EUR 1’000 | Gegenwert von CHF 1’000’000 | Gegenwert von CHF 1’000’000 | t.b.d. | Gegenwert von EUR 3’000 | Gegenwert von EUR 3’000 | Nein |
| Maximaler FROC | 0,44% | 0,56% | 0,28% | 0,24% | 0,10% | 0,44% | 0,56% | 0,44% |
| Maximale Managementgebühr | 1,00% | 1,00% | 1,00% | 1,00% | k.A. | 1,10% | 2,00% | k.A. |
| Maximale Vertriebsgebühr | 1,00% | 1,55% | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. |
| Performance-Fee | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. |
| Höchstsatz der Managementgebühren, wenn der Teilfonds in andere OGAW oder OGA oder Ziel-Teilfonds investiert* | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% |
| Handelsgebühr | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% |
| * Ungeachtet einer Performance-Fee, die zusätzlich zu dieser Limite erhoben werden kann. |

Offenlegung gemäss SFDR
Die Einstufung des Teilfonds gemäss SFDR, die Art und Weise, in der der Fondsmanager Nachhaltigkeitsrisiken in seine Anlageentscheidungen in Bezug auf die Teilfonds integriert, sowie die Ergebnisse der Bewertung der wahrscheinlichen Auswirkungen von Nachhaltigkeitsrisiken auf die Renditen des Teilfonds sind im SFDR-Anhang dargelegt.
Fondsmanager
Siehe Paragraph 6.3
Ansatz, mit dem das Gesamtrisiko des Teilfonds berechnet wird
Absoluter VaR
Referenzportefeuille ausschliesslich für die Gesamtrisikomessung
Nicht anwendbar
Erwartetes  Leverage-Niveau
Es wird erwartet, dass das Leverage des Teilfonds für den Gesamtnennwert der Finanzderivate rund 500% des Nettoinventarwerts betragen wird.
Es wird erwartet, dass das Engagement des Teilfonds in Total Return Swaps, das als Summe der Nennwerte ausgedrückt wird, zwischen 0% und 200% des Nettoinventarwerts betragen wird. In Fällen, in denen diese Spanne durchbrochen wird, dürfte das Engagement unter 500% bleiben.
Die Anleger werden darauf hingewiesen, dass die erwarteten Engagements und Leverage-Niveaus überschritten werden können.
Risikobudget
14%
Profil des typischen Anlegers
Der Teilfonds ist geeignet für Anleger, die:
- einen langfristigen Kapitalzuwachs anstreben; und
- bereit sind, das erhöhte Risiko zu tragen, das mit den Anlagekategorien verbunden ist, die im Anlageziel und in der Anlagepolitik beschrieben sind; und
- der Volatilität ihrer Aktien standhalten können.

Zeichnungsverfahren
Die Zeichnungsbeträge sind gemäss dem in Kapitel 20 des Prospekts beschriebenen Verfahren zu überweisen. Zeichnungsanträge müssen spätestens zur betreffenden Annahmeschlusszeit bei der Gesellschaft eingehen.
Die Zeichnungsbeträge sind der Verwahrstelle in der Referenzwährung oder im Falle von in einer Alternativwährung begebenen Klassen in der Alternativwährung mit Valuta vor dem Zahlungstermin unter Angabe der genauen Identität der/des Aktienzeichner(s) und des Teilfonds, von dem Aktien gezeichnet werden, zu überweisen.
Annahmeschlusszeit
| Annahmeschlusszeit 1  (Luxemburger Zeit) (Zeichnungs-, Rücknahme- und Umtauschanträge) | Bewertungstag 2  ("T") | Zahlungstermin 3 |
| --- | --- | --- |
| 15.00 Uhr am T-1 Tag | Täglich | Bis zu T+3 Tage 4 |

Hinweis: Als Tag ist ein Geschäftstag zu verstehen
1 
Ist dieser Tag kein Geschäftstag, einen Geschäftstag in Luxemburg vor dem betreffenden Tag.
2 
Ist dieser Bewertungstag kein Geschäftstag, gilt als Bewertungstag der nächste Geschäftstag oder der vorhergehende Geschäftstag bei einer Bewertung alle zwei Monate.
3 
Für Rücknahmen erfolgen die Zahlungen normalerweise in der Referenzwährung.
4 
Die Aktieninhaber werden gebeten, den jeweils geltenden Zahlungstermin der Website der Lombard Odier Gruppe (www.loim.com) zu entnehmen.
Weitere Einzelheiten sind in Paragraph 12.1 "Allgemeine Bestimmungen" des Kapitels 12 "Ausgabe und Verkauf der Aktien" enthalten.
Gemischte Teilfonds

### LO Funds – Event Convexity
Ziel
Der Teilfonds wird aktiv verwaltet. Die Verwaltung des Teilfonds orientiert sich nicht an einem Index.
Ziel des Teilfonds ist es, mit einer Event-Driven-Strategie Renditen zu generieren. Diese Strategie versucht, von Kapitalmassnahmen von Unternehmen zu profitieren, die Zugang zu Chancen in der Kapitalstruktur-Arbitrage bieten. Zu solchen Kapitalmassnahmen gehören unter anderem Reorganisationen, Restrukturierungen, Fusionen, Akquisitionen, Spin-offs und andere Unternehmensveränderungen. Je nach regulatorischem Umfeld und möglichen Synergien aus den oben erwähnten Kapitalmassnahmen kann der Aktienkurs des Unternehmens vom Konsenspreis, der vor der Durchführung der entsprechenden Kapitalmassnahme festgelegt wurde, abweichen.
Strategien und Portfolioaufbau
Der Fondsmanager kombiniert Wertpapiere entlang der Kapitalstruktur von Emittenten, um asymmetrische Anlagechancen im Zusammenhang mit Kapitalmassnahmen zu eröffnen.
Der Anlageansatz verbessert die traditionelle fundamentale Event-Driven-Analyse mit der Konvexität, die die Kombination aus Aktien, Unternehmensanleihen und damit verbundenen Finanzderivaten bietet. Die Strategie verwendet einen methodischen und disziplinierten Anlageansatz, der mit dem Einsatz von Screening- und Analysesystemen beginnt, um das Universum von Unternehmensereignissen und Bewertungsverzerrungen zu filtern. Das resultiert in einem Portfolio mit Positionen, die sich durch asymmetrische Handelsstrukturen auszeichnen. Die Strategie basiert auf der These, dass die Märkte möglicherweise nicht vollständig effizient sind. Daher versucht der Fondsmanager, die Optionalität traditioneller fundamentaler Kapitalmassnahmen mit Ineffizienzen in mehreren Anlageklassen zu kombinieren (Produktkonvexität), um ein besser prognostizierbares Renditeprofil zu erzeugen.
Portfoliobewirtschaftung
Die Portfoliobewirtschaftung wird mittels Überprüfungen sichergestellt, die vom Fondsmanager und von der Risikomanagementabteilung vor und nach Transaktionsabschlüssen durchgeführt werden. Über laufende Besprechungen zwischen dem Fondsmanager und
der Risikomanagementabteilung, die über klar abgegrenzte Verantwortungsbereiche verfügen, fliessen diese Überprüfungen in die Entscheidungsfindung ein.
Täglich überprüft der Fondsmanager das Portefeuille, um die Risiken auf Portefeuille- und Positionsebene abzuschätzen. Je nachdem kann er anschliessend unter anderem Gewichtungen anpassen, Gewinne festschreiben, Verluste begrenzen oder Prämien zurückzahlen.
Die Risikomanagementabteilung liefert erstklassige analytische Erkenntnisse und überwacht die Einhaltung der Risikoparameter.
Anlagepolitik
Dieser Teilfonds kann in Anleihen, andere fest- oder variabel verzinsliche Schuldtitel und kurzfristige Geldmarktinstrumente anlegen, die von staatlichen oder nicht staatlichen Emittenten begeben oder garantiert werden, ebenso wie in Wandelanleihen, Aktien und aktienbezogene Wertpapiere (darunter Warrants), Rohstoffe, Währungen und/oder Zahlungsmittel und Zahlungsmitteläquivalente, die auf Währungen der OECD- Staaten lauten. Die oben beschriebenen Instrumente müssen kein bestimmtes Rating aufweisen ("Non-Investment-Grade"-Wertpapiere und notleidende Wertpapiere [bis zu 10% seines Nettovermögens] wie in Paragraph 3.2 beschrieben sind ebenfalls erlaubt).
Die Wahl der Emittenten, Märkte und Währungen liegt im freien Ermessen des Fondsmanagers. Der Fondsmanager darf qualitative und/oder systematische Strategien umsetzen. Darüber hinaus darf der Fondsmanager eine breite Palette von Finanzderivaten (insbesondere unter anderem CFDs, Optionen, Futures, Kreditderivate einschliesslich CDS, Zins-, Inflations-, Währungs- und Volatilitätsderivate) einsetzen, um Long- und Short- Positionen in jede der oben genannten Anlageklassen, Finanzinstrumente, Währungen, Märkte und/oder Indizes (einschliesslich Rohstoffindizes) einzugehen. Unter Umständen kann das Nettoengagement des Teilfonds an den Finanzmärkten negativ sein.
Der Einsatz von Finanzderivaten als Teil der Anlagestrategie kann ein höheres Leverage und ein höheres Gesamtrisiko (d.h. das Gesamtrisiko betreffend Derivate, Portefeuille und andere Vermögenswerte) eines Teilfonds sowie grössere Schwankungen des Nettoinventarwerts zur Folge haben (siehe Paragraph 2.10 des Anhangs zu den Risikofaktoren).
Der Teilfonds darf im Einklang mit den geltenden Diversifikationsvorschriften vollständig in Zahlungsmittel und Zahlungsmitteläquivalente (einschliesslich kurzfristiger ABS/MBS, die bis zu 10% der Anlagen in Zahlungsmittel und Zahlungsmitteläquivalente ausmachen dürfen) investiert sein, wenn der Fondsmanager beispielsweise der Meinung ist, dass der Teilfonds defensiv positioniert sein sollte.
Wie in Paragraph 3.1 erwähnt, darf der Teilfonds bis zu 10% seines Nettovermögens in OGA halten.
Vorbehaltlich der in den Anlagerestriktionen (siehe Kapitel 4 des Prospekts) erlaubten Grenzen ist der Fondsmanager berechtigt, Finanzderivate einzusetzen:
- zur Absicherung	Ja
- zu EPM-Zwecken	Ja
- als Teil der Anlagestrategie	JaDie Verwendung von strukturierten Finanzinstrumenten ist in Paragraph 3.1 oben beschrieben.

Die Anleger werden auf den Anhang zu den Risikofaktoren hingewiesen, in dem die Risikofaktoren des Teilfonds aufgeführt sind.
Referenzwährung
USD
Zur Zeichnung aufliegende Aktienklassen
Aktien können auch verschiedene Formen annehmen (d.h. in Bezug auf Alternativwährungen, Ausschüttungspolitik, Währungsabsicherungspolitik, Seeding, "Connect"): siehe Paragraph 2.2.
|  | P-Aktien | R-Aktien | N-Aktien | I-Aktien | S-Aktien | M-Aktien | H-Aktien | E-Aktien |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Anlegertyp | Siehe Tabelle in Paragraph 2.2 im allgemeinen Teil des Prospekts |
| Erstmalige Mindestanlage bzw. Mindestanlagebetrag | Gegenwert von EUR 3’000 | Gegenwert von EUR 1’000 | Gegenwert von CHF 1’000’000 | Gegenwert von CHF 1’000’000 | t.b.d. | Gegenwert von EUR 3’000 | Gegenwert von EUR 3’000 | Nein |
| Maximaler FROC | 0,44% | 0,56% | 0,44% | 0,40% | 0,13% | 0,44% | 0,56% | 0,44% |
| Maximale Managementgebühr | 2,00% | 2,00% | 2,00% | 2,00% | k.A. | 2,20% | 3,50% | k.A. |
| Maximale Vertriebsgebühr | 2,00% | 2,00% | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. |
| Performance-Fee |  | Ja. Siehe unten. |
| Höchstsatz der Managementgebühren, wenn der Teilfonds in andere OGAW oder OGA oder Ziel-Teilfonds investiert* | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% |
| Handelsgebühr | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% |
| * Ungeachtet einer Performance-Fee, die zusätzlich zu dieser Limite erhoben werden kann. |

Performance-Fee
| Absolute Performance-Fee (als jährlicher Prozentsatz der Performance gegenüber seiner Benchmark/Hurdle Rate) |
| --- |
| Prozentsatz | Hurdle Rate | Referenzzeitraum |
| 20% | Nein | 1. Januar (bzw. der erste Bewertungstag nach der Lancierung einer Aktienklasse) bis 31. Dezember, wobei der erste Referenzzeitraum mindestens zwölf (12) Monate betragen muss. |

Beispiele für die Berechnung der Performance-Fee
|  | NAV des Teilfonds am Ende des Referenzzeitraums (nach Abzug aller Kosten, vor Abzug der Performance- Fee) | Performance des Teilfonds im Vergleich zur letzten High-Water-Mark | Jährliche "Hurdle Rate" | Performance-Fee | NAV abzüglich Performance-Fee | High-Water-Mark |
| --- | --- | --- | --- | --- | --- | --- |
| J0 | 100 | – | keine | – | – | 100 |
| J1 | 108 | 8% | 1,60% | 106,4 | 106,4 |
| J2 | 105 | -1,32% | 0 | 105 | 106,4 |
| J3 | 110 | 3,38% | 0,68% | 109,29 | 109,29 |

Der Teilfonds wird zum Zeitpunkt J0 mit einem NAV von 100 aufgelegt.
Am Ende des ersten Jahres (J1) liegt der NAV bei 108, und der Teilfonds verzeichnet eine positive absolute Performance von 8%. Die Verwaltungsgesellschaft hat Anspruch auf eine Performance-Fee von 1,6% (8% x 20%). Die Performance-Fee beträgt 1,6 (1,6% von 100). Der NAV des Teilfonds nach Abzug der Performance-Fee beträgt 106,4 (108 – 1,6), und die High-Water-Mark liegt bei 106,40.
Am Ende des zweiten Jahres (J2) weist der Teilfonds eine negative absolute Performance aus (-1,32%). Die Verwaltungsgesellschaft hat keinen Anspruch auf eine Performance-Fee. Die High-Water-Mark bleibt unverändert (106,40).
Am Ende des dritten Jahres (J3) verzeichnet der Teilfonds eine positive absolute Performance von 3,38% gegenüber der letzten High-Water-Mark. Die Verwaltungsgesellschaft hat Anspruch auf eine Performance-Fee von 0,68% (3,38% x 20%). Die Performance-Fee beträgt 0,71 (0,68% von 105). Der NAV des Teilfonds nach Abzug der Performance-Fee beträgt 109,29 (110 – 0,71), und die High-Water-Mark liegt bei 109,29.
Offenlegung gemäss SFDR
Die Einstufung des Teilfonds gemäss SFDR, die Art und Weise, in der der Fondsmanager Nachhaltigkeitsrisiken in seine Anlageentscheidungen in Bezug auf die Teilfonds integriert, sowie die Ergebnisse der Bewertung der wahrscheinlichen Auswirkungen von Nachhaltigkeitsrisiken auf die Renditen des Teilfonds sind im SFDR-Anhang dargelegt.
Fondsmanager
Siehe Paragraph 6.3
Ansatz, mit dem das Gesamtrisiko des Teilfonds berechnet wird
Absoluter VaR
Referenzportefeuille ausschliesslich für die Gesamtrisikomessung
Nicht anwendbar
Erwartetes  Leverage-Niveau
500%
Risikobudget
10%
Globales Engagement und Leverage
Der Teilfonds setzt im Rahmen seiner Anlagestrategie Finanzderivate ein und kann ein Leverage aufweisen. Mit Leverage kann zwar der Gesamtertrag eines Teilfonds potenziell gesteigert werden, es birgt aber auch das Risiko höherer Verluste. Der kumulative Effekt des Einsatzes von Leverage durch einen Teilfonds in einem Markt, der sich gegenläufig zu den Anlagen des Teilfonds entwickelt, kann für den Teilfonds einen beträchtlichen Verlust zur Folge haben.
Das Leverage ist definiert als die Summe der absoluten Nennwerte der im Portefeuille eines jeden Teilfonds (ohne das Anlageportefeuille) gehaltenen Finanzderivate, dividiert durch sein Gesamtnettovermögen. In der Summe, welche die Berechnungsmethode für den Nennwert ergibt, sind Netting- oder Absicherungsgeschäfte, die ein Teilfonds möglicherweise tätigt, nicht enthalten. Deshalb ist das Leverage an sich kein genauer Risikoindikator, da ein höheres Leverage-Niveau nicht zwangsläufig auf ein höheres Risiko hindeutet.
Das globale Engagement des Teilfonds wird mit dem absoluten VaR-Ansatz berechnet. Das erwartete Leverage-Niveau beträgt 500%. Diese Strategie setzt zu Absicherungszwecken in erheblichem Umfang Derivate ein. Deshalb kann es sein, dass dieser Leverage-Wert das ökonomische Engagement des Portefeuilles um ein Vielfaches überschätzt, weil beispielsweise folgende Transaktionen ausgeführt wurden: i) ein Collar für
jede Position zur Erhöhung der Sicherheit, indem Put-Optionen auf einen Basiswert erworben und diese Put-Optionen durch den Verkauf von
Call-Optionen auf denselben Basiswert finanziert werden; dadurch erhöht sich das Leverage, obwohl tatsächlich das Risiko der Position erheblich reduziert wird; ii) Währungsabsicherung für jede globale Position, wodurch das Leverage von Positionen, die nicht auf die Referenzwährung lauten, noch einmal verdoppelt wird; und schliesslich iii) Absicherung jeder Aktienklasse, die nicht auf die Referenzwährung lautet. Unter bestimmten Umständen kann das erwartete Leverage-Niveau höher sein, und dies nicht, weil die Absicht bestand, ein zusätzliches Engagement einzugehen, sondern etwa weil sich die Marktbedingungen plötzlich verändert haben.
Dieses Mass des nominalen Brutto-Leverage kann in einigen Fällen ein hohes Niveau erreichen. Es ist jedoch davon auszugehen, dass das
Netto-Leverage, bei dem Netting- und Absicherungsgeschäfte berücksichtigt werden, deutlich niedriger sein wird, da ein Grossteil des nominalen Leverage in der Regel durch relative Transaktionen mit gegenläufigen Engagements und/oder kurzfristigen Derivaten generiert wird, die grössere Nennwerte als längerfristige Derivate erfordern, um ein bestimmtes Risikoniveau zu erreichen.
Wie in Paragraph 4.2 (l) beschrieben, wird das Risikobudget des Teilfonds permanent mit einer VaR-Methodik überwacht, um zu verhindern, dass der geschätzte absolute ex-ante 1-Monats-VaR von 15% überschritten wird. Bei Portefeuilles, die sich unter ihrem Risikobudget befinden, ist – unter normalen Marktbedingungen – statistisch mit einem Konfidenzintervall von 99% nicht davon auszugehen, dass sie in einem Monat stärker als dieses Risikobudget sinken. Dieses Risikobudget wird gemäss dem Risikoprofil des Teilfonds festgelegt und liegt unter der regulatorischen VaR-Grenze von 20%.
Profil des typischen Anlegers
Der Teilfonds ist geeignet für Anleger, die:
- einen langfristigen Kapitalzuwachs anstreben; und
- bereit sind, das erhöhte Risiko zu tragen, das mit den Anlagekategorien verbunden ist, die im Anlageziel und in der Anlagepolitik beschrieben sind; und
- der Volatilität ihrer Aktien standhalten können.

Zeichnungsverfahren
Die Zeichnungsbeträge sind gemäss dem in Kapitel 20 des Prospekts beschriebenen Verfahren zu überweisen. Zeichnungsanträge müssen spätestens zur betreffenden Annahmeschlusszeit bei der Gesellschaft eingehen.
Die Zeichnungsbeträge sind der Verwahrstelle in der Referenzwährung oder im Falle von in einer Alternativwährung begebenen Klassen in der Alternativwährung mit Valuta vor dem Zahlungstermin unter Angabe der genauen Identität der/des Aktienzeichner(s) und des Teilfonds, von dem Aktien gezeichnet werden, zu überweisen.
Annahmeschlusszeit
| Annahmeschlusszeit 1  (Luxemburger Zeit) (Zeichnungs-, Rücknahme- und Umtauschanträge) | Bewertungstag 2  ("T") | Zahlungstermin 3 |
| --- | --- | --- |
| 15.00 Uhr am T-3 Tag | Wöchentlich, jeden Mittwoch | Bis zu T+3 Tage 4 |

Hinweis: Als Tag ist ein Geschäftstag zu verstehen
1  
Ist dieser Tag kein Geschäftstag, einen Geschäftstag in Luxemburg vor dem betreffenden Tag.
2  
Ist dieser Bewertungstag kein Geschäftstag, gilt als Bewertungstag der nächste Geschäftstag oder der vorhergehende Geschäftstag bei einer Bewertung alle zwei Monate.
3  
Für Rücknahmen erfolgen die Zahlungen normalerweise in der Referenzwährung.
4  
Die Aktieninhaber werden gebeten, den jeweils geltenden Zahlungstermin der Website der Lombard Odier Gruppe (www.loim.com) zu entnehmen.
Weitere Einzelheiten sind in Paragraph 12.1 "Allgemeine Bestimmungen" des Kapitels 12 "Ausgabe und Verkauf der Aktien" enthalten.
Gemischte Teilfonds

### LO Funds – Multiadvisers UCITS
Anlageziel und Anlagepolitik
Der Teilfonds wird aktiv verwaltet. Der HFRX Global Hedge Fund Index wird ausschliesslich für Performancevergleiche herangezogen, ohne dass dies besondere Anlagebeschränkungen für den Teilfonds zur Folge hätte. Die Wertpapiere, die der Teilfonds erwerben möchte, können jenen des Index in einem Umfang ähnlich sein, der im Zeitverlauf variiert. Doch in Bezug auf ihre Gewichtung dürften sich deutliche Unterschiede ergeben. Die Performance des Teilfonds kann wesentlich von der des Index abweichen.
Dieser Teilfonds investiert in eine breite Palette von Fonds, die alternative Anlagestrategien wie Equity Long/Short, Equity Market Neutral, Global Macro, Convertible Arbitrage, Distressed, Fixed Income Arbitrage, Credit Arbitrage, Event Driven, Managed Futures oder Commodities sowie traditionelle Long-Only-Strategien mit Aktien, festverzinslichen Instrumenten, Wandelanleihen und Geldmarktinstrumenten umsetzen.
Der Fondsmanager kann qualitative und/oder systematische Strategien wie die risikobasierte Allokationsmethode einsetzen. Das Risiko wird für jeden Vermögenswert bzw. jede Gruppe von Vermögenswerten, unter anderem mithilfe eigener Modelle auf Basis der historischen Preisschwankungen, berechnet. Neben den erwähnten Anlagen darf der Fondsmanager Finanzderivate verwenden, um (i) Long- und Short- Positionen in Währungen einzugehen (OECD- und/oder Emerging-Market-Währungen) und/oder um (ii) das Engagement in bestimmten
Anlagekategorien, Märkten (einschliesslich Emerging Markets) und Indizes (einschliesslich Rohstoffindizes) zu erhöhen oder zu reduzieren. Der Teilfonds kann ausserdem im Einklang mit den geltenden Diversifikationsvorschriften vollständig in Zahlungsmittel und Zahlungsmitteläquivalente (einschliesslich kurzfristiger ABS/MBS, die bis zu 10% der Anlagen in Zahlungsmittel und Zahlungsmitteläquivalente ausmachen dürfen) investiert sein, wenn der Fondsmanager beispielsweise der Meinung ist, dass der Teilfonds defensiv positioniert sein sollte.
Vorbehaltlich der in den Anlagerestriktionen (siehe Kapitel 4 des Prospekts) erlaubten Grenzen ist der Fondsmanager berechtigt, Finanzderivate einzusetzen (darunter namentlich Optionen, Futures, Kreditderivate einschliesslich CDS sowie Zins-, Inflations-, Währungs- und Volatilitätsderivate):
- zur Absicherung	Ja
- zu EPM-Zwecken	Ja
- als Teil der Anlagestrategie	JaDie Verwendung von strukturierten Finanzinstrumenten ist in Paragraph 3.1 beschrieben.

Die Anleger werden auf den Anhang zu den Risikofaktoren hingewiesen, in dem die Risikofaktoren des Teilfonds aufgeführt sind.
Referenzwährung
EUR
Zur Zeichnung aufliegende Aktienklassen
Aktien können auch verschiedene Formen annehmen (d.h. in Bezug auf Alternativwährungen, Ausschüttungspolitik, Währungsabsicherungspolitik, Seeding, "Connect"): siehe Paragraph 2.2.
|  | P-Aktien | R-Aktien | N-Aktien | I-Aktien | S-Aktien | M-Aktien | H-Aktien | E-Aktien |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Anlegertyp | Siehe Tabelle in Paragraph 2.2 im allgemeinen Teil des Prospekts |
| Erstmalige Mindestanlage bzw. Mindestanlagebetrag | Gegenwert von EUR 3’000 | Gegenwert von EUR 1’000 | Gegenwert von CHF 1’000’000 | Gegenwert von CHF 1’000’000 | t.b.d. | Gegenwert von EUR 3’000 | Gegenwert von EUR 3’000 | Nein |
| Maximaler FROC | 0,44% | 0,56% | 0,31% | 0,27% | 0,13% | 0,44% | 0,56% | 0,44% |
| Maximale Managementgebühr | 1,00% | 1,00% | 1,00% | 1,00% | k.A. | 1,10% | 2,00% | k.A. |
| Maximale Vertriebsgebühr | 1,00% | 1,55% | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. |
| Performance-Fee | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. |
| Höchstsatz der Managementgebühren, wenn der Teilfonds in andere OGAW oder OGA oder Ziel-Teilfonds investiert* | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% |

|  | P-Aktien | R-Aktien | N-Aktien | I-Aktien | S-Aktien | M-Aktien | H-Aktien | E-Aktien |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Handelsgebühr | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% |
| * Ungeachtet einer Performance-Fee, die zusätzlich zu dieser Limite erhoben werden kann. |

Offenlegung gemäss SFDR
Die Einstufung des Teilfonds gemäss SFDR, die Art und Weise, in der der Fondsmanager Nachhaltigkeitsrisiken in seine Anlageentscheidungen in Bezug auf die Teilfonds integriert, sowie die Ergebnisse der Bewertung der wahrscheinlichen Auswirkungen von Nachhaltigkeitsrisiken auf die Renditen des Teilfonds sind im SFDR-Anhang dargelegt.
Fondsmanager
Siehe Paragraph 6.3
Ansatz, mit dem das Gesamtrisiko des Teilfonds berechnet wird
Commitment-Ansatz
Profil des typischen Anlegers
Der Teilfonds ist geeignet für Anleger, die:
- einen langfristigen Kapitalzuwachs anstreben; und
- bereit sind, das erhöhte Risiko zu tragen, das mit den Anlagekategorien verbunden ist, die im Anlageziel und in der Anlagepolitik beschrieben sind; und
- der Volatilität ihrer Aktien standhalten können.

Zeichnungsverfahren
Die Zeichnungsbeträge sind gemäss dem in Kapitel 20 des Prospekts beschriebenen Verfahren zu überweisen. Zeichnungsanträge müssen spätestens zur betreffenden Annahmeschlusszeit bei der Gesellschaft eingehen.
Die Zeichnungsbeträge sind der Verwahrstelle in der Referenzwährung oder im Falle von in einer Alternativwährung begebenen Klassen in der Alternativwährung mit Valuta vor dem Zahlungstermin unter Angabe der genauen Identität der/des Aktienzeichner(s) und des Teilfonds, von dem Aktien gezeichnet werden, zu überweisen.
Annahmeschlusszeit
| Annahmeschlusszeit 1  (Luxemburger Zeit) (Zeichnungs-, Rücknahme- und Umtauschanträge) | Bewertungstag 2  ("T") | Zahlungstermin 3 |
| --- | --- | --- |
| 15.00 Uhr am T-3 Tag | Wöchentlich, jeden Dienstag | Bis zu T+5 Tage 4 |

Hinweis: Als Tag ist ein Geschäftstag zu verstehen
1  
Ist dieser Tag kein Geschäftstag, einen Geschäftstag in Luxemburg vor dem betreffenden Tag.
2  
Ist dieser Bewertungstag kein Geschäftstag, gilt als Bewertungstag der nächste Geschäftstag oder der vorhergehende Geschäftstag bei einer Bewertung alle zwei Monate.
3  
Für Rücknahmen erfolgen die Zahlungen normalerweise in der Referenzwährung.
4  
Die Aktieninhaber werden gebeten, den jeweils geltenden Zahlungstermin der Website der Lombard Odier Gruppe (www.loim.com) zu entnehmen.
Weitere Einzelheiten sind in Paragraph 12.1 "Allgemeine Bestimmungen" des Kapitels 12 "Ausgabe und Verkauf der Aktien" enthalten.
Gemischte Teilfonds

### LO Funds – Defensive Systematic Alternative Solution
Anlageziel und Anlagepolitik
Der Teilfonds wird aktiv verwaltet. Die Verwaltung des Teilfonds orientiert sich nicht an einem Index.
Dieser Teilfonds versucht, das Risiko erheblicher Marktverluste zu verringern, und ist so ausgestaltet, dass er eine Absicherung gegen Marktrückgänge und steigende Volatilität bietet. Er investiert in regelbasierte Long-Short-Strategien, die sich in zwei Hauptgruppen unterteilen lassen: Risk-off Convexity und Diversifying Income.
Jede dieser Gruppen hat bestimmte Merkmale und Ziele:
- Die Gruppe der Risk-off-Convexity-Strategien versucht, extreme Marktbewegungen und steigende Volatilität zu nutzen, indem sie systematische Strategien, beispielsweise Long-Volatility oder Intraday-Trends, verfolgt.
- Ziel der Gruppe der Diversifying-Income-Strategien ist die Nutzung von Risikoprämien über verschiedene Anlageklassen mit niedriger Marktkorrelation hinweg, indem sie systematische Strategien einsetzt, beispielsweise Carry- und Relative-Value-Arbitrage.

Der Fondsmanager kann bei der Kapitalallokation eine risikobasierte Methode anwenden. Jeder Strategie und Gruppe wird ein Risikobudget zugewiesen, wobei in der Regel ein Grossteil des Budgets der Risk-off-Convexity-Gruppe zugeteilt wird. Danach werden die Risikobudgets in Kapitalgewichtungen überführt. Je höher das Risiko, desto geringer die Kapitalallokation. Auf der Portfolioebene wird ein Zielmechanismus für die Volatilität festgelegt.
Der Fondsmanager legt mithilfe bankeigener quantitativer Modelle die Anlagemethode für jede Strategie fest, mit der Transaktionen innerhalb definierter Anlageklassen (unter anderem Aktien, Anleihen, Zinsen, Währungen sowie Rohstoff-, Kredit- und Volatilitätsindizes) sowie die Finanzderivate zugeteilt werden, mit denen das gewünschte Engagement erreicht werden soll. Die Gesamtzahl der zugrunde liegenden Strategien und die Wahl der Märkte (insbesondere darf der Teilfonds vollständig in den Emerging Markets investiert sein) liegen im freien Ermessen des Fondsmanagers.
Rohstoffstrategien können mittels einer Swap-Vereinbarung umgesetzt werden, die unter Paragraph 3.3.2, Paragraph 3.3.3 und Paragraph 3.3.4 näher erklärt wird.
Im Rahmen der Umsetzung seiner Anlagestrategie hat der Teilfonds eine ungedeckte Excess-Return-Swap-Vereinbarung abgeschlossen, die unter Paragraph 3.3.5 näher erklärt wird. Der Fondsmanager hält eine solche ungedeckte Excess-Return-Swap-Vereinbarung für ein effizientes Instrument zur Umsetzung einer Long/Short-Aktienstrategie, das gleichzeitig die Kosten und die Liquiditätsrisiken reduziert.
Der Teilfonds schliesst Swap-Vereinbarungen ausschliesslich mit erstklassigen Finanzinstituten als Gegenparteien ab.
Der Teilfonds investiert in Finanzderivate und unter Umständen über Fonds in Zahlungsmittel und Zahlungsmitteläquivalente. Der Teilfonds kann nach freiem Ermessen des Fondsmanagers und im Einklang mit den geltenden Diversifikationsvorschriften vollständig in Zahlungsmittel und Zahlungsmitteläquivalente (einschliesslich kurzfristiger ABS/MBS, die bis zu 10% der Anlagen in Zahlungsmittel und Zahlungsmitteläquivalente ausmachen dürfen) investiert sein. Für diesen Teilfonds gilt das in Paragraph 3.2 beschriebene Mindestrating nicht.
Wie in Paragraph 3.1 erwähnt, darf der Teilfonds bis zu 10% seines Nettovermögens in OGA halten.
Vorbehaltlich der in den Anlagerestriktionen (siehe Kapitel 4 des Prospekts) erlaubten Grenzen ist der Fondsmanager berechtigt, Finanzderivate einzusetzen:
- zur Absicherung	Ja
- zu EPM-Zwecken	Ja
- als Teil der Anlagestrategie	JaDie Verwendung von strukturierten Finanzinstrumenten ist in Paragraph 3.1 beschrieben.

Die Anleger werden auf den Anhang zu den Risikofaktoren hingewiesen, in dem die Risikofaktoren des Teilfonds aufgeführt sind.
Referenzwährung
USD
Zur Zeichnung aufliegende Aktienklassen
Aktien können auch verschiedene Formen annehmen (d.h. in Bezug auf Alternativwährungen, Ausschüttungspolitik, Währungsabsicherungspolitik, Seeding, "Connect"): siehe Paragraph 2.2.
|  | P-Aktien | R-Aktien | N-Aktien | I-Aktien | S-Aktien | M-Aktien | H-Aktien | E-Aktien |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Anlegertyp | Siehe Tabelle in Paragraph 2.2 im allgemeinen Teil des Prospekts |
| Erstmalige Mindestanlage bzw. Mindestanlagebetrag | Gegenwert von EUR 3’000 | Gegenwert von EUR 1’000 | Gegenwert von CHF 1’000’000 | Gegenwert von CHF 1’000’000 | t.b.d. | Gegenwert von EUR 3’000 | Gegenwert von EUR 3’000 | Nein |
| Maximaler FROC | 0,44% | 0,56% | 0,31% | 0,27% | 0,10% | 0,44% | 0,56% | 0,44% |
| Maximale Managementgebühr | 1,00% | 1,00% | 1,00% | 1,00% | k.A. | 1,10% | 2,00% | k.A. |
| Maximale Vertriebsgebühr | 1,00% | 1,55% | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. |
| Performance-Fee | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. |
| Höchstsatz der Managementgebühren, wenn der Teilfonds in andere OGAW oder OGA oder Ziel-Teilfonds investiert* | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% |
| Handelsgebühr | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% |
| * Ungeachtet einer Performance-Fee, die zusätzlich zu dieser Limite erhoben werden kann. |

Offenlegung gemäss SFDR
Die Einstufung des Teilfonds gemäss SFDR, die Art und Weise, in der der Fondsmanager Nachhaltigkeitsrisiken in seine Anlageentscheidungen in Bezug auf die Teilfonds integriert, sowie die Ergebnisse der Bewertung der wahrscheinlichen Auswirkungen von Nachhaltigkeitsrisiken auf die Renditen des Teilfonds sind im SFDR-Anhang dargelegt.
Fondsmanager
Siehe Paragraph 6.3
Ansatz, mit dem das Gesamtrisiko des Teilfonds berechnet wird
Absoluter VaR
Referenzportefeuille ausschliesslich für die Gesamtrisikomessung
Nicht anwendbar
Erwartetes  Leverage-Niveau
Es wird erwartet, dass das Leverage des Teilfonds für den Gesamtnennwert der Finanzderivate rund 400% des Nettoinventarwerts betragen wird.
Es wird erwartet, dass das Engagement des Teilfonds in Total Return Swaps, das als Summe der Nennwerte ausgedrückt wird, zwischen 0% und 150% des Nettoinventarwerts betragen wird. In Fällen, in denen diese Spanne durchbrochen wird, dürfte das Engagement unter 400% bleiben.
Die Anleger werden darauf hingewiesen, dass die erwarteten Engagements und Leverage-Niveaus überschritten werden können.
Risikobudget
10%
Profil des typischen Anlegers
Der Teilfonds ist geeignet für Anleger, die:
- einen langfristigen Kapitalzuwachs anstreben; und
- bereit sind, das erhöhte Risiko zu tragen, das mit den Anlagekategorien verbunden ist, die im Anlageziel und in der Anlagepolitik beschrieben sind; und
- der Volatilität ihrer Aktien standhalten können.

Zeichnungsverfahren
Die Zeichnungsbeträge sind gemäss dem in Kapitel 20 des Prospekts beschriebenen Verfahren zu überweisen. Zeichnungsanträge müssen spätestens zur betreffenden Annahmeschlusszeit bei der Gesellschaft eingehen.
Die Zeichnungsbeträge sind der Verwahrstelle in der Referenzwährung oder im Falle von in einer Alternativwährung begebenen Klassen in der Alternativwährung mit Valuta vor dem Zahlungstermin unter Angabe der genauen Identität der/des Aktienzeichner(s) und des Teilfonds, von dem Aktien gezeichnet werden, zu überweisen.
Annahmeschlusszeit
| Annahmeschlusszeit 1  (Luxemburger Zeit) (Zeichnungs-, Rücknahme- und Umtauschanträge) | Bewertungstag 2  ("T") | Zahlungstermin 3 |
| --- | --- | --- |
| 15.00 Uhr am T-1 Tag | Täglich | Bis zu T+3 Tage 4 |

Hinweis: Als Tag ist ein Geschäftstag zu verstehen
1  
Ist dieser Tag kein Geschäftstag, einen Geschäftstag in Luxemburg vor dem betreffenden Tag.
2  
Ist dieser Bewertungstag kein Geschäftstag, gilt als Bewertungstag der nächste Geschäftstag oder der vorhergehende Geschäftstag bei einer Bewertung alle zwei Monate.
3  
Für Rücknahmen erfolgen die Zahlungen normalerweise in der Referenzwährung.
4  
Die Aktieninhaber werden gebeten, den jeweils geltenden Zahlungstermin der Website der Lombard Odier Gruppe (www.loim.com) zu entnehmen.
Weitere Einzelheiten sind in Paragraph 12.1 "Allgemeine Bestimmungen" des Kapitels 12 "Ausgabe und Verkauf der Aktien" enthalten.
Aktienteilfonds / Global

### LO Funds – Generation Global
Anlageziel und Anlagepolitik
Der Teilfonds wird aktiv verwaltet. Der MSCI World TR ND Index wird ausschliesslich für Performancevergleiche herangezogen, ohne dass dies besondere Anlagebeschränkungen für den Teilfonds zur Folge hätte. Die Wertpapiere, die der Teilfonds erwerben möchte, können jenen des Index in einem Umfang ähnlich sein, der im Zeitverlauf variiert. Doch in Bezug auf ihre Gewichtung dürften sich deutliche Unterschiede ergeben. Die Performance des Teilfonds kann wesentlich von der des Index abweichen.
Dieser Teilfonds investiert mindestens zwei Drittel (2/3) seines Portefeuilles in Dividendenpapiere, Vorzugsaktien und wandelbare Wertpapiere von Gesellschaften weltweit (einschliesslich der Emerging Markets). Anlagen in Wandelanleihen dürfen jedoch nicht mehr als 25% des Nettovermögens des Teilfonds ausmachen. Durch langfristige Anlagen und die Integration von Nachhaltigkeitsresearch in eine rigorose fundamentale
Aktienanalyse strebt der Teilfonds eine überdurchschnittliche Anlageperformance an. Mit nachhaltigen Anlagen wird ausdrücklich anerkannt, dass wirtschaftliche, gesundheitliche, ökologische, soziale und unternehmensführungsbezogene Faktoren die langfristige Unternehmensrentabilität direkt beeinflussen. Ziel dieses Teilfonds ist die Wahl von Gesellschaften, die erwiesenermassen über Praktiken und Prozesse verfügen, die ihnen in einem sich wandelnden Umfeld dauerhaft Gewinne sichern. Die Wahl der Märkte, Sektoren und Währungen (einschliesslich Emerging-Market- Währungen) und Währungen liegt im freien Ermessen des Fondsmanagers. Der Teilfonds darf in die Emerging Markets investieren. Im Rahmen seiner Emerging-Market-Engagements darf der Teilfonds bis zu 10% seines Nettovermögens in Aktien investieren, die von auf dem chinesischen Festland ansässigen Unternehmen (einschliesslich chinesischer A-Aktien) ausgegeben werden und an Börsen gehandelt werden. Die chinesischen A-Aktien werden über Stock Connect erworben. Bitte beachten Sie den Anhang zu den Risikofaktoren, insbesondere Abschnitt 2.12 zu den Risiken solcher Anlagen.
Wie in Paragraph 3.1 erwähnt, darf der Teilfonds (i) unter normalen Marktbedingungen und im Einklang mit den geltenden Diversifikationsvorschriften vorübergehend und ergänzend bis zu 15% seines Nettovermögens in Zahlungsmitteln und Zahlungsmitteläquivalenten (einschliesslich kurzfristiger ABS/MBS, die bis zu 10% der Anlagen in Zahlungsmittel und Zahlungsmitteläquivalente ausmachen dürfen) und (ii) bis zu 10% seines Nettovermögens in OGA halten.
Vorbehaltlich der in den Anlagerestriktionen (siehe Kapitel 4 des Prospekts) erlaubten Grenzen ist der Fondsmanager berechtigt, Finanzderivate einzusetzen:
- zur Absicherung	Ja
- zu EPM-Zwecken	Ja
- als Teil der Anlagestrategie	NeinDie Verwendung von strukturierten Finanzinstrumenten ist in Paragraph 3.1 beschrieben.

Der Teilfonds gilt als Aktienfonds gemäss InvStG.
Die Anleger werden auf den Anhang zu den Risikofaktoren hingewiesen, in dem die Risikofaktoren des Teilfonds aufgeführt sind.
Referenzwährung
USD
Zur Zeichnung aufliegende Aktienklassen
Aktien können auch verschiedene Formen annehmen (d.h. in Bezug auf Alternativwährungen, Ausschüttungspolitik, Währungsabsicherungspolitik, Seeding, "Connect"): siehe Paragraph 2.2.
|  | P-Aktien | R-Aktien | N-Aktien | I-Aktien | S-Aktien | M-Aktien | H-Aktien | E-Aktien |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Anlegertyp | Siehe Tabelle in Paragraph 2.2 im allgemeinen Teil des Prospekts |
| Erstmalige Mindestanlage bzw. Mindestanlagebetrag | Gegenwert von EUR 3’000 | Gegenwert von EUR 1’000 | Gegenwert von CHF 1’000’000 | Gegenwert von CHF 1’000’000 | t.b.d. | Gegenwert von EUR 3’000 | Gegenwert von EUR 3’000 | Nein |
| Maximaler FROC | 0,44% | 0,56% | 0,31% | 0,27% | 0,13% | 0,44% | 0,56% | 0,44% |
| Maximale Managementgebühr | 1,00% | 1,00% | 1,00% | 1,00% | k.A. | 1,10% | 1,50% | k.A. |
| Maximale Vertriebsgebühr | 0,50% | 1,55% | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. |
| Performance-Fee |  | Ja. Siehe unten. |
| Höchstsatz der Managementgebühren, wenn der Teilfonds in andere OGAW oder OGA oder Ziel-Teilfonds investiert* | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% |
| Handelsgebühr | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% |
| * Ungeachtet einer Performance-Fee, die zusätzlich zu dieser Limite erhoben werden kann. |

Performance-Fee
| Relative Performance-Fee (als jährlicher Prozentsatz der Performance gegenüber seiner Benchmark) |
| --- |
| Prozentsatz | Benchmark | Referenzzeitraum |
| 20% | MSCI World ND | 1. Oktober des Jahres "J" (bzw. der erste Bewertungstag nach der Lancierung einer Aktienklasse) bis 30. September des Folgejahres "J+1", wobei der erste Referenzzeitraum mindestens zwölf (12) Monate betragen muss. |

Beispiele für die Berechnung der Performance-Fee
|  | NAV des | Wert der | Performance | Performance | Performance | Performance | Referenz-NAV | Referenz- |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Teilfonds am | Benchmark | des Teilfonds | der Benchmark | des Teilfonds | -Fee |  | benchmark (d. |
| Ende des |  | im Vergleich | im Vergleich | im Vergleich |  |  | h. der Wert der |
| Referenz- |  | zum letzten | zum Wert der | zur Benchmark |  |  | Benchmark |
| zeitraums |  | Referenz-NAV | Benchmark | seit Lancierung |  |  | für den letzten |
| (nach Abzug |  |  | für den letzten | oder dem |  |  | Referenz- |
| aller Kosten, |  |  | Referenzzeit- | Referenzzeit- |  |  | zeitraum, |
| vor Abzug der |  |  | raum, in | raum, in dem |  |  | in dem eine |
| Performance- |  |  | dem eine | zum letzten |  |  | Performance- |
| Fee) |  |  | Performance- | Mal eine |  |  | Fee gezahlt |
|  |  |  | Fee gezahlt | Performance- |  |  | wurde) |
|  |  |  | wurde | Fee gezahlt |  |  |  |
|  |  |  |  | wurde |  |  |  |
| J0 | 100 | 100 | - | - | - | - | 100 | 100 |
| J1 | 108 | 105 | 8,00% | 5,00% | 3,00% | 0,60% | 107,35 | 105 |
| J2 | 105 | 102,9 | -2,19% | -2,00% | -0,19% | keine | 107,35 | 105 |
| J3 | 110 | 113,19 | 2,47% | 7,80% | -5,33% | keine | 107,35 | 105 |
| J4 | 120 | 101,87 | 11,78% | -2,98% | 14,76% | 2,95% | 116,46 | 101,87 |
| J5 | 128,1 | 112,06 | 10,00% | 10,00% | 0,00% | keine | 116,46 | 101,87 |
| J6 | 115 | 95 | -1,25% | -6,74% | 5,49% | 1,10% | 113,74 | 95,00 |

Der Teilfonds wird zum Zeitpunkt J0 mit einem NAV von 100 aufgelegt.
Am Ende des ersten Jahres (J1) beträgt der NAV 108 (Plus von 8%), und die Benchmark liegt bei 105 (Plus von 5%). Da der Teilfonds
seine Benchmark um 3% übertroffen hat, hat die Verwaltungsgesellschaft Anspruch auf eine Performance-Fee von 0,60% (20% x 3%). Die Performance-Fee beläuft sich auf 0,65 (0,60% x 108). Der NAV des Teilfonds nach Abzug der Performance-Fee beträgt 107,35 (108 – 0,65), und der Referenz-NAV wird auf 107,35 und die Referenzbenchmark auf 105 festgesetzt.
Am Ende des zweiten Jahres (J2) erreichte der Teilfonds seine Benchmark nicht, und der NAV des Teilfonds blieb unter dem letzten Referenz-NAV. Daher ist keine Performance-Fee zu zahlen. Der Referenz-NAV und die Referenzbenchmark bleiben unverändert (107,35 bzw. 105).
Am Ende des dritten Jahres (J3) übertraf der NAV des Teilfonds (110) den letzten Referenz-NAV (110 gegenüber 107,35), aber der Teilfonds entwickelte sich schlechter als die Benchmark. Daher ist keine Performance-Fee zu zahlen. Der Referenz-NAV und die Referenzbenchmark bleiben unverändert (107,35 bzw. 105).
Am Ende des vierten Jahres (J4) verzeichnet der Teilfonds eine Performance von 11,78% (von 107.35 auf 120), und die Benchmark verzeichnet eine Performance von -2,98% (von 105 auf 101,87). Da der Teilfonds seine Benchmark um 14,76% (11,78 – (-2,98)) übertroffen hat, hat die Verwaltungsgesellschaft Anspruch auf eine Performance-Fee von 2,95% (20% x 14,76%). Die Performance-Fee beläuft sich auf 3,54 (2,95% x 120). Der NAV des Teilfonds nach Abzug der Performance-Fee beträgt 116,46 (120 – 3,54), der neue Referenz-NAV wird auf 116,46 und die Referenzbenchmark auf 101,87 festgesetzt.
Am Ende des fünften Jahres (J5) verzeichnet der Teilfonds eine Performance von 10% (von 116,46 auf 128,10), und die Benchmark verzeichnet eine Performance von 10% (von 101,87 auf 112,06). Da die Performance des Teilfonds der Performance der Benchmark entspricht, ist keine Performancegebühr zu zahlen. Der Referenz-NAV und die Referenzbenchmark bleiben unverändert (116,46 bzw. 101,87).
Am Ende des sechsten Jahres (J6) verzeichnet der Teilfonds eine Performance von -1,25% (von 116,46 auf 115), und die Benchmark verzeichnet eine Performance von -6,74% (von 101,87 auf 95). Da der Teilfonds seine Benchmark um 5,49% (-1,25 (-6,74)) übertroffen hat, hat die Verwaltungsgesellschaft Anspruch auf eine Performance-Fee von 1,10% (20% x 5,49%). Die Performance-Fee beläuft sich auf 1,26 (1,10%
x 115). Der NAV des Teilfonds nach Abzug der Performance-Fee beträgt 113,74 (115 – 1,26), und der Referenz-NAV wird auf 113,74 und die Referenzbenchmark auf 95 festgesetzt.
Offenlegung gemäss SFDR
Die Einstufung des Teilfonds gemäss SFDR, die Art und Weise, in der der Fondsmanager Nachhaltigkeitsrisiken in seine Anlageentscheidungen in Bezug auf die Teilfonds integriert, sowie die Ergebnisse der Bewertung der wahrscheinlichen Auswirkungen von Nachhaltigkeitsrisiken auf die Renditen des Teilfonds sind im SFDR-Anhang dargelegt.
Benchmark-Verordnung
Siehe den allgemeinen Teil des Prospekts: "3. Anlageziele und Anlagepolitik" / "3.1 Allgemeine Bestimmungen, die für alle Teilfonds gelten" / "(x) Benchmark-Verordnung".
Bis zum 1. Januar 2021 war MSCI Limited ein EU-regulierter Referenzwert-Administrator, der unter der Benchmark-Verordnung durch die britische FCA zugelassen und im ESMA-Register für Referenzwert-Administratoren eingetragen war.
Seit dem 1. Januar 2021 ist und bleibt MSCI Limited als von der britischen FCA regulierter britischer Referenzwert-Administrator zugelassen (zu finden im Financial Services Register der FCA). Gegenüber der EU gilt er jedoch als britischer Administrator "aus einem Drittstaat" und wird nicht im ESMA-Register für Referenzwert-Administratoren eingetragen, ausgenommen wenn bzw. solange die EU Grossbritannien die "Gleichwertigkeit" oder MSCI die "Übernahme" oder "Anerkennung" gewährt.
Zusätzliche Informationen zur Benchmark sind auf der Website des Administrators zu finden: www.msci.com/index-regulation
Fondsmanager
Siehe Paragraph 6.3
Ansatz, mit dem das Gesamtrisiko des Teilfonds berechnet wird
Relativer VaR
Referenzportefeuille ausschliesslich für die Gesamtrisikomessung
MSCI World TR ND USD
Erwartetes  Leverage-Niveau
50%
Risikobudget
125%
Profil des typischen Anlegers
Der Teilfonds ist geeignet für Anleger, die:
- einen langfristigen Kapitalzuwachs anstreben; und
- bereit sind, das erhöhte Risiko zu tragen, das mit den Anlagekategorien verbunden ist, die im Anlageziel und in der Anlagepolitik beschrieben sind; und
- der Volatilität ihrer Aktien standhalten können.

Zeichnungsverfahren
Die Zeichnungsbeträge sind gemäss dem in Kapitel 20 des Prospekts beschriebenen Verfahren zu überweisen. Zeichnungsanträge müssen spätestens zur betreffenden Annahmeschlusszeit bei der Gesellschaft eingehen.
Die Zeichnungsbeträge sind der Verwahrstelle in der Referenzwährung oder im Falle von in einer Alternativwährung begebenen Klassen in der Alternativwährung mit Valuta vor dem Zahlungstermin unter Angabe der genauen Identität der/des Aktienzeichner(s) und des Teilfonds, von dem Aktien gezeichnet werden, zu überweisen.
Annahmeschlusszeit
| Annahmeschlusszeit 1  (Luxemburger Zeit) (Zeichnungs-, Rücknahme- und Umtauschanträge) | Bewertungstag 2  ("T") | Zahlungstermin 3 |
| --- | --- | --- |
| 15.00 Uhr am T-1 Tag | Täglich | Bis zu T+3 Tage 4 |

Hinweis: Als Tag ist ein Geschäftstag zu verstehen
1  
Ist dieser Tag kein Geschäftstag, einen Geschäftstag in Luxemburg vor dem betreffenden Tag.
2  
Ist dieser Bewertungstag kein Geschäftstag, gilt als Bewertungstag der nächste Geschäftstag oder der vorhergehende Geschäftstag bei einer Bewertung alle zwei Monate.
3  
Für Rücknahmen erfolgen die Zahlungen normalerweise in der Referenzwährung.
4  
Die Aktieninhaber werden gebeten, den jeweils geltenden Zahlungstermin der Website der Lombard Odier Gruppe (www.loim.com) zu entnehmen.
Weitere Einzelheiten sind in Paragraph 12.1 "Allgemeine Bestimmungen" des Kapitels 12 "Ausgabe und Verkauf der Aktien" enthalten.
Aktienteilfonds / Global

### LO Funds – TargetNetZero Global Equity
Anlageziel und Anlagepolitik
Der Teilfonds wird aktiv verwaltet. Der MSCI World TR ND Index dient dazu, das anfängliche Anlageuniversum festzulegen, aus dem die einzelnen Wertpapiere ausgewählt werden. Zudem wird er zum Performancevergleich und zur internen Risikoüberwachung herangezogen, ohne dass dies besondere Anlagebeschränkungen für den Teilfonds zur Folge hätte. Die Wertpapiere des Teilfonds werden im Allgemeinen denen des vorstehend aufgeführten Index ähnlich sein. In Bezug auf ihre Gewichtung dürften sich jedoch deutliche Unterschiede ergeben. Der Fondsmanager darf auch Wertpapiere auswählen, die nicht in dem vorstehend aufgeführten Index enthalten sind, um Anlagechancen zu nutzen.
Dieser Teilfonds investiert in Aktien und aktienbezogene Wertpapiere (darunter Optionsscheine) von Gesellschaften weltweit (einschliesslich der Emerging Markets).
Der Teilfonds darf bis zu 10% seines Nettovermögens in börsengehandelte Aktien von auf dem chinesischen Festland ansässigen Unternehmen (einschliesslich chinesischer A-Aktien) anlegen. Die chinesischen A-Aktien werden über Stock Connect erworben. Bitte beachten Sie den Anhang zu den Risikofaktoren, insbesondere Abschnitt 2.12, zu den Risiken solcher Anlagen.
Der vom Fondsmanager bei der Auswahl der Wertpapiere angewandte Anlageansatz beruht auf unternehmenseigenen Instrumenten, die auf eine Reduktion der mit der Klimawende verbundenen Risiken abzielen. Mit seiner Emittentenauswahl und -allokation strebt der Teilfonds
zudem die Schaffung eines Universums an, das mit dem Kampf gegen die globale Klimaerwärmung vereinbar ist. Dieses Universum deckt ein breites Spektrum von Klimazielen ab, die von den mit der Klimawende einhergehenden Risiken bis zu den Chancen und physischen Risiken des Klimawandels reichen.
Der Fondsmanager ist bestrebt, innerhalb des Anlageportefeuilles des Teilfonds das Engagement in Emittenten zu erhöhen, die dazu beitragen können, die globalen CO2-Emissionen zu reduzieren und schliesslich bis 2050 CO2-Emissionen von netto null zu erreichen. Dies schliesst Emittenten ein, die bereits CO2-Emissionen von netto null bis 2050 anstreben, sowie Emittenten, die sich vielleicht noch nicht solche Ziele gesetzt haben, aber möglicherweise schrittweise dazu gebracht werden können, unter anderem durch regulatorische Massnahmen, Anlegerengagement und Marktveränderungen. Der Fondsmanager ist bestrebt sicherzustellen, dass die CO2-Emissionen im Anlageportefeuille des Teilfonds
schneller sinken als im MSCI World TR ND Index. Die Erreichung dieser Ziele hängt von regulatorischen, technologischen und wirtschaftlichen Entwicklungen ausserhalb der Kontrolle des Fondsmanagers ab, und es kann nicht garantiert werden, dass sie in Bezug auf die oben erwähnten Ziele erreicht werden.
Der Fondsmanager darf qualitative und/oder systematische Strategien, einschliesslich risikobasierter Allokationsmethoden, umsetzen, um Aktien auszuwählen und das Kapital den Sektoren zuzuteilen.
Die Wahl der Märkte, Sektoren und Währungen (einschliesslich Emerging-Market-Währungen) liegt im freien Ermessen des Fondsmanagers.
Wie in Paragraph 3.1 erwähnt darf der Teilfonds (i) unter normalen Marktbedingungen vorübergehend und ergänzend bis zu 15% seines Nettovermögens in Zahlungsmitteln und Zahlungsmitteläquivalenten (einschliesslich kurzfristiger ABS/MBS, die bis zu 10% der Anlagen in Zahlungsmittel und Zahlungsmitteläquivalente ausmachen dürfen) und (ii) bis zu 10% seines Nettovermögens in OGA halten.
Vorbehaltlich der in den Anlagerestriktionen (siehe Kapitel 4 des Prospekts) vorgesehenen Grenzen ist der Fondsmanager berechtigt, Finanzderivate einzusetzen:
- zur Absicherung	Ja
- zu EPM-Zwecken	Ja
- als Teil der Anlagestrategie	NeinDie Verwendung von strukturierten Finanzinstrumenten ist in Paragraph 3.1 oben beschrieben.

Der Teilfonds gilt als Aktienfonds gemäss InvStG.
Die Anleger werden auf den Anhang zu den Risikofaktoren hingewiesen, in dem die Risikofaktoren des Teilfonds aufgeführt sind.
Referenzwährung
USD
Zur Zeichnung aufliegende Aktienklassen
Aktien können auch verschiedene Formen annehmen (d.h. in Bezug auf Alternativwährungen, Ausschüttungspolitik, Währungsabsicherungspolitik, Seeding, "Connect"): siehe Paragraph 2.2.
|  | P-Aktien | R-Aktien | N-Aktien | I-Aktien | S-Aktien | M-Aktien | H-Aktien | E-Aktien |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Anlegertyp | Siehe Tabelle in Paragraph 2.2 im allgemeinen Teil des Prospekts |
| Erstmalige Mindestanlage bzw. Mindestanlagebetrag | Gegenwert von EUR 3’000 | Gegenwert von EUR 1’000 | Gegenwert von CHF 1’000’000 | Gegenwert von CHF 1’000’000 | t.b.d. | Gegenwert von EUR 3’000 | Gegenwert von EUR 3’000 | Nein |
| Maximaler FROC | 0,44% | 0,56% | 0,31% | 0,27% | 0,13% | 0,44% | 0,56% | 0,44% |
| Maximale Managementgebühr | 1,00% | 1,00% | 1,00% | 1,00% | k.A. | 1,10% | 1,50% | k.A. |
| Maximale Vertriebsgebühr | 1,00% | 1,55% | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. |
| Performance-Fee | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. |
| Höchstsatz der Managementgebühren, wenn der Teilfonds in andere OGAW oder OGA oder Ziel-Teilfonds investiert* | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% |
| Handelsgebühr | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% |
| * Ungeachtet einer Performance-Fee, die zusätzlich zu dieser Limite erhoben werden kann. |

Offenlegung gemäss SFDR
Die Einstufung des Teilfonds gemäss SFDR, die Art und Weise, in der der Fondsmanager Nachhaltigkeitsrisiken in seine Anlageentscheidungen in Bezug auf die Teilfonds integriert, sowie die Ergebnisse der Bewertung der wahrscheinlichen Auswirkungen von Nachhaltigkeitsrisiken auf die Renditen des Teilfonds sind im SFDR-Anhang dargelegt.
Benchmark-Verordnung
Siehe den allgemeinen Teil des Prospekts: "3. Anlageziele und Anlagepolitik" / "3.1 Allgemeine Bestimmungen, die für alle Teilfonds gelten" / "(x) Benchmark-Verordnung".
Bis zum 1. Januar 2021 war MSCI Limited ein EU-regulierter Referenzwert-Administrator, der unter der Benchmark-Verordnung durch die britische FCA zugelassen und im ESMA-Register für Referenzwert-Administratoren eingetragen war.
Seit dem 1. Januar 2021 ist und bleibt MSCI Limited als von der britischen FCA regulierter britischer Referenzwert-Administrator zugelassen (zu finden im Financial Services Register der FCA). Gegenüber der EU gilt er jedoch als britischer Administrator "aus einem Drittstaat" und wird nicht im ESMA-Register für Referenzwert-Administratoren eingetragen, ausser wenn bzw. solange die EU Grossbritannien die "Gleichwertigkeit" oder MSCI die "Übernahme" oder "Anerkennung" gewährt.
Zusätzliche Informationen zur Benchmark sind auf der Website des Administrators zu finden: www.msci.com/index-regulation
Fondsmanager
Siehe Paragraph 6.3
Ansatz, mit dem das Gesamtrisiko des Teilfonds berechnet wird
Commitment-Ansatz
Profil des typischen Anlegers
Der Teilfonds ist geeignet für Anleger, die:
- einen langfristigen Kapitalzuwachs anstreben; und
- bereit sind, das erhöhte Risiko zu tragen, das mit den Anlagekategorien verbunden ist, die im Anlageziel und in der Anlagepolitik beschrieben sind; und
- der Volatilität ihrer Aktien standhalten können.

Zeichnungsverfahren
Die Zeichnungsbeträge sind gemäss dem in Kapitel 20 des Prospekts beschriebenen Verfahren zu überweisen. Zeichnungsanträge müssen spätestens zur betreffenden Annahmeschlusszeit bei der Gesellschaft eingehen.
Die Zeichnungsbeträge sind der Verwahrstelle in der Referenzwährung oder im Falle von in einer Alternativwährung begebenen Klassen in der Alternativwährung mit Valuta vor dem Zahlungstermin unter Angabe der genauen Identität der/des Aktienzeichner(s) und des Teilfonds, von dem Aktien gezeichnet werden, zu überweisen.
Annahmeschlusszeit
| Annahmeschlusszeit 1  (Luxemburger Zeit) (Zeichnungs-, Rücknahme- und Umtauschanträge) | Bewertungstag 2  ("T") | Zahlungstermin 3 |
| --- | --- | --- |
| 15.00 Uhr am T-1 Tag | Täglich | Bis zu T+3 Tage 4 |

Hinweis: Als Tag ist ein Geschäftstag zu verstehen
1 
Ist dieser Tag kein Geschäftstag, einen Geschäftstag in Luxemburg vor dem betreffenden Tag.
2 
Ist dieser Bewertungstag kein Geschäftstag, gilt als Bewertungstag der nächste Geschäftstag oder der vorhergehende Geschäftstag bei einer Bewertung alle zwei Monate.
3 
Für Rücknahmen erfolgen die Zahlungen normalerweise in der Referenzwährung.
4 
Die Aktieninhaber werden gebeten, den jeweils geltenden Zahlungstermin der Website der Lombard Odier Gruppe (www.loim.com) zu entnehmen.
Weitere Einzelheiten sind in Paragraph 12.1 "Allgemeine Bestimmungen" des Kapitels 12 "Ausgabe und Verkauf der Aktien" enthalten.
Sektor-/Themen-Aktienteilfonds

### LO Funds – Continental Europe Family Leaders
Anlageziel und Anlagepolitik
Der Teilfonds wird aktiv verwaltet. Der MSCI Europe ex-UK Small Cap TR ND Index wird für Performancevergleiche und zur internen Risikoüberwachung herangezogen, ohne dass dies besondere Anlagebeschränkungen für den Teilfonds zur Folge hätte. Die Wertpapiere, die der Teilfonds erwerben möchte, können jenen des Index in einem Umfang ähnlich sein, der im Zeitverlauf variiert. Doch in Bezug auf ihre Gewichtung dürften sich deutliche Unterschiede ergeben. Die Performance des Teilfonds kann wesentlich von der des Index abweichen.
Dieser Teilfonds investiert mindestens zwei Drittel (2/3) seines Vermögens in Aktien von Gesellschaften, die direkt oder indirekt im Besitz von Familien sind oder von Familien kontrolliert und/oder geleitet werden.
Der Teilfonds kann vollständig in Small und Mid Caps investiert sein.
Mindestens 75% des Vermögens des Teilfonds wird in Aktien von Unternehmen investiert, die ihren Gesellschaftssitz im EWR (ohne Vereinigtes Königreich) haben.
Der Teilfonds darf bis zu 25% seines Vermögens ausserhalb dieser Parameter (ohne Vereinigtes Königreich) investieren, unter anderem in Zahlungsmittel und Zahlungsmitteläquivalente (einschliesslich kurzfristiger ABS/MBS, die bis zu 10% der Anlagen in Zahlungsmittel und Zahlungsmitteläquivalente ausmachen dürfen).
Die Wahl der Märkte (einschliesslich der Emerging Markets), Sektoren, Börsenkapitalisierungen und Währungen liegt im freien Ermessen des Fondsmanagers.
Der Fondsmanager darf qualitative und/oder systematische Strategien umsetzen.
Wie in Paragraph 3.1 erwähnt, darf der Teilfonds bis zu 10% seines Nettovermögens in OGA halten.
Vorbehaltlich der in den Anlagerestriktionen (siehe Kapitel 4 des Prospekts) vorgesehenen Grenzen ist der Fondsmanager berechtigt, Finanzderivate einzusetzen:
- zur Absicherung	Ja
- zu EPM-Zwecken	Ja
- als Teil der Anlagestrategie	JaDie Verwendung von strukturierten Finanzinstrumenten ist in Paragraph 3.1 oben beschrieben.

Der Teilfonds gilt als Aktienfonds gemäss InvStG.
Die Anleger werden auf den Anhang zu den Risikofaktoren hingewiesen, in dem die Risikofaktoren des Teilfonds aufgeführt sind.
Referenzwährung
EUR
Zur Zeichnung aufliegende Aktienklassen
Aktien können auch verschiedene Formen annehmen (d.h. in Bezug auf Alternativwährungen, Ausschüttungspolitik, Währungsabsicherungspolitik, Seeding, "Connect"): siehe Paragraph 2.2.
|  | P-Aktien | R-Aktien | N-Aktien | I-Aktien | S-Aktien | M-Aktien | H-Aktien | E-Aktien |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Anlegertyp | Siehe Tabelle in Paragraph 2.2 im allgemeinen Teil des Prospekts |
| Erstmalige Mindestanlage bzw. Mindestanlagebetrag | Gegenwert von EUR 3’000 | Gegenwert von EUR 1’000 | Gegenwert von CHF 1’000’000 | Gegenwert von CHF 1’000’000 | t.b.d. | Gegenwert von EUR 3’000 | Gegenwert von EUR 3’000 | Nein |
| Maximaler FROC | 0,44% | 0,56% | 0,31% | 0,27% | 0,15% | 0,44% | 0,56% | 0,44% |
| Maximale Managementgebühr | 1,00% | 1,00% | 1,00% | 1,00% | k.A. | 1,10% | 2,00% | k.A. |
| Maximale Vertriebsgebühr | 1,00% | 1,55% | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. |
| Performance-Fee |  | Ja. Siehe unten. |
| Höchstsatz der Managementgebühren, wenn der Teilfonds in andere OGAW oder OGA oder Ziel-Teilfonds investiert* | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% |
| Handelsgebühr | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% |
| * Ungeachtet einer Performance-Fee, die zusätzlich zu dieser Limite erhoben werden kann. |

Performance-Fee
| Relative Performance-Fee (als jährlicher Prozentsatz der Performance gegenüber seiner Benchmark) |
| --- |
| Prozentsatz | Benchmark | Referenzzeitraum |
| 15% | MSCI Europe ex-UK Small Cap | 1. Oktober des Jahres "J" (bzw. der erste Bewertungstag nach der Lancierung einer Aktienklasse) bis 30. September des Folgejahres "J+1", wobei der erste Referenzzeitraum mindestens zwölf (12) Monate betragen muss. |

Beispiele für die Berechnung der Performance-Fee
|  | NAV des Teilfonds am Ende des Referenz- zeitraums (nach Abzug aller Kosten, vor Abzug der Performance- Fee) | Wert der Benchmark | Performance des Teilfonds im Vergleich zum letzten Referenz-NAV | Performance der Benchmark im Vergleich zum Wert der Benchmark für den letzten Referenz- zeitraum, in dem eine Performance- Fee gezahlt wurde | Performance des Teilfonds im Vergleich zur Benchmark seit Lancierung oder dem Referenzzeit- raum, in dem zum letzten Mal eine Performance- Fee gezahlt wurde | Performance -Fee | Referenz-NAV | Referenz- benchmark (d. h. der Wert der Benchmark für den letzten Referenz- zeitraum, in dem eine Performance- Fee gezahlt wurde) |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| J0 | 100 | 100 | - | - | - | - | 100 | 100 |
| J1 | 108 | 105 | 8,00% | 5,00% | 3,00% | 0,45% | 107,51 | 105 |
| J2 | 105 | 102,9 | -2,34% | -2,00% | -0,34% | keine | 107,51 | 105 |
| J3 | 110 | 113,19 | 2,31% | 7,80% | -5,49% | keine | 107,51 | 105 |
| J4 | 120 | 101,87 | 11,61% | -2,98% | 14,59% | 2,19% | 117,37 | 101,87 |
| J5 | 129,11 | 112,06 | 10,00% | 10,00% | 0,00% | keine | 117,37 | 101,87 |
| J6 | 115 | 95 | -2,02% | -6,74% | 4,72% | 0,71% | 114,19 | 95,00 |

Der Teilfonds wird zum Zeitpunkt J0 mit einem NAV von 100 aufgelegt.
Am Ende des ersten Jahres (J1) beträgt der NAV 108 (Plus von 8%), und die Benchmark liegt bei 105 (Plus von 5%). Da der Teilfonds seine Benchmark um 3% übertroffen hat, hat die Verwaltungsgesellschaft Anspruch auf eine Performance-Fee von 0,45% (15% x 3%). Die
Performance-Fee beläuft sich auf 0,49 (0,45% x 108). Der NAV des Teilfonds nach Abzug der Performance-Fee beträgt 107,51 (108 – 0,49), und der Referenz-NAV wird auf 107,51 und die Referenzbenchmark auf 105 festgesetzt.
Am Ende des zweiten Jahres (J2) erreichte der Teilfonds seine Benchmark nicht, und der NAV des Teilfonds blieb unter dem letzten Referenz-NAV. Daher ist keine Performance-Fee zu zahlen. Der Referenz-NAV und die Referenzbenchmark bleiben unverändert (107,51 bzw. 105).
Am Ende des dritten Jahres (J3) übertraf der NAV des Teilfonds (110) den letzten Referenz-NAV (110 gegenüber 107,51), aber der Teilfonds entwickelte sich schlechter als die Benchmark. Daher ist keine Performance-Fee zu zahlen. Der Referenz-NAV und die Referenzbenchmark bleiben unverändert (107,51 bzw. 105).
Am Ende des vierten Jahres (J4) verzeichnet der Teilfonds eine Performance von 11,61% (von 107.51 auf 120), und die Benchmark verzeichnet eine Performance von -2,98% (von 105 auf 101,87). Da der Teilfonds seine Benchmark um 14,59% (11,61 – (-2,98)) übertroffen hat, hat die Verwaltungsgesellschaft Anspruch auf eine Performance-Fee von 2,19% (15% x 14,76%). Die Performance-Fee beläuft sich auf 2,63 (2,19%
x 120). Der NAV des Teilfonds nach Abzug der Performance-Fee beträgt 117,37 (120 – 2,63), der neue Referenz-NAV wird auf 117,37 und die Referenzbenchmark auf 101,87 festgesetzt.
Am Ende des fünften Jahres (J5) verzeichnet der Teilfonds eine Performance von 10% (von 117,37 auf 129,11), und die Benchmark verzeichnet eine Performance von 10% (von 101,87 auf 112,06). Da die Performance des Teilfonds der Performance der Benchmark entspricht, ist keine Performancegebühr zu zahlen. Der Referenz-NAV und die Referenzbenchmark bleiben unverändert (117,37 bzw. 101,87).
Am Ende des sechsten Jahres (J6) verzeichnet der Teilfonds eine Performance von -2,02% (von 117,37 auf 115), und die Benchmark verzeichnet eine Performance von -6,74% (von 101,87 auf 95). Da der Teilfonds seine Benchmark um 4,72% (-2,02 (-6,74)) übertroffen hat, hat die Verwaltungsgesellschaft Anspruch auf eine Performance-Fee von 0,71% (15% x 4,72%). Die Performance-Fee beläuft sich auf 0,81 (0,71%
x 115). Der NAV des Teilfonds nach Abzug der Performance-Fee beträgt 114,19 (115 – 0,81), der Referenz-NAV wird auf 114,19 und die Referenzbenchmark auf 95 festgesetzt.
Offenlegung gemäss SFDR
Die Einstufung des Teilfonds gemäss SFDR, die Art und Weise, in der der Fondsmanager Nachhaltigkeitsrisiken in seine Anlageentscheidungen in Bezug auf die Teilfonds integriert, sowie die Ergebnisse der Bewertung der wahrscheinlichen Auswirkungen von Nachhaltigkeitsrisiken auf die Renditen des Teilfonds sind im SFDR-Anhang dargelegt.
Benchmark-Verordnung
Siehe den allgemeinen Teil des Prospekts: "3. Anlageziele und Anlagepolitik" / "3.1 Allgemeine Bestimmungen, die für alle Teilfonds gelten" / "(x) Benchmark-Verordnung".
Bis zum 1. Januar 2021 war MSCI Limited ein EU-regulierter Referenzwert-Administrator, der unter der Benchmark-Verordnung durch die britische FCA zugelassen und im ESMA-Register für Referenzwert-Administratoren eingetragen war.
Seit dem 1. Januar 2021 ist und bleibt MSCI Limited als von der britischen FCA regulierter britischer Referenzwert-Administrator zugelassen (zu finden im Financial Services Register der FCA). Gegenüber der EU gilt er jedoch als britischer Administrator "aus einem Drittstaat" und wird nicht im ESMA-Register für Referenzwert-Administratoren aufgeführt sein, ausser wenn bzw. solange die EU Grossbritannien die "Gleichwertigkeit" oder MSCI die "Übernahme" oder "Anerkennung" gewährt.
Zusätzliche Informationen zur Benchmark sind auf der Website des Administrators zu finden: www.msci.com/index-regulation
Fondsmanager
Siehe Paragraph 6.3
Ansatz, mit dem das Gesamtrisiko des Teilfonds berechnet wird
Commitment-Ansatz
Profil des typischen Anlegers
Der Teilfonds ist geeignet für Anleger, die:
- einen langfristigen Kapitalzuwachs anstreben; und
- bereit sind, das erhöhte Risiko zu tragen, das mit den Anlagekategorien verbunden ist, die im Anlageziel und in der Anlagepolitik beschrieben sind; und
- der Volatilität ihrer Aktien standhalten können.

Zeichnungsverfahren
Die Zeichnungsbeträge sind gemäss dem in Kapitel 20 des Prospekts beschriebenen Verfahren zu überweisen. Zeichnungsanträge müssen spätestens zur betreffenden Annahmeschlusszeit bei der Gesellschaft eingehen.
Die Zeichnungsbeträge sind der Verwahrstelle in der Referenzwährung oder im Falle von in einer Alternativwährung begebenen Klassen in der Alternativwährung mit Valuta vor dem Zahlungstermin unter Angabe der genauen Identität der/des Aktienzeichner(s) und des Teilfonds, von dem Aktien gezeichnet werden, zu überweisen.
Annahmeschlusszeit
| Annahmeschlusszeit 1  (Luxemburger Zeit) (Zeichnungs-, Rücknahme- und Umtauschanträge) | Bewertungstag 2  ("T") | Zahlungstermin 3 |
| --- | --- | --- |
| 15.00 Uhr am T-1 Tag | Täglich | Bis zu T+3 Tage 4 |

Hinweis: Als Tag ist ein Geschäftstag zu verstehen
1 
Ist dieser Tag kein Geschäftstag, einen Geschäftstag in Luxemburg vor dem betreffenden Tag.
2 
Ist dieser Bewertungstag kein Geschäftstag, gilt als Bewertungstag der nächste Geschäftstag oder der vorhergehende Geschäftstag bei einer Bewertung alle zwei Monate.
3 
Für Rücknahmen erfolgen die Zahlungen normalerweise in der Referenzwährung.
4 
Die Aktieninhaber werden gebeten, den jeweils geltenden Zahlungstermin der Website der Lombard Odier Gruppe (www.loim.com) zu entnehmen.
Weitere Einzelheiten sind in Paragraph 12.1 "Allgemeine Bestimmungen" des Kapitels 12 "Ausgabe und Verkauf der Aktien" enthalten.
Sektor-/Themen-Aktienteilfonds

### LO Funds – Golden Age
Anlageziel und Anlagepolitik
Der Teilfonds wird aktiv verwaltet. Der MSCI World TR ND Index wird für Performancevergleiche und zur internen Risikoüberwachung herangezogen, ohne dass dies besondere Anlagebeschränkungen für den Teilfonds zur Folge hätte. Die Wertpapiere, die der Teilfonds erwerben möchte, können jenen des Index in einem Umfang ähnlich sein, der im Zeitverlauf variiert. Doch in Bezug auf ihre Gewichtung dürften sich deutliche Unterschiede ergeben. Die Performance des Teilfonds kann wesentlich von der des Index abweichen.
Dieser Teilfonds investiert in Aktien und aktienbezogene Wertpapiere (darunter Warrants) von Gesellschaften weltweit, deren zukünftiges Wachstum wesentlich vom Thema Bevölkerungsalterung abhängt. Der Fondsmanager kann innerhalb dieses Anlageuniversums in Gesellschaften investieren, die (in ihren jeweiligen Märkten) als Small und Mid Caps gelten, und in Gesellschaften, die ihren Sitz in Emerging Markets haben oder dort einen Grossteil ihrer Geschäftstätigkeit ausüben. Der Fondsmanager darf eine breite Palette von Finanzderivaten verwenden, darunter
Optionen, Futures und Swaps (namentlich CFD), um die Positionen in bestimmten Märkten, Sektoren, Emittenten und Währungen zu erhöhen oder zu reduzieren.
Der Teilfonds strebt Anlagen in Qualitätsunternehmen mit nachhaltigen Finanzmodellen, Geschäftspraktiken und Geschäftsmodellen an, die widerstandsfähig sind und mit den langfristigen strukturellen Trends wachsen und von ihnen profitieren können. Zur Identifikation solcher Unternehmen verwendet er die unternehmenseigenen Instrumente und Methoden von LOIM für die Erstellung des ESG- und Nachhaltigkeitsprofils. Der Teilfonds kann bis zu 20% seines Nettovermögens in Aktien von auf dem chinesischen Festland eingetragenen Unternehmen (einschliesslich chinesischer A-Aktien) investieren, die an Börsen gehandelt werden. Die chinesischen A-Aktien werden über Stock Connect erworben. Bitte beachten Sie den Anhang zu den Risikofaktoren, insbesondere Paragraph 2.12 zu den Risiken solcher Anlagen.
Wie in Paragraph 3.1 erwähnt, darf der Teilfonds (i) unter normalen Marktbedingungen und im Einklang mit den geltenden Diversifikationsvorschriften vorübergehend und ergänzend bis zu 15% seines Nettovermögens in Zahlungsmitteln und Zahlungsmitteläquivalenten (einschliesslich kurzfristiger ABS/MBS, die bis zu 10% der Anlagen in Zahlungsmittel und Zahlungsmitteläquivalente ausmachen dürfen) und (ii) bis zu 10% seines Nettovermögens in OGA halten.
Vorbehaltlich der in den Anlagerestriktionen (siehe Kapitel 4 des Prospekts) vorgesehenen Grenzen ist der Fondsmanager berechtigt, Finanzderivate einzusetzen:
- zur Absicherung	Ja
- zu EPM-Zwecken	Ja
- als Teil der Anlagestrategie	JaDie Verwendung von strukturierten Finanzinstrumenten ist in Paragraph 3.1 beschrieben.

Der Teilfonds gilt als Aktienfonds gemäss InvStG.
Die Anleger werden auf den Anhang zu den Risikofaktoren hingewiesen, in dem die Risikofaktoren des Teilfonds aufgeführt sind.
Referenzwährung
USD
Zur Zeichnung aufliegende Aktienklassen
Aktien können auch verschiedene Formen annehmen (d.h. in Bezug auf Alternativwährungen, Ausschüttungspolitik, Währungsabsicherungspolitik, Seeding, "Connect"): siehe Paragraph 2.2.
|  | P-Aktien | R-Aktien | N-Aktien | I-Aktien | S-Aktien | M-Aktien | H-Aktien | E-Aktien |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Anlegertyp | Siehe Tabelle in Paragraph 2.2 im allgemeinen Teil des Prospekts |
| Erstmalige Mindestanlage bzw. Mindestanlagebetrag | Gegenwert von EUR 3’000 | Gegenwert von EUR 1’000 | Gegenwert von CHF 1’000’000 | Gegenwert von CHF 1’000’000 | t.b.d. | Gegenwert von EUR 3’000 | Gegenwert von EUR 3’000 | Nein |
| Maximaler FROC | 0,44% | 0,56% | 0,31% | 0,27% | 0,13% | 0,44% | 0,56% | 0,44% |
| Maximale Managementgebühr | 0,75% | 0,75% | 0,75% | 0,75% | k.A. | 0,85% | 1,50% | k.A. |
| Maximale Vertriebsgebühr | 0,75% | 1,55% | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. |
| Performance-Fee | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. |
| Höchstsatz der Managementgebühren, wenn der Teilfonds in andere OGAW oder OGA oder Ziel-Teilfonds investiert* | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% |
| Handelsgebühr | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% |
| * Ungeachtet einer Performance-Fee, die zusätzlich zu dieser Limite erhoben werden kann. |

Offenlegung gemäss SFDR
Die Einstufung des Teilfonds gemäss SFDR, die Art und Weise, in der der Fondsmanager Nachhaltigkeitsrisiken in seine Anlageentscheidungen in Bezug auf die Teilfonds integriert, sowie die Ergebnisse der Bewertung der wahrscheinlichen Auswirkungen von Nachhaltigkeitsrisiken auf die Renditen des Teilfonds sind im SFDR-Anhang dargelegt.
Fondsmanager
Siehe Paragraph 6.3
Ansatz, mit dem das Gesamtrisiko des Teilfonds berechnet wird
Relativer VaR
Referenzportefeuille ausschliesslich für die Gesamtrisikomessung
MSCI World TR ND USD
Erwartetes  Leverage-Niveau
100%
Risikobudget
150%
Profil des typischen Anlegers
Der Teilfonds ist geeignet für Anleger, die:
- einen langfristigen Kapitalzuwachs anstreben; und
- bereit sind, das erhöhte Risiko zu tragen, das mit den Anlagekategorien verbunden ist, die im Anlageziel und in der Anlagepolitik beschrieben sind; und
- der Volatilität ihrer Aktien standhalten können.

Zeichnungsverfahren
Die Zeichnungsbeträge sind gemäss dem in Kapitel 20 des Prospekts beschriebenen Verfahren zu überweisen. Zeichnungsanträge müssen spätestens zur betreffenden Annahmeschlusszeit bei der Gesellschaft eingehen.
Die Zeichnungsbeträge sind der Verwahrstelle in der Referenzwährung oder im Falle von in einer Alternativwährung begebenen Klassen in der Alternativwährung mit Valuta vor dem Zahlungstermin unter Angabe der genauen Identität der/des Aktienzeichner(s) und des Teilfonds, von dem Aktien gezeichnet werden, zu überweisen.
Annahmeschlusszeit
| Annahmeschlusszeit 1  (Luxemburger Zeit) (Zeichnungs-, Rücknahme- und Umtauschanträge) | Bewertungstag 2  ("T") | Zahlungstermin 3 |
| --- | --- | --- |
| 15.00 Uhr am T-1 Tag | Täglich | Bis zu T+3 Tage 4 |

Hinweis: Als Tag ist ein Geschäftstag zu verstehen
1  
Ist dieser Tag kein Geschäftstag, einen Geschäftstag in Luxemburg vor dem betreffenden Tag.
2  
Ist dieser Bewertungstag kein Geschäftstag, gilt als Bewertungstag der nächste Geschäftstag oder der vorhergehende Geschäftstag bei einer Bewertung alle zwei Monate.
3  
Für Rücknahmen erfolgen die Zahlungen normalerweise in der Referenzwährung.
4  
Die Aktieninhaber werden gebeten, den jeweils geltenden Zahlungstermin der Website der Lombard Odier Gruppe (www.loim.com) zu entnehmen.
Weitere Einzelheiten sind in Paragraph 12.1 "Allgemeine Bestimmungen" des Kapitels 12 "Ausgabe und Verkauf der Aktien" enthalten.
Sektor-/Themen-Aktienteilfonds

### LO Funds – World Brands
Anlageziel und Anlagepolitik
Der Teilfonds wird aktiv verwaltet. Der MSCI World TR ND Index wird für Performancevergleiche und zur internen Risikoüberwachung herangezogen, ohne dass dies besondere Anlagebeschränkungen für den Teilfonds zur Folge hätte. Die Wertpapiere, die der Teilfonds erwerben möchte, können jenen des Index in einem Umfang ähnlich sein, der im Zeitverlauf variiert. Doch in Bezug auf ihre Gewichtung dürften sich deutliche Unterschiede ergeben. Die Performance des Teilfonds kann wesentlich von der des Index abweichen.
Dieser Teilfonds strebt Anlagen in Qualitätsunternehmen mit nachhaltigen Finanzmodellen, Geschäftspraktiken und Geschäftsmodellen an, die widerstandsfähig sind und mit den langfristigen strukturellen Trends wachsen und von ihnen profitieren können. Zur Identifikation solcher
Unternehmen verwendet er die unternehmenseigenen Instrumente und Methoden von LOIM für die Erstellung des ESG- und Nachhaltigkeitsprofils.
Der Teilfonds investiert mindestens zwei Drittel (2/3) seines Vermögens in Aktien, aktienbezogene Wertpapiere (einschliesslich Warrants) von Gesellschaften weltweit (einschliesslich Schwellenländern), die nach Ansicht des Fondsmanagers als Premium- oder führende Marke anerkannt sind und/oder im Luxus-, Premium- oder Prestigesegment Produkte und/oder Dienstleistungen anbieten oder die den Grossteil ihres Umsatzes damit erzielen, solche Produkte und/oder Dienstleistungen bereitzustellen, zu produzieren, zu finanzieren oder entsprechende Beratungen zu erbringen.
Der Teilfonds kann bis zu einem Drittel (1/3) seines Vermögens (i) ausserhalb dieser Parameter und/oder (ii) in Zahlungsmittel und Zahlungsmitteläquivalente (einschliesslich kurzfristiger ABS/MBS, die bis zu 10% der Anlagen in Zahlungsmittel und Zahlungsmitteläquivalente ausmachen dürfen) investieren.
Der Teilfonds darf bis zu 20% seines Nettovermögens in börsengehandelte Aktien von auf dem chinesischen Festland ansässigen Unternehmen (einschliesslich chinesischer A-Aktien) anlegen. Die chinesischen A-Aktien werden über Stock Connect erworben. Bitte beachten Sie den Anhang zu den Risikofaktoren, insbesondere Paragraph 2.12 zu den Risiken solcher Anlagen.
Der Fondsmanager kann qualitative und/oder systematische Strategien, unter anderem risikobasierte Allokationsmethoden, umsetzen, um Aktien auszuwählen und das Kapital den Sektoren und/oder Ländern zuzuteilen.
Die Wahl der Märkte, Sektoren, Börsenkapitalisierungen und Währungen (einschliesslich Emerging-Market-Währungen) liegt im freien Ermessen des Fondsmanagers.
Wie in Paragraph 3.1 erwähnt, darf der Teilfonds bis zu 10% seines Nettovermögens in OGA halten.
Vorbehaltlich der unter den Anlagerestriktionen auferlegten Grenzen, die in Kapitel 4 des Prospekts beschrieben sind, darf der Fondsmanager Finanzderivate einsetzen:
- zu Absicherungszwecken	Ja
- zu EPM-Zwecken	Ja
- als Teil der Anlagestrategie	NeinDie Verwendung von strukturierten Finanzinstrumenten ist in Paragraph 3.1 beschrieben.

Der Teilfonds gilt als Aktienfonds gemäss InvStG.
Die Anleger werden auf den Anhang zu den Risikofaktoren hingewiesen, in dem die Risikofaktoren des Teilfonds aufgeführt sind.
Referenzwährung
EUR
Zur Zeichnung verfügbare Aktienklassen
Aktien können auch verschiedene Formen annehmen (d.h. in Bezug auf Alternativwährungen, Ausschüttungspolitik, Währungsabsicherungspolitik, Seeding, "Connect"): siehe Paragraph 2.2.
|  | P-Aktien | R-Aktien | N-Aktien | I-Aktien | S-Aktien | M-Aktien | H-Aktien | E-Aktien |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Anlegertyp | Siehe Tabelle in Paragraph 2.2 im allgemeinen Teil des Prospekts |
| Erstmalige Mindestanlage bzw. Mindestanlagebetrag | Gegenwert von EUR 3’000 | Gegenwert von EUR 1’000 | Gegenwert von CHF 1’000’000 | Gegenwert von CHF 1’000’000 | t.b.d. | Gegenwert von EUR 3’000 | Gegenwert von EUR 3’000 | Nein |
| Maximaler FROC | 0,44% | 0,56% | 0,31% | 0,27% | 0,13% | 0,44% | 0,56% | 0,44% |
| Maximale Managementgebühr | 1,00% | 1,00% | 1,00% | 1,00% | k.A. | 1,10% | 2,00% | k.A. |
| Maximale Vertriebsgebühr | 1,00% | 1,55% | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. |
| Performance-Fee | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. |
| Höchstsatz der Managementgebühren, wenn der Teilfonds in andere OGAW, OGA oder Ziel-Teilfonds investiert* | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% |
| Handelsgebühr | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% |
| * Ungeachtet einer Performance-Fee, die zusätzlich zu dieser Limite erhoben werden kann. |

Offenlegung gemäss SFDR
Die Einstufung des Teilfonds gemäss SFDR, die Art und Weise, in der der Fondsmanager Nachhaltigkeitsrisiken in seine Anlageentscheidungen in Bezug auf die Teilfonds integriert, sowie die Ergebnisse der Bewertung der wahrscheinlichen Auswirkungen von Nachhaltigkeitsrisiken auf die Renditen des Teilfonds sind im SFDR-Anhang dargelegt.
Fondsmanager
Siehe Paragraph 6.3
Ansatz, mit dem das Gesamtrisiko des Teilfonds berechnet wird
Commitment-Ansatz
Profil des typischen Anlegers
Der Teilfonds ist geeignet für Anleger, die:
- einen langfristigen Kapitalzuwachs anstreben;
- bereit sind, das erhöhte Risiko zu tragen, das mit den Anlagekategorien verbunden ist, die im Anlageziel und in der Anlagepolitik beschrieben sind; und
- der Volatilität ihrer Aktien standhalten können.

Zeichnungsverfahren
Die Zeichnungsbeträge sind gemäss dem in Kapitel 20 des Prospekts beschriebenen Verfahren zu überweisen. Zeichnungsanträge müssen spätestens zur betreffenden Annahmeschlusszeit bei der Gesellschaft eingehen.
Die Zeichnungsbeträge sind der Verwahrstelle in der Referenzwährung oder im Falle von in einer Alternativwährung begebenen Klassen in der Alternativwährung mit Valuta vor dem Zahlungstermin unter Angabe der genauen Identität der/des Aktienzeichner(s) und des Teilfonds, von dem Aktien gezeichnet werden, zu überweisen.
Annahmeschlusszeit
| Annahmeschlusszeit 1  (Luxemburger Zeit) (Zeichnungs-, Rücknahme- und Umtauschanträge) | Bewertungstag 2  ("T") | Zahlungstermin 3 |
| --- | --- | --- |
| 15.00 Uhr am T-1 Tag | Täglich | Bis zu T+3 Tage 4 |

Hinweis: Als Tag ist ein Geschäftstag zu verstehen
1  
Ist dieser Tag kein Geschäftstag, einen Geschäftstag in Luxemburg vor dem betreffenden Tag.
2  
Ist dieser Bewertungstag kein Geschäftstag, gilt als Bewertungstag der nächste Geschäftstag oder der vorhergehende Geschäftstag bei einer Bewertung alle zwei Monate.
3  
Für Rücknahmen erfolgen die Zahlungen normalerweise in der Referenzwährung.
4  
Die Aktieninhaber werden gebeten, den jeweils geltenden Zahlungstermin der Website der Lombard Odier Gruppe (www.loim.com) zu entnehmen.
Weitere Einzelheiten sind in Paragraph 12.1 "Allgemeine Bestimmungen" des Kapitels 12 "Ausgabe und Verkauf der Aktien" enthalten.
Sektor-/Themen-Aktienteilfonds

### LO Funds – World Gold Expertise
Anlageziel und Anlagepolitik
Der Teilfonds wird aktiv verwaltet. Der NYSE Arca Gold Miners TR ND Index wird für Performancevergleiche und zur internen Risikoüberwachung herangezogen, ohne dass dies besondere Anlagebeschränkungen für den Teilfonds zur Folge hätte. Die Wertpapiere, die der Teilfonds erwerben möchte, können jenen des Index in einem Umfang ähnlich sein, der im Zeitverlauf variiert. Doch in Bezug auf ihre Gewichtung dürften sich deutliche Unterschiede ergeben. Die Performance des Teilfonds kann wesentlich von der des Index abweichen.
Dieser Teilfonds investiert in übertragbare Wertpapiere (einschliesslich in ADR und GDR), die (i) von Gesellschaften emittiert werden, die weltweit in den Bereichen Goldminen, Edelmetalle und Edelsteine tätig sind, und/oder (ii) die den Preis von Gold oder anderen Edelmetallen eins zu eins abbilden. Es wird beabsichtigt, mindestens zwei Drittel (2/3) des Portefeuilles des Teilfonds in Goldminengesellschaften zu investieren, die in
der Exploration, Förderung, Verarbeitung, Produktion und im Marketing tätig sind, sowie in Gesellschaften, die einen bedeutenden Teil ihres Umsatzes oder Gewinns mit solchen Aktivitäten realisieren oder die solche Aktivitäten finanzieren. Der Teilfonds tätigt keine physischen Anlagen in Gold, Edelmetalle oder Edelsteine. Der Teilfonds kann in Gesellschaften, die in ihren jeweiligen Märkten als Small Caps gelten, investieren.
Direktinvestitionen (lokale Aktien) in Russland (andere als die Anlageinstrumente, die an der Moskauer Börse gehandelt werden) und Investitionen in nicht regulierte Märkte dürfen insgesamt 10% des Nettovermögens des Teilfonds nicht übersteigen.
Wie in Paragraph 3.1 erwähnt, darf der Teilfonds (i) unter normalen Marktbedingungen und im Einklang mit den geltenden Diversifikationsvorschriften vorübergehend und ergänzend bis zu 15% seines Nettovermögens in Zahlungsmitteln und Zahlungsmitteläquivalenten (einschliesslich kurzfristiger ABS/MBS, die bis zu 10% der Anlagen in Zahlungsmittel und Zahlungsmitteläquivalente ausmachen dürfen) und (ii) bis zu 10% seines Nettovermögens in OGA halten.
Vorbehaltlich der in den Anlagerestriktionen (siehe Kapitel 4 des Prospekts) erlaubten Grenzen ist der Fondsmanager berechtigt, Finanzderivate einzusetzen:
- zur Absicherung	Ja
- zu EPM-Zwecken	Ja
- als Teil der Anlagestrategie	NeinDie Verwendung von strukturierten Finanzinstrumenten ist in Paragraph 3.1 beschrieben.

Der Teilfonds gilt als Aktienfonds gemäss InvStG.
Die Anleger werden auf den Anhang zu den Risikofaktoren hingewiesen, in dem die Risikofaktoren des Teilfonds aufgeführt sind.
Referenzwährung
USD
Zur Zeichnung aufliegende Aktienklassen
Aktien können auch verschiedene Formen annehmen (d.h. in Bezug auf Alternativwährungen, Ausschüttungspolitik, Währungsabsicherungspolitik, Seeding, "Connect"): siehe Paragraph 2.2.
|  | P-Aktien | R-Aktien | N-Aktien | I-Aktien | S-Aktien | M-Aktien | H-Aktien | E-Aktien |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Anlegertyp | Siehe Tabelle in Paragraph 2.2 im allgemeinen Teil des Prospekts |
| Erstmalige Mindestanlage bzw. Mindestanlagebetrag | Gegenwert von EUR 3’000 | Gegenwert von EUR 1’000 | Gegenwert von CHF 1’000’000 | Gegenwert von CHF 1’000’000 | t.b.d. | Gegenwert von EUR 3’000 | Gegenwert von EUR 3’000 | Nein |
| Maximaler FROC | 0,44% | 0,56% | 0,31% | 0,27% | 0,13% | 0,44% | 0,56% | 0,44% |
| Maximale Managementgebühr | 1,00% | 1,00% | 1,00% | 1,00% | k.A. | 1,10% | 2,00% | k.A. |
| Maximale Vertriebsgebühr | 1,00% | 1,55% | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. |
| Performance-Fee | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. |
| Höchstsatz der Managementgebühren, wenn der Teilfonds in andere OGAW oder OGA oder Ziel-Teilfonds investiert* | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% |
| Handelsgebühr | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% |
| * Ungeachtet einer Performance-Fee, die zusätzlich zu dieser Limite erhoben werden kann. |

Offenlegung gemäss SFDR
Die Einstufung des Teilfonds gemäss SFDR, die Art und Weise, in der der Fondsmanager Nachhaltigkeitsrisiken in seine Anlageentscheidungen in Bezug auf die Teilfonds integriert, sowie die Ergebnisse der Bewertung der wahrscheinlichen Auswirkungen von Nachhaltigkeitsrisiken auf die Renditen des Teilfonds sind im SFDR-Anhang dargelegt.
Fondsmanager
Siehe Paragraph 6.3
Ansatz, mit dem das Gesamtrisiko des Teilfonds berechnet wird
Relativer VaR
Referenzportefeuille ausschliesslich für die Gesamtrisikomessung
NYSE ARCA Gold Miners TR ND
Erwartetes  Leverage-Niveau
50%
Risikobudget
125%
Profil des typischen Anlegers
Der Teilfonds ist geeignet für Anleger, die:
- einen langfristigen Kapitalzuwachs anstreben; und
- bereit sind, das erhöhte Risiko zu tragen, das mit den Anlagekategorien verbunden ist, die im Anlageziel und in der Anlagepolitik beschrieben sind; und
- der Volatilität ihrer Aktien standhalten können.

Zeichnungsverfahren
Die Zeichnungsbeträge sind gemäss dem in Kapitel 20 des Prospekts beschriebenen Verfahren zu überweisen. Zeichnungsanträge müssen spätestens zur betreffenden Annahmeschlusszeit bei der Gesellschaft eingehen.
Die Zeichnungsbeträge sind der Verwahrstelle in der Referenzwährung oder im Falle von in einer Alternativwährung begebenen Klassen in der Alternativwährung mit Valuta vor dem Zahlungstermin unter Angabe der genauen Identität der/des Aktienzeichner(s) und des Teilfonds, von dem Aktien gezeichnet werden, zu überweisen.
Annahmeschlusszeit
| Annahmeschlusszeit 1  (Luxemburger Zeit) (Zeichnungs-, Rücknahme- und Umtauschanträge) | Bewertungstag 2  ("T") | Zahlungstermin 3 |
| --- | --- | --- |
| 12.00 Uhr am T | Täglich | Bis zu T+3 Tage 4 |

Hinweis: Als Tag ist ein Geschäftstag zu verstehen
1  
Ist dieser Tag kein Geschäftstag, einen Geschäftstag in Luxemburg vor dem betreffenden Tag.
2  
Ist dieser Bewertungstag kein Geschäftstag, gilt als Bewertungstag der nächste Geschäftstag oder der vorhergehende Geschäftstag bei einer Bewertung alle zwei Monate.
3  
Für Rücknahmen erfolgen die Zahlungen normalerweise in der Referenzwährung.
4  
Die Aktieninhaber werden gebeten, den jeweils geltenden Zahlungstermin der Website der Lombard Odier Gruppe (www.loim.com) zu entnehmen.
Weitere Einzelheiten sind in Paragraph 12.1 "Allgemeine Bestimmungen" des Kapitels 12 "Ausgabe und Verkauf der Aktien" enthalten.
Sektor-/Themen-Aktienteilfonds

### LO Funds – Commodity Risk Premia
Ziel
Der Teilfonds wird aktiv verwaltet. Der Bloomberg Commodity TR Index wird ausschliesslich für Performancevergleiche herangezogen, ohne dass dies besondere Anlagebeschränkungen für den Teilfonds zur Folge hätte. Die Wertpapiere, die der Teilfonds erwerben möchte, können jenen des Index in einem Umfang ähnlich sein, der im Zeitverlauf variiert. Doch in Bezug auf ihre Gewichtung dürften sich deutliche Unterschiede ergeben. Die Performance des Teilfonds kann wesentlich von der des Index abweichen.
Dieser Teilfonds zielt hauptsächlich darauf ab, die Performance eines bankeigenen Rohstoffindex (der "bankeigene Index") zu replizieren.
Zugelassene Anlagen
Dazu schliesst er mit einem oder mehreren erstklassigen Finanzinstitut(en) eine oder mehrere Swap-Vereinbarung(en) ab, für die der bankeigene Index (der "Rohstoff-Swap", dessen Funktionsweise weiter unten erklärt wird) als Basiswert dient.
Bis zu einem Drittel (1/3) des Vermögens des Teilfonds darf in Zahlungsmittel und Zahlungsmitteläquivalente (einschliesslich kurzfristiger ABS/MBS, die bis zu 10% der Anlagen in Zahlungsmittel und Zahlungsmitteläquivalente ausmachen dürfen) im Einklang mit den geltenden Diversifikationsvorschriften investiert werden. Ausserdem legen die Zeichnungen und Rückgaben des Teilfonds den Nennwert der Swaps fest, der vom Fondsmanager entsprechend angepasst wird.
Wie in Paragraph 3.1 erwähnt, darf der Teilfonds bis zu 10% seines Nettovermögens in OGA halten.
Vorbehaltlich der in den Anlagerestriktionen (siehe Kapitel 4 des Prospekts) vorgesehenen Grenzen ist der Fondsmanager berechtigt, Finanzderivate einzusetzen:
- zur Absicherung	Ja
- zu EPM-Zwecken	Ja
- als Teil der Anlagestrategie	JaFunktionsweise des Rohstoff-SwapsBitte lesen Sie Paragraph 3.3.1.

Risiken
Die Anleger sollten sich bewusst sein, dass der Wert ihrer Anlage sowohl steigen als auch fallen kann. Sie sollten in Kauf nehmen, dass sie ihr ursprünglich investiertes Kapital unter Umständen nicht zurückerhalten.
Die Anleger werden auf den Anhang zu den Risikofaktoren hingewiesen, in dem die Risikofaktoren des Teilfonds aufgeführt sind.
Referenzwährung
USD
Zur Zeichnung aufliegende Aktienklassen
Aktien können auch verschiedene Formen annehmen (d.h. in Bezug auf Alternativwährungen, Ausschüttungspolitik, Währungsabsicherungspolitik, Seeding, "Connect"): siehe Paragraph 2.2.
|  | P-Aktien | R-Aktien | N-Aktien | I-Aktien | S-Aktien | M-Aktien | H-Aktien | E-Aktien |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Anlegertyp | Siehe Tabelle in Paragraph 2.2 im allgemeinen Teil des Prospekts |
| Erstmalige Mindestanlage bzw. Mindestanlagebetrag | Gegenwert von EUR 3’000 | Gegenwert von EUR 1’000 | Gegenwert von CHF 1’000’000 | Gegenwert von CHF 1’000’000 | t.b.d. | Gegenwert von EUR 3’000 | Gegenwert von EUR 3’000 | Nein |
| Maximaler FROC | 0,44% | 0,56% | 0,31% | 0,27% | 0,13% | 0,44% | 0,56% | 0,44% |
| Maximale Managementgebühr | 0,75% | 0,75% | 0,75% | 0,75% | k.A. | 0,85% | 1,50% | k.A. |
| Maximale Vertriebsgebühr | 0,75% | 1,55% | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. |
| Performance-Fee | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. |
| Höchstsatz der Managementgebühren, wenn der Teilfonds in andere OGAW oder OGA oder Ziel-Teilfonds investiert* | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% |
| Handelsgebühr | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% |
| * Ungeachtet einer Performance-Fee, die zusätzlich zu dieser Limite erhoben werden kann. |

Offenlegung gemäss SFDR
Die Einstufung des Teilfonds gemäss SFDR, die Art und Weise, in der der Fondsmanager Nachhaltigkeitsrisiken in seine Anlageentscheidungen in Bezug auf die Teilfonds integriert, sowie die Ergebnisse der Bewertung der wahrscheinlichen Auswirkungen von Nachhaltigkeitsrisiken auf die Renditen des Teilfonds sind im SFDR-Anhang dargelegt.
Benchmark-Verordnung
Siehe den allgemeinen Teil des Prospekts: "3. Anlageziele und Anlagepolitik" / "3.1 Allgemeine Bestimmungen, die für alle Teilfonds gelten" / "(x) Benchmark-Verordnung".
Siehe den allgemeinen Teil des Prospekts: "3. Anlageziele und Anlagepolitik" / 3.3 Rohstoff- und andere Strategien – Verwendung von Swaps/ TRS.
Fondsmanager
Siehe Paragraph 6.3
Ansatz, mit dem das Gesamtrisiko des Teilfonds berechnet wird
Absoluter VaR
Referenzportefeuille ausschliesslich für die Gesamtrisikomessung
Nicht anwendbar
Erwartetes  Leverage-Niveau
Es wird erwartet, dass das Leverage des Teilfonds für den Gesamtnennwert der Finanzderivate rund 175% des Nettoinventarwerts betragen wird.
Es wird erwartet, dass das Engagement des Teilfonds in Total Return Swaps, das als Summe der Nennwerte ausgedrückt wird, um 100% des Nettoinventarwerts betragen wird. In Fällen, in denen diese Spanne durchbrochen wird, dürfte das Engagement unter 175% bleiben.
Die Anleger werden darauf hingewiesen, dass die erwarteten Engagements und Leverage-Niveaus überschritten werden können.
Risikobudget
15%
Profil des typischen Anlegers
Der Teilfonds ist geeignet für Anleger, die:
- einen langfristigen Kapitalzuwachs anstreben; und
- bereit sind, das erhöhte Risiko zu tragen, das mit den Anlagekategorien verbunden ist, die im Anlageziel und in der Anlagepolitik beschrieben sind; und
- der Volatilität ihrer Aktien standhalten können.

Zeichnungsverfahren
Die Zeichnungsbeträge sind gemäss dem in Kapitel 20 des Prospekts beschriebenen Verfahren zu überweisen. Zeichnungsanträge müssen spätestens zur betreffenden Annahmeschlusszeit bei der Gesellschaft eingehen.
Die Zeichnungsbeträge sind der Verwahrstelle in der Referenzwährung oder im Falle von in einer Alternativwährung begebenen Klassen in der Alternativwährung mit Valuta vor dem Zahlungstermin unter Angabe der genauen Identität der/des Aktienzeichner(s) und des Teilfonds, von dem Aktien gezeichnet werden, zu überweisen.
Annahmeschlusszeit
| Annahmeschlusszeit 1  (Luxemburger Zeit) (Zeichnungs-, Rücknahme- und Umtauschanträge) | Bewertungstag 2  ("T") | Zahlungstermin 3 |
| --- | --- | --- |
| 15.00 Uhr am T-1 Tag | Täglich | Bis zu T+3 Tage 4 |

Hinweis: Als Tag ist ein Geschäftstag zu verstehen
1  
Ist dieser Tag kein Geschäftstag, einen Geschäftstag in Luxemburg vor dem betreffenden Tag.
2  
Ist dieser Bewertungstag kein Geschäftstag, gilt als Bewertungstag der nächste Geschäftstag oder der vorhergehende Geschäftstag bei einer Bewertung alle zwei Monate.
3  
Für Rücknahmen erfolgen die Zahlungen normalerweise in der Referenzwährung.
4  
Die Aktieninhaber werden gebeten, den jeweils geltenden Zahlungstermin der Website der Lombard Odier Gruppe (www.loim.com) zu entnehmen.
Weitere Einzelheiten sind in Paragraph 12.1 "Allgemeine Bestimmungen" des Kapitels 12 "Ausgabe und Verkauf der Aktien" enthalten.
Sektor-/Themen-Aktienteilfonds

### LO Funds – Global FinTech
Anlageziel und Anlagepolitik
Der Teilfonds wird aktiv verwaltet. Der MSCI ACWI TR ND Index wird für Performancevergleiche und zur internen Risikoüberwachung herangezogen, ohne dass dies besondere Anlagebeschränkungen für den Teilfonds zur Folge hätte. Die Wertpapiere, die der Teilfonds erwerben möchte, können jenen des Index in einem Umfang ähnlich sein, der im Zeitverlauf variiert. Doch in Bezug auf ihre Gewichtung dürften sich deutliche Unterschiede ergeben. Die Performance des Teilfonds kann wesentlich von der des vorstehend aufgeführten Index abweichen.
Der Teilfonds investiert hauptsächlich in Aktien und aktienbezogene Wertpapiere (darunter Warrants) von Unternehmen weltweit (einschliesslich Emerging Markets), die in der Erforschung, Entwicklung, Produktion, Förderung und/oder dem Vertrieb digitaler Finanzdienstleistungen und/ oder Technologien tätig sind. Der Teilfonds investiert in alle Wirtschaftssektoren (einschliesslich Unternehmen, die Teil der Lieferkette dieser Unternehmen sind und für diese Dienstleistungen erbringen).
Der Teilfonds strebt Anlagen in Qualitätsunternehmen mit nachhaltigen Finanzmodellen, Geschäftspraktiken und Geschäftsmodellen an, die widerstandsfähig sind und mit den langfristigen strukturellen Trends wachsen und von ihnen profitieren können. Zur Identifikation solcher Unternehmen verwendet er die unternehmenseigenen Instrumente und Methoden von LOIM für die Erstellung des ESG- und Nachhaltigkeitsprofils.
Die Wahl der Märkte, Sektoren, Börsenkapitalisierungen und Währungen (einschliesslich Emerging-Market-Währungen) liegt im freien Ermessen des Fondsmanagers.
Mindestens 75% des Nettovermögens des Teilfonds werden in Aktien oder aktienbezogene Wertpapiere von Unternehmen weltweit investiert.
Der Teilfonds kann bis zu 20% seines Nettovermögens in Aktien von auf dem chinesischen Festland eingetragenen Unternehmen (einschliesslich chinesischer A-Aktien) investieren, die an Börsen gehandelt werden. Die chinesischen A-Aktien werden über Stock Connect erworben. Bitte beachten Sie den Anhang zu den Risikofaktoren, insbesondere Paragraph 2.12 zu den Risiken solcher Anlagen.
Bis zu 25% des Vermögens des Teilfonds dürfen ausserhalb dieser Parameter investiert werden, darunter Zahlungsmittel und Zahlungsmitteläquivalente (einschliesslich kurzfristiger ABS/MBS, die bis zu 10% der Anlagen in Zahlungsmitteln und Zahlungsmitteläquivalenten ausmachen können).
Wie in Paragraph 3.1 erwähnt, darf der Teilfonds bis zu 10% seines Nettovermögens in OGA halten.
Vorbehaltlich der unter den Anlagerestriktionen auferlegten Grenzen, die in Kapitel 4 des Prospekts beschrieben sind, darf der Fondsmanager Finanzderivate einsetzen:
- zu Absicherungszwecken	Ja
- zu EPM-Zwecken	Ja
- als Teil der Anlagestrategie	NeinDie Verwendung von strukturierten Finanzinstrumenten ist in Paragraph 3.1 beschrieben.

Der Teilfonds gilt als Aktienfonds gemäss InvStG.
Die Anleger werden auf den Anhang zu den Risikofaktoren hingewiesen, in dem die Risikofaktoren des Teilfonds aufgeführt sind.
Referenzwährung
USD
Zur Zeichnung verfügbare Aktienklassen
Aktien können auch verschiedene Formen annehmen (d.h. in Bezug auf Alternativwährungen, Ausschüttungspolitik, Währungsabsicherungspolitik, Seeding, "Connect"): siehe Paragraph 2.2.
|  | P-Aktien | R-Aktien | N-Aktien | I-Aktien | S-Aktien | M-Aktien | H-Aktien | E-Aktien |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Anlegertyp | Siehe Tabelle in Paragraph 2.2 im allgemeinen Teil des Prospekts |
| Erstmalige Mindestanlage bzw. Mindestanlagebetrag | Gegenwert von EUR 3’000 | Gegenwert von EUR 1’000 | Gegenwert von CHF 1’000’000 | Gegenwert von CHF 1’000’000 | t.b.d. | Gegenwert von EUR 3’000 | Gegenwert von EUR 3’000 | Nein |
| Maximaler FROC | 0,44% | 0,56% | 0,31% | 0,27% | 0,13% | 0,44% | 0,56% | 0,44% |
| Maximale Managementgebühr | 0,75% | 0,75% | 0,75% | 0,75% | k.A. | 0,85% | 1,50% | k.A. |
| Maximale Vertriebsgebühr | 0,75% | 1,55% | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. |
| Performance-Fee | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. |
| Höchstsatz der Managementgebühren, wenn der Teilfonds in andere OGAW, OGA oder Ziel-Teilfonds investiert* | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% |
| Handelsgebühr | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% |
| * Ungeachtet einer Performance-Fee, die zusätzlich zu diesem Betrag erhoben werden kann. |

Offenlegung gemäss SFDR
Die Einstufung des Teilfonds gemäss SFDR, die Art und Weise, in der der Fondsmanager Nachhaltigkeitsrisiken in seine Anlageentscheidungen in Bezug auf die Teilfonds integriert, sowie die Ergebnisse der Bewertung der wahrscheinlichen Auswirkungen von Nachhaltigkeitsrisiken auf die Renditen des Teilfonds sind im SFDR-Anhang dargelegt.
Fondsmanager
Siehe Paragraph 6.3
Ansatz, mit dem das Gesamtrisiko des Teilfonds berechnet wird
Commitment-Ansatz
Profil des typischen Anlegers
Der Teilfonds ist geeignet für Anleger, die:
- einen langfristigen Kapitalzuwachs anstreben;
- bereit sind, das erhöhte Risiko zu tragen, das mit den Anlagekategorien verbunden ist, die im Anlageziel und in der Anlagepolitik beschrieben sind; und
- der Volatilität ihrer Aktien standhalten können.

Zeichnungsverfahren
Die Zeichnungsbeträge sind gemäss dem in Kapitel 20 des Prospekts beschriebenen Verfahren zu überweisen. Zeichnungsanträge müssen spätestens zur betreffenden Annahmeschlusszeit bei der Gesellschaft eingehen.
Die Zeichnungsbeträge sind der Verwahrstelle in der Referenzwährung oder im Falle von in einer Alternativwährung begebenen Klassen in der Alternativwährung mit Valuta vor dem Zahlungstermin unter Angabe der genauen Identität der/des Aktienzeichner(s) und des Teilfonds, von dem Aktien gezeichnet werden, zu überweisen.
Annahmeschlusszeit
| Annahmeschlusszeit 1  (Luxemburger Zeit) (Zeichnungen, Rücknahmen und Umtausch) | Bewertungstag 2  ("T") | Zahlungstermin 3 |
| --- | --- | --- |
| 15.00 Uhr am T-1 Tag | Täglich | Bis zu T+3 Tage 4 |

Hinweis: Als Tag ist ein Geschäftstag zu verstehen
1  
Ist dieser Tag kein Geschäftstag, einen Geschäftstag in Luxemburg vor dem betreffenden Tag.
2  
Ist dieser Bewertungstag kein Geschäftstag, gilt als Bewertungstag der nächste Geschäftstag oder der vorhergehende Geschäftstag bei einer Bewertung alle zwei Monate.
3  
Für Rücknahmen erfolgen die Zahlungen normalerweise in der Referenzwährung.
4  
Die Aktieninhaber werden gebeten, den jeweils geltenden Zahlungstermin der Website der Lombard Odier Gruppe (www.loim.com) zu entnehmen.
Weitere Einzelheiten sind in Paragraph 12.1 "Allgemeine Bestimmungen" des Kapitels 12 "Ausgabe und Verkauf der Aktien" enthalten.
Sektor-/Themen-Aktienteilfonds

### LO Funds – Natural Capital
Anlageziel und Anlagepolitik
Der Teilfonds wird aktiv verwaltet. Der MSCI World SMID Cap TR ND Index wird für Performancevergleiche und zur internen Risikoüberwachung herangezogen, ohne dass dies besondere Anlagebeschränkungen für den Teilfonds zur Folge hätte. Die Wertpapiere, die der Teilfonds erwerben möchte, können jenen des Index in einem Umfang ähnlich sein, der im Zeitverlauf variiert. Doch in Bezug auf ihre Gewichtung dürften sich deutliche Unterschiede ergeben. Die Performance des Teilfonds kann wesentlich von der des Index abweichen.
Der Teilfonds investiert in Aktien und aktienbezogene Wertpapiere (darunter Warrants) von Unternehmen weltweit (einschliesslich Emerging Markets), deren Wachstum von Regulierungen, Innovationen, Dienstleistungen und Produkten profitieren wird, die den Übergang zu einer stärker kreislauforientierten Wirtschaft und zu einer Wirtschaft, in der Naturkapital wertgeschätzt wird, fördern.
Der Teilfonds strebt Anlagen in Qualitätsunternehmen mit nachhaltigen Finanzmodellen, Geschäftspraktiken und Geschäftsmodellen an, die widerstandsfähig sind und mit den langfristigen strukturellen Trends wachsen und von ihnen profitieren können. Zur Identifikation solcher Unternehmen verwendet er die unternehmenseigenen Instrumente und Methoden von LOIM für die Erstellung des ESG- und Nachhaltigkeitsprofils.
Die Wahl der Märkte, Sektoren, Börsenkapitalisierungen und Währungen (einschliesslich Emerging-Market-Währungen) liegt im freien Ermessen des Fondsmanagers. Dieser verfolgt eine High-Conviction-Strategie, d. h., er konzentriert das Vermögen des Teilfonds auf eine kleinere Anlagegruppe.
Mindestens 75% des Nettovermögens des Teilfonds werden in Aktien oder aktienbezogene Wertpapiere von Unternehmen weltweit investiert.
Der Teilfonds darf in die Emerging Markets investieren. Im Rahmen seines Engagements in den Emerging Markets kann der Teilfonds bis zu 20% seines Nettovermögens in Aktien von auf dem chinesischen Festland eingetragenen Unternehmen (einschliesslich chinesischer A-Aktien)
investieren, die an Börsen gehandelt werden. Die chinesischen A-Aktien werden über Stock Connect erworben. Bitte beachten Sie den Anhang zu den Risikofaktoren, insbesondere Paragraph 2.12 zu den Risiken solcher Anlagen.
Bis zu 25% des Vermögens des Teilfonds dürfen ausserhalb dieser Parameter investiert werden, darunter Zahlungsmittel und Zahlungsmitteläquivalente (einschliesslich kurzfristiger ABS/MBS, die bis zu 10% der Anlagen in Zahlungsmitteln und Zahlungsmitteläquivalenten ausmachen können).
Wie in Paragraph 3.1 erwähnt, darf der Teilfonds bis zu 10% seines Nettovermögens in OGA halten.
Vorbehaltlich der in den Anlagerestriktionen (siehe Kapitel 4 des Prospekts) vorgesehenen Grenzen ist der Fondsmanager berechtigt, Finanzderivate einzusetzen:
- zu Absicherungszwecken	Ja
- zu EPM-Zwecken	Ja
- als Teil der Anlagestrategie	NeinDie Verwendung von strukturierten Finanzinstrumenten ist in Paragraph 3.1 beschrieben.

Der Teilfonds gilt als Aktienfonds gemäss InvStG.
Die Anleger werden auf den Anhang zu den Risikofaktoren hingewiesen, in dem die Risikofaktoren des Teilfonds aufgeführt sind.
Referenzwährung
USD
Zur Zeichnung verfügbare Aktienklassen
Aktien können auch verschiedene Formen annehmen (d.h. Alternativwährungen, Ausschüttungspolitik, Währungsabsicherungspolitik, Seeding, "Connect"): siehe Paragraph 2.2.
|  | P-Aktien | R-Aktien | N-Aktien | I-Aktien | S-Aktien | M-Aktien | H-Aktien | E-Aktien |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Anlegertyp | Siehe Tabelle in Paragraph 2.2 im allgemeinen Teil des Prospekts |
| Erstmalige Mindestanlage bzw. Mindestanlagebetrag | Gegenwert von EUR 3’000 | Gegenwert von EUR 1’000 | Gegenwert von CHF 1’000’000 | Gegenwert von CHF 1’000’000 | t.b.d. | Gegenwert von EUR 3’000 | Gegenwert von EUR 3’000 | Nein |
| Maximaler FROC | 0,44% | 0,56% | 0,31% | 0,27% | 0,13% | 0,44% | 0,56% | 0,44% |
| Maximale Managementgebühr | 1,00% | 1,00% | 1,00% | 1,00% | k.A. | 1,10% | 1,50% | k.A. |
| Maximale Vertriebsgebühr | 1,00% | 1,55% | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. |
| Performance-Fee | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. |
| Höchstsatz der Managementgebühren, wenn der Teilfonds in andere OGAW, OGA oder Ziel-Teilfonds investiert* | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% |
| Handelsgebühr | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% |
| * Ungeachtet einer Performance-Fee, die zusätzlich zu dieser Limite erhoben werden kann. |

Offenlegung gemäss SFDR
Die Einstufung des Teilfonds gemäss SFDR, die Art und Weise, in der der Fondsmanager Nachhaltigkeitsrisiken in seine Anlageentscheidungen in Bezug auf die Teilfonds integriert, sowie die Ergebnisse der Bewertung der wahrscheinlichen Auswirkungen von Nachhaltigkeitsrisiken auf die Renditen des Teilfonds sind im SFDR-Anhang dargelegt.
Fondsmanager
Siehe Paragraph 6.3
Ansatz, mit dem das Gesamtrisiko des Teilfonds berechnet wird
Commitment-Ansatz
Profil des typischen Anlegers
Der Teilfonds ist geeignet für Anleger, die:
- einen langfristigen Kapitalzuwachs anstreben;
- bereit sind, die erhöhten Risiken zu tragen, die mit den Anlagekategorien verbunden sind, die im Anlageziel und in der Anlagepolitik beschrieben sind; und
- der Volatilität ihrer Aktien standhalten können.

Zeichnungsverfahren
Die Zeichnungsbeträge sind gemäss dem in Kapitel 20 des Prospekts beschriebenen Verfahren zu überweisen. Zeichnungsanträge müssen spätestens zur betreffenden Annahmeschlusszeit bei der Gesellschaft eingehen.
Die Zeichnungsbeträge sind der Verwahrstelle in der Referenzwährung oder im Falle von in einer Alternativwährung begebenen Klassen in der Alternativwährung mit Valuta vor dem Zahlungstermin unter Angabe der genauen Identität der/des Aktienzeichner(s) und des Teilfonds, von dem Aktien gezeichnet werden, zu überweisen.
Annahmeschlusszeit
| Annahmeschlusszeit 1  (Luxemburger Zeit) (Zeichnungen, Rücknahmen und Umtausch) | Bewertungstag 2  ("T") | Zahlungstermin 3 |
| --- | --- | --- |
| 15.00 Uhr am T-1 Tag | Täglich | Bis zu T+3 Tage 4 |

Hinweis: Als Tag ist ein Geschäftstag zu verstehen
1  
Ist dieser Tag kein Geschäftstag, einen Geschäftstag in Luxemburg vor dem betreffenden Tag.
2  
Ist dieser Bewertungstag kein Geschäftstag, gilt als Bewertungstag der nächste Geschäftstag oder der vorhergehende Geschäftstag bei einer Bewertung alle zwei Monate.
3  Für Rücknahmen erfolgen die Zahlungen normalerweise in der Referenzwährung.
4  
Die Aktieninhaber werden gebeten, den jeweils geltenden Zahlungstermin der Website der Lombard Odier Gruppe (www.loim.com) zu entnehmen..
Weitere Einzelheiten sind in Paragraph 12.1 "Allgemeine Bestimmungen" des Kapitels 12 "Ausgabe und Verkauf der Aktien" enthalten.
Sektor-/Themen-Aktienteilfonds

### LO Funds – Global HealthTech
Anlageziel und Anlagepolitik
Der Teilfonds wird aktiv verwaltet. Der MSCI ACWI TR ND Index wird für Performancevergleiche und zur internen Risikoüberwachung herangezogen, ohne dass dies besondere Anlagebeschränkungen für den Teilfonds zur Folge hätte. Die Wertpapiere, die der Teilfonds erwerben möchte, können jenen des Index in einem Umfang ähnlich sein, der im Zeitverlauf variiert. Doch in Bezug auf ihre Gewichtung dürften sich deutliche Unterschiede ergeben. Die Performance des Teilfonds kann wesentlich von der des vorstehend aufgeführten Index abweichen.
Der Teilfonds investiert hauptsächlich in Aktien und aktienbezogene Wertpapiere (darunter Warrants) von Unternehmen weltweit (einschliesslich Emerging Markets), die in der Erforschung, Entwicklung, Produktion, Förderung und/oder dem Vertrieb digitaler Gesundheitsprodukte,
-dienstleistungen und/oder -technologien tätig sind. Der Teilfonds investiert in alle Wirtschaftssektoren (einschliesslich Unternehmen, die Teil der Lieferkette dieser Unternehmen sind und für diese Dienstleistungen erbringen).
Der Teilfonds strebt Anlagen in Qualitätsunternehmen mit nachhaltigen Finanzmodellen, Geschäftspraktiken und Geschäftsmodellen an, die widerstandsfähig sind und mit den langfristigen strukturellen Trends wachsen und von ihnen profitieren können. Zur Identifikation solcher Unternehmen verwendet er die unternehmenseigenen Instrumente und Methoden von LOIM für die Erstellung des ESG- und Nachhaltigkeitsprofils.
Die Wahl der Märkte, Sektoren, Börsenkapitalisierungen und Währungen (einschliesslich Emerging-Market-Währungen) liegt im freien Ermessen des Fondsmanagers.
Mindestens 75% des Nettovermögens des Teilfonds werden in Aktien oder aktienbezogene Wertpapiere von Unternehmen weltweit investiert.
Der Teilfonds kann bis zu 20% seines Nettovermögens in Aktien von auf dem chinesischen Festland eingetragenen Unternehmen (einschliesslich chinesischer A-Aktien) investieren, die an Börsen gehandelt werden. Die chinesischen A-Aktien werden über Stock Connect erworben. Bitte beachten Sie den Anhang zu den Risikofaktoren, insbesondere Paragraph 2.12 zu den Risiken solcher Anlagen.
Bis zu 25% des Vermögens des Teilfonds dürfen ausserhalb dieser Parameter investiert werden, darunter Zahlungsmittel und Zahlungsmitteläquivalente (einschliesslich kurzfristiger ABS/MBS, die bis zu 10% der Anlagen in Zahlungsmitteln und Zahlungsmitteläquivalenten ausmachen können).
Wie in Paragraph 3.1 erwähnt, darf der Teilfonds bis zu 10% seines Nettovermögens in OGA halten.
Vorbehaltlich der in den Anlagerestriktionen (siehe Kapitel 4 des Prospekts) vorgesehenen Grenzen ist der Fondsmanager berechtigt, Finanzderivate einzusetzen:
- zu Absicherungszwecken	Ja
- zu EPM-Zwecken	Ja
- als Teil der Anlagestrategie	NeinDie Verwendung von strukturierten Finanzinstrumenten ist in Paragraph 3.1 beschrieben.

Der Teilfonds gilt als Aktienfonds gemäss InvStG.
Die Anleger werden auf den Anhang zu den Risikofaktoren hingewiesen, in dem die Risikofaktoren des Teilfonds aufgeführt sind.
Referenzwährung
USD
Zur Zeichnung verfügbare Aktienklassen
Aktien können auch verschiedene Formen annehmen (d.h. in Bezug auf Alternativwährungen, Ausschüttungspolitik, Währungsabsicherungspolitik, Seeding, "Connect"): siehe Paragraph 2.2.
|  | P-Aktien | R-Aktien | N-Aktien | I-Aktien | S-Aktien | M-Aktien | H-Aktien | E-Aktien |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Anlegertyp | Siehe Tabelle in Paragraph 2.2 im allgemeinen Teil des Prospekts |
| Erstmalige Mindestanlage bzw. Mindestanlagebetrag | Gegenwert von EUR 3’000 | Gegenwert von EUR 1’000 | Gegenwert von CHF 1’000’000 | Gegenwert von CHF 1’000’000 | t.b.d. | Gegenwert von EUR 3’000 | Gegenwert von EUR 3’000 | Nein |
| Maximaler FROC | 0.44% | 0.56% | 0.31% | 0.27% | 0.13% | 0.44% | 0.56% | 0.44% |
| Maximale Managementgebühr | 0.75% | 0.75% | 0.75% | 0.75% | k.A. | 0,85% | 1,50% | k.A. |
| Maximale Vertriebsgebühr | 0,75% | 1,55% | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. |
| Performance-Fee | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. |
| Höchstsatz der Managementgebühren, wenn der Teilfonds in andere OGAW, OGA oder Ziel-Teilfonds investiert* | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% |
| Handelsgebühr | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% |
| * Ungeachtet einer Performance-Fee, die zusätzlich zu dieser Limite erhoben werden kann. |

Offenlegung gemäss SFDR
Die Einstufung des Teilfonds gemäss SFDR, die Art und Weise, in der der Fondsmanager Nachhaltigkeitsrisiken in seine Anlageentscheidungen in Bezug auf den Teilfonds einbezieht, sowie die Ergebnisse der Bewertung der wahrscheinlichen Auswirkungen von Nachhaltigkeitsrisiken auf die Renditen des Teilfonds sind im SFDR-Anhang dargelegt.
Fondsmanager
Siehe Paragraph 6.3
Ansatz, mit dem das Gesamtrisiko des Teilfonds berechnet wird
Commitment-Ansatz
Profil des typischen Anlegers
Der Teilfonds ist geeignet für Anleger, die:
- einen langfristigen Kapitalzuwachs anstreben;
- bereit sind, die erhöhten Risiken zu tragen, die mit den Anlagekategorien verbunden sind, die im Anlageziel und in der Anlagepolitik beschrieben sind; und
- der Volatilität ihrer Aktien standhalten können.

Zeichnungsverfahren
Die Zeichnungsbeträge sind gemäss dem in Kapitel 20 des Prospekts beschriebenen Verfahren zu überweisen. Zeichnungsanträge müssen spätestens zur betreffenden Annahmeschlusszeit bei der Gesellschaft eingehen.
Die Zeichnungsbeträge sind der Verwahrstelle in der Referenzwährung oder im Falle von in einer Alternativwährung begebenen Klassen in der Alternativwährung mit Valuta vor dem Zahlungstermin unter Angabe der genauen Identität der/des Aktienzeichner(s) und des Teilfonds, von dem Aktien gezeichnet werden, zu überweisen.
Annahmeschlusszeit
| Annahmeschlusszeit 1  (Luxemburger Zeit) (Zeichnungen, Rücknahmen und Umtausch) | Bewertungstag 2  ("T") | Zahlungstermin 3 |
| --- | --- | --- |
| 15.00 Uhr am T-1 Tag | Täglich | Bis zu T+3 Tage 4 |

Hinweis: Als Tag ist ein Geschäftstag zu verstehen
1  
Ist dieser Tag kein Geschäftstag, einen Geschäftstag in Luxemburg vor dem betreffenden Tag.
2  
Ist dieser Bewertungstag kein Geschäftstag, gilt als Bewertungstag der nächste Geschäftstag oder der vorhergehende Geschäftstag bei einer Bewertung alle zwei Monate.
3  
Für Rücknahmen erfolgen die Zahlungen normalerweise in der Referenzwährung.
4  
Die Aktieninhaber werden gebeten, den jeweils geltenden Zahlungstermin der Website der Lombard Odier Gruppe (www.loim.com) zu entnehmen.
Weitere Einzelheiten sind in Paragraph 12.1 "Allgemeine Bestimmungen" des Kapitels 12 "Ausgabe und Verkauf der Aktien" enthalten.
Regionale Aktienteilfonds

### LO Funds – China High Conviction
Anlageziel und Anlagepolitik
Der Teilfonds wird aktiv verwaltet. Der MSCI China All Shares TR ND Index wird für Performancevergleiche und zur internen Risikoüberwachung herangezogen, ohne dass dies besondere Anlagebeschränkungen für den Teilfonds zur Folge hätte. Die Wertpapiere, die der Teilfonds erwerben möchte, können jenen des Index in einem Umfang ähnlich sein, der im Zeitverlauf variiert. Doch in Bezug auf ihre Gewichtung dürften sich deutliche Unterschiede ergeben. Die Performance des Teilfonds kann wesentlich von der des Index abweichen.
Der Teilfonds strebt Anlagen in Qualitätsunternehmen mit nachhaltigen Finanzmodellen, Geschäftspraktiken und Geschäftsmodellen an, die widerstandsfähig sind und mit den langfristigen strukturellen Trends wachsen und von ihnen profitieren können. Zur Identifikation solcher Unternehmen verwendet er die unternehmenseigenen Instrumente und Methoden von LOIM für die Erstellung des ESG- und Nachhaltigkeitsprofils.
Dieser Teilfonds investiert in Aktien und aktienbezogene Wertpapiere (darunter Warrants) von Gesellschaften, die ihren Sitz in China haben oder dort direkt oder indirekt einen Grossteil ihrer Geschäftstätigkeit ausüben, sowie in Währungen und/oder Zahlungsmittel und Zahlungsmitteläquivalente. Bis zu 100% des Portefeuilles des Teilfonds dürfen in chinesische A-Aktien investiert werden. Dies sind Aktien von auf dem chinesischen Festland ansässigen Gesellschaften, die an regulierten Börsen gehandelt werden, aber nur über bestimmte Handelseinrichtungen (wie Stock Connect) erworben werden können (weitere Angaben hierzu siehe Abschnitt 2.12 im Anhang zu den
Risikofaktoren). Bis zu 10% des Portefeuilles des Teilfonds dürfen in P-Notes investiert werden (weitere Angaben hierzu siehe Abschnitt 2.17 im Anhang zu den Risikofaktoren). Bis zu einem Drittel (1/3) des Portefeuilles des Teilfonds darf in ähnliche Wertpapiere wie oben beschrieben investiert werden, die aber von Unternehmen begeben werden, die ihren Sitz nicht in China haben oder dort nicht einen Grossteil ihrer Geschäftstätigkeit ausüben. Die Wahl der Instrumente, Märkte (insbesondere darf der Teilfonds vollständig in den Emerging Markets investiert sein) und Währungen (einschliesslich Emerging-Market-Währungen) erfolgt nach freiem Ermessen des Fondsmanagers.
Der Fondsmanager darf qualitative und/oder systematische Strategien umsetzen.
Neben den erwähnten Anlagen darf der Fondsmanager Finanzderivate verwenden, um (i) Long- und Short-Positionen in Währungen einzugehen (OECD- und/oder Emerging-Market-Währungen) und/oder um (ii) das Engagement in bestimmten Anlageklassen, Märkten (einschliesslich Emerging Markets), Sektoren, Emittenten und Indizes zu erhöhen oder zu reduzieren.
Der Teilfonds kann ausserdem im Einklang mit den geltenden Diversifikationsvorschriften vollständig in Zahlungsmitteln und Zahlungsmitteläquivalenten (einschliesslich kurzfristiger ABS/MBS, die bis zu 10% der Anlagen in Zahlungsmittel und Zahlungsmitteläquivalente ausmachen dürfen) investiert sein, wenn der Fondsmanager beispielsweise der Meinung ist, dass der Teilfonds defensiv positioniert sein sollte.
Wie in Paragraph 3.1 erwähnt, darf der Teilfonds bis zu 10% seines Nettovermögens in OGA halten.
Vorbehaltlich der in den Anlagerestriktionen (siehe Kapitel 4 des Prospekts) vorgesehenen Grenzen ist der Fondsmanager berechtigt, Finanzderivate (darunter namentlich Futures, Swaps, insbesondere CFD, sowie Währungs- und Volatilitätsderivate) einzusetzen:
- zur Absicherung	Ja
- zu EPM-Zwecken	Ja
- als Teil der Anlagestrategie	NeinDie Verwendung von strukturierten Finanzinstrumenten ist in Paragraph 3.1 beschrieben.

