Vedtæger for dpi, afd. 2

Investeringsforeningen Multi Manager Invest Name and registered office
Article 1
The name of the Fund is Investeringsforeningen Multi Manager Invest. The Fund also carries on business under the secondary names of Investeringsforeningen Multi Manager Investeringsforeningen Privat Portefølje Invest Investeringsforeningen PP Invest Investeringsforeningen Nykredit Invest International. (2) The registered office of the Fund is located in the City of Copenhagen. Article 2
The purpose of the Fund is in accordance with the Articles of Association to receive funds from the general public which, in accordance with a principle of risk diversification, are placed in instruments pursuant to part 13 of the Danish Investment Associations, etc. Act and to redeem an investor's share of the net asset value with funds derived therefrom at the request of the said investor, cf Article 12. Investors
Article 3
Investors include any holder of one or more units representing a proportion of the Fund's net asset value, cf Article 9 (hereinafter the "units"). Liability
Article 4
Inestors in the Fund are liable only for the amount paid for their units and are otherwise not liable for the obligations of the Fund. (2) The Fund's subfunds, cf Article 6, are liable for their own obligations only. However, each subfund is also liable for its share of overhead costs. Where legal proceedings have been instituted without results, or it has otherwise been established that a subfund is unable to meet its obligations under second sentence, the other subfunds are jointly and severally liable for the said subfund's share of overhead costs. (3) Members of the Board of Directors, staff members and any investment management company of the Fund are not liable for the obligations of the Fund. Placement of funds
Article 5
The Board of Directors determines and is responsible for the overall investment strategy. (2) Investments shall comply with part 14 of the Danish Investment Associations, etc. Act. Subfunds and unit classes
Article 6

The Fund is divided into the following subfunds:
(1) USA (US)
The subfund invests in equities issued by US companies or admitted to trading on a US regulated
market. The subfund may also invest its funds in depository receipts (eg ADRs or GDRs) admitted to
trading on a regulated market or another market which operates regularly, is recognised and open to
the public. Investments may be made in securities admitted to trading on a regulated market which is
a member of the World Federation of Exchanges. Furthermore, the subfund may invest in equities
issued by US companies traded on another regulated market in the European Union which operates
regularly and is recognised and open to the public. Within its investment area, the subfund may have
up to 10% of its net asset value invested in other securities or money market instruments, including
securities not admitted to trading on a regulated market. The subfund may also deposit funds with a
credit institution pursuant to the Danish Investment Associations, etc. Act. The subfund may have up
to 10% of its net asset value invested in units in other Danish UCITS, special-purpose associations,
foreign investment institutions or subfunds thereof pursuant to the provisions of the Danish
Investment Associations, etc. Act.
The subfund may apply derivative financial instruments on a hedged basis and provide loans of
securities.
The subfund complies with the criteria for investment laid down in section 21(2) and (3) of the Danish
Capital Gains Tax Act.
The subfund applies the double-pricing method on issue and redemption, cf Article 13.
The subfund is a certificate-issuing income subfund.
(2) USA Akk. (US Acc)
The subfund invests in equities issued by US companies or admitted to trading on a US regulated
market. The subfund may also invest its funds in depository receipts (eg ADRs or GDRs) admitted to
trading on a regulated market or another market which operates regularly, is recognised and open to
the public. Investments may be made in securities admitted to trading on a regulated market which is
a member of the World Federation of Exchanges. Furthermore, the subfund may invest in equities
issued by US companies traded on another regulated market in the European Union which operates
regularly and is recognised and open to the public. Within its investment area, the subfund may have
up to 10% of its net asset value invested in other securities or money market instruments, including
securities not admitted to trading on a regulated market.
The subfund may also deposit funds with a credit institution pursuant to the Danish Investment
Associations, etc. Act. The subfund may have up to 10% of its net asset value invested in units in
other Danish UCITS, special-purpose associations, foreign investment institutions or subfunds thereof
pursuant to the provisions of the Danish Investment Associations, etc. Act.
The subfund may apply derivative financial instruments on a hedged basis and provide loans of
securities.
The subfund applies the double-pricing method on issue and redemption, cf Article 13.
The subfund is a certificate-issuing accumulation subfund.
(3) Europa (Europe)
The subfund invests in equities issued by European companies or admitted to trading on a European
regulated market. The subfund may also invest its funds in depository receipts (eg ADRs or GDRs)
admitted to trading on a regulated market or another market which operates regularly, is recognised
and open to the public. Investments may be made in securities admitted to trading on another
regulated market in the European Union which operates regularly and is recognised and open to the
public. Moreover, the subfund may invest in equities issued by European companies and admitted to
trading on another regulated market that is a member of the World Federation of Exchanges or a full
member or an associate member of the FESE. Within its investment area, the subfund may have up to
10% of its net asset value invested in other securities or money market instruments, including
securities not admitted to trading on a regulated market.
The subfund may also deposit funds with a credit institution pursuant to the Danish Investment
Associations, etc. Act. The subfund may have up to 10% of its net asset value invested in units in
other Danish UCITS, special-purpose associations, foreign investment institutions or subfunds thereof
pursuant to the provisions of the Danish Investment Associations, etc. Act.
The subfund may apply derivative financial instruments on a hedged basis and provide loans of
securities.
The subfund complies with the criteria for investment laid down in section 21(2) and (3) of the Danish
Capital Gains Tax Act.
The subfund applies the double-pricing method on issue and redemption, cf Article 13.
The subfund is a certificate-issuing income subfund.
