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Changes to CT European Smaller Companies Fund

We are notifying you of some changes that we are making to our CT European Smaller Companies Fund. The Fund’s investment objective and policy is being amended on 31 July 2023 to reflect the change of benchmark index from the EMIX Smaller European Companies Ex UK Index to the MSCI Europe ex UK Small Cap Index. In addition, we are also taking this opportunity to define the time period over which the Fund aims to achieve its investment objective of capital growth.

Investor letter