Notification of changes to the underlying funds of various Emirates funds

12 December 2019

L43 Emirates NBD MENA Fixed Income
L44 Emirates NBD MENA Top Companies
R92 Emirates NBD Islamic Global Balanced
R93 Emirates NBD Global Income
R94 Emirates NBD Balanced Managed
R95 Emirates NBD Active Managed

In January 2019, we notified you of our decision to soft close the above named Friends Provident International funds as a result of the issuance of the Isle of Man Financial Services Authority’s Insurance (Conduct of Business) (Long Term Business) Code 2018 and Guidance for unit linked single premium bonds - suitability of assets to policyholders.

Currently the underlying funds of the above listed funds are suitable for sophisticated investors only, however, following our discussions with the underlying fund manager, we will be transferring holdings in the above named funds into more acceptable investments. As a result, all of the above named funds will re-open and accept new investment from 24 January 2020 (the “Effective Date”).

Please see below for details of the key changes of the above named funds.

	Before 24 January 2020	With Effect From 24 January 2020
Mirror Fund Name	Emirates NDB MENA Fixed Income	Emirates NDB MENA Fixed Income
Fund Code	L43	L43
Underlying Fund Name	Emirates MENA Fixed Income Fund B USD Acc	Emirates NBD SICAV - Emirates MENA Fixed Income Fund B USD Acc
Underlying Fund ISIN	JE00B5KXKZ88	LU1060352298
Manager/Management Company	Emirates NBD Fund Managers (Jersey) Ltd	MDO Management Company S.A.
Management Fee	1.25%	1.25%
Ongoing Charges Figure	2.03%	2.14%
Currency of Mirror Fund	USD	USD
Currency of Underlying Fund	USD	USD
Underlying Fund Investment Objective	The Emirates MENA Fixed Income Fund is a feeder fund to the Emirates NBD SICAV - Emirates MENA Fixed Income Fund, a sub-fund of the Luxembourg domiciles Emirates NBD SICAV. The US Dollar denominated open-ended underlying fund will invest in a diversified portfolio that aims to achieve a high level of income as well as capital growth, predominantly through a diversified portfolio of MENA debt securities of varying maturities along with cash and other ancillary instruments, such as deposits. The fund may also take on exposure to issuers outside the MENA region provided a significant part of their business activity is derived in the region. Additionally, certain share classes of the fund will also distribute income on a semi-annual basis. Declarations will be made at the end of June and December each year.	The fund is a US Dollar denominated open ended funds, which aims to achieve a high level of income as well as capital growth, predominantly through a diversified portfolio of MENA debt securities of varying maturities along with cash and other ancillary instruments, such as deposits. The fund may also take on exposure to issuers outside the MENA region provided a significant part of their business activity is derived in the region. Additionally, certain share classes of the fund will distribute income on a quarterly basis. Declarations will be made at the end of March, June, September and December.
Risk Rating	3	2

	Before 24 January 2020	With Effect From 24 January 2020
Mirror Fund Name	Emirates NBD MENA Top Companies	Emirates NBD MENA Top Companies
Fund Code	L44	L44
Underlying Fund Name	Emirates MENA Top Companies Fund B USD Acc	Emirates NBD SICAV - Emirates MENA Top Companies Fund B USD Acc
Underlying Fund ISIN	JE00B44RN944	LU1060354310
Manager/Management Company	Emirates NBD Fund Managers (Jersey) Ltd	MDO Management Company S.A.
Management Fee	1.75%	1.75%
Ongoing Charges Figure	2.43%	3.02%
Currency of Mirror Fund	USD	USD
Currency of Underlying Fund	USD	USD
Underlying Fund Investment Objective	The Emirates MENA Top Companies Fund is a feeder fund to the Emirates NBD SICAV – Emirates MENA Top Companies Fund, a sub-fund of the Luxembourg domiciled Emirates NBD SICAV. The investment objective of the underlying fund aims to achieve medium to long-term capital growth through investments in a portfolio of GCC and MENA equities offerings. The fund is actively managed and will take advantage of price distortions and specific opportunities that display potential for strong gains. The fund follows a high conviction, adaptive and deep research investment approach, which is value oriented with a strong preference for companies that exhibit competitive, innovative and efficient traits. The portfolio is built on long-term commitments, with investments made after rigorous, qualitative and fundamental analysis. The fund will endeavour to invest predominantly in the UAE, Oman, Bahrain, Qatar, Saudi Arabia, Kuwait, Morocco, Tunisia, Egypt and Jordan, and may also invest in other jurisdictions if, and when, stock exchanges in such jurisdictions present investment opportunities that are attractive in the opinion of the Investment Manager	The investment objective of the underlying fund aims to achieve medium to long-term capital growth through investments in a portfolio of GCC and MENA equities offerings. The fund is actively managed and will take advantage of price distortions and specific opportunities that display potential for strong gains. The fund follows a high conviction, adaptive and deep research investment approach, which is value oriented with a strong preference for companies that exhibit competitive, innovative and efficient traits. The portfolio is built on long-term commitments, with investments made after rigorous, qualitative and fundamental analysis. The fund will endeavour to invest predominantly in the UAE, Oman, Bahrain, Qatar, Saudi Arabia, Kuwait, Morocco, Tunisia, Egypt and Jordan, and may also invest in other jurisdictions if, and when, stock exchanges in such jurisdictions present investment opportunities that are attractive in the opinion of the Investment Manager.
Risk Rating	5	5

