MW TOPS LIMITED (the "Company")
Replacement of Underlying Funds
The Directors have resolved to make the following change to the
Company's investment in underlying funds which is consistent with the
investment objective and policy of the Company. Currently MW TOPS
Limited invests its assets in various sub-trusts of Marshall Wace
TOPS Trust (the "TOPS Trust"). However, it is intended that,
commencing on 9 December 2009 and ending on or around 14 December
2009, the Company will have redeemed all, or substantially all, of
its holding in the TOPS Trust and will have invested all, or
substantially all, of its assets in equivalent units of one or more
sub-trusts of Marshall Wace Investment Strategies, an umbrella unit
trust established under the laws of Ireland.
The investment objective of each of the sub-trusts of Marshall Wace
Investment Strategies in which the Company will now invest is the
same as the respective sub-trust of the TOPS Trust in which the
Company is currently invested.
Once the changes have been effected, shareholders are advised that
the Company's assets will be allocated in the following approximate
proportions to the following underlying funds:
+-------------------------------------------------------------------+
| Underlying Fund | Current | Approximate allocation of |
| | approximate | assets after 14 Dec 2009 |
| | allocation | |
|---------------------+-------------+-------------------------------|
| Sub-Trust H | 10% | 0% |
| (Balanced), | | |
| Marshall Wace TOPS | | |
| Trust | | |
|---------------------+-------------+-------------------------------|
| Sub-Trust N (Market | 20% | 0% |
| Neutral), | | |
| Marshall Wace TOPS | | |
| Trust | | |
|---------------------+-------------+-------------------------------|
| Sub-Trust European | 70% | 0% |
| TOPS, | | |
| Marshall Wace TOPS | | |
| Trust | | |
|---------------------+-------------+-------------------------------|
| Balanced TOPS Fund, | 0% | 10% |
| Marshall Wace | | |
| Investment | | |
| Strategies | | |
|---------------------+-------------+-------------------------------|
| Market Neutral TOPS | 0% | 20% |
| Fund, | | |
| Marshall Wace | | |
| Investment | | |
| Strategies | | |
|---------------------+-------------+-------------------------------|
| European TOPS Fund, | 0% | 70% |
| Marshall Wace | | |
| Investment | | |
| Strategies | | |
+-------------------------------------------------------------------+
This document is for information purposes only and is not an offer to
invest. The Company is registered with the Dutch Authority for the
Financial Markets as a collective investment scheme which may offer
participations in The Netherlands pursuant to article 2:66 of the
Financial Markets Supervision Act (Wet op het financieel toezicht).
All investments are subject to risk. Past performance is no guarantee
of future returns. Prospective investors are advised to seek expert
legal, financial, tax and other professional advice before making any
investment decision. The value of investments may fluctuate. Results
achieved in the past are no guarantee of future results.
For further information about this announcement contact:
Anson Fund Managers Limited
Secretary
Tel: +44 (0)1481 722260
Marshall Wace LLP
Investment Manager
Tel: +44 (0) 207 316 2280
8 December 2009
END OF ANNOUNCEMENT
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