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The index has been chosen as the fund’s","page_number":18,"box":{"x":518,"y":522,"width":390,"height":10}},{"id":"3e671cb2-6aa6-4500-a437-6d5799a61a15","block_type":"box","text":"benchmark as it best reflects the scope of the fund’s","page_number":18,"box":{"x":519,"y":538,"width":385,"height":11}},{"id":"f515ba51-26c9-4894-933f-6fe4aeacd002","block_type":"box","text":"investment policy. 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The fund’s objective is to provide a","page_number":19,"box":{"x":72,"y":808,"width":388,"height":11}},{"id":"114f5524-f2b0-4e14-a589-6e88284d9bd2","block_type":"box","text":"higher total return (the combination of capital growth","page_number":19,"box":{"x":72,"y":824,"width":387,"height":11}},{"id":"c4f84fc9-792c-455a-88bc-ecc9ac11fbc0","block_type":"box","text":"and income), net of the ongoing charge figure, than the","page_number":19,"box":{"x":71,"y":841,"width":405,"height":11}},{"id":"5932d181-9799-4ef6-a3a0-9caa85059597","block_type":"box","text":"average return of the iBoxx Sterling Corporates GBP","page_number":19,"box":{"x":71,"y":858,"width":382,"height":10}},{"id":"72f8d4c8-4a2c-41fc-851e-21c87bc7e78c","block_type":"box","text":"Index over any five-year period.","page_number":19,"box":{"x":72,"y":875,"width":227,"height":10}},{"id":"1bb288d4-8a81-40fb-9cbd-8ff26647f363","block_type":"box","text":"It should be noted that prior to 6 March 2023, the","page_number":19,"box":{"x":519,"y":194,"width":358,"height":10}},{"id":"417ba5c5-4e75-4f87-9dc4-3920213cc401","block_type":"box","text":"benchmark was the IA Sterling Corporate Bond Sector","page_number":19,"box":{"x":519,"y":210,"width":398,"height":11}},{"id":"08d23778-a5f2-4be5-b429-2793ebc0efb2","block_type":"box","text":"Average. Thereafter, it is the iBoxx Sterling Corporates","page_number":19,"box":{"x":518,"y":227,"width":397,"height":10}},{"id":"50c062e6-5e4f-4dc3-8405-ae157f1a100b","block_type":"box","text":"GBP Index. The performance of the sector and that of","page_number":19,"box":{"x":518,"y":243,"width":393,"height":11}},{"id":"09735e69-db36-470f-8e44-231a0efee820","block_type":"box","text":"the index have been linked to reflect the change.","page_number":19,"box":{"x":518,"y":260,"width":355,"height":10}},{"id":"7f5b5c74-f679-41bb-a3d3-7d2b9a5123b9","block_type":"box","text":"For the performance of each share class, please refer","page_number":19,"box":{"x":519,"y":283,"width":391,"height":11}},{"id":"2fecc601-86e6-4b04-8c16-863b6594d34f","block_type":"box","text":"to the ‘Long-term performance by share class’ table in","page_number":19,"box":{"x":518,"y":300,"width":395,"height":10}},{"id":"a2378499-f115-494b-9a5a-508223fdadb6","block_type":"box","text":"the ‘Financial highlights’ section of this report.","page_number":19,"box":{"x":518,"y":317,"width":337,"height":10}},{"id":"46700c0e-dab7-4206-80f5-b0299023fb4e","block_type":"box","text":"Performance review","page_number":19,"box":{"x":519,"y":340,"width":150,"height":8}},{"id":"91ac22a6-545f-46e9-baa3-d25590505ab9","block_type":"box","text":"UK government bonds (gilts) recorded a return of 2.6%","page_number":19,"box":{"x":519,"y":356,"width":400,"height":11}},{"id":"47a61285-722d-461b-9cc6-1ad31b9fb357","block_type":"box","text":"in the 12-month period under review, with shorter-dated","page_number":19,"box":{"x":519,"y":373,"width":408,"height":10}},{"id":"663f0014-968d-4e6f-8172-d64f8e1d83b8","block_type":"box","text":"gilts outpacing longer maturities. Sterling denominated","page_number":19,"box":{"x":518,"y":390,"width":403,"height":10}},{"id":"1d5389c3-1637-439a-9565-991be94c5426","block_type":"box","text":"investment grade bonds returned 3.9%, as credit","page_number":19,"box":{"x":519,"y":406,"width":356,"height":11}},{"id":"62e1a3e9-3b13-4151-b3eb-71a59a101e66","block_type":"box","text":"spreads tighten by around 15 basis points. (Credit","page_number":19,"box":{"x":518,"y":422,"width":362,"height":11}},{"id":"505149ba-d276-4abd-9677-f5fe8851b6da","block_type":"box","text":"spreads measure the difference between the yield of a","page_number":19,"box":{"x":518,"y":440,"width":401,"height":10}},{"id":"cbcb1871-3d97-46c3-beb3-7c4d425c1471","block_type":"box","text":"corporate bond and a government bond of the same","page_number":19,"box":{"x":518,"y":456,"width":383,"height":10}},{"id":"1307b5ec-7932-446d-96a6-29cb8245c8c6","block_type":"box","text":"maturity.) Yields on 10-year gilts started the review","page_number":19,"box":{"x":519,"y":472,"width":368,"height":11}},{"id":"e2edbb61-7e9d-47e7-b087-030ffcacb953","block_type":"box","text":"period at 4.5% and ended at 4.8%, but varied widely","page_number":19,"box":{"x":519,"y":489,"width":382,"height":11}},{"id":"0a0a8e64-d48a-4aee-8b08-77f9a465b8c3","block_type":"box","text":"throughout.","page_number":19,"box":{"x":518,"y":506,"width":84,"height":10}},{"id":"24d0dda0-91b1-48ce-aef1-6ec57d686ba1","block_type":"box","text":"UK gilts struggled in the third quarter of","page_number":19,"box":{"x":519,"y":529,"width":290,"height":11}},{"id":"3b78359c-be34-44c2-8560-956142c0e89a","block_type":"box","text":"2025 (particularly for longer dated bonds), against a","page_number":19,"box":{"x":518,"y":545,"width":379,"height":11}},{"id":"1705ca6c-835e-4737-b4fc-81870bf90208","block_type":"box","text":"backdrop of persistent inflation. However, prices","page_number":19,"box":{"x":519,"y":562,"width":354,"height":11}},{"id":"1d49c47b-b59a-482f-9d09-2ea372fd9539","block_type":"box","text":"recovered in the fourth quarter as the inflation outlook","page_number":19,"box":{"x":519,"y":579,"width":397,"height":10}},{"id":"71d5cf09-45c9-4227-8277-18a4157ee91d","block_type":"box","text":"improved. The Bank of England delivered quarter point","page_number":19,"box":{"x":519,"y":596,"width":399,"height":10}},{"id":"f38a34fd-73eb-4fc9-9ee5-dc1e50177aa1","block_type":"box","text":"cuts in interest rates in both August and December,","page_number":19,"box":{"x":518,"y":612,"width":375,"height":11}},{"id":"0b64bc7c-56a3-41f2-9fb6-34392f83017d","block_type":"box","text":"taking the base rate to 3.75%.","page_number":19,"box":{"x":518,"y":629,"width":216,"height":10}},{"id":"5167a044-8f25-4860-8624-71382c8565ab","block_type":"box","text":"The first two months of 2026 saw steady gains for UK","page_number":19,"box":{"x":518,"y":652,"width":393,"height":10}},{"id":"9eeced76-8171-47dd-ad14-dd660bfb97a5","block_type":"box","text":"government bonds, but sentiment soured quickly as the","page_number":19,"box":{"x":518,"y":669,"width":407,"height":10}},{"id":"c3f1b012-973f-4b0d-97a6-9b043c5df09c","block_type":"box","text":"conflict in the Middle East sent energy prices sharply","page_number":19,"box":{"x":518,"y":685,"width":387,"height":11}},{"id":"b17fdfc9-1a19-43a7-94fa-d07f6790ffff","block_type":"box","text":"higher and clouded the macroeconomic outlook. The","page_number":19,"box":{"x":519,"y":702,"width":385,"height":10}},{"id":"23130e70-f857-40d7-9080-9ed3a2e8af8a","block_type":"box","text":"rise in oil prices fed into higher inflation forecasts and","page_number":19,"box":{"x":519,"y":719,"width":392,"height":10}},{"id":"102ac5f1-8512-4483-a4c8-b80539ab2428","block_type":"box","text":"the expectation that interest rates would have to rise in","page_number":19,"box":{"x":518,"y":735,"width":401,"height":10}},{"id":"10ab514d-c52f-4c1a-a158-cc6ef2fc60b3","block_type":"box","text":"2026.","page_number":19,"box":{"x":518,"y":752,"width":39,"height":8}},{"id":"a930831c-ae6a-4735-9166-48914460d766","block_type":"box","text":"Pressure on gilts continued into the second quarter and","page_number":19,"box":{"x":519,"y":775,"width":405,"height":10}},{"id":"543b634d-be1e-4ff5-99d8-fbd55ff3ae0f","block_type":"box","text":"resulted in 10-year yields moving above 5% during April,","page_number":19,"box":{"x":519,"y":792,"width":409,"height":10}},{"id":"a14add56-4977-4e8a-b53d-8a1662eeff5c","block_type":"box","text":"their highest level since before the Global Financial","page_number":19,"box":{"x":518,"y":808,"width":373,"height":11}},{"id":"655e7fe1-9400-4911-baa6-d3de911922d3","block_type":"box","text":"Crisis. However, as the quarter progressed, gilts","page_number":19,"box":{"x":518,"y":825,"width":350,"height":10}},{"id":"c304b5b4-96eb-4b83-9157-685753b7ace1","block_type":"box","text":"recovered in tandem with the fall in oil prices and","page_number":19,"box":{"x":519,"y":841,"width":357,"height":11}},{"id":"a760de79-5f77-407c-9a11-e8edd3b82c98","block_type":"box","text":"expectations of weaker economic growth.","page_number":19,"box":{"x":518,"y":858,"width":306,"height":10}},{"id":"cccf413e-b5d2-4d59-a1be-d7f350e8eb1f","block_type":"box","text":"Domestic politics featured heavily in the second","page_number":19,"box":{"x":519,"y":881,"width":348,"height":11}},{"id":"68ac969e-3274-4896-a52e-4623651d14e4","block_type":"box","text":"quarter, notably the Makerfield by-election, the","page_number":19,"box":{"x":518,"y":898,"width":343,"height":10}},{"id":"249745ce-3141-4139-a6ed-a458c3986750","block_type":"box","text":"M&G Corporate Bond Fund","page_number":19,"box":{"x":72,"y":49,"width":254,"height":13}},{"id":"14cc3148-939c-427d-913a-6c50e8c0aeb5","block_type":"box","text":"Authorised Corporate Director’s Report","page_number":19,"box":{"x":71,"y":79,"width":782,"height":27}},{"id":"0b21c502-c2d9-4114-ae43-6093e41906af","block_type":"box","text":"Annual report and audited financial statements","page_number":19,"box":{"x":554,"y":968,"width":289,"height":8}},{"id":"838c3b3b-af9e-4909-8ff3-4e0231637e1b","block_type":"box","text":"•","page_number":19,"box":{"x":852,"y":970,"width":3,"height":2}},{"id":"028428c0-4ed5-4695-837a-7a5e8a511ebb","block_type":"box","text":"June 2026","page_number":19,"box":{"x":864,"y":968,"width":64,"height":7}},{"id":"236f0ee8-73a6-4957-9671-eea7b009b295","block_type":"box","text":"17","page_number":19,"box":{"x":951,"y":967,"width":13,"height":7}},{"id":"c6ba84e9-a61d-4717-bd6c-7e67b1b97e75","block_type":"box","text":"subsequent leadership challenge by Andy Burnham and","page_number":20,"box":{"x":71,"y":194,"width":408,"height":10}},{"id":"db817a3a-c1d0-472e-90f8-67fe40bc4870","block_type":"box","text":"the resignation of Prime Minister Keir Starmer. The","page_number":20,"box":{"x":71,"y":210,"width":370,"height":11}},{"id":"c230b071-e9dd-4a15-a5d2-2700da192867","block_type":"box","text":"prospect of a new prime minister raised questions","page_number":20,"box":{"x":72,"y":227,"width":366,"height":10}},{"id":"bba86eed-56d0-4885-8f78-2f704a7dcb3e","block_type":"box","text":"about the future direction of fiscal policy and the new","page_number":20,"box":{"x":71,"y":244,"width":392,"height":10}},{"id":"1bd1fcd0-8639-4363-85bf-799c4976aba4","block_type":"box","text":"government’s economic priorities.","page_number":20,"box":{"x":71,"y":260,"width":247,"height":10}},{"id":"49ee1dee-b8fd-4110-a1c3-e5c5c32d2cec","block_type":"box","text":"The fund recorded a positive return in the 12-month","page_number":20,"box":{"x":71,"y":283,"width":377,"height":11}},{"id":"eb030845-29c0-4458-bc01-fd2947881f48","block_type":"box","text":"period, but marginally lagged its benchmark.","page_number":20,"box":{"x":72,"y":300,"width":324,"height":10}},{"id":"3769948b-a3bf-4738-80b8-10fcc7cd7eff","block_type":"box","text":"Security selection within credit had a negative effect on","page_number":20,"box":{"x":71,"y":323,"width":407,"height":11}},{"id":"127c851d-3bf1-4cd7-b23a-940b226c7a2b","block_type":"box","text":"relative performance, whereas duration positioning was","page_number":20,"box":{"x":72,"y":340,"width":406,"height":10}},{"id":"740390b0-c483-4770-9abb-b0e4a73f0a04","block_type":"box","text":"broadly neutral overall in the review period. 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The fund typically invests in a","page_number":52,"box":{"x":72,"y":768,"width":375,"height":10}},{"id":"7e77e338-f06f-4436-b6c1-abb99fdc73ce","block_type":"box","text":"well-diversified portfolio of high yielding UK stocks. The","page_number":52,"box":{"x":71,"y":784,"width":407,"height":11}},{"id":"84b3b95e-fba6-4d6a-b68e-ef46ae2184f9","block_type":"box","text":"yield premium attached to the fund generally means","page_number":52,"box":{"x":71,"y":801,"width":381,"height":10}},{"id":"c7178870-92c4-421f-b7d2-d1ce79de8b42","block_type":"box","text":"that there is a bias towards good value, out of favour","page_number":52,"box":{"x":71,"y":818,"width":385,"height":10}},{"id":"a6a8d4c7-c31a-49bb-bea6-665d0372ff9f","block_type":"box","text":"stocks (ie those stocks which the fund manager","page_number":52,"box":{"x":71,"y":834,"width":349,"height":11}},{"id":"822739b4-df6f-4696-8d9f-cbe94c4f4df6","block_type":"box","text":"considered to be undervalued by the market). The","page_number":52,"box":{"x":71,"y":850,"width":364,"height":11}},{"id":"7cf04486-ab6c-444d-9911-64512f20cba2","block_type":"box","text":"emphasis on yield helps to identify stocks that are","page_number":52,"box":{"x":71,"y":867,"width":365,"height":11}},{"id":"9c29709f-7990-4c82-b9c3-3ca8d2569106","block_type":"box","text":"relatively cheap and to avoid those that are expensive.","page_number":52,"box":{"x":72,"y":884,"width":393,"height":10}},{"id":"51147414-36f9-41ed-9cfd-f132230dbb68","block_type":"box","text":"From the universe of high yielding stocks, the fund","page_number":52,"box":{"x":72,"y":901,"width":368,"height":10}},{"id":"e368f3e5-58ed-4322-a8ad-7c5e5a46334f","block_type":"box","text":"manager identifies companies that are competitive,","page_number":52,"box":{"x":519,"y":194,"width":374,"height":10}},{"id":"f2877d41-d689-44e6-90f3-a08d0fb43f4e","block_type":"box","text":"with a strong business franchise and that have","page_number":52,"box":{"x":518,"y":210,"width":340,"height":11}},{"id":"1ccfd534-d9fa-4f1a-a67f-5c7a1ddb2bc5","block_type":"box","text":"attractive dividend growth prospects.","page_number":52,"box":{"x":518,"y":227,"width":272,"height":10}},{"id":"45488189-31f9-4ea7-bfd7-6f223eab9010","block_type":"box","text":"Benchmark","page_number":52,"box":{"x":519,"y":266,"width":135,"height":13}},{"id":"9e04a0f2-ff8f-441d-b246-5f8b4adbca01","block_type":"box","text":"FTSE All-Share Index","page_number":52,"box":{"x":519,"y":291,"width":153,"height":8}},{"id":"7b924a0a-7cab-4486-9f6b-8dc6bab6f0e0","block_type":"box","text":"The benchmark is a target which the fund seeks to","page_number":52,"box":{"x":518,"y":314,"width":370,"height":11}},{"id":"1cc587a1-58a6-40da-9b4e-e405ecdde74a","block_type":"box","text":"outperform. The index has been chosen as the fund’s","page_number":52,"box":{"x":518,"y":331,"width":390,"height":10}},{"id":"7bf83bfc-a432-4922-b7d6-3280d49af040","block_type":"box","text":"benchmark as it best reflects the scope of the fund’s","page_number":52,"box":{"x":519,"y":347,"width":385,"height":11}},{"id":"1577a69f-472f-4eea-bba5-01fe1737cd04","block_type":"box","text":"investment policy. The benchmark is used solely to","page_number":52,"box":{"x":519,"y":364,"width":369,"height":10}},{"id":"8824dcd7-7309-4904-870f-524ac019c739","block_type":"box","text":"measure the fund’s performance and does not","page_number":52,"box":{"x":519,"y":381,"width":339,"height":10}},{"id":"686fe31d-ab24-425c-8680-46bb271af89a","block_type":"box","text":"constrain the fund’s portfolio construction.","page_number":52,"box":{"x":518,"y":397,"width":311,"height":10}},{"id":"4aa72721-46a2-45fe-8979-4f12b67e1f7d","block_type":"box","text":"The fund is actively managed.","page_number":52,"box":{"x":518,"y":421,"width":216,"height":10}},{"id":"159c4f66-29d3-4040-a20d-01c44fc33440","block_type":"box","text":"The fund manager has complete freedom in choosing","page_number":52,"box":{"x":518,"y":444,"width":392,"height":10}},{"id":"b4ed8276-75c6-41ce-9ef8-4b1579eeb336","block_type":"box","text":"which investments to buy, hold and sell in the fund. The","page_number":52,"box":{"x":518,"y":460,"width":405,"height":11}},{"id":"217e9bb5-c301-446b-bfc3-99ea007d215f","block_type":"box","text":"fund’s holdings may deviate significantly from the","page_number":52,"box":{"x":519,"y":477,"width":361,"height":10}},{"id":"49bfbade-79bc-4cd2-9e45-8a7c5415d337","block_type":"box","text":"benchmark’s constituents.","page_number":52,"box":{"x":519,"y":494,"width":190,"height":8}},{"id":"099ee861-34bc-45b5-a2e1-6eddf6d51797","block_type":"box","text":"For each share class the benchmark will be","page_number":52,"box":{"x":519,"y":517,"width":313,"height":8}},{"id":"47fa9b06-eb14-46dd-b2c2-067b8eca9b13","block_type":"box","text":"denominated or hedged into the relevant share class","page_number":52,"box":{"x":518,"y":534,"width":385,"height":10}},{"id":"730f6559-a20c-420a-88f3-25b4b6002b09","block_type":"box","text":"currency. The benchmark for each share class will be","page_number":52,"box":{"x":518,"y":550,"width":387,"height":11}},{"id":"24a21b3c-00a9-419e-ab09-33a8105d4672","block_type":"box","text":"shown in its respective KIID.","page_number":52,"box":{"x":518,"y":567,"width":204,"height":10}},{"id":"1a0684c3-ac3a-4b4f-ae8e-0804407c5e2e","block_type":"box","text":"Risk profile","page_number":52,"box":{"x":519,"y":606,"width":132,"height":16}},{"id":"972a2239-4897-4f90-9607-d83f570e61af","block_type":"box","text":"For details of the risks associated with this fund, please","page_number":52,"box":{"x":519,"y":631,"width":405,"height":10}},{"id":"fe024d81-1d78-4b2f-9b4e-6f4b27bdd5b2","block_type":"box","text":"refer to the Prospectus. For details of the risk","page_number":52,"box":{"x":519,"y":647,"width":330,"height":11}},{"id":"791a3b65-8f5e-48d0-995b-22a88c6f4481","block_type":"box","text":"management policies, please refer to pages 12 to 15.","page_number":52,"box":{"x":519,"y":664,"width":382,"height":10}},{"id":"e33374b2-206d-41ef-8565-cd2e8a9edfa3","block_type":"box","text":"The following table shows the risk number associated","page_number":52,"box":{"x":518,"y":687,"width":393,"height":11}},{"id":"e5f2c3ab-08d8-445b-829b-ecacd9ef847f","block_type":"box","text":"with the fund and is based on Sterling Class ‘A’ shares.","page_number":52,"box":{"x":518,"y":704,"width":399,"height":10}},{"id":"a56188ed-7a1c-41db-b9c3-e0a49569934b","block_type":"box","text":"Low risk High risk","page_number":52,"box":{"x":520,"y":726,"width":405,"height":8}},{"id":"417203f0-c932-4606-86ec-5fbd8597feab","block_type":"box","text":"Typically lower rewards Typically higher 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fund","page_number":52,"box":{"x":554,"y":846,"width":365,"height":9}},{"id":"cbc1fbdf-4b5c-40b9-82db-945374580402","block_type":"box","text":"has moved up and down in the past and is based","page_number":52,"box":{"x":555,"y":863,"width":355,"height":10}},{"id":"91f3f46d-93c4-41bf-9f39-82dd90f8b7b4","block_type":"box","text":"on historical data so may not be a reliable indicator","page_number":52,"box":{"x":554,"y":880,"width":371,"height":10}},{"id":"67a7a0e0-2e3f-4061-95df-c2afbe3b8d67","block_type":"box","text":"of the future risk profile of the fund.","page_number":52,"box":{"x":554,"y":896,"width":262,"height":10}},{"id":"61c6a5cb-dce2-493e-80f6-1320f5df15a3","block_type":"box","text":"M&G Dividend Fund","page_number":52,"box":{"x":72,"y":49,"width":187,"height":11}},{"id":"d43774ad-0bc4-467c-9c93-384da057ec03","block_type":"box","text":"Authorised Corporate Director’s 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and","page_number":53,"box":{"x":108,"y":194,"width":355,"height":10}},{"id":"98060d8d-97e5-4b5b-9442-4674523d5ad4","block_type":"box","text":"the