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Fund launches, changes and mergers

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: 29 September 2017

  • JPM Asia Fund C - Net Accumulation (SPASA)
  • JPM Asia Fund C - Net Income (SPAFI)
  • JPM Asia Fund A Acc (SPASI)

Old Objective
To provide long-term capital growth from investment primarily in the securities of companies quoted or trading in Asia (excluding Japan).
New Objective
To provide long term capital growth by investing primarily in a concentrated portfolio of growth biased companies in Asia (excluding Japan). At least 67% of the Sub-Funds assets (excluding cash and cash equivalents) will be invested in a growth biased portfolio of equity securities of companies (including smaller capitalisation companies) that are domiciled in, or carrying out the main part of their economic activity in, an Asian country (excluding Japan). The Sub-Funds portfolio is concentrated in approximately 40 to 60 companies. Certain countries in Asia may be considered emerging market countries.

Effective date: 20 September 2017

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

Old 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 & Poors 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.
New Objective
The Fund aims to provide an absolute return of 3 month LIBOR plus 2% (gross of fees) over rolling 12-month periods by gaining exposure to 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 & Poors 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.

Effective date: 18 September 2017

  • TM Cavendish Worldwide Fund B Inc (CAWWI)
  • TM Cavendish Worldwide Fund C Acc (CAWWA)

Old Objective
The Fund shall invest mainly in equity securities of companies listed on stock exchanges anywhere in the world, that the fund manager determines offer good growth prospects and/or offer reasonable value in the medium term to long term. There will be no restrictions on the countries or industrial sectors invested in. The Fund may also invest in the following types of assets located anywhere in the world; other transferable securities (including, government and public securities, other debt instruments), cash and near cash, deposits and money market instruments. Derivative instruments may be used for efficient portfolio management purposes only.
New Objective
The Fund shall invest mainly in equity securities of companies listed on stock exchanges anywhere in the world. There will be no restrictions on the countries, regions or industrial sectors in which invested. Equally there will be no presumption or expectation that the Fund will maintain asset allocation across all countries, regions or industrial sectors on an ongoing basis. The Fund will be free to invest globally, but there may be a bias towards one or more countries, regions or industrial sectors to the exclusion of other countries, regions or industrial sectors. The Fund may also invest in the following types of assets located anywhere in the world: other transferable securities (such as government and public securities, other debt instruments and exchange traded funds); cash and near cash; deposits; other regulated collective investment schemes, and money market instruments. Derivatives may be used for efficient portfolio management only.

Effective date: 08 September 2017

      • HSBC Japan Index Retail Income (HSJII)

Old Objective
The objective of this sub fund is to provide long term capital growth by matching the return of the FTSE World Japan Index. The investment policy of this sub fund is to invest in companies that make up the FTSE World Japan Index. The ACD reserves the right to exercise the full powers of the fund in relation to borrowing and efficient portfolio management as and when it considers that the circumstances which then exist make it appropriate to do so. The scheme property may also not consist of the exact composition and weighting of the underlying in the index in circumstances where the ACD determines that this is expedient for reasons of poor liquidity or excessive cost to the fund.
New Objective
The objective of this sub fund is to provide long term capital growth by matching the return of the FTSE World Japan Index. To invest in companies that makes up the FTSE Japan Index. The fund may invest in financial derivative instruments for efficient portfolio management with a level of risk that is consistent with the overall risk profile of the fund. The fund does not intend to use financial derivative instruments extensively. The fund may hold cash and collective investment schemes, including collective investment schemes managed or operated by the ACD or an associate of the ACD, to manage day-to-day cash flow requirements. The scheme property may also not consist of the exact composition and weighting of the underlying in the index in circumstances where the ACD determines that this is appropriate for reasons of poor liquidity, excessive cost to the fund or where there are investment restrictions due to regulations or the ACDs cluster munitions and controversial weapons policy.

      • HSBC Japan Index Fund (HSJIN)

Old Objective
The objective of this sub fund is to provide long term capital growth by matching the return of the FTSE World Japan Index. The investment policy of this sub fund is to invest in companies that make up the FTSE World Japan Index. The ACD reserves the right to exercise the full powers of the fund in relation to borrowing and efficient portfolio management as and when it considers that the circumstances which then exist make it appropriate to do so. The scheme property may also not consist of the exact composition and weighting of the underlying in the index in circumstances where the ACD determines that this is expedient for reasons of poor liquidity or excessive cost to the fund.
New Objective
The objective of this sub fund is to provide long term capital growth by matching the return of the FTSE World Japan Index. To invest in companies that makes up the FTSE Japan Index. The fund may invest in financial derivative instruments for efficient portfolio management with a level of risk that is consistent with the overall risk profile of the fund. The fund does not intend to use financial derivative instruments extensively. The fund may hold cash and collective investment schemes, including collective investment schemes managed or operated by the ACD or an associate of the ACD, to manage day-to-day cash flow requirements. The scheme property may also not consist of the exact composition and weighting of the underlying in the index in circumstances where the ACD determines that this is appropriate for reasons of poor liquidity, excessive cost to the fund or where there are investment restrictions due to regulations or the ACDs cluster munitions and controversial weapons policy.