(4) Europa Akk. (Europe Acc)
The subfund invests in equities issued by European companies or admitted to trading on a European
regulated market. The subfund may also invest its funds in depository receipts (eg ADRs or GDRs)
admitted to trading on a regulated market or another market which operates regularly, is recognised
and open to the public. Investments may be made in securities admitted to trading on another
regulated market in the European Union which operates regularly and is recognised and open to the
public. Moreover, the subfund may invest in equities issued by European companies and admitted to
trading on another regulated market that is a member of the World Federation of Exchanges or a full
member or an associate member of the FESE. Within its investment area, the subfund may have up to
10% of its net asset value invested in other securities or money market instruments, including
securities not admitted to trading on a regulated market.
The subfund may also deposit funds with a credit institution pursuant to the Danish Investment
Associations, etc. Act. The subfund may have up to 10% of its net asset value invested in units in
other Danish UCITS, special-purpose associations, foreign investment institutions or subfunds thereof
pursuant to the provisions of the Danish Investment Associations, etc. Act.
The subfund may apply derivative financial instruments on a hedged basis and provide loans of
securities.
The subfund applies the double-pricing method on issue and redemption, cf Article 13.
The subfund is a certificate-issuing accumulation subfund.
(5) Japan
The subfund invests in equities issued by Japanese companies or admitted to trading on a Japanese
regulated market. The subfund may also invest its funds in depository receipts (eg ADRs or GDRs)
admitted to trading on a regulated market or another market which operates regularly, is recognised
and open to the public. Investments may be made in securities admitted to trading on a regulated
market which is a member of the World Federation of Exchanges. Furthermore, the subfund may
invest in equities issued by Japanese companies traded on another regulated market in the European
Union which operates regularly and is recognised and open to the public. Within its investment area,
the subfund may have up to 10% of its net asset value invested in other securities or money market
instruments, including securities not admitted to trading on a regulated market.
The subfund may also deposit funds with a credit institution pursuant to the Danish Investment
Associations, etc. Act. The subfund may have up to 10% of its net asset value invested in units in
other Danish UCITS, special-purpose associations, foreign investment institutions or subfunds thereof
pursuant to the provisions of the Danish Investment Associations, etc. Act.
The subfund may apply derivative financial instruments on a hedged basis and provide loans of
securities.
The subfund complies with the criteria for investment laid down in section 21(2) and (3) of the Danish
Capital Gains Tax Act.
The subfund applies the double-pricing method on issue and redemption, cf Article 13.
The subfund is a certificate-issuing income subfund.
(6) Japan Akk. (Japan Acc)
The subfund invests in equities issued by Japanese companies or admitted to trading on a Japanese
regulated market. The subfund may also invest its funds in depository receipts (eg ADRs or GDRs)
admitted to trading on a regulated market or another market which operates regularly, is recognised
and open to the public. Investments may be made in securities admitted to trading on a regulated
market which is a member of the World Federation of Exchanges. Furthermore, the subfund may
invest in equities issued by Japanese companies traded on another regulated market in the European
Union which operates regularly and is recognised and open to the public. Within its investment area,
the subfund may have up to 10% of its net asset value invested in other securities or money market
instruments, including securities not admitted to trading on a regulated market.
The subfund may also deposit funds with a credit institution pursuant to the Danish Investment
Associations, etc. Act. The subfund may have up to 10% of its net asset value invested in units in
other Danish UCITS, special-purpose associations, foreign investment institutions or subfunds thereof
pursuant to the provisions of the Danish Investment Associations, etc. Act.
The subfund may apply derivative financial instruments on a hedged basis and provide loans of
securities.

The subfund applies the double-pricing method on issue and redemption, cf Article 13.
The subfund is a certificate-issuing accumulation subfund.
(7) Nye obligationsmarkeder lokal valuta (New Bond Markets Local Currency)

The subfund primarily invests its funds in bonds, money market instruments and other similar debt
instruments denominated in local currency in emerging markets, but may secondarily invest in bonds,
money market instruments and other similar debt instruments denominated in USD, EUR, JPY or CHF.
The subfund invests in the above instruments issued by or relating to sovereigns, local authorities,
supranational organisations or companies etc domiciled or having their principal activities in emerging
markets. The subfund chiefly invests its funds in instruments issued by issuers domiciled or having
their principal activities in countries in Latin America, Eastern Europe, the Middle East, Africa or Asia.
The subfund may also invest in the above instruments issued by issuers in other countries if issuance
is related to issuers in emerging market countries and/or denominated in local currencies in emerging
market countries.
The instruments must be admitted to trading on a regulated market which is a member of the World
Federation of Exchanges or full member or associate member of the Federation of European Securities
Exhanges (FESE) or traded on another regulated market in the European Union which operates
regularly and is recognised and open to the public. The instruments may also be traded on the US
OTC Fixed Income market regulated by FINRA. Moreover, the subfund may invest in US securities
issued under Rule 144A with a right to exchange them for securities which must be registered with the
Securities and Exchange Commission (SEC) within one year pursuant to the US Securities Act of 1933,
and which are traded on the US OTC Fixed Income market.
Investments on the US OTC Fixed Income market will be made primarily in issues of or exceeding
USD 25 million. There are no requirements as to the credit rating of these instruments in the subfund.
The subfund may invest in liquid as well as less liquid securities on the US OTC Fixed Income market.
The subfund may also invest in the above instruments admitted to trading on the markets listed in
Schedule 1 which in the opinion of the Board of Directors satisfy the Danish Financial Supervisory
Authority's (Danish FSA) guidelines on eligible markets.
Together with investments in instruments not admitted to trading on a regulated market, investments
in instruments not admitted to trading on the above markets may not exceed 10% of the subfund's
net asset value.