lowest risk number does not mean risk free.","page_number":53,"box":{"x":107,"y":210,"width":347,"height":9}},{"id":"d780ac1c-997e-429e-ab5e-cc04519948db","block_type":"box","text":"•","page_number":53,"box":{"x":71,"y":237,"width":6,"height":4}},{"id":"c05e941d-157d-4cf8-adb2-88d7c95a3e04","block_type":"box","text":"has changed from 6 to 5 on 28 July 2025.","page_number":53,"box":{"x":108,"y":234,"width":299,"height":10}},{"id":"2af7d0cc-b0ba-4af2-849e-c745995c29c7","block_type":"box","text":"Investment review","page_number":53,"box":{"x":72,"y":273,"width":220,"height":13}},{"id":"cdaed21c-3dfb-4eb5-9367-93591cab7a0d","block_type":"box","text":"For the year ended 30 June 2026","page_number":53,"box":{"x":72,"y":299,"width":241,"height":10}},{"id":"b08b38b8-2a6e-4826-b3bf-d82456845597","block_type":"box","text":"Performance against 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0.98,","page_number":53,"box":{"x":71,"y":412,"width":385,"height":10}},{"id":"b9ad0d99-b260-46bd-a3d1-4c8240949de2","block_type":"box","text":"and concluding with a final distribution of 1.8234p. This","page_number":53,"box":{"x":71,"y":428,"width":402,"height":11}},{"id":"d5f57c1f-ced4-4efd-a54f-b5e82c81f9af","block_type":"box","text":"resulted in a total distribution over the year of 3.5734p,","page_number":53,"box":{"x":72,"y":445,"width":397,"height":10}},{"id":"920c4b99-b547-46da-b1ad-ac7d4f17f239","block_type":"box","text":"an increase of 5.1% on the previous year. The inflation","page_number":53,"box":{"x":71,"y":461,"width":391,"height":11}},{"id":"a7ed97c4-a575-40e5-b6ba-ede366c8fcf1","block_type":"box","text":"rate in June 2026 was 3.1% as measured by the Retail","page_number":53,"box":{"x":72,"y":478,"width":389,"height":10}},{"id":"fd68a36f-5c29-458e-85b8-19ddecc2c081","block_type":"box","text":"Prices Index (RPI).","page_number":53,"box":{"x":72,"y":494,"width":129,"height":10}},{"id":"1811e5c3-fe3a-42a3-8677-b4c8f7600015","block_type":"box","text":"On 30 June 2026, the yield on the Sterling Class ‘A’","page_number":53,"box":{"x":71,"y":518,"width":372,"height":10}},{"id":"c79a22a5-234d-4621-bd9c-7545cc9b6b2d","block_type":"box","text":"Income shares was 5.36%, 72.9% above the","page_number":53,"box":{"x":72,"y":535,"width":319,"height":9}},{"id":"8080c603-2f4b-4705-8a1a-a16f2e3cb80f","block_type":"box","text":"benchmark FTSE All-Share Index yield of 3.10%,","page_number":53,"box":{"x":72,"y":551,"width":349,"height":10}},{"id":"1c565da3-9f50-4efd-9559-7ef3559c9c3a","block_type":"box","text":"meeting the fund’s objective to exceed the index yield.","page_number":53,"box":{"x":72,"y":568,"width":396,"height":10}},{"id":"64cad1c6-6c1f-47f9-bbe9-61d3f0acc207","block_type":"box","text":"Between 1 July 2025 (the start of the review period) and","page_number":53,"box":{"x":72,"y":590,"width":408,"height":11}},{"id":"abd0760a-ec6d-4c86-9d7d-cb5660d517a0","block_type":"box","text":"30 June 2026, the fund registered a positive total return","page_number":53,"box":{"x":71,"y":608,"width":408,"height":10}},{"id":"b9d24743-a213-477b-a640-13d61fd7d5d3","block_type":"box","text":"(the combination of income and capital growth) across","page_number":53,"box":{"x":71,"y":624,"width":399,"height":11}},{"id":"b21f8ef9-7b1e-4e78-9661-d49eacf5f5f4","block_type":"box","text":"all of its share classes. This was ahead of the FTSE","page_number":53,"box":{"x":71,"y":641,"width":371,"height":8}},{"id":"f3f77adf-3354-4fdc-ac05-669194261563","block_type":"box","text":"All-Share Index, which returned 21.9% over the period.","page_number":53,"box":{"x":71,"y":657,"width":397,"height":11}},{"id":"15c8b84d-3d9d-440e-a174-dd894593f426","block_type":"box","text":"Over five years, the fund delivered positive returns","page_number":53,"box":{"x":71,"y":681,"width":368,"height":10}},{"id":"2bebd583-b9c8-4ce9-97e1-10f3e69d4aea","block_type":"box","text":"across all share classes but marginally lagged its","page_number":53,"box":{"x":71,"y":697,"width":354,"height":11}},{"id":"b801ac52-faf3-4259-ac65-fcc5e7658167","block_type":"box","text":"benchmark, the FTSE All-Share Index, which returned","page_number":53,"box":{"x":72,"y":714,"width":390,"height":10}},{"id":"a64aead0-2dac-42f6-ae0b-66fa0113d68f","block_type":"box","text":"10.9% pa over the period. Therefore, the fund did not","page_number":53,"box":{"x":72,"y":731,"width":387,"height":10}},{"id":"7036cfd8-892a-41fb-b49d-39243592097f","block_type":"box","text":"deliver on its objective of outperforming the benchmark","page_number":53,"box":{"x":71,"y":747,"width":409,"height":10}},{"id":"08da9f66-db1b-4d4b-ae56-1cb9dbc297b3","block_type":"box","text":"over this period. For the performance of each share","page_number":53,"box":{"x":71,"y":764,"width":377,"height":10}},{"id":"d2defc9b-b2b3-49a1-abd6-857e5f58a614","block_type":"box","text":"class, please refer to the ‘Longterm performance by","page_number":53,"box":{"x":71,"y":780,"width":380,"height":11}},{"id":"ce0c648c-a5c6-4a05-acf3-2a1bfc1ae2e8","block_type":"box","text":"share class’ table in the ‘Financial highlights’ section of","page_number":53,"box":{"x":71,"y":797,"width":401,"height":10}},{"id":"e3baa921-6072-4675-92f3-98fb21452ed7","block_type":"box","text":"this report.","page_number":53,"box":{"x":71,"y":814,"width":78,"height":10}},{"id":"09440b93-b046-4b9b-a85c-a586cc9d7f0d","block_type":"box","text":"Performance review","page_number":53,"box":{"x":72,"y":837,"width":150,"height":8}},{"id":"9f661b90-c0ad-42c0-9f8c-3f0cb0713adf","block_type":"box","text":"The UK market posted another year of positive returns,","page_number":53,"box":{"x":71,"y":853,"width":400,"height":11}},{"id":"912a64a0-30eb-43ce-b215-c83630975ca1","block_type":"box","text":"extending its gains despite persistent market volatility","page_number":53,"box":{"x":71,"y":870,"width":394,"height":10}},{"id":"157c6718-9614-438d-9506-894819d741f4","block_type":"box","text":"as geopolitical and macroeconomic pressures remained","page_number":53,"box":{"x":71,"y":887,"width":408,"height":10}},{"id":"b1f6b2bd-2b4c-478c-8436-0e95d751e077","block_type":"box","text":"elevated. Economic data improved as inflation peaked","page_number":53,"box":{"x":71,"y":903,"width":394,"height":10}},{"id":"fe8435ec-a8e6-4325-bb86-2b2804461c5f","block_type":"box","text":"in the summer of 2025. This allowed the Bank of","page_number":53,"box":{"x":519,"y":194,"width":352,"height":8}},{"id":"12a48bf1-87c2-4c04-bfd0-9948cd52b747","block_type":"box","text":"England to cut interest rates twice by 0.25 percentage","page_number":53,"box":{"x":519,"y":210,"width":395,"height":11}},{"id":"d08997d4-5217-428d-bc64-bfcbd25c244b","block_type":"box","text":"points before the end of the year.","page_number":53,"box":{"x":519,"y":227,"width":242,"height":10}},{"id":"ce670b47-7bb8-4b99-b00e-13c2e9065ed8","block_type":"box","text":"The UK equity market gains were supported by","page_number":53,"box":{"x":518,"y":250,"width":343,"height":11}},{"id":"e1b0a297-5989-4185-bcc3-5ef463d6c332","block_type":"box","text":"investors rotating out of US equities amid concerns of","page_number":53,"box":{"x":519,"y":267,"width":394,"height":10}},{"id":"c57b7d7f-f288-4d52-9cea-e533c7995ace","block_type":"box","text":"an artificial intelligence (AI) bubble and tariff-related","page_number":53,"box":{"x":518,"y":283,"width":382,"height":11}},{"id":"74264300-9aba-49db-8503-cfab539d97db","block_type":"box","text":"volatility, alongside a steady stream of takeover activity","page_number":53,"box":{"x":518,"y":300,"width":402,"height":10}},{"id":"3eaa95f3-0ceb-4348-a36a-35003ab3e78d","block_type":"box","text":"in the UK market. The perceived risk that AI could","page_number":53,"box":{"x":519,"y":317,"width":359,"height":10}},{"id":"a07dd7dc-2c93-498d-8d8c-32cdaf65aa75","block_type":"box","text":"disrupt some software and data-rich companies drove a","page_number":53,"box":{"x":518,"y":333,"width":409,"height":10}},{"id":"491d3640-7689-45a5-8869-bd6f367cd642","block_type":"box","text":"rotation into heavy asset companies with a lower risk of","page_number":53,"box":{"x":519,"y":350,"width":405,"height":10}},{"id":"36860395-d578-44dc-9729-4879bdbe7cca","block_type":"box","text":"obsolescence, an area where the UK market is well","page_number":53,"box":{"x":518,"y":367,"width":370,"height":9}},{"id":"195c6160-2fbc-4133-9c1a-5b66bc06cee4","block_type":"box","text":"positioned to benefit, given its sector composition.","page_number":53,"box":{"x":519,"y":383,"width":369,"height":10}},{"id":"c4e5d0a0-2688-4316-aba1-fa21aeb19a7a","block_type":"box","text":"Depressed UK valuations continued to attract corporate","page_number":53,"box":{"x":519,"y":400,"width":406,"height":10}},{"id":"672ed7ef-7977-468f-844c-90aa9ff767e8","block_type":"box","text":"buyers and private equity funds, keeping the M&A","page_number":53,"box":{"x":519,"y":416,"width":365,"height":11}},{"id":"51fff5a6-d368-4492-83ad-f1e128925476","block_type":"box","text":"(mergers and acquisitions) pipeline active. Volatility was","page_number":53,"box":{"x":518,"y":432,"width":407,"height":11}},{"id":"429e132d-4b65-42d2-a15a-6cd1201fb6d3","block_type":"box","text":"not in short supply, both domestically, amid political","page_number":53,"box":{"x":519,"y":450,"width":375,"height":10}},{"id":"ab42b1ff-1e69-43ae-92d9-565418df175e","block_type":"box","text":"upheaval - subsequently eased following the","page_number":53,"box":{"x":519,"y":466,"width":326,"height":10}},{"id":"aa976bfd-5ef2-43b7-8814-9778b34637d0","block_type":"box","text":"appointment of Andy Burnham as Prime Minister - and","page_number":53,"box":{"x":518,"y":483,"width":398,"height":10}},{"id":"918418b6-b220-4df1-b864-9751c91bc4f4","block_type":"box","text":"internationally, with the US-Iran conflict adding an","page_number":53,"box":{"x":519,"y":499,"width":364,"height":11}},{"id":"37548e3f-1e7e-440d-bd28-abf2004b0161","block_type":"box","text":"unwelcome layer of geopolitical uncertainty.","page_number":53,"box":{"x":519,"y":516,"width":321,"height":10}},{"id":"e194f12f-07b0-47f8-8918-bb70d6db76f2","block_type":"box","text":"Against this backdrop, the FTSE All-Share Index","page_number":53,"box":{"x":518,"y":539,"width":350,"height":10}},{"id":"ae70117e-1825-498d-b1d9-4e58659e9653","block_type":"box","text":"returned 21.9% over the period. Large cap companies","page_number":53,"box":{"x":519,"y":556,"width":390,"height":10}},{"id":"cf80ba82-5891-4290-8b5a-bf91b31bf253","block_type":"box","text":"led the charge in the second half of the period,","page_number":53,"box":{"x":519,"y":572,"width":341,"height":11}},{"id":"bb8cb499-f7d1-4296-b320-e4b544b3eddf","block_type":"box","text":"supported by their international exposure and defensive","page_number":53,"box":{"x":518,"y":589,"width":410,"height":10}},{"id":"338a61ce-0ca9-49c5-8924-c9a5aa74f233","block_type":"box","text":"characteristics during a time of heightened uncertainty.","page_number":53,"box":{"x":518,"y":606,"width":405,"height":10}},{"id":"b04cdb85-8567-4aa8-8ea9-149459b88f54","block_type":"box","text":"Mid cap companies also performed well but went up","page_number":53,"box":{"x":519,"y":622,"width":383,"height":10}},{"id":"1b67b8f8-6e8c-4647-b674-dcf5752c00db","block_type":"box","text":"less than the FTSE 100 as concerns about inflation,","page_number":53,"box":{"x":519,"y":639,"width":373,"height":9}},{"id":"3cdff23d-7f22-4f49-a71d-19cde5bd0073","block_type":"box","text":"domestic political uncertainty and expectations that","page_number":53,"box":{"x":518,"y":655,"width":379,"height":11}},{"id":"b11b60f3-0411-4a1f-a7f9-4f7bf0a1d022","block_type":"box","text":"interest rates would remain higher for longer weighed","page_number":53,"box":{"x":519,"y":672,"width":392,"height":10}},{"id":"3d7bfa8d-826a-4094-963f-1a544f30845f","block_type":"box","text":"on the performance of the FTSE 250. 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The fund’s lower","page_number":53,"box":{"x":518,"y":811,"width":379,"height":11}},{"id":"292619e1-78da-4d92-906b-0fd251195a81","block_type":"box","text":"exposure (underweight) to the technology sector and","page_number":53,"box":{"x":518,"y":827,"width":388,"height":11}},{"id":"118953ac-d870-439a-9150-d08d3f0e3d02","block_type":"box","text":"technology related businesses such as RELX and LSEG","page_number":53,"box":{"x":518,"y":845,"width":401,"height":10}},{"id":"2ad34b80-67da-4c3c-a11e-06340f86f3d6","block_type":"box","text":"(London Stock Exchange Group) supported","page_number":53,"box":{"x":518,"y":861,"width":316,"height":11}},{"id":"606fa676-f174-4530-b01e-2d800606191a","block_type":"box","text":"performance, as these areas of the market fell","page_number":53,"box":{"x":519,"y":878,"width":336,"height":10}},{"id":"06843445-1364-4997-ab62-2297c704c255","block_type":"box","text":"significantly during the period. 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721.53","page_number":62,"box":{"x":528,"y":638,"width":390,"height":8}},{"id":"96de0306-6afb-458d-bfc7-ca7a483655d7","block_type":"box","text":"M&G Dividend Fund","page_number":62,"box":{"x":72,"y":49,"width":187,"height":11}},{"id":"de827f4a-4fed-4964-9ffe-eaf0040be4a5","block_type":"box","text":"Financial highlights","page_number":62,"box":{"x":74,"y":79,"width":380,"height":27}},{"id":"7ac74bdf-b24b-4016-aef0-fbfe6e175523","block_type":"box","text":"60","page_number":62,"box":{"x":36,"y":967,"width":16,"height":8}},{"id":"fb85f738-81c3-489d-a2e2-8ed16b8d9e49","block_type":"box","text":"Annual report and audited financial statements","page_number":62,"box":{"x":71,"y":968,"width":290,"height":8}},{"id":"bbac738b-2893-4395-843a-b17fd9f8ecc0","block_type":"box","text":"•","page_number":62,"box":{"x":369,"y":970,"width":4,"height":2}},{"id":"037ff723-b39c-465d-a140-706d74066cc0","block_type":"box","text":"June 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(0.05)","page_number":63,"box":{"x":81,"y":354,"width":394,"height":9}},{"id":"7cd4686d-0b83-4aba-8cad-6ba58f8f088e","block_type":"box","text":"Return after operating","page_number":63,"box":{"x":81,"y":376,"width":127,"height":8}},{"id":"12e6ce6e-8fd2-450a-915b-c3c2acc2b9aa","block_type":"box","text":"charges*","page_number":63,"box":{"x":81,"y":388,"width":49,"height":8}},{"id":"6b22e4e8-4b27-4019-8a5f-825cbb609f19","block_type":"box","text":"18.49 9.88 8.41","page_number":63,"box":{"x":273,"y":376,"width":197,"height":6}},{"id":"b48b08e9-9b9d-4f28-bde9-c583f8e7a5e6","block_type":"box","text":"Distributions (4.76) (4.48) (4.31)","page_number":63,"box":{"x":81,"y":408,"width":395,"height":8}},{"id":"dd35ee71-3307-4382-9d20-3b55ad1cebee","block_type":"box","text":"Closing NAV 86.80 73.07 67.67","page_number":63,"box":{"x":81,"y":429,"width":391,"height":8}},{"id":"04fd522a-ea08-433a-920d-a3ec5a0647bf","block_type":"box","text":"*after direct transaction cost of 0.07 0.06 0.05","page_number":63,"box":{"x":80,"y":450,"width":391,"height":6}},{"id":"1c18061e-396c-4ddc-9bcb-029e2f993609","block_type":"box","text":"Performance","page_number":63,"box":{"x":81,"y":470,"width":76,"height":6}},{"id":"85c6e321-9bb4-42d7-83d8-6a061e23606f","block_type":"box","text":"Return after charges (%) 25.30 14.60 13.23","page_number":63,"box":{"x":81,"y":490,"width":390,"height":8}},{"id":"fe063a78-4c8e-4112-8bb7-6a93155aa65e","block_type":"box","text":"Other information","page_number":63,"box":{"x":80,"y":510,"width":107,"height":7}},{"id":"5c4b714b-c278-499a-ba94-4ef35b151b3f","block_type":"box","text":"Closing NAV (£’000) 384,524 359,636 390,085","page_number":63,"box":{"x":81,"y":530,"width":391,"height":8}},{"id":"aa5f3c36-472e-4883-8b1d-de0c7150eeea","block_type":"box","text":"Number of shares 443,002,679 492,180,112 576,437,520","page_number":63,"box":{"x":81,"y":550,"width":390,"height":8}},{"id":"dd2edd42-b0bb-4213-a63b-d1deb39ccc86","block_type":"box","text":"Operating charges (%) 0.00 0.00 0.07","page_number":63,"box":{"x":81,"y":570,"width":391,"height":9}},{"id":"04483e31-e715-42dd-abca-e9dcdc926256","block_type":"box","text":"Direct transaction costs (%) 0.08 0.08 0.08","page_number":63,"box":{"x":81,"y":590,"width":391,"height":9}},{"id":"d2c424f7-d386-4833-b839-bfddb7245966","block_type":"box","text":"Prices","page_number":63,"box":{"x":81,"y":611,"width":36,"height":7}},{"id":"4c2af9a3-be71-4473-a198-e5c5159b0a99","block_type":"box","text":"Highest share price (UK p) 90.46 75.88 71.53","page_number":63,"box":{"x":81,"y":631,"width":390,"height":8}},{"id":"bf60015e-191d-46c6-b508-cf9f587fa668","block_type":"box","text":"Lowest share price (UK p) 72.74 63.91 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NAV 1,142.15 1,065.35 1,007.94","page_number":64,"box":{"x":81,"y":280,"width":391,"height":8}},{"id":"10d659ee-f956-4e88-b4fb-10ba06a0584d","block_type":"box","text":"Return before operating","page_number":64,"box":{"x":81,"y":300,"width":137,"height":8}},{"id":"74f677f5-813a-4f81-8ede-b2000b5fa7dc","block_type":"box","text":"charges*","page_number":64,"box":{"x":81,"y":312,"width":49,"height":8}},{"id":"6f631404-6057-45f6-baa3-6231b458d1a4","block_type":"box","text":"288.07 154.79 133.37","page_number":64,"box":{"x":293,"y":301,"width":179,"height":6}},{"id":"86d51fce-0d83-4131-9a6d-b25a8071a863","block_type":"box","text":"Operating charges (8.95) (7.75) (7.90)","page_number":64,"box":{"x":81,"y":332,"width":394,"height":8}},{"id":"f6cabaec-8f28-46d2-8150-df39655a19c3","block_type":"box","text":"Return after 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0.84","page_number":64,"box":{"x":80,"y":427,"width":392,"height":7}},{"id":"2a0dad37-628e-42d1-bb21-dde9a95130de","block_type":"box","text":"Performance","page_number":64,"box":{"x":81,"y":447,"width":76,"height":7}},{"id":"e4027af2-c405-41a4-9844-cd667557492d","block_type":"box","text":"Return after charges (%) 24.44 13.80 12.45","page_number":64,"box":{"x":81,"y":467,"width":390,"height":9}},{"id":"390f3577-7335-4554-bf36-f43f8635b91b","block_type":"box","text":"Other information","page_number":64,"box":{"x":80,"y":488,"width":107,"height":6}},{"id":"b598c0ef-a838-4dfd-93c2-daff6aaeee06","block_type":"box","text":"Closing NAV (£’000) 101,749 86,466 81,161","page_number":64,"box":{"x":81,"y":507,"width":390,"height":9}},{"id":"c811f681-480a-4774-9e97-e3b78c8ddf84","block_type":"box","text":"Number of shares 7,552,764 7,570,381 7,618,210","page_number":64,"box":{"x":81,"y":528,"width":390,"height":8}},{"id":"bd0cdcb4-30e9-4d6a-b624-b1a244b39dee","block_type":"box","text":"Operating 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operating","page_number":64,"box":{"x":528,"y":300,"width":137,"height":8}},{"id":"9a611a80-0f70-4955-8e48-5ca9e4fb1eb9","block_type":"box","text":"charges*","page_number":64,"box":{"x":528,"y":312,"width":49,"height":8}},{"id":"53db7af3-e54b-472e-ad7b-71e039585841","block_type":"box","text":"564.91 287.60 232.01","page_number":64,"box":{"x":744,"y":301,"width":173,"height":6}},{"id":"279f0287-174a-4355-8741-b18060254c72","block_type":"box","text":"Operating charges (17.63) (14.30) (13.72)","page_number":64,"box":{"x":528,"y":332,"width":394,"height":8}},{"id":"b9c6093f-ce0f-4c6c-9185-c6a71bb0ea6e","block_type":"box","text":"Return after operating","page_number":64,"box":{"x":528,"y":353,"width":127,"height":8}},{"id":"198b771e-121d-48fb-9072-31e3a3902194","block_type":"box","text":"charges*","page_number":64,"box":{"x":528,"y":365,"width":49,"height":8}},{"id":"1e93f568-a1c6-4659-acda-ba6eae30392a","block_type":"box","text":"547.28 273.30 218.29","page_number":64,"box":{"x":743,"y":353,"width":175,"height":7}},{"id":"6b0c9015-6e02-4c57-ae77-9dc816be3594","block_type":"box","text":"Distributions (128.17) (115.73) (105.69)","page_number":64,"box":{"x":528,"y":385,"width":394,"height":8}},{"id":"239c92a6-16f4-43bd-93fe-d693e06ead66","block_type":"box","text":"Retained distributions 128.17 115.73 105.69","page_number":64,"box":{"x":528,"y":406,"width":390,"height":6}},{"id":"5a6e7e33-57fc-4ff5-9faf-6c8115ce8b75","block_type":"box","text":"Closing NAV 2,762.84 2,215.56 1,942.26","page_number":64,"box":{"x":528,"y":427,"width":390,"height":8}},{"id":"8d9de140-2c67-4c48-8c3a-1ed4c14e61d9","block_type":"box","text":"*after direct transaction cost of 2.09 1.71 1.46","page_number":64,"box":{"x":527,"y":447,"width":391,"height":7}},{"id":"455c9815-73a8-4302-9146-df87d4a01c49","block_type":"box","text":"Performance","page_number":64,"box":{"x":528,"y":467,"width":76,"height":7}},{"id":"ca27155f-7f3f-4ec4-ab9a-35348433c165","block_type":"box","text":"Return after charges (%) 24.70 14.07 12.66","page_number":64,"box":{"x":528,"y":487,"width":390,"height":9}},{"id":"0df7a911-3291-49bd-87d0-60e5b1eed6e3","block_type":"box","text":"Other information","page_number":64,"box":{"x":527,"y":508,"width":107,"height":6}},{"id":"cbc3d560-0e22-45f2-85e2-b2f8f4d43957","block_type":"box","text":"Closing NAV (£’000) 56,333 37,080 34,797","page_number":64,"box":{"x":528,"y":527,"width":391,"height":9}},{"id":"c9b7d928-023c-43ab-9deb-42be50519774","block_type":"box","text":"Number of shares 2,038,934 1,673,597 1,791,567","page_number":64,"box":{"x":528,"y":548,"width":391,"height":8}},{"id":"08420207-035f-41fb-9097-566f26f9862b","block_type":"box","text":"Operating charges (%) 0.70 0.70 0.77","page_number":64,"box":{"x":528,"y":568,"width":391,"height":8}},{"id":"4d7eafe3-e8b7-4e66-bc09-1a86962b321f","block_type":"box","text":"Direct transaction costs (%) 0.08 0.08 0.08","page_number":64,"box":{"x":528,"y":588,"width":390,"height":8}},{"id":"6a105d5d-7cb1-42fb-b816-9ac04f39f8ef","block_type":"box","text":"Prices","page_number":64,"box":{"x":528,"y":609,"width":36,"height":6}},{"id":"73027c65-2e10-47a2-90e4-1cb81038208e","block_type":"box","text":"Highest share price (UK p) 2,767.29 2,234.45 1,993.39","page_number":64,"box":{"x":528,"y":628,"width":390,"height":9}},{"id":"4f904e96-ca02-49c2-b60a-b8f121dfd051","block_type":"box","text":"Lowest share price (UK p) 2,205.87 1,884.36 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Each share class has the same rights on","page_number":73,"box":{"x":71,"y":414,"width":810,"height":11}},{"id":"172dc18a-f43a-4418-bf92-f2853265d2c4","block_type":"box","text":"winding up however they may have different charging structures as set out in note 14.","page_number":73,"box":{"x":71,"y":431,"width":626,"height":10}},{"id":"4e3ead6a-9b79-4e9d-a0c1-1609f18c7e1e","block_type":"box","text":"Share class Opening Movements Closing","page_number":73,"box":{"x":80,"y":460,"width":838,"height":9}},{"id":"b02e57d7-f4ab-4c75-b667-0f1879c7c212","block_type":"box","text":"01.07.25 Issued Cancelled Converted 30.06.26","page_number":73,"box":{"x":335,"y":472,"width":584,"height":7}},{"id":"74149155-364f-4aff-aca0-4cd720795f0a","block_type":"box","text":"Sterling","page_number":73,"box":{"x":80,"y":493,"width":47,"height":8}},{"id":"32094ae5-20d7-431c-88ac-b8e4ef813cbc","block_type":"box","text":"Class ‘A’ Income 338,167,484 7,864,890 (28,984,513) 0 317,047,861","page_number":73,"box":{"x":81,"y":512,"width":837,"height":9}},{"id":"3f5cf7d5-c190-4891-9a72-a8afdb5703c6","block_type":"box","text":"Class ‘A’ Accumulation 6,953,856 366,366 (625,279) 0 6,694,943","page_number":73,"box":{"x":81,"y":533,"width":838,"height":8}},{"id":"8a9582c1-d585-40f7-8666-cf1549fd5e85","block_type":"box","text":"Class ‘C’ Income 492,180,112 7,478,286 (56,655,719) 0 443,002,679","page_number":73,"box":{"x":81,"y":553,"width":837,"height":8}},{"id":"8414512b-64f3-4bcb-a664-d3fe6ee21ee8","block_type":"box","text":"Class ‘I’ Income 7,570,381 803,866 (821,483) 0 7,552,764","page_number":73,"box":{"x":81,"y":573,"width":838,"height":8}},{"id":"47feb58d-d251-4892-8f22-e2a593d541d0","block_type":"box","text":"Class ‘I’ Accumulation 1,673,597 528,623 (163,286) 0 2,038,934","page_number":73,"box":{"x":81,"y":593,"width":838,"height":8}},{"id":"5bddb4f2-e06a-410c-a2ed-aa2c7208792d","block_type":"box","text":"Class ‘R’ Income 14,119,055 689,139 (1,599,567) 0 13,208,627","page_number":73,"box":{"x":81,"y":613,"width":838,"height":8}},{"id":"04e4a66a-0fe5-44bf-9400-f2f0cce7a6f7","block_type":"box","text":"Class ‘R’ Accumulation 9,481,039 515,083 (1,693,042) 0 8,303,080","page_number":73,"box":{"x":81,"y":633,"width":837,"height":9}},{"id":"bb2af5f5-dd1a-41e7-a792-9d4f6a8bfd9a","block_type":"box","text":"It is not possible to separately identify all share class conversions. 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A five per cent decrease would have an equal and opposite","page_number":75,"box":{"x":71,"y":691,"width":814,"height":11}},{"id":"d95dcf2a-9fc7-432a-ac8a-3efe7918e559","block_type":"box","text":"effect.","page_number":75,"box":{"x":71,"y":708,"width":46,"height":8}},{"id":"58795a75-0117-4acb-9c4a-0dae30c40395","block_type":"box","text":"20 Currency risk sensitivity and exposure","page_number":75,"box":{"x":71,"y":735,"width":399,"height":13}},{"id":"f6a4d93a-1976-4345-8da6-033a178fee64","block_type":"box","text":"Currency risk is not considered significant for the fund and is therefore not disclosed.","page_number":75,"box":{"x":71,"y":754,"width":625,"height":10}},{"id":"a1844311-0bd5-4655-9e3b-afba996226f8","block_type":"box","text":"21 Interest rate risk sensitivity and exposure","page_number":75,"box":{"x":71,"y":781,"width":424,"height":13}},{"id":"ffa02e11-609c-4bef-80e9-d306ffd831fe","block_type":"box","text":"As the majority of the fund’s financial assets are non-interest bearing, the risk is not considered significant and is","page_number":75,"box":{"x":71,"y":799,"width":827,"height":11}},{"id":"9018ddaf-948a-4a63-8b96-4ba688a214b9","block_type":"box","text":"therefore not disclosed.","page_number":75,"box":{"x":71,"y":816,"width":173,"height":8}},{"id":"64fd6602-588b-4e73-bd2e-0d30968484ea","block_type":"box","text":"22 Credit risk","page_number":75,"box":{"x":71,"y":843,"width":133,"height":10}},{"id":"9f802e4a-0f20-4dd2-baa3-e90baba2273b","block_type":"box","text":"Credit risk with regard to derivative balances is not considered significant and is therefore not disclosed.","page_number":75,"box":{"x":71,"y":861,"width":764,"height":11}},{"id":"a8617aa5-c527-4c00-9728-176ab8dc4c17","block_type":"box","text":"M&G Dividend Fund","page_number":75,"box":{"x":72,"y":49,"width":187,"height":11}},{"id":"c5664c3e-723e-4535-81f1-62ca2502be4a","block_type":"box","text":"Financial statements and 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out the distribution periods.","page_number":76,"box":{"x":71,"y":213,"width":751,"height":10}},{"id":"9cbcd302-b759-4fbd-8ccb-f824a774da04","block_type":"box","text":"Quarterly distribution periods","page_number":76,"box":{"x":71,"y":251,"width":196,"height":9}},{"id":"805a253f-9703-4665-848f-8621b0ab2141","block_type":"box","text":"Start End Xd Payment","page_number":76,"box":{"x":431,"y":281,"width":488,"height":8}},{"id":"a8d5603d-60ff-49f8-bbe6-af2e57e3bb4c","block_type":"box","text":"First interim 01.07.25 30.09.25 01.10.25 30.11.25","page_number":76,"box":{"x":81,"y":301,"width":837,"height":6}},{"id":"bc68777a-dfdf-4436-9852-0e514b6d8570","block_type":"box","text":"Second interim 01.10.25 31.12.25 02.01.26 28.02.26","page_number":76,"box":{"x":81,"y":321,"width":837,"height":6}},{"id":"25f9e457-c6b7-4528-85f2-cf6286c54d28","block_type":"box","text":"Third interim 01.01.26 31.03.26 01.04.26 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those purchased during a distribution period and therefore their distribution rate is made up of","page_number":76,"box":{"x":71,"y":450,"width":837,"height":11}},{"id":"5bb3d45e-7ccc-485b-b43b-70e465b0d5ab","block_type":"box","text":"income and equalisation. Equalisation is the average amount of income included in the purchase price of all Group 2","page_number":76,"box":{"x":72,"y":467,"width":847,"height":10}},{"id":"d136a4fc-d45f-4dc5-9334-5ac15a692e52","block_type":"box","text":"shares and is refunded to the holders of these shares as a return of capital. Being capital it is not liable to Income","page_number":76,"box":{"x":71,"y":484,"width":826,"height":10}},{"id":"29143349-2fef-44d3-ac42-6dfa18e93026","block_type":"box","text":"Tax. Instead, it must be deducted from the cost of shares for Capital Gains Tax purposes. 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1.6562","page_number":76,"box":{"x":578,"y":695,"width":340,"height":7}},{"id":"c822b6d4-e729-443e-8870-d5eb7c5e814b","block_type":"box","text":"Sterling Class ‘A’ Accumulation shares","page_number":76,"box":{"x":71,"y":729,"width":253,"height":9}},{"id":"a6aff5f1-769b-4898-a2e8-7e0f63846906","block_type":"box","text":"Ordinary distributions","page_number":76,"box":{"x":80,"y":759,"width":132,"height":8}},{"id":"e2eaecba-bdae-41bb-9ee8-346f8c085430","block_type":"box","text":"Group 2 Group 1 & 2","page_number":76,"box":{"x":645,"y":759,"width":248,"height":8}},{"id":"56d559f1-c124-4b7f-a7b0-67fef22c3706","block_type":"box","text":"for the year","page_number":76,"box":{"x":80,"y":771,"width":69,"height":8}},{"id":"e2dd58a1-ba0d-4929-a64e-c0980303dc5d","block_type":"box","text":"Income Equalisation Distribution","page_number":76,"box":{"x":574,"y":771,"width":321,"height":8}},{"id":"c953ad85-6e4b-4ca2-bc4c-bb6297b8c57c","block_type":"box","text":"to 30 June","page_number":76,"box":{"x":80,"y":783,"width":63,"height":7}},{"id":"a622428d-9876-4f36-b966-48b55c1cf625","block_type":"box","text":"2026 2026 2026 2025","page_number":76,"box":{"x":587,"y":783,"width":332,"height":7}},{"id":"92ee11d4-30a7-4d1b-9013-cfba5bafdc60","block_type":"box","text":"UK p UK p UK p UK p","page_number":76,"box":{"x":590,"y":795,"width":329,"height":8}},{"id":"75617fcb-3d05-4964-a929-80a3576c8ccf","block_type":"box","text":"First interim","page_number":76,"box":{"x":81,"y":816,"width":67,"height":6}},{"id":"d6afa98b-187f-443c-9f17-b61d2e0af178","block_type":"box","text":"0.0000 5.4000 5.4000 5.1200","page_number":76,"box":{"x":576,"y":816,"width":342,"height":6}},{"id":"682597a7-d473-4fbb-a5d4-55cacf10c57f","block_type":"box","text":"Second interim","page_number":76,"box":{"x":81,"y":836,"width":86,"height":6}},{"id":"7797ae29-e55d-4fc8-9813-d29df099401c","block_type":"box","text":"0.0000 5.0900 5.0900 5.0000","page_number":76,"box":{"x":576,"y":836,"width":342,"height":6}},{"id":"53305d33-2125-47c8-89c6-426d8c20de26","block_type":"box","text":"Third interim","page_number":76,"box":{"x":80,"y":856,"width":73,"height":6}},{"id":"42eb69c6-7c94-49f4-b28a-04065055390a","block_type":"box","text":"0.0000 13.4000 13.4000 12.8500","page_number":76,"box":{"x":576,"y":856,"width":342,"height":6}},{"id":"6e39423f-4fa8-4efb-98d9-50d7898b4eb1","block_type":"box","text":"Final","page_number":76,"box":{"x":81,"y":876,"width":25,"height":7}},{"id":"06ef75aa-196e-42f2-88af-efb80b7896e5","block_type":"box","text":"7.6523 18.7380 26.3903 22.9933","page_number":76,"box":{"x":580,"y":876,"width":338,"height":7}},{"id":"11260dd4-daed-44cb-b13c-cd16067398a1","block_type":"box","text":"M&G Dividend Fund","page_number":76,"box":{"x":72,"y":49,"width":187,"height":11}},{"id":"c1bf98b7-fc87-4095-bfaf-4321f01c7277","block_type":"box","text":"Financial statements and 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distributions","page_number":77,"box":{"x":80,"y":232,"width":132,"height":8}},{"id":"0ae75af1-f035-4841-a59e-aa09c9c8303a","block_type":"box","text":"Group 2 Group 1 & 2","page_number":77,"box":{"x":645,"y":232,"width":248,"height":8}},{"id":"c42a7c1d-24ea-4c96-8125-47f460577417","block_type":"box","text":"for the year","page_number":77,"box":{"x":80,"y":244,"width":69,"height":8}},{"id":"42672867-3f4e-40e5-bd85-3c94b4857afd","block_type":"box","text":"Income Equalisation Distribution","page_number":77,"box":{"x":574,"y":244,"width":321,"height":8}},{"id":"b0526408-afa6-4771-83f5-855345cd9357","block_type":"box","text":"to 30 June","page_number":77,"box":{"x":80,"y":256,"width":63,"height":6}},{"id":"c1a59f9d-7592-4634-8fea-f990b20d1921","block_type":"box","text":"2026 2026 2026 2025","page_number":77,"box":{"x":587,"y":256,"width":332,"height":6}},{"id":"c6071d9a-772a-42c4-912f-7caf79e2070c","block_type":"box","text":"UK p UK p UK p UK 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The benchmark does not","page_number":79,"box":{"x":518,"y":672,"width":395,"height":10}},{"id":"8c23e7ba-48c0-45b0-9468-6bcebdcfac7d","block_type":"box","text":"constrain the fund’s portfolio construction.","page_number":79,"box":{"x":518,"y":688,"width":311,"height":10}},{"id":"29fa24d2-3a46-4fd1-b2c6-df16ad87bfdc","block_type":"box","text":"The fund is actively managed.","page_number":79,"box":{"x":518,"y":712,"width":216,"height":10}},{"id":"3c27778c-5b72-431c-8432-e3e6da491206","block_type":"box","text":"The fund manager has complete freedom in choosing","page_number":79,"box":{"x":518,"y":735,"width":392,"height":10}},{"id":"5568c7fd-dafc-4f1c-88a4-6b77744328d7","block_type":"box","text":"which assets to buy, hold and sell in the fund. 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The benchmark for each share class will be","page_number":79,"box":{"x":518,"y":841,"width":387,"height":10}},{"id":"af542e8b-44c3-40f3-aacf-335bdfad1788","block_type":"box","text":"shown in its respective KIID.","page_number":79,"box":{"x":518,"y":858,"width":204,"height":10}},{"id":"6873c5dd-70ef-480f-9eb0-0495a387ec19","block_type":"box","text":"M&G Emerging Markets Bond Fund","page_number":79,"box":{"x":72,"y":49,"width":332,"height":13}},{"id":"79f5dea0-e6e7-4f4e-9c2d-e5915d7e94b5","block_type":"box","text":"Authorised Corporate Director’s Report","page_number":79,"box":{"x":71,"y":79,"width":782,"height":27}},{"id":"382fa66b-4f78-4798-b3ad-373b4854143e","block_type":"box","text":"Annual report and audited financial statements","page_number":79,"box":{"x":554,"y":968,"width":289,"height":8}},{"id":"f9951c93-7cc1-41f9-b2a8-ec5d38beb796","block_type":"box","text":"•","page_number":79,"box":{"x":852,"y":970,"width":3,"height":2}},{"id":"85606d99-48c1-4987-a4af-a49c782b5393","block_type":"box","text":"June 2026","page_number":79,"box":{"x":864,"y":968,"width":64,"height":7}},{"id":"da3d8aca-2b47-43dc-8d75-870c033d11d6","block_type":"box","text":"77","page_number":79,"box":{"x":949,"y":967,"width":15,"height":7}},{"id":"24d7c5bc-6c10-4c59-8aa2-7e639f04c079","block_type":"box","text":"Risk profile","page_number":80,"box":{"x":72,"y":194,"width":132,"height":16}},{"id":"441f4442-96c1-4ea0-8e11-fa04d1447f62","block_type":"box","text":"For details of the risks associated with this fund, please","page_number":80,"box":{"x":72,"y":219,"width":405,"height":10}},{"id":"7f0b492c-c70a-46a9-8292-24ab2d1c4846","block_type":"box","text":"refer to the Prospectus. For details of the risk","page_number":80,"box":{"x":72,"y":235,"width":330,"height":10}},{"id":"b0be9dd2-777d-4ed0-ae30-9cfa6aaed977","block_type":"box","text":"management policies, please refer to pages 12 to 15.","page_number":80,"box":{"x":72,"y":252,"width":382,"height":10}},{"id":"89bcadfc-2795-4e90-a1b6-50690ebf6961","block_type":"box","text":"The following table shows the risk number associated","page_number":80,"box":{"x":71,"y":275,"width":393,"height":11}},{"id":"d7f5c8bc-e949-4010-b35a-6f2dc78f6548","block_type":"box","text":"with the fund and is based on Sterling Class ‘A’ shares.","page_number":80,"box":{"x":71,"y":292,"width":399,"height":10}},{"id":"084e501e-19bc-4d65-a7ef-734774d6cdad","block_type":"box","text":"Low risk High risk","page_number":80,"box":{"x":73,"y":314,"width":405,"height":8}},{"id":"f6b74353-f2ab-4cfb-b031-e00ef57daa13","block_type":"box","text":"Typically lower rewards Typically higher rewards","page_number":80,"box":{"x":72,"y":342,"width":407,"height":8}},{"id":"7e1eccb8-3eac-4f8b-8841-45f0fd8b8064","block_type":"box","text":"123","page_number":80,"box":{"x":96,"y":370,"width":128,"height":12}},{"id":"ed79ec92-1f5c-4042-8b23-420020335c61","block_type":"box","text":"4","page_number":80,"box":{"x":269,"y":370,"width":14,"height":12}},{"id":"98085cba-3a46-454e-8c64-6be4b68dc873","block_type":"box","text":"567","page_number":80,"box":{"x":328,"y":370,"width":130,"height":12}},{"id":"2ea62d84-7983-4898-ab90-f7321290cec2","block_type":"box","text":"The above number:","page_number":80,"box":{"x":71,"y":411,"width":143,"height":8}},{"id":"84db0c29-8917-43d2-a4dc-ec5f5977dbde","block_type":"box","text":"•","page_number":80,"box":{"x":71,"y":437,"width":6,"height":4}},{"id":"60dad2bb-7b27-4894-9c2d-50f1531a6767","block_type":"box","text":"is based on the rate at which the value of the fund","page_number":80,"box":{"x":108,"y":434,"width":364,"height":9}},{"id":"ad58faa1-3215-42f4-8e40-818f7ae17e84","block_type":"box","text":"has moved up and down in the past and is based","page_number":80,"box":{"x":108,"y":451,"width":355,"height":10}},{"id":"240d3fed-bc4a-4d09-8c0a-f46064eb3739","block_type":"box","text":"on historical data so may not be a reliable indicator","page_number":80,"box":{"x":107,"y":468,"width":371,"height":10}},{"id":"34ccc749-e7ec-4268-af2f-1bd6229e22d5","block_type":"box","text":"of the future risk profile of the fund.","page_number":80,"box":{"x":107,"y":484,"width":262,"height":10}},{"id":"72c26cf6-0c7b-4796-8e21-31ffdd38132e","block_type":"box","text":"•","page_number":80,"box":{"x":71,"y":510,"width":6,"height":4}},{"id":"a21a4399-7078-4d7b-afac-0aae65adcefb","block_type":"box","text":"is not guaranteed and may change over time and","page_number":80,"box":{"x":108,"y":508,"width":355,"height":10}},{"id":"52bf9af4-9935-4fe4-ab4f-1233d8e65120","block_type":"box","text":"the lowest risk number does not mean risk free.","page_number":80,"box":{"x":107,"y":524,"width":347,"height":8}},{"id":"468caecd-9d85-4174-a0a0-32580111b558","block_type":"box","text":"•","page_number":80,"box":{"x":71,"y":550,"width":6,"height":4}},{"id":"27cc5cff-ecc1-444a-886d-e02960bf4bfd","block_type":"box","text":"has not changed during this period.","page_number":80,"box":{"x":108,"y":548,"width":258,"height":10}},{"id":"e8352dd9-2d1a-4b98-b580-d961491f903d","block_type":"box","text":"Investment review","page_number":80,"box":{"x":72,"y":587,"width":220,"height":13}},{"id":"daca5e6b-0ecc-4443-a69d-6022349eb895","block_type":"box","text":"For the year ended 30 June 2026","page_number":80,"box":{"x":72,"y":612,"width":241,"height":11}},{"id":"9be4a070-d9bc-437d-8e47-168d1cc93625","block_type":"box","text":"Performance against objective","page_number":80,"box":{"x":72,"y":636,"width":228,"height":10}},{"id":"15e80dde-e2de-469f-98ba-1f015af768d1","block_type":"box","text":"Between 1 July 2025 and 30 June 2026, the fund","page_number":80,"box":{"x":72,"y":652,"width":355,"height":11}},{"id":"fadc23bc-54a0-454a-85af-8aa761b261f4","block_type":"box","text":"delivered a positive total return (the combination of","page_number":80,"box":{"x":71,"y":668,"width":375,"height":11}},{"id":"77b6cfa0-7b19-4c84-bd8c-f0af7cf4817c","block_type":"box","text":"income and growth of capital) across all its share","page_number":80,"box":{"x":72,"y":685,"width":356,"height":11}},{"id":"269e5676-84d6-40d8-88d8-bda8f3684d5b","block_type":"box","text":"classes. The fund outperformed its benchmark, which","page_number":80,"box":{"x":71,"y":702,"width":393,"height":10}},{"id":"e3594834-6e10-4a00-96e9-6ac61c0b72fd","block_type":"box","text":"returned 