CAZENOVE INVESTMENT FUND MANAGEMENT LIMITED

Simplified Prospectus for A Class Shares of sub-funds of Cazenove Investment Fund Company

Helping you decide

January 2009

CAZENOVE INVESTMENT FUND MANAGEMENT LIMITED

CIFM Simplified Prospectus A Class Shares

3

Contents

Helping you decide 4

Your commitment 5

Fund aims 6

Risk factors 8

Questions & answers 10

The cost of investing 11

Additional investment information 14

APPENDIX ONE: 16

Historical performance

4

Helping you decide

What you should know before you invest The simplified prospectus gives you information that will help you decide if you want to invest in the A Class Shares of one or more of the sub-funds (the Funds) of the Cazenove Investment Fund Company (the Company).

What information do I need before I invest?We have provided information in this simplified prospectus on:

• TheaimsofeachFund

• Yourcommitment

• TheriskfactorsassociatedwitheachFund

• Questionsandanswersaboutinvesting

• Whatarethechargesandexpensesofinvesting

• Additionalinvestorinformation

• Howtocontactus

This information will help you decide whether shares in a Fundaresuitableforyou.Youshouldbecomfortablethatyou understand the simplified prospectus before deciding whether to invest.



5

Your commitment

YoushouldbeconfidentthataFundisrightforyoubeforeyou invest. The following are some of the factors that should be considered in assessing whether one (or more) of our Funds is a suitable investment for you:

• EachFundmaybesuitableforinvestorsseekingtospreadtheirriskbyinvestinginacollectiveinvestmentscheme. Collective investment schemes are a convenient way to invest in equities, bonds or other assets without takingtheriskofinvestingdirectlyintheseassets.

• YoushouldonlyinvestinaFundifyouarehappyforyourmoney to be invested directly in shares, bonds and other assets and intend to hold on to your investment for the medium-tolong-term.Youmustbeabletoacceptthatyoumaynotgetbackallofthemoneyyouhaveinvested.

• InvestmentinaFundwillnotbesuitableforallinvestorsand, in particular, will not be suitable for someone who isnotpreparedtotakeriskswiththeircapital.Anyinvestment should be considered against your specific investmentneedsandyourappetiteforrisk.

6

Fund aims

The Funds are sub-funds of the Cazenove Investment Fund Company (the Company). The Company is an umbrella investment company with variable capital and registered in EnglandandWalesunderRegulation4oftheOpen-EndedInvestmentCompaniesRegulations2001.TheCompanyis established as a UCITS Scheme and authorised by the Financial Services Authority (FSA) in the United Kingdom. It isopen-endedwhichmeanseachFundcankeepongrowingas new shareholders invest or contract as shareholders liquidate their holdings.

The Authorised Corporate Director (ACD) of the Company is Cazenove Investment Management Limited which is authorised and regulated by the FSA.

The Aims of each FundThe investment objective and aim of each Fund is summarised below. The full objective of policy for each Fund can be found in the full prospectus which is available from us on request.

Equity Funds

Cazenove UK Growth & Income Fund

Investments held by the fund: shares in UK companies. Mainly larger companies but may have some smaller companies.

• Aimstoachievelong-termcapitalandincomegrowththrough investment primarily in the UK.

• InvestmentswillbemadepredominantlyinUKequities,fixedinterestandothersecurities.

Cazenove UK Opportunities Fund

Investments held by the fund: shares in UK companies. Mainly larger companies but may have some smaller companies.

• Aimstoachieveanincomereturn,togetherwithlong-term capital growth, by investing in any economic sector oftheUKmarket.

• InvestmentwillbemadepredominantlyinUKequities.

Cazenove UK Dynamic Fund

This Fund does not issue A Class Shares

Cazenove UK Smaller Companies Fund

Investments held by the fund: shares in UK smaller companies.

• Aimstoachievelong-termcapitalgrowthbyinvestingprimarily in UK smaller companies.

• Investsatleast80%ofitsassetsinUKlistedcompaniesthatformthebottom10%bymarketcapitalisation.

