Fund updates

Objective and policy changes

View the funds that have changed their investment objectives and/or policies recently. We list the old and the new objective.

Effective date: 25 May 2017

  • M&G Corporate Bond A Acc (MGCOA)
  • M&G Corporate Bond A Inc (MECBI)

Old Objective
The Fund aims to achieve a higher total return (the combination of income and growth of capital) from investment than would be obtainable in UK government fixed interest securities (ie gilts) of similar maturities. The Fund invests mainly in sterling denominated corporate debt instruments. The Fund's exposure to corporate debt may be gained through the use of derivatives. Any currency exposures within the Fund may be managed by currency hedges into sterling. The Fund may also invest in other assets including collective investment schemes, other transferable securities and other debt instruments (including corporate debt and government and public securities denominated in any currency), cash and near cash, deposits, warrants, money market instruments and other derivative instruments.
New Objective
The Fund aims to provide income and capital growth. At least 70% of the Fund is invested in sterling-denominated corporate debt instruments. The Fund’s exposure to corporate debt may be gained through the use of derivatives. Derivatives may also be used for efficient portfolio management. Any currency exposures within the Fund may be managed by currency hedges into sterling. The Fund may also invest in collective investment schemes, other transferable securities and other debt instruments (including corporate debt and government and public securities denominated in any currency), cash, near cash, other money market securities, warrants and other derivative instruments.

  • M&G Corporate Bond Fund I Acc (MGCPA)
  • M&G Corporate Bond Fund I Inc (MECII)

Old Objective
A higher income and growth return than would be obtainable from gilts [fixed income securities issued in the UK].
New Objective
The Fund aims to provide income and capital growth. At least 70% of the Fund is invested in sterling-denominated corporate debt instruments. The Fund’s exposure to corporate debt may be gained through the use of derivatives. Derivatives may also be used for efficient portfolio management. Any currency exposures within the Fund may be managed by currency hedges into sterling. The Fund may also invest in collective investment schemes, other transferable securities and other debt instruments (including corporate debt and government and public securities denominated in any currency), cash, near cash, other money market securities, warrants and other derivative instruments.

  • M&G Corporate Bond X Acc (MGCBA)
  • M&G Corporate Bond X Inc (MGCBI)

Old Objective
The Fund aims to achieve a higher total return (the combination of income and growth of capital) from investment than would be obtainable in UK government fixed interest securities (ie gilts) of similar maturities. The Fund invests mainly in sterling denominated corporate debt instruments. The Fund's exposure to corporate debt may be gained through the use of derivatives. Any currency exposures within the Fund may be managed by currency hedges into sterling. The Fund may also invest in other assets including collective investment schemes, other transferable securities and other debt instruments (including corporate debt and government and public securities denominated in any currency), cash and near cash, deposits, warrants, money market instruments and other derivative instruments.
New Objective
The Fund aims to provide income and capital growth. At least 70% of the Fund is invested in sterling-denominated corporate debt instruments. The Fund’s exposure to corporate debt may be gained through the use of derivatives. Derivatives may also be used for efficient portfolio management. Any currency exposures within the Fund may be managed by currency hedges into sterling. The Fund may also invest in collective investment schemes, other transferable securities and other debt instruments (including corporate debt and government and public securities denominated in any currency), cash, near cash, other money market securities, warrants and other derivative instruments.

  • M&G Episode Income Fund GBP A Accumulation (MGMUA)
  • M&G Episode Income Fund GBP A Income (MGMUI)

Old Objective
The Fund's aim is to generate a high and rising level of income over time through investment in a diversified range of assets. Subject to this the Fund aims to provide capital growth over the long term. The Fund invests in securities, fixed income assets, warrants, money market instruments, deposits and cash. Exposure to these assets, and to property, may also be gained via collective investment schemes and derivatives. The Manager may seek to minimise currency risk through a combination of diversification and hedging. Derivatives may also be used for efficient portfolio management purposes.
New Objective
The Fund aims to generate a growing level of income over any three-year period. The Fund also aims to provide capital growth of 2-4% over any three-year period. There is no guarantee that the Fund will achieve its objective over this, or any other, period. The income distributions and the value of your investment may rise and fall and investors may not recoup the original amount they invested. The fund manager adopts a flexible approach to the allocation of capital between asset classes in response to changes in economic conditions and the valuation of assets. Central to this approach is the identification of episodes, which are periods of time during which, in the fund manager’s view, asset prices become over- or under-stated, relative to objective valuation measures, due to the emotional reaction of investors to events. These episodes can exist over both the short and medium term. The Fund invests in transferable securities, fixed income assets (including, but not limited to, corporate bonds and government and public securities), warrants, cash, and near cash. Exposure to these assets, and to property, may be gained via collective investment schemes and derivatives (including equity index futures, currency forwards, interest rate swaps, and other liquid derivatives). The manager may seek to minimise currency risk through the combination of diversification and hedging. Derivatives may also be used for efficient portfolio management purposes. More than 70% of the Fund will be in sterling or hedged back to sterling.

  • M&G Episode Income Fund I Acc (MGSDA)
  • M&G Episode Income Fund I Inc (MGSDI)

Old Objective
The Fund's aim is to generate a high and rising level of income over time through investment in a diversified range of assets. Subject to this the Fund aims to provide capital growth over the long term. The Fund invests in securities, fixed income assets, warrants, money market instruments, deposits and cash. Exposure to these assets, and to property, may also be gained via collective investment schemes and derivatives. The Manager may seek to minimise currency risk through a combination of diversification and hedging. Derivatives may also be used for efficient portfolio management purposes.
New Objective
The Fund aims to generate a growing level of income over any three-year period. The Fund also aims to provide capital growth of 2-4% over any three-year period. There is no guarantee that the Fund will achieve its objective over this, or any other, period. The income distributions and the value of your investment may rise and fall and investors may not recoup the original amount they invested. The fund manager adopts a flexible approach to the allocation of capital between asset classes in response to changes in economic conditions and the valuation of assets. Central to this approach is the identification of episodes, which are periods of time during which, in the fund manager’s view, asset prices become over- or under-stated, relative to objective valuation measures, due to the emotional reaction of investors to events. These episodes can exist over both the short and medium term. The Fund invests in transferable securities, fixed income assets (including, but not limited to, corporate bonds and government and public securities), warrants, cash, and near cash. Exposure to these assets, and to property, may be gained via collective investment schemes and derivatives (including equity index futures, currency forwards, interest rate swaps, and other liquid derivatives). The manager may seek to minimise currency risk through the combination of diversification and hedging. Derivatives may also be used for efficient portfolio management purposes. More than 70% of the Fund will be in sterling or hedged back to sterling.

