Pension and Investment fund updates

Markit iBoxx Sterling Non Gilts Overall

IA £ Strategic Bond NR

Objective: The investment strategy of the fund is to purchase units in the BlackRock UK Special Situations Fund - the underlying fund.

Underlying Fund Objective: The fund aims to provide a return on your investment (generated through an increase in the value of the assets held by the Fund) (gross of fees) over the long term (5 or more consecutive years beginning at the point of investment) by investing in shares of companies incorporated or listed in the UK. The fund invests at least 70% of its total assets in the equity securities (e.g. shares) of companies incorporated or listed in the United Kingdom and will normally have an emphasis on small and medium sized companies.

Objective: The investment strategy of the fund is to purchase units in the BlackRock UK Special Situations Fund - the underlying fund.
 

Underlying Fund Objective: The fund aims to provide a return on your investment (generated through an increase in the value of the assets held by the Fund) (gross of fees) over the long term (5 or more consecutive years beginning at the point of investment) by investing in shares of companies incorporated or listed in the UK. The fund invests at least 70% of its total assets in the equity securities (e.g. shares) of companies incorporated or listed in the United Kingdom and will normally have an emphasis on small and medium sized companies.

The fund manager may use derivatives to reduce risk within the Fund’s portfolio, reduce investment costs and generate additional income.

Objective: The investment strategy of the fund is to purchase units in the BlackRock UK Special Situations Fund - the underlying fund.

Underlying Fund Objective: The fund aims to provide a return on your investment (generated through an increase in the value of the assets held by the Fund) (gross of fees) over the long term (5 or more consecutive years beginning at the point of investment) by investing in shares of companies incorporated or listed in the UK. The fund invests at least 70% of its total assets in the equity securities (e.g. shares) of companies incorporated or listed in the United Kingdom and will normally have an emphasis on small and medium sized companies.

Objective: The investment strategy of the fund is to purchase units in the BlackRock UK Special Situations Fund - the underlying fund.

Underlying Fund Objective: The fund aims to provide a return on your investment (generated through an increase in the value of the assets held by the Fund) (gross of fees) over the long term (5 or more consecutive years beginning at the point of investment) by investing in shares of companies incorporated or listed in the UK. The fund invests at least 70% of its total assets in the equity securities (e.g. shares) of companies incorporated or listed in the United Kingdom and will normally have an emphasis on small and medium sized companies.

The fund manager may use derivatives to reduce risk within the Fund’s portfolio, reduce investment costs and generate additional income.

Objective: The investment strategy of the fund is to purchase units in the Fidelity Asia Fund - the underlying fund.

Underlying Fund Objective: The fund aims to increase the value of your investment over a period of 5 years or more. The fund will invest at least 70% in equities (and their related securities) of companies throughout Asia (excluding Japan) (those domiciled, incorporated or having significant business in Asia (excluding Japan) and those which are listed in the region)

Objective: The investment strategy of the fund is to purchase units in the Fidelity Asia Fund - the underlying fund.

Underlying Fund Objective: The fund aims to increase the value of your investment over a period of 5 years or more. The fund will invest at least 70% in equities (and their related securities) of companies throughout Asia (excluding Japan) (those domiciled, incorporated or having significant business in Asia (excluding Japan) and those which are listed in the region)

The remainder will be invested in companies outside of the region detailed above and in other investment types such as cash and derivatives.

Objective: The investment strategy of the fund is to purchase units in the Invesco Managed Growth Fund (UK) - the underlying fund.

Underlying Fund Objective: The fund aims to achieve long-term (5 years plus) capital growth. The fund invests at least 80% of its assets in collective investment schemes (including funds managed by the Invesco Group) which invest in a broad range of assets including shares or other equity related securities and corporate and government debt securities (including investment grade, non-investment grade and unrated)

Objective: The investment strategy of the fund is to purchase units in the Invesco Managed Growth Fund (UK) - the underlying fund.

Underlying Fund Objective: The fund aims to achieve long-term (5 years plus) capital growth. The fund invests at least 80% of its assets in collective investment schemes (including funds managed by the Invesco Group) which invest in a broad range of assets including shares or other equity related securities and corporate and government debt securities (including investment grade, non-investment grade and unrated)

The Fund may use derivatives (complex instruments) to manage the Fund more efficiently, with the aim of reducing risk, reducing costs and/or generating additional capital or income. The Fund invests in collective investment schemes (including funds managed by the Invesco group) which may use derivatives with the aim of reducing risk, reducing costs or for investment purposes to manage the fund more efficiently.