• Seekstoinvestinabroadspreadofhighqualitysmallercompanies that are capable of producing shareholder value through above average growth in earnings and dividends over the medium- to long-term.

Cazenove UK Equity Income Fund

Investments held by the fund: predominantly shares in UK companies although may also invest in government and corporate bonds, cash, deposits and money market instruments.

• Aimstoprovideahighlevelofincometogetherwithlong-term capital growth by investing predominantly in UK equities.

• Mayalsoinvestinfixedinterestsecurities,cash,depositsandmoneymarketinstrumentsandinothermarkets.



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Cazenove European Fund

Investments held by the fund: shares in European companies.

• Aimstoachievelong-termcapitalgrowthbyinvestinginanyorallEuropeanmarkets,excludingtheUK,andanyor all economic sectors.

• Investsinadiversifiedlistofcompaniesandseeksoutindustrygroupsexhibitingaboveaveragegrowthprospects, strong financial characteristics and proven management.

• Additionaldiversificationisprovidedbyaflexiblecountryallocation strategy.

Cazenove Multi-Manager Diversity Balanced Fund

Investments held by the Fund: Predominantly collective investment funds and closed-ended funds

• Aimstodeliverlongtermcapitalgrowthfromadiversifiedportfolio of investments.

• InvestsbothintheUKandoverseas.

• TheFundintendstoprovideconsistentratesofreturnwithlowerriskthanmoretraditionalapproachesto portfolio management which tend to be largely dependent on the performance of equities.

• Investmentismainlyincollectiveinvestmentfundsbut investment may also be made in closed-ended funds,individualtransferablesecurities,moneymarketinstruments and deposits.

• Investmentdiversificationmaybesoughtbyobtainingexposuretoalternativeassetclassesincludinghedgefunds, private equity, commodities and property through investment in closed-ended securities and other instruments in which the Fund may invest.

Fixed Income Funds

Cazenove UK Corporate Bond Fund

Investments held by the fund: primarily UK based corporate bonds rated investment grade or better. May invest up to 20% of its assets in unrated issues and those of non-investment grade issuers.

• Aimstoachieveahighincomereturntogetherwithcapitalgrowthbyinvestingprimarilyinfixedincomeinstrumentsincludingbonds,notesoffixedandvariableinterest, preference shares, convertibles and other securitiesissuedbygovernments,banksandcompanies.

• Caninvestinderivatives(forwardforeignexchangetransactions, credit default swaps, interest rate and governmentbondfutures,andotherexchangetradedandoffexchangetradedderivativecontracts)tomeettheinvestment objectives.

• Derivativesusedhavethepotentialtosignificantlyincreasethefund’sriskprofile.Weemployariskmanagementprocessthatseekstocontrolthevolatilityof fund returns.

Cazenove Strategic Bond Fund

Investment held by the fund: primarily investment grade bonds, non-investment grade bonds and derivative instruments, but may include notes of fixed and variable interest, preference shares, and equities issued by governments, banks and corporate entities. May also invest in money market instruments and deposits

• Aimstogenerateatotalreturnabovesterlingcashinterestrates,primarilythroughaflexibleallocationtoinvestment grade bonds, non-investment grade bonds and derivative instruments.

• Mayinvestinratedandunratedsecuritiesincludingbonds,notesoffixedandvariableinterest,preferenceshares, equities, convertible and other securities issued bygovernments,banksandcorporateentities.

• Canusederivatives(forwardforeignexchangetransactions, futures, credit default swaps and other exchangetradedandoff-exchangetradedderivativecontracts) to meet investment objectives.

• Derivativesusedhavethepotentialtosignificantlyincreasethefund’sriskprofileandmaycreateleveragedexposuretothecreditmarket.