      • HSBC Pacific Index Fund Acc (HSPAC)

Old Objective
The objective of this sub fund is to provide long term capital growth by matching the return of the FTSE World Asia Pacific excluding Japan Index. The investment policy of this sub fund is to invest in companies that make up the FTSE World Pacific excluding Japan Index. The ACD reserves the right to exercise the full powers of the fund in relation to borrowing and efficient portfolio management as and when it considers that the circumstances which then exist make it appropriate to do so. The scheme property may also not consist of the exact composition and weighting of the underlying in the index in circumstances where the ACD determines that this is expedient for reasons of poor liquidity or excessive cost to the fund.
New Objective
The objective of this sub fund is to provide long term capital growth by matching the return of the FTSE World Asia Pacific excluding Japan Index. To invest in companies that makes up the FTSE World Asia Pacific excluding Japan Index. The fund may invest in financial derivative instruments for efficient portfolio management with a level of risk that is consistent with the overall risk profile of the fund. The fund does not intend to use financial derivative instruments extensively. The fund may hold cash and collective investment schemes, including collective investment schemes managed or operated by the ACD or an associate of the ACD, to manage day-to-day cash flow requirements. The scheme property may also not consist of the exact composition and weighting of the underlying in the index in circumstances where the ACD determines that this is appropriate for reasons of poor liquidity, excessive cost to the fund or where there are investment restrictions due to regulations or the ACDs cluster munitions and controversial weapons policy.

      • HSBC Pacific Index Retail Income (HSPII)

Old Objective
The objective of this sub fund is to provide long term capital growth by matching the return of the FTSE World Pacific excluding Japan Index. The investment policy of this sub fund is to invest in companies that make up the FTSE World Pacific excluding Japan Index. The ACD reserves the right to exercise the full powers of the fund in relation to borrowing and efficient portfolio management as and when it considers that the circumstances which then exist make it appropriate to do so. The scheme property may also not consist of the exact composition and weighting of the underlying in the index in circumstances where the ACD determines that this is expedient for reasons of poor liquidity or excessive cost to the fund.
New Objective
The objective of this sub fund is to provide long term capital growth by matching the return of the FTSE World Asia Pacific excluding Japan Index. To invest in companies that makes up the FTSE World Asia Pacific excluding Japan Index. The fund may invest in financial derivative instruments for efficient portfolio management with a level of risk that is consistent with the overall risk profile of the fund. The fund does not intend to use financial derivative instruments extensively. The fund may hold cash and collective investment schemes, including collective investment schemes managed or operated by the ACD or an associate of the ACD, to manage day-to-day cash flow requirements. The scheme property may also not consist of the exact composition and weighting of the underlying in the index in circumstances where the ACD determines that this is appropriate for reasons of poor liquidity, excessive cost to the fund or where there are investment restrictions due to regulations or the ACDs cluster munitions and controversial weapons policy.

      • HSBC American Index Retail Income (HSAII)

Old Objective
The objective of this sub fund is to provide long term capital growth by matching the return of the S&P's 500 Index. The investment policy of this sub fund is to invest in companies that make up the S&P's 500 Index. The ACD reserves the right to exercise the full powers of the fund in relation to borrowing and efficient portfolio management as and when it considers that the circumstances which then exist make it appropriate to do so. The scheme property may also not consist of the exact composition and weighting of the underlying in the index in circumstances where the ACD determines that this is expedient for reasons of poor liquidity or excessive cost to the fund.
New Objective
The objective of this sub fund is to provide long term capital growth by matching the return of the S&P's 500 Index. To invest in companies that make up the S&P’s 500 Index. The fund may invest in financial derivative instruments for efficient portfolio management with a level of risk that is consistent with the overall risk profile of the fund. The fund does not intend to use financial derivative instruments extensively. The fund may hold cash and collective investment schemes, including collective investment schemes managed or operated by the ACD or an associate of the ACD, to manage day-to-day cash flow requirements. The scheme property may also not consist of the exact composition and weighting of the underlying in the index in circumstances where the ACD determines that this is appropriate for reasons of poor liquidity, excessive cost to the fund or where there are investment restrictions due to regulations or the ACDs cluster munitions and controversial weapons policy.

