AXA Framlington Monthly Income Fund Z Inc

Investment Objective The aim of this Fund is to produce a monthly income with potential for longterm growth of capital over a period of 5 years or more. The Manager also intends to achieve a yield of distributable income in excess of 100% of the FTSE All Share yield at the Fund's year end on a rolling 3 year basis, and in excess of 90% on an annual basis. Investment Policy The Fund invests primarily (meaning at least 70% of its assets) in shares of UK listed companies which the fund manager believes will provide aboveaverage income and capital growth. The Fund invests in companies of any size. The Fund also invests in bonds issued by companies or governments. The fund manager selects shares based upon analysis of a company's prospects for future growth in dividend payments, financial status, quality of its management, expected profitability and prospects for growth. The fund manager has full discretion to select investments for the Fund in line with the above investment policy and in doing so may take into consideration the FTSE All Share index. The FTSE All Share index is designed to measure the performance of all eligible companies listed on the London Stock Exchange. This index best represents a core component of the Managers' investment universe. This Fund is actively managed in reference to the FTSE All Share index, which may be used by investors to compare the Fund's performance. Income Income from investments in the Fund may be paid out to you directly if you hold income units. Fund Currency The reference currency of the Fund is Sterling. Investment Horizon This Fund may not be suitable for investors who plan to withdraw their contribution within five years. Processing of subscription and redemption orders Your orders to buy, sell or transfer units in the Fund must be received by the Administrator by 12 noon on any working day, to receive that days Fund price. Please note that if your order is placed by an intermediary or Financial Adviser they may require extra processing time. The Net Asset Value of this Fund is calculated on a daily basis.