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UBS (CH) Vitainvest Differ Solely to Make Them Easier to Administer

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UBS (CH) Vitainvest Differ Solely to Make Them Easier to Administer The unit classes listed above differ in terms of the investors. The unit classes for UBS (CH) Vitainvest differ solely to make them easier to administer. The unit classes are not segmented assets. Accordingly, the possibility that a unit class may be liable for the liabilities of another unit class cannot be ruled out, even though costs as a rule may only be charged to the specific unit class benefiting from a specific service. 1.2 Investment objective and policy, investment restrictions and use of derivatives by sub-funds Detailed information on the investment policy and restrictions, as well as the permitted investment techniques and instruments (in particular derivative financial instruments and their scope) are contained in the fund contract (cf. UBS (CH) Vitainvest Part II, §§ 7-15). – 12 Umbrella fund under Swiss law – 25 (Category Other Funds for Traditional Investments) – 40 – 50 Prospectus with integrated fund contract September 2010 – 25 Swiss – 50 Swiss The investment objective of the sub-funds is principally to achieve an optimum overall return within the individual sub-funds by using a balanced risk strategy via investments in other investment funds (target funds). Using an appropriate selection of target funds, the overall risk of the individual sub-funds corresponds to a diversified asset allocation portfolio with an aver- age proportion of equities in line with the number in the respective name of the sub-fund. In addition, the individual sub-funds differ in the proportion of foreign currency (all investment currencies which differ from the Swiss franc). Part I Prospectus Following deduction of liquid assets, the individual sub-funds invest at least 51% of their assets in units of other collective investments (target funds) in the category “Securities funds” and “Other funds for traditional investments” This prospectus, together with the fund contract which forms an integral part or units of undertakings for collective investment in transferable securities thereof, the simplified prospectus and the latest annual or semi-annual report (if (UCITS) which correspond to Directive 85/611/EEC of 20 December 1985 published after the latest annual report), serves as the basis for all subscriptions of (UCITS I) and 2001/107/EC or 2001/108/EC of 21 January 2002 (UCITS III), as units of the sub-funds. well as units of undertakings for collective investment (UCIs) authorised for Only the information contained in the prospectus, the simplified prospectus or the public distribution in and from Switzerland in accordance with Article 119 ff. fund contract shall be deemed to be valid. of the CISA or these target funds have been approved as collective invest- ments in the country of domicile and supervision in that country is equivalent 1 Information on the umbrella fund and the sub-funds to that in Switzerland in respect of the protection afforded to investors and international official assistance is granted. The fund management company 1.1 General information on the umbrella fund and the sub-funds may also invest in units of other collective investments that correspond to other UBS (CH) Vitainvest is a contractually based umbrella fund governed by Swiss funds for traditional investments, other funds for alternative investments or law established under the “Other funds for traditional investments” category real estate funds (with equivalent supervision). of the Swiss Collective Investment Schemes Act (CISA) of 23 June 2006. The following applies to the new sub-funds “– 25 Swiss” and “– 50 Swiss”: The fund consists, on the one hand, of the sub-funds listed below; their names The target funds must be able to guarantee the redemption frequency of refer to the mean value of the permitted percentage share of equities in the the fund of funds. the target funds must have been approved as collective assets of each sub-fund, although any real estate fund shares held are not investments in the country of domicile and investors must enjoy equivalent taken into account in the percentage shares given. regulatory protection in that country to that in Switzerland and international – 12 official assistance must be granted. The target funds are open-end and/or – 25 listed collective investments, i.e. contractually based investment funds as well – 40 as investment companies with variable capital. – 50 The individual sub-funds must invest in at least five various target funds, It also includes the following sub-funds; their names indicate the long-term with average of the percentage share of equities per sub-fund on a consolidated – 12 basis, although any real estate fund shares held are not taken into account – 25 in the long-term mid-value percentage shares given. Besides the long-term – 40 average percentage share of equities, the names of the individual sub-funds – 50 also indicate