  • M&G European Corporate Bond A Acc (MGCEA)
  • M&G European Corporate Bond A Inc (MGCEI)

Old Objective
The Fund aims to maximise total return (the combination of income and growth of capital) while generating a higher level of income than that from European government bonds of similar maturities. The Fund invests mainly in investment grade corporate bonds denominated in any European currency. The Fund may also invest in high yield corporate bonds, government and public securities denominated in any European currency. The Fund's exposure to bonds, government and other public securities may be gained through the use of derivatives. The Fund may also invest in other assets, including collective investment schemes, other transferable securities, cash and near cash, deposits, warrants, money market instruments and other derivative instruments which may be denominated in any major global currency. Any non-European currency exposures within the fund may be managed by currency hedges in European currencies.
New Objective
The Fund aims to provide income and capital growth. At least 70% of the Fund is invested in investment grade corporate bonds denominated in any European currency. The Fund may also invest in high yield corporate bonds, government and public securities denominated in any European currency. The Fund’s exposure to bonds, government and other public securities may be gained through the use of derivatives. Derivatives may also be used for efficient portfolio management. The Fund may also invest in collective investment schemes, other transferable securities, cash, near cash, other money market instruments, warrants and other derivative instruments which may be denominated in any major global currency. More than 70% of the Fund will be in euro or hedged back to euro.

  • M&G European Corporate Bond Fund I Acc (MGCUA)
  • M&G European Corporate Bond Fund I Inc (MGCUI)

Old Objective
The Fund aims to maximise total return (the combination of income and growth of capital) while generating a higher level of income than that from European government bonds of similar maturities. The Fund invests mainly in investment grade corporate bonds denominated in any European currency. The Fund may also invest in high yield corporate bonds, government and public securities denominated in any European currency. The Fund's exposure to bonds, government and other public securities may be gained through the use of derivatives. The Fund may also invest in other assets, including collective investment schemes, other transferable securities, cash and near cash, deposits, warrants, money market instruments and other derivative instruments which may be denominated in any major global currency. Any non-European currency exposures within the fund may be managed by currency hedges in European currencies.
New Objective
The Fund aims to provide income and capital growth. At least 70% of the Fund is invested in investment grade corporate bonds denominated in any European currency. The Fund may also invest in high yield corporate bonds, government and public securities denominated in any European currency. The Fund’s exposure to bonds, government and other public securities may be gained through the use of derivatives. Derivatives may also be used for efficient portfolio management. The Fund may also invest in collective investment schemes, other transferable securities, cash, near cash, other money market instruments, warrants and other derivative instruments which may be denominated in any major global currency. More than 70% of the Fund will be in euro or hedged back to euro.

  • M&G European High Yield Bond A Acc (MGEHA)
  • M&G European High Yield Bond A Inc (MGEHI)
  • M&G European High Yield Bond I Acc (MGELA)
  • M&G European High Yield Bond I Inc (MGELI)
  • M&G European High Yield Bond X Inc (MGEYI)

Old Objective
The Fund aims to maximise total return (the combination of income and growth of capital) while generating a high level of income. The Fund mainly invests in higher yielding debt instruments denominated in any European currency and will normally be managed to give investors exposure to European currencies. The Fund's exposure to higher yielding debt instruments may be gained through the use of derivatives. The Fund may also invest in other assets including collective investment schemes, government and public securities and other transferable securities, cash and near cash, deposits, warrants, money market instruments and other derivative instruments which may be denominated in any major global currency. Any non-European currency exposures within the fund may be managed by currency hedges in European currencies.
New Objective
The Fund aims to provide income and capital growth. At least 70% of the Fund is invested in higher yielding debt instruments denominated in any European currency and will normally be managed to give investors exposure to European currencies. The Fund’s exposure to higher yielding debt instruments may be gained through the use of derivatives. Derivatives may also be used for efficient portfolio management. The Fund may also invest in collective investment schemes, government and public securities and other transferable securities, cash, near cash, other money market instruments, warrants and other derivative instruments which may be denominated in any major global currency. Any non-European currency exposures within the Fund may be managed by currency hedges in European currencies. More than 70% of the Fund will be in euro or hedged back to euro.

  • M&G Global Dividend Fund A Acc (MGGDA)
  • M&G Global Dividend Fund A Inc (MGGDI)
  • M&G Global Dividend Fund I Acc (MGLVA)
  • M&G Global Dividend Fund I Inc (MGLVI)

Old Objective
The Fund aims to deliver a dividend yield above the market average, by investing mainly in a range of global equities. The Fund aims to grow distributions over the long term whilst also maximising total return (the combination of income and growth of capital). The Fund's exposure to global equities may be gained through the use of derivatives. The Fund may invest across a wide range of geographies, sectors and market capitalisations. The Fund may also invest in other assets including collective investment schemes, other transferable securities, cash and near cash, deposits, warrants, money market instruments and derivatives.
New Objective
The Fund has three aims to deliver an income stream that increases every year, to deliver a yield above that available from the MSCI All Countries World Index over any five-year period, to deliver a higher total return (the combination of income and growth of capital) than that of the MSCI All Countries World Index over any five-year period. At least 70% of the Fund is invested in a range of global equities. The Fund may invest across a wide range of geographies, sectors and market capitalisations. The Fund may also invest in collective investment schemes, other transferable securities, cash, near cash, other money market securities, warrants and derivatives. The Fund’s exposure to global equities may be gained through the use of derivatives. Derivatives may be used for efficient portfolio management.

  • M&G Global Dividend Sterling X Inc (MEGDI)

Old Objective
The Fund aims to deliver a dividend yield above the market average, whilst aiming to increase annual distributions over the long term, by investing in a range of global equities. The Funds exposure to global equities may be gained through the use of derivatives. The Fund may invest across a wide range of geographies, sectors and market capitalisations. The Fund may also invest in other assets including collective investment schemes, other transferable securities, cash and near cash, deposits, warrants, money market instruments and derivatives.
New Objective
The Fund has three aims to deliver an income stream that increases every year, to deliver a yield above that available from the MSCI All Countries World Index over any five-year period, to deliver a higher total return (the combination of income and growth of capital) than that of the MSCI All Countries World Index over any five-year period. At least 70% of the Fund is invested in a range of global equities. The Fund may invest across a wide range of geographies, sectors and market capitalisations. The Fund may also invest in collective investment schemes, other transferable securities, cash, near cash, other money market securities, warrants and derivatives. The Fund’s exposure to global equities may be gained through the use of derivatives. Derivatives may be used for efficient portfolio management.

