European Specialist Investment Funds - M&G Long Dated Sterling Credit Fund WI-H EUR Distribution

The Fund aims to provide a total return (capital growth plus income) of the Markit iBoxx Sterling Non-Gilts 15+ Index (Total Return Gross) plus 0.80% (gross of fees per annum), over any five-year period, while applying ESG Criteria. Core investment: at least 70% of the Fund is invested in GBP-denominated higher quality debt securities (long-dated corporate bonds, government bonds and any type of asset-backed securities). Long-dated bonds are defined as those which have a maturity greater than or equal to 10 years. The Fund aims to have a duration of +/- 1 year relative to the duration of the benchmark. The Fund may invest up to 40% in gilts, of which up to 30% may be in conventional gilts and up to 10% in index-linked gilts. The Fund may invest up to 30% in asset-backed securities. Issuers of these securities may be located in any country, with a maximum of 30% in emerging markets. The Fund aims to hedge any non-GBP assets back to GBP. The Fund invests in securities that meet the ESG Criteria, applying an Exclusionary Approach as described in the precontractual annex. Other investments: the Fund may invest i) up to 5% in preference shares, ii) up to 10% in convertible bonds including contingent convertible debt securities, and iii) up to 10% in lower quality debt or debt like securities at the time of purchase. The Fund may also invest in other funds, and up to 30% in cash (meaning eligible deposits) and assets that can be turned quickly into cash. Derivatives usage: for investment purposes and to reduce risk and cost. Strategy in brief: Investment approach: the investment manager will employ multiple strategies to meet the Fund’s investment objective, including asset allocation, sector and security selection, and duration and yield curve management. The approach will focus on the risk / return relationship for each strategy and the portfolio as a whole. Investment manager's ESG classification: Planet + / ESG Enhanced, as defined in the Fund's Prospectus. Benchmark: Markit iBoxx Sterling Non-Gilts 15+ Index (Total Return Gross) The benchmark is a target which the Fund seeks to achieve. The Fund’s benchmark has been chosen as it is an achievable performance target and best reflects the scope of the Fund’s investment policy. The benchmark is used solely to measure the Fund’s performance and does not constrain the Fund's portfolio construction. The Fund is actively managed. The investment manager has complete freedom in choosing which assets to buy, hold and sell in the Fund. For performance measurement purposes the benchmark may be denominated or hedged into the relevant share class currency. The benchmark for each share class will be shown on the website. Other information The reference currency is GBP but subscription and redemption payments may be made in the share class currency only You can buy and sell shares in the fund on any business day. Instructions received before 11:00 Luxembourg time will be dealt at that day’s price. Any income from the fund will be rolled up into the value of your investment