12.4% over the same period, in GBP terms.","page_number":80,"box":{"x":72,"y":719,"width":377,"height":10}},{"id":"447a0485-f1e1-431b-81b1-e21f3cedfc9a","block_type":"box","text":"The fund’s benchmark is a composite index consisting","page_number":80,"box":{"x":71,"y":742,"width":395,"height":10}},{"id":"abe118f7-8f9d-4033-94d5-5a69aa449472","block_type":"box","text":"of 1/3 JPM Emerging Markets Bond (EMBI) Global","page_number":80,"box":{"x":71,"y":758,"width":362,"height":11}},{"id":"40629d90-dee9-4b27-9977-3c1c77ef7345","block_type":"box","text":"Diversified Index, 1/3 JPM Corporate EMBI (CEMBI)","page_number":80,"box":{"x":72,"y":775,"width":373,"height":10}},{"id":"533827a2-b6f3-4c7e-81ad-900d7397301b","block_type":"box","text":"Broad Diversified Index, and 1/3 JPM GBI-EM Global","page_number":80,"box":{"x":72,"y":791,"width":379,"height":11}},{"id":"acbb079e-1376-4874-b771-3b7c100ee4a1","block_type":"box","text":"Diversified Index.","page_number":80,"box":{"x":72,"y":808,"width":124,"height":9}},{"id":"e13bcced-b5cf-4bf7-b226-cd6188e9c1ab","block_type":"box","text":"Over five years, the fund achieved its objective of","page_number":80,"box":{"x":71,"y":832,"width":361,"height":10}},{"id":"2e0b2532-4dd5-4f65-a2cc-b70349d69efd","block_type":"box","text":"providing a combination of capital growth and income,","page_number":80,"box":{"x":72,"y":848,"width":396,"height":11}},{"id":"5d37f355-5b81-40fc-afa7-59adb41cdff5","block_type":"box","text":"net of the ongoing charge figure, higher than the","page_number":80,"box":{"x":72,"y":865,"width":356,"height":10}},{"id":"11ec453d-9b24-4dab-9d2b-059fc760ce7b","block_type":"box","text":"benchmark composite index over any five-year period,","page_number":80,"box":{"x":72,"y":881,"width":395,"height":11}},{"id":"9973b663-e149-4469-816c-92876d92f3e2","block_type":"box","text":"in its sterling share classes. The return of the","page_number":80,"box":{"x":72,"y":898,"width":326,"height":10}},{"id":"c250a3dd-13b9-44b4-a897-3335983b9d5e","block_type":"box","text":"benchmark composite index was 3.3% pa over this","page_number":80,"box":{"x":519,"y":194,"width":369,"height":10}},{"id":"4febb84d-4afc-4199-b4ae-765ae43eeaf6","block_type":"box","text":"period, in GBP terms.","page_number":80,"box":{"x":519,"y":210,"width":153,"height":11}},{"id":"bc85c534-9587-4d34-8372-ed4f38ec1784","block_type":"box","text":"For the performance of each share class, please refer","page_number":80,"box":{"x":519,"y":234,"width":391,"height":10}},{"id":"dc0d77e1-6bb0-4577-8a87-7001ef305e84","block_type":"box","text":"to the ‘Long-term performance by share class’ table in","page_number":80,"box":{"x":518,"y":250,"width":395,"height":11}},{"id":"5b05fe70-0595-402f-9929-3532ba8ed38f","block_type":"box","text":"the ‘Financial highlights’ section of this report.","page_number":80,"box":{"x":518,"y":267,"width":337,"height":10}},{"id":"ee7ded6e-f510-4d36-b40c-b0fb6c25e217","block_type":"box","text":"Performance review","page_number":80,"box":{"x":519,"y":290,"width":150,"height":9}},{"id":"5f49fbdf-375e-4143-89a4-1537fa247e35","block_type":"box","text":"In the first half of the period under review, US tariffs","page_number":80,"box":{"x":519,"y":307,"width":381,"height":10}},{"id":"6e5f7bea-acb4-4f85-ad84-fd37f3d8936c","block_type":"box","text":"and the US Federal Reserve’s (Fed) monetary policy","page_number":80,"box":{"x":518,"y":323,"width":377,"height":11}},{"id":"9cb1f849-956a-499c-a8da-c4aec1c7c6bc","block_type":"box","text":"decisions remained the main focus for emerging","page_number":80,"box":{"x":518,"y":340,"width":353,"height":10}},{"id":"c4c797c1-6610-40a9-b269-44dc914ad257","block_type":"box","text":"markets (EM) debt at the macro level. 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Our security selection in Uzbekistan and","page_number":81,"box":{"x":71,"y":489,"width":392,"height":11}},{"id":"dd86b7b9-e7bb-45c6-9543-1c1dd987a595","block_type":"box","text":"Kazakhstan also contributed to positive performance. In","page_number":81,"box":{"x":72,"y":506,"width":407,"height":10}},{"id":"d3085634-4cfe-4632-abfe-a79b4f99ade8","block_type":"box","text":"contrast, our underweight to Panama was a large","page_number":81,"box":{"x":71,"y":523,"width":358,"height":10}},{"id":"d9dda3e0-d438-45ac-9cd7-4999cfba8787","block_type":"box","text":"relative detractor. 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We extended duration in euro-denominated","page_number":81,"box":{"x":71,"y":662,"width":365,"height":8}},{"id":"543ba119-9106-4839-940f-57aa923f09c9","block_type":"box","text":"Romanian sovereign bonds, added exposure to Poland","page_number":81,"box":{"x":72,"y":679,"width":396,"height":10}},{"id":"0694f03b-8a34-408d-a2bd-f38ade29274d","block_type":"box","text":"and bought some Riyadh Sukuk (Islamic bonds).","page_number":81,"box":{"x":71,"y":695,"width":349,"height":11}},{"id":"91a47df0-ee03-4b06-bd05-d9368e254a49","block_type":"box","text":"(Duration is a measure of a bond’s sensitivity to","page_number":81,"box":{"x":71,"y":711,"width":345,"height":11}},{"id":"5164a2a0-5edf-4563-a644-ec300f4100b3","block_type":"box","text":"changes in interest rates – the longer a bond’s duration","page_number":81,"box":{"x":71,"y":729,"width":403,"height":10}},{"id":"ba1b71d8-2ad3-408b-b929-9a6af6b3ec88","block_type":"box","text":"the more sensitive it is to interest rate movements). 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184.55","page_number":103,"box":{"x":528,"y":269,"width":390,"height":9}},{"id":"61fdda6e-a343-4af4-8bdd-753fc5fba617","block_type":"box","text":"Return before operating","page_number":103,"box":{"x":528,"y":290,"width":137,"height":8}},{"id":"1835bef9-289c-493d-969c-b6a96abb694f","block_type":"box","text":"charges*","page_number":103,"box":{"x":528,"y":302,"width":49,"height":8}},{"id":"0d0549db-01a8-4cb0-87a7-57e97547e5fe","block_type":"box","text":"34.80 7.13 15.89","page_number":103,"box":{"x":712,"y":290,"width":206,"height":6}},{"id":"80c4a816-dede-485d-93e6-6a596f396a4a","block_type":"box","text":"Operating charges (1.53) (1.40) (1.31)","page_number":103,"box":{"x":528,"y":321,"width":395,"height":9}},{"id":"77440baf-6414-4d43-bfaa-74dd3f1b3344","block_type":"box","text":"Return after 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220,330,996","page_number":103,"box":{"x":528,"y":537,"width":391,"height":8}},{"id":"47f654ec-ec22-4dc9-b9bc-97e05e2141cb","block_type":"box","text":"Operating charges (%) 0.68 0.68 0.68","page_number":103,"box":{"x":528,"y":557,"width":390,"height":9}},{"id":"5691ff5f-162c-4227-96d8-09ca44bea660","block_type":"box","text":"Direct transaction costs (%) 0.01 0.02 0.00","page_number":103,"box":{"x":528,"y":577,"width":390,"height":9}},{"id":"23499efe-d475-4eb2-a223-00e231fba0a1","block_type":"box","text":"Prices","page_number":103,"box":{"x":528,"y":598,"width":36,"height":6}},{"id":"0247de7e-afbb-4c60-9a5f-38741312a858","block_type":"box","text":"Highest share price (UK p) 239.71 216.12 204.01","page_number":103,"box":{"x":528,"y":618,"width":389,"height":8}},{"id":"d887b7ea-7d28-4ba0-8fa1-cb56a28971e9","block_type":"box","text":"Lowest share price (UK p) 205.60 197.15 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222,362,693","page_number":105,"box":{"x":528,"y":537,"width":391,"height":8}},{"id":"5f4fbb34-a96f-4a2a-8a1f-971df3bc78fd","block_type":"box","text":"Operating charges (%) 0.58 0.58 0.58","page_number":105,"box":{"x":528,"y":557,"width":390,"height":9}},{"id":"7ccd4c1c-4a6f-4b2b-9c73-ba02a4080f8d","block_type":"box","text":"Direct transaction costs (%) 0.01 0.02 0.00","page_number":105,"box":{"x":528,"y":577,"width":390,"height":9}},{"id":"f0d21f1c-70d7-4bb0-814e-95bdc9e5eb25","block_type":"box","text":"Prices","page_number":105,"box":{"x":528,"y":598,"width":36,"height":6}},{"id":"867f444f-d3c0-475c-9118-dc3e6bda733b","block_type":"box","text":"Highest share price (UK p) 138.98 125.13 118.03","page_number":105,"box":{"x":528,"y":618,"width":391,"height":8}},{"id":"47ad3862-ab9c-4aef-8fcf-24e8eda1ff67","block_type":"box","text":"Lowest share price (UK p) 119.08 114.08 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commitments","page_number":114,"box":{"x":72,"y":370,"width":596,"height":13}},{"id":"328a9081-f411-439e-984e-3a44e2ebae64","block_type":"box","text":"There were no contingent assets, liabilities or outstanding commitments at the balance sheet date (2025: same).","page_number":114,"box":{"x":71,"y":388,"width":821,"height":11}},{"id":"5c3dc6b1-43a0-4d78-8cdf-c81d74e55365","block_type":"box","text":"13 Shares in issue","page_number":114,"box":{"x":72,"y":416,"width":174,"height":10}},{"id":"c772ba0d-64a7-48cf-841e-7863f5f8355a","block_type":"box","text":"The following table shows each class of share in issue during the year. 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As a result, the share class movements (issued/cancelled) as disclosed in the t","page_number":114,"box":{"x":72,"y":776,"width":777,"height":8}},{"id":"edcf595b-094f-4504-b5d6-bc362ecde488","block_type":"box","text":"able above","page_number":114,"box":{"x":850,"y":777,"width":58,"height":6}},{"id":"bc565ba8-5ce3-4f4a-afeb-dec34bf5697b","block_type":"box","text":"may also include share class conversions.","page_number":114,"box":{"x":71,"y":787,"width":222,"height":7}},{"id":"da5823f6-503e-44b5-b438-7c4356a7ce03","block_type":"box","text":"M&G Emerging Markets Bond Fund","page_number":114,"box":{"x":72,"y":49,"width":332,"height":13}},{"id":"45415758-e8cf-4c65-b97c-fecddcf9b24d","block_type":"box","text":"Financial statements and notes","page_number":114,"box":{"x":74,"y":79,"width":614,"height":22}},{"id":"15d01a75-8784-46ae-ae80-60cde03a8a94","block_type":"box","text":"112","page_number":114,"box":{"x":36,"y":967,"width":20,"height":7}},{"id":"9f610e78-b32a-4011-a4e1-6f2c651ed221","block_type":"box","text":"Annual report and audited financial statements","page_number":114,"box":{"x":71,"y":968,"width":290,"height":8}},{"id":"f76af82c-b1c2-4079-b153-bed568945b4a","block_type":"box","text":"•","page_number":114,"box":{"x":369,"y":970,"width":4,"height":2}},{"id":"878a5dac-a296-43a8-bf5d-107008e600ff","block_type":"box","text":"June 2026","page_number":114,"box":{"x":381,"y":968,"width":64,"height":7}},{"id":"fecabc38-1538-4662-b0c1-7613ecc97845","block_type":"box","text":"14 Charging structure","page_number":115,"box":{"x":72,"y":194,"width":212,"height":13}},{"id":"7e1afd9f-ef19-413b-a8d7-5b290e7872c3","block_type":"box","text":"The table below sets out the charging structure for each class of share. The charging structure is the same for both","page_number":115,"box":{"x":71,"y":213,"width":843,"height":10}},{"id":"db906381-1c85-45a0-877b-4f07d8bbf441","block_type":"box","text":"Income and Accumulation shares of each class. The amounts shown are the maximum annual charge. M&G will apply","page_number":115,"box":{"x":72,"y":229,"width":854,"height":11}},{"id":"3dc16cf0-89b3-4669-8a21-15035fed2182","block_type":"box","text":"a discount of 0.02% for every £1 billion of a fund’s net asset value. This is assessed quarterly and implemented on a","page_number":115,"box":{"x":71,"y":246,"width":843,"height":10}},{"id":"817fcf6d-f7de-4ca6-afc3-54d73c4a46a3","block_type":"box","text":"forward basis no later than 13 business days after quarter end.","page_number":115,"box":{"x":72,"y":262,"width":456,"height":11}},{"id":"b770649f-65cf-4a52-b208-dbaf0dd8602d","block_type":"box","text":"Share class","page_number":115,"box":{"x":80,"y":292,"width":69,"height":6}},{"id":"3f1d932e-0f13-437f-b620-11bdaa8dddc5","block_type":"box","text":"Annual","page_number":115,"box":{"x":877,"y":292,"width":41,"height":6}},{"id":"29649e0f-4690-4a92-879a-63f33dd4bc96","block_type":"box","text":"charge","page_number":115,"box":{"x":878,"y":304,"width":41,"height":8}},{"id":"e7594558-3b98-4ac0-a08d-b46a6706e15c","block_type":"box","text":"%","page_number":115,"box":{"x":907,"y":316,"width":11,"height":6}},{"id":"30ea9a42-d045-4c72-beae-95e735ccf261","block_type":"box","text":"Sterling","page_number":115,"box":{"x":80,"y":336,"width":47,"height":8}},{"id":"7b4a73e7-cf6f-4994-a675-9360c2c6fe11","block_type":"box","text":"Class ‘A’","page_number":115,"box":{"x":81,"y":356,"width":46,"height":6}},{"id":"f9c7ae48-33e3-4a14-9bc1-acf242935781","block_type":"box","text":"1.10","page_number":115,"box":{"x":899,"y":356,"width":19,"height":6}},{"id":"f1b20362-327b-4fea-ac4e-1b9a97c91649","block_type":"box","text":"Class ‘I’","page_number":115,"box":{"x":81,"y":376,"width":42,"height":7}},{"id":"158bb1d2-b4b0-4ba5-81f4-e2884fe90271","block_type":"box","text":"0.70","page_number":115,"box":{"x":895,"y":376,"width":23,"height":7}},{"id":"7c65e5c2-657c-4fb6-8785-0bd1684666d4","block_type":"box","text":"Class ‘I-H’","page_number":115,"box":{"x":81,"y":396,"width":57,"height":7}},{"id":"58181b86-e808-47cd-9d3a-77c400e5927f","block_type":"box","text":"0.73","page_number":115,"box":{"x":895,"y":396,"width":23,"height":7}},{"id":"0391b7c4-fdbc-4fc2-913a-6ff22d743d02","block_type":"box","text":"Class ‘PP’","page_number":115,"box":{"x":81,"y":416,"width":54,"height":7}},{"id":"b7ec1bae-2341-49eb-9cb4-2e1979e58198","block_type":"box","text":"0.60","page_number":115,"box":{"x":894,"y":416,"width":24,"height":7}},{"id":"d40fc5db-7764-4311-a1ce-d4c57caff7ed","block_type":"box","text":"Class ‘PP-H’","page_number":115,"box":{"x":81,"y":436,"width":69,"height":7}},{"id":"cb8c3e45-df4c-40ce-ad28-7287d8d271a5","block_type":"box","text":"0.63","page_number":115,"box":{"x":895,"y":437,"width":23,"height":6}},{"id":"65ecd613-9efd-4736-a2f7-6006608bf3b6","block_type":"box","text":"Class ‘R’","page_number":115,"box":{"x":81,"y":457,"width":47,"height":6}},{"id":"36b8a999-0c07-405b-9b1c-0fd4ca467023","block_type":"box","text":"0.95","page_number":115,"box":{"x":894,"y":457,"width":24,"height":6}},{"id":"1b688440-7514-4e4c-9e96-774963d41976","block_type":"box","text":"15 Related parties","page_number":115,"box":{"x":72,"y":492,"width":175,"height":13}},{"id":"ec5412ba-5066-4ec1-a844-8de3865dd70c","block_type":"box","text":"M&G Securities Limited, as Authorised Corporate Director (ACD), is a related party and acts as principal on all the","page_number":115,"box":{"x":72,"y":510,"width":826,"height":11}},{"id":"29e82180-d303-47ec-8432-2a0aed36e848","block_type":"box","text":"transactions of shares in the fund except with in specie transactions, where M&G Securities Limited acts as an agent.","page_number":115,"box":{"x":71,"y":527,"width":857,"height":10}},{"id":"0c3045d2-b377-49dd-b7f3-43d379cb19f4","block_type":"box","text":"The aggregate monies received through issues, and paid on cancellations, are disclosed in the ‘Statement of change","page_number":115,"box":{"x":71,"y":544,"width":852,"height":10}},{"id":"12217698-83a2-49a0-a025-dae43a3dbbfe","block_type":"box","text":"in net assets attributable to shareholders’ and note 8. Amounts due to/from M&G Securities Limited in respect of","page_number":115,"box":{"x":72,"y":560,"width":825,"height":10}},{"id":"e59dbaa9-99af-465d-9a11-afed1251aa4e","block_type":"box","text":"share transactions at the year end are disclosed in notes 9 and 11 where applicable.","page_number":115,"box":{"x":71,"y":577,"width":608,"height":10}},{"id":"4a365285-f4cf-4e50-b2f9-ceeec86e3659","block_type":"box","text":"Amounts paid to M&G Securities Limited in respect of the annual charge are disclosed in note 6. Amounts due at the","page_number":115,"box":{"x":71,"y":600,"width":851,"height":11}},{"id":"238cdb03-c101-41f1-a2dd-a2d637b34106","block_type":"box","text":"year end in respect of the annual charge are disclosed in note 11.","page_number":115,"box":{"x":71,"y":617,"width":472,"height":10}},{"id":"83c5dcc5-7f66-422f-810c-1719356438f4","block_type":"box","text":"Amounts paid to M&G Securities Limited in respect of rebate arrangements for the annual charge are disclosed in","page_number":115,"box":{"x":71,"y":640,"width":832,"height":10}},{"id":"c5750bab-460c-47aa-9dfc-e643869dca3d","block_type":"box","text":"notes 3 and 5. 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As a","page_number":117,"box":{"x":72,"y":795,"width":849,"height":10}},{"id":"703d9f0f-7831-4d01-89df-0f24cc54a914","block_type":"box","text":"result of this exposure, the size of any positive or negative movement in markets may have a more significant effect","page_number":117,"box":{"x":72,"y":811,"width":842,"height":11}},{"id":"1c2ef667-fe43-4454-ac78-3af3535d5cd5","block_type":"box","text":"on the net asset value of the fund.","page_number":117,"box":{"x":71,"y":828,"width":249,"height":8}},{"id":"c97a8f42-c047-4912-95d4-083e281701d1","block_type":"box","text":"The lowest, highest and average level of leverage employed and utilisation of the leverage level calculated during the","page_number":117,"box":{"x":71,"y":851,"width":855,"height":11}},{"id":"623b3233-2890-4290-94b4-7912259b8865","block_type":"box","text":"financial years ended 30 June 2026 and 30 June 2025 are disclosed in the table below. Leverage has been","page_number":117,"box":{"x":72,"y":868,"width":778,"height":10}},{"id":"47797c00-f0b1-4c41-9308-73fb42a57432","block_type":"box","text":"M&G Emerging Markets Bond Fund","page_number":117,"box":{"x":72,"y":49,"width":332,"height":13}},{"id":"38e6eb0e-fbd4-4f25-a71e-872abe51afbd","block_type":"box","text":"Financial statements and notes","page_number":117,"box":{"x":74,"y":79,"width":614,"height":22}},{"id":"e830c1ae-be26-4f1c-b5ca-62ebe2eab8b6","block_type":"box","text":"Annual report and audited financial statements","page_number":117,"box":{"x":554,"y":968,"width":289,"height":8}},{"id":"17edb9d4-0af6-4416-b04f-006a2f5d014c","block_type":"box","text":"•","page_number":117,"box":{"x":852,"y":970,"width":3,"height":2}},{"id":"a0a3460c-dceb-45b8-b7dc-646a9c1a760c","block_type":"box","text":"June 2026","page_number":117,"box":{"x":864,"y":968,"width":64,"height":7}},{"id":"4e2b33e5-b77d-4f7a-9e5a-cd8b4737b03b","block_type":"box","text":"115","page_number":117,"box":{"x":943,"y":967,"width":21,"height":8}},{"id":"0b4f3a6e-e955-4511-8b22-b35444646432","block_type":"box","text":"calculated using the Gross Sum of Notional Approach for derivative positions only (including forward currency","page_number":118,"box":{"x":71,"y":193,"width":805,"height":11}},{"id":"d59f3772-e0d5-4602-b09e-3bf7f637090b","block_type":"box","text":"contracts) and excludes all physical holdings. Percentages are expressed with reference to fund valuation.","page_number":118,"box":{"x":71,"y":210,"width":774,"height":11}},{"id":"321148f7-fbb4-4153-8564-9140e610aac1","block_type":"box","text":"for the year to 30 June 2026","page_number":118,"box":{"x":80,"y":240,"width":381,"height":8}},{"id":"c265b9a8-4225-4acc-873b-f3255f3244ca","block_type":"box","text":"$’000","page_number":118,"box":{"x":425,"y":251,"width":36,"height":8}},{"id":"25d4801b-0676-4cd3-8bab-a8f56e8c9dae","block_type":"box","text":"2026","page_number":118,"box":{"x":584,"y":240,"width":30,"height":6}},{"id":"58327a29-c0b4-4165-8116-e4e97074917d","block_type":"box","text":"%","page_number":118,"box":{"x":602,"y":252,"width":11,"height":6}},{"id":"523141bc-951f-4944-abc8-b1f49b3a2639","block_type":"box","text":"2025","page_number":118,"box":{"x":737,"y":240,"width":29,"height":6}},{"id":"b05fb65f-8434-40d9-a9dd-3cb200fc65e0","block_type":"box","text":"$’000","page_number":118,"box":{"x":730,"y":251,"width":36,"height":8}},{"id":"de813506-32d8-4feb-919b-083b66428309","block_type":"box","text":"2025","page_number":118,"box":{"x":889,"y":240,"width":30,"height":6}},{"id":"7a4085d4-e7cb-4eb2-bcd2-571b4691f71c","block_type":"box","text":"%","page_number":118,"box":{"x":907,"y":252,"width":11,"height":6}},{"id":"d2e26728-9760-4cec-9df5-fe59d2ec0546","block_type":"box","text":"Lowest 