Der Teilfonds gilt als Aktienfonds gemäss InvStG.
Die Anleger werden auf den Anhang zu den Risikofaktoren hingewiesen, in dem die Risikofaktoren des Teilfonds aufgeführt sind.
Referenzwährung
USD
Zur Zeichnung aufliegende Aktienklassen
Aktien können auch verschiedene Formen annehmen (d.h. in Bezug auf Alternativwährungen, Ausschüttungspolitik, Währungsabsicherungspolitik, Seeding, "Connect"): siehe Paragraph 2.2.
|  | P-Aktien | R-Aktien | N-Aktien | I-Aktien | S-Aktien | M-Aktien | H-Aktien | E-Aktien |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Anlegertyp | Siehe Tabelle in Paragraph 2.2 im allgemeinen Teil des Prospekts |
| Erstmalige Mindestanlage bzw. Mindestanlagebetrag | Gegenwert von EUR 3’000 | Gegenwert von EUR 1’000 | Gegenwert von CHF 1’000’000 | Gegenwert von CHF 1’000’000 | t.b.d. | Gegenwert von EUR 3’000 | Gegenwert von EUR 3’000 | Nein |
| Maximaler FROC | 0,50% | 0,63% | 0,38% | 0,34% | 0,16% | 0,50% | 0,63% | 0,50% |
| Maximale Managementgebühr | 1,00% | 1,00% | 1,00% | 1,00% | k.A. | 1,10% | 2,00% | k.A. |
| Maximale Vertriebsgebühr | 1,00% | 1,55% | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. |
| Performance-Fee | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. |
| Höchstsatz der Managementgebühren, wenn der Teilfonds in andere OGAW oder OGA oder Ziel-Teilfonds investiert* | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% |
| Handelsgebühr | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% |
| * Ungeachtet einer Performance-Fee, die zusätzlich zu dieser Limite erhoben werden kann. |

Offenlegung gemäss SFDR
Die Einstufung des Teilfonds gemäss SFDR, die Art und Weise, in der der Fondsmanager Nachhaltigkeitsrisiken in seine Anlageentscheidungen in Bezug auf die Teilfonds integriert, sowie die Ergebnisse der Bewertung der wahrscheinlichen Auswirkungen von Nachhaltigkeitsrisiken auf die Renditen des Teilfonds sind im SFDR-Anhang dargelegt.
Fondsmanager
Siehe Paragraph 6.3
Ansatz, mit dem das Gesamtrisiko des Teilfonds berechnet wird
Commitment-Ansatz
Profil des typischen Anlegers
Der Teilfonds ist geeignet für Anleger, die:
- einen langfristigen Kapitalzuwachs anstreben; und
- bereit sind, das erhöhte Risiko zu tragen, das mit den Anlagekategorien verbunden ist, die im Anlageziel und in der Anlagepolitik beschrieben sind; und
- der Volatilität ihrer Aktien standhalten können.

Zeichnungsverfahren
Die Zeichnungsbeträge sind gemäss dem in Kapitel 20 des Prospekts beschriebenen Verfahren zu überweisen. Zeichnungsanträge müssen spätestens zur betreffenden Annahmeschlusszeit bei der Gesellschaft eingehen.
Die Zeichnungsbeträge sind der Verwahrstelle in der Referenzwährung oder im Falle von in einer Alternativwährung begebenen Klassen in der Alternativwährung mit Valuta vor dem Zahlungstermin unter Angabe der genauen Identität der/des Aktienzeichner(s) und des Teilfonds, von dem Aktien gezeichnet werden, zu überweisen.
Annahmeschlusszeit
| Annahmeschlusszeit 1  (Luxemburger Zeit) (Zeichnungs-, Rücknahme- und Umtauschanträge) | Bewertungstag 2  ("T") | Zahlungstermin 3 |
| --- | --- | --- |
| 15.00 Uhr am T-1 Tag | Täglich | Bis zu T+3 Tage 4 |

Hinweis: Als Tag ist ein Geschäftstag zu verstehen
1  
Ist dieser Tag kein Geschäftstag, einen Geschäftstag in Luxemburg vor dem betreffenden Tag.
2  
Ist dieser Bewertungstag kein Geschäftstag, gilt als Bewertungstag der nächste Geschäftstag oder der vorhergehende Geschäftstag bei einer Bewertung alle zwei Monate.
3  
Für Rücknahmen erfolgen die Zahlungen normalerweise in der Referenzwährung.
4  
Die Aktieninhaber werden gebeten, den jeweils geltenden Zahlungstermin der Website der Lombard Odier Gruppe (www.loim.com) zu entnehmen.
Weitere Einzelheiten sind in Paragraph 12.1 "Allgemeine Bestimmungen" des Kapitels 12 "Ausgabe und Verkauf der Aktien" enthalten.
Regionale Aktienteilfonds

### LO Funds – TargetNetZero Europe Equity
Anlageziel und Anlagepolitik
Der Teilfonds wird aktiv verwaltet. Der MSCI Europe TR ND Index dient dazu, das anfängliche Anlageuniversum festzulegen, aus dem die einzelnen Wertpapiere ausgewählt werden. Zudem wird er für Performancevergleiche und zur internen Risikoüberwachung herangezogen, ohne dass dies besondere Anlagebeschränkungen für den Teilfonds zur Folge hätte. Die Wertpapiere des Teilfonds werden im Allgemeinen denen des vorstehend aufgeführten Index ähnlich sein. In Bezug auf ihre Gewichtung dürften sich jedoch deutliche Unterschiede ergeben. Der Fondsmanager darf auch Wertpapiere auswählen, die nicht in dem vorstehend aufgeführten Index enthalten sind, um Anlagechancen zu nutzen.
Dieser Teilfonds investiert in Aktien und aktienbezogene Wertpapiere (darunter Warrants) von Gesellschaften, die ihren Sitz in Europa haben oder dort einen Grossteil ihrer Geschäftstätigkeit ausüben. Der Fondsmanager wendet bei der Auswahl der Wertpapiere einen Anlageansatz an, der auf eigenen Kriterien für verantwortungsvolle Anlagen beruht und unter anderem soziale, ökologische, ethische und/oder unternehmensführungsbezogene Faktoren berücksichtigt. Mindestens 75% des Nettovermögens des Teilfonds werden in Aktien von Unternehmen investiert, die ihren Gesellschaftssitz in Europa haben.
1
Der vom Fondsmanager bei der Auswahl der Wertpapiere angewandte Anlageansatz beruht auf unternehmenseigenen Instrumenten, die auf eine Reduktion der mit der Klimawende verbundenen Risiken abzielen. Mit seiner Emittentenauswahl und -allokation strebt der Teilfonds zudem die Schaffung eines Universums an, das mit dem Kampf gegen die Erderwärmung vereinbar ist. Dieses Universum deckt ein breites Spektrum von Klimazielen ab, die von den mit der Klimawende einhergehenden Risiken bis zu den Chancen und physischen Risiken des Klimawandels reichen.
Der Fondsmanager ist bestrebt, innerhalb des Anlageportefeuilles des Teilfonds das Engagement in Emittenten zu erhöhen, die dazu beitragen können, die globalen CO2-Emissionen zu reduzieren und schliesslich bis 2050 CO2-Emissionen von netto null zu erreichen. Dies schliesst Emittenten ein, die bereits CO2-Emissionen von netto null bis 2050 anstreben, sowie Emittenten, die sich vielleicht noch nicht solche Ziele gesetzt haben, aber möglicherweise schrittweise dazu gebracht werden können, unter anderem durch regulatorische Massnahmen, Anlegerengagement und Marktveränderungen. The Der Fondsmanager ist bestrebt sicherzustellen, dass die CO2-Emissionen im Anlageportefeuille des Teilfonds schneller sinken als im MSCI Europe TR ND Index. Die Erreichung dieser Ziele hängt von regulatorischen, technologischen und wirtschaftlichen Entwicklungen ausserhalb der Kontrolle des Fondsmanagers ab, und es kann nicht garantiert werden, dass sie in Bezug auf die oben erwähnten Ziele erreicht werden.
Der Fondsmanager kann qualitative und/oder systematische Strategien, unter anderem risikobasierte Allokationsmethoden, umsetzen, um Aktien auszuwählen und das Kapital den Sektoren und/oder Ländern zuzuteilen. Die Wahl der Märkte, Sektoren und Währungen liegt im freien Ermessen des Fondsmanagers. Wie in Paragraph 3.1 erwähnt darf der Teilfonds (i) unter normalen Marktbedingungen vorübergehend und ergänzend bis
zu 15% seines Nettovermögens in Zahlungsmitteln und Zahlungsmitteläquivalenten (einschliesslich kurzfristiger ABS/MBS, die bis zu 10% der Anlagen in Zahlungsmittel und Zahlungsmitteläquivalente ausmachen dürfen) und (ii) bis zu 10% seines Nettovermögens in OGA halten.
Vorbehaltlich der in den Anlagerestriktionen (siehe Kapitel 4 des Prospekts) vorgesehenen Grenzen ist der Fondsmanager berechtigt, Finanzderivate einzusetzen:
- zur Absicherung	Ja
- zu EPM-Zwecken	Ja
- als Teil der Anlagestrategie	NeinDie Verwendung von strukturierten Finanzinstrumenten ist in Paragraph 3.1 beschrieben.

Der Teilfonds gilt als Aktienfonds gemäss InvStG.
Die Anleger werden auf den Anhang zu den Risikofaktoren hingewiesen, in dem die Risikofaktoren des Teilfonds aufgeführt sind.
Referenzwährung
EUR
1  
Bis zum 30. September 2021 wird der Teilfonds weiterhin gemäss den PEA-Vorschriften (wie in Abschnitt 21.1 definiert) im Einklang mit der französischen Verordnung 2020-1595 vom 16. Dezember 2020 verwaltet, wonach von Emittenten aus dem Vereinigten Königreich begebene Wertpapiere nach wie vor für die Berechnung der in den PEA-Vorschriften (wie in Abschnitt 21.1 definiert) festgelegten Quote herangezogen werden können. Ab dem
1. Oktober 2021 wird der Teilfonds nicht mehr gemäss den PEA-Vorschriften (wie in Abschnitt 21.1 definiert) verwaltet, da der Fondsmanager beabsichtigt, nach Ablauf der in der vorerwähnten französischen Verordnung festgelegten Übergangsfrist weiterhin Wertpapiere von im Vereinigten Königreich ansässigen Emittenten zu halten.
Zur Zeichnung aufliegende Aktienklassen
Aktien können auch verschiedene Formen annehmen (d.h. in Bezug auf Alternativwährungen, Ausschüttungspolitik, Währungsabsicherungspolitik, Seeding, "Connect"): siehe Paragraph 2.2.
|  | P-Aktien | R-Aktien | N-Aktien | I-Aktien | S-Aktien | M-Aktien | H-Aktien | E-Aktien |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Anlegertyp | Siehe Tabelle in Paragraph 2.2 im allgemeinen Teil des Prospekts |
| Erstmalige Mindestanlage bzw. Mindestanlagebetrag | Gegenwert von EUR 3’000 | Gegenwert von EUR 1’000 | Gegenwert von CHF 1’000’000 | Gegenwert von CHF 1’000’000 | t.b.d. | Gegenwert von EUR 3’000 | Gegenwert von EUR 3’000 | Nein |
| Maximaler FROC | 0,44% | 0,56% | 0,31% | 0,27% | 0,13% | 0,44% | 0,56% | 0,44% |
| Maximale Managementgebühr | 0,75% | 0,75% | 0,75% | 0,75% | k.A. | 0,85% | 1,50% | k.A. |
| Maximale Vertriebsgebühr | 0,75% | 1,55% | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. |
| Performance-Fee | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. |
| Höchstsatz der Managementgebühren, wenn der Teilfonds in andere OGAW oder OGA oder Ziel-Teilfonds investiert* | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% |
| Handelsgebühr | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% |
| * Ungeachtet einer Performance-Fee, die zusätzlich zu dieser Limite erhoben werden kann. |

Offenlegung gemäss SFDR
Die Einstufung des Teilfonds gemäss SFDR, die Art und Weise, in der der Fondsmanager Nachhaltigkeitsrisiken in seine Anlageentscheidungen in Bezug auf die Teilfonds integriert, sowie die Ergebnisse der Bewertung der wahrscheinlichen Auswirkungen von Nachhaltigkeitsrisiken auf die Renditen des Teilfonds sind im SFDR-Anhang dargelegt.
Benchmark-Verordnung
Siehe den allgemeinen Teil des Prospekts: "3. Anlageziele und Anlagepolitik" / "3.1 Allgemeine Bestimmungen, die für alle Teilfonds gelten" / "(x) Benchmark-Verordnung"
Bis zum 1. Januar 2021 war MSCI Limited ein EU-regulierter Referenzwert-Administrator, der unter der Benchmark-Verordnung durch die britische FCA zugelassen und im ESMA-Register für Referenzwert-Administratoren eingetragen war.
Seit dem 1. Januar 2021 ist und bleibt MSCI Limited als von der britischen FCA regulierter britischer Referenzwert-Administrator zugelassen (zu finden im Financial Services Register der FCA). Gegenüber der EU gilt er jedoch als britischer Administrator "aus einem Drittstaat" und wird nicht im ESMA-Register für Referenzwert-Administratoren eingetragen, ausser wenn bzw. solange die EU Grossbritannien die "Gleichwertigkeit“ zugesteht oder MSCI die "Übernahme" oder "Anerkennung" gewährt wird.
Zusätzliche Informationen zur Benchmark sind auf der Website des Administrators zu finden: www.msci.com/index-regulation
Fondsmanager
Siehe Paragraph 6.3
Ansatz, mit dem das Gesamtrisiko des Teilfonds berechnet wird
Commitment-Ansatz
Profil des typischen Anlegers
Der Teilfonds ist geeignet für Anleger, die:
- einen langfristigen Kapitalzuwachs anstreben; und
- bereit sind, das erhöhte Risiko zu tragen, das mit den Anlagekategorien verbunden ist, die im Anlageziel und in der Anlagepolitik beschrieben sind; und
- der Volatilität ihrer Aktien standhalten können.

Zeichnungsverfahren
Die Zeichnungsbeträge sind gemäss dem in Kapitel 20 des Prospekts beschriebenen Verfahren zu überweisen. Zeichnungsanträge müssen spätestens zur betreffenden Annahmeschlusszeit bei der Gesellschaft eingehen.
Die Zeichnungsbeträge sind der Verwahrstelle in der Referenzwährung oder im Falle von in einer Alternativwährung begebenen Klassen in der Alternativwährung mit Valuta vor dem Zahlungstermin unter Angabe der genauen Identität der/des Aktienzeichner(s) und des Teilfonds, von dem Aktien gezeichnet werden, zu überweisen.
Annahmeschlusszeit
| Annahmeschlusszeit 1  (Luxemburger Zeit) (Zeichnungs-, Rücknahme- und Umtauschanträge) | Bewertungstag 2  ("T") | Zahlungstermin 3 |
| --- | --- | --- |
| 12.00 Uhr am T | Täglich | Bis zu T+3 Tage 4 |

Hinweis: Als Tag ist ein Geschäftstag zu verstehen
1  
Ist dieser Tag kein Geschäftstag, einen Geschäftstag in Luxemburg vor dem betreffenden Tag.
2  
Ist dieser Bewertungstag kein Geschäftstag, gilt als Bewertungstag der nächste Geschäftstag oder der vorhergehende Geschäftstag bei einer Bewertung alle zwei Monate.
3  
Für Rücknahmen erfolgen die Zahlungen normalerweise in der Referenzwährung.
4  
Die Aktieninhaber werden gebeten, den jeweils geltenden Zahlungstermin der Website der Lombard Odier Gruppe (www.loim.com) zu entnehmen.
Weitere Einzelheiten sind in Paragraph 12.1 "Allgemeine Bestimmungen" des Kapitels 12 "Ausgabe und Verkauf der Aktien" enthalten.
Regionale Aktienteilfonds

### LO Funds – Europe All Cap Leaders
Anlageziel und Anlagepolitik
Der Teilfonds wird aktiv verwaltet. Der MSCI Europe TR ND Index wird für Performancevergleiche und zur internen Risikoüberwachung herangezogen, ohne dass dies besondere Anlagebeschränkungen für den Teilfonds zur Folge hätte. Die Wertpapiere, die der Teilfonds erwerben möchte, können jenen des Index in einem Umfang ähnlich sein, der im Zeitverlauf variiert. Doch in Bezug auf ihre Gewichtung dürften sich deutliche Unterschiede ergeben. Die Performance des Teilfonds kann wesentlich von der des Index abweichen.
Dieser Teilfonds investiert in eine breite Palette von Aktien, die von Unternehmen mit kleiner, mittlerer und grosser Börsenkapitalisierung begeben wurden, die einen Grossteil ihrer Geschäftstätigkeit in Ländern des EWR und in der Schweiz ausüben.
Mindestens 75% des Nettovermögens des Teilfonds werden in Aktien von Unternehmen investiert, die ihren Gesellschaftssitz im EWR haben. Bis zu 15% des Nettovermögens des Teilfonds können in Aktien von Unternehmen mit Sitz in den Emerging Markets investiert werden.
Bis zu 25% des Nettovermögens des Teilfonds dürfen in Zahlungsmittel und Zahlungsmitteläquivalente (einschliesslich kurzfristiger ABS/MBS, die bis zu 10% der Anlagen in Zahlungsmitteln und Zahlungsmitteläquivalenten ausmachen können) investiert werden.
Aufgrund der Investitionen in Gesellschaften mit kleiner und mittlerer Börsenkapitalisierung und Kapitalmassnahmen im Zusammenhang mit solchen Wertpapieren muss der Teilfonds unter Umständen die Andienung von Wandelanleihen und Anleihen mit beigefügten Warrants akzeptieren, die zusammen 5% des Nettovermögens des Teilfonds voraussichtlich nicht übersteigen werden.
Zur Umsetzung der Strategie identifiziert der Fondsmanager hauptsächlich Unternehmen, die in der Lage sind, wirtschaftliche Mehrrenditen zu generieren. Ausserdem prüft er die Geschäftspraktiken der Unternehmen und analysiert die Widerstandsfähigkeit der Geschäftsmodelle der Unternehmen sowie die Exponiertheit gegenüber langfristigen Trends.
Die Verwaltung des Teilfonds ist sehr flexibel. Die Wahl der Märkte (einschliesslich Emerging Markets), Sektoren, Börsenkapitalisierungen und Währungen liegt im freien Ermessen des Fondsmanagers.
Wie in Paragraph 3.1 erwähnt darf der Teilfonds bis zu 10% seines Nettovermögens in OGA halten.
Vorbehaltlich der in den Anlagerestriktionen (siehe Kapitel 4 des Prospekts) erlaubten Grenzen ist der Fondsmanager berechtigt, Finanzderivate einzusetzen:
- zur Absicherung	Ja
- zu EPM-Zwecken	Ja
- als Teil der Anlagestrategie	NeinDie Verwendung von strukturierten Finanzinstrumenten ist in Paragraph 3.1 beschrieben.

Der Teilfonds gilt als Aktienfonds gemäss InvStG.
Die Anleger werden auf den Anhang zu den Risikofaktoren hingewiesen, in dem die Risikofaktoren des Teilfonds aufgeführt sind.
Referenzwährung
EUR
Zur Zeichnung aufliegende Aktienklassen
Aktien können auch verschiedene Formen annehmen (d.h. in Bezug auf Alternativwährungen, Ausschüttungspolitik, Währungsabsicherungspolitik, Seeding, "Connect"): siehe Paragraph 2.2.
|  | P-Aktien | R-Aktien | N-Aktien | I-Aktien | S-Aktien | M-Aktien | H-Aktien | E-Aktien |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Anlegertyp | Siehe Tabelle in Paragraph 2.2 im allgemeinen Teil des Prospekts |
| Erstmalige Mindestanlage bzw. Mindestanlagebetrag | Gegenwert von EUR 3’000 | Gegenwert von EUR 1’000 | Gegenwert von CHF 1’000’000 | Gegenwert von CHF 1’000’000 | t.b.d. | Gegenwert von EUR 3’000 | Gegenwert von EUR 3’000 | Nein |
| Maximaler FROC | 0,44% | 0,56% | 0,31% | 0,27% | 0,13% | 0,44% | 0,56% | 0,44% |
| Maximale Managementgebühr | 1,00% | 1,00% | 1,00% | 1,00% | k.A. | 1,10% | 2,00% | k.A. |
| Maximale Vertriebsgebühr | 1,00% | 1,55% | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. |
| Performance-Fee | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. |
| Höchstsatz der Managementgebühren, wenn der Teilfonds in andere OGAW oder OGA oder Ziel-Teilfonds investiert* | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% |
| Handelsgebühr | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% |
| * Ungeachtet einer Performance-Fee, die zusätzlich zu dieser Limite erhoben werden kann. |

Offenlegung gemäss SFDR
Die Einstufung des Teilfonds gemäss SFDR, die Art und Weise, in der der Fondsmanager Nachhaltigkeitsrisiken in seine Anlageentscheidungen in Bezug auf die Teilfonds integriert, sowie die Ergebnisse der Bewertung der wahrscheinlichen Auswirkungen von Nachhaltigkeitsrisiken auf die Renditen des Teilfonds sind im SFDR-Anhang dargelegt.
Fondsmanager
Siehe Paragraph 6.3
Ansatz, mit dem das Gesamtrisiko des Teilfonds berechnet wird
Commitment-Ansatz
Profil des typischen Anlegers
Der Teilfonds ist geeignet für Anleger, die:
- einen langfristigen Kapitalzuwachs anstreben;
- bereit sind, das erhöhte Risiko zu tragen, das mit den Anlagekategorien verbunden ist, die im Anlageziel und in der Anlagepolitik beschrieben sind; und
- der Volatilität ihrer Aktien standhalten können.

Zeichnungsverfahren
Die Zeichnungsbeträge sind gemäss dem in Kapitel 20 des Prospekts beschriebenen Verfahren zu überweisen. Zeichnungsanträge müssen spätestens zur betreffenden Annahmeschlusszeit bei der Gesellschaft eingehen.
Die Zeichnungsbeträge sind der Verwahrstelle in der Referenzwährung oder im Falle von in einer Alternativwährung begebenen Klassen in der Alternativwährung mit Valuta vor dem Zahlungstermin unter Angabe der genauen Identität der/des Aktienzeichner(s) und des Teilfonds, von dem Aktien gezeichnet werden, zu überweisen.
Annahmeschlusszeit
| Annahmeschlusszeit 1  (Luxemburger Zeit) (Zeichnungs-, Rücknahme- und Umtauschanträge) | Bewertungstag 2  ("T") | Zahlungstermin 3 |
| --- | --- | --- |
| 12.00 Uhr am T | Täglich | Bis zu T+3 Tage 4 |

Hinweis: Als Tag ist ein Geschäftstag zu verstehen
1  
Ist dieser Tag kein Geschäftstag, einen Geschäftstag in Luxemburg vor dem betreffenden Tag.
2  
Ist dieser Bewertungstag kein Geschäftstag, gilt als Bewertungstag der nächste Geschäftstag oder der vorhergehende Geschäftstag bei einer Bewertung alle zwei Monate.
3  
Für Rücknahmen erfolgen die Zahlungen normalerweise in der Referenzwährung.
4  
Die Aktieninhaber werden gebeten, den jeweils geltenden Zahlungstermin der Website der Lombard Odier Gruppe (www.loim.com) zu entnehmen.
Weitere Einzelheiten sind in Paragraph 12.1 "Allgemeine Bestimmungen" des Kapitels 12 "Ausgabe und Verkauf der Aktien" enthalten.
Regionale Aktienteilfonds

### LO Funds – Europe High Conviction
Anlageziel und Anlagepolitik
Der Teilfonds wird aktiv verwaltet. Der MSCI Europe TR ND Index wird für Performancevergleiche, zur internen Risikoüberwachung und zur Berechnung der Performance-Fee herangezogen, ohne dass dies besondere Anlagebeschränkungen für den Teilfonds zur Folge hätte. Die Wertpapiere, die der Teilfonds erwerben möchte, können jenen des Index in einem Umfang ähnlich sein, der im Zeitverlauf variiert. Doch in Bezug auf ihre Gewichtung dürften sich deutliche Unterschiede ergeben. Die Performance des Teilfonds kann wesentlich von der des Index abweichen.
Dieser Teilfonds investiert in Aktien von Gesellschaften, die ihren Sitz in Europa haben oder dort einen Grossteil ihrer Geschäftstätigkeit ausüben.
1 
Die Wahl der Märkte, Sektoren, Börsenkapitalisierungen und Währungen liegt im freien Ermessen des Fondsmanagers.
Wie in Paragraph 3.1 erwähnt, darf der Teilfonds (i) unter normalen Marktbedingungen und im Einklang mit den geltenden Diversifikationsvorschriften vorübergehend und ergänzend bis zu 15% seines Nettovermögens in Zahlungsmitteln und Zahlungsmitteläquivalenten (einschliesslich kurzfristiger ABS/MBS, die bis zu 10% der Anlagen in Zahlungsmittel und Zahlungsmitteläquivalente ausmachen dürfen) und (ii) bis zu 10% seines Nettovermögens in OGA halten.
Vorbehaltlich der in den Anlagerestriktionen (siehe Kapitel 4 des Prospekts) vorgesehenen Grenzen ist der Fondsmanager berechtigt, Finanzderivate einzusetzen:
- zur Absicherung	Ja
- zu EPM-Zwecken	Ja
- als Teil der Anlagestrategie	JaDie Verwendung von strukturierten Finanzinstrumenten ist in Paragraph 3.1 beschrieben.

Der Teilfonds gilt als Aktienfonds gemäss InvStG.
Die Anleger werden auf den Anhang zu den Risikofaktoren hingewiesen, in dem die Risikofaktoren des Teilfonds aufgeführt sind.
Referenzwährung
EUR
1  
Bis zum 30. September 2021wird der Teilfonds weiterhin gemäss den PEA-Vorschriften verwaltet (wie in Abschnitt 21.1 definiertim Einklang mit der französischen Verordnung 2020-1595 vom 16. Dezember 2020 verwaltet, wonach von Emittenten aus dem Vereinigten Königreich begebene Wertpapiere nach wie vor für die Berechnung der in den PEA-Vorschriften (wie in Abschnitt 21.1 definiert) festgelegten Quote herangezogen werden können. Ab dem 1. Oktober 2021 wird der Teilfonds nicht mehr gemäss den PEA-Vorschriften (wie in Abschnitt 21.1 definiert) verwaltet, da der Fondsmanager beabsichtigt, nach Ablauf der in der vorerwähnten französischen Verordnung festgelegten Übergangsfrist weiterhin Wertpapiere von im Vereinigten Königreich ansässigen Emittenten zu halten.
Zur Zeichnung aufliegende Aktienklassen
Aktien können auch verschiedene Formen annehmen (d.h. in Bezug auf Alternativwährungen, Ausschüttungspolitik, Währungsabsicherungspolitik, Seeding, "Connect"): siehe Paragraph 2.2.
|  | P-Aktien | R-Aktien | N-Aktien | I-Aktien | S-Aktien | M-Aktien | H-Aktien | E-Aktien |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Anlegertyp | Siehe Tabelle in Paragraph 2.2 im allgemeinen Teil des Prospekts |
| Erstmalige Mindestanlage bzw. Mindestanlagebetrag | Gegenwert von EUR 3’000 | Gegenwert von EUR 1’000 | Gegenwert von CHF 1’000’000 | Gegenwert von CHF 1’000’000 | t.b.d. | Gegenwert von EUR 3’000 | Gegenwert von EUR 3’000 | Nein |
| Maximaler FROC | 0,44% | 0,56% | 0,31% | 0,27% | 0,13% | 0,44% | 0,56% | 0,44% |
| Maximale Managementgebühr | 0,75% | 0,75% | 0,75% | 0,75% | k.A. | 0,85% | 1,50% | k.A. |
| Maximale Vertriebsgebühr | 0,75% | 1,55% | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. |
| Performance-Fee |  | Ja. Siehe unten. |
| Höchstsatz der Managementgebühren, wenn der Teilfonds in andere OGAW oder OGA oder Ziel-Teilfonds investiert* | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% |
| Handelsgebühr | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% |
| * Ungeachtet einer Performance-Fee, die zusätzlich zu dieser Limite erhoben werden kann. |

Performance-Fee
| Relative Performance-Fee (als jährlicher Prozentsatz der Performance gegenüber seiner Benchmark) |
| --- |
| Prozentsatz | Benchmark | Referenzzeitraum |
| 15% | MSCI Europe ND | 1. Oktober des Jahres "J" (bzw. der erste Bewertungstag nach der Lancierung einer Aktienklasse) bis 30. September des Folgejahres "J+1", wobei der erste Referenzzeitraum mindestens zwölf (12) Monate betragen muss. |

Beispiele für die Berechnung der Performance-Fee
|  | NAV des Teilfonds am Ende des Referenz- zeitraums (nach Abzug aller Kosten, vor Abzug der Performance- Fee) | Wert der Benchmark | Performance des Teilfonds im Vergleich zum letzten Referenz-NAV | Performance der Benchmark im Vergleich zum Wert der Benchmark für den letzten Referenzzeit- raum, in dem eine Performance- Fee gezahlt wurde | Performance des Teilfonds im Vergleich zur Benchmark seit Lancierung oder dem Referenz- zeitraum, in dem zum letzten Mal eine Performance- Fee gezahlt wurde | Performance -Fee | Referenz-NAV | Referenz- benchmark (d. h. der Wert der Benchmark für den letzten Referenz- zeitraum, in dem eine Performance- Fee gezahlt wurde) |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| J0 | 100 | 100 | - | - | - | - | 100 | 100 |
| J1 | 108 | 105 | 8,00% | 5,00% | 3,00% | 0,45% | 107,51 | 105 |
| J2 | 105 | 102,9 | -2,34% | -2,00% | -0,34% | keine | 107,51 | 105 |
| J3 | 110 | 113,19 | 2,31% | 7,80% | -5,49% | keine | 107,51 | 105 |
| J4 | 120 | 101,87 | 11,61% | -2,98% | 14,59% | 2,19% | 117,37 | 101,87 |
| J5 | 129,11 | 112,06 | 10,00% | 10,00% | 0,00% | keine | 117,37 | 101,87 |
| J6 | 115 | 95 | -2,02% | -6,74% | 4,72% | 0,71% | 114,19 | 95,00 |

Der Teilfonds wird zum Zeitpunkt J0 mit einem NAV von 100 aufgelegt.
Am Ende des ersten Jahres (J1) beträgt der NAV 108 (Plus von 8%), und die Benchmark liegt bei 105 (Plus von 5%). Da der Teilfonds seine Benchmark um 3% übertroffen hat, hat die Verwaltungsgesellschaft Anspruch auf eine Performance-Fee von 0,45% (15% x 3%). Die
Performance-Fee beläuft sich auf 0,49 (0,45% x 108). Der NAV des Teilfonds nach Abzug der Performance-Fee beträgt 107,51 (108 – 0,49), und der Referenz-NAV wird auf 107,51 und die Referenzbenchmark auf 105 festgesetzt.
Am Ende des zweiten Jahres (J2) erreichte der Teilfonds seine Benchmark nicht, und der NAV des Teilfonds blieb unter dem letzten Referenz-NAV. Daher ist keine Performance-Fee zu zahlen. Der Referenz-NAV und die Referenzbenchmark bleiben unverändert (107,51 bzw. 105).
Am Ende des dritten Jahres (J3) übertraf der NAV des Teilfonds (110) den letzten Referenz-NAV (110 gegenüber 107,51), aber der Teilfonds entwickelte sich schlechter als die Benchmark. Daher ist keine Performance-Fee zu zahlen. Der Referenz-NAV und die Referenzbenchmark bleiben unverändert (107,51 bzw. 105).
Am Ende des vierten Jahres (J4) verzeichnet der Teilfonds eine Performance von 11,61% (von 107.51 auf 120), und die Benchmark verzeichnet eine Performance von -2,98% (von 105 auf 101,87). Da der Teilfonds seine Benchmark um 14,59% (11,61 – (-2,98)) übertroffen hat, hat die Verwaltungsgesellschaft Anspruch auf eine Performance-Fee von 2,19% (15% x 14,76%). Die Performance-Fee beläuft sich auf 2,63 (2,19%
x 120). Der NAV des Teilfonds nach Abzug der Performance-Fee beträgt 117,37 (120 – 2,63), der neue Referenz-NAV wird auf 117,37 und die Referenzbenchmark auf 101,87 festgesetzt.
Am Ende des fünften Jahres (J5) verzeichnet der Teilfonds eine Performance von 10% (von 117,37 auf 129,11), und die Benchmark verzeichnet eine Performance von 10% (von 101,87 auf 112,06). Da die Performance des Teilfonds der Performance der Benchmark entspricht, ist keine Performancegebühr zu zahlen. Der Referenz-NAV und die Referenzbenchmark bleiben unverändert (117,37 bzw. 101,87).
Am Ende des sechsten Jahres (J6) verzeichnet der Teilfonds eine Performance von -2,02% (von 117,37 auf 115), und die Benchmark verzeichnet eine Performance von -6,74% (von 101,87 auf 95). Da der Teilfonds seine Benchmark um 4,72% (-2,02 (-6,74%)) übertroffen hat, hat die Verwaltungsgesellschaft Anspruch auf eine Performance-Fee von 0,71% (15% x 4,72%). Die Performance-Fee beläuft sich auf 0,81 (0,71%
x 115). Der NAV des Teilfonds nach Abzug der Performance-Fee beträgt 114,19 (115 – 0,81), der Referenz-NAV wird auf 114,19 und die Referenzbenchmark auf 95 festgesetzt.
Offenlegung gemäss SFDR
Die Einstufung des Teilfonds gemäss SFDR, die Art und Weise, in der der Fondsmanager Nachhaltigkeitsrisiken in seine Anlageentscheidungen in Bezug auf die Teilfonds integriert, sowie die Ergebnisse der Bewertung der wahrscheinlichen Auswirkungen von Nachhaltigkeitsrisiken auf die Renditen des Teilfonds sind im SFDR-Anhang dargelegt.
Benchmark-Verordnung
Siehe den allgemeinen Teil des Prospekts: "3. Anlageziele und Anlagepolitik" / "3.1 Allgemeine Bestimmungen, die für alle Teilfonds gelten" / "(x) Benchmark-Verordnung".
Bis zum 1. Januar 2021 war MSCI Limited ein EU-regulierter Referenzwert-Administrator, der unter der Benchmark-Verordnung durch die britische FCA zugelassen und im ESMA-Register für Referenzwert-Administratoren eingetragen war.
Seit dem 1. Januar 2021 ist und bleibt MSCI Limited als von der britischen FCA regulierter britischer Referenzwert-Administrator zugelassen (zu finden im Financial Services Register der FCA). Gegenüber der EU gilt er jedoch als britischer Administrator "aus einem Drittstaat" und wird nicht im ESMA-Register für Referenzwert-Administratoren eingetragen, ausser wenn bzw. solange die EU Grossbritannien die "Gleichwertigkeit“ zugesteht oder MSCI die "Übernahme" oder "Anerkennung" gewährt wird.
Zusätzliche Informationen zur Benchmark sind auf der Website des Administrators zu finden: www.msci.com/index-regulation
Fondsmanager
Siehe Paragraph 6.3
Ansatz, mit dem das Gesamtrisiko des Teilfonds berechnet wird
Relativer VaR
Referenzportefeuille ausschliesslich für die Gesamtrisikomessung
MSCI Europe TR ND EUR
Erwartetes  Leverage-Niveau
0%
Risikobudget
150%
Profil des typischen Anlegers
Der Teilfonds ist geeignet für Anleger, die:
- einen langfristigen Kapitalzuwachs anstreben; und
- bereit sind, das erhöhte Risiko zu tragen, das mit den Anlagekategorien verbunden ist, die im Anlageziel und in der Anlagepolitik beschrieben sind; und
- der Volatilität ihrer Aktien standhalten können.

Zeichnungsverfahren
Die Zeichnungsbeträge sind gemäss dem in Kapitel 20 des Prospekts beschriebenen Verfahren zu überweisen. Zeichnungsanträge müssen spätestens zur betreffenden Annahmeschlusszeit bei der Gesellschaft eingehen.
Die Zeichnungsbeträge sind der Verwahrstelle in der Referenzwährung oder im Falle von in einer Alternativwährung begebenen Klassen in der Alternativwährung mit Valuta vor dem Zahlungstermin unter Angabe der genauen Identität der/des Aktienzeichner(s) und des Teilfonds, von dem Aktien gezeichnet werden, zu überweisen.
Annahmeschlusszeit
| Annahmeschlusszeit 1  (Luxemburger Zeit) (Zeichnungs-, Rücknahme- und Umtauschanträge) | Bewertungstag 2  ("T") | Zahlungstermin 3 |
| --- | --- | --- |
| 12.00 Uhr am T | Täglich | Bis zu T+3 Tage 4 |

Hinweis: Als Tag ist ein Geschäftstag zu verstehen
1  
Ist dieser Tag kein Geschäftstag, einen Geschäftstag in Luxemburg vor dem betreffenden Tag.
2  
Ist dieser Bewertungstag kein Geschäftstag, gilt als Bewertungstag der nächste Geschäftstag oder der vorhergehende Geschäftstag bei einer Bewertung alle zwei Monate.
3  
Für Rücknahmen erfolgen die Zahlungen normalerweise in der Referenzwährung.
4  
Die Aktieninhaber werden gebeten, den jeweils geltenden Zahlungstermin der Website der Lombard Odier Gruppe (www.loim.com) zu entnehmen.
Weitere Einzelheiten sind in Paragraph 12.1 "Allgemeine Bestimmungen" des Kapitels 12 "Ausgabe und Verkauf der Aktien" enthalten.
Regionale Aktienteilfonds

### LO Funds – Continental Europe Small & Mid Leaders
Anlageziel und Anlagepolitik
Der Teilfonds wird aktiv verwaltet. Der Stoxx ex-UK Small Return TR ND Index wird für Performancevergleiche und zur internen Risikoüberwachung herangezogen, ohne dass dies besondere Anlagebeschränkungen für den Teilfonds zur Folge hätte. Die Wertpapiere, die der Teilfonds erwerben möchte, können jenen des Index in einem Umfang ähnlich sein, der im Zeitverlauf variiert. Doch in Bezug auf ihre Gewichtung dürften sich deutliche Unterschiede ergeben. Die Performance des Teilfonds kann wesentlich von der des Index abweichen.
Dieser Teilfonds investiert mindestens 75% seines Vermögens in Aktien von Unternehmen, die ihren Gesellschaftssitz im EWR (ohne Vereinigtes Königreich) haben.
Mindestens 60% des Portefeuilles des Teilfonds sind in Aktien von Small- und Mid-Cap-Unternehmen investiert, die ihren Sitz in Ländern des EWR (ohne Vereinigtes Königreich) haben oder dort einen Grossteil ihrer Geschäftstätigkeit ausüben. Der Teilfonds kann bis zu 40% seines Portefeuilles ausserhalb dieser Parameter investieren, insbesondere in Gesellschaften, die ihren Sitz in anderen europäischen Ländern (ohne Vereinigtes Königreich) haben oder dort einen Grossteil ihrer Geschäftstätigkeit ausüben, in Aktien von Grossunternehmen, die als solche in ihren jeweiligen Märkten als solche gelten, und in Warrants auf Wertpapiere, sofern damit eine spätere Anlage in Aktien angestrebt wird.
Wie in Paragraph 3.1 erwähnt, darf der Teilfonds (i) unter normalen Marktbedingungen und im Einklang mit den geltenden Diversifikationsvorschriften vorübergehend und ergänzend bis zu 15% seines Nettovermögens in Zahlungsmitteln und Zahlungsmitteläquivalenten (einschliesslich kurzfristiger ABS/MBS, die bis zu 10% der Anlagen in Zahlungsmittel und Zahlungsmitteläquivalente ausmachen dürfen) und (ii) bis zu 10% seines Nettovermögens in OGA halten.
Vorbehaltlich der in den Anlagerestriktionen (siehe Kapitel 4 des Prospekts) vorgesehenen Grenzen ist der Fondsmanager berechtigt, Finanzderivate einzusetzen:
- zur Absicherung	Ja
- zu EPM-Zwecken	Ja
- als Teil der Anlagestrategie	JaDie Verwendung von strukturierten Finanzinstrumenten ist in Paragraph 3.1 beschrieben.

Der Teilfonds gilt als Aktienfonds gemäss InvStG.
Die Anleger werden auf den Anhang zu den Risikofaktoren hingewiesen, in dem die Risikofaktoren des Teilfonds aufgeführt sind.
Referenzwährung
EUR
Zur Zeichnung aufliegende Aktienklassen
Aktien können auch verschiedene Formen annehmen (d.h. in Bezug auf Alternativwährungen, Ausschüttungspolitik, Währungsabsicherungspolitik, Seeding, "Connect"): siehe Paragraph 2.2.
|  | P-Aktien | R-Aktien | N-Aktien | I-Aktien | S-Aktien | M-Aktien | H-Aktien | E-Aktien |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Anlegertyp | Siehe Tabelle in Paragraph 2.2 im allgemeinen Teil des Prospekts |
| Erstmalige Mindestanlage bzw. Mindestanlagebetrag | Gegenwert von EUR 3’000 | Gegenwert von EUR 1’000 | Gegenwert von CHF 1’000’000 | Gegenwert von CHF 1’000’000 | t.b.d. | Gegenwert von EUR 3’000 | Gegenwert von EUR 3’000 | Nein |
| Maximaler FROC | 0,44% | 0,56% | 0,31% | 0,27% | 0,15% | 0,44% | 0,56% | 0,44% |
| Maximale Managementgebühr | 0,90% | 0,90% | 0,90% | 0,90% | k.A. | 1,00% | 1,80% | k.A. |
| Maximale Vertriebsgebühr | 0,90% | 1,55% | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. |
| Performance-Fee | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. |
| Höchstsatz der Managementgebühren, wenn der Teilfonds in andere OGAW oder OGA oder Ziel-Teilfonds investiert* | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% |
| Handelsgebühr | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% |
| * Ungeachtet einer Performance-Fee, die zusätzlich zu dieser Limite erhoben werden kann. |

Offenlegung gemäss SFDR
Die Einstufung des Teilfonds gemäss SFDR, die Art und Weise, in der der Fondsmanager Nachhaltigkeitsrisiken in seine Anlageentscheidungen in Bezug auf die Teilfonds integriert, sowie die Ergebnisse der Bewertung der wahrscheinlichen Auswirkungen von Nachhaltigkeitsrisiken auf die Renditen des Teilfonds sind im SFDR-Anhang dargelegt.
Fondsmanager
Siehe Paragraph 6.3
Ansatz, mit dem das Gesamtrisiko des Teilfonds berechnet wird
Relativer VaR
Referenzportefeuille ausschliesslich für die Gesamtrisikomessung
Stoxx ex-UK Small Return TR ND EUR
Erwartetes  Leverage-Niveau
0%
Risikobudget
125%
Profil des typischen Anlegers
Der Teilfonds ist geeignet für Anleger, die:
- einen langfristigen Kapitalzuwachs anstreben; und
- bereit sind, das erhöhte Risiko zu tragen, das mit den Anlagekategorien verbunden ist, die im Anlageziel und in der Anlagepolitik beschrieben sind; und
- der Volatilität ihrer Aktien standhalten können.

Zeichnungsverfahren
Die Zeichnungsbeträge sind gemäss dem in Kapitel 20 des Prospekts beschriebenen Verfahren zu überweisen. Zeichnungsanträge müssen spätestens zur betreffenden Annahmeschlusszeit bei der Gesellschaft eingehen.
Die Zeichnungsbeträge sind der Verwahrstelle in der Referenzwährung oder im Falle von in einer Alternativwährung begebenen Klassen in der Alternativwährung mit Valuta vor dem Zahlungstermin unter Angabe der genauen Identität der/des Aktienzeichner(s) und des Teilfonds, von dem Aktien gezeichnet werden, zu überweisen.
Annahmeschlusszeit
| Annahmeschlusszeit 1  (Luxemburger Zeit) (Zeichnungs-, Rücknahme- und Umtauschanträge) | Bewertungstag 2  ("T") | Zahlungstermin 3 |
| --- | --- | --- |
| 15.00 Uhr am T-1 Tag | Täglich | Bis zu T+3 Tage 4 |

Hinweis: Als Tag ist ein Geschäftstag zu verstehen
1  
Ist dieser Tag kein Geschäftstag, einen Geschäftstag in Luxemburg vor dem betreffenden Tag.
2  
Ist dieser Bewertungstag kein Geschäftstag, gilt als Bewertungstag der nächste Geschäftstag oder der vorhergehende Geschäftstag bei einer Bewertung alle zwei Monate.
3  
Für Rücknahmen erfolgen die Zahlungen normalerweise in der Referenzwährung.
4  
Die Aktieninhaber werden gebeten, den jeweils geltenden Zahlungstermin der Website der Lombard Odier Gruppe (www.loim.com) zu entnehmen.
Weitere Einzelheiten sind in Paragraph 12.1 "Allgemeine Bestimmungen" des Kapitels 12 "Ausgabe und Verkauf der Aktien" enthalten.
Regionale Aktienteilfonds

### LO Funds – Emerging High Conviction
Anlageziel und Anlagepolitik
Der Teilfonds wird aktiv verwaltet. Der MSCI Emerging Market TR ND Index wird für Performancevergleiche und zur internen Risikoüberwachung herangezogen, ohne dass dies besondere Anlagebeschränkungen für den Teilfonds zur Folge hätte. Die Wertpapiere, die der Teilfonds erwerben möchte, können jenen des Index in einem Umfang ähnlich sein, der im Zeitverlauf variiert. Doch in Bezug auf ihre Gewichtung dürften sich deutliche Unterschiede ergeben. Die Performance des Teilfonds kann wesentlich von der des Index abweichen.
Der Teilfonds strebt Anlagen in Qualitätsunternehmen mit nachhaltigen Finanzmodellen, Geschäftspraktiken und Geschäftsmodellen an, die widerstandsfähig sind und mit den langfristigen strukturellen Trends wachsen und von ihnen profitieren können. Zur Identifikation solcher Unternehmen verwendet er die unternehmenseigenen Instrumente und Methoden von LOIM für die Erstellung des ESG- und Nachhaltigkeitsprofils.
Dieser Teilfonds investiert in Aktien und aktienbezogene Wertpapiere (einschliesslich Warrants, Swaps, die Long- und/oder Short-Positionen in Aktien ermöglichen, oder Optionen, mit denen zur Absicherung ein Engagement in staatlichen Emittenten eingegangen werden kann),
die von Gesellschaften emittiert werden, die ihren Sitz in den Emerging Markets haben oder dort direkt oder indirekt einen Grossteil ihrer Geschäftstätigkeit ausüben. Der Fondsmanager darf bis zu 20% des Portefeuilles des Teilfonds ausserhalb dieser Parameter investieren, insbesondere (i) in Unternehmen, die einen Grossteil ihrer Geschäftstätigkeit ausserhalb der Emerging Markets ausüben, und/oder (ii) in Währungen (einschliesslich Emerging-Market-Währungen).
Investitionen in Einzelhandels- und Konsumsektoren/-unternehmen können innerhalb der Strategie ein wichtiges Thema darstellen.
Der Fondsmanager darf bis zu 20% des Vermögens des Teilfonds in Wandelanleihen investieren. Bis zu 10% des Teilfonds dürfen in chinesische A-Aktien investiert werden. Dies sind Aktien von auf dem chinesischen Festland ansässigen Gesellschaften, die an regulierten Börsen gehandelt werden, aber nur über bestimmte Handelseinrichtungen (wie Stock Connect) erworben werden können (weitere Angaben hierzu siehe Abschnitt 2.12 im Anhang zu den Risikofaktoren).
Der nicht realisierte Gewinn und Verlust auf Währungsderivaten wird bei der Überprüfung, ob die Anlagepolitik, einschliesslich ihrer Grenzen und Einschränkungen, eingehalten wird, berücksichtigt.
Zur Umsetzung der Strategie investiert der Fondsmanager hauptsächlich in Wertpapiere, börsennotierte Derivate und synthetische Derivate von Gesellschaften, die er als unterbewertet erachtet. Der Fondsmanager darf eine breite Palette von Finanzderivaten verwenden, darunter Optionen, Futures und Swaps (namentlich CFD), um die Positionen in bestimmten Märkten, Sektoren, Emittenten und Währungen zu erhöhen
oder zu reduzieren. Die Wahl der Märkte, Sektoren, Kategorien von Finanzderivaten, Börsenkapitalisierungen und Währungen erfolgt nach freiem Ermessen des Fondsmanagers. Der Teilfonds darf im Einklang mit den geltenden Diversifikationsvorschriften vollständig in Zahlungsmittel und Zahlungsmitteläquivalente (einschliesslich kurzfristiger ABS/MBS, die bis zu 10% der Anlagen in Zahlungsmittel und Zahlungsmitteläquivalente ausmachen dürfen) investiert sein, wenn der Fondsmanager beispielsweise der Meinung ist, dass der Teilfonds defensiv positioniert sein sollte.
Wie in Paragraph 3.1 erwähnt, darf der Teilfonds bis zu 10% seines Nettovermögens in OGA halten.
Vorbehaltlich der in den Anlagerestriktionen (siehe Kapitel 4 des Prospekts) vorgesehenen Grenzen ist der Fondsmanager berechtigt, Finanzderivate einzusetzen:
- zur Absicherung	Ja
- zu EPM-Zwecken	Ja
- als Teil der Anlagestrategie	JaDie Verwendung von strukturierten Finanzinstrumenten ist in Paragraph 3.1 beschrieben.

Der Teilfonds gilt als Aktienfonds gemäss InvStG.
Die Anleger werden auf den Anhang zu den Risikofaktoren hingewiesen, in dem die Risikofaktoren des Teilfonds aufgeführt sind.
Referenzwährung
USD
Zur Zeichnung aufliegende Aktienklassen
Aktien können auch verschiedene Formen annehmen (d.h. in Bezug auf Alternativwährungen, Ausschüttungspolitik, Custom-Benchmark-Politik, Seeding, "Connect"): siehe Paragraph 2.2.
|  | P-Aktien | R-Aktien | N-Aktien | I-Aktien | S-Aktien | M-Aktien | H-Aktien | E-Aktien |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Anlegertyp | Siehe Tabelle in Paragraph 2.2 im allgemeinen Teil des Prospekts |
| Erstmalige Mindestanlage bzw. Mindestanlagebetrag | Gegenwert von EUR 3’000 | Gegenwert von EUR 1’000 | Gegenwert von CHF 1’000’000 | Gegenwert von CHF 1’000’000 | t.b.d. | Gegenwert von EUR 3’000 | Gegenwert von EUR 3’000 | Nein |
| Maximaler FROC | 0,50% | 0,63% | 0,38% | 0,34% | 0,16% | 0,50% | 0,63% | 0,50% |
| Maximale Managementgebühr | 0,85% | 0,85% | 0,85% | 0,85% | k.A. | 0,95% | 1,70% | k.A. |
| Maximale Vertriebsgebühr | 0,85% | 1,55% | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. |
| Performance-Fee | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. |
| Höchstsatz der Managementgebühren, wenn der Teilfonds in andere OGAW oder OGA oder Ziel-Teilfonds investiert* | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% |
| Handelsgebühr | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% |
| * Ungeachtet einer Performance-Fee, die zusätzlich zu dieser Limite erhoben werden kann. |

Offenlegung gemäss SFDR
Die Einstufung des Teilfonds gemäss SFDR, die Art und Weise, in der der Fondsmanager Nachhaltigkeitsrisiken in seine Anlageentscheidungen in Bezug auf die Teilfonds integriert, sowie die Ergebnisse der Bewertung der wahrscheinlichen Auswirkungen von Nachhaltigkeitsrisiken auf die Renditen des Teilfonds sind im SFDR-Anhang dargelegt.
Fondsmanager
Siehe Paragraph 6.3
Ansatz, mit dem das Gesamtrisiko des Teilfonds berechnet wird
Relativer VaR
Referenzportefeuille ausschliesslich für die Gesamtrisikomessung
MSCI Emerging Market TR ND
Erwartetes  Leverage-Niveau
75%
Risikobudget
150%
Profil des typischen Anlegers
Der Teilfonds ist geeignet für Anleger, die:
- einen langfristigen Kapitalzuwachs anstreben; und
- bereit sind, das erhöhte Risiko zu tragen, das mit den Anlagekategorien verbunden ist, die im Anlageziel und in der Anlagepolitik beschrieben sind; und
- der Volatilität ihrer Aktien standhalten können.

Zeichnungsverfahren
Die Zeichnungsbeträge sind gemäss dem in Kapitel 20 des Prospekts beschriebenen Verfahren zu überweisen. Zeichnungsanträge müssen spätestens zur betreffenden Annahmeschlusszeit bei der Gesellschaft eingehen.
Die Zeichnungsbeträge sind der Verwahrstelle in der Referenzwährung oder im Falle von in einer Alternativwährung begebenen Klassen in der Alternativwährung mit Valuta vor dem Zahlungstermin unter Angabe der genauen Identität der/des Aktienzeichner(s) und des Teilfonds, von dem Aktien gezeichnet werden, zu überweisen.
Annahmeschlusszeit
| Annahmeschlusszeit 1  (Luxemburger Zeit) (Zeichnungs-, Rücknahme- und Umtauschanträge) | Bewertungstag 2  ("T") | Zahlungstermin 3 |
| --- | --- | --- |
| 15.00 Uhr am T-1 Tag | Täglich | Bis zu T+3 Tage 4 |

Hinweis: Als Tag ist ein Geschäftstag zu verstehen
1  
Ist dieser Tag kein Geschäftstag, einen Geschäftstag in Luxemburg vor dem betreffenden Tag.
2  
Ist dieser Bewertungstag kein Geschäftstag, gilt als Bewertungstag der nächste Geschäftstag oder der vorhergehende Geschäftstag bei einer Bewertung alle zwei Monate.
3  
Für Rücknahmen erfolgen die Zahlungen normalerweise in der Referenzwährung.
4  
Die Aktieninhaber werden gebeten, den jeweils geltenden Zahlungstermin der Website der Lombard Odier Gruppe (www.loim.com) zu entnehmen.
Weitere Einzelheiten sind in Paragraph 12.1 "Allgemeine Bestimmungen" des Kapitels 12 "Ausgabe und Verkauf der Aktien" enthalten.
Regionale Aktienteilfonds

### LO Funds – Asia High Conviction
Anlageziel und Anlagepolitik
Der Teilfonds wird aktiv verwaltet. Der MSCI ACF Asia ex-Japan TR ND Index wird für Performancevergleiche und zur internen Risikoüberwachung herangezogen, ohne dass dies besondere Anlagebeschränkungen für den Teilfonds zur Folge hätte. Die Wertpapiere, die der Teilfonds erwerben möchte, können jenen des Index in einem Umfang ähnlich sein, der im Zeitverlauf variiert. Doch in Bezug auf ihre Gewichtung dürften sich deutliche Unterschiede ergeben. Die Performance des Teilfonds kann wesentlich von der des Index abweichen.
Der Teilfonds strebt Anlagen in Qualitätsunternehmen mit nachhaltigen Finanzmodellen, Geschäftspraktiken und Geschäftsmodellen an, die widerstandsfähig sind und mit den langfristigen strukturellen Trends wachsen und von ihnen profitieren können. Zur Identifikation solcher Unternehmen verwendet er die unternehmenseigenen Instrumente und Methoden von LOIM für die Erstellung des ESG- und Nachhaltigkeitsprofils.
Dieser Teilfonds investiert in Aktien und aktienbezogene Wertpapiere (darunter Warrants) von Gesellschaften, die ihren Sitz in Asien haben oder dort direkt oder indirekt einen Grossteil ihrer Geschäftstätigkeit ausüben, sowie in Währungen und/oder Zahlungsmittel und Zahlungsmitteläquivalente. Bis zu 20% des Portefeuilles des Teilfonds dürfen in chinesische A-Aktien investiert werden. Dies sind Aktien von auf dem chinesischen Festland ansässigen Gesellschaften, die an regulierten Börsen gehandelt werden, aber nur über bestimmte Handelseinrichtungen (wie Stock Connect) erworben werden können (weitere Angaben hierzu siehe Abschnitt 2.12 im Anhang zu den
Risikofaktoren). Bis zu einem Drittel (1/3) des Portefeuilles des Teilfonds darf in ähnliche Wertpapiere wie oben beschrieben investiert werden, die aber von Unternehmen begeben werden, die ihren Sitz nicht in Asien haben oder dort nicht einen Grossteil ihrer Geschäftstätigkeit ausüben.
Die Wahl der Instrumente, Märkte (insbesondere darf der Teilfonds vollständig in den Emerging Markets investiert sein) und Währungen (einschliesslich Emerging-Market-Währungen) erfolgt nach freiem Ermessen des Fondsmanagers. Der Fondsmanager darf qualitative und/oder systematische Strategien umsetzen.
Neben den erwähnten Anlagen darf der Fondsmanager Finanzderivate verwenden, um (i) Long- und Short-Positionen in Währungen einzugehen (OECD- und/oder Emerging-Market-Währungen) und/oder um (ii) das Engagement in bestimmten Anlageklassen, Märkten (einschliesslich Emerging Markets), Sektoren, Emittenten und Indizes zu erhöhen oder zu reduzieren.
Der Teilfonds kann ausserdem im Einklang mit den geltenden Diversifikationsvorschriften vollständig in Zahlungsmitteln und Zahlungsmitteläquivalenten (einschliesslich kurzfristiger ABS/MBS, die bis zu 10% der Anlagen in Zahlungsmittel und Zahlungsmitteläquivalente ausmachen dürfen) investiert sein, wenn der Fondsmanager beispielsweise der Meinung ist, dass der Teilfonds defensiv positioniert sein sollte.
Wie in Paragraph 3.1 erwähnt, darf der Teilfonds bis zu 10% seines Nettovermögens in OGA halten.
Vorbehaltlich der in den Anlagerestriktionen (siehe Kapitel 4 des Prospekts) erlaubten Grenzen ist der Fondsmanager berechtigt, Finanzderivate einzusetzen (darunter namentlich Futures, Swaps einschliesslich CFD, sowie Währungs- und Volatilitätsderivate):
- zur Absicherung	Ja
- zu EPM-Zwecken	Ja
- als Teil der Anlagestrategie	JaDie Verwendung von strukturierten Finanzinstrumenten ist in Paragraph 3.1 oben beschrieben.

Der Teilfonds gilt als Aktienfonds gemäss InvStG.
Die Anleger werden auf den Anhang zu den Risikofaktoren hingewiesen, in dem die Risikofaktoren des Teilfonds aufgeführt sind.
Referenzwährung
USD
Zur Zeichnung aufliegende Aktienklassen
Aktien können auch verschiedene Formen annehmen (d.h. in Bezug auf Alternativwährungen, Ausschüttungspolitik, Währungsabsicherungspolitik, Seeding, "Connect"): siehe Paragraph 2.2.
|  | P-Aktien | R-Aktien | N-Aktien | I-Aktien | S-Aktien | M-Aktien | H-Aktien | E-Aktien |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Anlegertyp | Siehe Tabelle in Paragraph 2.2 im allgemeinen Teil des Prospekts |
| Erstmalige Mindestanlage bzw. Mindestanlagebetrag | Gegenwert von EUR 3’000 | Gegenwert von EUR 1’000 | Gegenwert von CHF 1’000’000 | Gegenwert von CHF 1’000’000 | t.b.d. | Gegenwert von EUR 3’000 | Gegenwert von EUR 3’000 | Nein |
| Maximaler FROC | 0,50% | 0,63% | 0,38% | 0,34% | 0,16% | 0,50% | 0,63% | 0,50% |
| Maximale Managementgebühr | 1,00% | 1,00% | 1,00% | 1,00% | k.A. | 1,10% | 2,00% | k.A. |
| Maximale Vertriebsgebühr | 1,00% | 1,55% | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. |
| Performance-Fee | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. |
| Höchstsatz der Managementgebühren, wenn der Teilfonds in andere OGAW oder OGA oder Ziel-Teilfonds investiert* | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% |
| Handelsgebühr | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% |
| * Ungeachtet einer Performance-Fee, die zusätzlich zu dieser Limite erhoben werden kann. |

Offenlegung gemäss SFDR
Die Einstufung des Teilfonds gemäss SFDR, die Art und Weise, in der der Fondsmanager Nachhaltigkeitsrisiken in seine Anlageentscheidungen in Bezug auf die Teilfonds integriert, sowie die Ergebnisse der Bewertung der wahrscheinlichen Auswirkungen von Nachhaltigkeitsrisiken auf die Renditen des Teilfonds sind im SFDR-Anhang dargelegt.
Fondsmanager
Siehe Paragraph 6.3
Ansatz, mit dem das Gesamtrisiko des Teilfonds berechnet wird
Commitment-Ansatz
Profil des typischen Anlegers
Der Teilfonds ist geeignet für Anleger, die:
- einen langfristigen Kapitalzuwachs anstreben; und
- bereit sind, das erhöhte Risiko zu tragen, das mit den Anlagekategorien verbunden ist, die im Anlageziel und in der Anlagepolitik beschrieben sind; und
- der Volatilität ihrer Aktien standhalten können.

Zeichnungsverfahren
Die Zeichnungsbeträge sind gemäss dem in Kapitel 20 des Prospekts beschriebenen Verfahren zu überweisen. Zeichnungsanträge müssen spätestens zur betreffenden Annahmeschlusszeit bei der Gesellschaft eingehen.
Die Zeichnungsbeträge sind der Verwahrstelle in der Referenzwährung oder im Falle von in einer Alternativwährung begebenen Klassen in der Alternativwährung mit Valuta vor dem Zahlungstermin unter Angabe der genauen Identität der/des Aktienzeichner(s) und des Teilfonds, von dem Aktien gezeichnet werden, zu überweisen.
Annahmeschlusszeit
| Annahmeschlusszeit 1  (Luxemburger Zeit) (Zeichnungs-, Rücknahme- und Umtauschanträge) | Bewertungstag 2  ("T") | Zahlungstermin 3 |
| --- | --- | --- |
| 15.00 Uhr am T-1 Tag | Täglich | Bis zu T+3 Tage 4 |

Hinweis: Als Tag ist ein Geschäftstag zu verstehen
1 
Ist dieser Tag kein Geschäftstag, einen Geschäftstag in Luxemburg vor dem betreffenden Tag.
2 
Ist dieser Bewertungstag kein Geschäftstag, gilt als Bewertungstag der nächste Geschäftstag oder der vorhergehende Geschäftstag bei einer Bewertung alle zwei Monate.
3 
Für Rücknahmen erfolgen die Zahlungen normalerweise in der Referenzwährung.
4 
Die Aktieninhaber werden gebeten, den jeweils geltenden Zahlungstermin der Website der Lombard Odier Gruppe (www.loim.com) zu entnehmen.
Weitere Einzelheiten sind in Paragraph 12.1 "Allgemeine Bestimmungen" des Kapitels 12 "Ausgabe und Verkauf der Aktien" enthalten.
Regionale Aktienteilfonds

### LO Funds – TerreNeuve
Anlageziel und Anlagepolitik
Der Teilfonds wird aktiv verwaltet. Die Verwaltung des Teilfonds orientiert sich nicht an einem Index.
Dieser Teilfonds investiert in Aktien und aktienbezogene Wertpapiere (einschliesslich Warrants) von Gesellschaften weltweit (einschliesslich Emerging Markets) sowie in Zahlungsmittel und Zahlungsmitteläquivalente. Der Fondsmanager kann bis zu einem Drittel (1/3) des Portfolios des Teilfonds ausserhalb dieser Parameter investieren, insbesondere in (i) Anleihen und fest- oder variabel verzinsliche Wertpapiere und/oder (ii) Wandelanleihen. Non-Investment-Grade-Schuldpapiere dürfen nicht gekauft werden.
Zur Umsetzung der Strategie investiert der Fondsmanager in Gesellschaften, die er als unterbewertet erachtet, und nutzt auch Short-Derivate, um sich in Gesellschaften zu engagieren, die er für überbewertet hält.
Der Fondsmanager wendet bei der Auswahl der Wertpapiere einen Ansatz an, der auf eigenen Kriterien für verantwortungsvolle Anlagen beruht und unter anderem ökologische, soziale, ethische und/oder unternehmensführungsbezogene Faktoren berücksichtigt. Zusätzlich zu diesen Auswahlkriterien kann der Fondsmanager einen Filter anwenden, um bestimmte Unternehmen aus dem Anlageuniversum
auszuschliessen. Dabei werden Unternehmen nach einer spezifischen Methode bewertet, die auf ökologischen, sozialen, ethischen und/oder unternehmensführungsbezogenen Kriterien fusst.
Der Fondsmanager darf eine breite Palette von Finanzderivaten verwenden, darunter Optionen, Futures (unter anderem auf Aktien- und Rohstoffindizes sowie Währungen), CFD und Swaps (unter anderem CDS), um die Positionen in bestimmten Märkten, Sektoren, Emittenten, Unternehmensanleihen, Zinssätzen und Währungen zu erhöhen oder zu reduzieren. Unter Umständen kann das Nettoengagement des Teilfonds an den Finanzmärkten negativ sein.
Ungeachtet der oben genannten Limiten darf der Fondsmanager das Portefeuille des Teilfonds im Einklang mit den geltenden Diversifikationsregeln vollständig in Zahlungsmittel und Zahlungsmitteläquivalente (einschliesslich kurzfristiger ABS/MBS, die bis zu 10% der Anlagen in Zahlungsmittel und Zahlungsmitteläquivalente ausmachen dürfen) investieren, (i) wenn der Fondsmanager dies zur Umsetzung der Anlagepolitik (etwa Anlagen in Derivate) für angemessen erachtet oder (ii) er vorübergehend, in Perioden erhöhter Volatilität, beispielsweise der Meinung ist, dass der Teilfonds defensiv positioniert sein sollte.
Wie in Paragraph 3.1 erwähnt, darf der Teilfonds bis zu 10% seines Nettovermögens in OGA halten.
Vorbehaltlich der unter den Anlagerestriktionen auferlegten Grenzen, die in Kapitel 4 des Prospekts beschrieben sind, darf der Fondsmanager Finanzderivate einsetzen:
- zu Absicherungszwecken	Ja
- zu EPM-Zwecken	Ja
- als Teil der Anlagestrategie	JaDie Verwendung von strukturierten Finanzinstrumenten ist in Paragraph 3.1 beschrieben.

Die Anleger werden auf den Anhang zu den Risikofaktoren hingewiesen, in dem die Risikofaktoren des Teilfonds aufgeführt sind.
Referenzwährung
USD
Zur Zeichnung verfügbare Aktienklassen
Aktien können auch verschiedene Formen annehmen (d.h. in Bezug auf Alternativwährungen, Ausschüttungspolitik, Währungsabsicherungspolitik, Seeding, "Connect"): siehe Paragraph 2.2.
|  | P-Aktien | R-Aktien | N-Aktien | I-Aktien | S-Aktien | M-Aktien | H-Aktien | E-Aktien |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Anlegertyp | Siehe Tabelle in Paragraph 2.2 im allgemeinen Teil des Prospekts |
| Erstmalige Mindestanlage bzw. Mindestanlagebetrag | Gegenwert von EUR 3’000 | Gegenwert von EUR 1’000 | Gegenwert von CHF 1’000’000 | Gegenwert von CHF 1’000’000 | t.b.d. | Gegenwert von EUR 3’000 | Gegenwert von EUR 3’000 | Nein |
| Maximaler FROC | 0,44% | 0,56% | 0,44% | 0,40% | 0,13% | 0,44% | 0,56% | 0,44% |
| Maximale Managementgebühr | 2,00% | 2,00% | 2,00% | 2,00% | k.A. | 2,20% | 3,50% | k.A. |
| Vertriebsgebühr | 2,00% | 2,00% | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. |
| Performance-Fee | Ja. Siehe unten. |
| Höchstsatz der Managementgebühren, wenn der Teilfonds in andere OGAW, OGA oder Ziel-Teilfonds investiert* | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% |
| Handelsgebühr | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% |
| * Ungeachtet einer Performance-Fee, die zusätzlich zu dieser Limite erhoben werden kann. |

Performance-Fee
| Absolute  Performance-Fee |
| --- |
| Prozentsatz | Hurdle Rate | Referenzzeitraum |
| 20% | Nein | 1. Januar (bzw. der erste Bewertungstag nach der Lancierung einer Aktienklasse) bis 31. Dezember, wobei der erste Referenzzeitraum mindestens zwölf (12) Monate betragen muss. |

Beispiele für die Berechnung der Performance-Fee
|  | NAV des Teilfonds am Ende des Referenz-zeitraums (nach Abzug aller Kosten, vor Abzug der Performance- Fee) | Performance des Teilfonds im Vergleich zur letzten High-Water-Mark | Jährliche Hurdle Rate | Performance-Fee | NAV nach Abzug der Performance-Fee | High-Water-Mark |
| --- | --- | --- | --- | --- | --- | --- |
| J0 | 100 | – | keine | – | – | 100 |
| J1 | 108 | 8% | 1,60% | 106,4 | 106,4 |
| J2 | 105 | -1,32% | 0 | 105 | 106,4 |
| J3 | 110 | 3,38% | 0,68% | 109,29 | 109,29 |

Der Teilfonds wird zum Zeitpunkt J0 mit einem NAV von 100 aufgelegt.
Am Ende des ersten Jahres (J1) liegt der NAV bei 108, und der Teilfonds verzeichnet eine positive absolute Performance von 8%. Die Verwaltungsgesellschaft hat Anspruch auf eine Performance-Fee von 1,6% (8% x 20%). Die Performance-Fee beträgt 1,6 (1,6% von 100). Der NAV des Teilfonds nach Abzug der Performance-Fee beträgt 106,4 (108 – 1,6), und die High-Water-Mark liegt bei 106,40.
Am Ende des zweiten Jahres (J2) weist der Teilfonds eine negative absolute Performance aus (-1,32%). Die Verwaltungsgesellschaft hat keinen Anspruch auf eine Performance-Fee. Die High-Water-Mark bleibt unverändert (106,40).
Am Ende des dritten Jahres (J3) verzeichnet der Teilfonds eine positive absolute Performance von 3,38% gegenüber der letzten absoluten High- Water-Mark. Die Verwaltungsgesellschaft hat Anspruch auf eine Performance-Fee von 0,68% (3,38% x 20%). Die Performance-Fee beträgt 0,71 (0,68% von 105). Der NAV des Teilfonds nach Abzug der Performance-Fee beträgt 109,29 (110 – 0,71), und die High-Water-Mark liegt bei 109,29.
Offenlegung gemäss SFDR
Die Einstufung des Teilfonds gemäss SFDR, die Art und Weise, in der der Fondsmanager Nachhaltigkeitsrisiken in seine Anlageentscheidungen in Bezug auf die Teilfonds integriert, sowie die Ergebnisse der Bewertung der wahrscheinlichen Auswirkungen von Nachhaltigkeitsrisiken auf die Renditen des Teilfonds sind im SFDR-Anhang dargelegt.
Fondsmanager
Siehe Paragraph 6.3
Ansatz, mit dem das Gesamtrisiko des Teilfonds berechnet wird
Absoluter VaR
Referenzportefeuille ausschliesslich für die Gesamtrisikomessung
Nicht anwendbar
Erwartetes  Leverage-Niveau
400%
Risikobudget
18%
Profil des typischen Anlegers
Der Teilfonds ist geeignet für Anleger, die:
- einen langfristigen Kapitalzuwachs anstreben;
- bereit sind, das erhöhte Risiko zu tragen, das mit den Anlagekategorien verbunden ist, die im Anlageziel und in der Anlagepolitik beschrieben sind; und
- der Volatilität ihrer Aktien standhalten können.

Zeichnungsverfahren
Die Zeichnungsbeträge sind gemäss dem in Kapitel 20 des Prospekts beschriebenen Verfahren zu überweisen. Zeichnungsanträge müssen spätestens zur betreffenden Annahmeschlusszeit bei der Gesellschaft eingehen.
Die Zeichnungsbeträge sind der Verwahrstelle in der Referenzwährung oder im Falle von in einer Alternativwährung begebenen Klassen in der Alternativwährung mit Valuta vor dem Zahlungstermin unter Angabe der genauen Identität der/des Aktienzeichner(s) und des Teilfonds, von dem Aktien gezeichnet werden, zu überweisen.
Annahmeschlusszeit
| Annahmeschlusszeit 1  (Luxemburger Zeit) (Zeichnungs-, Rücknahme- und Umtauschanträge) | Bewertungstag 2  ("T") | Zahlungstermin 3 |
| --- | --- | --- |
| 15.00 Uhr am T-3 Tag | Wöchentlich, jeden Mittwoch | Bis zu T+3 Tage 4 |

Hinweis: Als Tag ist ein Geschäftstag zu verstehen
1  
Ist dieser Tag kein Geschäftstag, einen Geschäftstag in Luxemburg vor dem betreffenden Tag.
2  
Ist dieser Bewertungstag kein Geschäftstag, gilt als Bewertungstag der nächste Geschäftstag oder der vorhergehende Geschäftstag bei einer Bewertung alle zwei Monate.
3  
Für Rücknahmen erfolgen die Zahlungen normalerweise in der Referenzwährung.
4  
Die Aktieninhaber werden gebeten, den jeweils geltenden Zahlungstermin der Website der Lombard Odier Gruppe (www.loim.com) zu entnehmen.
Weitere Einzelheiten sind in Paragraph 12.1 "Allgemeine Bestimmungen" des Kapitels 12 "Ausgabe und Verkauf der Aktien" enthalten.
Regionale Aktienteilfonds

### LO Funds – Swiss Equity
Anlageziel und Anlagepolitik
Der Teilfonds wird aktiv verwaltet. Der SPI TR Index dient dazu, das anfängliche Anlageuniversum festzulegen, aus dem die einzelnen Wertpapiere ausgewählt werden. Zudem wird er für Performancevergleiche und zur internen Risikoüberwachung herangezogen, ohne dass dies besondere Anlagebeschränkungen für den Teilfonds zur Folge hätte. Die Wertpapiere des Teilfonds werden im Allgemeinen denen des vorstehend aufgeführten Index ähnlich sein. In Bezug auf ihre Gewichtung dürften sich jedoch deutliche Unterschiede ergeben. Der Fondsmanager darf auch Wertpapiere auswählen, die nicht in dem vorstehend aufgeführten Index enthalten sind, um Anlagechancen zu nutzen.
Dieser Teilfonds investiert in Aktien von Gesellschaften, die ihren Sitz in der Schweiz haben oder dort einen Grossteil ihrer Geschäftstätigkeit ausüben. Bis zu 10% des Portefeuilles dürfen in andere Aktien ausserhalb dieser Parameter investiert werden.
Die Wahl der Märkte, Sektoren, Börsenkapitalisierungen und Währungen liegt im freien Ermessen des Fondsmanagers.
Wie in Paragraph 3.1 erwähnt, darf der Teilfonds (i) unter normalen Marktbedingungen und im Einklang mit den geltenden Diversifikationsvorschriften vorübergehend und ergänzend bis zu 15% seines Nettovermögens in Zahlungsmitteln und Zahlungsmitteläquivalenten (einschliesslich kurzfristiger ABS/MBS, die bis zu 10% der Anlagen in Zahlungsmittel und Zahlungsmitteläquivalente ausmachen dürfen) und (ii) bis zu 10% seines Nettovermögens in OGA halten.
Vorbehaltlich der in den Anlagerestriktionen (siehe Kapitel 4 des Prospekts) vorgesehenen Grenzen ist der Fondsmanager berechtigt, Finanzderivate einzusetzen:
- zur Absicherung	Ja
- zu EPM-Zwecken	Ja
- als Teil der Anlagestrategie	JaDie Verwendung von strukturierten Finanzinstrumenten ist in Paragraph 3.1 beschrieben.

Der Teilfonds gilt als Aktienfonds gemäss InvStG.
Die Anleger werden auf den Anhang zu den Risikofaktoren hingewiesen, in dem die Risikofaktoren des Teilfonds aufgeführt sind.
Referenzwährung
CHF
Zur Zeichnung aufliegende Aktienklassen
Aktien können auch verschiedene Formen annehmen (d.h. in Bezug auf Alternativwährungen, Ausschüttungspolitik, Währungsabsicherungspolitik, Seeding, "Connect"): siehe Paragraph 2.2.
|  | P-Aktien | R-Aktien | N-Aktien | I-Aktien | S-Aktien | M-Aktien | H-Aktien | E-Aktien |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Anlegertyp | Siehe Tabelle in Paragraph 2.2 im allgemeinen Teil des Prospekts |
| Erstmalige Mindestanlage bzw. Mindestanlagebetrag | Gegenwert von EUR 3’000 | Gegenwert von EUR 1’000 | Gegenwert von CHF 1’000’000 | Gegenwert von CHF 1’000’000 | t.b.d. | Gegenwert von EUR 3’000 | Gegenwert von EUR 3’000 | Nein |
| Maximaler FROC | 0,44% | 0,56% | 0,31% | 0,27% | 0,13% | 0,44% | 0,56% | 0,44% |
| Maximale Managementgebühr | 0,75% | 0,75% | 0,75% | 0,75% | k.A. | 0,85% | 1,50% | k.A. |
| Maximale Vertriebsgebühr | 0,75% | 1,55% | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. |
| Performance-Fee | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. |
| Höchstsatz der Managementgebühren, wenn der Teilfonds in andere OGAW oder OGA oder Ziel-Teilfonds investiert* | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% |
| Handelsgebühr | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% |
| * Ungeachtet einer Performance-Fee, die zusätzlich zu dieser Limite erhoben werden kann. |

Offenlegung gemäss SFDR
Die Einstufung des Teilfonds gemäss SFDR, die Art und Weise, in der der Fondsmanager Nachhaltigkeitsrisiken in seine Anlageentscheidungen in Bezug auf die Teilfonds integriert, sowie die Ergebnisse der Bewertung der wahrscheinlichen Auswirkungen von Nachhaltigkeitsrisiken auf die Renditen des Teilfonds sind im SFDR-Anhang dargelegt.
Benchmark-Verordnung
Siehe den allgemeinen Teil des Prospekts: "3. Anlageziele und Anlagepolitik" / "3.1 Allgemeine Bestimmungen, die für alle Teilfonds gelten" / "(x) Benchmark-Verordnung"
Die Benchmark wurde von SIX Financial Information Nordic AB als übernehmendem Administrator für Indizes, die von SIX, einem ausserhalb der EU angesiedelten Referenzwert-Administrator, verwaltet werden, übernommen. Die Benchmark ist im ESMA-Register für Benchmarks aus einem Drittstaat eingetragen.
Zusätzliche Informationen zur Benchmark sind auf der Website des Administrators zu finden: www.six-group.com/de/products-services/financial- information/indices.html
Fondsmanager
Siehe Paragraph 6.3
Ansatz, mit dem das Gesamtrisiko des Teilfonds berechnet wird
Relativer VaR
Referenzportefeuille ausschliesslich für die Gesamtrisikomessung
SPI TR
Erwartetes  Leverage-Niveau
0%
Risikobudget
150%
Profil des typischen Anlegers
Der Teilfonds ist geeignet für Anleger, die:
- einen langfristigen Kapitalzuwachs anstreben; und
- bereit sind, das erhöhte Risiko zu tragen, das mit den Anlagekategorien verbunden ist, die im Anlageziel und in der Anlagepolitik beschrieben sind; und
- der Volatilität ihrer Aktien standhalten können.

Zeichnungsverfahren
Die Zeichnungsbeträge sind gemäss dem in Kapitel 20 des Prospekts beschriebenen Verfahren zu überweisen. Zeichnungsanträge müssen spätestens zur betreffenden Annahmeschlusszeit bei der Gesellschaft eingehen.
Die Zeichnungsbeträge sind der Verwahrstelle in der Referenzwährung oder im Falle von in einer Alternativwährung begebenen Klassen in der Alternativwährung mit Valuta vor dem Zahlungstermin unter Angabe der genauen Identität der/des Aktienzeichner(s) und des Teilfonds, von dem Aktien gezeichnet werden, zu überweisen.
Annahmeschlusszeit
| Annahmeschlusszeit 1  (Luxemburger Zeit) (Zeichnungs-, Rücknahme- und Umtauschanträge) | Bewertungstag 2  ("T") | Zahlungstermin 3 |
| --- | --- | --- |
| 15.00 Uhr am T-3 Tag | Täglich | Bis zu T+3 Tage 4 |

Hinweis: Als Tag ist ein Geschäftstag zu verstehen
1  
Ist dieser Tag kein Geschäftstag, einen Geschäftstag in Luxemburg vor dem betreffenden Tag.
2  
Ist dieser Bewertungstag kein Geschäftstag, gilt als Bewertungstag der nächste Geschäftstag oder der vorhergehende Geschäftstag bei einer Bewertung alle zwei Monate.
3  
Für Rücknahmen erfolgen die Zahlungen normalerweise in der Referenzwährung.
4  
Die Aktieninhaber werden gebeten, den jeweils geltenden Zahlungstermin der Website der Lombard Odier Gruppe (www.loim.com) zu entnehmen.
Weitere Einzelheiten sind in Paragraph 12.1 "Allgemeine Bestimmungen" des Kapitels 12 "Ausgabe und Verkauf der Aktien" enthalten.
Regionale Aktienteilfonds

### LO Funds – Swiss Small & Mid Caps
Anlageziel und Anlagepolitik
Der Teilfonds wird aktiv verwaltet. Der SPI Extra TR Index dient dazu, das anfängliche Anlageuniversum festzulegen, aus dem die einzelnen Wertpapiere ausgewählt werden. Zudem wird er für Performancevergleiche und zur internen Risikoüberwachung herangezogen, ohne dass dies besondere Anlagebeschränkungen für den Teilfonds zur Folge hätte. Die Wertpapiere des Teilfonds werden im Allgemeinen denen des vorstehend aufgeführten Index ähnlich sein. In Bezug auf ihre Gewichtung dürften sich jedoch deutliche Unterschiede ergeben. Der Fondsmanager darf auch Wertpapiere auswählen, die nicht in dem vorstehend aufgeführten Index enthalten sind, um Anlagechancen zu nutzen.
Dieser Teilfonds investiert in aktienbezogene Wertpapiere (darunter Warrants) von Gesellschaften kleiner und mittlerer Börsenkapitalisierung, wie sie im SPI Extra Index (die "Benchmark") enthalten sind, die ihren Sitz in der Schweiz haben oder dort einen Grossteil ihrer Geschäftstätigkeit ausüben. Bis zu 10% des Portefeuilles dürfen in andere Aktien ausserhalb dieser Parameter investiert werden.
Wie in Paragraph 3.1 erwähnt, darf der Teilfonds (i) unter normalen Marktbedingungen und im Einklang mit den geltenden Diversifikationsvorschriften vorübergehend und ergänzend bis zu 15% seines Nettovermögens in Zahlungsmitteln und Zahlungsmitteläquivalenten (einschliesslich kurzfristiger ABS/MBS, die bis zu 10% der Anlagen in Zahlungsmittel und Zahlungsmitteläquivalente ausmachen dürfen) und (ii) bis zu 10% seines Nettovermögens in OGA halten.
Vorbehaltlich der unter den Anlagerestriktionen auferlegten Grenzen, die in Kapitel 4 des Prospekts beschrieben sind, darf der Fondsmanager Finanzderivate einsetzen:
- zu Absicherungszwecken	Ja
- zu EPM-Zwecken	Ja
- als Teil der Anlagestrategie	JaDie Verwendung von strukturierten Finanzinstrumenten ist in Paragraph 3.1 beschrieben.

In Bezug auf die Portefeuillezusammensetzung sowie die Performanceziele und -messgrössen orientiert sich der Teilfonds an der Benchmark. Der Teilfonds wird mehrheitlich Aktien halten, die in der Benchmark enthalten sind. Der Fondsmanager darf nach freiem Ermessen in Aktien investieren, die nicht in der Benchmark enthalten sind, um spezifische Anlagechancen zu nutzen. Die Anlagestrategie regelt, in welchem Umfang die Portefeuillepositionen von der Benchmark abweichen dürfen. Diese Abweichung kann erheblich sein.
Der Teilfonds gilt als Aktienfonds gemäss InvStG.
Die Anleger werden auf den Anhang zu den Risikofaktoren hingewiesen, in dem die Risikofaktoren des Teilfonds aufgeführt sind.
Referenzwährung
CHF
Zur Zeichnung verfügbare Aktienklassen
Aktien können auch unterschiedliche Formen annehmen (d.h. in Bezug auf Alternativwährungen, Ausschüttungspolitik, Währungsabsicherungspolitik, Seeding, "Connect"): siehe Paragraph 2.2.
|  | P-Aktien | R-Aktien | N-Aktien | I-Aktien | S-Aktien | M-Aktien | H-Aktien | E-Aktien |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Anlegertyp | Siehe Tabelle in Paragraph 2.2 im allgemeinen Teil des Prospekts |
| Erstmalige Mindestanlage bzw. Mindestanlagebetrag | Gegenwert von EUR 3’000 | Gegenwert von EUR 1’000 | Gegenwert von CHF 1’000’000 | Gegenwert von CHF 1’000’000 | t.b.d. | Gegenwert von EUR 3’000 | Gegenwert von EUR 3’000 | keine |
| Maximaler FROC | 0,44% | 0,56% | 0,31% | 0,27% | 0,13% | 0,44% | 0,56% | 0,44% |
| Maximale Managementgebühr | 1,00% | 1,00% | 1,00% | 1,00% | k.A. | 1,10% | 2,00% | k.A. |
| Maximale Vertriebsgebühr | 1,00% | 1,55% | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. |
| Performance-Fee | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. |
| Höchstsatz der Managementgebühren, wenn der Teilfonds in andere OGAW, OGA oder Ziel-Teilfonds investiert* | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% |
| Handelsgebühr | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% |
| * Ungeachtet einer Performance-Fee, die zusätzlich zu diesem Betrag erhoben werden kann. |

Offenlegung gemäss SFDR
Die Einstufung des Teilfonds gemäss SFDR, die Art und Weise, in der der Fondsmanager Nachhaltigkeitsrisiken in seine Anlageentscheidungen in Bezug auf die Teilfonds integriert, sowie die Ergebnisse der Bewertung der wahrscheinlichen Auswirkungen von Nachhaltigkeitsrisiken auf die Renditen des Teilfonds sind im SFDR-Anhang dargelegt.
Benchmark-Verordnung
Siehe den allgemeinen Teil des Prospekts: "3. Anlageziele und Anlagepolitik" / "3.1 Allgemeine Bestimmungen, die für alle Teilfonds gelten" / "(x) Benchmark-Verordnung"
Die Benchmark wurde von SIX Financial Information Nordic AB als übernehmendem Administrator für Indizes, die von SIX, einem ausserhalb der EU angesiedelten Referenzwert-Administrator, verwaltet werden, übernommen. Die Benchmark ist im ESMA-Register für Benchmarks aus einem Drittstaat eingetragen.
Zusätzliche Informationen zur Benchmark sind auf der Website des Administrators zu finden: https://www.six-group.com/de/products-services/ financial-information/indices.html/
Fondsmanager
Siehe Paragraph 6.3
Ansatz, mit dem das Gesamtrisiko des Teilfonds berechnet wird
Commitment-Ansatz
Profil des typischen Anlegers
Der Teilfonds ist geeignet für Anleger, die:
- einen langfristigen Kapitalzuwachs anstreben;
- bereit sind, das erhöhte Risiko zu tragen, das mit den Anlagekategorien verbunden ist, die im Anlageziel und in der Anlagepolitik beschrieben sind; und
- der Volatilität ihrer Aktien standhalten können.

Zeichnungsverfahren
Die Zeichnungsbeträge sind gemäss dem in Kapitel 20 des Prospekts beschriebenen Verfahren zu überweisen. Zeichnungsanträge müssen spätestens zur betreffenden Annahmeschlusszeit bei der Gesellschaft eingehen.
Die Zeichnungsbeträge sind der Verwahrstelle in der Referenzwährung oder im Falle von in einer Alternativwährung begebenen Klassen in der Alternativwährung mit Valuta vor dem Zahlungstermin unter Angabe der genauen Identität der/des Aktienzeichner(s) und des Teilfonds, von dem Aktien gezeichnet werden, zu überweisen.
Annahmeschlusszeit
| Annahmeschlusszeit 1  (Luxemburger Zeit) (Zeichnungen, Rücknahmen und Umtausch) | Bewertungstag 2  ("T") | Zahlungstermin 3 |
| --- | --- | --- |
| 12.00 Uhr am Tag T | Täglich | Bis zu T+3 Tage 4 |

Hinweis: Als Tag ist ein Geschäftstag zu verstehen
1  
Ist dieser Tag kein Geschäftstag, einen Geschäftstag in Luxemburg vor dem betreffenden Tag.
2  
Ist dieser Bewertungstag kein Geschäftstag, gilt als Bewertungstag der nächste Geschäftstag oder der vorhergehende Geschäftstag bei einer Bewertung alle zwei Monate.
3  
Für Rücknahmen erfolgen die Zahlungen normalerweise in der Referenzwährung.
4  
Die Aktieninhaber werden gebeten, den jeweils geltenden Zahlungstermin der Website der Lombard Odier Gruppe (www.loim.com) zu entnehmen.
Weitere Einzelheiten sind in Paragraph 12.1 "Allgemeine Bestimmungen" des Kapitels 12 "Ausgabe und Verkauf der Aktien" enthalten.
Regionale Aktienteilfonds

### LO Funds – Climate Transition
Anlageziel und Anlagepolitik
Der Teilfonds wird aktiv verwaltet. Der MSCI World TR ND Index wird für Performancevergleiche und zur internen Risikoüberwachung herangezogen, ohne dass dies besondere Anlagebeschränkungen für den Teilfonds zur Folge hätte. Die Wertpapiere, die der Teilfonds erwerben möchte, können jenen des Index in einem Umfang ähnlich sein, der im Zeitverlauf variiert. Doch in Bezug auf ihre Gewichtung dürften sich deutliche Unterschiede ergeben. Die Performance des Teilfonds kann wesentlich von der des Index abweichen.
Der Teilfonds investiert in Aktien und aktienbezogene Wertpapiere (darunter Warrants) von Unternehmen weltweit (einschliesslich Emerging Markets), deren Wachstum von Regulierungen, Innovationen, Dienstleistungen und Produkten im Zusammenhang mit der globalen Bekämpfung des Klimawandels oder der Anpassung an den Klimawandel profitieren wird.
Der Teilfonds strebt Anlagen in Qualitätsunternehmen mit nachhaltigen Finanzmodellen, Geschäftspraktiken und Geschäftsmodellen an, die widerstandsfähig sind und mit den langfristigen strukturellen Trends wachsen und von ihnen profitieren können. Zur Identifikation solcher Unternehmen verwendet er die unternehmenseigenen Instrumente und Methoden von LOIM für die Erstellung des ESG- und Nachhaltigkeitsprofils.
Die Wahl der Märkte, Sektoren, Börsenkapitalisierungen und Währungen (einschliesslich Emerging-Market-Währungen) liegt im freien Ermessen des Fondsmanagers. Dieser verfolgt eine High-Conviction-Strategie, d. h., er konzentriert das Vermögen des Teilfonds auf eine kleinere Anlagegruppe.
Mindestens 75% des Nettovermögens des Teilfonds werden in Aktien oder aktienbezogene Wertpapiere von Unternehmen weltweit investiert.
Der Teilfonds darf in die Emerging Markets investieren. Im Rahmen seines Engagements in den Emerging Markets kann der Teilfonds bis zu 20% seines Nettovermögens in Aktien von auf dem chinesischen Festland eingetragenen Unternehmen (einschliesslich chinesischer A-Aktien)
investieren, die an Börsen gehandelt werden. Die chinesischen A-Aktien werden über Stock Connect erworben. Bitte beachten Sie den Anhang zu den Risikofaktoren, insbesondere Paragraph 2.12 zu den Risiken solcher Anlagen.
Bis zu 25% des Vermögens des Teilfonds dürfen ausserhalb dieser Parameter investiert werden, darunter Zahlungsmittel und Zahlungsmitteläquivalente (einschliesslich kurzfristiger ABS/MBS, die bis zu 10% der Anlagen in Zahlungsmitteln und Zahlungsmitteläquivalenten ausmachen können).
Wie in Paragraph 3.1 erwähnt, darf der Teilfonds bis zu 10% seines Nettovermögens in OGA halten.
Vorbehaltlich der unter den Anlagerestriktionen auferlegten Grenzen, die in Kapitel 4 des Prospekts beschrieben sind, darf der Fondsmanager Finanzderivate einsetzen:
- zu Absicherungszwecken	Ja
- zu EPM-Zwecken	Ja
- als Teil der Anlagestrategie	NeinDie Verwendung von strukturierten Finanzinstrumenten ist in Paragraph 3.1 beschrieben.

Der Teilfonds gilt als Aktienfonds gemäss InvStG.
Die Anleger werden auf den Anhang zu den Risikofaktoren hingewiesen, in dem die Risikofaktoren des Teilfonds aufgeführt sind.
Referenzwährung
USD
Zur Zeichnung verfügbare Aktienklassen
Aktien können auch verschiedene Formen annehmen (d.h. in Bezug auf Alternativwährungen, Ausschüttungspolitik, Währungsabsicherungspolitik, Seeding, "Connect"): siehe Paragraph 2.2.
|  | P-Aktien | R-Aktien | N-Aktien | I-Aktien | S-Aktien | M-Aktien | H-Aktien | E-Aktien |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Anlegertyp | Siehe Tabelle in Paragraph 2.2 im allgemeinen Teil des Prospekts |
| Erstmalige Mindestanlage bzw. Mindestanlagebetrag | Gegenwert von EUR 3’000 | Gegenwert von EUR 1’000 | Gegenwert von CHF 1’000’000 | Gegenwert von CHF 1’000’000 | t.b.d. | Gegenwert von EUR 3’000 | Gegenwert von EUR 3’000 | Nein |
| Maximaler FROC | 0,44% | 0,56% | 0,31% | 0,27% | 0,13% | 0,44% | 0,56% | 0,44% |
| Maximale Managementgebühr | 1,00% | 1,00% | 1,00% | 1,00% | k.A. | 1,10% | 1,50% | k.A. |
| Maximale Vertriebsgebühr | 1,00% | 1,55% | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. |
| Performance-Fee | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. |
| Höchstsatz der Managementgebühren, wenn der Teilfonds in andere OGAW, OGA oder Ziel-Teilfonds investiert* | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% |
| Handelsgebühr | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% |
| * Ungeachtet einer Performance-Fee, die zusätzlich zu diesem Betrag erhoben werden kann. |

Offenlegung gemäss SFDR
Die Einstufung des Teilfonds gemäss SFDR, die Art und Weise, in der der Fondsmanager Nachhaltigkeitsrisiken in seine Anlageentscheidungen in Bezug auf die Teilfonds integriert, sowie die Ergebnisse der Bewertung der wahrscheinlichen Auswirkungen von Nachhaltigkeitsrisiken auf die Renditen des Teilfonds sind im SFDR-Anhang dargelegt.
Fondsmanager
Siehe Paragraph 6.3
Ansatz, mit dem das Gesamtrisiko des Teilfonds berechnet wird
Commitment-Ansatz
Profil des typischen Anlegers
Der Teilfonds ist geeignet für Anleger, die:
- einen langfristigen Kapitalzuwachs anstreben;
- bereit sind, das erhöhte Risiko zu tragen, das mit den Anlagekategorien verbunden ist, die im Anlageziel und in der Anlagepolitik beschrieben sind; und
- der Volatilität ihrer Aktien standhalten können.

Zeichnungsverfahren
Die Zeichnungsbeträge sind gemäss dem in Kapitel 20 des Prospekts beschriebenen Verfahren zu überweisen. Zeichnungsanträge müssen spätestens zur betreffenden Annahmeschlusszeit bei der Gesellschaft eingehen.
Die Zeichnungsbeträge sind der Verwahrstelle in der Referenzwährung oder im Falle von in einer Alternativwährung begebenen Klassen in der Alternativwährung mit Valuta vor dem Zahlungstermin unter Angabe der genauen Identität der/des Aktienzeichner(s) und des Teilfonds, von dem Aktien gezeichnet werden, zu überweisen.
Annahmeschlusszeit
| Annahmeschlusszeit 1  (Luxemburger Zeit) (Zeichnungen, Rücknahmen und Umtausch) | Bewertungstag 2  ("T") | Zahlungstermin 3 |
| --- | --- | --- |
| 15.00 Uhr am T-1 Tag | Täglich | Bis zu T+3 Tage 4 |

Hinweis: Als Tag ist ein Geschäftstag zu verstehen
1  
Ist dieser Tag kein Geschäftstag, einen Geschäftstag in Luxemburg vor dem betreffenden Tag.
2  
Ist dieser Bewertungstag kein Geschäftstag, gilt als Bewertungstag der nächste Geschäftstag oder der vorhergehende Geschäftstag bei einer Bewertung alle zwei Monate.
3  
Für Rücknahmen erfolgen die Zahlungen normalerweise in der Referenzwährung.
4  
Die Aktieninhaber werden gebeten, den jeweils geltenden Zahlungstermin der Website der Lombard Odier Gruppe (www.loim.com) zu entnehmen.
Weitere Einzelheiten sind in Paragraph 12.1 "Allgemeine Bestimmungen" des Kapitels 12 "Ausgabe und Verkauf der Aktien" enthalten.
Fixed-Income- und Staatsanleihenteilfonds

### LO Funds – Global Inflation-Linked Fundamental
Anlageziel und Anlagepolitik
Der Teilfonds wird aktiv verwaltet. Der Bloomberg Barclays World Govt Inflation All Maturities TR Index wird für Performancevergleiche und zur internen Risikoüberwachung herangezogen, ohne dass dies besondere Anlagebeschränkungen für den Teilfonds zur Folge hätte. Die Wertpapiere, die der Teilfonds erwerben möchte, können jenen des Index in einem Umfang ähnlich sein, der im Zeitverlauf variiert. Doch in Bezug auf ihre Gewichtung dürften sich deutliche Unterschiede ergeben. Die Performance des Teilfonds kann wesentlich von der des Index abweichen.
Dieser Teilfonds investiert mindestens zwei Drittel (2/3) seines Vermögens in auf eine OECD-Währung lautende inflationsindexierte Anleihen, andere fest- oder variabel verzinsliche Schuldtitel sowie kurzfristige Schuldtitel, die von staatlichen Emittenten, die der OECD angehören, und/ oder von supranationalen Institutionen begeben oder garantiert werden. Im Einklang mit den geltenden Diversifikationsvorschriften dürfen bis zu einem Drittel (1/3) des Vermögens des Teilfonds in (i) Schuldtitel, die auf andere Währungen lauten (insbesondere Emerging-Market-Währungen),
(ii) Schuldtitel, die von nicht der OECD angehörenden staatlichen Emittenten (einschliesslich Emerging-Market-Emittenten) begeben oder garantiert werden, (iii) Schuldtitel, die von nicht staatlichen/nicht supranationalen Emittenten begeben werden und/oder (iv) Zahlungsmittel und Zahlungsmitteläquivalente (einschliesslich kurzfristiger ABS/MBS, die bis zu 10% der Anlagen in Zahlungsmittel und Zahlungsmitteläquivalente ausmachen dürfen) investiert werden.
Der nicht realisierte Gewinn und Verlust auf Währungsderivaten wird bei der Überprüfung, ob die Anlagepolitik, einschliesslich ihrer Grenzen und Einschränkungen, eingehalten wird, berücksichtigt.
Der Fondsmanager wendet bei der Auswahl der Wertpapiere einen Anlageansatz an, der primär auf einer Fundamentalanalyse der Emittenten (unabhängig von ihrem Rating) beruht. Für diesen Teilfonds gilt das in Paragraph 3.2 beschriebene Mindestrating daher nicht. Daneben darf der Fondsmanager auch andere qualitative und/oder systematische Strategien anwenden.
Die Wahl der im Portefeuille vertretenen Laufzeiten und Währungen liegt im freien Ermessen des Fondsmanagers. Der Teilfonds kann in einer begrenzten Anzahl von Emittenten investiert sein.
Wie in Paragraph 3.1 erwähnt, darf der Teilfonds bis zu 10% seines Nettovermögens in OGA halten.
Vorbehaltlich der in den Anlagerestriktionen (siehe Kapitel 4 des Prospekts) erlaubten Grenzen ist der Fondsmanager berechtigt, Finanzderivate einzusetzen (darunter namentlich Kreditderivate einschliesslich CDS, sowie Zins-, Inflations-, Währungs- und Volatilitätsderivate):
- zur Absicherung	Ja
- zu EPM-Zwecken	Ja
- als Teil der Anlagestrategie	JaDie Verwendung von strukturierten Finanzinstrumenten ist in Paragraph 3.1 beschrieben.

Die Anleger werden auf den Anhang zu den Risikofaktoren hingewiesen, in dem die Risikofaktoren des Teilfonds aufgeführt sind.
Referenzwährung
EUR
Zur Zeichnung aufliegende Aktienklassen
Aktien können auch verschiedene Formen annehmen (d.h. in Bezug auf Alternativwährungen, Ausschüttungspolitik, Währungsabsicherungspolitik, Seeding, "Connect"): siehe Paragraph 2.2.
|  | P-Aktien | R-Aktien | N-Aktien | I-Aktien | S-Aktien | M-Aktien | H-Aktien | E-Aktien |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Anlegertyp | Siehe Tabelle in Paragraph 2.2 im allgemeinen Teil des Prospekts |
| Erstmalige Mindestanlage bzw. Mindestanlagebetrag | Gegenwert von EUR 3’000 | Gegenwert von EUR 1’000 | Gegenwert von CHF 1’000’000 | Gegenwert von CHF 1’000’000 | t.b.d. | Gegenwert von EUR 3’000 | Gegenwert von EUR 3’000 | Nein |
| Maximaler FROC | 0,31% | 0,44% | 0,21% | 0,17% | 0,10% | 0,31% | 0,44% | 0,31% |
| Maximale Managementgebühr | 0,375% | 0,375% | 0,375% | 0,375% | k.A. | 0,45% | 0,75% | k.A. |
| Maximale Vertriebsgebühr | 0,375% | 0,825% | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. |
| Performance-Fee | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. |
| Höchstsatz der Managementgebühren, wenn der Teilfonds in andere OGAW oder OGA oder Ziel-Teilfonds investiert* | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% |
| Handelsgebühr | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% |
| * Ungeachtet einer Performance-Fee, die zusätzlich zu dieser Limite erhoben werden kann. |

Offenlegung gemäss SFDR
Die Einstufung des Teilfonds gemäss SFDR, die Art und Weise, in der der Fondsmanager Nachhaltigkeitsrisiken in seine Anlageentscheidungen in Bezug auf die Teilfonds integriert, sowie die Ergebnisse der Bewertung der wahrscheinlichen Auswirkungen von Nachhaltigkeitsrisiken auf die Renditen des Teilfonds sind im SFDR-Anhang dargelegt.
Fondsmanager
Siehe Paragraph 6.3
Ansatz, mit dem das Gesamtrisiko des Teilfonds berechnet wird
Relativer VaR
Referenzportefeuille ausschliesslich für die Gesamtrisikomessung
Bloomberg Barclays World Govt Inflation-Linked Bonds All Maturities TR Index
Erwartetes  Leverage-Niveau
300%
Risikobudget
175%
Profil des typischen Anlegers
Der Teilfonds ist geeignet für Anleger, die:
- mit ihren Anlagen regelmässige Erträge und potenziell Kapitalgewinne erzielen wollen; und
- bereit sind, das erhöhte Risiko zu tragen, das mit den Anlagekategorien verbunden ist, die im Anlageziel und in der Anlagepolitik beschrieben sind; und
- der Volatilität ihrer Aktien standhalten können.

Zeichnungsverfahren
Die Zeichnungsbeträge sind gemäss dem in Kapitel 20 des Prospekts beschriebenen Verfahren zu überweisen. Zeichnungsanträge müssen spätestens zur betreffenden Annahmeschlusszeit bei der Gesellschaft eingehen.
Die Zeichnungsbeträge sind der Verwahrstelle in der Referenzwährung oder im Falle von in einer Alternativwährung begebenen Klassen in der Alternativwährung mit Valuta vor dem Zahlungstermin unter Angabe der genauen Identität der/des Aktienzeichner(s) und des Teilfonds, von dem Aktien gezeichnet werden, zu überweisen.
Annahmeschlusszeit
| Annahmeschlusszeit 1  (Luxemburger Zeit) (Zeichnungs-, Rücknahme- und Umtauschanträge) | Bewertungstag 2  ("T") | Zahlungstermin 3 |
| --- | --- | --- |
| 15.00 Uhr am T-1 | Täglich | Bis zu T+3 Tage 4 |

Hinweis: Als Tag ist ein Geschäftstag zu verstehen
1  
Ist dieser Tag kein Geschäftstag, einen Geschäftstag in Luxemburg vor dem betreffenden Tag.
2  
Ist dieser Bewertungstag kein Geschäftstag, gilt als Bewertungstag der nächste Geschäftstag oder der vorhergehende Geschäftstag bei einer Bewertung alle zwei Monate.
3  
Für Rücknahmen erfolgen die Zahlungen normalerweise in der Referenzwährung.
4  
Die Aktieninhaber werden gebeten, den jeweils geltenden Zahlungstermin der Website der Lombard Odier Gruppe (www.loim.com) zu entnehmen.
Weitere Einzelheiten sind in Paragraph 12.1 "Allgemeine Bestimmungen" des Kapitels 12 "Ausgabe und Verkauf der Aktien" enthalten.
Fixed-Income- und Staatsanleihenteilfonds

### LO Funds – Global Government Fundamental
Anlageziel und Anlagepolitik
Der Teilfonds wird aktiv verwaltet. Der Bloomberg Barclays Global Treasury TR Index wird für Performancevergleiche und zur internen Risikoüberwachung herangezogen, ohne dass dies besondere Anlagebeschränkungen für den Teilfonds zur Folge hätte. Die Wertpapiere, die der Teilfonds erwerben möchte, können jenen des Index in einem Umfang ähnlich sein, der im Zeitverlauf variiert. Doch in Bezug auf ihre Gewichtung dürften sich deutliche Unterschiede ergeben. Die Performance des Teilfonds kann wesentlich von der des Index abweichen.
Dieser Teilfonds investiert mindestens zwei Drittel (2/3) seines Vermögens in Anleihen, andere fest- oder variabel verzinsliche Schuldtitel sowie kurzfristige Schuldtitel, die von staatlichen Emittenten aus OECD-Ländern und/oder von supranationalen Institutionen begeben oder garantiert werden. Im Einklang mit den geltenden Diversifikationsvorschriften dürfen bis zu einem Drittel (1/3) des Vermögens des Teilfonds in (i) Schuldtitel, die von staatlichen Emittenten aus Nicht-OECD-Ländern (einschliesslich den Emerging Markets) begeben oder garantiert werden, (ii) Schuldtitel, die von nicht staatlichen/nicht supranationalen Emittenten begeben werden, (iii) Währungen (einschliesslich Emerging-Market-Währungen) und/ oder (iv) Zahlungsmittel und Zahlungsmitteläquivalente (einschliesslich kurzfristiger ABS/MBS, die bis zu 10% der Anlagen in Zahlungsmittel und Zahlungsmitteläquivalente ausmachen dürfen) investiert werden. Bis zu 15% des Portefeuilles des Teilfonds dürfen in Anleihen des CIBM investiert werden, insbesondere über Bond Connect.
Der nicht realisierte Gewinn und Verlust auf Währungsderivaten wird bei der Überprüfung, ob die Anlagepolitik, einschliesslich ihrer Grenzen und Einschränkungen, eingehalten wird, berücksichtigt.
Der Fondsmanager wendet bei der Auswahl der Wertpapiere einen Anlageansatz an, der primär auf einer Fundamentalanalyse der Emittenten (unabhängig von ihrem Rating) beruht. Für diesen Teilfonds gilt das in Paragraph 3.2 beschriebene Mindestrating daher nicht. Daneben darf der Fondsmanager auch andere qualitative und/oder systematische Strategien anwenden.
Wie in Paragraph 3.1 erwähnt, darf der Teilfonds bis zu 10% seines Nettovermögens in OGA halten.
Vorbehaltlich der in den Anlagerestriktionen (siehe Kapitel 4 des Prospekts) erlaubten Grenzen ist der Fondsmanager berechtigt, Finanzderivate einzusetzen (darunter namentlich Kreditderivate einschliesslich CDS, sowie Zins-, Inflations-, Währungs- und Volatilitätsderivate):
- zur Absicherung	Ja
- zu EPM-Zwecken	Ja
- als Teil der Anlagestrategie	JaDie Wahl der im Portefeuille vertretenen Laufzeiten, Währungen und Kategorien von Finanzderivaten und ihrer Basiswerte liegt im freien Ermessen des Fondsmanagers.

Die Verwendung von strukturierten Finanzinstrumenten ist in Paragraph 3.1 beschrieben.
Die Anleger werden auf den Anhang zu den Risikofaktoren hingewiesen, in dem die Risikofaktoren des Teilfonds aufgeführt sind, insbesondere Paragraph 2.12 zu den Risiken von Anlagen in Emerging Markets.
Referenzwährung
EUR
Zur Zeichnung aufliegende Aktienklassen
Aktien können auch verschiedene Formen annehmen (d.h. in Bezug auf Alternativwährungen, Ausschüttungspolitik, Währungsabsicherungspolitik, Seeding, "Connect"): siehe Paragraph 2.2.
|  | P-Aktien | R-Aktien | N-Aktien | I-Aktien | S-Aktien | M-Aktien | H-Aktien | E-Aktien |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Anlegertyp | Siehe Tabelle in Paragraph 2.2 im allgemeinen Teil des Prospekts |
| Erstmalige Mindestanlage bzw. Mindestanlagebetrag | Gegenwert von EUR 3’000 | Gegenwert von EUR 1’000 | Gegenwert von CHF 1’000’000 | Gegenwert von CHF 1’000’000 | t.b.d. | Gegenwert von EUR 3’000 | Gegenwert von EUR 3’000 | Nein |
| Maximaler FROC | 0,31% | 0,44% | 0,21% | 0,17% | 0,10% | 0,31% | 0,44% | 0,31% |
| Maximale Managementgebühr | 0,375% | 0,375% | 0,375% | 0,375% | k.A. | 0,45% | 0,75% | k.A. |
| Maximale Vertriebsgebühr | 0,375% | 1,125% | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. |
| Performance-Fee | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. |
| Höchstsatz der Managementgebühren, wenn der Teilfonds in andere OGAW oder OGA oder Ziel-Teilfonds investiert* | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% |
| Handelsgebühr | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% |
| * Ungeachtet einer Performance-Fee, die zusätzlich zu dieser Limite erhoben werden kann. |

Offenlegung gemäss SFDR
Die Einstufung des Teilfonds gemäss SFDR, die Art und Weise, in der der Fondsmanager Nachhaltigkeitsrisiken in seine Anlageentscheidungen in Bezug auf die Teilfonds integriert, sowie die Ergebnisse der Bewertung der wahrscheinlichen Auswirkungen von Nachhaltigkeitsrisiken auf die Renditen des Teilfonds sind im SFDR-Anhang dargelegt.
Fondsmanager
Siehe Paragraph 6.3
Ansatz, mit dem das Gesamtrisiko des Teilfonds berechnet wird
Relativer VaR
Referenzportefeuille ausschliesslich für die Gesamtrisikomessung
Bloomberg Barclays Global Treasury TR
Erwartetes  Leverage-Niveau
300%
Risikobudget
190%
Profil des typischen Anlegers
Der Teilfonds ist geeignet für Anleger, die:
- mit ihren Anlagen regelmässige Erträge und potenziell Kapitalgewinne erzielen wollen; und
- bereit sind, das erhöhte Risiko zu tragen, das mit den Anlagekategorien verbunden ist, die im Anlageziel und in der Anlagepolitik beschrieben sind; und
- der Volatilität ihrer Aktien standhalten können.

Zeichnungsverfahren
Die Zeichnungsbeträge sind gemäss dem in Kapitel 20 des Prospekts beschriebenen Verfahren zu überweisen. Zeichnungsanträge müssen spätestens zur betreffenden Annahmeschlusszeit bei der Gesellschaft eingehen.
Die Zeichnungsbeträge sind der Verwahrstelle in der Referenzwährung oder im Falle von in einer Alternativwährung begebenen Klassen in der Alternativwährung mit Valuta vor dem Zahlungstermin unter Angabe der genauen Identität der/des Aktienzeichner(s) und des Teilfonds, von dem Aktien gezeichnet werden, zu überweisen.
Annahmeschlusszeit
| Annahmeschlusszeit 1  (Luxemburger Zeit) (Zeichnungs-, Rücknahme- und Umtauschanträge) | Bewertungstag 2  ("T") | Zahlungstermin 3 |
| --- | --- | --- |
| 15.00 Uhr am T-1 Tag | Täglich | Bis zu T+3 Tage 4 |

Hinweis: Als Tag ist ein Geschäftstag zu verstehen
1  
Ist dieser Tag kein Geschäftstag, einen Geschäftstag in Luxemburg vor dem betreffenden Tag.
2  
Ist dieser Bewertungstag kein Geschäftstag, gilt als Bewertungstag der nächste Geschäftstag oder der vorhergehende Geschäftstag bei einer Bewertung alle zwei Monate.
3  
Für Rücknahmen erfolgen die Zahlungen normalerweise in der Referenzwährung.
4  
Die Aktieninhaber werden gebeten, den jeweils geltenden Zahlungstermin der Website der Lombard Odier Gruppe (www.loim.com) zu entnehmen.
Weitere Einzelheiten sind in Paragraph 12.1 "Allgemeine Bestimmungen" des Kapitels 12 "Ausgabe und Verkauf der Aktien" enthalten.
Fixed-Income- und Aggregate-Teilfonds

### LO Funds – Global Climate Bond
Anlageziel und Anlagepolitik
Der Teilfonds wird aktiv verwaltet. Der Bloomberg Barclays Global Aggregate TR Index wird für Performancevergleiche und zur internen Risikoüberwachung herangezogen, ohne dass dies besondere Anlagebeschränkungen für den Teilfonds zur Folge hätte. Die Wertpapiere, die der Teilfonds erwerben möchte, können jenen des Index in einem Umfang ähnlich sein, der im Zeitverlauf variiert. Doch in Bezug auf ihre Gewichtung dürften sich deutliche Unterschiede ergeben. Die Performance des Teilfonds kann wesentlich von der des Index abweichen.
Dieser Teilfonds investiert in Anleihen, andere fest- oder variabel verzinsliche Schuldtitel sowie kurzfristige Schuldtitel, die von staatlichen, privaten oder supranationalen Emittenten begeben werden. Der Erlös aus dem Verkauf von Schuldtiteln wird ganz oder teilweise zur Finanzierung von Umweltprojekten verwendet.
Hierzu gehören unter anderem:
- Klimaschutzprojekte wie Windfarmen, Solaranlagen und andere regenerative Kraftwerke, sauberer Transport, Energie- und Ressourceneffizienz, Recycling und Kreislaufwirtschaft;
- Projekte zur Anpassung an den Klimawandel, z.B. Dammbau in Städten, die durch den steigenden Meeresspiegel bedroht sind, Hochwasserschutz, Infrastruktur zur Wasserfiltration.

Der Teilfonds darf bis zu 25% in Anleihen, andere fest- oder variabel verzinsliche Schuldtitel sowie kurzfristige Schuldtitel investieren, die von staatlichen, privaten oder supranationalen Emittenten begeben werden. Der Erlös aus dem Verkauf von Schuldtiteln wird ganz oder teilweise zur Finanzierung von sozialen Projekten verwendet, um stabile Gemeinschaften und Volkswirtschaften aufzubauen, damit deren Menschen beispielsweise Zugang zu medizinischer Grundversorgung, Schulen, Strom und Wohnraum erhalten.
Der Fondsmanager wendet bei der Auswahl der Wertpapiere einen Anlageansatz an, der primär auf einer Fundamentalanalyse der Emittenten (unabhängig von ihrem Rating) beruht. Für diesen Teilfonds gilt das in Paragraph 3.2 beschriebene Mindestrating daher nicht. Daneben darf der Fondsmanager auch andere qualitative und/oder systematische Strategien anwenden.
Der Teilfonds darf bis zu 10% seines Nettovermögens in Wertpapiere von Unternehmen investieren, die von den in Paragraph 3.2 genannten Rating-Agenturen mit einem Rating von unter BBB- oder gleichwertig eingestuft werden oder nach Meinung des Fondsmanagers von vergleichbarer Qualität sind.
Der Teilfonds darf im Einklang mit den geltenden Diversifikationsvorschriften vollständig in Zahlungsmitteln und Zahlungsmitteläquivalenten (einschliesslich kurzfristiger ABS/MBS, die bis zu 10% der Anlagen in Zahlungsmittel und Zahlungsmitteläquivalente ausmachen dürfen) investiert sein, wenn der Fondsmanager beispielsweise der Meinung ist, dass der Teilfonds defensiv positioniert sein sollte.
Die Wahl der Instrumente, Sektoren, Regionen (einschliesslich Emerging Markets), Währungen (einschliesslich Emerging-Market-Währungen) und der Laufzeit des Portefeuilles liegt im freien Ermessen des Fondsmanagers.
Wie in Paragraph 3.1 erwähnt, darf der Teilfonds bis zu 10% seines Nettovermögens in OGA halten.
Vorbehaltlich der in den Anlagerestriktionen (siehe Kapitel 4 des Prospekts) erlaubten Grenzen ist der Fondsmanager berechtigt, Finanzderivate einzusetzen (darunter namentlich Kreditderivate einschliesslich CDS, sowie Zins-, Inflations-, Währungs- und Volatilitätsderivate):
- zur Absicherung	Ja
- zu EPM-Zwecken	Ja
- als Teil der Anlagestrategie	NeinDie Verwendung von strukturierten Finanzinstrumenten ist in Paragraph 3.1 beschrieben.

Die Anleger werden auf den Anhang zu den Risikofaktoren hingewiesen, in dem die Risikofaktoren des Teilfonds aufgeführt sind.
Referenzwährung
USD
Zur Zeichnung aufliegende Aktienklassen
Aktien können auch verschiedene Formen annehmen (d.h. in Bezug auf Alternativwährungen, Ausschüttungspolitik, Währungsabsicherungspolitik, Seeding, "Connect"): siehe Paragraph 2.2.
|  | P-Aktien | R-Aktien | N-Aktien | I-Aktien | S-Aktien | M-Aktien | H-Aktien | E-Aktien |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Anlegertyp | Siehe Tabelle in Paragraph 2.2 im allgemeinen Teil des Prospekts |
| Erstmalige Mindestanlage bzw. Mindestanlagebetrag | Gegenwert von EUR 3’000 | Gegenwert von EUR 1’000 | Gegenwert von CHF 1’000’000 | Gegenwert von CHF 1’000’000 | t.b.d. | Gegenwert von EUR 3’000 | Gegenwert von EUR 3’000 | Nein |
| Maximaler FROC | 0,44% | 0,56% | 0,28% | 0,24% | 0,10% | 0,44% | 0,56% | 0,44% |
| Maximale Managementgebühr | 0,75% | 0,75% | 0,75% | 0,75% | k.A. | 0,85% | 1,50% | k.A. |
| Maximale Vertriebsgebühr | 0,75% | 1,55% | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. |
| Performance-Fee | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. |
| Höchstsatz der Managementgebühren, wenn der Teilfonds in andere OGAW oder OGA oder Ziel-Teilfonds investiert* | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% |
| Handelsgebühr | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% |
| * Ungeachtet einer Performance-Fee, die zusätzlich zu dieser Limite erhoben werden kann. |

Offenlegung gemäss SFDR
Die Einstufung des Teilfonds gemäss SFDR, die Art und Weise, in der der Fondsmanager Nachhaltigkeitsrisiken in seine Anlageentscheidungen in Bezug auf die Teilfonds integriert, sowie die Ergebnisse der Bewertung der wahrscheinlichen Auswirkungen von Nachhaltigkeitsrisiken auf die Renditen des Teilfonds sind im SFDR-Anhang dargelegt.
Fondsmanager
Siehe Paragraph 6.3
Ansatz, mit dem das Gesamtrisiko des Teilfonds berechnet wird
Commitment-Ansatz
Profil des typischen Anlegers
Der Teilfonds ist geeignet für Anleger, die:
- mit ihren Anlagen regelmässige Erträge und potenziell Kapitalgewinne erzielen wollen; und
- bereit sind, das erhöhte Risiko zu tragen, das mit den Anlagekategorien verbunden ist, die im Anlageziel und in der Anlagepolitik beschrieben sind; und
- der Volatilität ihrer Aktien standhalten können.

Zeichnungsverfahren
Die Zeichnungsbeträge sind gemäss dem in Kapitel 20 des Prospekts beschriebenen Verfahren zu überweisen. Zeichnungsanträge müssen spätestens zur betreffenden Annahmeschlusszeit bei der Gesellschaft eingehen.
Die Zeichnungsbeträge sind der Verwahrstelle in der Referenzwährung oder im Falle von in einer Alternativwährung begebenen Klassen in der Alternativwährung mit Valuta vor dem Zahlungstermin unter Angabe der genauen Identität der/des Aktienzeichner(s) und des Teilfonds, von dem Aktien gezeichnet werden, zu überweisen.
Annahmeschlusszeit
| Annahmeschlusszeit 1  (Luxemburger Zeit) (Zeichnungs-, Rücknahme- und Umtauschanträge) | Bewertungstag 2  ("T") | Zahlungstermin 3 |
| --- | --- | --- |
| 15.00 Uhr am T-1 Tag | Täglich | Bis zu T+3 Tage 4 |

Hinweis: Als Tag ist ein Geschäftstag zu verstehen
1  
Ist dieser Tag kein Geschäftstag, einen Geschäftstag in Luxemburg vor dem betreffenden Tag.
2  
Ist dieser Bewertungstag kein Geschäftstag, gilt als Bewertungstag der nächste Geschäftstag oder der vorhergehende Geschäftstag bei einer Bewertung alle zwei Monate.
3  
Für Rücknahmen erfolgen die Zahlungen normalerweise in der Referenzwährung.
4  
Die Aktieninhaber werden gebeten, den jeweils geltenden Zahlungstermin der Website der Lombard Odier Gruppe (www.loim.com) zu entnehmen.
Weitere Einzelheiten sind in Paragraph 12.1 "Allgemeine Bestimmungen" des Kapitels 12 "Ausgabe und Verkauf der Aktien" enthalten.
Fixed-Income- und Unternehmensanleihen-Teilfonds

### LO Funds – TargetNetZero Global IG Corporate
Anlageziel und Anlagepolitik
Der Teilfonds wird aktiv verwaltet. Der Bloomberg Barclays Global Aggregate Corporates TR Index dient dazu, das anfängliche Anlageuniversum festzulegen, aus dem die einzelnen Wertpapiere ausgewählt werden. Zudem wird er für Performancevergleiche und zur internen Risikoüberwachung herangezogen, ohne dass dies besondere Anlagebeschränkungen für den Teilfonds zur Folge hätte. Die Wertpapiere des Teilfonds werden im Allgemeinen denen des vorstehend aufgeführten Index ähnlich sein. In Bezug auf ihre Gewichtung dürften sich jedoch deutliche Unterschiede ergeben. Der Fondsmanager darf auch Wertpapiere auswählen, die nicht in dem vorstehend aufgeführten Index enthalten sind, um Anlagechancen zu nutzen.
Dieser Teilfonds investiert in Anleihen, andere fest- oder variabel verzinsliche Schuldtitel sowie kurzfristige Schuldtitel von privaten Emittenten (einschliesslich von privaten Emittenten in den Emerging Markets), die von den in Paragraph 3.2 genannten Rating-Agenturen mit einem Rating von AAA bis BBB oder gleichwertig eingestuft werden oder die nach Meinung des Fondsmanagers von vergleichbarer Qualität sind.
Bis zu 20% des Vermögens des Teilfonds dürfen in Schuldtitel investiert werden, die ein Rating von unter BBB, aber nicht unter B aufweisen oder nach Meinung des Fondsmanagers von vergleichbarer Qualität sind.
Bis zu 10% des Vermögens des Teilfonds dürfen in Schuldtitel investiert werden, die von staatlichen Emittenten (einschliesslich staatlicher Emittenten in den Emerging Markets) und/oder supranationalen Emittenten begeben oder garantiert werden.
Bis zu 10% des Vermögens des Teilfonds dürfen in Coco Bonds investiert werden.
Bis zu 10% des Vermögens des Teilfonds dürfen in Währungen (einschliesslich Emerging-Market-Währungen) investiert werden. Im Einklang mit den geltenden Diversifikationsvorschriften dürfen bis zu 10% des Vermögens des Teilfonds in Zahlungsmittel und
Zahlungsmitteläquivalente (einschliesslich kurzfristiger ABS/MBS, die bis zu 10% der Anlagen in Zahlungsmittel und Zahlungsmitteläquivalente ausmachen dürfen) investiert werden.
Der Fondsmanager wendet bei der Auswahl der Wertpapiere einen Anlageansatz an, der unter anderem auf sozialen, ökologischen, ethischen und/ oder Corporate-Governance-Kriterien sowie einer Fundamentalanalyse der Emittenten beruht. Der Teilfonds strebt ferner Anlagen in Emittenten mit nachhaltigen Finanzmodellen, Geschäftspraktiken und Geschäftsmodellen an, die widerstandsfähig sind und mit den langfristigen strukturellen
Trends wachsen und von ihnen profitieren können. Zur Identifikation solcher Unternehmen verwendet er die unternehmenseigenen Instrumente und Methoden von LOIM für die Erstellung des ESG- und Nachhaltigkeitsprofils.
Der Fondsmanager ist bestrebt, in Wertpapiere von Emittenten zu investieren, die dazu beitragen können, die globalen CO2-Emissionen zu reduzieren und schliesslich bis 2050 CO2-Emissionen von netto null zu erreichen. Dies schliesst Emittenten ein, die bereits CO2-Emissionen von netto null bis 2050 anstreben, sowie Emittenten, die sich vielleicht noch nicht solche Ziele gesetzt haben, aber möglicherweise schrittweise dazu gebracht werden können, unter anderem durch regulatorische Massnahmen, Anlegerengagement und Marktveränderungen. Der Fondsmanager ist bestrebt sicherzustellen, dass die CO2-Emissionen im Anlageportefeuille des Teilfonds schneller sinken als im Bloomberg Barclays Global Aggregate Corporates TR Index. Die Erreichung dieser Ziele hängt von regulatorischen, technologischen und wirtschaftlichen Entwicklungen ausserhalb der Kontrolle des Fondsmanagers ab, und es kann nicht garantiert werden, dass sie in Bezug auf die oben erwähnten Ziele erreicht werden.
Der nicht realisierte Gewinn und Verlust auf Währungsderivaten wird bei der Überprüfung, ob die Anlagepolitik, einschliesslich ihrer Grenzen und Einschränkungen, eingehalten wird, berücksichtigt.
Der Fondsmanager wendet bei der Auswahl der Wertpapiere einen Anlageansatz an, der primär auf einer Fundamentalanalyse der Emittenten beruht. Daneben darf der Fondsmanager auch andere qualitative und/oder systematische Strategien anwenden.
Die Wahl der im Portefeuille vertretenen Laufzeiten, Währungen und Kategorien von Finanzderivaten und ihrer Basiswerte liegt im freien Ermessen des Fondsmanagers.
Wie in Paragraph 3.1 erwähnt, darf der Teilfonds bis zu 10% seines Nettovermögens in OGA halten.
Vorbehaltlich der in den Anlagerestriktionen (siehe Kapitel 4 des Prospekts) erlaubten Grenzen ist der Fondsmanager berechtigt, Finanzderivate einzusetzen (darunter namentlich Kreditderivate einschliesslich CDS, sowie Zins-, Inflations-, Währungs- und Volatilitätsderivate):
- zur Absicherung	Ja
- zu EPM-Zwecken	Ja
- als Teil der Anlagestrategie	JaDie Verwendung von strukturierten Finanzinstrumenten ist in Paragraph 3.1 beschrieben.

Die Anleger werden auf den Anhang zu den Risikofaktoren hingewiesen, in dem die Risikofaktoren des Teilfonds aufgeführt sind.
Referenzwährung
USD
Zur Zeichnung aufliegende Aktienklassen
Aktien können auch verschiedene Formen annehmen (d.h. in Bezug auf Alternativwährungen, Ausschüttungspolitik, Währungsabsicherungspolitik, Seeding, "Connect"): siehe Paragraph 2.2.
|  | P-Aktien | R-Aktien | N-Aktien | I-Aktien | S-Aktien | M-Aktien | H-Aktien | E-Aktien |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Anlegertyp | Siehe Tabelle in Paragraph 2.2 im allgemeinen Teil des Prospekts |
| Erstmalige Mindestanlage bzw. Mindestanlagebetrag | Gegenwert von EUR 3’000 | Gegenwert von EUR 1’000 | Gegenwert von CHF 1’000’000 | Gegenwert von CHF 1’000’000 | t.b.d. | Gegenwert von EUR 3’000 | Gegenwert von EUR 3’000 | Nein |
| Maximaler FROC | 0,44% | 0,56% | 0,28% | 0,24% | 0,10% | 0,44% | 0,56% | 0,44% |
| Maximale Managementgebühr | 0,55% | 0,55% | 0,55% | 0,55% | k.A. | 0,65% | 1,10% | k.A. |
| Maximale Vertriebsgebühr | 0,55% | 1,15% | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. |
| Performance-Fee | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. |
| Höchstsatz der Managementgebühren, wenn der Teilfonds in andere OGAW oder OGA oder Ziel-Teilfonds investiert* | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% |
| Handelsgebühr | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% |
| * Ungeachtet einer Performance-Fee, die zusätzlich zu dieser Limite erhoben werden kann. |

Offenlegung gemäss SFDR
Die Einstufung des Teilfonds gemäss SFDR, die Art und Weise, in der der Fondsmanager Nachhaltigkeitsrisiken in seine Anlageentscheidungen in Bezug auf die Teilfonds integriert, sowie die Ergebnisse der Bewertung der wahrscheinlichen Auswirkungen von Nachhaltigkeitsrisiken auf die Renditen des Teilfonds sind im SFDR-Anhang dargelegt.
Benchmark-Verordnung
Siehe den allgemeinen Teil des Prospekts: "3. Anlageziele und Anlagepolitik" / "3.1 Allgemeine Bestimmungen, die für alle Teilfonds gelten" / "(x) Benchmark-Verordnung"
Bloomberg Index Services Limited ist der Administrator der Benchmark. und im ESMA-Register für Referenzwert-Administratoren eingetragen.
Zusätzliche Informationen zur Benchmark sind auf der Website des Administrators zu finden: https://www.bloomberg.com/professional/product/ indices/
Fondsmanager
Siehe Paragraph 6.3
Ansatz, mit dem das Gesamtrisiko des Teilfonds berechnet wird
Relativer VaR
Referenzportefeuille ausschliesslich für die Gesamtrisikomessung
Bloomberg Barclays Global Aggregate Corporates TR
Erwartetes  Leverage-Niveau
300%
Risikobudget
190%
Profil des typischen Anlegers
Der Teilfonds ist geeignet für Anleger, die:
- mit ihren Anlagen regelmässige Erträge und potenziell Kapitalgewinne erzielen wollen; und
- bereit sind, das erhöhte Risiko zu tragen, das mit den Anlagekategorien verbunden ist, die im Anlageziel und in der Anlagepolitik beschrieben sind; und
- der Volatilität ihrer Aktien standhalten können.