The subfund may also deposit funds with a credit institution pursuant to the Danish Investment
Associations, etc. Act. The subfund may have up to 10% of its net asset value invested in units in
other Danish UCITS, special-purpose associations, foreign investment institutions or subfunds thereof
pursuant to the provisions of the Danish Investment Associations, etc. Act.
The subfund may apply derivative financial instruments on a hedged or unhedged basis and provide
loans of securities. In combination with derivative financial instruments the subfund may invest in
EUR-denominated government bonds and US government bonds to obtain exposure to emerging
markets.
The subfund applies the double-pricing method on issue and redemption, cf Article 13.
The subfund is a certificate-issuing income subfund.
(8) Nye obligationsmarkeder lokal valuta Akk. (New Bond Markets Local Currency Acc)
The subfund primarily invests its funds in bonds, money market instruments and other similar debt
instruments denominated in local currency in emerging markets, but may secondarily invest in bonds,
money market instruments and other similar debt instruments denominated in USD, EUR, JPY or CHF.
The subfund invests in the above instruments issued by or relating to sovereigns, local authorities,
supranational organisations or companies etc domiciled or having their principal activities in emerging
markets. The subfund chiefly invests its funds in instruments issued by issuers domiciled or having
their principal activities in countries in Latin America, Eastern Europe, the Middle East, Africa or Asia.
The subfund may also invest in the above instruments issued by issuers in other countries if issuance
is related to issuers in emerging market countries and/or denominated in local currencies in emerging
market countries.
The instruments must be admitted to trading on a regulated market which is a member of the World
Federation of Exchanges or a full member or an associate member of the Federation of European
Securities Exhanges (FESE) or traded on another regulated market in the European Union which
operates regularly and is recognised and open to the public. The instruments may also be traded on
the US OTC Fixed Income market regulated by FINRA. Moreover, the subfund may invest in US
securities issued under Rule 144A with a right to exchange them for securities which must be
registered with the SEC within one year pursuant to the US Securities Act of 1933, and which are
traded on the US OTC Fixed Income market.
Investments on the US OTC Fixed Income market will be made primarily in issues of or exceeding
USD 25 million. There are no requirements as to the credit rating of these instruments in the subfund.
The subfund may invest in liquid as well as less liquid securities on the US OTC Fixed Income market.
The subfund may also invest in the above instruments admitted to trading on the markets listed in
Schedule 1 which in the opinion of the Board of Directors satisfy the Danish FSA's guidelines on
eligible markets.
Together with investments in instruments not admitted to trading on a regulated market, investments
in instruments not admitted to trading on the above markets may not exceed 10% of the subfund's
net asset value.
The subfund may also deposit funds with a credit institution pursuant to the Danish Investment
Associations, etc. Act. The subfund may have up to 10% of its net asset value invested in units in
other Danish UCITS, special-purpose associations, foreign investment institutions or subfunds thereof
pursuant to the provisions of the Danish Investment Associations, etc. Act.
The subfund may apply derivative financial instruments on a hedged or unhedged basis and provide
loans of securities. In combination with derivative financial instruments the subfund may invest in
EUR-denominated government bonds and US government bonds to obtain exposure to emerging
markets.
The subfund applies the double-pricing method on issue and redemption, cf Article 13.
The subfund is a certificate-issuing accumulation subfund.
(9) Nye Aktiemarkeder (New Equity Markets)
The subfund invests in equities issued by companies with registered offices or main activities in
emerging markets countries. The subfund may also invest its funds in depository receipts (eg ADRs or
GDRs) admitted to trading on a regulated market or another market which operates regularly, is rec-
ognised and open to the public. The subfund may place its funds mainly in equities issued by compa-
nies with registered offices or main activities in the following countries:
Algeria, Argentina, Bahrain, Bangladesh, Bosnia, Botswana, Brazil, Bulgaria, Chile, China, Colombia,
Costa Rica, Croatia, Cyprus, the Czech Republic, the Dominican Republic, Ecuador, Egypt, Estonia,
Georgia, Ghana, Hong Kong, Hungary, India, Indonesia, Israel, the Ivory Coast, Jamaica, Jordan, Ka-
zakhstan, Kenya, Latvia, Lebanon, Lithuania, Malaysia, Mauritius, Mexico, Morocco, Nigeria, Oman,
Pakistan, Panama, Peru, the Philippines, Poland, Qatar, Romania, Russia, Singapore, Slovakia, Slove-
nia, South Africa, South Korea, Sri Lanka, Taiwan, Thailand, Tunisia, Turkey, Uganda, Ukraine, Uru-
guay, Venezuela, Vietnam, Zambia and Zimbabwe.
The subfund may invest in equities issued by companies with registered offices or main activities in
emerging market countries other than those listed above if the equities are tradable on the regulated
markets listed in Schedule 1, and provided that the equities are admitted to trading on the said regu-
lated markets.
The subfund may invest in equities admitted to trading on markets not approved in advance by the
Danish FSA if these markets, in the Fund's opinion, meet the guidelines of the Danish FSA. However,
investment may only take place if the securities have been admitted to trading on a regulated market
or another regulated market which operates regularly and is recognised and open to the public. The
markets that have either been approved by the Danish FSA or, in the opinion of the Board of Directors
of the Fund, meet the guidelines thereof are listed in Schedule 1.
Within its investment area, the subfund may have up to 10% of its net asset value invested in securi-
ties not admitted to trading on a regulated market or another market which operates regularly and is
recognised and open to the public.
The subfund may also deposit funds with a credit institution pursuant to the Danish Investment Asso-
ciations, etc. Act.
Pursuant to the provisions of the Danish Investment Associations, etc. Act, the subfund may have up
to 10% of its net asset value invested in units in other Danish UCITS, special-purpose associations,
foreign investment institutions or subfunds thereof.