8

Risk factors

ThelevelofriskvariesbetweenFunds.InassessingtheriskprofileofeachFund,thefollowingfactorsshouldbetakenintoaccount(notethatmoredetailedinformationontherisksmentioned below can be found in the full Prospectus):

Market Risk

• EachFund’sinvestmentsaresubjecttonormalmarketfluctuationandotherrisksinherentininvestinginsecurities. There can be no assurance that investments will increase in value, and the capital value of your original investment is not guaranteed. The value of your holding and the income from it may go down as well asup,andyoumaynotgetbacktheoriginalamountinvested. There is no assurance that the investment objective of the Fund will be achieved.

• Pastperformanceisnotaguideto,noraguaranteeof,future returns.

Inflation Risk

• Inflationriskisthelossofpurchasingpowerassociatedwithinflation.Itispossiblethatthevalueofassetsorincomewilldecreaseasinflationimpactsthepurchasingpower of your wealth. The value-decreasing effect is certain but the impact can be mitigated by positive investmentreturnsinexcessofinflation.

Equities

• MostofourFundsprimarilyinvestinequitiesandassuch tend to be more volatile than funds investing in bonds, but may also offer greater potential for growth. The value of the underlying investments in equity funds mayfluctuatequitedramaticallyinresponsetotheactivities and results of individual companies, as well asinconnectionwithgeneralmarketandeconomicconditions.

Bonds

• Fundsinvestingpartlyorwhollyinbondswilltendtobe less volatile than pure equity funds, as bonds are generally considered to be more secure, usually including a condition to repay the original sum at a specified date inthefutureandnormallyprovideafixedlevelofincome.However,thecapitalvalueofabondfundandthelevelofitsincomewillstillfluctuate.

Liquidity Consideration

• OurabilitytoinvestandtoliquidatetheassetsofFunds in smaller companies may, from time to time, berestrictedbytheliquidityofthemarketforsmallercompany securities.

Charges to Capital

• SomeFundsmaytaketheannualmanagementchargefrom the capital if insufficient income is generated by the investment. This may result in the Fund not growing and would result in capital erosion.

Liabilities of the Company

• EachFund,undernormalcircumstances,istreatedas a separate entity with its own assets and liabilities. However,theFundsarenot“ring-fenced’and,iftheassets of any Fund are insufficient to meet the liabilities attributabletoit,theexcessliabilitiesmayhavetobemetout of the assets of the other funds.

• YouarenotliableforthedebtsoftheCompanyandyouarenotliabletomakeanyfurtherpaymenttotheCompany after you have paid the purchase price of the Shares.

Taxation

• Thetaxationofopen-endedinvestmentcompaniescouldchange.ThismayresultinthetaxbornebyeachFundincreasing.

Specific Risks Attached to Funds


• ThisFundmayinvestinstockmarketsofdevelopingcountries where price volatility may be greater than that experiencedinmoredevelopedeconomiesandstockmarkets,anddealsmaybecarriedoutatunfavourableprices.Thereisalsoariskassociatedwithdifferentsettlement and custody practices.

• TheFundmayinvestinclosed-endedfundsthatinvestin hedge funds or in funds containing alternative asset classes.Hedgefundsmayholdassetswherethereisnorecognisedmarketinwhichtoselltheseinvestmentsor to obtain reliable information about the value of the assets.Hedgefundsmaysignificantlyincreasetheriskprofile of these Funds.

• TheFundmayalsoinvestinfundsthatinvestdirectlyinproperty. Property values can be volatile, and property



9

valuation can be a matter of judgement by independent property valuers. The value of capital and income will thereforefluctuateaspropertyvaluesandrentalincomesfluctuate.Incertaincircumstancestherighttobuyorsellunits in property funds may be restricted or suspended

Cazenove UK Smaller Companies Fund

• ThesearespecialistFunds,whichinvestinsmallmarketsorinsmall,lessliquidcompanies.TheFundsarelikelyto provide a higher level of volatility and this may carry increasedrisk.

Cazenove Multi-Manager Diversity Balanced Fund, Cazenove UK Corporate Bond Fund, Cazenove UK Equity Income Fund, Cazenove Strategic Bond Fund and Cazenove UK Growth and Income Fund.