  • M&G Global High Yield Bond Fund A Acc (MGHYA)
  • M&G Global High Yield Bond Fund A Inc (MGHYI)
  • M&G Global High Yield Bond Fund I Acc (MGHIA)
  • M&G Global High Yield Bond Fund I Inc (MGHII)
  • M&G Global High Yield Bond X Acc (MGHCA)
  • M&G Global High Yield Bond X Inc (MGHCI)

Old Objective
The Fund is designed to maximise total return (the combination of income and growth of capital) while generating a high level of income. The Fund invests predominantly in higher yielding corporate debt instruments which may be denominated in sterling, European currencies and other major global currencies, should the investment managers deem them to be appropriate investments. The Fund's exposure to higher yielding corporate debt instruments may be gained through the use of derivatives and any currency exposures within the Fund may be managed by currency hedges into sterling. The Fund may also invest in other assets including collective investment schemes, government and public securities and other transferable securities, cash and near cash, deposits, warrants, money market instruments and other derivative instruments.
New Objective
The Fund aims to provide income and capital growth. At least 80% of the Fund is invested in higher yielding corporate debt instruments which may be denominated in sterling, European currencies and other major global currencies, should the investment managers deem them to be appropriate investments. The Fund’s exposure to higher yielding corporate debt instruments may be gained through the use of derivatives and any currency exposures within the Fund may be managed by currency hedges into sterling. Derivatives may also be used for efficient portfolio management. The Fund may also invest in collective investment schemes, government and public securities and other transferable securities, cash, near cash, other money market instruments, warrants and other derivative instruments. More than 80% of the Fund will be in sterling or hedged back to sterling.

  • M&G Pan European Dividend A Acc (MGPDA)
  • M&G Pan European Dividend Fund I Acc (MGPVA)
  • M&G Pan European Dividend Fund I Inc (MGPVI)

Old Objective
The Fund aims to deliver a dividend yield above the market average, by investing mainly in a range of European equities. The Fund aims to increase distributions over the long term whilst also maximising total return (the combination of income and growth of capital). The Fund's exposure to European equities may be gained through the use of derivatives. The Fund may invest across a wide range of geographies, sectors and market capitalisations. The Fund may also invest in other assets including collective investment schemes, other transferable securities, cash and near cash, deposits, warrants, money market instruments and derivatives.
New Objective
The Fund has three aims to deliver an income stream that increases every year, to deliver a yield above that available from the MSCI Europe Index over any five-year period, to deliver a higher total return (the combination of income and growth of capital) than that of the MSCI Europe Index over any five-year period. At least 70% of the Fund is invested in a range of European equities. The Fund may invest across a wide range of geographies, sectors and market capitalisations. The Fund may also invest in collective investment schemes, other transferable securities, cash, near cash, other money market securities, warrants and derivatives. The Fund’s exposure to European equities may be gained through the use of derivatives. Derivatives may be used for efficient portfolio management.

Effective date: 24 May 2017

  • Smith & Williamson Global Gove Bnd B Ac (SMGLA)
  • Smith & Williamson Global Gov Bnd B Inc (SMGLI)

Old Objective
To achieve total returns in excess of the Fund's benchmark, the FTSE Actuaries Govt Securities UK Gilts All Stocks Index. There can be no assurance that the Fund will achieve its investment objective.
New Objective
The Fund aims to provide long term capital growth. There can be no assurance that the Fund will achieve its investment objective.

Effective date: 08 May 2017

  • Premier Global Utilities Income Fd C In (PMGPI)
  • Premier Global Utilities Income C Acc (PMGUA)

Old 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. The Fund will hold mainly listed equities with no restriction on the proportion of the portfolio that may be invested in a single geographic region or industrial sector, but will seek to maintain a level of regional and sectoral diversification. Subject to the above, the Fund may also invest in other transferable securities, other collective investment schemes, money market instruments, cash and near cash, deposits, warrants and bonds in accordance with the rules in COLL. The Fund may also borrow and employ stocklending and underwriting techniques as permitted in COLL. The Fund may invest in derivatives and forward transactions for investment purposes as well as for the purposes of efficient portfolio management (including hedging).
New Objective
To seek to provide investors with a regular and growing income together with long-term capital growth, by investing globally in securities issued by companies operating in the Infrastructure industry. The Fund will invest (either directly or indirectly) in companies involved in ownership and operation of infrastructure assets, including (but not limited to) electricity, water, gas, telecommunications, airports, roads, railways, seaports and social infrastructure assets (such as hospitals and prisons). The Fund will hold principally listed equities, but also fixed income investments such as bonds (including hybrid and convertible bonds). The Fund will seek to maintain a reasonable level of regional and sectoral diversification. Subject to the above, the Fund may also invest in other transferable securities, collective investment schemes, approved money market instruments, cash and near cash, deposits and warrants in accordance with the rules in COLL. The Fund may also borrow and employ stock lending and underwriting techniques as permitted in COLL but currently does not do so. The Fund may invest in derivatives and forward transactions for investment purposes as well as for the purposes of efficient portfolio management (including hedging).

Effective date: 28 April 2017

  • Sarasin Global Higher Dividend (Sterling Hedged) A Inc (SAGHD)
  • Sarasin Global Higher Dividend (Sterling hedged) P Acc (SAHDA)
  • Sarasin Global Higher Dividend (Sterling hedged) P Inc (SAHDI)

Old Objective
'The Fund seeks to achieve an income at least 50% higher than the MSCI World Index and long-term capital growth, in sterling terms, through investment in company shares and their derivatives from across the world.Investment Policy. The Fund invests in shares which satisfy the Investment Advisers thematic process. It is not constrained by geography, sector or style but manages risk through a variety of theme characteristics.The Fund will not track an index. The Fund will seek to reduce the impact of currency volatility by hedging the majority of its overseas currency exposure back to Sterling. Derivatives (financial instruments whose value is linked to the expected future price movements of an underlying asset) may be used to meet the Funds investment objective. They may also be used to assist with the efficient management of the Fund, with the aim of reducing risk or costs, or generating additional capital or income.
New Objective
Sarasin Global Higher Dividend (Sterling Hedged) seeks to achieve long-term capital growth in Pounds Sterling terms whilst also generating an income yield of at least 50% higher than the MSCI World Index (Net). In order to achieve the investment objective, it is intended that the Fund will invest predominantly in global equities which satisfy one or more investment themes identified by the ACD that are expected to be key drivers of corporate profitability, investment performance and yield. The Fund may also invest in transferable securities, units in collective investment schemes, money market instruments, warrants, government and public securities and deposits. Cash and near cash may also be held by the Fund. It is the intention of the ACD that any foreign currency exposure should be hedged back into Pounds Sterling. This will typically be achieved via a currency future or currency option. It is intended that derivatives will be used and held by the Fund predominantly for the purpose of income generation. However, any positions entered into for income generation will be considered in the context of long-term capital growth. Derivatives may also be used to reduce volatility or protect investors’ capital. The Fund may also borrow and employ stocklending techniques in accordance with the rules in COLL. The Fund's investment powers in relation to derivatives and warrants means that for regulatory purposes it will be regarded as a high volatility fund. However, the Investment Manager's expectation is that the use of derivative techniques and investment in warrants will have the overall effect of reducing the volatility of returns, reflecting the investment policy for the Company generally.