Zeichnungsverfahren
Die Zeichnungsbeträge sind gemäss dem in Kapitel 20 des Prospekts beschriebenen Verfahren zu überweisen. Zeichnungsanträge müssen spätestens zur betreffenden Annahmeschlusszeit bei der Gesellschaft eingehen.
Die Zeichnungsbeträge sind der Verwahrstelle in der Referenzwährung oder im Falle von in einer Alternativwährung begebenen Klassen in der Alternativwährung mit Valuta vor dem Zahlungstermin unter Angabe der genauen Identität der/des Aktienzeichner(s) und des Teilfonds, von dem Aktien gezeichnet werden, zu überweisen.
Annahmeschlusszeit
| Annahmeschlusszeit 1  (Luxemburger Zeit) (Zeichnungs-, Rücknahme- und Umtauschanträge) | Bewertungstag 2  ("T") | Zahlungstermin 3 |
| --- | --- | --- |
| 12.00 Uhr am T | Täglich | Bis zu T+3 Tage 4 |

Hinweis: Als Tag ist ein Geschäftstag zu verstehen
1  
Ist dieser Tag kein Geschäftstag, einen Geschäftstag in Luxemburg vor dem betreffenden Tag.
2  
Ist dieser Bewertungstag kein Geschäftstag, gilt als Bewertungstag der nächste Geschäftstag oder der vorhergehende Geschäftstag bei einer Bewertung alle zwei Monate.
3  
Für Rücknahmen erfolgen die Zahlungen normalerweise in der Referenzwährung.
4  
Die Aktieninhaber werden gebeten, den jeweils geltenden Zahlungstermin der Website der Lombard Odier Gruppe (www.loim.com) zu entnehmen.
Weitere Einzelheiten sind in Paragraph 12.1 "Allgemeine Bestimmungen" des Kapitels 12 "Ausgabe und Verkauf der Aktien" enthalten.
Fixed-Income- und Unternehmensanleihen-Teilfonds

### LO Funds – TargetNetZero Euro IG Corporate
Anlageziel und Anlagepolitik
Der Teilfonds wird aktiv verwaltet. Der Bloomberg Barclays Euro-Aggregate Corporates TR Index wird für das anfängliche Anlageuniversum verwendet, aus dem die Wertpapiere ausgewählt werden, und auch für Performancevergleiche und zur internen Risikoüberwachung herangezogen.
Die Wertpapiere des Teilfonds werden im Allgemeinen denen des vorstehend aufgeführten Index ähnlich sein. In Bezug auf die Allokation können sich jedoch Unterschiede ergeben. Der Fondsmanager darf auch Wertpapiere auswählen, die nicht im vorstehend aufgeführten Index enthalten sind, um Anlagechancen zu nutzen. Der Fondsmanager strebt den Aufbau eines diversifizierten Portfolios an, indem er Wertpapiere anhand von auf Fundamentaldaten bezogenen Kriterien auswählt, einschliesslich zusätzlicher Finanzdaten (d.h. Kriterien für verantwortungsvolle
Anlagen), sodass die Allokation hinsichtlich Sektoren und Emittenten wahrscheinlich von derjenigen des vorstehend aufgeführten Index abweicht. Insbesondere in einem Umfeld mit geringer Volatilität kann die Performance des Teilfonds nahe an derjenigen des vorstehend aufgeführten Index liegen.
Der Teilfonds investiert in auf EUR lautende Anleihen, andere fest- oder variabel verzinsliche Schuldtitel sowie kurzfristige Schuldtitel von privaten Emittenten (einschliesslich privater Emittenten in den Emerging Markets), die von den in Paragraph 3.2 genannten Rating-Agenturen mit einem Rating von AAA bis BBB oder gleichwertig eingestuft wurden oder die nach Ansicht des Fondsmanagers von vergleichbarer Qualität sind.
Bis zu 20% des Vermögens des Teilfonds dürfen in Schuldtitel investiert werden, die ein Rating von unter BBB, aber nicht unter B aufweisen oder nach Meinung des Fondsmanagers von vergleichbarer Qualität sind.
Bis zu 10% des Vermögens des Teilfonds dürfen in Schuldtitel investiert werden, die von staatlichen Emittenten (einschliesslich staatlicher Emittenten in den Emerging Markets) und/oder supranationalen Emittenten begeben oder garantiert werden.
Bis zu 10% des Vermögens des Teilfonds dürfen in Schuldtitel, die auf andere Währungen lauten (einschliesslich Emerging-Market-Währungen), investiert werden.
Bis zu 10% des Vermögens des Teilfonds dürfen in Coco Bonds investiert werden.
Bis zu 10% des Vermögens des Teilfonds dürfen in Währungen (einschliesslich Emerging-Market-Währungen) investiert werden. Im Einklang mit den geltenden Diversifikationsvorschriften dürfen bis zu 10% des Vermögens des Teilfonds in Zahlungsmittel und
Zahlungsmitteläquivalente (einschliesslich kurzfristiger ABS/MBS, die bis zu 10% der Anlagen in Zahlungsmittel und Zahlungsmitteläquivalente ausmachen dürfen) investiert werden.
Der Fondsmanager wendet bei der Auswahl der Wertpapiere einen Anlageansatz an, der unter anderem auf sozialen, ökologischen, ethischen und/ oder Corporate-Governance-Kriterien sowie einer Fundamentalanalyse der Emittenten beruht. Der Teilfonds strebt ferner Anlagen in Emittenten mit nachhaltigen Finanzmodellen, Geschäftspraktiken und Geschäftsmodellen an, die widerstandsfähig sind und mit den langfristigen strukturellen
Trends wachsen und von ihnen profitieren können. Zur Identifikation solcher Unternehmen verwendet er die unternehmenseigenen Instrumente und Methoden von LOIM für die Erstellung des ESG- und Nachhaltigkeitsprofils.
Der Fondsmanager ist bestrebt, in Wertpapiere von Emittenten zu investieren, die dazu beitragen können, die globalen CO2-Emissionen zu reduzieren und schliesslich bis 2050 CO2-Emissionen von netto null zu erreichen. Dies schliesst Emittenten ein, die bereits CO2-Emissionen von netto null bis 2050 anstreben, sowie Emittenten, die sich vielleicht noch nicht solche Ziele gesetzt haben, aber möglicherweise schrittweise dazu gebracht werden können, unter anderem durch regulatorische Massnahmen, Anlegerengagement und Marktveränderungen. Der Fondsmanager ist bestrebt sicherzustellen, dass die CO2-Emissionen im Anlageportefeuille des Teilfonds schneller sinken als im Bloomberg Barclays Euro-Aggregate Corporates TR Index. Die Erreichung dieser Ziele hängt von regulatorischen, technologischen und wirtschaftlichen Entwicklungen ausserhalb der Kontrolle des Fondsmanagers ab und es kann nicht garantiert werden, dass sie in Bezug auf die oben erwähnten Ziele erreicht werden.
Der nicht realisierte Gewinn und Verlust auf Währungsderivaten wird bei der Überprüfung, ob die Anlagepolitik, einschliesslich ihrer Grenzen oder Einschränkungen, eingehalten wird, berücksichtigt.
Der Fondsmanager wendet bei der Auswahl der Wertpapiere einen Anlageansatz an, der primär auf einer Fundamentalanalyse der Emittenten beruht. Daneben darf der Fondsmanager auch andere qualitative und/oder systematische Strategien anwenden.
Die Wahl der Sektoren, Länderallokationen und Laufzeiten liegt im freien Ermessen des Fondsmanagers. Der Teilfonds kann in einer begrenzten Anzahl von Emissionen und Emittenten investiert sein.
Wie in Paragraph 3.1 erwähnt, darf der Teilfonds bis zu 10% seines Nettovermögens in OGA halten.
Vorbehaltlich der in den Anlagerestriktionen (siehe Kapitel 4 des Prospekts) erlaubten Grenzen ist der Fondsmanager berechtigt, Finanzderivate einzusetzen (darunter namentlich Kreditderivate einschliesslich CDS, sowie Zins-, Inflations-, Währungs- und Volatilitätsderivate):
- zur Absicherung	Ja
- zu EPM-Zwecken	Ja
- als Teil der Anlagestrategie	JaDie Verwendung von strukturierten Finanzinstrumenten ist in Paragraph 3.1 beschrieben.

Die Anleger werden auf den Anhang zu den Risikofaktoren hingewiesen, in dem die Risikofaktoren des Teilfonds aufgeführt sind.
Referenzwährung
EUR
Zur Zeichnung aufliegende Aktienklassen
Aktien können auch verschiedene Formen annehmen (d.h. in Bezug auf Alternativwährungen, Ausschüttungspolitik, Währungsabsicherungspolitik, Seeding, "Connect"): siehe Paragraph 2.2.
|  | P-Aktien | R-Aktien | N-Aktien | I-Aktien | S-Aktien | M-Aktien | H-Aktien | E-Aktien |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Anlegertyp | Siehe Tabelle in Paragraph 2.2 im allgemeinen Teil des Prospekts |
| Erstmalige Mindestanlage bzw. Mindestanlagebetrag | Gegenwert von EUR 3’000 | Gegenwert von EUR 1’000 | Gegenwert von CHF 1’000’000 | Gegenwert von CHF 1’000’000 | t.b.d. | Gegenwert von EUR 3’000 | Gegenwert von EUR 3’000 | Nein |
| Maximaler FROC | 0,44% | 0,56% | 0,28% | 0,24% | 0,10% | 0,44% | 0,56% | 0,44% |
| Maximale Managementgebühr | 0,45% | 0,45% | 0,45% | 0,45% | k.A. | 0,50% | 0,90% | k.A. |
| Maximale Vertriebsgebühr | 0,45% | 0,90% | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. |
| Performance-Fee | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. |
| Höchstsatz der Managementgebühren, wenn der Teilfonds in andere OGAW oder OGA oder Ziel-Teilfonds investiert* | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% |
| Handelsgebühr | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% |
| * Ungeachtet einer Performance-Fee, die zusätzlich zu dieser Limite erhoben werden kann. |

Offenlegung gemäss SFDR
Die Einstufung des Teilfonds gemäss SFDR, die Art und Weise, in der der Fondsmanager Nachhaltigkeitsrisiken in seine Anlageentscheidungen in Bezug auf die Teilfonds integriert, sowie die Ergebnisse der Bewertung der wahrscheinlichen Auswirkungen von Nachhaltigkeitsrisiken auf die Renditen des Teilfonds sind im SFDR-Anhang dargelegt.
Benchmark-Verordnung
Siehe den allgemeinen Teil des Prospekts: "3. Anlageziele und Anlagepolitik" / "3.1 Allgemeine Bestimmungen, die für alle Teilfonds gelten" / "(x) Benchmark-Verordnung"
Bloomberg Index Services Limited ist der Administrator der Benchmark und im ESMA-Register für Referenzwert-Administratoren eingetragen.
Zusätzliche Informationen zur Benchmark sind auf der Website des Administrators zu finden: https://www.bloomberg.com/professional/product/ indices
Fondsmanager
Siehe Paragraph 6.3
Ansatz, mit dem das Gesamtrisiko des Teilfonds berechnet wird
Relativer VaR
Referenzportefeuille ausschliesslich für die Gesamtrisikomessung
Bloomberg Barclays Euro-Aggregate Corporates TR
Erwartetes  Leverage-Niveau
300%
Risikobudget
175%
Profil des typischen Anlegers
Der Teilfonds ist geeignet für Anleger, die:
- mit ihren Anlagen regelmässige Erträge und potenziell Kapitalgewinne erzielen wollen; und
- bereit sind, das erhöhte Risiko zu tragen, das mit den Anlagekategorien verbunden ist, die im Anlageziel und in der Anlagepolitik beschrieben sind; und
- der Volatilität ihrer Aktien standhalten können.

Zeichnungsverfahren
Die Zeichnungsbeträge sind gemäss dem in Kapitel 20 des Prospekts beschriebenen Verfahren zu überweisen. Zeichnungsanträge müssen spätestens zur betreffenden Annahmeschlusszeit bei der Gesellschaft eingehen.
Die Zeichnungsbeträge sind der Verwahrstelle in der Referenzwährung oder im Falle von in einer Alternativwährung begebenen Klassen in der Alternativwährung mit Valuta vor dem Zahlungstermin unter Angabe der genauen Identität der/des Aktienzeichner(s) und des Teilfonds, von dem Aktien gezeichnet werden, zu überweisen.
Annahmeschlusszeit
| Annahmeschlusszeit 1  (Luxemburger Zeit) (Zeichnungs-, Rücknahme- und Umtauschanträge) | Bewertungstag 2  ("T") | Zahlungstermin 3 |
| --- | --- | --- |
| 12.00 Uhr am T | Täglich | Bis zu T+3 Tage 4 |

Hinweis: Als Tag ist ein Geschäftstag zu verstehen
1  
Ist dieser Tag kein Geschäftstag, einen Geschäftstag in Luxemburg vor dem betreffenden Tag.
2  
Ist dieser Bewertungstag kein Geschäftstag, gilt als Bewertungstag der nächste Geschäftstag oder der vorhergehende Geschäftstag bei einer Bewertung alle zwei Monate.
3  
Für Rücknahmen erfolgen die Zahlungen normalerweise in der Referenzwährung.
4  
Die Aktieninhaber werden gebeten, den jeweils geltenden Zahlungstermin der Website der Lombard Odier Gruppe (www.loim.com) zu entnehmen.
Weitere Einzelheiten sind in Paragraph 12.1 "Allgemeine Bestimmungen" des Kapitels 12 "Ausgabe und Verkauf der Aktien" enthalten.
Fixed-Income- und Unternehmensanleihen-Teilfonds

### LO Funds – Global BBB-BB Fundamental
Anlageziel und Anlagepolitik
Der Teilfonds wird aktiv verwaltet. Der Bloomberg Barclays Global Aggregate Corporates 500MM TR Index wird für Performancevergleiche und zur internen Risikoüberwachung herangezogen, ohne dass dies besondere Anlagebeschränkungen für den Teilfonds zur Folge hätte. Die Wertpapiere, die der Teilfonds erwerben möchte, können jenen des Index in einem Umfang ähnlich sein, der im Zeitverlauf variiert. Doch in Bezug auf ihre Gewichtung dürften sich deutliche Unterschiede ergeben. Die Performance des Teilfonds kann wesentlich von der des Index abweichen.
Dieser Teilfonds investiert mindestens zwei Drittel (2/3) seines Vermögens in auf eine beliebige Währung (einschliesslich Emerging-Market- Währungen) lautende Anleihen, andere fest- oder variabel verzinsliche Schuldtitel sowie kurzfristige Schuldtitel von nichtstaatlichen Emittenten, die von den in Paragraph 3.2 genannten Rating-Agenturen mit einem Rating von BBB, BB oder gleichwertig eingestuft werden oder die nach Meinung des Fondsmanagers von vergleichbarer Qualität sind. Im Einklang mit den geltenden Diversifikationsvorschriften darf bis zu einem Drittel (1/3)
des Vermögens des Teilfonds in (i) Schuldtitel staatlicher Emittenten, (ii) Schuldtitel, die mit einem Rating von unter BBB, jedoch nicht unter BB, eingestuft werden oder nach Meinung des Fondsmanagers von vergleichbarer Qualität sind, (iii) Coco Bonds (die bis zu 10% des Vermögens des Teilfonds ausmachen dürfen) und/oder (iv) in Zahlungsmittel und Zahlungsmitteläquivalente (einschliesslich kurzfristiger ABS/MBS, die bis zu 10% der Anlagen in Zahlungsmittel und Zahlungsmitteläquivalente ausmachen dürfen) investiert werden. Schuldpapiere, die von den in Paragraph 3.2 genannten Rating-Agenturen mit einem Rating von unter BBB oder gleichwertig eingestuft werden oder nach Meinung des Fondsmanagers von vergleichbarer Qualität sind, dürfen nicht mehr als 40% des Vermögens des Teilfonds ausmachen. Die Wahl der Sektoren, Länderallokationen (der Teilfonds darf namentlich in den Emerging Markets voll investiert sein) und Laufzeiten liegt im freien Ermessen des Fondsmanagers. Der Teilfonds kann in einer begrenzten Anzahl von Emissionen und Emittenten investiert sein.
Der Fondsmanager wendet bei der Auswahl der Wertpapiere einen Anlageansatz an, der primär auf einer Fundamentalanalyse der Emittenten beruht. Daneben darf der Fondsmanager auch andere qualitative und/oder systematische Strategien anwenden.
Wie in Paragraph 3.1 erwähnt, darf der Teilfonds bis zu 10% seines Nettovermögens in OGA halten.
Vorbehaltlich der in den Anlagerestriktionen (siehe Kapitel 4 des Prospekts) erlaubten Grenzen ist der Fondsmanager berechtigt, Finanzderivate einzusetzen (darunter namentlich Kreditderivate einschliesslich CDS, sowie Zins-, Inflations-, Währungs- und Volatilitätsderivate):
- zur Absicherung	Ja
- zu EPM-Zwecken	Ja
- als Teil der Anlagestrategie	JaDie Verwendung von strukturierten Finanzinstrumenten ist in Paragraph 3.1 beschrieben.

Die Anleger werden auf den Anhang zu den Risikofaktoren hingewiesen, in dem die Risikofaktoren des Teilfonds aufgeführt sind.
Referenzwährung
USD
Zur Zeichnung aufliegende Aktienklassen
Aktien können auch verschiedene Formen annehmen (d.h. in Bezug auf Alternativwährungen, Ausschüttungspolitik, Währungsabsicherungspolitik, Seeding, "Connect"): siehe Paragraph 2.2.
|  | P-Aktien | R-Aktien | N-Aktien | I-Aktien | S-Aktien | M-Aktien | H-Aktien | E-Aktien |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Anlegertyp | Siehe Tabelle in Paragraph 2.2 im allgemeinen Teil des Prospekts |
| Erstmalige Mindestanlage bzw. Mindestanlagebetrag | Gegenwert von EUR 3’000 | Gegenwert von EUR 1’000 | Gegenwert von CHF 1’000’000 | Gegenwert von CHF 1’000’000 | t.b.d. | Gegenwert von EUR 3’000 | Gegenwert von EUR 3’000 | Nein |
| Maximaler FROC | 0,44% | 0,56% | 0,28% | 0,24% | 0,10% | 0,44% | 0,56% | 0,44% |
| Maximale Managementgebühr | 0,65% | 0,65% | 0,65% | 0,65% | k.A. | 0,75% | 1,30% | k.A. |
| Maximale Vertriebsgebühr | 0,65% | 1,25% | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. |
| Performance-Fee | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. |
| Höchstsatz der Managementgebühren, wenn der Teilfonds in andere OGAW oder OGA oder Ziel-Teilfonds investiert* | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% |
| Handelsgebühr | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% |
| * Ungeachtet einer Performance-Fee, die zusätzlich zu dieser Limite erhoben werden kann. |

Offenlegung gemäss SFDR
Die Einstufung des Teilfonds gemäss SFDR, die Art und Weise, in der der Fondsmanager Nachhaltigkeitsrisiken in seine Anlageentscheidungen in Bezug auf die Teilfonds integriert, sowie die Ergebnisse der Bewertung der wahrscheinlichen Auswirkungen von Nachhaltigkeitsrisiken auf die Renditen des Teilfonds sind im SFDR-Anhang dargelegt.
Fondsmanager
Siehe Paragraph 6.3
Ansatz, mit dem das Gesamtrisiko des Teilfonds berechnet wird
Relativer VaR
Referenzportefeuille ausschliesslich für die Gesamtrisikomessung
Bloomberg Barclays Global Aggregate Corporates 500MM TR
Erwartetes  Leverage-Niveau
300%
Risikobudget
190%
Profil des typischen Anlegers
Der Teilfonds ist geeignet für Anleger, die:
- mit ihren Anlagen regelmässige Erträge und potenziell Kapitalgewinne erzielen wollen; und
- bereit sind, das erhöhte Risiko zu tragen, das mit den Anlagekategorien verbunden ist, die im Anlageziel und in der Anlagepolitik beschrieben sind; und
- der Volatilität ihrer Aktien standhalten können.

Zeichnungsverfahren
Die Zeichnungsbeträge sind gemäss dem in Kapitel 20 des Prospekts beschriebenen Verfahren zu überweisen. Zeichnungsanträge müssen spätestens zur betreffenden Annahmeschlusszeit bei der Gesellschaft eingehen.
Die Zeichnungsbeträge sind der Verwahrstelle in der Referenzwährung oder im Falle von in einer Alternativwährung begebenen Klassen in der Alternativwährung mit Valuta vor dem Zahlungstermin unter Angabe der genauen Identität der/des Aktienzeichner(s) und des Teilfonds, von dem Aktien gezeichnet werden, zu überweisen.
Annahmeschlusszeit
| Annahmeschlusszeit 1  (Luxemburger Zeit) (Zeichnungs-, Rücknahme- und Umtauschanträge) | Bewertungstag 2  ("T") | Zahlungstermin 3 |
| --- | --- | --- |
| 12.00 Uhr am T | Täglich | Bis zu T+3 Tage 4 |

Hinweis: Als Tag ist ein Geschäftstag zu verstehen
1  
Ist dieser Tag kein Geschäftstag, einen Geschäftstag in Luxemburg vor dem betreffenden Tag.
2  
Ist dieser Bewertungstag kein Geschäftstag, gilt als Bewertungstag der nächste Geschäftstag oder der vorhergehende Geschäftstag bei einer Bewertung alle zwei Monate.
3  
Für Rücknahmen erfolgen die Zahlungen normalerweise in der Referenzwährung.
4  
Die Aktieninhaber werden gebeten, den jeweils geltenden Zahlungstermin der Website der Lombard Odier Gruppe (www.loim.com) zu entnehmen.
Weitere Einzelheiten sind in Paragraph 12.1 "Allgemeine Bestimmungen" des Kapitels 12 "Ausgabe und Verkauf der Aktien" enthalten.

## Fixed-Income- und Unternehmensanleihen-Teilfonds
LO Funds – Euro BBB-BB Fundamental
Anlageziel und Anlagepolitik
Der Teilfonds wird aktiv verwaltet. Der Bloomberg Barclays Euro-Aggregate Corporates 500MM TR Index wird für Performancevergleiche und zur internen Risikoüberwachung herangezogen, ohne dass dies besondere Anlagebeschränkungen für den Teilfonds zur Folge hätte. Die Wertpapiere, die der Teilfonds erwerben möchte, können jenen des Index in einem Umfang ähnlich sein, der im Zeitverlauf variiert. Doch in Bezug auf ihre Gewichtung dürften sich deutliche Unterschiede ergeben. Die Performance des Teilfonds kann wesentlich von der des Index abweichen.
Dieser Teilfonds investiert mindestens zwei Drittel (2/3) seines Vermögens in auf EUR lautende Anleihen, andere fest- oder variabel verzinsliche Schuldtitel sowie kurzfristige Schuldtitel von nichtstaatlichen Emittenten, die von den in Paragraph 3.2 genannten Rating-Agenturen mit einem Rating von BBB, BB oder gleichwertig eingestuft werden oder die nach Meinung des Fondsmanagers von vergleichbarer Qualität sind. Im Einklang mit den geltenden Diversifikationsvorschriften darf bis zu einem Drittel (1/3) des Vermögens des Teilfonds in (i) Schuldtitel staatlicher Emittenten,
(ii) Schuldtitel, die auf andere Währungen lauten (insbesondere Emerging-Market-Währungen), (iii) Schuldtitel, die mit einem Rating von unter BBB, jedoch nicht unter BB, eingestuft werden oder nach Meinung des Fondsmanagers von vergleichbarer Qualität sind, (iv) Coco Bonds (die bis zu 10% des Vermögens des Teilfonds ausmachen dürfen) und/oder (v) in Zahlungsmittel und Zahlungsmitteläquivalente (einschliesslich kurzfristiger ABS/ MBS, die bis zu 10% der Anlagen in Zahlungsmittel und Zahlungsmitteläquivalente ausmachen dürfen) investiert werden. Schuldpapiere, die von den in Paragraph 3.2 genannten Rating-Agenturen mit einem Rating von unter BBB oder gleichwertig eingestuft werden oder nach Meinung des Fondsmanagers von vergleichbarer Qualität sind, dürfen nicht mehr als 40% des Vermögens des Teilfonds ausmachen. Die Wahl der Sektoren, Länderallokationen (einschliesslich Emerging Markets) und Laufzeiten liegt im freien Ermessen des Fondsmanagers. Der Teilfonds kann in einer begrenzten Anzahl von Emissionen und Emittenten investiert sein.
Der Fondsmanager wendet bei der Auswahl der Wertpapiere einen Anlageansatz an, der primär auf einer Fundamentalanalyse der Emittenten beruht. Daneben darf der Fondsmanager auch andere qualitative und/oder systematische Strategien anwenden.
Wie in Paragraph 3.1 erwähnt, darf der Teilfonds bis zu 10% seines Nettovermögens in OGA halten.
Vorbehaltlich der in den Anlagerestriktionen (siehe Kapitel 4 des Prospekts) erlaubten Grenzen ist der Fondsmanager berechtigt, Finanzderivate einzusetzen (darunter namentlich Kreditderivate einschliesslich CDS, sowie Zins-, Inflations-, Währungs- und Volatilitätsderivate):
- zur Absicherung	Ja
- zu EPM-Zwecken	Ja
- als Teil der Anlagestrategie	JaDie Verwendung von strukturierten Finanzinstrumenten ist in Paragraph 3.1 beschrieben.

Die Anleger werden auf den Anhang zu den Risikofaktoren hingewiesen, in dem die Risikofaktoren des Teilfonds aufgeführt sind.
Referenzwährung
EUR
Zur Zeichnung aufliegende Aktienklassen
Aktien können auch verschiedene Formen annehmen (d.h. in Bezug auf Alternativwährungen, Ausschüttungspolitik, Währungsabsicherungspolitik, Seeding, "Connect"): siehe Paragraph 2.2.
|  | P-Aktien | R-Aktien | N-Aktien | I-Aktien | S-Aktien | M-Aktien | H-Aktien | E-Aktien |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Anlegertyp | Siehe Tabelle in Paragraph 2.2 im allgemeinen Teil des Prospekts |
| Erstmalige Mindestanlage bzw. Mindestanlagebetrag | Gegenwert von EUR 3’000 | Gegenwert von EUR 1’000 | Gegenwert von CHF 1’000’000 | Gegenwert von CHF 1’000’000 | t.b.d. | Gegenwert von EUR 3’000 | Gegenwert von EUR 3’000 | Nein |
| Maximaler FROC | 0,44% | 0,56% | 0,28% | 0,24% | 0,10% | 0,44% | 0,56% | 0,44% |
| Maximale Managementgebühr | 0,50% | 0,50% | 0,50% | 0,50% | k.A. | 0,55% | 1,00% | k.A. |
| Maximale Vertriebsgebühr | 0,50% | 1,00% | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. |
| Performance-Fee | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. |
| Höchstsatz der Managementgebühren, wenn der Teilfonds in andere OGAW oder OGA oder Ziel-Teilfonds investiert* | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% |
| Handelsgebühr | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% |
| * Ungeachtet einer Performance-Fee, die zusätzlich zu dieser Limite erhoben werden kann. |

Offenlegung gemäss SFDR
Die Einstufung des Teilfonds gemäss SFDR, die Art und Weise, in der der Fondsmanager Nachhaltigkeitsrisiken in seine Anlageentscheidungen in Bezug auf die Teilfonds integriert, sowie die Ergebnisse der Bewertung der wahrscheinlichen Auswirkungen von Nachhaltigkeitsrisiken auf die Renditen des Teilfonds sind im SFDR-Anhang dargelegt.
Fondsmanager
Siehe Paragraph 6.3
Ansatz, mit dem das Gesamtrisiko des Teilfonds berechnet wird
Relativer VaR
Referenzportefeuille ausschliesslich für die Gesamtrisikomessung
Bloomberg Barclays Euro-Aggregate Corporates 500MM TR
Erwartetes  Leverage-Niveau
300%
Risikobudget
190%
Profil des typischen Anlegers
Der Teilfonds ist geeignet für Anleger, die:
- mit ihren Anlagen regelmässige Erträge und potenziell Kapitalgewinne erzielen wollen; und
- bereit sind, das erhöhte Risiko zu tragen, das mit den Anlagekategorien verbunden ist, die im Anlageziel und in der Anlagepolitik beschrieben sind; und
- der Volatilität ihrer Aktien standhalten können.

Zeichnungsverfahren
Die Zeichnungsbeträge sind gemäss dem in Kapitel 20 des Prospekts beschriebenen Verfahren zu überweisen. Zeichnungsanträge müssen spätestens zur betreffenden Annahmeschlusszeit bei der Gesellschaft eingehen.
Die Zeichnungsbeträge sind der Verwahrstelle in der Referenzwährung oder im Falle von in einer Alternativwährung begebenen Klassen in der Alternativwährung mit Valuta vor dem Zahlungstermin unter Angabe der genauen Identität der/des Aktienzeichner(s) und des Teilfonds, von dem Aktien gezeichnet werden, zu überweisen.
Annahmeschlusszeit
| Annahmeschlusszeit 1  (Luxemburger Zeit) (Zeichnungs-, Rücknahme- und Umtauschanträge) | Bewertungstag 2  ("T") | Zahlungstermin 3 |
| --- | --- | --- |
| 12.00 Uhr am T | Täglich | Bis zu T+3 Tage 4 |

Hinweis: Als Tag ist ein Geschäftstag zu verstehen
1  
Ist dieser Tag kein Geschäftstag, einen Geschäftstag in Luxemburg vor dem betreffenden Tag.
2  
Ist dieser Bewertungstag kein Geschäftstag, gilt als Bewertungstag der nächste Geschäftstag oder der vorhergehende Geschäftstag bei einer Bewertung alle zwei Monate.
3  
Für Rücknahmen erfolgen die Zahlungen normalerweise in der Referenzwährung.
4  
Die Aktieninhaber werden gebeten, den jeweils geltenden Zahlungstermin der Website der Lombard Odier Gruppe (www.loim.com) zu entnehmen.
Weitere Einzelheiten sind in Paragraph 12.1 "Allgemeine Bestimmungen" des Kapitels 12 "Ausgabe und Verkauf der Aktien" enthalten.
Fixed-Income- und Unternehmensanleihen-Teilfonds
LO Funds – Swiss Franc Credit Bond (Foreign)
Anlageziel und Anlagepolitik
Der Teilfonds wird aktiv verwaltet. Der SBI Foreign A-BBB TR Index dient dazu, das anfängliche Anlageuniversum festzulegen, aus dem die einzelnen Wertpapiere ausgewählt werden. Zudem wird er für Performancevergleiche und zur internen Risikoüberwachung herangezogen, ohne dass dies besondere Anlagebeschränkungen für den Teilfonds zur Folge hätte. Die Wertpapiere des Teilfonds werden im Allgemeinen denen des vorstehend aufgeführten Index ähnlich sein. In Bezug auf ihre Gewichtung dürften sich jedoch deutliche Unterschiede ergeben. Der Fondsmanager darf auch Wertpapiere auswählen, die nicht in dem vorstehend aufgeführten Index enthalten sind, um Anlagechancen zu nutzen.
Dieser Teilfonds investiert mindestens zwei Drittel (2/3) seines Vermögens in auf CHF lautende Anleihen, andere fest- oder variabel verzinsliche Schuldtitel sowie kurzfristige Schuldtitel, die von staatlichen oder privaten Emittenten aus einem Mitgliedstaat der OECD begeben oder garantiert werden, und die von den in Paragraph 3.2 genannten Rating-Agenturen mit einem Rating von A bis BBB oder gleichwertig eingestuft werden oder nach Meinung des Fondsmanagers von vergleichbarer Qualität sind. Wird die Bonität eines Wertpapiers von mehr als einer Rating-Agentur bewertet, so ist das niedrigste Rating massgebend. Im Einklang mit den geltenden Diversifikationsvorschriften dürfen bis zu einem Drittel (1/3) des Vermögens des Teilfonds in (i) Schuldtitel, Schuldtitel, die auf andere Währungen lauten (insbesondere Emerging-Market-Währungen, (ii) Schuldtitel, die mit einem höheren Rating als A eingestuft werden oder die nach Meinung des Fondsmanagers von vergleichbarer Qualität sind,
(iii) Schuldtitel, die ein Rating von unter BBB, jedoch nicht unter B aufweisen, oder in Schuldtitel, die nach Meinung des Fondsmanagers von vergleichbarer Qualität sind, (iv) Coco Bonds (die bis zu 10% des Vermögens des Teilfonds ausmachen dürfen), (v) Währungen (einschliesslich Emerging-Market-Währungen) und/oder (iv) Zahlungsmittel und Zahlungsmitteläquivalente (einschliesslich kurzfristiger ABS/MBS, die bis zu
10% der Anlagen in Zahlungsmittel und Zahlungsmitteläquivalente ausmachen dürfen) investiert werden. Die Wahl der im Portefeuille vertretenen Sektoren, Länderallokationen, Laufzeiten und Währungen liegt im freien Ermessen des Fondsmanagers. Der Teilfonds kann in einer begrenzten Anzahl von Emittenten investiert sein. Der nicht realisierte Gewinn und Verlust auf Währungsderivaten wird bei der Überprüfung, ob die Anlagepolitik, einschliesslich ihrer Grenzen und Einschränkungen, eingehalten wird, berücksichtigt.
Der Fondsmanager wendet einen auf qualitativen und/oder systematischen Strategien basierenden Anlageansatz an. Wie in Paragraph 3.1 erwähnt, darf der Teilfonds bis zu 10% seines Nettovermögens in OGA halten.
Vorbehaltlich der in den Anlagerestriktionen (siehe Kapitel 4 des Prospekts) erlaubten Grenzen ist der Fondsmanager berechtigt, Finanzderivate einzusetzen (darunter namentlich Kreditderivate einschliesslich CDS, sowie Zins-, Inflations-, Währungs- und Volatilitätsderivate):
- zur Absicherung	Ja
- zu EPM-Zwecken	Ja
- als Teil der Anlagestrategie	JaDie Verwendung von strukturierten Finanzinstrumenten ist in Paragraph 3.1 beschrieben.

Die Anleger werden auf den Anhang zu den Risikofaktoren hingewiesen, in dem die Risikofaktoren des Teilfonds aufgeführt sind.
Referenzwährung
CHF
Zur Zeichnung aufliegende Aktienklassen
Aktien können auch verschiedene Formen annehmen (d.h. in Bezug auf Alternativwährungen, Ausschüttungspolitik, Währungsabsicherungspolitik, Seeding, "Connect"): siehe Paragraph 2.2.
|  | P-Aktien | R-Aktien | N-Aktien | I-Aktien | S-Aktien | M-Aktien | H-Aktien | E-Aktien |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Anlegertyp | Siehe Tabelle in Paragraph 2.2 im allgemeinen Teil des Prospekts |
| Erstmalige Mindestanlage bzw. Mindestanlagebetrag | Gegenwert von EUR 3’000 | Gegenwert von EUR 1’000 | Gegenwert von CHF 1’000’000 | Gegenwert von CHF 1’000’000 | t.b.d. | Gegenwert von EUR 3’000 | Gegenwert von EUR 3’000 | Nein |
| Maximaler FROC | 0,44% | 0,56% | 0,28% | 0,24% | 0,10% | 0,44% | 0,56% | 0,44% |
| Maximale Managementgebühr | 0,35% | 0,35% | 0,35% | 0,35% | k.A. | 0,40% | 0,70% | k.A. |
| Maximale Vertriebsgebühr | 0,35% | 0,70% | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. |
| Performance-Fee | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. |
| Höchstsatz der Managementgebühren, wenn der Teilfonds in andere OGAW oder OGA oder Ziel-Teilfonds investiert* | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% |
| Handelsgebühr | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% |
| * Ungeachtet einer Performance-Fee, die zusätzlich zu dieser Limite erhoben werden kann. |

Offenlegung gemäss SFDR
Die Einstufung des Teilfonds gemäss SFDR, die Art und Weise, in der der Fondsmanager Nachhaltigkeitsrisiken in seine Anlageentscheidungen in Bezug auf die Teilfonds integriert, sowie die Ergebnisse der Bewertung der wahrscheinlichen Auswirkungen von Nachhaltigkeitsrisiken auf die Renditen des Teilfonds sind im SFDR-Anhang dargelegt.
Benchmark-Verordnung
Siehe den allgemeinen Teil des Prospekts: "3. Anlageziele und Anlagepolitik" / "3.1 Allgemeine Bestimmungen, die für alle Teilfonds gelten" / "(x) Benchmark-Verordnung"
Die Benchmark wurde von SIX Financial Information Nordic AB als übernehmendem Administrator für Indizes, die von SIX, einem ausserhalb der EU angesiedelten Referenzwert-Administrator, verwaltet werden, übernommen. Die Benchmark ist im ESMA-Register für Benchmarks aus einem Drittstaat eingetragen.
Zusätzliche Informationen zur Benchmark sind auf der Website des Administrators zu finden: https:// www.six-group.com/de/products-services/ financial-information/indices.html
Fondsmanager
Siehe Paragraph 6.3
Ansatz, mit dem das Gesamtrisiko des Teilfonds berechnet wird
Relativer VaR
Referenzportefeuille ausschliesslich für die Gesamtrisikomessung
SBI Foreign A-BBB TR
Erwartetes  Leverage-Niveau
300%
Risikobudget
175%
Profil des typischen Anlegers
Der Teilfonds ist geeignet für Anleger, die:
- mit ihren Anlagen regelmässige Erträge und potenziell Kapitalgewinne erzielen wollen; und
- bereit sind, das erhöhte Risiko zu tragen, das mit den Anlagekategorien verbunden ist, die im Anlageziel und in der Anlagepolitik beschrieben sind; und
- der Volatilität ihrer Aktien standhalten können.

Zeichnungsverfahren
Die Zeichnungsbeträge sind gemäss dem in Kapitel 20 des Prospekts beschriebenen Verfahren zu überweisen. Zeichnungsanträge müssen spätestens zur betreffenden Annahmeschlusszeit bei der Gesellschaft eingehen.
Die Zeichnungsbeträge sind der Verwahrstelle in der Referenzwährung oder im Falle von in einer Alternativwährung begebenen Klassen in der Alternativwährung mit Valuta vor dem Zahlungstermin unter Angabe der genauen Identität der/des Aktienzeichner(s) und des Teilfonds, von dem Aktien gezeichnet werden, zu überweisen.
Annahmeschlusszeit
| Annahmeschlusszeit 1  (Luxemburger Zeit) (Zeichnungs-, Rücknahme- und Umtauschanträge) | Bewertungstag 2  ("T") | Zahlungstermin 3 |
| --- | --- | --- |
| 15.00 Uhr am T-1 Tag | Täglich | Bis zu T+3 Tage 4 |

Hinweis: Als Tag ist ein Geschäftstag zu verstehen
1  
Ist dieser Tag kein Geschäftstag, einen Geschäftstag in Luxemburg vor dem betreffenden Tag.
2  
Ist dieser Bewertungstag kein Geschäftstag, gilt als Bewertungstag der nächste Geschäftstag oder der vorhergehende Geschäftstag bei einer Bewertung alle zwei Monate.
3  
Für Rücknahmen erfolgen die Zahlungen normalerweise in der Referenzwährung.
4  
Die Aktieninhaber werden gebeten, den jeweils geltenden Zahlungstermin der Website der Lombard Odier Gruppe (www.loim.com) zu entnehmen.
Weitere Einzelheiten sind in Paragraph 12.1 "Allgemeine Bestimmungen" des Kapitels 12 "Ausgabe und Verkauf der Aktien" enthalten.
Fixed-Income- und Unternehmensanleihen-Teilfonds
LO Funds – Ultra Low Duration (USD)
Anlageziel und Anlagepolitik
Der Teilfonds wird aktiv verwaltet. Der FTSE 6-Month U.S. Dollar Eurodeposit wird für Performancevergleiche herangezogen, ohne dass dies besondere Anlagebeschränkungen für den Teilfonds zur Folge hätte.
Dieser Teilfonds investiert mindestens zwei Drittel (2/3) seines Vermögens in Bankeinlagen, Geldmarktinstrumente (einschliesslich kurzfristiger ABS/MBS, die bis zu 10% der Anlagen ausmachen dürfen), Anleihen, andere fest- oder variabel verzinsliche Schuldtitel sowie kurzfristige Schuldtitel von staatlichen und/oder privaten Emittenten, die von den in Paragraph 3.2 genannten Rating-Agenturen zumindest mit einem Rating von BBB eingestuft werden oder die nach Meinung des Fondsmanagers von vergleichbarer Qualität sind. Bis zu einem Drittel (1/3) des Vermögens des Teilfonds kann in Wandelanleihen investiert werden. Die Wahl der Sektoren, Länderallokationen (einschliesslich Emerging Markets), Laufzeiten und Währungen (einschliesslich Emerging-Market-Währungen) liegt im freien Ermessen des Fondsmanagers. Der Teilfonds kann in einer begrenzten Anzahl von Emissionen und Emittenten investiert sein. Die gewichtete durchschnittliche Duration des Portefeuilles darf höchstens 365 Tage betragen. Die Instrumente dürfen eine Restlaufzeit von höchstens drei Jahren haben, mit Ausnahme von (i) regelmässig amortisierenden strukturierten Finanzinstrumenten (wie ABS/MBS), die eine durchschnittliche Laufzeit von höchstens zwei Jahren aufweisen dürfen, und (ii) nicht amortisierenden oder nach einem Tilgungsplan amortisierenden strukturierten Finanzinstrumenten (wie ABS/MBS), die eine erwartete Endfälligkeit von höchstens drei Jahren aufweisen dürfen. Der Fondsmanager strebt ein durchschnittliches Rating auf Portefeuilleebene von A an, was aber nicht garantiert werden kann.
Der Fondsmanager wendet bei der Auswahl der Wertpapiere einen Anlageansatz an, der primär auf einer Fundamentalanalyse der Emittenten beruht. Daneben darf der Fondsmanager auch andere qualitative und/oder systematische Strategien anwenden.
Wie in Paragraph 3.1 erwähnt, darf der Teilfonds bis zu 10% seines Nettovermögens in OGA halten.
Vorbehaltlich der in den Anlagerestriktionen (siehe Kapitel 4 des Prospekts) erlaubten Grenzen ist der Fondsmanager berechtigt, Finanzderivate einzusetzen (darunter namentlich Kreditderivate einschliesslich CDS, sowie Zins- und Währungsderivate):
- zur Absicherung	Ja
- zu EPM-Zwecken	Ja
- als Teil der Anlagestrategie	NeinDie Verwendung von strukturierten Finanzinstrumenten ist in Paragraph 3.1 beschrieben.

Die Anleger werden auf den Anhang zu den Risikofaktoren hingewiesen, in dem die Risikofaktoren des Teilfonds aufgeführt sind.
Referenzwährung
USD
Zur Zeichnung aufliegende Aktienklassen
Aktien können auch verschiedene Formen annehmen (d.h. in Bezug auf Alternativwährungen, Ausschüttungspolitik, Währungsabsicherungspolitik, Seeding, "Connect"): siehe Paragraph 2.2.
|  | P-Aktien | R-Aktien | N-Aktien | I-Aktien | S-Aktien | M-Aktien | H-Aktien | E-Aktien |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Anlegertyp | Siehe Tabelle in Paragraph 2.2 im allgemeinen Teil des Prospekts |
| Erstmalige Mindestanlage bzw. Mindestanlagebetrag | Gegenwert von EUR 3’000 | Gegenwert von EUR 1’000 | Gegenwert von CHF 1’000’000 | Gegenwert von CHF 1’000’000 | t.b.d. | Gegenwert von EUR 3’000 | Gegenwert von EUR 3’000 | Nein |
| Maximaler FROC | 0,31% | 0,44% | 0,21% | 0,17% | 0,10% | 0,31% | 0,44% | 0,31% |
| Maximale Managementgebühr | 0,45% | 0,45% | 0,45% | 0,45% | k.A. | 0,50% | 0,90% | k.A. |
| Maximale Vertriebsgebühr | 0,45% | 0,90% | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. |
| Performance-Fee | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. |
| Höchstsatz der Managementgebühren, wenn der Teilfonds in andere OGAW oder OGA oder Ziel-Teilfonds investiert* | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% |
| Handelsgebühr | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% |
| * Ungeachtet einer Performance-Fee, die zusätzlich zu dieser Limite erhoben werden kann. |

Offenlegung gemäss SFDR
Die Einstufung des Teilfonds gemäss SFDR, die Art und Weise, in der der Fondsmanager Nachhaltigkeitsrisiken in seine Anlageentscheidungen in Bezug auf die Teilfonds integriert, sowie die Ergebnisse der Bewertung der wahrscheinlichen Auswirkungen von Nachhaltigkeitsrisiken auf die Renditen des Teilfonds sind im SFDR-Anhang dargelegt.
Fondsmanager
Siehe Paragraph 6.3
Ansatz, mit dem das Gesamtrisiko des Teilfonds berechnet wird
Commitment-Ansatz
Profil des typischen Anlegers
Der Teilfonds ist geeignet für Anleger, die:
- mit ihren Anlagen regelmässige Erträge und potenziell Kapitalgewinne erzielen wollen; und
- bereit sind, das erhöhte Risiko zu tragen, das mit den Anlagekategorien verbunden ist, die im Anlageziel und in der Anlagepolitik beschrieben sind; und
- der Volatilität ihrer Aktien standhalten können.

Zeichnungsverfahren
Die Zeichnungsbeträge sind gemäss dem in Kapitel 20 des Prospekts beschriebenen Verfahren zu überweisen. Zeichnungsanträge müssen spätestens zur betreffenden Annahmeschlusszeit bei der Gesellschaft eingehen.
Die Zeichnungsbeträge sind der Verwahrstelle in der Referenzwährung oder im Falle von in einer Alternativwährung begebenen Klassen in der Alternativwährung mit Valuta vor dem Zahlungstermin unter Angabe der genauen Identität der/des Aktienzeichner(s) und des Teilfonds, von dem Aktien gezeichnet werden, zu überweisen.
Annahmeschlusszeit
| Annahmeschlusszeit 1  (Luxemburger Zeit) (Zeichnungs-, Rücknahme- und Umtauschanträge) | Bewertungstag 2  ("T") | Zahlungstermin 3 |
| --- | --- | --- |
| 14.00 Uhr am T | Täglich | Bis zu T+3 Tage 4 |

Hinweis: Als Tag ist ein Geschäftstag zu verstehen
1  
Ist dieser Tag kein Geschäftstag, einen Geschäftstag in Luxemburg vor dem betreffenden Tag.
2  
Ist dieser Bewertungstag kein Geschäftstag, gilt als Bewertungstag der nächste Geschäftstag oder der vorhergehende Geschäftstag bei einer Bewertung alle zwei Monate.
3  
Für Rücknahmen erfolgen die Zahlungen normalerweise in der Referenzwährung.
4  
Die Aktieninhaber werden gebeten, den jeweils geltenden Zahlungstermin der Website der Lombard Odier Gruppe (www.loim.com) zu entnehmen.
Weitere Einzelheiten sind in Paragraph 12.1 "Allgemeine Bestimmungen" des Kapitels 12 "Ausgabe und Verkauf der Aktien" enthalten.
Fixed-Income- und Unternehmensanleihen-Teilfonds
LO Funds – Ultra Low Duration (EUR)
Anlageziel und Anlagepolitik
Der Teilfonds wird aktiv verwaltet. Der FTSE 6-Month Euro Eurodeposit wird für Performancevergleiche herangezogen, ohne dass dies besondere Anlagebeschränkungen für den Teilfonds zur Folge hätte.
Dieser Teilfonds investiert mindestens zwei Drittel (2/3) seines Vermögens in Bankeinlagen, Geldmarktinstrumente (einschliesslich kurzfristiger ABS/MBS, die bis zu 10% der Anlagen ausmachen dürfen), Anleihen, andere fest- oder variabel verzinsliche Schuldtitel sowie kurzfristige Schuldtitel von staatlichen und/oder privaten Emittenten, die von den in Paragraph 3.2 genannten Rating-Agenturen zumindest mit einem Rating von BBB eingestuft werden oder die nach Meinung des Fondsmanagers von vergleichbarer Qualität sind. Bis zu einem Drittel (1/3) des Vermögens des Teilfonds kann in Wandelanleihen investiert werden. Die Wahl der Sektoren, Länderallokationen (einschliesslich Emerging Markets), Laufzeiten und Währungen (einschliesslich Emerging-Market-Währungen) liegt im freien Ermessen des Fondsmanagers. Der Teilfonds kann in einer begrenzten Anzahl von Emissionen und Emittenten investiert sein. Die gewichtete durchschnittliche Duration des Portefeuilles darf höchstens 365 Tage betragen. Die Instrumente dürfen eine Restlaufzeit von höchstens drei Jahren haben, mit Ausnahme von (i) regelmässig amortisierenden strukturierten Finanzinstrumenten (ABS/MBS), die eine durchschnittliche Laufzeit von höchstens zwei Jahren aufweisen dürfen, und (ii) nicht amortisierenden oder nach einem Tilgungsplan amortisierenden strukturierten Finanzinstrumenten (wie ABS/MBS), die eine erwartete Endfälligkeit von höchstens drei Jahren aufweisen dürfen. Der Fondsmanager strebt ein durchschnittliches Rating auf Portefeuilleebene von A an, was aber nicht garantiert werden kann.
Der Fondsmanager wendet bei der Auswahl der Wertpapiere einen Anlageansatz an, der primär auf einer Fundamentalanalyse der Emittenten beruht. Daneben darf der Fondsmanager auch andere qualitative und/oder systematische Strategien anwenden.
Wie in Paragraph 3.1 erwähnt, darf der Teilfonds bis zu 10% seines Nettovermögens in OGA halten.
Vorbehaltlich der in den Anlagerestriktionen (siehe Kapitel 4 des Prospekts) erlaubten Grenzen ist der Fondsmanager berechtigt, Finanzderivate einzusetzen (darunter namentlich Kreditderivate einschliesslich CDS, sowie Zins- und Währungsderivate):
- zur Absicherung	Ja
- zu EPM-Zwecken	Ja
- als Teil der Anlagestrategie	NeinDie Verwendung von strukturierten Finanzinstrumenten ist in Paragraph 3.1 beschrieben.

Die Anleger werden auf den Anhang zu den Risikofaktoren hingewiesen, in dem die Risikofaktoren des Teilfonds aufgeführt sind.
Referenzwährung
EUR
Zur Zeichnung aufliegende Aktienklassen
Aktien können auch verschiedene Formen annehmen (d.h. in Bezug auf Alternativwährungen, Ausschüttungspolitik, Währungsabsicherungspolitik, Seeding, "Connect"): siehe Paragraph 2.2.
|  | P-Aktien | R-Aktien | N-Aktien | I-Aktien | S-Aktien | M-Aktien | H-Aktien | E-Aktien |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Anlegertyp | Siehe Tabelle in Paragraph 2.2 im allgemeinen Teil des Prospekts |
| Erstmalige Mindestanlage bzw. Mindestanlagebetrag | Gegenwert von EUR 3’000 | Gegenwert von EUR 1’000 | Gegenwert von CHF 1’000’000 | Gegenwert von CHF 1’000’000 | t.b.d. | Gegenwert von EUR 3’000 | Gegenwert von EUR 3’000 | Nein |
| Maximaler FROC | 0,31% | 0,44% | 0,21% | 0,17% | 0,10% | 0,31% | 0,44% | 0,31% |
| Maximale Managementgebühr | 0,45% | 0,45% | 0,45% | 0,45% | k.A. | 0,50% | 0,90% | k.A. |
| Maximale Vertriebsgebühr | 0,45% | 0,90% | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. |
| Performance-Fee | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. |
| Höchstsatz der Managementgebühren, wenn der Teilfonds in andere OGAW oder OGA oder Ziel-Teilfonds investiert* | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% |
| Handelsgebühr | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% |
| * Ungeachtet einer Performance-Fee, die zusätzlich zu dieser Limite erhoben werden kann. |

Offenlegung gemäss SFDR
Die Einstufung des Teilfonds gemäss SFDR, die Art und Weise, in der der Fondsmanager Nachhaltigkeitsrisiken in seine Anlageentscheidungen in Bezug auf die Teilfonds integriert, sowie die Ergebnisse der Bewertung der wahrscheinlichen Auswirkungen von Nachhaltigkeitsrisiken auf die Renditen des Teilfonds sind im SFDR-Anhang dargelegt.
Fondsmanager
Siehe Paragraph 6.3
Ansatz, mit dem das Gesamtrisiko des Teilfonds berechnet wird
Commitment-Ansatz
Profil des typischen Anlegers
Der Teilfonds ist geeignet für Anleger, die:
- mit ihren Anlagen regelmässige Erträge und potenziell Kapitalgewinne erzielen wollen; und
- bereit sind, das erhöhte Risiko zu tragen, das mit den Anlagekategorien verbunden ist, die im Anlageziel und in der Anlagepolitik beschrieben sind; und
- der Volatilität ihrer Aktien standhalten können.

Zeichnungsverfahren
Die Zeichnungsbeträge sind gemäss dem in Kapitel 20 des Prospekts beschriebenen Verfahren zu überweisen. Zeichnungsanträge müssen spätestens zur betreffenden Annahmeschlusszeit bei der Gesellschaft eingehen.
Die Zeichnungsbeträge sind der Verwahrstelle in der Referenzwährung oder im Falle von in einer Alternativwährung begebenen Klassen in der Alternativwährung mit Valuta vor dem Zahlungstermin unter Angabe der genauen Identität der/des Aktienzeichner(s) und des Teilfonds, von dem Aktien gezeichnet werden, zu überweisen.
Annahmeschlusszeit
| Annahmeschlusszeit 1  (Luxemburger Zeit) (Zeichnungs-, Rücknahme- und Umtauschanträge) | Bewertungstag 2  ("T") | Zahlungstermin 3 |
| --- | --- | --- |
| 14.00 Uhr am T | Täglich | Bis zu T+3 Tage 4 |

Hinweis: Als Tag ist ein Geschäftstag zu verstehen
1  
Ist dieser Tag kein Geschäftstag, einen Geschäftstag in Luxemburg vor dem betreffenden Tag.
2  
Ist dieser Bewertungstag kein Geschäftstag, gilt als Bewertungstag der nächste Geschäftstag oder der vorhergehende Geschäftstag bei einer Bewertung alle zwei Monate.
3  
Für Rücknahmen erfolgen die Zahlungen normalerweise in der Referenzwährung.
4  
Die Aktieninhaber werden gebeten, den jeweils geltenden Zahlungstermin der Website der Lombard Odier Gruppe (www.loim.com) zu entnehmen.
Weitere Einzelheiten sind in Paragraph 12.1 "Allgemeine Bestimmungen" des Kapitels 12 "Ausgabe und Verkauf der Aktien" enthalten.
Fixed-Income- und Unternehmensanleihen-Teilfonds
LO Funds – Fallen Angels Recovery
Anlageziel und Anlagepolitik
Der Teilfonds wird aktiv verwaltet. Der Bloomberg Barclays Global Global Corporate ex-EM Fallen Angels 3% Issuer Capped TR Index dient dazu, das anfängliche Anlageuniversum festzulegen, aus dem die einzelnen Wertpapiere ausgewählt werden. Zudem wird er für Performancevergleiche und zur internen Risikoüberwachung herangezogen, ohne dass dies besondere Anlagebeschränkungen für den Teilfonds zur Folge hätte. Die Wertpapiere des Teilfonds werden im Allgemeinen denen des vorstehend aufgeführten Index ähnlich sein. In Bezug auf ihre Gewichtung dürften sich jedoch deutliche Unterschiede ergeben. Der Fondsmanager darf auch Wertpapiere auswählen, die nicht in dem vorstehend aufgeführten Index enthalten sind, um Anlagechancen zu nutzen. Zusätzlich zum oben erwähnten Index kann auch der Bloomberg Barclays Global High Yield Corporate Total Return Index für Performancevergleiche und zur internen Risikoüberwachung herangezogen werden.
Dieser Teilfonds investiert mindestens zwei Drittel (2/3) seines Vermögens in auf eine beliebige Währung (einschliesslich Emerging-Market- Währungen) lautende Anleihen, andere fest- oder variabel verzinsliche Schuldtitel sowie kurzfristige Schuldtitel, die von ."gefallenen Engeln" begeben wurden, d.h. von Emittenten, deren "Investment-Grade"-Rating auf ein "Non-Investment-Grade"-Rating herabgestuft worden ist und die im Bloomberg Barclays Global Corporate ex-EM Fallen Angels 3% Issuer Capped TR Index vertreten sind.
Im Einklang mit den geltenden Diversifikationsvorschriften darf bis zu einem Drittel (1/3) des Vermögens des Teilfonds in (i) Anleihen, andere fest- oder variabel verzinsliche Schuldtitel sowie kurzfristige Schuldtitel von Emittenten, die nicht im oben erwähnten Index vertreten sind, (ii) Anleihen, andere fest- oder variabel verzinsliche Schuldtitel sowie kurzfristige Schuldtitel von Emerging-Market-Emittenten, (iii) Schuldtitel von staatlichen Emittenten, (iv) Coco Bonds (die bis zu 10% des Vermögens des Teilfonds ausmachen dürfen) und/oder (v) Zahlungsmittel und
Zahlungsmitteläquivalente (einschliesslich kurzfristiger ABS/MBS, die bis zu 10% der Anlagen in Zahlungsmittel und Zahlungsmitteläquivalente ausmachen dürfen) investiert werden.
Schuldtitel dürfen kein Rating aufweisen, das unter B liegt oder nach Ansicht des Fondsmanagers von vergleichbarer Qualität ist. Bei einer Herunterstufung eines Schuldtitels unter B verkauft der Fondsmanager die Position innerhalb von zwölf Monaten.
Die Verwendung von Finanzderivaten wird innerhalb dieser Grenzen nicht in Erwägung gezogen. Die Wahl der Sektoren, Länderallokationen (der Teilfonds darf namentlich in den Emerging Markets voll investiert sein) und Laufzeiten liegt im freien Ermessen des Fondsmanagers. Der Teilfonds kann in einer begrenzten Anzahl von Emissionen und Emittenten investiert sein.
Der Fondsmanager wendet bei der Auswahl der Wertpapiere einen Anlageansatz an, der primär auf einer Fundamentalanalyse der Emittenten beruht. Daneben darf der Fondsmanager auch andere qualitative und/oder systematische Strategien anwenden.
Wie in Paragraph 3.1 erwähnt, darf der Teilfonds bis zu 10% seines Nettovermögens in OGA halten.
Vorbehaltlich der in den Anlagerestriktionen (siehe Kapitel 4 des Prospekts) erlaubten Grenzen ist der Fondsmanager berechtigt, Finanzderivate einzusetzen (darunter namentlich Kreditderivate einschliesslich CDS, sowie Zins-, Inflations-, Währungs- und Volatilitätsderivate):
- zu Absicherungszwecken	Ja
- zu EPM-Zwecken	Ja
- als Teil der Anlagestrategie	JaDie Verwendung von strukturierten Finanzinstrumenten ist in Paragraph 3.1 beschrieben.

Die Anleger werden auf den Anhang zu den Risikofaktoren hingewiesen, in dem die Risikofaktoren des Teilfonds aufgeführt sind.
Referenzwährung
USD
Zur Zeichnung verfügbare Aktienklassen
Aktien können auch verschiedene Formen annehmen (d.h. in Bezug auf Alternativwährungen, Ausschüttungspolitik, Währungsabsicherungspolitik, Seeding, "Connect"): siehe Paragraph 2.2.
|  | P-Aktien | R-Aktien | N-Aktien | I-Aktien | S-Aktien | M-Aktien | H-Aktien | E-Aktien |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Anlegertyp | Siehe Tabelle in Paragraph 2.2 im allgemeinen Teil des Prospekts |
| Erstmalige Mindestanlage bzw. Mindestanlagebetrag | Gegenwert von EUR 3’000 | Gegenwert von EUR 1’000 | Gegenwert von CHF 1’000’000 | Gegenwert von CHF 1’000’000 | t.b.d. | Gegenwert von EUR 3’000 | Gegenwert von EUR 3’000 | Nein |
| Maximaler FROC | 0,44% | 0,56% | 0,28% | 0,24% | 0,10% | 0,44% | 0,56% | 0,44% |
| Maximale Managementgebühr | 0,65% | 0,65% | 0,65% | 0,65% | k.A. | 0,75% | 1,30% | k.A. |
| Maximale Vertriebsgebühr | 0,65% | 1,30% | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. |
| Performance-Fee | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. |
| Höchstsatz der Managementgebühren, wenn der Teilfonds in andere OGAW, OGA oder Ziel-Teilfonds investiert* | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% |
| Handelsgebühr | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% |
| * Ungeachtet einer Performance-Fee, die zusätzlich zu dieser Limite erhoben werden kann. |

Offenlegung gemäss SFDR
Die Einstufung des Teilfonds gemäss SFDR, die Art und Weise, in der der Fondsmanager Nachhaltigkeitsrisiken in seine Anlageentscheidungen in Bezug auf den Teilfonds einbezieht, sowie die Ergebnisse der Bewertung der wahrscheinlichen Auswirkungen von Nachhaltigkeitsrisiken auf die Renditen des Teilfonds sind im SFDR-Anhang dargelegt.
Benchmark-Verordnung
Siehe den allgemeinen Teil des Prospekts: "3. Anlageziele und Anlagepolitik" / "3.1 Allgemeine Bestimmungen, die für alle Teilfonds gelten" / "(x) Benchmark-Verordnung"
Bloomberg Index Services Limited ist der Administrator der Benchmark. und im ESMA-Register für Referenzwert-Administratoren eingetragen.
Zusätzliche Informationen zur Benchmark sind auf der Website des Administrators zu finden: https://www.bloomberg.com/professional/product/ indices/
Fondsmanager
Siehe Paragraph 6.3
Ansatz, mit dem das Gesamtrisiko des Teilfonds berechnet wird
Commitment-Ansatz
Profil des typischen Anlegers
Der Teilfonds ist geeignet für Anleger, die:
- mit ihren Anlagen regelmässige Erträge und potenziell Kapitalgewinne erzielen wollen; und
- bereit sind, die erhöhten Risiken zu tragen, die mit den Anlagekategorien verbunden sind, die im Anlageziel und in der Anlagepolitik beschrieben sind; und
- der Volatilität ihrer Aktien standhalten können.

Zeichnungsverfahren
Die Zeichnungsbeträge sind gemäss dem in Kapitel 20 des Prospekts beschriebenen Verfahren zu überweisen. Zeichnungsanträge müssen spätestens zur betreffenden Annahmeschlusszeit bei der Gesellschaft eingehen.
Die Zeichnungsbeträge sind der Verwahrstelle in der Referenzwährung oder im Falle von in einer Alternativwährung begebenen Klassen in der Alternativwährung mit Valuta vor dem Zahlungstermin unter Angabe der genauen Identität der/des Aktienzeichner(s) und des Teilfonds, von dem Aktien gezeichnet werden, zu überweisen.
Annahmeschlusszeit
| Annahmeschlusszeit 1  (Luxemburger Zeit) (Zeichnungs-, Rücknahme- und Umtauschanträge) | Bewertungstag 2  ("T") | Zahlungstermin 3 |
| --- | --- | --- |
| 15.00 Uhr am T-1 Tag | Täglich | Bis zu T+3 Tage 4 |

Hinweis: Als Tag ist ein Geschäftstag zu verstehen
1  
Ist dieser Tag kein Geschäftstag, einen Geschäftstag in Luxemburg vor dem betreffenden Tag.
2  
Ist dieser Bewertungstag kein Geschäftstag, gilt als Bewertungstag der nächste Geschäftstag oder der vorhergehende Geschäftstag bei einer Bewertung alle zwei Monate.
3  
Für Rücknahmen erfolgen die Zahlungen normalerweise in der Referenzwährung.
4  
Die Aktieninhaber werden gebeten, den jeweils geltenden Zahlungstermin der Website der Lombard Odier Gruppe (www.loim.com) zu entnehmen.
Weitere Einzelheiten sind in Paragraph 12.1 "Allgemeine Bestimmungen" des Kapitels 12 "Ausgabe und Verkauf der Aktien" enthalten.
Fixed-Income- und Unternehmensanleihen-Teilfonds
LO Funds – Natural Capital Credit
Anlageziel und Anlagepolitik
Der Teilfonds wird aktiv verwaltet. Die Verwaltung des Teilfonds orientiert sich nicht an einem Index.
Der Teilfonds investiert in Anleihen, andere fest- oder variabel verzinsliche Schuldtitel sowie kurzfristige Schuldtitel von privaten Emittenten (einschliesslich privater Emittenten in den Emerging Markets), die von den in Paragraph 3.2 genannten Rating-Agenturen mit einem Rating von AAA bis B oder gleichwertig eingestuft werden oder die nach Meinung des Fondsmanagers von vergleichbarer Qualität sind.
Der Teilfonds investiert in Unternehmen, die von Regulierungen, Innovationen, Dienstleistungen und Produkten profitieren werden, die den Übergang zu einer stärker kreislauforientierten Wirtschaft und zu einer Wirtschaft, in der Naturkapital wertgeschätzt wird, fördern.
Der Teilfonds strebt Anlagen in Qualitätsunternehmen mit nachhaltigen Finanzmodellen, Geschäftspraktiken und Geschäftsmodellen an, die widerstandsfähig sind und mit den langfristigen strukturellen Trends wachsen und von ihnen profitieren können. Zur Identifikation solcher Unternehmen verwendet er die unternehmenseigenen Instrumente und Methoden von LOIM für die Erstellung des ESG- und Nachhaltigkeitsprofils.
Bis zu 50% des Vermögens des Teilfonds dürfen in Schuldtitel investiert werden, die ein Rating von unter BBB, aber nicht unter B aufweisen oder nach Meinung des Fondsmanagers von vergleichbarer Qualität sind.
Bis zu 20% des Vermögens des Teilfonds dürfen in Schuldtitel investiert werden, die von staatlichen Emittenten (einschliesslich staatlicher Emittenten in den Emerging Markets) und/oder supranationalen Emittenten begeben oder garantiert werden.
Bis zu 20% des Vermögens des Teilfonds dürfen in Coco Bonds investiert werden.
Der Teilfonds kann bis zu 10% seines Vermögens in Verbriefungspositionen (einschliesslich, aber nicht beschränkt auf ABS/MBS) halten. Bis zu 10% des Vermögens des Teilfonds dürfen in Währungen (einschliesslich Emerging-Market-Währungen) investiert werden.
Im Einklang mit den geltenden Diversifikationsvorschriften dürfen bis zu 20% des Vermögens des Teilfonds in Zahlungsmittel und Zahlungsmitteläquivalente (einschliesslich kurzfristiger ABS/MBS, die bis zu 10% der Anlagen in Zahlungsmittel und Zahlungsmitteläquivalente ausmachen dürfen) investiert werden.
Die Wahl der Märkte, Sektoren, Börsenkapitalisierungen und Währungen (einschliesslich Emerging-Market-Währungen) liegt im freien Ermessen des Fondsmanagers. Dieser verfolgt eine High-Conviction-Strategie, d. h., er konzentriert das Vermögen des Teilfonds auf eine kleinere Anlagegruppe.
Wie in Paragraph 3.1 erwähnt, darf der Teilfonds bis zu 10% seines Nettovermögens in OGA halten.
Vorbehaltlich der in den Anlagerestriktionen (siehe Kapitel 4 des Prospekts) vorgesehenen Grenzen ist der Fondsmanager berechtigt, Finanzderivate einzusetzen:
- zu Absicherungszwecken	Ja
- als Teil der Anlagestrategie	JaDie Verwendung von strukturierten Finanzinstrumenten ist in Paragraph 3.1 beschrieben.

Referenzwährung
USD
Zur Zeichnung verfügbare Aktienklassen
Aktien können auch verschiedene Formen annehmen (d. h. in Bezug auf Alternativwährungen, Ausschüttungspolitik, Währungsabsicherungspolitik, Seeding, "Connect"): siehe Paragraph 2.2.
|  | P-Aktien | R-Aktien | N-Aktien | I-Aktien | S-Aktien | M-Aktien | H-Aktien | E-Aktien |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Anlegertyp | Siehe Tabelle in Paragraph 2.2 im allgemeinen Teil des Prospekts |
| Erstmalige Mindestanlage bzw. Mindestanlage-betrag | Gegenwert von EUR 3’000 | Gegenwert von EUR 1’000 | Gegenwert von CHF 1’000’000 | Gegenwert von CHF 1’000’000 | t.b.d. | Gegenwert von EUR 3’000 | Gegenwert von EUR 3’000 | keine |
| Maximaler FROC | 0,44% | 0,56% | 0,28% | 0,24% | 0,10% | 0,44% | 0,56% | 0,44% |
| Maximale Management- gebühr | 0,65% | 0,65% | 0,65% | 0,65% | k.A. | 0,75% | 1,30% | k.A. |
| Maximale Vertriebs-gebühr | 0,65% | 1,25% | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. |
| Performance-Fee | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. |
| Höchstsatz der Management-gebühren, wenn der Teilfonds in andere OGAW, OGA oder Ziel-Teilfonds investiert* | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% |
| Handels-gebühr | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% |
| * Ungeachtet einer Performance-Fee, die zusätzlich zu dieser Limite erhoben werden kann |

Offenlegung gemäss SFDR
Die Einstufung des Teilfonds gemäss SFDR, die Art und Weise, in der der Fondsmanager Nachhaltigkeitsrisiken in seine Anlageentscheidungen in Bezug auf den Teilfonds einbezieht, sowie die Ergebnisse der Bewertung der wahrscheinlichen Auswirkungen von Nachhaltigkeitsrisiken auf die Renditen des Teilfonds sind im SFDR-Anhang dargelegt.
Fondsmanager
Siehe Paragraph 6.3
Ansatz, mit dem das Gesamtrisiko des Teilfonds berechnet wird
Absoluter VaR
Erwartetes  Leverage-Niveau
300%
Risikobudget
10%
Profil des typischen Anlegers
Der Teilfonds ist geeignet für Anleger, die:
- mit ihren Anlagen regelmässige Erträge und potenziell Kapitalgewinne erzielen wollen; und
- bereit sind, die erhöhten Risiken zu tragen, die mit den Anlagekategorien verbunden sind, die im Anlageziel und in der Anlagepolitik beschrieben sind; und
- der Volatilität ihrer Aktien standhalten können.

Zeichnungsverfahren
Die Zeichnungsbeträge sind gemäss dem in Kapitel 20 des Prospekts beschriebenen Verfahren zu überweisen. Zeichnungsanträge müssen spätestens zur betreffenden Annahmeschlusszeit bei der Gesellschaft eingehen.
Die Zeichnungsbeträge sind der Verwahrstelle in der Referenzwährung oder im Falle von in einer Alternativwährung begebenen Klassen in der Alternativwährung mit Valuta vor dem Zahlungstermin unter Angabe der genauen Identität der/des Aktienzeichner(s) und des Teilfonds, von dem Aktien gezeichnet werden, zu überweisen.
Annahmeschlusszeit
| Annahmeschlusszeit 1  (Luxemburger Zeit) (Zeichnungen, Rücknahmen und Umtausch) | Bewertungstag 2  ("T") | Zahlungstermin 3 |
| --- | --- | --- |
| 12.00 Uhr am T | Täglich | Bis zu T+3 Tage 4 |

Hinweis: Als Tag ist ein Geschäftstag zu verstehen
1  
Ist dieser Tag kein Geschäftstag, einen Geschäftstag in Luxemburg vor dem betreffenden Tag.
2  
Ist dieser Bewertungstag kein Geschäftstag, gilt als Bewertungstag der nächste Geschäftstag oder der vorhergehende Geschäftstag bei einer Bewertung alle zwei Monate.
3  
Für Rücknahmen erfolgen die Zahlungen normalerweise in der Referenzwährung.
4  
Die Aktieninhaber werden gebeten, den jeweils geltenden Zahlungstermin der Website der Lombard Odier Gruppe (www.loim.com) zu entnehmen.
Weitere Einzelheiten sind in Paragraph 12.1 "Allgemeine Bestimmungen" des Kapitels 12 "Ausgabe und Verkauf der Aktien" enthalten.
Fixed-Income- und Emerging-Market-Teilfonds
LO Funds – Emerging Local Currency Bond Fundamental
Anlageziel und Anlagepolitik
Der Teilfonds wird aktiv verwaltet. Der JP Morgan GBI-EM Global Diversified TR Index wird für Performancevergleiche und zur internen Risikoüberwachung herangezogen, ohne dass dies besondere Anlagebeschränkungen für den Teilfonds zur Folge hätte. Die Wertpapiere, die der Teilfonds erwerben möchte, können jenen des Index in einem Umfang ähnlich sein, der im Zeitverlauf variiert. Doch in Bezug auf ihre Gewichtung dürften sich deutliche Unterschiede ergeben. Die Performance des Teilfonds kann wesentlich von der des Index abweichen.
Dieser Teilfonds investiert in auf OECD- und/oder Emerging-Market-Währungen (einschliesslich CNY) lautende Anleihen, andere fest- oder variabel verzinsliche Schuldtitel sowie kurzfristige Schuldtitel, die von staatlichen oder privaten Emerging-Market-Emittenten begeben oder garantiert werden, die ihren Sitz in Emerging Markets haben oder dort einen Grossteil ihrer Geschäftstätigkeit ausüben. Unter spezifischen Marktbedingungen oder falls dies der Fondsmanager für angemessen erachtet, darf der Teilfonds auch in auf OECD-Währungen lautende Anleihen, andere fest- oder variabel verzinsliche Schuldtitel sowie kurzfristige Schuldtitel anlegen, die von staatlichen Emittenten aus OECD- Ländern begeben oder garantiert werden. Die oben beschriebenen Instrumente müssen kein bestimmtes Rating aufweisen ("Non-Investment- Grade"-Wertpapiere wie in Paragraph 3.2 beschrieben sind ebenfalls erlaubt). Die Wahl der Emittenten und Länder liegt im freien Ermessen des Fondsmanagers. Bis zu 35% des Portefeuilles des Teilfonds können in Anleihen investiert werden, die vom russischen Staat begeben oder
garantiert werden und die amtlich notiert sind oder an einem regulierten Markt gehandelt werden. Direktinvestitionen in russische Märkte (keine Anlagen, die an der Moskauer Börse gehandelt werden) sowie andere Anlagen, die an nicht regulierten Märkten gehandelt werden, aber unter anderem übertragbar und liquide sind und deren Wert jederzeit genau bestimmt werden kann, dürfen 10% des Nettovermögens des Teilfonds nicht übersteigen. Bis zu 20% des Portefeuilles des Teilfonds dürfen in Anleihen des CIBM investiert werden, insbesondere über Bond Connect.
Neben Anlagen in Anleihen und andere Schuldtitel und -instrumente darf der Fondsmanager Finanzderivate verwenden, um (i) Long- und Short-Positionen in Währungen einzugehen (OECD- und/oder Emerging-Market-Währungen) und/oder um (ii) das Engagement in bestimmten
Anlagekategorien (einschliesslich Aktien), Märkten (einschliesslich Emerging Markets) und Indizes (einschliesslich Rohstoffindizes) zu erhöhen oder zu reduzieren.
Der Teilfonds kann ausserdem im Einklang mit den geltenden Diversifikationsvorschriften vollständig in Zahlungsmittel und Zahlungsmitteläquivalente (einschliesslich kurzfristiger ABS/MBS, die bis zu 10% der Anlagen in Zahlungsmittel und Zahlungsmitteläquivalente ausmachen dürfen) investiert sein, wenn der Fondsmanager beispielsweise der Meinung ist, dass der Teilfonds defensiv positioniert sein sollte. Der Teilfonds darf in den Emerging Markets vollständig investiert sein. Bitte beachten Sie den Anhang zu den Risikofaktoren, insbesondere Abschnitt
2.12 zu den Risiken solcher Anlagen.
Wie in Paragraph 3.1 erwähnt, darf der Teilfonds bis zu 10% seines Nettovermögens in OGA halten.
Vorbehaltlich der in den Anlagerestriktionen (siehe Kapitel 4 des Prospekts) erlaubten Grenzen ist der Fondsmanager berechtigt, Finanzderivate einzusetzen (darunter namentlich Kreditderivate einschliesslich CDS, sowie Zins-, Inflations-, Währungs- und Volatilitätsderivate):
- zur Absicherung	Ja
- zu EPM-Zwecken	Ja
- als Teil der Anlagestrategie	JaDie Verwendung von strukturierten Finanzinstrumenten ist in Paragraph 3.1 beschrieben.

Die Anleger werden auf den Anhang zu den Risikofaktoren hingewiesen, in dem die Risikofaktoren des Teilfonds aufgeführt sind.
Referenzwährung
USD
Zur Zeichnung aufliegende Aktienklassen
Aktien können auch verschiedene Formen annehmen (d.h. in Bezug auf Alternativwährungen, Ausschüttungspolitik, Währungsabsicherungspolitik, Seeding, "Connect"): siehe Paragraph 2.2.
|  | P-Aktien | R-Aktien | N-Aktien | I-Aktien | S-Aktien | M-Aktien | H-Aktien | E-Aktien |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Anlegertyp | Siehe Tabelle in Paragraph 2.2 im allgemeinen Teil des Prospekts |
| Erstmalige Mindestanlage bzw. Mindestanlagebetrag | Gegenwert von EUR 3’000 | Gegenwert von EUR 1’000 | Gegenwert von CHF 1’000’000 | Gegenwert von CHF 1’000’000 | t.b.d. | Gegenwert von EUR 3’000 | Gegenwert von EUR 3’000 | Nein |
| Maximaler FROC | 0,44% | 0,56% | 0,31% | 0,27% | 0,13% | 0,44% | 0,56% | 0,44% |
| Maximale Managementgebühr | 0,75% | 0,75% | 0,75% | 0,75% | k.A. | 0,85% | 1,50% | k.A. |
| Maximale Vertriebsgebühr | 0,75% | 1,55% | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. |
| Performance-Fee | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. |
| Höchstsatz der Managementgebühren, wenn der Teilfonds in andere OGAW oder OGA oder Ziel-Teilfonds investiert* | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% |
| Handelsgebühr | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% |
| * Ungeachtet einer Performance-Fee, die zusätzlich zu dieser Limite erhoben werden kann. |

Offenlegung gemäss SFDR
Die Einstufung des Teilfonds gemäss SFDR, die Art und Weise, in der der Fondsmanager Nachhaltigkeitsrisiken in seine Anlageentscheidungen in Bezug auf die Teilfonds integriert, sowie die Ergebnisse der Bewertung der wahrscheinlichen Auswirkungen von Nachhaltigkeitsrisiken auf die Renditen des Teilfonds sind im SFDR-Anhang dargelegt.
Fondsmanager
Siehe Paragraph 6.3
Ansatz, mit dem das Gesamtrisiko des Teilfonds berechnet wird
Relativer VaR
Referenzportefeuille ausschliesslich für die Gesamtrisikomessung
JPMorgan GBI-EM Global Diversified TR
Erwartetes  Leverage-Niveau
300%
Risikobudget
190%
Profil des typischen Anlegers
Der Teilfonds ist geeignet für Anleger, die:
- mit ihren Anlagen regelmässige Erträge und potenziell Kapitalgewinne erzielen wollen; und
- bereit sind, das erhöhte Risiko zu tragen, das mit den Anlagekategorien verbunden ist, die im Anlageziel und in der Anlagepolitik beschrieben sind; und
- der Volatilität ihrer Aktien standhalten können.

Zeichnungsverfahren
Die Zeichnungsbeträge sind gemäss dem in Kapitel 20 des Prospekts beschriebenen Verfahren zu überweisen. Zeichnungsanträge müssen spätestens zur betreffenden Annahmeschlusszeit bei der Gesellschaft eingehen.
Die Zeichnungsbeträge sind der Verwahrstelle in der Referenzwährung oder im Falle von in einer Alternativwährung begebenen Klassen in der Alternativwährung mit Valuta vor dem Zahlungstermin unter Angabe der genauen Identität der/des Aktienzeichner(s) und des Teilfonds, von dem Aktien gezeichnet werden, zu überweisen.
Annahmeschlusszeit
| Annahmeschlusszeit 1  (Luxemburger Zeit) (Zeichnungs-, Rücknahme- und Umtauschanträge) | Bewertungstag 2  ("T") | Zahlungstermin 3 |
| --- | --- | --- |
| 15.00 Uhr am T-1 Tag | Täglich | Bis zu T+3 Tage 4 |

Hinweis: Als Tag ist ein Geschäftstag zu verstehen
1  
Ist dieser Tag kein Geschäftstag, einen Geschäftstag in Luxemburg vor dem betreffenden Tag.
2  
Ist dieser Bewertungstag kein Geschäftstag, gilt als Bewertungstag der nächste Geschäftstag oder der vorhergehende Geschäftstag bei einer Bewertung alle zwei Monate.
3  
Für Rücknahmen erfolgen die Zahlungen normalerweise in der Referenzwährung.
4  
Die Aktieninhaber werden gebeten, den jeweils geltenden Zahlungstermin der Website der Lombard Odier Gruppe (www.loim.com) zu entnehmen.
Weitere Einzelheiten sind in Paragraph 12.1 "Allgemeine Bestimmungen" des Kapitels 12 "Ausgabe und Verkauf der Aktien" enthalten.
Fixed-Income- und Emerging-Market-Teilfonds
LO Funds – Asia Value Bond
Anlageziel und Anlagepolitik
Der Teilfonds wird aktiv verwaltet. Der JP Morgan Asia Credit TR Index wird für Performancevergleiche und zur internen Risikoüberwachung herangezogen, ohne dass dies besondere Anlagebeschränkungen für den Teilfonds zur Folge hätte. Die Wertpapiere, die der Teilfonds erwerben möchte, können jenen des Index in einem Umfang ähnlich sein, der im Zeitverlauf variiert. Doch in Bezug auf ihre Gewichtung dürften sich deutliche Unterschiede ergeben. Die Performance des Teilfonds kann wesentlich von der des Index abweichen.
Dieser Teilfonds investiert in (i) Anleihen, andere fest- oder variabel verzinsliche Schuldtitel, Wandelanleihen, Anleihen mit beigefügten Warrants auf übertragbare Wertpapiere und kurzfristige Schuldtitel, die von staatlichen oder privaten Emittenten weltweit begeben oder garantiert werden,
(ii) Währungen und (iii) Zahlungsmittel und Zahlungsmitteläquivalente (einschliesslich kurzfristiger ABS/MBS, die bis zu 10% der Anlagen in Zahlungsmittel und Zahlungsmitteläquivalente ausmachen dürfen).
Der Fondsmanager investiert zwar weltweit, sein klarer Fokus liegt jedoch auf Emittenten, die den Grossteil ihrer Geschäftstätigkeit in der Region Asien-Pazifik (einschliesslich Japan) ausüben.
Der Teilfonds kann sein Nettovermögen wie folgt investieren:
- 5% in OGA;
- 40% in Schuldpapiere, die von den in Paragraph 3.2 genannten Rating-Agenturen mit einem Rating von unter BBB oder gleichwertig eingestuft werden oder nach Meinung des Fondsmanagers von vergleichbarer Qualität sind. Wird die Bonität eines Wertpapiers von mehr als einer Rating-Agentur bewertet, so ist das höchste Rating massgebend;
- 20% in Wandelanleihen und Anleihen mit beigefügten Warrants auf übertragbare Wertpapiere;
- 25% in Coco Bonds; und
- 25% in Anleihen, die nicht in der Region Asien-Pazifik (einschliesslich Japan) emittiert wurden.

Der Teilfonds darf ausserdem in Emerging-Market-Währungen, einschliesslich CNH und CNY, investieren. Bis zu 25% des Portefeuilles des Teilfonds dürfen in Anleihen des CIBM investiert werden, insbesondere über Bond Connect.
Die Wahl der Emittenten, Instrumente, Märkte (insbesondere darf der Teilfonds vollständig in den Emerging Markets investiert sein), Laufzeiten und Währungen (einschliesslich Emerging-Market-Währungen) erfolgt nach freiem Ermessen des Fondsmanagers.
Vorbehaltlich der in den Anlagerestriktionen (siehe Kapitel 4 des Prospekts) erlaubten Grenzen ist der Fondsmanager berechtigt, Finanzderivate einzusetzen (darunter namentlich Kreditderivate einschliesslich CDS, sowie Zins- und Währungsderivate):
- zur Absicherung	Ja
- zu EPM-Zwecken	Ja
- als Teil der Anlagestrategie	NeinDie Anleger werden auf den Anhang zu den Risikofaktoren hingewiesen, in dem die Risikofaktoren des Teilfonds aufgeführt sind.

Referenzwährung
USD
Zur Zeichnung aufliegende Aktienklassen
Aktien können auch verschiedene Formen annehmen (d.h. in Bezug auf Alternativwährungen, Ausschüttungspolitik, Währungsabsicherungspolitik, Seeding, "Connect"): siehe Paragraph 2.2.
|  | P-Aktien | R-Aktien | N-Aktien | I-Aktien | S-Aktien | M-Aktien | H-Aktien | E-Aktien |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Anlegertyp | Siehe Tabelle in Paragraph 2.2 im allgemeinen Teil des Prospekts |
| Erstmalige Mindestanlage bzw. Mindestanlagebetrag | Gegenwert von EUR 3’000 | Gegenwert von EUR 1’000 | Gegenwert von CHF 1’000’000 | Gegenwert von CHF 1’000’000 | t.b.d. | Gegenwert von EUR 3’000 | Gegenwert von EUR 3’000 | Nein |
| Maximaler FROC | 0,44% | 0,56% | 0,31% | 0,27% | 0,13% | 0,44% | 0,56% | 0,44% |
| Maximale Managementgebühr | 0,75% | 0,75% | 0,75% | 0,75% | k.A. | 0,85% | 1,50% | k.A. |
| Maximale Vertriebsgebühr | 0,75% | 1,55% | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. |
| Performance-Fee | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. |
| Höchstsatz der Managementgebühren, wenn der Teilfonds in andere OGAW oder OGA oder Ziel-Teilfonds investiert* | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% |
| Handelsgebühr | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% |
| * Ungeachtet einer Performance-Fee, die zusätzlich zu dieser Limite erhoben werden kann. |

Offenlegung gemäss SFDR
Die Einstufung des Teilfonds gemäss SFDR, die Art und Weise, in der der Fondsmanager Nachhaltigkeitsrisiken in seine Anlageentscheidungen in Bezug auf die Teilfonds integriert, sowie die Ergebnisse der Bewertung der wahrscheinlichen Auswirkungen von Nachhaltigkeitsrisiken auf die Renditen des Teilfonds sind im SFDR-Anhang dargelegt.
Fondsmanager
Siehe Paragraph 6.3
Ansatz, mit dem das Gesamtrisiko des Teilfonds berechnet wird
Commitment-Ansatz
Profil des typischen Anlegers
Der Teilfonds ist geeignet für Anleger, die:
- mit ihren Anlagen regelmässige Erträge und potenziell Kapitalgewinne erzielen wollen; und
- bereit sind, das erhöhte Risiko zu tragen, das mit den Anlagekategorien verbunden ist, die im Anlageziel und in der Anlagepolitik beschrieben sind; und
- der Volatilität ihrer Aktien standhalten können.

Zeichnungsverfahren
Die Zeichnungsbeträge sind gemäss dem in Kapitel 20 des Prospekts beschriebenen Verfahren zu überweisen. Zeichnungsanträge müssen spätestens zur betreffenden Annahmeschlusszeit bei der Gesellschaft eingehen.
Die Zeichnungsbeträge sind der Verwahrstelle in der Referenzwährung oder im Falle von in einer Alternativwährung begebenen Klassen in der Alternativwährung mit Valuta vor dem Zahlungstermin unter Angabe der genauen Identität der/des Aktienzeichner(s) und des Teilfonds, von dem Aktien gezeichnet werden, zu überweisen.
Annahmeschlusszeit
| Annahmeschlusszeit 1  (Luxemburger Zeit) (Zeichnungs-, Rücknahme- und Umtauschanträge) | Bewertungstag 2  ("T") | Zahlungstermin 3 |
| --- | --- | --- |
| 15.00 Uhr am T-1 Tag | Täglich | Bis zu T+3 Tage 4 |

Hinweis: Als Tag ist ein Geschäftstag zu verstehen
1  
Ist dieser Tag kein Geschäftstag, einen Geschäftstag in Luxemburg vor dem betreffenden Tag.
2  
Ist dieser Bewertungstag kein Geschäftstag, gilt als Bewertungstag der nächste Geschäftstag oder der vorhergehende Geschäftstag bei einer Bewertung alle zwei Monate.
3  
Für Rücknahmen erfolgen die Zahlungen normalerweise in der Referenzwährung.
4  
Die Aktieninhaber werden gebeten, den jeweils geltenden Zahlungstermin der Website der Lombard Odier Gruppe (www.loim.com) zu entnehmen.
Weitere Einzelheiten sind in Paragraph 12.1 "Allgemeine Bestimmungen" des Kapitels 12 "Ausgabe und Verkauf der Aktien" enthalten.
Fixed-Income- und Emerging-Market-Teilfonds
LO Funds – Asia Investment Grade Bond
Anlageziel und Anlagepolitik
Der Teilfonds wird aktiv verwaltet. Der JP Morgan JACI Investment Grade TR Index wird für Performancevergleiche und zur internen Risikoüberwachung herangezogen, ohne dass dies besondere Anlagebeschränkungen für den Teilfonds zur Folge hätte. Die Wertpapiere, die der Teilfonds erwerben möchte, können jenen des Index in einem Umfang ähnlich sein, der im Zeitverlauf variiert. Doch in Bezug auf ihre Gewichtung dürften sich deutliche Unterschiede ergeben. Die Performance des Teilfonds kann wesentlich von der des Index abweichen.
Dieser Teilfonds investiert mindestens 70% seines Nettovermögens in (i) Anleihen, andere fest- oder variabel verzinsliche Schuldtitel, Wandelanleihen, Anleihen mit beigefügten Warrants auf übertragbare Wertpapiere und kurzfristige Schuldtitel, die von staatlichen oder privaten Emittenten begeben oder garantiert werden, die den Grossteil ihrer Geschäftstätigkeit in der Region Asien-Pazifik (einschliesslich Japan und Australien) ausüben, (ii) Währungen und (iii) Zahlungsmittel und Zahlungsmitteläquivalente (einschliesslich kurzfristiger ABS/MBS, die bis zu 10% der Anlagen in Zahlungsmittel und Zahlungsmitteläquivalente ausmachen dürfen).
Der Teilfonds kann sein Nettovermögen wie folgt investieren:
- 5% in OGA;
- 20% in Coco Bonds; und
- 30% in Schuldverschreibungen, die nicht in der Region Asien-Pazifik emittiert wurden.

Falls vom Teilfonds gehaltene Wertpapiere von den in Paragraph 3.2 genannten Rating-Agenturen auf unter BBB- oder gleichwertig oder auf eine nach Meinung des Fondsmanagers vergleichbare Qualität herabgestuft werden, gelten die folgenden Prinzipien:
- Verfügen die herabgestuften Wertpapiere über ein Rating von BB+, BB oder BB- (oder ein gleichwertiges Rating bzw. eine gleichwertige Qualität), darf der Teilfonds unter Berücksichtigung der Marktbedingungen und im besten Interesse der Aktieninhaber bis zu ihrer Veräusserung bis zu 10% seines Nettovermögens in diesen Wertpapieren halten;
- verfügen die herabgestuften Wertpapiere über ein Rating von unter BB- (oder ein gleichwertiges Rating bzw. eine gleichwertige Qualität), wird der Teilfonds diese Wertpapiere umgehend veräussern.

Der Teilfonds darf ausserdem in Emerging-Market-Währungen, einschliesslich CNH und CNY, investieren. Bis zu 25% des Portefeuilles des Teilfonds dürfen in Anleihen des CIBM investiert werden, insbesondere über Bond Connect.
Die Wahl der Emittenten, Instrumente, Märkte (insbesondere darf der Teilfonds vollständig in den Emerging Markets investiert sein), Laufzeiten und Währungen (einschliesslich Emerging-Market-Währungen) erfolgt nach freiem Ermessen des Fondsmanagers.
Vorbehaltlich der in Kapitel 4 des Prospekts unter Anlagerestriktionen auferlegten Grenzen ist der Fondsmanager berechtigt, Finanzderivate, darunter namentlich Kreditderivate (einschliesslich CDS) sowie Zins- und Devisenderivate, einzusetzen:
- zu Absicherungszwecken	Ja
- zu EPM-Zwecken	Ja
- als Teil der Anlagestrategie	NeinDie Anleger werden auf den Anhang zu den Risikofaktoren hingewiesen, in dem die Risikofaktoren des Teilfonds aufgeführt sind.

Referenzwährung
USD
Zur Zeichnung verfügbare Aktienklassen
Aktien können auch verschiedene Formen annehmen (d.h. in Bezug auf Alternativwährungen, Ausschüttungspolitik, Währungsabsicherungspolitik, Seeding, "Connect"): siehe Paragraph 2.2.
|  | P-Aktien | R-Aktien | N-Aktien | I-Aktien | S-Aktien | M-Aktien | H-Aktien | E-Aktien |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Anlegertyp | Siehe Tabelle in Paragraph 2.2 im allgemeinen Teil des Prospekts |
| Erstmalige Mindestanlage bzw. Mindestanlagebetrag | Gegenwert von EUR 3’000 | Gegenwert von EUR 1’000 | Gegenwert von CHF 1’000’000 | Gegenwert von CHF 1’000’000 | t.b.d. | Gegenwert von EUR 3’000 | Gegenwert von EUR 3’000 | Nein |
| Maximaler FROC | 0,44% | 0,56% | 0,31% | 0,27% | 0,13% | 0,44% | 0,56% | 0,44% |
| Maximale Managementgebühr | 0,75% | 0,75% | 0,75% | 0,75% | k.A. | 0,85% | 1,50% | k.A. |
| Maximale Vertriebsgebühr | 0,75% | 1,55% | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. |
| Performance-Fee | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. |
| Höchstsatz der Managementgebühren, wenn der Teilfonds in andere OGAW, OGA oder Ziel-Teilfonds investiert* | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% |
| Handelsgebühr | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% |
| * Ungeachtet einer Performance-Fee, die zusätzlich zu diesem Betrag erhoben werden kann. |

Offenlegung gemäss SFDR
Die Einstufung des Teilfonds gemäss SFDR, die Art und Weise, in der der Fondsmanager Nachhaltigkeitsrisiken in seine Anlageentscheidungen in Bezug auf die Teilfonds integriert, sowie die Ergebnisse der Bewertung der wahrscheinlichen Auswirkungen von Nachhaltigkeitsrisiken auf die Renditen des Teilfonds sind im SFDR-Anhang dargelegt.
Fondsmanager
Siehe Paragraph 6.3
Ansatz, mit dem das Gesamtrisiko des Teilfonds berechnet wird
Commitment-Ansatz
Profil des typischen Anlegers
Der Teilfonds ist geeignet für Anleger, die:
- mit ihren Anlagen regelmässige Erträge und potenziell Kapitalgewinne erzielen wollen; und
- bereit sind, das erhöhte Risiko zu tragen, das mit den Anlagekategorien verbunden ist, die im Anlageziel und in der Anlagepolitik beschrieben sind; und
- der Volatilität ihrer Aktien standhalten können.

Zeichnungsverfahren
Die Zeichnungsbeträge sind gemäss dem in Kapitel 20 des Prospekts beschriebenen Verfahren zu überweisen. Zeichnungsanträge müssen spätestens zur betreffenden Annahmeschlusszeit bei der Gesellschaft eingehen.
Die Zeichnungsbeträge sind der Verwahrstelle in der Referenzwährung oder im Falle von in einer Alternativwährung begebenen Klassen in der Alternativwährung mit Valuta vor dem Zahlungstermin unter Angabe der genauen Identität der/des Aktienzeichner(s) und des Teilfonds, von dem Aktien gezeichnet werden, zu überweisen.
Annahmeschlusszeit
| Annahmeschlusszeit 1  (Luxemburger Zeit) (Zeichnungs-, Rücknahme- und Umtauschanträge) | Bewertungstag 2  ("T") | Zahlungstermin 3 |
| --- | --- | --- |
| 15.00 Uhr am T-1 Tag | Täglich | Bis zu T+3 Tage 4 |

Hinweis: Als Tag ist ein Geschäftstag zu verstehen
1  
Ist dieser Tag kein Geschäftstag, einen Geschäftstag in Luxemburg vor dem betreffenden Tag.
2  
Ist dieser Bewertungstag kein Geschäftstag, gilt als Bewertungstag der nächste Geschäftstag oder der vorhergehende Geschäftstag bei einer Bewertung alle zwei Monate.
3  
Für Rücknahmen erfolgen die Zahlungen normalerweise in der Referenzwährung.
4  
Die Aktieninhaber werden gebeten, den jeweils geltenden Zahlungstermin der Website der Lombard Odier Gruppe (www.loim.com) zu entnehmen.
Weitere Einzelheiten sind in Paragraph 12.1 "Allgemeine Bestimmungen" des Kapitels 12 "Ausgabe und Verkauf der Aktien" enthalten.
Fixed-Income- und Wandelanleihen-Teilfonds
LO Funds – Convertible Bond
Anlageziel und Anlagepolitik
Der Teilfonds wird aktiv verwaltet. Der Refinitiv Global Convertible Composite Hedged TR Index wird für Performancevergleiche und zur internen Risikoüberwachung herangezogen, ohne dass dies besondere Anlagebeschränkungen für den Teilfonds zur Folge hätte. Die Wertpapiere, die der Teilfonds erwerben möchte, können jenen des Index in einem Umfang ähnlich sein, der im Zeitverlauf variiert. Doch in Bezug auf ihre Gewichtung dürften sich deutliche Unterschiede ergeben. Die Performance des Teilfonds kann wesentlich von der des Index abweichen.
Der Teilfonds strebt Anlagen in Qualitätsunternehmen mit nachhaltigen Finanzmodellen, Geschäftspraktiken und Geschäftsmodellen an, die widerstandsfähig sind und mit den langfristigen strukturellen Trends wachsen und von ihnen profitieren können. Zur Identifikation solcher Unternehmen verwendet er die unternehmenseigenen Instrumente und Methoden von LOIM für die Erstellung des ESG- und Nachhaltigkeitsprofils.
Dieser Teilfonds investiert mindestens zwei Drittel (2/3) seines Vermögens in Anleihen, die in Aktien wandelbar sind, in ähnliche Instrumente wie Warrants und wandelbare Vorzugaktien, die auf verschiedene Währungen lauten, in synthetische Wandelanleihen (getrennter Kauf
von Anleihen und Optionen oder Wandelanleihen und Option) und in Finanzderivate auf Wandelanleihen. im Einklang mit den geltenden Diversifikationsvorschriften darf bis zu einem Drittel (1/3) des Vermögens des Teilfonds in andere übertragbare Wertpapiere und/oder in Zahlungsmittel und Zahlungsmitteläquivalente (einschliesslich kurzfristiger ABS/MBS, die bis zu 10% der Anlagen in Zahlungsmittel und Zahlungsmitteläquivalente ausmachen dürfen) investiert werden. Der Teilfonds darf nicht mehr als 10% seines Nettovermögens in Aktien halten. Der Marktwert des fakultativen Teils der synthetischen Wandelanleihen wird bei der Überprüfung der Einhaltung der Zwei-Drittel-Quote der oben beschriebenen Anlagepolitik berücksichtigt.
Der Fondsmanager darf das Vermögen des Teilfonds in Wertpapiere oder Emittenten anlegen, die von den in Paragraph 3.2 genannten Rating- Agenturen mit einem Rating von B oder besser eingestuft werden oder die nach Meinung des Fondsmanagers von vergleichbarer Qualität sind. Die Wahl der Instrumente, Märkte (insbesondere darf der Teilfonds vollständig in den Emerging Markets investiert sein) und Währungen (einschliesslich Emerging-Market-Währungen) erfolgt nach freiem Ermessen des Fondsmanagers. Der Fondsmanager darf bis zu 5% des Vermögens des Teilfonds über das RQFII-Programm in chinesische Wandelanleihen investieren.
Wie in Paragraph 3.1 erwähnt, darf der Teilfonds bis zu 10% seines Nettovermögens in OGA halten.
Vorbehaltlich der in den Anlagerestriktionen (siehe Kapitel 4 des Prospekts) erlaubten Grenzen ist der Fondsmanager berechtigt, Finanzderivate einzusetzen (darunter namentlich Forwards, Kreditderivate und Zinsderivate):
- zur Absicherung	Ja
- zu EPM-Zwecken	Ja
- als Teil der Anlagestrategie	JaDie Verwendung von strukturierten Finanzinstrumenten ist in Paragraph 3.1 beschrieben.

Die Anleger werden auf den Anhang zu den Risikofaktoren hingewiesen, in dem die Risikofaktoren des Teilfonds aufgeführt sind, insbesondere Paragraph 2.12 zu den Risiken von Anlagen in Emerging Markets.
Referenzwährung
EUR
Zur Zeichnung aufliegende Aktienklassen
Aktien können auch verschiedene Formen annehmen (d.h. in Bezug auf Alternativwährungen, Ausschüttungspolitik, Währungsabsicherungspolitik, Seeding, "Connect"): siehe Paragraph 2.2.
|  | P-Aktien | R-Aktien | N-Aktien | I-Aktien | S-Aktien | M-Aktien | H-Aktien | E-Aktien |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Anlegertyp | Siehe Tabelle in Paragraph 2.2 im allgemeinen Teil des Prospekts |
| Erstmalige Mindestanlage bzw. Mindestanlagebetrag | Gegenwert von EUR 3’000 | Gegenwert von EUR 1’000 | Gegenwert von CHF 1’000’000 | Gegenwert von CHF 1’000’000 | t.b.d. | Gegenwert von EUR 3’000 | Gegenwert von EUR 3’000 | Nein |
| Maximaler FROC | 0,44% | 0,56% | 0,28% | 0,24% | 0,10% | 0,44% | 0,56% | 0,44% |
| Maximale Managementgebühr | 0,65% | 0,65% | 0,65% | 0,65% | k.A. | 0,75% | 1,30% | k.A. |
| Maximale Vertriebsgebühr | 0,65% | 1,15% | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. |
| Performance-Fee | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. |
| Höchstsatz der Managementgebühren, wenn der Teilfonds in andere OGAW oder OGA oder Ziel-Teilfonds investiert* | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% |
| Handelsgebühr | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% |
| * Ungeachtet einer Performance-Fee, die zusätzlich zu dieser Limite erhoben werden kann. |

Offenlegung gemäss SFDR
Die Einstufung des Teilfonds gemäss SFDR, die Art und Weise, in der der Fondsmanager Nachhaltigkeitsrisiken in seine Anlageentscheidungen in Bezug auf die Teilfonds integriert, sowie die Ergebnisse der Bewertung der wahrscheinlichen Auswirkungen von Nachhaltigkeitsrisiken auf die Renditen des Teilfonds sind im SFDR-Anhang dargelegt.
Fondsmanager
Siehe Paragraph 6.3
Ansatz, mit dem das Gesamtrisiko des Teilfonds berechnet wird
Relativer VaR
Referenzportefeuille ausschliesslich für die Gesamtrisikomessung
Thomson Reuters Global Convertible Composite Index Hedged EUR TR
Erwartetes  Leverage-Niveau
125%
Risikobudget
150%
Profil des typischen Anlegers
Der Teilfonds ist geeignet für Anleger, die:
- mit ihren Anlagen regelmässige Erträge und potenziell Kapitalgewinne erzielen wollen; und
- bereit sind, das erhöhte Risiko zu tragen, das mit den Anlagekategorien verbunden ist, die im Anlageziel und in der Anlagepolitik beschrieben sind; und
- der Volatilität ihrer Aktien standhalten können.

Zeichnungsverfahren
Die Zeichnungsbeträge sind gemäss dem in Kapitel 20 des Prospekts beschriebenen Verfahren zu überweisen. Zeichnungsanträge müssen spätestens zur betreffenden Annahmeschlusszeit bei der Gesellschaft eingehen.
Die Zeichnungsbeträge sind der Verwahrstelle in der Referenzwährung oder im Falle von in einer Alternativwährung begebenen Klassen in der Alternativwährung mit Valuta vor dem Zahlungstermin unter Angabe der genauen Identität der/des Aktienzeichner(s) und des Teilfonds, von dem Aktien gezeichnet werden, zu überweisen.
Annahmeschlusszeit
| Annahmeschlusszeit 1  (Luxemburger Zeit) (Zeichnungs-, Rücknahme- und Umtauschanträge) | Bewertungstag 2  ("T") | Zahlungstermin 3 |
| --- | --- | --- |
| 15.00 Uhr am T-1 Tag | Täglich | Bis zu T+3 Tage 4 |

Hinweis: Als Tag ist ein Geschäftstag zu verstehen
1  
Ist dieser Tag kein Geschäftstag, einen Geschäftstag in Luxemburg vor dem betreffenden Tag.
2  
Ist dieser Bewertungstag kein Geschäftstag, gilt als Bewertungstag der nächste Geschäftstag oder der vorhergehende Geschäftstag bei einer Bewertung alle zwei Monate.
3  
Für Rücknahmen erfolgen die Zahlungen normalerweise in der Referenzwährung.
4  
Die Aktieninhaber werden gebeten, den jeweils geltenden Zahlungstermin der Website der Lombard Odier Gruppe (www.loim.com) zu entnehmen.
Weitere Einzelheiten sind in Paragraph 12.1 "Allgemeine Bestimmungen" des Kapitels 12 "Ausgabe und Verkauf der Aktien" enthalten.
Fixed-Income- und Wandelanleihen-Teilfonds
LO Funds – Global Convertible Bond Defensive Delta
Anlageziel und Anlagepolitik
Der Teilfonds wird aktiv verwaltet. Die Verwaltung des Teilfonds orientiert sich nicht an einem Index.
Dieser Teilfonds investiert mindestens zwei Drittel (2/3) seines Vermögens in Anleihen, die in Aktien wandelbar sind, in ähnliche Instrumente wie Warrants und wandelbare Vorzugaktien, die auf verschiedene Währungen lauten, in synthetische Wandelanleihen (getrennter Kauf
von Anleihen und Optionen oder Wandelanleihen und Option) und in Finanzderivate auf Wandelanleihen. im Einklang mit den geltenden Diversifikationsvorschriften darf bis zu einem Drittel (1/3) des Vermögens des Teilfonds in andere übertragbare Wertpapiere und/oder in Zahlungsmittel und Zahlungsmitteläquivalente (einschliesslich kurzfristiger ABS/MBS, die bis zu 10% der Anlagen in Zahlungsmittel und Zahlungsmitteläquivalente ausmachen dürfen) investiert werden. Der Teilfonds darf nicht mehr als 10% seines Nettovermögens in Aktien halten. Der Marktwert des fakultativen Teils der synthetischen Wandelanleihen wird bei der Überprüfung der Einhaltung der Zwei-Drittel-Quote der oben beschriebenen Anlagepolitik berücksichtigt. Der Fondsmanager strebt an, das gewichtete durchschnittliche Delta des Teilfonds bei oder unter 40% zu halten. Das Delta bezeichnet die Sensitivität des Kurses einer Wandelanleihe gegenüber Kursveränderungen der zugrunde liegenden Aktie.
Der Fondsmanager darf das Vermögen des Teilfonds in Wertpapiere oder Emittenten anlegen, die von den in Paragraph 3.2 genannten Rating- Agenturen mit einem Rating von B oder besser eingestuft werden oder die nach Meinung des Fondsmanagers von vergleichbarer Qualität sind. Die Wahl der Instrumente, Märkte (insbesondere darf der Teilfonds vollständig in den Emerging Markets investiert sein) und Währungen (einschliesslich Emerging-Market-Währungen) erfolgt nach freiem Ermessen des Fondsmanagers.
Wie in Paragraph 3.1 erwähnt, darf der Teilfonds bis zu 10% seines Nettovermögens in OGA halten.
Vorbehaltlich der in den Anlagerestriktionen (siehe Kapitel 4 des Prospekts) erlaubten Grenzen ist der Fondsmanager berechtigt, Finanzderivate einzusetzen (darunter namentlich Forwards, Kreditderivate und Zinsderivate):
- zur Absicherung	Ja
- zu EPM-Zwecken	Ja
- als Teil der Anlagestrategie	JaDie Verwendung von strukturierten Finanzinstrumenten ist in Paragraph 3.1 beschrieben.

Die Anleger werden auf den Anhang zu den Risikofaktoren hingewiesen, in dem die Risikofaktoren des Teilfonds aufgeführt sind.
Referenzwährung
EUR
Zur Zeichnung aufliegende Aktienklassen
Aktien können auch verschiedene Formen annehmen (d.h. in Bezug auf Alternativwährungen, Ausschüttungspolitik, Währungsabsicherungspolitik, Seeding, "Connect"): siehe Paragraph 2.2.
|  | P-Aktien | R-Aktien | N-Aktien | I-Aktien | S-Aktien | M-Aktien | H-Aktien | E-Aktien |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Anlegertyp | Siehe Tabelle in Paragraph 2.2 im allgemeinen Teil des Prospekts |
| Erstmalige Mindestanlage bzw. Mindestanlagebetrag | Gegenwert von EUR 3’000 | Gegenwert von EUR 1’000 | Gegenwert von CHF 1’000’000 | Gegenwert von CHF 1’000’000 | t.b.d. | Gegenwert von EUR 3’000 | Gegenwert von EUR 3’000 | Nein |
| Maximaler FROC | 0,44% | 0,56% | 0,28% | 0,24% | 0,10% | 0,44% | 0,56% | 0,44% |
| Maximale Managementgebühr | 0,65% | 0,65% | 0,65% | 0,65% | k.A. | 0,75% | 1,30% | k.A. |
| Maximale Vertriebsgebühr | 0,65% | 1,15% | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. |
| Performance-Fee | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. |
| Höchstsatz der Managementgebühren, wenn der Teilfonds in andere OGAW oder OGA oder Ziel-Teilfonds investiert* | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% |
| Handelsgebühr | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% |
| * Ungeachtet einer Performance-Fee, die zusätzlich zu dieser Limite erhoben werden kann. |

Offenlegung gemäss SFDR
Die Einstufung des Teilfonds gemäss SFDR, die Art und Weise, in der der Fondsmanager Nachhaltigkeitsrisiken in seine Anlageentscheidungen in Bezug auf die Teilfonds integriert, sowie die Ergebnisse der Bewertung der wahrscheinlichen Auswirkungen von Nachhaltigkeitsrisiken auf die Renditen des Teilfonds sind im SFDR-Anhang dargelegt.
Fondsmanager
Siehe Paragraph 6.3
Ansatz, mit dem das Gesamtrisiko des Teilfonds berechnet wird
Absoluter VaR
Referenzportefeuille ausschliesslich für die Gesamtrisikomessung
Nicht anwendbar
Erwartetes  Leverage-Niveau
Es wird erwartet, dass das Leverage des Teilfonds für den Gesamtnennwert der Finanzderivate rund 125% des Nettoinventarwerts betragen wird. Die Anleger werden darauf hingewiesen, dass die erwarteten Engagements und Leverage-Niveaus überschritten werden können.
Risikobudget
10%
Profil des typischen Anlegers
Der Teilfonds ist geeignet für Anleger, die:
- mit ihren Anlagen regelmässige Erträge und potenziell Kapitalgewinne erzielen wollen; und
- bereit sind, das erhöhte Risiko zu tragen, das mit den Anlagekategorien verbunden ist, die im Anlageziel und in der Anlagepolitik beschrieben sind; und
- der Volatilität ihrer Aktien standhalten können.

Zeichnungsverfahren
Die Zeichnungsbeträge sind gemäss dem in Kapitel 20 des Prospekts beschriebenen Verfahren zu überweisen. Zeichnungsanträge müssen spätestens zur betreffenden Annahmeschlusszeit bei der Gesellschaft eingehen.
Die Zeichnungsbeträge sind der Verwahrstelle in der Referenzwährung oder im Falle von in einer Alternativwährung begebenen Klassen in der Alternativwährung mit Valuta vor dem Zahlungstermin unter Angabe der genauen Identität der/des Aktienzeichner(s) und des Teilfonds, von dem
Aktien gezeichnet werden, zu überweisen.
Annahmeschlusszeit
| Annahmeschlusszeit 1  (Luxemburger Zeit) (Zeichnungs-, Rücknahme- und Umtauschanträge) | Bewertungstag 2  ("T") | Zahlungstermin 3 |
| --- | --- | --- |
| 15.00 Uhr am T-1 Tag | Täglich | Bis zu T+3 Tage 4 |

Hinweis: Als Tag ist ein Geschäftstag zu verstehen
1  
Ist dieser Tag kein Geschäftstag, einen Geschäftstag in Luxemburg vor dem betreffenden Tag.
2  
Ist dieser Bewertungstag kein Geschäftstag, gilt als Bewertungstag der nächste Geschäftstag oder der vorhergehende Geschäftstag bei einer Bewertung alle zwei Monate.
3  
Für Rücknahmen erfolgen die Zahlungen normalerweise in der Referenzwährung.
4  
Die Aktieninhaber werden gebeten, den jeweils geltenden Zahlungstermin der Website der Lombard Odier Gruppe (www.loim.com) zu entnehmen.
Weitere Einzelheiten sind in Paragraph 12.1 "Allgemeine Bestimmungen" des Kapitels 12 "Ausgabe und Verkauf der Aktien" enthalten.
Fixed-Income- und Wandelanleihen-Teilfonds
LO Funds – Convertible Bond Asia
Anlageziel und Anlagepolitik
Der Teilfonds wird aktiv verwaltet. Der Refinitiv Convertible Asia Ex-Japan TR Index wird für Performancevergleiche und zur internen Risikoüberwachung herangezogen, ohne dass dies besondere Anlagebeschränkungen für den Teilfonds zur Folge hätte. Die Wertpapiere, die der Teilfonds erwerben möchte, können jenen des Index in einem Umfang ähnlich sein, der im Zeitverlauf variiert. Doch in Bezug auf ihre Gewichtung dürften sich deutliche Unterschiede ergeben. Die Performance des Teilfonds kann wesentlich von der des Index abweichen.
Dieser Teilfonds investiert mindestens zwei Drittel (2/3) seines Portfolios in Anleihen, die in Aktien wandelbar sind, auf verschiedene Währungen lauten und von Gesellschaften, die ihren Sitz in Asien haben oder dort einen Grossteil ihrer Geschäftstätigkeit ausüben, begeben wurden,
in synthetische Wandelanleihen (getrennter Kauf von Anleihen und Optionen oder Wandelanleihen und Option) und in Finanzderivate auf Wandelanleihen. Der Teilfonds kann bis zu einem Drittel (1/3) seines Portefeuilles in andere übertragbare Wertpapiere und/oder Zahlungsmittel und Zahlungsmitteläquivalente investieren. Der Teilfonds darf nicht mehr als 10% seines Nettovermögens in Aktien halten. Der Marktwert des fakultativen Teils der synthetischen Wandelanleihen wird bei der Überprüfung der Einhaltung der Zwei-Drittel-Quote der oben beschriebenen Anlagepolitik berücksichtigt. Der Fondsmanager darf das Vermögen des Teilfonds in Wertpapiere oder Emittenten anlegen, die von den in Paragraph 3.2 genannten Rating-Agenturen mit einem Rating von B oder besser eingestuft werden oder die nach Meinung des Fondsmanagers von vergleichbarer Qualität sind. Die Wahl der Instrumente, Märkte (insbesondere darf der Teilfonds vollständig in den Emerging Markets investiert sein) und Währungen (einschliesslich Emerging-Market-Währungen) erfolgt nach freiem Ermessen des Fondsmanagers. Der Fondsmanager darf bis zu 15% des Vermögens des Teilfonds über das RQFII-Programm in chinesische Wandelanleihen investieren.
Wie in Paragraph 3.1 erwähnt, darf der Teilfonds (i) unter normalen Marktbedingungen und im Einklang mit den geltenden Diversifikationsvorschriften vorübergehend und ergänzend bis zu einem Drittel (1/3) seines Nettovermögens in Zahlungsmitteln und Zahlungsmitteläquivalenten (einschliesslich kurzfristiger ABS/MBS, die bis zu 10% der Anlagen in Zahlungsmittel und Zahlungsmitteläquivalente ausmachen dürfen) und (ii) bis zu 10% seines Nettovermögens in OGA halten.
Vorbehaltlich der in den Anlagerestriktionen (siehe Kapitel 4 des Prospekts) erlaubten Grenzen ist der Fondsmanager berechtigt, Finanzderivate einzusetzen (darunter namentlich Forwards, Kreditderivate und Zinsderivate):
- zur Absicherung	Ja
- zu EPM-Zwecken	Ja
- als Teil der Anlagestrategie	JaDie Verwendung von strukturierten Finanzinstrumenten ist in Paragraph 3.1 beschrieben.

Die Anleger werden auf den Anhang zu den Risikofaktoren hingewiesen, in dem die Risikofaktoren des Teilfonds aufgeführt sind, insbesondere Paragraph 2.12 zu den Risiken von Anlagen in Emerging Markets.
Referenzwährung
USD
Zur Zeichnung aufliegende Aktienklassen
Aktien können auch verschiedene Formen annehmen (d.h. in Bezug auf Alternativwährungen, Ausschüttungspolitik, Währungsabsicherungspolitik, Seeding, "Connect"): siehe Paragraph 2.2.
|  | P-Aktien | R-Aktien | N-Aktien | I-Aktien | S-Aktien | M-Aktien | H-Aktien | E-Aktien |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Anlegertyp | Siehe Tabelle in Paragraph 2.2 im allgemeinen Teil des Prospekts |
| Erstmalige Mindestanlage bzw. Mindestanlagebetrag | Gegenwert von EUR 3’000 | Gegenwert von EUR 1’000 | Gegenwert von CHF 1’000’000 | Gegenwert von CHF 1’000’000 | t.b.d. | Gegenwert von EUR 3’000 | Gegenwert von EUR 3’000 | Nein |
| Maximaler FROC | 0,44% | 0,56% | 0,28% | 0,24% | 0,10% | 0,44 | 0,56% | 0,44% |
| Maximale Managementgebühr | 0,75% | 0,75% | 0,75% | 0,75% | k.A. | 0,85% | 1,50% | k.A. |
| Maximale Vertriebsgebühr | 0,75% | 1,55% | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. |
| Performance-Fee | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. |
| Höchstsatz der Managementgebühren, wenn der Teilfonds in andere OGAW oder OGA oder Ziel-Teilfonds investiert* | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% |
| Handelsgebühr | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% |
| * Ungeachtet einer Performance-Fee, die zusätzlich zu dieser Limite erhoben werden kann. |

Offenlegung gemäss SFDR
Die Einstufung des Teilfonds gemäss SFDR, die Art und Weise, in der der Fondsmanager Nachhaltigkeitsrisiken in seine Anlageentscheidungen in Bezug auf die Teilfonds integriert, sowie die Ergebnisse der Bewertung der wahrscheinlichen Auswirkungen von Nachhaltigkeitsrisiken auf die Renditen des Teilfonds sind im SFDR-Anhang dargelegt.
Fondsmanager
Siehe Paragraph 6.3
Ansatz, mit dem das Gesamtrisiko des Teilfonds berechnet wird
Relativer VaR
Referenzportefeuille ausschliesslich für die Gesamtrisikomessung
Thomson Reuters Convertible Asia ex Japan Index (USD) TR
Erwartetes  Leverage-Niveau
125%
Risikobudget
150%
Profil des typischen Anlegers
Der Teilfonds ist geeignet für Anleger, die:
- mit ihren Anlagen regelmässige Erträge und potenziell Kapitalgewinne erzielen wollen; und
- bereit sind, das erhöhte Risiko zu tragen, das mit den Anlagekategorien verbunden ist, die im Anlageziel und in der Anlagepolitik beschrieben sind; und
- der Volatilität ihrer Aktien standhalten können.

Zeichnungsverfahren
Die Zeichnungsbeträge sind gemäss dem in Kapitel 20 des Prospekts beschriebenen Verfahren zu überweisen. Zeichnungsanträge müssen spätestens zur betreffenden Annahmeschlusszeit bei der Gesellschaft eingehen.
Die Zeichnungsbeträge sind der Verwahrstelle in der Referenzwährung oder im Falle von in einer Alternativwährung begebenen Klassen in der Alternativwährung mit Valuta vor dem Zahlungstermin unter Angabe der genauen Identität der/des Aktienzeichner(s) und des Teilfonds, von dem Aktien gezeichnet werden, zu überweisen.
Annahmeschlusszeit
| Annahmeschlusszeit 1  (Luxemburger Zeit) (Zeichnungs-, Rücknahme- und Umtauschanträge) | Bewertungstag 2  ("T") | Zahlungstermin 3 |
| --- | --- | --- |
| 15.00 Uhr am T-1 Tag | Täglich | Bis zu T+3 Tage 4 |

Hinweis: Als Tag ist ein Geschäftstag zu verstehen
1  
Ist dieser Tag kein Geschäftstag, einen Geschäftstag in Luxemburg vor dem betreffenden Tag.
2  
Ist dieser Bewertungstag kein Geschäftstag, gilt als Bewertungstag der nächste Geschäftstag oder der vorhergehende Geschäftstag bei einer Bewertung alle zwei Monate.
3  
Für Rücknahmen erfolgen die Zahlungen normalerweise in der Referenzwährung.
4  
Die Aktieninhaber werden gebeten, den jeweils geltenden Zahlungstermin der Website der Lombard Odier Gruppe (www.loim.com) zu entnehmen.
Weitere Einzelheiten sind in Paragraph 12.1 "Allgemeine Bestimmungen" des Kapitels 12 "Ausgabe und Verkauf der Aktien" enthalten.
Fixed-Income- und Wandelanleihen-Teilfonds
LO Funds – TargetNetZero Global Convertible Bond
Anlageziel und Anlagepolitik
Der Teilfonds wird aktiv verwaltet. Der Refinitiv Global Focus Convertible Bond TR Index wird für Performancevergleiche und zur internen Risikoüberwachung herangezogen, ohne dass dies besondere Anlagebeschränkungen für den Teilfonds zur Folge hätte. Die Wertpapiere, die der Teilfonds erwerben möchte, können jenen des Index in einem Umfang ähnlich sein, der im Zeitverlauf variiert. Doch in Bezug auf ihre Gewichtung dürften sich deutliche Unterschiede ergeben. Die Performance des Teilfonds kann wesentlich von der des Index abweichen.
Der Teilfonds strebt Anlagen in Qualitätsunternehmen mit nachhaltigen Finanzmodellen, Geschäftspraktiken und Geschäftsmodellen an, die widerstandsfähig sind und mit den langfristigen strukturellen Trends wachsen und von ihnen profitieren können. Zur Identifikation solcher Unternehmen verwendet er die unternehmenseigenen Instrumente und Methoden von LOIM für die Erstellung des ESG- und Nachhaltigkeitsprofils.
Der Fondsmanager ist bestrebt, in Wertpapiere von Emittenten zu investieren, die dazu beitragen können, die globalen CO2-Emissionen zu reduzieren und schliesslich bis 2050 CO2-Emissionen von netto null zu erreichen. Dies schliesst Emittenten ein, die bereits CO2-Emissionen von netto null bis 2050 anstreben, sowie Emittenten, die sich vielleicht noch nicht solche Ziele gesetzt haben, aber schrittweise dazu gebracht
werden können, unter anderem durch regulatorische Massnahmen, Anlegerengagement und Marktveränderungen. Der Fondsmanager ist bestrebt, sicherzustellen, dass die CO2-Emissionen im Anlageportefeuille des Teilfonds schneller sinken als im MSCI World TR Index. Die Erreichung dieser Ziele hängt von regulatorischen, technologischen und wirtschaftlichen Entwicklungen ausserhalb der Kontrolle des Fondsmanagers ab, und es kann nicht garantiert werden, dass sie in Bezug auf die oben erwähnten Ziele erreicht werden.
Dieser Teilfonds investiert mindestens zwei Drittel (2/3) seines Vermögens in Anleihen, die in Aktien wandelbar sind, in ähnliche Instrumente wie Warrants und wandelbare Vorzugaktien, die auf verschiedene Währungen lauten, in synthetische Wandelanleihen (getrennter Kauf
von Anleihen und Optionen oder Wandelanleihen und Optionen) und in Finanzderivate auf Wandelanleihen. Im Einklang mit den geltenden Diversifikationsvorschriften darf bis zu einem Drittel (1/3) des Vermögens des Teilfonds in andere übertragbare Wertpapiere und/oder in Zahlungsmittel und Zahlungsmitteläquivalente (einschliesslich kurzfristiger ABS/MBS, die bis zu 10% der Anlagen in Zahlungsmittel und Zahlungsmitteläquivalente ausmachen dürfen) investiert werden. Der Teilfonds darf nicht mehr als 10% seines Nettovermögens in Aktien halten. Der Marktwert des fakultativen Teils der synthetischen Wandelanleihen wird bei der Überprüfung der Einhaltung der Zwei-Drittel-Quote der oben beschriebenen Anlagepolitik berücksichtigt.
Der Fondsmanager darf das Vermögen des Teilfonds in Wertpapiere oder Emittenten anlegen, die von den in Paragraph 3.2 genannten Rating- Agenturen mit einem Rating von CCC+ oder besser eingestuft werden oder die nach Meinung des Fondsmanagers von vergleichbarer Qualität sind. Die Wahl der Instrumente, Märkte (insbesondere darf der Teilfonds vollständig in den Emerging Markets investiert sein) und Währungen (einschliesslich Emerging-Market-Währungen) erfolgt nach freiem Ermessen des Fondsmanagers. Der Teilfonds darf bis zu 10% seines Nettovermögens über das RQFII-Programm in chinesische Wandelanleihen investieren.
Wie in Paragraph 3.1 erwähnt, darf der Teilfonds bis zu 10% seines Nettovermögens in OGA halten.
Vorbehaltlich der in Kapitel 4 des Prospekts unter Anlagerestriktionen auferlegten Grenzen ist der Fondsmanager berechtigt, Finanzderivate einzusetzen (darunter namentlich Terminkontrakte, Futures, Kredit- und Zinsderivate):
- zu Absicherungszwecken	Ja
- zu EPM-Zwecken	Ja
- als Teil der Anlagestrategie	JaDie Verwendung von strukturierten Finanzinstrumenten ist in Paragraph 3.1 beschrieben.

Die Anleger werden auf den Anhang zu den Risikofaktoren hingewiesen, in dem die Risikofaktoren des Teilfonds aufgeführt sind.
Referenzwährung
EUR
Zur Zeichnung verfügbare Aktienklassen
Aktien können auch verschiedene Formen annehmen (d.h. in Bezug auf Alternativwährungen, Ausschüttungspolitik, Währungsabsicherungspolitik, Seeding, "Connect"): siehe Paragraph 2.2.
|  | P-Aktien | R-Aktien | N-Aktien | I-Aktien | S-Aktien | M-Aktien | H-Aktien | E-Aktien |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Anlegertyp | Siehe Tabelle in Paragraph 2.2 im allgemeinen Teil des Prospekts |
| Erstmalige Mindestanlage bzw. Mindestanlagebetrag | Gegenwert von EUR 3’000 | Gegenwert von EUR 1’000 | Gegenwert von CHF 1’000’000 | Gegenwert von CHF 1’000’000 | t.b.d. | Gegenwert von EUR 3’000 | Gegenwert von EUR 3’000 | Nein |
| Maximaler FROC | 0,44% | 0,56% | 0,28% | 0,24% | 0,10% | 0,44% | 0,56% | 0,44% |
| Maximale Managementgebühr | 0,75% | 0,75% | 0,75% | 0,75% | k.A. | 0,85% | 1,50% | k.A. |
| Maximale Vertriebsgebühr | 0,75% | 1,50% | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. |
| Performance-Fee | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. |
| Höchstsatz der Managementgebühren, wenn der Teilfonds in andere OGAW, OGA oder Ziel-Teilfonds investiert* | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% |
| Handelsgebühr | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% |
| * Ungeachtet einer Performance-Fee, die zusätzlich zu dieser Limite erhoben werden kann. |

Offenlegung gemäss SFDR
Die Einstufung des Teilfonds gemäss SFDR, die Art und Weise, in der der Fondsmanager Nachhaltigkeitsrisiken in seine Anlageentscheidungen in Bezug auf den Teilfonds einbezieht, sowie die Ergebnisse der Bewertung der wahrscheinlichen Auswirkungen von Nachhaltigkeitsrisiken auf die Renditen des Teilfonds sind im SFDR-Anhang dargelegt.
Fondsmanager
Siehe Paragraph 6.3
Ansatz, mit dem das Gesamtrisiko des Teilfonds berechnet wird
Relativer VaR
Referenzportefeuille ausschliesslich für die Gesamtrisikomessung
Refinitiv Global Focus Convertible Bond TR
Erwartetes  Leverage-Niveau
125%
Risikobudget
150%
Profil des typischen Anlegers
Der Teilfonds ist geeignet für Anleger, die:
- mit ihren Anlagen regelmässige Erträge und potenziell Kapitalgewinne erzielen wollen; und
- bereit sind, die erhöhten Risiken zu tragen, die mit den Anlagekategorien verbunden sind, die im Anlageziel und in der Anlagepolitik beschrieben sind; und
- der Volatilität ihrer Aktien standhalten können.

Zeichnungsverfahren
Die Zeichnungsbeträge sind gemäss dem in Kapitel 20 des Prospekts beschriebenen Verfahren zu überweisen. Zeichnungsanträge müssen spätestens zur betreffenden Annahmeschlusszeit bei der Gesellschaft eingehen.
Die Zeichnungsbeträge sind der Verwahrstelle in der Referenzwährung oder im Falle von in einer Alternativwährung begebenen Klassen in der Alternativwährung mit Valuta vor dem Zahlungstermin unter Angabe der genauen Identität der/des Aktienzeichner(s) und des Teilfonds, von dem Aktien gezeichnet werden, zu überweisen.
Annahmeschlusszeit
| Annahmeschlusszeit 1  (Luxemburger Zeit) (Zeichnungs-, Rücknahme- und Umtauschanträge) | Bewertungstag 2  ("T") | Zahlungstermin 3 |
| --- | --- | --- |
| 15.00 Uhr am T-1 Tag | Täglich | Bis zu T+3 Tage 4 |

Hinweis: Als Tag ist ein Geschäftstag zu verstehen
1  
Ist dieser Tag kein Geschäftstag, einen Geschäftstag in Luxemburg vor dem betreffenden Tag.
2  
Ist dieser Bewertungstag kein Geschäftstag, gilt als Bewertungstag der nächste Geschäftstag oder der vorhergehende Geschäftstag bei einer Bewertung alle zwei Monate.
3  
Für Rücknahmen erfolgen die Zahlungen normalerweise in der Referenzwährung.
4  
Die Aktieninhaber werden gebeten, den jeweils geltenden Zahlungstermin der Website der Lombard Odier Gruppe (www.loim.com) zu entnehmen.
Weitere Einzelheiten sind in Paragraph 12.1 "Allgemeine Bestimmungen" des Kapitels 12 "Ausgabe und Verkauf der Aktien" enthalten.
Fixed-Income- und Buy-and-Maintain-Teilfonds
LO Funds – High Yield 2021
Bitte beachten Sie, dass dieser Teilfonds am 2. November 2021 in LO Funds – Global Income 2021 umbenannt wird. Der Anhang zum LO Funds – Global Income 2021 befindet sich direkt im Anschluss an den vorliegenden Anhang.
Bitte lesen Sie den Hinweis bezüglich der Teilfonds "Buy and Maintain" im Anschluss an die Liste der Teilfonds in "Anhang A: Zur Zeichnung angebotene Teilfonds". Um das unten beschriebene Anlageziel des Teilfonds zu erreichen, kann der Verwaltungsrat beschliessen, die Emission von Aktien des Teilfonds jederzeit nach der Lancierung des Teilfonds einzustellen oder die Emission von Aktien über einen von ihm als angemessen erachteten Zeitraum wieder aufzunehmen.
Anlageziel und Anlagepolitik
Der Teilfonds wird aktiv verwaltet. Die Verwaltung des Teilfonds orientiert sich nicht an einem Index.
Das Hauptziel des Teilfonds besteht darin, ein Buy-and-Maintain-Portefeuille aufzubauen, dessen Laufzeit im Verlauf des Jahres 2021 (nachstehend "das Ende der Laufzeit") endet.
Dieser Teilfonds investiert mindestens 50% seines Vermögens in auf OECD-Währungen lautende Anleihen, andere fest- oder variabel verzinsliche Schuldtitel sowie kurzfristige Schuldtitel von privaten oder staatlichen Emittenten, die von den in Paragraph 3.2 genannten Rating-Agenturen mit einem Rating von BB, B oder CCC oder gleichwertig eingestuft werden oder die nach Meinung des Fondsmanagers von vergleichbarer Qualität sind. Bis zu 50% des Vermögens des Teilfonds dürfen in (i) Schuldtitel, die auf andere Währungen lauten (einschliesslich Emerging-Market- Währungen), (ii) Schuldtitel, die mit einem höheren Rating als BB eingestuft werden oder die nach Meinung des Fondsmanagers von vergleichbarer Qualität sind, und/oder (iii) Coco Bonds (die bis zu 10% des Vermögens des Teilfonds ausmachen dürfen) investiert werden. Das Portefeuille kann aufgrund der Art der Strategie des Teilfonds von den oben angegebenen Anlagerestriktionen abweichen, wenn das Kreditrating von Anleihen hochgestuft wird oder aus der Fälligkeit von im Portefeuille gehaltenen Anleihen Cashflows resultieren. Der Teilfonds kann nach freiem Ermessen des Fondsmanagers und im Einklang mit den geltenden Diversifikationsvorschriften vollständig in Zahlungsmitteln und Zahlungsmitteläquivalenten (einschliesslich kurzfristiger ABS/MBS, die bis zu 10% der Anlagen in Zahlungsmittel und Zahlungsmitteläquivalente ausmachen dürfen) investiert sein. Gegen Ende der Laufzeit werden die Positionen in Zahlungsmitteln und Zahlungsmitteläquivalenten tendenziell zunehmen und allmählich den Grossteil des Vermögens ausmachen.
Die Wahl der Sektoren, Regionen (einschliesslich der Emerging Markets) und Laufzeiten liegt im freien Ermessen des Fondsmanagers. Der Teilfonds kann in einer begrenzten Anzahl von Emissionen und Emittenten investiert sein.
Der Fondsmanager wendet bei der Auswahl der Wertpapiere einen Anlageansatz an, der primär auf einer regelbasierten Fundamentalanalyse der Emittenten beruht. Daneben darf der Fondsmanager auch andere qualitative und/oder systematische Strategien anwenden.
Wie in Paragraph 3.1 erwähnt, darf der Teilfonds bis zu 10% seines Nettovermögens in OGA halten.
Vorbehaltlich der in den Anlagerestriktionen (siehe Kapitel 4 des Prospekts) erlaubten Grenzen ist der Fondsmanager berechtigt, Finanzderivate einzusetzen (darunter namentlich Kreditderivate einschliesslich CDS, sowie Zins-, Inflations-, Währungs- und Volatilitätsderivate):
- zur Absicherung	Ja
- zu EPM-Zwecken	Ja
- als Teil der Anlagestrategie	NeinDie Verwendung von strukturierten Finanzinstrumenten ist in Paragraph 3.1 oben beschrieben.

