CT (Lux) - Pan European Smaller Companies 3G (GBP Accumulation Shares) 

The Portfolio seeks to achieve capital appreciation by investing principally in the equity securities of European Smaller Companies. The Sub-Advisor will typically favour investments in companies at the higher end of the smaller companies capitalisation scale. The Portfolio may use financial derivative instruments for hedging purposes. For the purposes of managing liquidity, the Portfolio may hold ancillary liquid assets (i.e. bank deposit at sight), and may hold bank deposits, money market instruments or money market funds for treasury purposes. In normal market conditions, investments in ancillary liquid assets, bank deposits, money market instruments or money market funds will not exceed 10% of the Portfolio’s net asset value