  • Sarasin Global Higher Dividend I Inc (SAIEB)
  • Sarasin Global Higher Dividend P Acc (SAIPA)
  • Sarasin Global Higher Dividend P Inc (SAIPI)

Old Objective
The Fund's objective is a consistently attractive level of income and long term capital appreciation.
New Objective
Sarasin Global Higher Dividend seeks to achieve long-term capital growth whilst also generating an income yield of at least 50% higher than the MSCI World Index (Net). In order to achieve the investment objective, it is intended that the Fund will invest predominantly in global equities which satisfy one or more investment themes identified by the ACD that are expected to be key drivers of corporate profitability, investment performance and yield. The Fund may also invest in transferable securities, units in collective investment schemes, money market instruments, warrants, government and public securities and deposits. Cash and near cash may also be held by the Fund. It is intended that derivatives will be used and held by the Fund predominantly for the purpose of income generation. However, any positions entered into for income generation will be considered in the context of long-term capital growth. Derivatives may also be used to reduce volatility or protect investors’ capital. The Fund may also borrow and employ stocklending techniques in accordance with the rules in COLL. The Fund's investment powers in relation to derivatives and warrants means that for regulatory purposes it will be regarded as a high volatility fund. However, the Investment Manager's expectation is that the use of derivative techniques and investment in warrants will have the overall effect of reducing the volatility of returns, reflecting the investment policy for the Company generally.

Effective date: 07 April 2017

  • Aberdeen Cash Fund Acc (ABCAS)

Old Objective
'The investment objective of Aberdeen Cash Fund is to produce an attractive level of income commensurate with security principally by investing in cash deposits and money market instruments. The fund may also invest in transferable securities and in collective investment schemes, including those managed by the ACD or companies related to the ACD. The Fund is a money market fund as such term is defined by the COLL sourcebook, and the Fund's investment objectives and policies will meet the requirements of this definition on an ongoing basis.
New Objective
The investment objective of Aberdeen Sterling Money Market Fund is to produce a level of income commensurate with security principally by investing in cash deposits and money market instruments. The Fund may also invest in transferable securities and in collective investment schemes, including those managed by the ACD or companies affiliated with the ACD. The Fund is a money market fund as such term is defined by the COLL Sourcebook, and the Fund’s investment objectives and policies will meet the requirements of this definition on an ongoing basis.

  • Aberdeen Cash Fund (ABCSH)

Old Objective
'The investment objective of Aberdeen Cash Fund is to produce an attractive level of income commensurate with security principallyby investing in cash deposits and money market instruments. The Fund may also invest in transferable securities and in collectiveinvestment schemes, including those managed by the ACD or companies related to the ACD. The Fund is a money market fund assuch term is defined by the COLL sourcebook, and the Fund's investment objectives and policies will meet the requirements of thisdefinition on an ongoing basis.
New Objective
The investment objective of Aberdeen Sterling Money Market Fund is to produce a level of income commensurate with security principally by investing in cash deposits and money market instruments. The Fund may also invest in transferable securities and in collective investment schemes, including those managed by the ACD or companies affiliated with the ACD. The Fund is a money market fund as such term is defined by the COLL Sourcebook, and the Fund’s investment objectives and policies will meet the requirements of this definition on an ongoing basis.

  • Aberdeen Cash Fund I Acc (ABCIA)
  • Aberdeen Cash Fund I Inc (ABICI)

Old Objective
'To provide you with income by investing mostly in cash deposits and other investments which give a deposit-style return. The Fund may be suitable for short term investment and provides a higher degree of security than a stock market based fund. However, it may deliver a lower return than a higher risk fund.
New Objective
The investment objective of Aberdeen Sterling Money Market Fund is to produce a level of income commensurate with security principally by investing in cash deposits and money market instruments. The Fund may also invest in transferable securities and in collective investment schemes, including those managed by the ACD or companies affiliated with the ACD. The Fund is a money market fund as such term is defined by the COLL Sourcebook, and the Fund’s investment objectives and policies will meet the requirements of this definition on an ongoing basis.

Effective date: 05 April 2017

  • Schroder Global Multi-Asset Income Z Acc (SCGZA)
  • Schroder Global Multi-Asset Income Z Inc (SCGZI)

Old Objective
'The fund's investment objective is to provide income and capital growth over the medium to long term by investing globally in equities, bonds and alternative assets. The fund aims to provide investors with an annual distribution payment of between 4% to 6%. There is no guarantee that this objective will be met. There is a risk to an investor's capital. Unitholders may not get back the amount originally invested.The fund will actively allocate between a wide range of investments including: equities and equity related securities; bonds and other fixed or floating rate securities (including, but not limited to, asset-backed securities and mortgage-backed securities) issued by governments, government agencies, supra-national or corporate issuers; and alternative asset classes (including but not limited to commodities and real estate) indirectly through exchange traded funds or real estate investment trusts.
New Objective
The Fund aims to provide income and capital growth over the medium to long term by investing in equity and equity related securities, fixed and floating rate securities and alternative assets worldwide. The Fund aims to provide investors with an annual distribution payment of between 4% and 6% but this cannot be guaranteed and your capital is at risk. The Fund invests at least 80% of its assets (directly or indirectly through derivatives) in equity and equity related securities; fixed or floating rate securities issued by governments, government agencies, supra-national or corporate issuers; and alternative asset classes (including hedge fund strategies, commodities and real estate) indirectly through exchange traded funds or real estate investment trusts. As the Fund is index-unconstrained it is managed without reference to an index. The Fund may invest up to 60% of its assets in fixed or floating rate securities rated as BB+ or lower by Standard & Poor’s, or an equivalent rating by another rating agency. The Fund may invest up to 10% of its assets in fixed and floating rate securities rated as CCC or lower, by Standard & Poor’s or an equivalent rating by another rating agency, or in unrated securities. The Fund may invest up to 10% of its assets in collective investment schemes. The Fund may hold up to 20% of its assets in cash, deposits and money market instruments. The Fund may use derivatives with the aim of achieving investment gains, reducing risk or managing the Fund more efficiently. The Fund may use leverage and take short positions.

  • Schroder Asian Income Maximiser Inc (SCAII)

Old Objective
The fund's investment objective is to provide income with potential for capital growth primarily through investment in equity and equity related securities of Asian (ex Japan) companies. In order to generate additional income, the manager may selectively sell short dated call options over securities or portfolios of securities held by the fund, or indices, by setting individual target 'strike' prices at which those securities may be sold in the future. The manager is also permitted to sell put options on securities or portfolios of securities which are not held by the fund, or indices, at target prices that are pre-set below the current market level. The manager may also, for the purpose of efficient management, use derivative instruments which replicate the performance of a basket of short dated call options or a combination of equity securities and short dated call options.
New Objective
The Fund aims to provide income and capital growth by investing in equity and equity related securities of Asian companies, excluding Japan. The Fund invests at least 80% of its assets in equity and equity related securities of Asian companies, excluding Japan, which are selected for their long term income and capital growth potential. To seek to enhance the yield, the Investment Manager selectively sells short dated call options over individual securities, portfolios of securities or indices held by the Fund, by agreeing strike prices above which potential capital growth is sold. The Fund may also invest in collective investment schemes, warrants and money market instruments, and hold cash. The Fund may use derivatives with the aim of achieving investment gains, reducing risk or managing the Fund more efficiently. The Fund’s investment strategy will typically underperform a similar portfolio without derivatives in periods when the underlying stock prices are rising, and outperform when the underlying stock prices are falling.