Die Anleger werden auf den Anhang zu den Risikofaktoren hingewiesen, in dem die Risikofaktoren des Teilfonds aufgeführt sind.
Referenzwährung
EUR
Zur Zeichnung aufliegende Aktienklassen
Aktien können auch verschiedene Formen annehmen (d.h. in Bezug auf Alternativwährungen, Ausschüttungspolitik, Währungsabsicherungspolitik, Seeding, "Connect"): siehe Paragraph 2.2.
In Bezug auf die Dividendenpolitik der Aktien gelten neben den Bestimmungen im Abschnitt des Prospekts zur Dividendenpolitik die folgenden Grundsätze:
- Es können feste Dividendenausschüttungen vorgenommen werden, deren Betrag an der ersten Ausschüttung eines Jahres vom Verwaltungsrat für das Jahr, für das er gilt, festgelegt wird;
- die Frequenz der Ausschüttungen ist jährlich.

Der Verwaltungsrat kann in eigenem Ermessen die oben aufgeführten Grundsätze anwenden und den Betrag der festen Ausschüttungen sowie die Frequenz ihrer Zahlungen unter Berücksichtigung von Marktereignissen oder anderer Umstände wie die Anforderungen der Anleger und deren bestes Interesse ändern oder anpassen.
|  | P-Aktien | R-Aktien | N-Aktien | I-Aktien | S-Aktien | M-Aktien | H-Aktien | E-Aktien |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Anlegertyp | Siehe Tabelle in Paragraph 2.2 im allgemeinen Teil des Prospekts |
| Erstmalige Mindestanlage bzw. Mindestanlagebetrag | Gegenwert von EUR 3’000 | Gegenwert von EUR 1’000 | Gegenwert von CHF 1’000’000 | Gegenwert von CHF 1’000’000 | t.b.d. | Gegenwert von EUR 3’000 | Gegenwert von EUR 3’000 | Nein |
| Maximaler FROC | 0,44% | 0,56% | 0,28% | 0,24% | 0,10% | 0,44% | 0,56% | 0,44% |
| Maximale Managementgebühr | 0,75% | 0,75% | 0,75% | 0,75% | k.A. | 0,85% | 1,50% | k.A. |
| Maximale Vertriebsgebühr | 0,75% | 1,55% | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. |
| Performance-Fee | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. |
| Höchstsatz der Managementgebühren, wenn der Teilfonds in andere OGAW oder OGA oder Ziel-Teilfonds investiert* | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% |
| Handelsgebühr | bis zu 5% | bis zu 5% | bis zu 5% | bis zu 5% | bis zu 5% | bis zu 5% | bis zu 5% | bis zu 5% |
| * Ungeachtet einer Performance-Fee, die zusätzlich zu dieser Limite erhoben werden kann. |

Offenlegung gemäss SFDR
Die Einstufung des Teilfonds gemäss SFDR, die Art und Weise, in der der Fondsmanager Nachhaltigkeitsrisiken in seine Anlageentscheidungen in Bezug auf die Teilfonds integriert, sowie die Ergebnisse der Bewertung der wahrscheinlichen Auswirkungen von Nachhaltigkeitsrisiken auf die Renditen des Teilfonds sind im SFDR-Anhang dargelegt.
Fondsmanager
Siehe Paragraph 6.3
Ansatz, mit dem das Gesamtrisiko des Teilfonds berechnet wird
Commitment-Ansatz
Profil des typischen Anlegers
Der Teilfonds ist geeignet für Anleger, die:
- mit ihren Anlagen regelmässige Erträge und potenziell Kapitalgewinne erzielen wollen; und
- bereit sind, das erhöhte Risiko zu tragen, das mit den Anlagekategorien verbunden ist, die im Anlageziel und in der Anlagepolitik beschrieben sind; und
- der Volatilität ihrer Aktien standhalten können.

Zeichnungsverfahren
Die Zeichnungsbeträge sind gemäss dem in Kapitel 20 des Prospekts beschriebenen Verfahren zu überweisen. Zeichnungsanträge müssen spätestens zur betreffenden Annahmeschlusszeit bei der Gesellschaft eingehen.
Die Zeichnungsbeträge sind der Verwahrstelle in der Referenzwährung oder im Falle von in einer Alternativwährung begebenen Klassen in der Alternativwährung mit Valuta vor dem Zahlungstermin unter Angabe der genauen Identität der/des Aktienzeichner(s) und des Teilfonds, von dem Aktien gezeichnet werden, zu überweisen.
Annahmeschlusszeit
| Annahmeschlusszeit 1  (Luxemburger Zeit) (Zeichnungs-, Rücknahme- und Umtauschanträge) | Bewertungstag 2  ("T") | Zahlungstermin 3 |
| --- | --- | --- |
| 15.00 Uhr am T-1 Tag | Täglich | Bis zu T+3 Tage 4 |

Hinweis: Als Tag ist ein Geschäftstag zu verstehen
1  
Ist dieser Tag kein Geschäftstag, einen Geschäftstag in Luxemburg vor dem betreffenden Tag.
2  
Ist dieser Bewertungstag kein Geschäftstag, gilt als Bewertungstag der nächste Geschäftstag oder der vorhergehende Geschäftstag bei einer Bewertung alle zwei Monate.
3  
Für Rücknahmen erfolgen die Zahlungen normalerweise in der Referenzwährung.
4  
Die Aktieninhaber werden gebeten, den jeweils geltenden Zahlungstermin der Website der Lombard Odier Gruppe (www.loim.com) zu entnehmen.
Weitere Einzelheiten sind in Paragraph 12.1 "Allgemeine Bestimmungen" des Kapitels 12 "Ausgabe und Verkauf der Aktien" enthalten.
Fixed-Income- und Buy-and-Maintain-Teilfonds
LO Funds – Global Income 2027 (ab 2. November 2021)
Bitte lesen Sie den Hinweis bezüglich der Teilfonds "Buy and Maintain" im Anschluss an die oben stehende Liste der Teilfonds in "Anhang A: Zur Zeichnung angebotene Teilfonds". Um das unten beschriebene Anlageziel des Teilfonds zu erreichen, kann der Verwaltungsrat ferner beschliessen, die Emission von Aktien des Teilfonds jederzeit nach der Lancierung des Teilfonds einzustellen oder die Emission von Aktien über einen von ihm als angemessen erachteten Zeitraum wieder aufzunehmen.
Anlageziel
Das Hauptziel des Teilfonds besteht darin, ein Buy-and-Maintain-Portefeuille aufzubauen, dessen Laufzeit im Verlauf des Jahres 2027 (nachstehend "das Ende der Laufzeit") endet.
Das Konzept einer Buy-and-Maintain-Strategie bezieht sich auf ein Portefeuille, das hauptsächlich in Schuldtitel investiert, die zunächst gekauft werden mit dem Ziel, sie bis zu ihrer jeweiligen Fälligkeit zu halten ("Buy-Prozess"). Das Portefeuille wird jedoch so überwacht/gehalten ("Maintain-Prozess"), dass der Ersatz eines oder mehrerer dieser Schuldtitel ausgelöst wird, wenn das Ausfallrisiko und/oder die Relative-Value- Chancen nach Ansicht des Fondsmanagers signifikant steigen.
Buy-and-Maintain-Anlageprozess
Der Buy-Prozess besteht aus zwei Schritten:
- einem systematischen/regelbasierten Prozess, der anstrebt, solchen Sektoren Kapital zuzuteilen, von denen erwartet wird, dass sie den grössten Beitrag zur Wirtschaft leisten, der das Ausfallrisiko reduziert und die Fundamentaldaten der Emittenten innerhalb der Portfoliogewichtungen widerspiegelt;
- einem Kredit-Overlay, mit dem die Emittenten auf der Grundlage der Meinungen und Überzeugungen des Fondsmanagers ausgewählt werden.

Der Maintain-Prozess basiert auf der Kompetenz des Fondsmanagers im Kreditresearch und stellt sicher, dass Anleihen ersetzt werden, wenn:
- eine Verschlechterung der Fundamentaldaten eines Emittenten zu einem markant erhöhten Ausfallrisiko führt;
- gegen die Anlagerichtlinien verstossen wird (zum Beispiel eine Bonitätsrückstufung);
- sich Relative-Value-Chancen bieten.

Anlagepolitik
Der Teilfonds wird aktiv verwaltet. Die Verwaltung des Teilfonds orientiert sich nicht an einem Index.
Der Teilfonds investiert in auf EUR, USD, GBP und/oder CHF lautende Anleihen, andere fest- oder variabel verzinsliche Schuldtitel sowie kurzfristige Schuldtitel, die von privaten Gesellschaften sowie staatlichen und/oder supranationalen Institutionen begeben werden. Der Fondsmanager strebt jedoch an, das Portefeuille vollständig gegen das Währungsrisiko abzusichern. Mindestens 50% des Vermögens des Teilfonds werden in Schuldtitel investiert, die von den in Paragraph 3.2 genannten Rating-Agenturen mit einem Rating von BB oder höher eingestuft werden oder die nach Meinung des Fondsmanagers von vergleichbarer Qualität sind.
Bis zu 50% des Vermögens des Teilfonds können in Schuldtitel investiert werden, die von den in Paragraph 3.2 genannten Rating-Agenturen mit einem Rating von B eingestuft werden oder die nach Meinung des Fondsmanagers von vergleichbarer Qualität sind. Bei einer Herunterstufung eines Schuldtitels unter B verkauft der Fondsmanager die Position innerhalb von 18 Monaten.
Die Verwendung von Finanzderivaten darf innerhalb dieser Grenzen nicht in Erwägung gezogen werden. Der Fondsmanager strebt ein durchschnittliches Rating auf Portefeuilleebene von BB an.
Bis zu 50% des Vermögens des Teilfonds dürfen in kündbare Schuldtitel investiert werden, deren Kündigungsdatum am oder vor dem Ende der Laufzeit und deren verlängertes Fälligkeitsdatum ein Jahr nach dem Ende der Laufzeit liegt.
Das maximale Fälligkeitsdatum von Schuldtiteln ohne Call-Option ist ein Jahr nach dem Ende der Laufzeit. Das Vermögen des Teilfonds darf nicht in kündbare Schuldtitel investiert werden, deren Kündigungsdatum nach dem Ende der Laufzeit und deren verlängertes Fälligkeitsdatum später als ein Jahr nach dem Ende der Laufzeit liegt. Der Teilfonds kann nach freiem Ermessen des Fondsmanagers und im Einklang mit den geltenden Diversifikationsvorschriften vollständig in Zahlungsmitteln und Zahlungsmitteläquivalenten (einschliesslich kurzfristiger ABS/MBS, die bis zu 10%
der Anlagen in Zahlungsmittel und Zahlungsmitteläquivalente ausmachen dürfen) investiert sein. Gegen Ende der Laufzeit werden die Positionen in Zahlungsmitteln und Zahlungsmitteläquivalenten tendenziell zunehmen und allmählich den Grossteil des Vermögens ausmachen.
Der Fondsmanager ist bestrebt, die Diversifikation auf Sektor-/Branchenebene aufrechtzuerhalten.
Der Fondsmanager ist ausserdem bestrebt, in mindestens 70 verschiedene zugrunde liegende Positionen zu investieren. Gegen Ende der Laufzeit wird die Positionszahl tendenziell unter den Schwellenwert von 70 verschiedenen zugrunde liegenden Positionen sinken.
Wie in Paragraph 3.1 erwähnt, darf der Teilfonds bis zu 10% seines Nettovermögens in OGA halten.
Vorbehaltlich der in den Anlagerestriktionen (siehe Kapitel 4 des Prospekts) erlaubten Grenzen ist der Fondsmanager berechtigt, Finanzderivate innerhalb der zugelassenen Grenze für den absoluten VaR (18%) und die erwartete Summe der Nennwerte (300%) sowie innerhalb eines Netto- Leverage-Budgets (Nettoengagement in Derivaten/verwaltete Vermögen des Teilfonds) von 50% (in CDS und CDS-Optionen) zu verwenden:
- zu Absicherungszwecken	Ja
- als Teil der Anlagestrategie   JaUnter bestimmten Umständen können die indikativen Leverage-Niveaus höher sein, und dies nicht, weil die Absicht bestand, ein zusätzliches Engagement einzugehen, sondern etwa weil sich die Marktbedingungen plötzlich verändert haben.

Die Verwendung von strukturierten Finanzinstrumenten ist in Paragraph 3.1 beschrieben.
Die Anleger werden auf den Anhang zu den Risikofaktoren hingewiesen, in dem die Risikofaktoren des Teilfonds aufgeführt sind.
Referenzwährung
EUR
Zur Zeichnung verfügbare Aktienklassen
Aktien können auch verschiedene Formen annehmen (d. h. in Bezug auf Alternativwährungen, Ausschüttungspolitik, Währungsabsicherungspolitik, Seeding, "Connect"): siehe Paragraph 2.2.
In Bezug auf die Dividendenpolitik der Aktien gelten neben den Bestimmungen im Abschnitt des Prospekts zur Dividendenpolitik die folgenden Grundsätze:
- Es können feste Dividendenausschüttungen vorgenommen werden, deren Betrag an der ersten Ausschüttung eines Jahres vom Verwaltungsrat für das Jahr, für das er gilt, festgelegt wird;
- Die Frequenz der Ausschüttungen ist jährlich.

Der Verwaltungsrat kann in eigenem Ermessen die oben aufgeführten Grundsätze anwenden und den Betrag der festen Ausschüttungen sowie die Frequenz ihrer Zahlungen unter Berücksichtigung von Marktereignissen oder anderen Umständen wie den Anforderungen der Anleger und deren bestem Interesse ändern oder anpassen.
|  | P-Aktien | R-Aktien | N-Aktien | I-Aktien | S-Aktien | M-Aktien | H-Aktien | E-Aktien |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Anlegertyp | Siehe Tabelle in Paragraph 2.2 im allgemeinen Teil des Prospekts |
| Erstmalige Mindestanlage bzw. Mindestanlage-betrag | Gegenwert von EUR 3’000 | Gegenwert von EUR 1’000 | Gegenwert von CHF 1’000’000 | Gegenwert von CHF 1’000’000 | t.b.d. | Gegenwert von EUR 3’000 | Gegenwert von EUR 3’000 | keine |
| Maximaler FROC | 0,31% | 0,44% | 0,22% | 0,22% | 0,08% | 0,31% | 0,44% | 0,44% |
| Maximale Management- gebühr | 0,40% | 0,40% | 0,40% | 0,40% | k.A. | 0,44% | 0,80% | k.A. |
| Maximale Vertriebs-gebühr | 0,40% | 0,80% | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. |
| Performance-Fee | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. |
| Höchstsatz der Management-gebühren, wenn der Teilfonds in andere OGAW, OGA oder Ziel-Teilfonds investiert* | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% |
| Handels-xgebühr | bis zu 2% | bis zu 2% | bis zu 2% | bis zu 2% | bis zu 2% | bis zu 2% | bis zu 2% | bis zu 2% |
| * Ungeachtet einer Performance-Fee, die zusätzlich zu dieser Limite erhoben werden kann |

Offenlegung gemäss SFDR
Die Einstufung des Teilfonds gemäss SFDR, die Art und Weise, in der der Fondsmanager Nachhaltigkeitsrisiken in seine Anlageentscheidungen in Bezug auf den Teilfonds einbezieht, sowie die Ergebnisse der Bewertung der wahrscheinlichen Auswirkungen von Nachhaltigkeitsrisiken auf die Renditen des Teilfonds sind im SFDR-Anhang dargelegt.
Fondsmanager
Siehe Paragraph 6.3
Ansatz, mit dem das Gesamtrisiko des Teilfonds berechnet wird
Absoluter VaR
Referenzportefeuille ausschliesslich für die Gesamtrisikomessung
Nicht anwendbar
Erwartetes  Leverage-Niveau
300%
Risikobudget
18%
Profil des typischen Anlegers
Der Teilfonds ist geeignet für Anleger, die:
- mit ihren Anlagen regelmässige Erträge und potenziell Kapitalgewinne erzielen wollen; und
- bereit sind, die erhöhten Risiken zu tragen, die mit den Anlagekategorien verbunden sind, die im Anlageziel und in der Anlagepolitik beschrieben sind; und
- der Volatilität ihrer Aktien standhalten können.

Zeichnungsverfahren
Die Zeichnungsbeträge sind gemäss dem in Kapitel 20 des Prospekts beschriebenen Verfahren zu überweisen. Zeichnungsanträge müssen spätestens zur betreffenden Annahmeschlusszeit bei der Gesellschaft eingehen.
Die Zeichnungsbeträge sind der Verwahrstelle in der Referenzwährung oder im Falle von in einer Alternativwährung begebenen Klassen in der Alternativwährung mit Valuta vor dem Zahlungstermin unter Angabe der genauen Identität der/des Aktienzeichner(s) und des Teilfonds, von dem Aktien gezeichnet werden, zu überweisen.
Annahmeschlusszeit
| Annahmeschlusszeit 1  (Luxemburger Zeit) (Zeichnungen, Rücknahmen und Umtausch) | Bewertungstag 2  ("T") | Zahlungstermin 3 |
| --- | --- | --- |
| 15.00 Uhr am T-1 Tag | Täglich | Bis zu T+3 Tage 4 |

Hinweis: Als Tag ist ein Geschäftstag zu verstehen
1  
Ist dieser Tag kein Geschäftstag, einen Geschäftstag in Luxemburg vor dem betreffenden Tag.
2  
Ist dieser Bewertungstag kein Geschäftstag, gilt als Bewertungstag der nächste Geschäftstag oder der vorhergehende Geschäftstag bei einer Bewertung alle zwei Monate.
3  
Für Rücknahmen erfolgen die Zahlungen normalerweise in der Referenzwährung.
4  
Die Aktieninhaber werden gebeten, den jeweils geltenden Zahlungstermin der Website der Lombard Odier Gruppe (www.loim.com) zu entnehmen.
Weitere Einzelheiten sind in Paragraph 12.1 "Allgemeine Bestimmungen" des Kapitels 12 "Ausgabe und Verkauf der Aktien" enthalten.
Fixed-Income- und Buy-and-Maintain-Teilfonds
LO Funds – High Yield 2022
Bitte lesen Sie den Hinweis bezüglich der Teilfonds "Buy and Maintain" im Anschluss an die oben stehende Liste der Teilfonds in "Anhang A: Zur Zeichnung angebotene Teilfonds". Um das unten beschriebene Anlageziel des Teilfonds zu erreichen, kann der Verwaltungsrat beschliessen, die Emission von Aktien des Teilfonds jederzeit nach der Lancierung des Teilfonds einzustellen oder die Emission von Aktien über einen von ihm als angemessen erachteten Zeitraum wieder aufzunehmen.
Anlageziel
Der Teilfonds wird aktiv verwaltet. Die Verwaltung des Teilfonds orientiert sich nicht an einem Index.
Das Hauptziel des Teilfonds besteht darin, ein Buy-and-Maintain-Portefeuille aufzubauen, dessen Laufzeit im Verlauf des Jahres 2022 (nachstehend "das Ende der Laufzeit") endet.
Das Konzept einer Buy-and-Maintain-Strategie bezieht sich auf ein Portefeuille, das hauptsächlich in Schuldtitel investiert, die zunächst gekauft werden mit dem Ziel, sie bis zu ihrer jeweiligen Fälligkeit zu halten ("Buy-Prozess"). Das Portefeuille wird jedoch so überwacht/gehalten ("Maintain-Prozess"), dass der Ersatz eines oder mehrerer dieser Schuldtitel ausgelöst wird, wenn das Ausfallrisiko und/oder die Relative-Value- Chancen nach Ansicht des Fondsmanagers signifikant steigen.
Buy-and-Maintain-Anlageprozess
Der Buy-Prozess besteht aus zwei Schritten:
- ein systematischer/regelbasierter Prozess, der anstrebt, solchen Sektoren Kapital zuzuteilen, von denen erwartet wird, dass sie den grössten Beitrag zur Wirtschaft leisten, der das Ausfallrisiko reduziert und die Fundamentaldaten der Emittenten innerhalb der Portfoliogewichtungen widerspiegelt;
- ein Kredit-Overlay, mit dem die Emittenten auf der Grundlage der Meinungen und Überzeugungen des Fondsmanagers ausgewählt werden. Der Maintain-Prozess basiert auf der Kompetenz des Fondsmanagers im Kreditresearch und stellt sicher, dass Anleihen ersetzt werden, wenn:
	- die Verschlechterung der Fundamentaldaten eines Emittenten zu einem markant erhöhten Ausfallrisiko führt;
	- gegen die Anlagerichtlinien verstossen wird (zum Beispiel eine Bonitätsrückstufung);
	- sich Relative-Value-Chancen bieten.


Anlagepolitik
Der Teilfonds investiert in Anleihen, andere fest- oder variabel verzinsliche Schuldtitel sowie kurzfristige Schuldtitel von privaten, staatlichen und/ oder supranationalen Institutionen, die auf EUR, USD, GBP und/oder CHF lauten. Der Fondsmanager strebt jedoch an, das Portefeuille vollständig gegen das Währungsrisiko abzusichern.
Mindestens 50% des Vermögens des Teilfonds werden in Schuldtitel investiert, die von den in Paragraph 3.2 genannten Rating-Agenturen mit einem Rating von BB oder höher eingestuft werden oder die nach Meinung des Fondsmanagers von vergleichbarer Qualität sind.
Bis zu 50% des Vermögens des Teilfonds können in Schuldtitel investiert werden, die von den in Paragraph 3.2 genannten Rating-Agenturen mit einem Rating von B eingestuft werden oder die nach Meinung des Fondsmanagers von vergleichbarer Qualität sind. Bei einer Herunterstufung eines Schuldtitels unter B verkauft der Fondsmanager die Position innerhalb von zwölf Monaten.
Die Verwendung von Derivaten darf innerhalb dieser Grenzen nicht in Erwägung gezogen werden. Der Fondsmanager strebt ein durchschnittliches Rating auf Portfolioebene von BB an.
Bis zu 50% des Vermögens des Teilfonds dürfen in kündbare Schuldtitel investiert werden, deren Kündigungsdatum im Juni 2023 oder davor und deren verlängertes Fälligkeitsdatum nach Juni 2023 liegt. Das maximale Fälligkeitsdatum von Schuldtiteln ohne Call-Option ist der 28. Dezember 2023.
Der Teilfonds kann nach freiem Ermessen des Fondsmanagers und im Einklang mit den geltenden Diversifikationsvorschriften vollständig in Zahlungsmitteln und Zahlungsmitteläquivalenten (einschliesslich kurzfristiger ABS/MBS, die bis zu 10% der Anlagen in Zahlungsmittel und Zahlungsmitteläquivalente ausmachen dürfen) investiert sein. Gegen Ende der Laufzeit werden die Positionen in Zahlungsmitteln und Zahlungsmitteläquivalenten tendenziell zunehmen und allmählich den Grossteil des Vermögens ausmachen.
Der Fondsmanager ist bestrebt, die Diversifikation auf Sektor-/Branchenebene aufrechtzuerhalten.
Der Fondsmanager ist ausserdem bestrebt, in mindestens 70 verschiedene zugrunde liegende Positionen zu investieren. Gegen Ende der Laufzeit wird die Positionszahl tendenziell abnehmen.
Wie in Paragraph 3.1 erwähnt, darf der Teilfonds bis zu 10% seines Nettovermögens in OGA halten.
Vorbehaltlich der in den Anlagerestriktionen (siehe Kapitel 4 des Prospekts) erlaubten Grenzen ist der Fondsmanager berechtigt, Finanzderivate innerhalb der zugelassenen Engagementlimite von 100% (Leverage einschliesslich Netting- und Absicherungsvereinbarungen) und innerhalb eines Brutto-Leverage-Budgets (Summe der absoluten Nennwerte nach Absolute-Value-Ansatz) von 150% (bis zu 50% des Vermögens des Teilfonds in CDS und CDS-Optionen sowie bis zu 100% in Devisen-Forwards) zu verwenden.
- zur Absicherung	Ja
- zu EPM-Zwecken	Ja
- als Teil der Anlagestrategie	JaUnter bestimmten Umständen können die indikativen Leverage-Niveaus höher sein, und dies nicht, weil die Absicht bestand, ein zusätzliches Engagement einzugehen, sondern etwa weil sich die Marktbedingungen plötzlich verändert haben.

Die Anleger werden auf den Anhang zu den Risikofaktoren hingewiesen, in dem die Risikofaktoren des Teilfonds aufgeführt sind.
Referenzwährung
EUR
Zur Zeichnung aufliegende Aktienklassen
Aktien können auch verschiedene Formen annehmen (d.h. in Bezug auf Alternativwährungen, Ausschüttungspolitik, Währungsabsicherungspolitik, Seeding, "Connect"): siehe Paragraph 2.2.
In Bezug auf die Dividendenpolitik der Aktien gelten neben den Bestimmungen im Abschnitt des Prospekts zur Dividendenpolitik die folgenden Grundsätze:
- Es können feste Dividendenausschüttungen vorgenommen werden, deren Betrag an der ersten Ausschüttung eines Jahres vom Verwaltungsrat für das Jahr, für das er gilt, festgelegt wird;
- die Frequenz der Ausschüttungen ist jährlich.

Der Verwaltungsrat kann in eigenem Ermessen die oben aufgeführten Grundsätze anwenden und den Betrag der festen Ausschüttungen sowie die Frequenz ihrer Zahlungen unter Berücksichtigung von Marktereignissen oder anderer Umstände wie die Anforderungen der Anleger und deren bestes Interesse ändern oder anpassen.
|  | P-Aktien | R-Aktien | N-Aktien | I-Aktien | S-Aktien | M-Aktien | H-Aktien | E-Aktien |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Anlegertyp | Siehe Tabelle in Paragraph 2.2 im allgemeinen Teil des Prospekts |
| Erstmalige Mindestanlage bzw. Mindestanlagebetrag | Gegenwert von EUR 3’000 | Gegenwert von EUR 1’000 | Gegenwert von CHF 1’000’000 | Gegenwert von CHF 1’000’000 | t.b.d. | Gegenwert von EUR 3’000 | Gegenwert von EUR 3’000 | Nein |
| Maximaler FROC | 0,31% | 0,44% | 0,22% | 0,22% | 0,08% | 0,31% | 0,44% | 0,44% |
| Maximale Managementgebühr | 0,40% | 0,40% | 0,40% | 0,40% | k.A. | 0,44% | 0,80% | k.A. |
| Maximale Vertriebsgebühr | 0,40% | 0,80% | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. |
| Performance-Fee | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. |
| Höchstsatz der Managementgebühren, wenn der Teilfonds in andere OGAW oder OGA oder Ziel-Teilfonds investiert* | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% |
| Handelsgebühr | bis zu 2% | bis zu 2% | bis zu 2% | bis zu 2% | bis zu 2% | bis zu 2% | bis zu 2% | bis zu 2% |
| * Ungeachtet einer Performance-Fee, die zusätzlich zu dieser Limite erhoben werden kann. |

Offenlegung gemäss SFDR
Die Einstufung des Teilfonds gemäss SFDR, die Art und Weise, in der der Fondsmanager Nachhaltigkeitsrisiken in seine Anlageentscheidungen in Bezug auf die Teilfonds integriert, sowie die Ergebnisse der Bewertung der wahrscheinlichen Auswirkungen von Nachhaltigkeitsrisiken auf die Renditen des Teilfonds sind im SFDR-Anhang dargelegt.
Fondsmanager
Siehe Paragraph 6.3
Ansatz, mit dem das Gesamtrisiko des Teilfonds berechnet wird
Commitment-Ansatz
Profil des typischen Anlegers
Der Teilfonds ist geeignet für Anleger, die:
- mit ihren Anlagen regelmässige Erträge und potenziell Kapitalgewinne erzielen wollen; und
- bereit sind, das erhöhte Risiko zu tragen, das mit den Anlagekategorien verbunden ist, die im Anlageziel und in der Anlagepolitik beschrieben sind; und
- der Volatilität ihrer Aktien standhalten können.

Zeichnungsverfahren
Die Zeichnungsbeträge sind gemäss dem in Kapitel 20 des Prospekts beschriebenen Verfahren zu überweisen. Zeichnungsanträge müssen spätestens zur betreffenden Annahmeschlusszeit bei der Gesellschaft eingehen.
Die Zeichnungsbeträge sind der Verwahrstelle in der Referenzwährung oder im Falle von in einer Alternativwährung begebenen Klassen in der Alternativwährung mit Valuta vor dem Zahlungstermin unter Angabe der genauen Identität der/des Aktienzeichner(s) und des Teilfonds, von dem Aktien gezeichnet werden, zu überweisen.
Annahmeschlusszeit
| Annahmeschlusszeit 1  (Luxemburger Zeit) (Zeichnungs-, Rücknahme- und Umtauschanträge) | Bewertungstag 2  ("T") | Zahlungstermin 3 |
| --- | --- | --- |
| 15.00 Uhr am T-1 Tag | Täglich | Bis zu T+3 Tage 4 |

Hinweis: Als Tag ist ein Geschäftstag zu verstehen
1  
Ist dieser Tag kein Geschäftstag, einen Geschäftstag in Luxemburg vor dem betreffenden Tag.
2  
Ist dieser Bewertungstag kein Geschäftstag, gilt als Bewertungstag der nächste Geschäftstag oder der vorhergehende Geschäftstag bei einer Bewertung alle zwei Monate.
3  
Für Rücknahmen erfolgen die Zahlungen normalerweise in der Referenzwährung.
4  
Die Aktieninhaber werden gebeten, den jeweils geltenden Zahlungstermin der Website der Lombard Odier Gruppe (www.loim.com) zu entnehmen.
Weitere Einzelheiten sind in Paragraph 12.1 "Allgemeine Bestimmungen" des Kapitels 12 "Ausgabe und Verkauf der Aktien" enthalten.
Fixed-Income- und Buy-and-Maintain-Teilfonds
LO Funds – High Yield 2023
Bitte lesen Sie den Hinweis bezüglich der Teilfonds "Buy and Maintain" im Anschluss an die oben stehende Liste der Teilfonds in "Anhang A: Zur Zeichnung angebotene Teilfonds". Um das unten beschriebene Anlageziel des Teilfonds zu erreichen, kann der Verwaltungsrat beschliessen, die Emission von Aktien des Teilfonds jederzeit nach der Lancierung des Teilfonds einzustellen oder die Emission von Aktien über einen von ihm als angemessen erachteten Zeitraum wieder aufzunehmen.
Anlageziel
Der Teilfonds wird aktiv verwaltet. Die Verwaltung des Teilfonds orientiert sich nicht an einem Index.
Das Hauptziel des Teilfonds besteht darin, ein Buy-and-Maintain-Portefeuille aufzubauen, dessen Laufzeit im Verlauf des Jahres 2023 (nachstehend "das Ende der Laufzeit") endet.
Das Konzept einer Buy-and-Maintain-Strategie bezieht sich auf ein Portefeuille, das hauptsächlich in Schuldtitel investiert, die zunächst gekauft werden mit dem Ziel, sie bis zu ihrer jeweiligen Fälligkeit zu halten ("Buy-Prozess"). Das Portefeuille wird jedoch so überwacht/gehalten ("Maintain-Prozess"), dass der Ersatz eines oder mehrerer dieser Schuldtitel ausgelöst wird, wenn das Ausfallrisiko und/oder die Relative-Value- Chancen nach Ansicht des Fondsmanagers signifikant steigen.
Buy-and-Maintain-Anlageprozess
Der Buy-Prozess besteht aus zwei Schritten:
- ein systematischer/regelbasierter Prozess, der anstrebt, solchen Sektoren Kapital zuzuteilen, von denen erwartet wird, dass sie den grössten Beitrag zur Wirtschaft leisten, der das Ausfallrisiko reduziert und die Fundamentaldaten der Emittenten innerhalb der Portfoliogewichtungen widerspiegelt;
- ein Kredit-Overlay, mit dem die Emittenten auf der Grundlage der Meinungen und Überzeugungen des Fondsmanagers ausgewählt werden. Der Maintain-Prozess basiert auf der Kompetenz des Fondsmanagers im Kreditresearch und stellt sicher, dass Anleihen ersetzt werden, wenn:
	- die Verschlechterung der Fundamentaldaten eines Emittenten zu einem markant erhöhten Ausfallrisiko führt;
	- gegen die Anlagerichtlinien verstossen wird (zum Beispiel eine Bonitätsrückstufung);
	- sich Relative-Value-Chancen bieten.


Anlagepolitik
Der Teilfonds investiert in Anleihen, andere fest- oder variabel verzinsliche Schuldtitel sowie kurzfristige Schuldtitel von privaten, staatlichen und/ oder supranationalen Institutionen, die auf EUR, USD, GBP und/oder CHF lauten. Der Fondsmanager strebt jedoch an, das Portefeuille vollständig gegen das Währungsrisiko abzusichern.
Mindestens 50% des Vermögens des Teilfonds werden in Schuldtitel investiert, die von den in Paragraph 3.2 genannten Rating-Agenturen mit einem Rating von BB oder höher eingestuft werden oder die nach Meinung des Fondsmanagers von vergleichbarer Qualität sind.
Bis zu 50% des Vermögens des Teilfonds können in Schuldtitel investiert werden, die von den in Paragraph 3.2 genannten Rating-Agenturen mit einem Rating von B eingestuft werden oder die nach Meinung des Fondsmanagers von vergleichbarer Qualität sind. Bei einer Herunterstufung eines Schuldtitels unter B verkauft der Fondsmanager die Position innerhalb von zwölf Monaten.
Die Verwendung von Derivaten darf innerhalb dieser Grenzen nicht in Erwägung gezogen werden. Der Fondsmanager strebt ein durchschnittliches Rating auf Portfolioebene von BB an.
Bis zu 50% des Vermögens des Teilfonds dürfen in kündbare Schuldtitel investiert werden, deren Kündigungsdatum im Juni 2024 oder davor und deren verlängertes Fälligkeitsdatum nach Juni 2024 liegt. Das maximale Fälligkeitsdatum von Schuldtiteln ohne Call-Option ist der Samstag, 28. Dezember 2024.
Der Teilfonds kann nach freiem Ermessen des Fondsmanagers und im Einklang mit den geltenden Diversifikationsvorschriften vollständig in Zahlungsmitteln und Zahlungsmitteläquivalenten (einschliesslich kurzfristiger ABS/MBS, die bis zu 10% der Anlagen in Zahlungsmittel und Zahlungsmitteläquivalente ausmachen dürfen) investiert sein. Gegen Ende der Laufzeit werden die Positionen in Zahlungsmitteln und Zahlungsmitteläquivalenten tendenziell zunehmen und allmählich den Grossteil des Vermögens ausmachen.
Der Fondsmanager ist bestrebt, die Diversifikation auf Sektor-/Branchenebene aufrechtzuerhalten.
Der Fondsmanager ist ausserdem bestrebt, in mindestens 70 verschiedene zugrunde liegende Positionen zu investieren. Gegen Ende der Laufzeit wird die Positionszahl tendenziell abnehmen.
Wie in Paragraph 3.1 erwähnt, darf der Teilfonds bis zu 10% seines Nettovermögens in OGA halten.
Vorbehaltlich der in den Anlagerestriktionen (siehe Kapitel 4 des Prospekts) erlaubten Grenzen ist der Fondsmanager berechtigt, Finanzderivate innerhalb der zugelassenen Engagementlimite von 100% (Leverage einschliesslich Netting- und Absicherungsvereinbarungen) und innerhalb eines Brutto-Leverage-Budgets (Summe der absoluten Nennwerte nach Absolute-Value-Ansatz) von 150% (bis zu 50% des Vermögens des Teilfonds in CDS und CDS-Optionen sowie bis zu 100% in Devisen-Forwards) zu verwenden.
- zur Absicherung	Ja
- zu EPM-Zwecken	Ja
- als Teil der Anlagestrategie	JaUnter bestimmten Umständen können die indikativen Leverage-Niveaus höher sein, und dies nicht, weil die Absicht bestand, ein zusätzliches Engagement einzugehen, sondern etwa weil sich die Marktbedingungen plötzlich verändert haben.

Die Anleger werden auf den Anhang zu den Risikofaktoren hingewiesen, in dem die Risikofaktoren des Teilfonds aufgeführt sind.
Referenzwährung
EUR
Zur Zeichnung aufliegende Aktienklassen
Aktien können auch verschiedene Formen annehmen (d.h. in Bezug auf Alternativwährungen, Ausschüttungspolitik, Währungsabsicherungspolitik, Seeding, "Connect"): siehe Paragraph 2.2.
In Bezug auf die Dividendenpolitik der Aktien gelten neben den Bestimmungen im Abschnitt des Prospekts zur Dividendenpolitik die folgenden Grundsätze:
- Es können feste Dividendenausschüttungen vorgenommen werden, deren Betrag an der ersten Ausschüttung eines Jahres vom Verwaltungsrat für das Jahr, für das er gilt, festgelegt wird;
- die Frequenz der Ausschüttungen ist jährlich.

Der Verwaltungsrat kann in eigenem Ermessen die oben aufgeführten Grundsätze anwenden und den Betrag der festen Ausschüttungen sowie die Frequenz ihrer Zahlungen unter Berücksichtigung von Marktereignissen oder anderer Umstände wie die Anforderungen der Anleger und deren bestes Interesse ändern oder anpassen.
|  | P-Aktien | R-Aktien | N-Aktien | I-Aktien | S-Aktien | M-Aktien | H-Aktien | E-Aktien |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Anlegertyp | Siehe Tabelle in Paragraph 2.2 im allgemeinen Teil des Prospekts |
| Erstmalige Mindestanlage bzw. Mindestanlagebetrag | Gegenwert von EUR 3’000 | Gegenwert von EUR 1’000 | Gegenwert von CHF 1’000’000 | Gegenwert von CHF 1’000’000 | t.b.d. | Gegenwert von EUR 3’000 | Gegenwert von EUR 3’000 | Nein |
| Maximaler FROC | 0,31% | 0,44% | 0,22% | 0,22% | 0,08% | 0,31% | 0,44% | 0,44% |
| Maximale Managementgebühr | 0,40% | 0,40% | 0,40% | 0,40% | k.A. | 0,44% | 0,80% | k.A. |
| Maximale Vertriebsgebühr | 0,40% | 0,80% | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. |
| Performance-Fee | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. |
| Höchstsatz der Managementgebühren, wenn der Teilfonds in andere OGAW oder OGA oder Ziel-Teilfonds investiert* | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% |
| Handelsgebühr | bis zu 2% | bis zu 2% | bis zu 2% | bis zu 2% | bis zu 2% | bis zu 2% | bis zu 2% | bis zu 2% |
| * Ungeachtet einer Performance-Fee, die zusätzlich zu dieser Limite erhoben werden kann. |

Offenlegung gemäss SFDR
Die Einstufung des Teilfonds gemäss SFDR, die Art und Weise, in der der Fondsmanager Nachhaltigkeitsrisiken in seine Anlageentscheidungen in Bezug auf die Teilfonds integriert, sowie die Ergebnisse der Bewertung der wahrscheinlichen Auswirkungen von Nachhaltigkeitsrisiken auf die Renditen des Teilfonds sind im SFDR-Anhang dargelegt.
Fondsmanager
Siehe Paragraph 6.3
Ansatz, mit dem das Gesamtrisiko des Teilfonds berechnet wird
Commitment-Ansatz
Profil des typischen Anlegers
Der Teilfonds ist geeignet für Anleger, die:
- mit ihren Anlagen regelmässige Erträge und potenziell Kapitalgewinne erzielen wollen; und
- bereit sind, das erhöhte Risiko zu tragen, das mit den Anlagekategorien verbunden ist, die im Anlageziel und in der Anlagepolitik beschrieben sind; und
- der Volatilität ihrer Aktien standhalten können.

Zeichnungsverfahren
Die Zeichnungsbeträge sind gemäss dem in Kapitel 20 des Prospekts beschriebenen Verfahren zu überweisen. Zeichnungsanträge müssen spätestens zur betreffenden Annahmeschlusszeit bei der Gesellschaft eingehen
Die Zeichnungsbeträge sind der Verwahrstelle in der Referenzwährung oder im Falle von in einer Alternativwährung begebenen Klassen in der Alternativwährung mit Valuta vor dem Zahlungstermin unter Angabe der genauen Identität der/des Aktienzeichner(s) und des Teilfonds, von dem Aktien gezeichnet werden, zu überweisen.
Annahmeschlusszeit
| Annahmeschlusszeit 1  (Luxemburger Zeit) (Zeichnungs-, Rücknahme- und Umtauschanträge) | Bewertungstag 2  ("T") | Zahlungstermin 3 |
| --- | --- | --- |
| 15.00 Uhr am T-1 Tag | Täglich | Bis zu T+3 Tage 4 |

Hinweis: Als Tag ist ein Geschäftstag zu verstehen
1  
Ist dieser Tag kein Geschäftstag, einen Geschäftstag in Luxemburg vor dem betreffenden Tag.
2  
Ist dieser Bewertungstag kein Geschäftstag, gilt als Bewertungstag der nächste Geschäftstag oder der vorhergehende Geschäftstag bei einer Bewertung alle zwei Monate.
3  
Für Rücknahmen erfolgen die Zahlungen normalerweise in der Referenzwährung.
4  
Die Aktieninhaber werden gebeten, den jeweils geltenden Zahlungstermin der Website der Lombard Odier Gruppe (www.loim.com) zu entnehmen.
Weitere Einzelheiten sind in Paragraph 12.1 "Allgemeine Bestimmungen" des Kapitels 12 "Ausgabe und Verkauf der Aktien" enthalten.
Fixed-Income- und Buy-and-Maintain-Teilfonds
LO Funds – High Yield 2024
Bitte lesen Sie den Hinweis bezüglich der Teilfonds "Buy and Maintain" im Anschluss an die oben stehende Liste der Teilfonds in "Anhang A: Zur Zeichnung angebotene Teilfonds". Um das unten beschriebene Anlageziel des Teilfonds zu erreichen, kann der Verwaltungsrat beschliessen, die Emission von Aktien des Teilfonds jederzeit nach der Lancierung des Teilfonds einzustellen oder die Emission von Aktien über einen von ihm als angemessen erachteten Zeitraum wieder aufzunehmen.
Anlageziel
Der Teilfonds wird aktiv verwaltet. Die Verwaltung des Teilfonds orientiert sich nicht an einem Index.
Das Hauptziel des Teilfonds besteht darin, ein Buy-and-Maintain-Portefeuille aufzubauen, dessen Laufzeit im Verlauf des Jahres 2024 (nachstehend "das Ende der Laufzeit") endet.
Das Konzept einer Buy-and-Maintain-Strategie bezieht sich auf ein Portefeuille, das hauptsächlich in Schuldtitel investiert, die zunächst gekauft werden mit dem Ziel, sie bis zu ihrer jeweiligen Fälligkeit zu halten ("Buy"-Prozess). Das Portefeuille wird jedoch so überwacht/gehalten ("Maintain-Prozess"), dass der Ersatz eines oder mehrerer dieser Schuldtitel ausgelöst wird, wenn das Ausfallrisiko und/oder die Relative-Value- Chancen nach Ansicht des Fondsmanagers signifikant steigen.
Buy-and-Maintain-Anlageprozess
Der Buy-Prozess besteht aus zwei Schritten:
- ein systematischer/regelbasierter Prozess, der anstrebt, solchen Sektoren Kapital zuzuteilen, von denen erwartet wird, dass sie den grössten Beitrag zur Wirtschaft leisten, der das Ausfallrisiko reduziert und die Fundamentaldaten der Emittenten innerhalb der Portfoliogewichtungen widerspiegelt;
- ein Kredit-Overlay, mit dem die Emittenten auf der Grundlage der Meinungen und Überzeugungen des Fondsmanagers ausgewählt werden. Der Maintain-Prozess basiert auf der Kompetenz des Fondsmanagers im Kreditresearch und stellt sicher, dass Anleihen ersetzt werden, wenn:
	- die Verschlechterung der Fundamentaldaten eines Emittenten zu einem markant erhöhten Ausfallrisiko führt;
	- gegen die Anlagerichtlinien verstossen wird (zum Beispiel eine Bonitätsrückstufung);
	- sich Relative-Value-Chancen bieten.


Anlagepolitik
Der Teilfonds investiert in Anleihen, andere fest- oder variabel verzinsliche Schuldtitel sowie kurzfristige Schuldtitel von privaten, staatlichen und/ oder supranationalen Institutionen, die auf EUR, USD, GBP und/oder CHF lauten. Der Fondsmanager strebt jedoch an, das Portefeuille vollständig gegen das Währungsrisiko abzusichern.
Mindestens 50% des Vermögens des Teilfonds können in Schuldtitel investiert werden, die von den in Paragraph 3.2 genannten Rating-Agenturen mit einem Rating von BB oder höher eingestuft werden oder die nach Meinung des Fondsmanagers von vergleichbarer Qualität sind.
Bis zu 50% des Vermögens des Teilfonds werden in Schuldtitel investiert, die von den in Paragraph 3.2 genannten Rating-Agenturen mit einem Rating von B eingestuft werden oder die nach Meinung des Fondsmanagers von vergleichbarer Qualität sind. Bei einer Herunterstufung eines Schuldtitels unter B verkauft der Fondsmanager die Position innerhalb von zwölf Monaten.
Die Verwendung von Derivaten darf innerhalb dieser Grenzen nicht in Erwägung gezogen werden. Der Fondsmanager strebt ein durchschnittliches Rating auf Portfolioebene von BB an.
Bis zu 50% des Vermögens des Teilfonds dürfen in kündbare Schuldtitel investiert werden, deren Kündigungsdatum im Juni 2025 oder davor und deren verlängertes Fälligkeitsdatum nach Juni 2025 liegt. Das maximale Fälligkeitsdatum von Schuldtiteln ohne Call-Option ist der 28. Dezember 2025.
Der Teilfonds kann nach freiem Ermessen des Fondsmanagers und im Einklang mit den geltenden Diversifikationsvorschriften vollständig in Zahlungsmitteln und Zahlungsmitteläquivalenten (einschliesslich kurzfristiger ABS/MBS, die bis zu 10% der Anlagen in Zahlungsmittel und Zahlungsmitteläquivalente ausmachen dürfen) investiert sein. Gegen Ende der Laufzeit werden die Positionen in Zahlungsmitteln und Zahlungsmitteläquivalenten tendenziell zunehmen und allmählich den Grossteil des Vermögens ausmachen.
Der Fondsmanager ist bestrebt, die Diversifikation auf Sektor-/Branchenebene aufrechtzuerhalten.
Der Fondsmanager ist ausserdem bestrebt, in mindestens 70 verschiedene zugrunde liegende Positionen zu investieren. Gegen Ende der Laufzeit wird die Positionszahl tendenziell abnehmen.
Wie in Paragraph 3.1 erwähnt, darf der Teilfonds bis zu 10% seines Nettovermögens in OGA halten.
Vorbehaltlich der in den Anlagerestriktionen (siehe Kapitel 4 des Prospekts) erlaubten Grenzen ist der Fondsmanager berechtigt, Finanzderivate innerhalb der zugelassenen Engagementlimite von 100% (Leverage einschliesslich Netting- und Absicherungsvereinbarungen) und innerhalb eines Brutto-Leverage-Budgets (Summe der absoluten Nennwerte nach Absolute-Value-Ansatz) von 150% (bis zu 50% des Vermögens des Teilfonds in CDS und CDS-Optionen sowie bis zu 100% in Devisen-Forwards) zu verwenden:
- zu Absicherungszwecken	Ja
- zu EPM-Zwecken	Ja
- als Teil der Anlagestrategie	JaUnter bestimmten Umständen können die indikativen Leverage-Niveaus höher sein, und dies nicht, weil die Absicht bestand, ein zusätzliches Engagement einzugehen, sondern etwa weil sich die Marktbedingungen plötzlich verändert haben.

Die Anleger werden auf den Anhang zu den Risikofaktoren hingewiesen, in dem die Risikofaktoren des Teilfonds aufgeführt sind.
Referenzwährung
EUR
Zur Zeichnung verfügbare Aktienklassen
Aktien können auch verschiedene Formen annehmen (d.h. in Bezug auf Alternativwährungen, Ausschüttungspolitik, Währungsabsicherungspolitik, Seeding, "Connect"): siehe Paragraph 2.2.
In Bezug auf die Dividendenpolitik der Aktien gelten neben den Bestimmungen im Abschnitt des Prospekts zur Dividendenpolitik die folgenden Grundsätze:
- Es können feste Dividendenausschüttungen vorgenommen werden, deren Betrag an der ersten Ausschüttung eines Jahres vom Verwaltungsrat für das Jahr, für das er gilt, festgelegt wird;
- die Frequenz der Ausschüttungen ist jährlich.

Der Verwaltungsrat kann in eigenem Ermessen die oben aufgeführten Grundsätze anwenden und den Betrag der festen Ausschüttungen sowie die Frequenz ihrer Zahlungen unter Berücksichtigung von Marktereignissen oder anderen Umständen wie den Anforderungen der Anleger und deren bestem Interesse ändern oder anpassen.
|  | P-Aktien | R-Aktien | N-Aktien | I-Aktien | S-Aktien | M-Aktien | H-Aktien | E-Aktien |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Anlegertyp | Siehe Tabelle in Paragraph 2.2 im allgemeinen Teil des Prospekts |
| Erstmalige Mindestanlage bzw. Mindestanlagebetrag | Gegenwert von EUR 3’000 | Gegenwert von EUR 1’000 | Gegenwert von CHF 1’000’000 | Gegenwert von CHF 1’000’000 | t.b.d. | Gegenwert von EUR 3’000 | Gegenwert von EUR 3’000 | Nein |
| Maximaler FROC | 0,31% | 0,44% | 0,22% | 0,22% | 0,08% | 0,31% | 0,44% | 0,44% |
| Maximale Managementgebühr | 0,40% | 0,40% | 0,40% | 0,40% | k.A. | 0,44% | 0,80% | k.A. |
| Maximale Vertriebsgebühr | 0,40% | 0,80% | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. |
| Performance-Fee | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. |
| Höchstsatz der Managementgebühren, wenn der Teilfonds in andere OGAW, OGA oder Ziel-Teilfonds investiert* | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% |
| Handelsgebühr | bis zu 2% | bis zu 2% | bis zu 2% | bis zu 2% | bis zu 2% | bis zu 2% | bis zu 2% | bis zu 2% |
| * Ungeachtet einer Performance-Fee, die zusätzlich zu dieser Limite erhoben werden kann. |

Offenlegung gemäss SFDR
Die Einstufung des Teilfonds gemäss SFDR, die Art und Weise, in der der Fondsmanager Nachhaltigkeitsrisiken in seine Anlageentscheidungen in Bezug auf die Teilfonds integriert, sowie die Ergebnisse der Bewertung der wahrscheinlichen Auswirkungen von Nachhaltigkeitsrisiken auf die Renditen des Teilfonds sind im SFDR-Anhang dargelegt.
Fondsmanager
Siehe Paragraph 6.3
Ansatz, mit dem das Gesamtrisiko des Teilfonds berechnet wird
Commitment-Ansatz
Profil des typischen Anlegers
Der Teilfonds ist geeignet für Anleger, die:
- mit ihren Anlagen regelmässige Erträge und potenziell Kapitalgewinne erzielen wollen; und
- bereit sind, das erhöhte Risiko zu tragen, das mit den Anlagekategorien verbunden ist, die im Anlageziel und in der Anlagepolitik beschrieben sind; und
- der Volatilität ihrer Aktien standhalten können.

Zeichnungsverfahren
Die Zeichnungsbeträge sind gemäss dem in Kapitel 20 des Prospekts beschriebenen Verfahren zu überweisen. Zeichnungsanträge müssen spätestens zur betreffenden Annahmeschlusszeit bei der Gesellschaft eingehen.
Die Zeichnungsbeträge sind der Verwahrstelle in der Referenzwährung oder im Falle von in einer Alternativwährung begebenen Klassen in der Alternativwährung mit Valuta vor dem Zahlungstermin unter Angabe der genauen Identität der/des Aktienzeichner(s) und des Teilfonds, von dem Aktien gezeichnet werden, zu überweisen.
Annahmeschlusszeit
| Annahmeschlusszeit 1  (Luxemburger Zeit) (Zeichnungs-, Rücknahme- und Umtauschanträge) | Bewertungstag 2  ("T") | Zahlungstermin 3 |
| --- | --- | --- |
| 15.00 Uhr am T-1 Tag | Täglich | Bis zu T+3 Tage 4 |

Hinweis: Als Tag ist ein Geschäftstag zu verstehen
1  
Ist dieser Tag kein Geschäftstag, einen Geschäftstag in Luxemburg vor dem betreffenden Tag.
2  
Ist dieser Bewertungstag kein Geschäftstag, gilt als Bewertungstag der nächste Geschäftstag oder der vorhergehende Geschäftstag bei einer Bewertung alle zwei Monate.
3  
Für Rücknahmen erfolgen die Zahlungen normalerweise in der Referenzwährung.
4  
Die Aktieninhaber werden gebeten, den jeweils geltenden Zahlungstermin der Website der Lombard Odier Gruppe (www.loim.com) zu entnehmen.
Weitere Einzelheiten sind in Paragraph 12.1 "Allgemeine Bestimmungen" des Kapitels 12 "Ausgabe und Verkauf der Aktien" enthalten.
Fixed-Income- und Buy-and-Maintain-Teilfonds
LO Funds – Asia Income 2024
Bitte lesen Sie den Hinweis bezüglich der Teilfonds "Buy and Maintain" im Anschluss an die oben stehende Liste der Teilfonds in "Anhang A: Zur Zeichnung angebotene Teilfonds". Um das unten beschriebene Anlageziel des Teilfonds zu erreichen, kann der Verwaltungsrat beschliessen, die Emission von Aktien des Teilfonds jederzeit nach der Lancierung des Teilfonds einzustellen oder die Emission von Aktien über einen von ihm als angemessen erachteten Zeitraum wieder aufzunehmen.
Anlageziel
Das Hauptziel des Teilfonds besteht darin, ein Buy-and-Maintain-Portefeuille aufzubauen, dessen Laufzeit im November 2024 (nachstehend "das Ende der Laufzeit") endet.
Das Konzept einer Buy-and-Maintain-Strategie bezieht sich auf ein Portefeuille, das hauptsächlich in Schuldtitel investiert, die zunächst gekauft werden mit dem Ziel, sie bis zu ihrer jeweiligen Fälligkeit zu halten. Das Wertpapier-Portefeuille wird jedoch so überwacht/gehalten, dass
der Ersatz eines oder mehrerer dieser Schuldtitel nach dem Ermessen des Fondsmanagers erfolgen kann, wenn das Ausfallrisiko oder die Herabstufung der Kreditratings und/oder das Vorkommen von Relative-Value-Chancen nach Ansicht des Fondsmanagers signifikant steigen.
Anlagepolitik
Der Teilfonds wird aktiv verwaltet. Die Verwaltung des Teilfonds orientiert sich nicht an einem Index.
Dieser Teilfonds investiert mindestens zwei Drittel (2/3) seines Vermögens in auf USD lautende Anleihen, andere fest- oder variabel verzinsliche Schuldtitel sowie kurzfristige Schuldtitel, die von asiatischen privaten Gesellschaften sowie asiatischen staatlichen und/oder supranationalen Institutionen begeben werden, einschliesslich Emittenten, die ihren Sitz in der Region Asien-Pazifik (einschliesslich Japan und Australien) haben oder dort den Grossteil ihrer Geschäftstätigkeit ausüben. Bis zu zwei Drittel (2/3) des Vermögens des Teilfonds kann in Schuldtitel mit einem Rating von unter BBB ( jedoch nicht mit einem Rating unter B) investiert werden. Bei einer Herunterstufung eines Schuldtitels unter B kann der Fondsmanager in eigenem Ermessen an einem Engagement in dem betreffenden Schuldtitel festhalten.
Der Teilfonds kann nach freiem Ermessen des Fondsmanagers und im Einklang mit den geltenden Diversifikationsvorschriften vollständig in Zahlungsmitteln und Zahlungsmitteläquivalenten (einschliesslich kurzfristiger ABS/MBS, die bis zu 10% der Anlagen in Zahlungsmittel und Zahlungsmitteläquivalente ausmachen dürfen) investiert sein. Gegen Ende der Laufzeit werden die Positionen in Zahlungsmitteln und Zahlungsmitteläquivalenten tendenziell zunehmen.
Der Teilfonds wurde für einen Zeitraum errichtet, der bis zum Ende der Laufzeit dauert.
Die Wahl der Sektoren, Länderallokationen und Laufzeiten des Portefeuilles liegt im freien Ermessen des Fondsmanagers. Der Teilfonds kann in eine begrenzte Anzahl von Emittenten investiert sein; insbesondere, wenn sich der Teilfonds dem Ende der Laufzeit nähert.
Der Fondsmanager wendet bei der Auswahl der Wertpapiere einen Anlageansatz an, der primär auf einer Fundamentalanalyse der Emittenten beruht. Der Fondsmanager darf auch qualitative und/oder systematische Strategien anwenden.
Der Teilfonds investiert nicht in Anteile oder Aktien eines OGA oder in einen Teilfonds (mit Ausnahme der in der Definition von Zahlungsmitteln und Zahlungsmitteläquivalenten erwähnten Geldmarkt-OGA).
Vorbehaltlich der in Kapitel 4 des Prospekts unter Anlagerestriktionen auferlegten Grenzen ist der Fondsmanager berechtigt, Finanzderivate, darunter namentlich Kreditderivate (einschliesslich CDS) sowie Zins- und Devisenderivate, einzusetzen:
- zu Absicherungszwecken	Ja
- zu EPM-Zwecken	Ja
- als Teil der Anlagestrategie	NeinDie Anleger werden auf den Anhang zu den Risikofaktoren hingewiesen, in dem die Risikofaktoren des Teilfonds aufgeführt sind.

Referenzwährung
USD
Zur Zeichnung verfügbare Aktienklassen
Aktien können auch verschiedene Formen annehmen (d.h. in Bezug auf Alternativwährungen, Ausschüttungspolitik, Währungsabsicherungspolitik, Seeding, "Connect"): siehe Paragraph 2.2.
|  | P-Aktien | R-Aktien | N-Aktien | I-Aktien | S-Aktien | M-Aktien | H-Aktien | E-Aktien |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Anlegertyp | Siehe Tabelle in Paragraph 2.2 im allgemeinen Teil des Prospekts |
| Erstmalige Mindestanlage bzw. Mindestanlagebetrag | Gegenwert von EUR 3’000 | Gegenwert von EUR 1’000 | Gegenwert von CHF 1’000’000 | Gegenwert von CHF 1’000’000 | t.b.d. | Gegenwert von EUR 3’000 | Gegenwert von EUR 3’000 | Nein |
| Maximaler FROC | 0,31% | 0,44% | 0,22% | 0,22% | 0,08% | 0,31% | 0,44% | 0,44% |
| Maximale Managementgebühr | 0,50% | 0,50% | 0,50% | 0,50% | k.A. | 0,55% | 1,00% | k.A. |
| Maximale Vertriebsgebühr | 0,50% | 0,80% | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. |
| Performance-Fee | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. |
| Höchstsatz der Managementgebühren, wenn der Teilfonds in andere OGAW, OGA oder Ziel-Teilfonds investiert* | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% |
| Handelsgebühr | bis zu 2% | bis zu 2% | bis zu 2% | bis zu 2% | bis zu 2% | bis zu 2% | bis zu 2% | bis zu 2% |
| * Ungeachtet einer Performance-Fee, die zusätzlich zu diesem Betrag erhoben werden kann. |

Offenlegung gemäss SFDR
Die Einstufung des Teilfonds gemäss SFDR, die Art und Weise, in der der Fondsmanager Nachhaltigkeitsrisiken in seine Anlageentscheidungen in Bezug auf die Teilfonds integriert, sowie die Ergebnisse der Bewertung der wahrscheinlichen Auswirkungen von Nachhaltigkeitsrisiken auf die Renditen des Teilfonds sind im SFDR-Anhang dargelegt.
Fondsmanager
Siehe Paragraph 6.3
Ansatz, mit dem das Gesamtrisiko des Teilfonds berechnet wird
Commitment-Ansatz
Profil des typischen Anlegers
Der Teilfonds ist geeignet für Anleger, die:
- mit ihren Anlagen regelmässige Erträge und potenziell Kapitalgewinne erzielen wollen; und
- bereit sind, das erhöhte Risiko zu tragen, das mit den Anlagekategorien verbunden ist, die im Anlageziel und in der Anlagepolitik beschrieben sind; und
- der Volatilität ihrer Aktien standhalten können.

Zeichnungsverfahren
Die Zeichnungsbeträge sind gemäss dem in Kapitel 20 des Prospekts beschriebenen Verfahren zu überweisen. Zeichnungsanträge müssen spätestens zur betreffenden Annahmeschlusszeit bei der Gesellschaft eingehen.
Die Zeichnungsbeträge sind der Verwahrstelle in der Referenzwährung oder im Falle von in einer Alternativwährung begebenen Klassen in der Alternativwährung mit Valuta vor dem Zahlungstermin unter Angabe der genauen Identität der/des Aktienzeichner(s) und des Teilfonds, von dem Aktien gezeichnet werden, zu überweisen.
Annahmeschlusszeit
| Annahmeschlusszeit 1  (Luxemburger Zeit) (Zeichnungs-, Rücknahme- und Umtauschanträge) | Bewertungstag 2  ("T") | Zahlungstermin 3 |
| --- | --- | --- |
| 15.00 Uhr am T-1 Tag | Täglich | Bis zu T+3 Tage 4 |

Hinweis: Als Tag ist ein Geschäftstag zu verstehen
1  
Ist dieser Tag kein Geschäftstag, einen Geschäftstag in Luxemburg vor dem betreffenden Tag.
2  
Ist dieser Bewertungstag kein Geschäftstag, gilt als Bewertungstag der nächste Geschäftstag oder der vorhergehende Geschäftstag bei einer Bewertung alle zwei Monate.
3  
Für Rücknahmen erfolgen die Zahlungen normalerweise in der Referenzwährung.
4  
Die Aktieninhaber werden gebeten, den jeweils geltenden Zahlungstermin der Website der Lombard Odier Gruppe (www.loim.com) zu entnehmen.
Weitere Einzelheiten sind in Paragraph 12.1 "Allgemeine Bestimmungen" des Kapitels 12 "Ausgabe und Verkauf der Aktien" enthalten.
Fixed-Income- und Buy-and-Maintain-Teilfonds
LO Funds – Asia Income 2025
Bitte lesen Sie den Hinweis bezüglich der Teilfonds "Buy and Maintain" im Anschluss an die oben stehende Liste der Teilfonds in "Anhang A: Zur Zeichnung angebotene Teilfonds". Um das unten beschriebene Anlageziel des Teilfonds zu erreichen, kann der Verwaltungsrat ferner beschliessen, die Emission von Aktien des Teilfonds jederzeit nach der Lancierung des Teilfonds einzustellen oder die Emission von Aktien über einen von ihm als angemessen erachteten Zeitraum wieder aufzunehmen.
Anlageziel
Das Hauptziel des Teilfonds besteht darin, ein Buy-and-Maintain-Portefeuille aufzubauen, dessen Laufzeit im November 2025 (nachstehend "das Ende der Laufzeit") endet.
Das Konzept einer Buy-and-Maintain-Strategie bezieht sich auf ein Portefeuille, das hauptsächlich in Schuldtitel investiert, die zunächst gekauft werden mit dem Ziel, sie bis zu ihrer jeweiligen Fälligkeit zu halten. Das Wertpapierportefeuille wird jedoch so überwacht/gehalten, dass der Ersatz eines oder mehrerer dieser Schuldtitel nach dem Ermessen des Fondsmanagers erfolgen kann, wenn das Ausfallrisiko oder die Herabstufung der Kreditratings und/oder das Vorkommen von Relative-Value-Chancen nach Ansicht des Fondsmanagers signifikant steigen.
Anlagepolitik
Der Teilfonds wird aktiv verwaltet. Die Verwaltung des Teilfonds orientiert sich nicht an einem Index.
Dieser Teilfonds investiert mindestens zwei Drittel (2/3) seines Vermögens in auf USD lautende Anleihen, andere fest- oder variabel verzinsliche Schuldtitel sowie kurzfristige Schuldtitel, die von asiatischen privaten Gesellschaften sowie asiatischen staatlichen und/oder supranationalen Institutionen begeben werden, einschliesslich Emittenten, die ihren Sitz in der Region Asien-Pazifik (einschliesslich Japan und Australien) haben oder dort den Grossteil ihrer Geschäftstätigkeit ausüben. Bis zu 70% des Vermögens des Teilfonds können in Schuldtitel mit einem Rating von unter BBB, jedoch nicht unter B investiert werden. Bei einer Herunterstufung eines Schuldtitels unter B kann der Fondsmanager in eigenem Ermessen an einem Engagement in dem betreffenden Schuldtitel festhalten.
Der Teilfonds kann nach freiem Ermessen des Fondsmanagers und im Einklang mit den geltenden Diversifikationsvorschriften vollständig in Zahlungsmitteln und Zahlungsmitteläquivalenten (einschliesslich kurzfristiger ABS/MBS, die bis zu 10% der Anlagen in Zahlungsmittel und Zahlungsmitteläquivalente ausmachen dürfen) investiert sein. Gegen Ende der Laufzeit werden die Positionen in Zahlungsmitteln und Zahlungsmitteläquivalenten tendenziell zunehmen.
Der Teilfonds wurde für einen Zeitraum errichtet, der bis zum Ende der Laufzeit dauert.
Die Wahl der Sektoren, Länderallokationen und Laufzeiten liegt im freien Ermessen des Fondsmanagers. Der Teilfonds kann in eine begrenzte Anzahl von Emittenten investiert sein, insbesondere, wenn sich der Teilfonds dem Ende der Laufzeit nähert.
Der Fondsmanager wendet bei der Auswahl der Wertpapiere einen Anlageansatz an, der primär auf einer Fundamentalanalyse der Emittenten beruht. Der Fondsmanager darf auch qualitative und/oder systematische Strategien anwenden.
Der Teilfonds investiert nicht in Anteile oder Aktien eines OGA oder in einen Teilfonds (mit Ausnahme der in der Definition von Zahlungsmitteln und Zahlungsmitteläquivalenten erwähnten Geldmarkt-OGA).
Vorbehaltlich der in Kapitel 4 des Prospekts unter Anlagerestriktionen auferlegten Grenzen ist der Fondsmanager berechtigt, Finanzderivate, darunter namentlich Kreditderivate (einschliesslich CDS) sowie Zins- und Devisenderivate, einzusetzen:
- zu Absicherungszwecken	Ja
- zu EPM-Zwecken	Ja
- als Teil der Anlagestrategie	NeinDie Anleger werden auf den Anhang zu den Risikofaktoren hingewiesen, in dem die Risikofaktoren des Teilfonds aufgeführt sind.

Referenzwährung
USD
Zur Zeichnung verfügbare Aktienklassen
Aktien können auch verschiedene Formen annehmen (d.h. in Bezug auf Alternativwährungen, Ausschüttungspolitik, Währungsabsicherungspolitik, Seeding, "Connect"): siehe Paragraph 2.2.
|  | P-Aktien | R-Aktien | N-Aktien | I-Aktien | S-Aktien | M-Aktien | H-Aktien | E-Aktien |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Anlegertyp | Siehe Tabelle in Paragraph 2.2 im allgemeinen Teil des Prospekts |
| Erstmalige Mindestanlage bzw. Mindestanlagebetrag | Gegenwert von EUR 3’000 | Gegenwert von EUR 1’000 | Gegenwert von CHF 1’000’000 | Gegenwert von CHF 1’000’000 | t.b.d. | Gegenwert von EUR 3’000 | Gegenwert von EUR 3’000 | Nein |
| Maximaler FROC | 0,31% | 0,44% | 0,22% | 0,22% | 0,08% | 0,31% | 0,44% | 0,44% |
| Maximale Managementgebühr | 0,50% | 0,50% | 0,50% | 0,50% | k.A. | 0,55% | 1,00% | k.A. |
| Maximale Vertriebsgebühr | 0,50% | 0,80% | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. |
| Performance-Fee | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. |
| Höchstsatz der Managementgebühren, wenn der Teilfonds in andere OGAW, OGA oder Ziel-Teilfonds investiert* | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% |
| Handelsgebühr | bis zu 2% | bis zu 2% | bis zu 2% | bis zu 2% | bis zu 2% | bis zu 2% | bis zu 2% | bis zu 2% |
| * Ungeachtet einer Performance-Fee, die zusätzlich zu dieser Limite erhoben werden kann. |

Offenlegung gemäss SFDR
Die Einstufung des Teilfonds gemäss SFDR, die Art und Weise, in der der Fondsmanager Nachhaltigkeitsrisiken in seine Anlageentscheidungen in Bezug auf den Teilfonds einbezieht, sowie die Ergebnisse der Bewertung der wahrscheinlichen Auswirkungen von Nachhaltigkeitsrisiken auf die Renditen des Teilfonds sind im SFDR-Anhang dargelegt.
Fondsmanager
Siehe Paragraph 6.3
Ansatz, mit dem das Gesamtrisiko des Teilfonds berechnet wird
Commitment-Ansatz
Profil des typischen Anlegers
Der Teilfonds ist geeignet für Anleger, die:
- mit ihren Anlagen regelmässige Erträge und potenziell Kapitalgewinne erzielen wollen; und
- bereit sind, die erhöhten Risiken zu tragen, die mit den Anlagekategorien verbunden sind, die im Anlageziel und in der Anlagepolitik beschrieben sind; und
- der Volatilität ihrer Aktien standhalten können.

Zeichnungsverfahren
Die Zeichnungsbeträge sind gemäss dem in Kapitel 20 des Prospekts beschriebenen Verfahren zu überweisen. Zeichnungsanträge müssen spätestens zur betreffenden Annahmeschlusszeit bei der Gesellschaft eingehen.
Die Zeichnungsbeträge sind der Verwahrstelle in der Referenzwährung oder im Falle von in einer Alternativwährung begebenen Klassen in der Alternativwährung mit Valuta vor dem Zahlungstermin unter Angabe der genauen Identität der/des Aktienzeichner(s) und des Teilfonds, von dem Aktien gezeichnet werden, zu überweisen.
Annahmeschlusszeit
| Annahmeschlusszeit 1  (Luxemburger Zeit) (Zeichnungs-, Rücknahme- und Umtauschanträge) | Bewertungstag 2  ("T") | Zahlungstermin 3 |
| --- | --- | --- |
| 15.00 Uhr am T-1 Tag | Täglich | Bis zu T+3 Tage 4 |

Hinweis: Als Tag ist ein Geschäftstag zu verstehen
1  
Ist dieser Tag kein Geschäftstag, einen Geschäftstag in Luxemburg vor dem betreffenden Tag.
2  
Ist dieser Bewertungstag kein Geschäftstag, gilt als Bewertungstag der nächste Geschäftstag oder der vorhergehende Geschäftstag bei einer Bewertung alle zwei Monate.
3  
Für Rücknahmen erfolgen die Zahlungen normalerweise in der Referenzwährung.
4  
Die Aktieninhaber werden gebeten, den jeweils geltenden Zahlungstermin der Website der Lombard Odier Gruppe (www.loim.com) zu entnehmen.
Weitere Einzelheiten sind in Paragraph 12.1 "Allgemeine Bestimmungen" des Kapitels 12 "Ausgabe und Verkauf der Aktien" enthalten.
Fixed-Income- und Buy-and-Maintain-Teilfonds
LO Funds – Asia Income 2026
Bitte lesen Sie den Hinweis bezüglich der Teilfonds "Buy and Maintain" im Anschluss an die oben stehende Liste der Teilfonds in "Anhang A: Zur Zeichnung angebotene Teilfonds". Um das unten beschriebene Anlageziel des Teilfonds zu erreichen, kann der Verwaltungsrat beschliessen, die Emission von Aktien des Teilfonds jederzeit nach der Lancierung des Teilfonds einzustellen oder die Emission von Aktien über einen von ihm als angemessen erachteten Zeitraum wieder aufzunehmen.
Anlageziel
Das Hauptziel des Teilfonds besteht darin, ein Buy-and-Maintain-Portefeuille aufzubauen, dessen Laufzeit im November 2026 (nachstehend "das Ende der Laufzeit") endet.
Das Konzept einer Buy-and-Maintain-Strategie bezieht sich auf ein Portefeuille, das hauptsächlich in Schuldtitel investiert, die zunächst gekauft werden mit dem Ziel, sie bis zu ihrer jeweiligen Fälligkeit zu halten. Das Wertpapierportefeuille wird jedoch so überwacht/gehalten, dass der Ersatz eines oder mehrerer dieser Schuldtitel nach dem Ermessen des Fondsmanagers erfolgen kann, wenn das Ausfallrisiko oder die Herabstufung der Kreditratings und/oder das Vorkommen von Relative-Value-Chancen nach Ansicht des Fondsmanagers signifikant steigen.
Anlagepolitik
Der Teilfonds wird aktiv verwaltet. Die Verwaltung des Teilfonds orientiert sich nicht an einem Index.
Dieser Teilfonds investiert mindestens zwei Drittel (2/3) seines Vermögens in auf USD lautende Anleihen, andere fest- oder variabel verzinsliche Schuldtitel sowie kurzfristige Schuldtitel, die von asiatischen privaten Gesellschaften sowie asiatischen staatlichen und/oder supranationalen Institutionen begeben werden, einschliesslich Emittenten, die ihren Sitz in der Region Asien-Pazifik (einschliesslich Japan und Australien) haben oder dort den Grossteil ihrer Geschäftstätigkeit ausüben. Bis zu 70% des Vermögens des Teilfonds können in Schuldtitel mit einem Rating von unter BBB, jedoch nicht unter B investiert werden. Bei einer Herunterstufung eines Schuldtitels unter B kann der Fondsmanager in eigenem Ermessen an einem Engagement in dem betreffenden Schuldtitel festhalten.
Der Teilfonds kann nach freiem Ermessen des Fondsmanagers und im Einklang mit den geltenden Diversifikationsvorschriften vollständig in Zahlungsmitteln und Zahlungsmitteläquivalenten (einschliesslich kurzfristiger ABS/MBS, die bis zu 10% der Anlagen in Zahlungsmittel und Zahlungsmitteläquivalente ausmachen dürfen) investiert sein. Gegen Ende der Laufzeit werden die Positionen in Zahlungsmitteln und Zahlungsmitteläquivalenten tendenziell zunehmen.
Der Teilfonds wurde für einen Zeitraum errichtet, der bis zum Ende der Laufzeit dauert.
Die Wahl der Sektoren, Länderallokationen und Laufzeiten liegt im freien Ermessen des Fondsmanagers. Der Teilfonds kann in eine begrenzte Anzahl von Emittenten investiert sein, insbesondere, wenn sich der Teilfonds dem Ende der Laufzeit nähert.
Der Fondsmanager wendet bei der Auswahl der Wertpapiere einen Anlageansatz an, der primär auf einer Fundamentalanalyse der Emittenten beruht. Der Fondsmanager darf auch qualitative und/oder systematische Strategien anwenden.
Der Teilfonds investiert nicht in Anteile oder Aktien eines OGA oder in einen Teilfonds (mit Ausnahme der in der Definition von Zahlungsmitteln und Zahlungsmitteläquivalenten erwähnten Geldmarkt-OGA).
Vorbehaltlich der in Kapitel 4 des Prospekts unter Anlagerestriktionen auferlegten Grenzen ist der Fondsmanager berechtigt, Finanzderivate, darunter namentlich Kreditderivate (einschliesslich CDS) sowie Zins- und Devisenderivate, einzusetzen:
- zu Absicherungszwecken	Ja
- zu EPM-Zwecken	Ja
- als Teil der Anlagestrategie	NeinDie Anleger werden auf den Anhang zu den Risikofaktoren hingewiesen, in dem die Risikofaktoren des Teilfonds aufgeführt sind.

Referenzwährung
USD
Zur Zeichnung verfügbare Aktienklassen
Aktien können auch verschiedene Formen annehmen (d.h. in Bezug auf Alternativwährungen, Ausschüttungspolitik, Währungsabsicherungspolitik, Seeding, "Connect"): siehe Paragraph 2.2.
|  | P-Aktien | R-Aktien | N-Aktien | I-Aktien | S-Aktien | M-Aktien | H-Aktien | E-Aktien |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Anlegertyp | Siehe Tabelle in Paragraph 2.2 im allgemeinen Teil des Prospekts |
| Erstmalige Mindestanlage bzw. Mindestanlagebetrag | Gegenwert von EUR 3’000 | Gegenwert von EUR 1’000 | Gegenwert von CHF 1’000’000 | Gegenwert von CHF 1’000’000 | t.b.d. | Gegenwert von EUR 3’000 | Gegenwert von EUR 3’000 | Nein |
| Maximaler FROC | 0,31% | 0,44% | 0,22% | 0,22% | 0,08% | 0,31% | 0,44% | 0,44% |
| Maximale Managementgebühr | 0,50% | 0,50% | 0,50% | 0,50% | k.A. | 0,55% | 1,00% | k.A. |
| Maximale Vertriebsgebühr | 0,50% | 0,80% | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. |
| Performance-Fee | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. |
| Höchstsatz der Managementgebühren, wenn der Teilfonds in andere OGAW, OGA oder Ziel-Teilfonds investiert* | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% |
| Handelsgebühr | bis zu 2% | bis zu 2% | bis zu 2% | bis zu 2% | bis zu 2% | bis zu 2% | bis zu 2% | bis zu 2% |
| * Ungeachtet einer Performance-Fee, die zusätzlich zu dieser Limite erhoben werden kann. |

Offenlegung gemäss SFDR
Die Einstufung des Teilfonds gemäss SFDR, die Art und Weise, in der der Fondsmanager Nachhaltigkeitsrisiken in seine Anlageentscheidungen in Bezug auf den Teilfonds einbezieht, sowie die Ergebnisse der Bewertung der wahrscheinlichen Auswirkungen von Nachhaltigkeitsrisiken auf die Renditen des Teilfonds sind im SFDR-Anhang dargelegt.
Fondsmanager
Siehe Paragraph 6.3
Ansatz, mit dem das Gesamtrisiko des Teilfonds berechnet wird
Commitment-Ansatz
Profil des typischen Anlegers
Der Teilfonds ist geeignet für Anleger, die:
- mit ihren Anlagen regelmässige Erträge und potenziell Kapitalgewinne erzielen wollen; und
- bereit sind, die erhöhten Risiken zu tragen, die mit den Anlagekategorien verbunden sind, die im Anlageziel und in der Anlagepolitik beschrieben sind; und
- der Volatilität ihrer Aktien standhalten können.

Zeichnungsverfahren
Die Zeichnungsbeträge sind gemäss dem in Kapitel 20 des Prospekts beschriebenen Verfahren zu überweisen. Zeichnungsanträge müssen spätestens zur betreffenden Annahmeschlusszeit bei der Gesellschaft eingehen.
Die Zeichnungsbeträge sind der Verwahrstelle in der Referenzwährung oder im Falle von in einer Alternativwährung begebenen Klassen in der Alternativwährung mit Valuta vor dem Zahlungstermin unter Angabe der genauen Identität der/des Aktienzeichner(s) und des Teilfonds, von dem Aktien gezeichnet werden, zu überweisen.
Annahmeschlusszeit
| Annahmeschlusszeit 1  (Luxemburger Zeit) (Zeichnungs-, Rücknahme- und Umtauschanträge) | Bewertungstag 2  ("T") | Zahlungstermin 3 |
| --- | --- | --- |
| 15.00 Uhr am T-1 Tag | Täglich | Bis zu T+3 Tage 4 |

Hinweis: Als Tag ist ein Geschäftstag zu verstehen
1  
Ist dieser Tag kein Geschäftstag, einen Geschäftstag in Luxemburg vor dem betreffenden Tag.
2  
Ist dieser Bewertungstag kein Geschäftstag, gilt als Bewertungstag der nächste Geschäftstag oder der vorhergehende Geschäftstag bei einer Bewertung alle zwei Monate.
3  
Für Rücknahmen erfolgen die Zahlungen normalerweise in der Referenzwährung.
4  
Die Aktieninhaber werden gebeten, den jeweils geltenden Zahlungstermin der Website der Lombard Odier Gruppe (www.loim.com) zu entnehmen.
Weitere Einzelheiten sind in Paragraph 12.1 "Allgemeine Bestimmungen" des Kapitels 12 "Ausgabe und Verkauf der Aktien" enthalten.
Kurzfristige  Geldmarkt-Teilfonds
LO Funds – Short-Term Money Market (EUR)
Der Teilfonds wird aktiv verwaltet. Der FTSE 1-Month Euro Eurodeposit wird für Performancevergleiche herangezogen, ohne dass dies besondere Anlagebeschränkungen für den Teilfonds zur Folge hätte.
Dieser Teilfonds erfüllt die Voraussetzungen für einen kurzfristigen VNAV-Geldmarktfonds gemäss der Geldmarktfonds-Verordnung.
Anlageziel und Anlagepolitik
Dieser Teilfonds investiert in auf OECD- oder lokale Währungen lautende Bankeinlagen, Geldmarktinstrumente und kurzfristige Schuldtitel (z.B.
ECP, T-Bills und CD) sowie andere fest- oder variabel verzinsliche Papiere mit dem Ziel, eine den Geldmarktsätzen entsprechende Rendite zu erzielen. Die WAL des gesamten Portefeuilles darf 120 Tage nicht übersteigen. Die Finanzinstrumente müssen qualitativ hochwertig sein und dürfen eine Restlaufzeit von höchstens 397 Tagen haben. Die WAM des Portefeuilles darf höchstens 60 Tage betragen. Bis zu 20% des Vermögens des Teilfonds dürfen in ABCP investiert werden.
Der Teilfonds muss in hochwertige Wertpapiere investieren, deren Qualität vom Fondsmanager festgestellt wird. Um die Qualität des Kreditfaktors feststellen zu können, bewertet der Fondsmanager vor einem Kauf die Merkmale jedes Wertpapiers, unter anderem den Rang (vorrangig, nachrangig, gedeckt), die Art des Coupons (fix, variabel, Nullcoupon), die Grösse der Emission, die Grösse des Emittenten, die Zahl der Kursstellungen am Markt (hat Einfluss auf die Liquidität), die Liquidität von Proxies, den Markt der Emission, die Art der Garantie, die Währung, das Land des Emittenten, die Laufzeit der Emission und die verfügbaren Ratings für die Emission und den Emittenten. Ausserdem überprüft der Fondsmanager diese Bewertung laufend.
Der Teilfonds investiert nicht in Anteile an OGA.
Vorbehaltlich der in den Anlagerestriktionen für Geldmarktfonds (siehe Kapitel 4.6 des Prospekts) erlaubten Grenzen ist der Fondsmanager berechtigt, Finanzderivate einzusetzen:
- zur Absicherung	Ja
- zu EPM-Zwecken	Nein
- als Teil der Anlagestrategie	NeinDer Teilfonds darf Finanzderivate lediglich zur Absicherung von Zinssatz- oder Wechselkursrisiken einsetzen. Bei den Basiswerten des Finanzderivats handelt es sich um Zinssätze, Wechselkurse, Währungen oder einen der vorgenannten Basiswerte nachbildende Indizes.

Anlagen, die auf eine andere als die Referenzwährung lauten, werden gegenüber dem Wechselkursrisiko abgesichert.
Die Anleger werden auf den Anhang zu den Risikofaktoren hingewiesen, in dem die Risikofaktoren des Teilfonds aufgeführt sind.
Referenzwährung
EUR
Zur Zeichnung aufliegende Aktienklassen
Aktien können auch verschiedene Formen annehmen (d.h. in Bezug auf Alternativwährungen, Ausschüttungspolitik, Währungsabsicherungspolitik, Seeding, "Connect"): siehe Paragraph 2.2.
|  | P-Aktien | R-Aktien | N-Aktien | I-Aktien | S-Aktien | M-Aktien | H-Aktien | E-Aktien |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Anlegertyp | Siehe Tabelle in Paragraph 2.2 im allgemeinen Teil des Prospekts |
| Erstmalige Mindestanlage bzw. Mindestanlagebetrag | Gegenwert von EUR 3’000 | Gegenwert von EUR 1’000 | Gegenwert von CHF 1’000’000 | Gegenwert von CHF 1’000’000 | t.b.d. | Gegenwert von EUR 3’000 | Gegenwert von EUR 3’000 | Nein |
| Maximaler FROC | 0,14% | 0,25% | 0,08% | 0,08% | 0,08% | 0,14% | 0,25% | 0,14% |
| Maximale Managementgebühr | 0,30% | 0,30% | 0,30% | 0,30% | k.A. | 0,35% | 0,60% | k.A. |
| Maximale Vertriebsgebühr | 0,30% | 0,40% | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. |
| Performance-Fee | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. |
| Höchstsatz der Managementgebühren, wenn der Teilfonds in andere OGAW oder OGA oder Ziel-Teilfonds investiert* | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% |
| Handelsgebühr | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% |
| * Ungeachtet einer Performance-Fee, die zusätzlich zu dieser Limite erhoben werden kann. |

Offenlegung gemäss SFDR
Die Einstufung des Teilfonds gemäss SFDR, die Art und Weise, in der der Fondsmanager Nachhaltigkeitsrisiken in seine Anlageentscheidungen in Bezug auf die Teilfonds integriert, sowie die Ergebnisse der Bewertung der wahrscheinlichen Auswirkungen von Nachhaltigkeitsrisiken auf die Renditen des Teilfonds sind im SFDR-Anhang dargelegt.
Fondsmanager
Siehe Paragraph 6.3
Ansatz, mit dem das Gesamtrisiko des Teilfonds berechnet wird
Commitment-Ansatz
Profil des typischen Anlegers
Der Teilfonds ist geeignet für Anleger, die:
- regelmässige Erträge anstreben, bei denen Kapitalschutz und Liquidität im Vordergrund stehen; und
- bereit sind, das erhöhte Risiko zu tragen, das mit den Anlagekategorien verbunden ist, die im Anlageziel und in der Anlagepolitik beschrieben sind; und
- der Volatilität ihrer Aktien standhalten können.

Zeichnungsverfahren
Die Zeichnungsbeträge sind gemäss dem in Kapitel 20 des Prospekts beschriebenen Verfahren zu überweisen. Zeichnungsanträge müssen spätestens zur betreffenden Annahmeschlusszeit bei der Gesellschaft eingehen.
Die Zeichnungsbeträge sind der Verwahrstelle in der Referenzwährung oder im Falle von in einer Alternativwährung begebenen Klassen in der Alternativwährung mit Valuta vor dem Zahlungstermin unter Angabe der genauen Identität der/des Aktienzeichner(s) und des Teilfonds, von dem Aktien gezeichnet werden, zu überweisen.
Annahmeschlusszeit
| Annahmeschlusszeit 1  (Luxemburger Zeit) (Zeichnungs-, Rücknahme- und Umtauschanträge) | Bewertungstag 2  ("T") | Zahlungstermin 3 |
| --- | --- | --- |
| 14.00 Uhr am T | Täglich | Bis zu T+1 Tag 4 |

Hinweis: Als Tag ist ein Geschäftstag zu verstehen
1  
Ist dieser Tag kein Geschäftstag, einen Geschäftstag in Luxemburg vor dem betreffenden Tag.
2  
Ist dieser Bewertungstag kein Geschäftstag, gilt als Bewertungstag der nächste Geschäftstag oder der vorhergehende Geschäftstag bei einer Bewertung alle zwei Monate.
3  
Für Rücknahmen erfolgen die Zahlungen normalerweise in der Referenzwährung.
4  
Die Aktieninhaber werden gebeten, den jeweils geltenden Zahlungstermin der Website der Lombard Odier Gruppe (www.loim.com) zu entnehmen.
Weitere Einzelheiten sind in Paragraph 12.1 "Allgemeine Bestimmungen" des Kapitels 12 "Ausgabe und Verkauf der Aktien" enthalten.
Kurzfristige  Geldmarkt-Teilfonds
LO Funds – Short-Term Money Market (USD)
Der Teilfonds wird aktiv verwaltet. Der FTSE 1-Month U.S. Dollar Eurodeposit wird für Performancevergleiche herangezogen, ohne dass dies besondere Anlagebeschränkungen für den Teilfonds zur Folge hätte.
Dieser Teilfonds erfüllt die Voraussetzungen für einen kurzfristigen VNAV-Geldmarktfonds gemäss der Geldmarktfonds-Verordnung.
Anlageziel und Anlagepolitik
Dieser Teilfonds investiert in auf OECD- oder lokale Währungen lautende Bankeinlagen, Geldmarktinstrumente und kurzfristige Schuldtitel (z.B.
ECP, T-Bills und CD) sowie andere fest- oder variabel verzinsliche Papiere mit dem Ziel, eine den Geldmarktsätzen entsprechende Rendite zu erzielen. Die WAL des gesamten Portefeuilles darf 120 Tage nicht übersteigen. Die Finanzinstrumente müssen qualitativ hochwertig sein und dürfen eine Restlaufzeit von höchstens 397 Tagen haben. Die WAM des Portefeuilles darf höchstens 60 Tage betragen. Bis zu 20% des Vermögens des Teilfonds darf in ABCP investiert werden.
Der Teilfonds muss in hochwertige Wertpapiere investieren, deren Qualität vom Fondsmanager festgestellt wird. Um die Qualität des Kreditfaktors feststellen zu können, bewertet der Fondsmanager vor einem Kauf die Merkmale jedes Wertpapiers, unter anderem den Rang (vorrangig, nachrangig, gedeckt), die Art des Coupons (fix, variabel, Nullcoupon), die Grösse der Emission, die Grösse des Emittenten, die Zahl der Kursstellungen am Markt (hat Einfluss auf die Liquidität), die Liquidität von Proxies, den Markt der Emission, die Art der Garantie, die Währung, das Land des Emittenten, die Laufzeit der Emission und die verfügbaren Ratings für die Emission und den Emittenten. Ausserdem überprüft der Fondsmanager diese Bewertung laufend.
Der Teilfonds investiert nicht in Anteile an OGA.
Vorbehaltlich der in den Anlagerestriktionen für Geldmarktfonds (siehe Kapitel 4.6 des Prospekts) erlaubten Grenzen ist der Fondsmanager berechtigt, Finanzderivate einzusetzen:
- zur Absicherung	Ja
- zu EPM-Zwecken	Nein
- als Teil der Anlagestrategie	NeinDer Teilfonds darf Finanzderivate lediglich zur Absicherung von Zinssatz- oder Wechselkursrisiken einsetzen. Bei den Basiswerten des Finanzderivats handelt es sich um Zinssätze, Wechselkurse, Währungen oder die vorgenannten Basiswerte nachbildende Indizes.

Anlagen, die auf eine andere als die Referenzwährung lauten, werden gegenüber dem Wechselkursrisiko abgesichert.
Die Anleger werden auf den Anhang zu den Risikofaktoren hingewiesen, in dem die Risikofaktoren des Teilfonds aufgeführt sind.
Referenzwährung
USD
Zur Zeichnung aufliegende Aktienklassen
Aktien können auch verschiedene Formen annehmen (d.h. in Bezug auf Alternativwährungen, Ausschüttungspolitik, Währungsabsicherungspolitik, Seeding, "Connect"): siehe Paragraph 2.2.
|  | P-Aktien | R-Aktien | N-Aktien | I-Aktien | S-Aktien | M-Aktien | H-Aktien | E-Aktien |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Anlegertyp | Siehe Tabelle in Paragraph 2.2 im allgemeinen Teil des Prospekts |
| Erstmalige Mindestanlage bzw. Mindestanlagebetrag | Gegenwert von EUR 3’000 | Gegenwert von EUR 1’000 | Gegenwert von CHF 1’000’000 | Gegenwert von CHF 1’000’000 | t.b.d. | Gegenwert von EUR 3’000 | Gegenwert von EUR 3’000 | Nein |
| Maximaler FROC | 0,19% | 0,25% | 0,08% | 0,08% | 0,08% | 0,19% | 0,25% | 0,19% |
| Maximale Managementgebühr | 0,30% | 0,30% | 0,30% | 0,30% | k.A. | 0,35% | 0,60% | k.A. |
| Maximale Vertriebsgebühr | 0,30% | 0,40% | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. |
| Performance-Fee | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. |
| Höchstsatz der Managementgebühren, wenn der Teilfonds in andere OGAW oder OGA oder Ziel-Teilfonds investiert* | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% |
| Handelsgebühr | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% |
| * Ungeachtet einer Performance-Fee, die zusätzlich zu dieser Limite erhoben werden kann. |

Offenlegung gemäss SFDR
Die Einstufung des Teilfonds gemäss SFDR, die Art und Weise, in der der Fondsmanager Nachhaltigkeitsrisiken in seine Anlageentscheidungen in Bezug auf die Teilfonds integriert, sowie die Ergebnisse der Bewertung der wahrscheinlichen Auswirkungen von Nachhaltigkeitsrisiken auf die Renditen des Teilfonds sind im SFDR-Anhang dargelegt.
Fondsmanager
Siehe Paragraph 6.3
Ansatz, mit dem das Gesamtrisiko des Teilfonds berechnet wird
Commitment-Ansatz
Profil des typischen Anlegers
Der Teilfonds ist geeignet für Anleger, die:
- regelmässige Erträge anstreben, bei denen Kapitalschutz und Liquidität im Vordergrund stehen; und
- bereit sind, das erhöhte Risiko zu tragen, das mit den Anlagekategorien verbunden ist, die im Anlageziel und in der Anlagepolitik beschrieben sind; und
- der Volatilität ihrer Aktien standhalten können.

Zeichnungsverfahren
Die Zeichnungsbeträge sind gemäss dem in Kapitel 20 des Prospekts beschriebenen Verfahren zu überweisen. Zeichnungsanträge müssen spätestens zur betreffenden Annahmeschlusszeit bei der Gesellschaft eingehen.
Die Zeichnungsbeträge sind der Verwahrstelle in der Referenzwährung oder im Falle von in einer Alternativwährung begebenen Klassen in der Alternativwährung mit Valuta vor dem Zahlungstermin unter Angabe der genauen Identität der/des Aktienzeichner(s) und des Teilfonds, von dem Aktien gezeichnet werden, zu überweisen.
Annahmeschlusszeit
| Annahmeschlusszeit 1  (Luxemburger Zeit) (Zeichnungs-, Rücknahme- und Umtauschanträge) | Bewertungstag 2  ("T") | Zahlungstermin 3 |
| --- | --- | --- |
| 14.00 Uhr am T | Täglich | Bis zu T+1 Tag 4 |

Hinweis: Als Tag ist ein Geschäftstag zu verstehen
1  
Ist dieser Tag kein Geschäftstag, einen Geschäftstag in Luxemburg vor dem betreffenden Tag.
2  
Ist dieser Bewertungstag kein Geschäftstag, gilt als Bewertungstag der nächste Geschäftstag oder der vorhergehende Geschäftstag bei einer Bewertung alle zwei Monate.
3  
Für Rücknahmen erfolgen die Zahlungen normalerweise in der Referenzwährung.
4  
Die Aktieninhaber werden gebeten, den jeweils geltenden Zahlungstermin der Website der Lombard Odier Gruppe (www.loim.com) zu entnehmen.
Weitere Einzelheiten sind in Paragraph 12.1 "Allgemeine Bestimmungen" des Kapitels 12 "Ausgabe und Verkauf der Aktien" enthalten.
Kurzfristige  Geldmarkt-Teilfonds
LO Funds – Short-Term Money Market (GBP)
Der Teilfonds wird aktiv verwaltet. Der FTSE 1-Month U.K. Sterling Eurodeposit wird für Performancevergleiche herangezogen, ohne dass dies besondere Anlagebeschränkungen für den Teilfonds zur Folge hätte.
Dieser Teilfonds erfüllt die Voraussetzungen für einen kurzfristigen VNAV-Geldmarktfonds gemäss der Geldmarktfonds-Verordnung.
Anlageziel und Anlagepolitik
Dieser Teilfonds investiert in auf OECD- oder lokale Währungen lautende Bankeinlagen, Geldmarktinstrumente und kurzfristige Schuldtitel (z.B.
ECP, T-Bills und CD) sowie andere fest- oder variabel verzinsliche Papiere mit dem Ziel, eine den Geldmarktsätzen entsprechende Rendite zu erzielen. Die WAL des gesamten Portefeuilles darf 120 Tage nicht übersteigen. Die Finanzinstrumente müssen qualitativ hochwertig sein und dürfen eine Restlaufzeit von höchstens 397 Tagen haben. Die WAM des Portefeuilles darf höchstens 60 Tage betragen. Bis zu 20% des Vermögens des Teilfonds darf in ABCP investiert werden.
Der Teilfonds muss in hochwertige Wertpapiere investieren, deren Qualität vom Fondsmanager festgestellt wird. Um die Qualität des Kreditfaktors feststellen zu können, bewertet der Fondsmanager vor einem Kauf die Merkmale jedes Wertpapiers, unter anderem den Rang (vorrangig, nachrangig, gedeckt), die Art des Coupons (fix, variabel, Nullcoupon), die Grösse der Emission, die Grösse des Emittenten, die Zahl der Kursstellungen am Markt (hat Einfluss auf die Liquidität), die Liquidität von Proxies, den Markt der Emission, die Art der Garantie, die Währung, das Land des Emittenten, die Laufzeit der Emission und die verfügbaren Ratings für die Emission und den Emittenten. Ausserdem überprüft der Fondsmanager diese Bewertung laufend.
Der Teilfonds investiert nicht in Anteile an OGA.
Vorbehaltlich der in den Anlagerestriktionen für Geldmarktfonds (siehe Kapitel 4.6 des Prospekts) erlaubten Grenzen ist der Fondsmanager berechtigt, Finanzderivate einzusetzen:
- zur Absicherung	Ja
- zu EPM-Zwecken	Nein
- als Teil der Anlagestrategie	NeinDer Teilfonds darf Finanzderivate lediglich zur Absicherung von Zinssatz- oder Wechselkursrisiken einsetzen. Bei den Basiswerten des Finanzderivats handelt es sich um Zinssätze, Wechselkurse, Währungen oder die vorgenannten Basiswerte nachbildende Indizes.

Anlagen, die auf eine andere als die Referenzwährung lauten, werden gegenüber dem Wechselkursrisiko abgesichert.
Die Anleger werden auf den Anhang zu den Risikofaktoren hingewiesen, in dem die Risikofaktoren des Teilfonds aufgeführt sind.
Referenzwährung
GBP
Zur Zeichnung aufliegende Aktienklassen
Aktien können auch verschiedene Formen annehmen (d.h. in Bezug auf Alternativwährungen, Ausschüttungspolitik, Währungsabsicherungspolitik, Seeding, "Connect"): siehe Paragraph 2.2.
|  | P-Aktien | R-Aktien | N-Aktien | I-Aktien | S-Aktien | M-Aktien | H-Aktien | E-Aktien |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Anlegertyp | Siehe Tabelle in Paragraph 2.2 im allgemeinen Teil des Prospekts |
| Erstmalige Mindestanlage bzw. Mindestanlagebetrag | Gegenwert von EUR 3’000 | Gegenwert von EUR 1’000 | Gegenwert von CHF 1’000’000 | Gegenwert von CHF 1’000’000 | t.b.d. | Gegenwert von EUR 3’000 | Gegenwert von EUR 3’000 | Nein |
| Maximaler FROC | 0,19% | 0,25% | 0,08% | 0,08% | 0,08% | 0,19% | 0,25% | 0,19% |
| Maximale Managementgebühr | 0,30% | 0,30% | 0,30% | 0,30% | k.A. | 0,35% | 0,60% | k.A. |
| Maximale Vertriebsgebühr | 0,30% | 0,40% | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. |
| Performance-Fee | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. |
| Höchstsatz der Managementgebühren, wenn der Teilfonds in andere OGAW oder OGA oder Ziel-Teilfonds investiert* | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% |
| Handelsgebühr | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% |
| * Ungeachtet einer Performance-Fee, die zusätzlich zu dieser Limite erhoben werden kann. |

Offenlegung gemäss SFDR
Die Einstufung des Teilfonds gemäss SFDR, die Art und Weise, in der der Fondsmanager Nachhaltigkeitsrisiken in seine Anlageentscheidungen in Bezug auf die Teilfonds integriert, sowie die Ergebnisse der Bewertung der wahrscheinlichen Auswirkungen von Nachhaltigkeitsrisiken auf die Renditen des Teilfonds sind im SFDR-Anhang dargelegt.
Fondsmanager
Siehe Paragraph 6.3
Ansatz, mit dem das Gesamtrisiko des Teilfonds berechnet wird
Commitment-Ansatz
Profil des typischen Anlegers
Der Teilfonds ist geeignet für Anleger, die:
- regelmässige Erträge anstreben, bei denen Kapitalschutz und Liquidität im Vordergrund stehen; und
- bereit sind, das erhöhte Risiko zu tragen, das mit den Anlagekategorien verbunden ist, die im Anlageziel und in der Anlagepolitik beschrieben sind; und
- der Volatilität ihrer Aktien standhalten können.

Zeichnungsverfahren
Die Zeichnungsbeträge sind gemäss dem in Kapitel 20 des Prospekts beschriebenen Verfahren zu überweisen. Zeichnungsanträge müssen spätestens zur betreffenden Annahmeschlusszeit bei der Gesellschaft eingehen.
Die Zeichnungsbeträge sind der Verwahrstelle in der Referenzwährung oder im Falle von in einer Alternativwährung begebenen Klassen in der Alternativwährung mit Valuta vor dem Zahlungstermin unter Angabe der genauen Identität der/des Aktienzeichner(s) und des Teilfonds, von dem Aktien gezeichnet werden, zu überweisen.
Annahmeschlusszeit
| Annahmeschlusszeit 1  (Luxemburger Zeit) (Zeichnungs-, Rücknahme- und Umtauschanträge) | Bewertungstag 2  ("T") | Zahlungstermin 3 |
| --- | --- | --- |
| 14.00 Uhr am T | Täglich | Bis zu T+1 Tag 4 |

Hinweis: Als Tag ist ein Geschäftstag zu verstehen
1  
Ist dieser Tag kein Geschäftstag, einen Geschäftstag in Luxemburg vor dem betreffenden Tag.
2  
Ist dieser Bewertungstag kein Geschäftstag, gilt als Bewertungstag der nächste Geschäftstag oder der vorhergehende Geschäftstag bei einer Bewertung alle zwei Monate.
3  
Für Rücknahmen erfolgen die Zahlungen normalerweise in der Referenzwährung.
4  
Die Aktieninhaber werden gebeten, den jeweils geltenden Zahlungstermin der Website der Lombard Odier Gruppe (www.loim.com) zu entnehmen.
Weitere Einzelheiten sind in Paragraph 12.1 "Allgemeine Bestimmungen" des Kapitels 12 "Ausgabe und Verkauf der Aktien" enthalten.
Kurzfristige  Geldmarkt-Teilfonds
LO Funds – Short-Term Money Market (CHF)
Der Teilfonds wird aktiv verwaltet. Der FTSE 1-Month Swiss Franc Eurodeposit wird für Performancevergleiche herangezogen, ohne dass dies besondere Anlagebeschränkungen für den Teilfonds zur Folge hätte.
Dieser Teilfonds erfüllt die Voraussetzungen für einen kurzfristigen VNAV-Geldmarktfonds gemäss der Geldmarktfonds-Verordnung.
Anlageziel und Anlagepolitik
Dieser Teilfonds investiert in auf OECD- oder lokale Währungen lautende Bankeinlagen, Geldmarktinstrumente und kurzfristige Schuldtitel (z.B.
ECP, T-Bills und CD) sowie andere fest- oder variabel verzinsliche Papiere mit dem Ziel, eine den Geldmarktsätzen entsprechende Rendite zu erzielen. Die WAL des gesamten Portefeuilles darf 120 Tage nicht übersteigen. Die Finanzinstrumente müssen qualitativ hochwertig sein und dürfen eine Restlaufzeit von höchstens 397 Tagen haben. Die WAM des Portefeuilles darf höchstens 60 Tage betragen. Bis zu 20% des Vermögens des Teilfonds dürfen in ABCP investiert werden.
Der Teilfonds muss in hochwertige Wertpapiere investieren, deren Qualität vom Fondsmanager festgestellt wird. Um die Qualität des Kreditfaktors feststellen zu können, bewertet der Fondsmanager vor einem Kauf die Merkmale jedes Wertpapiers, unter anderem den Rang (vorrangig, nachrangig, gedeckt), die Art des Coupons (fix, variabel, Nullcoupon), die Grösse der Emission, die Grösse des Emittenten, die Zahl der Kursstellungen am Markt (hat Einfluss auf die Liquidität), die Liquidität von Proxies, den Markt der Emission, die Art der Garantie, die Währung, das Land des Emittenten, die Laufzeit der Emission und die verfügbaren Ratings für die Emission und den Emittenten. Ausserdem überprüft der Fondsmanager diese Bewertung laufend.
Der Teilfonds investiert nicht in Anteile an OGA.
Vorbehaltlich der in den Anlagerestriktionen für Geldmarktfonds (siehe Kapitel 4.6 des Prospekts) erlaubten Grenzen ist der Fondsmanager berechtigt, Finanzderivate einzusetzen:
- zur Absicherung	Ja
- zu EPM-Zwecken	Nein
- als Teil der Anlagestrategie	NeinDer Teilfonds darf Finanzderivate lediglich zur Absicherung von Zinssatz- oder Wechselkursrisiken einsetzen. Bei den Basiswerten des Finanzderivats handelt es sich um Zinssätze, Wechselkurse, Währungen oder einen der vorgenannten Basiswerte nachbildende Indizes.

Anlagen, die auf eine andere als die Referenzwährung lauten, werden gegenüber dem Wechselkursrisiko abgesichert.
Die Anleger werden auf den Anhang zu den Risikofaktoren hingewiesen, in dem die Risikofaktoren des Teilfonds aufgeführt sind.
Referenzwährung
CHF
Zur Zeichnung aufliegende Aktienklassen
Aktien können auch verschiedene Formen annehmen (d.h. in Bezug auf Alternativwährungen, Ausschüttungspolitik, Währungsabsicherungspolitik, Seeding, "Connect"): siehe Paragraph 2.2.
|  | P-Aktien | R-Aktien | N-Aktien | I-Aktien | S-Aktien | M-Aktien | H-Aktien | E-Aktien |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Anlegertyp | Siehe Tabelle in Paragraph 2.2 im allgemeinen Teil des Prospekts |
| Erstmalige Mindestanlage bzw. Mindestanlagebetrag | Gegenwert von EUR 3’000 | Gegenwert von EUR 1’000 | Gegenwert von CHF 1’000’000 | Gegenwert von CHF 1’000’000 | t.b.d. | Gegenwert von EUR 3’000 | Gegenwert von EUR 3’000 | Nein |
| Maximaler FROC | 0,14% | 0,25% | 0,08% | 0,08% | 0,08% | 0,14% | 0,25% | 0,14% |
| Maximale Managementgebühr | 0,30% | 0,30% | 0,30% | 0,30% | k.A. | 0,35% | 0,60% | k.A. |
| Maximale Vertriebsgebühr | 0,30% | 0,40% | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. |
| Performance-Fee | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. | k.A. |
| Höchstsatz der Managementgebühren, wenn der Teilfonds in andere OGAW oder OGA oder Ziel-Teilfonds investiert* | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% | bis zu 3,5% |
| Handelsgebühr | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% | bis zu 3% |
| * Ungeachtet einer Performance-Fee, die zusätzlich zu dieser Limite erhoben werden kann. |

Offenlegung gemäss SFDR
Die Einstufung des Teilfonds gemäss SFDR, die Art und Weise, in der der Fondsmanager Nachhaltigkeitsrisiken in seine Anlageentscheidungen in Bezug auf die Teilfonds integriert, sowie die Ergebnisse der Bewertung der wahrscheinlichen Auswirkungen von Nachhaltigkeitsrisiken auf die Renditen des Teilfonds sind im SFDR-Anhang dargelegt.
Fondsmanager
Siehe Paragraph 6.3
Ansatz, mit dem das Gesamtrisiko des Teilfonds berechnet wird
Commitment-Ansatz
Profil des typischen Anlegers
Der Teilfonds ist geeignet für Anleger, die:
- regelmässige Erträge anstreben, bei denen Kapitalschutz und Liquidität im Vordergrund stehen; und
- bereit sind, das erhöhte Risiko zu tragen, das mit den Anlagekategorien verbunden ist, die im Anlageziel und in der Anlagepolitik beschrieben sind; und
- der Volatilität ihrer Aktien standhalten können.

Zeichnungsverfahren
Die Zeichnungsbeträge sind gemäss dem in Kapitel 20 des Prospekts beschriebenen Verfahren zu überweisen. Zeichnungsanträge müssen spätestens zur betreffenden Annahmeschlusszeit bei der Gesellschaft eingehen.
Die Zeichnungsbeträge sind der Verwahrstelle in der Referenzwährung oder im Falle von in einer Alternativwährung begebenen Klassen in der Alternativwährung mit Valuta vor dem Zahlungstermin unter Angabe der genauen Identität der/des Aktienzeichner(s) und des Teilfonds, von dem Aktien gezeichnet werden, zu überweisen.
Annahmeschlusszeit
| Annahmeschlusszeit 1  (Luxemburger Zeit) (Zeichnungs-, Rücknahme- und Umtauschanträge) | Bewertungstag 2  ("T") | Zahlungstermin 3 |
| --- | --- | --- |
| 14.00 Uhr am T | Täglich | Bis zu T+1 Tag 4 |

Hinweis: Als Tag ist ein Geschäftstag zu verstehen
1  
Ist dieser Tag kein Geschäftstag, einen Geschäftstag in Luxemburg vor dem betreffenden Tag.
2  
Ist dieser Bewertungstag kein Geschäftstag, gilt als Bewertungstag der nächste Geschäftstag oder der vorhergehende Geschäftstag bei einer Bewertung alle zwei Monate.
3  
Für Rücknahmen erfolgen die Zahlungen normalerweise in der Referenzwährung.
4  
Die Aktieninhaber werden gebeten, den jeweils geltenden Zahlungstermin der Website der Lombard Odier Gruppe (www.loim.com) zu entnehmen.
Weitere Einzelheiten sind in Paragraph 12.1 "Allgemeine Bestimmungen" des Kapitels 12 "Ausgabe und Verkauf der Aktien" enthalten.
ANHANG B: ANHANG ZU DEN RISIKOFAKTOREN
Die Liste der unten aufgeführten Risikofaktoren ist keine abschliessende Beschreibung der mit Anlagen in Aktien der Teilfonds verbundenen Risiken. Vor der Zeichnung oder dem Kauf von Aktien sollten potenzielle Anleger den ganzen Prospekt sorgfältig durchlesen und sich bei professionellen Beratern über die steuerlichen und anderen Konsequenzen einer solchen Investition angesichts ihrer persönlichen Situation erkundigen.
Aus der bisherigen Wertentwicklung kann nicht auf die zukünftige Performance geschlossen werden. Die Anleger erhalten den investierten Betrag daher möglicherweise nicht vollständig zurück. Es ist nicht garantiert, dass die Teilfonds ihr Anlageziel tatsächlich erreichen oder dass der Wert ihres Vermögens steigt.
Die nachfolgende Tabelle gibt einen Überblick über die Hauptrisiken der Kernportefeuilles der einzelnen Teilfonds zum Publikationsdatum des Prospekts. Es ist keine fixe und erschöpfende Liste aller potenzieller Risiken. Die Anleger sollten berücksichtigen, dass Risiken miteinander verknüpft sind und dass die Teilfonds vor allem in Zeiten turbulenter Märkte gegenüber allen Risikofaktoren anfällig sein können.
| Überblick über die Hauptrisiken |
| --- |
| Risiken Teilfonds | Allgemein | Aktien | Small und Mid Caps | Festverzinsliche Wertpapiere | Währungen | "Non-Investment-Grade"- und notleidende Wertpapiere | Wandelbare Wertpapiere | Bedingte Pflichtwandelanleihen | Rohstoffe | Organismen für gemeinsame Anlagen (über 10%) | ABS/MBS (über 10%) | Emerging Markets | Registrierung in Russland / Anlagen in Russland | Sektor- oder regionale Konzentration | Derivate (Absicherung/effizientes Portfoliomanagement) | Derivate (Anlagestrategie) | Modell |
| Gemischte Teilfonds |
| All Roads Conservative | X | X | X | X | X | X | X |  | X |  |  | X |  |  | X | X | X |
| All Roads | X | X | X | X | X | X | X |  | X |  |  | X |  |  | X | X | X |
| All Roads Growth | X | X | X | X | X | X | X |  | X |  |  | X |  |  | X | X | X |
| Event Convexity | X | X | X | X | X | X | X |  | X |  |  |  |  | X | X | X | X |
| Multiadvisers UCITS | X | X | X | X | X | X | X |  | X | X |  | X |  | X | X | X | X |
| Defensive Systematic Alternative Solution | X | X |  | X | X | X |  |  | X |  |  | X |  | X | X | X | X |
| Aktienteilfonds |
| Generation Global | X | X |  |  | X |  | X |  |  |  |  | X |  | X | X |  |  |
| TargetNetZero Global Equity | X | X | X |  | X |  |  |  |  |  |  | X |  | X | X | X | X |
| Continental Europe Family Leaders | X | X | X |  | X |  |  |  |  |  |  |  |  | X | X | X |  |
| Golden Age | X | X | X |  | X |  |  |  |  |  |  | X |  | X | X | X |  |
| World Brands | X | X | X |  | X |  |  |  |  |  |  | X |  | X | X |  |  |
| World Gold Expertise | X | X | X |  | X |  |  |  | X |  |  | X | X | X | X |  |  |
| Commodity Risk Premia | X |  |  |  | X |  |  |  | X |  |  |  |  | X | X | X | X |
| Global FinTech | X | X | X |  | X |  |  |  |  |  |  | X |  | X | X |  |  |
| Natural Capital | X | X | X |  | X |  |  |  |  |  |  | X |  | X | X |  |  |
| Global HealthTech | X | X | X |  | X |  |  |  |  |  |  | X |  | X | X |  |  |
| Emerging High Conviction | X | X | X |  | X |  | X |  |  |  |  | X |  | X | X | X |  |
| China High Conviction | X | X | X |  | X |  |  |  |  |  |  | X |  | X | X |  |  |
| TargetNetZero Europe Equity | X | X | X |  | X |  |  |  |  |  |  |  |  | X | X |  | X |
| Europe All Cap Leaders | X | X | X |  | X |  | X |  |  |  |  | X |  | X | X |  |  |
| Europe High Conviction | X | X |  |  | X |  |  |  |  |  |  |  |  | X | X | X |  |
| Continental Europe Small & Mid Leaders | X | X | X |  | X |  |  |  |  |  |  |  |  | X | X | X |  |
| Asia High Conviction | X | X | X |  | X |  |  |  |  |  |  | X |  | X | X | X | X |
| TerreNeuve | X | X | X | X | X |  | X |  |  |  |  | X |  |  | X | X |  |

| Überblick über die Hauptrisiken |
| --- |
| Risiken Teilfonds | Allgemein | Aktien | Small und Mid Caps | Festverzinsliche Wertpapiere | Währungen | "Non-Investment-Grade"- und notleidende Wertpapiere | Wandelbare Wertpapiere | Bedingte Pflichtwandelanleihen | Rohstoffe | Organismen für gemeinsame Anlagen (über 10%) | ABS/MBS (über 10%) | Emerging Markets | Registrierung in Russland / Anlagen in Russland | Sektor- oder regionale Konzentration | Derivate (Absicherung/effizientes Portfoliomanagement) | Derivate (Anlagestrategie) | Modell |
| Swiss Equity | X | X | X |  |  |  |  |  |  |  |  |  |  | X | X |  |  |
| Swiss Small & Mid Caps | X | X | X |  |  |  |  |  |  |  |  |  |  | X | X |  |  |
| Climate Transition | X | X | X |  | X |  |  |  |  |  |  | X |  | X | X |  |  |
| Fixed-Income-Teilfonds |
| Global Inflation-Linked Fundamental | X |  |  | X | X | X |  |  |  |  |  | X |  | X | X | X | X |
| Global Government Fundamental | X |  |  | X | X | X |  |  |  |  |  | X |  |  | X | X | X |
| Global Climate Bond | X |  |  | X | X | X |  |  |  |  |  | X |  | X | X |  | X |
| TargetNetZero Global IG Corporate | X |  |  | X | X | X |  | X |  |  |  | X |  | X | X | X | X |
| TargetNetZero Euro IG Corporate | X |  |  | X | X | X |  | X |  |  |  | X |  |  | X | X | X |
| Global BBB-BB Fundamental | X |  |  | X | X | X |  | X |  |  |  | X |  | X | X | X | X |
| Euro BBB-BB Fundamental | X |  |  | X | X | X |  | X |  |  |  | X |  | X | X | X | X |
| Swiss Franc Credit Bond (Foreign) | X |  |  | X | X | X |  | X |  |  |  | X |  |  | X | X | X |
| Ultra Low Duration (USD) | X |  |  | X |  |  |  |  |  |  |  |  |  | X | X |  |  |
| Ultra Low Duration (EUR) | X |  |  | X |  |  |  |  |  |  |  |  |  | X | X |  |  |
| Fallen Angels Recovery | X |  |  | X | X | X |  | X |  |  |  | X |  | X | X | X |  |
| Natural Capital Credit | X |  |  | X | X | X |  | X |  |  | X | X |  | x | x | X |  |
| Emerging Local Currency Bond Fundamental | X |  |  | X | X | X |  |  | X |  | X | X |  | X | X | X |  |
| Asia Value Bond | X |  |  | X | X | X | X | X |  |  |  | X |  | X | X |  |  |
| Asia Investment Grade Bond | X |  |  | X | X |  | X | X |  |  |  | X |  | X | X |  |  |
| Convertible Bond | X | X |  | X | X | X | X |  |  |  |  | X |  |  | X | X |  |
| Global Convertible Bond Defensive Delta | X | X |  | X | X | X | X |  |  |  |  | X |  |  | X | X |  |
| Convertible Bond Asia | X | X |  | X | X | X | X |  |  |  |  | X |  | X | X | X |  |
| Convertible Bond High Conviction | X | X |  | X | X | X | X |  |  |  |  | X |  |  | X | X |  |
| TargetNetZero Global Convertible | X | X |  | X | X | X | X |  |  |  |  | X |  |  | X | X |  |
| High Yield 2021 1 | X |  |  | X | X | X |  | X |  |  |  | X |  | X | X |  | X |
| Global Income 2027 2 | X |  |  | X | X | X |  |  |  |  |  |  |  |  | X | X |  |
| High Yield 2022 | X |  |  | X | X | X |  |  |  |  |  |  |  |  | X |  |  |
| High Yield 2023 | X |  |  | X | X | X |  |  |  |  |  |  |  |  | X |  |  |
| High Yield 2024 | X |  |  | X | X | X |  |  |  |  |  |  |  |  | X |  |  |
| Asia Income 2024 | X |  |  | X |  | X |  |  |  |  |  | X |  | X | X |  |  |
| Asia Income 2025 | X |  |  | X |  | X |  |  |  |  |  | X |  | X | X |  |  |
| Asia Income 2026 | X |  |  | X |  | X |  |  |  |  |  | X |  | X | X |  |  |
| Kurzfristige Geldmarkt-Teilfonds |
| Short-Term Money Market (EUR) 3 | X |  |  | X |  |  |  |  |  |  |  |  |  |  | X |  |  |
| Short-Term Money Market (USD) 3 | X |  |  | X |  |  |  |  |  |  |  |  |  |  | X |  |  |
| Short-Term Money Market (GBP) 3 | X |  |  | X |  |  |  |  |  |  |  |  |  |  | X |  |  |
| Short-Term Money Market (CHF) 3 | X |  |  | X |  |  |  |  |  |  |  |  |  |  | X |  |  |

1  
Per 2. November 2021 in LO Funds – Global Income 2027 umzuwandeln
2  
Ab 2. November 2021
3  
Siehe auch Paragraph 2.16 zu den spezifischen Risiken
- Allgemeine RisikenDie allgemeinen Risiken können nachteilig korrelieren, namentlich unter für die Teilfonds unüblichen Marktbedingungen. Steigt in Zeiten turbulenter Märkte eines dieser Risiken, so kann dies nicht nur andere allgemeine Risiken für die Teilfonds erhöhen, sondern auch weitere Risiken hervorrufen.
- KreditrisikoDas Kreditrisiko ist ein allgemeines Risiko, dem alle Anlagen unterliegen. Es bezeichnet das Risiko eines Verlusts, falls ein Schuldner seine Zahlungs- oder eine anderweitige Verpflichtung (Kapital, Zins oder beides) im Rahmen einer Kreditvereinbarung nicht erfüllen kann. Für die Teilfonds kann der Schuldner entweder der Emittent von Basiswerten(das "Emittentenrisiko") oder die Gegenpartei einer Transaktion, z.B. eines OTC-Derivats, eines "Repo"-Geschäfts oder "Reverse Repos" oder einer Wertpapierleihe, sein (das "Gegenparteirisiko"). Der Schuldner kann auch eine Regierung sein (das "Länderrisiko"). Als Kreditrisiko wird auch das Risiko eines Verlusts aufgrund eines anderen Kreditereignisses als des Zahlungsversäumnisses eines Schuldners bezeichnet, wie die Bonitätsrückstufung oder Umschuldung eines Schuldners.

Emittentenrisiko – Beim Ausfall eines Emittenten einer im Portefeuille enthaltenen Anleihe oder Aktie kann der Teilfonds den gesamten in das Wertpapier investierten Betrag verlieren.
Gegenparteirisiko – Die Teilfonds tätigen unter Umständen Transaktionen im Freiverkehr ("OTC") oder handeln an "Interdealer"-Märkten. Dadurch setzen sie sich dem Risiko aus, dass die Gegenpartei wegen einer Streitigkeit über die Vertragsbedingungen (bona fide oder nicht) oder wegen eines Kredit- oder Liquiditätsproblems eine Transaktion nicht gemäss den vereinbarten Bedingungen abwickelt, wodurch die Teilfonds den Verlust des gesamten in Papiere dieser Gegenpartei investierten Betrags erleiden können. Dieses "Gegenparteirisiko" ist bei Verträgen mit längeren Laufzeiten besonders hoch, da dort Ereignisse auftreten können, die die Abwicklung verhindern, oder wenn die Teilfonds ihre Transaktionen mit einer einzigen Gegenpartei oder einer kleinen Gruppe von Gegenparteien tätigen.
Länderrisiko – Werden festverzinsliche Basiswerte von einer Regierung oder einem anderen staatlichen Emittenten begeben, besteht das Risiko, dass diese Regierung nicht fähig oder bereit ist, ihre Verpflichtungen zu erfüllen. Der Teilfonds riskiert daher den Verlust des in solche Wertpapiere investierten Betrags.
Systemisches Risiko – Ein Kreditrisiko kann auch durch den Ausfall eines oder mehrerer grosser Finanzinstitute entstehen, die voneinander abhängig sind, um ihren Liquiditäts- oder operativen Bedürfnissen gerecht zu werden. Der Ausfall eines solchen Finanzinstituts zieht somit den Ausfall einer Reihe anderer Finanzinstitute nach sich. Dieser Umstand wird teilweise als "systemisches Risiko" bezeichnet und kann sich nachteilig auf Finanzintermediäre wie Clearingstellen, Clearinghäuser, Banken, Wertpapierhäuser und Börsen auswirken, mit denen die Teilfonds täglich zusammenarbeiten.
- Markt- und VolatilitätsrisikoDas Marktrisiko ist ein allgemeines Risiko, dem alle Anlagen unterliegen. Es bezeichnet das Risiko, dass der Wert einer Anlage aufgrund der Veränderung von Marktfaktoren wie Wechselkursen, Zinssätzen, Aktienkursen oder der Volatilität sinkt.

Das Volatilitätsrisiko ist die Wahrscheinlichkeit von Schwankungen der Marktkurse, Marktsätze oder Devisenkurse an verschiedenen Märkten. Die Volatilität kann den Nettoinventarwert der Teilfonds auf unterschiedliche Weise beeinflussen. Nimmt die Marktvolatilität zu, steigt auch die Volatilität des Nettoinventarwerts je Aktie.
- ZinsrisikoDas Zinsrisiko bezeichnet das Risiko des Wertverlusts einer Anlage infolge von Veränderungen der Zinssätze. Bei steigenden Zinsen verlieren festverzinsliche Wertpapiere in der Regel an Wert. In der Folge sinkt auch der Nettoinventarwert je Aktie der in festverzinslichen Wertpapieren investierten Teilfonds. Wertpapiere mit längerer Duration reagieren gewöhnlich sensibler auf Veränderungen der Zinssätze, weshalb sie im Allgemeinen volatiler sind als Wertpapiere mit kürzerer Duration. Die Duration ist eine Kennzahl für die Preissensitivität (Wert des Grundkapitals) eines festverzinslichen Wertpapiers gegenüber Zinsänderungen.
- WechselkursrisikoDas Wechselkursrisiko ist ein allgemeines Risiko, dem alle Teilfonds unterliegen, die in Anlagen investieren, die auf eine andere als die Referenzwährung lauten (die "Fremdwährung"). Es bezeichnet das Risiko eines Wertverlusts der Anlagen sowie des Nettoinventarwerts des Teilfonds infolge ungünstiger Wechselkursentwicklungen. Legt die Währung, auf die ein Wertpapier lautet, gegenüber der Referenzwährung zu, steigt der Wert des Wertpapiers. Umgekehrt belastet einsinkender Wechselkurs den Wert des Wertpapiers. Die Wechselkursrisiken sind proportional zum vom jeweiligen Teilfonds in Fremdwährungen investierten Anlagebetrag.

Die Teilfonds können Aktienklassen in Alternativwährungen anbieten. Wechselkursschwankungen zwischen der Referenz- und einer solchen Alternativwährung können zu einem Wertverlust der auf Alternativwährungen lautenden Aktien führen. Auch bei einer Absicherung des Wechselkursrisikos bleibt unter Umständen ein Restrisiko im Zusammenhang mit der Wechselkursentwicklung. Obwohl nicht unbedingt für alle Aktienklassen innerhalb eines Teilfonds Absicherungsstrategien eingesetzt werden, gelten die dazu verwendeten Finanzinstrumente als Aktiva/Verbindlichkeiten des gesamten Teilfonds (keine Trennung zwischen Kategorien innerhalb eines Teilfonds).
- LiquiditätsrisikoAls Liquiditätsrisiko wird das Risiko bezeichnet, dass ein bestimmter Vermögenswert nicht ohne negative Auswirkungen auf dessen Kurs umgehend gehandelt werden kann. Unter normalen Marktbedingungen ist das Liquiditätsrisiko gering, da die Teilfonds nur in die in Paragraph 4.1 erwähnten zulässigen Vermögenswerte investieren dürfen. In Zeiten turbulenter Märkte erschweren es die geringen Handelsvolumen an den Märkten indes für die Teilfonds, ihre Vermögenswerte zum Fair Value oder überhaupt zu veräussern. Im Falle umfangreicher Rücknahmeanträge in Zeiten turbulenter Märkte darf der Verwaltungsrat zur Wahrung der Interessen der Aktieninhaber geeignete Massnahmen ergreifen.
- Risiko nicht notierter bzw. illiquider WertpapiereTeilfonds können einen begrenzten Anteil ihres Nettovermögens (höchstens 10%) in Wertpapiere(n) investieren oder halten, die nicht (oder nicht mehr) an einer Börse oder einem regulierten Markt notiert sind oder die als illiquide gelten, da ein aktiver Handelsmarkt fehlt. Beim Versuch, solche Wertpapiere zu veräussern, kann es für die Teilfonds deshalb zu beträchtlichen Verzögerungen oder zu Verlusten kommen. Gegebenenfalls werden illiquide und nicht aktiv gehandelte Positionen im Portefeuille der Teilfonds marktnah bewertet, wobei die aktuellen Marktkurse, die Marktkurse vergleichbarer Anlagen bzw. andere als geeignet erachtete Faktoren (wie der Kurstrend des betreffenden Instruments) berücksichtigt werden. Ist die marktnahe Bewertung einer illiquiden Anlage nicht möglich, wird diese zum Fair Value bewertet, der vom Verwaltungsrat oder von dessen Delegierten bestimmt wird. Es ist nicht garantiert, dass der Fair Value dem Wert entspricht, den der Teilfonds bei einer späteren oder unverzüglichen Veräusserung der Anlage effektiv erzielen würde. Ein Anleger, der die Rücknahme seiner Aktien eines Teilfonds beantragt, bevor eine solche Anlage veräussert wurde, wird unter Umständen nicht am entsprechenden Gewinn oder Verlust beteiligt.
- Risiko umfangreicher RücknahmenUmfangreiche Rücknahmen von Aktien eines Teilfonds innerhalb eines begrenzten Zeitraums können zur Folge haben, dass der Teilfonds Positionen rascher als gewünscht veräussern muss, was den Wert der zurückgenommenen und der noch ausstehenden Aktien negativ beeinflussen kann.
- AbsicherungstransaktionenDie Teilfonds können Finanzinstrumente sowohl für Anlagezwecke als auch zur Absicherung oder für die EPM im Portfoliomanagement halten. Der Erfolg der Absicherungsstrategie der Teilfonds oder der Aktienklassen hängt teilweise von der Fähigkeit des Fondsmanagers ab, die effektive Korrelation zwischen der Performance der eingesetzten Absicherungsinstrumente und der Performance der abgesicherten Portefeuillepositionen richtig einzuschätzen. Dasich die Merkmale vieler Wertpapiere bei Marktveränderungen oder im Laufe der Zeit verändern, ist für den Erfolg der Absicherungsstrategie der Teilfonds oder Aktienklassen auch entscheidend, wie effizient und zeitnah der Fondsmanager die Absicherungsgeschäfte laufend neu berechnen, anpassen und ausführen kann. Absicherungstransaktionen zur Risikominderung können die Gesamtperformance der Teilfonds oder Aktienklassen gegenüber ihrer Performance ohne Absicherung schmälern. Aus verschiedenen Gründen strebt der Fondsmanager unter Umständen keine exakte Korrelationzwischen dem verwendeten Absicherungsinstrument und den abgesicherten Portefeuillepositionen an. Aufgrund dieser nicht exakten Korrelation erreichen die Teilfonds oder Aktienklassen das angestrebte Absicherungsziel möglicherweise nicht oder sind einem Verlustrisiko ausgesetzt. Der Fondsmanager kann ein bestimmtes Risiko nicht absichern, wenn dessenEintretenswahrscheinlichkeit seines Erachtens die Absicherungskosten nicht rechtfertigt oder er das Auftreten dieses Risikos nicht voraussieht.
- SFI-RisikoSFIs unterliegen den Risiken der Basiswerte. Anlagen in SFIs beinhalten das Risiko des Verlusts der Kapitalsumme und/ oder der Zinszahlungen aufgrund von Kursbewegungen der jeweiligen Basiswerte. Da solche Basiswerte möglicherweiseFinanzderivate kombinieren, können SFIs volatiler sein als direkte Anlagen in festverzinsliche Wertpapiere und Aktien. Zudem setzen Anlagen in SFIs den Teilfonds dem Bonitätsrisiko der Gegenpartei aus, die Emittent des SFI ist. Im Konkurs- oder Insolvenzfall einer solchen Gegenpartei oder bei schwierigen Marktbedingungen für das Finanzinstitut, das diese SFIs emittiert, kann der Teilfonds die Positionen unter Umständen nur mit Verzögerung abstossen und wegen Werteinbussenbei den SFIs beträchtliche Verluste erleiden. SFIs beinhalten auch ein Liquiditätsrisiko, weil sie unter Umständen, je nach Marktbedingungen, nicht so liquide wie ihre Basiswerte sind.
- SteuerrisikoDie Anleger sollten insbesondere zur Kenntnis nehmen, dass an einigen Märkten der Verkaufserlös von Wertpapieren oder Dividenden- bzw. andere Erträge möglicherweise Steuern, Abgaben, Taxen oder anderen Kosten bzw. Gebühren unterliegen oder künftig unterliegen werden, die von den Behörden des entsprechenden Markts auferlegt werden, einschliesslich Quellensteuern. In bestimmten Ländern, in die die Teilfonds investieren oder vielleicht künftig investieren werden, sind die Steuergesetze und die Steuerpraxis unter Umständen noch nicht endgültig festgelegt. Die aktuelle Rechtsauslegung oderdas Praxisverständnis können sich daher ändern oder das Gesetz kann rückwirkend revidiert werden. Deshalb werden für die Teilfonds in Ländern, in denen dies weder zum Publikationsdatum des Prospekts noch zum Zeitpunkt der Investition in sowie der Bewertung oder Veräusserung von Anlagen vorherzusehen ist, womöglich weitere Steuern fällig.
- Risiko im Zusammenhang mit dem Verwaltungsagenten und der VerwahrstelleDie Transaktionen der Teilfonds werden von den im Prospekt beschriebenen Dienstleistern ausgeführt. Im Konkurs- oder Insolvenzfall eines Dienstleisters kommt es für die Anleger unter Umständen zu Verzögerungen (z.B. bei der Bearbeitung von Zeichnungs-, Umtausch- und Rücknahmeanträgen für Aktien) oder anderen Problemen.

Das Vermögen der Teilfonds wird von der Verwahrstelle und den ordentlich bestellten Unter-Depotbanken verwahrt, weshalb die Teilfonds einem Verlustrisiko im Zusammenhang mit der Verwahrung unterliegen, falls die Verwahrstelle/Unter-Depotbank
(1) ihren Pflichten nicht nachkommt (Leistungsstörungen) oder (2) ausfällt.
- Performancerisiko des Einsatzes von EPM-TechnikenWährend die Teilfonds zusätzliche Erträge generieren möchten, kann die Gesamtentwicklung der Teilfonds, die solche Techniken anwenden, beeinträchtigt werden, falls eines der oben erwähnten Risiken eintritt und zu einem Verlust führt.
- Operationelles RisikoDas operationelle Risiko ist ein allgemeines Risiko, dem alle Teilfonds unterliegen, wenn im Namen dieser Teilfonds im Rahmen ihrer jeweiligen Anlagepolitik Transaktionen getätigt werden. Dieses Risiko entsteht aufgrund von operativen Fehlern, unter anderem Handelsfehlern und ähnlichen menschlichen Irrtümern wie etwa Tasteneingabefehlern, die auftreten, wenn Transaktionen in ein elektronisches Handelssystem eingegeben werden, oder Entwurfs- oder typografischen Fehlern im Zusammenhang mit Derivatkontrakten oder ähnlichen Vereinbarungen. Die Verwaltungsgesellschaft oder gegebenenfalls die Fondsmanager, ihre Mitglieder, Verwaltungsratsmitglieder, Aktieninhaber, leitenden und anderen Mitarbeitenden sowie mit ihnen verbundene Personen, ihre jeweiligen Rechtsvertreter ( jeder eine "entschädigte Partei") sind gegenüber der Gesellschaft oder ihren Aktieninhabern nicht haftbar für Verluste aufgrund von operativen Fehlern. Ausgenommen sind Verluste aufgrund von Betrug, vorsätzlicher Unterlassung oder Fahrlässigkeit der entschädigten Partei. Die vorstehenden Bestimmungen dürfennicht dahingehend ausgelegt werden, dass eine entschädigte Partei von ihrer Haftung insoweit entbunden ist, als unter den geltenden Gesetzen eine solche Haftung nicht wegbedungen, modifiziert oder begrenzt werden kann. Vielmehr sind diese Bestimmungen so auszulegen, dass sie so weit als gemäss Gesetz und Vorschriften erlaubt befolgt werden.
- Regulatorisches RisikoAllgemein – Aufgrund zahlreicher derzeit unternommener regulatorischer Reformen besteht die Gefahr, dass die Anlagepolitik der Teilfonds beeinflusst werden kann und weitere Einschränkungen die Fähigkeit der Teilfonds begrenzen könnten, bestimmte Instrumente zu halten oder gewisse Transaktionen einzugehen, und dass die Fähigkeit der Teilfonds beeinträchtigt werden könnte, ihre ursprünglichen entsprechenden Anlageziele zu erreichen. Zur Einhaltung neuer oder geänderter Gesetze, Bestimmungen und Vorschriften ist nicht auszuschliessen, dass ein bestimmter Teilfonds restrukturiert oder aufgelöst werden muss, was zusätzliche Kosten beinhalten kann. Eine nicht vollständige Auflistung möglicher regulatorischer Veränderungen in der EU und in den Vereinigten Staaten von Amerika ist nachstehend ersichtlich.