      • HSBC American Index Fund Acc (HSAMI)

Old Objective
The objective of this sub fund is to provide long term capital growth by matching the return of the S&P's 500 Index. The investment policy of this sub fund is to invest in companies that make up the S&P's 500 Index. The ACD reserves the right to exercise the full powers of the fund in relation to borrowing and efficient portfolio management as and when it considers that the circumstances which then exist make it appropriate to do so. The scheme property may also not consist of the exact composition and weighting of the underlying in the index in circumstances where the ACD determines that this is expedient for reasons of poor liquidity or excessive cost to the fund.
New Objective
The objective of this sub fund is to provide long term capital growth by matching the return of the S&P's 500 Index. To invest in companies that make up the S&P’s 500 Index. The fund may invest in financial derivative instruments for efficient portfolio management with a level of risk that is consistent with the overall risk profile of the fund. The fund does not intend to use financial derivative instruments extensively. The fund may hold cash and collective investment schemes, including collective investment schemes managed or operated by the ACD or an associate of the ACD, to manage day-to-day cash flow requirements. The scheme property may also not consist of the exact composition and weighting of the underlying in the index in circumstances where the ACD determines that this is appropriate for reasons of poor liquidity, excessive cost to the fund or where there are investment restrictions due to regulations or the ACDs cluster munitions and controversial weapons policy.

      • HSBC European Index Retail Income (HSEII)

Old Objective
The objective of this sub fund is to provide long term capital growth by matching the return of the FTSE World Europe excluding UK Index. The investment policy of this sub fund is to invest in companies that make up the FTSE World Europe excluding UK Index. The ACD reserves the right to exercise the full powers of the fund in relation to borrowing and efficient portfolio management as and when it considers that the circumstances which then exist make it appropriate to do so. The scheme property may also not consist of the exact composition and weighting of the underlying in the index in circumstances where the ACD determines that this is expedient for reasons of poor liquidity or excessive cost to the fund.
New Objective
The objective of this sub fund is to provide long term capital growth by matching the return of the FTSE World Europe excluding UK Index. To invest in companies that makes up the FTSE Developed Europe excluding UK Index. The fund may invest in financial derivative instruments for efficient portfolio management with a level of risk that is consistent with the overall risk profile of the fund. The fund does not intend to use financial derivative instruments extensively. The fund may hold cash and collective investment schemes, including collective investment schemes managed or operated by the ACD or an associate of the ACD, to manage day-to-day cash flow requirements. The scheme property may also not consist of the exact composition and weighting of the underlying in the index in circumstances where the ACD determines that this is appropriate for reasons of poor liquidity, excessive cost to the fund or where there are investment restrictions due to regulations or the ACDs cluster munitions and controversial weapons policy.

      • HSBC European Index Fund (HSEUI)

Old Objective
'The objective of this sub fund is to provide long term capital growth by matching the return of the FTSE Developed Europe excluding UK Index. The investment policy of this sub fund is to invest in companies that make up the FTSE Developed Europe excluding UK Index. The ACD reserves the right to exercise the full powers of the fund in relation to borrowing and efficient portfolio management as and when it considers that the circumstances which then exist make it appropriate to do so. The scheme property may also not consist of the exact composition and weighting of the underlying in the index in circumstances where the ACD determines that this is expedient for reasons of poor liquidity or excessive cost to the fund.
New Objective
The objective of this sub fund is to provide long term capital growth by matching the return of the FTSE World Europe excluding UK Index. To invest in companies that makes up the FTSE Developed Europe excluding UK Index. The fund may invest in financial derivative instruments for efficient portfolio management with a level of risk that is consistent with the overall risk profile of the fund. The fund does not intend to use financial derivative instruments extensively. The fund may hold cash and collective investment schemes, including collective investment schemes managed or operated by the ACD or an associate of the ACD, to manage day-to-day cash flow requirements. The scheme property may also not consist of the exact composition and weighting of the underlying in the index in circumstances where the ACD determines that this is appropriate for reasons of poor liquidity, excessive cost to the fund or where there are investment restrictions due to regulations or the ACDs cluster munitions and controversial weapons policy.