Euromoney Global Mining, Gold & Energy

EMIX Global Mining & Energy Index

Objective: The investment strategy of the fund is to purchase units in the Royal London Sustainable Leaders Trust - the underlying fund.

Underlying Fund Objective: The trust aims to achieve capital growth over the medium term, which should be considered as a period of 3-5 years, by investing predominantly in a diverse portfolio of shares across any economic sector where at least 80% of the assets will be invested in UK companies listed on the London Stock Exchange that are deemed to make a positive contribution to society. The scheme is actively managed meaning that the fund manager will use their investment expertise to select investments that will adhere to the manager’s ethical and sustainable investment policy.

Objective: The investment strategy of the fund is to purchase units in the Royal London Sustainable Leaders Trust - the underlying fund.

Underlying Fund Objective: The trust aims to achieve capital growth over the medium term, which should be considered as a period of 3-5 years, by investing predominantly in a diverse portfolio of shares across any economic sector where at least 80% of the assets will be invested in UK companies listed on the London Stock Exchange that are deemed to make a positive contribution to society. The Scheme’s performance target is to outperform the FTSE All-Share Index (the "Index") over a rolling 5-year period. The scheme is actively managed meaning that the fund manager will use their investment expertise to select investments that will adhere to the manager’s ethical and sustainable investment policy.

FTSE World

Composite

IA Sterling Corporate Bond sector

"iBoxx Sterling Corporates GBP Index"

Objective: The investment strategy of the fund is to purchase units in the M&G Corporate Bond Fund - the underlying fund.

Underlying Fund Objective: The fund aims to provide a higher total return (the combination of capital growth and income), net of the Ongoing Charge Figure, than the average return of the IA £ Corporate Bond Sector over any five-year period. At least 70% of the fund is invested, directly or indirectly through derivatives, in investment grade corporate debt securities including investment grade Asset-Backed Securities. These securities can be issued by companies from anywhere in the world, including Emerging Markets. These securities are denominated in sterling or hedged back to sterling. Other investments may include: • debt securities issued or guaranteed by governments and their agencies, public authorities, quasi-sovereigns and supranational bodies and denominated in any currency; • below investment grade and unrated debt securities; • below investment grade and unrated asset-Backed Securities; and • other transferable securities, cash, and near cash, directly or via collective investment schemes (including funds managed by M&G). Investments in Asset-Backed Securities are limited to 20% of the fund. The fund aims to hedge any non-sterling assets to sterling. Derivatives may be used for investment purposes, Efficient Portfolio Management and hedging.

Objective: The investment strategy of the fund is to purchase units in the M&G Corporate Bond Fund - the underlying fund.

Underlying Fund Objective: The Fund aims to provide a higher total return (the combination of capital growth and income), net of the Ongoing Charge Figure, than the average return of the iBoxx Sterling Corporates GBP Index over any five-year period. At least 70% of the fund is invested, directly or indirectly through derivatives, in investment grade corporate debt securities including investment grade Asset-Backed Securities. These securities can be issued by companies from anywhere in the world, including Emerging Markets. These securities are denominated in sterling or hedged back to sterling. Other investments may include:

• debt securities issued or guaranteed by governments and their agencies, public authorities, quasi-sovereigns, and supranational bodies and denominated in any currency.

• below investment grade and unrated debt securities.

• below investment grade and unrated asset-Backed Securities; and

• other transferable securities, cash, and near cash, directly or via collective investment schemes (including funds managed by M&G).

Investments in Asset-Backed Securities are limited to 20% of the fund. The fund aims to hedge any non-sterling assets to sterling. Derivatives may be used for investment purposes, Efficient Portfolio Management, and hedging.

The Fund is diversified across a range of investment grade debt securities from a variety of sectors and geographies. The Fund’s investment approach is based on the principle that returns from corporate bond markets are driven by a combination of macroeconomic, asset class, sector, geographic and stock-level factors. As different factors dominate returns at different stages of the economic cycle, the manager applies a flexible investment approach, changing the blend of duration and credit exposure in the portfolio to weight them appropriately. Individual credit selection is carried out with the assistance of an in-house team of credit analysts to complement the fund manager’s views.