The subfund may apply derivative financial instruments on a hedged basis and provide loans of securi-
ties.
The subfund complies with the criteria for investment laid down in section 21(2) and (3) of the Danish
Capital Gains Tax Act.
The subfund applies the double-pricing method on issue and redemption, cf Article 13.
The subfund is a certificate-issuing income subfund.
(10) Nye Aktiemarkeder Akk. (New Equity Markets Acc)
The subfund invests in equities issued by companies with registered offices or main activities in
emerging markets countries. The subfund may also invest its funds in depository receipts (eg ADRs or
GDRs) admitted to trading on a regulated market or another market which operates regularly, is rec-
ognised and open to the public. The subfund may place its funds mainly in equities issued by compa-
nies with registered offices or main activities in the following countries:
Algeria, Argentina, Bahrain, Bangladesh, Bosnia, Botswana, Brazil, Bulgaria, Chile, China, Colombia,
Costa Rica, Croatia, Cyprus, the Czech Republic, the Dominican Republic, Ecuador, Egypt, Estonia,
Georgia, Ghana, Hong Kong, Hungary, India, Indonesia, Israel, the Ivory Coast, Jamaica, Jordan, Ka-
zakhstan, Kenya, Latvia, Lebanon, Lithuania, Malaysia, Mauritius, Mexico, Morocco, Nigeria, Oman,
Pakistan, Panama, Peru, the Philippines, Poland, Qatar, Romania, Russia, Singapore, Slovakia, Slove-
nia, South Africa, South Korea, Sri Lanka, Taiwan, Thailand, Tunisia, Turkey, Uganda, Ukraine, Uru-
guay, Venezuela, Vietnam, Zambia and Zimbabwe.
The subfund may invest in equities issued by companies with registered offices or main activities in
emerging market countries other than those listed above if the equities are tradable on the regulated
markets listed in Schedule 1, and provided that the equities are admitted to trading on the said regu-
lated markets.
The subfund may invest in equities admitted to trading on markets not approved in advance by the
Danish FSA if these markets, in the Fund's opinion, meet the guidelines of the Danish FSA. However,
investment may only take place if the securities have been admitted to trading on a regulated market
or another regulated market which operates regularly and is recognised and open to the public. The
markets that have either been approved by the Danish FSA or, in the opinion of the Board of Directors
of the Fund, meet the guidelines thereof are listed in Schedule 1.
Within its investment area, the subfund may have up to 10% of its net asset value invested in securi-
ties not admitted to trading on a regulated market or another market which operates regularly and is
recognised and open to the public.
The subfund may also deposit funds with a credit institution pursuant to the Danish Investment Asso-
ciations, etc. Act.
Pursuant to the provisions of the Danish Investment Associations, etc. Act, the subfund may have up
to 10% of its net asset value invested in units in other Danish UCITS, special-purpose associations,
foreign investment institutions or subfunds thereof.
The subfund may apply derivative financial instruments on a hedged basis and provide loans of securi-
ties.
The subfund applies the double-pricing method on issue and redemption, cf Article 13.
The subfund is a certificate-issuing accumulation subfund.
(11) Virksomhedsobligationer (Corporate Bonds)

The subfund invests primarily in corporate bonds, but may alternatively invest in government bonds,
mortgage bonds, money market instruments and other debt instruments issued by issuers in Europe
and the rest of the world.
The subfund primarily invests in instruments rated BBB- or higher by Standard & Poor's and/or Baa3
or higher by Moody's or a corresponding rating from another recognised credit rating agency, but it
may secondarily invest in instruments with lower credit ratings. In the event that credit rating agen-
cies have assigned two or more ratings to a specific issue, the highest rating will be applied.
The instruments must be admitted to trading on a regulated market which is a member of the World
Federation of Exchanges or a full member or an associate member of the Federation of European Se-
curities Exchanges (FESE) or traded on another regulated market in the European Union which oper-
ates regularly and is recognised and open to the public. The instruments may also be traded on the
US OTC fixed income market regulated by FINRA. Moreover, the subfund may invest in US securities
issued under Rule 144A with a right to exchange them for securities which must be registered with the
Securities and Exchange Commission (SEC) within one year pursuant to the US Securities Act of 1933
and which are traded on the US OTC fixed income market.
Investments on the US OTC fixed income market will be made primarily in issues of or exceeding USD
25 million. The subfund may invest in liquid as well as less liquid securities on the US OTC fixed in-
come market.
The subfund may also invest in the above instruments admitted to trading on the markets listed in
Schedule 1 which in the opinion of the Board of Directors satisfy the Danish FSA guidelines on eligible
markets.
Within its investment area, the subfund may have up to 10% of its net asset value invested in securi-
ties not admitted to trading on a regulated market or another market which operates regularly and is
recognised and open to the public.
The subfund may also deposit funds with a credit institution pursuant to the Danish Investment Asso-
ciations, etc. Act. The subfund may have up to 10% of its net asset value invested in units in other
Danish UCITS, special-purpose associations, foreign investment institutions or subfunds thereof pur-
suant to the provisions of the Danish Investment Associations, etc. Act.
The subfund may apply derivative financial instruments on a hedged or unhedged basis and provide
loans of securities.
The subfund applies the double-pricing method on issue and redemption, cf Article 13.
The subfund is a certificate-issuing income subfund.
(12) Globale Aktier (Global Equities)

The subfund invests globally in equities admitted to trading on regulated markets. The subfund may
also invest its funds in depository receipts (eg ADRs or GDRs) admitted to trading on a regulated mar-
ket or another market which operates regularly, is recognised and open to the public.