      • HSBC FTSE Allshare Index Institutional A Acc (HSFII)

Old Objective
The objective of this sub fund is to provide long term capital growth by matching the return of the FTSE All-Share Index. The investment policy of this sub fund is to invest in companies that make up the FTSE All-Share Index. The ACD reserves the right to exercise the full powers of the fund in relation to borrowing and efficient portfolio management as and when it considers that the circumstances which then exist make it appropriate to do so. The scheme property may also not consist of the exact composition and weighting of the underlying in the index in circumstances where the ACD determines that this is expedient for reasons of poor liquidity or excessive cost to the fund.
New Objective
The objective of this sub fund is to provide long term capital growth by matching the return of the FTSE All-Share Index. To invest in companies that makes up the FTSE All-Share Index. The fund may invest in financial derivative instruments for efficient portfolio management with a level of risk that is consistent with the overall risk profile of the fund. The fund does not intend to use financial derivative instruments extensively. The fund may hold cash and collective investment schemes, including collective investment schemes managed or operated by the ACD or an associate of the ACD, to manage day-to-day cash flow requirements. The scheme property may also not consist of the exact composition and weighting of the underlying in the index in circumstances where the ACD determines that this is appropriate for reasons of poor liquidity, excessive cost to the fund or where there are investment restrictions due to regulations or the ACDs cluster munitions and controversial weapons policy.

      • HSBC FTSE 100 Index Acc (HSFTA)

Old Objective
The objective of this sub fund is to provide long term capital growth by matching the return of the FTSE 100 Index. The investment policy of this sub fund is to invest in companies that make up the FTSE 100 Index. The ACD reserves the right to exercise the full powers of the fund in relation to borrowing and efficient portfolio management as and when it considers that the circumstances which then exist make it appropriate to do so. The scheme property may also not consist of the exact composition and weighting of the underlying in the index in circumstances where the ACD determines that this is expedient for reasons of poor liquidity or excessive cost to the fund.
New Objective
The objective of this sub fund is to provide long term capital growth by matching the return of the FTSE 100 Index. To invest in companies that makes up the FTSE 100 Index. The fund may invest in financial derivative instruments for efficient portfolio management with a level of risk that is consistent with the overall risk profile of the fund. The fund does not intend to use financial derivative instruments extensively. The fund may hold cash and collective investment schemes, including collective investment schemes managed or operated by the ACD or an associate of the ACD, to manage day-to-day cash flow requirements. The scheme property may also not consist of the exact composition and weighting of the underlying in the index in circumstances where the ACD determines that this is appropriate for reasons of poor liquidity, excessive cost to the fund or where there are investment restrictions due to regulations or the ACDs cluster munitions and controversial weapons policy.

      • HSBC FTSE 250 Index Acc (HSFTC)

Old Objective
The objective of this sub fund is to provide long term capital growth by matching the return of the FTSE 250 Index. The investment policy of this sub fund is to invest in companies that make up the FTSE 250 Index. The ACD reserves the right to exercise the full powers of the fund in relation to borrowing and efficient portfolio management as and when it considers that the circumstances which then exist make it appropriate to do so. The scheme property may also not consist of the exact composition and weighting of the underlying in the index in circumstances where the ACD determines that this is expedient for reasons of poor liquidity or excessive cost to the fund.
New Objective
The objective of this sub fund is to provide long term capital growth by matching the return of the FTSE 250 Index. To invest in companies that makes up the FTSE 250 Index. The fund may invest in financial derivative instruments for efficient portfolio management with a level of risk that is consistent with the overall risk profile of the fund. The fund does not intend to use financial derivative instruments extensively. The fund may hold cash and collective investment schemes, including collective investment schemes managed or operated by the ACD or an associate of the ACD, to manage day-to-day cash flow requirements. The scheme property may also not consist of the exact composition and weighting of the underlying in the index in circumstances where the ACD determines that this is appropriate for reasons of poor liquidity, excessive cost to the fund or where there are investment restrictions due to regulations or the ACDs cluster munitions and controversial weapons policy.

      • HSBC FTSE 100 Index Inc (HSFTE)

Old Objective
The objective of this sub fund is to provide long term capital growth by matching the return of the FTSE 100 Index. The investment policy of this sub fund is to invest in companies that make up the FTSE 100 Index. The ACD reserves the right to exercise the full powers of the fund in relation to borrowing and efficient portfolio management as and when it considers that the circumstances which then exist make it appropriate to do so. The scheme property may also not consist of the exact composition and weighting of the underlying in the index in circumstances where the ACD determines that this is expedient for reasons of poor liquidity or excessive cost to the fund.
New Objective
The objective of this sub fund is to provide long term capital growth by matching the return of the FTSE 100 Index. To invest in companies that makes up the FTSE 100 Index. The fund may invest in financial derivative instruments for efficient portfolio management with a level of risk that is consistent with the overall risk profile of the fund. The fund does not intend to use financial derivative instruments extensively. The fund may hold cash and collective investment schemes, including collective investment schemes managed or operated by the ACD or an associate of the ACD, to manage day-to-day cash flow requirements. The scheme property may also not consist of the exact composition and weighting of the underlying in the index in circumstances where the ACD determines that this is appropriate for reasons of poor liquidity, excessive cost to the fund or where there are investment restrictions due to regulations or the ACDs cluster munitions and controversial weapons policy.