the regional focus of the investments within the sub-funds. The able to invest up to 80% of an individual sub-fund’s assets in units of the same suffix “Swiss” indicates that a significant proportion of the investments are target fund and made in Swiss securities. – 25 Swiss – 25 Swiss – 50 Swiss – 50 Swiss able to invest up to 20% of an individual sub-fund’s assets in units of the same The fund contract was drawn up by UBS Fund Management (Switzerland) target fund. AG as fund management company and presented to the then Swiss Federal Investments are subject to normal market fluctuations and security-specific Banking Commission with the approval of UBS AG in its capacity as custodian risks depending on the selection decisions taken by the portfolio manager. bank. The fund contract was approved by the Swiss Federal Banking Commis- With an investment of up to 80% of the assets of a sub-fund in units of sion for the first time in 2005. the same target fund, balanced risk diversification can already be achieved The sub-funds are based upon a collective investment contract under which at target-fund level through suitable diversification. The situation may arise the fund management company is obliged to provide investors with a stake where sub-funds invest up to 80% of assets in units of the same target fund in the relevant sub-fund in proportion to the fund units acquired by them and if, first, a specific asset class is heavily overweighted at asset allocation level to manage this sub-fund at its discretion and in its own name in accordance and, second, this asset class is converted into a single target fund by means with the provisions of the law and the fund contract. The custodian bank is of investments. party to the contract in accordance with the tasks conferred upon it by law Balanced risk diversification is achieved through appropriate diversification at and the fund contract. asset class and fund manager level. The sub-funds’ main risks are as follows: Within the framework of the sub-funds’ investments, the fund management the sub-funds’ investments are subject to normal market volatility and other company complies with the prevailing investment guidelines for the financial risks associated with securities investments. There is no guarantee that the investments of pension schemes as set out in the Swiss Federal Law on Oc- investments will rise in value. Both the value and return of the investments can cupational Retirement, Survivors’ and Disability Pension Plans (BVG) and its rise or fall. There is no guarantee that the investment objective will actually be ordinances [currently in particular Article 54 ff. of the Ordinance on Occupa- reached. There is no guarantee that investors will achieve a specific return, or tional Retirement, Survivors’ and Disability Pension Plans (BVV2)]. The fund that they will be able to submit units to the fund management company for may be used, inter alia, within fund-linked life insurance plans and pillar 3a redemption at a specific price. retirement savings accounts. The provisions of the legislation concerning col- lective investment schemes shall take precedence provided those of the BVG 1.2.3. Use of derivatives by the sub-funds and its ordinances (BVV 2) are not stricter. a) – 12 The current unit classes are: – 25 a) Class “U” units are offered to all investors. – 40 b) Class “D” units are offered to investors who subscribe their units via – 50 – banks or The fund management company uses derivatives in the interest of efficient – insurance companies or management of the sub-funds’ assets. – foundations for vested pension benefits und pension fund foundations b) – 25 Swiss or – 50 Swiss – securities dealers Derivatives form part of the investment strategy and, in the interest of ef- which have concluded with UBS AG a distribution agreement in accord- ficient management of the sub-funds’ assets that are not invested in target ance with the guidelines on distribution from the Swiss Funds Association funds, may be used for purposes other than simply to hedge investment (SFA). positions. In relation to the portion of the sub-funds’ assets invested in tar- get funds, the fund management company may, besides currency hedging, 1 also use derivatives for investment and for the hedging of market, credit, to withholding tax provided they are distributed with a separate coupon or and interest-rate risks, provided the risks can be clearly determined and listed separately in the statement sent to investors. measured (look-through approach). The sub-funds may apply for a full refund of all Swiss federal withholding tax c) Even under extraordinary market circumstances, this use of derivatives levied on domestic income in the sub-funds. Any income and capital gains may not alter the sub-funds’ investment goals or lead to a change in their realised abroad may be subject to the relevant withholding tax deductions investment profile. Due to the projected use of derivatives, these sub-funds imposed by the country of investment.
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