Within its investment area, the subfund may have up to 10% of its net asset value invested in securi-
ties not admitted to trading on a regulated market or another market which operates regularly and is
recognised and open to the public.
The subfund may also deposit funds with a credit institution pursuant to the Danish Investment Asso-
ciations, etc. Act. The subfund may have up to 10% of its net asset value invested in units in other
Danish UCITS, special-purpose associations, foreign investment institutions or subfunds thereof pur-
suant to the provisions of the Danish Investment Associations, etc. Act.
The subfund complies with the criteria for investment laid down in section 21(2) and (3) of the Danish
Capital Gains Tax Act.
The subfund may apply derivative financial instruments on a hedged basis and provide loans of securi-
ties.
The subfund applies the double-pricing method on issue and redemption, cf Article 13.
The subfund is an income subfund. The subfund issues certificates.
(13) Globale Aktier Akk. (Global Equities Acc)

The subfund invests globally in equities admitted to trading on regulated markets. The subfund may
also invest its funds in depository receipts (eg ADRs or GDRs) admitted to trading on a regulated mar-
ket or another market which operates regularly, is recognised and open to the public.
Within its investment area, the subfund may have up to 10% of its net asset value invested in securi-
ties not admitted to trading on a regulated market or another market which operates regularly and is
recognised and open to the public.
The subfund may also deposit funds with a credit institution pursuant to the Danish Investment Asso-
ciations, etc. Act.
The subfund may have up to 10% of its net asset value invested in units in other Danish UCITS, spe-
cial-purpose associations, foreign investment institutions or subfunds thereof pursuant to the provi-
sions of the Danish Investment Associations, etc. Act.
The subfund may apply derivative financial instruments on a hedged basis and provide loans of securi-
ties.
The subfund applies the double-pricing method on issue and redemption, cf Article 13.
The subfund is an accumulation subfund. The subfund issues certificates.
(14) USA Small/Mid Cap (US Small/Mid Cap)

The subfund primarily invests in equities issued by US SMEs or traded on a regulated market in the
US. Secondarily, the subfund may invest in equities issued by Canadian SMEs or traded on a regulated
market in Canada. The subfund may also invest its funds in depository receipts (eg ADRs or GDRs)
admitted to trading on a regulated market or another market which operates regularly, is recognised
and open to the public.
Investments may be made in equities traded on a regulated market which is a member of the World
Federation of Exchanges or a full member or an associate member of the Federation of European Se-
curities Exchanges (FESE). Furthermore, the subfund may invest in US equities traded on another
regulated market in the European Union which operates regularly and is recognised and open to the
public.
Within its investment area, the subfund may have up to 10% of its net asset value invested in other
securities or money market instruments, including securities not admitted to trading on a regulated
market.
The subfund may also deposit funds with a credit institution pursuant to the Danish Investment Asso-
ciations, etc. Act. The subfund may have up to 10% of its net asset value invested in units in other
Danish UCITS, special-purpose associations, foreign investment institutions or subfunds thereof pur-
suant to the provisions of the Danish Investment Associations, etc. Act.
The subfund complies with the criteria for investment laid down in section 21(2) and (3) of the Danish
Capital Gains Tax Act.
The subfund may apply derivative financial instruments on a hedged basis and provide loans of securi-
ties.

The subfund applies the double-pricing method on issue and redemption, cf Article 13.
The subfund is an income subfund. The subfund issues certificates.
(15) USA Small/Mid Cap Akk. (US Small/Mid Cap Acc)

The subfund primarily invests in equities issued by US SMEs or traded on a regulated market in the
US. Secondarily, the subfund may invest in equities issued by Canadian SMEs or traded on a regulated
market in Canada. The subfund may also invest its funds in depository receipts (eg ADRs or GDRs)
admitted to trading on a regulated market or another market which operates regularly, is recognised
and open to the public.
Investments may be made in equities traded on a regulated market which is a member of the World
Federation of Exchanges or a full member or an associate member of the Federation of European Se-
curities Exchanges (FESE). Furthermore, the subfund may invest in US equities traded on another
regulated market in the European Union which operates regularly and is recognised and open to the
public.
Within its investment area, the subfund may have up to 10% of its net asset value invested in other
securities or money market instruments, including securities not admitted to trading on a regulated
market.
The subfund may also deposit funds with a credit institution pursuant to the Danish Investment Asso-
ciations, etc. Act. The subfund may have up to 10% of its net asset value invested in units in other
Danish UCITS, special-purpose associations, foreign investment institutions or subfunds thereof pur-
suant to the provisions of the Danish Investment Associations, etc. Act.
The subfund may apply derivative financial instruments on a hedged basis and provide loans of securi-
ties.
The subfund applies the double-pricing method on issue and redemption, cf Article 13.
The subfund is an accumulation subfund. The subfund issues certificates.
