Objective and policy changes

New objective: To maximise long term total return (the combination of income and growth of capital) solely through investment in the M&G Property Portfolio.

New objective: The fund is a broad fixed income fund (money market fund) that primarily invests in bonds with high and low credit ratings. The fund must be invested in order to obtain a good capital growth. The fund invests in fixed income securities, money market instruments and derivatives issued in the EEA and the USA.

New investment objective: To provide long term capital growth from exposure to global markets in mostly bonds and cash and it may also have exposure to equities, property and commodities.

New investment objective: To provide long term capital growth from exposure to equities, bonds, commodities, property and cash covering the UK and other markets throughout the world. The IMA, ABI, TW Sectors & Fund Type for Illustrations will remain the same.

New objective: To provide income together with some long term capital growth. The Fund will invest in (either directly or indirectly) and/or be exposed to corporates and other organisations whose activities address the issues of declining energy and water resources, and those that operate to enhance and improve the use of such resources.

New objective: To provide a high level of income together with the prospect of long term capital growth from an actively managed portfolio of equities. The fund will invest the majority of its assets in a portfolio of equities listed on UK stock exchanges and will have the ability to enhance income by selling options. The fund may also invest in global equities.

New objective: To achieve long term capital growth together with income by investing world-wide in securities bearing fixed or variable rate income. The fund will invest primarily in bonds, including high quality sovereign, supranational or corporate issues rated AA or better and government bonds. There are no formal limits on rating restriction on the use of government bonds denominated in the local currency of the issuer.

New Investment Objective and Policy: To provide an annualised income yield at least one and a quarter times that of the annual income yield obtainable on the MSCI World Index (GBP) with the potential for capital growth.

New Investment Objective: To achieve an above average capital growth and an above average income from its equity investments, compared to the income yield of the natural resources sector.

New Objective: To provide long term capital growth. To invest in a portfolio of equities, seeking capital growth for investors. Cash balances and exchange traded derivatives may be used according to market conditions. The portfolio will be exposed to global currencies although the manager will regularly use forward exchange contracts for hedging. The Fund may also invest in other transferable securities (including but not limited to warrants and bonds), collective investment schemes, money market instruments, cash and near cash and deposits.