Merger and acquisition of Ellipsis Master Top ECI Fund

The merger of Ellipsis Master Top ECI Fund into Ellipsis European Convertible Fund was the subject of an application for approval by the Autorité des marchés financiers, which was granted on 7 November 2022. This transaction was decided following the announcement by Exane Derivatives to cease the administration, calculation and publication of the Top ECI 25 index at the end of 2022.

In addition, the merger will ease certain investment constraints and provide access to a wider range of securities. The investment universe of convertible bonds is extended to include debt securities and money market instruments.

This transaction will be carried out on 15 December 2022 ("Merger Date") on the basis of the net asset values calculated on the same day on the basis of the closing prices on 14 December 2022.

Subscriptions and redemptions will be closed on 12 December 2022 at 11:00 a.m. until 15 December 2022.

For further details, please consult the Letter to Holders.