Article 7
Subfunds can be divided into unit classes, which may have class-specific assets attached. (2) Unit classes do not have preferential rights to any part of the subfund's net asset value nor to any class-specific assets. Unit classes are only entitled to part of the return on the net asset value, including part of the return on the joint portfolio and on the class-specific assets. (3) Subfunds may have different types of unit classes, subject to resolution by the Board of Direc-tors, cf Article 20(5). The unit classes may differ in the following characteristics: 1) Currency denomination 2) The types of investors to which the unit classes are marketed 3) Current costs, compliant with section 5 of the Danish Executive Order on unit classes 4) Issue premiums and redemption discounts, compliant with section 5 of the Danish Executive Order on unit classes and the rules of the Executive Order on calculation of issue and redemption prices for subscription and redemption of units in investment associations etc 5) Price calculation method, cf the Danish Executive Order on calculation of issue and redemption prices for subscription and redemption of units in investment associations etc 6) Class-specific assets that may only consist of derivative financial instruments and cash for the current liquidity needs of the unit class 7) Dividend profile (accumulation or income fund) 8) Minimum investment 9) Other characteristics than the above 1-8 if the Fund can establish that investors in one unit class are not favoured at the expense of investors in another unit class. (4) Unit class characteristics must appear from the Fund's website, cf section 7 of the Danish Execu-tive Order on unit classes. (5) Subarticles (1)–(4) above do not apply to unit classes without dividend rights (ex coupon). Article 8
The Fund or a subfund may not raise loans. (2) However, subject to approval by the Danish FSA, the Fund may raise loans on behalf of its subfunds pursuant to the relevant provisions of Danish legislation. Fund units
Article 9
The units are registered with a securities depository and issued through the securities depository in denominations of DKK 100 or multiples thereof unless otherwise stated for the individual subfunds in Article 6. (2) Each subfund pays its costs of registration with a securities depository. (3) The statement from the securities depository serves as evidence of the investor's share of the Fund's net asset value. (4) The units must be registered in the name of the holder in the Fund's register of investors. (5) The units are freely transferable and negotiable. (6) No units carry special rights. (7) No investor in the Fund is obliged to have its units redeemed. Valuation and determination of net asset value per unit
Article 10
The Fund's net asset value is determined in pursuance of part 10 of the Danish Investment Associations, etc. Act as well as the Danish FSA's current Danish Executive Order on the presentation of financial reports of investment associations and special-purpose associations, etc. (2) The net asset value per unit of a subfund is determined by dividing the net asset value calculated as at the valuation point, cf subarticle 1, by the number of units subscribed for. (3) The net asset value per unit of a unit class is calculated by dividing the part of the subfund's net asset value calculated as at the valuation point that equals the part of the joint portfolio on which the unit class receives a return, adjusted for any class-specific assets and costs relating to the unit class, by the number of units subscribed for in the unit class. (4) If the Boards of Directors of bond subfunds decide to issue units without dividend rights (ex cou-pon), cf Article 11(1), from early/mid-January until the date of the annual general meeting, issue and redemption prices are fixed based on the net asset value per unit, cf (2) and (3) above, less the calcu-lated and audited dividend for the previous financial year. (5) If the boards of directors of equity subfunds decide to issue units without dividend rights (ex cou-pon), cf Article 11, from early/mid-January until the date of the annual general meeting, issue and redemption prices are fixed based on the net asset value per unit, cf (2) and (3) above, less the calcu-lated and audited dividend for the previous financial year as well as returns thereon for the period in which units are issued without dividend rights. Issuance and redemption
Article 11

Issuance of units with or without dividend rights (ex coupon) is subject to resolution by the Board of
Directors. However, a resolution to issue bonus units must be passed by the General Meeting. Fund
units may be subscribed for subject to immediate payment of the issue price, except for the
subscription for bonus units.

(2) Prior to any resolution to issue, the Board of Directors must assess whether issuance is appropri-
ate and compatible with the subfund's net asset value, investment strategy and investment opportuni-
ties as well as with the investors' interests. On the basis thereof, the Board of Directors may decide not to issue or to limit issuance to a certain number of units determined by the Board of Directors. The decision of the Board of Directors must not stem from non-objective considerations nor result in differential treatment of equally ranking potential investors wishing to subscribe for Fund units. Article 12
At the request of an investor, the Fund will redeem the investor's share of a subfund's net asset value. (2) The Fund may postpone redemption when the Fund is unable to determine the net asset value per unit due to market conditions, or when the Fund, in order to ensure equal treatment of investors, only determines the redemption price after having realised the assets required to redeem the units. (3) The Danish FSA may require that the Fund postpones the redemption of units. Methods for calculation of issue and redemption prices
Article 13
Double-pricing method Under the double-pricing method, the issue price is fixed at the net asset value per unit, cf Article 10, calculated at the time of issue, plus an amount to cover the cost of purchasing financial instruments and the necessary issue costs, including administration expenses, printing costs, advertising costs and fees to intermediaries and underwriters of the issue. (2) Under the double-pricing method, the redemption price is fixed at the net asset value per unit, cf Article 10, calculated at the time of redemption, less an amount to cover the cost of selling financial instruments and the necessary redemption costs. Article 13 a
Single-pricing method The Fund sets one or more dates for the valuation, cf Article 10, of units in a subfund or unit class. Applying the single-pricing method to settle any requests for issuance and redemption of units received by the Fund, the Fund must fix the issue and redemption prices at the net asset value per unit, cf Article 10, calculated as at the next valuation point. Article 13 b
Modified single-pricing method The Fund sets one or more dates for the valuation of units in a subfund or unit class. If applying the modified single-pricing method to settle any requests for issuance and redemption of units received by the Fund, the Fund must fix the issue or redemption price at the net asset value per unit, cf Article 10, calculated as at the next valuation point. (2) If net issuance for the period exceeds a number of units specified by the Board of Directors, the Fund must adjust the net asset value per unit calculated according to Article 10 by adding a fee cover-ing trading costs to the issue price. If net redemption for the period exceeds a number of units speci-fied by the Board of Directors, the Fund must adjust the net asset value per unit calculated according to Article 10 by deducting a fee to cover trading costs from the redemption price. The Fund's Board of Directors will fix the issue and redemption fees. General meetings