634,572 44.58 544,102 40.60","page_number":118,"box":{"x":81,"y":272,"width":837,"height":7}},{"id":"16c5fbcd-aa37-442e-9e07-d758512c3841","block_type":"box","text":"Highest 1,967,073 123.69 2,885,469 158.10","page_number":118,"box":{"x":81,"y":292,"width":837,"height":8}},{"id":"452fae89-1426-47c3-bb41-e811b622b542","block_type":"box","text":"Average 843,996 55.16 968,056 59.96","page_number":118,"box":{"x":80,"y":312,"width":838,"height":8}},{"id":"9db6b1ac-054d-4c96-9431-953b2a8d91fe","block_type":"box","text":"22 Exchange rate risk for hedged share classes","page_number":118,"box":{"x":71,"y":347,"width":452,"height":13}},{"id":"89724808-afde-4359-9242-36d15b02fe11","block_type":"box","text":"This fund contains hedged share classes. These share classes operate currency hedges designed to reduce the","page_number":118,"box":{"x":71,"y":366,"width":817,"height":10}},{"id":"a39b361c-c495-4d8a-9e19-bfda804cc110","block_type":"box","text":"impact of exchange rates in certain circumstances. As a result, profit and loss on the currency hedges may impact","page_number":118,"box":{"x":72,"y":382,"width":831,"height":11}},{"id":"621ed49f-12a7-4564-bddb-b4338a840346","block_type":"box","text":"the liquidity of the overall fund. On a day to day basis this is monitored using reporting from the outsourced provider","page_number":118,"box":{"x":71,"y":399,"width":849,"height":10}},{"id":"ec1a6e04-a4c4-4455-b65e-0500a658ad4d","block_type":"box","text":"of the hedged share class service. On an ongoing basis the size of the hedged share classes is monitored to ensure","page_number":118,"box":{"x":71,"y":416,"width":845,"height":10}},{"id":"3251abb9-16b2-4116-8f20-3d2c4e9342f4","block_type":"box","text":"that unforeseen exchange rate volatility can be adequately managed without significantly impacting all shareholders.","page_number":118,"box":{"x":71,"y":432,"width":853,"height":11}},{"id":"31b1526a-3707-4d68-8511-92a34e61117e","block_type":"box","text":"The exposure to forward currency contracts for share class hedging at the year-end accounting date is disclosed in","page_number":118,"box":{"x":71,"y":449,"width":842,"height":10}},{"id":"408a26e8-4739-4b00-bd16-1d1f114886ed","block_type":"box","text":"the portfolio statement on page 97.","page_number":118,"box":{"x":71,"y":465,"width":256,"height":11}},{"id":"96a127ee-4632-4559-881b-a1847c7e4dff","block_type":"box","text":"23 Interest distribution tables","page_number":118,"box":{"x":71,"y":493,"width":288,"height":10}},{"id":"7c13db7b-049c-41f0-ae63-eb048e130649","block_type":"box","text":"This fund pays semi-annual interest distributions and the following table sets out the distribution periods.","page_number":118,"box":{"x":71,"y":511,"width":771,"height":10}},{"id":"0659a10b-e101-42f0-8ea4-13d970f58113","block_type":"box","text":"Semi-annual distribution periods","page_number":118,"box":{"x":71,"y":549,"width":217,"height":10}},{"id":"b32d4526-ba3f-4901-a5ba-25800ac9ae24","block_type":"box","text":"Start End Xd Payment","page_number":118,"box":{"x":431,"y":579,"width":488,"height":8}},{"id":"11cd1841-9e46-444e-b0aa-9e5c19a950c4","block_type":"box","text":"Interim 01.07.25 31.12.25 02.01.26 28.02.26","page_number":118,"box":{"x":81,"y":599,"width":837,"height":7}},{"id":"43ecde8b-5973-45e4-b50c-5d9829319b6a","block_type":"box","text":"Final 01.01.26 30.06.26 01.07.26 31.08.26","page_number":118,"box":{"x":81,"y":619,"width":837,"height":7}},{"id":"6e4dad2b-9cc1-4170-ab2f-b2e85d39cb47","block_type":"box","text":"The following tables set out for each distribution the rates per share for both Group 1 and Group 2 shares.","page_number":118,"box":{"x":71,"y":645,"width":773,"height":11}},{"id":"938ec9a2-38d6-43a3-a9d1-d2e2d4d172c5","block_type":"box","text":"Group 1 shares are those purchased prior to a distribution period and therefore their income rate is the same as the","page_number":118,"box":{"x":71,"y":669,"width":844,"height":10}},{"id":"9c4709a5-dbea-452c-90ee-c7e53d113bd8","block_type":"box","text":"distribution rate.","page_number":118,"box":{"x":71,"y":685,"width":119,"height":9}},{"id":"be985085-ea3d-4d31-9307-7b10fa0bb66a","block_type":"box","text":"Group 2 shares are those purchased during a distribution period and therefore their distribution rate is made up of","page_number":118,"box":{"x":71,"y":709,"width":837,"height":10}},{"id":"f70c086f-e956-4d4f-b170-7e38d5e81b6c","block_type":"box","text":"income and equalisation. Equalisation is the average amount of income included in the purchase price of all Group 2","page_number":118,"box":{"x":72,"y":725,"width":847,"height":10}},{"id":"9e3cd8ff-5956-4399-81d6-3bea058d041e","block_type":"box","text":"shares and is refunded to the holders of these shares as a return of capital. Being capital it is not liable to Income","page_number":118,"box":{"x":71,"y":742,"width":826,"height":10}},{"id":"a4b9127e-9658-485d-bf15-11b88a944d48","block_type":"box","text":"Tax. Instead, it must be deducted from the cost of shares for Capital Gains Tax purposes. The tables below show the","page_number":118,"box":{"x":71,"y":758,"width":849,"height":11}},{"id":"c13ae6e7-57d2-46f4-877c-0a1978bdecf3","block_type":"box","text":"split of the Group 2 rates into the income and equalisation components.","page_number":118,"box":{"x":71,"y":775,"width":523,"height":10}},{"id":"3270af86-c79f-4cee-8051-a432459e766b","block_type":"box","text":"Sterling Class ‘A’ Income shares","page_number":118,"box":{"x":71,"y":806,"width":211,"height":10}},{"id":"0e337a1c-d056-4534-8171-e5f49abd2f70","block_type":"box","text":"Interest distributions","page_number":118,"box":{"x":81,"y":836,"width":126,"height":7}},{"id":"900564ed-93e3-4ccf-9a32-247cd376aa8b","block_type":"box","text":"Group 2 Group 1 & 2","page_number":118,"box":{"x":632,"y":836,"width":249,"height":8}},{"id":"acde21f5-098e-4f5d-a1e9-83f91d412450","block_type":"box","text":"for the year","page_number":118,"box":{"x":80,"y":848,"width":69,"height":8}},{"id":"b702621f-02b3-460d-8fa1-7dd408b6c607","block_type":"box","text":"Income Equalisation Distribution","page_number":118,"box":{"x":574,"y":848,"width":309,"height":8}},{"id":"dc7b845b-1092-4fae-85f5-2f68bb81268f","block_type":"box","text":"to 30 June","page_number":118,"box":{"x":80,"y":861,"width":63,"height":6}},{"id":"059b39a3-982d-494a-9319-023474315210","block_type":"box","text":"2026 2026 2026 2025","page_number":118,"box":{"x":587,"y":861,"width":332,"height":6}},{"id":"7d83cbcd-e2fc-444a-9525-ede265b32879","block_type":"box","text":"UK p UK p UK p UK p","page_number":118,"box":{"x":590,"y":873,"width":329,"height":8}},{"id":"5d67e5b8-efcd-4d0c-bd3f-161f50779788","block_type":"box","text":"Interim","page_number":118,"box":{"x":81,"y":893,"width":39,"height":6}},{"id":"889e87fa-2898-49a8-9435-456edc8f7ee2","block_type":"box","text":"1.7611 1.0797 2.8408 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The index has been chosen as the fund’s","page_number":122,"box":{"x":518,"y":552,"width":408,"height":10}},{"id":"f77ab127-449a-47a8-adf8-7add8c406824","block_type":"box","text":"benchmark as it best reflects the scope of the fund’s","page_number":122,"box":{"x":519,"y":568,"width":385,"height":11}},{"id":"d61149f4-d831-4a2b-b88c-3669274da002","block_type":"box","text":"investment policy. The benchmark is used solely to","page_number":122,"box":{"x":519,"y":585,"width":369,"height":10}},{"id":"70a099bb-5437-4527-a70e-871a0b9381da","block_type":"box","text":"measure the fund’s performance and does not","page_number":122,"box":{"x":519,"y":602,"width":339,"height":10}},{"id":"79709a77-85b1-4f1c-b9f5-d934a9bc55cb","block_type":"box","text":"constrain the fund’s portfolio construction.","page_number":122,"box":{"x":518,"y":618,"width":311,"height":10}},{"id":"69d32200-b7ad-47e4-8106-28a4cbf4789b","block_type":"box","text":"The fund is actively managed.","page_number":122,"box":{"x":518,"y":642,"width":216,"height":10}},{"id":"fa1a24eb-745f-4e01-8749-d08103b57767","block_type":"box","text":"The fund manager has complete freedom in choosing","page_number":122,"box":{"x":518,"y":665,"width":392,"height":10}},{"id":"df5a7a3b-f54c-4545-9a79-81ccd531d671","block_type":"box","text":"which investments to buy, hold and sell in the fund.","page_number":122,"box":{"x":518,"y":681,"width":372,"height":11}},{"id":"681a818c-81fb-47c3-9251-579318808623","block_type":"box","text":"For each share class the benchmark will be","page_number":122,"box":{"x":519,"y":705,"width":313,"height":8}},{"id":"f71ddd24-7d3c-4737-abca-0f0d786ff83f","block_type":"box","text":"denominated or hedged into the relevant share class","page_number":122,"box":{"x":518,"y":722,"width":385,"height":10}},{"id":"40dbca2d-a72c-4f1d-b0c3-39dbb012a337","block_type":"box","text":"currency. The benchmark for each share class will be","page_number":122,"box":{"x":518,"y":738,"width":387,"height":10}},{"id":"4152fcf7-0191-41c1-9fc9-356d7acfb1b8","block_type":"box","text":"shown in its respective KIID.","page_number":122,"box":{"x":518,"y":755,"width":204,"height":10}},{"id":"bd6e295e-9e72-4ea9-a922-c7f37fc5effd","block_type":"box","text":"M&G Global Government Bond Fund","page_number":122,"box":{"x":72,"y":49,"width":341,"height":11}},{"id":"4aa89fb4-eca2-4f2b-be80-6f0842f2ee4a","block_type":"box","text":"Authorised Corporate Director’s Report","page_number":122,"box":{"x":71,"y":79,"width":782,"height":27}},{"id":"a75509d0-9bc7-41fa-823b-8796050555df","block_type":"box","text":"120","page_number":122,"box":{"x":36,"y":967,"width":23,"height":8}},{"id":"64f4e37b-8e5a-48c7-8797-05a9636b1932","block_type":"box","text":"Annual report and audited financial statements","page_number":122,"box":{"x":71,"y":968,"width":290,"height":8}},{"id":"4ad619ca-d611-4128-acdc-e0ea404927fa","block_type":"box","text":"•","page_number":122,"box":{"x":369,"y":970,"width":4,"height":2}},{"id":"7ceed521-484a-43a5-a64f-4fd5593da2c8","block_type":"box","text":"June 2026","page_number":122,"box":{"x":381,"y":968,"width":64,"height":7}},{"id":"f5050309-84c8-4806-8e67-ca66ce62ff71","block_type":"box","text":"Risk profile","page_number":123,"box":{"x":72,"y":194,"width":132,"height":16}},{"id":"942471e7-6aab-4130-a8ba-3b8233cb19fe","block_type":"box","text":"For details of the risks associated with this fund, please","page_number":123,"box":{"x":72,"y":219,"width":405,"height":10}},{"id":"ca2425e0-a6b6-4f1e-ba46-87d55a13fc29","block_type":"box","text":"refer to the Prospectus. For details of the risk","page_number":123,"box":{"x":72,"y":235,"width":330,"height":10}},{"id":"8fdfd577-d1e9-4eb9-bb01-779ced99dde4","block_type":"box","text":"management policies, please refer to pages 12 to 15.","page_number":123,"box":{"x":72,"y":252,"width":382,"height":10}},{"id":"12b354b5-1398-4917-ad32-71c014d4f2ee","block_type":"box","text":"The following table shows the risk number associated","page_number":123,"box":{"x":71,"y":275,"width":393,"height":11}},{"id":"995e68fd-d867-40cb-a083-74070398fc0d","block_type":"box","text":"with the fund and is based on Sterling Class ‘A’ shares.","page_number":123,"box":{"x":71,"y":292,"width":399,"height":10}},{"id":"442fb1c6-884c-4caa-a222-01b303458bf1","block_type":"box","text":"Low risk High risk","page_number":123,"box":{"x":73,"y":314,"width":405,"height":8}},{"id":"a166ee81-8d10-4023-8cea-3bf825c07b58","block_type":"box","text":"Typically lower rewards Typically higher rewards","page_number":123,"box":{"x":72,"y":342,"width":407,"height":8}},{"id":"acba9320-3dc4-41b9-96ad-d3d2a868b4b9","block_type":"box","text":"123","page_number":123,"box":{"x":96,"y":370,"width":128,"height":12}},{"id":"62d77487-89d4-4cf4-bcf3-7a7cbb62ea8b","block_type":"box","text":"4","page_number":123,"box":{"x":269,"y":370,"width":14,"height":12}},{"id":"2fedfb7a-1e61-42a0-9f45-901ce373560e","block_type":"box","text":"567","page_number":123,"box":{"x":328,"y":370,"width":130,"height":12}},{"id":"703520f0-a5d8-434d-800f-be9258447dd4","block_type":"box","text":"The above number:","page_number":123,"box":{"x":71,"y":411,"width":143,"height":8}},{"id":"031ce5a2-1438-4f92-b034-227cfc077fec","block_type":"box","text":"•","page_number":123,"box":{"x":71,"y":437,"width":6,"height":4}},{"id":"d28e2e8c-897b-4e5e-bee1-ff4ade9c4115","block_type":"box","text":"is based on the rate at which the value of the fund","page_number":123,"box":{"x":108,"y":434,"width":364,"height":9}},{"id":"579ab24d-52cd-4956-86bb-dba4c6f22e95","block_type":"box","text":"has moved up and down in the past and is based","page_number":123,"box":{"x":108,"y":451,"width":355,"height":10}},{"id":"09d4d483-04f9-416b-b503-e4113cb49c65","block_type":"box","text":"on historical data so may not be a reliable indicator","page_number":123,"box":{"x":107,"y":468,"width":371,"height":10}},{"id":"dac72c18-2767-495d-ac2b-3f705a1bc6c6","block_type":"box","text":"of the future risk profile of the fund.","page_number":123,"box":{"x":107,"y":484,"width":262,"height":10}},{"id":"8a942079-6f59-4bea-9fcf-e083da9b0c9e","block_type":"box","text":"•","page_number":123,"box":{"x":71,"y":510,"width":6,"height":4}},{"id":"3be5d82e-a6f6-47ac-9d43-d6f9e12ca8f7","block_type":"box","text":"is not guaranteed and may change over time and","page_number":123,"box":{"x":108,"y":508,"width":355,"height":10}},{"id":"facc05d7-2ca8-496c-a495-eb87e1436be6","block_type":"box","text":"the lowest risk number does not mean risk free.","page_number":123,"box":{"x":107,"y":524,"width":347,"height":8}},{"id":"72f31408-ab6c-4254-9d88-16bf234cec2e","block_type":"box","text":"•","page_number":123,"box":{"x":71,"y":550,"width":6,"height":4}},{"id":"45a4b03f-cc24-4f4f-a5d5-0a8c19a8a95f","block_type":"box","text":"has not changed during this period.","page_number":123,"box":{"x":108,"y":548,"width":258,"height":10}},{"id":"c197042a-26f8-4748-bd0a-62ec7423e15b","block_type":"box","text":"Investment review","page_number":123,"box":{"x":72,"y":587,"width":220,"height":13}},{"id":"e650d2cd-e373-4785-a25d-ce100e0e6072","block_type":"box","text":"For the year ended 30 June 2026","page_number":123,"box":{"x":72,"y":612,"width":241,"height":11}},{"id":"cec32234-11e1-4780-aee8-52b66088be53","block_type":"box","text":"Performance against objective","page_number":123,"box":{"x":72,"y":636,"width":228,"height":10}},{"id":"8f86954c-6e99-498f-8e3a-033a10cd0395","block_type":"box","text":"Over the reporting period, the M&G Global Government","page_number":123,"box":{"x":71,"y":652,"width":406,"height":11}},{"id":"f38b8d93-fcdd-485f-9ef5-6de56fe490b4","block_type":"box","text":"Bond fund delivered positive total returns (the","page_number":123,"box":{"x":72,"y":668,"width":335,"height":11}},{"id":"1a42ac31-bcaa-4657-bbcb-f787ebad174b","block_type":"box","text":"combination of income and increase of capital) across","page_number":123,"box":{"x":71,"y":685,"width":395,"height":11}},{"id":"5046b352-a6eb-4558-9b31-2b26ce0bee25","block_type":"box","text":"its share classes. The fund outperformed its","page_number":123,"box":{"x":72,"y":702,"width":320,"height":10}},{"id":"2ca6a2ce-bede-466b-b697-c579cdeeabbd","block_type":"box","text":"benchmark, the Bloomberg Global Treasury Index","page_number":123,"box":{"x":72,"y":719,"width":360,"height":10}},{"id":"207e1212-0198-4908-b524-3277199f1b89","block_type":"box","text":"Unhedged USD, which returned 1.6% in the same","page_number":123,"box":{"x":72,"y":735,"width":359,"height":11}},{"id":"8c7c2475-4724-43de-9aba-97bb174f21d1","block_type":"box","text":"period.","page_number":123,"box":{"x":72,"y":752,"width":49,"height":10}},{"id":"4236c2b4-4bb5-42bd-9df6-862357820ab7","block_type":"box","text":"Over five years, the fund met its objective across all its","page_number":123,"box":{"x":71,"y":775,"width":397,"height":10}},{"id":"0017dbe3-b4a7-4942-bd36-ffb3a270a8f3","block_type":"box","text":"share classes, which is to provide a higher total return","page_number":123,"box":{"x":71,"y":792,"width":392,"height":10}},{"id":"dc093e32-1726-429a-859d-47ddeead564e","block_type":"box","text":"(the combination of capital growth and income), net of","page_number":123,"box":{"x":71,"y":808,"width":399,"height":11}},{"id":"1f909773-b3ce-4509-b757-9b242ab9822d","block_type":"box","text":"the ongoing charge figure, than the average of its","page_number":123,"box":{"x":71,"y":825,"width":362,"height":10}},{"id":"d4774b17-efb9-4432-998c-8377c4ab3f66","block_type":"box","text":"benchmark index – the Bloomberg Global Treasury","page_number":123,"box":{"x":72,"y":842,"width":370,"height":10}},{"id":"d20bb062-d471-44c4-b8c2-3f8baf434d78","block_type":"box","text":"Index Unhedged USD – over any five-year period. The","page_number":123,"box":{"x":72,"y":858,"width":392,"height":10}},{"id":"308ef627-5ee1-4891-abd5-221d9e3768f7","block_type":"box","text":"index returned -2.5% pa over the period.","page_number":123,"box":{"x":72,"y":875,"width":294,"height":10}},{"id":"6871732a-ea39-4aec-b1dd-83cfa452b837","block_type":"box","text":"Prior to 19 April 2021, the benchmark was the IA Global","page_number":123,"box":{"x":519,"y":194,"width":399,"height":10}},{"id":"cc7b9c02-526a-4f63-beea-fefb8ff3344d","block_type":"box","text":"Bond Sector average. From 19 April 2021 to 5 March","page_number":123,"box":{"x":519,"y":210,"width":378,"height":11}},{"id":"23f86cbe-f16d-4584-ba60-cf74435ee477","block_type":"box","text":"2023, it was the IA Global Government Bond Sector","page_number":123,"box":{"x":518,"y":227,"width":377,"height":10}},{"id":"511f0ebe-47a9-40fe-a689-673f67ffdc65","block_type":"box","text":"average. Thereafter, it is the Bloomberg Global Treasury","page_number":123,"box":{"x":518,"y":243,"width":407,"height":11}},{"id":"3599d0ef-d099-44b8-ae56-1727e84e63c0","block_type":"box","text":"Index Unhedged USD. The performance of the sector","page_number":123,"box":{"x":519,"y":260,"width":390,"height":10}},{"id":"dfc858e5-8321-44fb-bee6-e0099d7856ac","block_type":"box","text":"and that of the index have been linked to reflect the","page_number":123,"box":{"x":518,"y":277,"width":378,"height":8}},{"id":"dd09acda-4735-43ef-a0a0-79fa47405233","block_type":"box","text":"change.","page_number":123,"box":{"x":518,"y":293,"width":56,"height":11}},{"id":"969dbcd0-260a-4af7-b3f7-6b37e1891034","block_type":"box","text":"For the performance of each share class, please refer","page_number":123,"box":{"x":519,"y":317,"width":391,"height":10}},{"id":"2a6e1b51-bddf-4765-89c8-e49b950457ff","block_type":"box","text":"to the ‘Long-term performance by share class’ table in","page_number":123,"box":{"x":518,"y":333,"width":395,"height":11}},{"id":"865d7195-b99b-4195-af9a-4f352ca0b77a","block_type":"box","text":"the ‘Financial highlights’ section of this report.","page_number":123,"box":{"x":518,"y":350,"width":337,"height":10}},{"id":"eebd248b-946a-457b-9601-5d1f127c8680","block_type":"box","text":"Performance review","page_number":123,"box":{"x":519,"y":373,"width":150,"height":9}},{"id":"840b3ddb-cd51-4362-a556-792a509f9542","block_type":"box","text":"The 12-month period to June 2026 was a roller-coaster","page_number":123,"box":{"x":518,"y":390,"width":402,"height":10}},{"id":"31a4afd8-c1ee-4c2b-9be7-baf25dac0eb5","block_type":"box","text":"for sovereign bond markets, marked by shifting inflation","page_number":123,"box":{"x":519,"y":406,"width":408,"height":11}},{"id":"3a5b2ce0-5fb1-4c13-a1c2-2895ec9ad970","block_type":"box","text":"dynamics, evolving monetary policy