The fund aims to provide long-term capital growth by investing principally in Italian equity securities. The fund is actively managed and references the FTSE Italia All Share Index (the ‘Index’) for performance comparison only. Portfolio Information: The fund shall invest at least 70% of its assets in shares issued by companies not engaged in real estate business, which are resident in Italy or in another EU or EEA Member State with a permanent establishment in Italy. The fund cannot invest more than 10% of its assets in financial instruments issued by, or entered into with the same company, or companies belonging to the same group, or in cash deposits. The fund cannot invest in financial instruments issued by, or entered into with, companies which are not resident in countries that allow an adequate exchange of information with Italy. Investments in derivatives are permitted only outside the above 70% threshold and exclusively for hedging purposes.