U ACCESS (IRL) Campbell Absolute Return UCITS A USD/  IE00BKYBHD00  /

The Fund seeks to achieve medium to long-term capital growth from attractive risk-adjusted 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 seeks to achieve medium to long-term capital growth from attractive risk-adjusted 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.