The MCMLXIII Fund Class A GBP Accumulation

The investment objective of the Company is to provide capital growth, net of fees, over a rolling 5 year period. The Company will invest in a global portfolio, in any or all economic sectors, which will typically comprise of equities (minimum of 55% but up to 100% under normal market conditions). The remainder of the Scheme Property may be invested in fixed income instruments (for example, corporate bonds) and other transferable securities, money-market instruments, cash, near cash and deposits. The composition of the Scheme Property as between equities, fixed income and other asset classes will vary depending on the Investment Manager’s assessment of market conditions as well as the economic environment. The exposure to equities may fall below 55% under difficult market conditions in which the Investment Manager believes that markets are expensive or when higher volatility is anticipated. This could include (but is not limited to) markets resulting from, or anticipating, extreme events (for example, the 2008 global financial crisis). Between 50% and 100% of the above exposure will be gained through the use of collective investment vehicles (regulated and unregulated, including exchange traded vehicles and investment trusts) which may include collective investment vehicles managed by the ACD or its associates, or the Investment Manager or its associates. The allocation to collective investment vehicles will vary within the range of 50-100% depending on markets and to take advantage of the expertise available via such collective investment vehicles. All other exposure will be attained from direct investments. In addition, the Company may invest in eligible alternatives (e.g. gold and commodities) indirectly via permitted instruments such as collective investment vehicles. Derivatives may be used for the purpose of Efficient Portfolio Management (including hedging), although use is expected to be limited. The Investment Manager will actively manage the Company. This means the Investment Manager actively makes decisions about how to invest the Scheme Property (and which investments to buy and sell) instead of simply following a market index. The Company uses the Investment Association Mixed Investment 40-85% peer group for performance comparison purposes only. This peer group is not a target and the Company is not constrained by it. The peer group has been selected as a comparator for performance because the parameters for this peer group of between 40-85% exposure to equities are closely aligned with the policy of the Company. The ACD reserves the right to change the peer group following consultation with the Depositary and in accordance with the rules of COLL. A change could arise, for example, where the ACD determines that an alternative may be more appropriate. Shareholders will be notified of such a change through an update to the Prospectus and the change noted in the subsequent annual and half yearly reports.