EU – Die EU geht derzeit die folgenden Themen an (nicht erschöpfende Auflistung):
- die durch die Europäische Kommission initiierte Konsultation zu Produktrichtlinien, Liquiditätsbewirtschaftung, Depotbanken, Geldmarktfonds, langfristigen Investitionen hinsichtlich einer anderen OGAW-Richtlinie ("OGAW-VI- Richtlinie");
- spezifische Angelegenheiten bezüglich der OGAW, die von der ESMA behandelt werden. Die Aufgabe der ESMA besteht darin, bei der täglichen Anwendung der EU-Gesetzgebung an den Wertpapiermärkten eine grössere Konsistenz zu erreichen. Sie spielt beim Aufbau einer gemeinsamen Überwachungskultur der EU sowie einer einheitlichen Überwachungspraxis eine aktive Rolle. Dazu gehören auch die Beschaffung von Gutachten sowie die Erstellung von Richtlinien und Empfehlungen, die als wesentliche Referenz für die Arbeit der nationalen Aufsichtsbehörden gelten; und
- den Vorschlag für die EU-Finanztransaktionssteuer ("EU FTT").

Vereinigte Staaten von Amerika – die Aufsichtsbehörden in den USA ergreifen Massnahmen zu folgenden Themen oder haben solche ergriffen (unvollständige Auflistung):
- der Dodd-Frank Wall Street Reform and Consumer Protection Act (der "Dodd-Frank Act") verordnete die sogenannte "Volcker-Regel", die es "Bankeinheiten" und "ausserbanklichen Finanzinstituten" verbietet, gewisse Aktivitäten wie Eigenhandel zu betreiben oder in Anlagefonds zu investieren, solche zu finanzieren oder Anteile an ihnen zu halten;
- der Hiring Incentives to Restore Employment Act ("Hire Act") wurde im März 2010 US-Gesetz und enthält Bestimmungen zum FATCA. Zweck des FATCA ist die Eindämmung der Steuerhinterziehung durch US-Bürger, indem die FFIs Informationen über US-Anleger, die Vermögen ausserhalb der USA angelegt haben, gegenüber dem US Internal Revenue Service offenlegen. Als Folge des Hire Act und um FFIs davon abzuhalten, sich nicht diesen Bestimmungen zu unterstellen, unterliegen alle US-Wertpapiere, die von einem Finanzinstitut gehalten werden, das sich nicht den Bestimmungen unterstellt und sich nicht an diese hält, einer US-Quellensteuer von 30% auf demBruttoverkaufserlös sowie dem Ertrag (die "FATCA-Quellensteuer"). Die Umsetzung dieser Bestimmungen begann am1. Juli 2014 und dauert bis 2017. Am 28. März 2014 vereinbarten die USA und das Grossherzogtum Luxemburg das zwischenstaatliche Abkommen Modell 1 (Intergovernmental Agreement, "IGA") und ein entsprechendes Memorandum of Understanding, um die Einhaltung der FATCA-Bestimmungen zu erleichtern. Am 29. Juli 2015 wurde das Gesetz vom 24. Juli 2015 veröffentlicht, mit dem das IGA zwischen dem Grossherzogtum Luxemburg und den USA gebilligt wurde (das "Luxemburger FATCA-Gesetz"). Die Gesellschaft erfüllt über ihre Teilfonds die Kriterien einer FFI. Gemäss FATCA, dem IGA und dem Luxemburger FATCA-Gesetz kann ein FFI entweder ein "rapportierendes" FFI oder ein "nicht rapportierendes" FFI sein. Je nachdem, ob die Gesellschaft einen Status als "rapportierendes" oder "nicht rapportierendes" FFI hat, kann sie verpflichtet sein, von den Aktieninhabern einen verbindlichen dokumentarischenNachweis ihres Steuerdomizils zu verlangen, bestimmte Daten über meldepflichtige Konten an die Behörden in Luxemburg weiterzuleiten und/oder Restriktionen über das Angebot und den Verkauf von Aktien an bestimmte Anlegerkategorien zu verhängen, die keinen Meldepflichten oder keiner Quellensteuer auf einem in den USA erzielten Bruttoverkaufserlös oder Ertrag unterliegen (siehe Paragraph 13.2). Die Anleger werden darauf hingewiesen, dass die Gesellschaft alle zumutbaren Anstrengungen unternehmen wird, um ihre Pflichten nach FATCA zu erfüllen. Es kann jedoch keine Zusicherung gegeben werden, dass sie diesen Pflichten nachkommen und somit die FATCA-Quellensteuer vermeiden kann, was für alle Aktieninhaber nachteilig sein kann. Den Anlegern wird empfohlen, ihren eigenen Rechts- und Steuerberater hinsichtlich der potenziellen Auswirkungen des FATCA auf ihre Anlage in die Gesellschaft hinzuzuziehen.
- VerwässerungsrisikoDie Anleger müssen vernünftigerweise damit rechnen, dass ihnen aufgrund der Handelsaktivitäten eines Fondsmanagers bei der Verfolgung der Anlageziele des Teilfonds Kosten entstehen. Sie müssen jedoch nicht vernünftigerweise damit rechnen, dass sich der Wert ihrer Aktien vermindert (Verwässerung), weil andere Aktieninhaber übermässig mit Aktien des Teilfonds handeln und dadurch den Teilfonds veranlassen, in grossem Umfang in Wertpapiere oder Märkte zu investieren bzw. zu desinvestieren.

Verwässerungen sind etwa aus den folgenden Gründen möglich:
- Kauf von Wertpapieren zu einem höheren Verkaufskurs;
- Verkauf von Wertpapieren zu einem niedrigeren Kaufkurs;
- höhere explizite Transaktionskosten, einschliesslich Brokerage-Gebühren, Kommissionen und Steuern;
- Marktentwicklungen, die sich daraus ergeben, dass sich der Kauf oder Verkauf von Wertpapieren auf die Angebots- und Nachfragekurven dieser Wertpapiere am Markt auswirkt.

Mechanismen für den Verwässerungsschutz wie das Swing Pricing bieten bestehenden Inhabern von Aktien eines Teilfonds einen angemessenen Schutz vor der Verwässerung des Nettoinventarwerts, die sich daraus ergibt, dass ein Teilfonds aufgrund der Aktivitäten von Aktieninhabern in Wertpapiere oder Märkte investiert/desinvestiert. Dieser Schutz wird durch den Transfer des geschätzten Verwässerungseffekts auf jene Aktieninhaber erreicht, die Aktien zeichnen oder zurückgeben.
Es kann jedoch sein, dass die durch die Aktivitäten von Aktieninhabern verursachten nachteiligen Effekte auf den Nettoinventarwert des Teilfonds durch die Anwendung von Mechanismen für den Verwässerungsschutz unter Umständen nicht vollständig aufgehoben werden. Dies gilt insbesondere bei angespannter Marktlage. Ausserdem kann die kurzfristige Performance eines Teilfonds aufgrund der Mechanismen für den Verwässerungsschutz stärker schwanken.
- NachhaltigkeitsrisikoAls Nachhaltigkeitsrisiko wird ein Ereignis oder eine Bedingung im Bereich Umwelt, Soziales oder Unternehmensführung bezeichnet, dessen beziehungsweise deren Eintreten erhebliche negative Auswirkungen auf den Wert der Investition eines Teilfonds haben könnte.

Nachhaltigkeitsrisiken können entweder ein Risiko an sich darstellen oder andere Risiken beeinflussen und erheblich zu Risiken wie Markt-, operationellen, Liquiditäts- und Gegenparteirisken beitragen.
Die Bewertung von Nachhaltigkeitsrisiken ist komplex und kann auf ESG-Daten abstellen, die schwer erhältlich, unvollständig, geschätzt, veraltet oder anderweitig in wesentlicher Hinsicht unzutreffend sind.
Selbst wenn sie ermittelt sind, kann nicht garantiert werden, dass diese Daten korrekt bewertet werden.
Die Integration von Nachhaltigkeitsrisiken in den Anlageentscheidungsprozess kann dazu führen, dass profitable Anlagen aus dem Anlageuniversum der Teilfonds ausgeschlossen werden und die Teilfonds Anlagen veräussern, die sich weiter positiv entwickeln werden.
Die Bewertung des Nachhaltigkeitsrisikos ist bis zu einem gewissen Grad subjektiv und es kann nicht garantiert werden, dass alle Anlagen der Teilfonds den Vorstellungen oder Werten entsprechen, die die einzelnen Anleger in Bezug auf nachhaltige Investitionen haben.
Nachhaltigkeitsrisiken können sich unterschiedlich manifestieren. Zudem können sie eine erhebliche Verschlechterung des finanziellen Profils, der Profitabilität oder der Reputation einer zugrunde liegenden Anlage nach sich ziehen und so deren Marktpreis oder Liquidität massgeblich beeinflussen.
Die Ergebnisse der Bewertung der wahrscheinlichen Auswirkungen von Nachhaltigkeitsrisiken auf die Renditen des Teilfonds sind im SFDR-Anhang dargelegt.
- Risiken bestimmter Teilfonds
	- AktienrisikoZu den mit Anlagen in Aktien (und aktienähnliche Wertpapiere) verbundenen Risiken gehören bedeutende Schwankungen der Marktkurse, negative Emittenten- oder Marktnachrichten und die Nachrangigkeit von Aktien gegenüber Schuldtiteln desselben Unternehmens. Aktienkurse unterliegen täglichen Schwankungen und können von vielen mikro- und makroökonomischen Faktoren wie Wirtschafts- und politischen Meldungen, Gewinnausweisen von Unternehmen und Katastrophen beeinflusst werden. Der Wert von Aktien kann sowohl steigen als auch sinken, weshalb der Wert von Teilfonds mit Aktienengagements markant fallen kann.


Die Teilfonds können an Initial Public Offerings ("IPOs") teilnehmen. Diese bergen das Risiko, dass sich neu an der Börse gehandelte Aktien volatiler entwickeln, unter anderem weil kein öffentlicher Markt besteht, saisonal atypische Transaktionen getätigt werden, nur eine begrenzte Anzahl von Titeln gehandelt werden kann oder ungenügende Informationen zum Emittenten vorliegen.
- Risiko von Small und Mid CapsDie oft ausserbörslich ("OTC") gehandelten Aktien von Small und Mid Caps sind manchmal weniger liquide als die an den grossen Börsen notierten Titel. Es kann deshalb, insbesondere bei einer Marktbaisse, vorkommen, dass die Titel von Small und Mid Caps illiquid werden und kurzfristig unter einer hohen Kursvolatilität leiden und die Differenz zwischenKauf- und Verkaufskurs beträchtlich ist. Die Kombination von Kursvolatilität und beschränkter Liquidität dieser Märkte kann die Anlageperformance der Teilfonds beeinträchtigen. Ausserdem ist das Konkurs- oder Insolvenzrisiko vieler kleinerer Gesellschaften höher als das von grösseren Unternehmen ("Blue-Chips").
- Risiken von festverzinslichen WertpapierenAnlagen in Anleihen oder andere festverzinsliche Wertpapiere bergen unter anderem Kredit-, Liquiditäts- und Zinsrisiken.
- WährungsrisikoDie Teilfonds können einem Wechselkursrisiko ausgesetzt sein. Die Teilfonds können in Währungen investieren, die von ihrer Referenzwährung abweichen. Entsprechend können sich Wechselkursschwankungen günstig oder ungünstig auf den Wert einer Anlage auswirken, ungeachtet von unternommenen Anstrengungen, sich gegen solche Schwankungen abzusichern.

Ausserdem sollten potenzielle Anleger, deren Vermögenswerte und Verbindlichkeiten primär auf eine andere Währung als die Referenzwährung eines Teilfonds lauten, die möglichen Verlustrisiken berücksichtigen, die durch Wechselkursschwankungen zwischen der Referenzwährung des Teilfonds und dieser anderen Währung entstehen können. Wechselkurse können
auf kurze Sicht erheblichen Schwankungen unterworfen sein. Sie werden grundsätzlich durch Angebot und Nachfrage an den Devisenmärkten und die jeweiligen Vorzüge von Anlagen in den verschiedenen Ländern, den tatsächlichen oder wahrgenommenen Zinsveränderungen und anderen komplexen Faktoren festgelegt. Wechselkurse können durch
Interventionen (oder deren Ausbleiben) der entsprechenden Regierungen oder Zentralbanken, durch Währungskontrollen oder politische Entwicklungen in unvorhersehbarer Weise beeinflusst werden. Einige Währungen sind nicht frei konvertierbar.
Ausserdem können bei einem Teilfonds Kosten im Zusammenhang mit dem Umtausch zwischen verschiedenen Währungen anfallen. Devisenhändler können durch die Differenz zwischen dem Preis, zu dem sie die einzelnen Währungen kaufen und verkaufen, Gewinne erzielen. So bietet ein Händler dem Teilfonds in der Regel an, eine Währung zu einem bestimmten Kurs zu verkaufen, während er einen tieferen Wechselkurs ansetzt, falls der Teilfonds unmittelbar wünscht, diese Währung dem Händler wieder zu verkaufen. Der Teilfonds wird seine Wechselkurstransaktionen entweder auf Kassakursbasis (d. h. Cash)
zum am Devisenmarkt vorherrschenden Kassakurs oder durch das Eingehen von Termin- oder Optionskontrakten durchführen, um Nicht-Referenzwährungen zu kaufen oder verkaufen. Es wird erwartet, dass die meisten Wechselkurstransaktionen der Teilfonds zum Zeitpunkt des Wertschriftenkaufs durch den lokalen Broker oder die lokale Verwahrstelle ausgeführt werden.
- Risiko von "Non-Investment-Grade"- und notleidenden WertpapierenAnlagen in Schuldtitel oder ähnliche Instrumente, die mit einem Rating von BB oder schlechter (gemäss Standard & Poor’s, Moody’s oder einer vergleichbaren Rating-Agentur) eingestuft werden oder die nach Meinung des Fondsmanagers vonvergleichbarer Qualität sind, können zusätzliche Risiken beinhalten. Wertpapiere mit einem Rating von BB oder gleichwertig werden mehrheitlich als spekulativ eingestuft in Bezug auf die Fähigkeit des Emittenten, die Zinsen zu bezahlen bzw. das Kapital zurückzuzahlen oder die anderen Bestimmungen der Emissionsbedingungen über einen langen Zeitraum einzuhalten. Diese Emittenten weisen zwar unter Umständen eine bestimmte Qualität oder Schutzmechanismen auf, die grosse Unsicherheit sowie die erhöhten Risiken in Bezug auf widrige Wirtschaftsentwicklungen überwiegen jedoch. Wertpapieremit einem Rating unter B, insbesondere notleidende Anleihen, werden meist von Unternehmen mit schwacher Finanzkraft, schlechtem Betriebsergebnis, beträchtlichem Kapitalbedarf bzw. negativem Nettowert oder Konkurrenzsorgen bzw. veralteten Produkten begeben, darunter auch Unternehmen in Konkurs-, anderen Umstrukturierungs- oder Liquidationsverfahren.

Diese Anleihen sind oft besonders riskante Anlagen, bieten aber potenziell auch entsprechend hohe Renditen. Sie sind in der Regel nicht besichert und gelten gegenüber anderen ausstehenden Wertpapieren und Anleihen des Emittenten
womöglich als nachrangig. Spekulative Schuldtitel ("Non-Investment-Grade") werden unter Umständen nicht durch "Financial Covenants" oder eine Begrenzung der weiteren Verschuldung geschützt. Die Fähigkeit eines solchen Unternehmens, seine Schulden termingerecht zurückzuzahlen, leidet möglicherweise unter ungünstigen Zinsentwicklungen, sich ändernden Wirtschaftsbedingungen, branchenspezifischen ökonomischen Faktoren oder Änderungen innerhalb des Unternehmens.
Anlagen in Unternehmen mit Problemen bergen unter anderem das Risiko, dass Informationen über deren tatsächliche Situation häufig schwer erhältlich sind. Solchen Anlagen können auch rechtliche Bestimmungen schaden, unter anderem im Zusammenhang mit betrügerischen Vermögensübertragungen oder sonstigen anfechtbaren Vermögensübertragungen bzw. Zahlungen, der Kreditgeberhaftung sowie der Befugnis eines Konkursgerichts, bestimmte Ansprüche abzuerkennen, zu mindern, im Rang zurückzustellen, Schuldtitel neu als Eigenkapital zu führen oder Ansprüche ganz zu entziehen.
Nicht gewährleistet ist, dass die Sicherheiten für die Anlagen der Gesellschaft wertmässig ausreichen oder dass sich Umstrukturierungs- und ähnliche Projekte erfolgreich realisieren lassen. Befindet sich ein Unternehmen, in das die Gesellschaft investiert, in der Umstrukturierung oder Liquidation, muss die Gesellschaft unter Umständen den Verlust des gesamten Investitionsbetrags hinnehmen, Barmittel bzw. Wertpapiere mit einem Wert unter dem ursprünglichen Anlagewert und/oder eine Zahlung über einen längeren Zeitraum hinweg akzeptieren. In einer solchen Situation entschädigt die Rendite der von der Gesellschaft getätigten Anlage die Aktieninhaber vielleicht nicht angemessen für die eingegangenen Risiken.
Zudem ist die Ermittlung des Bonitätsrisikos mit Unsicherheit behaftet, weil die Rating-Agenturen weltweit unterschiedliche Standards verwenden und damit länderübergreifende Vergleiche erschweren. Der Markt für Credit Spreads ist zudem häufig ineffizient und illiquide. Daher lassen sich Spreads bei der Bewertung von Finanzinstrumenten fast nie mit Sicherheit berechnen.
- Risiken von wandelbaren WertpapierenWandelbare Wertpapiere umfassen Anleihen, Schuldverschreibungen, Notes, Vorzugsaktien oder andere Wertpapiere, die innerhalb einer Frist zu einem bestimmten Preis oder gemäss einer bestimmten Formel in eine festgelegte Menge Stammaktien desselben oder eines anderen Emittenten gewandelt oder umgetauscht werden können. Ein wandelbares Wertpapier berechtigt den Inhaber zu einem Zinsertrag, der in der Regel für Schuldtitel bezahlt wird oder aufläuft, oder zu einer Dividende, die für Vorzugsaktien bezahlt wird oder aufläuft, bis das wandelbare Wertpapier fällig, zurückgenommen, gewandelt oder umgetauscht wird. Wandelbare Wertpapiere (i) bieten im Allgemeinen höhere Renditen als gewöhnliche Aktien, aber tiefere Renditen als vergleichbare nicht wandelbare Wertpapiere, (ii) unterliegen aufgrund ihrer Anleihenmerkmale geringeren Wertschwankungen als die Basiswerte und (iii) verfügen über Wertsteigerungspotenzial, wenn der Marktkurs des Basiswerts steigt. Der Wert wandelbarer Wertpapiere hängt von ihrem "Anlagewert" (berechnet auf Basis der Rendite des Titels im Vergleich zu den Renditen anderer Wertpapiere ähnlicher Laufzeit und Güte, die nicht wandelbar sind) und ihrem "Umwandlungswert" (Marktkurs des Wertpapiers bei der Umwandlung in den Basiswert) ab. Ein wandelbares Wertpapier wird generell mit einem Aufschlag auf den Umwandlungswert verkauft, da die Anleger für das Recht bezahlen, den Basiswert zu erwerben, während sie ein festverzinsliches Instrument halten. Die Höhe des Aufschlags sinkt in der Regel, wenn die Fälligkeit des wandelbaren Wertpapiers näher rückt. Ein wandelbares Wertpapier beinhaltet das Recht des Emittenten auf dessen Rückkauf zu einemin den Bedingungen des Instruments festgelegten Preis. Wird ein von einem Teilfonds gehaltenes wandelbares Wertpapierzurückgekauft, muss der Teilfonds die Rücknahme des Wertpapiers durch den Emittenten gestatten, das Wertpapier in den Basiswert wandeln oder an einen Dritten verkaufen, was sich alles nachteilig auf den Teilfonds auswirken kann.
- Risiko von bedingten PflichtwandelanleihenBedingte Pflichtwandelanleihen (nachstehend "Coco Bonds") sind Schuldtitel, die bei Eintreten eines auslösenden Ereignisses in Aktien umgewandelt oder abgeschrieben werden. Anlagen in Coco Bonds bergen verschiedene Risiken, die einen Gesamt- oder Teilverlust des investierten Kapitals oder eine verzögerte Rückzahlung zur Folge haben können. Solche Situationen können sich negativ auf den Teilfonds auswirken.

Anlagen in Coco Bonds können die folgenden Risiken bergen (unvollständige Liste):
Triggerschwellen-Risiko:
Triggerschwellen weichen voneinander ab und bestimmen je nach der Differenz der Kapitalquote zur Triggerschwelle das Umwandlungsrisiko. Es kann für den Manager des Teilfonds schwierig sein, die auslösenden Ereignisse ("Trigger") zu antizipieren, die eine Umwandlung von Schulden in Eigenkapital erforderlich machen.
Auslösende Ereignisse werden so festgelegt, dass eine Umwandlung stattfindet, wenn der Emittent sich in einer bestimmten Krisensituation befindet, die entweder anhand einer aufsichtsrechtlichen Beurteilung oder objektiver Verluste festgestellt wird (z.B. Kennzahl der regulatorischen Kernkapitalquote Tier 1 des Emittenten). Als besondere Form von wandelbaren Wertpapieren haben Coco Bonds einige Merkmale mit wandelbaren Wertpapieren wie oben beschrieben gemeinsam. Sie besitzen jedoch das Unterscheidungsmerkmal, dass durch ein bestimmtes Ereignis die Umwandlung der Anleihe in eine Aktie ausgelöst wird.
Risiko der Couponstornierung
Bei einigen Coco Bonds erfolgen Couponzahlungen im freien Ermessen und können vom Emittenten jederzeit aus einem beliebigen Grund auf unbestimmte Dauer eingestellt werden. Die stornierten Couponzahlungen laufen bei einigen Coco Bonds nicht auf und müssen abgeschrieben werden. Das kann zu Fehlbewertungen des Risikos von Anlagen in Coco Bonds führen.
Kapitalstrukturrisiko
Anders als bei klassischen Kapitalstrukturen müssen Anleger in Coco Bonds (i) unter Umständen einen Kapitalverlust hinnehmen, wenn die Aktieninhaber keinen Verlust erleiden, oder (ii) können einen Verlust vor den Aktieninhabern erleiden. Die Coupons der Anleger von Coco Bonds können storniert werden, während der Emittent weiterhin Dividenden auf sein Eigenkapital zahlt.
Risiko der Verlängerung des Kündigungstermins
Einige Coco Bonds werden als unbefristete Instrumente emittiert und sind nur mit Genehmigung der zuständigen Behörde zu einem vorab festgelegten Termin kündbar. Es kann nicht davon ausgegangen werden, dass unbefristete Coco Bonds am Kündigungstermin gekündigt werden. Anleger in Coco Bonds erhalten unter Umständen ihr Kapital nicht wie erwartet am Kündigungstermin oder zu einem anderen Termin zurück.
Unbekanntes Risiko
Die Struktur von Coco Bonds ist innovativ, aber unerprobt. Wenn die Merkmale dieser Instrumente in einem Umfeld mit Marktstress auf die Probe gestellt werden, ist unsicher, wie sie sich entwickeln. Wenn ein einzelner Emittent einen Trigger auslöst oder Couponzahlungen aussetzt, ist es schwierig vorherzusagen, ob der Markt dies als einen Einzelfall
oder ein systemisches Ereignis bewertet. Im letztgenannten Fall könnten ein Kursverfall und die Volatilität auf die gesamte Anlageklasse übergreifen. Dieses Risiko könnte je nach Umfang der zugrunde liegenden Instrumentenarbitrage verschärft werden. Ausserdem könnte die Preisbildung in illiquiden Märkten zunehmend erschwert werden.
Rendite-/Bewertungsrisiko
Im Vergleich zu Anleihenemissionen des gleichen Emittenten mit einem höheren Rating oder Anleihenemissionen von anderen Emittenten mit gleichem Rating schneiden Coco Bonds aus Renditesicht gut ab. Möglicherweise finden manche Anleger Coco Bonds wegen ihrer attraktiven Rendite interessant, die als Komplexitätsprämie angesehen werden kann.
Umwandlungsrisiko
Coco Bonds bergen Unsicherheiten sowie Umwandlungsrisiken, unter anderem aufgrund der Schwierigkeit, auslösende Ereignisse vorherzusagen, die eine Umwandlung der Anleihe in eine Aktie erfordern würden.
Im Hinblick auf die Umwandlungsrisiken bleiben Unsicherheiten dahingehend bestehen, wie diese Wertpapiere sich bei der Umwandlung verhalten werden. So werden beispielsweise auslösende Ereignisse zu neu umgewandelten Aktien für Inhaber von Coco Bonds führen, die möglicherweise unmittelbar nach der Umwandlung die neuen Aktien verkaufen möchten oder müssen, wodurch der Aktienkurs des Emittenten sinkt. Insbesondere könnte der Fondsmanager gezwungen sein, die neuen Aktien zu verkaufen, da es die Anlagepolitik eines Teilfonds verbietet, Aktien im Portefeuille zu halten.
Abschreibungsrisiko
Coco Bonds sind hybride Wertpapiere, die aufgrund ihrer Emission in Form als Anleihen ihren Nennwert verlieren (d.h. sie werden permanent bis auf null des Kapitalbetrags und/oder der aufgelaufenen Zinsen abgeschrieben) oder nach einem auslösenden Ereignis in Aktien umgewandelt werden können (siehe oben im Abschnitt "Umwandlungsrisiko").
Sektorkonzentrationsrisiko
Coco Bonds werden von Banken bzw. Versicherungen emittiert. Investiert ein Teilfonds in erheblichem Umfang in bedingte Pflichtwandelanleihen, wird seine Performance in höherem Mass von der Gesamtsituation des Finanzsektors abhängen als jene eines Teilfonds, der eine diversifiziertere Strategie verfolgt.
Liquiditätsrisiko
Unter bestimmten Umständen kann es schwierig sein, einen Käufer für Coco Bonds zu finden, und der Verkäufer muss einen erheblichen Abschlag auf den erwarteten Anleihenwert hinnehmen, um einen Coco Bond verkaufen zu können.
- RohstoffrisikoObwohl die Gesellschaft keine Anlagen oder Transaktionen tätigen darf, die Rohstoffe, Rohstoffkontrakte oder Rohstoffzertifikate involvieren, können sich die Teilfonds über Anteile an OGA, Aktien oder Indexderivate in Rohstoffen engagieren. Die Rohstoffpreise werden unter anderem durch diverse makroökonomische Faktoren wie Angebots- und Nachfrageschwankungen, Wetterbedingungen und andere Naturphänomene, die staatliche Landwirtschafts-, Handels-, Steuer- sowie Währungs- und Devisenkontrollpolitik und entsprechende Programme sowie andere unvorhersehbare Ereignisse beeinflusst. Rohstoffpreise können sich sehr volatil entwickeln.
- Risiko von OGADie Bewertungen von OGA, in die die Teilfonds investieren können, stammen unter Umständen von deren Vermögensverwaltern und werden nicht regelmässig oder zeitnah von einem unabhängigen Dritten überprüft. Entsprechend besteht das Risiko, dass (i) die Bewertungen der Teilfonds nicht den effektiven Wert der von den Teilfonds gehaltenen zugrunde liegenden Anlageinstrumente zu einem bestimmten Zeitpunkt widerspiegeln, was für den Teilfonds Verluste oder ein falsches Pricing zur Folge haben kann, bzw. dass (ii) am Bewertungstag keine Bewertungen zur Verfügung stehen, sodass der Wert gewisser Vermögenswerte der Teilfonds lediglich geschätzt wird.

Die Depotstelle bestimmter zugrunde liegender OGA kann ein Broker anstatt einer Bank sein. Solche Broker verfügen teilweise nicht über die gleiche Bonität wie eine Bank. Zudem kann die für zugrunde liegende OGA geltende Gesetzgebung vorsehen, dass sich die Pflichten der Depotstelle auf die Verwahrung der Vermögenswerte beschränken und keine Aufsichtspflichten umfassen, wie sie für eine Depotstelle eines Luxemburger OGA gelten.
Die Abschlussprüfer gewisser zugrunde liegender OGA wenden zudem möglicherweise keine vergleichbaren Kontrollmassnahmen an, wie dies für Luxemburger Anlagefonds verlangt wird.
- Risiko von Finanzderivaten
- BewertungsrisikoViele Finanzderivate, insbesondere OTC-Derivate, sind komplex, schwer zu bewerten und häufig subjektiv bewertet, wobei die Bewertung vielleicht nur bei einer begrenzten Anzahl professioneller Marktakteure erhältlich ist. Der Wiederbeschaffungswert eines OTC-Derivats kann von dessen Veräusserungswert abweichen und die von der Gegenpartei des Teilfonds für solche Geschäfte gelieferten Bewertungen stimmen unter Umständen nicht mit den von Dritten gelieferten Bewertungen oder dem Veräusserungswert überein. Es kann vorkommen, dass eine Gegenpartei für gewisse Instrumente keine Kurse oder Notierungen mehr stellt. Ungenaue Bewertungen können höhere Barzahlungsforderungen von Gegenparteien oder einen Wertverlust für einen Teilfonds zur Folge haben.
- VolatilitätDie Kurse von Finanzderivaten können sich sehr volatil entwickeln, da bereits geringe Preisveränderungen der zugrunde liegenden Wertpapiere, Indizes, Zinssätze oder Währungen bedeutende Kursschwankungen desFinanzderivats bewirken können. Eine Anlage in Finanzderivate kann zu einem Verlust führen, der den ursprünglich investierten Betrag übersteigt.
- KorrelationFinanzderivate korrelieren nicht immer vollständig oder nicht einmal stark mit dem Basiswert und bilden dessen Wertentwicklung unter Umständen nicht genau nach. Folglich ist der Einsatz derivativer Techniken für einen Teilfonds nicht immer effizient und kann je nach Anlageziel des Teilfonds sogar kontraproduktiv sein.
- Short-PositionenObwohl die Gesellschaft keine Leerverkäufe von übertragbaren Wertpapieren tätigen darf, können einige Teilfonds im Rahmen ihrer Anlagestrategie Finanzderivate einsetzen, um Short-Positionen in solchen übertragbaren Wertpapieren einzugehen. Sollte der Kurs der übertragbaren Wertpapiere steigen, können den Teilfonds dadurch beträchtliche Verluste entstehen.
- LeverageDie Teilfonds setzen für den Kauf zusätzlicher Anlagen kein Fremdkapital ein. Ein Teilfonds, der Finanzderivate als Teil seiner Anlagestrategie nutzt, ist jedoch in aller Regel gehebelt (Brutto-Marktexposure – Long- und synthetische Short-Positionen aggregiert – liegt über dem Nettoinventarwert).

Mit Leverage kann der Gesamtertrag eines Teilfonds zwar potenziell gesteigert werden, dies birgt aber auch das Risiko höherer Verluste. Ein Ereignis, das den Wert einer Anlage des betreffenden Teilfonds beeinträchtigt, wird um den Leverage-Grad des Teilfonds potenziert. Der kumulative Effekt des Einsatzes von Leverage durch einen
Teilfonds in einem Markt, der sich gegenläufig zu den Anlagen des Teilfonds entwickelt, kann für den Teilfonds einen beträchtlichen Verlust zur Folge haben.
- Gegenparteirisiko (Transaktionen mit OTC-Derivaten)Der Teilfonds kann OTC-Derivattransaktionen tätigen, die den Teilfonds dem Bonitätsrisiko seiner Gegenpartei und deren Unfähigkeit aussetzen, die Kontraktbedingungen zu erfüllen, wie im Absatz oben zum Gegenparteirisiko erwähnt.

Die Teilfonds können OTC-Derivate unter Umständen nicht vorzeitig auflösen ("Close-out"), wenn sie eine offene Position, die die Wertentwicklung des Teilfonds mindern könnte, schliessen oder durch ein Gegengeschäft glattstellen möchten.
Der "Close-out" einer Transaktion mit einem OTC-Derivat kann nur mit der Zustimmung der Gegenpartei erfolgen.
- Kontrolle und ÜberwachungFinanzderivate sind hoch spezialisierte Instrumente, die andere Anlagetechniken und Risikoanalysen erfordernals Aktien und festverzinsliche Wertpapiere. Der Einsatz derivativer Techniken setzt nicht nur das Verständnis der Basiswerte der Finanzderivate, sondern auch des Finanzderivats an sich voraus, und dies ohne die Möglichkeit, die Performance der Finanzderivate unter allen möglichen Marktbedingungen zu beobachten. Der Einsatz und dieKomplexität von Finanzderivaten bedingen namentlich die Durchführung angemessener Kontrollen zur Überwachung der eingegangenen Transaktionen. Ausserdem muss das zusätzliche mit dem Finanzderivat verbundene Risiko für einen Teilfonds beurteilt und müssen die relativen Kurs-, Zins- und Wechselkursbewegungen der Basiswerte korrekt vorausgesagt werden können. Es gibt keine Garantie dafür, dass eine bestimmte Prognose korrekt ist oder dass eine Anlagestrategie, die Finanzderivate einsetzt, erfolgreich ist.
- SicherheitenIm Rahmen der ISDA-Vereinbarungen und der entsprechenden "Collateral Support Annexes", welche die Gesellschaft mit jeder ihrer OTC-Gegenparteien abgeschlossen hat, sind die Gesellschaft und ihre jeweiligen ISDA-Gegenparteien verpflichtet, ihre gegenseitigen Engagements auf Mark-to-Market-Basis zu besichern. Von der Gesellschaft an ihre ISDA-Gegenparteien übertragene Sicherheiten werden zu vollem Rechtsanspruch übertragen.
- Begrenzter RückgriffDie Gesellschaft verfügt über eine Umbrella-Struktur mit mehreren Segmenten ( jedes Segment wird als ein Teilfonds bezeichnet). Jeder Teilfonds entspricht, obwohl er keine getrennte rechtliche Einheit darstellt, nach Luxemburger Recht einem bestimmten Teil der Aktiven und Passiven der Gesellschaft und ist folglich gemäss den Bestimmungen der Gründungsdokumente der Gesellschaft und nach Luxemburger Recht nur begrenzt haftbar. Bei Geschäften im Namen eines spezifischen Teilfonds ist die Gesellschaft bestrebt, wo möglich von den Handelsgegenparteien ( jede eine "Gegenpartei") eine vertragliche Bestätigung zu erhalten, dass die Verpflichtung der Gesellschaft gegenüber dieser Gegenpartei auf die Vermögenswerte des spezifischen Teilfonds beschränkt ist und dass die Gegenpartei auf keine Vermögenswerte eines anderen Teilfonds zurückgreifen kann. Eine solche Bestätigung ist jedoch möglicherweise nicht immer erhältlich. Sollte überdies (i) eine Gegenpartei Vermögenswerte von mehr als einem Teilfonds halten und(ii) die Gerichtsbarkeit des Landes, in dem sich die Vermögenswerte befinden, nicht den Luxemburger Grundsatz der begrenzten Haftung wie oben erwähnt vertreten, ist es möglich, dass die Vermögenswerte eines Teilfonds zur Erfüllung der Verpflichtungen eines anderen Teilfonds verwendet werden.
- Optionen / WarrantsEine Option ist ein Vertrag, der den Käufer berechtigt, aber nicht verpflichtet, den Basiswert an oder bis zu einem bestimmten Zeitpunkt in der Zukunft zu einem vorher festgelegten Preis (Ausübungspreis) gegen Bezahlung einer Prämie, die dem Maximalverlust des Käufers einer Option entspricht, zu kaufen ("Call") oder zu verkaufen ("Put").

Mit Optionen kann der Fondsmanager kosteneffizient Abwärtsbewegungen begrenzen und gleichzeitig vollständig am Aufwärtspotenzial einer Aktie, eines Finanzindex usw. partizipieren. Long-Positionen in Optionen können als Absicherung gegen ungünstige Entwicklungen des Basiswerts dienen. Short-Positionen können auch zur Steigerung
des Gesamtertrags und zur Generierung von Einnahmen für einen Teilfonds in Form von Prämien genutzt werden. Die Zeichnung und der Kauf von Optionen ist eine spezialisierte Tätigkeit, die beträchtliche Risiken bergen kann. Erweisen sich die Erwartungen des Fondsmanagers bezüglich der Entwicklung der Marktkurse als inkorrekt oder beurteilt er die Korrelation zwischen den Instrumenten oder Indizes, auf die sich die gezeichneten oder erworbenen Optionen beziehen, und den Instrumenten im Anlageportefeuille eines Teilfonds falsch, muss der Teilfonds unter Umständen Verluste hinnehmen, die sonst nicht aufgetreten wären.
Ein Warrant ist ein Zertifikat, das den Inhaber berechtigt, bis zum Verfallsdatum eine bestimmte Menge des Basiswerts der emittierenden Gesellschaft zu einem vorher festgelegten Preis gegen Zahlung einer Prämie zu kaufen. Warrants haben grosse Gemeinsamkeiten mit Call-Optionen, aber es gibt wichtige Unterschiede, z.B. (i) Warrants werden von Privatparteien begeben, in der Regel von dem Unternehmen, auf dem der Warrant basiert, (ii) Warrants gelten als OTC-Instrumente, (iii) Warrants sind nicht standardisiert wie an der Börse notierte Optionen und (iv) Anleger können in der Regel keine Short-Positionen in Warrants eingehen.
- ForwardsIm Rahmen eines Forwards vereinbaren zwei Parteien den Austausch des Basiswerts zu einem vorher bestimmten Zeitpunkt in der Zukunft zu einem festen Preis. Der Käufer stimmt heute dem Kauf eines bestimmten Vermögenswerts in der Zukunft zu und der Verkäufer verpflichtet sich, diesen Vermögenswert zu diesem Zeitpunkt zu liefern.

Forward-Kontrakte werden im Gegensatz zu Future-Kontrakten nicht an einer Börse gehandelt und sind nicht standardisiert. Banken und Händler fungieren an diesen Märkten als Eigenhändler und handeln jeden Kontrakt einzeln aus. Der Handel mit Forwards ist weitgehend unreguliert. Es gibt keine Beschränkungen für die täglichen Kursschwankungen. Die an den Terminmärkten tätigen Eigenhändler sind nicht verpflichtet, kontinuierlich für die von ihnen gehandelten Basiswerte Kurse zu stellen. Diese Märkte können teilweise über sehr lange Zeit illiquide sein.
Aufgrund ungewöhnlich hoher Handelsvolumen, politischer Massnahmen oder anderer Faktoren kann es an allen Märkten, an denen die Teilfonds handeln, zu Verwerfungen kommen. In Bezug auf den Handel mit Terminkontrakten unterliegen die Teilfonds dem Risiko, dass eine Gegenpartei ausfällt oder nicht fähig oder gewillt ist, ihren Pflichten im Rahmen dieser Kontrakte nachzukommen. Marktilliquidität oder -verwerfungen können bei den Teilfonds zu grösseren Verlusten führen.
- FuturesFutures sind standardisierte Terminkontrakte, die an einer organisierten Börse gehandelt werden. Die Einschussmargen sind im Vergleich zum Wert des Future-Kontrakts gering, sodass die Transaktionen "gehebelt" sind. Eine relativ kleine Marktbewegung wirkt sich verhältnismässig stark für oder gegen den Anleger aus. Die Platzierung von Aufträgen zur Verlustbegrenzung ist unter Umständen nicht effektiv, da die Aufträge je nach Marktbedingungen nicht ausgeführt werden können.
- Differenzkontrakt ("CFD")Ein CFD ("Contract for Difference") ist ein Vertrag zwischen zwei Parteien, mit dem diese an der wirtschaftlichen Performance und den Cashflows eines Wertpapiers partizipieren können, ohne den Titel effektiv zu kaufen oder zu verkaufen. Die beiden Parteien vereinbaren, dass der Verkäufer dem Käufer nach einer bestimmten Zeit dieKursdifferenz zahlt, falls der Kurs des betreffenden Wertpapiers steigt. Umgekehrt zahlt der Käufer dem Verkäufer die Kursdifferenz, falls der Kurs des Wertpapiers sinkt. Der CFD ist an den Kurs des Basiswerts gebunden. Folglich wird damit kein Recht bzw. keine Verpflichtung im Zusammenhang mit dem Basiswert erworben.

Die Teilfonds können über CFD synthetische Long- oder Short-Positionen mit variabler Marge eingehen. Es sind stark gehebelte Instrumente. Die Teilfonds können eine weit umfangreichere Position halten, als dies mit einem traditionellen Instrument möglich wäre. Bei beträchtlichen und ungünstigen Marktbewegungen können die Teilfonds unter Umständen den gesamten ursprünglich investierten Betrag verlieren und verpflichtet sein, unverzüglich weitere Mittel einzuschiessen, um die Margenerfordernisse zu erfüllen.
- Swaps (einschliesslich IRS und TRS)Bei einer standardisierten Swap-Transaktion vereinbaren zwei Parteien den Austausch der Erträge (oder der Ertragsdifferenzen), die mit bestimmten vorher festgelegten Anlagen oder Instrumenten eingenommen oder realisiert werden.

Die Teilfonds können Swap-Transaktionen zur Ausführung synthetischer Long- und Short-Positionen in bestimmten Wertpapieren, Sektoren oder Indizes (einschliesslich Rohstoffindizes) tätigen. Swap-Vereinbarungen können individuell ausgehandelt und strukturiert werden, um Engagements in unterschiedlichen Anlagen oder Marktfaktoren zu ermöglichen. Je nach Struktur erhöhen oder verringern Swap-Vereinbarungen möglicherweise das Exposure der betreffenden Teilfonds in lang- oder kurzfristigen Zinssätzen, Währungen, Kreditzinssätzen, Inflationsraten oder anderen Faktoren wie einzelnen Aktien, Aktienkörben oder Aktienindizes. Swap- Vereinbarungen können diverse Formen haben und sind unter unterschiedlichen Namen bekannt.
Bei einem IRS (Zinsswap) wird vereinbart, dass bestimmte Cashflows (die als riskant erachtet werden, z.B. in Verbindung mit einem variablen Zins) gegen bestimmte andere Cashflows (die als stabil erachtet werden, z.B. in Verbindung mit einem festen Zins) ausgetauscht werden.
Ein TRS ("Total-Return-Swap") ist eine Vereinbarung, bei der das Recht auf Erhalt des Gesamtertrags (Coupons plus Kapitalgewinne oder -verluste) eines bestimmten Referenzaktivums (z.B. einer Aktie), Index oder Korbs von Vermögenswerten gegen das Recht auf feste oder variable Zahlungen oder gegen einen anderen Aktienertrag ausgetauscht wird.
Am stärksten beeinflusst wird die Performance einer Swap-Vereinbarung von Änderungen der entsprechenden Zinssätze, Währungen, Aktienkurse oder anderen Faktoren, die für die Höhe einer den Teilfonds obliegenden oder geschuldeten Zahlung ausschlaggebend sind. Werden im Rahmen einer Swap-Vereinbarung Zahlungen fällig, muss der betreffende Teilfonds diese Zahlungen zum gegebenen Zeitpunkt leisten können. Sinkt zudem die Kreditwürdigkeit einer Gegenpartei, dann sinkt voraussichtlich auch der Wert der mit dieser Gegenpartei abgeschlossenen Swap-Vereinbarungen, was bei den Teilfonds zu Verlusten führen kann.
Der Swap-Markt ist in den letzten Jahren spürbar gewachsen. Immer mehr Banken und im Investment-Banking tätige Gesellschaften setzen als Eigenhändler oder Broker standardisierte Swaps ein. Somit ist der Swap-Markt liquider geworden. Es ist jedoch nicht sicher, dass zu einem bestimmten Zeitpunkt für einen spezifischen Swap ein liquider Sekundärmarkt besteht.
- Credit Default Swaps (CDS)Ein CDS ist eine Vereinbarung, bei der eine Partei eine Absicherung gegen Verluste infolge eines Kreditereignisses bei einem bestimmten Unternehmen bis zum Ende der Laufzeit des Swaps kauft. Der Sicherungskäufer bezahlt bis zum Ende der Laufzeit periodisch eine Gebühr für diese Absicherung, solange nicht ein Kreditereignis die Eventualzahlung auslöst. In diesem Fall muss der Sicherungskäufer nur die bis zum Tag des Kreditereignisses aufgelaufene Gebühr bezahlen. Bei Eintritt eines Kreditereignisses erfolgt der Zahlungsausgleich entweder in Form von Barmitteln oder durch physische Lieferung: (i) Barausgleich: Der Sicherungsverkäufer zahlt dem Sicherungskäufer die Nettodifferenz zwischen dem Nominalwert und dem Marktwert des Wertpapiers; (ii) physische Lieferung: Der Sicherungskäufer liefert dem Sicherungsverkäufer eine Anleihe oder einen Schuldtitel des betreffenden Unternehmens und der Sicherungsverkäufer bezahlt im Gegenzug den Nominalwert. Für CDS typische Kreditereignisse sind Konkurs, Zahlungsversäumnis und Umstrukturierung.

Die Teilfonds können über CDS synthetische Long- oder Short-Positionen in gewissen Wertpapieren eingehen.
Der Einsatz von CDS kann mit höheren Risiken verbunden sein als eine Direktanlage in Anleihen. Mit einem CDS kann das Ausfallrisiko übertragen werden. CDS können entweder als Ersatz für den Kauf einer Unternehmensanleihe dienen oder bestimmte Engagements in Unternehmensanleihen absichern oder das
grundlegende Kreditrisiko reduzieren. Fungiert ein Teilfonds als Käufer und es tritt kein Kreditereignis ein, dann verliert der Teilfonds seine Investition und erhält nichts zurück. Tritt indes ein Kreditereignis ein, bekommt der Teilfonds den oben erwähnten Betrag entweder in Form von Barmitteln oder als physische Lieferung. Handelt der Teilfonds als Verkäufer, erhält er während der gesamten Vertragsdauer eine feste Prämie, solange kein Kreditereignis eintritt. Im Falle eines Kreditereignisses muss der Teilfonds den im Vertrag vereinbarten Betrag bezahlen.
Alle Teilfonds, die Credit-Default-Swaps einsetzen, müssen im Falle eines Kreditereignisses unter Umständen die Lieferung von Anleihen mit niedrigem Rating ("Non-Investment-Grade"), die auf eine andere als die Referenzwährung lauten, akzeptieren. Die Lieferung von "Non-Investment-Grade"-Anleihen in einer anderen als der Referenzwährung gilt nicht als Verstoss gegen die Anlagepolitik der Teilfonds, die nur in Anleihen mit "Investment-Grade"-Rating oder lediglich in auf die Referenzwährung lautende Anleihen investieren dürfen.
Der CDS-Markt kann gelegentlich weniger liquide sein als die Anleihenmärkte.
- Risiko von ABS und MBSABS und MBS sind Wertpapiere, die durch finanzielle Vermögenswerte unterlegt sind. Diese können sich ändern, was Auswirkungen auf den Status der Wertpapiere hat.

MBS sind Wertpapiere, die eine direkte oder indirekte Beteiligung an Hypothekenkrediten darstellen oder durch Hypothekenkredite, die durch reale Immobilien oder von solchen Krediten abgeleitete Instrumente besichert sind, verbrieft oder aus diesen zahlbar sind. Die Zahlung des Kapitalbetrags und der Zinsen sowie der Preis eines MBS hängen in der Regel von den Cashflows ab, die durch die zugrunde liegenden Hypotheken generiert werden, sowie von den Bedingungen des MBS. MBS sind durch verschiedene Arten von Hypotheken unterlegt, unter anderem Hypotheken für Gewerbe- und Wohnimmobilien. MBS werden von Staaten und nichtstaatlichen Stellen emittiert und umfassen verschiedene Wertpapiergattungen wie Pass-Throughs, Collateralized Mortgage Obligations und Stripped MBS.
Bestimmte MBS repräsentieren Anteile an Hypothekenpools, die zwecks Verkaufs an Anleger von verschiedenen staatlichen Agenturen, zum Beispiel der US Government National Mortgage Association (GNMA), staatsnahen Organisationen wie der U.S. Federal National Mortgage Association (FNMA) und der U.S. Federal Home
Loan Mortgage Corporation (FHLMC) sowie privaten Emittenten wie Geschäftsbanken, Bausparkassen und Hypothekengesellschaften zusammengestellt wurden.
Private, staatliche oder staatsnahe Stellen können Hypothekenpools zusammenstellen und Pass-Through-Anlagen anbieten. Anteile an Pools mit hypothekenbezogenen Wertpapieren unterscheiden sich von anderen Formen von Schuldinstrumenten, die normalerweise regelmässige fixe Zinszahlungen und die Rückzahlung des Kapitalbetrags bei Fälligkeit oder zu vorher festgelegten Kündigungsterminen bieten. Dagegen bieten diese Wertpapiere in der Regel eine monatliche Zahlung, die sowohl aus Zinsen als auch einem Kapitalbetrag besteht. Diese Zahlungen sind im Allgemeinen ein "Pass-Through" der monatlichen Zahlungen, die von einzelnen Kreditnehmern auf ihre Kredite für Wohn- oder Gewerbeimmobilien – nach Abzug von Gebühren an den Emittenten oder Garantiegeber dieser Wertpapiere – geleistet werden. Zusätzliche Zahlungen entstehen aus der Rückzahlung des Kapitalbetrags, die – nach Abzug von Gebühren oder entstandenen Kosten – aus dem Verkauf der zugrunde liegenden Immobilie, der Refinanzierung oder der Zwangsvollstreckung resultiert. Die U.S. Federal National Mortgage Association (FNMA) und die U.S. Federal Home Loan Mortgage Corporation (FHLMC) garantieren die rechtzeitige Kapital- und Zinszahlung von Pass-Through-Wertpapieren, die von der U.S. Federal National Mortgage Association (FNMA) und der U.S.
Federal Home Loan Mortgage Corporation (FHLMC) emittiert wurden. Private MBS repräsentieren Anteile an Pools mit Hypothekenkrediten für Wohn- oder Gewerbeimmobilien, die von nichtstaatlichen Emittenten wie Geschäftsbanken, Bausparkassen und privaten Hypothekengesellschaften zusammengestellt wurden. Private MBS können ein grösseres Kreditrisiko bergen und schwankungsanfälliger sein als staatliche oder staatsnahe MBS. Ausserdem können private MBS weniger liquide sein als staatliche oder staatsnahe MBS.
Collateralized Mortgage Obligations sind Schuldverpflichtungen eines Rechtsträgers, die durch Hypotheken besichert sind. Sie werden in der Regel von einer Rating-Agentur bewertet und in mehrere Klassen aufgeteilt, die oft auch als "Tranchen" bezeichnet werden. Jede Klasse weist eine unterschiedliche Laufzeit und einen anderen Zeitplan für die Zahlung von Kapital und Zinsen, einschliesslich frühzeitiger Rückzahlung, auf. Die kürzer laufenden, vorrangigeren Tranchen bergen in der Regel ein geringeres Risiko als die längerfristigen, nachrangigeren Tranchen.
Stripped MBS sind derivative, aus mehreren Klassen bestehende MBS. Stripped MBS können von Agenturen oder Stellen der US-Regierung oder privaten Anbietern von oder Anlegern in Hypothekenkrediten emittiert werden, unter
anderem Bausparkassen, Hypothekenbanken, Geschäftsbanken, Investmentbanken und Zweckgesellschaften, die von diesen Instituten gegründet oder von ihnen gesponsert werden. Stripped MBS können weniger liquide sein als andere Arten von MBS. Sie werden in der Regel in zwei Klassen unterteilt, die unterschiedliche Zins- und Kapitalanteile aus einem Hypothekenpool erhalten. Bei einer gängigen Stripped MBS erhält eine Klasse einen Teil der Zinsen und den Grossteil des Kapitalbetrags aus dem Hypothekenvermögen, die andere Klasse den Grossteil der Zinsen und den Rest des Kapitalbetrags. Im extremsten Fall erhält eine Klasse die gesamten Zinsen (Interest-only), die andere Klasse den gesamten Kapitalbetrag (Principal-only).
ABS sind sehr ähnlich wie MBS. Es gibt jedoch einen Unterschied: Die Wertpapiere werden durch andere Vermögensarten als Hypotheken besichert, zum Beispiel durch Kreditkartenforderungen, Immobilienbeleihungen (Home-Equity Loans), Fertighäuser, Automobilkredite, Studentenkredite, Geräteleasing oder vorrangige Bankkredite. Bei dem Vermögen kann es sich um einen Vermögenspool oder um einen einzigen Vermögenswert handeln. Ein ABS, das einen Anteil an einem Vermögenspool repräsentiert, bietet eine grössere Kreditdiversifikation als ein
ABS, das einen Anteil an einem einzigen Vermögenswert darstellt. Die Zahlung von Zinsen und die Rückzahlung des Kapitalbetrags auf ABS hängen unter Umständen grösstenteils von den Cashflows ab, die von den Basiswerten generiert werden, und können in bestimmten Fällen von Akkreditiven, Garantieverpflichtungen oder anderen Bonitätsverbesserungen ("Credit Enhancements") gefördert werden.
Die Kreditqualität eines ABS hängt hauptsächlich ab von der Qualität der Basiswerte, den Rückgriffsrechten gegenüber den Basiswerten und/oder dem Emittenten, dem Grad der allfälligen Credit Enhancements für die Wertpapiere
und gegebenenfalls der Kreditqualität des Garantiegebers. Der Wert eines ABS kann durch verschiedene Faktoren beeinflusst werden, zum Beispiel Zinsveränderungen, die Verfügbarkeit von Informationen zum Pool und zu seiner Struktur, die Kreditwürdigkeit der Pool-Servicestelle, den Anbieter der Basiswerte oder die Stellen, die die Credit Enhancements zur Verfügung stellen. ABS, die nicht von einem Sicherungsrecht an den Basiswerten profitieren, bergen bestimmte zusätzliche Risiken, die mit einem Sicherungsrecht an den Basiswerten ausgestatteten ABS nicht aufweisen.
MBS und ABS bergen Risiken im Zusammenhang mit frühzeitiger Rückzahlung ("Prepayment"), Prolongation und Ausfall.
Das Prepayment-Risiko ist das Risiko, dass der Kapitalbetrag über die Lebensdauer des Wertpapiers zurückgezahlt wird statt bei Fälligkeit, da für die zugrunde liegenden Anleihen frühzeitige Zahlungen (Prepayments) des Kapitalbetrags infolge freiwilliger Prepayments, Refinanzierungen oder Zwangsvollstreckungen der zugrunde liegenden Kredite geleistet werden können. Für einige Arten von ABS werden infolge des Pass-Through von Prepayments des Kapitalbetrags auf die Basiswerte oftmals Rückzahlungen vor ihrem festgelegten Fälligkeitsdatum geleistet. Die
Quote der Kapitalzahlungen auf diesen ABS hängt zusammen mit der Quote der Kapitalzahlungen auf dem zugrunde liegenden Vermögenspool und der Zahlungsrangfolge des Wertpapiers in Bezug auf den Vermögenspool. Prepayments hängen von verschiedenen Faktoren ab, zum Beispiel dem Zinsniveau, den allgemeinen wirtschaftlichen Bedingungen, dem Standort, dem Alter der zugrunde liegenden Anleihen, den Ausfall- und Einbringungsquoten sowie den sozialen und demografischen Bedingungen. Da frühzeitige Zahlungen des Kapitalbetrags im Allgemeinen bei sinkenden Zinsen getätigt werden, muss der Anleger die Erlöse dieser vorzeitigen Zahlungen in der Regel zu Zinsen reinvestieren,
die niedriger sind als jene, zu denen die Anlagen vorher gekauft wurden. Daher haben diese ABS unter Umständen ein geringeres Kapitalwachstumspotenzial in Zeiten sinkender Zinsen als andere ertragsgenerierende Wertpapiere mit vergleichbaren Laufzeiten. Die oben erwähnten Interest-only- und Principal-only-Wertpapiere sind sehr sensitiv gegenüber frühzeitigen Zahlungen im Zusammenhang mit den zugrunde liegenden Hypotheken und entwickeln sich gegenläufig zu den Prepayment-Trends. Frühzeitige Zahlungen im Pool haben bei Interest-only-Wertpapieren weniger Zinszahlungen als erwartet zur Folge, da die Hypotheken am Ende ihrer Laufzeit angelangt sein werden, was negative Auswirkungen für die Halter der Wertpapiere hat. Für Principal-only-Wertpapiere bedeuten frühzeitige Zahlungen im Pool eine schnellere Rückzahlung des Kapitalbetrags als erwartet, wovon die Wertpapierinhaber profitieren. Aufgrund
der sehr hohen Sensitivität dieser Wertpapiere ist die Wahrscheinlichkeit, dass die Kurse stark sinken, viel grösser als im Vergleich zu konventionellen MBS.
Das Prolongationsrisiko ist das Risiko, dass Schuldverpflichtungen langsamer zurückgezahlt werden als ursprünglich erwartet, sodass die durchschnittliche Lebensdauer dieser Schuldverpflichtungen und die Sensitivität der Kurse dieser Schuldverpflichtungen gegenüber zukünftigen Zinsveränderungen erhöht wird. Zum Beispiel könnten steigende Zinsen
Immobilienbesitzer veranlassen, ihre Hypotheken langsamer zurückzuzahlen als erwartet, was langsamere Zahlungen von hypothekenbesicherten Schuldverpflichtungen zur Folge hätte. Das könnte die Duration der Schuldverpflichtungen verlängern und die Sensitivität gegenüber Zinsveränderungen, und damit das Verlustpotenzial, erhöhen.
Das Ausfallrisiko ist das Ausfallrisiko der Basiswerte, die dem Wertpapier zugrunde liegen. Schwächere kreditbezogene Fundamentaldaten im Zusammenhang mit den Basiswerten, die den ABS/MBS zugrunde liegen, könnten die Ausfallraten steigen lassen. Das würde zu einem Wertverlust von ABS/MBS führen.
Wegen ihrer besonderen Merkmale können ABS/MBS auch höheren Zins-, Kredit- und Liquiditätsrisiken ausgesetzt sein als andere Schuldtitel wie Staatsanleihen.
ABS/MBS können als synthetische Wertpapiere strukturiert sein. Zum Beispiel ist ein CMBX ein Credit Default Swap auf einen Korb mit gewerblichen MBS-Anleihen und stellt damit letztlich einen CMBS-Index dar. Mit der Anlage in ein solches Instrument kaufen sich die Teilfonds Schutz (d.h. die Fähigkeit, für die Anleihen bei einem negativen Kreditereignis den Nennwert zu erhalten). Das ermöglicht den Teilfonds, ihr Engagement abzusichern oder Short-Positionen im gewerblichen MBS-Sektor einzugehen. Mit dem Eingehen einer Short-Position in einem solchen Finanzinstrument und dem Halten von Barmitteln für einen potenziellen Zwangskauf des Finanzinstruments verkaufen die Teilfonds Schutz und gehen effektiv schneller und effizienter eine Long-Position im gewerblichen MBS-Sektor ein, als dies durch den Kauf einzelner Anleihen möglich ist. Die mit diesen synthetischen Instrumenten verbundenen Risiken sind vergleichbar mit jenen der zugrunde liegenden ABS oder MBS, die die Instrumente replizieren sollen. Hinzu kommt das Risiko, dass die Performance der synthetischen Instrumente aufgrund widriger Marktbedingungen nicht den Erwartungen entspricht.
Tritt eines der erwähnten Risiken ein, erhalten die Teilfonds trotz vorhandener Mechanismen wie Credit Enhancement oder Vorrangigkeit alle ihre oder einen Teil ihrer ursprünglich in die Wertpapiere investierten Beträge möglicherweise nicht zurück.
- Emerging-Market-RisikoAllgemeine Risiken – In Emerging Markets, in denen die Teilfonds investiert sein können, ist die rechtliche, gerichtliche und aufsichtsrechtliche Infrastruktur noch im Aufbau, weshalb für die lokalen Marktteilnehmer wie auch für ihre Gegenparteien grosse Rechtsunsicherheit besteht. Manche Märkte bergen für Anleger beträchtliche Risiken. Deshalb sollten sich diese vor einer Anlage vergewissern, dass sie die entsprechenden Risiken verstehen und von der Eignung der Anlage überzeugt sind. Es bestehen unter anderem die folgenden Risiken: (i) erhöhtes Risiko der Verstaatlichung, der Enteignung von Vermögenswerten, der Zwangsfusion von Unternehmen, der Errichtung staatlicher Monopole, der konfiskatorischen Besteuerung oder von Preiskontrollen; (ii) grössere soziale, wirtschaftliche und politische Unsicherheit, einschliesslich Krieg; (iii) grössere Exportabhängigkeit und entsprechende Bedeutung des internationalen Handels; (iv) höhere Volatilität, geringere Liquidität, kleine Handelsvolumen und kleinere Marktkapitalisierungen; (v) höhere Wechselkursschwankungen; (vi) höheres Inflationsrisiko; (vii) striktere Kontrolle ausländischer Investitionen und Einschränkung der Rückführung des investierten Kapitals und des Umtauschs lokaler Währungen in eine der Hauptwährungen und/oder Kauf- oder Verkaufsbeschränkungen für ausländische Anleger; (viii) höhere Wahrscheinlichkeit vonper Regierungsbeschluss beendeten Wirtschaftsreformen oder per Regierungsdekret eingeführter zentraler Planwirtschaft; (ix) Unterschiede bei den Standards, Methoden, Praktiken und Offenlegungspflichten für die Rechnungslegung, Buchprüfung und Finanzberichterstattung, weshalb wesentliche Informationen über Emittenten gegebenenfalls fehlen, unvollständig sind oder erst mit Verzögerung bekannt werden; (x) weniger umfassende Regulierung der Wertpapiermärkte; (xi) längere Abwicklungszeiten für Wertpapiertransaktionen und weniger zuverlässige Rahmenbedingungen für die Abrechnung und die Verwahrung; (xii) geringerer Schutz durch die Registrierung von Vermögenswerten; (xiii) weniger entwickelte Unternehmensgesetzgebung betreffenddie Treuhandpflichten der Angestellten und Kader sowie geringerer Anlegerschutz sowie (xiv) weniger formelle Abläufe für Kapitalmassnahmen (keine zentrale Identifikationsquelle, keine formelle Mitteilung) und Stimmrechtsvertretung.

Risiko von Wechselkursschwankungen – Im Einklang mit den Anlagezielen gewisser Teilfonds wird deren Vermögen hauptsächlich in Wertpapiere von Gesellschaften in Entwicklungsländern investiert. Die Erträge werden diesen Teilfonds normalerweise in Lokalwährung ausgezahlt. Die Währungen verschiedener Entwicklungsländer haben gegenüber den Hauptwährungen in den vergangenen Jahren stark an Boden verloren oder könnten stark an Boden verlieren. Eine Abwertung kann plötzlich erfolgen. Das Währungsrisiko wird soweit als möglich abgesichert, kann jedoch nicht völlig ausgeschaltet werden. Einige Währungen sind nicht frei konvertierbar.
Verwahrungsrisiko – Unter Umständen muss die Gesellschaft für die Verwahrung der Anlagen und die Ausführung von Wertpapiertransaktionen lokale Dienstleister in Anspruch nehmen. Obwohl die Gesellschaft bestrebt ist, in den einzelnen Märkten jeweils nur mit den am besten qualifizierten Dienstleistern zusammenzuarbeiten, steht in bestimmten Emerging Markets vielleicht nur eine beschränkte Auswahl an Dienstleistern zur Verfügung. Die Garantien dieser Dienstleister sind
möglicherweise nicht mit jenen von Anbietern in den Industrieländern vergleichbar. Die Qualität der Dienstleistungen bezüglich der Ausführung von Wertpapiertransaktionen sowie der Titelverwahrung, die die Gesellschaft erhält, ist daher nicht unbedingt gewährleistet.
Abrechnungs- und Handelsrisiko – Die Abrechnungssysteme in den Emerging Markets sind oftmals weniger gut organisiert als in den entwickelten Märkten. In den Emerging Markets wird der Grundsatz "Lieferung gegen Zahlung" möglicherweise weniger strikt eingehalten. Es besteht somit ein gewisses Risiko, dass die Abrechnung verspätet erfolgt und Barmittel oder Wertpapiere dieser Teilfonds infolge von Systempannen oder -fehlern gefährdet sind. Die Marktusanz kann insbesondere erfordern, dass die Bezahlung vor Erhalt der gekauften Wertpapiere zu erfolgen hat oder die Wertpapiere vor Erhalt der Bezahlung geliefert werden müssen. An den Börsen der Emerging Markets fehlt möglicherweise ein Garantiefonds für die Abwicklung im Falle einer zeitweiligen Verknappung von Wertpapieren oder Barmitteln, eines Ausfalls einer Gegenpartei
oder eines Fehlverhaltens eines Brokers. Die Gesellschaft sucht nach Möglichkeit Gegenparteien, deren finanzielle Situation das Erfüllungsrisiko als gering erscheinen lässt. Dennoch kann das Verlustrisiko infolge Nichterfüllung durch die andere Vertragspartei nicht völlig ausgeschlossen werden. Auf manchen Märkten bestehen unter Umständen spezifische Handelsrestriktionen.
Registrierung von Wertpapieren – In manchen Ländern werden Nominees als Eigentümer nicht anerkannt. Die Registrierung beim Emittenten muss im Namen des endgültigen wirtschaftlich Berechtigten erfolgen.
Aufsichtsrechtliches Risiko – Viele Gesetze zu Investitionen privater und ausländischer Anleger sowie zu Aktientransaktionen und anderen Vertragsbeziehungen in bestimmten Staaten, insbesondere in Entwicklungsländern, sind neu und weitgehend unerprobt. Das kann die Gesellschaft diversen unüblichen Risiken aussetzen, darunter einem ungenügenden Anlegerschutz, widersprüchlichen Gesetzesbestimmungen, unvollständigen, unklaren und sich ändernden Gesetzestexten, der Unkenntnis oder Nichteinhaltung von Vorschriften seitens anderer Marktteilnehmer, dem Fehlen vorgegebener oder effektiver Rekurswege, dem Mangel an Standards und Vertraulichkeitspflichten, die sich in entwickelten Märkten etabliert haben, sowie der mangelhaften Durchsetzung bestehender Bestimmungen. Zudem kann es schwierig sein, in gewissen Ländern, in denen Vermögenswerte der Gesellschaft investiert sind, Urteile zu erwirken und durchzusetzen. Es lässt sich nicht ausschliessen, dass diese Schwierigkeiten im Zusammenhang mit der Wahrung und Durchsetzung von Rechten sich spürbar nachteilig auf die Gesellschaft und ihre Aktivitäten auswirken. Ausserdem unterliegen die Erträge und Gewinne der Teilfonds womöglich von ausländischen Regierungen auferlegten Quellensteuern, für die ausländische Anteilsinhaber nicht die volle Steuergutschrift erhalten.
Risiko im Zusammenhang mit Restriktionen betreffend Investitionen und Kapitalrückführung – Manche Länder verbieten Anlagen durch ausländische Einheiten oder belegen diese mit beträchtlichen Einschränkungen. In einigen Ländern müssen Investitionen durch Ausländer vorgängig vom Staat bewilligt werden. Ferner beschränken Staaten Anlagen von ausländischen Investoren manchmal auf einen gewissen Betrag oder eine bestimmte Wertpapierklasse, deren Bedingungen ungünstiger sind als für Anleger aus dem eigenen Land. Bestimmte Länder können die Anlagemöglichkeiten in Emittenten oder Branchen einschränken, die für das Land wichtig sind. In bestimmten Entwicklungsländern ist eine Rückführung der Kapitalerträge, des Kapitals und der Verkaufserlöse durch ausländische Anleger nur nach Anmeldung bei einer staatlichen Stelle und/oder Erhalt einer amtlichen Bewilligung möglich. Das kann sich nachteilig auf die Aktivitäten eines Teilfonds auswirken. Die Teilfonds investieren zwar nur in Märkte, in denen diese Restriktionen annehmbar erscheinen. Hingegen ist nicht auszuschliessen, dass eine Anlage im Nachhinein von neuen oder zusätzlichen Restriktionen betroffen ist, was den Fondsmanager daran hindern könnte, diese Anlage effizient zu verwalten, und schliesslich zu einem beträchtlichen Verlust führen könnte.
Liquiditätsrisiko – Diese Teilfonds legen einen Grossteil ihres Vermögens in Wertpapiere der Emerging Markets an, die tendenziell weniger liquide sind als jene entwickelter Märkte. Die Anleger sollten deshalb eine Anlage in diese Teilfonds als eine langfristige Investition betrachten und sich der Tatsache bewusst sein, dass Rücknahmen nicht immer innerhalb der sonst üblichen Frist erfolgen können (siehe Kapitel 14).
Anlagen in der VR China – Die Wertpapiermärkte in der Volksrepublik China sind Emerging Markets, die rasch wachsen, sich aber auch schnell verändern. Die meisten Gesetze und Vorschriften in der Volksrepublik China, die Wertpapiere und Kapitalgesellschaften betreffen, könnten unvorhersehbare Änderungen und Entwicklungen erfahren. Die Folgen solcher Änderungen können rückwirkend sein und negative Auswirkungen auf die Anlagen der Teilfonds haben.
Chinesische A-Aktien können von einem Teilfonds über die Shanghai-Hong Kong Stock Connect ("Stock Connect", siehe auch den Abschnitt "Glossar und Definitionen") gehandelt werden. Die Börsenverbindung Stock Connect ist noch im Aufbau begriffen. Sie wird allen Anlegern ohne Lizenzzwang offenstehen und ihnen nur wenige Restriktionen auferlegen, so etwa bezüglich Abrechnungswährung, Sperrfrist für Verkaufserlöse bzw. aufgeschobene Rückführung der Verkaufserlöse. Ein besonderes Risiko im Zusammenhang mit Stock Connect stellt die Art dar, wie Vermögenswerte in den Büchern von Stock
Connect geführt und wie die Vermögenswerte ordnungsgemäss getrennt werden. Im Vergleich zu Clearingsystemen in entwickelten Märkten besteht ein ungleich höheres Risiko, dass bei Transaktionen über Stock Connect Vermögenswerte verloren gehen oder nicht richtig der Gesellschaft zugeordnet werden können. Die Gesellschaft darf bei Teilfonds erst auf Stock Connect zurückgreifen, wenn sie sich vergewissert hat, dass die für die Gesellschaft massgeblichen Gesetze und Vorschriften dieses Handelssystem zulassen. Ein Teilfonds kann auch über Marktzugangsprodukte wie Warrants, Genussscheine oder andere Arten von strukturierten Produkten oder Derivaten, die einen ähnlichen Zweck erfüllen, in chinesische A-Aktien investieren.
Die genannten Handelssysteme signalisieren eine stärkere internationale Öffnung des RMB und eine Liberalisierung der chinesischen Finanzmärkte. Es wird jedoch darauf hingewiesen, dass (i) chinesische A-Aktien, die direkt über Stock Connect oder über Marktzugangsprodukte gehalten werden, unter Umständen mit begrenzten Stimmrechten ausgestattet sind, und dass (ii) der Renminbi Devisenbeschränkungen unterliegt und keine frei konvertierbare Währung ist. Der für die Teilfonds verwendete Wechselkurs orientiert sich am Offshore-Renminbi ("CNH"), nicht am Onshore-Renminbi ("CNY"). Aufgrund einer Reihe von Faktoren, einschliesslich der oben genannten, kann der Wert des CNH – unter Umständen erheblich – von dem des CNY abweichen.
Risiken von Stock Connect
Die Gesellschaft kann über ihre Broker in Hongkong via Stock Connect mit bestimmten zulässigen Wertpapieren handeln, die an der SSE notiert sind und gehandelt werden (die "SSE-Wertpapiere"). Dieser Handel unterliegt den Gesetzen und
Vorschriften der Volksrepublik China und Hongkongs sowie den einschlägigen Bestimmungen, Weisungen und Richtlinien, die von Zeit zu Zeit veröffentlicht werden.
Trennung von und wirtschaftliche Berechtigung an SSE-Wertpapieren 
Die SSE-Wertpapiere werden in einem Nominee-Konto im Namen von HKSCC gehalten, das bei ChinaClear eröffnet wurde. Dies ist ein Sammelkonto, auf dem alle SSE-Wertpapiere der Stock-Connect-Anleger zusammengelegt werden. Wirtschaftlich Berechtigte der SSE-Wertpapiere, die von den eigenen Vermögenswerten von HKSCC getrennt werden, sind die Anleger (ein Teilfonds).
SSE-Wertpapiere, deren wirtschaftlich Berechtigte die Anleger (einschliesslich eines Teilfonds) sind, werden auf den bei HKSCC eröffneten Konten durch entsprechende Unter-Depotbanken sowie auf den Konten, die bei entsprechenden Unter- Depotbanken eines solchen Teilfonds im CCASS eröffnet wurden, das durch die HKSCC als Zentralverwahrer in Hongkong betrieben wird, getrennt.
Die Gesetze der Volksrepublik China deuten darauf hin, dass der Teilfonds wirtschaftlich Berechtigter der SSE-Wertpapiere ist. Mehrere Bestimmungen des Pilotprogramms von Stock Connect (Veröffentlichung durch die China Securities Regulatory Commission zur Regulierung der Lancierung und des Betriebs von Stock Connect) sehen ausdrücklich vor, dass HKSCC als Nominee-Halter fungiert und dass der Teilfonds die Rechte und Interessen bezüglich der SSE-Wertpapiere besitzt. Laut der SEHK ist der Teilfonds der wirtschaftlich Berechtigte an den SSE-Wertpapieren.
Allerdings ist nicht klar, auf welchem Weg und mit welchen Methoden die Rechte und Interessen eines Teilfonds unter dem Recht der Volksrepublik China durchgesetzt werden können. Vor den Gerichten der Volksrepublik China wurden einige Fälle im Zusammenhang mit einer Nominee-Kontostruktur verhandelt.
Wie andere Clearingsysteme oder Zentralverwahrer ist auch Stock Connect nicht verpflichtet, die Rechte eines Teilfonds vor den Gerichten der Volksrepublik China durchzusetzen. Wenn ein Teilfonds seine Rechte als wirtschaftlich Berechtigter vor den Gerichten der Volksrepublik China durchsetzen will, muss er sich rechtzeitig mit den rechtlichen und verfahrensrechtlichen Problemen vertraut machen.
Kontingentbeschränkungen
Stock Connect unterliegt einem grenzüberschreitenden Gesamtkontingent für Anlagen wie einem Tageskontingent, auf das ein Teilfonds keinen Anspruch hat, sondern das in der Reihenfolge der Eingänge vergeben wird. Sobald der Restsaldo des Northbound-Tageskontingents auf null gefallen ist oder das Northbound-Tageskontingent in der Sitzung zur Festlegung des Eröffnungskurses überschritten wird, werden neue Kaufaufträge abgewiesen (die Anleger dürfen jedoch ihre
grenzüberschreitenden Wertpapiere unabhängig vom Kontingentsaldo verkaufen). Daher können Kontingentbeschränkungen die Fähigkeit eines Teilfonds beeinträchtigen, über Stock Connect in SSE-Wertpapiere zeitnah zu investieren, sodass ein Teilfonds unter Umständen nicht in der Lage ist, seine Anlagestrategien effizient umzusetzen.
Abwicklung
Die Gesellschaft stellt zusammen mit ihren Brokern in Hongkong und der Unter-Depotbank sicher, dass im Rahmen des Handels mit SSE-Wertpapieren Barzahlungen gegen die Lieferung von Wertpapieren eingehen (Lieferung gegen Zahlung). Zu diesem Zweck wird dem Barkonto eines Teilfonds am Tag der Wertpapierabwicklung durch die Broker in Hongkong ein Betrag gutgeschrieben (oder es wird ein entsprechender Betrag belastet), der dem Volumen der Transaktion entspricht.
Clearing- und Abwicklungsrisiko
HKSCC und ChinaClear errichten die Clearingverbindungen, an denen beide teilnehmen, um das Clearing und die Abwicklung von grenzüberschreitenden Transaktionen zu erleichtern. Bei einer grenzüberschreitenden Transaktion übernimmt einerseits die Clearingstelle des Marktes, in dem die Transaktion initiiert wurde, das Clearing und die Abwicklung zusammen mit ihren Clearingteilnehmern, und erfüllt andererseits die Clearing- und Abwicklungspflichten ihrer Clearingteilnehmer gegenüber der Clearingstelle der Gegenpartei.
Liegt ein Zahlungsausfall von ChinaClear vor und ChinaClear gilt als säumiger Schuldner, sind die Pflichten von HKSCC bei Northbound-Transaktionen gemäss den Marktverträgen mit den Clearingteilnehmern darauf beschränkt, die Clearingteilnehmer bei der Durchsetzung ihrer Ansprüche gegen ChinaClear zu unterstützen. HKSCC betreibt in gutem Glauben die Einholung ausstehender Aktien und Gelder von ChinaClear auf den verfügbaren Rechtswegen oder durch die Liquidation von ChinaClear. In diesem Falle muss ein Teilfonds unter Umständen damit rechnen, dass sich der Einholungsprozess verzögert, oder dass er seine Verluste von ChinaClear nicht mehr vollständig zurückerhält.
Kein Schutz durch den Investor Compensation Fund
Anlagen über Stock Connect werden durch Broker getätigt und unterliegen den Ausfallrisiken dieser Broker. Anlagen eines Teilfonds via Stock Connect über den Northbound Trading Link sind nicht durch den Investor Compensation Fund von Hongkong abgedeckt. Teilfonds unterliegen daher dem Ausfallrisiko der Broker, die sie für den Handel mit SSE-Wertpapieren via Stock Connect engagieren.
Aussetzungsrisiko
Sowohl SEHK als auch SSE behalten sich das Recht vor, den Northbound- und/oder Southbound-Handel auszusetzen, um für ordnungsgemässe und faire Marktbedingungen sowie ein umsichtiges Risikomanagement zu sorgen. Bevor eine Aussetzung in Kraft tritt, wird die Genehmigung der zuständigen Aufsichtsbehörde eingeholt. Eine Aussetzung des Northbound-Handels im Rahmen von Stock Connect wirkt sich negativ auf den Zugang des betroffenen Teilfonds zum Markt der Volksrepublik China aus.
Unterschiedliche Handelstage 
Stock Connect ist nur an Tagen geöffnet, wenn sowohl die Märkte in der Volksrepublik China als auch in Hongkong für den Handel geöffnet sind, und wenn die Banken in beiden Märkten an den jeweiligen Abwicklungsterminen geöffnet sind. Es ist also möglich, dass an einem normalen Handelstag in der Volksrepublik China der Markt in Hongkong geschlossen ist. In
diesem Fall hat der Teilfonds keinen Zugang zum Markt der Volksrepublik China über Stock Connect. Ein Teilfonds kann daher einem Kursschwankungsrisiko von SSE-Wertpapieren ausgesetzt sein, wenn über Stock Connect nicht gehandelt wird.
Operationelles Risiko
Stock Connect bietet einen neuen Direktzugang für Anleger Hongkongs und des Auslands auf den chinesischen Aktienmarkt. Stock Connect ist von funktionierenden Betriebssystemen der entsprechenden Marktteilnehmer abhängig. Die Marktteilnehmer können an diesem Programm teilnehmen, wenn sie bestimmte Anforderungen in den Bereichen Informationstechnologie und Risikomanagement sowie weitere Anforderungen erfüllen, die von der zuständigen Börse und/oder Clearingstelle aufgestellt werden. Es wird darauf hingewiesen, dass sich die Wertpapierbestimmungen und Rechtssysteme der beiden Märkte erheblich unterscheiden. Damit das Pilotprogramm erfolgreich umgesetzt werden kann, müssen die Marktteilnehmer unter Umständen laufend Probleme lösen, die aus diesen Unterschieden resultieren.
Ausserdem erfordert die "Konnektivität" von Stock Connect ein Order-Routing über die Grenzen zwischen der Volksrepublik China und Hongkong hinweg. Dazu müssen neue Informationstechnologiesysteme seitens der SEHK und der Börsenteilnehmer entwickelt werden (d.h. ein neues Order-Routing-System "China Stock Connect System", das von der SEHK aufzubauen ist und an das sich die Börsenteilnehmer anbinden müssen). Es kann keine Zusicherung gegeben werden, dass die Systeme der SEHK einwandfrei funktionieren oder laufend an die Veränderungen und Entwicklungen in beiden Märkten angepasst werden. Funktionieren die entsprechenden Systeme nicht einwandfrei, kann der Handel im Rahmen des Programms an beiden Märkten gestört werden. In diesem Fall wird der Zugang eines Teilfonds zum SSE-Wertpapiermarkt (und damit die Verfolgung seines Anlageziels) beeinträchtigt.
Verkaufsrestriktionen aufgrund von Vorabkontrollen
Wenn ein Anleger SSE-Wertpapiere verkaufen will, müssen gemäss den Bestimmungen der Volksrepublik China vorher genügend SSE-Wertpapiere auf dem Konto vorhanden sein, sonst wird die SSE den Verkaufsauftrag zurückweisen. Die SEHK kontrolliert vor der Transaktion die Verkaufsaufträge ihrer Teilnehmer (d.h. ihrer Broker) für SSE-Wertpapiere, um sicherzustellen, dass nicht zu viele Verkäufe getätigt werden. Wenn ein Teilfonds bestimmte SSE-Wertpapiere aus seinem Bestand verkaufen will, muss er diese vor Markteröffnung am Handelstag auf die entsprechenden Konten seiner Broker übertragen. Hält er diese Frist nicht ein, kann er diese SSE-Wertpapiere nicht am Handelstag verkaufen. Aufgrund dieser Anforderung ist der entsprechende Teilfonds möglicherweise nicht in Lage, Bestände an SSE-Wertpapieren rechtzeitig zu veräussern.
Regulatorisches Risiko
Stock Connect ist eine neue Einrichtung und wird durch Bestimmungen, die von den Aufsichtsbehörden kommuniziert werden, sowie Durchführungsvorschriften der Börsen in der Volksrepublik China und Hongkong reguliert werden. Ausserdem können die Aufsichtsbehörden von Zeit zu Zeit neue Reglemente herausgeben im Zusammenhang mit dem Betrieb und der grenzüberschreitenden rechtlichen Durchsetzung grenzüberschreitender Transaktionen im Rahmen von Stock Connect.
Da diese Reglemente unerprobt sind, ist unsicher, wie sie umgesetzt werden. Ausserdem unterliegen die aktuellen Reglemente Änderungen. Es kann keine Zusicherung gegeben werden, dass Stock Connect nicht abgeschafft wird. Diese Veränderungen können sich auf einen Teilfonds, der über Stock Connect in die Märkte der Volksrepublik China investieren will, negativ auswirken.
Steuerrisiko
Am 14. November 2014 veröffentlichten das Finanzministerium, die staatliche Steuerverwaltung und die China Securities Regulatory Commission ein Rundschreiben über die geltende steuerliche Behandlung des Pilotprogramms von Shanghai- Hong Kong Stock Connect. Laut dem Rundschreiben sind Fonds, die via Stock Connect in SSE-Wertpapiere investieren, vorübergehend von der Einkommenssteuer auf Kapitalgewinne befreit, die aus dem Transfer von SSE-Wertpapieren am oder nach dem 17. November 2014 entstanden sind (die "Stock-Connect-Steuerbefreiung"). Dividenden von SSE-Wertpapieren, die an einen Fonds gezahlt werden, unterliegen weiterhin einer Quellensteuer von 10%, die an der Quelle zurückbehalten wird. Es ist möglich, dass neue Steuergesetze und -vorschriften und neue Interpretationen rückwirkend gelten.
CIBM
CIBM ist ein OTC-Markt, wo institutionelle Anleger Staats- und Unternehmensanleihen auf quotengesteuerter Eins-zu-eins- Basis handeln und der fast alle ausstehenden Anleihenwerte des gesamten Handelsvolumens in China repräsentiert.
Die Anleger sollten sich bewusst sein, dass der Handel am CIBM den Teilfonds bestimmten Risiken aussetzt (Gegenparteirisiko, Liquiditätsrisiko, Abwicklungsrisiko).
Abwicklungsrisiko
Es gibt am CIBM verschiedene Abwicklungsmethoden für Transaktionen. Obwohl für den Teilfonds günstige Konditionen ausgehandelt werden, kann keine Zusicherung gegeben werden, dass Abwicklungsrisiken ausgeschlossen werden können. Kommt eine Gegenpartei im Rahmen einer Transaktion ihren Pflichten nicht nach, erleidet der Teilfonds Verluste.
Alle Anleihentransaktionen werden über ChinaClear abgewickelt. ChinaClear wird von den zuständigen chinesischen Behörden beaufsichtigt.
Wenn ein Teilnehmer seiner Verpflichtung gegenüber ChinaClear zur Zahlung einer beliebigen Summe nicht nachkommt, hat ChinaClear Anspruch auf verfügbare Mittel zur Befriedigung ausstehender Forderungen von ChinaClear, die entweder aus
(i) Barsicherheiten, die der säumige Teilnehmer hinterlegt hat, (ii) Barmitteln, die im gemeinsamen Garantiefonds gehalten werden, in die der säumige Teilnehmer eingezahlt hat, oder (iii) Barerlösen aus dem Verkauf von Wertpapieren stammen. Die säumige Partei trägt die Ausgaben und Kursdifferenzen, die sich aus dem Verkauf der Wertpapiere ergeben.
Kommt ein Teilnehmer seiner Verpflichtung zur Lieferung von Wertpapieren nicht nach, ist ChinaClear berechtigt, die fällige Zahlung an den liefernden Teilnehmer hinauszuzögern, bis die ausstehende Verpflichtung erfüllt wird. ChinaClear kann ausserdem einen Teil oder alle Wertpapiere (statt der Wertpapiere, die Gegenstand der Lieferverpflichtungen sind) aus folgenden Quellen beanspruchen, um die Pflichten und Verpflichtungen des Teilnehmers gegenüber ChinaClear durchzusetzen:
- von der säumigen Partei zur Verfügung gestellte Wertpapiere;
- Wertpapiere, die mit den Mitteln auf dem designierten Treuhandkonto gekauft wurden; oder
- Wertpapiere, die ChinaClear aus anderen Quellen zur Verfügung stehen.

ChinaClear muss zwar an liefernde und empfangende Teilnehmer Zahlungen leisten beziehungsweise Wertpapiere liefern. Es können jedoch Verzögerungen auftreten, wenn eine der Parteien ihrer Zahlungs- oder Lieferverpflichtung nicht nachkommt.
Die VR China hat ihre Finanzmärkte liberalisiert und beabsichtigt, den Zugang zu mehreren Anlageprogrammen zu öffnen oder zu erleichtern. Nach einer Überprüfung im Jahr 2016 wurde der Zugang zum CIBM erleichtert ("erleichterter Zugang zum CIBM"). Ausländische institutionelle Anleger dürfen ohne besondere Lizenz- oder Quotenbeschränkungen direkt in auf RMB lautende festverzinsliche Wertpapiere investieren, die auf dem CIBM über eine Onshore-Abwicklungsstelle für Anleihen (die "Abwicklungsstelle für Anleihen") gehandelt werden. Diese ist verantwortlich für die Einreichung der entsprechenden Dokumente und die Kontoeröffnung bei den zuständigen Behörden der VR China, insbesondere der PBOC.
Die Regeln und Vorschriften für den erleichterten Zugang zum CIBM sind relativ neu. Daher sind die Anwendung und die Auslegung dieser Anlagevorschriften relativ unerprobt. Es kann nicht mit Sicherheit vorhergesagt werden, wie die Vorschriften angewendet werden, da die Behörden und Regulatoren der VR China bei Anlagevorschriften einen grossen Ermessensspielraum haben, und es gibt keinen Präzedenzfall und keine Sicherheit, wie dieser Ermessensspielraum gegenwärtig oder in Zukunft ausgefüllt wird. Ausserdem kann keine Zusicherung gegeben werden, dass die Regeln und
Vorschriften für den erleichterten Zugang zum CIBM in Zukunft nicht abgeschafft werden. Diese Veränderungen oder diese Abschaffung können sich negativ auf einen Teilfonds auswirken, der über den erleichterten Zugang zum CIBM in die Märkte der VR China investiert.
Risiko der Beschränkung von Überweisungen und Kapitalrückführungen
Ausländische Anleger (wie der Teilfonds) können Kapitalbeträge in RMB oder einer Auslandswährung in die VR China überweisen, um sie im CIBM über den erleichterten Zugang zum CIBM zu investieren. Ein Teilfonds, der den erleichterten Zugang zum CIBM nutzt, muss innerhalb von neun (9) Monaten nach Einreichung bei der PBOC einen Kapitalbetrag überweisen, der mindestens 50% des erwarteten Anlagevolumens entspricht, ansonsten müssen aktualisierte Dokumente über die Onshore-Abwicklungsstelle für Anleihen eingereicht werden.
Wenn ein Teilfonds Mittel aus der VR China zurückführt, sollte das Verhältnis zwischen RMB und der Auslandswährung ("Währungsverhältnis") dem ursprünglichen Währungsverhältnis entsprechen, als der Kapitalbetrag in die VR China überwiesen wurde, wobei eine Abweichung von 10% erlaubt ist. Wenn jedoch die ausgehende Kapitalrückführung in der gleichen Währung erfolgt wie die eingehende Überweisung, gilt das Währungsverhältnis nicht.
Die Behörden der VR China können bestimmte Beschränkungen für Anleger, die am erleichterten Zugang zum CIBM teilnehmen, und/oder die Abwicklungsstelle für Anleihen anordnen. Diese können sich negativ auf die Liquidität und die Performance des Teilfonds auswirken. Kapitalrückführungen in RMB sind zurzeit täglich zugelassen und unterliegen keinen Kapitalrückführungsbeschränkungen (wie Sperrfristen) oder einer vorherigen Genehmigung. Es werden jedoch Authentizitäts- und Compliance-Überprüfungen durchgeführt, und die Abwicklungsstelle für Anleihen reicht Berichte über Überweisungen und Kapitalrückführungen bei den Behörden der VR China ein. Es kann jedoch keine Zusicherung gegeben werden, dass die Regeln und Vorschriften der VR China nicht geändert werden oder dass in Zukunft keine Kapitalrückführungsbeschränkungen eingeführt werden. Da die Authentizitäts- und Compliance-Überprüfungen der Abwicklungsstelle für Anleihen bei jeder Kapitalrückführung durchgeführt werden, kann sich die Rückführung verzögern oder sie kann sogar von der Abwicklungsstelle für Anleihen abgelehnt werden, wenn gegen die Regeln und Vorschriften für den erleichterten Zugang zum CIBM verstossen wird. Beschränkungen, die in Zukunft von den Behörden der VR China angeordnet werden, oder Zurückweisungen oder Verzögerungen durch die Abwicklungsstelle für Anleihen im Zusammenhang mit der Rückführung von investiertem Kapital
und Reingewinnen können die Fähigkeit des Teilfonds beeinträchtigen, Rücknahmeanträge der Aktieninhaber zu erfüllen. Der Fondsmanager hat keinen Einfluss auf die Dauer bis zum Abschluss einer Kapitalrückführung.
Wertpapiere und Barkonten
Die wirtschaftliche Berechtigung an auf RMB lautenden Wertpapieren, die über den erleichterten Zugang zum CIBM erworben wurden, wurde in Dokumenten bestätigt, die von der PBOC und den Behörden der VR China veröffentlicht wurden.
Allerdings ist die wirtschaftliche Berechtigung ein unerprobtes Modell in der VR China. Barmittel, die auf dem Barkonto des Teilfonds bei der Abwicklungsstelle für Anleihen deponiert werden, werden nicht getrennt gehalten, sondern sind eine Verbindlichkeit der Abwicklungsstelle für Anleihen gegenüber dem Teilfonds als Einzahler. Diese Barmittel werden mit
Barmitteln zusammengelegt, die anderen Kunden der Abwicklungsstelle für Anleihen gehören. Im Falle eines Bankrotts oder der Liquidation der Abwicklungsstelle für Anleihen hat der Teilfonds keine Eigentumsrechte an den Barmitteln, die auf einem solchen Barkonto deponiert sind, und der Teilfonds wird zu einem ungesicherten Gläubiger, der allen anderen ungesicherten Gläubigern der Abwicklungsstelle für Anleihen gleichgestellt ist. Der Teilfonds kann auf Schwierigkeiten stossen, diese Schulden wieder einzuholen, und/oder die Einholung verzögert sich, oder die Einholung gelingt nicht oder nur zum Teil. In diesen Fällen wird der Teilfonds Verluste erleiden.
Risiko im Zusammenhang mit der Abwicklungsstelle für Anleihen
Es besteht ein Risiko, dass der Teilfonds direkte oder Folgeverluste erleidet, die aus folgenden Ereignissen resultieren:
(i) Handlungen oder Unterlassungen im Rahmen der Abwicklung von Transaktionen oder des Transfers von Mitteln oder Wertpapieren durch die Abwicklungsstelle für Anleihen; oder (ii) Zahlungsausfall oder Bankrott der Abwicklungsstelle für Anleihen; oder (iii) vorübergehendes oder dauerhaftes Verbot für die Abwicklungsstelle für Anleihen, in dieser Funktion tätig zu werden. Solche Handlungen, Unterlassungen, Versäumnisse oder Ausschlüsse können sich ebenfalls negativ auf die Fähigkeit eines Teilfonds auswirken, seine Anlagestrategie umzusetzen oder den operativen Betrieb eines Teilfonds stören. Zum Beispiel können sie Verzögerungen bei der Abwicklung von Transaktionen, dem Transfer von Mitteln oder Wertpapieren in die VR China oder bei der Einholung von Vermögenswerten verursachen, was wiederum den Nettoinventarwert des Teilfonds belasten kann.
Darüber hinaus ist die PBOC berechtigt, regulatorische Sanktionen zu verhängen, wenn die Abwicklungsstelle für Anleihen eine Vorschrift für den erleichterten Zugang zum CIBM verletzt. Solche Sanktionen können sich negativ auf die Anlagen des Teilfonds über den erleichterten Zugang zum CIBM auswirken.
Risiken von Bond Connect
Bond Connect in Kürze
Bond Connect ist ein gegenseitiger Anleihenmarktzugang zwischen Hongkong und Festlandchina, der vom China Foreign Exchange Trade System & National Interbank Funding Centre, von der China Central Depository & Clearing Co., Ltd, vom Shanghai Clearing House, von der SEHK und von der Central Moneymarkets Unit eingerichtet wurde. Der chinesische Anleihenmarkt umfasst hauptsächlich den CIBM. Berechtigte ausländische Anleger können im Rahmen des Northbound Trading von Bond Connect ("Northbound Trading") am CIBM investieren. Northbound Trading orientiert sich an den aktuellen Richtlinien für ausländische Beteiligungen am CIBM. Für Northbound Trading besteht keine Investitionsquote.
Nach den geltenden Vorschriften in Festlandchina können berechtigte ausländische Anleger, die über Bond Connect am CIBM investieren wollen, dies über eine von der Hong Kong Monetary Authority zugelassene Offshore-Verwahrstelle tun. Diese ist für die Kontoeröffnung bei der entsprechenden, von der PBOC zugelassenen Onshore-Verwahrstelle verantwortlich.
Aufgrund der Volatilität der Märkte und des Risikos mangelnder Liquidität aufgrund geringer Handelsvolumen bestimmter Anleihen am CIBM können die Kurse bestimmter an diesem Markt gehandelter Wertpapiere erheblich schwanken. Der
in diesen Markt investierende Teilfonds birgt daher Liquiditäts- und Volatilitätsrisiken. Die Differenz zwischen Kauf- und Verkaufskurs dieser Wertpapiere kann beträchtlich sein. Daher können dem entsprechenden Teilfonds erhebliche Handels- sowie Realisierungskosten und beim Verkauf solcher Anlagen sogar Verluste entstehen.
In dem Masse, in dem der entsprechende Teilfonds am CIBM Transaktionen tätigt, kann er auch Risiken aus den Abwicklungsverfahren und dem Ausfall von Gegenparteien ausgesetzt sein. Unter Umständen kommt die Gegenpartei, die mit dem entsprechenden Teilfonds eine Transaktion abgeschlossen hat, ihrer Verpflichtung nicht nach, die Transaktion mittels Lieferung des entsprechenden Wertpapiers oder einer Zahlung abzuwickeln.
Da bei einer Anlage am CIBM über Bond Connect die Kontoeröffnung über eine Offshore-Verwahrstelle zu erfolgen hat, unterliegt der entsprechende Teilfonds dem Risiko des Ausfalls oder von Fehlern der Offshore-Verwahrstelle.
Bond Connect ist regulatorischen Risiken ausgesetzt. Die für Anlagen über Bond Connect geltenden Regeln und Vorschriften können möglicherweise rückwirkend geändert werden. Sollten die zuständigen chinesischen Behörden die Kontoeröffnung oder den Handel über Bond Connect aussetzen, kann der entsprechende Teilfonds nur noch beschränkt am CIBM investieren. Dies könnte sich nachteilig auf die Performance des entsprechenden Teilfonds auswirken, da dieser unter Umständen seine CIBM-Positionen veräussern müsste. In der Folge könnte der entsprechende Teilfonds erhebliche Verluste erleiden.
Es gibt keine schriftlichen Vorgaben der Behörden des chinesischen Festlands zur Behandlung der Einkommenssteuer oder anderer Steuern, die im Zusammenhang mit dem Handel berechtigter ausländischer institutioneller Anleger am CIBM über Bond Connect zahlbar sind. Daher besteht Unsicherheit in Bezug auf die steuerlichen Verbindlichkeiten, die für den entsprechenden Teilfonds aufgrund des Handels am CIBM über Bond Connect anfallen. Es besteht zudem die Möglichkeit, dass neue Steuergesetze und -vorschriften sowie neue Interpretationen rückwirkend angewandt werden.
Mit dem RQFII-Programm verbundene Risiken
Zusätzlich zu den oben unter "Anlagen in der VR China" aufgeführten Risiken bestehen die folgenden Risiken.
RQFII-Risiko. Die Anwendung und die Auslegung der Vorschriften, welche die Anlagen über das RQFII-Programm in der VR China regeln, sind relativ unerprobt. Es kann nicht mit Sicherheit vorhergesagt werden, wie die Vorschriften angewendet werden, da die Behörden und Regulatoren der VR China bei Anlagevorschriften einen grossen Ermessensspielraum haben, und es gibt keinen Präzedenzfall und keine Sicherheit, wie dieser Ermessensspielraum gegenwärtig oder in Zukunft ausgefüllt
wird. Es ist nicht möglich, die künftige Entwicklung des RQFII-Programms vorherzusehen. Rückführungsbeschränkungen, die in Bezug auf die entsprechenden Anlagen unter dem RQFII-Programm angeordnet werden, können die Fähigkeit des Teilfonds beeinträchtigen, den Rücknahmeanträgen zu entsprechen. Grundsätzlich jede Änderung des RQFII-Programms, einschliesslich der Möglichkeit, dass der RQFII-Fondsmanager seinen RQFII-Status verliert, kann die Fähigkeit des entsprechenden Teilfonds beeinträchtigen, direkt über den entsprechenden RQFII in zulässige Wertpapiere in der VR China zu investieren. Zudem könnte die Aussetzung oder der Widerruf des RQFII-Status die Performance des Teilfonds beeinträchtigen, da der Teilfonds seine unter dem RQFII-Programm zulässigen Wertpapierpositionen unter Umständen veräussern müsste. Die anwendbaren Gesetze, Richtlinien und Vorschriften zum RQFII-Programm können – auch rückwirkend – geändert werden.
Risiko von RQFII-Anlagerestriktionen. Der RQFII geht nicht davon aus, dass RQFII-Anlagerestriktionen die Fähigkeit des Teilfonds, sein Anlageziel zu erreichen, beeinflussen werden. Die Anleger sollten sich jedoch bewusst sein, dass die einschlägigen Gesetze und Vorschriften der VR China die Fähigkeit eines RQFII, Wertpapiere bestimmter Emittenten aus der VR China zu erwerben, von Zeit zu Zeit einschränken und den Teilfonds zwingen könnten, seine Wertpapiere zu
veräussern. Dies könnte die Fähigkeit des Teilfonds, in der VR China anzulegen, beeinträchtigen. Der Handel mit chinesischen Wertpapieren kann infolge vorübergehender oder dauerhafter Aussetzungen, die von Zeit zu Zeit von den Börsen in Shanghai und/oder Shenzhen angeordnet werden, oder aufgrund regulatorischer oder staatlicher Eingriffe in Bezug auf bestimmte Anlagen oder die Märkte im Allgemeinen beeinträchtigt sein. Eine solche Aussetzung oder Massnahme kann es dem Teilfonds verunmöglichen, im Rahmen seiner allgemeinen Verwaltung und der periodischen Anpassung seiner Anlagen unter dem
RQFII-Programm Positionen in den relevanten Wertpapieren zu erwerben oder zu verkaufen oder Rücknahmeanträgen zu entsprechen. Solche Umstände können auch die Bestimmung des Nettoinventarwerts des Teilfonds erschweren und den Teilfonds einem Verlustrisiko aussetzen. Um die Folgen extrem volatiler Marktkurse von Wertpapieren zu mildern, begrenzen die Börsen von Shanghai und Shenzhen zurzeit die Höhe der zulässigen Schwankungen der Kurse von Wertpapieren an einem einzelnen Handelstag. Die Tageslimite stellt den maximalen Betrag dar, um den der Kurs eines Wertpapiers (während der aktuellen Handelssitzung) nach oben oder unten vom Abwicklungskurs des Vortages abweichen darf. Die Tageslimite regelt nur die Kursbewegungen und schränkt den Handel innerhalb der jeweiligen Limite nicht ein. Die Limite führt jedoch nicht zu einer Begrenzung des Verlustpotenzials. Denn sie kann verhindern, dass ein Wertpapier zu seinem fairen oder wahrscheinlichen Realisierungswert verkauft werden kann. Dies bedeutet, dass der Teilfonds nachteilige Positionen unter Umständen nicht veräussern kann. Es kann keine Zusicherung gegeben werden, dass zu einem bestimmten Zeitpunkt für ein spezifisches Wertpapier ein liquider Markt an einer Börse besteht.
Gegenparteirisiko. Alle über das RQFII-Programm erworbenen Vermögenswerte werden gemäss den Vorschriften der VR China bei einer lokalen Depotbank verwahrt. Vermögenswerte in elektronischer Form werden in (einem) RQFII-Depot(s) und Barmittel auf einem oder mehreren Renminbi-Barkonten bei der lokalen Depotbank gehalten. Die Vermögenswerte in diesen Depots bzw. auf diesen Konten werden getrennt und separat verwahrt und stehen ausschliesslich dem Teilfonds zu. Es ist jedoch möglich, dass die Gerichts- und Aufsichtsbehörden in der VR China diese Position in der Zukunft anders auslegen. Zudem können dem Teilfonds Verluste entstehen durch Handlungen oder Unterlassungen, die die lokale Depotbank bei der Ausführung oder Abwicklung einer Transaktion oder dem Transfer von Mitteln oder Wertpapieren begeht. Von der lokalen Depotbank auf Renminbi-Barkonten gehaltene Barmittel werden in der Praxis nicht getrennt gehalten, sondern sind eine Verbindlichkeit der lokalen Depotbank gegenüber dem entsprechenden Teilfonds als Einzahler. Diese Barmittel werden mit Barmitteln zusammengelegt, die anderen Kunden der lokalen Depotbank gehören. Im Insolvenzfall der lokalen Depotbank hat der Teilfonds keine Eigentumsrechte an den Barmitteln, die auf dem bei der lokalen Depotbank eröffneten Barkonto deponiert sind, und der Teilfonds wird zu einem ungesicherten Gläubiger, der allen anderen ungesicherten Gläubigern der lokalen Depotbank gleichgestellt ist. Der Teilfonds kann auf Schwierigkeiten stossen, diese Schulden wieder einzuholen, und/oder die Einholung verzögert sich, oder die Einholung gelingt nicht oder nur zum Teil. In diesen Fällen verliert der Teilfonds einen Teil oder alle seine Barmittel.
Gegenparteirisiko in Bezug auf Broker aus der VR China. Der RQFII-Fondsmanager wählt Broker aus der VR China ("Broker aus der VR China") aus, die für den Teilfonds auf den Märkten der VR China Transaktionen ausführen. Es besteht die Möglichkeit, dass der RQFII-Fondsmanager für jede Börse in der VR China nur einen Broker aus der VR China ernennt.
Denn in der VR China ist vorgeschrieben, dass Wertpapiere über den Broker aus der VR China veräussert werden, über den sie ursprünglich erworben wurden. Sollte der RQFII-Fondsmanager aus irgendeinem Grund nicht in der Lage sein, den entsprechenden Broker in der VR China einzusetzen, kann sich dies negativ auf den operativen Betrieb des Teilfonds
auswirken. Zudem können dem Teilfonds Verluste entstehen durch Handlungen oder Unterlassungen, die ein oder mehrere Broker aus der VR China bei der Ausführung oder Abwicklung von Transaktionen oder dem Transfer von Mitteln oder Wertpapieren begeht/begehen. Wird ein einziger Broker aus der VR China ernannt, bezahlt der Teilfonds unter Umständen nicht die niedrigste am Markt verfügbare Kommission. Der RQFII-Fondsmanager berücksichtigt bei der Auswahl der Broker aus der VR China indessen Faktoren wie die Konkurrenzfähigkeit der Kommissionssätze, die Grösse der entsprechenden Aufträge und die Ausführungsstandards. Es besteht das Risiko, dass der Teilfonds infolge eines Zahlungsausfalls, einer Insolvenz oder eines gegenüber einem Broker aus der VR China verhängten Tätigkeitsverbots Verluste erleidet. In einem
solchen Fall kann die Fähigkeit des Teilfonds, Transaktionen über diesen Broker aus der VR China auszuführen, beeinträchtigt sein. Dies kann wiederum den Nettoinventarwert des Teilfonds negativ beeinflussen. Zur Verminderung des mit dem Broker/den Brokern aus der VR China verbundenen Risikos befolgt der RQFII-Fondsmanager bestimmte Verfahren, um sicherzustellen, dass jeder ausgewählte Broker aus der VR China ein seriöses Institut und das Kreditrisiko für die Gesellschaft akzeptabel ist.
Risiko von RMB-Überweisungen und -Kapitalrückführungen. Kapitalrückführungen in RMB unterliegen zurzeit keinen Sperrfristen oder keiner vorherigen regulatorischen Genehmigung. Es werden jedoch Authentizitäts- und Compliance- Überprüfungen durchgeführt, und die lokale Depotbank reicht monatliche Berichte über Überweisungen und Kapitalrückführungen bei der staatlichen Devisenbehörde der VR China ein. Der Kapitalrückführungsprozess kann nach Massgabe der entsprechenden Vorschriften bestimmten Anforderungen unterliegen (z.B. Einreichung spezifischer Dokumente bei der Rückführung der realisierten kumulierten Gewinne). Beim Abschluss des Kapitalrückführungsprozesses kann es
zu Verzögerungen kommen. Es kann keine Zusicherung gegeben werden, dass die Regeln und Vorschriften der VR China nicht geändert werden oder dass in Zukunft keine Kapitalrückführungsbeschränkungen eingeführt werden. Es besteht zudem die Möglichkeit, dass Änderungen der Regeln und Vorschriften der VR China rückwirkend angewandt werden.
Rückführungsbeschränkungen, die in Bezug auf die Barmittel des Teilfonds angeordnet werden, können die Fähigkeit des Teilfonds beeinträchtigen, den Rücknahmeanträgen zu entsprechen. Da die Authentizitäts- und Compliance-Überprüfungen der lokalen Depotbank bei jeder Kapitalrückführung durchgeführt werden, kann sich zudem die Rückführung verzögern oder sie kann sogar von der lokalen Depotbank abgelehnt werden, wenn gegen die Regeln und Vorschriften für RQFII verstossen wird. In einem solchen Fall wird davon ausgegangen, dass die Rücknahmeerlöse dem zurückgebenden Aktieninhaber so rasch wie möglich und nach Abschluss der betreffenden Kapitalrückführung bezahlt werden. Der RQFII-Fondsmanager hat keinen Einfluss auf die Dauer bis zum Abschluss einer Kapitalrückführung.
- Registrierung in Russland / Anlagen in RusslandAnlagen in Russland sind zurzeit mit einem erhöhten Risiko in Bezug auf das Eigentum an den Wertpapieren und deren Verwahrung verbunden. In Russland werden Eigentum und Verwahrung durch Eintragung in die Bücher der betreffenden Gesellschaft oder ihrer Registerstelle (die weder eine Beauftragte der Verwahrstelle ist noch dieser gegenüber haftet) nachgewiesen. Weder die Verwahrstelle noch eine allfällige Unter-Depotstelle oder ein zentrales Depotsystem verfügt über Zertifikate, die das Eigentum an russischen Gesellschaften belegen. Das bedeutet, dass die Gesellschaft aufgrund dieses Systems und mangels staatlicher Regulierung und Rechtsdurchsetzung die Registrierung und das Eigentum an russischen Wertpapieren durch Betrug, Fahrlässigkeit oder blosse Unachtsamkeit verlieren könnte.

Anlagen in Russland können ausserdem durch die geopolitische Krise in Osteuropa im Zusammenhang mit Russland und der Ukraine beeinträchtigt werden. Die westlichen Länder haben Sanktionen gegen Russland verhängt. Das könnte Russland veranlassen, Gegenmassnahmen gegen Länder des Westens und andere Länder zu ergreifen. Das wiederum könnte sich
auf die russische Wirtschaft negativ auswirken. Anlagen in Russland könnten dann risikoreicher werden, zum Beispiel infolge einer stärkeren Volatilität auf bestimmten Märkten, von Restriktionen für ausländische Investitionen in Russland, von Schwierigkeiten, russische Anlagen zu liquidieren oder der Kapitalrückführung aus Russland.
Die Moskauer Börse MICEX-RTS ist der einzige regulierte Markt in Russland.
- Risiko aufgrund einer Sektor- oder regionalen KonzentrationRisiko einer Länder-/regionalen Konzentration – Darf ein Teilfonds nur in Wertpapiere von Emittenten eines bestimmten Landes oder einer bestimmten Region investieren, unterliegt dieser Teilfonds aufgrund einer solchen Konzentration dem Risiko ungünstiger sozialer, politischer oder wirtschaftlicher Entwicklungen in diesem Land oder dieser Region. Das Risiko steigt zusätzlich, wenn es sich bei dem Land oder der Region um Emerging Markets handelt.

Risiko einer Sektorkonzentration – Sind die für einen Teilfonds zulässigen Anlagen auf einen bestimmten Sektor wie Technologie oder Gesundheitswesen beschränkt, ist dieser Teilfonds unter Umständen anfällig auf Einflussfaktoren
technologienaher Sektoren. Zudem ist er womöglich einem grösseren Risiko und höheren Marktschwankungen ausgesetzt, als wenn die Anlagen über verschiedene Sektoren breiter diversifiziert wären. Der Technologie- und der Gesundheitssektor sowie technologienahe Branchen sind möglicherweise auch stärker staatlich reguliert als viele andere Branchen. Änderungen in der Regierungspolitik und die Notwendigkeit aufsichtsrechtlicher Bewilligungen können diese Sektoren ebenfalls stark belasten. Diese Unternehmen bergen ausserdem Risiken im Zusammenhang mit Technologien in der Entwicklungsphase, Wettbewerbsdruck und anderen Faktoren. Das Risiko der Veralterung aufgrund wissenschaftlicher oder technologischer Fortschritte ist relativ hoch. Zudem sind diese Unternehmen bei der Entwicklung neuer Technologien stark von der Akzeptanz
der Verbraucher und der Geschäftswelt abhängig. Viele Gesellschaften im Technologiesektor sind eher klein und bergen daher die mit Anlagen in Small Caps verbundenen Risiken wie oben beschrieben. Die Entwicklung solcher sektorspezifischer Anlagen folgt unter Umständen nicht dem allgemeinen Börsentrend.
- ModellrisikoTeilfonds, die quantitative Managementmethoden oder systematische Anlageprozesse bzw. -strategien anwenden, stützen sich beim Managementprozess auf Modelle, die in unterschiedlichem Umfang auf vergangenen Marktbedingungen basieren. Angesichts der Ungewissheit der Zukunft erfassen diese Modelle das Risiko, für das sie konzipiert wurden und das sie erfassen sollen, nicht unbedingt und können daher falsche Anlagegelegenheiten anzeigen.
- Spezifisches Risiko von GeldmarktfondsEin Geldmarktfonds ist keine garantierte Anlage. Anlagen in Geldmarktfonds unterscheiden sich von Anlagen in Form einer Einlage. Denn der Wert von Aktien kann schwanken und die mit ihnen erzielte Rendite kann sowohl steigen als auch sinken. Zudem erhalten die Anleger den ursprünglich investierten Betrag unter Umständen nicht zurück. Die Gesellschaft verlässt sich nicht auf externe Unterstützung, um die Liquidität des Geldmarktfonds zu garantieren oder den Nettoinventarwert je Aktie ihres Geldmarktfonds stabil zu halten. Daher muss das Risiko des Kapitalverlusts vom Anleger getragen werden.
- P-NotesGewisse Teilfonds können in P-Notes oder Zertifikate investieren, bei denen es sich um strukturierte Produkte handelt.

P-Notes werden von Banken oder Broker-Dealern begeben. Sie sind so konzipiert, dass sie eine Rendite bieten, die an die Performance einer bestimmten zugrunde liegenden Aktie oder eines bestimmten zugrunde liegenden Markts gebunden ist. P-Notes können die Merkmale oder die Form verschiedener Instrumente haben beziehungsweise annehmen, darunter
Zertifikate oder Warrants. Der Inhaber einer an einen bestimmten Basiswert gebundenen P-Note ist berechtigt, die Dividenden zu erhalten, die in Verbindung mit dem Basiswert ausgeschüttet werden. Hingegen erhält der Inhaber einer P-Note im Allgemeinen nicht die Stimmrechte, die er erhalten würde, wenn er den Basiswert direkt besitzen würde. P-Notes sind direkte, allgemeine und ungesicherte vertragliche Verpflichtungen der Banken oder Broker-Dealer, die sie begeben. In P-Notes investierende Teilfonds sind deshalb dem Gegenparteirisiko in Bezug auf diese Banken oder Broker-Dealer ausgesetzt.
Anlagen in P-Notes bergen gewisse zusätzliche Risiken im Vergleich zu einer Direktanlage in den ausländischen Basiswerten oder ausländischen Wertpapiermärkten, deren Rendite sie replizieren sollen. Beispielsweise kann keine Zusicherung gegeben werden, dass der Handelspreis einer P-Note dem Wert des ausländischen Basiswerts oder ausländischen Wertpapiermarkts entspricht, den sie replizieren soll. Als Käufer einer P-Note verlassen sich die in die P-Notes investierenden Teilfonds auf die Kreditwürdigkeit der Gegenpartei, welche die P-Note begibt, und haben aufgrund der P-Note keine Rechte gegenüber dem Emittenten des Basiswerts. Sollte die Gegenpartei zahlungsunfähig werden, würden die entsprechenden Teilfonds folglich ihre Anlage verlieren. Das Risiko, dass diese Teilfonds ihre Anlagen aufgrund der Zahlungsunfähigkeit einer einzigen Gegenpartei verlieren, kann sich in dem Masse erhöhen, als die Teilfonds P-Notes eines einzelnen Emittenten oder einer kleinen Zahl
von Emittenten kaufen. P-Notes umfassen auch Transaktionskosten, die über jene einer Direktanlage in Wertpapiere hinausgehen. Zudem kann der Einsatz von P-Notes durch die Teilfonds dazu führen, dass die Performance der Teilfonds von der Performance des Indexteils abweicht, in dem sich die Teilfonds durch den Einsatz von P-Notes engagieren. Aufgrund von Liquiditäts- und Übertragungsbeschränkungen sind die Sekundärmärkte, auf denen die P-Notes gehandelt werden, möglicherweise weniger liquide als die Märkte für andere Wertpapiere. Dies kann zur Folge haben, dass für Wertpapiere in den Portefeuilles der Teilfonds Kursnotierungen nicht rechtzeitig verfügbar sind und dass der Wert der P-Notes sinkt. Wegen der begrenzten Verfügbarkeit verlässlicher objektiver Daten zu Wertpapierkursen ist es für die Teilfonds schwieriger, ihre
Wertpapiere zu bewerten, und die Beurteilung in der Anwendung von Fair-Value-Methoden kann bei der Bewertung der Aktien der Teilfonds eine grössere Rolle spielen. Während entsprechende Bestimmungen nach Treu und Glauben erfolgen, kann es daher für die Teilfonds schwieriger sein, diesen Wertpapieren einen präzisen Tageswert zuzuordnen.
ANHANG C: SFDR
Die SFDR-Offenlegungen C-1.1 bis C-1.15 beziehen sich auf die Teilfonds, die die Bestimmungen von Artikel 8 der SFDR erfüllen.
| C-1.1 | 293 |
| --- | --- |
| C-1.2 | 296 |
| C-1.3 | 300 |
| C-1.4 | 304 |
| C-1.5 | 306 |
| C-1.6 | 310 |
| C-1.7 | 314 |
| C-1.8 | 318 |
| C-1.9 | 322 |
| C-1.10 | 326 |
| C-1.11 | 330 |
| C-1.12 | 334 |
| C-1.13 | 338 |
| C-1.14 | 341 |

Die SFDR-Offenlegungen C-2.1 bis C-2.7 beziehen sich auf die Teilfonds, die die Bestimmungen von Artikel 9 der SFDR erfüllen.
| C-2.1 | 345 |
| --- | --- |
| C-2.2 | 349 |
| C-2.3 | 353 |
| C-2.4 | 359 |
| C-2.5 | 363 |
| C-2.6 | 367 |
| C-2.7 | 371 |

Die SFDR-Offenlegungen C-3.1 bis C-3.8 beziehen sich auf alle anderen Teilfonds.
| C-3.1 | 375 |
| --- | --- |
| C-3.2 | 376 |
| C-3.3 | 377 |
| C-3.4 | 378 |
| C-3.5 | 379 |
| C-3.6 | 380 |
| C-3.7 | 381 |
| C-3.8 | 383 |

| Gemischte Teilfonds | SFDR-Offenlegung |
| --- | --- |
| All Roads Conservative | C-1.8 |
| All Roads | C-1.8 |
| All Roads Growth | C-1.8 |
| Event Convexity | C-3.1 |
| Multiadvisers UCITS | C-3.2 |
| Defensive Systematic Alternative Solution | C-3.3 |
| Aktienteilfonds | SFDR-Offenlegung |
| Generation Global | C-1.10 |
| TargetNetZero Global Equity | C-2.6 |
| Continental Europe Family Leaders | C-1.1 |
| Golden Age | C-1.1 |
| World Brands | C-1.1 |
| World Gold Expertise | C-3.4 |
| Commodity Risk Premia | C-3.5 |
| Global FinTech | C-1.1 |
| Natural Capital | C-2.2 |
| Global HealthTech | C-1.1 |
| China High Conviction | C-1.1 |
| TargetNetZero Europe Equity | C-2.6 |
| Europe All Cap Leaders | C-1.1 |
| Europe High Conviction | C-3.6 |
| Continental Europe Small & Mid Leaders | C-1.1 |
| Emerging High Conviction | C-1.1 |
| Asia High Conviction | C-1.1 |
| TerreNeuve | C-1.7 |
| Swiss Equity | C-1.13 |
| Swiss Small & Mid Caps | C-1.13 |
| Climate Transition | C-2.1 |
| Fixed-Income-Teilfonds | SFDR-Offenlegung |
| Global Inflation-Linked Fundamental | C-1.4 |
| Global Government Fundamental | C-1.4 |
| Global Climate Bond | C-2.3 |
| TargetNetZero Global IG Corporate | C-2.7 |
| TargetNetZero Euro IG Corporate | C-2.7 |
| Global BBB-BB Fundamental | C-1.11 |
| Euro BBB-BB Fundamental | C-1.11 |
| Swiss Franc Credit Bond (Foreign) | C-1.5 |
| Ultra Low Duration (USD) | C-1.12 |
| Ultra Low Duration (EUR) | C-1.12 |
| Fallen Angels Recovery | C-1.9 |
| Natural Capital Credit | C-2.4 |
| Emerging Local Currency Bond Fundamental | C-1.4 |
| Asia Value Bond | C-1.3 |
| Asia Investment Grade Bond | C-1.3 |
| Convertible Bond | C-1.2 |
| Global Convertible Bond Defensive Delta | C-1.6 |
| Convertible Bond Asia | C-1.2 |

| TargetNetZero Global Convertible Bond | C-2.5 |
| --- | --- |
| High Yield 2021 1 | C-3.8 |
| Global Income 2027 2 | C-1.14 |
| High Yield 2022 | C-3.7 |
| High Yield 2023 | C-3.7 |
| High Yield 2024 | C-3.7 |
| Asia Income 2024 | C-3.8 |
| Asia Income 2025 | C-1.3 |
| Asia Income 2026 | C-1.3 |
| Kurzfristige Geldmarkt-Teilfonds | SFDR-Offenlegung |
| Short-Term Money Market (EUR) | C-1.12 |
| Short-Term Money Market (USD) | C-1.12 |
| Short-Term Money Market (GBP) | C-1.12 |
| Short-Term Money Market (CHF) | C-1.12 |

1  
Per 2. November 2021 in LO Funds – Global Income 2027 umzuwandeln
2  
Ab 2. November 2021
SFDR-Offenlegung – Artikel 8 C-1.1
Anwendbar auf die folgenden Teilfonds:
- Continental Europe Family Leaders
- Golden Age
- World Brands
- Global FinTech
- China High Conviction
- Europe All Cap Leaders
- Continental Europe Small & Mid Leaders
- Emerging High Conviction
- Asia High Conviction
- Global HealthTechEinstufung des Teilfonds gemäss SFDRDie Verwaltungsgesellschaft hat den Teilfonds als Finanzprodukt eingestuft, das Artikel 8 der SFDR untersteht.

Bewerbung ökologischer und/oder sozialer Merkmale
Der Teilfonds ist ein Finanzprodukt, das neben anderen Merkmalen auch ökologische oder soziale Merkmale oder eine Kombination dieser Merkmale bewirbt. Das Anlageziel und die Anlagepolitik des Teilfonds sind im Anhang des Teilfonds dargelegt. Es wird festgehalten, dass der Teilfonds, sofern in diesem Abschnitt nicht anders angegeben, nicht das Ziel oder die Verpflichtung hat, in Anlagen zu investieren, die als "nachhaltige Investitionen" im Sinne der SFDR gelten. Der Fondsmanager ist jedoch der Ansicht, dass eine hohe Korrelation zwischen dem langfristigen finanziellen Erfolg und der Rentabilität einer Anlage und ihrem Nachhaltigkeitsprofil besteht. Daher ist er bestrebt, als integralen Bestandteil seines Anlageprozesses eine messbare Bewertung der positiven ESG-Merkmale der Anlagen des Teilfonds vorzunehmen, um die Umwelt- und/oder Sozial- und/oder Unternehmensführungspraktiken zu bewerben, die für den Sektor, in dem die jeweilige Anlage getätigt wird, am wesentlichsten sind.
Bei der Beurteilung der ESG-Merkmale berücksichtigt der Fondsmanager unter anderem Folgendes:
Systematisches ESG-Screening und -Scoring
- Screening von Unternehmen mittels der ESG/CAR-Industrial-Materiality-Rating-Methode von Lombard Odier, die relevante Informationen zu jedem der SFDR-fokussierten Nachhaltigkeitsindikatoren wie Treibhausgasemissionen, Energieleistung, Biodiversität, Wassernutzung, Abfallmanagement, Sozial- und Arbeitnehmerbelange, Menschenrechte sowie Korruptions- und Bestechungsbekämpfung einbezieht. Die ESG/CAR-Industrial-Materiality-Rating-Methode von Lombard Odier ermöglicht es dem Fondsmanager, innerhalb des Anlageuniversums des Teilfonds das in Bezug auf Nachhaltigkeitsbelange unterste Quintil der Unternehmen zu ermitteln. Dieses Ratingsystem ist zudem "wesentlichkeitsorientiert" und identifiziert somit den relevantesten Nachhaltigkeitsrahmen für jede Branche, was eine Konzentration auf die wichtigsten ESG-Themen, die ein bestimmtes Unternehmen betreffen können, erlaubt. Es zielt ferner darauf ab, Unternehmen, die lediglich Bewusstsein demonstrieren, von solchen, die messbare Ergebnisse erzielen, zu unterscheiden (CAR-Rahmen: Consciousness [Bewusstsein], Actions [Massnahmen], Results [Ergebnisse]). In Schema I wird die ESG/CAR-Industrial-Materiality-Rating-Methode von Lombard Odier eingehender beschrieben.
- Basierend auf dem Scoring nach der ESG/CAR-Industrial-Materiality-Rating-Methode von Lombard Odier verfolgt der Fondsmanager einen selektiven Ansatz und ist bestrebt, die 20% der Unternehmen, die am schlechtesten abschneiden, zu eliminieren, sofern nicht objektive Gründe dagegensprechen. Jede Entscheidung in Bezug auf eine Eliminierung liegt im alleinigen Ermessen des Fondsmanagers. Der Fondsmanager ist der Ansicht, dass ein Eliminierungsverfahren, das ausschliesslich auf den Ergebnissen eines automatisierten negativen Screenings basiert, nicht unbedingt zur Bewerbung von ESG-Merkmalen führt und dass unter Umständen ein zukunftsgerichtetes qualitatives Urteil erforderlich ist. Dies kann insbesondere der Fall sein bei Unternehmen, die auf eine kohlenstoffärmere Wirtschaft umstellen.

Ausschlüsse
- Unternehmen, die direkt oder über Eigentum mit umstrittenen Waffen (Produktion, Forschung und Entwicklung, Wartung/Dienstleistungen/ Management, Systemintegration, Tests, Verkauf/Handel) zu tun haben, werden ausgeschlossen. In den Geltungsbereich dieser Ausschlussbestimmung fallen Waffen, die durch die Ottawa-Konvention zum Verbot von Antipersonenminen (in Kraft seit 1999), das Übereinkommen über Streumunition (Oslo-Konvention) von 2008, die Biowaffenkonvention (Biological Weapons Convention, BWC) von 1972 sowie das Chemiewaffenübereinkommen (CWÜ) von 1993 verboten oder geächtet sind. Ausgeschlossen sind darüber hinaus abgereichertes Uran und weisser Phosphor.

Beschränkungen
- Tabak, Kohle sowie unkonventionelles Öl und Gas – Der Fondsmanager ist bestrebt, Anlagen in die folgenden Unternehmen zu beschränken:Tabak – Unternehmen, die mehr als 10% ihrer Einnahmen entweder aus der Herstellung von Tabakprodukten oder dem Einzelhandel mit Tabakprodukten/-dienstleistungen erzielen.

Kraftwerkskohle
Bergbau – Unternehmen, die mehr als 10% ihrer Einnahmen aus dem Abbau von Kraftwerkskohle erzielen. Stromerzeugung – Unternehmen, die mehr als 10% ihrer Einnahmen aus der Stromerzeugung aus Kohle erzielen.
Unkonventionelles Öl und Gas – Unternehmen, die insgesamt mehr als 10% ihrer Einnahmen aus der Exploration von Teersanden, Schiefergas und Erdöl sowie der Öl- und Gasförderung in der Arktis erzielen.
- Wesentliche Verstösse gegen die Prinzipien des UN Global Compact – Der Fondsmanager ist bestrebt, Anlagen in Unternehmen zu beschränken, die in die schwersten Verstösse gegen die Prinzipien des UN Global Compact ("Highest Level Controversies", Kontroversen der höchsten Stufe) verwickelt sind.
- Die Entscheidung, ein Unternehmen im Rahmen der oben genannten Beschränkungen auszuschliessen, liegt im alleinigen Ermessen des Fondsmanagers. Der Fondsmanager ist der Ansicht, dass ein Prozess, der ausschliesslich auf absoluten Ausschlüssen basiert (ausser im Fall von umstrittenen Waffen), nicht notwendigerweise zu einer Bewerbung von ESG-Merkmalen führt und dass unter Umständen eine zukunftsgerichtete qualitative Beurteilung erforderlich ist. Dies kann insbesondere der Fall sein bei Unternehmen, die auf einekohlenstoffärmere Wirtschaft umstellen oder bei denen Stewardship und Engagement zu einer effektiveren und positiven Veränderung der Geschäftspraktiken führen können, die sich auf ESG-Merkmale auswirken.

Quantitative und qualitative Überprüfung von Geschäftspraktiken und Geschäftsmodellen
- Aktive Überprüfung der folgenden Nachhaltigkeitsdatenpunkte (verfügbar zur Überprüfung über verschiedene historische Zeiträume) durch den Fondsmanager, um ihn bei der Bewertung des Beitrags eines Unternehmens zu einer kreislauforientierten, effizienten, integrativen und sauberen (Circular, Lean, Inclusive and Clean) CLIC™-Wirtschaft zu unterstützen:
	- Überprüfung von Scoring/Ratings im Rahmen der ESG/CAR-Industrial-Materiality-Rating-Methode von Lombard Odier, die relevante Informationen zu jedem der SFDR-fokussierten Nachhaltigkeitsindikatoren einbezieht.
	- Überprüfung der Klimaausrichtung eines Unternehmens unter Berücksichtigung nicht nur der Kohlenstoffbilanz (Höhe der Emissionen, die ein Unternehmen heute produziert), sondern auch der Temperaturausrichtung (Berücksichtigung der erwarteten, zukünftigen Emissionen eines Unternehmens und des Grades ihrer Übereinstimmung mit diesen Emissionen sowie etwaiger Verpflichtungen zu Klimazielen).
	- Überprüfung der Geschäftsaktivitäten eines Unternehmens, um zu beurteilen, wie das Geschäftsmodell sowie die Produkte und Dienstleistungen des Unternehmens durch den Übergang zur CLIC™-Wirtschaft beeinflusst werden.

- Diese Datenpunkte sollen dem Fondsmanager dabei helfen, die Geschäftspraktiken und -tätigkeiten eines Unternehmens zu analysieren, um festzustellen, ob das Unternehmen auf lange Sicht nachhaltig sein kann.
- Der Fondsmanager ist der Ansicht, dass es neben einer historischen Beurteilung von Scores oder einem Vergleich mit einer ESG-basierten Benchmark zwingend eine zukunftsgerichtete und aktive Beurteilung des Nachhaltigkeitsprofils eines Unternehmens braucht, um die langfristige Lebensfähigkeit eines Unternehmens richtig zu verstehen.

Engagement
- Der Fondsmanager ist bestrebt, durch sein Engagement nachhaltige Geschäftspraktiken zu bewerben und nachhaltige Geschäftsmodelle zu fördern, die dazu beitragen, den Klimawandel einzudämmen und sich an ihn anzupassen, und den Übergang zu einem CLIC™-Wirtschaftsmodell begünstigen. Der Fondsmanager engagiert sich gemäss einem unternehmensweiten Rahmen für strategische Prioritäten bei Portefeuilleunternehmen und verfolgt Fortschritte gegenüber den Engagementzielen aktiv, um Ergebnisse auf geeignete Weise zu messen. Der Fondsmanager hat bei seinem Engagement folgende Prioritäten:
- Förderung des Übergangs von Unternehmen zu profitablen Netto-Null-Geschäftsmodellen unter Verwendung der Oxford-Martin- Prinzipien für klimabewusste Investitionen (Oxford Martin Principles for Climate-Conscious Investment Framework);
- Engagement für verbesserte Offenlegungen (i) bei Unternehmen mit beschränkter Berichterstattung, die im untersten Quintil des unternehmenseigenen Wesentlichkeits-ESG-Modells des Fondsmanagers liegen; (ii) bei Unternehmen, die bereits Bericht erstatten, die jedoch die Offenlegung unter der Rubrik der Arbeitsgruppe zur Klimaberichterstattung des FSB verbessern könnten;
- Engagement bei Unternehmen, die sich gemäss der in Schema II des SFDR-Anhangs beschriebenen SFDR-Methode zur Messung der wichtigsten nachteiligen Auswirkungen negativ auf die SFDR-fokussierten Nachhaltigkeitsindikatoren auswirken;
- Engagement bei Unternehmen ohne ESG-Rating.
- Die Engagements basieren auf strategischen Prioritäten, und der Umfang des Engagements ist nicht unbedingt proportional zur Grösse der Bestände im Portefeuille des Teilfonds.
- Das Engagement auf Unternehmensebene ist dynamisch, und der Fondsmanager behält sich das Recht vor, seine Engagementstrategie jederzeit anzupassen.