IA Sterling Corporate Bond sector

"iBoxx Sterling Corporates GBP Index"

Objective: The investment strategy of the fund is to purchase units in the M&G Strategic Corporate Bond Fund - the underlying fund.

Underlying Fund Objective: The fund aims to provide a higher total return (the combination of capital growth and income), net of the Ongoing Charge Figure, than the average return of the IA £ Corporate Bond Sector, over any five-year period. At least 70% of the fund is invested, directly or indirectly through derivatives, in investment grade corporate debt securities including investment-grade Asset-Backed Securities. These securities can be issued by companies from anywhere in the world, including Emerging Markets. These securities can be denominated in any currency. Other investments may include:• below investment grade and unrated corporate debt securities; • debt securities issued or guaranteed by governments and their agencies, public authorities, quasi-sovereigns and supranational bodies; • below investment grade and unrated Asset-Backed Securities; and • other transferable securities, cash, and near cash, directly or via collective investment schemes (including funds managed by M&G). Investments in Asset-Backed Securities are limited to 20% of the fund. The fund aims to hedge any non-sterling assets to sterling. Derivatives may be used for investment purposes, efficient portfolio management and hedging.

Underlying Fund Objective: The Fund aims to provide a higher total return (the combination of capital growth and income), net of the Ongoing Charge Figure, than the average return of the iBoxx Sterling Corporates GBP Index (the benchmark), over any five-year period. At least 70% of the fund is invested, directly or indirectly through derivatives, in investment grade corporate debt securities including investment-grade Asset-Backed Securities. These securities can be issued by companies from anywhere in the world, including Emerging Markets. These securities can be denominated in any currency. Other investments may include:

• below investment grade and unrated corporate debt securities.

• debt securities issued or guaranteed by governments and their agencies, public authorities, quasi-sovereigns, and supranational bodies.

• below investment grade and unrated Asset-Backed Securities; and

• other transferable securities, cash, and near cash, directly or via collective investment schemes (including funds managed by M&G).

Investments in Asset-Backed Securities are limited to 20% of the fund. The fund aims to hedge any non-sterling assets to sterling. Derivatives may be used for investment purposes, efficient portfolio management and hedging.

The Fund is diversified across a range of investment grade debt securities from a variety of sectors and geographies. The Fund’s investment approach is based on the principle that returns from corporate bond markets are driven by a combination of macroeconomic, asset class, sector, geographic and stock-level factors. As different factors dominate returns at different stages of the economic cycle, the manager applies a flexible investment approach, changing the blend of duration and credit exposure in the portfolio to weight them appropriately. The fund manager has the freedom to take a high-conviction approach when selecting credits for the Fund. Individual credit selection is carried out with the assistance of an in-house team of credit analysts to complement the fund manager’s views.

IA Sterling Corporate Bond sector

A composite index made up of:
• 1/3 Bloomberg Global Treasury Index GBP Hedged
• 1/3 Bloomberg Global Aggregate Corporate Index GBP Hedged
• 1/3 Bloomberg Global High Yield Index GBP Hedged

Objective: The investment strategy of the fund is to purchase units in the M&G Optimal Income Fund - the underlying fund.

Underlying Fund Objective: The fund aims to provide a higher total return (the combination of capital growth and income), net of the Ongoing Charge Figure, than the average return of the IA £ Strategic Bond Sector, over any five-year period. At least 50% of the fund is invested, directly or indirectly through derivatives, in debt securities, including investment grade bonds, below investment grade, unrated securities and Asset Backed Securities. These securities can be issued or guaranteed by governments and their agencies, public authorities, quasi-sovereigns, supranational bodies and companies from anywhere in the world, including Emerging Markets. These securities can be denominated in any currency. Other investments may include: • up to 20% of the fund in equities; and • other transferable securities, cash, and near cash, directly or via collective investment schemes (including funds managed by M&G). There are no credit quality restrictions applicable to the fund's investments. At least 80% of the fund is in sterling or hedged back to sterling. Derivatives may be used for investment purposes, efficient portfolio management and hedging.

Objective: The investment strategy of the fund is to purchase units in the M&G Optimal Income Fund - the underlying fund.

Underlying Fund Objective: The Fund aims to provide a higher total return (the combination of capital growth and income), net of the Ongoing Charge Figure, than the average return of the composite index, over any five-year period. The composite index is made up of one third Bloomberg Global Treasury Index GBP Hedged, one third Bloomberg Global Aggregate Corporate Index GBP Hedged and one third Bloomberg Global High Yield Index GBP Hedged.