      • HSBC FTSE 250 Index Inc (HSFTS)

Old Objective
The objective of this sub fund is to provide long term capital growth by matching the return of the FTSE 250 Index. The investment policy of this sub fund is to invest in companies that make up the FTSE 250 Index. The ACD reserves the right to exercise the full powers of the fund in relation to borrowing and efficient portfolio management as and when it considers that the circumstances which then exist make it appropriate to do so. The scheme property may also not consist of the exact composition and weighting of the underlying in the index in circumstances where the ACD determines that this is expedient for reasons of poor liquidity or excessive cost to the fund.
New Objective
The objective of this sub fund is to provide long term capital growth by matching the return of the FTSE 250 Index. To invest in companies that makes up the FTSE 250 Index. The fund may invest in financial derivative instruments for efficient portfolio management with a level of risk that is consistent with the overall risk profile of the fund. The fund does not intend to use financial derivative instruments extensively. The fund may hold cash and collective investment schemes, including collective investment schemes managed or operated by the ACD or an associate of the ACD, to manage day-to-day cash flow requirements. The scheme property may also not consist of the exact composition and weighting of the underlying in the index in circumstances where the ACD determines that this is appropriate for reasons of poor liquidity, excessive cost to the fund or where there are investment restrictions due to regulations or the ACDs cluster munitions and controversial weapons policy.

      • HSBC UK Gilt Index Fund Acc (HSUGA)

Old Objective
To provide income from an underlying portfolio of gilts that matches the return of the FTSE British Government All Stocks Total Return Index before charges and tax are deducted. To invest in gilts that make up the FTSE British Government All Stocks Total Return Index. The ACD reserves the right to exercise the full powers of the fund in relation to borrowing and efficient portfolio management as and when it considers that the circumstances which then exist make it appropriate to do so. The scheme property may also not consist of the exact composition and weighting of the underlying stocks in the index.
New Objective
To invest in gilts that make up the FTSE Actuaries UK Conventional Gilts All Stocks Index. The fund may invest in financial derivative instruments for efficient portfolio management with a level of risk that is consistent with the overall risk profile of the fund. The fund does not intend to use financial derivative instruments extensively. The fund may hold cash and collective investment schemes, including collective investment schemes managed or operated by the ACD or an associate of the ACD, to manage day-to-day cash flow requirements. The scheme property may also not consist of the exact composition and weighting of the underlying stocks in the index.

      • HSBC FTSE All-Share Index Acc (HSUKA)

Old Objective
The objective of this sub fund is to provide long term capital growth by matching the return of the FTSE All-Share Index. The investment policy of this sub fund is to invest in companies that make up the FTSE All-Share Index. The ACD reserves the right to exercise the full powers of the fund in relation to borrowing and efficient portfolio management as and when it considers that the circumstances which then exist make it appropriate to do so. The scheme property may also not consist of the exact composition and weighting of the underlying in the index in circumstances where the ACD determines that this is expedient for reasons of poor liquidity or excessive cost to the fund.
New Objective
The objective of this sub fund is to provide long term capital growth by matching the return of the FTSE All-Share Index. To invest in companies that makes up the FTSE All-Share Index. The fund may invest in financial derivative instruments for efficient portfolio management with a level of risk that is consistent with the overall risk profile of the fund. The fund does not intend to use financial derivative instruments extensively. The fund may hold cash and collective investment schemes, including collective investment schemes managed or operated by the ACD or an associate of the ACD, to manage day-to-day cash flow requirements. The scheme property may also not consist of the exact composition and weighting of the underlying in the index in circumstances where the ACD determines that this is appropriate for reasons of poor liquidity, excessive cost to the fund or where there are investment restrictions due to regulations or the ACDs cluster munitions and controversial weapons policy.