Vom Teilfonds beworbene umwelt- und/oder sozial- und/oder Unternehmensführungspraktiken
Der Anlageprozess des Fondsmanagers ist darauf ausgelegt, eine Beurteilung der ESG-Praktiken vorzunehmen, die für die Unternehmen, in die der Teilfonds investiert, am wesentlichsten sind. Dabei verwendet er die in Schema I beschriebene ESG/CAR-Industrial-Materiality-Rating-Methode von Lombard Odier.
Kein nachhaltiges Investitionsziel
Eine nachhaltige Investition gehört nicht zu den Zielen des Teilfonds.
Verbindliche Elemente der Anlagestrategie zur Erreichung der vom Teilfonds beworbenen ESG-Merkmale
Der Ausschluss von Unternehmen, die mit umstrittenen Waffen zu tun haben, ist ein absolutes Verbot, das nicht ausser Kraft gesetzt werden kann. Das Eliminieren von Unternehmen, die aufgrund ihres Scores zu den untersten 20% gehören, und der Ausschluss von Unternehmen, die ein wesentliches Engagement in den Bereichen Tabak, Kohle und unkonventionelles Öl und Gas aufweisen oder die Kontroversen der höchsten Stufe, wie oben beschrieben, ausgesetzt sind, sind keine absoluten Verbote. Es liegt im Ermessen des Fondsmanagers, sicherzustellen, dass dennoch eine qualitative Beurteilung des ESG-Profils eines Unternehmens vorgenommen werden kann, u. a., wenn Daten fehlen oder veraltet sind oder der Fondsmanager der Ansicht ist, dass Engagement und Stewardship zu einer erhöhten Effizienz und positiven Veränderung der Geschäftspraktiken führen können, die sich auf die ESG-Merkmale auswirken.
Kontinuierliche Basis des Beurteilungsprozesses des Fondsmanagers
Der Anlageprozess des Fondsmanagers ist dynamisch und darauf ausgelegt, sich an veränderte Marktbedingungen, Datenerfassungen und Entwicklungen der globalen Nachhaltigkeitsanalyse anzupassen, und kann sich daher im Laufe der Zeit ändern.
Mindestvermögensallokation in nachhaltige Investitionen für diesen Teilfonds
Für diesen Teilfonds besteht keine angestrebte Mindestallokation in nachhaltige Investitionen. Die tatsächliche Allokation in nachhaltige Investitionen ist ein Produkt des oben beschriebenen ESG-Beurteilungsprozesses.
Wahrscheinliche Auswirkungen von Nachhaltigkeitsrisiken auf die Rendite des Teilfonds
Die wahrscheinlichen Auswirkungen von Nachhaltigkeitsrisiken sind schwer zu quantifizieren. Der Fondsmanager ist der Ansicht, dass die Umwelt-,
Sozial- und Unternehmensführungspraktiken eines Unternehmens eng mit seinem langfristigen Erfolg verbunden sind und dass Unternehmen mit ESG-gerechten Geschäftspraktiken und -abläufen eher erfolgreich sind und langfristigen Wert schaffen. Es besteht jedoch keine Garantie
betreffend die Wertentwicklung einzelner Unternehmen, in die der Teilfonds investiert, oder die Rendite des gesamten Portefeuilles des Teilfonds.
Referenzwert
Der Teilfonds bezieht sich nicht auf einen Referenzwert, der sich an ESG-Kriterien orientiert.
C-1.2
Anwendbar auf die folgenden Teilfonds:
- Convertible Bond
- Convertible Bond AsiaEinstufung des Teilfonds gemäss SFDRDie Verwaltungsgesellschaft hat den Teilfonds als Finanzprodukt eingestuft, das Artikel 8 der SFDR untersteht.

Bewerbung ökologischer und/oder sozialer Merkmale
Der Teilfonds ist ein Finanzprodukt, das neben anderen Merkmalen auch ökologische oder soziale Merkmale oder eine Kombination dieser Merkmale bewirbt. Das Anlageziel und die Anlagepolitik des Teilfonds sind im Anhang des Teilfonds dargelegt. Es wird festgehalten, dass der Teilfonds, sofern in diesem Abschnitt nicht anders angegeben, nicht das Ziel oder die Verpflichtung hat, in Anlagen zu investieren, die als "nachhaltige Investitionen" im Sinne der SFDR gelten. Der Fondsmanager ist jedoch der Ansicht, dass eine hohe Korrelation zwischen dem langfristigen finanziellen Erfolg und der Rentabilität einer Anlage und ihrem Nachhaltigkeitsprofil besteht. Daher ist er bestrebt, als integralen Bestandteil seines Anlageprozesses eine messbare Bewertung der positiven ESG-Merkmale der Anlagen des Teilfonds vorzunehmen, um die Umwelt- und/oder Sozial- und/oder Unternehmensführungspraktiken zu bewerben, die für den Sektor, in dem die jeweilige Anlage getätigt wird, am wesentlichsten sind.
Bei der Beurteilung der ESG-Merkmale berücksichtigt der Fondsmanager unter anderem Folgendes:
Systematisches ESG-Screening und -Scoring
- Screening von Unternehmen mittels der ESG/CAR-Industrial-Materiality-Rating-Methode von Lombard Odier, die relevante Informationen zu jedem der SFDR-fokussierten Nachhaltigkeitsindikatoren wie Treibhausgasemissionen, Energieleistung, Biodiversität, Wassernutzung, Abfallmanagement, Sozial- und Arbeitnehmerbelange, Menschenrechte sowie Korruptions- und Bestechungsbekämpfung einbezieht. Die ESG/CAR-Industrial-Materiality-Rating-Methode von Lombard Odier ermöglicht es dem Fondsmanager, die 20% der Unternehmen, die in Bezug auf Nachhaltigkeitsbelange am schlechtesten abschneiden, innerhalb des Anlageuniversums des Teilfonds zu ermitteln. DiesesRatingsystem ist zudem "wesentlichkeitsorientiert" und identifiziert somit den relevantesten Nachhaltigkeitsrahmen für jede Branche, was eine Konzentration auf die wichtigsten ESG-Themen, die ein bestimmtes Unternehmen betreffen können, erlaubt. Es zielt ferner darauf ab, Unternehmen, die lediglich Bewusstsein demonstrieren, von solchen, die messbare Ergebnisse erzielen, zu unterscheiden (CAR-Rahmen: Consciousness [Bewusstsein], Actions [Massnahmen], Results [Ergebnisse]). In Schema I wird die ESG/CAR-Industrial-Materiality-Rating- Methode von Lombard Odier eingehender beschrieben.
- Der Fondsmanager verwendet das oben erwähnte Screening- und Scoring-Verfahren im Rahmen seiner Anlagebeurteilung. Der Fondsmanager ist nicht bestrebt, die 20% der Unternehmen, die am schlechtesten abschneiden, automatisch auszuschliessen, da dies in einem bereits eingeschränkten Markt zu einer geringeren Anzahl von Unternehmen führen würde. Das Verfahren dient ihm vielmehr als Richtschnur, und er versucht in der Regel, in Unternehmen mit höheren Scores zu investieren. Die auf dem Screening basierende Entscheidung, ein Unternehmen auszuschliessen oder in ein Unternehmen zu investieren, liegt jedoch im alleinigen Ermessen des Fondsmanagers. Zudem ist der Fondsmanager der Ansicht, dass ein Eliminierungsverfahren, das ausschliesslich auf den Ergebnissen eines automatisierten negativen Screenings basiert, nicht unbedingt zur Bewerbung von ESG-Merkmalen führt und dass unterUmständen ein zukunftsgerichtetes qualitatives Urteil erforderlich ist. Dies kann insbesondere der Fall sein bei Unternehmen, die auf eine kohlenstoffärmere Wirtschaft umstellen.

Ausschlüsse
- Unternehmen, die direkt oder über Eigentum mit umstrittenen Waffen (Produktion, Forschung und Entwicklung, Wartung/Dienstleistungen/ Management, Systemintegration, Tests, Verkauf/Handel) zu tun haben, werden ausgeschlossen. In den Geltungsbereich dieser Ausschlussbestimmung fallen Waffen, die durch die Ottawa-Konvention zum Verbot von Antipersonenminen (in Kraft seit 1999), das Übereinkommen über Streumunition (Oslo-Konvention) von 2008, die Biowaffenkonvention (Biological Weapons Convention, BWC) von 1972 sowie das Chemiewaffenübereinkommen (CWÜ) von 1993 verboten oder geächtet sind. Ausgeschlossen sind darüber hinaus abgereichertes Uran und weisser Phosphor.

Beschränkungen
- Tabak, Kohle, unkonventionelles Öl und Gas sowie konventionelles Öl und Gas – Der Fondsmanager ist bestrebt, Anlagen in folgende Unternehmen zu beschränken:Tabak – Unternehmen, die mehr als 10% ihrer Einnahmen entweder aus der Herstellung von Tabakprodukten oder dem Einzelhandel mit Tabakprodukten/-dienstleistungen erzielen.

Kraftwerkskohle
Bergbau – Unternehmen, die mehr als 10% ihrer Einnahmen aus dem Abbau von Kraftwerkskohle erzielen. Stromerzeugung – Unternehmen, die mehr als 10% ihrer Einnahmen aus der Stromerzeugung aus Kohle erzielen.
Unkonventionelles Öl und Gas – Unternehmen, die insgesamt mehr als 10% ihrer Einnahmen aus der Exploration von Teersanden, Schiefergas und Erdöl sowie der Öl- und Gasförderung in der Arktis erzielen.
- Konventionelles Öl und Gas – Der Fondsmanager ist bestrebt, Anlagen in Unternehmen des konventionellen Öl- und Gassektors zu beschränken, es sei denn, ihre Einnahmen aus Erdgas und erneuerbaren Energien betragen mehr als 40%.
- Wesentliche Verstösse gegen die Prinzipien des UN Global Compact – Der Fondsmanager ist bestrebt, Anlagen in Unternehmen zu beschränken, die in die schwersten Verstösse gegen die Prinzipien des UN Global Compact ("Highest Level Controversies", Kontroversen der höchsten Stufe) verwickelt sind.
- Die Entscheidung, ein Unternehmen im Rahmen der oben genannten Beschränkungen auszuschliessen, liegt im alleinigen Ermessen des Fondsmanagers. Der Fondsmanager ist der Ansicht, dass ein Prozess, der ausschliesslich auf absoluten Ausschlüssen basiert (ausser im Fall von umstrittenen Waffen), nicht notwendigerweise zu einer Bewerbung von ESG-Merkmalen führt und dass unter Umständen eine zukunftsgerichtete qualitative Beurteilung erforderlich ist. Dies kann insbesondere der Fall sein bei Unternehmen, die auf einekohlenstoffärmere Wirtschaft umstellen oder bei denen Stewardship und Engagement zu einer effektiveren und positiven Veränderung der Geschäftspraktiken führen können, die sich auf ESG-Merkmale auswirken.

Quantitative und qualitative Überprüfung von Geschäftspraktiken und Geschäftsmodellen
- Aktive Überprüfung der folgenden Nachhaltigkeitsdatenpunkte (verfügbar zur Überprüfung über verschiedene historische Zeiträume) durch den Fondsmanager, um ihn bei der Bewertung des Beitrags eines Unternehmens zu einer kreislauforientierten, effizienten, integrativen und sauberen (Circular, Lean, Inclusive and Clean) CLIC™-Wirtschaft zu unterstützen:
	- Überprüfung von Scoring/Ratings im Rahmen der ESG/CAR-Industrial-Materiality-Rating-Methode von Lombard Odier, die relevante Informationen zu jedem der SFDR-fokussierten Nachhaltigkeitsindikatoren einbezieht.
	- Überprüfung der Klimaausrichtung eines Unternehmens unter Berücksichtigung nicht nur der Kohlenstoffbilanz (Höhe der Emissionen, die ein Unternehmen heute produziert), sondern auch der Temperaturausrichtung (Berücksichtigung der erwarteten, zukünftigen Emissionen eines Unternehmens und des Grades ihrer Übereinstimmung mit diesen Emissionen sowie etwaiger Verpflichtungen zu Klimazielen).
	- Überprüfung der Geschäftsaktivitäten eines Unternehmens, um zu beurteilen, wie das Geschäftsmodell sowie die Produkte und Dienstleistungen des Unternehmens durch den Übergang zur CLIC™-Wirtschaft beeinflusst werden.

- Diese Datenpunkte sollen dem Fondsmanager dabei helfen, die Geschäftspraktiken und -tätigkeiten eines Unternehmens zu analysieren, um festzustellen, ob das Unternehmen auf lange Sicht nachhaltig sein kann.
- Der Fondsmanager ist der Ansicht, dass es neben einer historischen Beurteilung von Scores oder einem Vergleich mit einer ESG-basierten Benchmark zwingend eine zukunftsgerichtete und aktive Beurteilung des Nachhaltigkeitsprofils eines Unternehmens braucht, um die langfristige Lebensfähigkeit eines Unternehmens richtig zu verstehen.

Temperaturbeitrag und ESG-Rating-Vergleich
- Der Fondsmanager ist bestrebt, für das Portefeuille des Teilfonds einen gewichteten durchschnittlichen Temperaturbeitrag zu erzielen, der niedriger ist als jener der Benchmark, die vom Teilfonds verwendet und auf die in seinem Anlageziel und seiner Anlagepolitik Bezug genommen wird.
- Der Fondsmanager ist bestrebt, für das Portefeuille des Teilfonds einen gewichteten durchschnittlichen ESG-Score zu erzielen, der höher ist als jener seiner Benchmark.
- Es besteht keine Garantie, dass ein niedrigerer gewichteter durchschnittlicher Temperaturbeitrag oder ein höherer ESG-Score erzielt werden kann, und der Fondsmanager ist in keiner Weise an ein Ziel oder eine Vorgabe zur Erreichung dieser Ziele gebundenEngagementDer Fondsmanager verfolgt bei seinem Engagement einen Ansatz auf Unternehmens- und auf Teilfondsebene.

Unternehmensebene – Der Fondsmanager ist bestrebt, durch sein Engagement nachhaltige Geschäftspraktiken zu bewerben und nachhaltige Geschäftsmodelle zu fördern, die dazu beitragen, den Klimawandel einzudämmen und sich an ihn anzupassen, und den Übergang zu einem CLIC™-Wirtschaftsmodell begünstigen. Der Fondsmanager engagiert sich gemäss einem unternehmensweiten Rahmen für strategische Prioritäten bei Portefeuilleunternehmen und verfolgt Fortschritte gegenüber den Engagementzielen aktiv, um Ergebnisse auf geeignete Weise zu messen. Der Fondsmanager hat folgende Prioritäten:
- Förderung des Übergangs von Unternehmen zu profitablen Netto-Null-Geschäftsmodellen unter Verwendung der Oxford-Martin-Prinzipien für klimabewusste Investitionen (Oxford Martin Principles for Climate-Conscious Investment Framework);
- Engagement für verbesserte Offenlegungen (i) bei Unternehmen mit beschränkter Berichterstattung, die im untersten Quintil des unternehmenseigenen Wesentlichkeits-ESG-Modells des Fondsmanagers liegen; und (ii) bei Unternehmen, die bereits Bericht erstatten, die jedoch die Offenlegung unter der Rubrik der Arbeitsgruppe zur Klimaberichterstattung des FSB verbessern könnten;
- Engagement bei Unternehmen, die sich gemäss der in Schema II des SFDR-Anhangs beschriebenen SFDR-Methode zur Messung der wichtigsten nachteiligen Auswirkungen negativ auf die SFDR-fokussierten Nachhaltigkeitsindikatoren auswirken;
- Engagement bei Unternehmen ohne ESG-Rating.

Die Engagements auf Unternehmensebene widerspiegeln Bestände aller vom Fondsmanager verwalteten Portefeuilles und umfassen nicht zwingend Unternehmen, die im Portefeuille des Teilfonds enthalten sind. Die Engagements auf Unternehmensebene basieren auf strategischen Prioritäten, und der Umfang des Engagements ist nicht unbedingt proportional zur Grösse der Bestände in den vom Fondsmanager verwalteten Portefeuilles. Das Engagement auf Unternehmensebene ist dynamisch, und der Fondsmanager behält sich das Recht vor, seine Engagementstrategie jederzeit anzupassen.
Teilfondsebene – Der Fondsmanager ist der Ansicht, dass Engagement/Stewardship in Situationen, in denen ein Ausschluss/eine Beschränkung allein längerfristig weniger wirksam wäre, zu positiven, auf Nachhaltigkeit ausgerichteten Veränderungen der Geschäftspraktiken führen kann.
Daher verpflichtet sich der Fondsmanager auf Teilfondsebene, sich bei den Unternehmen zu engagieren, die den höchsten negativen Beitrag zum ESG-Gesamtscore des Portefeuilles des Teilfonds leisten. Dieses Engagement zielt darauf ab, Unternehmen zu mehr Transparenz in ESG- Angelegenheiten zu ermutigen (bei Unternehmen, deren niedrige Scores eine schlechte Offenlegung widerspiegeln) sowie das Management zu besseren Praktiken zu bewegen (bei Unternehmen, die bei bestimmten ESG-Kennzahlen schlecht abschneiden). Der Fondsmanager verpflichtet sich zudem, die ESG-Scores dieser Unternehmen regelmässig zu überprüfen, um das Engagement in Unternehmen zu reduzieren, bei denen der Engagementprozess keine Fortschritte bei ihrem ESG-Score bewirkt hat.
Vom Teilfonds beworbene umwelt- und/oder sozial- und/oder Unternehmensführungspraktiken
Der Anlageprozess des Fondsmanagers ist darauf ausgelegt, eine Beurteilung der ESG-Praktiken vorzunehmen, die für die Unternehmen, in die der Teilfonds investiert, am wesentlichsten sind. Dabei verwendet er die in Schema I beschriebene ESG/CAR-Industrial-Materiality-Rating-Methode von Lombard Odier.
Kein nachhaltiges Investitionsziel
Eine nachhaltige Investition gehört nicht zu den Zielen des Teilfonds.
Verbindliche Elemente der Anlagestrategie zur Erreichung der vom Teilfonds beworbenen ESG-Merkmale
Der Ausschluss von Unternehmen, die mit umstrittenen Waffen zu tun haben, ist ein absolutes Verbot, das nicht ausser Kraft gesetzt werden kann. Die Investition in Unternehmen mit höheren ESG-Scores ist kein verbindliches Anlageziel, und die Beschränkungen in Bezug auf Unternehmen,
die ein wesentliches Engagement in den Bereichen Tabak, Kohle und unkonventionelles Öl und Gas aufweisen oder die Kontroversen auf höchster Stufe, wie oben beschrieben, ausgesetzt sind, sind keine absoluten Verbote. Es liegt im Ermessen des Fondsmanagers, sicherzustellen, dass dennoch eine qualitative Beurteilung des ESG-Profils eines Unternehmens vorgenommen werden kann, u. a., wenn Daten fehlen oder veraltet sind oder der Fondsmanager der Ansicht ist, dass Engagement und Stewardship zu einer effektiveren und positiven Veränderung der Geschäftspraktiken führen können, die sich auf die ESG-Merkmale auswirken.
Kontinuierliche Basis des Beurteilungsprozesses des Fondsmanagers
Der Anlageprozess des Fondsmanagers ist dynamisch und darauf ausgelegt, sich an veränderte Marktbedingungen, Datenerfassungen und Entwicklungen der globalen Nachhaltigkeitsanalyse anzupassen, und kann sich daher im Laufe der Zeit ändern.
Mindestvermögensallokation in nachhaltige Investitionen für diesen Teilfonds
Für diesen Teilfonds besteht keine angestrebte Mindestallokation in nachhaltige Investitionen. Die tatsächliche Allokation in nachhaltige Investitionen ist ein Produkt des oben beschriebenen ESG-Beurteilungsprozesses.
Wahrscheinliche Auswirkungen von Nachhaltigkeitsrisiken auf die Renditen des Teilfonds
Die wahrscheinlichen Auswirkungen von Nachhaltigkeitsrisiken sind schwer zu quantifizieren. Der Fondsmanager ist der Ansicht, dass die Umwelt-, Sozial- und Unternehmensführungspraktiken eines Unternehmens eng mit seinem langfristigen Erfolg verbunden sind und dass Unternehmen mit ESG-gerechten Geschäftspraktiken und -abläufen eher erfolgreich sind und langfristigen Wert schaffen. Es besteht jedoch keine Garantie für die Wertentwicklung einzelner Unternehmen, in die der Teilfonds investiert, oder für die Rendite des gesamten Portefeuilles des Teilfonds.
Referenzwert
Der Teilfonds bezieht sich nicht auf einen Referenzwert, der sich an ESG-Kriterien orientiert.
C-1.3
Anwendbar auf die folgenden Teilfonds:
- Asia Value Bond
- Asia Investment Grade Bond
- Asia Income 2025
- Asia Income 2026Einstufung des Teilfonds gemäss SFDRDie Verwaltungsgesellschaft hat den Teilfonds als Finanzprodukt eingestuft, das Artikel 8 der SFDR untersteht.

Bewerbung ökologischer und/oder sozialer Merkmale
Der Teilfonds ist ein Finanzprodukt, das neben anderen Merkmalen auch ökologische oder soziale Merkmale oder eine Kombination dieser Merkmale bewirbt. Das Anlageziel und die Anlagepolitik des Teilfonds sind im Anhang des Teilfonds dargelegt. Es wird festgehalten, dass der Teilfonds, sofern in diesem Abschnitt nicht anders angegeben, nicht das Ziel oder die Verpflichtung hat, in Anlagen zu investieren, die als "nachhaltige Investitionen" im Sinne der SFDR gelten. Der Fondsmanager ist jedoch der Ansicht, dass eine hohe Korrelation zwischen dem langfristigen finanziellen Erfolg und der Rentabilität einer Anlage und ihrem Nachhaltigkeitsprofil besteht. Daher ist er bestrebt, als integralen Bestandteil seines Anlageprozesses eine messbare Bewertung der positiven ESG-Merkmale der Anlagen des Teilfonds vorzunehmen, um die Umwelt- und/oder Sozial- und/oder Unternehmensführungspraktiken zu bewerben, die für den Sektor, in dem die jeweilige Anlage getätigt wird, am wesentlichsten sind.
Bei der Beurteilung der ESG-Merkmale berücksichtigt der Fondsmanager unter anderem Folgendes:
Systematisches ESG-Screening und -Scoring
- Screening von Unternehmen mittels der ESG/CAR-Industrial-Materiality-Rating-Methode von Lombard Odier, die relevante Informationen zu jedem der SFDR-fokussierten Nachhaltigkeitsindikatoren wie Treibhausgasemissionen, Energieleistung, Biodiversität, Wassernutzung, Abfallmanagement, Sozial- und Arbeitnehmerbelange, Menschenrechte sowie Korruptions- und Bestechungsbekämpfung einbezieht. Die ESG/CAR-Industrial-Materiality-Rating-Methode von Lombard Odier ermöglicht es dem Fondsmanager, innerhalb des Anlageuniversums des Teilfonds die 10% der Unternehmen zu ermitteln, die in Bezug auf Nachhaltigkeitsbelange am schlechtesten abschneiden. Dieses Scoring- und Ratingsystem ist zudem "wesentlichkeitsorientiert" und identifiziert somit den relevantesten Nachhaltigkeitsrahmen für jede Branche, was eine Konzentration auf die wichtigsten ESG-Themen, die ein bestimmtes Unternehmen betreffen können, erlaubt. Es zielt ferner darauf ab, Unternehmen, die lediglich Bewusstsein demonstrieren, von solchen, die messbare Ergebnisse erzielen, zu unterscheiden (CAR-Rahmen: Consciousness [Bewusstsein], Actions [Massnahmen], Results [Ergebnisse]). In Schema I wird die ESG/CAR-Industrial- Materiality-Rating-Methode von Lombard Odier eingehender beschrieben.
- Basierend auf dem Scoring nach der ESG/CAR-Industrial-Materiality-Rating-Methode von Lombard Odier ist der Fondsmanager bestrebt, die 10% der Unternehmen innerhalb des Universums des Teilfonds, die am schlechtesten abschneiden, zu eliminieren, sofern nicht objektive Gründe dagegensprechen. Jede Entscheidung in Bezug auf eine Eliminierung liegt im alleinigen Ermessen des Fondsmanagers. Der Fondsmanager ist der Ansicht, dass ein Eliminierungsverfahren, das ausschliesslich auf den Ergebnissen eines automatisierten negativenScreenings basiert, nicht unbedingt zur Bewerbung von ESG-Merkmalen führt und dass unter Umständen ein zukunftsgerichtetes qualitatives Urteil erforderlich ist. Dies kann insbesondere der Fall sein bei Unternehmen, die auf eine kohlenstoffärmere Wirtschaft umstellen.

Unternehmen in Schwellenländern sind in hohem Masse auf den Zugang zu Kapital angewiesen, um den Übergang zu nachhaltigeren Geschäftspraktiken zu bewältigen, und sie sind in viel höherem Masse von Industriesektoren mit grösserem CO2-Fussabdruck und Temperaturbeitrag abhängig als ihre Konkurrenten in Industriestaaten. Es ist daher nicht immer möglich, Unternehmen mit einem grösseren Fussabdruck einfach zu eliminieren, da sie für die wirtschaftliche und soziale Gesundheit/Stabilität der Schwellenländer unerlässlich sind. Den Zugang zu Kapital von Unternehmen in Schwellenländern vollständig zu unterbinden, würde wahrscheinlich den längerfristigen Übergang zu einer kohlenstoffärmeren Wirtschaft in diesen Märkten verzögern. Die Eliminierung gilt nicht für Positionen, von denen der Fondsmanager annimmt, dass sie kurzfristig gehalten werden (Positionen mit einer erwarteten Haltedauer von weniger als sechs Monaten).
- Der Fondsmanager ist überdies bestrebt, auf der Grundlage seiner eigenen Scoring-Methode für staatliche Emittenten die 10% der staatlichen Emittenten innerhalb des Anlageuniversums des Teilfonds, die am schlechtesten abschneiden, zu eliminieren, sofern nicht objektive Gründe dagegensprechen. In Bezug auf staatliche Emittenten ist zu beachten, dass Nachhaltigkeitsdaten limitierter sind und es nicht einfach ist, die Erlöse aus der Emission von Schuldtiteln durch oder in Verbindung mit staatlichen Emittenten mit einzelnen ESG- Merkmalen zu verknüpfen. Zudem ist zu beachten, dass die Volkswirtschaften von Schwellenländern niedrigere Scores haben können alsIndustriestaaten, möglicherweise aber dennoch positive Elemente im Bereich der ESG-Bewerbung aufweisen, die Kapital zur Verbesserung dieser Scores erfordern. Es geht somit nicht darum, staatliche Emittenten allein aufgrund ihrer Scores auszuschliessen. Es ist eine ganzheitlichere Überprüfung der Richtlinien und Verpflichtungen in Bezug auf die Bewerbung von Umweltmerkmalen erforderlich. Jede Entscheidung in Bezug auf eine Eliminierung liegt somit im alleinigen Ermessen des Fondsmanagers.

Ausschlüsse
- Unternehmen, die direkt oder über Eigentum mit umstrittenen Waffen (Produktion, Forschung und Entwicklung, Wartung/Dienstleistungen/ Management, Systemintegration, Tests, Verkauf/Handel) zu tun haben, werden ausgeschlossen. In den Geltungsbereich dieser Ausschlussbestimmung fallen Waffen, die durch die Ottawa-Konvention zum Verbot von Antipersonenminen (in Kraft seit 1999), das Übereinkommen über Streumunition (Oslo-Konvention) von 2008, die Biowaffenkonvention (Biological Weapons Convention, BWC) von 1972 sowie das Chemiewaffenübereinkommen (CWÜ) von 1993 verboten oder geächtet sind. Ausgeschlossen sind darüber hinaus abgereichertes Uran und weisser Phosphor.

Beschränkungen
- Tabak, Kohle sowie unkonventionelles Öl und Gas – Der Fondsmanager ist bestrebt, Anlagen in die folgenden Unternehmen zu beschränken:Tabak – Unternehmen, die mehr als 10% ihrer Einnahmen entweder aus der Herstellung von Tabakprodukten oder dem Einzelhandel mit Tabakprodukten/-dienstleistungen erzielen.

Kraftwerkskohle
Bergbau – Unternehmen, die mehr als 10% ihrer Einnahmen aus dem Abbau von Kraftwerkskohle erzielen. Stromerzeugung – Unternehmen, die mehr als 10% ihrer Einnahmen aus der Stromerzeugung aus Kohle erzielen.
Unkonventionelles Öl und Gas – Unternehmen, die insgesamt mehr als 10% ihrer Einnahmen aus der Exploration von Teersanden, Schiefergas und Erdöl sowie der Öl- und Gasförderung in der Arktis erzielen.
- Wesentliche Verstösse gegen die Prinzipien des UN Global Compact – Der Fondsmanager ist bestrebt, Anlagen in Unternehmen zu beschränken, die in die schwersten Verstösse gegen die Prinzipien des UN Global Compact ("Highest Level Controversies", Kontroversen der höchsten Stufe) verwickelt sind.
- Die Entscheidung, ein Unternehmen im Rahmen der oben genannten Beschränkungen auszuschliessen, liegt im alleinigen Ermessen des Fondsmanagers. Der Fondsmanager ist der Ansicht, dass ein Prozess, der ausschliesslich auf absoluten Ausschlüssen basiert (ausser im Fall von umstrittenen Waffen), nicht notwendigerweise zu einer Bewerbung von ESG-Merkmalen führt und dass unter Umständen eine zukunftsgerichtete qualitative Beurteilung erforderlich ist. Dies kann insbesondere der Fall sein bei Unternehmen, die auf einekohlenstoffärmere Wirtschaft umstellen oder bei denen Stewardship und Engagement zu einer effektiveren und positiven Veränderung der Geschäftspraktiken führen können, die sich auf ESG-Merkmale auswirken.

Quantitative und qualitative Überprüfung von Geschäftspraktiken und Geschäftsmodellen
- Aktive Überprüfung der folgenden Nachhaltigkeitsdatenpunkte (verfügbar zur Überprüfung über verschiedene historische Zeiträume) durch den Fondsmanager, um ihn bei der Bewertung des Beitrags eines Unternehmens zu einer kreislauforientierten, effizienten, integrativen und sauberen (Circular, Lean, Inclusive and Clean) CLIC™-Wirtschaft zu unterstützen:
	- Überprüfung von Scoring/Ratings im Rahmen der ESG/CAR-Industrial-Materiality-Rating-Methode von Lombard Odier, die relevante Informationen zu jedem der SFDR-fokussierten Nachhaltigkeitsindikatoren einbezieht.
	- Überprüfung der Klimaausrichtung eines Unternehmens unter Berücksichtigung nicht nur der Kohlenstoffbilanz (Höhe der Emissionen, die ein Unternehmen heute produziert), sondern auch der Temperaturausrichtung (Berücksichtigung der erwarteten, zukünftigen Emissionen eines Unternehmens und des Grades ihrer Übereinstimmung mit diesen Emissionen sowie etwaiger Verpflichtungen zu Klimazielen).
	- Überprüfung der Geschäftsaktivitäten eines Unternehmens, um zu beurteilen, wie das Geschäftsmodell sowie die Produkte und Dienstleistungen des Unternehmens durch den Übergang zur CLIC™-Wirtschaft beeinflusst werden.

- Diese Datenpunkte sollen dem Fondsmanager dabei helfen, die Geschäftspraktiken und -tätigkeiten eines Emittenten zu analysieren, um festzustellen, ob das betreffende Unternehmen auf lange Sicht nachhaltig sein kann.
- Der Fondsmanager ist der Ansicht, dass es neben einer historischen Beurteilung von Scores oder einem Vergleich mit einer ESG-basierten Benchmark zwingend eine zukunftsgerichtete und aktive Beurteilung des Nachhaltigkeitsprofils eines Emittenten braucht, um die langfristige Lebensfähigkeit eines Emittenten richtig zu verstehen.

Bevorzugung grüner Anleihen
- Soweit möglich, bevorzugt der Fondsmanager grüne, nachhaltige und soziale Anleihen. Die Möglichkeit, in grüne, nachhaltige und soziale Anleihen zu investieren, hängt jedoch von der Verfügbarkeit geeigneter Anlagemöglichkeiten ab. Der Fondsmanager kann sich daher nicht verpflichten, einen bestimmten Teil des Portefeuilles des Teilfonds in grüne Anleihen zu investieren. Darüber hinaus ist es wahrscheinlich, dass nur ein geringer Teil der Emittenten aus dem Anlageuniversum, in das der Teilfonds investiert, über geeignete grüne, nachhaltige und soziale Anleihen verfügt, die dem Zielprofil des Teilfonds entsprechen.

Temperaturbeitrag und ESG-Rating-Vergleich
- Der Fondsmanager ist bestrebt, den gewichteten durchschnittlichen Temperaturbeitrag des Portefeuilles des Teilfonds mittel- bis langfristig zu reduzieren, vorbehaltlich der Verfügbarkeit geeigneter Anlagemöglichkeiten entsprechend den Zielen des Teilfonds.
- Weiter ist der Fondsmanager bestrebt, den gewichteten durchschnittlichen ESG-Beitrag des Portefeuilles des Teilfonds mittel- bis langfristig zu erhöhen, vorbehaltlich der Verfügbarkeit geeigneter Anlagemöglichkeiten im Einklang mit den Zielen des Teilfonds.
- Es besteht jedoch keine Garantie, dass ein niedrigerer gewichteter durchschnittlicher Temperaturbeitrag oder ein höherer ESG-Score in Bezug auf die oben genannten Ziele erreicht werden kann.

Engagement
Der Fondsmanager verfolgt bei seinem Engagement einen Ansatz auf Unternehmens- und auf Teilfondsebene.
Unternehmensebene – Der Fondsmanager ist bestrebt, durch sein Engagement nachhaltige Geschäftspraktiken zu bewerben und nachhaltige Geschäftsmodelle zu fördern, die dazu beitragen, den Klimawandel einzudämmen und sich an ihn anzupassen, und den Übergang zu einem CLIC™-Wirtschaftsmodell begünstigen. Der Fondsmanager engagiert sich gemäss einem gruppenweiten Rahmen für strategische Prioritäten bei Portefeuilleunternehmen und verfolgt Fortschritte gegenüber den Engagementzielen aktiv, um Ergebnisse auf geeignete Weise zu messen. Der Fondsmanager hat folgende Prioritäten:
- Förderung des Übergangs von Unternehmen zu profitablen Netto-Null-Geschäftsmodellen unter Verwendung der Oxford-Martin-Prinzipien für klimabewusste Investitionen (Oxford Martin Principles for Climate-Conscious Investment Framework);
- Engagement für verbesserte Offenlegungen (i) bei Unternehmen mit beschränkter Berichterstattung, die im untersten Quintil des unternehmenseigenen Wesentlichkeits-ESG-Modells des Fondsmanagers liegen; und (ii) bei Unternehmen, die bereits Bericht erstatten, die jedoch die Offenlegung unter der Rubrik der Arbeitsgruppe zur Klimaberichterstattung des FSB verbessern könnten;
- Engagement bei Unternehmen, die sich gemäss der in Schema II des SFDR-Anhangs beschriebenen SFDR-Methode zur Messung der wichtigsten nachteiligen Auswirkungen negativ auf die SFDR-fokussierten Nachhaltigkeitsindikatoren auswirken;
- Engagement bei Unternehmen ohne ESG-Rating.

Die Engagements auf Unternehmensebene widerspiegeln Bestände aller vom Fondsmanager verwalteten Portefeuilles und umfassen nicht zwingend Unternehmen, die im Portefeuille des Teilfonds enthalten sind. Die Engagements auf Unternehmensebene basieren auf strategischen Prioritäten, und der Umfang des Engagements ist nicht unbedingt proportional zur Grösse der Bestände in den vom Fondsmanager verwalteten Portefeuilles. Das Engagement auf Unternehmensebene ist dynamisch, und der Fondsmanager behält sich das Recht vor, seine Engagementstrategie jederzeit anzupassen.
Teilfondsebene – Auf Teilfondsebene ist der Fondsmanager bestrebt, mit den zehn grössten Kohlenstoffemittenten im Portefeuille des Teilfonds in Kontakt zu treten, um die Unternehmen zum Übergang zu einer kohlenstoffärmeren Wirtschaft zu bewegen. Derartige Engagement-/Stewardship- Aktivitäten gelten nicht für Positionen, von denen der Fondsmanager annimmt, dass sie kürzerfristig gehalten werden.
Der Fondsmanager ist der Ansicht, dass Engagement/Stewardship in Situationen, in denen ein Ausschluss/eine Beschränkung allein längerfristig weniger wirksam sein könnte, zu positiven, auf Nachhaltigkeit ausgerichteten Änderungen der Geschäftspraktiken führen kann.
Vom Teilfonds beworbene umwelt- und/oder sozial- und/oder Unternehmensführungspraktiken
Der Anlageprozess des Fondsmanagers ist darauf ausgelegt, eine Beurteilung der ESG-Praktiken vorzunehmen, die für die Unternehmen, in die der Teilfonds investiert, am wesentlichsten sind. Dabei verwendet er die in Schema I beschriebene ESG/CAR-Industrial-Materiality-Rating-Methode von Lombard Odier.
Der Fondsmanager ist bestrebt, insbesondere ESG-Praktiken zu bewerben, die die Entwicklung der Infrastruktur, saubere Energie, nachhaltige Megatrends sowie die Schaffung von Arbeitsplätzen und die Bekämpfung der Armut unterstützen. Der Fondsmanager ist der Ansicht, dass diese Themen gut in die UN SDGs 1, 6, 7, 8, 9, 11 und 13 eingebettet sind.
Der Fondsmanager bevorzugt Unternehmen und staatliche Emittenten, die zu positiven langfristigen nachhaltigen Entwicklungen im Einklang mit den folgenden Themen und den damit verbundenen UN SDGs beitragen können:
- Entwicklung der Infrastruktur
	- UN SDG 6 (Sauberes Wasser und Sanitäreinrichtungen) und 9 (Industrie, Innovation und Infrastruktur)

- Saubere Energie
- 1
	- UN SDG 7 (Bezahlbare und saubere Energie) und 13 (Massnahmen zum Klimaschutz)

- Nachhaltige Urbanisierungstrends
	- UN SDG 11 (Nachhaltige Städte und Gemeinden)

- Arbeitsplätze schaffen und Armut bekämpfen
	- UN SDG 1 (Keine Armut) und 8 (Menschenwürdige Arbeit und Wirtschaftswachstum)Kein nachhaltiges InvestitionszielEine nachhaltige Investition gehört nicht zu den Zielen des Teilfonds.


Verbindliche Elemente der Anlagestrategie zur Erreichung der vom Teilfonds beworbenen ESG-Merkmale
Der Ausschluss von Unternehmen, die mit umstrittenen Waffen zu tun haben, ist ein absolutes Verbot, das nicht ausser Kraft gesetzt werden kann. Das Eliminieren von Unternehmen, die aufgrund ihres Scores zu den untersten 10% gehören, und der Ausschluss von Unternehmen, die ein wesentliches Engagement in den Bereichen Tabak, Kohle und unkonventionelles Öl und Gas aufweisen oder die Kontroversen der höchsten Stufe, wie oben beschrieben, ausgesetzt sind, sind keine absoluten Verbote und nicht auf Portefeuilles anwendbar, die zum Datum des Inkrafttretens des vorliegenden Prospekts bereits aufgebaut waren. Es liegt im Ermessen des Fondsmanagers, sicherzustellen, dass dennoch eine qualitative Beurteilung des ESG-Profils eines Unternehmens vorgenommen werden kann, u. a., wenn Daten fehlen oder veraltet sind oder der Fondsmanager der Ansicht ist, dass Engagement und Stewardship zu einer effektiveren und positiven Veränderung der Geschäftspraktiken führen können, die sich auf die ESG-Merkmale auswirken.
Kontinuierliche Basis des Beurteilungsprozesses des Fondsmanagers
Der Anlageprozess des Fondsmanagers ist dynamisch und darauf ausgelegt, sich an veränderte Marktbedingungen, Datenerfassungen und Entwicklungen der globalen Nachhaltigkeitsanalyse anzupassen, und kann sich daher im Laufe der Zeit ändern.
Mindestvermögensallokation in nachhaltige Investitionen für diesen Teilfonds
Für diesen Teilfonds besteht keine angestrebte Mindestallokation in nachhaltige Investitionen. Die tatsächliche Allokation in nachhaltige Investitionen ist ein Produkt des oben beschriebenen ESG-Beurteilungsprozesses.
Wahrscheinliche Auswirkungen von Nachhaltigkeitsrisiken auf die Renditen des Teilfonds
Die wahrscheinlichen Auswirkungen von Nachhaltigkeitsrisiken sind schwer zu quantifizieren. Der Fondsmanager ist der Ansicht, dass die Umwelt-, Sozial- und Unternehmensführungspraktiken eines Emittenten eng mit seinem langfristigen Erfolg verbunden sind und dass Emittenten mit ESG- gerechten Geschäftspraktiken und -abläufen eher erfolgreich sind und langfristigen Wert schaffen. Es besteht jedoch keine Garantie für die Wertentwicklung einzelner Emittenten, in die der Teilfonds investiert, oder für die Rendite des gesamten Portefeuilles des Teilfonds.
Referenzwert
Der Teilfonds bezieht sich nicht auf einen Referenzwert, der sich an ESG-Kriterien orientiert.
1  
Der Fondsmanager bevorzugt nach Möglichkeit Anlagen in die Stromerzeugung aus erneuerbaren Quellen. Mit Ausnahme von Altbeständen, die vor der Einführung der Beschränkungen des Fondsmanagers in Bezug auf Kraftwerkskohle im November 2019 bestanden, ist der Fondsmanager (unter Beibehaltung seines vollen Ermessensspielraums) nicht bestrebt, für Rechnung des Teilfonds neue Anlagen in die Stromerzeugung aus Kraftwerkskohle zu tätigen.
C-1.4
Anwendbar auf die folgenden Teilfonds:
- Global Inflation-Linked Fundamental
- Global Government Fundamental
- Emerging Local Currency Bond FundamentalEinstufung des Teilfonds gemäss SFDRDie Verwaltungsgesellschaft hat den Teilfonds als Finanzprodukt eingestuft, das Artikel 8 der SFDR untersteht.

Bewerbung ökologischer und/oder sozialer Merkmale
Der Teilfonds ist ein Finanzprodukt, das neben anderen Merkmalen auch ökologische oder soziale Merkmale oder eine Kombination dieser Merkmale bewirbt. Das Anlageziel und die Anlagepolitik des Teilfonds sind im Anhang des Teilfonds dargelegt. Es wird festgehalten, dass der Teilfonds, sofern in diesem Abschnitt nicht anders angegeben, nicht das Ziel oder die Verpflichtung hat, in Anlagen zu investieren, die als "nachhaltige Investitionen" im Sinne der SFDR gelten. Der Fondsmanager ist jedoch der Ansicht, dass es eine starke Korrelation zwischen dem langfristigen finanziellen Erfolg und der Rentabilität einer Anlage und ihrem Nachhaltigkeitsprofil gibt, und ist daher bestrebt, als integralen Bestandteil seines Anlageprozesses eine messbare Bewertung der positiven ESG-Merkmale der Anlagen des Teilfonds vorzunehmen, um die von den Vereinten Nationen definierten Ziele für nachhaltige Entwicklung zu bewerben.
Systematisches ESG-Screening und -Scoring von staatlichen Emittenten
Angesichts der Herausforderungen, denen die Welt heute gegenübersteht, ist die Analyse nachhaltigkeitsbezogener Risiken bei Staatsanleihen mittlerweile unerlässlich. Daher ergänzt der Fondsmanager seine traditionelle Bonitätsbewertung von Staatsanleihen um einen Analyserahmen, der Nachhaltigkeitsrisikofaktoren auf ganzheitliche Weise einbezieht. Neben den üblichen Makrokriterien werden bei der Risikobewertung
von Staatsanleihen breitere ESG-Überlegungen einbezogen. Der Fondsmanager hat ein hauseigenes Modell (die "LO-Scoring-Methode") entwickelt, um die Ausrichtung staatlicher Emittenten an Menschen- und Umweltrechtsstandards sowie an den Zielen für nachhaltige Entwicklung der Vereinten Nationen (SDGs) unabhängig zu bewerten. Das Modell deckt ein breites Spektrum an Umwelt-, Sozial- und Unternehmensführungsthemen ab, darunter Ungleichheiten, sozialer Zusammenhalt, Qualität der öffentlichen Dienstleistungen, Wasser- und Nahrungsmittelversorgung, Energiesicherheit, Eindämmung der globalen Erwärmung und Widerstandsfähigkeit, Schutz der Biodiversität, Umweltverschmutzung, regulatorische Wirksamkeit, institutionelle Stärke und politische Stabilität. Eine Auswahl von höchst zuverlässigen Datensätzen, die von verschiedenen supranationalen Gremien, Universitäten, Forschungsinstituten und grossen Nichtregierungsorganisationen stammen, wird als Grundlage für die Investitionsentscheidungen verwendet. Die gesammelten Daten werden in Indikatoren von 0 bis 100 Punkten normalisiert. In die Methode eingebettet ist die auf den Komponenten "Consciousness", "Actions" und "Results" basierende unternehmenseigene "CAR"-Methode des Fondsmanagers, bei der die "R"-Komponente – an definitive Ergebnisse geknüpfte Indikatoren – übergewichtet wird.
Über- oder Untergewichtung staatlicher Emittenten
Der Fondsmanager ist bestrebt, das Engagement in staatlichen Emittenten in Abhängigkeit von den Scoring-Ergebnissen um insgesamt bis zu 10% unter- oder überzugewichten. Die Entscheidung, ein Unternehmen je nachdem unterzugewichten (zu benachteiligen) oder überzugewichten (zu bevorzugen), liegt im alleinigen Ermessen des Fondsmanagers. Der Fondsmanager ist bestrebt, einen Emittenten auf der Grundlage von ESG- Merkmalen zu bevorzugen oder zu benachteiligen, und verfügt über die Flexibilität, bei Bedarf eine zukunftsgerichtete qualitative Beurteilung vorzunehmen.
Bevorzugung grüner Anleihen
Soweit möglich, bevorzugt der Fondsmanager grüne, nachhaltige und soziale Anleihen. Die Möglichkeit, in grüne Anleihen zu investieren, hängt von der Verfügbarkeit, dem Profil und der Bewertung ab. Daher kann sich der Fondsmanager nicht verpflichten, einen bestimmten Teil des Portefeuilles des Teilfonds in grüne Anleihen zu investieren.
Temperaturbeitrag und ESG-Rating-Vergleich
- Der Fondsmanager ist bestrebt, für das Portefeuille des Teilfonds einen gewichteten durchschnittlichen Temperaturbeitrag zu erzielen, der niedriger ist als jener der Benchmark, die vom Teilfonds verwendet und auf die in seinem Anlageziel und seiner Anlagepolitik Bezug genommen wird.
- Der Fondsmanager ist bestrebt, für das Portefeuille des Teilfonds einen gewichteten durchschnittlichen ESG-Score zu erzielen, der höher ist als jener seiner Benchmark.
- Es besteht keine Garantie, dass ein niedrigerer gewichteter durchschnittlicher Temperaturbeitrag oder ein höherer ESG-Score erzielt werden kann, und der Fondsmanager ist in keiner Weise an ein Ziel oder eine Vorgabe zur Erreichung dieser Ziele gebundenEngagementInvestmentgesellschaften haben in der Regel keinen angemessenen Zugang zu Staats- und Regierungsstellen, um sich in Nachhaltigkeitsfragen zu engagieren. Stattdessen ist der Fondsmanager bestrebt, Initiativen auf Branchenebene zu unterstützen, um dazu beizutragen, auf Nachhaltigkeitsthemen aufmerksam zu machen bzw. Nachhaltigkeitsergebnisse auf staatlicher Ebene zu verbessern.

Vom Teilfonds beworbene umwelt- und/oder sozial- und/oder Unternehmensführungspraktiken
Der Anlageprozess des Fondsmanagers in Bezug auf den Teilfonds ist darauf ausgerichtet, unter anderem die von den Vereinten Nationen definierten Ziele für nachhaltige Entwicklung zu bewerben.
Kein nachhaltiges Investitionsziel
Eine nachhaltige Investition gehört nicht zu den Zielen des Teilfonds.
Verbindliche Elemente der Anlagestrategie zur Erreichung der vom Teilfonds beworbenen ESG-Merkmale
Die Unter- oder Übergewichtung staatlicher Emittenten auf der Grundlage der LO-Sovereign-Scoring-Methode wird für die Fundamental-Beta- Komponente des Portefeuilles des Teilfonds systematisch umgesetzt, vorbehaltlich Anpassungen bei der Neuausrichtung des Portefeuilles des Teilfonds. Die Höhe der Unter- oder Übergewichtung liegt im Ermessen des Fondsmanagers, sodass eine sowohl qualitative als auch quantitative Beurteilung des Nachhaltigkeitsprofils eines staatlichen Emittenten vorgenommen werden kann.
Kontinuierliche Basis des Beurteilungsprozesses des Fondsmanagers
Der Anlageprozess des Fondsmanagers ist dynamisch und darauf ausgelegt, sich an veränderte Marktbedingungen, Datenerfassungen und Entwicklungen der globalen Nachhaltigkeitsanalyse anzupassen, und kann sich daher im Laufe der Zeit ändern.
Mindestvermögensallokation in nachhaltige Investitionen für diesen Teilfonds
Für diesen Teilfonds besteht keine angestrebte Mindestallokation in nachhaltige Investitionen. Die tatsächliche Allokation in nachhaltige Investitionen ist ein Produkt des oben beschriebenen ESG-Beurteilungsprozesses.
Wahrscheinliche Auswirkungen von Nachhaltigkeitsrisiken auf die Renditen des Teilfonds
Die wahrscheinlichen Auswirkungen von Nachhaltigkeitsrisiken sind schwer zu quantifizieren. Der Fondsmanager ist der Ansicht, dass das Umwelt-, Sozial- und Unternehmensführungsprofil eines staatlichen Emittenten eng mit dem langfristigen Wert der von diesem staatlichen Emittenten ausgegebenen Anleihen verbunden ist. Es besteht jedoch keine Garantie für die Wertentwicklung einzelner Emittenten, in die der Teilfonds investiert, oder für die Rendite des gesamten Portefeuilles des Teilfonds.
Referenzwert
Der Teilfonds bezieht sich nicht auf einen Referenzwert, der sich an ESG-Kriterien orientiert.
C-1.5
Anwendbar auf die folgenden Teilfonds:
- Swiss Franc Credit Bond (Foreign)Einstufung des Teilfonds gemäss SFDRDie Verwaltungsgesellschaft hat den Teilfonds als Finanzprodukt eingestuft, das Artikel 8 der SFDR untersteht.

Bewerbung ökologischer und/oder sozialer Merkmale
Der Teilfonds ist ein Finanzprodukt, das neben anderen Merkmale auch ökologische oder soziale Merkmalen oder eine Kombination dieser Merkmale bewirbt. Das Anlageziel und die Anlagepolitik des Teilfonds sind im Anhang des Teilfonds dargelegt. Es wird festgehalten, dass der Teilfonds, sofern in diesem Abschnitt nicht anders angegeben, nicht das Ziel oder die Verpflichtung hat, in Anlagen zu investieren, die als "nachhaltige Investitionen" im Sinne der SFDR gelten. Der Fondsmanager ist jedoch der Ansicht, dass eine hohe Korrelation zwischen dem langfristigen finanziellen Erfolg und der Rentabilität einer Anlage und ihrem Nachhaltigkeitsprofil besteht. Daher ist er bestrebt, als integralen Bestandteil seines Anlageprozesses eine messbare Bewertung der positiven ESG-Merkmale der Anlagen des Teilfonds vorzunehmen, um die Umwelt- und/oder Sozial- und/oder Unternehmensführungspraktiken zu bewerben, die für den Sektor, in dem die jeweilige Anlage getätigt wird, am wesentlichsten sind.
Bei der Beurteilung der ESG-Merkmale berücksichtigt der Fondsmanager unter anderem Folgendes:
Systematisches ESG-Screening und -Scoring
- Screening von Unternehmen mittels der ESG/CAR-Industrial-Materiality-Rating-Methode von Lombard Odier, die relevante Informationen zu jedem der SFDR-fokussierten Nachhaltigkeitsindikatoren wie Treibhausgasemissionen, Energieleistung, Biodiversität, Wassernutzung, Abfallmanagement, Sozial- und Arbeitnehmerbelange, Menschenrechte sowie Korruptions- und Bestechungsbekämpfung einbezieht. Die ESG/CAR-Industrial-Materiality-Rating-Methode von Lombard Odier ermöglicht es dem Fondsmanager, die Unternehmen innerhalb des Anlageuniversums des Teilfonds zu ermitteln, die in Bezug auf das Nachhaltigkeitsprofil am schlechtesten abschneiden. Dieses Scoring- und Ratingsystem ist zudem "wesentlichkeitsorientiert" und identifiziert somit den relevantesten Nachhaltigkeitsrahmen für jede Branche, was eine Konzentration auf die wichtigsten ESG-Themen, die ein bestimmtes Unternehmen betreffen können, ermöglicht. Es zielt ferner darauf ab, Unternehmen, die lediglich Bewusstsein demonstrieren, von solchen, die messbare Ergebnisse erzielen, zu unterscheiden (CAR-Rahmen: Consciousness [Bewusstsein], Actions [Massnahmen], Results [Ergebnisse]). In Schema I wird die ESG/CAR-Industrial- Materiality-Rating-Methode von Lombard Odier eingehender beschrieben.
- Der Fondsmanager verwendet das oben erwähnte Screening- und Scoring-Verfahren im Rahmen seiner Anlagebeurteilung. Der Fondsmanager ist nicht bestrebt, die Unternehmen, die am schlechtesten abschneiden, automatisch auszuschliessen, da dies in einem bereits eingeschränkten Markt zu einer geringeren Anzahl von Unternehmen führen würde. Das Verfahren dient ihm vielmehr als Richtschnur, und er versucht in der Regel, in Unternehmen mit höheren Scores zu investieren. Jede Entscheidung in Bezug auf eine Eliminierung liegt im alleinigen Ermessen des Fondsmanagers.
- In Bezug auf den oben beschriebenen Screening-Prozess ist der Fondsmanager der Ansicht, dass ein Eliminierungsverfahren, das ausschliesslich auf den Ergebnissen eines automatisierten negativen Screenings basiert, nicht unbedingt zur Bewerbung von ESG- Merkmalen führt und dass unter Umständen ein zukunftsgerichtetes qualitatives Urteil erforderlich ist. Dies kann beispielsweise insbesondere bei Unternehmen der Fall sein, die auf eine kohlenstoffärmere Wirtschaft umstellen.

Ausschlüsse
- Unternehmen, die direkt oder über Eigentum mit umstrittenen Waffen (Produktion, Forschung und Entwicklung, Wartung/Dienstleistungen/ Management, Systemintegration, Tests, Verkauf/Handel) zu tun haben, werden ausgeschlossen. In den Geltungsbereich dieser Ausschlussbestimmung fallen Waffen, die durch die Ottawa-Konvention zum Verbot von Antipersonenminen (in Kraft seit 1999), das Übereinkommen über Streumunition (Oslo-Konvention) von 2008, die Biowaffenkonvention (Biological Weapons Convention, BWC) von 1972 sowie das Chemiewaffenübereinkommen (CWÜ) von 1993 verboten oder geächtet sind. Ausgeschlossen sind darüber hinaus abgereichertes Uran und weisser Phosphor.

Beschränkungen
- Tabak, Kohle sowie unkonventionelles Öl und Gas – Der Fondsmanager ist bestrebt, Anlagen in die folgenden Unternehmen zu beschränken:Tabak – Unternehmen, die mehr als 10% ihrer Einnahmen entweder aus der Herstellung von Tabakprodukten oder dem Einzelhandel mit Tabakprodukten/-dienstleistungen erzielen.

Kraftwerkskohle
Bergbau – Unternehmen, die mehr als 10% ihrer Einnahmen aus dem Abbau von Kraftwerkskohle erzielen. Stromerzeugung – Unternehmen, die mehr als 10% ihrer Einnahmen aus der Stromerzeugung aus Kohle erzielen.
Unkonventionelles Öl und Gas – Unternehmen, die insgesamt mehr als 10% ihrer Einnahmen aus der Exploration von Teersanden, Schiefergas und Erdöl sowie der Öl- und Gasförderung in der Arktis erzielen.
- SVVK-ASIR-Ausschlussliste – Der Fondsmanager ist bestrebt, Anlagen in Unternehmen zu beschränken, die auf der vom Schweizer Verein für verantwortungsbewusste Kapitalanlagen geführten Ausschlussliste ("SVVK-ASIR-Ausschlussliste") aufgeführt sind.
- Wesentliche Verstösse gegen die Prinzipien des UN Global Compact – Der Fondsmanager ist bestrebt, Anlagen in Unternehmen zu beschränken, die in die schwersten Verstösse gegen die Prinzipien des UN Global Compact ("Highest Level Controversies", Kontroversen der höchsten Stufe) verwickelt sind.
- Die Entscheidung, ein Unternehmen im Rahmen der oben genannten Beschränkungen auszuschliessen, liegt im alleinigen Ermessen des Fondsmanagers. Der Fondsmanager ist der Ansicht, dass ein Prozess, der ausschliesslich auf absoluten Ausschlüssen basiert (ausser im Fall von umstrittenen Waffen), nicht notwendigerweise zu einer Bewerbung von ESG-Merkmalen führt und dass unter Umständen eine zukunftsgerichtete qualitative Beurteilung erforderlich ist. Dies kann insbesondere der Fall sein bei Unternehmen, die auf einekohlenstoffärmere Wirtschaft umstellen oder bei denen Stewardship und Engagement zu einer effektiveren und positiven Veränderung der Geschäftspraktiken führen können, die sich auf ESG-Merkmale auswirken.

Quantitative und qualitative Überprüfung von Geschäftspraktiken und Geschäftsmodellen
- Aktive Überprüfung der folgenden Nachhaltigkeitsdatenpunkte (verfügbar zur Überprüfung über verschiedene historische Zeiträume) durch den Fondsmanager, um ihn bei der Bewertung des Beitrags eines Unternehmens zu einer kreislauforientierten, effizienten, integrativen und sauberen (Circular, Lean, Inclusive and Clean) CLIC™-Wirtschaft zu unterstützen:
	- Überprüfung von Scoring/Ratings im Rahmen der ESG/CAR-Industrial-Materiality-Rating-Methode von Lombard Odier, die relevante Informationen zu jedem der SFDR-fokussierten Nachhaltigkeitsindikatoren einbezieht.
	- Überprüfung der Klimaausrichtung eines Unternehmens unter Berücksichtigung nicht nur der Kohlenstoffbilanz (Höhe der Emissionen, die ein Unternehmen heute produziert), sondern auch der Temperaturausrichtung (Berücksichtigung der erwarteten, zukünftigen Emissionen eines Unternehmens und des Grades ihrer Übereinstimmung mit diesen Emissionen sowie etwaiger Verpflichtungen zu Klimazielen).
	- Überprüfung der Geschäftsaktivitäten eines Unternehmens, um zu beurteilen, wie das Geschäftsmodell sowie die Produkte und Dienstleistungen des Unternehmens durch den Übergang zur CLIC™-Wirtschaft beeinflusst werden.

- Diese Datenpunkte sollen dem Fondsmanager dabei helfen, die Geschäftspraktiken und -tätigkeiten eines Unternehmens zu analysieren, um festzustellen, ob das Unternehmen auf lange Sicht nachhaltig sein kann.
- Der Fondsmanager ist der Ansicht, dass es neben einer historischen Beurteilung von ESG-Scores oder einem Vergleich mit einer ESG- basierten Benchmark zwingend eine zukunftsgerichtete und aktive Beurteilung des Nachhaltigkeitsprofils eines Unternehmens braucht, um die langfristige Lebensfähigkeit eines Unternehmens richtig zu verstehen.

Bevorzugung grüner Anleihen
- Soweit möglich, bevorzugt der Fondsmanager grüne, nachhaltige und soziale Anleihen. Die Möglichkeit, in grüne Anleihen zu investieren, hängt von der Verfügbarkeit, dem Profil und der Bewertung ab. Daher kann sich der Fondsmanager nicht verpflichten, einen bestimmten Teil des Portefeuilles des Teilfonds in grüne Anleihen zu investieren.

Temperaturbeitrag und ESG-Rating-Vergleich
- Der Fondsmanager ist bestrebt, für das Portefeuille des Teilfonds einen gewichteten durchschnittlichen Temperaturbeitrag zu erzielen, der niedriger ist als jener der Benchmark, die vom Teilfonds verwendet und auf die in seinem Anlageziel und seiner Anlagepolitik Bezug genommen wird.
- Der Fondsmanager ist bestrebt, für das Portefeuille des Teilfonds einen gewichteten durchschnittlichen ESG-Score zu erzielen, der höher ist als jener seiner Benchmark.
- Es besteht keine Garantie, dass ein niedrigerer gewichteter durchschnittlicher Temperaturbeitrag oder ein höherer ESG-Score erzielt werden kann, und der Fondsmanager ist in keiner Weise an ein Ziel oder eine Vorgabe zur Erreichung dieser Ziele gebundenEngagementDer Fondsmanager verfolgt bei seinem Engagement einen Ansatz auf Unternehmens- und auf Teilfondsebene.

Unternehmensebene – Der Fondsmanager ist bestrebt, durch sein Engagement nachhaltige Geschäftspraktiken zu bewerben und nachhaltige Geschäftsmodelle zu fördern, die dazu beitragen, den Klimawandel einzudämmen und sich an ihn anzupassen, und den Übergang zu einem CLIC™-Wirtschaftsmodell begünstigen. Der Fondsmanager engagiert sich gemäss einem unternehmensweiten Rahmen für strategische Prioritäten bei Portefeuilleunternehmen und verfolgt Fortschritte gegenüber den Engagementzielen aktiv, um Ergebnisse auf geeignete Weise zu messen. Der Fondsmanager hat folgende Prioritäten:
- Förderung des Übergangs von Unternehmen zu profitablen Netto-Null-Geschäftsmodellen unter Verwendung der Oxford-Martin-Prinzipien für klimabewusste Investitionen (Oxford Martin Principles for Climate-Conscious Investment Framework);
- Engagement für verbesserte Offenlegungen (i) bei Unternehmen mit beschränkter Berichterstattung, die im untersten Quintil des unternehmenseigenen Wesentlichkeits-ESG-Modells des Fondsmanagers liegen; (ii) bei Unternehmen, die bereits Bericht erstatten, die jedoch die Offenlegung unter der Rubrik der Arbeitsgruppe zur Klimaberichterstattung des FSB verbessern könnten;
- Engagement bei Unternehmen, die sich gemäss der in Schema II des SFDR-Anhangs beschriebenen SFDR-Methode zur Messung der wichtigsten nachteiligen Auswirkungen negativ auf die SFDR-fokussierten Nachhaltigkeitsindikatoren auswirken;
- Engagement bei Unternehmen ohne ESG-Rating.

Die Engagements auf Unternehmensebene widerspiegeln Bestände aller vom Fondsmanager verwalteten Portefeuilles und umfassen nicht zwingend Unternehmen, die im Portefeuille des Teilfonds enthalten sind. Die Engagements auf Unternehmensebene basieren auf strategischen Prioritäten, und der Umfang des Engagements ist nicht unbedingt proportional zur Grösse der Bestände in den vom Fondsmanager verwalteten Portefeuilles. Das Engagement auf Unternehmensebene ist dynamisch, und der Fondsmanager behält sich das Recht vor, seine Engagementstrategie jederzeit anzupassen.
Teilfondsebene – Auf Teilfondsebene ist der Fondsmanager bestrebt, sich bei kleineren im Portefeuille des Teilfonds enthaltenen Unternehmen, die niedrigere ESG-, Kohlenstoffintensitäts- und Temperaturausrichtungs-Scores aufweisen, zu engagieren, wenn der Beitrag dieser Unternehmen zu einer CLIC™-Wirtschaft stärker beeinflusst werden kann als jener der grösseren im Portefeuille des Teilfonds enthaltenen Unternehmen.
Der Fondsmanager überwacht die Unternehmen, bei denen er sich engagiert, über einen mehrjährigen Zeitrahmen hinweg und reduziert das Engagement in Unternehmen, wenn Verbesserungen ausbleiben.
Vom Teilfonds beworbene umwelt- und/oder sozial- und/oder Unternehmensführungspraktiken
Der Anlageprozess des Fondsmanagers ist darauf ausgelegt, eine Beurteilung der ESG-Praktiken vorzunehmen, die für die Unternehmen, in die der Teilfonds investiert, am wesentlichsten sind, wobei die in Schema I beschriebene ESG/CAR-Industrial-Materiality-Rating-Methode von Lombard Odier verwendet wird
Kein nachhaltiges Investitionsziel
Eine nachhaltige Investition gehört nicht zu den Zielen des Teilfonds.
Verbindliche Elemente der Anlagestrategie zur Erreichung der vom Teilfonds beworbenen ESG-Merkmale
Der Ausschluss von Unternehmen, die mit umstrittenen Waffen zu tun haben, ist ein absolutes Verbot, das nicht ausser Kraft gesetzt werden kann. Die Wahl von Unternehmen mit höheren Scores oder der Ausschluss von Unternehmen, die ein wesentliches Engagement in den Bereichen Tabak, Kohle und unkonventionelles Öl und Gas aufweisen, die in der SVVK-ASIR-Ausschlussliste erwähnt sind oder die Kontroversen der höchsten
Stufe, wie oben beschrieben, ausgesetzt sind, sind keine absoluten Regeln/Verbote. Es liegt im Ermessen des Fondsmanagers, sicherzustellen, dass dennoch eine qualitative Beurteilung des ESG-Profils eines Unternehmens vorgenommen werden kann, u. a., wenn Daten fehlen oder veraltet sind oder der Fondsmanager der Ansicht ist, dass Engagement und Stewardship zu einer effektiveren und positiven Veränderung der Geschäftspraktiken führen können, die sich auf die ESG-Merkmale auswirken.
Kontinuierliche Basis des Beurteilungsprozesses des Fondsmanagers
Der Anlageprozess des Fondsmanagers ist dynamisch und darauf ausgelegt, sich an veränderte Marktbedingungen, Datenerfassungen und Entwicklungen der globalen Nachhaltigkeitsanalyse anzupassen, und kann sich daher im Laufe der Zeit ändern.
Mindestvermögensallokation in nachhaltige Investitionen für diesen Teilfonds
Für diesen Teilfonds besteht keine angestrebte Mindestallokation in nachhaltige Investitionen. Die tatsächliche Allokation in nachhaltige Investitionen ist ein Produkt des oben beschriebenen ESG-Beurteilungsprozesses.
Wahrscheinliche Auswirkungen von Nachhaltigkeitsrisiken auf die Renditen des Teilfonds
Die wahrscheinlichen Auswirkungen von Nachhaltigkeitsrisiken sind schwer zu quantifizieren. Der Fondsmanager ist der Ansicht, dass die Umwelt-, Sozial- und Unternehmensführungspraktiken eines Unternehmens eng mit seinem langfristigen Erfolg verbunden sind und dass Unternehmen mit ESG-gerechten Geschäftspraktiken und -abläufen eher erfolgreich sind und langfristigen Wert schaffen. Es besteht jedoch keine Garantie für die Wertentwicklung einzelner Unternehmen, in die der Teilfonds investiert, oder für die Rendite des gesamten Portefeuilles des Teilfonds.
Referenzwert
Der Teilfonds bezieht sich nicht auf einen Referenzwert, der sich an ESG-Kriterien orientiert.
C-1.6
Anwendbar auf den folgenden Teilfonds:
- Global Convertible Bond Defensive DeltaEinstufung des Teilfonds gemäss SFDRDie Verwaltungsgesellschaft hat den Teilfonds als Finanzprodukt eingestuft, das Artikel 8 der SFDR untersteht.

Bewerbung ökologischer und/oder sozialer Merkmale
Der Teilfonds ist ein Finanzprodukt, das neben anderen Merkmalen auch ökologische oder soziale Merkmale oder eine Kombination dieser Merkmale bewirbt. Das Anlageziel und die Anlagepolitik des Teilfonds sind im Anhang des Teilfonds dargelegt. Es wird festgehalten, dass der Teilfonds, sofern in diesem Abschnitt nicht anders angegeben, nicht das Ziel oder die Verpflichtung hat, in Anlagen zu investieren, die als "nachhaltige Investitionen" im Sinne der SFDR gelten. Der Fondsmanager ist jedoch der Ansicht, dass eine hohe Korrelation zwischen dem langfristigen finanziellen Erfolg und der Rentabilität einer Anlage und ihrem Nachhaltigkeitsprofil besteht. Daher ist er bestrebt, als integralen Bestandteil seines Anlageprozesses eine messbare Bewertung der positiven ESG-Merkmale der Anlagen des Teilfonds vorzunehmen, um die Umwelt- und/oder Sozial- und/oder Unternehmensführungspraktiken zu bewerben, die für den Sektor, in dem die jeweilige Anlage getätigt wird, am wesentlichsten sind.
Bei der Beurteilung der ESG-Merkmale berücksichtigt der Fondsmanager unter anderem Folgendes:
Systematisches ESG-Screening und -Scoring
- Screening von Unternehmen mittels der ESG/CAR-Industrial-Materiality-Rating-Methode von Lombard Odier, die relevante Informationen zu jedem der SFDR-fokussierten Nachhaltigkeitsindikatoren wie Treibhausgasemissionen, Energieleistung, Biodiversität, Wassernutzung, Abfallmanagement, Sozial- und Arbeitnehmerbelange, Menschenrechte sowie Korruptions- und Bestechungsbekämpfung einbezieht. Die ESG/CAR-Industrial-Materiality-Rating-Methode von Lombard Odier ermöglicht es dem Fondsmanager, innerhalb des Anlageuniversums des Teilfonds die 20% der Unternehmen zu ermitteln, die in Bezug auf Nachhaltigkeitsbelange am schlechtesten abschneiden. Dieses Scoring- und Ratingsystem ist zudem "wesentlichkeitsorientiert" und identifiziert somit den relevantesten Nachhaltigkeitsrahmen für jede Branche, was eine Konzentration auf die wichtigsten ESG-Themen, die ein bestimmtes Unternehmen betreffen können, erlaubt. Es zielt ferner darauf ab, Unternehmen, die lediglich Bewusstsein demonstrieren, von solchen, die messbare Ergebnisse erzielen, zu unterscheiden (CAR-Rahmen: Consciousness [Bewusstsein], Actions [Massnahmen], Results [Ergebnisse]). In Schema I wird die ESG/CAR-Industrial- Materiality-Rating-Methode von Lombard Odier eingehender beschrieben.
- Der Fondsmanager verwendet das oben erwähnte Screening- und Scoring-Verfahren im Rahmen seiner Anlagebeurteilung. Der Fondsmanager ist nicht bestrebt, die 20% der Unternehmen, die am schlechtesten abschneiden, automatisch auszuschliessen, da dies in einem bereits eingeschränkten Markt zu einer geringeren Anzahl von Unternehmen führen würde. Das Verfahren dient ihm vielmehr als Richtschnur, und er versucht in der Regel, in Unternehmen mit höheren Scores zu investieren. Die auf dem Screening basierende Entscheidung, ein Unternehmen auszuschliessen oder in ein Unternehmen zu investieren, liegt jedoch im alleinigen Ermessen des Fondsmanagers. Zudem ist der Fondsmanager der Ansicht, dass ein Eliminierungsverfahren, das ausschliesslich auf den Ergebnissen eines automatisierten negativen Screenings basiert, nicht notwendigerweise zur Bewerbung von ESG-Merkmalen führt und dass unterUmständen ein zukunftsgerichtetes qualitatives Urteil erforderlich ist. Dies kann insbesondere der Fall sein bei Unternehmen, die auf eine kohlenstoffärmere Wirtschaft umstellen.

Ausschlüsse
- Unternehmen, die direkt oder über Eigentum mit umstrittenen Waffen (Produktion, Forschung und Entwicklung, Wartung/Dienstleistungen/ Management, Systemintegration, Tests, Verkauf/Handel) zu tun haben, werden ausgeschlossen. In den Geltungsbereich dieser Ausschlussbestimmung fallen Waffen, die durch die Ottawa-Konvention zum Verbot von Antipersonenminen (in Kraft seit 1999), das Übereinkommen über Streumunition (Oslo-Konvention) von 2008, die Biowaffenkonvention (Biological Weapons Convention, BWC) von 1972 sowie das Chemiewaffenübereinkommen (CWÜ) von 1993 verboten oder geächtet sind. Ausgeschlossen sind darüber hinaus abgereichertes Uran und weisser Phosphor.

Beschränkungen
- Tabak, Kohle, unkonventionelles Öl und Gas sowie konventionelles Öl und Gas – Der Fondsmanager ist bestrebt, Anlagen in folgende Unternehmen zu beschränken:Tabak – Unternehmen, die mehr als 10% ihrer Einnahmen entweder aus der Herstellung von Tabakprodukten oder dem Einzelhandel mit Tabakprodukten/-dienstleistungen erzielen.

Kraftwerkskohle
Bergbau – Unternehmen, die mehr als 10% ihrer Einnahmen aus dem Abbau von Kraftwerkskohle erzielen. Stromerzeugung – Unternehmen, die mehr als 10% ihrer Einnahmen aus der Stromerzeugung aus Kohle erzielen.
Unkonventionelles Öl und Gas – Unternehmen, die insgesamt mehr als 10% ihrer Einnahmen aus der Exploration von Teersanden, Schiefergas und Erdöl sowie der Öl- und Gasförderung in der Arktis erzielen.
- Konventionelles Öl und Gas – Der Fondsmanager ist bestrebt, Anlagen in Unternehmen des konventionellen Öl- und Gassektors zu beschränken, es sei denn, ihre Einnahmen aus Erdgas und erneuerbaren Energien betragen mehr als 40%.
- Wesentliche Verstösse gegen die Prinzipien des UN Global Compact – Der Fondsmanager ist bestrebt, Anlagen in Unternehmen zu beschränken, die in die schwersten Verstösse gegen die Prinzipien des UN Global Compact ("Highest Level Controversies", Kontroversen der höchsten Stufe) verwickelt sind.
- Die Entscheidung, ein Unternehmen im Rahmen der oben genannten Beschränkungen auszuschliessen, liegt im alleinigen Ermessen des Fondsmanagers. Der Fondsmanager ist der Ansicht, dass ein Prozess, der ausschliesslich auf absoluten Ausschlüssen basiert (ausser im Fall von umstrittenen Waffen), nicht notwendigerweise zu einer Bewerbung von ESG-Merkmalen führt und dass unter Umständen eine zukunftsgerichtete qualitative Beurteilung erforderlich ist. Dies kann insbesondere der Fall sein bei Unternehmen, die auf einekohlenstoffärmere Wirtschaft umstellen oder bei denen Stewardship und Engagement zu einer effektiveren und positiven Veränderung der Geschäftspraktiken führen können, die sich auf ESG-Merkmale auswirken.

Quantitative und qualitative Überprüfung von Geschäftspraktiken und Geschäftsmodellen
- Aktive Überprüfung der folgenden Nachhaltigkeitsdatenpunkte (verfügbar zur Überprüfung über verschiedene historische Zeiträume) durch den Fondsmanager, um ihn bei der Bewertung des Beitrags eines Unternehmens zu einer kreislauforientierten, effizienten, integrativen und sauberen (Circular, Lean, Inclusive and Clean) CLIC™-Wirtschaft zu unterstützen:
	- Überprüfung von Scoring/Ratings im Rahmen der ESG/CAR-Industrial-Materiality-Rating-Methode von Lombard Odier, die relevante Informationen zu jedem der SFDR-fokussierten Nachhaltigkeitsindikatoren einbezieht.
	- Überprüfung der Klimaausrichtung eines Unternehmens unter Berücksichtigung nicht nur der Kohlenstoffbilanz (Höhe der Emissionen, die ein Unternehmen heute produziert), sondern auch der Temperaturausrichtung (Berücksichtigung der erwarteten, zukünftigen Emissionen eines Unternehmens und des Grades ihrer Übereinstimmung mit diesen Emissionen sowie etwaiger Verpflichtungen zu Klimazielen).
	- Überprüfung der Geschäftsaktivitäten eines Unternehmens, um zu beurteilen, wie das Geschäftsmodell sowie die Produkte und Dienstleistungen des Unternehmens durch den Übergang zur CLIC™-Wirtschaft beeinflusst werden.

- Diese Datenpunkte sollen dem Fondsmanager dabei helfen, die Geschäftspraktiken und -tätigkeiten eines Unternehmens zu analysieren, um festzustellen, ob das Unternehmen auf lange Sicht nachhaltig sein kann.
- Der Fondsmanager ist der Ansicht, dass es neben einer historischen Beurteilung von Scores oder einem Vergleich mit einer ESG-basierten Benchmark zwingend eine zukunftsgerichtete und aktive Beurteilung des Nachhaltigkeitsprofils eines Unternehmens braucht, um die langfristige Lebensfähigkeit eines Unternehmens richtig zu verstehen.

Engagement
Der Fondsmanager verfolgt bei seinem Engagement einen Ansatz auf Unternehmens- und auf Teilfondsebene.
Unternehmensebene – Der Fondsmanager ist bestrebt, durch sein Engagement nachhaltige Geschäftspraktiken zu bewerben und nachhaltige Geschäftsmodelle zu fördern, die dazu beitragen, den Klimawandel einzudämmen und sich an ihn anzupassen, und den Übergang zu einem CLIC™-Wirtschaftsmodell begünstigen. Der Fondsmanager engagiert sich gemäss einem unternehmensweiten Rahmen für strategische Prioritäten bei Portefeuilleunternehmen und verfolgt Fortschritte gegenüber den Engagementzielen aktiv, um Ergebnisse auf geeignete Weise zu messen. Der Fondsmanager hat folgende Prioritäten:
- Förderung des Übergangs von Unternehmen zu profitablen Netto-Null-Geschäftsmodellen unter Verwendung der Oxford-Martin-Prinzipien für klimabewusste Investitionen (Oxford Martin Principles for Climate-Conscious Investment Framework);
- Engagement für verbesserte Offenlegungen (i) bei Unternehmen mit beschränkter Berichterstattung, die im untersten Quintil des unternehmenseigenen Wesentlichkeits-ESG-Modells des Fondsmanagers liegen; und (ii) bei Unternehmen, die bereits Bericht erstatten, die jedoch die Offenlegung unter der Rubrik der Arbeitsgruppe zur Klimaberichterstattung des FSB verbessern könnten;
- Engagement bei Unternehmen, die sich gemäss der in Schema II des SFDR-Anhangs beschriebenen SFDR-Methode zur Messung der wichtigsten nachteiligen Auswirkungen negativ auf die SFDR-fokussierten Nachhaltigkeitsindikatoren auswirken;
- Engagement bei Unternehmen ohne ESG-Rating.

Die Engagements auf Unternehmensebene widerspiegeln Bestände aller vom Fondsmanager verwalteten Portefeuilles und umfassen nicht zwingend Unternehmen, die im Portefeuille des Teilfonds enthalten sind. Die Engagements auf Unternehmensebene basieren auf strategischen Prioritäten, und der Umfang des Engagements ist nicht unbedingt proportional zur Grösse der Bestände in den vom Fondsmanager verwalteten Portefeuilles. Das Engagement auf Unternehmensebene ist dynamisch, und der Fondsmanager behält sich das Recht vor, seine Engagementstrategie jederzeit anzupassen.
Teilfondsebene – Der Fondsmanager ist der Ansicht, dass Engagement/Stewardship in Situationen, in denen ein Ausschluss/eine Beschränkung allein längerfristig weniger wirksam wäre, zu positiven, auf Nachhaltigkeit ausgerichteten Veränderungen der Geschäftspraktiken führen kann.
Daher verpflichtet sich der Fondsmanager auf Teilfondsebene, sich bei den Unternehmen zu engagieren, die den höchsten negativen Beitrag zum ESG-Gesamtscore des Portefeuilles des Teilfonds leisten. Dieses Engagement zielt darauf ab, Unternehmen zu mehr Transparenz in ESG- Angelegenheiten zu ermutigen (bei Unternehmen, deren niedrige Scores eine schlechte Offenlegung widerspiegeln) sowie das Management zu besseren Praktiken zu bewegen (bei Unternehmen, die bei bestimmten ESG-Kennzahlen schlecht abschneiden). Der Fondsmanager verpflichtet sich zudem, die ESG-Scores dieser Unternehmen regelmässig zu überprüfen, um das Engagement in Unternehmen zu reduzieren, bei denen der Engagementprozess keine Fortschritte bei ihrem ESG-Score bewirkt hat.
Vom Teilfonds beworbene umwelt- und/oder sozial- und/oder Unternehmensführungspraktiken
Der Anlageprozess des Fondsmanagers ist darauf ausgelegt, eine Beurteilung der ESG-Praktiken vorzunehmen, die für die Unternehmen, in die der Teilfonds investiert, am wesentlichsten sind. Dabei verwendet er die in Schema I beschriebene ESG/CAR-Industrial-Materiality-Rating-Methode von Lombard Odier.
Kein nachhaltiges Investitionsziel
Eine nachhaltige Investition gehört nicht zu den Zielen des Teilfonds.
Verbindliche Elemente der Anlagestrategie zur Erreichung der vom Teilfonds beworbenen ESG-Merkmale
Der Ausschluss von Unternehmen, die mit umstrittenen Waffen zu tun haben, ist ein absolutes Verbot, das nicht ausser Kraft gesetzt werden kann. Die Investition in Unternehmen mit höheren ESG-Scores ist kein verbindliches Anlageziel, und die Beschränkungen in Bezug auf Unternehmen,
die ein wesentliches Engagement in den Bereichen Tabak, Kohle und unkonventionelles Öl und Gas aufweisen oder die Kontroversen der höchsten Stufe, wie oben beschrieben, ausgesetzt sind, sind keine absoluten Verbote. Es liegt im Ermessen des Fondsmanagers, sicherzustellen, dass dennoch eine qualitative Beurteilung des ESG-Profils eines Unternehmens vorgenommen werden kann, u. a., wenn Daten fehlen oder veraltet sind oder der Fondsmanager der Ansicht ist, dass Engagement und Stewardship zu einer effektiveren und positiven Veränderung der Geschäftspraktiken führen können, die sich auf die ESG-Merkmale auswirken.
Kontinuierliche Basis des Beurteilungsprozesses des Fondsmanagers
Der Anlageprozess des Fondsmanagers ist dynamisch und darauf ausgelegt, sich an veränderte Marktbedingungen, Datenerfassungen und Entwicklungen der globalen Nachhaltigkeitsanalyse anzupassen, und kann sich daher im Laufe der Zeit ändern.
Mindestvermögensallokation in nachhaltige Investitionen für diesen Teilfonds
Für diesen Teilfonds besteht keine angestrebte Mindestallokation in nachhaltige Investitionen. Die tatsächliche Allokation in nachhaltige Investitionen ist ein Produkt des oben beschriebenen ESG-Beurteilungsprozesses.
Wahrscheinliche Auswirkungen von Nachhaltigkeitsrisiken auf die Renditen des Teilfonds
Die wahrscheinlichen Auswirkungen von Nachhaltigkeitsrisiken sind schwer zu quantifizieren. Der Fondsmanager ist der Ansicht, dass die Umwelt-, Sozial- und Unternehmensführungspraktiken eines Unternehmens eng mit seinem langfristigen Erfolg verbunden sind und dass Unternehmen mit ESG-gerechten Geschäftspraktiken und -abläufen eher erfolgreich sind und langfristigen Wert schaffen. Es besteht jedoch keine Garantie für die Wertentwicklung einzelner Unternehmen, in die der Teilfonds investiert, oder für die Rendite des gesamten Portefeuilles des Teilfonds.
Referenzwert
Der Teilfonds bezieht sich nicht auf einen Referenzwert, der sich an ESG-Kriterien orientiert.
C-1.7
Anwendbar auf den folgenden Teilfonds:
- TerreNeuveEinstufung des Teilfonds gemäss SFDRDie Verwaltungsgesellschaft hat den Teilfonds als Finanzprodukt eingestuft, das Artikel 8 der SFDR untersteht.

Bewerbung ökologischer und/oder sozialer Merkmale
Der Teilfonds ist ein Finanzprodukt, das neben anderen Merkmalen auch ökologische oder soziale Merkmale oder eine Kombination dieser Merkmale bewirbt. Das Anlageziel und die Anlagepolitik des Teilfonds sind im Anhang des Teilfonds dargelegt. Der Fondsmanager ist der Ansicht, dass eine hohe Korrelation zwischen dem langfristigen finanziellen Erfolg und der Rentabilität einer Anlage und ihrem Nachhaltigkeitsprofil besteht. Daher ist er bestrebt, als integralen Bestandteil seines Anlageprozesses eine messbare Bewertung der positiven ESG-Merkmale der Anlagen des Teilfonds vorzunehmen, um die Umwelt- und/oder Sozial- und/oder Unternehmensführungspraktiken zu bewerben, die für den Sektor, in dem die jeweilige Anlage getätigt wird, am wesentlichsten sind.
Der Fondsmanager strebt für den Teilfonds die Erzielung von Alpha an, indem er in Aktien investiert, die entscheidende Lösungen für ökologische und soziale Herausforderungen bieten, und indem er Short-Derivate auf Aktien einsetzt, die im Hinblick auf solche Herausforderungen schlecht positioniert sind.
Gemäss Anlagevorschlag des Fondsmanagers für den Teilfonds werden Unternehmen, die Lösungen für ökologische und soziale Herausforderungen, wie z. B. Dekarbonisierungstechnologien, landwirtschaftliche Technologien zur Erhaltung der Bodenqualität und der Artenvielfalt, oder Lösungen, die eine Kreislaufwirtschaft fördern, anbieten, im Laufe der Zeit eine überdurchschnittliche Performance erzielen, da die Nachfrage nach ihren Produkten schneller steigen wird als nach jenen von Konkurrenten. Umgekehrt werden Unternehmen, die Produkte und Dienstleistungen anbieten, die nicht auf Nachhaltigkeitstrends ausgerichtet sind, einen Rückgang der Nachfrage und eine Erosion ihrer Renditen erleben.
Ungeachtet der Ziele oder des Anlagevorschlags des Fondsmanagers kann es keine Garantie für die Wertentwicklung von Unternehmen geben, in die der Teilfonds investiert.
Bei der Beurteilung der ESG-Merkmale berücksichtigt der Fondsmanager unter anderem Folgendes:
Systematisches ESG-Screening und -Scoring
- Screening von Unternehmen mit der vom Fondsmanager entwickelten TerreNeuve-ESG-Rating-Methode, die relevante Informationen zu Nachhaltigkeitsindikatoren umfasst, die Klima- und andere umweltbezogene Indikatoren (Treibhausgasemissionen, Energieleistung,Biodiversität, Wassernutzung, Abfallmanagement), Sozial- und Arbeitnehmerbelange, die Achtung der Menschenrechte sowie Korruptions- und Bestechungsbekämpfung abdecken ("die TerreNeuve-Rating-Methode"). Darüber hinaus stuft der Fondsmanager Unternehmen anhand von Unternehmensführungsfaktoren wie Managementqualität, Rechnungslegungs- und Steuerstandards und -praktiken sowie Anreizsystemen ein.
- Die TerreNeuve-Rating-Methode ermöglicht dem Fondsmanager, innerhalb des Anlageuniversums des Teilfonds die 15% der Unternehmen zu ermitteln, die am schlechtesten abschneiden. Dieses Scoring- und Ratingsystem ist zudem "wesentlichkeitsorientiert" und identifiziert somit den relevantesten Nachhaltigkeitsrahmen für jede Branche, was eine Konzentration auf die wichtigsten ESG-Themen, die ein bestimmtes Unternehmen betreffen können, ermöglicht. Die TerreNeuve-Rating-Methode wird am Ende dieses Berichts ausführlicher beschrieben.
- Der Fondsmanager ist bestrebt, in die Unternehmen mit den höchsten Scores zu investieren, während er bei den Unternehmen mit den niedrigsten Scores Short-Derivate einsetzt, sofern nicht objektive Gründe dagegensprechen. Ohne den Fondsmanager zu bestimmten Beschränkungen zu verpflichten, vermeidet es der Fondsmanager im Allgemeinen, Long-Positionen in Unternehmen einzugehen, deren Scoring im Bereich der untersten 15% des Universums des Teilfonds liegt. Die Entscheidung, eine Position in einem Unternehmen einzugehen, liegt jedoch im alleinigen Ermessen des Fondsmanagers. Der Fondsmanager ist der Ansicht, dass ein Anlageverfahren, das ausschliesslich auf den Ergebnissen eines automatisierten negativen Screenings basiert, nicht notwendigerweise zur Bewerbung von ESG- Merkmalen führt und dass unter Umständen ein zukunftsgerichtetes qualitatives Urteil erforderlich ist. Dies kann insbesondere der Fall sein bei Unternehmen, die auf eine kohlenstoffärmere Wirtschaft umstellen.

Ausschlüsse
- Umstrittene Waffen – Ausschluss von Unternehmen, die direkt oder über Beteiligungen an umstrittenen Waffen (Produktion, Forschung und Entwicklung, Wartung/Dienstleistungen/Management, Systemintegration, Tests, Verkauf/Handel) beteiligt sind. In den Geltungsbereich dieser Ausschlussbestimmung fallen Waffen, die durch die Ottawa-Konvention zum Verbot von Antipersonenminen (in Kraft seit 1999), das Übereinkommen über Streumunition (Oslo-Konvention) von 2008, die Biowaffenkonvention (Biological WeaponsConvention, BWC) von 1972 sowie das Chemiewaffenübereinkommen (CWÜ) von 1993 verboten oder geächtet sind. Ausgeschlossen sind darüber hinaus abgereichertes Uran und weisser Phosphor.
- Tabak – Ausschluss von Unternehmen, die mehr als 10% ihrer Einnahmen entweder aus der Herstellung von Tabakprodukten oder dem Einzelhandel mit Tabakprodukten/-dienstleistungen erzielen.

Beschränkungen
- Kohle sowie unkonventionelles Öl und Gas – Der Fondsmanager ist bestrebt, Anlagen in die folgenden Unternehmen zu beschränken: KraftwerkskohleBergbau – Unternehmen, die mehr als 10% ihrer Einnahmen aus dem Abbau von Kraftwerkskohle erzielen. Stromerzeugung – Unternehmen, die mehr als 10% ihrer Einnahmen aus der Stromerzeugung aus Kohle erzielen.

Unkonventionelles Öl und Gas – Unternehmen, die insgesamt mehr als 10% ihrer Einnahmen aus der Exploration von Teersanden, Schiefergas und Erdöl sowie der Öl- und Gasförderung in der Arktis erzielen.
- Wesentliche Verstösse gegen die Prinzipien des UN Global Compact – Der Fondsmanager ist bestrebt, für Rechnung des Teilfonds keine Long-Positionen in Unternehmen einzugehen, die in die schwersten Verstösse gegen die Prinzipien des UN Global Compact ("Kontroversen der höchsten Stufe") verwickelt sind.
- Die Entscheidung, ein Unternehmen im Rahmen der oben genannten Beschränkungen auszuschliessen, liegt im alleinigen Ermessen des Fondsmanagers. Der Fondsmanager ist der Ansicht, dass ein Prozess, der ausschliesslich auf absoluten Ausschlüssen basiert (ausser im Fall von umstrittenen Waffen und Tabak), nicht notwendigerweise zu einer Bewerbung von ESG-Merkmalen führt und dass eine zukunftsgerichtete qualitative Beurteilung erforderlich sein kann. Dies kann beispielsweise insbesondere bei Unternehmen der Fall sein, die in eine Kontroverse der höchsten Stufe verwickelt sind, bei der das Unternehmen den Sachverhalt erkannt, ein Fehlverhalten eingeräumt, Abhilfemassnahmen ergriffen und Rückstellungen für potenzielle Verbindlichkeiten gebildet hat.

Quantitative und qualitative Überprüfung von Geschäftspraktiken und Geschäftsmodellen
- Aktive Überprüfung der folgenden Nachhaltigkeitsdatenpunkte (verfügbar zur Überprüfung über verschiedene historische Zeiträume) durch den Fondsmanager, um ihn bei der Bewertung des Beitrags eines Unternehmens zu einer kreislauforientierten, effizienten, integrativen und sauberen (Circular, Lean, Inclusive and Clean) CLIC™-Wirtschaft zu unterstützen:
	- Überprüfung des Scorings nach der TerreNeuve-Rating-Methode, die Indikatoren zu Treibhausgasemissionen, Energieleistung, Biodiversität, Wassernutzung, Abfallmanagement, Sozial- und Mitarbeiterangelegenheiten, Achtung der Menschenrechte sowie Korruptions- und Bestechungsbekämpfung umfasst.
	- Überprüfung der Klimaausrichtung eines Unternehmens unter Berücksichtigung nicht nur der Kohlenstoffbilanz (Höhe der Emissionen, die ein Unternehmen heute produziert), sondern auch der Temperaturausrichtung (Berücksichtigung der erwarteten, zukünftigen Emissionen eines Unternehmens und des Grades ihrer Übereinstimmung mit den Emissionszielen sowie etwaiger Verpflichtungen zu Klimazielen).
	- Überprüfung der Geschäftsaktivitäten eines Unternehmens, um zu beurteilen, wie das Geschäftsmodell sowie die Produkte und Dienstleistungen des Unternehmens durch ökologische und soziale Trends/durch den Übergang zur CLIC™-Wirtschaft beeinflusst werden.

- Diese Datenpunkte sollen dem Fondsmanager dabei helfen, die Geschäftspraktiken und -tätigkeiten eines Unternehmens zu analysieren, um festzustellen, ob das Unternehmen auf lange Sicht nachhaltig sein kann.
- Der Fondsmanager ist der Ansicht, dass es neben einer historischen Beurteilung von ESG-Scores oder einem Vergleich mit einer ESG- basierten Benchmark zwingend eine zukunftsgerichtete und aktive Beurteilung des Nachhaltigkeitsprofils eines Unternehmens braucht, um die langfristige Lebensfähigkeit eines Unternehmens richtig zu verstehen.

Engagement
- Der Fondsmanager ist bestrebt, durch sein Engagement nachhaltige Geschäftspraktiken zu bewerben und nachhaltige Geschäftsmodelle zu fördern, die dazu beitragen, den Klimawandel einzudämmen und sich an ihn anzupassen, und den Übergang zu einem CLIC™- Wirtschaftsmodell begünstigen. Der Fondsmanager engagiert sich gemäss einem unternehmensweiten Rahmen für strategische Prioritäten bei Portefeuilleunternehmen und verfolgt Fortschritte gegenüber den Engagementzielen aktiv, um Ergebnisse auf geeignete Weise zu messen. Der Fondsmanager hat die drei folgenden Prioritäten:
	- Förderung des Übergangs von Unternehmen zu profitablen Netto-Null-Geschäftsmodellen unter Verwendung der Oxford-Martin- Prinzipien für klimabewusste Investitionen (Oxford Martin Principles for Climate-Conscious Investment Framework);
	- Engagement für verbesserte Offenlegungen (i) bei Unternehmen mit beschränkter Berichterstattung, die im untersten Quintil des unternehmenseigenen ESG-Modells des Fondsmanagers liegen; und (ii) bei Unternehmen, die bereits Bericht erstatten, die jedoch die Offenlegung unter der Rubrik der Arbeitsgruppe zur Klimaberichterstattung des FSB verbessern könnten;
	- Engagement bei Unternehmen ohne ESG-Rating.

- Die Engagements basieren auf strategischen Prioritäten, und der Umfang des Engagements ist nicht unbedingt proportional zur Grösse der Bestände im Portefeuille des Teilfonds.

Vom Teilfonds beworbene umwelt- und/oder sozial- und/oder Unternehmensführungspraktiken
Der Anlageprozess des Fondsmanagers ist darauf ausgelegt, eine Beurteilung der ESG-Praktiken vorzunehmen, die für die Unternehmen, in die der Teilfonds investiert, am wesentlichsten sind. Dabei verwendet er die am Ende dieser Offenlegung beschriebene Material-Mapping-Methode.
Der Fondsmanager bevorzugt für den Teilfonds Unternehmen, die einen positiven Beitrag zu Umwelt- und Sozialthemen leisten können, und ist bestrebt, in führende Unternehmen folgender Bereiche zu investieren: erneuerbare Energien, Wasserstoffwirtschaft, Kreislaufwirtschaft,
nachhaltige Landwirtschaft, saubere Mobilität, Ressourceneffizienz, Gesundheit und Wellness, Wasser, digitale Enabler, Zugang zu Bildung. Jede Entscheidung, in ein Unternehmen zu investieren, liegt im alleinigen Ermessen des Fondsmanagers.
Kein nachhaltiges Investitionsziel
Eine nachhaltige Investition gehört nicht zu den Zielen des Teilfonds.
Verbindliche Elemente der Anlagestrategie zur Erreichung der vom Teilfonds beworbenen ESG-Merkmale
Der Ausschluss von Unternehmen, die mit umstrittenen Waffen bzw. Tabak zu tun haben, ist ein absolutes Verbot, das nicht ausser Kraft gesetzt werden kann. Was andere Verfahren, Beurteilungen, Filter und Beschränkungen betrifft, auf die in diesem Anhang Bezug genommen wird, liegt es bei Anlageentscheidungen im alleinigen Ermessen des Fondsmanagers, sicherzustellen, dass dennoch eine qualitative Beurteilung des ESG- Profils eines Unternehmens vorgenommen werden kann, u. a., wenn Daten fehlen oder veraltet sind oder der Fondsmanager der Ansicht ist, dass
Engagement und Stewardship zu einer effektiveren und positiven Veränderung der Geschäftspraktiken führen können, die sich möglicherweise auf ESG-Merkmale auswirken.
Kontinuierliche Basis des Beurteilungsprozesses des Fondsmanagers
Der Anlageprozess des Fondsmanagers ist dynamisch und darauf ausgelegt, sich an veränderte Marktbedingungen, Datenerfassungen und Entwicklungen der globalen Nachhaltigkeitsanalyse anzupassen, und kann sich daher im Laufe der Zeit ändern.
Mindestvermögensallokation in nachhaltige Investitionen für diesen Teilfonds
Für diesen Teilfonds besteht keine angestrebte Mindestallokation in nachhaltige Investitionen. Die tatsächliche Allokation in nachhaltige Investitionen ist ein Produkt des oben beschriebenen ESG-Beurteilungsprozesses.
Wahrscheinliche Auswirkungen von Nachhaltigkeitsrisiken auf die Renditen des Teilfonds
Die wahrscheinlichen Auswirkungen von Nachhaltigkeitsrisiken sind schwer zu quantifizieren. Der Fondsmanager ist der Ansicht, dass die Umwelt-, Sozial- und Unternehmensführungspraktiken eines Unternehmens eng mit seinem langfristigen Erfolg verbunden sind und dass Unternehmen mit ESG-gerechten Geschäftspraktiken und -abläufen eher erfolgreich sind und langfristigen Wert schaffen. Es besteht jedoch keine Garantie für die Wertentwicklung einzelner Unternehmen, in die der Teilfonds investiert, oder für die Rendite des gesamten Portefeuilles des Teilfonds.
Referenzwert
Der Teilfonds bezieht sich nicht auf einen Referenzwert, der sich an ESG-Kriterien orientiert.
Die TerreNeuve-Rating-Methode
Vor dem Hintergrund seines Rahmens für nachhaltige Investitionen betrachtet der Fondsmanager die Geschäftspraktiken von Unternehmen in Bezug auf ihr breites Ökosystem von Anspruchsgruppen. Der Fondsmanager hat eine unternehmenseigene ESG-Wesentlichkeits-Rating- Methode entwickelt, die es ihm ermöglicht, sich auf Um-welt-, Sozial- und Unternehmensführungsdimensionen zu konzentrieren, die für ein
Unternehmen entlang seiner Wertschöpfungskette wirklich wichtig sind. Das unternehmenseigene Rahmenwerk des Fondsmanagers mit zehn Kategorien spiegelt die Hauptdimensionen potenzieller ESG-Chancen und -Risiken entlang der Wertschöpfungskette eines Unternehmens wider. Dazu gehören vorgelagerte Risiken, die sich vorwiegend auf die Lieferkette oder die Nutzung natürlicher Ressourcen beziehen, operationelle Risiken, die sich direkt auf die direkten Produktions- und Betriebsprozesse eines Unternehmens beziehen, sowie nachgelagerte Risiken, die
sich auf die potenziellen negativen Auswirkungen der verkauften Produkte und Dienstleistungen beziehen. Für die Erstellung der Ratings werden Rohdaten von verschiedenen spezialisierten Anbietern verwendet, die unter anderem Informationen zu Treibhausgasemissionen, Energieleistung, Biodiversität, Wassernutzung, Abfallmanagement, Sozial- und Arbeitnehmerbelangen, Achtung der Menschenrechte sowie Korruptions- und Bestechungsbekämpfung enthalten. Darüber hinaus stuft der Fondsmanager Unternehmen anhand von Unternehmensführungsfaktoren wie Managementqualität, Rechnungslegungs- und Steuerstandards und -praktiken sowie Anreizsystemen ein.
Der Fondsmanager identifiziert und stuft die wesentlichsten ESG-Dimensionen für rund 90 Level-4-Subindustrien des GICS (Global Industry Classification Standard) ein, die in der ESG-Wesentlichkeits-Heatmap des Fondsmanagers erfasst sind. Für jedes Unternehmen berechnet der Fondsmanager einen Score von 0 bis 100, in den die Wesentlichkeit einbezogen wird, indem er die Informationen, die aufgrund ihrer spezifischen Branche eine grössere Bedeutung haben, übergewichtet und allgemeine Informationen, die weniger relevant sind, untergewichtet. Diese Scores ermöglichen es dem Fondsmanager, jedem Unternehmen ein ESG-Rating von 0 bis 100 zuzuordnen und Unternehmen innerhalb von Sektoren und sektorübergreifend zu vergleichen. Die TerreNeuve-Rating-Methode verbessert die Fähigkeit des Fondsmanagers, die Fortschritte eines Unternehmens bei den wichtigsten sektorspezifischen Themen für die langfristige Nachhaltigkeit zu überwachen und mit ihm über diese wesentlichen Themen zu sprechen.
C-1.8
Anwendbar auf die folgenden Teilfonds:
- All Roads Conservative
- All Roads
- All Roads GrowthEinstufung des Teilfonds gemäss SFDRDie Verwaltungsgesellschaft stufte den Teilfonds als Finanzprodukt ein, das Artikel 8 der SFDR untersteht.

Dieser Teilfonds bewirbt ökologische oder soziale Merkmale, verfolgt jedoch nicht das Ziel einer nachhaltigen Anlage. Er investiert nicht in nachhaltige Anlagen.
Welche ökologischen und/oder sozialen Merkmale werden durch dieses Finanzprodukt beworben?
Der Teilfonds verfolgt keine spezifischen ökologischen und/oder sozialen Ziele. Die Einbeziehung von Nachhaltigkeitsrisikoüberlegungen in den Anlageentscheidungsprozess durch den Fondsmanager zielt darauf ab, das breite Spektrum an ökologischen und sozialen Merkmalen zu bewerben, denen die zugrunde liegenden Anlagen des Teilfonds ausgesetzt sein können.
Welche Nachhaltigkeitsindikatoren werden verwendet, um das Erreichen der von diesem Teilfonds beworbenen ökologischen oder sozialen Merkmale zu messen?
Der Fondsmanager verwendet über 150 nachhaltigkeitsorientierte Datenpunkte, um das ökologische und soziale Profil der zugrunde liegenden Anlagen des Teilfonds zu analysieren. Diese Datenpunkte umfassen die wichtigsten negativen Nachhaltigkeitsindikatoren, die von der SFDR festgelegt wurden und die folgenden Themen abdecken:
- Treibhausgasemissionen;
- Temperaturbeitrag;
- Energieleistung;
- Biodiversität;
- Wassernutzung;
- Abfallwirtschaft;
- Soziale und Arbeitnehmerbelange;
- Menschenrechte;
- Korruptions- und Bestechungsbekämpfung.

Der Fondsmanager verwendet die ESG/CAR-Industrial-Materiality-Rating-Methode von Lombard Odier, um das direkte Engagement des Teilfonds in Einzelunternehmensanleihen und Aktien zu analysieren und zu bewerten. Die ESG/CAR-Industrial-Materiality-Rating-Methode von Lombard Odier untersucht die Geschäftspraktiken von Unternehmen in Bezug auf ihr breites Ökosystem von Stakeholdern. Hierbei werden eine proprietäre ESG-Wesentlichkeits-Heatmap und -Rating-Methode verwendet, die es dem Fondsmanager ermöglichen, sich auf die ökologischen, sozialen
und Governance-Dimensionen zu konzentrieren, die für ein Unternehmen in seiner gesamten Wertschöpfungskette wirklich wichtig sind. Weitere Informationen über die ESG/CAR-Industrial-Materiality-Rating-Methode von Lombard Odier finden Sie in Schema I.
Für das direkte Engagement des Teilfonds in Single-Name-Staatsanleihen ergänzt der Fondsmanager seine traditionelle Bonitätsbewertung von Staatsanleihen mit einem Analyserahmen, der Nachhaltigkeitsrisikofaktoren auf ganzheitliche Weise einbezieht. Neben den üblichen Makrokriterien werden bei der Risikobewertung von Staatsanleihen breitere ESG-Überlegungen integriert. Der Fondsmanager hat ein hauseigenes Modell (die
"LO-Sovereign-Scoring-Methode") entwickelt, um die Ausrichtung staatlicher Emittenten an Menschen- und Umweltrechtsstandards sowie an den Zielen für nachhaltige Entwicklung der Vereinten Nationen (SDGs) unabhängig zu bewerten. Das Modell deckt ein breites Spektrum an Umwelt-, Sozial- und Unternehmensführungsthemen ab, darunter Ungleichheiten, sozialer Zusammenhalt, Qualität der öffentlichen Dienstleistungen, Wasser- und Nahrungsmittelversorgung, Energiesicherheit, Eindämmung der globalen Erwärmung und Widerstandsfähigkeit, Schutz der Biodiversität, Umweltverschmutzung, regulatorische Wirksamkeit, institutionelle Stärke und politische Stabilität. Eine Auswahl höchst zuverlässiger Datensätze, die von verschiedenen supranationalen Gremien, Universitäten, Forschungsinstituten und grossen Nichtregierungsorganisationen stammen, wird als Grundlage für die Anlageentscheidungen verwendet. Die gesammelten Daten werden in Indikatoren von 0 bis 100 Punkten
normalisiert. In die Methode eingebettet ist die auf den Komponenten "Consciousness" (Bewusstsein), "Action" (Massnahmen) und "Result" (Ergebnisse) basierende unternehmenseigene "CAR"-Methode des Fondsmanagers, bei der die "R"-Komponente – an definitive Ergebnisse geknüpfte Indikatoren – übergewichtet wird.
Welche Anlagestrategie verfolgt dieser Teilfonds?
Der Teilfonds setzt eine Asset-Allocation-Strategie für Anleihen, andere fest- oder variabel verzinsliche Schuldtitel und kurzfristige Schuldtitel, die von staatlichen oder nichtstaatlichen Emittenten begeben oder garantiert werden, Wandelanleihen, Aktien, Währungen und/oder Zahlungsmittel und Zahlungsmitteläquivalente, die auf Währungen der OECD-Staaten und/oder der Emerging Markets lauten, um. Ausführliche Angaben zum Anlageziel und zur Anlagepolitik des Teilfonds finden Sie in Anhang A dieses Prospekts.
Wenn der Teilfonds ein direktes Engagement in den Zielvermögenswerten des Teilfonds hat, ist der Fondsmanager in der Lage, Investitionen auf der Grundlage ihres Nachhaltigkeitsprofils und ihres Beitrags zu ökologischen oder sozialen Zielen zu analysieren und auszuwählen. Wenn der Teilfonds ein indirektes Engagement in den Zielvermögenswerten des Teilfonds hat, insbesondere bei Derivaten, die sich auf Indizes oder
Indexkörbe beziehen, ist es nicht möglich, Anlagen auf der Grundlage ihres Nachhaltigkeitsprofils und ihres Beitrags zu ökologischen oder sozialen Zielen auszuwählen.
Für die Zwecke dieser Veröffentlichung bedeutet die Bezeichnung "direktes Engagement" Anlagen in namentlich genannte Unternehmen oder staatliche Emittenten (entweder durch Instrumente, die direkt vom betreffenden Unternehmen oder Staat ausgegeben werden, oder durch Derivate) bzw. die sich auf solche beziehen. Unter der Bezeichnung "indirektes Engagement" sind Anlagen in Indizes oder Indexkörbe (in der Regel durch Derivate) zu verstehen bzw. Anlagen, die sich auf solche beziehen.
Die Strategie des Teilfonds ist dynamisch, und der Anteil des Anlageportefeuilles des Teilfonds, der ein direktes oder indirektes Engagement in den Zielvermögenswerten des Teilfonds hat, wird je nach Marktbedingungen schwanken.
Welches sind die verbindlichen Elemente der Anlagestrategie, die bei der Auswahl der Anlagen zur Erreichung der einzelnen von diesem Teilfonds beworbenen ökologischen oder sozialen Merkmale verwendet werden?
Der Teilfonds schliesst direkte Engagements in Unternehmen aus, die gemäss den Konventionen der Vereinten Nationen mit umstrittenen Waffen (biologische und chemische Waffen, Antipersonenminen, Streuwaffen, abgereichertes Uran, weisser Phosphor) zu tun haben, d. h. sie herstellen, mit ihnen handeln oder sie lagern. Mit Ausnahme von abgereichertem Uran und weissem Phosphor wurden die Herstellung und der Einsatz solcher Waffen durch internationale Verträge verboten oder geächtet, und zwar durch die Biowaffenkonvention (BWK) von 1972, das
Chemiewaffenübereinkommen (CWÜ) von 1993, den Ottawa-Vertrag über ein Verbot von Landminen (in Kraft seit 1999) und das Übereinkommen über Streumunition (Oslo-Konvention) von 2008.
Wenn der Teilfonds ein direktes Engagement in Aktien, Anleihen oder anderen festverzinslichen Instrumenten hält, ist der Fondsmanager bestrebt, die folgenden Beschränkungen anzuwenden (die jedoch nicht verbindlich sind):
Tabak, Kohle sowie unkonventionelles Öl und Gas – Der Fondsmanager ist bestrebt, Anlagen in die folgenden Unternehmen zu beschränken:
Tabak – Unternehmen, die mehr als 10% ihrer Einnahmen entweder aus der Herstellung von Tabakprodukten oder dem Einzelhandel mit Tabakprodukten/-dienstleistungen erzielen.
Kraftwerkskohle
Bergbau – Unternehmen, die mehr als 10% ihrer Einnahmen aus dem Abbau von Kraftwerkskohle erzielen. Stromerzeugung – Unternehmen, die mehr als 10% ihrer Einnahmen aus der Kohleverstromung erzielen.
Unkonventionelles Öl und Gas – Unternehmen, die insgesamt mehr als 10% ihrer Einnahmen aus der Exploration von Teersanden, Schiefergas und
-öl sowie Öl- und Gasförderung in der Arktis erzielen.
Wesentliche Verstösse gegen die Grundsätze des Global Compact der Vereinten Nationen, die OECD-Leitlinien für multinationale Unternehmen, die UN-Leitprinzipien für Wirtschaft und Menschenrechte und die ihnen zugrunde liegenden Konventionen – Unternehmen, die an den schwersten Verstössen gegen diese Normen beteiligt sind ("Highest Level Controversies").
Wie wird diese Strategie laufend im Anlageverfahren umgesetzt?
Die Anlagestrategie des Teilfonds umfasst eine breite Palette von Anlageklassen, Instrumenten und Prozessen. Die Art und Weise, wie Nachhaltigkeitserwägungen in den Anlageentscheidungsprozess integriert werden, bleibt dynamisch, passt sich an die sich ändernde Zusammensetzung des Anlageportefeuilles des Teilfonds, die Marktbedingungen, die Datenabdeckung sowie die Entwicklungen in der globalen Nachhaltigkeitsanalyse an und kann sich daher im Laufe der Zeit ändern.
Wie hoch ist der festgelegte Mindestsatz, um den Umfang der vor der Anwendung dieser Anlagestrategie in Betracht gezogenen Anlagen zu verringern?
Es gibt keinen festgelegten Mindestsatz, um den Umfang der Anlagen zu verringern, die vor der Anwendung der Anlagestrategie des Teilfonds in Betracht gezogen werden.
Wie können die Governance-Praktiken der Portefeuilleunternehmen beurteilt werden?
Wenn der Teilfonds ein direktes Engagement in Aktien, Anleihen oder anderen festverzinslichen Instrumenten hält, die von Unternehmen ausgegeben werden, bewertet der Fondsmanager das Governance-Profil eines Unternehmens anhand der ESG/CAR-Industrial-Materiality-Rating- Methode von Lombard Odier und ist bestrebt, Unternehmen mit einem Rating von D oder niedriger auszuschliessen. Der Fondsmanager kann diesen Schwellenwert jederzeit nach eigenem Ermessen anpassen.
Wo kann ich weitere Details zur Anlagestrategie finden?
Auf der Website der Lombard Odier Gruppe: www.loim.com
Wie erreicht der Derivateinsatz die von dem Finanzprodukt beworbenen ökologischen oder sozialen Merkmale?
Derivate können aus verschiedenen Gründen eingesetzt werden, unter anderem zum Risikomanagement. Wird über Derivate (z. B. Single Name Futures) ein direktes Engagement in den Zielvermögenswerten des Teilfonds erreicht, ist der Fondsmanager in der Lage, eine ähnliche Analyse der ökologischen oder sozialen Glaubwürdigkeit eines zugrunde liegenden Referenzemittenten vorzunehmen wie bei einer Anlage in den zugrunde liegenden Emittenten selbst. Dies ist nicht möglich, wenn sich die Derivate auf Indizes mit mehreren zugrunde liegenden Referenzemittenten oder Indexkörbe beziehen.
Wie tragen nachhaltige Anlagen zur Erreichung eines nachhaltigen Anlageziels bei und laufen keinem nachhaltigen Anlageziel zuwider?
Der Teilfonds geht keine Verpflichtung ein, in "nachhaltige Anlagen" im Sinne der SFDR zu investieren. Die ESG/CAR-Industrial-Materiality-Rating- Methode von Lombard Odier umfasst jedoch eine Bewertung des Ausmasses, in dem die Geschäftspraktiken eines Unternehmens ökologische oder soziale Ziele erheblich beeinträchtigen können, gemessen an der Nutzung von Energie, erneuerbaren Energien, Rohstoffen, Wasser und Boden, an der Abfallproduktion und den Treibhausgasemissionen oder an den Auswirkungen auf die Biodiversität und die Kreislaufwirtschaft, soziale und Arbeitnehmerbelange, Menschenrechte, Korruptions- und Bestechungsbekämpfung.
Wie werden Indikatoren für nachteilige Auswirkungen auf Nachhaltigkeitsfaktoren berücksichtigt?
Nachteilige Auswirkungen auf Nachhaltigkeitsfaktoren sind diejenigen Auswirkungen von Anlageentscheidungen und -beratung, die zu negativen Effekten auf ökologische, soziale und Personalangelegenheiten, die Einhaltung der Menschenrechte sowie die Bekämpfung von Korruption und Bestechung führen. Sie werden wie folgt berücksichtigt:
- Indikator Nummer 14 für nachteilige Nachhaltigkeitsauswirkungen in Tabelle 1, Anhang I der SFDR-Level-2-Massnahmen (in Entwurfsform) bezüglich des Engagements in umstrittenen Waffen (Antipersonenminen, Streumunition, chemische und biologische Waffen) wird durch die oben beschriebene Ausschlussregel des Fondsmanagers in Bezug auf Investitionen berücksichtigt.
- Indikator Nummer 10 für nachteilige Nachhaltigkeitsauswirkungen in Tabelle 1, Anhang I der SFDR-Level-2-Massnahmen (in Entwurfsform) bezüglich Verstössen gegen die Prinzipien des UN Global Compact und gegen die OECD-Leitsätze für multinationale Unternehmen wird über die oben beschriebene Anlagebeschränkung für schwerwiegende Kontroversen umgesetzt und auch durch den Fondsmanager in das unternehmenseigene ESG-Materiality-Rating über eine Ratingstrafe einbezogen.
- Andere Indikatoren für nachteilige Nachhaltigkeitsauswirkungen in Tabelle 1, Anhang I der SFDR-Level-II-Massnahmen (in Entwurfsform) werden bei der Bewertung des direkten Engagements in den Zielvermögenswerten des Teilfonds vollständig in die ESG/CAR-Industrial- Materiality-Rating-Methode von Lombard Odier und die LO-Sovereign-Scoring-Methode eingebettet. Für Unternehmensemittenten wird die Gewichtung der negativen Nachhaltigkeitsindikatoren gemäss dem internen Wesentlichkeitsrahmen des Fondsmanagers festgelegt, derdie Exposition der verschiedenen Branchen gegenüber den Nachhaltigkeitsherausforderungen definiert. Die Gewichtung der Indikatoren für nachteilige Nachhaltigkeitsauswirkungen kann daher je nach Portefeuillezusammensetzung und Branchenexponierung variieren (z. B. werden Wasser- oder Abfallmetriken untergewichtet, wenn sie für die Aktivitäten des Portefeuilleunternehmens nicht relevant sind). Bei staatlichen Emittenten werden die Indikatoren für nachteilige Nachhaltigkeitsauswirkungen nach dem CAR-Gewichtungsschema des Fondsmanagers gewichtet (Ergebnisse werden im Vergleich zu den Indikatoren für Massnahmen und Bewusstsein übergewichtet).
- Die übrigen Indikatoren für nachteilige Nachhaltigkeitsauswirkungen in Tabelle 2 (Umwelt) und Tabelle 3 (Soziales), Anhang I der SFDR- Level-II-Massnahmen (in Entwurfsform) sind, sofern verfügbar, in das ESG-Materiality-Rating des Fondsmanagers integriert.

Die Art und Weise der Berücksichtigung der Indikatoren für nachteilige Nachhaltigkeitsauswirkungen kann sich in Abhängigkeit von verschiedenen Faktoren, wie der sich ändernden Zusammensetzung des Anlageportefeuilles des Teilfonds, den Marktbedingungen, der Datenabdeckung und den Entwicklungen in der globalen Nachhaltigkeitsanalyse, im Zeitablauf ändern.
Stehen nachhaltige Anlagen in Einklang mit den OECD-Leitsätzen für multinationale Unternehmen und den UN-Leitprinzipien für Wirtschaft und Menschenrechte?
Einzelheiten:
k.A. Der Teilfonds verpflichtet sich nicht, einen bestimmten Anteil des Vermögens des Teilfonds in nachhaltige Anlagen zu investieren.
Berücksichtigt dieser Teilfonds die wichtigsten nachteiligen Auswirkungen auf Nachhaltigkeitsfaktoren?
Ja  
Nein 
Kann ich weitere Informationen zum Teilfonds im Internet finden?
Weitere produktspezifische Informationen finden Sie auf der Website der Lombard Odier Gruppe: www.loim.com.
Ist ein bestimmter Index als Referenzbenchmark vorgesehen, um die Ausrichtung dieses Teilfonds an den von ihm beworbenen ökologischen oder sozialen Merkmalen zu ermitteln?
Ja	
Nein 
Wie unterscheidet sich der vorgesehene Index von einem einschlägigen Gesamtmarktindex?
k.A.
Wie wird die Referenzbenchmark laufend an jedem der vom Teilfonds beworbenen ökologischen oder sozialen Merkmale und an der Anlagestrategie ausgerichtet?
k.A.
Wahrscheinliche Auswirkungen von Nachhaltigkeitsrisiken auf die Renditen des Teilfonds
Die wahrscheinlichen Auswirkungen von Nachhaltigkeitsrisiken sind schwer zu quantifizieren. Der Fondsmanager ist der Ansicht, dass die Umwelt-, Sozial- und Unternehmensführungspraktiken eines Unternehmens eng mit seinem langfristigen Erfolg verbunden sind und dass Unternehmen mit ESG-gerechten Geschäftspraktiken und -abläufen eher erfolgreich sind und langfristigen Wert schaffen. Es kann jedoch keine Garantie für die Wertentwicklung des Portefeuilles des Teilfonds abgegeben werden.
C-1.9
Anwendbar auf den folgenden Teilfonds:
- Fallen Angels RecoveryEinstufung des Teilfonds gemäss SFDRDie Verwaltungsgesellschaft hat den Teilfonds als Finanzprodukt eingestuft, das Artikel 8 der SFDR untersteht.

Bewerbung ökologischer und/oder sozialer Merkmale
Der Teilfonds ist ein Finanzprodukt, das neben anderen Merkmalen auch ökologische oder soziale Merkmale oder eine Kombination dieser Merkmale bewirbt. Das Anlageziel und die Anlagepolitik des Teilfonds sind im Anhang des Teilfonds dargelegt. Es wird festgehalten, dass der Teilfonds, sofern in diesem Kapitel nicht anders angegeben, nicht das Ziel oder die Verpflichtung hat, in Anlagen zu investieren, die als "nachhaltige Investitionen" im Sinne der SFDR gelten. Der Fondsmanager ist jedoch der Ansicht, dass eine hohe Korrelation zwischen dem langfristigen finanziellen Erfolg und der Rentabilität einer Anlage und ihrem Nachhaltigkeitsprofil besteht. Daher ist er bestrebt, als integralen Bestandteil seines Anlageprozesses eine messbare Bewertung der positiven ESG-Merkmale der Anlagen des Teilfonds vorzunehmen, um die
Umwelt- und/oder Sozial- und/oder Unternehmensführungspraktiken zu bewerben, die für den Sektor, in dem die jeweilige Anlage getätigt wird, am wesentlichsten sind.
Bei der Bewertung der ESG-Merkmale berücksichtigt der Fondsmanager unter anderem Folgendes:
Systematisches ESG-Screening und -Scoring
- Screening von Unternehmen mittels der ESG/CAR-Industrial-Materiality-Rating-Methode von Lombard Odier, die relevante Informationen zu jedem der SFDR-fokussierten Nachhaltigkeitsindikatoren wie Treibhausgasemissionen, Energieleistung, Biodiversität, Wassernutzung, Abfallmanagement, Sozial- und Arbeitnehmerbelange, Menschenrechte sowie Korruptions- und Bestechungsbekämpfung einbezieht. Die ESG/CAR-Industrial-Materiality-Rating-Methode von Lombard Odier ermöglicht es dem Fondsmanager, innerhalb des Anlageuniversums des Teilfonds die 20% der Unternehmen zu ermitteln, die am schlechtesten abschneiden. Dieses Scoring- und Ratingsystem ist zudem "wesentlichkeitsorientiert" und identifiziert somit den relevantesten Nachhaltigkeitsrahmen für jede Branche, was eine Konzentration auf die wichtigsten ESG-Themen, die ein bestimmtes Unternehmen betreffen können, ermöglicht. Es zielt ferner darauf ab, Unternehmen, die lediglich Bewusstsein demonstrieren, von solchen, die messbare Ergebnisse erzielen, zu unterscheiden (CAR-Rahmen: Consciousness [Bewusstsein], Actions [Massnahmen], Results [Ergebnisse]). In Schema I wird die ESG/CAR-Industrial-Materiality-Rating-Methode von Lombard Odier eingehender beschrieben.
- Der Fondsmanager verwendet das oben erwähnte Screening- und Scoring-Verfahren im Rahmen seiner Anlagebeurteilung. Der Fondsmanager ist nicht bestrebt, die 20% der Unternehmen, die am schlechtesten abschneiden, automatisch auszuschliessen, da dies in einem bereits eingeschränkten Markt zu einer geringeren Anzahl von Unternehmen führen würde. Das Verfahren dient ihm vielmehr als Richtschnur, und er versucht in der Regel, in Unternehmen mit höheren Scores zu investieren. Die auf dem Screening basierende Entscheidung, ein Unternehmen auszuschliessen oder in ein Unternehmen zu investieren, liegt jedoch im alleinigen Ermessen des Fondsmanagers. Zudem ist der Fondsmanager der Ansicht, dass ein Eliminierungsverfahren, das ausschliesslich auf den Ergebnissen eines automatisierten negativen Screenings basiert, nicht notwendigerweise zur Bewerbung von ESG-Merkmalen führt und dass unter Umständen ein zukunftsgerichtetes qualitatives Urteil erforderlich ist. Dies kann beispielsweise insbesondere bei Unternehmen der Fall sein, die auf eine kohlenstoffärmere Wirtschaft umstellen.

Ausschlüsse
- Unternehmen, die direkt oder über Eigentum mit umstrittenen Waffen (Produktion, Forschung und Entwicklung, Wartung/Dienstleistungen/ Management, Systemintegration, Tests, Verkauf/Handel) zu tun haben, werden ausgeschlossen. In den Geltungsbereich dieser Ausschlussbestimmung fallen Waffen, die durch die Ottawa-Konvention zum Verbot von Antipersonenminen (in Kraft seit 1999), das Übereinkommen über Streumunition (Oslo-Konvention) von 2008, die Biowaffenkonvention (Biological Weapons Convention, BWC) von 1972 sowie das Chemiewaffenübereinkommen (CWÜ) von 1993 verboten oder geächtet sind. Ausgeschlossen sind darüber hinaus abgereichertes Uran und weisser Phosphor.

Beschränkungen
- Tabak, Kohle sowie unkonventionelles Öl und Gas – Der Fondsmanager ist bestrebt, Anlagen in die folgenden Unternehmen zu beschränken:Tabak – Unternehmen, die mehr als 10% ihrer Einnahmen entweder aus der Herstellung von Tabakprodukten oder dem Einzelhandel mit Tabakprodukten/-dienstleistungen erzielen.

Kraftwerkskohle
Bergbau – Unternehmen, die mehr als 10% ihrer Einnahmen aus dem Abbau von Kraftwerkskohle erzielen. Stromerzeugung – Unternehmen, die mehr als 10% ihrer Einnahmen aus der Stromerzeugung aus Kohle erzielen.
Unkonventionelle Öl- und Gasförderung – Unternehmen, die insgesamt mehr als 10% ihrer Einnahmen aus der Exploration von Teersanden, Schiefergas und Erdöl sowie Öl- und Gasförderung in der Arktis erzielen.
- Wesentliche Verstösse gegen die Prinzipien des UN Global Compact – Der Fondsmanager ist bestrebt, Anlagen in Unternehmen zu beschränken, die in die schwersten Verstösse gegen die Prinzipien des UN Global Compact ("Highest Level Controversies", Kontroversen der höchsten Stufe) verwickelt sind.
- Die Entscheidung, ein Unternehmen im Rahmen der oben genannten Beschränkungen auszuschliessen, liegt im alleinigen Ermessen des Fondsmanagers. Der Fondsmanager ist der Ansicht, dass ein Prozess, der ausschliesslich auf absoluten Ausschlüssen basiert (ausser im Fall von umstrittenen Waffen), nicht notwendigerweise zu einer Bewerbung von ESG-Merkmalen führt und dass unter Umständen eine zukunftsgerichtete qualitative Beurteilung erforderlich ist. Dies kann insbesondere der Fall sein bei Unternehmen, die auf einekohlenstoffärmere Wirtschaft umstellen oder bei denen Stewardship und Engagement zu einer effektiveren und positiven Veränderung der Geschäftspraktiken führen können, die sich auf ESG-Merkmale auswirken.

Quantitative und qualitative Überprüfung von Geschäftspraktiken und Geschäftsmodellen
- Aktive Überprüfung der folgenden Nachhaltigkeitsdatenpunkte (verfügbar zur Überprüfung über verschiedene historische Zeiträume) durch den Fondsmanager, um ihn bei der Bewertung des Beitrags eines Unternehmens zu einer kreislauforientierten, effizienten, integrativen und sauberen (Circular, Lean, Inclusive and Clean) CLIC™-Wirtschaft zu unterstützen:
	- Überprüfung von Scoring/Ratings im Rahmen der ESG/CAR-Industrial-Materiality-Rating-Methode von Lombard Odier, die relevante Informationen zu jedem der SFDR-fokussierten Nachhaltigkeitsindikatoren einbezieht.
	- Überprüfung der Klimaausrichtung eines Unternehmens unter Berücksichtigung nicht nur der Kohlenstoffbilanz (Höhe der Emissionen, die ein Unternehmen heute produziert), sondern auch der Temperaturausrichtung (Berücksichtigung der erwarteten, zukünftigen Emissionen eines Unternehmens und des Grades der Übereinstimmung dieser Emissionen mit etwaigen Verpflichtungen zu Klimazielen).
	- Überprüfung der Geschäftsaktivitäten eines Unternehmens, um zu beurteilen, wie das Geschäftsmodell sowie die Produkte und Dienstleistungen des Unternehmens durch den Übergang zur CLIC™-Wirtschaft beeinflusst werden.

- Diese Datenpunkte sollen dem Fondsmanager dabei helfen, die Geschäftspraktiken und -tätigkeiten eines Unternehmens zu analysieren, um festzustellen, ob das Unternehmen auf lange Sicht nachhaltig sein kann.
- Der Fondsmanager ist der Ansicht, dass es neben einer historischen Beurteilung von ESG-Scores oder einem Vergleich mit einer ESG- basierten Benchmark zwingend eine zukunftsgerichtete und aktive Beurteilung des Nachhaltigkeitsprofils eines Unternehmens braucht, um die langfristige Lebensfähigkeit eines Unternehmens richtig zu verstehen.

Bevorzugung grüner Anleihen
- Soweit möglich, bevorzugt der Fondsmanager grüne, nachhaltige und soziale Anleihen. Die Möglichkeit, in grüne Anleihen zu investieren, hängt von der Verfügbarkeit, dem Profil und der Bewertung ab. Daher kann sich der Fondsmanager nicht verpflichten, einen bestimmten Teil des Portefeuilles des Teilfonds in grüne Anleihen zu investieren.

Engagement
Der Fondsmanager verfolgt bei seinem Engagement einen Ansatz auf Unternehmens- und auf Teilfondsebene.
Unternehmensebene – Der Fondsmanager ist bestrebt, durch sein Engagement nachhaltige Geschäftspraktiken zu bewerben und nachhaltige Geschäftsmodelle zu fördern, die dazu beitragen, den Klimawandel einzudämmen und sich an ihn anzupassen, und den Übergang zu einem CLIC™-Wirtschaftsmodell begünstigen. Der Fondsmanager engagiert sich gemäss einem unternehmensweiten Rahmen für strategische Prioritäten bei Portefeuilleunternehmen und verfolgt Fortschritte gegenüber den Engagementzielen aktiv, um Ergebnisse auf geeignete Weise zu messen. Der Fondsmanager hat folgende Prioritäten:
- Förderung des Übergangs von Unternehmen zu rentablen Netto-Null-Geschäftsmodellen unter Verwendung der Oxford-Martin-Prinzipien für klimabewusste Investitionen (Oxford Martin Principles for Climate-Conscious Investment Framework);
- Engagement für verbesserte Offenlegungen (i) bei Unternehmen mit beschränkter Berichterstattung, die im untersten Quintil des unternehmenseigenen Wesentlichkeits-ESG-Modells des Fondsmanagers liegen; (ii) bei Unternehmen, die bereits Bericht erstatten, die jedoch die Offenlegung unter der Rubrik der Arbeitsgruppe zur Klimaberichterstattung des FSB verbessern könnten;
- Engagement bei Unternehmen, die sich gemäss der in Schema II des SFDR-Anhangs beschriebenen SFDR-Methode zur Messung der wichtigsten nachteiligen Auswirkungen negativ auf die SFDR-fokussierten Nachhaltigkeitsindikatoren auswirken;
- Engagement bei Unternehmen ohne ESG-Rating.

Die Engagements auf Unternehmensebene widerspiegeln die Bestände aller vom Fondsmanager verwalteten Portefeuilles und umfassen nicht zwingend Unternehmen, die im Portefeuille des Teilfonds enthalten sind. Die Engagements auf Unternehmensebene basieren auf
strategischen Prioritäten, und der Umfang des Engagements ist nicht unbedingt proportional zur Grösse der Bestände in den vom Fondsmanager verwalteten Portefeuilles. Das Engagement auf Unternehmensebene ist dynamisch, und der Fondsmanager behält sich das Recht vor, seine Engagementstrategie jederzeit anzupassen.
Teilfondsebene – Auf Teilfondsebene ist der Fondsmanager bestrebt, sich bei kleineren im Portefeuille des Teilfonds enthaltenen Unternehmen, die niedrigere ESG-, Kohlenstoffintensitäts- und Temperaturausrichtungs-Scores aufweisen, zu engagieren, wenn der Beitrag dieser Unternehmen zu einer CLIC™-Wirtschaft stärker beeinflusst werden kann als jener der grösseren im Portefeuille des Teilfonds enthaltenen Unternehmen.
Der Fondsmanager überwacht die Unternehmen, bei denen er sich engagiert, über einen mehrjährigen Zeitrahmen hinweg und reduziert das Engagement in Unternehmen, wenn Verbesserungen ausbleiben.
Vom Teilfonds beworbene umwelt- und/oder sozial- und/oder Unternehmensführungspraktiken
Der Anlageprozess des Fondsmanagers ist darauf ausgelegt, eine Beurteilung der ESG-Praktiken vorzunehmen, die für die Unternehmen, in die der Teilfonds investiert, am wesentlichsten sind, wobei die in Schema I beschriebene ESG/CAR-Industrial-Materiality-Rating-Methode von Lombard Odier verwendet wird.
Kein nachhaltiges Investitionsziel
Eine nachhaltige Investition gehört nicht zu den Zielen des Teilfonds.
Verbindliche Elemente der Anlagestrategie zur Erreichung der vom Teilfonds beworbenen ESG-Merkmale
Der Ausschluss von Unternehmen, die mit umstrittenen Waffen zu tun haben, ist ein absolutes Verbot, das nicht ausser Kraft gesetzt werden kann. Die Investition in Unternehmen mit höheren ESG-Scores ist kein verbindliches Anlageziel, und die Beschränkungen in Bezug auf Unternehmen,
die ein wesentliches Engagement in den Bereichen Tabak, Kohle und unkonventionelles Öl und Gas aufweisen oder die Kontroversen der höchsten Stufe, wie oben beschrieben, ausgesetzt sind, sind keine absoluten Verbote. Es liegt im Ermessen des Fondsmanagers, sicherzustellen, dass dennoch eine qualitative Beurteilung des ESG-Profils eines Unternehmens vorgenommen werden kann, u. a., wenn Daten fehlen oder veraltet sind oder der Fondsmanager der Ansicht ist, dass Engagement und Stewardship zu einer effektiveren und positiven Veränderung der Geschäftspraktiken führen können, die sich auf die ESG-Merkmale auswirken.
Kontinuierliche Basis des Beurteilungsprozesses des Fondsmanagers
Der Anlageprozess des Fondsmanagers ist dynamisch und darauf ausgelegt, sich an veränderte Marktbedingungen, Datenerfassungen und Entwicklungen der globalen Nachhaltigkeitsanalyse anzupassen, und kann sich daher im Laufe der Zeit ändern.
Mindestvermögensallokation in nachhaltige Investitionen für diesen Teilfonds
Für diesen Teilfonds besteht keine angestrebte Mindestallokation in nachhaltige Investitionen. Die tatsächliche Allokation in nachhaltige Investitionen wird ein Produkt des oben beschriebenen ESG-Beurteilungsprozesses sein.
Wahrscheinliche Auswirkungen von Nachhaltigkeitsrisiken auf die Renditen des Teilfonds
Die wahrscheinlichen Auswirkungen von Nachhaltigkeitsrisiken sind schwer zu quantifizieren. Der Fondsmanager ist der Ansicht, dass die Umwelt-, Sozial- und Unternehmensführungspraktiken eines Unternehmens eng mit seinem langfristigen Erfolg verbunden sind und dass Unternehmen mit ESG-gerechten Geschäftspraktiken und -abläufen eher erfolgreich sind und langfristigen Wert schaffen. Es besteht jedoch keine Garantie für die Wertentwicklung einzelner Unternehmen, in die der Teilfonds investiert, oder für die Rendite des Portefeuilles des Teilfonds insgesamt.
Referenzwert
Der Teilfonds bezieht sich nicht auf einen Referenzwert, der sich an ESG-Kriterien orientiert.
C-1.10
Anwendbar auf den folgenden Teilfonds:
- Generation GlobalDie in diesem Abschnitt verwendeten Begriffe haben die Bedeutungen, die im Glossar des Prospekts sowie nachfolgend definiert werden: Fokusliste	bezeichnet die Liste von Unternehmen, die der Fondsmanager im Rahmen seines Bottom-up-Auswahlverfahrens und der Berücksichtigung von ESG-Merkmalen, wie nachstehend näher beschrieben, führt;Fondsmanager	bezeichnet Generation Investment Management LLP;MQ und BQ	bezeichnet die Managementqualität (MQ) und die Unternehmensqualität (BQ). Dabei handelt es sich um Messgrössen, die der Fondsmanager bei der Entscheidung über die Aufnahme, Beibehaltung und Streichung von Unternehmen der Fokusliste anwendet.

