U Access (IRL) Campbell Absolute Return UCITS CPC USD

Objectives and investment policy The Fund seeks to achieve medium to long-term capital growth from attractive riskadjusted returns that exhibit low correlation with traditional asset classes. The Fund will aim to provide a return to investors by entering into an unfunded total return swap (the “Portfolio Total Return Swap”). To compensate some of the Portfolio Total Return Swap funding costs the Fund may either i) invest in short-term government debt instruments and/or ii) enter into a total return swap (the "Funding Swap") of which the economic interest will be transferred to an approved counterparty. The approved counterparty in respect of the Portfolio Total Return Swap and the Funding Swap will be Morgan Stanley or any of its affiliates or subsidiaries as approved by the Company. A total return swap is a bilateral financial transaction where the counterparties swap the total return of a single asset or basket of assets in exchange for periodic cash flows. The Fund is actively managed and not with reference to a benchmark. The Fund will be exposed to the economic performance of a basket of Financial Derivative Instruments (FDIs) as determined by the Portfolio Manager which will use quantitative techniques such as systematic macro, short term and momentum strategies in selecting positions. The Fund will gain, through the Portfolio Total Return Swap, exposure to the economic performance of forward foreign exchange contracts, futures contracts, currency options, swaps, in exchange for a floating rate return corresponding to the funding cost which will be paid by the Fund. The Fund, through the Funding Swap, may transfer the economic interest of a basket of securities in which the Fund is invested in exchange for a floating rate of return. This may include equities and equity-related securities issued by companies worldwide, Collective Investment Schemes (CIS) and Exchange-Traded Funds (ETFs), but the exposure to CIS (including ETFs) will not exceed 10% of the Fund's Net Asset Value (NAV). The Fund does not employ geographical, industry or sector focus in relation to the asset classes to which the Fund is exposed. The Fund's exposure to emerging markets may exceed 20% of its NAV. The Fund will invest in FDIs for investment, hedging and/or efficient portfolio management purposes. If considered appropriate to the investment objective or where market or other factors so warrant, the Fund may hold cash and liquid near cash assets including money market instruments. The Fund may gain exposure to financial indices compliant with the UCITS Regulations indirectly through the use of FDIs. The Fund may be invested both long and short in global markets. A long investment is an investment where the value of the investment is expected to go up. A short investment is an investment where the value of the investment is expected to go down. The Fund’s base currency is USD. The share currency risk in relation to the Fund’s base currency is mainly hedged. The Fund is suitable for investors seeking a long-term investment who are willing to accept a high volatility due to the Fund’s investment policy. Investors should note that holding a substantial proportion of their investment portfolio in the Fund may not be appropriate. The recommended holding period is minimum 3 years. The dealing Net Asset Value (NAV) is daily except if it is not a full bank business day in Ireland or in New-York or in the United Kingdom (each a Business Day). Redemptions are possible on each NAV date. All redemption requests must be received in good order by the registrar and transfer agent prior to 14:00 (Ireland time) two (2) Business Days prior to the NAV Date. Redemption proceeds shall be paid within two (2) Business Days following the redemption NAV date. Any income received by the Fund is reinvested (capitalisation share class). For further information, please refer to the section entitled “Funds – Investment Objective and Policies” in the Prospectus and the sections entitled “Investment Objective” and “Investment Policies” in the Supplement for the Fund.