  • Schroder Asian Alpha Plus Acc (SCAPA)
  • Schroder Asian Alpha Plus Inc (SCAPI)
  • Schroder Asian Alpha Plus Fund Z Accumulation (SZAAA)
  • Schroder Asian Alpha Plus Fund Z Income (SCAPZ)

Old Objective
'The fund's investment objective is to maximise capital growth through investment in securities of the Asia (ex Japan) region. The emphasis of the fund will be investment in Asian excluding Japanese companies. Fixed interest securities and real estate investment trusts (REITS) may be included in the portfolio. Investments will be primarily in directly held transferable securities. The fund may also invest in collective investment schemes, cash, deposits, derivatives, warrants and money market instruments.
New Objective
The Fund aims to provide capital growth by investing in equity and equity related securities of Asian companies, excluding Japan. The Fund invests at least 80% of its assets in equity and equity related securities of Asian companies, excluding Japan. The Fund benefits from the Investment Manager’s established research capabilities in the Asia (excluding Japan) region that identifies companies with positive cash flow, balance-sheet strength and valuation support. The Fund may also invest in fixed income securities, real estate investment trusts, collective investment schemes, warrants and money market instruments, and hold cash. The Fund may use derivatives with the aim of achieving investment gains, reducing risk or managing the Fund more efficiently.

  • Schroder European Fund Acc (SCEFA)
  • Schroder European Fund Inc (SCEFI)
  • Schroder European Fund Z Accumulation (SZEUA)
  • Schroder European Fund Z Income (SZEUI)
  • Schroder European Fund Z GBP Hedged Accumulation (SCEHA)
  • Schroder European Fund Z GBP Hedged Income (SCEHI)

Old Objective
'The fund's investment objective is to achieve capital growth through investment in European stock markets, excluding the UK. The core of investment will be in the larger market capitalisation stocks in the major European markets. The remainder of the portfolio will consist of investments in medium market capitalisation stocks and those drawn from the smaller European markets. The fund may also invest in a wide range of investments including transferable securities, collective investment schemes, warrants and money market instruments.
New Objective
The Fund aims to provide capital growth by investing in equity and equity related securities of European companies, excluding the UK. The Fund invests at least 80% of its assets in equity and equity related securities of large and mid-sized European companies, excluding the UK. These are companies that, at the time of purchase, are considered to be in the top 90% by market capitalisation of the European equities market. As the Fund is index-unconstrained it is managed without reference to an index. The Fund may also invest in collective investment schemes, warrants and money market instruments, and hold cash. The Fund may use derivatives with the aim of reducing risk or managing the Fund more efficiently.

  • Schroder UK Equity Acc (SCEQA)
  • Schroder UK Equity Inc (SCEQI)
  • Schroder UK Equity Fund Z Income (SZUEI)
  • Schroder UK Equity Fund Z Accumulation (SCEAZ)

Old Objective
'The fund's investment objective is to achieve capital growth through investment in UK equities. However, attention will be paid to maintaining a steady growth in income distribution. Investment will be in a balanced portfolio of good quality companies structured to produce a higher immediate income than is obtainable from funds concentrating entirely on capital growth. Investment will be in directly held transferable securities. The fund may also invest in collective investment schemes, warrants and money market instruments.
New Objective
The Fund aims to provide capital growth and income by investing in equity and equity related securities of UK companies. The Fund invests at least 80% of its assets in equity or equity related securities of UK companies. The Fund may also invest in collective investment schemes, fixed income securities, warrants and money market instruments, and hold cash. The Fund may use derivatives with the aim of reducing risk or managing the Fund more efficiently.

  • Schroder Asian Income Fund Acc (SCFEA)
  • Schroder Asian Income Fund Inc (SCFEI)
  • Schroder Asian Income Fund Z Accumulation (SCAAZ)
  • Schroder Asian Income Fund Z Income (SCAIZ)

Old Objective
'The fund's investment objective is to provide a growing income and capital growth for investors over the long term primarily through investment in equity and equity related securities of Asian companies which offer attractive yields and growing dividend payments. The emphasis of the fund will be investment in the Asia Pacific excluding Japan (including Australia and New Zealand) region. Investment will be in directly held transferable securities. The fund may also invest in collective investment schemes, warrants and money market instruments.
New Objective
The Fund aims to provide income and capital growth over the long term by investing in equity and equity related securities of Asia Pacific companies excluding Japan but including Australia and New Zealand. The Fund invests at least 80% of its assets in equity and equity related securities of Asia Pacific companies, excluding Japan but including Australia and New Zealand, which offer dividend payments. The Fund may also invest in collective investment schemes, fixed income securities, warrants and money market instruments, and hold cash. The Fund may use derivatives with the aim of reducing risk or managing the Fund more efficiently.

  • Schroder Absolute Return Bond Acc (SCGBA)
  • Schroder Absolute Return Bond Inc (SCGBI)
  • Schroder Absolute Return Bond Fund Z Accumulation (SZARA)
  • Schroder Absolute Return Bond Fund Z Income (SCBIZ)

Old Objective
The fund's investment objective is to achieve a positive return over rolling 12 month periods. To achieve the investment objective, the fund will invest primarily in a portfolio of bonds and other fixed and floating rate securities denominated in various currencies issued by governments, government agencies, supra-national and corporate issuers worldwide. The full spectrum of available securities, including non-investment grade, may be utilised. In addition, foreign currency strategies may also be employed. Investment will be primarily in directly held transferable securities. The Fund may also invest in collective investment schemes, derivatives, cash, deposits, warrants and money market instruments.
New Objective
The Fund aims to provide an absolute return by investing in fixed and floating rate securities issued by governments, government agencies and companies worldwide. Absolute return means the Fund seeks to provide a positive return over rolling 12-month periods, in all market conditions but this cannot be guaranteed and your capital is at risk. The Fund invests at least 80% of its assets directly, or indirectly through derivatives, in fixed and floating rate securities denominated in sterling (or in other currencies and hedged back into sterling) issued by governments, government agencies, supra-national and corporate issuers worldwide. As the Fund is index-unconstrained it is managed without reference to an index. The Fund may invest up to 50% of its assets in below investment grade securities as measured by Standard & Poor’s or an equivalent credit rating agency, or in unrated securities. The Fund may invest up to 100% of its assets in asset-backed securities and mortgage-backed securities. The Fund may also invest in collective investment schemes, warrants and money market instruments, and hold cash. The Fund may use derivatives with the aim of achieving investment gains, reducing risk or managing the Fund more efficiently. The Fund may use leverage and take short positions.

