Disclaimer

Terms of Use
By accessing this website, the pages contained on it, and the products, services, information, tools and material
contained or described herein (thereafter Belfund), you acknowledge your agreement with and that you understand the
following terms of use and that you expressly agree to the legally binding effect of the terms of use mentioned
here.
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Ownership of Site, Trademarks and Copyrights
Belfund Société D’Investissement à Capital Variable (SICAV) is registered in the Grand Duchy of Luxembourg as
an undertaking for collective investment pursuant to Part I of the act of 17 December 2010 relating to
undertakings for collective investment, as amended (the 2010 Act) and qualifies as an undertaking for
collective investments in transferable securities (UCITS) under the EC Directive 2009/65 of 13 July 2009 on the
coordination of laws, regulations and administrative provisions relating to undertakings for collective
investment in transferable securities, as may be amended or supplemented from time to time (UCITS
Directive), and may therefore be offered for sale in European Union (EU) Member States (subject to applicable
notification process). The Company is structured as an umbrella fund to provide both institutional and retail
investors with a variety of sub-funds (the Sub-funds, each a Sub-fund). The registration of the Company does
not require any Luxembourg authority to approve or disapprove either the adequacy or accuracy of this
Prospectus or the assets held in the various Sub-funds.
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Belfund SICAV and www.theBelfund.com are trademarks of Belfund SICAV (thereafter Belfund). Belfund
reserves all rights with respect to copyright and trademark ownership of all material on the Site. Nothing on the
Site shall be construed as granting any license or right to use any image, trademark, service mark or logo.
Downloading, copying or printing individual pages and/or parts of the Site is allowed for personal use only.
Explicit attribution to Belfund must be made in the event that the material, or any part thereof, is reproduced
in any form, written or electronic. Furthermore, any reproduction, re-publication or distribution of this material
requires the express consent of Belfund.
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Restrictions on Offer and Solicitation and Distribution
This Site is not directed at, or intended for distribution to or use by, any person or entity who is a citizen or
resident of or located in any jurisdiction where such distribution, publication, availability or use would be
contrary to applicable law or regulation or which would subject Belfund to any registration or licensing
requirement within such jurisdiction. Nothing on this Site shall constitute an offer or a solicitation of an offer to
buy or sell any products or services, including but not limited to any securities, financial instruments or other
investments or investment advice. The information on the Site may not be suitable for you or in the jurisdiction
in which you are located. Belfund will not treat users of this Site as its clients by virtue of them accessing it.
Users of this site should seek the advice of their independent financial adviser prior to taking any investment
decision on the basis of any information contained herein and no information herein constitutes general or
specific investment, legal, tax or accounting advice of any kind. The information contained on this Site may
relate to the products and services of a person or entity that is located in a jurisdiction other than that in which
you are located. Accordingly, the rules for the protection of private customers that apply in the jurisdiction in
which you are located may not apply in relation to such products and services.
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Disclaimers and Cautionary Statement Regarding Forward-Looking Information
All opinions and estimates expressed in this Site constitute our judgment as of publication and do not
constitute general or specific investment legal, tax or accounting advice of any kind. This site may contain
statements that constitute forward-looking statements. In addition, in the future we, and others on our behalf,
may make statements that constitute forward-looking statements. Such forward-looking statements may
include, without limitation, statements relating to our plans, objectives or goals; our future economic
performance or prospects; the potential effect on our future performance of certain contingencies; and
assumptions underlying any such statements. Words such as believes, anticipates, expects, intends and
plans and similar expressions are intended to identify forward-looking statements but are not the exclusive
means of identifying such statements. We do not intend to update these forward-looking statements except as
may be required by applicable laws. By their very nature, forward-looking statements involve inherent risks and
uncertainties, both general and specific, and risks exist that predictions, forecasts, projections and other outcomes
described or implied in forward-looking statements will not be achieved. We caution you that a
number of important factors could cause results to differ materially from the plans, objectives, expectations,
estimates and intentions expressed in such forward-looking statements. These factors include (i) market and
interest rate fluctuations; (ii) the strength of the global economy; (iii) the ability of counterparties to meet their
obligations; (iv) the effects of, and changes in, fiscal, monetary, trade and tax policies, and currency