actions, fiscal","page_number":123,"box":{"x":518,"y":423,"width":362,"height":10}},{"id":"fdff762a-fde6-4148-9958-12ce0d891324","block_type":"box","text":"concerns, political developments, and geopolitical","page_number":123,"box":{"x":518,"y":440,"width":365,"height":10}},{"id":"3fae8aa7-0583-4488-a657-c928dc476355","block_type":"box","text":"tensions. The latter, mainly the US-Iran war, has been","page_number":123,"box":{"x":518,"y":456,"width":387,"height":10}},{"id":"5d4e9936-7146-42eb-b10b-31b49607dc6b","block_type":"box","text":"the dominant theme in 2026 so far.","page_number":123,"box":{"x":518,"y":473,"width":255,"height":8}},{"id":"74e98b78-ccaf-42e7-af3a-7e45c4c19931","block_type":"box","text":"Following divergent performance across major","page_number":123,"box":{"x":519,"y":496,"width":340,"height":10}},{"id":"a0678c41-2801-4f9c-925d-e7371431e59a","block_type":"box","text":"developed markets in the initial months of the review","page_number":123,"box":{"x":518,"y":513,"width":387,"height":10}},{"id":"75db083a-c9fd-438e-94cd-6ba1c66392fd","block_type":"box","text":"period, the bond markets had started pricing in interest","page_number":123,"box":{"x":519,"y":529,"width":403,"height":11}},{"id":"5badf506-b318-4b1b-a798-befe1e418be7","block_type":"box","text":"rate cuts in the latter months of 2025 as inflation began","page_number":123,"box":{"x":519,"y":546,"width":404,"height":10}},{"id":"d4c4565f-64f1-4f44-b5b6-51c2b50ff4a6","block_type":"box","text":"to soften. However, the narrative changed sharply as","page_number":123,"box":{"x":518,"y":562,"width":385,"height":11}},{"id":"f46551da-5640-4f62-afad-1e08a598a515","block_type":"box","text":"energy prices skyrocketed following the outbreak of the","page_number":123,"box":{"x":518,"y":579,"width":409,"height":10}},{"id":"8c6c183e-6935-46eb-9612-776b8673a276","block_type":"box","text":"Middle East conflict on 28 February 2026, reigniting","page_number":123,"box":{"x":519,"y":596,"width":376,"height":10}},{"id":"fc7b91bd-0a7d-4bd0-8822-b16cc46c6312","block_type":"box","text":"inflationary concerns. Investors started pricing in rate","page_number":123,"box":{"x":519,"y":612,"width":388,"height":11}},{"id":"fe80afc7-5377-4d56-b843-1710aa7e94c3","block_type":"box","text":"hikes, and the tone of central banks also shifted – they","page_number":123,"box":{"x":519,"y":629,"width":398,"height":10}},{"id":"4240c9bb-68ae-43d8-9147-101af43d77f5","block_type":"box","text":"started to indicate that they were more willing to keep","page_number":123,"box":{"x":518,"y":646,"width":393,"height":10}},{"id":"b2881b11-ad64-496e-9dbb-8abd29f63ffa","block_type":"box","text":"interest rates high or even raise them to bring inflation","page_number":123,"box":{"x":519,"y":662,"width":395,"height":10}},{"id":"897fbcc2-7488-43b4-9bb1-328a81ff82b4","block_type":"box","text":"under control. This resulted in an upward yield pressure","page_number":123,"box":{"x":519,"y":679,"width":405,"height":10}},{"id":"fdcac76c-32bb-4baf-81bd-fce3592fa41a","block_type":"box","text":"mainly on short-dated bonds. Policy actions by central","page_number":123,"box":{"x":519,"y":695,"width":392,"height":11}},{"id":"adca0199-74a0-40b5-a0ff-cdaad161476b","block_type":"box","text":"banks were mixed. While the European Central Bank","page_number":123,"box":{"x":519,"y":712,"width":382,"height":10}},{"id":"f1e4e92e-86a9-4513-90e0-f7b49bc7a0c5","block_type":"box","text":"(ECB) and the Bank of Japan recently raised interest","page_number":123,"box":{"x":518,"y":728,"width":381,"height":11}},{"id":"40dd5f97-58f4-4edd-b9a2-668e0d148802","block_type":"box","text":"rates, the US Federal Reserve and the Bank of England","page_number":123,"box":{"x":519,"y":745,"width":398,"height":10}},{"id":"6ff4025b-e528-43c2-b57f-dbee59c10876","block_type":"box","text":"kept rates unchanged. Nevertheless, an interim","page_number":123,"box":{"x":519,"y":762,"width":343,"height":10}},{"id":"15440d53-3b3c-4781-bdff-1f5c9492899e","block_type":"box","text":"ceasefire agreement between the US and Iran in late","page_number":123,"box":{"x":518,"y":778,"width":385,"height":11}},{"id":"2266492e-52e4-4522-bdae-2abc0895d39a","block_type":"box","text":"June brought relief to the bond markets as oil prices","page_number":123,"box":{"x":518,"y":795,"width":382,"height":10}},{"id":"67d218c0-0acc-4ddc-ac83-aaa6743b8e5b","block_type":"box","text":"dropped and inflation expectations eased, supporting","page_number":123,"box":{"x":518,"y":811,"width":392,"height":11}},{"id":"da6f9569-64ad-4c5a-9c36-2f54946cd16b","block_type":"box","text":"downward movement in bond yields.","page_number":123,"box":{"x":518,"y":828,"width":267,"height":10}},{"id":"42e79de7-dd86-4ac6-b56c-b1c025ed5ced","block_type":"box","text":"For the 12-month period as a whole, government bonds","page_number":123,"box":{"x":519,"y":851,"width":404,"height":11}},{"id":"21395624-49ac-450d-b8ad-13e7fd3ef822","block_type":"box","text":"of the US (US Treasuries), the UK (UK gilts) and","page_number":123,"box":{"x":518,"y":867,"width":342,"height":11}},{"id":"a6e81456-9fab-4900-ad5d-742d2107380e","block_type":"box","text":"Germany (German bunds) delivered positive returns, led","page_number":123,"box":{"x":518,"y":884,"width":408,"height":11}},{"id":"15138d8c-d69f-4efe-9aa4-8e81bd77185c","block_type":"box","text":"by the ‘belly’ or middle of the yield curve (bonds with","page_number":123,"box":{"x":519,"y":901,"width":384,"height":10}},{"id":"2b19106e-6628-4cf2-9e34-25514dcfdd18","block_type":"box","text":"M&G Global Government Bond Fund","page_number":123,"box":{"x":72,"y":49,"width":341,"height":11}},{"id":"553bd87f-cb91-4a84-9100-64ae4b74779d","block_type":"box","text":"Authorised Corporate Director’s Report","page_number":123,"box":{"x":71,"y":79,"width":782,"height":27}},{"id":"352b6008-a0e9-46b3-bcf1-1642711df541","block_type":"box","text":"Annual report and audited financial statements","page_number":123,"box":{"x":554,"y":968,"width":289,"height":8}},{"id":"d6ba86e4-a0ea-42e8-8d06-e89260db3616","block_type":"box","text":"•","page_number":123,"box":{"x":852,"y":970,"width":3,"height":2}},{"id":"ad8eb33b-6e65-4742-8842-c747b6a31d91","block_type":"box","text":"June 2026","page_number":123,"box":{"x":864,"y":968,"width":64,"height":7}},{"id":"a2d7a0f5-24cd-468a-b75c-6c0c6071a6a6","block_type":"box","text":"121","page_number":123,"box":{"x":944,"y":967,"width":18,"height":7}},{"id":"ad1624e8-3b35-490f-9960-771173ccdee1","block_type":"box","text":"5 to 10 years of maturities). 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Japanese","page_number":124,"box":{"x":72,"y":277,"width":381,"height":10}},{"id":"a1c17710-2d96-4ecd-ade3-86b59c555af2","block_type":"box","text":"government bonds, on the other hand, lost value as","page_number":124,"box":{"x":71,"y":293,"width":375,"height":11}},{"id":"e8400d57-b79c-4a50-8add-829f3f018596","block_type":"box","text":"persistent inflation and loose fiscal policy led to a sell","page_number":124,"box":{"x":72,"y":310,"width":387,"height":10}},{"id":"79a71944-39d1-475e-b10c-2b1ba8d65270","block_type":"box","text":"off over the period. 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The fund’s outperformance was mainly","page_number":124,"box":{"x":72,"y":416,"width":375,"height":11}},{"id":"1e7fa9bd-ecb4-46f0-af07-856908a6e799","block_type":"box","text":"driven by its interest rate positioning as well as our","page_number":124,"box":{"x":71,"y":433,"width":370,"height":10}},{"id":"bcb89981-618a-4bff-a323-a5c9c4e43f97","block_type":"box","text":"investments in emerging market bonds. However,","page_number":124,"box":{"x":72,"y":450,"width":360,"height":10}},{"id":"8247b87f-a50e-4c9b-98cd-5a818ee9694d","block_type":"box","text":"inflation-linked investments held back the fund’s","page_number":124,"box":{"x":72,"y":466,"width":354,"height":8}},{"id":"c2a5ed3e-58b5-4070-b4ac-1867d202d3b3","block_type":"box","text":"relative performance. US Treasuries, Ukrainian","page_number":124,"box":{"x":72,"y":483,"width":336,"height":10}},{"id":"b61743e6-ec05-43dc-a2c3-79d295b63792","block_type":"box","text":"government bonds and South African government","page_number":124,"box":{"x":71,"y":499,"width":368,"height":11}},{"id":"09ffe32c-3f10-44a2-a986-364ad86689b9","block_type":"box","text":"bonds, which were sold in February 2026, were","page_number":124,"box":{"x":72,"y":516,"width":343,"height":10}},{"id":"d7a0dd98-27bf-4819-b8b1-aa4ebbdfd51d","block_type":"box","text":"amongst the top contributors to the fund’s performance","page_number":124,"box":{"x":71,"y":532,"width":410,"height":11}},{"id":"6d20462b-30f9-4c9f-a9f6-93b27952d71c","block_type":"box","text":"in the 12-month period to June 2026. Conversely,","page_number":124,"box":{"x":72,"y":549,"width":357,"height":10}},{"id":"ddbe2aab-e9f0-4b40-905d-706e33d632b0","block_type":"box","text":"Japanese government bonds had a negative impact to","page_number":124,"box":{"x":71,"y":566,"width":398,"height":10}},{"id":"11811004-c415-4857-a406-8dcad77ac077","block_type":"box","text":"the fund performance in absolute terms, while UK gilts,","page_number":124,"box":{"x":71,"y":582,"width":402,"height":10}},{"id":"1c785993-5b1e-4191-9eb6-30a6fff1f6ae","block_type":"box","text":"Indonesian and Korean government bonds also","page_number":124,"box":{"x":72,"y":599,"width":344,"height":10}},{"id":"61530f6f-79b7-4fe0-94ae-c0d5994bf3b0","block_type":"box","text":"weighed on returns. During the review period, the fund","page_number":124,"box":{"x":71,"y":615,"width":401,"height":11}},{"id":"21abede3-da3a-4b7e-8333-d760be57bd65","block_type":"box","text":"maintained slightly higher sensitivity to interest rate","page_number":124,"box":{"x":72,"y":632,"width":375,"height":10}},{"id":"a8a610d5-e6dd-4f7a-87d6-2e436e120f4a","block_type":"box","text":"changes (known as duration) than its benchmark,","page_number":124,"box":{"x":71,"y":648,"width":360,"height":11}},{"id":"1268e959-c813-459a-90db-764fc0d92b2a","block_type":"box","text":"whereas its sensitivity to changes in credit conditions","page_number":124,"box":{"x":71,"y":665,"width":390,"height":10}},{"id":"8754b77a-c1db-41a7-8faa-ee5b1b5d2597","block_type":"box","text":"(known as spread duration) was slightly lower than that","page_number":124,"box":{"x":71,"y":681,"width":403,"height":11}},{"id":"2b1fa86c-0c36-4d54-a9c4-a47d9384e8cf","block_type":"box","text":"of the benchmark. Although the fund does not invest in","page_number":124,"box":{"x":71,"y":698,"width":404,"height":11}},{"id":"238f3187-95b0-43b6-a1d8-c4780f2ffe42","block_type":"box","text":"corporate credit, certain government bonds carry","page_number":124,"box":{"x":71,"y":715,"width":361,"height":10}},{"id":"d4d4f030-7a8e-4c07-96ae-6e1b423c4197","block_type":"box","text":"spread duration because investors demand additional","page_number":124,"box":{"x":71,"y":732,"width":393,"height":10}},{"id":"5232309c-6b2e-4278-9aec-5d7f2d630d6f","block_type":"box","text":"compensation for lending to countries perceived as","page_number":124,"box":{"x":71,"y":748,"width":376,"height":10}},{"id":"5a1574f5-109d-4024-b4c4-7bdb87bcad99","block_type":"box","text":"having higher credit risk than sovereign issuers such as","page_number":124,"box":{"x":72,"y":765,"width":403,"height":10}},{"id":"6125ead9-6e50-4459-9485-299a71cda1ee","block_type":"box","text":"the US, UK and Germany.","page_number":124,"box":{"x":71,"y":781,"width":183,"height":11}},{"id":"35c48f66-5dfb-4425-9043-81be08de7990","block_type":"box","text":"Investment activities","page_number":124,"box":{"x":72,"y":805,"width":155,"height":8}},{"id":"e2eb6e46-5ba9-42b2-8d6a-c28f4cf55645","block_type":"box","text":"We were active throughout the review period, making","page_number":124,"box":{"x":71,"y":821,"width":391,"height":11}},{"id":"fac06965-f999-47aa-af35-d85a5c941675","block_type":"box","text":"changes to the portfolio based on relative value","page_number":124,"box":{"x":71,"y":838,"width":347,"height":10}},{"id":"e4718c8f-0d7c-4496-853c-4f65c96a9aee","block_type":"box","text":"opportunities, yield movement and yield curve position,","page_number":124,"box":{"x":71,"y":855,"width":403,"height":10}},{"id":"a64f0a5b-d4c3-42f5-9b52-0061f36c686d","block_type":"box","text":"evolving inflation and interest rate expectations, and","page_number":124,"box":{"x":71,"y":871,"width":381,"height":10}},{"id":"2fda734d-a341-4b22-8eb1-4a0b02679773","block_type":"box","text":"macro developments among others. Changes to the","page_number":124,"box":{"x":72,"y":888,"width":378,"height":10}},{"id":"b552aaa2-4bf1-4b5e-81c1-65637c98b633","block_type":"box","text":"currency basket were relatively limited.","page_number":124,"box":{"x":71,"y":904,"width":283,"height":11}},{"id":"1368e49f-eb70-4e4e-b4be-8d222d1a17d2","block_type":"box","text":"We made several small but meaningful adjustments in","page_number":124,"box":{"x":518,"y":194,"width":394,"height":10}},{"id":"a0116185-5143-4eb6-94e9-83dcd6baef73","block_type":"box","text":"line with our active management approach. These","page_number":124,"box":{"x":519,"y":210,"width":363,"height":11}},{"id":"c9cd94e3-e9ab-4239-9348-b5a6bcfbf8c0","block_type":"box","text":"included switching between bonds with different","page_number":124,"box":{"x":519,"y":227,"width":358,"height":10}},{"id":"bc963c3b-359e-4562-9910-9c3ac103910b","block_type":"box","text":"maturity dates within countries to capture better","page_number":124,"box":{"x":519,"y":244,"width":353,"height":10}},{"id":"1ab5b7b6-fc41-4512-88c4-a406f1224046","block_type":"box","text":"relative value, trimming positions where market moves","page_number":124,"box":{"x":519,"y":260,"width":396,"height":10}},{"id":"7f6d621c-15d4-4781-859c-cccfc522d353","block_type":"box","text":"had been strong and responding to changes in interest","page_number":124,"box":{"x":519,"y":277,"width":406,"height":10}},{"id":"dbf381ad-403b-4e1c-9ac4-3d5865a7e278","block_type":"box","text":"rate levels that affect different types of bonds.","page_number":124,"box":{"x":519,"y":293,"width":339,"height":11}},{"id":"c905a958-25f4-4033-b84f-c4a4af5f2041","block_type":"box","text":"We maintained our preference for emerging market","page_number":124,"box":{"x":518,"y":317,"width":378,"height":10}},{"id":"62f17f19-444f-4f8a-ba14-f85f05113e21","block_type":"box","text":"local-currency bonds, which have been a key tool used","page_number":124,"box":{"x":519,"y":333,"width":397,"height":11}},{"id":"2f2d1cc6-4f8a-4d83-a4d4-ae189e7d9abc","block_type":"box","text":"in the fund. For example, in June 2026, we topped up","page_number":124,"box":{"x":519,"y":350,"width":387,"height":10}},{"id":"40691d4c-c7c4-479b-98bd-94d3e3462597","block_type":"box","text":"our local-currency Indonesian holdings via government","page_number":124,"box":{"x":518,"y":367,"width":401,"height":10}},{"id":"3483e7e8-63c4-483e-8cbe-70f306b0c728","block_type":"box","text":"bonds maturing in 2031.","page_number":124,"box":{"x":519,"y":383,"width":173,"height":10}},{"id":"cad63895-ac68-4115-9efd-71211db12937","block_type":"box","text":"The period following the Middle East conflict also saw","page_number":124,"box":{"x":518,"y":406,"width":396,"height":11}},{"id":"57df6e6f-4ce6-4fec-86de-72ef0b70241d","block_type":"box","text":"an increased preference for linkers (inflation-linked","page_number":124,"box":{"x":518,"y":422,"width":374,"height":11}},{"id":"302fed5b-b113-4881-ab43-2ed625b351ba","block_type":"box","text":"sovereign bonds), thanks to potential stagflation (period","page_number":124,"box":{"x":518,"y":439,"width":409,"height":11}},{"id":"26a8609f-433f-4052-9745-b9290c5896f1","block_type":"box","text":"of high inflation, high unemployment and slower","page_number":124,"box":{"x":518,"y":456,"width":353,"height":10}},{"id":"50f8d85e-e655-420c-b228-f5589f4dabe4","block_type":"box","text":"economic growth) concerns.","page_number":124,"box":{"x":518,"y":472,"width":207,"height":11}},{"id":"17a79f45-cf6b-4745-aa99-e803a72d105a","block_type":"box","text":"Outlook","page_number":124,"box":{"x":518,"y":496,"width":60,"height":8}},{"id":"388bcbcc-9666-4e1e-8cd5-d8bd06f3c055","block_type":"box","text":"So far in 2026, bond markets have been driven mainly","page_number":124,"box":{"x":518,"y":513,"width":393,"height":10}},{"id":"c101d087-4db1-4225-bba4-00b18614e076","block_type":"box","text":"by concerns that inflation could stay high, as","page_number":124,"box":{"x":519,"y":529,"width":324,"height":11}},{"id":"34ca5f11-36bb-4c12-a493-859ebac7e8b7","block_type":"box","text":"commodity prices have risen following the US-Iran war.","page_number":124,"box":{"x":518,"y":546,"width":403,"height":10}},{"id":"fbb6ae0b-26c0-482d-a31c-5003fa05d334","block_type":"box","text":"Investors reacted quickly to this, especially in","page_number":124,"box":{"x":519,"y":563,"width":327,"height":10}},{"id":"5c5b50db-082a-449f-858c-6d38c5e76c65","block_type":"box","text":"short-dated bonds, where yields moved sharply. Central","page_number":124,"box":{"x":518,"y":579,"width":407,"height":10}},{"id":"1b287941-ba8b-43dc-bf64-bacbf04848a3","block_type":"box","text":"banks have responded in different ways, but overall","page_number":124,"box":{"x":519,"y":596,"width":375,"height":10}},{"id":"76b623e8-cf67-4233-8977-95d950f2da8e","block_type":"box","text":"they have continued to signal that they are more","page_number":124,"box":{"x":518,"y":612,"width":352,"height":11}},{"id":"34c3c75d-3a6d-4f54-b057-a7d64fd1a363","block_type":"box","text":"focused on controlling inflation than cutting interest","page_number":124,"box":{"x":519,"y":629,"width":379,"height":10}},{"id":"e298157a-cd61-4b86-97df-5d5847f74686","block_type":"box","text":"rates. In this environment, bonds have become more","page_number":124,"box":{"x":519,"y":646,"width":382,"height":9}},{"id":"05b48f9c-f1fb-494a-8236-1c528acd56f3","block_type":"box","text":"attractive because they are once again offering positive","page_number":124,"box":{"x":518,"y":662,"width":406,"height":10}},{"id":"4150e667-c331-4e29-88ec-01c19d963ac9","block_type":"box","text":"returns after inflation. However, we believe the best","page_number":124,"box":{"x":519,"y":679,"width":377,"height":9}},{"id":"7b2d50f1-5f38-46d9-aa78-2b0daef1d694","block_type":"box","text":"opportunities will come from carefully choosing","page_number":124,"box":{"x":518,"y":695,"width":346,"height":11}},{"id":"f26b0cd3-cff5-4a40-9df9-180df5b2994c","block_type":"box","text":"between markets, as central banks, government","page_number":124,"box":{"x":519,"y":712,"width":350,"height":10}},{"id":"45b03ae8-0a21-40b0-a3d6-de6d98accfb9","block_type":"box","text":"finances and inflation trends vary across countries.","page_number":124,"box":{"x":519,"y":728,"width":370,"height":11}},{"id":"68514c58-1673-4bc7-98b4-7b988344810a","block_type":"box","text":"For government bonds, we believe higher levels of","page_number":124,"box":{"x":519,"y":752,"width":368,"height":10}},{"id":"c3e667f7-fcb0-4d65-8e64-28019a775663","block_type":"box","text":"bond issuance, more attractive yields and bigger","page_number":124,"box":{"x":519,"y":768,"width":354,"height":11}},{"id":"b51c3ae8-41dc-4ab8-8997-c848f3d180c3","block_type":"box","text":"differences between markets create more opportunities","page_number":124,"box":{"x":518,"y":785,"width":410,"height":10}},{"id":"d379a600-de6f-46f8-afe3-94b87a2ed045","block_type":"box","text":"for active managers. We think it is possible to invest in","page_number":124,"box":{"x":519,"y":802,"width":394,"height":10}},{"id":"169fd57f-88af-4ed8-ac6c-3cc5f2c1cb75","block_type":"box","text":"higher-quality government bonds without