Einstufung des Teilfonds gemäss SFDR
Die Verwaltungsgesellschaft hat den Teilfonds als Finanzprodukt eingestuft, das Artikel 8 der SFDR untersteht.
Bewerbung ökologischer und/oder sozialer Merkmale
Der Teilfonds ist ein Finanzprodukt, das neben anderen Merkmalen auch ökologische oder soziale Merkmale oder eine Kombination dieser Merkmale bewirbt. Das Anlageziel und die Anlagepolitik des Teilfonds sind im Anhang des Teilfonds dargelegt. Es wird festgehalten, dass der Teilfonds, sofern in diesem Abschnitt nicht anders angegeben, nicht das Ziel oder die Verpflichtung hat, in Anlagen zu investieren, die als "nachhaltige Investitionen" im Sinne der SFDR gelten.
Die Anlagestrategie des Teilfonds zielt darauf ab, das Nachhaltigkeitsresearch in eine rigorose fundamentale Aktienanalyse zu integrieren. Der Fondsmanager ist der Ansicht, dass langfristiges Aktienresearch eine breite, systemische Sicht auf künftige Geschäftsrisiken und -chancen erfordert, indem ESG-Herausforderungen von Unternehmen der ganzen Welt erkannt werden. Im Mittelpunkt der Anlagephilosophie des Fondsmanagers steht die Überzeugung, dass sich ESG-Faktoren direkt auf die langfristige Rentabilität von Unternehmen auswirken.
Die ESG-Dynamik wird als fester Bestandteil der Umsetzung der Anlagestrategie des Teilfonds betrachtet. Der Fondsmanager setzt im Allgemeinen keine "Screens" oder "Filter" als Teil seines Anlageprozesses ein. Vielmehr ist er der Ansicht, dass sein Portefeuilleprozess eine ESG-Analyse
in jede Anlageentscheidung einbezieht und dass dieser Prozess infolgedessen auf natürliche Weise von denjenigen Aktien abweicht, die typischerweise durch einen listenbasierten Ansatz herausgefiltert werden. Ein solcher listenbasierter Ansatz würde typischerweise die Verwendung einer Benchmark und Ausschlüsse von dieser beinhalten, wohingegen der Teilfonds nicht nach einer Benchmark verwaltet wird 
1
.
Da der Fondsmanager der Ansicht ist, dass ESG-Faktoren eng mit dem langfristigen Wert verbunden sind, wird die Trennung einer solchen Analyse von seinen Finanzmodellen als kontraproduktiv zu seiner Anlagephilosophie angesehen. Vielmehr ist die Integration von ESG-Research in die fundamentale Aktienanalyse ein fester Bestandteil dieser Philosophie und untermauert seinen Anlageprozess.
Als Alternative zu der weit verbreiteten Anlagestrategie des extrinsischen Screenings von Anlagen bilden die nachfolgend beschriebenen Schritte das Kernstück des Prozesses des Fondsmanagers. Die ESG-Dynamik wird während des gesamten Anlageprozesses berücksichtigt. Daraus
folgt, dass es keine taktischen oder strategischen Allokationen in bestimmte Länder/Regionen, Branchen/Sektoren oder Währungen gibt und dass alle eingegangenen Positionen das Ergebnis eines "Bottom-up"-Aktienauswahlprozesses sind. Der nachstehend dargelegte Prozess des Fondsmanagers veranschaulicht, wie der Fondsmanager die vom Teilfonds beworbenen ökologischen und sozialen Merkmale bewertet und wie die Good-Governance-Praktiken von Unternehmen beurteilt werden. Er zeigt auch, wie die Identifizierung von Nachhaltigkeitsrisiken in den Anlageentscheidungsprozess des Fondsmanagers integriert ist. Dies geschieht auf die folgende Weise:
- Roadmaps. Der Fondsmanager entwickelt "Roadmaps", die den Anlageprozess einleiten und den Analysten und dem breiteren Team die Möglichkeit bieten, Faktoren zu untersuchen, die sektorale und globale Trends vorantreiben, während sie ihr Verständnis der Investmentlandschaft vertiefen. Roadmaps können einen breiteren Fokus haben, auf Regionen und Länder oder ESG-Themen (frühereBeispiele waren Europa und China, nachhaltiges Reisen oder Wasserstoffenergie), aber typischerweise konzentrieren sie sich auf Sektoren und Untersektoren. Unabhängig davon ermöglichen Roadmaps dem Team des Fondsmanagers, ESG-Themen (einschliesslich Risiken)zu identifizieren, die für bestimmte Sektoren relevant und wesentlich sind. Durch die Erstellung einer Roadmap auf diese Weise ist1  Wie bereits erwähnt, orientiert sich die Verwaltung des Teilfonds nicht an einem Index.

das Anlageteam in der Lage, eine Vorlage dafür zu erstellen, was seiner Meinung nach ein qualitativ hochstehendes Unternehmen und Managementteam für den jeweiligen Sektor sein könnte, und wird somit auf die Teile des Marktes gelenkt, in denen seiner Meinung nach eine solche solide Gruppe von Unternehmen wahrscheinlich vorhanden ist. Mithilfe ihres Roadmap-Researchs erstellen die Analysten des Fondsmanagers eine Liste potenzieller Unternehmen für die weitere Analyse.
- Focus List. Es folgt ein detailliertes Unternehmensresearch, bis entweder der Analyst feststellt, dass das untersuchte Unternehmen die Qualitätsschwellen nicht erfüllen wird, oder der Analyst bereit ist, seinen Kollegen im Investmentteam eine umfassende Anlagethesezu diesem Unternehmen zu präsentieren. Dies wird als "Focus List"-Präsentation bezeichnet. Diese Phase orientiert sich an den robusten Kriterien für Managementqualität (MQ) und Geschäftsqualität (BQ). Zu den berücksichtigten Aspekten gehören sektorale Markteintrittsbarrieren, die Stabilität des Unternehmens und die Ausrichtung der Anreize des Managements, die wichtige Komponenten bei der Beurteilung von ESG-Faktoren darstellen. Zum Beispiel berücksichtigen die Analysten unter anderem folgende Faktoren:
- Faires Geschäft: Liefert das Unternehmen seine Produkte/Dienstleistungen auf eine Weise, die die langfristige Zufriedenheit seiner Kunden ohne unfaire Wettbewerbsmethoden fördert?
- Umweltverträglichkeit: Liefert das Unternehmen seine Produkte im Einklang mit einer nachhaltigen Umwelt?
- Mitarbeitende: Entlohnt das Unternehmen seine Mitarbeitenden fair und bewirtschaftet es Risiken im Zusammenhang mit Talenten?
- Nachhaltiger Konsum: Bietet das Unternehmen Produkte und Dienstleistungen an, die mit einem nachhaltigen Konsumverhalten vereinbar sind?
- Datenrisiko: Schützt das Unternehmen sensible Daten vor Angreifern und stellt es sicher, dass die Privatsphäre der Kunden respektiert wird?
- Änderung des regulatorischen Umfelds: Bestehen für das Unternehmen wesentliche Risiken durch eine Änderung des globalen geopolitischen oder regulatorischen Umfelds?
- Nichtnachhaltige Kunden: Bietet das Unternehmen eine wesentliche Menge an Produkten für Kunden an, die einem nichtnachhaltigen Ökosystem angehören?

Das gesamte Investmentteam nimmt an diesem Prozess teil und verwendet diese Kriterien, um Unternehmen anhand seines BQ/
MQ-Rankingsystems zu bewerten, wobei 1 der höchste und 5 der niedrigste Score ist. Ein Unternehmen muss hinsichtlich BQ wie auch MQ einen Score von 3 oder weniger erreichen, um in die Focus List aufgenommen zu werden.
- Kaufentscheidung. Wird ein Unternehmen in die Focus List aufgenommen, kann es von den Portfoliomanagern des Fondsmanagers für die Aufnahme in das Portefeuille ausgewählt werden, wenn diese nach eigenem Ermessen entscheiden, dass diese Aktie ein ausreichendes "Upside"-Potenzial aufweist. Der Fondsmanager ist bestrebt, nur in Unternehmen zu investieren, die in die Focus Listaufgenommen wurden. Um etwaige Zweifel auszuräumen, wird festgehalten, dass eine Aufnahme in die Focus List nicht zwangsläufig zum Kauf der Wertpapiere eines Unternehmens führt. Es ist möglich, dass in ein Unternehmen, auch wenn es in die Focus List aufgenommen wurde, nie im Rahmen des Portefeuilles investiert wird. Dies kann vorkommen, wenn die Portfoliomanager der Ansicht sind, dass es sich zwar um ein Unternehmen handelt, in das sie gerne investieren würden, das aber ihrer Meinung nach keinen guten Wert darstellt. Die Zusammensetzung der Focus List wird in regelmässigen Abständen überprüft, und Unternehmen, die die für die Aufnahme in die Liste festgelegten Kriterien nicht mehr erfüllen, werden entfernt. Nach der Streichung von der Focus List werden Positionen, die zuvor nicht verkauft wurden, nach dem Ermessen des Fondsmanagers unter Wahrung des besten Interesses der Aktionäre verkauft.

Der Fondsmanager weist potenzielle Anleger darauf hin, dass er zwar versuchen wird, neben anderen Elementen ESG-Faktoren zu identifizieren, die für die Aufnahme von Unternehmen in die Focus List relevant sind, dass es jedoch in einer Reihe von Bereichen weiter an relevanten, vergleichbaren, zuverlässigen und öffentlich verfügbaren Unternehmensdaten mangelt, was eine umfassende und genaue Beurteilung solcher Faktoren behindert. Die Bewertung von ESG-Faktoren ist daher dynamisch und wird sich im Laufe der Zeit mit der Entwicklung der Datenquellen verändern. Selbst dort, wo Daten verfügbar sind, sind deren Auswirkung und/oder Interpretation möglicherweise umstritten. Dies hat mehrere Aspekte, aber das folgende Beispiel veranschaulicht diese breiteren methodischen Grenzen. Daten zu Kohlenstoffemissionen und zum CO2- Fussabdruck sind nicht immer verfügbar, und in den Fällen, in denen sie verfügbar sind, gibt es noch immer umfangreiche Diskussionen über ihre Messung. In einem Herstellungsprozess könnte dies als die Emissionen der Fabrik, die den Artikel herstellt, oder als die Kohlenstoffemissionen der gesamten Lieferkette bis zu dieser Fabrik und zum Endverbraucher dieses Produkts gemessen werden. Aufgrund der jüngsten regulatorischen Bemühungen, den Ansatz für diese und ähnliche Datenerhebungen zu standardisieren, geht der Fondsmanager davon aus, dass sich die Verfügbarkeit, der Umfang und die Genauigkeit von ESG-Daten weiter verbessern werden. Sie werden jedoch eine potenzielle Einschränkung
der Methode bleiben. Darüber hinaus hängen solche Daten von den Bemühungen Dritter ab, und Unterbrechungen oder Ungenauigkeiten bei der Datenlieferung liegen ausserhalb der Kontrolle des Fondsmanagers.
Ausschlüsse
Wie bereits erwähnt, setzt der Fondsmanager im Allgemeinen keine "Screens" oder "Filter" als Teil seines Anlageprozesses ein.
Beschränkungen
Der Fondsmanager investiert nicht in Unternehmen, die nicht in die Focus List aufgenommen wurden. Um etwaige Zweifel auszuräumen, wird festgehalten, dass Absicherungsstrategien, sofern sie zulässig sind, nicht dem Focus-List-Prozess unterstehen und im Ermessen des Fondsmanagers liegen.
Der Fondsmanager investiert nicht wissentlich in Unternehmen:
- die einen wesentlichen Teil (allgemein definiert als mehr als 15%) ihrer Einnahmen aus der Herstellung, dem Verkauf und dem Vertrieb von Tabakprodukten erzielen, von denen bekannt ist, dass ihr Endverbrauch medizinische Schäden verursacht; oder
- die an der Herstellung oder dem Verkauf von Streumunition und Antipersonenminen beteiligt sind.

Der Fondsmanager kann diese Liste der eingeschränkten Investitionen von Zeit zu Zeit ändern. Für den Fall, dass solche Anlagen Teil des Portefeuilles werden (z. B. aufgrund des sich ändernden Geschäftsmodells des betreffenden Unternehmens oder aufgrund unvollständiger oder unklarer Informationen zum Zeitpunkt des Kaufs), wird der Fondsmanager die Position nach seinem Ermessen verkaufen. Um etwaige Zweifel auszuräumen, wird festgehalten, dass der Fondsmanager ansonsten nicht für den Erwerb oder das Halten eines eingeschränkten Wertpapiers haftet, der/das auf eine Neubewertung von Informationen zurückzuführen ist, die der Fondsmanager nach vernünftigem Ermessen für zuverlässig hielt und aufgrund derer er nach Treu und Glauben gehandelt hat. Dabei handelt es sich letztlich um eine Ermessensbewertung und nicht um die Umsetzung einer Regel, die zu einem Verstoss gegen die Anlagerichtlinien führt.
Quantitative und qualitative Überprüfung von Geschäftspraktiken und Geschäftsmodellen
Die oben genannten Kriterien in Bezug auf die Unternehmensqualität und die Managementqualität erfordern auch eine tiefergehende Analyse der Positionierung eines Unternehmens in Bezug auf die wesentlichen und relevanten ESG-Faktoren innerhalb seines Sektors. Wenn der Fondsmanager der Ansicht ist, dass ein Unternehmen seine Geschäftstätigkeit im Hinblick auf die relevanten und wesentlichen ESG-Faktoren, mit denen es konfrontiert ist, nicht angemessen positioniert, wird es nicht in die Focus List aufgenommen (selbst wenn es bei anderen Kriterien
einen hohen Score erreicht hat). Für jedes Unternehmen auf der Focus List wird eine detaillierte Bewertung durch den entsprechenden Analysten durchgeführt und ein Zielpreis und eine Spanne festgelegt.
Der Fondsmanager verfolgt einen selektiven Ansatz. Die Aufnahme eines Unternehmens in die Focus List ist daher das Ergebnis der Bewertung aller (oder nahezu aller, im Falle von Abwesenheiten) Mitglieder des Anlageteams des Fondsmanagers für diese Strategie. Sobald ein Unternehmen in die Focus List aufgenommen wurde, können die Portfoliomanager des Fondsmanagers in dieses investieren. Normalerweise investiert der Fondsmanager zu einem beliebigen Zeitpunkt in etwa 30–60 Aktien aus der Focus List von etwa 130 Namen. Dabei sind diese Zahlen eher Richtlinien als harte Beschränkungen, und sowohl die Anzahl der investierten Aktien aus der Focus List als auch der Umfang der Focus List können im Laufe der Zeit variieren. In der Folge wird zwar kein bestimmter Prozentsatz für die Reduzierung des Teilfonds angestrebt. Es wird jedoch erwartet, dass die Anzahl der für das Portefeuille ausgewählten Wertpapiere auf der Basis des Vorgehens des Fondsmanagers wesentlich geringer ist als das potenziell investierbare Universum 
2 
des Teilfonds. In der Vergangenheit war das Portefeuille im Vergleich zu breiteren Marktindizes tendenziell relativ konzentriert, was bedeutet, dass die Performance einzelner Unternehmen einen unverhältnismässig grösseren Einfluss auf den Wert des Teilfonds haben kann.
Der Fondsmanager überwacht aktiv eine Reihe der wichtigsten Ergebnisse des Portfoliomanagementprozesses, um sicherzustellen, dass die im Portefeuille enthaltenen Aktien sowohl den besten Ideen des Fondsmanagers entsprechen als auch den angemessenen Umfang aufweisen. Eine Neuausrichtung des Portefeuilles oder Verkaufsentscheidungen können erforderlich sein, wenn Marktbewegungen Unternehmen von ihrer
Zielallokation wegführen oder wenn die Zielallokation geändert wird. Der Fondsmanager achtet besonders auf die modellierten Zielrenditen jeder Anlage, die als Wertebereich ausgedrückt werden, sowie auf die Scores für die Unternehmensqualität und die Managementqualität. Änderungen dieser Scores (auch aufgrund von ESG-Faktoren) führen dazu, dass eine Position im Portefeuille neu bewertet wird.
2  
Wie bereits erwähnt, orientiert sich die Verwaltung des Teilfonds nicht an einem Index. Der Teilfonds kann weltweit nach einem weitgehend uneingeschränkten Ansatz anlegen. Ein typischer globaler Index, der
Large- und Mid-Cap-Unternehmen abbildet, könnte mehr als tausend Bestandteile haben, möglicherweise sogar deutlich mehr. Um etwaige Zweifel auszuräumen, wird festgehalten, dass die Benchmark, auf die im Anlageziel und in der Anlagepolitik des Teilfonds Bezug genommen wird, nur zum Performancevergleich herangezogen wird.
Engagement
Im Rahmen seiner Due-Diligence-Prüfung ist der Fondsmanager bestrebt, durch eigenes Research und durch Gespräche mit dem Management eines Unternehmens ein möglichst umfassendes Bild von dessen BQ und MQ zu erhalten. Gespräche bieten die Möglichkeit, mehr über die Unternehmen und deren Management zu erfahren. Während dieses Prozesses informiert der Fondsmanager über Erkenntnisse aus seinem Research, die er als wesentlich für die Unternehmen erachtet. Als ein auf Nachhaltigkeit fokussierter Fondsmanager stellt er fest, dass die Managementteams oft besonderes Interesse daran zeigen, Perspektiven zu erörtern, wie Nachhaltigkeitsfaktoren das Unternehmen und seinen Sektor wesentlich beeinflussen können. Der Fondsmanager überwacht alle Unternehmen auf seiner Focus List, indem er Erkenntnisse aus öffentlichen Daten, aus seinem eigenen Research und aus Gesprächen mit dem Management der Unternehmen berücksichtigt. Gegebenenfalls nimmt der Fondsmanager dann den Dialog zu Themen auf, die er im Rahmen seiner Überwachung identifiziert hat und die seiner Ansicht nach wesentliche Risiken für das Unternehmen mit sich bringen oder im Gegensatz dazu bedeutende Chancen zur Verbesserung seiner Leistung bieten könnten. Wenn aufgrund eines im Rahmen des Überwachungsprozesses identifizierten Risikos die Bewertung der BQ oder MQ unter den Schwellenwert für die Aufnahme in die Focus List sinkt, führt dies tendenziell zur Streichung des Unternehmens von der Focus List. Dabei ist zu beachten, dass es sich hierbei nicht um einen automatischen Prozess handelt und dass das Unternehmen auf der Focus List verbleiben kann, wenn Grund zur Annahme besteht, dass sich die Position verbessern wird.
Zusätzlich zu spezifischen Engagements bei einzelnen Unternehmen engagieren wir uns bei Unternehmen auf der Focus List auch bei Themen wie Diversität und Klimakrise, die der Fondsmanager als wesentlich für alle Unternehmen erachtet. Die Anlageanalysten des Fondsmanagers sind für die Überwachung der Unternehmen und die Kontaktaufnahme mit ihnen zuständig.
Vom Teilfonds beworbene umwelt- und/oder sozial- und/oder Unternehmensführungspraktiken
Ein wichtiger Teil der Gestaltung des Anlageprozesses des Fondsmanagers ist eine Bewertung der ESG-Praktiken, die für die Unternehmen, in die der Teilfonds investiert, als am wesentlichsten erachtet werden.
Kein nachhaltiges Investitionsziel
Eine nachhaltige Investition gehört nicht zu den Zielen des Teilfonds.
Verbindliche Elemente der Anlagestrategie zur Erreichung der vom Teilfonds beworbenen ESG-Merkmale
Der Fondsmanager darf nur in Unternehmen investieren, die in die Focus List aufgenommen wurden. Darüber hinaus ist der Fondsmanager bestrebt, nicht in Unternehmen zu investieren, die an der Herstellung, dem Verkauf und dem Vertrieb von Tabakprodukten sowie Streumunition und Antipersonenminen beteiligt sind (wie oben weiter ausgeführt).
Jede Entscheidung, ausserhalb dieser Parameter zu investieren, liegt im alleinigen Ermessen des Fondsmanagers. Es liegt im Ermessen des Fondsmanagers, sicherzustellen, dass dennoch eine qualitative Beurteilung des ESG-Profils eines Unternehmens vorgenommen werden kann,
u. a., wenn Daten fehlen oder veraltet sind oder der Fondsmanager der Ansicht ist, dass Engagement und Stewardship zu einer effektiveren und positiven Veränderung der Geschäftspraktiken führen können, die sich auf die ESG-Merkmale auswirken.
Mindestvermögensallokation in nachhaltige Investitionen für diesen Teilfonds
Für diesen Teilfonds besteht keine angestrebte Mindestallokation in nachhaltige Investitionen. Die tatsächliche Allokation in nachhaltige Investitionen wird ein Produkt des oben beschriebenen ESG-Beurteilungsprozesses sein.
Wahrscheinliche Auswirkungen von Nachhaltigkeitsrisiken auf die Renditen des Teilfonds
Die wahrscheinlichen Auswirkungen von Nachhaltigkeitsrisiken sind schwer zu quantifizieren. Der Fondsmanager ist der Ansicht, dass die Umwelt-, Sozial- und Unternehmensführungspraktiken eines Unternehmens eng mit seinem langfristigen Erfolg verbunden sind und dass Unternehmen mit ESG-gerechten Geschäftspraktiken und -abläufen eher erfolgreich sind und langfristigen Wert schaffen. Es besteht indessen keine Garantie für die Wertentwicklung einzelner Unternehmen, in die der Teilfonds investiert, oder für die Rendite des Portefeuilles des Teilfonds insgesamt.
Referenzwert
Der Teilfonds bezieht sich weder auf eine Benchmark, die an den ESG-Kriterien ausgerichtet ist, noch orientiert er sich an einer solchen.
C-1.11
Anwendbar auf die folgenden Teilfonds:
- Global BBB-BB Fundamental
- Euro BBB-BB FundamentalEinstufung des Teilfonds gemäss SFDRDie Verwaltungsgesellschaft hat den Teilfonds als Finanzprodukt eingestuft, das Artikel 8 der SFDR untersteht.

Bewerbung ökologischer und/oder sozialer Merkmale
Der Teilfonds ist ein Finanzprodukt, das neben anderen Merkmalen auch ökologische oder soziale Merkmale oder eine Kombination dieser Merkmale bewirbt. Das Anlageziel und die Anlagepolitik des Teilfonds sind im Anhang des Teilfonds dargelegt. Es wird festgehalten, dass der Teilfonds, sofern in diesem Abschnitt nicht anders angegeben, nicht das Ziel oder die Verpflichtung hat, in Anlagen zu investieren, die als "nachhaltige Investitionen" im Sinne der SFDR gelten. Der Fondsmanager ist jedoch der Ansicht, dass eine hohe Korrelation zwischen dem langfristigen finanziellen Erfolg und der Rentabilität einer Anlage und ihrem Nachhaltigkeitsprofil besteht. Daher ist er bestrebt, als integralen Bestandteil seines Anlageprozesses eine messbare Bewertung der positiven ESG-Merkmale der Anlagen des Teilfonds vorzunehmen, um die Umwelt- und/oder Sozial- und/oder Unternehmensführungspraktiken zu bewerben, die für den Sektor, in dem die jeweilige Anlage getätigt wird, am wesentlichsten sind.
Bei der Bewertung der ESG-Merkmale berücksichtigt der Fondsmanager unter anderem Folgendes:
Systematisches ESG-Screening und -Scoring
- Screening von Unternehmen mittels der ESG/CAR-Industrial-Materiality-Rating-Methode von Lombard Odier, die relevante Informationen zu jedem der SFDR-fokussierten Nachhaltigkeitsindikatoren wie Treibhausgasemissionen, Energieleistung, Biodiversität, Wassernutzung, Abfallmanagement, Sozial- und Arbeitnehmerbelange, Menschenrechte sowie Korruptions- und Bestechungsbekämpfung einbezieht. Die ESG/CAR-Industrial Materiality-Rating-Methode von Lombard Odier ermöglicht es dem Fondsmanager, die Unternehmen innerhalb des Anlageuniversums des Teilfonds zu ermitteln, die in Bezug auf Nachhaltigkeitsbelange am schlechtesten abschneiden. Dieses Scoring- und Ratingsystem ist zudem "wesentlichkeitsorientiert" und identifiziert somit den relevantesten Nachhaltigkeitsrahmen für jede Branche, was eine Konzentration auf die wichtigsten ESG-Themen, die ein bestimmtes Unternehmen betreffen können, ermöglicht. Es zielt ferner darauf ab, Unternehmen, die lediglich Bewusstsein demonstrieren, von solchen, die messbare Ergebnisse erzielen, zu unterscheiden (CAR-Rahmen: Consciousness [Bewusstsein], Actions [Massnahmen], Results [Ergebnisse]). In Schema I wird die ESG/CAR-Industrial- Materiality-Rating-Methode von Lombard Odier eingehender beschrieben.
- Für die Alpha-Overlay-Komponente des Portefeuilles des Teilfonds verfolgt der Fondsmanager basierend auf dem Scoring nach der ESG/ CAR-Industrial-Materiality-Rating-Methode von Lombard Odier einen selektiven Ansatz und ist im Allgemeinen bestrebt, nicht in die 20% der Unternehmen zu investieren, die am schlechtesten abschneiden, sofern nicht objektive Gründe dagegensprechen. Jede Entscheidung in Bezug auf eine Eliminierung liegt im alleinigen Ermessen des Fondsmanagers.
- Für die Fundamental-Beta-Komponente des Portefeuilles des Teilfonds ist der Fondsmanager bestrebt, je nach Ergebnissen des Scorings das Engagement in einem Unternehmen um bis zu 15% unter- oder überzugewichten (oder in extremen Situationen ein Unternehmen auszuschliessen). Die Entscheidung zur Unter- oder Übergewichtung liegt im alleinigen Ermessen des Fondsmanagers.
- In Bezug auf den oben beschriebenen Screening-Prozess ist der Fondsmanager der Ansicht, dass ein Eliminierungsverfahren, das ausschliesslich auf den Ergebnissen eines automatisierten negativen Screenings basiert, nicht notwendigerweise zu einer Bewerbung von ESG-Merkmalen führt und dass unter Umständen ein zukunftsgerichtetes qualitatives Urteil erforderlich ist. Dies kann beispielsweise insbesondere bei Unternehmen der Fall sein, die auf eine kohlenstoffärmere Wirtschaft umstellen.

Screening und Scoring der Kohlenstoffintensität
- Was die Fundamental-Beta-Komponente des Portefeuilles des Teilfonds betrifft, so strebt der Fondsmanager eine Unter- oder Übergewichtung des Portefeuilles um bis zu 5% nach Region und 15% nach Sektor, auf der Basis der Kohlenstoffintensitätswerte der Unternehmen, an. Die Entscheidung zur Unter- oder Übergewichtung liegt im alleinigen Ermessen des Fondsmanagers.

Ausschlüsse
- Unternehmen, die direkt oder über Eigentum mit umstrittenen Waffen (Produktion, Forschung und Entwicklung, Wartung/Dienstleistungen/ Management, Systemintegration, Tests, Verkauf/Handel) zu tun haben, werden ausgeschlossen. In den Geltungsbereich dieser Ausschlussbestimmung fallen Waffen, die durch die Ottawa-Konvention zum Verbot von Antipersonenminen (in Kraft seit 1999), das Übereinkommen über Streumunition (Oslo-Konvention) von 2008, die Biowaffenkonvention (Biological Weapons Convention, BWC) von 1972 sowie das Chemiewaffenübereinkommen (CWÜ) von 1993 verboten oder geächtet sind. Ausgeschlossen sind darüber hinaus abgereichertes Uran und weisser Phosphor.

Beschränkungen
- Tabak, Kohle sowie unkonventionelles Öl und Gas – Der Fondsmanager ist bestrebt, Anlagen in die folgenden Unternehmen zu beschränken:Tabak – Unternehmen, die mehr als 10% ihrer Einnahmen entweder aus der Herstellung von Tabakprodukten oder dem Einzelhandel mit Tabakprodukten/-dienstleistungen erzielen.

Kraftwerkskohle
Bergbau – Unternehmen, die mehr als 10% ihrer Einnahmen aus dem Abbau von Kraftwerkskohle erzielen. Stromerzeugung – Unternehmen, die mehr als 10% ihrer Einnahmen aus der Stromerzeugung aus Kohle erzielen.
Unkonventionelle Öl- und Gasförderung – Unternehmen, die insgesamt mehr als 10% ihrer Einnahmen aus der Exploration von Teersanden, Schiefergas und Erdöl sowie Öl- und Gasförderung in der Arktis erzielen.
- Wesentliche Verstösse gegen die Prinzipien des UN Global Compact – Der Fondsmanager ist bestrebt, Anlagen in Unternehmen zu beschränken, die in die schwersten Verstösse gegen die Prinzipien des UN Global Compact ("Highest Level Controversies", Kontroversen der höchsten Stufe) verwickelt sind.
- Die Entscheidung, ein Unternehmen im Rahmen der oben genannten Beschränkungen auszuschliessen, liegt im alleinigen Ermessen des Fondsmanagers. Der Fondsmanager ist der Ansicht, dass ein Prozess, der ausschliesslich auf absoluten Ausschlüssen basiert (ausser im Fall von umstrittenen Waffen), nicht notwendigerweise zu einer Bewerbung von ESG-Merkmalen führt und dass unter Umständen eine zukunftsgerichtete qualitative Beurteilung erforderlich ist. Dies kann insbesondere der Fall sein bei Unternehmen, die auf einekohlenstoffärmere Wirtschaft umstellen oder bei denen Stewardship und Engagement zu einer effektiveren und positiven Veränderung der Geschäftspraktiken führen können, die sich auf ESG-Merkmale auswirken.

Quantitative und qualitative Überprüfung von Geschäftspraktiken und Geschäftsmodellen
- Für die Alpha-Overlay-Komponente des Portefeuilles des Teilfonds aktive Überprüfung der folgenden Nachhaltigkeitsdatenpunkte (verfügbar zur Überprüfung über verschiedene historische Zeiträume) durch den Fondsmanager, um ihn bei der Bewertung des Beitrags eines Unternehmens zu einer kreislauforientierten, effizienten, integrativen und sauberen (Circular, Lean, Inclusive and Clean) CLIC™- Wirtschaft zu unterstützen:
	- Überprüfung von Scoring/Ratings im Rahmen der ESG/CAR-Industrial-Materiality-Rating-Methode von Lombard Odier, die relevante Informationen zu jedem der SFDR-fokussierten Nachhaltigkeitsindikatoren einbezieht.
	- Überprüfung der Klimaausrichtung eines Unternehmens unter Berücksichtigung nicht nur der Kohlenstoffbilanz (Höhe der Emissionen, die ein Unternehmen heute produziert), sondern auch der Temperaturausrichtung (Berücksichtigung der erwarteten, zukünftigen Emissionen eines Unternehmens und des Grades der Übereinstimmung dieser Emissionen mit etwaigen Verpflichtungen zu Klimazielen).
	- Überprüfung der Geschäftsaktivitäten eines Unternehmens, um zu beurteilen, wie das Geschäftsmodell sowie die Produkte und Dienstleistungen des Unternehmens durch den Übergang zur CLIC™-Wirtschaft beeinflusst werden.

- Diese Datenpunkte sollen dem Fondsmanager dabei helfen, die Geschäftspraktiken und -tätigkeiten eines Unternehmens zu analysieren, um festzustellen, ob das Unternehmen auf lange Sicht nachhaltig sein kann.
- Der Fondsmanager ist der Ansicht, dass es neben einer historischen Beurteilung von ESG-Scores oder einem Vergleich mit einer ESG- basierten Benchmark zwingend eine zukunftsgerichtete und aktive Beurteilung des Nachhaltigkeitsprofils eines Unternehmens braucht, um die langfristige Lebensfähigkeit eines Unternehmens richtig zu verstehen.

Bevorzugung grüner Anleihen
- Soweit möglich, bevorzugt der Fondsmanager grüne, nachhaltige und soziale Anleihen. Die Möglichkeit, in grüne Anleihen zu investieren, hängt von der Verfügbarkeit, dem Profil und der Bewertung ab. Daher kann sich der Fondsmanager nicht verpflichten, einen bestimmten Teil des Portefeuilles des Teilfonds in grüne Anleihen zu investieren.

Temperaturbeitrag und ESG-Rating-Vergleich
- Der Fondsmanager ist bestrebt, für das Portefeuille des Teilfonds einen gewichteten durchschnittlichen Temperaturbeitrag zu erzielen, der niedriger ist als jener der Benchmark, die vom Teilfonds verwendet und auf die in seinem Anlageziel und seiner Anlagepolitik Bezug genommen wird.
- Der Fondsmanager ist bestrebt, für das Portefeuille des Teilfonds einen gewichteten durchschnittlichen ESG-Score zu erzielen, der höher ist als jener seiner Benchmark.
- Es besteht keine Garantie, dass ein niedrigerer gewichteter durchschnittlicher Temperaturbeitrag oder ein höherer ESG-Score erzielt werden kann, und der Fondsmanager ist in keiner Weise an ein Ziel oder eine Vorgabe zur Erreichung dieser Ziele gebundenEngagementDer Fondsmanager verfolgt bei seinem Engagement einen Ansatz auf Unternehmens- und auf Teilfondsebene.

Unternehmensebene – Der Fondsmanager ist bestrebt, durch sein Engagement nachhaltige Geschäftspraktiken zu bewerben und nachhaltige Geschäftsmodelle zu fördern, die dazu beitragen, den Klimawandel einzudämmen und sich an ihn anzupassen, und den Übergang zu einem CLIC™-Wirtschaftsmodell begünstigen. Der Fondsmanager engagiert sich gemäss einem unternehmensweiten Rahmen für strategische Prioritäten bei Portefeuilleunternehmen und verfolgt aktiv Fortschritte gegenüber den Engagementzielen, um Ergebnisse auf angemessene Weise zu messen. Der Fondsmanager hat folgende Prioritäten:
- Förderung des Übergangs von Unternehmen zu rentablen Netto-Null-Geschäftsmodellen unter Verwendung der Oxford-Martin-Prinzipien für klimabewusste Investitionen (Oxford Martin Principles for Climate-Conscious Investment Framework);
- Engagement für verbesserte Offenlegungen (i) bei Unternehmen mit beschränkter Berichterstattung, die im untersten Quintil des unternehmenseigenen Wesentlichkeits-ESG-Modells des Fondsmanagers liegen; (ii) bei Unternehmen, die bereits Bericht erstatten, die jedoch die Offenlegung unter der Rubrik der Arbeitsgruppe zur Klimaberichterstattung des FSB verbessern könnten;
- Zusammenarbeit mit Unternehmen, die sich gemäss der in Schema II des SFDR-Anhangs beschriebenen SFDR-Methode zur Messung der wichtigsten nachteiligen Auswirkungen negativ auf die SFDR-fokussierten Nachhaltigkeitsindikatoren auswirken;
- Engagement bei Unternehmen ohne ESG-Rating.

Die Engagements auf Unternehmensebene widerspiegeln die Bestände aller vom Fondsmanager verwalteten Portefeuilles und umfassen nicht zwingend Unternehmen, die im Portefeuille des Teilfonds enthalten sind. Die Engagements auf Unternehmensebene basieren auf
strategischen Prioritäten, und der Umfang des Engagements ist nicht unbedingt proportional zur Grösse der Bestände in den vom Fondsmanager verwalteten Portefeuilles. Das Engagement auf Unternehmensebene ist dynamisch, und der Fondsmanager behält sich das Recht vor, seine Engagementstrategie jederzeit anzupassen.
Teilfondsebene – Auf Teilfondsebene ist der Fondsmanager bestrebt, sich bei kleineren im Portefeuille des Teilfonds enthaltenen Unternehmen, die niedrigere ESG-, Kohlenstoffintensitäts- und Temperaturausrichtungs-Scores aufweisen, zu engagieren, wenn der Beitrag dieser Unternehmen zu einer CLIC™-Wirtschaft stärker beeinflusst werden kann als jener der grösseren im Portefeuille des Teilfonds enthaltenen Unternehmen.
Der Fondsmanager überwacht die Unternehmen, bei denen er sich engagiert, über einen mehrjährigen Zeitrahmen hinweg und reduziert das Engagement in Unternehmen, wenn Verbesserungen ausbleiben.
Vom Teilfonds beworbene umwelt- und/oder sozial- und/oder Unternehmensführungspraktiken
Der Anlageprozess des Fondsmanagers ist darauf ausgelegt, eine Beurteilung der ESG-Praktiken vorzunehmen, die für die Unternehmen, in die der Teilfonds investiert, am wesentlichsten sind, wobei die
in Schema I beschriebene ESG/CAR-Industrial-Materiality-Rating-Methode von Lombard Odier verwendet wird.
Kein nachhaltiges Investitionsziel
Eine nachhaltige Investition gehört nicht zu den Zielen des Teilfonds.
Verbindliche Elemente der Anlagestrategie zur Erreichung der vom Teilfonds beworbenen ESG-Merkmale
Der Ausschluss von Unternehmen, die mit umstrittenen Waffen zu tun haben, ist ein absolutes Verbot, das nicht ausser Kraft gesetzt werden kann.
Das Eliminieren oder Untergewichten von Unternehmen mit den niedrigsten Scores sowie von Unternehmen, die ein wesentliches Engagement in den Bereichen Tabak, Kohle und unkonventionelles Öl und Gas aufweisen oder die Kontroversen der höchsten Stufe, wie oben beschrieben, ausgesetzt sind, ist nicht zwingend. Es liegt im Ermessen des Fondsmanagers, sicherzustellen, dass dennoch eine qualitative Beurteilung des
ESG-Profils eines Unternehmens vorgenommen werden kann, u. a., wenn Daten fehlen oder veraltet sind oder der Fondsmanager der Ansicht ist, dass Engagement und Stewardship zu einer effektiveren und positiven Veränderung der Geschäftspraktiken führen können, die sich auf die ESG- Merkmale auswirken.
Kontinuierliche Basis des Beurteilungsprozesses des Fondsmanagers
Der Anlageprozess des Fondsmanagers ist dynamisch und darauf ausgelegt, sich an veränderte Marktbedingungen, Datenerfassungen und Entwicklungen der globalen Nachhaltigkeitsanalyse anzupassen, und kann sich daher im Laufe der Zeit ändern.
Mindestvermögensallokation in nachhaltige Investitionen für diesen Teilfonds
Für diesen Teilfonds besteht keine angestrebte Mindestallokation in nachhaltige Investitionen. Die tatsächliche Allokation in nachhaltige Investitionen wird ein Produkt des oben beschriebenen ESG-Beurteilungsprozesses sein.
Wahrscheinliche Auswirkungen von Nachhaltigkeitsrisiken auf die Renditen des Teilfonds
Die wahrscheinlichen Auswirkungen von Nachhaltigkeitsrisiken sind schwer zu quantifizieren. Der Fondsmanager ist der Ansicht, dass die Umwelt-, Sozial- und Unternehmensführungspraktiken eines Unternehmens eng mit seinem langfristigen Erfolg verbunden sind und dass Unternehmen mit ESG-gerechten Geschäftspraktiken und -abläufen eher erfolgreich sind und langfristigen Wert schaffen. Es besteht indessen keine Garantie für die Wertentwicklung einzelner Unternehmen, in die der Teilfonds investiert, oder für die Rendite des Portefeuilles des Teilfonds insgesamt.
Referenzwert
Der Teilfonds bezieht sich nicht auf einen Referenzwert, der sich an ESG-Kriterien orientiert.
C-1.12
Anwendbar auf die folgenden Teilfonds:
- Ultra Low Duration (USD)
- Ultra Low Duration (EUR)
- Short-Term Money Market (EUR)
- Short-Term Money Market (USD)
- Short-Term Money Market (GBP)
- Short-Term Money Market (CHF)Einstufung des Teilfonds gemäss SFDRDie Verwaltungsgesellschaft hat den Teilfonds als Finanzprodukt eingestuft, das Artikel 8 der SFDR untersteht.

Bewerbung ökologischer und/oder sozialer Merkmale
Der Teilfonds ist ein Finanzprodukt, das neben anderen Merkmalen auch ökologische oder soziale Merkmale oder eine Kombination dieser Merkmale bewirbt. Das Anlageziel und die Anlagepolitik des Teilfonds sind im Anhang des Teilfonds dargelegt. Es wird festgehalten, dass der Teilfonds, sofern in diesem Abschnitt nicht anders angegeben, nicht das Ziel oder die Verpflichtung hat, in Anlagen zu investieren, die als "nachhaltige Investitionen" im Sinne der SFDR gelten. Der Fondsmanager ist jedoch der Ansicht, dass eine hohe Korrelation zwischen dem langfristigen finanziellen Erfolg und der Rentabilität einer Anlage und ihrem Nachhaltigkeitsprofil besteht. Daher ist er bestrebt, als integralen Bestandteil seines Anlageprozesses eine messbare Bewertung der positiven ESG-Merkmale der Anlagen des Teilfonds vorzunehmen, um die Umwelt- und/oder Sozial- und/oder Unternehmensführungspraktiken zu bewerben, die für den Sektor, in dem die jeweilige Anlage getätigt wird, am wesentlichsten sind.
Bei der Bewertung der ESG-Merkmale berücksichtigt der Fondsmanager unter anderem Folgendes:
Systematisches ESG-Screening und -Scoring für die Unternehmensanleihenbestände
- Screening von Unternehmen mittels der ESG/CAR-Industrial-Materiality-Rating-Methode von Lombard Odier, die relevante Informationen zu jedem der SFDR-fokussierten Nachhaltigkeitsindikatoren wie Treibhausgasemissionen, Energieleistung, Biodiversität, Wassernutzung, Abfallmanagement, Sozial- und Arbeitnehmerbelange, Menschenrechte sowie Korruptions- und Bestechungsbekämpfung einbezieht. Die ESG/CAR-Industrial Materiality-Rating-Methode von Lombard Odier ermöglicht es dem Fondsmanager, die Unternehmen innerhalb des Anlageuniversums des Teilfonds zu ermitteln, die in Bezug auf Nachhaltigkeitsbelange am schlechtesten abschneiden. Dieses Scoring- und Ratingsystem ist zudem "wesentlichkeitsorientiert" und identifiziert somit den relevantesten Nachhaltigkeitsrahmen für jede Branche, was eine Konzentration auf die wichtigsten ESG-Themen, die ein bestimmtes Unternehmen betreffen können, ermöglicht. Es zielt ferner darauf ab, Unternehmen, die lediglich Bewusstsein demonstrieren, von solchen, die messbare Ergebnisse erzielen, zu unterscheiden (CAR-Rahmen: Consciousness [Bewusstsein], Actions [Massnahmen], Results [Ergebnisse]). In Schema I wird die ESG/CAR-Industrial- Materiality-Rating-Methode von Lombard Odier eingehender beschrieben.
- Basierend auf dem Scoring nach der ESG/CAR-Industrial-Materiality-Rating-Methode von Lombard Odier verfolgt der Fondsmanager einen selektiven Ansatz und ist im Allgemeinen bestrebt, nicht in die 20% der Unternehmen zu investieren, die am schlechtesten abschneiden, sofern nicht objektive Gründe dagegensprechen. Jede Entscheidung in Bezug auf eine Eliminierung liegt im alleinigen Ermessen des Fondsmanagers.

Systematisches ESG-Screening und -Scoring für die Staatsanleihenbestände
- Angesichts der Herausforderungen, denen die Welt heute gegenübersteht, ist die Analyse nachhaltigkeitsbezogener Risiken bei Staatsanleihen mittlerweile unerlässlich. Daher ergänzt der Fondsmanager seine traditionelle Bonitätsbewertung von Staatsanleihen mit einem Analyserahmen, der Nachhaltigkeitsrisikofaktoren auf ganzheitliche Weise einbezieht. Neben den üblichen Makrokriterienwerden bei der Risikobewertung von Staatsanleihen breitere ESG-Überlegungen mit einbezogen. Der Fondsmanager hat ein hauseigenes Modell (die "LO-Scoring-Methode") entwickelt, um die Ausrichtung staatlicher Emittenten an Menschen- und Umweltrechtsstandards sowie an den Zielen für nachhaltige Entwicklung der Vereinten Nationen (SDGs) unabhängig zu bewerten. Das Modell deckt ein breites Spektrum an Umwelt-, Sozial- und Unternehmensführungsthemen ab, darunter Ungleichheiten, sozialer Zusammenhalt, Qualität der öffentlichen Dienstleistungen, Wasser- und Nahrungsmittelversorgung, Energiesicherheit, Eindämmung der globalen Erwärmung und Widerstandsfähigkeit, Schutz der Biodiversität, Umweltverschmutzung, regulatorische Wirksamkeit, institutionelle Stärke und politischeStabilität. Eine Auswahl von höchst zuverlässigen Datensätzen, die von verschiedenen supranationalen Gremien, Universitäten, Forschungsinstituten und grossen Nichtregierungsorganisationen stammen, wird als Grundlage für die Investitionsentscheidungen verwendet. Die gesammelten Daten werden in Indikatoren von 0 bis 100 Punkten normalisiert. In die Methode eingebettet ist die auf den Komponenten "Consciousness", "Actions" und "Results" basierende unternehmenseigene "CAR"-Methode des Fondsmanagers, bei der die "R"-Komponente – an definitive Ergebnisse geknüpfte Indikatoren – übergewichtet wird.

Staatsanleihenbestände
- Bei den Staatsanleihenbeständen des Teilfonds wird der Fondsmanager in der Regel versuchen, das Engagement in einem staatlichen und staatsnahen Emittenten je nach den Ergebnissen des Scorings unter- oder überzugewichten. Die Entscheidung zur Unter- oder Übergewichtung liegt im alleinigen Ermessen des Fondsmanagers.

Im Zusammenhang mit den oben beschriebenen Screening-Verfahren ist der Fondsmanager der Ansicht, dass eine Eliminierung oder eine Untergewichtung/Übergewichtung, die ausschliesslich auf den Ergebnissen eines automatisierten negativen Screenings basiert, nicht notwendigerweise zu einer Bewerbung von ESG-Merkmalen führt und dass unter Umständen ein zukunftsgerichtetes qualitatives Urteil erforderlich ist. Dies kann beispielsweise insbesondere bei Unternehmen der Fall sein, die auf eine kohlenstoffärmere Wirtschaft umstellen.
Ausschlüsse
- Unternehmen, die direkt oder über Eigentum mit umstrittenen Waffen (Produktion, Forschung und Entwicklung, Wartung/Dienstleistungen/ Management, Systemintegration, Tests, Verkauf/Handel) zu tun haben, werden ausgeschlossen. In den Geltungsbereich dieser Ausschlussbestimmung fallen Waffen, die durch die Ottawa-Konvention zum Verbot von Antipersonenminen (in Kraft seit 1999), das Übereinkommen über Streumunition (Oslo-Konvention) von 2008, die Biowaffenkonvention (Biological Weapons Convention, BWC) von 1972 sowie das Chemiewaffenübereinkommen (CWÜ) von 1993 verboten oder geächtet sind. Ausgeschlossen sind darüber hinaus abgereichertes Uran und weisser Phosphor.

Beschränkungen
- Tabak, Kohle sowie unkonventionelles Öl und Gas – Der Fondsmanager ist bestrebt, Anlagen in die folgenden Unternehmen zu beschränken:Tabak – Unternehmen, die mehr als 10% ihrer Einnahmen entweder aus der Herstellung von Tabakprodukten oder dem Einzelhandel mit Tabakprodukten/-dienstleistungen erzielen.

Kraftwerkskohle
Bergbau – Unternehmen, die mehr als 10% ihrer Einnahmen aus dem Abbau von Kraftwerkskohle erzielen. Stromerzeugung – Unternehmen, die mehr als 10% ihrer Einnahmen aus der Stromerzeugung aus Kohle erzielen.
Unkonventionelle Öl- und Gasförderung – Unternehmen, die insgesamt mehr als 10% ihrer Einnahmen aus der Exploration von Teersanden, Schiefergas und Erdöl sowie Öl- und Gasförderung in der Arktis erzielen.
- Wesentliche Verstösse gegen die Prinzipien des UN Global Compact – Der Fondsmanager ist bestrebt, Anlagen in Unternehmen zu beschränken, die in die schwersten Verstösse gegen die Prinzipien des UN Global Compact ("Highest Level Controversies", Kontroversen der höchsten Stufe) verwickelt sind.
- Die Entscheidung, ein Unternehmen im Rahmen der oben genannten Beschränkungen auszuschliessen, liegt im alleinigen Ermessen des Fondsmanagers. Der Fondsmanager ist der Ansicht, dass ein Prozess, der ausschliesslich auf absoluten Ausschlüssen basiert (ausser im Fall von umstrittenen Waffen), nicht notwendigerweise zu einer Bewerbung von ESG-Merkmalen führt und dass unter Umständen eine zukunftsgerichtete qualitative Beurteilung erforderlich ist. Dies kann insbesondere der Fall sein bei Unternehmen, die auf einekohlenstoffärmere Wirtschaft umstellen oder bei denen Stewardship und Engagement zu einer effektiveren und positiven Veränderung der Geschäftspraktiken führen können, die sich auf ESG-Merkmale auswirken.

Quantitative und qualitative Überprüfung von Geschäftspraktiken und Geschäftsmodellen
- In Bezug auf das Portefeuille des Teilfonds aktive Überprüfung der folgenden Nachhaltigkeitsdatenpunkte (verfügbar zur Überprüfung über verschiedene historische Zeiträume) durch den Fondsmanager, um ihn bei der Bewertung des Beitrags eines Unternehmens zu einer kreislauforientierten, effizienten, integrativen und sauberen (Circular, Lean, Inclusive and Clean) CLIC™-Wirtschaft zu unterstützen:
	- Überprüfung von Scoring/Ratings im Rahmen der ESG/CAR-Industrial-Materiality-Rating-Methode von Lombard Odier, die relevante Informationen zu jedem der SFDR-fokussierten Nachhaltigkeitsindikatoren einbezieht.

- Überprüfung der Klimaausrichtung eines Unternehmens unter Berücksichtigung nicht nur der Kohlenstoffbilanz (Höhe der Emissionen, die ein Unternehmen heute produziert), sondern auch der Temperaturausrichtung (Berücksichtigung der erwarteten, zukünftigen Emissionen eines Unternehmens und des Grades der Übereinstimmung dieser Emissionen mit etwaigen Verpflichtungen zu Klimazielen).
- Überprüfung der Geschäftsaktivitäten eines Unternehmens, um zu beurteilen, wie das Geschäftsmodell sowie die Produkte und Dienstleistungen des Unternehmens durch den Übergang zur CLIC™-Wirtschaft beeinflusst werden.
- Diese Datenpunkte sollen dem Fondsmanager dabei helfen, die Geschäftspraktiken und -tätigkeiten eines Unternehmens zu analysieren, um festzustellen, ob das Unternehmen auf lange Sicht nachhaltig sein kann.
- Der Fondsmanager ist der Ansicht, dass es neben einer historischen Beurteilung von ESG-Scores oder einem Vergleich mit einer ESG- basierten Benchmark zwingend eine zukunftsgerichtete und aktive Beurteilung des Nachhaltigkeitsprofils eines Unternehmens braucht, um die langfristige Lebensfähigkeit eines Unternehmens richtig zu verstehen.

Bevorzugung grüner Anleihen
- Soweit möglich, bevorzugt der Fondsmanager grüne, nachhaltige und soziale Anleihen. Die Möglichkeit, in grüne Anleihen zu investieren, hängt von der Verfügbarkeit, dem Profil und der Bewertung ab. Daher kann sich der Fondsmanager nicht verpflichten, einen bestimmten Teil des Portefeuilles des Teilfonds in grüne Anleihen zu investieren.

Engagement
Emittenten aus dem Unternehmenssektor
Der Fondsmanager verfolgt bei seinem Engagement einen Ansatz auf Unternehmens- und auf Teilfondsebene.
Unternehmensebene – Der Fondsmanager ist bestrebt, durch sein Engagement nachhaltige Geschäftspraktiken zu bewerben und nachhaltige Geschäftsmodelle zu fördern, die dazu beitragen, den Klimawandel einzudämmen und sich an ihn anzupassen, und den Übergang zu einem CLIC™-Wirtschaftsmodell begünstigen. Der Fondsmanager engagiert sich gemäss einem unternehmensweiten Rahmen für strategische Prioritäten bei Portefeuilleunternehmen und verfolgt aktiv Fortschritte gegenüber den Engagementzielen, um Ergebnisse auf angemessene Weise zu messen. Der Fondsmanager hat folgende Prioritäten:
- Förderung des Übergangs von Unternehmen zu profitablen Netto-Null-Geschäftsmodellen unter Verwendung der Oxford-Martin-Prinzipien für klimabewusste Investitionen (Oxford Martin Principles for Climate-Conscious Investment Framework);
- Engagement für verbesserte Offenlegungen (i) bei Unternehmen mit beschränkter Berichterstattung, die im untersten Quintil des unternehmenseigenen Wesentlichkeits-ESG-Modells des Fondsmanagers liegen; (ii) bei Unternehmen, die bereits Bericht erstatten, die jedoch die Offenlegung unter der Rubrik der Arbeitsgruppe zur Klimaberichterstattung des FSB verbessern könnten;
- Engagement bei Unternehmen, die sich gemäss der in Schema II des SFDR-Anhangs beschriebenen SFDR-Methode zur Messung der wichtigsten nachteiligen Auswirkungen negativ auf die SFDR-fokussierten Nachhaltigkeitsindikatoren auswirken;
- Engagement bei Unternehmen ohne ESG-Rating.

Die Engagements auf Unternehmensebene widerspiegeln die Bestände aller vom Fondsmanager verwalteten Portefeuilles und umfassen nicht zwingend Unternehmen, die im Portefeuille des Teilfonds enthalten sind. Die Engagements auf Unternehmensebene basieren auf
strategischen Prioritäten, und der Umfang des Engagements ist nicht unbedingt proportional zur Grösse der Bestände in den vom Fondsmanager verwalteten Portefeuilles. Das Engagement auf Unternehmensebene ist dynamisch, und der Fondsmanager behält sich das Recht vor, seine Engagementstrategie jederzeit anzupassen.
Teilfondsebene – Auf Teilfondsebene ist der Fondsmanager bestrebt, sich bei kleineren im Portefeuille des Teilfonds enthaltenen Unternehmen, die niedrigere ESG-, Kohlenstoffintensitäts- und Temperaturausrichtungs-Scores aufweisen, zu engagieren, wenn der Beitrag dieser Unternehmen zu einer CLIC™-Wirtschaft stärker beeinflusst werden kann als jener der grösseren im Portefeuille des Teilfonds enthaltenen Unternehmen.
Der Fondsmanager überwacht die Unternehmen, bei denen er sich engagiert, über einen mehrjährigen Zeitrahmen hinweg und reduziert das Engagement in Unternehmen, wenn Verbesserungen ausbleiben.
Staatliche Emittenten
Investmentgesellschaften haben in der Regel keinen angemessenen Zugang zu Staats- und Regierungsstellen, um sich in Nachhaltigkeitsfragen zu engagieren. Stattdessen ist der Fondsmanager bestrebt, Initiativen auf Branchenebene zu unterstützen, um dazu beizutragen, auf Nachhaltigkeitsthemen aufmerksam zu machen bzw. Nachhaltigkeitsergebnisse auf staatlicher Ebene zu verbessern.
Vom Teilfonds beworbene umwelt- und/oder sozial- und/oder Unternehmensführungspraktiken
Der Anlageprozess des Fondsmanagers ist darauf ausgelegt, eine Beurteilung der ESG-Praktiken vorzunehmen, die für die Unternehmen, in die der Teilfonds investiert, am wesentlichsten sind, wobei die in Schema I beschriebene ESG/CAR-Industrial-Materiality-Rating-Methode von Lombard Odier verwendet wird.
Kein nachhaltiges Investitionsziel
Eine nachhaltige Investition gehört nicht zu den Zielen des Teilfonds.
Verbindliche Elemente der Anlagestrategie zur Erreichung der vom Teilfonds beworbenen ESG-Merkmale
Der Ausschluss von Unternehmen, die mit umstrittenen Waffen zu tun haben, ist ein absolutes Verbot, das nicht ausser Kraft gesetzt werden kann. Das Eliminieren, Unter- oder Übergewichten von Unternehmen oder staatlichen Emittenten mit den niedrigsten Scores sowie der Ausschluss von Unternehmen, die ein wesentliches Engagement in den Bereichen Tabak, Kohle und unkonventionelles Öl und Gas aufweisen oder die Kontroversen der höchsten Stufe, wie oben beschrieben, ausgesetzt sind, sind keine absoluten Regeln/Verbote. Es liegt im Ermessen des Fondsmanagers, sicherzustellen, dass dennoch eine qualitative Beurteilung des ESG-Profils eines Emittenten vorgenommen werden kann, u. a., wenn Daten fehlen oder veraltet sind oder der Fondsmanager der Ansicht ist, dass Engagement und Stewardship zu einer effektiveren und positiven Veränderung der Geschäftspraktiken führen können, die sich auf die ESG-Merkmale auswirken.
Kontinuierliche Basis des Beurteilungsprozesses des Fondsmanagers
Der Anlageprozess des Fondsmanagers ist dynamisch und darauf ausgelegt, sich an veränderte Marktbedingungen, Datenerfassungen und Entwicklungen der globalen Nachhaltigkeitsanalyse anzupassen, und kann sich daher im Laufe der Zeit ändern.
Mindestvermögensallokation in nachhaltige Investitionen für diesen Teilfonds
Für diesen Teilfonds besteht keine angestrebte Mindestallokation in nachhaltige Investitionen. Die tatsächliche Allokation in nachhaltige Investitionen wird ein Produkt des oben beschriebenen ESG-Beurteilungsprozesses sein.
Wahrscheinliche Auswirkungen von Nachhaltigkeitsrisiken auf die Renditen des Teilfonds
Die wahrscheinlichen Auswirkungen von Nachhaltigkeitsrisiken sind schwer zu quantifizieren. Der Fondsmanager ist der Ansicht, dass die Umwelt-, Sozial- und Unternehmensführungspraktiken eines Unternehmens eng mit seinem langfristigen Erfolg verbunden sind und dass Unternehmen mit ESG-gerechten Geschäftspraktiken und -abläufen eher erfolgreich sind und langfristigen Wert schaffen. Es besteht jedoch keine Garantie für die Wertentwicklung einzelner Unternehmen/Emittenten, in die der Teilfonds investiert, oder für die Rendite des gesamten Portefeuilles des Teilfonds.
Referenzwert
Der Teilfonds bezieht sich nicht auf einen Referenzwert, der sich an ESG-Kriterien orientiert.
C-1.13
Anwendbar auf die folgenden Teilfonds:
- Swiss Equity
- Swiss Small & Mid CapsEinstufung des Teilfonds gemäss SFDRDie Verwaltungsgesellschaft hat den Teilfonds als Finanzprodukt eingestuft, das Artikel 8 der SFDR untersteht.

Bewerbung ökologischer und/oder sozialer Merkmale
Der Teilfonds ist ein Finanzprodukt, das neben anderen Merkmalen auch ökologische oder soziale Merkmale oder eine Kombination dieser Merkmale bewirbt. Das Anlageziel und die Anlagepolitik des Teilfonds sind im Anhang des Teilfonds dargelegt. Es wird festgehalten, dass der Teilfonds, sofern in diesem Abschnitt nicht anders angegeben, nicht das Ziel oder die Verpflichtung hat, in Anlagen zu investieren, die als "nachhaltige Investitionen" im Sinne der SFDR gelten. Der Fondsmanager ist jedoch der Ansicht, dass eine hohe Korrelation zwischen dem langfristigen finanziellen Erfolg und der Rentabilität einer Anlage und ihrem Nachhaltigkeitsprofil besteht. Daher ist er bestrebt, als integralen Bestandteil seines Anlageprozesses eine messbare Bewertung der positiven ESG-Merkmale der Anlagen des Teilfonds vorzunehmen, um die Umwelt- und/oder Sozial- und/oder Unternehmensführungspraktiken zu bewerben, die für den Sektor, in dem die jeweilige Anlage getätigt wird, am wesentlichsten sind.
Bei der Bewertung der ESG-Merkmale berücksichtigt der Fondsmanager unter anderem Folgendes:
Systematisches ESG-Screening und -Scoring
- Screening von Unternehmen mittels der ESG/CAR-Industrial-Materiality-Rating-Methode von Lombard Odier, die relevante Informationen zu jedem der SFDR-fokussierten Nachhaltigkeitsindikatoren wie Treibhausgasemissionen, Energieleistung, Biodiversität, Wassernutzung, Abfallmanagement, Sozial- und Arbeitnehmerbelange, Menschenrechte sowie Korruptions- und Bestechungsbekämpfung berücksichtigt. Die ESG/CAR-Industrial-Materiality-Rating-Methode von Lombard Odier ermöglicht es dem Fondsmanager, das in Bezug auf Nachhaltigkeitsbelange unterste Quintil der Unternehmen innerhalb des Anlageuniversums des Teilfonds zu ermitteln. Dieses Ratingsystem ist zudem "wesentlichkeitsorientiert" und identifiziert daher den relevantesten Nachhaltigkeitsrahmen für jede Branche, um sich auf die wichtigsten ESG-Themen zu konzentrieren, die ein bestimmtes Unternehmen betreffen können. Es zielt ferner darauf ab, Unternehmen,die lediglich Bewusstsein demonstrieren, von solchen, die messbare Ergebnisse erzielen, zu unterscheiden (CAR-Rahmen: Consciousness [Bewusstsein], Actions [Massnahmen], Results [Ergebnisse]). In Schema I wird die ESG/CAR-Industrial-Materiality-Rating-Methode von Lombard Odier eingehender beschrieben.
- Der Fondsmanager verwendet das oben erwähnte Screening- und Scoring-Verfahren im Rahmen seiner Anlagebeurteilung. Der Fondsmanager ist nicht bestrebt, die Unternehmen, die am schlechtesten abschneiden, automatisch zu eliminieren, da dies in einem bereits eingeschränkten Markt zu einem reduzierten Unternehmensuniversum führen würde. Ohne zu bestimmten Beschränkungen verpflichtet zu sein, verfolgt der Fondsmanager einen selektiven Ansatz und ist bestrebt, die 20% der Unternehmen, die am schlechtesten abschneiden, unterzugewichten, sofern nicht objektive Gründe dagegensprechen. Jede Entscheidung zur Untergewichtung liegt im alleinigen Ermessen des Fondsmanagers. Der Fondsmanager ist der Ansicht, dass eine automatische Untergewichtung, die ausschliesslich auf den Ergebnissen eines automatisierten negativen Screenings basiert, nicht notwendigerweise zu einer Bewerbung von ESG-Merkmalen führt und dass unter Umständen ein zukunftsgerichtetes qualitatives Urteil erforderlich ist. Dies kann beispielsweise insbesondere bei Unternehmen der Fall sein, die auf eine kohlenstoffärmere Wirtschaft umstellen.

Ausschlüsse
- Unternehmen, die direkt oder über Eigentum mit umstrittenen Waffen (Produktion, Forschung und Entwicklung, Wartung/Dienstleistungen/ Management, Systemintegration, Tests, Verkauf/Handel) zu tun haben, werden ausgeschlossen. In den Geltungsbereich dieser Ausschlussbestimmung fallen Waffen, die durch die Ottawa-Konvention zum Verbot von Antipersonenminen (in Kraft seit 1999), das Übereinkommen über Streumunition (Oslo-Konvention) von 2008, die Biowaffenkonvention (Biological Weapons Convention, BWC) von 1972 sowie das Chemiewaffenübereinkommen (CWÜ) von 1993 verboten oder geächtet sind. Ausgeschlossen sind darüber hinaus abgereichertes Uran und weisser Phosphor.

Beschränkungen
- Tabak, Kohle sowie unkonventionelles Öl und Gas – Der Fondsmanager ist bestrebt, Anlagen in die folgenden Unternehmen zu beschränken:Tabak – Unternehmen, die mehr als 10% ihrer Einnahmen entweder aus der Herstellung von Tabakprodukten oder dem Einzelhandel mit Tabakprodukten/-dienstleistungen erzielen.

Kraftwerkskohle
Bergbau – Unternehmen, die mehr als 10% ihrer Einnahmen aus dem Abbau von Kraftwerkskohle erzielen. Stromerzeugung – Unternehmen, die mehr als 10% ihrer Einnahmen aus der Stromerzeugung aus Kohle erzielen.
Unkonventionelle Öl- und Gasförderung – Unternehmen, die insgesamt mehr als 10% ihrer Einnahmen aus der Exploration von Teersanden, Schiefergas und Erdöl sowie Öl- und Gasförderung in der Arktis erzielen.
- Wesentliche Verstösse gegen die Prinzipien des UN Global Compact – Angesichts des konzentrierten Anlageuniversums, in das der Teilfonds investiert, ist der Fondsmanager bestrebt, das Engagement in Unternehmen zu reduzieren, die in die schwersten Verstösse gegen die Prinzipien des UN Global Compact ("Kontroversen der höchsten Stufe") verwickelt sind.
- Die Entscheidung, ein Unternehmen im Rahmen der oben genannten Beschränkungen auszuschliessen oder das Engagement in diesem Unternehmen zu reduzieren, liegt im alleinigen Ermessen des Fondsmanagers. Der Fondsmanager ist der Ansicht, dass ein Verfahren, das ausschliesslich auf absoluten Ausschlüssen (ausser im Fall von umstrittenen Waffen) oder der Reduktion von Engagements basiert, nicht notwendigerweise zu einer Bewerbung von ESG-Merkmalen führt und dass unter Umständen ein zukunftsgerichtetes qualitatives Urteil erforderlich ist. Dies kann insbesondere der Fall sein bei Unternehmen, die auf eine kohlenstoffärmere Wirtschaft umstellen oder bei denen Stewardship und Engagement zu einer effektiveren und positiven Veränderung der Geschäftspraktiken führen können, die sich auf ESG-Merkmale auswirken. Zudem wird die Bewerbung von ökologischen oder sozialen Merkmalen durch den Teilfonds ganzheitlich bewertet, wobei auch die anderen hierin erläuterten Faktoren berücksichtigt werden.

Quantitative und qualitative Überprüfung von Geschäftspraktiken und Geschäftsmodellen
- Aktive Überprüfung der folgenden Nachhaltigkeitsdatenpunkte (verfügbar zur Überprüfung über verschiedene historische Zeiträume) durch den Fondsmanager, um ihn bei der Bewertung des Beitrags eines Unternehmens zu einer kreislauforientierten, effizienten, integrativen und sauberen (Circular, Lean, Inclusive and Clean) CLIC™-Wirtschaft zu unterstützen:
	- Überprüfung von Scoring/Ratings im Rahmen der ESG/CAR-Industrial-Materiality-Rating-Methode von Lombard Odier, die relevante Informationen zu jedem der SFDR-fokussierten Nachhaltigkeitsindikatoren einbezieht.
	- Überprüfung der Klimaausrichtung eines Unternehmens unter Berücksichtigung nicht nur der Kohlenstoffbilanz (Höhe der Emissionen, die ein Unternehmen heute produziert), sondern auch der Temperaturausrichtung (Berücksichtigung der erwarteten, zukünftigen Emissionen eines Unternehmens und des Grades der Übereinstimmung dieser Emissionen mit etwaigen Verpflichtungen zu Klimazielen).
	- Überprüfung der Geschäftsaktivitäten eines Unternehmens, um zu beurteilen, wie das Geschäftsmodell sowie die Produkte und Dienstleistungen des Unternehmens durch den Übergang zur CLIC™-Wirtschaft beeinflusst werden.

- Diese Datenpunkte sollen dem Fondsmanager dabei helfen, die Geschäftspraktiken und -tätigkeiten eines Unternehmens zu analysieren, um festzustellen, ob das Unternehmen auf lange Sicht nachhaltig sein kann.
- Der Fondsmanager ist der Ansicht, dass es neben einer historischen Beurteilung von ESG-Scores oder einem Vergleich mit einer ESG- basierten Benchmark zwingend eine zukunftsgerichtete und aktive Beurteilung des Nachhaltigkeitsprofils eines Unternehmens braucht, um die langfristige Lebensfähigkeit eines Unternehmens richtig zu verstehen.

Engagement
- Der Fondsmanager ist bestrebt, durch sein Engagement nachhaltige Geschäftspraktiken zu bewerben und nachhaltige Geschäftsmodelle zu fördern, die dazu beitragen, den Klimawandel einzudämmen und sich an ihn anzupassen, und den Übergang zu einem CLIC™- Wirtschaftsmodell begünstigen. Der Fondsmanager engagiert sich gemäss einem unternehmensweiten Rahmen für strategische Prioritäten bei Portefeuilleunternehmen und verfolgt aktiv Fortschritte gegenüber den Engagementzielen, um Ergebnisse auf angemessene Weise zu messen. Der Fondsmanager hat folgende Prioritäten:
	- Förderung des Übergangs von Unternehmen zu rentablen Netto-Null-Geschäftsmodellen unter Verwendung der Oxford-Martin- Prinzipien für klimabewusste Investitionen (Oxford Martin Principles for Climate-Conscious Investment Framework);

- Engagement für verbesserte Offenlegungen (i) bei Unternehmen mit beschränkter Berichterstattung, die im untersten Quintil des unternehmenseigenen Wesentlichkeits-ESG-Modells des Fondsmanagers liegen; (ii) bei Unternehmen, die bereits Bericht erstatten, die jedoch die Offenlegung unter der Rubrik der Arbeitsgruppe zur Klimaberichterstattung des FSB verbessern könnten;
- Engagement bei Unternehmen, die sich gemäss der in Schema II des SFDR-Anhangs beschriebenen SFDR-Methode zur Messung der wichtigsten nachteiligen Auswirkungen negativ auf die SFDR-fokussierten Nachhaltigkeitsindikatoren auswirken;
- Engagement bei Unternehmen ohne ESG-Rating.
- Die Engagements basieren auf strategischen Prioritäten, und der Umfang des Engagements ist nicht unbedingt proportional zur Grösse der Bestände im Portefeuille des Teilfonds.
- Das Engagement auf Unternehmensebene ist dynamisch, und der Fondsmanager behält sich das Recht vor, seine Engagementstrategie jederzeit anzupassen.

Vom Teilfonds beworbene umwelt- und/oder sozial- und/oder Unternehmensführungspraktiken
Der Anlageprozess des Fondsmanagers ist darauf ausgelegt, eine Beurteilung der ESG-Praktiken vorzunehmen, die für die Unternehmen, in die der Teilfonds investiert, am wesentlichsten sind. Dabei verwendet er die in Schema I beschriebene ESG/CAR-Industrial-Materiality-Rating-Methode von Lombard Odier.
Kein nachhaltiges Investitionsziel
Eine nachhaltige Investition gehört nicht zu den Zielen des Teilfonds.
Verbindliche Elemente der Anlagestrategie zur Erreichung der vom Teilfonds beworbenen ESG-Merkmale
Der Ausschluss von Unternehmen, die mit umstrittenen Waffen zu tun haben, ist ein absolutes Verbot, das nicht ausser Kraft gesetzt werden kann. Die Untergewichtung von Unternehmen, die aufgrund ihres Scores zu den untersten 20% gehören oder die Kontroversen der höchsten Stufe ausgesetzt sind, sowie der Ausschluss von Unternehmen, die ein wesentliches Engagement in den Bereichen Tabak, Kohle und unkonventionelles Öl und Gas, wie oben beschrieben, aufweisen, sind nicht zwingend. Es liegt im Ermessen des Fondsmanagers, sicherzustellen, dass dennoch eine qualitative Beurteilung des ESG-Profils eines Unternehmens vorgenommen werden kann, u. a., wenn Daten fehlen oder veraltet sind oder der Fondsmanager der Ansicht ist, dass Engagement und Stewardship zu einer effektiveren und positiven Veränderung der Geschäftspraktiken führen können, die sich auf die ESG-Merkmale auswirken.
Kontinuierliche Basis des Beurteilungsprozesses des Fondsmanagers
Der Anlageprozess des Fondsmanagers ist dynamisch und darauf ausgelegt, sich an veränderte Marktbedingungen, Datenerfassungen und Entwicklungen der globalen Nachhaltigkeitsanalyse anzupassen, und kann sich daher im Laufe der Zeit ändern.
Mindestvermögensallokation in nachhaltige Investitionen für diesen Teilfonds
Für diesen Teilfonds besteht keine angestrebte Mindestallokation in nachhaltige Investitionen. Die tatsächliche Allokation in nachhaltige Investitionen wird ein Produkt des oben beschriebenen ESG-Beurteilungsprozesses sein.
Wahrscheinliche Auswirkungen von Nachhaltigkeitsrisiken auf die Renditen des Teilfonds
Die wahrscheinlichen Auswirkungen von Nachhaltigkeitsrisiken sind schwer zu quantifizieren. Der Fondsmanager ist der Ansicht, dass die Umwelt-, Sozial- und Unternehmensführungspraktiken eines Unternehmens eng mit seinem langfristigen Erfolg verbunden sind und dass Unternehmen mit ESG-gerechten Geschäftspraktiken und -abläufen eher erfolgreich sind und langfristigen Wert schaffen. Es besteht jedoch keine Garantie für die Wertentwicklung einzelner Unternehmen, in die der Teilfonds investiert, oder für die Rendite des Portefeuilles des Teilfonds insgesamt.
Referenzwert
Der Teilfonds bezieht sich nicht auf einen Referenzwert, der sich an ESG-Kriterien orientiert.
C-1.14
Anwendbar auf die folgenden Teilfonds:
- Global Income 2027
- 1Einstufung des Teilfonds gemäss SFDRDie Verwaltungsgesellschaft hat den Teilfonds als Finanzprodukt eingestuft, das Artikel 8 der SFDR untersteht.

Bewerbung ökologischer und/oder sozialer Merkmale
Der Teilfonds ist ein Finanzprodukt, das neben anderen Merkmalen auch ökologische oder soziale Merkmale oder eine Kombination dieser Merkmale bewirbt. Das Anlageziel und die Anlagepolitik des Teilfonds sind im Anhang des Teilfonds dargelegt. Es wird festgehalten, dass der Teilfonds, sofern in diesem Kapitel nicht anders angegeben, nicht das Ziel oder die Verpflichtung hat, in Anlagen zu investieren, die als "nachhaltige Investitionen" im Sinne der SFDR gelten. Der Fondsmanager ist jedoch der Ansicht, dass eine hohe Korrelation zwischen dem langfristigen finanziellen Erfolg und der Rentabilität einer Anlage und ihrem Nachhaltigkeitsprofil besteht. Daher ist er bestrebt, als integralen Bestandteil seines Anlageprozesses eine messbare Bewertung der positiven ESG-Merkmale der Anlagen des Teilfonds vorzunehmen, um die
Umwelt- und/oder Sozial- und/oder Unternehmensführungspraktiken zu bewerben, die für den Sektor, in dem die jeweilige Anlage getätigt wird, am wesentlichsten sind.
Bei der Bewertung der ESG-Merkmale berücksichtigt der Fondsmanager unter anderem Folgendes:
Systematisches ESG-Screening und -Scoring
- Screening von Unternehmen mittels der ESG/CAR-Industrial-Materiality-Rating-Methode von Lombard Odier, die relevante Informationen zu jedem der SFDR-fokussierten Nachhaltigkeitsindikatoren wie Treibhausgasemissionen, Energieleistung, Biodiversität, Wassernutzung, Abfallmanagement, Sozial- und Arbeitnehmerbelange, Menschenrechte sowie Korruptions- und Bestechungsbekämpfung einbezieht. Die ESG/CAR-Industrial-Materiality-Rating-Methode von Lombard Odier ermöglicht es dem Fondsmanager, innerhalb des Anlageuniversums des Teilfonds die 20% der Unternehmen zu ermitteln, die am schlechtesten abschneiden. Dieses Scoring- und Ratingsystem ist zudem "wesentlichkeitsorientiert" und identifiziert somit den relevantesten Nachhaltigkeitsrahmen für jede Branche, was eine Konzentration auf die wichtigsten ESG-Themen, die ein bestimmtes Unternehmen betreffen können, ermöglicht. Es zielt ferner darauf ab, Unternehmen, die lediglich Bewusstsein demonstrieren, von solchen, die messbare Ergebnisse erzielen, zu unterscheiden (CAR-Rahmen: Consciousness [Bewusstsein], Actions [Massnahmen], Results [Ergebnisse]). In Schema I wird die ESG/CAR-Industrial-Materiality-Rating-Methode von Lombard Odier eingehender beschrieben.
- Der Fondsmanager verwendet das oben erwähnte Screening- und Scoring-Verfahren im Rahmen seiner Anlagebeurteilung. Der Fondsmanager ist nicht bestrebt, die 20% der Unternehmen, die am schlechtesten abschneiden, automatisch auszuschliessen, da dies in einem bereits eingeschränkten Markt zu einer geringeren Anzahl von Unternehmen führen würde. Das Verfahren dient ihm vielmehr als Richtschnur, und er versucht in der Regel, in Unternehmen mit höheren Scores zu investieren. Die auf dem Screening basierende Entscheidung, ein Unternehmen auszuschliessen oder in ein Unternehmen zu investieren, liegt jedoch im alleinigen Ermessen des Fondsmanagers. Zudem ist der Fondsmanager der Ansicht, dass ein Eliminierungsverfahren, das ausschliesslich auf den Ergebnissen eines automatisierten negativen Screenings basiert, nicht notwendigerweise zur Bewerbung von ESG-Merkmalen führt und dass unter Umständen ein zukunftsgerichtetes qualitatives Urteil erforderlich ist. Dies kann beispielsweise insbesondere bei Unternehmen der Fall sein, die auf eine kohlenstoffärmere Wirtschaft umstellen.

Ausschlüsse
- Unternehmen, die direkt oder über Eigentum mit umstrittenen Waffen (Produktion, Forschung und Entwicklung, Wartung/Dienstleistungen/ Management, Systemintegration, Tests, Verkauf/Handel) zu tun haben, werden ausgeschlossen. In den Geltungsbereich dieser Ausschlussbestimmung fallen Waffen, die durch die Ottawa-Konvention zum Verbot von Antipersonenminen (in Kraft seit 1999), das Übereinkommen über Streumunition (Oslo-Konvention) von 2008, die Biowaffenkonvention (Biological Weapons Convention, BWC) von 1972 sowie das Chemiewaffenübereinkommen (CWÜ) von 1993 verboten oder geächtet sind. Ausgeschlossen sind darüber hinaus abgereichertes Uran und weisser Phosphor.

1  
Ab 2. November 2021
Beschränkungen
- Tabak, Kohle sowie unkonventionelles Öl und Gas – Der Fondsmanager ist bestrebt, Anlagen in die folgenden Unternehmen zu beschränken:Tabak – Unternehmen, die mehr als 10% ihrer Einnahmen entweder aus der Herstellung von Tabakprodukten oder dem Einzelhandel mit Tabakprodukten/-dienstleistungen erzielen.

Kraftwerkskohle
Bergbau – Unternehmen, die mehr als 10% ihrer Einnahmen aus dem Abbau von Kraftwerkskohle erzielen. Stromerzeugung – Unternehmen, die mehr als 10% ihrer Einnahmen aus der Stromerzeugung aus Kohle erzielen.
Unkonventionelle Öl- und Gasförderung – Unternehmen, die insgesamt mehr als 10% ihrer Einnahmen aus der Exploration von Teersanden, Schiefergas und Erdöl sowie Öl- und Gasförderung in der Arktis erzielen.
- Wesentliche Verstösse gegen die Prinzipien des UN Global Compact – Der Fondsmanager ist bestrebt, Anlagen in Unternehmen zu beschränken, die in die schwersten Verstösse gegen die Prinzipien des UN Global Compact ("Highest Level Controversies", Kontroversen der höchsten Stufe) verwickelt sind.
- Die Entscheidung, ein Unternehmen im Rahmen der oben genannten Beschränkungen auszuschliessen, liegt im alleinigen Ermessen des Fondsmanagers. Der Fondsmanager ist der Ansicht, dass ein Prozess, der ausschliesslich auf absoluten Ausschlüssen basiert (ausser im Fall von umstrittenen Waffen), nicht notwendigerweise zu einer Bewerbung von ESG-Merkmalen führt und dass unter Umständen eine zukunftsgerichtete qualitative Beurteilung erforderlich ist. Dies kann insbesondere der Fall sein bei Unternehmen, die auf einekohlenstoffärmere Wirtschaft umstellen oder bei denen Stewardship und Engagement zu einer effektiveren und positiven Veränderung der Geschäftspraktiken führen können, die sich auf ESG-Merkmale auswirken.

Quantitative und qualitative Überprüfung von Geschäftspraktiken und Geschäftsmodellen
- Aktive Überprüfung der folgenden Nachhaltigkeitsdatenpunkte (verfügbar zur Überprüfung über verschiedene historische Zeiträume) durch den Fondsmanager, um ihn bei der Bewertung des Beitrags eines Unternehmens zu einer kreislauforientierten, effizienten, integrativen und sauberen (Circular, Lean, Inclusive and Clean) CLIC™-Wirtschaft zu unterstützen:
	- Überprüfung von Scoring/Ratings im Rahmen der ESG/CAR-Industrial-Materiality-Rating-Methode von Lombard Odier, die relevante Informationen zu jedem der SFDR-fokussierten Nachhaltigkeitsindikatoren einbezieht.
	- Überprüfung der Klimaausrichtung eines Unternehmens unter Berücksichtigung nicht nur der Kohlenstoffbilanz (Höhe der Emissionen, die ein Unternehmen heute produziert), sondern auch der Temperaturausrichtung (Berücksichtigung der erwarteten, zukünftigen Emissionen eines Unternehmens und des Grades der Übereinstimmung dieser Emissionen mit etwaigen Verpflichtungen zu Klimazielen).
	- Überprüfung der Geschäftsaktivitäten eines Unternehmens, um zu beurteilen, wie das Geschäftsmodell sowie die Produkte und Dienstleistungen des Unternehmens durch den Übergang zur CLIC™-Wirtschaft beeinflusst werden.

- Diese Datenpunkte sollen dem Fondsmanager dabei helfen, die Geschäftspraktiken und -tätigkeiten eines Unternehmens zu analysieren, um festzustellen, ob das Unternehmen auf lange Sicht nachhaltig sein kann.
- Der Fondsmanager ist der Ansicht, dass es neben einer historischen Beurteilung von ESG-Scores oder einem Vergleich mit einer ESG- basierten Benchmark zwingend eine zukunftsgerichtete und aktive Beurteilung des Nachhaltigkeitsprofils eines Unternehmens braucht, um die langfristige Lebensfähigkeit eines Unternehmens richtig zu verstehen.

Bevorzugung grüner Anleihen
- Soweit möglich, bevorzugt der Fondsmanager grüne, nachhaltige und soziale Anleihen. Die Möglichkeit, in grüne Anleihen zu investieren, hängt von der Verfügbarkeit, dem Profil und der Bewertung ab. Daher kann sich der Fondsmanager nicht verpflichten, einen bestimmten Teil des Portefeuilles des Teilfonds in grüne Anleihen zu investieren.

Engagement
Der Fondsmanager verfolgt bei seinem Engagement einen Ansatz auf Unternehmens- und auf Teilfondsebene.
Unternehmensebene – Der Fondsmanager ist bestrebt, durch sein Engagement nachhaltige Geschäftspraktiken zu bewerben und nachhaltige Geschäftsmodelle zu fördern, die dazu beitragen, den Klimawandel einzudämmen und sich an ihn anzupassen, und den Übergang zu einem CLIC™-Wirtschaftsmodell begünstigen. Der Fondsmanager engagiert sich gemäss einem unternehmensweiten Rahmen für strategische Prioritäten bei Portefeuilleunternehmen und verfolgt Fortschritte gegenüber den Engagementzielen aktiv, um Ergebnisse auf geeignete Weise zu messen. Der Fondsmanager hat folgende Prioritäten:
- Förderung des Übergangs von Unternehmen zu rentablen Netto-Null-Geschäftsmodellen unter Verwendung der Oxford-Martin-Prinzipien für klimabewusste Investitionen (Oxford Martin Principles for Climate-Conscious Investment Framework);
- Engagement für verbesserte Offenlegungen (i) bei Unternehmen mit beschränkter Berichterstattung, die im untersten Quintil des unternehmenseigenen Wesentlichkeits-ESG-Modells des Fondsmanagers liegen; (ii) bei Unternehmen, die bereits Bericht erstatten, die jedoch die Offenlegung unter der Rubrik der Arbeitsgruppe zur Klimaberichterstattung des FSB verbessern könnten;
- Engagement bei Unternehmen, die sich gemäss der in Schema II des SFDR-Anhangs beschriebenen SFDR-Methode zur Messung der wichtigsten nachteiligen Auswirkungen negativ auf die SFDR-fokussierten Nachhaltigkeitsindikatoren auswirken;
- Engagement bei Unternehmen ohne ESG-Rating.

Die Engagements auf Unternehmensebene widerspiegeln die Bestände aller vom Fondsmanager verwalteten Portefeuilles und umfassen nicht zwingend Unternehmen, die im Portefeuille des Teilfonds enthalten sind. Die Engagements auf Unternehmensebene basieren auf
strategischen Prioritäten, und der Umfang des Engagements ist nicht unbedingt proportional zur Grösse der Bestände in den vom Fondsmanager verwalteten Portefeuilles. Das Engagement auf Unternehmensebene ist dynamisch, und der Fondsmanager behält sich das Recht vor, seine Engagementstrategie jederzeit anzupassen.
Teilfondsebene – Auf Teilfondsebene ist der Fondsmanager bestrebt, sich bei kleineren im Portefeuille des Teilfonds enthaltenen Unternehmen, die niedrigere ESG-, Kohlenstoffintensitäts- und Temperaturausrichtungs-Scores aufweisen, zu engagieren, wenn der Beitrag dieser Unternehmen zu einer CLIC™-Wirtschaft stärker beeinflusst werden kann als jener der grösseren im Portefeuille des Teilfonds enthaltenen Unternehmen.
Der Fondsmanager überwacht die Unternehmen, bei denen er sich engagiert, über einen mehrjährigen Zeitrahmen hinweg und reduziert das Engagement in Unternehmen, wenn Verbesserungen ausbleiben.
Vom Teilfonds beworbene umwelt- und/oder sozial- und/oder Unternehmensführungspraktiken
Der Anlageprozess des Fondsmanagers ist darauf ausgelegt, eine Beurteilung der ESG-Praktiken vorzunehmen, die für die Unternehmen, in die der Teilfonds investiert, am wesentlichsten sind, wobei die in Schema I beschriebene ESG/CAR-Industrial-Materiality-Rating-Methode von Lombard Odier verwendet wird.
Kein nachhaltiges Investitionsziel
Eine nachhaltige Investition gehört nicht zu den Zielen des Teilfonds.
Verbindliche Elemente der Anlagestrategie zur Erreichung der vom Teilfonds beworbenen ESG-Merkmale
Der Ausschluss von Unternehmen, die mit umstrittenen Waffen zu tun haben, ist ein absolutes Verbot, das nicht ausser Kraft gesetzt werden kann. Die Investition in Unternehmen mit höheren ESG-Scores ist kein verbindliches Anlageziel, und die Beschränkungen in Bezug auf Unternehmen,
die ein wesentliches Engagement in den Bereichen Tabak, Kohle und unkonventionelles Öl und Gas aufweisen oder die Kontroversen der höchsten Stufe, wie oben beschrieben, ausgesetzt sind, sind keine absoluten Verbote. Es liegt im Ermessen des Fondsmanagers, sicherzustellen, dass dennoch eine qualitative Beurteilung des ESG-Profils eines Unternehmens vorgenommen werden kann, u. a., wenn Daten fehlen oder veraltet sind oder der Fondsmanager der Ansicht ist, dass Engagement und Stewardship zu einer effektiveren und positiven Veränderung der Geschäftspraktiken führen können, die sich auf die ESG-Merkmale auswirken.
Kontinuierliche Basis des Beurteilungsprozesses des Fondsmanagers
Der Teilfonds setzt eine Buy-and-Maintain-Strategie um. Wenn am Portefeuille des Teilfonds nach dem anfänglichen Anlageprozess Änderungen vorgenommen werden, können diese Änderungen durch die Integration von ESG-Anlageprozessen erfolgen, die sich weiterentwickeln und an veränderte Marktbedingungen, Datenabdeckung und Entwicklungen in der globalen Nachhaltigkeitsanalyse angepasst werden können.
Mindestvermögensallokation in nachhaltige Investitionen für diesen Teilfonds
Für diesen Teilfonds besteht keine angestrebte Mindestallokation in nachhaltige Investitionen. Die tatsächliche Allokation in nachhaltige Investitionen wird ein Produkt des oben beschriebenen ESG-Beurteilungsprozesses sein.
Wahrscheinliche Auswirkungen von Nachhaltigkeitsrisiken auf die Renditen des Teilfonds
Die wahrscheinlichen Auswirkungen von Nachhaltigkeitsrisiken sind schwer zu quantifizieren. Der Fondsmanager ist der Ansicht, dass die Umwelt-, Sozial- und Unternehmensführungspraktiken eines Unternehmens eng mit seinem langfristigen Erfolg verbunden sind und dass Unternehmen mit ESG-gerechten Geschäftspraktiken und -abläufen eher erfolgreich sind und langfristigen Wert schaffen. Es besteht jedoch keine Garantie für die Wertentwicklung einzelner Unternehmen, in die der Teilfonds investiert, oder für die Rendite des Portefeuilles des Teilfonds insgesamt.
Referenzwert
Der Teilfonds bezieht sich nicht auf einen Referenzwert, der sich an ESG-Kriterien orientiert.
SFDR-Offenlegung – Artikel 9 C-2.1
Anwendbar auf den folgenden Teilfonds:
- Climate TransitionEinstufung des Teilfonds gemäss SFDRDie Verwaltungsgesellschaft hat den Teilfonds als Finanzprodukt eingestuft, das Artikel 9 der SFDR untersteht.

Nachhaltigkeitsziel
Der Teilfonds investiert in Unternehmen, deren Wachstum von Regulierungen, Innovationen, Dienstleistungen oder Produkten im Zusammenhang mit der globalen Bekämpfung des Klimawandels oder der Anpassung an den Klimawandel profitieren wird. Der Teilfonds strebt Anlagen in Qualitätsunternehmen mit nachhaltigen Finanzmodellen, Geschäftspraktiken und Geschäftsmodellen an, die widerstandsfähig sind und mit den langfristigen strukturellen Trends wachsen und von ihnen profitieren können. Zur Identifikation solcher Unternehmen verwendet er unter anderem die nachstehend beschriebenen unternehmenseigenen Instrumente und Methoden für die Erstellung des ESG- und Nachhaltigkeitsprofils.
Bewertung des Beitrags zu positiven Umwelteffekten
- Der interne Anlageprozess des Fondsmanagers in Bezug auf den Teilfonds zielt darauf ab, Unternehmen für die Aufnahme in das investierbare Universum des Teilfonds auszuwählen, die wesentliche Umsätze und/oder Erträge aus Geschäftstätigkeiten erwirtschaften, die einen positiven Beitrag zu einem oder mehreren der folgenden Bereiche von Anlagemöglichkeiten, die sich aus dem Klimawandel ergeben, leisten: Anbieter innovativer Lösungen zur Reduzierung, Vermeidung oder Abscheidung von Kohlenstoff aus der Nutzung fossiler Brennstoffe. Übergangskandidaten, die in Industrien tätig sind, in denen sich die Kohlenstoffintensität nur schwer verringern lässt, und deren Übergang zu einem saubereren Modell starke Wettbewerbsvorteile bringen wird, wenn die Vorschriften verschärft werden oderder Kohlenstoffpreis stark steigt. Anpassungskandidaten, die die Infrastruktur in einer klimageschädigten Umgebung klimaverträglicher machen. Die Überprüfung eines Unternehmens im Hinblick auf die infrage kommenden Geschäftsaktivitäten wird von den Teams inden Bereichen Sustainable Investment Research, Strategy and Stewardship (SIRSS), Aktienresearch und ESG des Fondsmanagers durchgeführt. Der Grad der Wesentlichkeit in Bezug auf die Einnahmen aus infrage kommenden Geschäftstätigkeiten kann je nach Branche und Unternehmensgrösse variieren. Der Fondsmanager ist bestrebt, Anlagen in Unternehmen zu beschränken, die in Sektoren tätig sind, die keinen positiven Beitrag zum Klimawandel leisten, die in ausgewählte Geschäftsaktivitäten involviert sind (nachstehend eingehender beschrieben) oder die eine schlechte ESG-Performance aufweisen.
- Wertpapiere werden bei Bedarf für die Aufnahme in das investierbare Universum neu bewertet. Wenn ein Unternehmen sein Geschäftsmodell ändert, sein Umsatzanteil unter vorher festgelegte Schwellenwerte fällt oder das Unternehmen die ESG-Kriterien des Fondsmanagers nicht mehr erfüllt, wird das Unternehmen vorbehaltlich des besten Interesses der Aktionäre für eine Veräusserung in Betracht gezogen.
- Um sich für eine Anlage im Portefeuille zu qualifizieren, muss ein Unternehmen ausserdem die ESG-Qualitätsbewertungskriterien des Fondsmanagers erfüllen, die darauf abzielen, neben den Geschäftspraktiken wesentliche Kennzahlen zu überprüfen, die eine Reihe von Umwelt-, Sozial- und Unternehmensführungsparametern umfassen, einschliesslich der sektorrelevantesten wichtigstennachteiligen Indikatoren. Wenn die Leistung unterhalb der optimalen Leistung liegt oder die gemeldeten Daten nicht ausreichen, um eine Schlussfolgerung zu ziehen, tritt der Fondsmanager mit dem Unternehmen in Kontakt, um die Leistung, die Richtlinien und die Aussichten anhand der wichtigsten wesentlichen Parameter zu bewerten.

Systematisches ESG-Screening und -Scoring
- Screening von Unternehmen mittels der ESG/CAR-Industrial-Materiality-Rating-Methode von Lombard Odier, die relevante Informationen zu jedem der SFDR-fokussierten Nachhaltigkeitsindikatoren wie Treibhausgasemissionen, Energieleistung, Biodiversität, Wassernutzung, Abfallmanagement, Sozial- und Arbeitnehmerbelange, Menschenrechte sowie Korruptions- und Bestechungsbekämpfung berücksichtigt. Die ESG/CAR-Industrial-Materiality-Rating-Methode von Lombard Odier ermöglicht es dem Fondsmanager, das in Bezug auf Nachhaltigkeitsbelange unterste Quintil der Unternehmen innerhalb des Anlageuniversums des Teilfonds zu ermitteln. Dieses Ratingsystem ist zudem "wesentlichkeitsorientiert" und identifiziert daher den relevantesten Nachhaltigkeitsrahmen für jede Branche, um sich auf die wichtigsten ESG-Themen zu konzentrieren, die ein bestimmtes Unternehmen betreffen können. Es zielt ferner darauf ab, Unternehmen,die lediglich Bewusstsein demonstrieren, von solchen, die messbare Ergebnisse erzielen, zu unterscheiden (CAR-Rahmen: Consciousness [Bewusstsein], Actions [Massnahmen], Results [Ergebnisse]). In Schema I wird die ESG/CAR-Industrial-Materiality-Rating-Methode von Lombard Odier eingehender beschrieben.
- Basierend auf der Bewertung nach der ESG/CAR-Industrial-Materiality-Rating-Methode von Lombard Odier verfolgt der Fondsmanager einen selektiven Ansatz und ist bestrebt, die 20% der Unternehmen, die am schlechtesten abschneiden, zu eliminieren, sofern nicht objektive Gründe dagegensprechen. Jede Entscheidung in Bezug auf eine Eliminierung liegt im alleinigen Ermessen des Fondsmanagers. Der Fondsmanager ist der Ansicht, dass ein Eliminierungsverfahren, das ausschliesslich auf den Ergebnissen eines automatisierten negativen Screenings basiert, nicht notwendigerweise zur Ermittlung nachhaltiger Investitionen führt und dass unter Umständen ein zukunftsgerichtetes qualitatives Urteil erforderlich ist. Dies kann beispielsweise insbesondere bei Unternehmen der Fall sein, die auf eine kohlenstoffärmere Wirtschaft umstellen.

Ausschlüsse
- Unternehmen, die direkt oder über Eigentum mit umstrittenen Waffen (Produktion, Forschung und Entwicklung, Wartung/Dienstleistungen/ Management, Systemintegration, Tests, Verkauf/Handel) zu tun haben, werden ausgeschlossen. In den Geltungsbereich dieser Ausschlussbestimmung fallen Waffen, die durch die Ottawa-Konvention zum Verbot von Antipersonenminen (in Kraft seit 1999), das Übereinkommen über Streumunition (Oslo-Konvention) von 2008, die Biowaffenkonvention (Biological Weapons Convention, BWC) von 1972 sowie das Chemiewaffenübereinkommen (CWÜ) von 1993 verboten oder geächtet sind. Ausgeschlossen sind darüber hinaus abgereichertes Uran und weisser Phosphor.

Beschränkungen
- Tabak, Kohle sowie unkonventionelles Öl und Gas – Der Fondsmanager ist bestrebt, Anlagen in die folgenden Unternehmen zu beschränken:Tabak – Unternehmen, die mehr als 10% ihrer Einnahmen entweder aus der Herstellung von Tabakprodukten oder dem Einzelhandel mit Tabakprodukten/-dienstleistungen erzielen.

Kraftwerkskohle
Bergbau – Unternehmen, die mehr als 10% ihrer Einnahmen aus dem Abbau von Kraftwerkskohle erzielen. Stromerzeugung – Unternehmen, die mehr als 10% ihrer Einnahmen aus der Stromerzeugung aus Kohle erzielen.
Unkonventionelle Öl- und Gasförderung – Unternehmen, die insgesamt mehr als 10% ihrer Einnahmen aus der Exploration von Teersanden, Schiefergas und Erdöl sowie Öl- und Gasförderung in der Arktis erzielen.
- Wesentliche Verstösse gegen die Prinzipien des UN Global Compact – Der Fondsmanager ist bestrebt, Anlagen in Unternehmen zu beschränken, die in die schwersten Verstösse gegen die Prinzipien des UN Global Compact ("Highest Level Controversies", Kontroversen der höchsten Stufe) verwickelt sind.
- Die Entscheidung, ein Unternehmen im Rahmen der oben genannten Beschränkungen auszuschliessen, liegt im alleinigen Ermessen des Fondsmanagers. Der Fondsmanager ist der Ansicht, dass ein Verfahren, das ausschliesslich auf absoluten Ausschlüssen basiert (ausser im Fall von umstrittenen Waffen), nicht notwendigerweise zur Ermittlung nachhaltiger Investitionen führt und dass eine zukunftsgerichtete qualitative Beurteilung erforderlich sein kann. Dies kann insbesondere der Fall sein bei Unternehmen, die auf einekohlenstoffärmere Wirtschaft umstellen oder bei denen Stewardship und Engagement zu einer effektiveren und positiven Veränderung der Geschäftspraktiken führen können, die sich auf ESG-Merkmale auswirken.

Quantitative und qualitative Überprüfung von Geschäftspraktiken und Geschäftsmodellen
- Aktive Überprüfung der folgenden Nachhaltigkeitsdatenpunkte (verfügbar zur Überprüfung über verschiedene historische Zeiträume) durch den Fondsmanager, um ihn bei der Bewertung des Beitrags eines Unternehmens zu einer kreislauforientierten, effizienten, integrativen und sauberen (Circular, Lean, Inclusive and Clean) CLIC™-Wirtschaft zu unterstützen:
	- Überprüfung von Scoring/Ratings im Rahmen der ESG/CAR-Industrial-Materiality-Rating-Methode von Lombard Odier, die relevante Informationen zu jedem der SFDR-fokussierten Nachhaltigkeitsindikatoren einbezieht.
	- Überprüfung der Klimaausrichtung eines Unternehmens unter Berücksichtigung nicht nur der Kohlenstoffbilanz (Höhe der Emissionen, die ein Unternehmen heute produziert), sondern auch der Temperaturausrichtung (Berücksichtigung der erwarteten, zukünftigen Emissionen eines Unternehmens und des Grades der Übereinstimmung dieser Emissionen mit etwaigen Verpflichtungen zu Klimazielen).
	- Überprüfung der Geschäftsaktivitäten eines Unternehmens, um zu beurteilen, wie das Geschäftsmodell sowie die Produkte und Dienstleistungen des Unternehmens durch den Übergang zur CLIC™-Wirtschaft beeinflusst werden.

- Diese Datenpunkte sollen dem Fondsmanager dabei helfen, die Geschäftspraktiken und -tätigkeiten eines Unternehmens zu analysieren, um festzustellen, ob das Unternehmen auf lange Sicht nachhaltig sein kann.
- Der Fondsmanager ist der Ansicht, dass es neben einer historischen Beurteilung von ESG-Scores oder einem Vergleich mit einer ESG- basierten Benchmark zwingend eine zukunftsgerichtete und aktive Beurteilung des Nachhaltigkeitsprofils eines Unternehmens braucht, um die langfristige Lebensfähigkeit eines Unternehmens richtig zu verstehen.
- Zusätzlich zur Analyse des positiven Beitrags, den ein Unternehmen zu den auf den Klimawandel ausgerichteten Umweltzielen und einer CLIC™-Wirtschaft leisten kann, werden die Unternehmen auch daraufhin analysiert, ob sie dennoch anderen ökologischen oder sozialen Zielen schaden könnten (sogenanntes "Do No Significant Harm"-Prinzip). Die Datenpunkte, die in Bezug auf die ESG/CAR-Industrial- Materiality-Rating-Methodology von Lombard Odier berücksichtigt werden, werden auch im Hinblick auf negative Auswirkungen bewertet, die ein Unternehmen auf andere Nachhaltigkeitsziele haben könnte, um die "Do No Significant Harm"-Analyse zu unterstützen.

Engagement
- Der Fondsmanager ist bestrebt, durch sein Engagement nachhaltige Geschäftspraktiken zu bewerben und nachhaltige Geschäftsmodelle zu fördern, die dazu beitragen, den Klimawandel einzudämmen und sich an ihn anzupassen, und den Übergang zu einem CLIC™- Wirtschaftsmodell begünstigen. Der Fondsmanager engagiert sich gemäss einem unternehmensweiten Rahmen für strategische Prioritäten bei Portefeuilleunternehmen und verfolgt aktiv Fortschritte gegenüber den Engagementzielen, um Ergebnisse auf angemessene Weise zu messen. Der Fondsmanager hat folgende Prioritäten:
	- Förderung des Übergangs von Unternehmen zu rentablen Netto-Null-Geschäftsmodellen unter Verwendung der Oxford-Martin- Prinzipien für klimabewusste Investitionen (Oxford Martin Principles for Climate-Conscious Investment Framework);
	- Engagement für verbesserte Offenlegungen (i) bei Unternehmen mit beschränkter Berichterstattung, die im untersten Quintil des unternehmenseigenen Wesentlichkeits-ESG-Modells des Fondsmanagers liegen; (ii) bei Unternehmen, die bereits Bericht erstatten, die jedoch die Offenlegung unter der Rubrik der Arbeitsgruppe zur Klimaberichterstattung des FSB verbessern könnten;
	- Engagement bei Unternehmen, die sich gemäss der in Schema II des SFDR-Anhangs beschriebenen SFDR-Methode zur Messung der wichtigsten nachteiligen Auswirkungen negativ auf die SFDR-fokussierten Nachhaltigkeitsindikatoren auswirken;
	- Engagement bei Unternehmen ohne ESG-Rating.

- Die Engagements basieren auf strategischen Prioritäten, und der Umfang des Engagements ist nicht unbedingt proportional zur Grösse der Bestände im Portefeuille des Teilfonds.
- Das Engagement auf Unternehmensebene ist dynamisch, und der Fondsmanager behält sich das Recht vor, seine Engagementstrategie jederzeit anzupassen.

Welche Nachhaltigkeitsindikatoren werden verwendet, um die Erreichung des Nachhaltigkeitsziels des Teilfonds zu messen?
Die ökologischen und sozialen Merkmale der Anlagen des Teilfonds werden in mehreren Phasen bewertet: bei der anfänglichen Überprüfung der Aufnahme eines Unternehmens in das investierbare Universum, bei der Anlageentscheidung im Hinblick auf die Übereinstimmung mit den Do-No- Significant-Harm-Prinzipien und bei der jährlichen Nachhaltigkeitsberichterstattung.
Die Investitionen des Teilfonds werden anhand des Engagements in Geschäftsaktivitäten gemessen, die einen Beitrag zu positiven Umwelteffekten im Rahmen des Klimawandels leisten. Dazu gehören: Lösungsanbieter innovativer Lösungen zur Reduzierung, Vermeidung oder Abscheidung von Kohlenstoff aus der Nutzung fossiler Brennstoffe; Übergangskandidaten, die in Industrien tätig sind, in denen sich die Kohlenstoffintensität nur schwer verringern lässt, und deren Übergang zu einem saubereren Modell starke Wettbewerbsvorteile mit sich bringen wird, wenn die Vorschriften verschärft werden oder der Kohlenstoffpreis stark steigt; und Anpassungskandidaten, die die Infrastruktur in einer klimaschädlichen Umgebung klimaverträglicher machen.
Die Anlagen des Teilfonds werden nach der ESG/CAR-Industrial-Materiality-Rating-Methodology von Lombard Odier bewertet, die relevante Informationen zu den SFDR-fokussierten Nachhaltigkeitsindikatoren umfasst. Diese Indikatoren werden auch im Hinblick auf negative Auswirkungen bewertet, die ein Unternehmen auf andere Nachhaltigkeitsziele haben könnte, um die "Do No Significant Harm"-Analyse zu unterstützen.
Zu den Nachhaltigkeitsindikatoren gehören Kohlenstoffemissionen, eingesparte Kubikmeter Wasser, die potenziell vermiedenen Emissionen und die Temperaturausrichtung auf die Ziele des Pariser Abkommens.
Zur Messung der Temperaturausrichtung hat Lombard Odier ein eigenes Tool entwickelt: das Lombard Odier Portfolio Temperature Alignment (LOPTA). Das LOPTA quantifiziert das Risiko des Klimawandels, das einzelnen Wertpapieren und Portefeuilles innewohnt, in Form einer zukunftsgerichteten Temperaturkennzahl. Diese Kennzahl ermöglicht es dem Fondsmanager, die Ausrichtung einer Anlage auf das Pariser Abkommen zu bewerten und Unternehmen auszuschliessen, die den Zielen des Pariser Abkommens erheblich schaden könnten.
Die Methode der Temperaturausrichtung zielt darauf ab, die erreichten Vorgaben eines Unternehmens in Bezug auf Kohlenstoffreduzierungen sowie alle Ziele oder Verpflichtungen, die das Unternehmen in Bezug auf die Dekarbonisierung möglicherweise angekündigt hat, zu bewerten. Der Fondsmanager vergleicht diese Bewertungen mit branchen- und regionenspezifischen Benchmarks, um festzustellen, ob die erwarteten, kumulierten Emissionen voraussichtlich im Rahmen der Klimabenchmarks bleiben oder diese übersteigen werden. Dies ermöglicht es dem Fondsmanager, das implizite Niveau der globalen Erwärmung zu bestimmen, auf das die Geschäftsaktivitäten und Strategien des Unternehmens derzeit abgestimmt sind. Dies hilft dem Fondsmanager, Klimarisiken und -chancen zu identifizieren, und dient als Grundlage für Stewardship und Engagement, die sich auf den Übergang zu einer Netto-Null-Wirtschaft konzentrieren.
Verbindliche Elemente der Anlagestrategie zur Erreichung der vom Teilfonds beworbenen ESG-Merkmale
Das Ziel, in Unternehmen zu investieren, deren Wachstum von Regulierungen, Innovationen, Dienstleistungen oder Produkten profitieren wird, die den Klimawandel begünstigen, und nach qualitativ hochwertigen Unternehmen mit nachhaltigen Finanzmodellen, Geschäftspraktiken und Geschäftsmodellen zu suchen, die Widerstandskraft und die Fähigkeit zeigen, sich weiterzuentwickeln und von langfristigen strukturellen Trends zu profitieren, ist eine verbindliche Anforderung.
Der Ausschluss von Unternehmen, die mit umstrittenen Waffen zu tun haben, ist ein absolutes Verbot, das nicht ausser Kraft gesetzt werden kann.
Das Eliminieren von Unternehmen, die aufgrund ihres Scores zu den untersten 20% gehören, und der Ausschluss von Unternehmen, die ein wesentliches Engagement in den Bereichen Tabak, Kohle und unkonventionelles Öl und Gas aufweisen oder die Kontroversen der höchsten Stufe, wie oben beschrieben, ausgesetzt sind, sind keine absoluten Verbote. Es liegt im Ermessen des Fondsmanagers, sicherzustellen, dass dennoch eine qualitative Beurteilung des Nachhaltigkeitsprofils eines Unternehmens vorgenommen werden kann, u. a., wenn Daten fehlen oder veraltet sind oder der Fondsmanager der Ansicht ist, dass Engagement und Stewardship zu einer effektiveren und positiven Veränderung der Geschäftspraktiken führen können, die sich auf die Nachhaltigkeitsmerkmale auswirken.
Kontinuierliche Basis des Beurteilungsprozesses des Fondsmanagers
Der Anlageprozess des Fondsmanagers ist dynamisch und darauf ausgelegt, sich an veränderte Marktbedingungen, Datenerfassungen und Entwicklungen der globalen Nachhaltigkeitsanalyse anzupassen, und kann sich daher im Laufe der Zeit ändern.
Mindestvermögensallokation in nachhaltige Investitionen für diesen Teilfonds
Für diesen Teilfonds besteht keine angestrebte Mindestallokation in nachhaltige Investitionen. Die tatsächliche Allokation in nachhaltige Investitionen wird ein Produkt des oben beschriebenen ESG-Beurteilungsprozesses sein.
Wahrscheinliche Auswirkungen von Nachhaltigkeitsrisiken auf die Renditen des Teilfonds
Die wahrscheinlichen Auswirkungen von Nachhaltigkeitsrisiken sind schwer zu quantifizieren. Der Fondsmanager ist der Ansicht, dass die Umwelt-, Sozial- und Unternehmensführungspraktiken eines Unternehmens eng mit seinem langfristigen Erfolg verbunden sind und dass Unternehmen mit ESG-gerechten Geschäftspraktiken und -abläufen eher erfolgreich sind und langfristigen Wert schaffen. Es besteht jedoch keine Garantie für die Wertentwicklung einzelner Unternehmen, in die der Teilfonds investiert, oder für die Rendite des Portefeuilles des Teilfonds insgesamt.
Referenzwert
Der Teilfonds bezieht sich nicht auf einen Referenzwert, der sich an ESG-Kriterien orientiert.
C-2.2
Anwendbar auf den folgenden Teilfonds:
- Natural CapitalEinstufung des Teilfonds gemäss SFDRDie Verwaltungsgesellschaft hat den Teilfonds als Finanzprodukt eingestuft, das Artikel 9 der SFDR untersteht.

Nachhaltigkeitsziel
Der Teilfonds investiert in Unternehmen, deren Wachstum von Regulierungen, Innovationen, Dienstleistungen und Produkten profitieren wird, die den Übergang zu einer stärker kreislauforientierten Wirtschaft und zu einer Wirtschaft, in der Naturkapital wertgeschätzt wird, fördern. Der Teilfonds strebt Anlagen in Qualitätsunternehmen mit nachhaltigen Finanzmodellen, Geschäftspraktiken und Geschäftsmodellen an, die widerstandsfähig sind und mit den langfristigen strukturellen Trends wachsen und von ihnen profitieren können. Zur Identifikation solcher
Unternehmen verwendet er unter anderem die nachstehend beschriebenen unternehmenseigenen Instrumente und Methoden für die Erstellung des ESG- und Nachhaltigkeitsprofils.
Bewertung des Beitrags zu positiven Umwelteffekten
- Der interne Anlageprozess des Fondsmanagers in Bezug auf den Teilfonds zielt darauf ab, Unternehmen für die Aufnahme in das Anlageuniversum des Teilfonds auszuwählen, die wesentliche Umsätze und/oder Erträge aus Geschäftstätigkeiten erwirtschaften, die einen positiven Beitrag zu einem oder mehreren der folgenden Bereiche von Naturkapital-Anlagemöglichkeiten leisten: Bio-Kreislaufwirtschaft, Ressourceneffizienz, ergebnisorientierte Wirtschaft und Zero Waste. Die Überprüfung eines Unternehmens im Hinblick auf die infrage kommenden Geschäftsaktivitäten wird von den Teams in den Bereichen Sustainable Investment Research, Strategy and Stewardship (SIRSS), Aktienresearch und ESG des Fondsmanagers durchgeführt. Der Grad der Wesentlichkeit in Bezug auf die Einnahmen aus infrage kommenden Geschäftstätigkeiten kann je nach Branche und Unternehmensgrösse variieren. Der Fondsmanager ist bestrebt, Anlagen in Unternehmen zu beschränken, die in Sektoren tätig sind, die keinen positiven Beitrag zum Erhalt oder zur Nutzung des Naturkapitals leisten, die in ausgewählte Geschäftsaktivitäten involviert sind (weiter unten beschrieben) oder die eine schlechte ESG- Performance aufweisen.
- Wertpapiere werden bei Bedarf für die Aufnahme in das investierbare Universum neu bewertet. Wenn ein Unternehmen sein Geschäftsmodell ändert, sein Umsatzanteil unter vorher festgelegte Schwellenwerte fällt oder das Unternehmen die ESG-Kriterien des Fondsmanagers nicht mehr erfüllt, wird das Unternehmen vorbehaltlich des besten Interesses der Aktionäre für eine Veräusserung in Betracht gezogen.
- Um sich für eine Anlage im Portefeuille des Teilfonds zu qualifizieren, muss ein Unternehmen ausserdem die ESG- Qualitätsbewertungskriterien des Fondsmanagers erfüllen, die darauf abzielen, neben den Geschäftspraktiken wesentliche Kennzahlen zu überprüfen, die eine Reihe von Umwelt-, Sozial- und Unternehmensführungsparametern umfassen, einschliesslich der sektorrelevantesten wichtigsten nachteiligen Indikatoren. Wenn die Leistung unterhalb der optimalen Leistung liegt oder die gemeldeten Daten nicht ausreichen, um eine Schlussfolgerung zu ziehen, tritt der Fondsmanager mit dem Unternehmen in Kontakt, um die Leistung, die Richtlinien und die Aussichten anhand der wichtigsten wesentlichen Parameter zu bewerten.

Systematisches ESG-Screening und -Scoring
- Screening von Unternehmen mittels der ESG/CAR-Industrial-Materiality-Rating-Methode von Lombard Odier, die relevante Informationen zu jedem der SFDR-fokussierten Nachhaltigkeitsindikatoren wie Treibhausgasemissionen, Energieleistung, Biodiversität, Wassernutzung, Abfallmanagement, Sozial- und Arbeitnehmerbelange, Menschenrechte sowie Korruptions- und Bestechungsbekämpfung berücksichtigt. Die ESG/CAR-Industrial-Materiality-Rating-Methode von Lombard Odier ermöglicht es dem Fondsmanager, das in Bezug auf Nachhaltigkeitsbelange unterste Quintil der Unternehmen innerhalb des Anlageuniversums des Teilfonds zu ermitteln. Dieses Ratingsystem ist zudem "wesentlichkeitsorientiert" und identifiziert daher den relevantesten Nachhaltigkeitsrahmen für jede Branche, um sich auf die wichtigsten ESG-Themen zu konzentrieren, die ein bestimmtes Unternehmen betreffen können. Es zielt ferner darauf ab, Unternehmen,die lediglich Bewusstsein demonstrieren, von solchen, die messbare Ergebnisse erzielen, zu unterscheiden (CAR-Rahmen: Consciousness [Bewusstsein], Actions [Massnahmen], Results [Ergebnisse]). In Schema I wird die ESG/CAR-Industrial-Materiality-Rating-Methode von Lombard Odier eingehender beschrieben.
- Basierend auf der Bewertung nach der ESG/CAR-Industrial-Materiality-Rating-Methode von Lombard Odier verfolgt der Fondsmanager einen selektiven Ansatz und ist bestrebt, die 20% der Unternehmen, die am schlechtesten abschneiden, zu eliminieren, sofern nicht objektive Gründe dagegensprechen. Jede Entscheidung in Bezug auf eine Eliminierung liegt im alleinigen Ermessen des Fondsmanagers. Der Fondsmanager ist der Ansicht, dass ein Eliminierungsverfahren, das ausschliesslich auf den Ergebnissen eines automatisierten negativen Screenings basiert, nicht notwendigerweise zur Ermittlung nachhaltiger Investitionen führt und dass unter Umständen ein zukunftsgerichtetes qualitatives Urteil erforderlich ist. Dies kann beispielsweise insbesondere bei Unternehmen der Fall sein, die auf eine kohlenstoffärmere Wirtschaft umstellen.

Ausschlüsse
- Unternehmen, die direkt oder über Eigentum mit umstrittenen Waffen (Produktion, Forschung und Entwicklung, Wartung/Dienstleistungen/ Management, Systemintegration, Tests, Verkauf/Handel) zu tun haben, werden ausgeschlossen. In den Geltungsbereich dieser Ausschlussbestimmung fallen Waffen, die durch die Ottawa-Konvention zum Verbot von Antipersonenminen (in Kraft seit 1999), das Übereinkommen über Streumunition (Oslo-Konvention) von 2008, die Biowaffenkonvention (Biological Weapons Convention, BWC) von 1972 sowie das Chemiewaffenübereinkommen (CWÜ) von 1993 verboten oder geächtet sind. Ausgeschlossen sind darüber hinaus abgereichertes Uran und weisser Phosphor.

Beschränkungen
- Tabak, Kohle sowie unkonventionelles Öl und Gas – Der Fondsmanager ist bestrebt, Anlagen in die folgenden Unternehmen zu beschränken:Tabak – Unternehmen, die mehr als 10% ihrer Einnahmen entweder aus der Herstellung von Tabakprodukten oder dem Einzelhandel mit Tabakprodukten/-dienstleistungen erzielen.

Kraftwerkskohle
Bergbau – Unternehmen, die mehr als 10% ihrer Einnahmen aus dem Abbau von Kraftwerkskohle erzielen. Stromerzeugung – Unternehmen, die mehr als 10% ihrer Einnahmen aus der Stromerzeugung aus Kohle erzielen.
Unkonventionelle Öl- und Gasförderung – Unternehmen, die insgesamt mehr als 10% ihrer Einnahmen aus der Exploration von Teersanden, Schiefergas und Erdöl sowie Öl- und Gasförderung in der Arktis erzielen.
- Wesentliche Verstösse gegen die Prinzipien des UN Global Compact – Der Fondsmanager ist bestrebt, Anlagen in Unternehmen zu beschränken, die in die schwersten Verstösse gegen die Prinzipien des UN Global Compact ("Highest Level Controversies", Kontroversen der höchsten Stufe) verwickelt sind.
- Die Entscheidung, ein Unternehmen im Rahmen der oben genannten Beschränkungen auszuschliessen, liegt im alleinigen Ermessen des Fondsmanagers. Der Fondsmanager ist der Ansicht, dass ein Verfahren, das ausschliesslich auf absoluten Ausschlüssen basiert (ausser im Fall von umstrittenen Waffen), nicht notwendigerweise zur Ermittlung nachhaltiger Investitionen führt und dass eine zukunftsgerichtete qualitative Beurteilung erforderlich sein kann. Dies kann insbesondere der Fall sein bei Unternehmen, die auf einekohlenstoffärmere Wirtschaft umstellen oder bei denen Stewardship und Engagement zu einer effektiveren und positiven Veränderung der Geschäftspraktiken führen können, die sich auf ESG-Merkmale auswirken.

Quantitative und qualitative Überprüfung von Geschäftspraktiken und Geschäftsmodellen
- Der Fondsmanager überprüft die folgenden Nachhaltigkeitsdatenpunkte (verfügbar über verschiedene historische Zeiträume) aktiv, um ihn bei der Bewertung des Beitrags eines Unternehmens zu einer kreislauforientierten, effizienten, integrativen und sauberen (Circular, Lean, Inclusive and Clean) CLIC™-Wirtschaft zu unterstützen:
	- Überprüfung von Scoring/Ratings im Rahmen der ESG/CAR-Industrial-Materiality-Rating-Methode von Lombard Odier, die relevante Informationen zu jedem der SFDR-fokussierten Nachhaltigkeitsindikatoren einbezieht.
	- Überprüfung der Klimaausrichtung eines Unternehmens unter Berücksichtigung nicht nur der Kohlenstoffbilanz (Höhe der Emissionen, die ein Unternehmen heute produziert), sondern auch der Temperaturausrichtung (Berücksichtigung der erwarteten, zukünftigen Emissionen eines Unternehmens und des Grades der Übereinstimmung dieser Emissionen mit etwaigen Verpflichtungen zu Klimazielen).
	- Überprüfung der Geschäftsaktivitäten eines Unternehmens, um zu beurteilen, wie das Geschäftsmodell sowie die Produkte und Dienstleistungen des Unternehmens durch den Übergang zur CLIC™-Wirtschaft beeinflusst werden.

- Diese Datenpunkte sollen dem Fondsmanager dabei helfen, die Geschäftspraktiken und -tätigkeiten eines Unternehmens zu analysieren, um festzustellen, ob das Unternehmen auf lange Sicht nachhaltig sein kann.
- Der Fondsmanager ist der Ansicht, dass es neben einer historischen Beurteilung von ESG-Scores oder einem Vergleich mit einer ESG- basierten Benchmark zwingend eine zukunftsgerichtete und aktive Beurteilung des Nachhaltigkeitsprofils eines Unternehmens braucht, um die langfristige Lebensfähigkeit eines Unternehmens richtig zu verstehen.
- Zusätzlich zur Analyse des positiven Beitrags, den ein Unternehmen zu den auf Naturkapital fokussierten Umweltzielen und einer CLIC™- Wirtschaft leisten kann, werden die Unternehmen auch daraufhin analysiert, ob sie dennoch anderen ökologischen oder sozialen Zielen schaden könnten (sogenanntes "Do No Significant Harm"-Prinzip). In diesem Zusammenhang werden die Datenpunkte, die im Rahmen der ESG/CAR-Industrial-Materiality-Rating Methodology von Lombard Odier berücksichtigt werden, auch im Hinblick auf negative Auswirkungen bewertet, die ein Unternehmen auf andere Nachhaltigkeitsziele haben könnte, um die "Do No Significant Harm"-Analyse zu unterstützen.

Engagement
- Der Fondsmanager ist bestrebt, durch sein Engagement nachhaltige Geschäftspraktiken zu bewerben und nachhaltige Geschäftsmodelle zu fördern, die dazu beitragen, den Klimawandel einzudämmen und sich an ihn anzupassen, und den Übergang zu einem CLIC™- Wirtschaftsmodell begünstigen. Der Fondsmanager engagiert sich gemäss einem unternehmensweiten Rahmen für strategische Prioritäten bei Portefeuilleunternehmen und verfolgt aktiv Fortschritte gegenüber den Engagementzielen, um Ergebnisse auf angemessene Weise zu messen. Der Fondsmanager hat folgende Prioritäten:
	- Förderung des Übergangs von Unternehmen zu rentablen Netto-Null-Geschäftsmodellen unter Verwendung der Oxford-Martin- Prinzipien für klimabewusste Investitionen (Oxford Martin Principles for Climate-Conscious Investment Framework);
	- Engagement für verbesserte Offenlegungen (i) bei Unternehmen mit beschränkter Berichterstattung, die im untersten Quintil des unternehmenseigenen Wesentlichkeits-ESG-Modells des Fondsmanagers liegen; (ii) bei Unternehmen, die bereits Bericht erstatten, die jedoch die Offenlegung unter der Rubrik der Arbeitsgruppe zur Klimaberichterstattung des FSB verbessern könnten;
	- Engagement bei Unternehmen, die sich gemäss der in Schema II des SFDR-Anhangs beschriebenen SFDR-Methode zur Messung der wichtigsten nachteiligen Auswirkungen negativ auf die SFDR-fokussierten Nachhaltigkeitsindikatoren auswirken;
	- Engagement bei Unternehmen ohne ESG-Rating.

- Die Engagements basieren auf strategischen Prioritäten, und der Umfang des Engagements ist nicht unbedingt proportional zur Grösse der Bestände im Portefeuille des Teilfonds.
- Das Engagement auf Unternehmensebene ist dynamisch, und der Fondsmanager behält sich das Recht vor, seine Engagementstrategie jederzeit anzupassen.

Welche Nachhaltigkeitsindikatoren werden verwendet, um die Erreichung des Nachhaltigkeitsziels des Teilfonds zu messen?
Die ökologischen und sozialen Merkmale der Anlagen des Teilfonds werden in mehreren Phasen bewertet: bei der anfänglichen Überprüfung der Aufnahme eines Unternehmens in das investierbare Universum, bei der Anlageentscheidung im Hinblick auf die Übereinstimmung mit den Do-No- Significant-Harm-Prinzipien und bei der jährlichen Nachhaltigkeitsberichterstattung.
Die Investitionen des Teilfonds werden am Engagement in Geschäftsaktivitäten gemessen, die einen Beitrag zu positiven Umwelteffekten entlang des Übergangs zu einer Bio-Kreislaufwirtschaft, zu Ressourceneffizienz, zu einer ergebnisorientierten Wirtschaft und zu Zero Waste leisten.
Die Anlagen des Teilfonds werden nach der ESG/CAR-Industrial-Materiality-Rating-Methodology von Lombard Odier bewertet, die relevante Informationen zu den SFDR-fokussierten Nachhaltigkeitsindikatoren umfasst. Diese Indikatoren werden auch im Hinblick auf negative Auswirkungen bewertet, die ein Unternehmen auf andere Nachhaltigkeitsziele haben könnte, um die "Do No Significant Harm"-Analyse zu unterstützen.
Zu den Nachhaltigkeitsindikatoren gehören Kohlenstoffemissionen, eingesparte Kubikmeter Wasser, die potenziell vermiedenen Emissionen und die Temperaturausrichtung auf die Ziele des Pariser Abkommens.
Um die Temperaturausrichtung zu messen, hat Lombard Odier ein eigenes Tool entwickelt, das Lombard Odier Portfolio Temperature Alignment (LOPTA), das das Risiko des Klimawandels für einzelne Wertpapiere und Portefeuilles in Form einer zukunftsgerichteten Temperaturkennzahl quantifiziert. Diese Kennzahl ermöglicht es dem Fondsmanager, die Ausrichtung einer Anlage auf das Pariser Abkommen zu bewerten und Unternehmen auszuschliessen, die den Zielen des Pariser Abkommens erheblich schaden könnten.
Verbindliche Elemente der Anlagestrategie zur Erreichung der vom Teilfonds beworbenen ESG-Merkmale
Das Ziel, in Unternehmen zu investieren, deren Wachstum von Regulierungen, Innovationen, Dienstleistungen oder Produkten profitiert, die den Übergang zu einer stärker kreislauforientierten Wirtschaft und zu einer Wirtschaft, die das Naturkapital wertschätzt, begünstigen, und nach qualitativ hochwertigen Unternehmen mit nachhaltigen Finanzmodellen, Geschäftspraktiken und Geschäftsmodellen zu suchen, die
Widerstandskraft und die Fähigkeit zeigen, sich weiterzuentwickeln und von langfristigen strukturellen Trends zu profitieren, ist eine verbindliche Anforderung.
Der Ausschluss von Unternehmen, die mit umstrittenen Waffen zu tun haben, ist ein absolutes Verbot, das nicht ausser Kraft gesetzt werden kann.
Das Eliminieren von Unternehmen, die aufgrund ihres Scores zu den untersten 20% gehören, und der Ausschluss von Unternehmen, die ein wesentliches Engagement in den Bereichen Tabak, Kohle und unkonventionelles Öl und Gas aufweisen oder die Kontroversen der höchsten Stufe, wie oben beschrieben, ausgesetzt sind, sind keine absoluten Verbote. Es liegt im Ermessen des Fondsmanagers, sicherzustellen, dass dennoch eine qualitative Beurteilung des Nachhaltigkeitsprofils eines Unternehmens vorgenommen werden kann, u. a., wenn Daten fehlen oder veraltet sind oder der Fondsmanager der Ansicht ist, dass Engagement und Stewardship zu einer effektiveren und positiven Veränderung der Geschäftspraktiken führen können, die sich auf die Nachhaltigkeitsmerkmale auswirken.
Kontinuierliche Basis des Beurteilungsprozesses des Fondsmanagers
Der Anlageprozess des Fondsmanagers ist dynamisch und darauf ausgelegt, sich an veränderte Marktbedingungen, Datenerfassungen und Entwicklungen der globalen Nachhaltigkeitsanalyse anzupassen, und kann sich daher im Laufe der Zeit ändern.
Mindestvermögensallokation in nachhaltige Investitionen für diesen Teilfonds
Für diesen Teilfonds besteht keine angestrebte Mindestallokation in nachhaltige Investitionen. Die tatsächliche Allokation in nachhaltige Investitionen wird ein Produkt des oben beschriebenen ESG-Beurteilungsprozesses sein.
Wahrscheinliche Auswirkungen von Nachhaltigkeitsrisiken auf die Renditen des Teilfonds
Die wahrscheinlichen Auswirkungen von Nachhaltigkeitsrisiken sind schwer zu quantifizieren. Der Fondsmanager ist der Ansicht, dass die Umwelt-, Sozial- und Unternehmensführungspraktiken eines Unternehmens eng mit seinem langfristigen Erfolg verbunden sind und dass Unternehmen mit ESG-gerechten Geschäftspraktiken und -abläufen eher erfolgreich sind und langfristigen Wert schaffen. Es besteht jedoch keine Garantie für die Wertentwicklung einzelner Unternehmen, in die der Teilfonds investiert, oder für die Rendite des Portefeuilles des Teilfonds insgesamt.
Referenzwert
Der Teilfonds bezieht sich nicht auf einen Referenzwert, der sich an ESG-Kriterien orientiert.
C-2.3
Anwendbar auf den folgenden Teilfonds:
- Global Climate BondWie ist der Teilfonds gemäss SFDR eingestuft?