• TheseFundsmayinvestpartlyorwhollyinbondsandthus generally tend to be less volatile than investment in pureequityfunds.However,thecapitalvalueofabondfundandthelevelofitsincomewillstillfluctuate.

Cazenove UK Corporate Bond Fund and Cazenove Strategic Bond Fund

• TheseFundsinvestpartlyinhigheryieldingbondswhich will be issued by borrowers with lower credit ratings.Suchbondswillhaveagreaterriskofdefaultbythelenderandtheincidenceofsuchriskmayhaveanegative impact on income and capital value.

• TheFundsmayextensivelyusederivativeinstrumentsand forward transactions to meet their investment objectives of the Fund. The use of derivatives for investment purposes involves special risks which may:

(i) significantly raise the risk profile of each Fund;

(ii) increase the volatility of the share price when taking additional market or securities exposure;

(iii) depend on the ability of the fund manager to predict movements in the prices of securities;

(iv) place some reliance on the imperfect match between instruments and the underlying securities; and

(v) involve investing in instruments that are not traded on investment exchanges, that are not standardised and which in turn may involve negotiations on transactions on an individual basis.

• Thevalueofderivativeandforwardtransactionsmayfluctuateand,whilsttheymayincertaincircumstancesreduceoreliminaterisk,theymayalsolimitthepotentialfor capital appreciation. Moreover, the use of derivatives

may lead to higher volatility of the net asset value. In general the possible effect on each Fund’s risk profile from the use of these instruments and techniques will be to reduce volatility when used for efficient portfolio management and could increase volatility when taking additional market or securities exposure.

• Theuseofderivativeandforwardinvestmentsissupportedbyariskmanagementprocess.Theriskmanagementprocesstakesintoaccounttheobjectivesand policy of the Fund, its investment limits and the rules of the FSA.

Leveraged

• Sincemanyderivativeshavealeveragecomponent,adverse changes in the value or level of the underlying asset,rateorindexcanresultinalosssubstantiallygreater than the amount invested in the derivative itself. Certain derivatives have the potential for unlimited loss regardless of the size of the initial investment. If there is a default by the other party to any such transaction, therewillbecontractualremedies;however,exercisingsuch contractual rights may involve delays or costs which could result in the value of the total assets of the related portfolio being less than if the transaction had not been entered into.

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Questions & answers

How do I make a lump sum investment?YoucanbuysharesinaFundbycompletinganapplicationform and sending it to us at:

Cazenove Investment Fund Management Limited PO Box 21072 London United Kingdom E14 9GU

Direct investment into a Fund may also be made by telephoning(0)2071555566betweenthehoursof9.00a.m.and5.00p.m.oneachbusinessday.

The minimum lump sum investment in A Class Shares of eachFundis£25,000.Additionalinvestmentscanbemadewithaminimumvalueof£500.

Alternativelyyoumaydecidetotaketheadviceofaprofessionalfinancialadviser.Youradviserwillexplaintoyouabout investing in the Fund.

Are both accumulation and income shares available?Some of our Funds offer both accumulation and income shares whilst others offer just income or just accumulation shares(seeTotalExpenseRatiosection).Accumulationsharesdonotpayincomeasthisisretainedandisreflectedin the daily share price. Income shares are paid out to the investor or reinvested into a Fund. Income payments are paid bychequeordirectlytotheinvestor’sbankaccount,iftheinvestorhassuppliedbankaccountdetails

Can I switch between share classes?Youcanswitchfreeofchargebetweenshareclassesofa Fund provided that you fulfil the minimum investment requirements.

How can I sell my units in a Fund?Yourinvestmentcanbesoldthroughyourprofessionalfinancial adviser or directly by sending to us a signed, written instructiontosellyourholding.Holdingscanalsobesoldbytelephoninguson02071555566.

How will I know how a Fund is performing?The share price of each Fund is available on the Cazenove Capital website. www.cazenovecapital.com

What documentation will I receive?YouwillbesentacontractnoteonpurchasingsharesinaFundandthenonsellingthosesharesbacktous.The contract note will normally be sent on the day after shareshavebeenboughtorsold.Youwillnotbeissuedwith a share certificate. All shares are in registered in an uncertificated form.