necessarily","page_number":124,"box":{"x":519,"y":818,"width":389,"height":10}},{"id":"ad4031cd-5711-48a2-bd89-be8c153fc4c4","block_type":"box","text":"giving up yield. We also believe markets may be","page_number":124,"box":{"x":518,"y":835,"width":347,"height":10}},{"id":"fe68882a-ffc3-4df7-9cfd-936153f6bc4a","block_type":"box","text":"underestimating the risk that inflation stays higher for","page_number":124,"box":{"x":519,"y":851,"width":393,"height":11}},{"id":"376ff3e7-715f-43f2-9199-9824a462c06b","block_type":"box","text":"longer. This supports the case for inflation-linked","page_number":124,"box":{"x":519,"y":868,"width":357,"height":10}},{"id":"0ac7db2c-be09-4cbf-a859-1db2ec9f1336","block_type":"box","text":"bonds, especially when real yields remain attractive and","page_number":124,"box":{"x":519,"y":885,"width":405,"height":10}},{"id":"76248b77-f147-445e-90aa-fec7fcc1b5cf","block_type":"box","text":"the path of inflation is still uncertain.","page_number":124,"box":{"x":518,"y":901,"width":265,"height":10}},{"id":"1a97c4db-9f00-415b-8643-385e2e77b077","block_type":"box","text":"M&G Global Government Bond Fund","page_number":124,"box":{"x":72,"y":49,"width":341,"height":11}},{"id":"46f31674-2538-4ada-b5b4-1696f6a1d0cf","block_type":"box","text":"Authorised Corporate Director’s Report","page_number":124,"box":{"x":71,"y":79,"width":782,"height":27}},{"id":"01af2659-7c83-4e3d-a14e-839d7f4b74fc","block_type":"box","text":"122","page_number":124,"box":{"x":36,"y":967,"width":21,"height":7}},{"id":"82916469-845b-4e80-bb3d-1c636e64b1e5","block_type":"box","text":"Annual report and audited financial statements","page_number":124,"box":{"x":71,"y":968,"width":290,"height":8}},{"id":"5c89e5fd-9260-482b-8d2c-971e05bbbe8f","block_type":"box","text":"•","page_number":124,"box":{"x":369,"y":970,"width":4,"height":2}},{"id":"14ec709c-d187-445f-9103-84ce6b5916eb","block_type":"box","text":"June 2026","page_number":124,"box":{"x":381,"y":968,"width":64,"height":7}},{"id":"ed1fa5d5-b172-4969-bfd6-2fe347aa80e7","block_type":"box","text":"We continue to favour local-currency emerging market","page_number":125,"box":{"x":71,"y":194,"width":400,"height":10}},{"id":"26439707-2426-4218-b159-073f10a33938","block_type":"box","text":"debt. We believe emerging markets offer opportunities","page_number":125,"box":{"x":71,"y":210,"width":402,"height":11}},{"id":"529a4bf8-1e2c-4d6d-9e9e-7c326573928a","block_type":"box","text":"to increase the fund’s yield while also reducing risk,","page_number":125,"box":{"x":71,"y":227,"width":375,"height":10}},{"id":"d259b94c-5b7e-4fc3-8416-fb359f9dc6b2","block_type":"box","text":"which could improve risk-adjusted returns (returns","page_number":125,"box":{"x":71,"y":243,"width":368,"height":11}},{"id":"59c198ef-0361-432a-bc06-ef2dec354a59","block_type":"box","text":"relative to the level of risk taken). However, it remains","page_number":125,"box":{"x":72,"y":260,"width":388,"height":10}},{"id":"e80cc51a-9da0-4244-8b70-9a8ff794e9f1","block_type":"box","text":"important to choose countries, currencies and credit","page_number":125,"box":{"x":72,"y":277,"width":386,"height":10}},{"id":"37babc29-da20-4fcf-8e60-06007678d330","block_type":"box","text":"quality carefully.","page_number":125,"box":{"x":71,"y":293,"width":117,"height":11}},{"id":"f71558e9-51fd-43e8-9576-3caa9c61ba68","block_type":"box","text":"Eva Sun-Wai","page_number":125,"box":{"x":72,"y":317,"width":92,"height":8}},{"id":"60386369-13a1-48a3-9320-571afc923cca","block_type":"box","text":"Fund manager","page_number":125,"box":{"x":72,"y":334,"width":105,"height":10}},{"id":"458c2284-e039-4c0b-9e04-7d4625638f25","block_type":"box","text":"An employee of M&G FA Limited which is an associate of M&G Securities","page_number":125,"box":{"x":71,"y":354,"width":394,"height":8}},{"id":"c72dbc3a-7d23-4e80-b756-9b59e72676c3","block_type":"box","text":"Limited.","page_number":125,"box":{"x":72,"y":366,"width":41,"height":6}},{"id":"d36ed4e7-8530-48ea-96da-749b38b735b2","block_type":"box","text":"Please note that the views expressed in this Report should not be taken as a","page_number":125,"box":{"x":72,"y":381,"width":408,"height":8}},{"id":"14b1e21b-611d-4c97-bcd7-68479c6bdf8e","block_type":"box","text":"recommendation or advice on how the fund or any holding mentioned in the","page_number":125,"box":{"x":71,"y":393,"width":410,"height":8}},{"id":"be184844-80c3-4e39-ac83-402d563b0c91","block_type":"box","text":"Report is likely to perform. 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Each share class has the same rights on","page_number":146,"box":{"x":71,"y":435,"width":810,"height":10}},{"id":"819e30ef-b86b-479b-897e-a9d292b97aa8","block_type":"box","text":"winding up however they may have different charging structures as set out in note 14.","page_number":146,"box":{"x":71,"y":451,"width":626,"height":11}},{"id":"78be9840-594b-4fec-b199-46f5449afd87","block_type":"box","text":"Share class Opening Movements Closing","page_number":146,"box":{"x":80,"y":480,"width":838,"height":9}},{"id":"75f8533e-223b-4be4-9e62-5e2e07c13c36","block_type":"box","text":"01.07.25 Issued Cancelled Converted 30.06.26","page_number":146,"box":{"x":347,"y":493,"width":572,"height":6}},{"id":"f7f0de53-8cb1-4452-af43-bdccb01c9d2d","block_type":"box","text":"Sterling","page_number":146,"box":{"x":80,"y":513,"width":47,"height":8}},{"id":"ccaaf54c-f9a2-4d05-91c7-2ff65e01c0ad","block_type":"box","text":"Class ‘A’ Income 1,303,516 70,888 (207,379) 0 1,167,025","page_number":146,"box":{"x":81,"y":533,"width":838,"height":8}},{"id":"b28d7b22-8083-402d-874a-d1113e60a402","block_type":"box","text":"Class ‘A’ Accumulation 4,122,072 242,673 (904,897) 0 3,459,848","page_number":146,"box":{"x":81,"y":553,"width":838,"height":8}},{"id":"58a01b03-8ad4-435d-9c0d-90a6d6268ec7","block_type":"box","text":"Class ‘I’ Income 702,933 96,752 (124,373) 0 675,312","page_number":146,"box":{"x":81,"y":573,"width":837,"height":8}},{"id":"cb285644-3474-40b2-aa9c-e91cb308f2f3","block_type":"box","text":"Class ‘I’ Accumulation 3,925,260 482,417 (1,977,141) 0 2,430,536","page_number":146,"box":{"x":81,"y":593,"width":838,"height":8}},{"id":"78ce7a2f-d478-46af-aea5-9de0c135c7a5","block_type":"box","text":"Class ‘I-H’ Income 0 10,025 0 0 10,025","page_number":146,"box":{"x":81,"y":614,"width":837,"height":7}},{"id":"bf3498d7-ce0a-47ba-9aa2-e4b59327200f","block_type":"box","text":"Class ‘I-H’ Accumulation 0 10,020 0 0 10,020","page_number":146,"box":{"x":81,"y":634,"width":837,"height":7}},{"id":"9bc05f40-2d12-4854-a7dd-795095b48c29","block_type":"box","text":"Class ‘L-H’ Income 0 10,005 0 0 10,005","page_number":146,"box":{"x":81,"y":654,"width":837,"height":8}},{"id":"82756e08-76aa-4d47-a68f-78af49f9ef28","block_type":"box","text":"Class ‘L-H’ Accumulation 0 10,000 0 0 10,000","page_number":146,"box":{"x":81,"y":674,"width":837,"height":8}},{"id":"61dbf27e-3ef7-45e0-b442-671a2d683706","block_type":"box","text":"Class ‘PP-H’ Income 0 10,015 0 0 10,015","page_number":146,"box":{"x":81,"y":694,"width":837,"height":8}},{"id":"849c3dfb-a336-4df2-8fe5-c71a3240ef2e","block_type":"box","text":"Class ‘PP-H’ Accumulation 0 10,010 0 0 10,010","page_number":146,"box":{"x":81,"y":714,"width":837,"height":8}},{"id":"a165dc3e-4cea-45d2-be90-a94fc997684e","block_type":"box","text":"Class ‘R’ Income 433,832 27,161 (29,043) 0 431,950","page_number":146,"box":{"x":81,"y":734,"width":837,"height":8}},{"id":"bcaad7a8-d8a0-46fb-a706-0883afa66cb0","block_type":"box","text":"Class ‘R’ Accumulation 404,908 61,020 (172,707) 0 293,221","page_number":146,"box":{"x":81,"y":754,"width":836,"height":8}},{"id":"5ca2f86d-d168-4428-82ac-9bab17aa7600","block_type":"box","text":"It is not possible to separately identify all share class conversions. As a result, the share class movements (issued/cancelled) as disclosed in the t","page_number":146,"box":{"x":72,"y":776,"width":777,"height":8}},{"id":"4d6ee2a2-bcab-4e2d-a715-35e11fa24bc6","block_type":"box","text":"able above","page_number":146,"box":{"x":850,"y":777,"width":58,"height":6}},{"id":"8182569f-a7f1-456f-aec1-45b8045a6ef3","block_type":"box","text":"may also include share class conversions.","page_number":146,"box":{"x":71,"y":787,"width":222,"height":7}},{"id":"462f35f6-a2e9-4315-8bc9-0274b1417a90","block_type":"box","text":"M&G Global Government Bond Fund","page_number":146,"box":{"x":72,"y":49,"width":341,"height":11}},{"id":"59358a61-f144-4428-854d-563929bde4e9","block_type":"box","text":"Financial statements and notes","page_number":146,"box":{"x":74,"y":79,"width":614,"height":22}},{"id":"f296dccc-5585-46ad-96a2-590eba4909df","block_type":"box","text":"144","page_number":146,"box":{"x":36,"y":967,"width":23,"height":7}},{"id":"74f6f315-fb66-43a3-adbc-18f9b29c4310","block_type":"box","text":"Annual report and audited financial statements","page_number":146,"box":{"x":71,"y":968,"width":290,"height":8}},{"id":"33cdf443-77ec-48f0-b4bf-77eac81a036a","block_type":"box","text":"•","page_number":146,"box":{"x":369,"y":970,"width":4,"height":2}},{"id":"3431f938-340e-4536-a451-d5fa14cd7256","block_type":"box","text":"June 2026","page_number":146,"box":{"x":381,"y":968,"width":64,"height":7}},{"id":"d34f42d7-1c07-4947-a3f3-1d7e03f703ac","block_type":"box","text":"14 Charging structure","page_number":147,"box":{"x":72,"y":194,"width":212,"height":13}},{"id":"63eee772-47d1-4576-addd-fe7b7f2cc6ee","block_type":"box","text":"The table below sets out the charging structure for each class of share. The charging structure is the same for both","page_number":147,"box":{"x":71,"y":213,"width":843,"height":10}},{"id":"cbe25605-4258-4ceb-a34a-1bded8d364a1","block_type":"box","text":"Income and Accumulation shares of each class. The amounts shown are the maximum annual charge. M&G will apply","page_number":147,"box":{"x":72,"y":229,"width":854,"height":11}},{"id":"a6b8c556-b4a4-4e8d-9c5a-9ae01f02dbc7","block_type":"box","text":"a discount of 0.02% for every £1 billion of a fund’s net asset value. This is assessed quarterly and implemented on a","page_number":147,"box":{"x":71,"y":246,"width":843,"height":10}},{"id":"95ada7d0-5962-466c-bd5d-c16cb10f51c7","block_type":"box","text":"forward basis no later than 13 business days after quarter end.","page_number":147,"box":{"x":72,"y":262,"width":456,"height":11}},{"id":"21312ab5-d1c6-43eb-83b8-81e19491e99c","block_type":"box","text":"Share class","page_number":147,"box":{"x":80,"y":292,"width":69,"height":6}},{"id":"8770c084-5135-4b71-a284-f23800ef15c0","block_type":"box","text":"Annual charge","page_number":147,"box":{"x":680,"y":292,"width":86,"height":8}},{"id":"afda7432-704a-4496-b16a-70a9033ecc24","block_type":"box","text":"to 08.06.26","page_number":147,"box":{"x":698,"y":304,"width":68,"height":6}},{"id":"9c4df2d5-56fb-483a-8373-9f807f989fc1","block_type":"box","text":"%","page_number":147,"box":{"x":755,"y":316,"width":11,"height":6}},{"id":"9c42647c-f303-461c-87c9-1f61c7975a28","block_type":"box","text":"Annual charge","page_number":147,"box":{"x":833,"y":292,"width":86,"height":8}},{"id":"644c9447-6b48-4d46-a9d6-55a9455a9b6e","block_type":"box","text":"from 09.06.26","page_number":147,"box":{"x":835,"y":304,"width":84,"height":6}},{"id":"2d22fe6d-c3aa-4b42-9359-87d80babe271","block_type":"box","text":"%","page_number":147,"box":{"x":907,"y":316,"width":11,"height":6}},{"id":"e641a1ef-71c0-44de-bca6-797fc8ade93d","block_type":"box","text":"Sterling","page_number":147,"box":{"x":80,"y":336,"width":47,"height":8}},{"id":"c5824338-000b-4296-9fc3-c45aa7d11e0f","block_type":"box","text":"Class ‘A’","page_number":147,"box":{"x":81,"y":356,"width":46,"height":6}},{"id":"5015c85e-0abb-488e-9638-b01c500986f9","block_type":"box","text":"0.90 0.75","page_number":147,"box":{"x":741,"y":356,"width":177,"height":6}},{"id":"07d1b9dd-1a16-4e02-9696-8ef2532c7339","block_type":"box","text":"Class ‘I’","page_number":147,"box":{"x":81,"y":376,"width":42,"height":7}},{"id":"47be431b-5058-4f23-8c97-65b999f08727","block_type":"box","text":"0.50 0.35","page_number":147,"box":{"x":741,"y":376,"width":177,"height":7}},{"id":"9eb83092-e1d9-42ce-990f-d9a8ba70245c","block_type":"box","text":"Class ‘I-H’","page_number":147,"box":{"x":81,"y":396,"width":57,"height":7}},{"id":"91b177b8-b3dd-4279-8c11-7bd7730bd1f6","block_type":"box","text":"n/a 0.38","page_number":147,"box":{"x":749,"y":396,"width":169,"height":8}},{"id":"db0b731c-8122-488f-bf5f-a905e1132aa9","block_type":"box","text":"Class ‘L-H’","page_number":147,"box":{"x":81,"y":416,"width":60,"height":7}},{"id":"f974e5e1-080a-45e5-ae2d-f1cc0b08af98","block_type":"box","text":"n/a 0.18","page_number":147,"box":{"x":749,"y":416,"width":169,"height":8}},{"id":"f3369c7c-32df-454c-b684-68bb8fc369c2","block_type":"box","text":"Class ‘PP-H’","page_number":147,"box":{"x":81,"y":436,"width":69,"height":7}},{"id":"170b53a7-4e5a-4723-816b-1869f957859c","block_type":"box","text":"n/a 0.28","page_number":147,"box":{"x":749,"y":436,"width":169,"height":8}},{"id":"3b3d2997-4d40-423e-9c9f-1a000694c8ee","block_type":"box","text":"Class ‘R’","page_number":147,"box":{"x":81,"y":457,"width":47,"height":6}},{"id":"0b43be39-4d97-49f7-b013-f3a2da563b91","block_type":"box","text":"0.75 0.60","page_number":147,"box":{"x":743,"y":457,"width":175,"height":6}},{"id":"e1619307-bae0-4203-b1fe-48548c7bbfc5","block_type":"box","text":"15 Related parties","page_number":147,"box":{"x":72,"y":492,"width":175,"height":13}},{"id":"48cfab00-eb97-4035-a314-958b90113d47","block_type":"box","text":"M&G Securities Limited, as Authorised Corporate Director (ACD), is a related party and acts as principal on all the","page_number":147,"box":{"x":72,"y":510,"width":826,"height":11}},{"id":"a6043533-62fd-4645-a5d0-dc5d86ba1125","block_type":"box","text":"transactions of shares in the fund except with in specie transactions, where M&G Securities Limited acts as an agent.","page_number":147,"box":{"x":71,"y":527,"width":857,"height":10}},{"id":"afd37091-ea4b-45a5-8245-4ce6f7d1db4d","block_type":"box","text":"The aggregate monies received through issues, and paid on cancellations, are disclosed in the ‘Statement of change","page_number":147,"box":{"x":71,"y":544,"width":852,"height":10}},{"id":"d0dfd3f4-7282-47eb-a720-f10792a50d9e","block_type":"box","text":"in net assets attributable to shareholders’ and note 8. Amounts due to/from M&G Securities Limited in respect of","page_number":147,"box":{"x":72,"y":560,"width":825,"height":10}},{"id":"788ea0ff-6948-48e1-8b3c-c577830ddd55","block_type":"box","text":"share transactions at the year end are disclosed in notes 9 and 11 where applicable.","page_number":147,"box":{"x":71,"y":577,"width":608,"height":10}},{"id":"86ed1d91-fade-4b3b-a53f-11dc417739d6","block_type":"box","text":"Amounts paid to M&G Securities Limited in respect of the annual charge are disclosed in note 6. Amounts due at the","page_number":147,"box":{"x":71,"y":600,"width":851,"height":11}},{"id":"76d09e7e-8a4e-481f-9fc2-3a1883327957","block_type":"box","text":"year end in respect of the annual charge are disclosed in note 11.","page_number":147,"box":{"x":71,"y":617,"width":472,"height":10}},{"id":"be158e3c-2ecd-4c7f-b2d7-356f07c4f55d","block_type":"box","text":"Amounts paid to M&G Securities Limited in respect of rebate arrangements for the annual charge are disclosed in","page_number":147,"box":{"x":71,"y":640,"width":832,"height":10}},{"id":"5246f967-567a-43c5-a5d8-45ce0ed354c0","block_type":"box","text":"notes 3 and 5. 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The","page_number":155,"box":{"x":71,"y":234,"width":405,"height":10}},{"id":"5aa1fc74-ed10-4f4d-ae3d-608c94c1b2cd","block_type":"box","text":"fund’s holdings may deviate significantly from the","page_number":155,"box":{"x":72,"y":250,"width":361,"height":11}},{"id":"9f5adfef-3190-4e92-be71-e1d9bbf3cfa4","block_type":"box","text":"benchmark’s constituents.","page_number":155,"box":{"x":72,"y":267,"width":190,"height":8}},{"id":"cfc48b99-cddb-4066-b1f3-627c0b331836","block_type":"box","text":"For each share class the benchmark will be","page_number":155,"box":{"x":72,"y":290,"width":314,"height":9}},{"id":"9ca6c245-3c2e-438c-b0d5-9e4a5aba05f1","block_type":"box","text":"denominated or hedged into the relevant share class","page_number":155,"box":{"x":71,"y":307,"width":385,"height":10}},{"id":"568e14a3-58c6-4eb7-8090-6d70ae592603","block_type":"box","text":"currency. The benchmark for each share class will be","page_number":155,"box":{"x":71,"y":323,"width":387,"height":11}},{"id":"3a141617-0776-4af7-9644-f6e3ebb773a2","block_type":"box","text":"shown in its respective KIID.","page_number":155,"box":{"x":71,"y":340,"width":204,"height":10}},{"id":"e06a2992-b4ee-438d-bb37-bb8ac4da115b","block_type":"box","text":"Risk profile","page_number":155,"box":{"x":72,"y":379,"width":132,"height":16}},{"id":"a3229ec4-44d1-4e05-bced-10d8a1931db5","block_type":"box","text":"For details of the risks associated with this fund, please","page_number":155,"box":{"x":72,"y":404,"width":405,"height":10}},{"id":"3850f11c-3fee-4827-989b-d386033e8fdd","block_type":"box","text":"refer to the Prospectus. For details of the risk","page_number":155,"box":{"x":72,"y":421,"width":330,"height":10}},{"id":"ba6c0db8-509a-4771-9718-9ce9f5d20351","block_type":"box","text":"management policies, please refer to pages 12 to 15.","page_number":155,"box":{"x":72,"y":437,"width":382,"height":10}},{"id":"c8428f24-37b0-40a1-b9eb-b0e6e0d9eb1e","block_type":"box","text":"The following table shows the risk number associated","page_number":155,"box":{"x":71,"y":460,"width":393,"height":11}},{"id":"de2671a5-2c1d-4596-bec0-fcce06572278","block_type":"box","text":"with the fund and is based on Sterling Class ‘A’ shares.","page_number":155,"box":{"x":71,"y":477,"width":399,"height":10}},{"id":"f40c1acd-a48f-4641-8a88-618e24c457b6","block_type":"box","text":"Low risk High risk","page_number":155,"box":{"x":79,"y":499,"width":405,"height":8}},{"id":"e484544c-67c7-4ea3-8b42-73b8f9fdc796","block_type":"box","text":"Typically lower rewards Typically higher 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fund","page_number":155,"box":{"x":108,"y":623,"width":364,"height":8}},{"id":"133d23ec-e11a-476d-b80f-356a3bbc9adb","block_type":"box","text":"has moved up and down in the past and is based","page_number":155,"box":{"x":108,"y":640,"width":355,"height":10}},{"id":"47ef1682-ce8b-43bb-af22-f1891ba50a35","block_type":"box","text":"on historical data so may not be a reliable indicator","page_number":155,"box":{"x":107,"y":656,"width":371,"height":10}},{"id":"235495a6-a1ca-40de-b6e7-8f57a267c114","block_type":"box","text":"of the future risk profile of the fund.","page_number":155,"box":{"x":107,"y":673,"width":262,"height":10}},{"id":"bfdc9d5a-0662-4620-a690-e21f7e894816","block_type":"box","text":"•","page_number":155,"box":{"x":71,"y":699,"width":6,"height":4}},{"id":"3c09433e-74fe-418d-b2b1-68b40daf9315","block_type":"box","text":"is not guaranteed and may change over time and","page_number":155,"box":{"x":108,"y":696,"width":355,"height":10}},{"id":"36ef3b9f-86bb-479b-8a3c-3708e73b1f01","block_type":"box","text":"the lowest risk number does not mean risk free.","page_number":155,"box":{"x":107,"y":713,"width":347,"height":8}},{"id":"fa7e054f-8449-4d38-9dea-2bddc9fba136","block_type":"box","text":"•","page_number":155,"box":{"x":71,"y":739,"width":6,"height":4}},{"id":"74087c6f-04e0-42ba-8b82-74f4ea531182","block_type":"box","text":"has changed from 6 to 5 on 5 May 2026.","page_number":155,"box":{"x":108,"y":736,"width":291,"height":10}},{"id":"3f72dca3-571d-40eb-bb0f-a76196cce3dd","block_type":"box","text":"Investment