MC 97 FUND CLOSES TO NEW BUSINESS
This notice is to advise policyholders that Blue Sea International Limited closed its Commodity Fund. As a result any Hansard International Limited policies linked to MC97 Hansard Commodity Fund and Hansard Europe Limited policies linked to MC97 EU Hansard Commodity Fund(both referred to hereinafter as “the Fund”), had their holdings redeemed.
As the underlying Fund is no longer available any contract units which were invested in the Fund were switched on 29 November 2007. Hansard International Limited policies are now linked to MC115 Hansard Nomura S&P Diversified Trends Index 80% Protected USD fund and Hansard Europe Limited policies are now linked to MC115 Hansard EU Nomura S&P Diversified Trends Index 80% Protected USD fund. This has been done without charge.
The investment objective of MC115 is “To provide exposure to the world’s dynamic commodity and financial markets while maintaining a value at least 80% of the highest ever value of the funds portfolio.” The investment objectives of MC115 and those of the closed Fund are therefore significantly different.
Policyholders may determine that MC115 is currently appropriate and prefer not to take any further action. Alternatively they may wish to change the contract’s fund link composition, in which case we recommend that policyholders contact their independent financial advisor for the provision of appropriate switch and redirection forms.