      • HSBC FTSE All-Share Index Inc (HSUKI)

Old Objective
The objective of this sub fund is to provide long term capital growth by matching the return of the FTSE All-Share Index. The investment policy of this sub fund is to invest in companies that make up the FTSE All-Share Index. The ACD reserves the right to exercise the full powers of the fund in relation to borrowing and efficient portfolio management as and when it considers that the circumstances which then exist make it appropriate to do so. The scheme property may also not consist of the exact composition and weighting of the underlying in the index in circumstances where the ACD determines that this is expedient for reasons of poor liquidity or excessive cost to the fund.
New Objective
The objective of this sub fund is to provide long term capital growth by matching the return of the FTSE All-Share Index. To invest in companies that makes up the FTSE All-Share Index. The fund may invest in financial derivative instruments for efficient portfolio management with a level of risk that is consistent with the overall risk profile of the fund. The fund does not intend to use financial derivative instruments extensively. The fund may hold cash and collective investment schemes, including collective investment schemes managed or operated by the ACD or an associate of the ACD, to manage day-to-day cash flow requirements. The scheme property may also not consist of the exact composition and weighting of the underlying in the index in circumstances where the ACD determines that this is appropriate for reasons of poor liquidity, excessive cost to the fund or where there are investment restrictions due to regulations or the ACDs cluster munitions and controversial weapons policy.

      • HSBC European Index Fund Acc C (HCEIA)

Old Objective
The Fund's investment objective is to provide long term capital growth by matching the capital performance of the FTSE Developed Europe excluding UK Index. Investment Policy - To invest in companies that make up the FTSE Developed Europe excluding UK Index. The ACD reserves the right the exercise the full powers of the fund in relation to borrowing and efficient portfolio management as and when it considers that the circumstances which then exist make it appropriate to do so. The scheme property may also not consist of the exact composition and weighting of the underlying in the index in circumstances where the ACD determines that this is expedient for reasons of poor liquidity or excessive cost to the fund.
New Objective
The objective of this sub fund is to provide long term capital growth by matching the return of the FTSE World Europe excluding UK Index. To invest in companies that makes up the FTSE Developed Europe excluding UK Index. The fund may invest in financial derivative instruments for efficient portfolio management with a level of risk that is consistent with the overall risk profile of the fund. The fund does not intend to use financial derivative instruments extensively. The fund may hold cash and collective investment schemes, including collective investment schemes managed or operated by the ACD or an associate of the ACD, to manage day-to-day cash flow requirements. The scheme property may also not consist of the exact composition and weighting of the underlying in the index in circumstances where the ACD determines that this is appropriate for reasons of poor liquidity, excessive cost to the fund or where there are investment restrictions due to regulations or the ACDs cluster munitions and controversial weapons policy.

      • HSBC European Index Fund Inc C (HCEII)

Old Objective
The Fund's investment objective is to provide long term capital growth by matching the capital performance of the FTSE Developed Europe excluding UK Index. Investment Policy - To invest in companies that make up the FTSE Developed Europe excluding UK Index. The ACD reserves the right to exercise the full powers of the fund in relation to borrowing and efficient portfolio management as a nd when it considers that the circumstances which then exist make it appropriate to do so. The scheme property may also not consist of the exact composition and weighting of the underlying in the index in circumstances where the ACD determines that this is expedient for reasons of poor liquidity or excessive cost to the fund.
New Objective
The objective of this sub fund is to provide long term capital growth by matching the return of the FTSE World Europe excluding UK Index. To invest in companies that makes up the FTSE Developed Europe excluding UK Index. The fund may invest in financial derivative instruments for efficient portfolio management with a level of risk that is consistent with the overall risk profile of the fund. The fund does not intend to use financial derivative instruments extensively. The fund may hold cash and collective investment schemes, including collective investment schemes managed or operated by the ACD or an associate of the ACD, to manage day-to-day cash flow requirements. The scheme property may also not consist of the exact composition and weighting of the underlying in the index in circumstances where the ACD determines that this is appropriate for reasons of poor liquidity, excessive cost to the fund or where there are investment restrictions due to regulations or the ACDs cluster munitions and controversial weapons policy.

Effective date: 01 September 2017

      • Baillie Gifford Managed Fund A Acc (BFMAA)
      • Baillie Gifford Managed B Acc (BFMGA)
      • Baillie Gifford Managed B Inc (BFMGI)

Old Objective
The objective is to produce attractive returns over the long term by investing worldwide in transferable securities, whether directly or via collective investment schemes, in any economic sector, but with the ability also to invest up to (but no more than) 10% in value of the Fund in deposits.
New Objective
The objective of the Sub-fund is to produce capital growth over the long term. The Sub-fund will invest primarily in a combination of equities, fixed interest securities, and collective investment schemes, cash near cash and deposits. The Sub-fund may invest in derivatives and currency forwards for investment purposes as well as for efficient portfolio management. The Sub-fund is actively managed and the investment manager has the discretion to invest in any combination of these asset classes and also to diversify the portfolio by investing in any country and in any economic sector. The equities in which the Sub-fund invests may be from companies of any size and from anywhere in the world and the fixed interest securities in which the Sub-fund invests may be issued by sovereign, supranational, public sector or corporate issuers in any country. The collective investment schemes in which the Sub-fund invests (which may include those managed or operated by the ACD) may be used to obtain indirect exposure to the asset classes described above or to obtain further diversification, at the investment manager's discretion. The Sub-fund may also invest in other transferable securities and warrants.