Wewillalsosendyousix-monthlyvaluationsofyourinvestment.Youmayalsobesenthalfyearlyandannualreport and accounts. If you do not receive the report and accounts or you want a copy of the Prospectus then you can request these documents from us.

If you require further information about the Funds please telephoneuson02071555566.Telephonecallsmayberecorded for your protection.

Can I change my mind?YouhavetherighttocancelyourinvestmentinaFundonlyif you have received advice from a professional financial adviser. We will assume that you did not receive advice if you invest directly with us (i.e. your investment does not come through a professional financial adviser).

Ifyouhavetherighttocancel,youwillhave14businessdays to cancel from the day you receive the contract note. Tocancelyourinvestmentyoumusttelephoneuson02071555566.Thevalueofyourinvestmentcouldfallbetweensubscriptionandcancellation.InthesaleofhigherriskFunds, such a fall in value could be substantial. If the value has fallen you will receive less than you originally invested.


11


When you invest there are certain fees and expenses faced either by you directly or paid by each Fund in which you have bought shares. A summary of the most significant annual operating charges and expense is provided below:

• ThereisnoinitialchargeonpurchasingAClassShares.

• Anannualmanagementfeeofeither0.75%or1.0%forAClass Shares is charged to each Fund. This is our annual fee for managing that Fund.

• Therearevariousotherfeesandexpensesincludingadministrationexpenses,depositary,auditandregulatoryfeesandotherexpensesrelatingtotheday-to-daymanagement of each Fund.

• Wemayalsochargeadilutionadjustmentwhichmaymean that the price at which you purchase or sell Shares inaFundmaybehigherorlowerthanthemid-marketvalue used in calculating the share price.

• Currentlythereisnoexitchargewhenyousellyourshares.

Fulldetailsofthefeesandexpensesandanexplanationof the dilution adjustment are in the Prospectus which is available from us on request.

Total Expense Ratio (TER)TheTERrepresentsourbestestimateofthetotaldirectandindirectfeesandexpensesthatwillbebornebyaFund.TheseexpensesareexpressedasapercentageofthenetassetsofthatFund.TheTERdoesnotincludecostsassociated with buying and selling securities for that Fund. TERshelpyoucompareannualoperatingexpensesbetweenfunds.Thefigureshavebeencalculatedforthe12monthsto31December2008.

Total Expense Ratios: A Class Shares Annual Income/ Total Total Income/Div Mngmnt Accum Expense Expense Payment Charge Shares Ratio Ratio Dates (%) (Accum) (Income)

Cazenove 1.00 Both 1.80* 1.80* Feb,Aug Multi-Manager Diversity BalancedFund

CazenoveUK 1.00 Both 1.18 1.21 Feb,Aug OpportunitiesFund

Cazenove 1.00 Both 1.27 1.24 Feb,Aug UK Smaller Companies Fund

Cazenove 0.75 Both 0.89 0.89 Feb,MayUK Corporate Aug, Nov BondFund

Cazenove 1.00 Acc 1.11 - Feb EuropeanFund

CazenoveUK 1.00 Both 1.11 1.08 Feb,Aug Growth and Income Fund

Cazenove UK N/a N/a N/a N/a N/a Dynamic Fund

Cazenove 1.00 Inc - 1.26 Feb,Aug UKEquity Income Fund

Cazenove Strategic0.75 Both 0.86 0.85 Feb,AugBondFund

* est.

The cost of investing


12

Portfolio Turnover RatioThePortfolioTurnoverRatioisdefinedasthemonetaryvalueof total purchases and total sales of underlying securities in a Fund less the monetary value of all purchase and sales of shares in that Fund, divided by the average value of that Fund during the year. The rate is calculated in accordance with an established formula which is set out below.

(Purchases of securities plus sales of securities) – (Monetary value of shares purchased and sold in the Fund)

Average Fund value over the last 12 months x 100

Portfolioturnoverhasbeencalculatedforthe12monthsto31December2008.