	Before 24 January 2020	With Effect From 24 January 2020
Mirror Fund Name	Emirates NBD Islamic Global Balanced	Emirates NBD Islamic Global Balanced
Fund Code	R92	R92
Underlying Fund Name	Emirates NBD Islamic Global Balanced Fund B USD Acc	Emirates NBD SICAV - Emirates Islamic Global Balanced Fund B USD Acc
Underlying Fund ISIN	JE00B62DRX00	LU1060358147
Manager/Management Company	Emirates NBD Fund Managers (Jersey) Ltd	MDO Management Company S.A.
Management Fee	1.60%	1.60%
Ongoing Charges Figure	2.89%	2.78%
Currency of Mirror Fund	USD	USD
Currency of Underlying Fund	USD	USD
Underlying Fund Investment Objective	The Emirates Islamic Global Balanced Fund is a feeder fund to the Emirates NBD SICAV – Emirates Islamic Global Balanced, a sub-fund of the Luxembourg domiciled Emirates NBD SICAV. The investment objective of the underlying fund aims to provide institutional and high net-worth investors with a professionally managed means of participating in a global multi-asset class portfolio of Shari’a compliant assets. The primary investment objective of the fund is to achieve medium to long term capital growth while minimising risk through diversification across asset classes. The fund will seek over time to acquire a diversified portfolio of collective investment schemes and direct investments including but not limited to investments in Murabaha, Sukuk, real estate and equity.	The portfolio aims to provide institutional and high net-worth investors with a professionally managed means of participating in a global multi-asset class portfolio of Shari’a compliant assets. The primary investment objective of the fund is to achieve medium to long term capital growth while minimising risk through diversification across asset classes. The fund will seek over time to acquire a diversified portfolio of collective investment schemes and direct investments including but not limited to investments in Murabaha, Sukuk, real estate and equity.
Risk Rating	3	4

	Before 24 January 2020	With Effect From 24 January 2020
Mirror Fund Name	Emirates NBD Global Income	Emirates NBD Global Quarterly Income*
Fund Code	R93	R93
Underlying Fund Name	Emirates NBD Global Income Fund B USD Acc	Emirates NBD SICAV - Emirates Global Quarterly Income Fund B USD Acc
Underlying Fund ISIN	JE00B61GG226	LU0971088389
Manager/Management Company	Emirates NBD Fund Managers (Jersey) Ltd	MDO Management Company S.A.
Management Fee	1.50%	1.60%
Ongoing Charges Figure	2.87%	2.78%
Currency of Mirror Fund	USD	USD
Currency of Underlying Fund	USD	USD
Underlying Fund Investment Objective	The Emirates Global Income Fund is a feeder fund to the Emirates Global Quarterly Income Fund, a sub-fund of the Luxembourg domiciled Emirates NBD SICAV. The investment purpose of the portfolio is to provide investors with a professionally managed means of participating in investments across a range of asset classes with a focus on income generation. The primary investment objective of the portfolio is to achieve a high and rising level of income and some capital growth through a diversified portfolio of assets including but not limited to cash, fixed income and equities. Exposure to these asset classes may be achieved through the use of collective investment schemes principally. The portfolio restrictions and investment strategies that will be followed are such as to characterise this portfolio as medium risk.	The Emirates Global Quarterly Income Fund is a diversified portfolio which aims to provide investors with a professionally managed means of generating a fixed quarterly dividend by investing across a wide range of asset classes including fixed income securities, equity income, listed infrastructure, listed real estate, and other income producing assets, predominantly through a fund-of-funds strategy.
Risk Rating	2	3