fluctuations; (v) political and social developments, including war, civil unrest or terrorist activity; (vi) the
possibility of foreign exchange controls, expropriation, nationalization or confiscation of assets; (vii) the ability
to maintain sufficient liquidity and access capital markets; (viii) operational factors such as systems failure,
human error, or the failure to properly implement procedures; (ix) actions taken by regulators; (x) the effects of
changes in laws, regulations or accounting policies or practices; (xi) competition in geographic and business
areas; and (xix) our success at managing the risks involved in the foregoing. We caution you that the foregoing
list of important factors is not exclusive; when evaluating forward-looking statements, you should carefully
consider the foregoing factors and other uncertainties and events.
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Information and opinions presented in this Site have been obtained or derived from sources believed to be
reliable, but Belfund makes no representation as to their accuracy or completeness. Belfund maintains the right
to delete or modify information on this Site without prior notice.
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Belfund may have issued other reports that are inconsistent with, and reach different conclusions from, the
information presented in this Site. Those reports reflect the different assumptions, views and analytical
methods of the analysts who prepared them and Belfund is under no obligation to ensure that such reports are
brought to your attention.
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Risk Considerations
Past performance should not be taken as an indication or guarantee of future performance, and no
representation or warranty, express or implied, is made regarding future performance. Investing entails risks,
including possible loss of principal. The price of, value of and income from securities or financial instruments
can fall as well as rise. Certain investments are subject to high volatility, and may experience sudden and large
falls in their value. Losses may equal or exceed your original investment. Foreign currency-denominated
securities and financial instruments are subject to fluctuations in exchange rates that may have a positive or
adverse effect on the value, price or income of such securities or financial instruments. Some investments may
not be readily realizable and it may be difficult to sell or realize those investments. Similarly, it may prove
difficult for you to obtain reliable information about the value, or risks, to which such an investment is exposed.
There are also special risk considerations associated with international and global investing (especially
emerging markets), small-company investing, single-industry funds or investment strategies, single-country or
regional funds or investment strategies, or other special, aggressive or concentrated investment strategies,
such as the use of leverage or derivatives. Investors in securities effectively assume these risks.
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No Warranty; No Liability
THE INFORMATION ON THIS SITE IS PROVIDED ON AN AS IS, AS AVAILABLE BASIS. BELFUND MAKES
NO WARRANTY THAT ACCESS TO THE SITE WILL BE UNINTERRUPTED OR ERROR-FREE, THAT DEFECTS WILL BE
CORRECTED, OR THAT VIRUSES OR OTHER HARMFUL COMPONENTS WILL NOT BE TRANSMITTED IN
CONNECTION WITH YOUR USE OF THE SITE. BELFUND HEREBY EXPRESSLY DISCLAIMS, TO THE FULLEST EXTENT
PERMITTED BY APPLICABLE LAW AND/OR REGULATION, ALL WARRANTIES, EXPRESS, STATUTORY OR IMPLIED,
REGARDING THE SITE AND ANY RESULTS TO BE OBTAINED FROM THE USE OF THE SITE AND ITS CONTENTS,
INCLUDING BUT NOT LIMITED TO ALL WARRANTIES OF MERCHANTABILITY, NON-INFRINGEMENT, FITNESS FOR
A PARTICULAR PURPOSE OR USE AND ALL WARRANTIES ARISING FROM COURSE OF PERFORMANCE, COURSE
OF DEALING AND/OR USAGE OF TRADE OR THEIR EQUIVALENTS UNDER THE APPLICABLE LAWS AND/OR
REGULATIONS OF ANY JURISDICTION. BELFUND DOES NOT WARRANT OR GUARANTEE THE ACCURACY,
TIMELINESS, SUITABILITY, COMPLETENESS OR AVAILABILITY OF THIS SITE OR THE INFORMATION OR RESULTS
OBTAINED FROM USE OF IT. UNDER NO CIRCUMSTANCES AND UNDER NO THEORY OF ANY APPLICABLE LAW
AND/OR REGULATION SHALL BELFUND BE LIABLE TO ANYONE FOR ANY DAMAGES ARISING IN TORT,
CONTRACT, STRICT LIABILITY OR OTHERWISE FROM ACCESS TO OR USE OF OR INABILITY TO ACCESS OR USE
THIS SITE OR FROM ANY ACTION TAKEN OR NOT TAKEN AS A RESULT, REGARDLESS OF WHETHER THEY ARE
DIRECT, INDIRECT, SPECIAL, INCIDENTAL, OR CONSEQUENTIAL DAMAGES OF ANY CHARACTER, INCLUDING
DAMAGES FOR TRADING LOSSES OR LOST PROFITS, OR FOR ANY CLAIM OR DEMAND BY ANY THIRD PARTY,
EVEN IF BELFUND AG KNEW OR HAD REASON TO KNOW OF THE POSSIBILITY OF SUCH DAMAGES, CLAIM OR DEMAND.
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Links to Other Websites / Content of Other Providers
Activating certain links on this Site may cause you to leave this Site. Such links, addresses or hyperlinks are
provided solely for your convenience and information. Belfund has not reviewed any of the websites linked
with or connected to this Site, or which provide links to this Site, and does not accept any liability for their
contents, the offered products or services or any other offers. Using links from this Site to any website not
owned by Belfund is at your own risk.
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Applicable Law and Jurisdiction
Any legal relationship between the user of this website and Belfund is subject to Luxembourg law. The place of
jurisdiction is Luxembourg (Grand Duchy of Luxembourg).