Die Verwaltungsgesellschaft hat den Teilfonds als Teilfonds eingestuft, der Artikel 9 der SFDR untersteht. Der Teilfonds verfolgt ein nachhaltiges Investitionsziel.
Die in diesem Abschnitt verwendeten Begriffe haben die Bedeutungen, die im Glossar des Prospekts sowie nachfolgend definiert werden:
E/S	bedeutet ökologisch (environmental) und/oder sozial (social)
Impact Report	bezeichnet den jährlichen Impact Report des Fondsmanagers für den Teilfonds, der die positiven ökologischen und sozialen Auswirkungen der Anlagen des Teilfonds aufzeigt, einschliesslich der Ausrichtung des Portefeuilles auf die UN SDGs sowie einer Bewertung der vermiedenen Treibhausgasemissionen des Portefeuilles. Der aktuelle Impact Report ist einsehbar unter https://affirmativeim.com/impact-report/.
Fondsmanager oder AIM	bezeichnet Affirmative Investment Management Partners Limited, den Fondsmanager des
Teilfonds
SPECTRUM
®
-Prozess	bezeichnet den unternehmenseigenen und unabhängigen Verifizierungsprozess des Fondsmanagers, der unter https://affirmativeim.com/process einsehbar ist.
Worin besteht das nachhaltige Investitionsziel des Teilfonds?
Der Teilfonds ist ein dedizierter Impact-Fixed Income-Teilfonds und hat nachhaltige Investitionen als Kernziel. Der Teilfonds ist bestrebt, neben einer ökologischen und/oder sozialen Wirkung auch marktübliche risikobereinigte Renditen zu erzielen.
Wertpapiere werden nur dann in den Teilfonds aufgenommen, wenn sie eine positive ökologische und/oder soziale Wirkung haben, die entweder zur Erfüllung des Pariser Abkommens oder der UN SDGs beiträgt. Der Emittent der Wertpapiere muss ausserdem den Verifizierungsprozess aus Umwelt-, Sozial- und Unternehmensführungsperspektive bestehen.
Wertpapiere, die für die Aufnahme in das investierbare Universum des Teilfonds ausgewählt werden, werden durch den unternehmenseigenen und unabhängigen Verifizierungsprozess von Affirmative Investment Management (AIM), den SPECTRUM®-Prozess, verifiziert. Weitere Einzelheiten zu diesem Prozess sind auf der Website des Fondsmanagers zu finden: https://affirmativeim.com/process/.
Ein diversifiziertes Portefeuille aus festverzinslichen Wertpapieren mit Investment-Grade-Rating ist so aufgebaut, dass es einen positiven ökologischen und sozialen Einfluss hat und gleichzeitig marktübliche Fixed-Income-Renditen erzielt. Der Fondsmanager berichtet in seinem jährlichen Impact Report über wichtige Umwelt- und Sozialkennzahlen, die je nach den vom Teilfonds getätigten Anlagen von Jahr zu Jahr variieren können.
Beispiele für ökologische Kennzahlen sind die vermiedenen Treibhausgasemissionen in Tonnen pro Jahr, die gewichtete durchschnittliche Kohlenstoffintensität (WACI), die installierte Kapazität an sauberer Energie in Megawatt, das aufbereitete Wasser in m3, die tägliche Passagierkapazität für kohlenstoffarmen Transport und die flächengewichteten umweltfreundlichen Gebäude in m3.
Beispiele für soziale Kennzahlen sind die Anzahl der erhaltenen/geschaffenen Arbeitsplätze, die Anzahl der Schüler mit Zugang zu grünen Bildungseinrichtungen, die Anzahl der geimpften Kinder, die Anzahl der Mikrofinanz- und KMU-Kredite.
Welche Anlagestrategie verfolgt der Teilfonds, um sein nachhaltiges Investitionsziel zu erreichen?
Eine Anlagestrategie ist die Richtschnur für die Entscheidung, in was investiert werden soll, basierend auf z. B. den Anlagezielen, der Risikotoleranz und dem zukünftigen Liquiditätsbedarf.
Der Teilfonds investiert nur in Wertpapiere, die nachweislich positive ökologische und/oder soziale Auswirkungen haben und zur Erreichung des Pariser Abkommens und/oder der UN SDGs beitragen. Das Verifizierungsteam bei AIM, das die Kredit- und Nachhaltigkeitsteams umfasst,
analysiert jedes Wertpapier und jeden Emittenten nach dem SPECTRUM
®
-Prozess. Das Ergebnis dieser Analyse ist das investierbare Universum, auf dessen Grundlage das AIM-Portfoliomanagementteam den Teilfonds verwaltet. Die Auswirkungen des Teilfonds werden jedes Jahr im jährlichen Impact Report gemessen. Der Impact Report 2019 hatte einen Investitionsdeckungsgrad von 93%.
Was sind die verbindlichen Elemente für die Anlageauswahl?
Die verbindlichen Elemente sind Verpflichtungen, die während der Laufzeit des Teilfonds nicht geändert werden können.
Der Teilfonds investiert nur in Wertpapiere, von denen eine positive ökologische und/oder soziale Wirkung erwartet wird. Das Anlageuniversum ist auf Wertpapiere beschränkt, die den AIM-eigenen SPECTRUM
®
-Verifizierungsprozess durchlaufen haben, der separate Nachhaltigkeits- und Bonitätsbewertungen umfasst.
Der Ausschluss bestimmter Emittenten ist ein weiteres verbindliches Element. Emittenten, die in bestimmten Sektoren tätig sind oder eine schlechte ESG-Performance ausweisen, wie in den Ausschlusskriterien von AIM festgelegt, werden vom Portefeuille ausgeschlossen. Solche Emittenten werden im Rahmen des SPECTRUM
®
-Prozesses von Fall zu Fall geprüft. Für den Teilfonds gelten die Ausschlusskriterien von AIM, deren Einzelheiten hier zu finden sind: https://affirmativeim.com/policies/.
Wie wird die Strategie im Anlageprozess kontinuierlich umgesetzt?
Der SPECTRUM®-Verifizierungsprozess ist die erste Stufe des Anlageprozesses von AIM. Das Ergebnis des Verifizierungsprozesses ist ein Universum von infrage kommenden Wertpapieren. Wird ein Wertpapier gehalten, wird es mindestens einmal jährlich im Rahmen des jährlichen Impact-Reporting-Zyklus von AIM überprüft.
Während des Impact-Reporting-Prozesses wird das Impact-Reporting des Emittenten überprüft. AIM tritt mit dem Emittenten in Kontakt, wenn das Impact Reporting als nicht ausreichend erachtet wird.
Kredit- und Nachhaltigkeitsanalysten sprechen mit den Emittenten auch vor der Emission und auf Ad-hoc-Basis. Wertpapiere werden bei Bedarf in Bezug auf die Aufnahme in das investierbare Universum neu bewertet. Wenn ein Wertpapier keine positiven Auswirkungen liefert oder der Emittent die strengen ESG-Kriterien oder Berichtsstandards von AIM nicht mehr erfüllt, wird das Wertpapier "herabgestuft" und die Portfoliomanager müssen das Wertpapier innerhalb von 30 Tagen verkaufen, vorbehaltlich des besten Interesses der Aktionäre.
Da sich der Markt für Impact Bonds weiterentwickelt, wird die SPECTRUM
®
-Verifizierungsmethode jährlich überprüft und bei Bedarf aktualisiert.
Gibt es ein messbares Ziel?
Der Fondsmanager verfolgt einen "Best-in-Class"-Ansatz, indem er das Anlageuniversum mithilfe des SPECTRUM®-Verifizierungsprozesses überprüft. Der Teilfonds basiert auf einer positiven Auswahl. Er investiert nur in Wertpapiere, die neben positiven Auswirkungen auch marktübliche Renditen liefern. Die Mehrheit der weltweit begebenen konventionellen Anleihen wird ausgeschlossen, da sie keine positiven ökologischen oder sozialen Auswirkungen haben.
Die Anzahl der ausgeschlossenen Wertpapiere variiert je nach Niveau und Qualität der Emissionen. In der Vergangenheit wurden ca. 15–25% der von uns geprüften Wertpapiere aus dem Markt für gelabelte und nicht gelabelte Anleihen aus unserem investierbaren Universum ausgeschlossen.
Wie werden die Good-Governance-Praktiken der Portefeuilleunternehmen bewertet?
Bei der Unternehmensführung ("Governance") geht es um die Führung eines Unternehmens, die Vergütung der Mitarbeitenden (inkl. der Führungskräfte), Prüfungen, interne Kontrollen, Aktionärsrechte, Steuerkonformität und die Beziehungen zu anderen Anspruchsgruppen.
Die Unternehmensführungspraktiken von Emittenten werden im Rahmen des SPECTRUM®-Prozesses bewertet. Sowohl das Nachhaltigkeits- als auch das Kreditteam berücksichtigen die Unternehmensführung eines Emittenten bei ihren Bewertungen. Diese wird insbesondere im Rahmen der Säulen "Ethics & Issuer Conduct" (Kreditbewertung) und "Responsible Issuer" (Nachhaltigkeitsbewertung) geprüft. Bei dieser Bewertung führen die Nachhaltigkeits- und Kreditteams neben dem Research einiger externer ESG-Anbieter ihr eigenes Research durch.
Was sind die wahrscheinlichen Auswirkungen von Nachhaltigkeitsrisiken auf die Renditen des Teilfonds?
Die wahrscheinlichen Auswirkungen von Nachhaltigkeitsrisiken sind schwer zu quantifizieren. Der Fondsmanager ist der Ansicht, dass die Umwelt-, Sozial- und Unternehmensführungspraktiken eines Unternehmens oder Emittenten eng mit seinem langfristigen Erfolg verbunden sind und dass Unternehmen oder Emittenten mit ESG-gerechten Geschäftspraktiken und -abläufen eher erfolgreich und langfristig kreditwürdiger sind.
Welche Mindestvermögensallokation ist für den Teilfonds vorgesehen?
Die Vermögensallokation ist ein Element der Umsetzung der Anlagestrategie. Sie beschreibt, welcher Prozentsatz Ihrer Anlagen in welche Art von Vermögenswerten geht.
Die Kategorie #1 Ausgerichtet auf E/S-Merkmale umfasst alle Anlagen, die auf das Merkmal ausgerichtet sind:
- Die Unterkategorie #1A umfasst Investitionen, die als nachhaltig qualifiziert sind. Eine nachhaltige Investition bedeutet eine Investition in eine wirtschaftliche Aktivität, die zu einem Umweltziel beiträgt, gemessen z.B. an Schlüsselindikatoren für die Ressourceneffizienzwie CO2-Emissionen oder dem Wasserverbrauch, oder eine Investition, die zu einem sozialen Ziel beiträgt, wie z.B. die Bekämpfung von Ungleichheit oder die Förderung des sozialen Zusammenhalts.
- Die Unterkategorie #1B Sonstige E/S-Merkmale umfasst Investitionen, die sich an den ökologischen oder sozialen Merkmalen orientieren, aber nicht die Kriterien einer "nachhaltigen Investition" erfüllen.
- Die Unterkategorie #2 Rest umfasst Anlagen, die weder auf die E/S-Merkmale ausgerichtet sind noch als nachhaltig qualifiziert werden.

Der Teilfonds investiert neben SPECTRUM
®
-ausgerichteten Anleihen ausschliesslich in gelabelte und nicht gelabelte grüne, soziale oder Nachhaltigkeitsanleihen. Somit sind alle Anlagen des Teilfonds nachhaltig und fallen in die Kategorie #1A, ausser Barmittel.
Die Mischung aus grünen, sozialen, nachhaltigen und SPECTRUM
®
-ausgerichteten Anleihen wird sich im Laufe der Zeit ändern. Die Anlagemischung per 30. November 2020 ist in der folgenden Grafik dargestellt.
Allokation in Impact Bonds
Grüne Anleihen
Ohne Label – grüne Anleihen Nachhaltigkeitsanleihen
Ohne Label – Nachhaltigkeitsanleihen Soziale Anleihen
Ohne Label – soziale Anleihen Ausgerichtet
Barmittel
Investitionen
#1A Ausgerichtet #2 Rest (Barmittel)
In welche Wirtschaftssektoren wird investiert?
Der Teilfonds ist hauptsächlich im Finanzsektor und in staatsbezogenen festverzinslichen Instrumenten engagiert. Es wird erwartet, dass sich die sektorale Zusammensetzung im Laufe der Zeit ändert.
Das sektorale Engagement des Teilfonds per 30. November 2020 ist in der folgenden Grafik dargestellt. Alle Investitionen befinden sich in der Unterkategorie 1A, mit Ausnahme der Barmittel.
Sektorallokation
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
#1A	#1B	#2
Konsumgüter, zyklische	Konsumgüter, nichtzyklische
Energie	Finanzwesen
Staat	Industrie
Versorger	Barmittel
Werden im Rahmen des Teilfonds Derivate eingesetzt?
Ja. Der Teilfonds setzt zum Zwecke der Absicherung und des effektiven Portfoliomanagements Derivate ein.
Welche Investitionen sind in "#2 Rest" enthalten?
Der Teilfonds kann auch Barmittel für Risikomanagement- oder Liquiditätszwecke einsetzen, die nicht dem SPECTRUM
®
-Prozess von AIM unterliegen.
Wie tragen nachhaltige Anlagen zu einem Nachhaltigkeitsziel bei, ohne anderen nachhaltigen Investitionszielen während des Referenzzeitraums erheblich zu schaden?
Dieser Abschnitt bezieht sich ausschliesslich auf den oben dargestellten Teil der nachhaltigen Investitionen (#1A Nachhaltig) und nicht auf den Teil der sonstigen E/S-Merkmale oder den Rest.
Wie tragen nachhaltige Investitionen des Teilfonds zu einem Nachhaltigkeitsziel bei?
Eine Investition, die zu einem ökologischen oder sozialen Ziel beiträgt, kann nur dann als "nachhaltig" betrachtet werden, wenn sie nachweislich zu einem ökologischen oder sozialen Ziel beiträgt und keinem der (anderen) Nachhaltigkeitsziele erheblich schadet. Die EU-Taxonomie ist eine von der Europäischen Union genehmigte Klassifizierung von Umweltaktivitäten.
Der Teilfonds investiert ausschliesslich in Anleihen, die positive Auswirkungen auf die Umwelt und/oder die Gesellschaft haben. Das Potenzial dieser Auswirkungen wird durch den SPECTRUM
®
-Prozess ermittelt, und für jeden nicht gelabelten Emittenten oder gelabelten Anleihenrahmen wird eine vollständige Analyse durchgeführt. Dies ermöglicht es AIM, die erwarteten Auswirkungen von Fall zu Fall zu untersuchen. Um dies zu verstehen, werden sowohl die beabsichtigten positiven Auswirkungen als auch alle externen Effekte, ob positiv oder negativ, berücksichtigt.
AIM hat eine eigene interne Taxonomie für Umwelt- und Sozialprojekte. Der SPECTRUM
®
-Prozess umfasst eine Überprüfung der Übereinstimmung mit dieser Taxonomie. Zu den infrage kommenden Umweltbereichen gehören Energie, Infrastruktur, Wasserressourcenmanagement, Ressourceneffizienz, Landmanagement, Meeresumwelt und Fischerei. Zu den infrage kommenden Sozialbereichen gehören Bildung, Ausbildung und Beschäftigung, globale Gesundheit, Stärkung von Frauen und gefährdeten Gruppen, finanzielle Inklusion und nachhaltige Unternehmen, Ernährungssicherheit und sozialer Wohnungsbau. Die Taxonomie von AIM orientiert sich an anderen externen Bestrebungen zur Definition von Umwelt- und Sozialinvestitionen, wie z. B. der EU-Taxonomie für nachhaltige Finanzierungen, der Taxonomie der Climate Bonds Initiative sowie den Grundsätzen für grüne und soziale Anleihen der International Capital Market Association (ICMA). AIM überprüft regelmässig, ob Änderungen erforderlich sind, basierend auf den neuesten Markt- und wissenschaftlichen Entwicklungen.
Die Themen und Emittenten innerhalb des SPECTRUM
®
-Anlageuniversums werden laufend überprüft, und AIM berichtet im jährlichen Impact Report über die Auswirkungen des Teilfonds.
Wie werden wesentliche nachteilige Auswirkungen auf Nachhaltigkeitsfaktoren berücksichtigt? 
Wesentliche nachteilige Auswirkungen sind die grössten negativen Auswirkungen der Anlagen auf Nachhaltigkeitsfaktoren (Umwelt-, Sozial- und Arbeitnehmerbelange, Achtung der Menschenrechte, Korruptions- und Bestechungsbekämpfung).
Wesentliche nachteilige Auswirkungen auf Nachhaltigkeitsfaktoren werden im Rahmen des SPECTRUM
®
-Verifizierungsprozesses von AIM berücksichtigt. Sie werden auf zwei Ebenen betrachtet:
- nachteilige Auswirkungen, die mit der Verwendung der Erlöse der Anleihe verbunden sind; und
- nachteilige Auswirkungen, die mit dem Emittenten der Anleihe verbunden sind, sich aber nicht notwendigerweise aus der angegebenen Verwendung der Erlöse ergeben. Das Kriterium "verantwortungsvoller Emittent" innerhalb der SPECTRUM®-Analyse konzentriertsich auf den Emittenten selbst und darauf, ob er die AIM-Standards aus ESG-Sicht erfüllt. Dazu gehören Umwelt-, Sozial- und Arbeitnehmerbelange, die Achtung der Menschenrechte sowie die Korruptions- und Bestechungsbekämpfung.

Wie werden Anlagen ausgeschlossen, die nachhaltigen Investitionszielen erheblich schaden?
Wenn eine Anlage mit erheblichen ökologischen oder sozialen Schäden verbunden wäre, würde sie die SPECTRUM
®
-Kriterien von AIM nicht erfüllen und würde aus dem SPECTRUM Bond
®
-Universum ausgeschlossen. In der Folge kommt die Emission nicht für den Kauf für den Teilfonds in Frage. Im Rahmen des SPECTRUM
®
-Prozesses muss der Analyst prüfen, ob es aufgrund der angegebenen Verwendung der Erlöse oder des Emittenten direkte oder indirekte nachteilige Auswirkungen auf die Umwelt oder die Gesellschaft gibt.
Der Teilfonds hält sich auch an die Ausschlusskriterien von AIM, die einsehbar sind auf der Website von AIM https://affirmativeim.com/policies/
Welche Nachhaltigkeitsindikatoren werden verwendet, um die Erreichung des Nachhaltigkeitsziels des Teilfonds zu messen?
Nachhaltigkeitsindikatoren werden verwendet, um die Erreichung des Nachhaltigkeitsziels des Teilfonds zu messen. Die ökologischen und sozialen Merkmale des Teilfonds werden in zwei Phasen bewertet:
- bei der anfänglichen Überprüfung der Anleihenemission und des Emittenten, wenn das AIM-Verifizierungsteam die SPECTRUM
- ®
- -Analyse zum ersten Mal durchführt; und
- während der jährlichen Erstellung des Impact Report.

Sowohl die Anleihenemission, in Bezug auf die Verwendung der Erlöse, als auch der Emittent der Anleihe, aus einer ESG-Perspektive, werden unabhängig bewertet.
Der SPECTRUM
®
-Verifizierungsprozess umfasst sowohl die Nachhaltigkeits- als auch die Kreditprüfung. Im Rahmen dieses Prozesses wird das abgestimmte SPECTRUM Bond
®
- und SPECTRUM
®
-Universum der infrage kommenden Anleihen durch eine positive Auswahl anhand der unten aufgeführten Kriterien aufgebaut. Weitere Informationen über den SPECTRUM
®
-Prozess finden Sie auf https://affirmativeim.com/process/.
Nachhaltigkeitsindikatoren werden auch in den jährlichen Impact Report aufgenommen. Beispiele hierfür sind die potenziell vermiedenen Emissionen, die mittels der Carbon-Yield-Methode berechnet werden, und die von der Arbeitsgruppe zur Klimaberichterstattung (TCFD) empfohlene Kennzahl, die gewichtete durchschnittliche Kohlenstoffintensität (WACI). Der jährliche Impact Report für den Teilfonds ist verfügbar auf https://affirmativeim.com/impact-report/.
Warnhinweis
Die SPECTRUM
®
-Verifizierungsmethode kann aufgrund der Verfügbarkeit von Daten von Emittenten oder Datendienstleistern Einschränkungen unterworfen sein. Die SPECTRUM
®
-Methode ermöglicht dem Fondsmanager einen disziplinierten Prozess bei der Bewertung des Nachhaltigkeitsprofils eines Emittenten. Sie ist jedoch nicht endgültig und soll in Verbindung mit anderen Instrumenten und Datenanbietern sowie Bewertungen des nachhaltigkeitsbezogenen Geschäftsmodells und der entsprechenden Praktiken eines Unternehmens verwendet werden.
Die SPECTRUM
®
-Methode ist dynamisch und so ausgelegt, dass sie an sich ändernde Entwicklungen in Bezug auf die Nachhaltigkeit angepasst werden kann. Der Fondsmanager kann die mit der SPECTRUM
®
-Methode verbundenen Prozesse jederzeit ohne Vorankündigung und nach eigenem Ermessen ändern.
Es wird keine Garantie oder Zusage in Bezug auf die finanzielle Performance eines bestimmten Unternehmens auf der Grundlage seines Scorings nach der SPECTRUM
®
-Methode gegeben.
Kann ich online weitere produktspezifische Informationen finden?
Weitere Informationen über den Anlageprozess von AIM finden Sie auf https://affirmativeim.com/process/ Weitere Informationen über den Teilfonds finden Sie auf www.loim.com.
Ist ein bestimmter Index als Referenzwert vorgesehen, um zu bestimmen, ob der Teilfonds nachhaltig ist?
Ein nachhaltiger Referenzwert ist ein Index, anhand dessen gemessen werden kann, ob der Teilfonds sein nachhaltiges Investitionsziel erreicht.
Der Teilfonds bewertet die Nachhaltigkeitsaspekte des Portefeuilles auf absoluter Basis. Ein Beispiel ist die Anzahl Tonnen an CO2, die voraussichtlich durch die Projekte, die durch die Wertpapiere im Besitz des Teilfonds finanziert werden, eingespart werden. Bei dieser Bewertung handelt es sich um eine erwartete tatsächliche "Netto"-CO2-Einsparung, da dabei sowohl der beim Bau des Projekts verbrauchte Kohlenstoff als auch die erwartete Kohlenstoffeinsparung über die Lebensdauer des Projekts analysiert werden.
Der Teilfonds verwendet den Bloomberg Barclays Global Aggregate Index als seinen Referenzwert, um die Kohlenstoffbilanz des Teilfonds mit jener des Referenzwerts zu vergleichen. AIM veröffentlicht die gewichtete durchschnittliche Kohlenstoffintensität (WACI) des Teilfonds im jährlichen Impact Report. Der Referenzwert ist ein breiter Marktindex. Er ist nicht auf das vom Teilfonds verfolgte nachhaltige Investitionsziel ausgerichtet.
C-2.4
Anwendbar auf den folgenden Teilfonds:
- Natural Capital CreditEinstufung des Teilfonds gemäss SFDRDie Verwaltungsgesellschaft stufte den Teilfonds als Finanzprodukt ein, das Artikel 9 der SFDR untersteht.

Nachhaltigkeitsziel
Der Teilfonds investiert in Unternehmen, deren Wachstum von Regulierungen, Innovationen, Dienstleistungen oder Produkten profitieren wird, die den Übergang zu einer stärker kreislauforientierten Wirtschaft und zu einer Wirtschaft, in der Naturkapital wertgeschätzt wird, fördern. Der Teilfonds strebt Anlagen in Qualitätsunternehmen mit nachhaltigen Finanzmodellen, Geschäftspraktiken und Geschäftsmodellen an, die widerstandsfähig sind und mit den langfristigen strukturellen Trends wachsen und von ihnen profitieren können. Zur Identifikation solcher
Unternehmen verwendet er unter anderem die nachstehend beschriebenen unternehmenseigenen Instrumente und Methoden für die Erstellung des ESG- und Nachhaltigkeitsprofils.
Bewertung des Beitrags zu positiven Umwelteffekten
- Der interne Anlageprozess des Fondsmanagers in Bezug auf den Teilfonds zielt darauf ab, Unternehmen für die Aufnahme in das Anlageuniversum des Teilfonds auszuwählen, die wesentliche Umsätze und/oder Erträge aus Geschäftstätigkeiten erwirtschaften, die einen positiven Beitrag zu einem oder mehreren der folgenden Bereiche von Naturkapital-Anlagemöglichkeiten leisten: Circular Bio-Economy, Ressourceneffizienz, ergebnisorientiertes Wirtschaften, Zero Waste und „Transition Champions“ (d. h. Unternehmen inBranchen, die mit Naturkapital in Berührung kommen und glaubhaft auf nachhaltigere Geschäftsmodelle umstellen, die das Naturkapital nutzen und erhalten). Die Überprüfung eines Unternehmens im Hinblick auf die infrage kommenden Geschäftsaktivitäten wird vonden Teams in den Bereichen Sustainable Investment Research, Strategy and Stewardship (SIRSS), Aktienresearch und ESG des Fondsmanagers durchgeführt. Der Grad der Wesentlichkeit in Bezug auf die Einnahmen aus infrage kommenden Geschäftstätigkeiten kann je nach Branche und Unternehmensgrösse variieren. Darüber hinaus wird das Anlageuniversum des Teilfonds grüne Anleihen mit Erlösverwendung und andere nachhaltigkeitsbezogene Anleihen (gemäss der Definition in den Leitlinien der International Capital Market Association (ICMA) für grüne und soziale Anleihen) umfassen, wenn sie einen wesentlichen Anteil an naturkapitalbezogenerErlösverwendung (Projekte und Aktivitäten) aufweisen. Bei diesen Wertpapieren wird das Team Sustainable Investment Research, Strategy and Stewardship (SIRSS) des Fondsmanagers die Nachhaltigkeitsnachweise der Wertpapiere (sowie des übergeordneten Emittenten) bewerten, um die Übereinstimmung mit bewährten Marktpraktiken und die Integrität der Nachhaltigkeit sicherzustellen. Der Fondsmanager ist bestrebt, Unternehmen einzuschränken, die in Sektoren tätig sind, die keinen positiven Beitrag zum Erhalt oder zur Nutzung des Naturkapitals leisten, die in bestimmte Geschäftsaktivitäten involviert sind (siehe unten) oder die eine schlechte ESG-Performance aufweisen.
- Wertpapiere werden bei Bedarf in Bezug auf die Aufnahme in das investierbare Universum neu bewertet. Wenn ein Unternehmen sein Geschäftsmodell ändert, sein Umsatzanteil unter vorher festgelegte Schwellenwerte fällt oder das Unternehmen die ESG-Kriterien des Fondsmanagers nicht mehr erfüllt, wird das Unternehmen vorbehaltlich des besten Interesses der Aktionäre für eine Veräusserung in Betracht gezogen.
- Um sich für eine Anlage im Portefeuille des Teilfonds zu qualifizieren, muss ein Unternehmen ausserdem die ESG- Qualitätsbewertungskriterien des Fondsmanagers erfüllen, die darauf abzielen, neben den Geschäftspraktiken wesentliche Kennzahlen zu überprüfen, die eine Reihe von Umwelt-, Sozial- und Unternehmensführungsparametern umfassen, einschliesslich der sektorrelevantesten wichtigsten nachteiligen Indikatoren. Wenn die Leistung unterhalb der optimalen Leistung liegt oder die gemeldeten Daten nicht ausreichen, um eine Schlussfolgerung zu ziehen, tritt der Fondsmanager mit dem Unternehmen in Kontakt, um die Leistung, die Richtlinien und die Aussichten anhand der wichtigsten wesentlichen Parameter zu bewerten.

Systematisches ESG-Screening und -Scoring
- Der Fondsmanager überprüft Unternehmen mittels der ESG/CAR-Industrial-Materiality-Rating-Methode von Lombard Odier, die relevante Informationen zu jedem der SFDR-fokussierten Nachhaltigkeitsindikatoren wie Treibhausgasemissionen, Energieleistung, Biodiversität, Wassernutzung, Abfallmanagement, Sozial- und Arbeitnehmerbelange, Menschenrechte sowie Korruptions- und Bestechungsbekämpfung berücksichtigt. Die ESG/CAR-Industrial-Materiality-Rating-Methode von Lombard Odier ermöglicht es dem Fondsmanager, das inBezug auf Nachhaltigkeitsbelange unterste Quintil der Unternehmen innerhalb des Anlageuniversums des Teilfonds zu ermitteln. Dieses Ratingsystem ist zudem „wesentlichkeitsorientiert“ und identifiziert daher den geeignetsten Nachhaltigkeitsrahmen für jede Branche, waseine Konzentration auf die wichtigsten ESG-Themen, die ein bestimmtes Unternehmen betreffen können, ermöglicht. Es zielt ferner darauf ab, Unternehmen, die lediglich Bewusstsein demonstrieren, von solchen, die messbare Ergebnisse erzielen, zu unterscheiden (CAR- Rahmen: Consciousness [Bewusstsein], Action [Massnahme], Result [Ergebnis]). In Schema I wird die ESG/CAR-Industrial-Materiality- Rating-Methode von Lombard Odier eingehender beschrieben.
- Basierend auf dem Scoring nach der ESG/CAR-Industrial-Materiality-Rating-Methode von Lombard Odier verfolgt der Fondsmanager einen selektiven Ansatz und ist bestrebt, die 20% der Unternehmen, die am schlechtesten abschneiden, zu eliminieren, sofern nicht objektive Gründe dagegen sprechen. Jede Entscheidung in Bezug auf eine Eliminierung liegt im alleinigen Ermessen des Fondsmanagers. Der Fondsmanager ist der Ansicht, dass ein Eliminierungsverfahren, das ausschliesslich auf den Ergebnissen eines automatisierten negativen Screenings basiert, nicht notwendigerweise zur Ermittlung nachhaltiger Investitionen führt und dass unter Umständen ein zukunftsgerichtetes qualitatives Urteil erforderlich ist. Dies kann beispielsweise insbesondere bei Unternehmen der Fall sein, die auf eine kohlenstoffärmere Wirtschaft umstellen.

Ausschlüsse
- Unternehmen, die direkt oder über Eigentum mit umstrittenen Waffen (Produktion, Forschung und Entwicklung, Wartung/ Dienstleistungen/Management, Systemintegration, Tests, Verkauf/Handel) zu tun haben, werden ausgeschlossen. In den Geltungsbereich dieser Ausschlussbestimmung fallen Waffen, die durch den Ottawa-Vertrag über ein Verbot von Antipersonenminen (in Kraft seit1999), das Übereinkommen über Streumunition (Oslo-Konvention) von 2008, die Biowaffenkonvention (BWK) von 1972 sowie das Chemiewaffenübereinkommen (CWÜ) von 1993 verboten oder geächtet sind. Ausgeschlossen sind darüber hinaus abgereichertes Uran und weisser Phosphor.

Beschränkungen
- Tabak, Kohle sowie unkonventionelles Öl und Gas – Der Fondsmanager ist bestrebt, Anlagen in die folgenden Unternehmen zu beschränken:Tabak – Unternehmen, die mehr als 10% ihrer Einnahmen entweder aus der Herstellung von Tabakprodukten oder dem Einzelhandel mit Tabakprodukten/-dienstleistungen erzielen.

Kraftwerkskohle
Bergbau – Unternehmen, die mehr als 10% ihrer Einnahmen aus dem Abbau von Kraftwerkskohle erzielen. Stromerzeugung – Unternehmen, die mehr als 10% ihrer Einnahmen aus der Kohleverstromung erzielen.
Unkonventionelles Öl- und Gas – Unternehmen, die insgesamt mehr als 10% ihrer Einnahmen aus der Exploration von Teersanden, Schiefergas und -öl sowie Öl- und Gasförderung in der Arktis erzielen.
- Wesentliche Verstösse gegen die Prinzipien des UN Global Compact – Der Fondsmanager ist bestrebt, Anlagen in Unternehmen zu beschränken, die in die schwersten Verstösse gegen die Prinzipien des UN Global Compact ("Highest Level Controversies" – Kontroversen der höchsten Stufe) verwickelt sind.
- Die Entscheidung, ein Unternehmen im Rahmen der oben genannten Beschränkungen auszuschliessen, liegt im alleinigen Ermessen des Fondsmanagers. Der Fondsmanager ist der Ansicht, dass ein Verfahren, das ausschliesslich auf absoluten Ausschlüssen basiert (ausser im Falle von umstrittenen Waffen), nicht notwendigerweise zur Ermittlung nachhaltiger Investitionen führt und dass eine zukunftsgerichtete qualitative Beurteilung erforderlich sein kann. Dies kann insbesondere der Fall sein bei Unternehmen, die auf einekohlenstoffärmere Wirtschaft umstellen oder bei denen Stewardship und Engagement zu einer effektiveren und positiven Veränderung der Geschäftspraktiken führen können, die sich auf ESG-Merkmale auswirken.

Quantitative und qualitative Überprüfung von Geschäftspraktiken und Geschäftsmodellen
- Der Fondsmanager kann die folgenden Nachhaltigkeitsdatenpunkte (verfügbar über verschiedene historische Zeiträume) aktiv überprüfen, um ihn bei seiner Bewertung des Beitrags eines Unternehmens zu einer kreislauforientierten, effizienten, integrativen und sauberen (Circular, Lean, Inclusive and Clean) CLIC™ -Wirtschaft zu unterstützen:
	- Überprüfung von Scoring/Ratings im Rahmen der ESG/CAR-Industrial-Materiality-Rating-Methode von Lombard Odier, die relevante Informationen zu jedem der SFDR-fokussierten Nachhaltigkeitsindikatoren einbezieht.
	- Überprüfung der Klimaausrichtung eines Unternehmens unter Berücksichtigung nicht nur der Kohlenstoffbilanz (Höhe der Emissionen, die ein Unternehmen heute produziert), sondern auch der Temperaturausrichtung (Berücksichtigung der erwarteten, zukünftigen Emissionen eines Unternehmens und des Grades der Übereinstimmung dieser Emissionen mit etwaigen Verpflichtungen zu Klimazielen).

- Überprüfung der Geschäftsaktivitäten eines Unternehmens, um zu beurteilen, wie das Geschäftsmodell sowie die Produkte und Dienstleistungen des Unternehmens durch den Übergang zur CLIC™-Wirtschaft beeinflusst werden.
- Diese Datenpunkte sollen dem Fondsmanager dabei helfen, die Geschäftspraktiken und -tätigkeiten eines Unternehmens zu analysieren, um festzustellen, ob das Unternehmen auf lange Sicht nachhaltig sein kann.
- Der Fondsmanager ist der Ansicht, dass es neben einer historischen Beurteilung von ESG-Scores oder einem Vergleich mit einer ESG- basierten Benchmark zwingend eine zukunftsgerichtete und aktive Beurteilung des Nachhaltigkeitsprofils eines Unternehmens braucht, um die langfristige Lebensfähigkeit eines Unternehmens richtig zu verstehen.
- Zusätzlich zur Analyse des positiven Beitrags, den ein Unternehmen zu den auf Naturkapital fokussierten Umweltzielen und einer CLIC™- Wirtschaft leisten kann, werden die Unternehmen auch daraufhin analysiert, ob sie dennoch anderen ökologischen oder sozialen Zielen schaden könnten (sogenanntes "Do No Significant Harm"-Prinzip). In diesem Zusammenhang werden die Datenpunkte, die im Rahmen der ESG/CAR-Industrial-Materiality-Rating-Methode von Lombard Odier berücksichtigt werden, auch im Hinblick auf negative Auswirkungen bewertet, die ein Unternehmen auf andere Nachhaltigkeitsziele haben könnte, um die "Do No Significant Harm"-Analyse zu unterstützen.

Engagement
- Der Fondsmanager ist bestrebt, durch sein Engagement nachhaltige Geschäftspraktiken zu bewerben und nachhaltige Geschäftsmodelle zu fördern, die dazu beitragen, den Klimawandel einzudämmen und sich an ihn anzupassen, und den Übergang zu einem CLIC™- Wirtschaftsmodell begünstigen. Der Fondsmanager engagiert sich gemäss einem unternehmensweiten Rahmen für strategische Prioritäten bei Portefeuilleunternehmen und verfolgt Fortschritte gegenüber den Engagementzielen aktiv, um Ergebnisse auf geeignete Weise zu messen. Der Fondsmanager hat folgende Prioritäten:
	- Förderung des Übergangs von Unternehmen zu rentablen Netto-Null-Geschäftsmodellen unter Verwendung der Oxford-Martin- Prinzipien für klimabewusste Investitionen (Oxford Martin Principles for Climate-Conscious Investment Framework);
	- Engagement für verbesserte Offenlegungen (i) bei Unternehmen mit beschränkter Berichterstattung, die im untersten Quintil des unternehmenseigenen Wesentlichkeits-ESG-Modells des Fondsmanagers liegen; (ii) bei Unternehmen, die bereits Bericht erstatten, die jedoch die Offenlegung unter der Rubrik der Arbeitsgruppe zur Klimaberichterstattung des FSB verbessern könnten;
	- Engagement bei Unternehmen, die sich gemäss der in Schema II des SFDR-Anhangs beschriebenen SFDR-Methode zur Messung der wichtigsten nachteiligen Auswirkungen negativ auf die SFDR-fokussierten Nachhaltigkeitsindikatoren auswirken.
	- Engagement bei Unternehmen ohne ESG-Rating.

- Die Engagements basieren auf strategischen Prioritäten, und der Umfang des Engagements ist nicht unbedingt proportional zur Grösse der Bestände im Portefeuille des Teilfonds.
- Das Engagement auf Unternehmensebene ist dynamisch, und der Fondsmanager behält sich das Recht vor, seine Engagementstrategie jederzeit anzupassen.

Welche Nachhaltigkeitsindikatoren werden verwendet, um die Erreichung des Nachhaltigkeitsziels des Teilfonds zu messen?
Die ökologischen und sozialen Merkmale der Anlagen des Teilfonds werden in mehreren Phasen bewertet: bei der anfänglichen Überprüfung der Aufnahme eines Unternehmens in das investierbare Universum, bei der Anlageentscheidung im Hinblick auf die Übereinstimmung mit den "Do-No- Significant-Harm"-Prinzipien und bei der jährlichen Nachhaltigkeitsberichterstattung.
Die Investitionen des Teilfonds werden am Engagement in Geschäftsaktivitäten gemessen, die einen Beitrag zu positiven Umwelteffekten entlang des Übergangs zu einer Bio-Kreislaufwirtschaft, zu Ressourceneffizienz, zu einer ergebnisorientierten Wirtschaft und zu Zero Waste leisten.
Die Anlagen des Teilfonds werden nach der ESG/CAR-Industrial-Materiality-Rating-Methode von Lombard Odier bewertet, die relevante Informationen zu den SFDR-fokussierten Nachhaltigkeitsindikatoren umfasst. Diese Indikatoren werden auch im Hinblick auf negative Auswirkungen bewertet, die ein Unternehmen auf andere Nachhaltigkeitsziele haben könnte, um die "Do No Significant Harm"-Analyse zu unterstützen.
Zu den Nachhaltigkeitsindikatoren gehören Kohlenstoffemissionen, eingesparte Kubikmeter Wasser, die potenziell vermiedenen Emissionen und die Temperaturausrichtung auf die Ziele des Übereinkommens von Paris.
Um die Temperaturausrichtung zu messen, hat Lombard Odier ein eigenes Tool entwickelt, das Lombard Odier Portfolio Temperature Alignment (LOPTA), das das Risiko des Klimawandels für einzelne Wertpapiere und Portefeuilles in Form einer zukunftsgerichteten Temperaturkennzahl quantifiziert. Diese Kennzahl ermöglicht es dem Fondsmanager, die Ausrichtung einer Anlage auf das Übereinkommen von Paris zu bewerten und Unternehmen auszuschliessen, die den Zielen des Übereinkommens von Paris erheblich schaden könnten.
Verbindliche Elemente der Anlagestrategie zur Erreichung der vom Teilfonds beworbenen ESG-Merkmale
Das Ziel, in Unternehmen zu investieren, die von Regulierungen, Innovationen, Dienstleistungen oder Produkten profitieren, die den Übergang zu einer stärker kreislauforientierten Wirtschaft und zu einer Wirtschaft, die das Naturkapital wertschätzt, begünstigen, und nach qualitativ
hochwertigen Unternehmen mit nachhaltigen Finanzmodellen, Geschäftspraktiken und Geschäftsmodellen zu suchen, die Widerstandskraft und die Fähigkeit zeigen, sich weiterzuentwickeln und von langfristigen strukturellen Trends zu profitieren, ist eine verbindliche Anforderung.
Der Ausschluss von Unternehmen, die mit umstrittenen Waffen zu tun haben, ist ein absolutes Verbot, das nicht ausser Kraft gesetzt werden kann.
Das Eliminieren von Unternehmen, die aufgrund ihres Scores zu den untersten 20% gehören, und der Ausschluss von Unternehmen, die ein wesentliches Engagement in den Bereichen Tabak, Kohle und unkonventionelles Öl und Gas aufweisen oder die Kontroversen der höchsten Stufe, wie oben beschrieben, ausgesetzt sind, sind keine absoluten Verbote. Es liegt im Ermessen des Fondsmanagers, sicherzustellen, dass dennoch eine qualitative Beurteilung des Nachhaltigkeitsprofils eines Unternehmens vorgenommen werden kann, u. a. wenn Daten fehlen oder veraltet sind oder der Fondsmanager der Ansicht ist, dass Engagement und Stewardship zu einer effektiveren und positiven Veränderung der Geschäftspraktiken führen können, die sich auf die Nachhaltigkeitsmerkmale auswirken.
Kontinuierliche Basis des Beurteilungsprozesses des Fondsmanagers
Der Anlageprozess des Fondsmanagers ist dynamisch und darauf ausgelegt, sich an veränderte Marktbedingungen, die Datenabdeckung und die Entwicklungen in der globalen Nachhaltigkeitsanalyse anzupassen, und kann sich daher im Laufe der Zeit ändern.
Wahrscheinliche Auswirkungen von Nachhaltigkeitsrisiken auf die Renditen des Teilfonds
Die wahrscheinlichen Auswirkungen von Nachhaltigkeitsrisiken sind schwer zu quantifizieren. Der Fondsmanager ist der Ansicht, dass die Umwelt-, Sozial- und Unternehmensführungspraktiken eines Unternehmens eng mit seinem langfristigen Erfolg verbunden sind und dass Unternehmen mit ESG-gerechten Geschäftspraktiken und -abläufen eher erfolgreich sind und langfristigen Wert schaffen. Es besteht jedoch keine Garantie für die Wertentwicklung einzelner Unternehmen, in die der Teilfonds investiert, oder für die Rendite des Portefeuilles des Teilfonds insgesamt.
Referenzwert
Der Teilfonds bezieht sich nicht auf einen Referenzwert, der sich an ESG-Kriterien orientiert.
C-2.5
Anwendbar auf die folgenden Teilfonds:
- TargetNetZero Global Convertible BondEinstufung des Teilfonds gemäss SFDRDie Verwaltungsgesellschaft hat den Teilfonds als Finanzprodukt eingestuft, das Artikel 9 der SFDR untersteht.

Dieser Teilfonds hat nachhaltige Investitionen zum Ziel. Eine nachhaltige Investition ist eine Investition in eine Wirtschaftstätigkeit, die zu einem ökologischen oder sozialen Ziel beiträgt, vorausgesetzt, dass die Investition kein ökologisches oder soziales Ziel wesentlich beeinträchtigt und dass die Portefeuilleunternehmen Good-Governance-Praktiken befolgen.
Worin besteht das nachhaltige Anlageziel dieses Finanzprodukts?
Das nachhaltige Anlageziel des Teilfonds besteht in der Eindämmung der Klimaerwärmung, indem in Wertpapiere von Emittenten investiert wird, die dazu beitragen können, die globalen CO2-Emissionen zu reduzieren und schliesslich bis 2050 CO2-Emissionen von netto null zu erreichen.
Welche Nachhaltigkeitsindikatoren werden verwendet, um die Erreichung des Nachhaltigkeitsziels dieses Finanzprodukts zu messen?
Der Fondsmanager verwendet über 150 nachhaltigkeitsorientierte Datenpunkte, um das ökologische und soziale Profil der zugrunde liegenden Anlagen des Teilfonds zu analysieren. Diese Datenpunkte umfassen die wichtigsten negativen Nachhaltigkeitsindikatoren, die von der SFDR festgelegt wurden und die folgenden Themen abdecken:
- Treibhausgasemissionen;
- Temperaturbeitrag;
- Energieleistung;
- Biodiversität;
- Wassernutzung;
- Abfallwirtschaft;
- Soziales und Arbeitnehmerbelange;
- Menschenrechte;
- Korruptions- und Bestechungsbekämpfung.

Der Fondsmanager wendet die ESG/CAR-Industrial-Materiality-Rating-Methode von Lombard Odier an, um Unternehmen zu analysieren und zu bewerten. Die ESG/CAR-Industrial-Materiality-Rating-Methode von Lombard Odier untersucht die Geschäftspraktiken von Unternehmen in Bezug auf ihr breites Ökosystem von Stakeholdern und verwendet eine proprietäre ESG-Wesentlichkeits-Heatmap und -Rating-Methode, die es dem Fondsmanager ermöglicht, sich auf die ökologischen, sozialen und Governance-Dimensionen zu konzentrieren, die für ein Unternehmen entlang seiner Wertschöpfungskette wirklich wichtig sind. Weitere Informationen über die ESG/CAR-Industrial-Materiality-Rating-Methode von Lombard Odier finden Sie in Schema I.
Der Fondsmanager bewertet mittels des unternehmenseigenen Tools LOPTA (Lombard Odier Portfolio Temperature Alignment) die Kohlenstoffbilanz und die Temperaturausrichtung von Unternehmen auf der Grundlage von Branchen-/Regionenaufschlüsselungen, historischen Entwicklungen und zukunftsgerichteten Verläufen und Zielen. Das LOPTA-Rahmenwerk ermöglicht es dem Fondsmanager, Temperaturverläufe über Portefeuilles hinweg zu analysieren und zu ermitteln, inwieweit einzelne Unternehmen oder Portefeuilles auf den Klimawandel ausgerichtet sind. Hierfür schätzt er den Grad der globalen Erwärmung, der auf bestimmte Unternehmen oder Portefeuilles entfällt, durch Extrapolation auf die Ziele für ihre jeweiligen Vergleichsgruppen.
Welche Anlagestrategie verfolgt dieser Teilfonds?
Das Anlageziel und die Anlagepolitik des Teilfonds sind in Anhang A dieses Prospekts dargelegt. In Bezug auf das nachhaltige Ziel des Teilfonds ist der Fondsmanager:
- bestrebt, in Wertpapiere von Emittenten zu investieren, die dazu beitragen können, die globalen CO2-Emissionen zu reduzieren und schliesslich bis 2050 CO2-Emissionen von netto null zu erreichen. Dies schliesst Emittenten ein, die bereits CO2-Emissionen von netto null bis 2050 anstreben, sowie Emittenten, die sich vielleicht noch nicht solche Ziele gesetzt haben, aber schrittweise dazu gebracht werden können, unter anderem durch regulatorische Massnahmen, Anlegerengagement und Marktveränderungen.
- bestrebt, eine schnellere Reduzierung der CO2-Emissionen zu erreichen als der in der Anlagepolitik des Teilfonds genannte Index.

Die Erreichung dieser Ziele hängt von regulatorischen, technologischen und wirtschaftlichen Entwicklungen ausserhalb der Kontrolle des Fondsmanagers ab, und es kann nicht garantiert werden, dass sie erreicht werden.
Welche verbindlichen Elemente der Anlagestrategie werden verwendet, um die Anlagen auszuwählen, mit denen das nachhaltige Anlageziel erreicht werden kann?
Der Teilfonds schliesst gemäss den Konventionen der Vereinten Nationen Unternehmen aus, die mit umstrittenen Waffen (biologische und chemische Waffen, Antipersonenminen, Streuwaffen, abgereichertes Uran, weisser Phosphor) zu tun haben, das heisst sie herstellen, mit ihnen handeln oder sie lagern. Mit Ausnahme von abgereichertem Uran und weissem Phosphor wurden die Herstellung und der Einsatz solcher Waffen durch internationale Verträge verboten oder geächtet, und zwar durch die Biowaffenkonvention (BWK) von 1972, das
Chemiewaffenübereinkommen (CWÜ) von 1993, den Ottawa-Vertrag über ein Verbot von Landminen (in Kraft seit 1999) und das Übereinkommen über Streumunition (Oslo-Konvention) von 2008.
Der Teilfonds schliesst zudem Unternehmen aus, die mehr als 10% ihrer Einnahmen aus der Herstellung von Tabakprodukten oder dem Einzelhandel mit Tabakprodukten/-dienstleistungen erzielen.
Der Fondsmanager ist bestrebt, die folgenden Risikobeschränkungen anzuwenden (diese sind jedoch nicht verbindlich):
Kohle sowie unkonventionelles Öl und Gas – Der Fondsmanager ist bestrebt, Anlagen in die folgenden Unternehmen zu beschränken: Kraftwerkskohle
Bergbau – Unternehmen, die mehr als 10% ihrer Einnahmen aus dem Abbau von Kraftwerkskohle erzielen. Stromerzeugung – Unternehmen, die mehr als 10% ihrer Einnahmen aus der Kohleverstromung erzielen.
Unkonventionelles Öl und Gas – Unternehmen, die insgesamt mehr als 10% ihrer Einnahmen aus der Exploration von Teersanden, Schiefergas und
-öl sowie Öl- und Gasförderung in der Arktis erzielen.
Wesentliche Verstösse gegen die Grundsätze des Global Compact der Vereinten Nationen, die OECD-Leitlinien für multinationale Unternehmen, die UN-Leitprinzipien für Wirtschaft und Menschenrechte und die ihnen zugrunde liegenden Konventionen – Unternehmen, die an den schwersten Verstössen gegen diese Normen beteiligt sind ("Highest Level Controversies").
Wie wird diese Strategie laufend im Anlageverfahren umgesetzt?
Die in dieser Veröffentlichung beschriebenen Anlageverfahren werden einheitlich und kontinuierlich angewandt. Es ist jedoch davon auszugehen, dass diese Anlageprozesse dynamisch bleiben und an die sich ändernde Zusammensetzung des Anlageportefeuilles des Teilfonds, die Marktbedingungen, die Datenabdeckung und die Entwicklungen in der globalen Nachhaltigkeitsanalyse angepasst werden und sich daher im Laufe der Zeit ändern können.
Wie hoch ist der festgelegte Mindestsatz, um den Umfang der vor der Anwendung dieser Anlagestrategie in Betracht gezogenen Anlagen zu verringern?
Es gibt keinen festgelegten Mindestsatz, um den Umfang der Anlagen zu verringern, die vor der Anwendung der Anlagestrategie des Teilfonds in Betracht gezogen werden. Der Fondsmanager ist jedoch bestrebt, das Portefeuille im Durchschnitt zugunsten von Unternehmen zu gewichten, die nach der ESG/CAR-Industrial-Materiality-Rating-Methode von Lombard Odier bessere ESG-Werte erzielen.
Wie können die Governance-Praktiken der Portefeuilleunternehmen beurteilt werden?
Die Bewertung der Governance-Praktiken eines Unternehmens ist systematisch in die ESG/CAR-Industrial-Materiality-Rating-Methode von Lombard Odier eingebettet, die der Fondsmanager verwendet. Zu den Indikatoren für die Bewertung der Governance gehören die Qualität und Integrität des Verwaltungsrats/Managements, die Struktur des Verwaltungsrats (einschliesslich Führung, Diversität und Unabhängigkeit), die Eigentumsverhältnisse und Aktionärsrechte, die Vergütung, die Revision und die Finanzberichterstattung sowie die Stakeholder-Governance oder -Resilienz.
Wo kann ich weitere Details zur Anlagestrategie finden?
Auf der Website der Lombard Odier Gruppe: www.loim.com
Wie wird durch den Einsatz von Derivaten das nachhaltige Anlageziel erreicht?
Werden Derivate eingesetzt, um zu Anlagezwecken ein Long-Engagement in einzelnen zugrunde liegenden Unternehmen zu erreichen, befolgt der Fondsmanager die in dieser Veröffentlichung dargelegten Nachhaltigkeitsprozesse. Setzt der Fondsmanager Derivate ein, um ein Short-Engagement in einzelnen zugrunde liegenden Unternehmen zu erreichen oder um das Risiko zu steuern (beispielsweise Derivate, die sich auf Indizes mit mehreren zugrunde liegenden Emittenten beziehen, oder Futures oder Währungsabsicherungen), ist es unter Umständen nicht möglich, die in dieser Veröffentlichung beschriebenen Nachhaltigkeitsprozesse einzuhalten.
Wie tragen nachhaltige Anlagen zur Erreichung eines nachhaltigen Anlageziels bei und laufen keinem nachhaltigen Anlageziel zuwider?
Die ESG/CAR-Industrial-Materiality-Rating-Methode von Lombard Odier ist ein zentraler Bestandteil des Anlageauswahlprozesses des Fondsmanagers und umfasst eine Bewertung sowohl des positiven Beitrags, den ein Unternehmen zu ökologischen oder sozialen Zielen leisten kann, als auch des Ausmasses, in dem die Geschäftstätigkeit und die Praktiken eines Unternehmens eines dieser Ziele erheblich beeinträchtigen können, unter Verwendung der oben genannten negativen Nachhaltigkeitsindikatoren. Die Auswahl und die Gewichtung von Anlagen auf der Grundlage der ESG/CAR-Industrial- Materiality-Rating-Methode von Lombard Odier zielen daher darauf ab, das durchschnittliche gewichtete Engagement des Teilfonds in Unternehmen, die ökologischen oder sozialen Zielen erheblich schaden könnten, zu minimieren.
Wie werden Indikatoren für nachteilige Auswirkungen auf Nachhaltigkeitsfaktoren berücksichtigt?
Nachteilige Auswirkungen auf Nachhaltigkeitsfaktoren sind diejenigen Auswirkungen von Anlageentscheidungen und -beratung, die zu negativen Effekten auf ökologische, soziale und Personalangelegenheiten, die Einhaltung der Menschenrechte sowie die Bekämpfung von Korruption und Bestechung führen. Sie werden wie folgt berücksichtigt:
- Indikator Nummer 14 für nachteilige Nachhaltigkeitsauswirkungen in Tabelle 1, Anhang I der SFDR-Level-2-Massnahmen (in Entwurfsform) bezüglich des Engagements in umstrittenen Waffen (Antipersonenminen, Streumunition, chemische und biologische Waffen) wird durch die oben beschriebene Ausschlussregel des Fondsmanagers in Bezug auf Investitionen berücksichtigt.
- Indikator Nummer 10 für nachteilige Nachhaltigkeitsauswirkungen in Tabelle 1, Anhang I der SFDR-Level-2-Massnahmen (in Entwurfsform) bezüglich Verstössen gegen die Prinzipien des UN Global Compact und gegen die OECD-Leitsätze für multinationale Unternehmen wird über die oben beschriebene Anlagebeschränkung für schwerwiegende Kontroversen umgesetzt und auch durch den Fondsmanager in das unternehmenseigene ESG-Materiality-Rating über eine Ratingstrafe einbezogen.
- Andere Indikatoren für nachteilige Nachhaltigkeitsauswirkungen in Tabelle 1, Anhang I der SFDR-Level-II-Massnahmen (in Entwurfsform) werden bei der Bewertung des direkten Engagements in den Zielvermögenswerten des Teilfonds vollständig in die ESG/CAR-Industrial-Materiality-Rating-Methode von Lombard Odier und die LO-Sovereign-Scoring-Methode eingebettet. Für Unternehmensemittenten wird die Gewichtung der negativen Nachhaltigkeitsindikatoren gemäss dem internen Wesentlichkeitsrahmen des Fondsmanagers festgelegt, der die Exposition der verschiedenen Branchen gegenüber den Nachhaltigkeitsherausforderungen definiert. Die Gewichtung der Indikatoren für nachteiligeNachhaltigkeitsauswirkungen kann daher je nach Portefeuillezusammensetzung und Branchenexponierung variieren (z. B. werden Wasser- oder Abfallmetriken untergewichtet, wenn sie für die Aktivitäten des Portefeuilleunternehmens nicht relevant sind). Bei staatlichen Emittenten werden die Indikatoren für nachteilige Nachhaltigkeitsauswirkungen nach dem CAR-Gewichtungsschema des Fondsmanagers gewichtet (Ergebnisse werden im Vergleich zu den Indikatoren für Massnahmen und Bewusstsein übergewichtet).
- Die übrigen Indikatoren für nachteilige Nachhaltigkeitsauswirkungen in Tabelle 2 (Umwelt) und Tabelle 3 (Soziales), Anhang I der SFDR-Level-II- Massnahmen (in Entwurfsform) sind, sofern verfügbar, in das ESG-Materiality-Rating des Fondsmanagers integriert.

Die Art und Weise der Berücksichtigung der Indikatoren für nachteilige Nachhaltigkeitsauswirkungen kann sich in Abhängigkeit von verschiedenen Faktoren, wie der sich ändernden Zusammensetzung des Anlageportefeuilles des Teilfonds, den Marktbedingungen, der Datenabdeckung und den Entwicklungen in der globalen Nachhaltigkeitsanalyse, im Zeitablauf ändern.
Stehen nachhaltige Anlagen im Einklang mit den OECD-Leitsätzen für multinationale Unternehmen und den UN-Leitprinzipien für Wirtschaft und Menschenrechte?
Einzelheiten:
Ja, die ESG/CAR-Industrial-Materiality-Rating-Methode von Lombard Odier beinhaltet eine Bewertung der Übereinstimmung mit den OECD- Leitsätzen für multinationale Unternehmen und den UN-Leitprinzipien für Wirtschaft und Menschenrechte als integralen Bestandteil der Portefeuille-Konstruktion.
Berücksichtigt dieser Teilfonds die wichtigsten nachteiligen Auswirkungen auf Nachhaltigkeitsfaktoren?
Ja	
Nein 
Kann ich weitere Informationen zum Teilfonds im Internet finden?
Weitere produktspezifische Informationen finden Sie auf der Website der Lombard Odier Gruppe: www.loim.com.
Ist ein bestimmter Index als nachhaltige Referenzbenchmark vorgesehen, um das nachhaltige Anlageziel zu erreichen?
Ja	
Nein 
Wie berücksichtigt die Referenzbenchmark Nachhaltigkeitsfaktoren in einer Weise, die kontinuierlich mit dem Ziel nachhaltiger Anlagen in Einklang steht?
k.A.
Wie wird die Referenzbenchmark laufend an jedem der vom Teilfonds beworbenen ökologischen oder sozialen Merkmale und an der Anlagestrategie ausgerichtet?
k.A.
Verfolgt das Finanzprodukt das Ziel einer Reduzierung der Kohlenstoffemissionen?
Ja, der Fondsmanager verfolgt in Bezug auf die Kohlenstoffemissionen des Teilfonds die folgenden Ziele:
- Reduzierung des CO2-Fussabdrucks (berechnet als Tonnen CO2/Unternehmenswert) des anfänglichen Anlageportefeuilles des Teilfonds um 30% im Vergleich zu einem breiten Marktindex und fortlaufende Reduzierung der CO2-Emissionen, schneller als ein breiter Marktindex, unter Beibehaltung des Engagements des Teilfonds in Sektoren, die stark vom Klimawandel und seiner Eindämmung betroffen sind. Der Fondsmanager ist bestrebt, die „Scope-1-, Scope-2- und Scope-3-Emissionen“ (d. h. den Umfang der Treibhausgasemissionen gemäss Anhang III der Benchmark-Verordnung) in die Berechnung des CO2-Fussabdrucks einzubeziehen.
- Reduzierung des CO2-Fussabdrucks des Anlageportefeuilles des Teilfonds um 50% bis zum Jahr 2030 und um 100% bis zum Jahr 2050, in Übereinstimmung mit den Zielen des Übereinkommens von Paris.

Es kann nicht garantiert werden, dass die oben genannten Ziele erreicht werden. Zudem geht der Fondsmanager nicht davon aus, dass die Kohlenstoffreduzierung linear verläuft (d. h., dass die Kohlenstoffemissionen mit einer bestimmten Rate pro Jahr reduziert werden). Der
Fondsmanager ist der Ansicht, dass Technologien/Praktiken/Regelungen/Verpflichtungen zur Verringerung der Kohlenstoffemissionen eher zu sporadischen als zu schrittweisen Veränderungen führen werden.
Wahrscheinliche Auswirkungen von Nachhaltigkeitsrisiken auf die Renditen des Teilfonds
Die wahrscheinlichen Auswirkungen von Nachhaltigkeitsrisiken sind schwer zu quantifizieren. Der Fondsmanager ist der Ansicht, dass die Umwelt-, Sozial- und Unternehmensführungspraktiken eines Unternehmens eng mit seinem langfristigen Erfolg verbunden sind und dass Unternehmen mit ESG-gerechten Geschäftspraktiken und -abläufen eher erfolgreich sind und langfristigen Wert schaffen. Es kann jedoch keine Garantie für die Wertentwicklung des Portefeuilles des Teilfonds abgegeben werden.
C-2.6
Anwendbar auf die folgenden Teilfonds:
- TargetNetZero Global Equity
- TargetNetZero Europe EquityEinstufung des Teilfonds gemäss SFDRDie Verwaltungsgesellschaft hat den Teilfonds als Finanzprodukt eingestuft, das Artikel 9 der SFDR untersteht.

Dieser Teilfonds hat nachhaltige Investitionen zum Ziel. Eine nachhaltige Investition ist eine Investition in eine Wirtschaftstätigkeit, die zu einem ökologischen oder sozialen Ziel beiträgt, vorausgesetzt, dass die Investition kein ökologisches oder soziales Ziel wesentlich beeinträchtigt und dass die Portefeuilleunternehmen Good-Governance-Praktiken befolgen.
Worin besteht das nachhaltige Anlageziel dieses Finanzprodukts?
Das nachhaltige Anlageziel des Teilfonds besteht in der Eindämmung der Klimaerwärmung, indem in Wertpapiere von Emittenten investiert wird, die dazu beitragen können, die globalen CO2-Emissionen zu reduzieren und schliesslich bis 2050 CO2-Emissionen von netto null zu erreichen.
Welche Nachhaltigkeitsindikatoren werden verwendet, um die Erreichung des Nachhaltigkeitsziels dieses Finanzprodukts zu messen?
Der Fondsmanager verwendet über 150 nachhaltigkeitsorientierte Datenpunkte, um das ökologische und soziale Profil der zugrunde liegenden Anlagen des Teilfonds zu analysieren. Diese Datenpunkte umfassen die wichtigsten negativen Nachhaltigkeitsindikatoren, die von der SFDR festgelegt wurden und die folgenden Themen abdecken:
- Treibhausgasemissionen;
- Temperaturbeitrag;
- Energieleistung;
- Biodiversität;
- Wassernutzung;
- Abfallwirtschaft;
- Soziale und Arbeitnehmerbelange;
- Menschenrechte;
- Korruptions- und Bestechungsbekämpfung.

Der Fondsmanager wendet die ESG/CAR-Industrial-Materiality-Rating-Methode von Lombard Odier an, um Unternehmen zu analysieren und zu bewerten. Die ESG/CAR-Industrial-Materiality-Rating-Methode von Lombard Odier untersucht die Geschäftspraktiken von Unternehmen in Bezug auf ihr breites Ökosystem von Stakeholdern und verwendet eine proprietäre ESG-Wesentlichkeits-Heatmap und -Rating-Methode, die es dem Fondsmanager ermöglicht, sich auf die ökologischen, sozialen und Governance-Dimensionen zu konzentrieren, die für ein Unternehmen entlang seiner Wertschöpfungskette wirklich wichtig sind. Weitere Informationen über die ESG/CAR-Industrial-Materiality-Rating-Methode von Lombard Odier finden Sie in Schema I.
Der Fondsmanager bewertet mittels des unternehmenseigenen Tools LOPTA (Lombard Odier Portfolio Temperature Alignment) die Kohlenstoffbilanz und die Temperaturausrichtung von Unternehmen auf der Grundlage von Branchen-/Regionenaufschlüsselungen, historischen Entwicklungen und zukunftsgerichteten Verläufen und Zielen. Das LOPTA-Rahmenwerk ermöglicht es dem Fondsmanager, Temperaturverläufe über Portefeuilles hinweg zu analysieren und zu ermitteln, inwieweit einzelne Unternehmen oder Portefeuilles auf den Klimawandel ausgerichtet sind. Hierfür schätzt er den Grad der globalen Erwärmung, der auf bestimmte Unternehmen oder Portefeuilles entfällt, durch Extrapolation auf die Ziele für ihre jeweiligen Vergleichsgruppen.
Welche Anlagestrategie verfolgt dieser Teilfonds?
Das Anlageziel und die Anlagepolitik des Teilfonds sind in Anhang A dieses Prospekts dargelegt. In Bezug auf das nachhaltige Ziel des Teilfonds ist der Fondsmanager:
- bestrebt, in Wertpapiere von Emittenten zu investieren, die dazu beitragen können, die globalen CO2-Emissionen zu reduzieren und schliesslich bis 2050 CO2-Emissionen von netto null zu erreichen. Dies schliesst Emittenten ein, die bereits CO2-Emissionen von netto null bis 2050 anstreben, sowie Emittenten, die sich vielleicht noch nicht solche Ziele gesetzt haben, aber schrittweise dazu gebracht werden können, unter anderem durch regulatorische Massnahmen, Anlegerengagement und Marktveränderungen.
- bestrebt, eine schnellere Reduzierung der CO2-Emissionen zu erreichen als der in der Anlagepolitik des Teilfonds genannte Index.

Die Erreichung dieser Ziele hängt von regulatorischen, technologischen und wirtschaftlichen Entwicklungen ausserhalb der Kontrolle des Fondsmanagers ab, und es kann nicht garantiert werden, dass sie erreicht werden.
Welche verbindlichen Elemente der Anlagestrategie werden verwendet, um die Anlagen auszuwählen, mit denen das nachhaltige Anlageziel erreicht werden kann?
Der Teilfonds schliesst gemäss den Konventionen der Vereinten Nationen Unternehmen aus, die mit umstrittenen Waffen (biologische und chemische Waffen, Antipersonenminen, Streuwaffen, abgereichertes Uran, weisser Phosphor) zu tun haben, das heisst sie herstellen, mit ihnen handeln oder sie lagern. Mit Ausnahme von abgereichertem Uran und weissem Phosphor wurden die Herstellung und der Einsatz solcher Waffen durch internationale Verträge verboten oder geächtet, und zwar durch die Biowaffenkonvention (BWK) von 1972, das
Chemiewaffenübereinkommen (CWÜ) von 1993, den Ottawa-Vertrag über ein Verbot von Landminen (in Kraft seit 1999) und das Übereinkommen über Streumunition (Oslo-Konvention) von 2008.
Der Teilfonds schliesst zudem Unternehmen aus, die mehr als 10% ihrer Einnahmen aus der Herstellung von Tabakprodukten oder dem Einzelhandel mit Tabakprodukten/-dienstleistungen erzielen.
Der Fondsmanager ist bestrebt, die folgenden Risikobeschränkungen anzuwenden (diese sind jedoch nicht verbindlich):
Kohle sowie unkonventionelles Öl und Gas – Der Fondsmanager ist bestrebt, Anlagen in die folgenden Unternehmen zu beschränken: Kraftwerkskohle
Bergbau – Unternehmen, die mehr als 10% ihrer Einnahmen aus dem Abbau von Kraftwerkskohle erzielen. Stromerzeugung – Unternehmen, die mehr als 10% ihrer Einnahmen aus der Kohleverstromung erzielen.
Unkonventionelles Öl und Gas – Unternehmen, die insgesamt mehr als 10% ihrer Einnahmen aus der Exploration von Teersanden, Schiefergas und
-öl sowie Öl- und Gasförderung in der Arktis erzielen.
Wesentliche Verstösse gegen die Grundsätze des Global Compact der Vereinten Nationen, die OECD-Leitlinien für multinationale Unternehmen, die UN-Leitprinzipien für Wirtschaft und Menschenrechte und die ihnen zugrunde liegenden Konventionen – Unternehmen, die an den schwersten Verstössen gegen diese Normen beteiligt sind ("Highest Level Controversies").
Wie wird diese Strategie laufend im Anlageverfahren umgesetzt?
Die in dieser Veröffentlichung beschriebenen Anlageverfahren werden einheitlich und kontinuierlich angewandt. Es ist jedoch davon auszugehen, dass diese Anlageprozesse dynamisch bleiben und an die sich ändernde Zusammensetzung des Anlageportefeuilles des Teilfonds, die Marktbedingungen, die Datenabdeckung und die Entwicklungen in der globalen Nachhaltigkeitsanalyse angepasst werden und sich daher im Laufe der Zeit ändern können.
Wie hoch ist der festgelegte Mindestsatz, um den Umfang der vor der Anwendung dieser Anlagestrategie in Betracht gezogenen Anlagen zu verringern?
Es gibt keinen festgelegten Mindestsatz, um den Umfang der Anlagen zu verringern, die vor der Anwendung der Anlagestrategie des Teilfonds in Betracht gezogen werden. Jedoch verfolgt der Fondsmanager das Ziel, im Durchschnitt Unternehmen mit einem besseren ESG-Score auszuwählen, indem er die ESG/CAR-Industrial-Materiality-Rating-Methode von Lombard Odier anwendet.
Wie können die Governance-Praktiken der Portefeuilleunternehmen beurteilt werden?
Die Bewertung der Governance-Praktiken eines Unternehmens ist systematisch in die ESG/CAR-Industrial-Materiality-Rating-Methode von Lombard Odier eingebettet, die der Fondsmanager verwendet. Zu den Indikatoren für die Bewertung der Governance gehören die Qualität und Integrität des Verwaltungsrats/Managements, die Struktur des Verwaltungsrats (einschliesslich Führung, Diversität und Unabhängigkeit), die Eigentumsverhältnisse und Aktionärsrechte, die Vergütung, die Revision und die Finanzberichterstattung sowie die Stakeholder-Governance oder
-Resilienz.
Wo kann ich weitere Details zur Anlagestrategie finden?
Auf der Website der Lombard Odier Gruppe: www.loim.com
Wie wird durch den Einsatz von Derivaten das nachhaltige Anlageziel erreicht?
Wenn Derivate eingesetzt werden, um zu Anlagezwecken ein Engagement in einzelnen zugrunde liegenden Unternehmen zu erreichen, wird der Fondsmanager die in dieser Veröffentlichung dargelegten Nachhaltigkeitsprozesse befolgen. Setzt der Fondsmanager Derivate für das
Risikomanagement ein (z. B. Derivate, die sich auf Indizes mit mehreren zugrunde liegenden Emittenten beziehen, oder Futures auf Staatsanleihen oder Währungsabsicherungen), können die in dieser Veröffentlichung dargelegten Nachhaltigkeitsprozesse möglicherweise nicht eingehalten werden.
Wie tragen nachhaltige Anlagen zu einem nachhaltigen Anlageziel bei, ohne einem nachhaltigen Anlageziel erheblich zu schaden?
Die ESG/CAR-Industrial-Materiality-Rating-Methode von Lombard Odier ist ein zentraler Bestandteil des Anlageauswahlprozesses des Fondsmanagers und umfasst eine Bewertung sowohl des positiven Beitrags, den ein Unternehmen zu ökologischen oder sozialen Zielen leisten kann, als auch des Ausmasses, in dem die Geschäftstätigkeit und die Geschäftspraktiken eines Unternehmens eines dieser Ziele erheblich beeinträchtigen können; dabei finden die oben genannten Indikatoren für nachteilige Nachhaltigkeitsauswirkungen Anwendung. Die Auswahl und die Gewichtung von Anlagen auf der Grundlage der ESG/CAR-Industrial-Materiality-Rating-Methode von Lombard Odier zielen daher darauf ab, das durchschnittliche gewichtete Engagement des Teilfonds in Unternehmen, die ökologischen oder sozialen Zielen erheblich schaden könnten, zu minimieren.
Wie werden Indikatoren für nachteilige Auswirkungen auf Nachhaltigkeitsfaktoren berücksichtigt?
Nachteilige Auswirkungen auf Nachhaltigkeitsfaktoren sind diejenigen Auswirkungen von Anlageentscheidungen und -beratung, die zu negativen Effekten auf ökologische, soziale und Personalangelegenheiten, die Einhaltung der Menschenrechte sowie die Bekämpfung von Korruption und Bestechung führen. Sie werden wie folgt berücksichtigt:
- Indikator Nummer 14 für nachteilige Nachhaltigkeitsauswirkungen in Tabelle 1, Anhang I der SFDR-Level-2-Massnahmen (in Entwurfsform) bezüglich des Engagements in umstrittenen Waffen (Antipersonenminen, Streumunition, chemische und biologische Waffen) wird durch die oben beschriebene Ausschlussregel des Fondsmanagers in Bezug auf Investitionen berücksichtigt.
- Indikator Nummer 10 für nachteilige Nachhaltigkeitsauswirkungen in Tabelle 1, Anhang I der SFDR-Level-2-Massnahmen (in Entwurfsform) bezüglich Verstössen gegen die Prinzipien des UN Global Compact und gegen die OECD-Leitsätze für multinationale Unternehmen wird über die oben beschriebene Anlagebeschränkung für schwerwiegende Kontroversen umgesetzt und auch durch den Fondsmanager in das unternehmenseigene ESG-Materiality-Rating über eine Ratingstrafe einbezogen.
- Andere Indikatoren für nachteilige Nachhaltigkeitsauswirkungen in Tabelle 1, Anhang I der SFDR-Level-II-Massnahmen (in Entwurfsform) werden bei der Bewertung des direkten Engagements in den Zielvermögenswerten des Teilfonds vollständig in die ESG/CAR-Industrial- Materiality-Rating-Methode von Lombard Odier und die LO-Sovereign-Scoring-Methode eingebettet. Für Unternehmensemittenten wird die Gewichtung der negativen Nachhaltigkeitsindikatoren gemäss dem internen Wesentlichkeitsrahmen des Fondsmanagers festgelegt, derdie Exposition der verschiedenen Branchen gegenüber den Nachhaltigkeitsherausforderungen definiert. Die Gewichtung der Indikatoren für nachteilige Nachhaltigkeitsauswirkungen kann daher je nach Portefeuillezusammensetzung und Branchenexponierung variieren (z. B. werden Wasser- oder Abfallmetriken untergewichtet, wenn sie für die Aktivitäten des Portefeuilleunternehmens nicht relevant sind). Bei staatlichen Emittenten werden die Indikatoren für nachteilige Nachhaltigkeitsauswirkungen nach dem CAR-Gewichtungsschema des Fondsmanagers gewichtet (Ergebnisse werden im Vergleich zu den Indikatoren für Massnahmen und Bewusstsein übergewichtet).
- Die übrigen Indikatoren für nachteilige Nachhaltigkeitsauswirkungen in Tabelle 2 (Umwelt) und Tabelle 3 (Soziales), Anhang I der SFDR- Level-II-Massnahmen (in Entwurfsform) sind, sofern verfügbar, in das ESG-Materiality-Rating des Fondsmanagers integriert.

Die Art und Weise der Berücksichtigung der Indikatoren für nachteilige Nachhaltigkeitsauswirkungen kann sich in Abhängigkeit von verschiedenen Faktoren, wie der sich ändernden Zusammensetzung des Anlageportefeuilles des Teilfonds, den Marktbedingungen, der Datenabdeckung und den Entwicklungen in der globalen Nachhaltigkeitsanalyse, im Zeitablauf ändern.
Stehen nachhaltige Anlagen in Einklang mit den OECD-Leitsätzen für multinationale Unternehmen und den UN-Leitprinzipien für Wirtschaft und Menschenrechte?
Einzelheiten:
Ja, die ESG/CAR-Industrial-Materiality-Rating-Methode von Lombard Odier beinhaltet eine Bewertung der Übereinstimmung mit den OECD- Leitsätzen für multinationale Unternehmen und den UN-Leitprinzipien für Wirtschaft und Menschenrechte als integralen Bestandteil von Portfolioaufbau und -gewichtung.
Berücksichtigt dieser Teilfonds die wichtigsten nachteiligen Auswirkungen auf Nachhaltigkeitsfaktoren?
Ja	
Nein 
Kann ich weitere Informationen zum Teilfonds im Internet finden?
Weitere produktspezifische Informationen finden Sie auf der Website der Lombard Odier Gruppe: www.loim.com.
Ist ein bestimmter Index als nachhaltige Referenzbenchmark vorgesehen, um das nachhaltige Anlageziel zu erreichen?
Ja	
Nein 
Wie berücksichtigt die Referenzbenchmark Nachhaltigkeitsfaktoren in einer Weise, die kontinuierlich mit dem Ziel nachhaltiger Anlagen in Einklang steht?
k.A.
Wie wird die Referenzbenchmark laufend an jedem der vom Teilfonds beworbenen ökologischen oder sozialen Merkmale und an der Anlagestrategie ausgerichtet?
k.A.
Verfolgt das Finanzprodukt das Ziel einer Reduzierung der Kohlenstoffemissionen?
Ja, der Fondsmanager verfolgt in Bezug auf die Kohlenstoffemissionen des Teilfonds die folgenden Ziele:
- Reduzierung des CO2-Fussabdrucks (berechnet als Tonnen CO2/Unternehmenswert) des anfänglichen Anlageportefeuilles des Teilfonds um 30% im Vergleich zu einem breiten Marktindex und fortlaufende Verringerung der CO2-Emissionen, in einem schnelleren Tempo als ein breiter Marktindex, wobei das Engagement des Teilfonds in Sektoren, die stark vom Klimawandel und seiner Eindämmung betroffen sind, beibehalten wird. Der Fondsmanager ist bestrebt, die „Scope-1-, Scope-2- und Scope-3-Emissionen“ (d. h. den Umfang der Treibhausgasemissionen gemäss Anhang III der Benchmark-Verordnung) in die Berechnung des CO2-Fussabdrucks einzubeziehen.
- Reduzierung des CO2-Fussabdrucks des Anlageportefeuilles des Teilfonds um 50% bis zum Jahr 2030 und um 100% bis zum Jahr 2050, in Übereinstimmung mit den Zielen des Übereinkommens von Paris.

Es kann nicht garantiert werden, dass eines der oben genannten Ziele erreicht wird. Zudem geht der Fondsmanager nicht davon aus, dass die Kohlenstoffreduzierung linear verläuft (d. h., dass die Kohlenstoffemissionen mit einer bestimmten Rate pro Jahr reduziert werden). Der Fondsmanager ist der Ansicht, dass Technologien/Praktiken/Regelungen/Verpflichtungen zur Verringerung der Kohlenstoffemissionen eher zu sporadischen als zu schrittweisen Veränderungen führen werden.
Wahrscheinliche Auswirkungen von Nachhaltigkeitsrisiken auf die Renditen des Teilfonds
Die wahrscheinlichen Auswirkungen von Nachhaltigkeitsrisiken sind schwer zu quantifizieren. Der Fondsmanager ist der Ansicht, dass die Umwelt-, Sozial- und Unternehmensführungspraktiken eines Unternehmens eng mit seinem langfristigen Erfolg verbunden sind und dass Unternehmen mit ESG-gerechten Geschäftspraktiken und -abläufen eher erfolgreich sind und langfristigen Wert schaffen. Es kann jedoch keine Garantie für die Wertentwicklung des Portefeuilles des Teilfonds abgegeben werden.
C-2.7
Anwendbar auf die folgenden Teilfonds:
- TargetNetZero Global IG Corporate
- TargetNetZero Euro IG CorporateEinstufung des Teilfonds gemäss SFDRDie Verwaltungsgesellschaft hat den Teilfonds als Finanzprodukt eingestuft, das Artikel 9 der SFDR untersteht.

Dieser Teilfonds hat nachhaltige Investitionen zum Ziel. Eine nachhaltige Investition ist eine Investition in eine Wirtschaftstätigkeit, die zu einem ökologischen oder sozialen Ziel beiträgt, vorausgesetzt, dass die Investition kein ökologisches oder soziales Ziel wesentlich beeinträchtigt und dass die Portefeuilleunternehmen Good-Governance-Praktiken befolgen.
Worin besteht das nachhaltige Anlageziel dieses Finanzprodukts?
Das nachhaltige Anlageziel des Teilfonds besteht in der Eindämmung der Klimaerwärmung, indem in Wertpapiere von Emittenten investiert wird, die dazu beitragen können, die globalen CO2-Emissionen zu reduzieren und schliesslich bis 2050 CO2-Emissionen von netto null zu erreichen.
Welche Nachhaltigkeitsindikatoren werden verwendet, um die Erreichung des Nachhaltigkeitsziels dieses Finanzprodukts zu messen?
Der Fondsmanager verwendet über 150 nachhaltigkeitsorientierte Datenpunkte, um das ökologische und soziale Profil der zugrunde liegenden Anlagen des Teilfonds zu analysieren. Diese Datenpunkte umfassen die wichtigsten negativen Nachhaltigkeitsindikatoren, die von der SFDR festgelegt wurden und die folgenden Themen abdecken:
- Treibhausgasemissionen;
- Temperaturbeitrag;
- Energieleistung;
- Biodiversität;
- Wassernutzung;
- Abfallwirtschaft;
- Soziale und Arbeitnehmerbelange;
- Menschenrechte;
- Korruptions- und Bestechungsbekämpfung.

Der Fondsmanager wendet die ESG/CAR-Industrial-Materiality-Rating-Methode von Lombard Odier an, um Unternehmen zu analysieren und zu bewerten. Die ESG/CAR-Industrial-Materiality-Rating-Methode von Lombard Odier untersucht die Geschäftspraktiken von Unternehmen in Bezug auf ihr breites Ökosystem von Stakeholdern und verwendet eine proprietäre ESG-Wesentlichkeits-Heatmap und -Rating-Methode, die es dem Fondsmanager ermöglicht, sich auf die ökologischen, sozialen und Governance-Dimensionen zu konzentrieren, die für ein Unternehmen entlang seiner Wertschöpfungskette wirklich wichtig sind. Weitere Informationen über die ESG/CAR-Industrial-Materiality-Rating-Methode von Lombard Odier finden Sie in Schema I.
Der Fondsmanager bewertet mittels des unternehmenseigenen Tools LOPTA (Lombard Odier Portfolio Temperature Alignment) die Kohlenstoffbilanz und die Temperaturausrichtung von Unternehmen auf der Grundlage von Branchen-/Regionenaufschlüsselungen, historischen Entwicklungen und zukunftsgerichteten Verläufen und Zielen. Das LOPTA-Rahmenwerk ermöglicht es dem Fondsmanager, Temperaturverläufe über Portefeuilles hinweg zu analysieren und zu ermitteln, inwieweit einzelne Unternehmen oder Portefeuilles auf den Klimawandel ausgerichtet sind. Hierfür schätzt er den Grad der globalen Erwärmung, der auf bestimmte Unternehmen oder Portefeuilles entfällt, durch Extrapolation auf die Ziele für ihre jeweiligen Vergleichsgruppen.
Welche Anlagestrategie verfolgt dieser Teilfonds?
Das Anlageziel und die Anlagepolitik des Teilfonds sind in Anhang A dieses Prospekts dargelegt. In Bezug auf das nachhaltige Ziel des Teilfonds ist der Fondsmanager:
- bestrebt, in Wertpapiere von Emittenten zu investieren, die dazu beitragen können, die globalen CO2-Emissionen zu reduzieren und schliesslich bis 2050 CO2-Emissionen von netto null zu erreichen. Dies schliesst Emittenten ein, die bereits CO2-Emissionen von netto null bis 2050 anstreben, sowie Emittenten, die sich vielleicht noch nicht solche Ziele gesetzt haben, aber schrittweise dazu gebracht werden können, unter anderem durch regulatorische Massnahmen, Anlegerengagement und Marktveränderungen.
- bestrebt, eine schnellere Reduzierung der CO2-Emissionen als der in der Anlagepolitik des Teilfonds genannte Index zu erreichen.

Die Erreichung dieser Ziele hängt von regulatorischen, technologischen und wirtschaftlichen Entwicklungen ausserhalb der Kontrolle des Fondsmanagers ab, und es kann nicht garantiert werden, dass sie erreicht werden.
Welche verbindlichen Elemente der Anlagestrategie werden verwendet, um die Anlagen auszuwählen, mit denen das nachhaltige Anlageziel erreicht werden kann?
Der Teilfonds schliesst gemäss den Konventionen der Vereinten Nationen Unternehmen aus, die mit umstrittenen Waffen (biologische und chemische Waffen, Antipersonenminen, Streuwaffen, abgereichertes Uran, weisser Phosphor) zu tun haben, das heisst sie herstellen, mit ihnen handeln oder sie lagern. Mit Ausnahme von abgereichertem Uran und weissem Phosphor wurden die Herstellung und der Einsatz solcher Waffen durch internationale Verträge verboten oder geächtet, und zwar durch die Biowaffenkonvention (BWK) von 1972, das
Chemiewaffenübereinkommen (CWÜ) von 1993, den Ottawa-Vertrag über ein Verbot von Landminen (in Kraft seit 1999) und das Übereinkommen über Streumunition (Oslo-Konvention) von 2008.
Der Fondsmanager ist bestrebt, die folgenden Risikobeschränkungen anzuwenden (diese sind jedoch nicht verbindlich):
Tabak, Kohle sowie unkonventionelles Öl und Gas – Der Fondsmanager ist bestrebt, Anlagen in die folgenden Unternehmen zu beschränken:
Tabak – Unternehmen, die mehr als 10% ihrer Einnahmen entweder aus der Herstellung von Tabakprodukten oder dem Einzelhandel mit Tabakprodukten/-dienstleistungen erzielen.
Kraftwerkskohle
Bergbau – Unternehmen, die mehr als 10% ihrer Einnahmen aus dem Abbau von Kraftwerkskohle erzielen. Stromerzeugung – Unternehmen, die mehr als 10% ihrer Einnahmen aus der Kohleverstromung erzielen.
Unkonventionelles Öl und Gas – Unternehmen, die insgesamt mehr als 10% ihrer Einnahmen aus der Exploration von Teersanden, Schiefergas und
-öl sowie Öl- und Gasförderung in der Arktis erzielen.
Wesentliche Verstösse gegen die Grundsätze des Global Compact der Vereinten Nationen, die OECD-Leitlinien für multinationale Unternehmen, die UN-Leitprinzipien für Wirtschaft und Menschenrechte und die ihnen zugrunde liegenden Konventionen – Unternehmen, die an den schwersten Verstössen gegen diese Normen beteiligt sind ("Highest Level Controversies").
Der Fondsmanager ist weiter bestrebt, unter Anwendung der ESG/CAR-Industrial-Materiality-Rating-Methode von Lombard Odier, Unternehmen zu meiden, die zu den 20% der Unternehmen gehören, die in den relevanten Unterindustrien der Ebene 2 des Global Industry Classification Standard (GICS) am schlechtesten abschneiden, ausser es bestehen objektive Gründe, diese zu akzeptieren. Die Entscheidung, Unternehmen zu meiden oder zu eliminieren, liegt allein im Ermessen des Fondsmanagers.
Wie wird diese Strategie laufend im Anlageverfahren umgesetzt?
Die in dieser Veröffentlichung beschriebenen Anlageverfahren werden einheitlich und kontinuierlich angewandt. Es ist jedoch davon auszugehen, dass diese Anlageprozesse dynamisch bleiben und an die sich ändernde Zusammensetzung des Anlageportefeuilles des Teilfonds, die Marktbedingungen, die Datenabdeckung und die Entwicklungen in der globalen Nachhaltigkeitsanalyse angepasst werden und sich daher im Laufe der Zeit ändern können.
Wie hoch ist der festgelegte Mindestsatz, um den Umfang der vor der Anwendung dieser Anlagestrategie in Betracht gezogenen Anlagen zu verringern?
Es gibt keinen festgelegten Mindestsatz, um den Umfang der Anlagen zu verringern, die vor der Anwendung der Anlagestrategie des Teilfonds in Betracht gezogen werden. Wie oben beschrieben, versucht der Fondsmanager jedoch, unter Verwendung der ESG/CAR-Industrial-Materiality- Rating-Methode von Lombard Odier, Unternehmen zu meiden, die zu den 20% der Unternehmen gehören, die innerhalb der entsprechenden Unterindustrien der Ebene 2 des Global Industry Classification Standard (GICS) am schlechtesten abschneiden, ausser es bestehen objektive Gründe, diese zu akzeptieren. Die Entscheidung, Unternehmen zu meiden oder zu eliminieren, liegt jedoch allein im Ermessen des Fondsmanagers.
Wie können die Governance-Praktiken der Portefeuilleunternehmen beurteilt werden?
Die Bewertung der Governance-Praktiken eines Unternehmens ist systematisch in die ESG/CAR-Industrial-Materiality-Rating-Methode von Lombard Odier eingebettet, die der Fondsmanager verwendet. Zu den Indikatoren für die Bewertung der Governance gehören die Qualität und Integrität des Verwaltungsrats/Managements, die Struktur des Verwaltungsrats (einschliesslich Führung, Diversität und Unabhängigkeit), die Eigentumsverhältnisse und Aktionärsrechte, die Vergütung, die Revision und die Finanzberichterstattung sowie die Stakeholder-Governance oder
-Resilienz.
Wo kann ich weitere Details zur Anlagestrategie finden?
Auf der Website der Lombard Odier Gruppe: www.loim.com
Wie wird durch den Einsatz von Derivaten das nachhaltige Anlageziel erreicht?
Wenn Derivate eingesetzt werden, um zu Anlagezwecken ein Engagement in einzelnen zugrunde liegenden Unternehmen zu erreichen, wird der Fondsmanager die in dieser Veröffentlichung dargelegten Nachhaltigkeitsprozesse befolgen. Setzt der Fondsmanager Derivate für das
Risikomanagement ein (z. B. Derivate, die sich auf Indizes mit mehreren zugrunde liegenden Emittenten beziehen, oder Futures auf Staatsanleihen oder Währungsabsicherungen), können die in dieser Veröffentlichung dargelegten Nachhaltigkeitsprozesse möglicherweise nicht eingehalten werden.
Wie tragen nachhaltige Anlagen zur Erreichung eines nachhaltigen Anlageziels bei und laufen keinem nachhaltigen Anlageziel zuwider?
Die ESG/CAR-Industrial-Materiality-Rating-Methode von Lombard Odier ist ein zentraler Bestandteil des Anlageauswahlprozesses des Fondsmanagers und umfasst eine Bewertung sowohl des positiven Beitrags, den ein Unternehmen zu ökologischen oder sozialen Zielen leisten kann, als auch des Ausmasses, in dem die Geschäftstätigkeit und die Geschäftspraktiken eines Unternehmens eines dieser Ziele erheblich beeinträchtigen können; dabei finden die oben genannten Indikatoren für nachteilige Nachhaltigkeitsauswirkungen Anwendung. Die Auswahl von Anlagen, die auf der ESG/CAR-Industrial-Materiality-Rating-Methode von Lombard Odier basieren, zielt daher darauf ab, das durchschnittliche gewichtete Engagement des Teilfonds in Unternehmen zu minimieren, die ökologischen oder sozialen Zielen erheblich schaden können.
Wie werden Indikatoren für nachteilige Auswirkungen auf Nachhaltigkeitsfaktoren berücksichtigt?
Nachteilige Auswirkungen auf Nachhaltigkeitsfaktoren sind diejenigen Auswirkungen von Anlageentscheidungen und -beratung, die zu negativen Effekten auf ökologische, soziale und Personalangelegenheiten, die Einhaltung der Menschenrechte sowie die Bekämpfung von Korruption und Bestechung führen. Sie werden wie folgt berücksichtigt:
- Indikator Nummer 14 für nachteilige Nachhaltigkeitsauswirkungen in Tabelle 1, Anhang I der SFDR-Level-2-Massnahmen (in Entwurfsform) bezüglich des Engagements in umstrittenen Waffen (Antipersonenminen, Streumunition, chemische und biologische Waffen) wird durch die oben beschriebene Ausschlussregel des Fondsmanagers in Bezug auf Investitionen berücksichtigt.
- Indikator Nummer 10 für nachteilige Nachhaltigkeitsauswirkungen in Tabelle 1, Anhang I der SFDR-Level-2-Massnahmen (in Entwurfsform) bezüglich Verstössen gegen die Prinzipien des UN Global Compact und gegen die OECD-Leitsätze für multinationale Unternehmen wird über die oben beschriebene Anlagebeschränkung für schwerwiegende Kontroversen umgesetzt und auch durch den Fondsmanager in das unternehmenseigene ESG-Materiality-Rating über eine Ratingstrafe einbezogen.
- Andere Indikatoren für nachteilige Nachhaltigkeitsauswirkungen in Tabelle 1, Anhang I der SFDR-Level-II-Massnahmen (in Entwurfsform) werden bei der Bewertung des direkten Engagements in den Zielvermögenswerten des Teilfonds vollständig in die ESG/CAR-Industrial- Materiality-Rating-Methode von Lombard Odier und die LO-Sovereign-Scoring-Methode eingebettet. Für Unternehmensemittenten wird die Gewichtung der negativen Nachhaltigkeitsindikatoren gemäss dem internen Wesentlichkeitsrahmen des Fondsmanagers festgelegt, derdie Exposition der verschiedenen Branchen gegenüber den Nachhaltigkeitsherausforderungen definiert. Die Gewichtung der Indikatoren für nachteilige Nachhaltigkeitsauswirkungen kann daher je nach Portefeuillezusammensetzung und Branchenexponierung variieren (z. B. werden Wasser- oder Abfallmetriken untergewichtet, wenn sie für die Aktivitäten des Portefeuilleunternehmens nicht relevant sind). Bei staatlichen Emittenten werden die Indikatoren für nachteilige Nachhaltigkeitsauswirkungen nach dem CAR-Gewichtungsschema des Fondsmanagers gewichtet (Ergebnisse werden im Vergleich zu den Indikatoren für Massnahmen und Bewusstsein übergewichtet).
- Die übrigen Indikatoren für nachteilige Nachhaltigkeitsauswirkungen in Tabelle 2 (Umwelt) und Tabelle 3 (Soziales), Anhang I der SFDR- Level-II-Massnahmen (in Entwurfsform) sind, sofern verfügbar, in das ESG-Materiality-Rating des Fondsmanagers integriert.

Die Art und Weise der Berücksichtigung der Indikatoren für nachteilige Nachhaltigkeitsauswirkungen kann sich in Abhängigkeit von verschiedenen Faktoren, wie der sich ändernden Zusammensetzung des Anlageportefeuilles des Teilfonds, den Marktbedingungen, der Datenabdeckung und den Entwicklungen in der globalen Nachhaltigkeitsanalyse, im Zeitablauf ändern.
Stehen nachhaltige Anlagen im Einklang mit den OECD-Leitsätzen für multinationale Unternehmen und den UN-Leitprinzipien für Wirtschaft und Menschenrechte?
Einzelheiten:
Ja, die ESG/CAR-Industrial-Materiality-Rating-Methode von Lombard Odier beinhaltet eine Bewertung der Übereinstimmung mit den OECD- Leitsätzen für multinationale Unternehmen und den UN-Leitprinzipien für Wirtschaft und Menschenrechte als integralen Bestandteil der Portefeuille-Konstruktion.
Berücksichtigt dieser Teilfonds die wichtigsten nachteiligen Auswirkungen auf Nachhaltigkeitsfaktoren?
Ja	
Nein 
Kann ich weitere Informationen zum Teilfonds im Internet finden?
Weitere produktspezifische Informationen finden Sie auf der Website der Lombard Odier Gruppe: www.loim.com.
Ist ein bestimmter Index als nachhaltige Referenzbenchmark vorgesehen, um das nachhaltige Anlageziel zu erreichen?
Ja	
Nein 
Wie berücksichtigt die Referenzbenchmark Nachhaltigkeitsfaktoren in einer Weise, die kontinuierlich mit dem Ziel nachhaltiger Anlagen in Einklang steht?
k.A.
Wie wird die Referenzbenchmark laufend an jedem der vom Teilfonds beworbenen ökologischen oder sozialen Merkmale und an der Anlagestrategie ausgerichtet?
k.A.
Verfolgt das Finanzprodukt das Ziel einer Reduzierung der Kohlenstoffemissionen?
Ja, der Fondsmanager verfolgt in Bezug auf die Kohlenstoffemissionen des Teilfonds die folgenden Ziele:
- Reduzierung des CO2-Fussabdrucks (berechnet als Tonnen CO2/Unternehmenswert) des anfänglichen Anlageportefeuilles des Teilfonds um 30% im Vergleich zu einem breiten Marktindex und fortlaufende Verringerung der CO2-Emissionen, in einem schnelleren Tempo als ein breiter Marktindex, wobei das Engagement des Teilfonds in Sektoren, die stark vom Klimawandel und seiner Eindämmung betroffen sind, beibehalten wird. Der Fondsmanager ist bestrebt, die „Scope-1-, Scope-2- und Scope-3-Emissionen“ (d. h. den Umfang der Treibhausgasemissionen gemäss Anhang III der Benchmark-Verordnung) in die Berechnung des CO2-Fussabdrucks einzubeziehen.
- Reduzierung des CO2-Fussabdrucks des Anlageportefeuilles des Teilfonds um 50% bis zum Jahr 2030 und um 100% bis zum Jahr 2050, in Übereinstimmung mit den Zielen des Übereinkommens von Paris.

Es kann nicht garantiert werden, dass die oben genannten Ziele erreicht werden. Zudem geht der Fondsmanager nicht davon aus, dass die Kohlenstoffreduzierung linear verläuft (d. h., dass die Kohlenstoffemissionen mit einer bestimmten Rate pro Jahr reduziert werden). Der
Fondsmanager ist der Ansicht, dass Technologien/Praktiken/Regelungen/Verpflichtungen zur Verringerung der Kohlenstoffemissionen eher zu sporadischen als zu schrittweisen Veränderungen führen werden.
Wahrscheinliche Auswirkungen von Nachhaltigkeitsrisiken auf die Renditen des Teilfonds
Die wahrscheinlichen Auswirkungen von Nachhaltigkeitsrisiken sind schwer zu quantifizieren. Der Fondsmanager ist der Ansicht, dass die Umwelt-, Sozial- und Unternehmensführungspraktiken eines Unternehmens eng mit seinem langfristigen Erfolg verbunden sind und dass Unternehmen mit ESG-gerechten Geschäftspraktiken und -abläufen eher erfolgreich sind und langfristigen Wert schaffen. Es kann jedoch keine Garantie für die Wertentwicklung des Portefeuilles des Teilfonds abgegeben werden.
SFDR-Offenlegung – Alle anderen Teilfonds C-3.1
Anwendbar auf den folgenden Teilfonds:
- Event ConvexityDiese Offenlegung erfolgt zu den Zwecken von Artikel 6 der SFDR.

Integration von Nachhaltigkeitsrisiken und -bewertungen in die Anlageentscheidungen
Das Anlageziel und die Anlagepolitik des Teilfonds sind im Anhang des Teilfonds dargelegt.
Der Teilfonds hat nicht das Ziel oder die Verpflichtung, in Anlagen zu investieren, die als "nachhaltige Anlagen" gelten oder "ökologische oder soziale Merkmale" im Sinne der Artikel 8 und 9 der SFDR bewerben.
ESG-Faktoren werden zwar nicht systematisch in den Anlageentscheidungsprozess für den Teilfonds integriert, doch betrachtet der Fondsmanager im Rahmen seiner Fundamentalanalyse Entwicklungen im Bereich der Nachhaltigkeit unter einem ganzheitlichen Gesichtspunkt.
Ungeachtet des Vorstehenden berücksichtigt der Fondsmanager die Ausschluss-/ Beschränkungspolitik der LOIM-Gruppe:
Ausschlüsse
- Unternehmen, die direkt oder über Eigentum mit umstrittenen Waffen (Produktion, Forschung und Entwicklung, Wartung/Dienstleistungen/ Management, Systemintegration, Tests, Verkauf/Handel) zu tun haben, werden ausgeschlossen. In den Geltungsbereich dieser Ausschlussbestimmung fallen Waffen, die durch die Ottawa-Konvention zum Verbot von Antipersonenminen (in Kraft seit 1999), das Übereinkommen über Streumunition (Oslo-Konvention) von 2008, die Biowaffenkonvention (Biological Weapons Convention, BWC) von 1972 sowie das Chemiewaffenübereinkommen (CWÜ) von 1993 verboten oder geächtet sind. Ausgeschlossen sind darüber hinaus abgereichertes Uran und weisser Phosphor.

Beschränkungen
- Kohle sowie unkonventionelles Öl und Gas – Der Fondsmanager ist bestrebt, Anlagen in Unternehmen auszuschliessen, bei denen Beteiligungen an folgenden Aktivitäten festgestellt wurden:KraftwerkskohleBergbau – Unternehmen, die mehr als 10% ihrer Einnahmen aus dem Abbau von Kraftwerkskohle erzielen. Stromerzeugung – Unternehmen, die mehr als 10% ihrer Einnahmen aus der Stromerzeugung aus Kohle erzielen.

Unkonventionelle Öl- und Gasförderung – Unternehmen, die insgesamt mehr als 10% ihrer Einnahmen aus der Exploration von Teersanden, Schiefergas und Erdöl sowie Öl- und Gasförderung in der Arktis erzielen.
- Wesentliche Verstösse gegen die Prinzipien des UN Global Compact – Der Fondsmanager ist bestrebt, Unternehmen auszuschliessen, bei denen Beteiligungen an den schwersten Verstössen gegen die Prinzipien des UN Global Compact ("Kontroversen der höchsten Stufe") festgestellt wurden.

Die Entscheidung, ein Unternehmen im Rahmen der oben genannten Beschränkungen auszuschliessen, liegt im alleinigen Ermessen des Fondsmanagers.
Wahrscheinliche Auswirkungen von Nachhaltigkeitsrisiken auf die Renditen des Teilfonds
Die wahrscheinlichen Auswirkungen von Nachhaltigkeitsrisiken sind schwer zu quantifizieren. Der Fondsmanager ist der Ansicht, dass die Umwelt-, Sozial- und Unternehmensführungspraktiken eines Unternehmens eng mit seinem langfristigen Erfolg verbunden sind und dass Unternehmen mit ESG-gerechten Geschäftspraktiken und -abläufen eher erfolgreich sind und langfristigen Wert schaffen. Es kann jedoch nicht garantiert werden, dass der Fondsmanager für Rechnung des Teilfonds Anlagen auswählt, die auf ESG ausgerichtet sind, oder, falls der Fondsmanager solche Anlagen auswählt, dass diese zur positiven Wertentwicklung des Teilfonds beitragen.
C-3.2
Anwendbar auf den folgenden Teilfonds:
- Multiadvisers UCITSDiese Offenlegung erfolgt zu den Zwecken von Artikel 6 der SFDR.

Integration von Nachhaltigkeitsrisiken und -bewertungen in die Anlageentscheidungen
Das Anlageziel und die Anlagepolitik des Teilfonds sind im Anhang des Teilfonds dargelegt.
Der Teilfonds hat nicht das Ziel oder die Verpflichtung, in Anlagen zu investieren, die als "nachhaltige Anlagen" gelten oder "ökologische oder soziale Merkmale" im Sinne der Artikel 8 und 9 der SFDR bewerben. Da der Teilfonds in zugrunde liegende Fonds investiert, deren Anlageziel und -politik mit den Bestimmungen von Artikel 8 oder 9 der SFDR übereinstimmen kann oder nicht, kann nicht festgestellt werden, inwieweit der Teilfonds diese Bestimmungen durch seine Zielfonds einhält.
Die Nachhaltigkeitsrisiken werden jedoch in dem Masse in den Anlageentscheidungsprozess der zugrunde liegenden Teilfonds einbezogen, in dem sie Auswirkungen auf deren erklärte Strategie haben. Dies kann durch Auswirkungen auf die Wertpapierbewertung, formellere Impact-Strategien oder eingeschränkte Unternehmen sein. Insgesamt besteht eindeutig ein wachsender Anteil an Anlagen im Aktien-, Kredit- und Makrobereich, die die zukünftigen Auswirkungen von ESG-Strategien und Anlagemethoden berücksichtigen.
Wahrscheinliche Auswirkungen von Nachhaltigkeitsrisiken auf die Renditen des Teilfonds
Die Auswirkungen solcher Risiken fallen in den Rahmen der normalen Renditeerwartung des Teilfonds, und es wird erwartet, dass die negativen Auswirkungen auf die zugrunde liegenden Fonds begrenzt sind. In dem Masse, in dem ESG-Faktoren in Bezug auf ihre Auswirkungen auf die Wertpapierbewertungen zunehmen, werden Manager ihre Preisbildungsmodelle anpassen, um dies zu widerspiegeln, sodass die tatsächlichen Markteffekte von ESG in die Marktpreisbildungsmodelle einbezogen werden. Es kann jedoch nicht garantiert werden, dass der Fondsmanager für Rechnung des Teilfonds Anlagen auswählt, die auf ESG ausgerichtet sind, oder, falls der Fondsmanager solche Anlagen auswählt, dass diese zur positiven Wertentwicklung des Teilfonds beitragen.
C-3.3
Anwendbar auf den folgenden Teilfonds:
- Defensive Systematic Alternative SolutionDiese Offenlegung erfolgt zu den Zwecken von Artikel 6 der SFDR.

Integration von Nachhaltigkeitsrisiken und -bewertungen in die Anlageentscheidungen
Das Anlageziel und die Anlagepolitik des Teilfonds sind im Anhang des Teilfonds dargelegt.
Der Teilfonds hat nicht das Ziel oder die Verpflichtung, in Anlagen zu investieren, die als "nachhaltige Anlagen" gelten oder "ökologische oder soziale Merkmale" im Sinne der Artikel 8 und 9 der SFDR bewerben. Der Fondsmanager ist jedoch der Ansicht, dass eine starke Korrelation zwischen dem langfristigen finanziellen Erfolg und der Rentabilität eines Anlageportefeuilles und seinem Nachhaltigkeitsprofil besteht, und versucht daher, ESG-Faktoren und -Bewertungen in seine Anlageprozesse in Bezug auf den Teilfonds einzubeziehen, wo er dies für möglich hält.
Die Integration von ESG-Faktoren und -Bewertungen durch den Fondsmanager in seine Anlageprozesse umfasst Folgendes:
Systematisches ESG-Screening und -Scoring von Unternehmen
- Screening von Unternehmen mittels der ESG/CAR-Industrial-Materiality-Rating-Methode von Lombard Odier, die relevante Informationen zu jedem der SFDR-fokussierten Nachhaltigkeitsindikatoren wie Treibhausgasemissionen, Energieleistung, Biodiversität, Wassernutzung, Abfallmanagement, Sozial- und Arbeitnehmerbelange, Menschenrechte sowie Korruptions- und Bestechungsbekämpfung einbezieht.

Dank der ESG/CAR-Industrial-Materiality-Rating-Methode von Lombard Odier kann der Fondsmanager die Nachhaltigkeitsprofile von Unternehmen, die zum Zieluniversum des Teilfonds gehören könnten, schnell verstehen und vergleichen. Dieses Scoring- und
Ratingsystem ist zudem "wesentlichkeitsorientiert" und identifiziert daher den relevantesten Nachhaltigkeitsrahmen für jede Branche, um sich auf die wichtigsten ESG-Themen zu konzentrieren, die ein bestimmtes Unternehmen betreffen können. Es zielt ferner darauf ab,
Unternehmen, die lediglich Bewusstsein demonstrieren, von solchen, die messbare Ergebnisse erzielen, zu unterscheiden (CAR-Rahmen: Consciousness [Bewusstsein], Actions [Massnahmen], Results [Ergebnisse]). Schema I beschreibt die ESG/CAR-Industrial-Materiality- Rating-Methode von Lombard Odier eingehender.
Integration der Ergebnisse des Scorings
- Der Anlageprozess des Teilfonds hat zum Ziel, sowohl die Nachhaltigkeits- als auch die kohlenstoffbedingten Risiken zu reduzieren. Der Fondsmanager ist daher bestrebt, das Engagement des Portefeuilles des Teilfonds in Unternehmen mit geringeren Nachhaltigkeits- und kohlenstoffbezogenen Risiken zu erhöhen.
- Für das Portefeuille der vom Teilfonds gehaltenen Long-Positionen ist der Fondsmanager im Allgemeinen bestrebt, Anlagen in die 10% der Unternehmen, die bei der Bewertung nach der ESG/CAR-Industrial-Materiality-Rating-Methode von Lombard Odier am schlechtesten abschneiden, auszuschliessen, sofern keine Gründe dagegensprechen. Diese Beschränkung ist jedoch keine absolute Regel. Es liegt im Ermessen des Fondsmanagers, in jedes Unternehmen zu investieren, wenn er es für angemessen hält.
- Der Fondsmanager ist in der Regel bestrebt, die oben genannten unternehmenseigenen Scorings und Bewertungen beim Aufbau des Korbs des Portefeuilles der Long-Positionen des Teilfonds zu berücksichtigen, indem er die Körbe im Vergleich zum Portefeuille der Short- Positionen an besseren Nachhaltigkeits- und Kohlenstoff-Scores ausrichtet.
- Ungeachtet des Vorstehenden liegt es im freien Ermessen des Fondsmanagers, wie er ESG-Bewertungen in seine Anlageprozesse integriert, und er ist nicht an ein Ziel hinsichtlich der Integration von ESG-Faktoren in seinen Anlageprozess gebunden.

Wahrscheinliche Auswirkungen von Nachhaltigkeitsrisiken auf die Renditen des Teilfonds
Die wahrscheinlichen Auswirkungen von Nachhaltigkeitsrisiken sind schwer zu quantifizieren. Der Fondsmanager ist der Ansicht, dass die Umwelt-, Sozial- und Unternehmensführungspraktiken eines Unternehmens eng mit seinem langfristigen Erfolg verbunden sind und dass Unternehmen mit ESG-gerechten Geschäftspraktiken und -abläufen eher erfolgreich sind und langfristigen Wert schaffen. Es kann jedoch keine Garantie hinsichtlich der Wertentwicklung des Portefeuilles des Teilfonds und der Auswirkungen der Integration von ESG-Faktoren in den Anlageentscheidungsprozess des Fondsmanagers gegeben werden.
C-3.4
Anwendbar auf den folgenden Teilfonds:
- World Gold ExpertiseDiese Offenlegung erfolgt zu den Zwecken von Artikel 6 der SFDR.

Integration von Nachhaltigkeitsrisiken und -bewertungen in die Anlageentscheidungen
Das Anlageziel und die Anlagepolitik des Teilfonds sind im Anhang des Teilfonds dargelegt.
Der Teilfonds hat nicht das Ziel oder die Verpflichtung, in Anlagen zu investieren, die als "nachhaltige Anlagen" gelten oder "ökologische oder soziale Merkmale" im Sinne der Artikel 8 und 9 der SFDR bewerben.
Der Fondsmanager kann jedoch ESG-Faktoren als Teil der fundamentalen Bewertung eines Unternehmens oder Landes und/oder der Methode zum Portfolioaufbau integrieren.
Nachhaltigkeitsmerkmale
Der Fondsmanager wendet in seinem Anlageentscheidungsprozess in Bezug auf den Teilfonds die folgenden Ausschlüsse an:
- Ausschluss von Unternehmen, die gegen internationale Gesetze und Verträge verstossen.
- Unternehmen, die direkt oder über Eigentum mit umstrittenen Waffen (Produktion, Forschung und Entwicklung, Wartung/Dienstleistungen/ Management, Systemintegration, Tests, Verkauf/Handel) zu tun haben, werden ausgeschlossen. In den Geltungsbereich dieser Ausschlussbestimmung fallen Waffen, die durch die Ottawa-Konvention zum Verbot von Antipersonenminen (in Kraft seit 1999), das Übereinkommen über Streumunition (Oslo-Konvention) von 2008, die Biowaffenkonvention (Biological Weapons Convention, BWC) von 1972 sowie das Chemiewaffenübereinkommen (CWÜ) von 1993 verboten oder geächtet sind. Ausgeschlossen sind darüber hinaus abgereichertes Uran und weisser Phosphor.

Die Integration von ESG-Faktoren in seine Anlageentscheidung kann dazu führen, dass der Fondsmanager anhaltende Risiken in bestimmten Branchen wie Bergbau oder Energie identifiziert.
Wahrscheinliche Auswirkungen von Nachhaltigkeitsrisiken auf die Renditen des Teilfonds
Bestimmte Nachhaltigkeitsrisiken können sich nachteilig auf die Renditen des Teilfonds auswirken. Zudem ist der Fondsmanager der Ansicht, dass das Eintreten eines Nachhaltigkeitsrisikos dazu führen kann, dass sich andere (finanzielle) Risiken manifestieren, die sich ebenfalls negativ auf den Wert der Anlage auswirken können.
In Anbetracht des Anlageuniversums des Teilfonds achtet der Fondsmanager besonders auf die Nachhaltigkeitsrisiken im Zusammenhang mit Anlagen in Bergbauunternehmen. Von Bergbauunternehmen wird zunehmend ein verantwortungsvolles Verhalten erwartet. Wenn sie dies nicht tun, kann dies zu Reputationsschäden oder zum Verlust des Zugangs zu gemeinsamen Ressourcen wie Land führen. Dies kann sich negativ auf den Wert des Bergbauunternehmens auswirken. Auch kann sich der Ruf eines Bergbauunternehmens wegen Negativschlagzeilen im Zusammenhang mit einem Arbeitsproblem verschlechtern, was den Wert der Aktie sinken lassen kann. Die erwartete Auswirkung von Nachhaltigkeitsrisiken auf
die Rendite hängt von der Art des eintretenden Nachhaltigkeitsrisikos ab. Für Bergbauunternehmen wird die erwartete Auswirkung im Allgemeinen als signifikant angesehen.
C-3.5
Anwendbar auf den folgenden Teilfonds:
- Commodity Risk PremiaDiese Offenlegung erfolgt zu den Zwecken von Artikel 6 der SFDR.

Integration von Nachhaltigkeitsrisiken und -bewertungen in die Anlageentscheidungen
Das Anlageziel und die Anlagepolitik des Teilfonds sind im Anhang des Teilfonds dargelegt.
Der Teilfonds hat nicht das Ziel oder die Verpflichtung, in Anlagen zu investieren, die als "nachhaltige Anlagen" gelten oder "ökologische oder soziale Merkmale" im Sinne der Artikel 8 und 9 der SFDR bewerben.
Das Hauptziel des Teilfonds besteht darin, die Wertentwicklung eines unternehmenseigenen Rohstoffindex nachzubilden, der die Wertentwicklung von Rohstoffen innerhalb von vier grossen Rohstoffsektoren (d. h. Edelmetalle, Industriemetalle, Energie und Landwirtschaft – ohne Grundnahrungsmittel) abbilden soll.
Die Integration von Nachhaltigkeitsrisiken in die vom Fondsmanager für den Teilfonds getroffene Entscheidung ist insofern nicht relevant, als die zugrunde liegenden Komponenten des Index Rohstoff-Futures sind.
Wahrscheinliche Auswirkungen von Nachhaltigkeitsrisiken auf die Renditen des Teilfonds
Die Renditen des Teilfonds weisen keine Korrelation mit Nachhaltigkeitsrisiken auf.
C-3.6
Anwendbar auf den folgenden Teilfonds:
- Europe High ConvictionDiese Offenlegung erfolgt zu den Zwecken von Artikel 6 der SFDR.

Integration von Nachhaltigkeitsrisiken und -bewertungen in die Anlageentscheidungen
Das Anlageziel und die Anlagepolitik des Teilfonds sind im Anhang des Teilfonds dargelegt.
Der Teilfonds hat nicht das Ziel oder die Verpflichtung, in Anlagen zu investieren, die als "nachhaltige Anlagen" gelten oder "ökologische oder soziale Merkmale" im Sinne der Artikel 8 und 9 der SFDR bewerben.
Obwohl ESG-Faktoren nicht systematisch in den Anlageentscheidungsprozess für den Teilfonds integriert werden, berücksichtigt der Fondsmanager ESG-Faktoren als Risikomanagementinstrument. Insbesondere beurteilt der Fondsmanager, inwiefern die ESG-Praktiken eines Unternehmens ein Risiko für das Anlageprofil und/oder den Wert der betreffenden Aktie darstellen können. Der Fondsmanager kann nach eigenem Ermessen entscheiden, entweder Aktien auszuschliessen, die bestimmte ESG-bezogene Risiken aufweisen, oder Aktien mit ESG-bezogenen Risiken aufzunehmen, wenn er der Ansicht ist, dass diese Risiken im Aktienkurs angemessen widerspiegelt sind.
Ungeachtet des Vorstehenden beabsichtigt der Fondsmanager, die Ausschluss-/Beschränkungspolitik der LOIM-Gruppe zu berücksichtigen:
Ausschlüsse
- Unternehmen, die direkt oder über Eigentum mit umstrittenen Waffen (Produktion, Forschung und Entwicklung, Wartung/Dienstleistungen/ Management, Systemintegration, Tests, Verkauf/Handel) zu tun haben, werden ausgeschlossen. In den Geltungsbereich dieser Ausschlussbestimmung fallen Waffen, die durch die Ottawa-Konvention zum Verbot von Antipersonenminen (in Kraft seit 1999), das Übereinkommen über Streumunition (Oslo-Konvention) von 2008, die Biowaffenkonvention (Biological Weapons Convention, BWC) von 1972 sowie das Chemiewaffenübereinkommen (CWÜ) von 1993 verboten oder geächtet sind. Ausgeschlossen sind darüber hinaus abgereichertes Uran und weisser Phosphor.

Beschränkungen
- Tabak, Kohle sowie unkonventionelles Öl und Gas – Der Fondsmanager ist bestrebt, Anlagen in Unternehmen auszuschliessen, bei denen Beteiligungen an folgenden Aktivitäten festgestellt wurden:Tabak – Unternehmen, die mehr als 10% ihrer Einnahmen entweder aus der Herstellung von Tabakprodukten oder dem Einzelhandel mit Tabakprodukten/-dienstleistungen erzielen.

Kraftwerkskohle
Bergbau – Unternehmen, die mehr als 10% ihrer Einnahmen aus dem Abbau von Kraftwerkskohle erzielen. Stromerzeugung – Unternehmen, die mehr als 10% ihrer Einnahmen aus der Stromerzeugung aus Kohle erzielen.
Unkonventionelle Öl- und Gasförderung – Unternehmen, die insgesamt mehr als 10% ihrer Einnahmen aus der Exploration von Teersanden, Schiefergas und Erdöl sowie Öl- und Gasförderung in der Arktis erzielen.
Die Entscheidung, ein Unternehmen im Rahmen der oben genannten Beschränkungen auszuschliessen, liegt im alleinigen Ermessen des Fondsmanagers.
Wahrscheinliche Auswirkungen von Nachhaltigkeitsrisiken auf die Renditen des Teilfonds
Die wahrscheinlichen Auswirkungen von Nachhaltigkeitsrisiken sind schwer zu quantifizieren. Der Fondsmanager ist der Ansicht, dass die Umwelt-, Sozial- und Unternehmensführungspraktiken eines Unternehmens eng mit seinem langfristigen Erfolg verbunden sind und dass Unternehmen mit ESG-gerechten Geschäftspraktiken und -abläufen eher erfolgreich sind und langfristigen Wert schaffen. Es kann jedoch nicht garantiert werden, dass der Fondsmanager für Rechnung des Teilfonds Anlagen auswählt, die auf ESG ausgerichtet sind, oder, falls der Fondsmanager solche Anlagen auswählt, dass diese zur positiven Wertentwicklung des Teilfonds beitragen.
C-3.7
Anwendbar auf die folgenden Teilfonds:
- High Yield 2021
- 1
- High Yield 2022
- High Yield 2023
- High Yield 2024Diese Offenlegung erfolgt zu den Zwecken von Artikel 6 der SFDR.

Integration von Nachhaltigkeitsrisiken und -bewertungen in die Anlageentscheidungen
Das Anlageziel und die Anlagepolitik des Teilfonds sind im Anhang des Teilfonds dargelegt.
Der Teilfonds hat nicht das Ziel oder die Verpflichtung, in Anlagen zu investieren, die als "nachhaltige Anlagen" gelten oder "ökologische oder soziale Merkmale" im Sinne der Artikel 8 und 9 der SFDR bewerben. Der Fondsmanager ist jedoch der Ansicht, dass eine starke Korrelation zwischen dem langfristigen finanziellen Erfolg und der Rentabilität eines Anlageportefeuilles und seinem Nachhaltigkeitsprofil besteht, und versucht daher, ESG-Faktoren und -Bewertungen in seine Anlageprozesse in Bezug auf den Teilfonds einzubeziehen, wo er dies für möglich hält.
Die Integration von ESG-Faktoren und -Bewertungen durch den Fondsmanager in seine Anlageprozesse umfasst Folgendes:
Systematisches ESG-Screening und -Scoring von Unternehmen
- Screening von Unternehmen mittels der ESG/CAR-Industrial-Materiality-Rating-Methode von Lombard Odier, die relevante Informationen zu jedem der SFDR-fokussierten Nachhaltigkeitsindikatoren wie Treibhausgasemissionen, Energieleistung, Biodiversität, Wassernutzung, Abfallmanagement, Sozial- und Arbeitnehmerbelange, Menschenrechte sowie Korruptions- und Bestechungsbekämpfung einbezieht.

Dank der ESG/CAR-Industrial-Materiality-Rating-Methode von Lombard Odier kann der Fondsmanager die Nachhaltigkeitsprofile von Unternehmen, die zum Zieluniversum des Teilfonds gehören könnten, schnell verstehen und vergleichen. Dieses Scoring- und
Ratingsystem ist zudem "wesentlichkeitsorientiert" und identifiziert daher den relevantesten Nachhaltigkeitsrahmen für jede Branche, um sich auf die wichtigsten ESG-Themen zu konzentrieren, die ein bestimmtes Unternehmen betreffen können. Es zielt ferner darauf ab,
Unternehmen, die lediglich Bewusstsein demonstrieren, von solchen, die messbare Ergebnisse erzielen, zu unterscheiden (CAR-Rahmen: Consciousness [Bewusstsein], Actions [Massnahmen], Results [Ergebnisse]). Schema I beschreibt die ESG/CAR-Industrial-Materiality- Rating-Methode von Lombard Odier eingehender.
Temperaturbewertung und -ausrichtung
- Der Fondsmanager bewertet mittels des unternehmenseigenen Tools LOPTA (Lombard Odier Portfolio Temperature Alignment) die Kohlenstoffbilanz und die Temperaturausrichtung von Unternehmen auf der Grundlage von Branchen-/Regionenaufschlüsselungen, historischen Entwicklungen und zukunftsgerichteten Verläufen und Zielen. Das LOPTA-Rahmenwerk ermöglicht es dem Fondsmanager, Temperaturverläufe über Portefeuilles hinweg zu analysieren und zu ermitteln, inwieweit einzelne Unternehmen oder Portefeuilles auf den Klimawandel ausgerichtet sind. Hierfür schätzt er den Grad der globalen Erwärmung, der auf bestimmte Unternehmen oder Portefeuilles entfällt, durch Extrapolation auf die Ziele für ihre jeweiligen Vergleichsgruppen.

Integration der Ergebnisse des Scorings und der Temperaturausrichtung in den Korbaufbau
- Der Teilfonds setzt eine Buy-and-Maintain-Strategie um. Der Fondsmanager hat unter Verwendung der ESG/CAR-Industrial-Materiality- Rating-Methode von Lombard Odier beim Aufbau des Startportefeuilles die ESG-Scores von Unternehmen berücksichtigt.
- Die Fondsmanager kann zudem das Scoring sowie das LOPTA-Rahmenwerk berücksichtigen, falls und wenn er beschliesst, weitere Emittenten in das Startportefeuille des Teilfonds aufzunehmen.
- Angesichts des Anlageuniversums anerkennt der Fondsmanager jedoch, dass die ESG/CAR-Industrial-Materiality-Rating-Methode von Lombard Odier und das LOPTA-Rahmenwerk aufgrund der Nichtverfügbarkeit von ESG-bezogenen Daten Einschränkungen unterliegen können.
- Ungeachtet des Vorstehenden liegt es im freien Ermessen des Fondsmanagers, wie er ESG-Bewertungen in seine Anlageprozesse integriert, und er ist nicht an ein Ziel hinsichtlich der Integration von ESG-Faktoren in seinen Anlageprozess gebunden.

1  
Per 2. November 2021 in LO Funds – Global Income 2027 umzuwandeln. Siehe SFDR-Offenlegung C-1.14.
Wahrscheinliche Auswirkungen von Nachhaltigkeitsrisiken auf die Renditen des Teilfonds
Die wahrscheinlichen Auswirkungen von Nachhaltigkeitsrisiken sind schwer zu quantifizieren. Der Fondsmanager ist der Ansicht, dass die Umwelt-, Sozial- und Unternehmensführungspraktiken eines Unternehmens eng mit seinem langfristigen Erfolg verbunden sind und dass Unternehmen mit ESG-gerechten Geschäftspraktiken und -abläufen eher erfolgreich sind und langfristigen Wert schaffen. Es kann jedoch keine Garantie für die Wertentwicklung des Portefeuilles des Teilfonds abgegeben werden.
C-3.8
Anwendbar auf den folgenden Teilfonds:
- Asia Income 2024Diese Offenlegung erfolgt zu den Zwecken von Artikel 6 der SFDR.

Integration von Nachhaltigkeitsrisiken und -bewertungen in die Anlageentscheidungen
Das Anlageziel und die Anlagepolitik des Teilfonds sind im Anhang des Teilfonds dargelegt.
Der Teilfonds hat nicht das Ziel oder die Verpflichtung, in Anlagen zu investieren, die als "nachhaltige Anlagen" gelten oder "ökologische oder soziale Merkmale" im Sinne der Artikel 8 und 9 der SFDR bewerben.
Der Teilfonds setzt eine Buy-and-Maintain-Strategie um. Während ESG-Faktoren nicht systematisch in den Aufbau des Startportefeuilles des Teilfonds integriert wurden, kann der Fondsmanager Entwicklungen im Bereich der Nachhaltigkeit aus ganzheitlicher Sicht in seine Fundamentalanalyse einbeziehen, falls und wenn er beschliesst, neue Emittenten aufzunehmen.
Ungeachtet des Vorstehenden berücksichtigt der Fondsmanager bei allen neuen Anlagen, die für Rechnung des Teilfonds getätigt werden, die Ausschluss-/Einschränkungspolitik der LOIM-Gruppe:
Ausschlüsse
- Unternehmen, die direkt oder über Eigentum mit umstrittenen Waffen (Produktion, Forschung und Entwicklung, Wartung/Dienstleistungen/ Management, Systemintegration, Tests, Verkauf/Handel) zu tun haben, werden ausgeschlossen. In den Geltungsbereich dieser Ausschlussbestimmung fallen Waffen, die durch die Ottawa-Konvention zum Verbot von Antipersonenminen (in Kraft seit 1999), das Übereinkommen über Streumunition (Oslo-Konvention) von 2008, die Biowaffenkonvention (Biological Weapons Convention, BWC) von 1972 sowie das Chemiewaffenübereinkommen (CWÜ) von 1993 verboten oder geächtet sind. Ausgeschlossen sind darüber hinaus abgereichertes Uran und weisser Phosphor.

Beschränkungen
- Kohle sowie unkonventionelles Öl und Gas – Der Fondsmanager ist bestrebt, Anlagen in Unternehmen auszuschliessen, bei denen Beteiligungen an folgenden Aktivitäten festgestellt wurden:KraftwerkskohleBergbau – Unternehmen, die mehr als 10% ihrer Einnahmen aus dem Abbau von Kraftwerkskohle erzielen. Stromerzeugung – Unternehmen, die mehr als 10% ihrer Einnahmen aus der Stromerzeugung aus Kohle erzielen.

Unkonventionelle Öl- und Gasförderung – Unternehmen, die insgesamt mehr als 10% ihrer Einnahmen aus der Exploration von Teersanden, Schiefergas und Erdöl sowie Öl- und Gasförderung in der Arktis erzielen.
- Wesentliche Verstösse gegen die Prinzipien des UN Global Compact – Der Fondsmanager ist bestrebt, Unternehmen zu beschränken, die in die schwersten Verstösse gegen die Prinzipien des UN Global Compact ("Kontroversen der höchsten Stufe") verwickelt sind.

Die Entscheidung, ein Unternehmen im Rahmen der oben genannten Beschränkungen auszuschliessen, liegt im alleinigen Ermessen des Fondsmanagers.
Wahrscheinliche Auswirkungen von Nachhaltigkeitsrisiken auf die Renditen des Teilfonds
Die wahrscheinlichen Auswirkungen von Nachhaltigkeitsrisiken sind schwer zu quantifizieren. Der Fondsmanager ist der Ansicht, dass die Umwelt-, Sozial- und Unternehmensführungspraktiken eines Unternehmens eng mit seinem langfristigen Erfolg verbunden sind und dass Unternehmen mit ESG-gerechten Geschäftspraktiken und -abläufen eher erfolgreich sind und langfristigen Wert schaffen. Es ist möglich, dass der Teilfonds negative Auswirkungen in Bezug auf Emittenten im Portefeuille des Teilfonds erfährt, deren Geschäftsmodell und -praktiken nicht an Nachhaltigkeitsrisiken angepasst werden können.
ANHANG C SCHEMA I
Die ESG/CAR-Industrial-Materiality-Rating-Methode von Lombard Odier
Vor dem Hintergrund seines Rahmens für nachhaltige Investitionen betrachtet der Fondsmanager die Geschäftspraktiken von Unternehmen in Bezug auf ihr breites Ökosystem von Anspruchsgruppen. Der Fondsmanager hat eine unternehmenseigene ESG-Materialitäts-Heatmap und Rating-Methode entwickelt, die es ihm ermöglicht, sich auf Umwelt-, Sozial- und Unternehmensführungsdimensionen zu konzentrieren, die für ein Unternehmen entlang seiner Wertschöpfungskette wirklich wichtig sind. Der unternehmenseigene Rahmen des Fondsmanagers mit 14 Kategorien
widerspiegelt die Hauptdimensionen potenzieller ESG-Chancen und -Risiken entlang der Wertschöpfungskette eines Unternehmens. Dazu gehören vorgelagerte Risiken, die sich vorwiegend auf die Lieferkette oder die Nutzung natürlicher Ressourcen beziehen, operationelle Risiken, die sich unmittelbar auf die direkten Produktions- und Betriebsprozesse eines Unternehmens beziehen, sowie nachgelagerte Risiken, die sich auf die potenziellen negativen Auswirkungen der verkauften Produkte und Dienstleistungen beziehen. Bei der Erstellung der Ratings werden Rohdaten von verschiedenen spezialisierten Anbietern verwendet. Dazu gehören unter anderem alle relevanten Informationen, die bei der Schaffung
der Methode zur Messung der wichtigsten nachteiligen Auswirkungen der Entscheidungen des Fondsmanagers auf die SFDR-fokussierten Nachhaltigkeitsindikatoren verwendet werden, wie in Schema II näher erläutert.
Der Fondsmanager identifiziert und stuft die wesentlichsten ESG-Dimensionen für 158 Level-4-Subindustrien des GICS (Global Industry Classification Standard) ein, die in der ESG-Wesentlichkeits-Heatmap des Fondsmanagers erfasst sind. Für jedes Unternehmen berechnet der Fondsmanager einen Score von 0 bis 100, in den die Wesentlichkeit einbezogen wird, indem er die Informationen, die aufgrund ihrer spezifischen Branche eine grössere Bedeutung haben, übergewichtet und allgemeine Informationen, die weniger relevant sind, untergewichtet. In die Methode eingebettet ist die auf den Komponenten "Consciousness", "Actions" und "Results" basierende unternehmenseigene "CAR"-Methode des Fondsmanagers, bei der die "R"-Komponente – an definitive Ergebnisse geknüpfte Indikatoren – übergewichtet wird. Diese Scores ermöglichen es dem Fondsmanager, jedem Unternehmen, basierend auf seiner Perzentilpositionierung in seinem jeweiligen Sektor, ein ESG-Rating von A+
bis D zuzuordnen. Die ESG/CAR-Industrial-Materiality-Rating-Methode von Lombard Odier verbessert die Fähigkeit des Fondsmanagers, die Fortschritte eines Unternehmens bei den wichtigsten sektorspezifischen Themen für die langfristige Nachhaltigkeit zu überwachen und mit ihm über diese wesentlichen Themen zu sprechen. Mithilfe dieser Methode werden "Lippenbekenntnisse" von tatsächlichen "Taten" und "Leistungen" unterschieden.
Bei der ESG/CAR-Industrial-Materiality-Rating-Methode von Lombard Odier werden die ESG-Kennzahlen und -Daten auch den 17 Zielen für nachhaltige Entwicklung der Vereinten Nationen (UN SDGs) gegenübergestellt. Dies gibt dem Fondsmanager ein weiteres wichtiges Instrument an die Hand, um die Nachhaltigkeit der Geschäftspraktiken eines Unternehmens zu berücksichtigen, sein Engagement in diesem Unternehmen zu bestimmen und die Ausrichtung des Portefeuilles des Teilfonds auf die UN SDGs besser zu erkennen.
Die ESG/CAR-Industrial-Materiality-Rating-Methode von Lombard Odier hat das Ziel, nicht weniger als 90% der Unternehmen im investierbaren Universum der Teilfonds mittels dieser Methode zu überprüfen.
Warnhinweis
Die ESG/CAR-Industrial-Materiality-Rating-Methode von Lombard Odier kann aufgrund der Verfügbarkeit von Daten von Unternehmen/Emittenten oder Datendienstleistern Einschränkungen unterworfen sein. Die ESG/CAR-Industrial-Materiality-Rating-Methode von Lombard Odier kann den Fondsmanager bei der Bewertung des Nachhaltigkeitsprofils eines Unternehmens/Emittenten unterstützen. Sie ist jedoch nicht endgültig und soll in Verbindung mit anderen Instrumenten und Bewertungen des nachhaltigkeitsbezogenen Geschäftsmodells und der entsprechenden Praktiken eines Unternehmens verwendet werden.
Die ESG/CAR-Industrial-Materiality-Rating-Methode von Lombard Odier ist dynamisch und so ausgelegt, dass sie an sich ändernde Entwicklungen in Bezug auf die Nachhaltigkeit angepasst werden kann. Der Fondsmanager kann die mit der ESG/CAR-Industrial-Materiality-Rating-Methode von Lombard Odier verbundenen Prozesse jederzeit ohne Vorankündigung und nach eigenem Ermessen ändern.
Es wird keine Garantie oder Zusage in Bezug auf die finanzielle Performance eines bestimmten Unternehmens auf der Grundlage seines Scorings nach der ESG/CAR-Industrial-Materiality-Rating-Methode von Lombard Odier gegeben.
ANHANG C SCHEMA II
Methode zur Messung der wichtigsten nachteiligen Auswirkungen (Principal Adverse Impacts, PAI) der Entscheidungen des Fondsmanagers auf die SFDR-fokussierten Nachhaltigkeitsindikatoren
Die wichtigsten nachteiligen Auswirkungen der Entscheidungen des Fondsmanagers auf die SFDR-fokussierten Nachhaltigkeitsindikatoren werden gemessen, indem die relevantesten Informationen aus der ESG-Datenbank des Fondsmanagers den unten aufgeführten wichtigsten nachteiligen Nachhaltigkeitsindikatoren gegenübergestellt werden.
Die umfassende ESG-Datenbank des Fondsmanagers, wie in Schema I näher beschrieben, wird kontinuierlich durch neue Feeder/Anbieter erweitert und deckt alle Nachhaltigkeitsdimensionen ab. Ist eine von den PAI geforderte Information nicht in der ESG-Datenbank des Fondsmanagers oder eines externen ESG-Datenanbieters verfügbar, wird ein passender Indikator unter Verwendung der nächstrelevanten Informationen zur Bewertung der PAI erstellt.
Liste der SFDR-fokussierten Nachhaltigkeitsindikatoren
Die Liste der SFDR-fokussierten Nachhaltigkeitsindikatoren ist nachstehend aufgeführt. Dabei hängen die tatsächlich verwendeten Indikatoren von den endgültigen Fassungen der Delegierten Verordnung der Kommission zur Ergänzung der SFDR, der Datenverfügbarkeit sowie der Auffassung des Fondsmanagers, wie er diese Indikatoren in sein Modell integriert, ab. Es liegt im Ermessen des Fondsmanagers, die Nachhaltigkeitsindikatoren zu übernehmen, die er für am geeignetsten/relevantesten hält.
Klima- und weitere umweltbezogene Indikatoren
- Treibhausgasemissionen
- Energieleistung
- Biodiversität
- Wasser
- AbfallSoziale und Arbeitnehmerbelange, Achtung der Menschenrechte, Korruptions- und Bestechungsbekämpfung
- Soziale und Arbeitnehmerbelange
- Menschenrechte
- Korruptions- und BestechungsbekämpfungANHANG C SCHEMA IIILombard Odier Portfolio Temperature Alignment ToolDas unternehmenseigene Tool LOPTA (Lombard Odier Portfolio Temperature Alignment) ermöglicht dem Fondsmanager, auf der Basis von Branchen-/Regionenaufschlüsselungen, historischen Entwicklungen und zukunftsorientierten Verläufen und Zielen nicht nur die Kohlenstoffbilanz, sondern auch die Temperaturausrichtung von Unternehmen schnell zu bewerten. Dank des LOPTA-Rahmenwerks kann der Fondsmanager Temperaturverläufe über Portefeuilles hinweg analysieren. Diese unternehmenseigenen Tools zur Temperaturausrichtung versuchen zu bewerten, inwieweit einzelne Unternehmen oder Portefeuilles auf den Klimawandel ausgerichtet sind. LOPTA schätzt den Grad der globalen Erwärmung, der auf bestimmte Unternehmen oder Portefeuilles entfällt, durch Extrapolation auf die Ziele für ihre jeweiligen Vergleichsgruppen.

PP_09.2021_LU_de_09.2021
www.lombardodier.com