The Fund is actively managed. The fund manager has complete freedom in choosing which investments to buy, hold and sell in the Fund.

Prudential M&G UK Income Distribution Bond Acc (ex M&G)

Objective: The investment strategy of the fund is to purchase units in the M&G UK Income Distribution Fund - the underlying fund.

Underlying Fund Objective: The Fund aims to provide: • a higher annual yield than the FTSE All-Share Index; • an income stream that increases annually; and • a higher total return (capital growth plus income),net of the Ongoing Charge Figure, than a composite index* over any five year period. *70% FTSE All-Share Index and 30% FTSE Actuaries UK Conventional Gilts All Stocks Index.

Objective: The investment strategy of the fund is to purchase units in the M&G UK Income Distribution Fund - the underlying fund.

Underlying Fund Objective: The fund aims to provide: a higher annual yield than the FTSE All-Share Index; an income stream that increases annually; and a higher total return (capital growth plus income), net of the Ongoing Charge Figure, than a composite index (comprising 70% FTSE All-Share Index and 30% FTSE Actuaries UK Conventional Gilts All Stocks Index) over any fiveyear period. At least 70% of the fund is invested in UK company shares. It may also invest in investment grade government and corporate bonds denominated in sterling. The fund typically invests in a portfolio of high-yielding UK stocks, meaning it tends to have a bias towards out-of-favour, undervalued stocks. The fund’s allocation to bonds is primarily aimed at reducing volatility, whilst providing an alternative stable source of income.

Prudential Baillie Gifford American

Objective: The investment strategy of the fund is to purchase units in the Baillie Gifford American Fund - the underlying fund.

Underlying Fund Objective: Underlying Fund Objective: The objective is to produce capital growth over the long term. The Sub-fund will invest principally in equities of companies which are listed, quoted, traded, incorporated, domiciled or conducting a significant portion of their business in the United States of America. Such investment may be direct or indirect and the portfolio will be concentrated. The Sub-fund may also invest in other equities, cash and near cash. Up to (but no more than) 10% in value of the Sub-fund may be invested in each of the following: (1) collective investment schemes, including those managed or operated by the ACD and (2) deposits. The Sub-fund will be actively managed and investment may be made in any economic sector.

Objective: The investment strategy of the fund is to purchase units in the Baillie Gifford American Fund - the underlying fund.

Underlying Fund Objective: The objective is to produce capital growth over the long term. The fund will invest principally in equities of companies which are listed, quoted, traded, incorporated, domiciled or conducting a significant portion of their business in the United States of America. Investment may be direct or indirect and the portfolio will be concentrated, usually between 30-50 stocks. The fund may also invest in other equities, cash and near cash. Up to (but no more than) 10% in value of the-fund may be invested in each of the following: (1) collective investment schemes, including those managed or operated by the ACD and (2) deposits. The fund will be actively managed and investment may be made in any economic sector.

Underlying Fund Performance Objective: To outperform (after deduction of costs) the S&P 500 Index, as stated in sterling, by at least 1.5% per annum over rolling five-year periods.

Prudential Artemis UK Smaller Companies

Objective: The investment strategy of the fund is to purchase units in the Artemis UK Smaller Companies Fund - the underlying fund.

Underlying Fund Objective: The fund aims to achieve long-term capital growth. The emphasis of the fund will be investment in smaller companies listed, quoted and/or traded in the UK and in smaller companies which are headquartered or have a significant part of their activities in the UK which are quoted on a regulated market outside the UK.

Objective: The investment strategy of the fund is to purchase units in the Artemis UK Smaller Companies Fund - the underlying fund.

Underlying Fund Objective: The fund aims to achieve long-term capital growth where between 80-100% of the fund will hold investment in smaller companies listed, quoted and/or traded and which are headquartered or have a significant part of their activities in the UK which are quoted on a regulated market outside the UK. Up to 20% may be invested in bonds, cash and near cash, other transferable securities, other funds (up to 10%) and derivatives. The fund may use derivatives for efficient portfolio management and to reduce risk.

Prudential Japan Bond Acc (ex M&G)

Prudential Japan Bond Acc (ex M&G)

Prudential M&G Japan Bond Acc (ex M&G)

Prudential Dividend Bond (ex M&G)

Prudential Dividend Bond (ex M&G)

Prudential M&G Dividend Bond (ex M&G)