Portfolio Turnover Annual Turnover 2008 (%)

CazenoveMulti-ManagerDiversityBalancedFund 110

CazenoveUKOpportunitiesFund 173

CazenoveUKSmallerCompaniesFund 137

CazenoveUKCorporateBondFund 21

CazenoveEuropeanFund 160

CazenoveUKGrowthandIncomeFund 6

Cazenove UK Dynamic Fund N/a

CazenoveUKEquityIncomeFund 125

CazenoveStrategicBondFund 32

How will charges and expenses affect my investment?The following tables are calculated to show the way the initial chargeandeachFund’sexpensesaffecttheperformanceof the fund over a ten-year period. The effect of charges calculations (or reduction in yield due to the effect of charges on the investment) are compiled using standard growth rates of6%p.a.fordirectfundinvestments.

Detailsofaninvestmentof£25,000aregiven.Thereductionin yield calculations for all Funds is shown in the table beneath the illustrations. These figures are not guaranteed andareforillustrativepurposesonly(allfiguresarefor12monthsto31December2008).

Examples of the effect of charges and expenses

The tables show the reduction in yield for representative balanced, growth and income Funds.

Cazenove UK Growth and Income Fund A Class Shares - 6% growth for investments Income Accumulation At Invest- Effect of Income What you Effect of What you end ment to deductions to date might get deductions might get of date to date at 6% to date at 6% year £ £ £ £ £ £

1 25,000 283 638 23,569 290 26,210

3 - 921 1,959 26,746 967 28,808

5 - 1,665 3,341 27,978 1,791 31,664

10 - 4,092 7,080 31,311 4,666 40,106

Thelastlineofthetableshowsthatafter10yearstheeffectoftotalchargesandexpensescouldamountto£4,666ifyoupurchaseaccumulationsharesand£4,092ifyoupurchaseincome shares. Putting it another way, this would have the same effect as bringing the illustrated investment growth from6.0%p.a.downto4.9%.

Cazenove Multi-Manager Diversity Balanced Fund A Class Shares - 6% growth for investments

Income Accumulation At Invest- Effect of Income What you Effect of What you end ment to deductions to date might get deductions might get of date to date at 6% to date at 6% year £ £ £ £ £ £

1 25,000 470 582 25,439 473 26,027

3 - 1,523 1,776 26,342 1,566 28,209

5 - 2,741 3,012 27,276 2,882 30,574

10 - 6,659 6,298 29,759 7,380 37,391


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Cazenove UK Corporate Bond Fund A Class Shares - 6% growth for investments

Income Accumulation At Invest- Effect of Income What you Effect of What you end ment to deductions to date might get deductions might get of date to date at 6% to date at 6% year £ £ £ £ £ £

1 25,000 231 1,108 25,137 235 26,265

3 - 740 3,342 25,412 785 28,991

5 - 1,316 5,600 25,690 1,457 31,999

10 - 3,114 11,354 26,399 3,814 40,957


Reduction in Yield for A Class Shares Reduction in yield 6%

CazenoveMulti-ManagerDiversityBalancedFund 4.1%

CazenoveUKOpportunitiesFund 4.8%

CazenoveUKSmallerCompaniesFund 4.7%

CazenoveUKCorporateBondFund 5.1%

CazenoveEuropeanFund 4.8%

CazenoveUKGrowthandIncomeFund 4.9%

Cazenove UK Dynamic Fund N/a

CazenoveUKEquityIncomeFund 4.7%

CazenoveStrategicBondFund 5.1%


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Additional investor informationIs there a provision to pay Stamp Duty Reserve Tax? ThepaymentofStampDutyReserveTax(‘SDRT’)lieswitheachFund.SDRTmayeitherbepaidbyafundoronindividualpurchasesandsalesofshares(uptoamaximumof0.5%ofthevalueofthetransaction).IfaSDRTlevyisappliedthis will increase the cost of buying shares and lessen the proceedsofsales.WedonotintendchargingSDRTonthepurchase and sale of shares, however, we reserve the right to chargethistaxshouldcircumstancesarisewhichmakethepayment of the charge fair to all current investors in a Fund.