Article 14
The General Meeting is the ultimate authority of the Fund. (2) General meetings are held in Copenhagen. (3) An annual general meeting is held every year before the end of April. (4) Extraordinary general meetings are held at the request of investors who represent at least 5% of the total nominal value of the units in the Fund/subfund/unit class or at the request of at least two members of the Board of Directors or an auditor. The Board of Directors must issue a notice to convene the general meeting not later than four weeks after the request has been made. (5) The general meeting is convened and the agenda communicated at not less than two weeks' and not more than four weeks' written notice to all investors registered by name who have so requested and by advertisement on the Fund's website and/or in daily newspapers at the Board of Directors' discretion. (6) The notice must include the time and place of the general meeting as well as an agenda stating the business to be transacted at the general meeting. The key points of any proposed amendments to the Articles of Association to be considered at the general meeting must be included in the notice. (7) The agenda and the complete proposals and, in the case of an annual general meeting, the annual report including the auditor's report must be available for inspection at the Fund's offices not later than two weeks prior to the general meeting. (8) In order to be considered at the annual general meeting, proposals from investors must be submitted in writing to the Board of Directors by 1 February of the year of the general meeting. Article 15
The general meeting shall be presided over by a chairman of the meeting appointed by the Board of Directors. Such chairman shall decide all matters relating to the lawfulness of the general meeting, procedures and voting. (2) Minutes of the proceedings at general meetings are entered into a minute book. The minute book is signed by the chairman of the meeting. The minute book or a certified transcript thereof must be made available for inspection by the investors at the Fund's offices not later than two weeks after the general meeting. Article 16
The agenda of the annual general meeting must include the following items: 1. Presentation of the annual report for approval, including management's review on the activities of the Fund during the past financial year and, if relevant, proposal for the appropriation of proceeds from asset realisations and approval of the remuneration of the members of the Board of Directors 2. Proposals by investors or the Board of Directors 3. Election of Directors 4. Appointment of auditors 5. Any other business Article 17
All investors in the Fund together with their advisers, if any, are entitled to attend the general meeting against presentation of an admission card. Admission cards may be collected from the Fund against presentation of adequate evidence of ownership of units in the Fund not later than five banking days prior to the general meeting. (2) Voting rights may only be exercised by investors in respect of units that have been registered in the name of the investor in the Fund's register of investors one week prior to the general meeting. (3) The powers exercised by the General Meeting of the Fund are vested in the investors in a subfund in respect of the approval of the subfund's annual report, amendments to the provisions of the Articles of Association on the placement of the subfund's assets and the winding-up or merger of the subfund and any other issues relating exclusively to the subfund. (4) The powers exercised by the General Meeting of the Fund are vested in the investors in a unit class in respect of changes in the specific characteristics of the unit class, the discontinuation of the unit class and other issues relating exclusively to the unit class. However, if the unit class fails to comply with the capital requirement, the procedures of section 91(3) of the Danish Investment Associations, etc. Act must be applied. (5) Each investor has one vote for each unit of a nominal DKK 100 in subfunds/unit classes denomi-nated in DKK. In subfunds or unit classes denominated in other currencies, the number of votes is calculated by multiplying the nominal value of the investor's number of units by Danmarks National-bank's official exchange rate relative to DKK 1 week prior to the general meeting and dividing the result by 100. The resulting number of votes is rounded down to the nearest whole number. However, each investor has at least one vote. (6) Each investor is entitled to attend the general meeting by proxy. The instrument of proxy must be in writing and dated. Instruments of proxy authorising the Board of Directors to vote may not be issued for periods exceeding 1 year and must be issued for a specified general meeting with a known agenda. (7) Resolutions at general meetings are passed by a simple majority of votes with the exception of the cases referred to in Article 18. (8) No audio or video recording of the general meeting is allowed. (9) Voting rights cannot be exercised in respect of units held by a subfund in other subfunds of the Fund. Amendment to the Articles of Association, merger and dissolution, etc
Article 18
Resolutions to amend the Articles of Association and resolutions to wind up or demerge a fund or merge the discontinuing fund are valid only if adopted by at least two thirds of the votes cast and of the net asset value represented at the general meeting. (2) Resolutions to amend the provisions of the Articles of Association on the placement of the assets of a subfund, to wind up, demerge or transfer a subfund or to merge the discontinuing unit are made by the investors of the subfund at the general meeting. Resolutions to amend the Articles of Associa-tion are valid only if adopted by at least two thirds of the votes cast and of the net asset value of the subfund represented at the general meeting. (3) Resolutions to amend the provisions of the Articles of Association on the specific characteristics of a unit class or the discontinuation of a unit class are made by the investors in the unit class at the general meeting. Such resolutions are valid only if adopted by at least two thirds of the votes cast and of the net asset value of the unit class represented at the general meeting. Board of Directors
Article 19
The Board of Directors is elected by the General Meeting and consists of not less than three and not more than five members. (2) The Board of Directors elects a Chairman among its members. (3) All members of the Board of Directors are elected for one year at a time. Re-election is possible. (4) Any member of the Board of Directors must retire not later than at the general meeting held after the end of the financial year in which the member attains the age of 70. (5) The Board of Directors forms a quorum when more than half of all board members are present. Board resolutions are passed by simple majority. In case of an equality of votes, the Chairman has the casting vote. (6) Members of the Board of Directors receive an annual remuneration subject to the approval of the General Meeting. Article 20