* Please note that the mirror fund name of R93 will also be changing with effect from the Effective Date.

	Before 24 January 2020	With Effect From 24 January 2020
Mirror Fund Name	Emirates NBD Balanced Managed	Emirates NBD Balanced Managed
Fund Code	R94	R94
Underlying Fund Name	Emirates NBD Balanced Managed Fund B USD Acc	Emirates NBD SICAV - Emirates Balanced Managed Fund B USD Acc
Underlying Fund ISIN	JE00B61LCC94	LU1060353775
Manager/Management Company	Emirates NBD Fund Managers (Jersey) Ltd	MDO Management Company S.A.
Management Fee	1.60%	1.60%
Ongoing Charges Figure	2.69%	2.72%
Currency of Mirror Fund	USD	USD
Currency of Underlying Fund	USD	USD
Underlying Fund Investment Objective	The Emirates Balanced Managed Fund is a feeder fund to the Emirates NBD SICAV – Emirates Balanced Managed Fund, a sub-fund of the Luxembourg domiciled Emirates NBD SICAV. The investment objective of the underlying fund is to invest globally through collective investment schemes in a range of asset classes including cash/ near cash, fixed income, equity, property and alternative strategy funds, with the aim of providing long-term capital growth through a balanced investment strategy. It will seek to reduce the volatility traditionally associated with investments in securities markets through broad asset class and manager diversification. The portfolio restrictions and investment strategies that will be followed are such as to characterise this portfolio as medium risk.	The portfolio may invest globally through collective investment schemes in a range of asset classes including cash/ near cash, fixed income, equity, property and alternative strategy funds, with the aim of providing long-term capital growth through a balanced investment strategy. It will seek to reduce the volatility traditionally associated with investments in securities markets through broad asset class and manager diversification. The portfolio restrictions and investment strategies that will be followed are such as to characterise this portfolio as medium risk.
Risk Rating	3	3

	Before 24 January 2020	With Effect From 24 January 2020
Mirror Fund Name	Emirates NBD Active Managed	Emirates NBD Active Managed
Fund Code	R95	R95
Underlying Fund Name	Emirates NBD Active Managed Fund B USD Acc	Emirates NBD SICAV - Emirates Active Managed Fund B USD Acc
Underlying Fund ISIN	JE00B61GCS02	LU1060351217
Manager/Management Company	Emirates NBD Fund Managers (Jersey) Ltd	MDO Management Company S.A.
Management Fee	1.60%	1.60%
Ongoing Charges Figure	2.42%	2.52%
Currency of Mirror Fund	USD	USD
Currency of Underlying Fund	USD	USD
Underlying Fund Investment Objective	The Emirates Active Managed Fund is a feeder fund to the Emirates NBD SICAV – Emirates Active Managed Fund, a sub-fund of the Luxembourg domiciled Emirates NBD SICAV. The investment objective of the underlying fund is to invest globally through collective investment schemes in a range of asset classes including cash/ near cash, fixed income, equity and other asset classes, with the aim of providing long term capital growth. It will seek to reduce the volatility traditionally associated with investments in securities markets through broad asset class and manager diversification. The portfolio restrictions and investment strategies that will be followed are such as to characterise this portfolio as medium/ high risk.	The portfolio may invest globally through collective investment schemes in a range of asset classes including cash/ near cash, fixed income, equity and other asset classes, with the aim of providing long-term capital growth. It will seek to reduce the volatility traditionally associated with investments in securities markets through broad asset class and manager diversification. The portfolio restrictions and investment strategies that will be followed are such as to characterise this portfolio as medium/ high risk.
Risk Rating	4	4

Should you have any questions regarding these changes, please contact International Funds & Investments.