What are the tax implications of investing in a Fund?Levelsandbasesof,andrelieffrom,taxationaresubjecttochange.YoushouldconsultaprofessionalfinancialadviserortaxadviserifyouareinanydoubtastoyourtaxpositionorifyouaresubjecttotaxinajurisdictionotherthantheUK.Thevalueoftaxbenefitsdependsonanindividual’scircumstancesandthefavourabletaxtreatmentofsomefinancial products may not be maintained

Dividend distributionwillbepaidnetof20%incometax.Ifyoudonotpayincometaxatthehigherrate,youshouldhavenofurtherliability.Ifyouareahigherrateincometaxpayerthenyoumayhaveafurtherincometaxliabilityatthedifferencebetweenhigherratetaxonthegrossdistributionandthetaxpaid.

Interest Distributions are paid after the deduction of UK incometax.Ifyoudonotpayincometaxthenyoushouldbeabletoclaimbackthetaxcreditasdetailedonthedistributionvoucher.Ifyoupayincometaxatthebasicratethen you should have no further liability. If you are a higher rateincometaxpayerthenyouwillneedtoaccounttotheHerMajesty’sRevenue&Customsforthedifferencebetweenthetaxdeductedandthehigherrateoftax.

TheCazenoveUKCorporateBondFundandCazenoveStrategicBondFundpayoutavailableincomeintheformof interest distributions (and not dividend distributions) generallyafterdeductionofincometax(currently20%).Shareholders who are not ordinarily resident in the UK may receive interest distributions gross by providing to us a declaration of non-residence.

Capital gains

Youmaybeliabletocapitalgainstaxinrespectofcapitalgains arising from the sale or other disposal, including redemption, of shares in the Fund.

Will I need to provide information in relation to anti-money laundering?We are required to maintain procedures to combat money laundering. This means that in certain circumstances persons buying, selling or switching shares may be required to provide proof of identity. Until satisfactory proof of identity is provided, we reserve the right to refuse to issue shares, pay the proceeds from the sale of an investment or pay income to that person.

How much will advice cost?We can only provide information on our products and cannot offeradvicebasedonanindividual’scircumstances.Youshould consider contacting a professional financial adviser if you are uncertain whether an investment is right for you. We may pay the adviser commission for recommending to you our Funds. This may be paid out of your investment.

If commission is not paid, you may have to pay a fee to the adviser. The adviser will disclose the cost of providing financial advice to you.

What do I do if I have a complaint regarding my investment?In the first instance you can complain about your investment in our Funds by either contacting your professional financial adviser who may then contact us on your behalf or you can write directly to us. Letters should be addressed to the ComplianceOfficer.

YoumayalsocomplaindirectlytotheFinancialOmbudsmanService(FOS)ifyouremaindissatisfiedwiththeresponseyougettoyourcomplaint.TheFOScanbecontactedatthefollowing address:

Financial Ombudsman Service South Quay Plaza 183 Marsh Walk London E14 9SR Tel 0845 080 1800

www.financial-ombudsman.org.uk

Details of your right to lodge a claim with the Financial Services Compensation Scheme, along with our complaints’ procedure are available on request.

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Who looks after the Company?

The Authorised Corporate Director

The ACD of the Company is Cazenove Investment Fund Management Limited. The ACD is located at:

12 Moorgate London United Kingdom EC2R 6DA

www.cazenovecapital.com

Depositary

JP Morgan Trustee and Depositary Company Limited Chaseside Bournemouth United Kingdom BH7 7DA

Auditors

PricewaterhouseCoopers LLP Hay’s Galleria 1 Hay’s Lane London United Kingdom SE1 2RD

Registrar

Bank of New York Mellon (International) Limited One Canada Square London United Kingdom E14 5AL

Competent Authority

The Company is an ICVC authorised by:

The Financial Services Authority 25 The North Colonnade Canary Wharf London United Kingdom E14 5HS


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Appendix one

Historical PerformanceThis section provides details on the historical performance of the Fund.