The Board of Directors is responsible for the overall management of the matters of the Fund, including investments at all times. (2) The Board of Directors ensures that the activities of the Fund are carried out in a sound manner in accordance with Danish legislation and the Articles of Association, including that the functions of bookkeeping and asset management are supervised in a satisfactory manner. (3) The Board of Directors draws up written guidelines for the Fund's main activities, including the division of responsibilities between the Board of Directors and the Executive Board. (4) The Board of Directors is authorised to make such amendments to the Articles of Association as are required by amendments to legislation or ordered by the Danish FSA. The Board of Directors is also authorised to update Schedule 1 to the Articles of Association. (5) The Board of Directors may open new subfunds and is authorised to make such amendments to the Articles of Association as are required or prescribed by the Danish FSA as a condition for approval. Furthermore, the Board of Directors may launch new unit classes, cf Article 7(3)(i-viii). (6) The Board of Directors decides whether to apply for admission of the Fund's units in one or more subfunds or unit classes to trading on a regulated market. The General Meeting alone is authorised to decide to delist a subfund or a unit class from a regulated market. Administration
Article 21
The Board of Directors appoint an Executive Board to be in charge of the day-to-day management of the Fund. The Executive Board shall perform its duties in accordance with the guidelines and instructions of the Board of Directors. (2) The Board of Directors may instead decide to delegate day-to-day management of the Fund to an investment management company. In that case, the tasks of the Fund's Managing Director will be performed by the Executive Board of the investment management company. The Fund's delegation of day-to-day management to an investment management company is subject to approval by the Danish FSA. Power to bind the Fund
Article 22
The Fund is bound by the joint signatures of 1) two members of the Board of Directors or 2) a member of the Board of Directors and a member of the Executive Board of the Fund's investment management company (2) The Board of Directors may grant powers of procuration. (3) The Board of Directors decides who is entitled to exercise the voting rights in relation to the Fund's financial instruments. Administration costs
Article 23
Each subfund and unit class of the Fund bears its own costs. (2) Overhead costs incurred in connection with the operations of the Fund in a financial year are distributed among the subfunds/unit classes in consideration of their resource requirements in terms of both investment and administration during the period and their net asset value at the beginning of the period; however, cf Article 4. (3) Subfunds or unit classes which have not existed throughout the entire financial year bear proportionate equities of the overhead costs. (4) Overhead costs mean any costs which cannot be attributed to the individual subfunds or unit classes. (5) For each subfund or unit class, the total administration costs, including costs for the Board of Directors, administration, IT, auditors, supervision, marketing, intermediaries and the custodian bank, must not exceed 2.5% of the average net asset value of the subfund or unit class within the financial year unless otherwise stated for the individual subfunds in Article 6. Custodian bank
Article 24
The Fund's financial assets must be managed and kept by a custodian bank. (2) The Board of Directors appoints the custodian bank, which has be approved by the Danish FSA. Annual report, audit and profit
Article 25
The financial year of the Fund is the calendar year. (2) For each financial year, the management prepares an annual report comprising as a minimum a management's review and management statement for the Fund as well as annual financial statements, comprising income statement, balance sheet and notes, including accounting policies for each subfund. Accounting policies may be prepared as a joint statement for the subfunds. (3) The Fund prepares an interim report for each subfund comprising the income statement for the period 1 January to 30 June and the balance sheet at 30 June in accordance with the Executive Order on the presentation of financial reports by investment associations and special-purpose associations, etc. (4) The annual report must be audited by at least one state-authorised public accountant, appointed by the General Meeting. The audit does not include the management's review or the supplementary reports included in the annual report. (5) The latest audited annual report and the latest interim report must be available on request from the Fund's offices. Article 26
Income subfunds pay dividend that satisfies the minimum distribution requirements of section 16 C of the Danish Tax Assessment Act. (2) Any other proceeds from the realisation of assets will be included in the subfund's net asset value unless otherwise decided by the General Meeting at the recommendation of the Board of Directors. (3) In income subfunds or unit classes investing exclusively in Danish and/or foreign bonds, the Board of Directors may distribute dividend twice a year. After the Annual General Meeting approving the annual report of the Fund and the size of the aggregate dividend for the financial year, the remaining dividend will be paid, calculated as the difference between the ordinary dividend for the financial year and the interim dividend paid. Interim dividend is calculated on the basis of interest received less the subfund's administrative costs for the first six months of the year. Capital and exchange gains and other revenue that cannot be calculated in advance, even though they have been realised, shall not be included in the said basis of dividend distribution. Any interim dividend is distributed in September/October. (4) The interim dividend must subsequently be approved by the Annual General Meeting. (5) Dividend on units in an income subfund registered with a securities depository is payable via the investor's account with the account controller. (6) Rights to dividend on any investment certificates in a subfund or unit class will cease to exist if dividends are not distributed within three years of falling due. Such dividends will subsequently accrue to the subfund or the unit class. (7) In accumulation subfunds, the net profit is transferred to net assets attributable to investors in the subfund. Adopted at the meeting of the Board of Directors held on 28 June 2013. Copenhagen, 28 June 2013 Schedule 1 to the Articles of Association
Investeringsforeningen Multi Manager Invest
List of eligible markets
According to the Danish FSA's guidelines of 3 May 2010 stipulating the markets in which investment associations, special-purpose associations and approved restricted associations may place their funds, the following markets have been approved by the Danish FSA pursuant to section 120 of the Danish Investment Associations, etc. Act: • Members of World Federation of Exchanges Full members and associate members of FESE – the Federation of European Securities Exchanges The US market for high yield bonds, also referred to as the OTC Fixed Income Market, and Securities issued under Rule 144A with a right to exchange them for securities which must be registered with the SEC within one year pursuant to the US Securities Act of 1933 and which are traded on the US OTC Fixed Income market. According to the Danish FSA's guidelines of 3 May 2010 stipulating the markets in which investment associations, special-purpose associations and appoved restricted associations may place their funds, the Fund finds that the following markets meet the Danish FSA's guidelines: The Fund has not considered which other markets meet the Danish FSA's guidelines.

Source: https://www.nykredit.dk/laanudland/ressourcer/dokumenter/investering/vedtaegter_mmi_uk.pdf