Effective date: 18 August 2017

      • Premier Corporate Bond Monthly A Inc (CRCBM)
      • Premier Corp Bond Monthly Inc Fd C Inc (PMCBI)

Old Objective
The aim of the Fund is to give you an income, paid to you each month.
New Objective
The Fund aims to provide an income, paid each month, through investment in a portfolio of predominantly fixed income securities. The Fund aims to achieve its investment objective by investing at least 80% in Sterling denominated, (or hedged back to Sterling), investment grade rated corporate bonds (as measured by a recognised external rating agency). The Fund may also invest in money market, non-investment grade, convertible, hybrid, alternative fixed income and structured investments. 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: 16 July 2017

      • Baillie Gifford UK Equity Alpha B Acc (BFBAA)
      • Baillie Gifford UK Equity Alpha B Inc (BFBTN)

Old Objective
The objective is to produce attractive returns in excess of the total return on the FTSE All Share Index, or any successor or substitute index, over the long term. The Fund will invest principally in UK companies and, in particular, at least 90% in value of the Fund will generally be invested in shares of companies listed in the FTSE All Share Index, or any successor or substitute index. The Fund may invest in UK companies of all sizes and will invest in a concentrated portfolio, typically comprised of between 30 and 40 holdings, of primarily UK equities.
New Objective
The objective is to produce returns, after management fees, mainly through capital growth, in excess of the total return on the FTSE All-Share Index (or any successor or substitute index) over the long term. The Sub-fund will invest principally in equities of UK companies which are listed in the FTSE All-Share Index, or any successor or substitute index.  The Sub-fund may invest in UK companies of all sizes and will invest in a concentrated portfolio, typically comprised of between 30 and 40 holdings.  The Sub-fund may also invest in equities of UK companies not listed in the FTSE All-Share Index, cash, and near cash. UK companies are companies of all sizes and in any economic sector that may be listed, quoted or traded in the UK or elsewhere but which are incorporated, domiciled or conduct a significant portion of their business in the UK. Up to 10% in value of the Sub-fund may be invested in collective investment schemes, including those managed or operated by the ACD, and/or deposits.

Effective date: 07 July 2017

      • Investec Managed Growth Fund (ICMAG)
      • Investec Managed Growth I Acc (ICMGA)

Old Objective
The Fund aims to achieve a combination of income and capital growth primarily through investment in the shares of investment companies and other collective investment schemes and in derivatives the underlying assets of which are shares of investment companies and other collective investment schemes.
New Objective
The Fund aims to achieve long-term total returns comprised of income and capital growth, primarily through investment in a diversified portfolio of global assets and related derivatives. These assets may include, but are not limited to, equities, fixed interest instruments, commodities, property and other alternative assets (such as hedge funds, infrastructure funds and private equity funds). While the Fund aims to achieve a positive return there is no guarantee it will be achieved over the long term, or over any period of time. There is no guarantee that all capital invested in the Fund will be returned. Any such exposures could be gained by direct investment, use of derivatives or through funds, though no direct investments in property or commodities will be made and investment in alternative assets will be restricted to UCITS funds and transferable securities. Up to 100% in value of the property of the Fund may be invested in units in other collective investment schemes, which may be managed by the Investment Manager, the Investment Manager’s affiliates or a third party. The Fund may also invest, at the ACD’s discretion, in other transferable securities, cash and near cash (which includes money market instruments and deposits), derivatives and forward transactions for efficient portfolio management and investment purposes. Furthermore, use may be made of stock lending and borrowing and other investment techniques permitted in the COLL Sourcebook.