  • Schroder Global Equity Income Inc (SCGEI)

Old Objective
'The fund's investment objective is to provide income and capital growth for investors over the long term primarily through investment in equity and equity related securities of companies worldwide which offer attractive yields and sustainable dividend payments. Investment will be in directly held transferable securities. The fund may also invest in collective investment schemes, warrants and money market instruments.
New Objective
The Fund aims to provide income and capital growth by investing in equity and equity related securities of companies worldwide. The Fund invests at least 80% of its assets in equity and equity related securities of companies worldwide which offer sustainable dividend payments. The Fund seeks to invest in a diversified portfolio of equity and equity related securities whose dividend yield in aggregate is greater than the average market yield. Equities with below average dividend yield may be included in the portfolio when the Investment Manager considers that they have the potential to pay above average income in future. The Fund may also invest in collective investment schemes, warrants and money market instruments, and hold cash. The Fund may use derivatives with the aim of reducing risk or managing the Fund more efficiently.

  • Schroder UK Mid250 Acc (SCMIA)
  • Schroder UK Mid250 Inc (SCMII)
  • Schroder UK Mid 250 Fund Z Accumulation (SCDAZ)
  • Schroder UK Mid 250 Fund Z Income (SCDIZ)

Old Objective
'The fund's investment objective is to achieve long term capital growth by investing principally in companies listed in the FTSE 250 Index. The fund will invest principally in equities of companies whose shares are listed in the FT-SE 250 Ex- Investment Companies Index. However, the fund may also hold former components of, or expected entrants into, that index if in the opinion of the manager it may be advantageous to do so. Investment will be in directly held transferable securities. The fund may also invest in collective investment schemes, warrants and money market instruments.
New Objective
The Fund aims to provide long term capital growth by investing in equity and equity related securities of companies listed in the FTSE 250 Index. The Fund invests at least 80% of its assets in equity and equity related securities of UK companies listed in the FTSE 250 Ex- Investment Companies Index. The Investment Manager believes that these investments can potentially offer faster rates of profit and dividend growth and higher long-term returns than their larger counterparts. The Fund may also invest in former components of, or expected entrants into, that index if the Investment Manager believes it may be advantageous to do so. The Fund may also invest in collective investment schemes, warrants and money market instruments, and hold cash. The Fund may use derivatives with the aim of reducing risk or managing the Fund more efficiently.

  • Schroder Managed Wealth Portfolio Acc (SCMWA)
  • Schroder Managed Wealth Portfolio Z Accumulation (SZMWA)
  • Schroder Managed Wealth Portfolio Z Income (SZMWI)

Old Objective
'The fund's investment objective is to provide a total return primarily through investment in collective investment schemes as well as directly held transferable securities, derivatives, cash, deposits, warrants and money market instruments. The fund may also gain exposure to alternatives including hedge funds, private equity and property through investment in transferable securities which themselves invest in these asset classes.
New Objective
The Fund aims to provide capital growth and income by investing in equity and equity related securities, fixed and floating rate securities and alternative assets worldwide. The Fund aims to achieve a return in excess of cash over the long term (with an emphasis on managing risk) but this cannot be guaranteed and your capital is at risk. The Fund invests at least 80% of its assets (directly or indirectly through collective investment scheme, exchange traded funds, real estate investment trusts or closed ended funds) in equity and equity related securities, fixed and floating rate securities and alternative assets worldwide. As the Fund is index-unconstrained it is managed without reference to an index. The Fund may invest indirectly through collective investment schemes, exchange traded funds, real estate investment trusts or closed-ended funds in alternative assets including hedge funds strategies, property, private equity and commodities. The Fund seeks to generate sustainable returns over the long-term by blending a diversified range of assets, managers and strategies. The Fund may invest up to 100% of its assets in collective investment schemes managed by the Manager or an associate of the Manager. The Fund may also invest in warrants and money market instruments, and hold cash. The Fund may use derivatives with the aim of achieving investment gains, reducing risk or managing the Fund more efficiently.

  • Schroder Recovery Fund Acc (SCREA)
  • Schroder Recovery Fund Inc (SCREI)
  • Schroder Recovery Fund Z Accumulation (SZRYA)
  • Schroder Recovery Fund Z Income (SZRYI)

Old Objective
'The fund's investment objective is to achieve capital growth for investors through investment in companies that have suffered a severe setback. The fund invests primarily in UK quoted shares. The investments are selected from those companies that have suffered a severe setback in terms of profits or share prices, but where the management and the prospects are believed to be good. Investment will be in directly held transferable securities. The fund may also invest in collective investment schemes, derivatives, warrants and money market instruments.
New Objective
The Fund aims to provide capital growth by investing in equity and equity related securities of UK companies that have suffered a severe setback in either share price or profitability. The Fund invests at least 80% of its assets in equity and equity related securities of UK companies. As the Fund is index-unconstrained it is managed without reference to an index. The Fund applies a disciplined value investment approach, seeking to invest in a select portfolio of companies that the Investment Manager believes are significantly undervalued relative to their long-term earnings potential. The Fund may also invest in collective investment schemes, warrants and money market instruments, and hold cash. The Fund may use derivatives with the aim of achieving investment gains, reducing risk or managing the Fund more efficiently.

  • Schroder Asian Income Maximiser Z Accumulation (SZAXA)
  • Schroder Asian Income Maximiser Z Income (SZAXI)

Old Objective
'The fund's investment objective is to provide income with potential for capital growth primarily through investment in equity and equity related securities of Asian (ex Japan) companies. In order to generate additional income, the manager may selectively sell short dated call options over securities or portfolios of securities held by the fund, or indices, by setting individual target 'strike' prices at which those securities may be sold in the future. The manager is also permitted to sell put options on securities or portfolios of securities which are not held by the fund, or indices, at target prices that are pre-set below the current market level. The manager may also, for the purpose of efficient management, use derivative instruments which replicate the performance of a basket of short dated call options or a combination of equity securities and short dated call options.
New Objective
The Fund aims to provide income and capital growth by investing in equity and equity related securities of Asian companies, excluding Japan. The Fund invests at least 80% of its assets in equity and equity related securities of Asian companies, excluding Japan, which are selected for their long term income and capital growth potential. To seek to enhance the yield, the Investment Manager selectively sells short dated call options over individual securities, portfolios of securities or indices held by the Fund, by agreeing strike prices above which potential capital growth is sold. The Fund may also invest in collective investment schemes, warrants and money market instruments, and hold cash. The Fund may use derivatives with the aim of achieving investment gains, reducing risk or managing the Fund more efficiently. The Fund’s investment strategy will typically underperform a similar portfolio without derivatives in periods when the underlying stock prices are rising, and outperform when the underlying stock prices are falling.