Annual Returns

TheAnnualReturnchartshowsthepercentagegrowthonanannualbasisforthelast10yearsfortheAClassSharesofeachFundasat31December2008.IftheFundhasbeeninoperation for less than ten years, but at least one year, annual returns are shown for as many years as are available.

Cumulative Performance

The Cumulative Performance chart shows the cumulative returns of each fund’s A Class shares for the last ten years. If the fund has been in operation for less than ten years, but at least one year, cumulative performance is shown for as many years as are available.

Historicalperformancefiguresarecalculatednetoftaxwithincome reinvested. The performance figures not include the effect of subscription or redemption charges.

Past performance does not necessarily indicate future performance. It can in no way provide a guarantee of returns that you will receive in future.

The information about past performance does not constitute a projection of the possible future value of an investment in any Fund and should not be taken as an indication that similar returns will be achieved in the future. The value of investments and the income from that investment can go down as well as up and investors may not get back the amount originally invested.

All Fund annual and cumulative returns are sourced from Standard & Poors’ Micropal and calculated net of management fees and with income reinvested net of basic rate tax in Sterling terms.

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Cumulative Performance (Percentage Growth)

-10

0

10

20

30

40

50

60

One Two Three Four Five Six Seven Eight Nine Ten

Years (for period from 1 January 1999 to 31 December 2008)

Per

cent

age

Cha

nge

International PrivateClients specilaists

Cazenove UK Corporate Bond Fund Annual Returns (Percentage Growth)

-10

-5

0

5

10

15

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008

(from 1 January 1999 to 31 December 2008)

Per

cent

age

Cha

nge


18


-20

0

20

40

60

80

100

120

140



Per

cent

age

Gro

wth

Cazenove European Fund Annual Returns (Percentage Growth)

-40-30-20-10

010203040506070

1999 2000 2003 2004 2005 2006 2007 20082001 2002


Per

cent

age

Cha

nge

19



-60

-40

-20

0

20

40

60



Per

cent

age

Gro

wth

Cazenove UK Smaller Companies FundAnnual Returns (Percentage Growth)

-60

-40

-20

0

20

40

60

80

100

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008


Per

cent

age

Gro

wth


20


Per

cent

age

Gro

wth

-30-20-100

10203040506070



Cazenove UK Opportunities FundAnnual Returns (Percentage Growth)

-30

-20

-10

0

10

20

30

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008


Per

cent

age

Gro

wth

21


Per

cent

age

Gro

wth


-30

-20

-10

0

10

20

30

40




-30

-20

-10

0

10

20

30

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008


Per

cent

age

Gro

wth


22


Per

cent

age

Gro

wth

-30

-25

-20

-15

-10

-5

0

One Two Three

Years (from 1 January 2006 to 31 December 2008)

Cazenove UK Equity Income FundAnnual Returns (Percentage Growth)

-30

-25

-20

-15

-10

-5

0

5

10

2006 2007 2008


Per

cent

age

Gro

wth

23


Cazenove UK Growth and Income FundAnnual Returns (Percentage Growth)

-30

-20

-10

0

10

20

30

2003 2004 2005 2006 2007 2008



-40

-30

-20

-10

0

10

20

30

40

50

One Two Three Four Five Six



24

Cazenove Strategic Bond FundAnnual Returns (Percentage Growth)

-15

-10

-5

0

5

10

2007 2008



-12

-10

-8

-6

-4

-2

0

One TwoYears (for period from 1 January 2007 to 31 December 2008)

Per

cent

age

Cha

nge

A09016_CIFM_SIMPros_AClass_260109

CAZENOVE INVESTMENT FUND MANAGEMENT LIMITED

Documents

taking additional market

cifm simplified prospectus

credit default swaps

professional financial adviser

authorised corporate director

money market instruments

uk smaller companies

investment grade bonds