Effective date: 01 July 2017

      • Old Mutual Spectrum 3 Fund R Acc (SKSTA)

Old Objective
long-term capital growth by mainly investing in a mixed portfolio of collective investment schemes. The Fund will adopt a structurally defensive position, and between 15%-40% of the Funds investments are in company shares i.e. equities and similar investments. The Fund aims to maximise the return for the given volatility target, based on the percentage above.
New Objective
To achieve long-term capital growth with a maximum volatility of 7%. The Fund will invest in a diversified portfolio of assets which will include up to 35% of the portfolio in equities. The remaining asset classes may include some or all of fixed income, cash, money market instruments and currencies. Such investment will be made either directly by investing in such instruments or indirectly by investing in collective investment schemes. In addition, the portfolio may indirectly hold property and commodities by investing in collective investment schemes, transferable securities and derivatives. The Fund targets a volatility level reflective of its asset allocation. The collective investment schemes in which the Fund will invest may include schemes which are managed or operated by the ACD or an associate of the ACD. The Fund may use derivative and forward transactions for the purposes of meeting the investment objective or efficient portfolio management. The use of derivatives for this purpose may affect the volatility or risk profile of the Fund although this is not the ACD’s intention.

          • Old Mutual Spectrum 4 Fund Acc (SKSPF)
          • Old Mutual Spectrum 4 Fund R Acc (SKSFA)

Old Objective
long-term capital growth by mainly investing in a mixed portfolio of collective investment schemes. The Fund will adopt a moderately structured defensive position, and between 25%-50% of the Funds investments are in company shares i.e. equities and similar investments. The Fund aims to maximise the return for the given volatility target, based on the percentage above.
New Objective
To achieve long-term capital growth with a maximum volatility of 10%. The Fund will invest in a diversified portfolio of assets which will include between 15% and 40% of the portfolio in equities. The remaining asset classes may include some or all of fixed income, cash, money market instruments and currencies. Such investment will be made either directly by investing in such instruments or indirectly by investing in collective investment schemes. In addition, the portfolio may indirectly hold property and commodities by investing in collective investment schemes, transferable securities and derivatives. The Fund targets a volatility level reflective of its asset allocation. The collective investment schemes in which the Fund will invest may include schemes which are managed or operated by the ACD or an associate of the ACD. The Fund may use derivative and forward transactions for the purposes of meeting the investment objective or efficient portfolio management. The use of derivatives for this purpose may affect the volatility or risk profile of the Fund although this is not the ACD’s intention.

          • Old Mutual Spectrum 6 Fund Acc (SKSPX)
          • Old Mutual Spectrum 6 Fund R Acc (SKSPA)

Old Objective
long-term capital growth by mainly investing in a mixed portfolio of collective investment schemes. The Fund will adopt a structurally balanced position, between 50%-75% of the Funds investments are in company shares i.e. equities and similar investments, and the remainder in defensive asset classes. The Fund aims to maximise the return for the given volatility target, based on the percentage above.
New Objective
To achieve long-term capital growth with a maximum volatility of 13%. The Fund will invest in a diversified portfolio of assets which will include between 35% and 75% of the portfolio in equities. The remaining asset classes may include some or all of fixed income, cash, money market instruments and currencies. Such investment will be made either directly by investing in such instruments or indirectly by investing in collective investment schemes. In addition, the portfolio may indirectly hold property and commodities by investing in collective investment schemes, transferable securities and derivatives. The Fund targets a volatility level reflective of its asset allocation. The collective investment schemes in which the Fund will invest may include schemes which are managed or operated by the ACD or an associate of the ACD. The Fund may use derivative and forward transactions for the purposes of meeting the investment objective or efficient portfolio management. The use of derivatives for this purpose may affect the volatility or risk profile of the Fund although this is not the ACDs intention.

          • Old Mutual Spectrum 7 Fund Acc (SKSPS)
          • Old Mutual Spectrum 7 Fund R Acc (SKSVA)

Old Objective
long-term capital growth by mainly investing in a mixed portfolio of collective investment schemes. The Fund will adopt a structurally aggressive position, between 60%-80% of the Funds investments are in company shares i.e. equities and similar investments, and with some exposure to defensive asset classes. The Fund aims to maximise the return for the given volatility target, based on the percentage above.
New Objective
To achieve long-term capital growth with a maximum volatility of 16%. The Fund will invest in a diversified portfolio of assets which will include between 60% and 90% of the portfolio in equities. The remaining asset classes may include some or all of fixed income, cash, money market instruments and currencies. Such investment will be made either directly by investing in such instruments or indirectly by investing in collective investment schemes. In addition, the portfolio may indirectly hold property and commodities by investing in collective investment schemes, transferable securities and derivatives. The Fund targets a volatility level reflective of its asset allocation. The collective investment schemes in which the Fund will invest may include schemes which are managed or operated by the ACD or an associate of the ACD. The Fund may use derivative and forward transactions for the purposes of meeting the investment objective or efficient portfolio management. The use of derivatives for this purpose may affect the volatility or risk profile of the Fund although this is not the ACDs intention.

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.

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