  • Schroder Strategic Bond Fund Z Accumulation (SZSTA)
  • Schroder Strategic Bond Fund Z Income (SZSTI)

Old Objective
The fund's investment objective is to achieve a total return. The fund will invest in a portfolio of debt securities and other fixed and floating rate securities denominated in various currencies issued by governments, government agencies, supra-national and corporate issuers worldwide. The Fund may also invest in asset backed securities and mortgage backed securities. Derivative instruments may also be used to take long or short exposures to credit markets, interest rates, foreign exchange currency contracts and to various sectors within these markets. The full spectrum of available securities, including non-investment grade, may be utilised. The fund may also invest in collective investment schemes, cash, deposits, warrants and money market instruments for defensive purposes.
New Objective
The Fund aims to provide income and capital growth by investing in fixed and floating rate securities issued by governments, government agencies and companies worldwide. The Fund invests at least 80% of its assets in fixed and floating rate securities denominated in sterling (or in other currencies and hedged back into sterling) issued by governments, government agencies, supra-national and corporate issuers worldwide. As the Fund is index-unconstrained it is managed without reference to an index. The Fund may invest up to 40% of its assets in asset backed securities and mortgage backed securities. The Fund may invest up to 50% of its assets in below investment grade securities as measured by Standard & Poor’s or an equivalent credit rating agency, or in unrated securities. The Fund may also invest in collective investment schemes, warrants and money market instruments, and hold cash. The Fund may use derivatives with the aim of achieving investment gains, reducing risk or managing the Fund more efficiently. The Fund may use leverage and take short positions.

  • Schroder Global Equity Income Fund Z Accumulation (SZGEA)
  • Schroder Global Equity Income Fund Z Income (SZGEI)

Old Objective
'The fund's investment objective is to provide income and capital growth for investors over the long term primarily through investment in equity and equity related securities of companies worldwide which offer attractive yields and sustainable dividend payments. Investment will be in directly held transferable securities. The fund may also invest in collective investment schemes, warrants and money market instruments.
New Objective
The Fund aims to provide income and capital growth by investing in equity and equity related securities of companies worldwide. The Fund invests at least 80% of its assets in equity and equity related securities of companies worldwide which offer sustainable dividend payments. The Fund seeks to invest in a diversified portfolio of equity and equity related securities whose dividend yield in aggregate is greater than the average market yield. Equities with below average dividend yield may be included in the portfolio when the Investment Manager considers that they have the potential to pay above average income in future. The Fund may also invest in collective investment schemes, warrants and money market instruments, and hold cash. The Fund may use derivatives with the aim of reducing risk or managing the Fund more efficiently.

Effective date: 28 February 2017

  • Threadneedle Defensive Equity & Bond Fund Z Net Acc (THDQA)
  • Threadneedle Defensive Equity & Bond Institutional Net Accumulation (THDBA)
  • Threadneedle Defensive Equity & Bond RNA (THDEB)

Old Objective
To provide a return by way of capital growth and income from a defensively managed investment in regulated collective investment schemes operated, managed or advised by Threadneedle Investment Services Limited (or any company within the Group of which it is a member). The Trust may invest internationally and will invest primarily in collective investment schemes that invest in (i) fixed interest securities and/or (ii) equities of companies that are domiciled in the UK or have significant UK operations. The Trust may also invest in collective investment schemes that do not restrict their use of derivatives to efficient portfolio management up to a maximum amount of no more than 20% of the value of the Scheme Property. Further the Trust may also invest directly in cash, near cash and/or money market instruments.
New Objective
To provide a total return by way of income and capital growth. The Fund will invest at least two-thirds of its assets in other funds managed or operated by companies in the Threadneedle group. These funds may invest worldwide. The Fund will invest with a focus on funds that invest in fixed income securities, but will also have exposure to company shares, particularly the shares of UK companies or companies with significant UK operations. The Fund may also hold cash, near cash and money market instruments. Up to 20% of the value of the Fund may be invested in funds that invest in derivatives for purposes other than Efficient Portfolio Management.

  • Threadneedle Defensive Fund RNA (THDFB)
  • Threadneedle Defensive Fund Z Net Acc (THZNA)
  • Threadneedle Defensive Institutional Net Accumulation (THDFA)

Old Objective
To provide a total return primarily by way of income from a defensively managed investment in regulated collective investment schemes operated, managed or advised by Threadneedle Investment Services Limited (or any company within the Group of which it is a member). The Trust may invest internationally and will invest primarily in collective investment schemes that invest in fixed interest securities, cash or near cash. The Trust may also invest in collective investment schemes that invest in equities, and these collective investment schemes will not normally represent more than 20% of the portfolio. The Trust may also invest in collective investment schemes that do not restrict their use of derivatives to efficient portfolio management up to a maximum amount of 20% of the value of the Scheme Property. The Trust may also invest directly in cash, near cash and/or money market instruments.
New Objective
To provide income with potential for capital growth. The Fund will invest at least two-thirds of its assets in funds managed or operated by companies in the Threadneedle group. These funds may invest worldwide. The Fund will invest at least two-thirds of its assets in funds that invest in fixed income securities, but will also have some exposure to company shares. The Fund may also hold cash, near cash and money market instruments. Up to 20% of the value of the Fund may be invested in funds that invest in derivatives for purposes other than Efficient Portfolio Management.

  • Threadneedle Equity & Bond Fund RNA (THEQB)
  • Threadneedle Equity & Bond Fund Z Net Acc (THENA)
  • Threadneedle Equity & Bond Institutional Net Accumulation (THEBA)

Old Objective
To provide a return by way of capital growth and income from defensively managed investment in regulated collective investment schemes operated, managed or advised by Threadneedle Investment Services Limited (or any company within the Group of which it is a member). The Trust may invest internationally and will invest primarily in collective investment schemes that invest in equities, fixed interest securities, cash or near cash. The Trust may also invest in collective investment schemes that do not restrict their use of derivatives to efficient portfolio management up to a maximum amount of no more than 20% of the value of the Scheme Property. Further the Trust may also invest directly in cash, near cash and/or money market instruments.
New Objective
To provide a total return by way of capital growth and income. The Fund will invest at least two-thirds of its assets in funds managed or operated by companies in the Threadneedle group. These funds may invest worldwide. The Fund’s investments will be a balance of funds that invest in fixed income securities and funds that hold company shares. The Fund may also hold cash, near cash and money market instruments. Up to 20% of the value of the Fund may be invested in funds that invest in derivatives for purposes other than Efficient Portfolio Management.

