CT (Lux) - Enhanced Commodities Class NG (GBP Accumulation Shares) 

The fund seeks to achieve capital appreciation which is directly and indirectly linked to commodity markets. The Portfolio is actively managed and will invest in financial derivative instruments (including total return swaps) whose underlying instruments are diversified commodity indices composed of futures contracts on physical commodities. To create under and overweight positions relative to the reference portfolio in individual commodities and commodity sectors, it is intended to use a combination of long and short positions in diversified commodity indices. The long and short positions will largely offset one another and provide the SubAdvisor the ability to adjust weights and position on the curve consistent with the Portfolio’s investment strategy. The long and short positions will result in creating leverage on a Sum of Notionals basis, but on a net basis the Portfolio will continue to be fully invested in commodities and will not be leveraged to the market.