IMPORTANT LEGAL INFORMATION
The website for Belfund Société D’Investissement à Capital Variable (SICAV) (hereinafter referred to as “Belfund”) contains information and opinions on financial instruments, products and services (hereinafter collectively referred to as “financial products”). Therefore, you may visit the website only after carefully reading and accepting following important legal notices.vBy declaring your acceptance, you declare that you have understood the legal information and that you expressly agree thereto.
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Local Legal Restrictions
The following section on financial products contains information and opinions on financial products (e.g. investment funds) that may be subject to registration requirements in different countries. It is not directed at natural or legal persons for whom the use of or access to the website of Belfund Société D’Investissement à Capital Variable (SICAV) («Belfund») would violate the legal system of their country due to the nationality or domicile/registered office of the person concerned or for other reasons. This applies in particular to citizens and/or residents of Great Britain, Japan and the USA. By accepting this legal notice, the visitor to this website confirms that he is a qualified investor under the Swiss Collective Investment Schemes Act (CISA) with domicile in Switzerland.

No Recommendation or Offer
‍The content published in the section on financial products does not constitute a recommendation or an offer to buy, hold or sell the financial products mentioned or to carry out other transactions or legal acts. It is intended solely for personal use and for information purposes and, like this legal information on financial products, may be changed at any time without prior notification by Belfund. The content provided in the section on financial products is not intended as a recommendation for your investment or other decisions and does not have any advisory character whatsoever. However, before making an investment in a financial product, investors should carefully read the current legal documents and any other documents that may be required by local legal and regulatory provisions (e.g. prospectus/KIID and the annual and semi-annual report of an investment fund). It is particularly important to study in detail the legal information and risk warnings contained therein. It is also recommended that a specialist be consulted before an investment decision is made.

No Warranty
‍Belfund takes the greatest possible care in compiling the content relating to financial products. Nevertheless, Belfund and its contractual partners assume no guarantee or liability to third parties with regard to the accuracy, topicality and completeness of the published content. In particular, Belfund is under no obligation to update the content or remove outdated content. Furthermore, Belfund accepts no responsibility and gives no guarantee that the functions of the website with content relating to financial products will not be interrupted or are free of errors, that errors will be rectified or that the website or the relevant server is free of viruses or other harmful components and programs. The Belfund website may also contain links to websites operated by third parties. These links are completely beyond Belfund's influence. For this reason, Belfund accepts no responsibility for the accuracy, completeness and legality of the content of such websites or for any offers and services contained therein.

Risk Notice
‍In principle, the higher the risk (e.g. price fluctuations), the longer the investment period should be and the higher the potential returns. The value of the invested capital as well as the income flowing from it (e.g. distributions in connection with investment funds) are subject to fluctuations or may not occur at all.Investments in foreign currencies are directly and indirectly subject to exchange rate fluctuations. Individual financial products are generally subject to higher risks (e.g. investment funds that invest primarily in emerging markets and/or in shares of low-capitalized companies and/or in high-yield bonds).

Performance
A positive performance (value development) in the past is in no case a guarantee for a positive performance in the future. Belfund and its contractual partners therefore cannot guarantee that the value of the invested capital will be maintained (or even increased) and investors must be willing or able to accept substantial losses or even total losses. Any fees and costs (e.g. commissions and costs charged on the subscription and redemption of fund units) charged when buying, holding or selling the financial product are not included in the performance calculation.

Exclusion of Liability
‍To the extent permitted by law, Belfund and its contractual partners disclaim all liability (including negligence and liability towards third parties) for any losses arising from direct, indirect or consequential losses of any kind whatsoever which are connected with the use of the website and its content or with the risks of the financial markets.

Sources of Reference
‍The legal basis of a collective investment scheme, which is listed in the section on financial products below, is available free of charge to investors domiciled in Switzerland at the following address:
Belfund SICAV
c/o MRB Fund Partners AG
Fraumünsterstrasse 11
CH- 8001 Zürich

Important legal documents are also available electronically on Belfund’s website.

Property Rights
‍All content of this website is protected by copyright and is the property of Belfund unless expressly stated otherwise. No part of this website grants any license or usage rights to images, texts, trademarks or logos. Downloading or copying from the websites does not transfer any legal claims to software or material contained on the websites. Any reproduction or republication of the content of these websites requires the written consent of Belfund and express reference to the source.

Applicable Law/Legal VenueAccess to and use of the Belfund website and this important legal information on financial products are subject to Swiss law. The place of jurisdiction is Zurich.

Zurich, June 2024