  • Threadneedle Global Equity & Bond Fund RNA (THGEB)
  • Threadneedle Global Equity & Bond Fund Z Net Acc (THGNA)
  • Threadneedle Global Equity & Bond Institutional Net Accumulation (THGBA)

Old Objective
To provide capital growth with some income from investment in regulated collective investment schemes operated, managed or advised by Threadneedle Investment Services Limited (or any company within the Group of which it is a member). The Trust will invest internationally and will invest primarily in collective investment schemes that invest in equities, and/or fixed income securities. The Trust may also invest in collective investment schemes that do not restrict their use of derivatives to efficient portfolio management up to a maximum amount of no more than 20% of the value of the Scheme Property. Further the Trust may also invest directly in cash, near cash and/or money market instruments.
New Objective
To provide a total return by way of capital growth and income. The Fund will invest at least two-thirds of its assets in funds managed or operated by companies in the Threadneedle group. These funds may invest worldwide. The Fund will invest with a focus on funds that invest in company shares, but will also have exposure to fixed income securities. The Fund may also hold cash, near cash and money market instruments. Up to 20% of the value of the Fund may be invested in funds that invest in derivatives for purposes other than Efficient Portfolio Management.

  • Threadneedle Global Equity Fund RNA (THGLE)
  • Threadneedle Global Equity Fund Z Net Acc (THGQA)
  • Threadneedle Global Equity Institutional Net Accumulation (THGLA)

Old Objective
To provide above average capital growth from investment in regulated collective investment schemes managed, operated, or advised by Threadneedle Investment Services Limited (or any company within the Group of which it is a member). The Trust will invest internationally and will invest primarily in collective investment schemes that invest in equities. The Trust may also invest in collective investment schemes that do not restrict their use of derivatives to efficient portfolio management up to a maximum amount of no more than 20% of the value of the Scheme Property. Further the Trust may also invest directly in cash, near cash and/or money market instruments.
New Objective
To provide a return by way of capital growth. The Fund will invest at least two-thirds of its assets in funds managed or operated by companies in the Threadneedle group. These funds may invest worldwide. The Fund will invest at least two-thirds of its assets in funds that invest in company shares, but also have some exposure to fixed income securities. The Fund may also hold cash, near cash and money market instruments. Up to 20% of the value of the Fund may be invested in funds that invest in derivatives for purposes other than Efficient Portfolio Management.

  • Threadneedle Managed Income Fund Retail Net Income (THMAI)
  • Threadneedle Managed Income Fund Z Net Inc (THZNI)
  • Threadneedle Managed Income Institutional Net Income (THMII)

Old Objective
To provide a growing income with capital growth prospects from investment in regulated collective investment schemes operated, managed or advised by Threadneedle Investment Services Limited (or any company within the Group of which it is a member). The Trust may invest internationally and will invest primarily in collective investment schemes that invest in equities, fixed interest securities, cash or near cash. The Trust may also invest in collective investment schemes that do not restrict their use of derivatives to efficient portfolio management up to a maximum amount of no more than 20% of the value of the Scheme Property. Further the Trust may also invest directly in cash, near cash and/or money market instruments.
New Objective
To provide a growing income with potential for capital growth. The Fund will invest at least two-thirds of its assets in funds managed or operated by companies in the Threadneedle group. These funds may invest worldwide. The Fund will invest at least two-thirds of its assets in funds that invest in company shares, but will also have some exposure to fixed income securities. The Fund may also hold cash, near cash and money market instruments. Up to 20% of the value of the Fund may be invested in funds that invest in derivatives for purposes other than Efficient Portfolio Management.

Effective date: 17 February 2017

  • Schroder Monthly High Income Acc (SCMHA)
  • Schroder Monthly High Income Fund Z Acc (SZHIA)
  • Schroder Monthly High Income Fund Z Inc (SZHII)
  • Schroder Monthly High Income Inc (SCMHI)

Old Objective
The Fund’s investment objective is to achieve a high level of income from a diversified portfolio of debt securities. The full spectrum of available securities, including unrated issues and those of non-investment grade, will be utilised. Investment will be in directly held transferable securities. The Fund may also invest in collective investment schemes, derivatives, warrants and money market instruments.
New Objective
The Fund aims to provide income by investing in fixed and floating rate securities worldwide. The Fund also aims to provide capital growth. The Fund invests at least 80% of its assets in fixed and floating rate securities (denominated in or hedged back into Sterling) issued by governments, government agencies, supra-nationals and companies worldwide. As the Fund is index-unconstrained it is managed without reference to an index. The Fund invests at least 50% of its assets in Pan-European fixed and floating rate securities. The Fund invests at least 80% of its assets in below investment grade securities (as measured by Standard & Poor’s or any other equivalent credit rating agencies) or in unrated securities. The Fund may also invest in collective investment schemes, warrants and money market instruments, and hold cash. The Fund may use derivatives with the aim of achieving investment gains, reducing risk or managing the Fund more. The Fund may use leverage and take short positions.

Effective date: 16 December 2016

  • M&G Extra Income Fund A Acc (MGEXA)
  • M&G Extra Income Fund A Inc (MGEXI)
  • M&G Extra Income Fund I Acc (MGETA)
  • M&G Extra Income Fund I Inc (MGETI)
  • M&G Extra Income X Inc (MGEII)

Old Objective
To deliver a high and rising income stream by investing at least 70% of the Fund in the shares of UK companies. The Fund targets a yield (annual income distributed as a percentage of the share price) that is 50% higher than that of the FTSE All-Share Index, but this may vary in the short term. The level of income provided may also vary over time. Secondary to this, the Fund aims to grow capital. The Fund focuses on good-quality but undervalued stocks that offer a high income by identifying those companies that exhibit the following qualities: strong business operations, good cash flows and attractive dividend growth prospects. The Fund may also invest in high-quality, sterling-denominated fixed income securities that offer a high income, typically those issued by companies. Although this emphasis gives the Fund a bias towards the sectors of the market that typically offer a high income, it aims to be broadly spread across a variety of businesses. Derivatives may be used to reduce risk, minimise costs and generate additional capital and/or income. Derivatives are financial instruments whose value is linked to the expected future price movements of an underlying asset
New Investment Objective
The Fund aims to increase income distributions over time and targets a yield greater than that of the FTSE All-Share Index. Although income will be the primary consideration, the investment manager will also aim for capital growth. At least 70% of the Fund will be invested in UK equities. Exposure to UK equities may be gained by investing in other collective investment schemes. The Fund focuses on good-quality but undervalued stocks that offer a higher income than the FTSE All-Share Index by identifying those companies that exhibit the following qualities: strong business operations, good cash flows and attractive dividend growth prospects. The Fund may also invest in sterling-denominated fixed income securities. Cash and near cash may be held for ancillary purposes and derivatives may be used for efficient portfolio management and hedging purposes.

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