review","page_number":155,"box":{"x":72,"y":775,"width":220,"height":13}},{"id":"ca3cf915-c54e-4e33-8dc5-07a5d730dcf6","block_type":"box","text":"For the year ended 30 June 2026","page_number":155,"box":{"x":72,"y":801,"width":241,"height":10}},{"id":"3327721d-ced1-466b-967c-24959c577d65","block_type":"box","text":"Performance against 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While","page_number":155,"box":{"x":518,"y":244,"width":347,"height":10}},{"id":"db33fb17-3b29-4e77-9abe-e2c1e675885b","block_type":"box","text":"performance over the one-year review period was","page_number":155,"box":{"x":519,"y":260,"width":364,"height":10}},{"id":"49013537-87b1-428d-bc9e-030c0481f649","block_type":"box","text":"positive, the fund has underperformed the FTSE","page_number":155,"box":{"x":519,"y":277,"width":352,"height":10}},{"id":"e4cc2e7b-2546-4ce8-81f2-71ed5e34ae04","block_type":"box","text":"All-Share Index in total return terms (the combination of","page_number":155,"box":{"x":518,"y":293,"width":408,"height":10}},{"id":"23b7f0d0-00b4-4e67-9e9f-f5debe7661fb","block_type":"box","text":"income and growth of capital) across all share classes","page_number":155,"box":{"x":519,"y":309,"width":393,"height":11}},{"id":"ea02fb9b-1278-4167-ac42-e817d22366ab","block_type":"box","text":"over five years, therefore missing its objective. The","page_number":155,"box":{"x":518,"y":326,"width":370,"height":11}},{"id":"ff57bf75-a024-4312-914c-c341e285a390","block_type":"box","text":"index returned 10.9% pa in sterling terms in the five","page_number":155,"box":{"x":519,"y":343,"width":376,"height":10}},{"id":"a2185a6e-5bcc-41cd-b5a9-dcda51fd2b49","block_type":"box","text":"years to 30 June 2026.","page_number":155,"box":{"x":518,"y":360,"width":165,"height":10}},{"id":"4b8eb00b-374e-45b3-a41b-17867f1c9678","block_type":"box","text":"For the performance of each share class, please refer","page_number":155,"box":{"x":519,"y":383,"width":391,"height":10}},{"id":"5b44db68-2e1c-45e3-9866-be7d436f689d","block_type":"box","text":"to the ‘Long-term performance by share class’ table in","page_number":155,"box":{"x":518,"y":400,"width":395,"height":10}},{"id":"7ac77ebc-9d57-45f0-bcbe-a788a3b1bc5d","block_type":"box","text":"the ‘Financial highlights’ section of this report.","page_number":155,"box":{"x":518,"y":416,"width":337,"height":11}},{"id":"fbca40bc-3c96-4397-8345-e082bccc7750","block_type":"box","text":"Performance review","page_number":155,"box":{"x":519,"y":440,"width":150,"height":8}},{"id":"ecc3bd37-3df7-4565-a620-ffd52a185077","block_type":"box","text":"The UK market posted another year of positive returns,","page_number":155,"box":{"x":518,"y":456,"width":400,"height":10}},{"id":"f2c9396c-ab58-470c-9078-95921459d956","block_type":"box","text":"extending its gains despite persistent market volatility","page_number":155,"box":{"x":518,"y":473,"width":394,"height":10}},{"id":"6f0d8828-63b2-4407-a664-987d5d2df50d","block_type":"box","text":"as geopolitical and macroeconomic pressures remained","page_number":155,"box":{"x":518,"y":489,"width":408,"height":11}},{"id":"fcb2af05-c076-40d4-9c1c-555d267a005f","block_type":"box","text":"elevated. 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Rolls-Royce’s recent","page_number":156,"box":{"x":518,"y":416,"width":400,"height":11}},{"id":"95e7447b-f315-4e71-9c8d-18109103ac4c","block_type":"box","text":"share price strength continued, supported by a series","page_number":156,"box":{"x":518,"y":433,"width":391,"height":10}},{"id":"02cc8179-9ccc-494f-9bb9-2c7aed5d0198","block_type":"box","text":"of better-than-expected results under its","page_number":156,"box":{"x":518,"y":449,"width":299,"height":11}},{"id":"3ad29606-a5eb-4889-a27e-120c9ac3fffa","block_type":"box","text":"transformational strategy, alongside long term tailwinds","page_number":156,"box":{"x":518,"y":466,"width":407,"height":10}},{"id":"a1f891e4-bfa7-41f6-996c-237bca42fa1c","block_type":"box","text":"from rising global defence spending, growing AI related","page_number":156,"box":{"x":519,"y":483,"width":406,"height":10}},{"id":"84931110-73cb-4f60-9fbb-27d357f7704c","block_type":"box","text":"data centre power demand and positive investor","page_number":156,"box":{"x":518,"y":499,"width":354,"height":10}},{"id":"09eec9bd-f13b-4467-933c-c47ad81b0b4f","block_type":"box","text":"sentiment towards its small modular reactor (SMR)","page_number":156,"box":{"x":518,"y":515,"width":369,"height":11}},{"id":"3ce3bc68-3086-432d-8009-e1c35fd93676","block_type":"box","text":"business.","page_number":156,"box":{"x":519,"y":533,"width":66,"height":8}},{"id":"2ceaa819-f543-4e31-a63f-c82ab2418e68","block_type":"box","text":"Barclays continued to benefit from an interest rate","page_number":156,"box":{"x":519,"y":556,"width":366,"height":10}},{"id":"0f2b62e0-affa-4051-9c37-ae95a70d8664","block_type":"box","text":"environment that supported bank earnings. 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We initiated a position in Flutter","page_number":156,"box":{"x":518,"y":695,"width":394,"height":11}},{"id":"1034b8d0-0ac3-42c5-ba40-5fc8dcec3315","block_type":"box","text":"Entertainment, the global sports betting and iGaming","page_number":156,"box":{"x":519,"y":712,"width":387,"height":10}},{"id":"b5cb639e-b948-4563-ba84-4f901019a3fc","block_type":"box","text":"(online gambling) operator, which we viewed as an","page_number":156,"box":{"x":518,"y":728,"width":368,"height":11}},{"id":"bb6ba16d-7085-4dcd-8dd7-e97639e6ae88","block_type":"box","text":"attractive recovery opportunity after a profit warning","page_number":156,"box":{"x":518,"y":745,"width":384,"height":10}},{"id":"fe66349d-4c5d-4fd2-b075-6b57f46fcac2","block_type":"box","text":"and concerns that prediction markets (where","page_number":156,"box":{"x":518,"y":761,"width":329,"height":11}},{"id":"2b6d1348-0f4f-4439-be6e-f36ea0f69e74","block_type":"box","text":"participants trade on the outcome of future events)","page_number":156,"box":{"x":519,"y":778,"width":373,"height":10}},{"id":"680da970-1b68-46bb-b54a-9166db5f4819","block_type":"box","text":"could increase competition for its core betting product.","page_number":156,"box":{"x":518,"y":795,"width":403,"height":10}},{"id":"00bd4968-6acc-4be3-a316-06a8fbf8283a","block_type":"box","text":"We also established positions in London Stock","page_number":156,"box":{"x":518,"y":811,"width":340,"height":11}},{"id":"a2ae0b5d-3338-4f66-bef1-93640b1b4672","block_type":"box","text":"Exchange Group, RELX and Compass following the","page_number":156,"box":{"x":519,"y":828,"width":371,"height":10}},{"id":"cd2ac096-a132-406f-aa0b-e09de732a068","block_type":"box","text":"software led market sell off, which provided attractive","page_number":156,"box":{"x":518,"y":845,"width":393,"height":10}},{"id":"78e0ae0e-945c-4aad-b124-e10ca8cdf26f","block_type":"box","text":"entry points into high quality FTSE 100 companies.","page_number":156,"box":{"x":518,"y":861,"width":369,"height":11}},{"id":"e770bfbb-52eb-4370-a3fc-19e7d178ee8c","block_type":"box","text":"Within industrials, we added Mondi and Genuit. 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We saw a","page_number":157,"box":{"x":71,"y":310,"width":367,"height":8}},{"id":"a0b2a553-06f6-4c0a-8f03-a82fcd0bb178","block_type":"box","text":"strong recovery case, underpinned by the UK","page_number":157,"box":{"x":71,"y":327,"width":330,"height":10}},{"id":"91c9c08e-f477-460c-afcc-64eda0985760","block_type":"box","text":"government’s housebuilding ambitions and increasingly","page_number":157,"box":{"x":71,"y":343,"width":407,"height":10}},{"id":"6baa546c-0013-47d9-9c6f-e0fb52e27554","block_type":"box","text":"stringent sustainability requirements across the","page_number":157,"box":{"x":71,"y":360,"width":348,"height":10}},{"id":"59159e81-e552-4c4d-87ef-097e390c6e10","block_type":"box","text":"construction industry.","page_number":157,"box":{"x":71,"y":376,"width":158,"height":11}},{"id":"bf5f7b83-1d63-4160-9a99-ff6660541643","block_type":"box","text":"We also initiated positions in 4imprint, a promotional","page_number":157,"box":{"x":71,"y":400,"width":383,"height":10}},{"id":"40caace5-731d-43fb-ae05-673f52c4297b","block_type":"box","text":"products distributor; Andrada Mining, a critical minerals","page_number":157,"box":{"x":72,"y":416,"width":405,"height":11}},{"id":"2e5af24d-0ce2-47b0-987e-3f2fac147baf","block_type":"box","text":"producer; Burford Capital, a litigation finance and asset","page_number":157,"box":{"x":72,"y":433,"width":404,"height":10}},{"id":"96599076-b7d5-4416-bfcf-c6f2caad06fc","block_type":"box","text":"management company; and Saga, a provider of travel,","page_number":157,"box":{"x":72,"y":449,"width":393,"height":11}},{"id":"7a470249-6d66-42eb-b20d-72bc72e07a4a","block_type":"box","text":"insurance and financial services for people aged 50 and","page_number":157,"box":{"x":72,"y":466,"width":408,"height":10}},{"id":"c72319c4-6816-4db7-8826-fea151722c47","block_type":"box","text":"over.","page_number":157,"box":{"x":71,"y":485,"width":33,"height":6}},{"id":"a972ed24-9077-40e9-aa1d-c292ba331134","block_type":"box","text":"We made a number of disposals during the period. 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107.32","page_number":164,"box":{"x":81,"y":396,"width":390,"height":8}},{"id":"85e16517-fa4d-44b0-ad34-ee2b141fdb3f","block_type":"box","text":"*after direct transaction cost of 0.14 0.15 0.14","page_number":164,"box":{"x":80,"y":416,"width":392,"height":7}},{"id":"10474b5d-d1bb-403f-b631-47e2d777eeee","block_type":"box","text":"Performance","page_number":164,"box":{"x":81,"y":437,"width":76,"height":6}},{"id":"d313a40c-f65d-40c7-9ce1-ccc115b26786","block_type":"box","text":"Return after charges (%) 22.00 13.08 6.91","page_number":164,"box":{"x":81,"y":456,"width":389,"height":9}},{"id":"992f968e-73cb-4de5-90c7-2ce8e1f7ada3","block_type":"box","text":"Other information","page_number":164,"box":{"x":80,"y":477,"width":107,"height":7}},{"id":"7a7b4d0f-5181-4a7d-a27b-3c8aa04e1b08","block_type":"box","text":"Closing NAV (£’000) 277,996 252,079 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transaction cost of 0.46 0.47 0.42","page_number":166,"box":{"x":527,"y":437,"width":391,"height":6}},{"id":"f849ae22-fc29-40cf-98d5-fb7303ce4e8c","block_type":"box","text":"Performance","page_number":166,"box":{"x":528,"y":457,"width":76,"height":6}},{"id":"e99cd1cf-6756-44c9-80e8-d6a2a957ab00","block_type":"box","text":"Return after charges (%) 22.57 13.63 7.42","page_number":166,"box":{"x":528,"y":476,"width":390,"height":9}},{"id":"cd298f2f-260d-4b30-9999-0241226ef57f","block_type":"box","text":"Other information","page_number":166,"box":{"x":527,"y":497,"width":107,"height":7}},{"id":"d4a2a554-b8cb-4b70-b3d6-0e6067f411dc","block_type":"box","text":"Closing NAV (£’000) 259,525 228,984 233,860","page_number":166,"box":{"x":528,"y":517,"width":390,"height":8}},{"id":"61262aac-ca40-4cf6-a06b-2b2b6900a427","block_type":"box","text":"Number of shares 56,243,631 60,826,559 70,592,083","page_number":166,"box":{"x":528,"y":537,"width":390,"height":8}},{"id":"ea317861-c79a-4102-8f5f-cb1d97c04998","block_type":"box","text":"Operating charges (%) 0.69 0.68 0.70","page_number":166,"box":{"x":528,"y":557,"width":390,"height":9}},{"id":"534624d1-8059-4b1f-b098-cdd02f5bddc4","block_type":"box","text":"Direct transaction costs (%) 0.11 0.13 0.14","page_number":166,"box":{"x":528,"y":577,"width":391,"height":9}},{"id":"e1666967-4818-42d9-b628-67d3fea407f2","block_type":"box","text":"Prices","page_number":166,"box":{"x":528,"y":598,"width":36,"height":6}},{"id":"0c0764b3-10b6-421f-a278-16549de6f0ae","block_type":"box","text":"Highest share price (UK p) 477.71 378.40 346.04","page_number":166,"box":{"x":528,"y":618,"width":391,"height":8}},{"id":"28c65bdb-dfa1-4560-862d-9a09562ebd3a","block_type":"box","text":"Lowest share price (UK p) 375.60 314.44 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2026","page_number":166,"box":{"x":381,"y":968,"width":64,"height":7}},{"id":"1b6f8d65-492e-43a8-a3b4-28730b9c2c28","block_type":"box","text":"Sterling Class ‘PP’ Income shares","page_number":167,"box":{"x":71,"y":194,"width":315,"height":13}},{"id":"d9445547-44ea-41cd-a977-f39caf9f19ee","block_type":"box","text":"The share class was launched on 5 August 2019.","page_number":167,"box":{"x":71,"y":213,"width":353,"height":10}},{"id":"b97825a8-0ac1-43eb-9474-91d91cb9224b","block_type":"box","text":"for the year to 30 June 2026 2025 2024","page_number":167,"box":{"x":80,"y":237,"width":392,"height":8}},{"id":"f92133eb-89e5-4630-953d-f9030ecd53a4","block_type":"box","text":"Change in NAV per share UK p UK p UK p","page_number":167,"box":{"x":80,"y":249,"width":392,"height":8}},{"id":"9d7af6a9-f463-4389-94fa-309fdb554e92","block_type":"box","text":"Opening NAV 98.20 89.31 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Amounts due at the year end from the ACD, and/or associate, in respect of these rebates are","page_number":177,"box":{"x":72,"y":636,"width":784,"height":11}},{"id":"b3f94a39-ac28-4303-822d-a421d25f9283","block_type":"box","text":"disclosed in note 9.","page_number":177,"box":{"x":71,"y":653,"width":140,"height":9}},{"id":"dbf2bc8d-a751-4b28-9a23-e51fd50dc917","block_type":"box","text":"At the balance sheet date, entities within M&G plc, of which M&G Securities Limited is a wholly owned subsidiary,","page_number":177,"box":{"x":71,"y":677,"width":829,"height":10}},{"id":"15099be2-957c-4187-8165-2767b1bad272","block_type":"box","text":"held in aggregate 6.44% (2025: 5.96%) of the net asset value of the fund.","page_number":177,"box":{"x":72,"y":693,"width":535,"height":10}},{"id":"fa98daa9-5063-4319-89a6-0b9854fd1fdb","block_type":"box","text":"16 Fair value analysis","page_number":177,"box":{"x":72,"y":720,"width":204,"height":13}},{"id":"629cfa64-2f9f-469d-9f68-4601260eb4fb","block_type":"box","text":"Financial instruments have been measured at their fair value and have been classified below using a hierarchy that","page_number":177,"box":{"x":72,"y":739,"width":836,"height":10}},{"id":"9f48e90a-911e-4364-921d-ac1611c6af8e","block_type":"box","text":"reflects the significance of the inputs used in measuring their fair value:","page_number":177,"box":{"x":72,"y":755,"width":523,"height":11}},{"id":"03cbb48a-6b98-46ae-bc25-f5661ccf6335","block_type":"box","text":"Level 1: Unadjusted quoted price in an active market for an identical instrument","page_number":177,"box":{"x":72,"y":779,"width":592,"height":10}},{"id":"db107288-0ed0-4600-b261-e9f2b56506bc","block_type":"box","text":"This includes instruments such as publicly traded equities, highly liquid bonds (eg Government bonds) and exchange","page_number":177,"box":{"x":71,"y":795,"width":853,"height":11}},{"id":"764e1ea4-9d91-4c62-8a42-202f33301d25","block_type":"box","text":"traded derivatives (eg futures) for which quoted prices are readily and regularly available.","page_number":177,"box":{"x":71,"y":811,"width":650,"height":11}},{"id":"d66d7b4e-73e2-462b-a648-4339de4b05aa","block_type":"box","text":"Level 2: Valuation technique using observable market data","page_number":177,"box":{"x":72,"y":835,"width":435,"height":11}},{"id":"ae135f0f-3793-4fef-b45b-49f3c10386a9","block_type":"box","text":"This includes instruments such as over-the-counter (OTC) derivatives, debt securities, convertible bonds,","page_number":177,"box":{"x":71,"y":851,"width":767,"height":11}},{"id":"fa02b284-04a9-40a9-937a-42c9621b9f20","block_type":"box","text":"mortgage-backed securities, asset-backed securities and open-ended funds which have been valued using models","page_number":177,"box":{"x":72,"y":868,"width":843,"height":11}},{"id":"208b82b6-ee05-4628-b8b1-750c7eac960c","block_type":"box","text":"with observable market data inputs.","page_number":177,"box":{"x":71,"y":885,"width":261,"height":10}},{"id":"36a265ed-be4b-4414-b567-03a51a5f8fa0","block_type":"box","text":"M&G Recovery Fund","page_number":177,"box":{"x":72,"y":49,"width":191,"height":13}},{"id":"f81ab8cb-7160-40d6-97d6-27048aea5e25","block_type":"box","text":"Financial statements and notes","page_number":177,"box":{"x":74,"y":79,"width":614,"height":22}},{"id":"7f61a826-0fe6-4eb3-b5d2-f45fb58dbfc4","block_type":"box","text":"Annual report and audited financial statements","page_number":177,"box":{"x":554,"y":968,"width":289,"height":8}},{"id":"4fe3d247-f75b-477c-9753-b0e4a4f57b79","block_type":"box","text":"•","page_number":177,"box":{"x":852,"y":970,"width":3,"height":2}},{"id":"c2473061-f21b-400f-85e1-9718638c63cb","block_type":"box","text":"June 2026","page_number":177,"box":{"x":864,"y":968,"width":64,"height":7}},{"id":"89e164ab-13fe-4c07-b6d0-6394d7503b4d","block_type":"box","text":"175","page_number":177,"box":{"x":942,"y":967,"width":22,"height":8}},{"id":"08abb8c9-ea71-416d-8e3e-8196bef4bf39","block_type":"box","text":"Level 3: Valuation technique using unobservable inputs","page_number":178,"box":{"x":72,"y":194,"width":411,"height":10}},{"id":"1cc9891e-ed4c-409f-bf9e-0d8e695db172","block_type":"box","text":"This refers to instruments which have been valued using models with unobservable data inputs. 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The benchmark for each share class will be","page_number":182,"box":{"x":518,"y":528,"width":387,"height":10}},{"id":"599e6c20-f50b-4dfb-8f42-f200c0e54bb8","block_type":"box","text":"shown in its respective KIID.","page_number":182,"box":{"x":518,"y":544,"width":204,"height":11}},{"id":"eb27bc17-cddb-4acf-9976-0e048103c656","block_type":"box","text":"Risk profile","page_number":182,"box":{"x":519,"y":583,"width":132,"height":16}},{"id":"f5661cce-30ee-481f-991b-4e7ea04b7784","block_type":"box","text":"For details of the risks associated with this fund, please","page_number":182,"box":{"x":519,"y":608,"width":405,"height":11}},{"id":"5b122117-0a6c-4ed4-a625-f6e5f1c8ae9d","block_type":"box","text":"refer to the Prospectus. 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The fund’s performance was behind its","page_number":183,"box":{"x":71,"y":405,"width":347,"height":10}},{"id":"d8c417fa-1c8f-4519-b085-5ab74af612c7","block_type":"box","text":"benchmark, the Deutsche Numis Smaller Companies","page_number":183,"box":{"x":72,"y":421,"width":385,"height":11}},{"id":"c56ab1cb-3ff1-4709-8705-9f576b1c54d6","block_type":"box","text":"Index (excluding Investment Companies), which","page_number":183,"box":{"x":72,"y":437,"width":347,"height":11}},{"id":"791bb94c-d649-44d8-9891-cc237dc62160","block_type":"box","text":"returned 7.1% over the same period.","page_number":183,"box":{"x":72,"y":455,"width":261,"height":10}},{"id":"457d5852-db59-4228-b602-008edb518989","block_type":"box","text":"The fund did not meet its investment objective of","page_number":183,"box":{"x":71,"y":478,"width":360,"height":10}},{"id":"cab22b9b-90e5-4c60-92fd-95559bfe51cc","block_type":"box","text":"delivering a higher total return than the Deutsche","page_number":183,"box":{"x":71,"y":495,"width":360,"height":10}},{"id":"bd25165f-a815-4f2f-883f-930176371e3b","block_type":"box","text":"Numis Smaller Companies Index (excluding Investment","page_number":183,"box":{"x":72,"y":511,"width":401,"height":11}},{"id":"77569dfb-ab86-417c-86f5-c09b2b25ae92","block_type":"box","text":"Companies) over any five-year period for all share","page_number":183,"box":{"x":71,"y":527,"width":364,"height":11}},{"id":"94c0eca7-9bd8-46ce-854a-1e6f3b27e5cf","block_type":"box","text":"classes. The fund’s performance was negative and","page_number":183,"box":{"x":71,"y":544,"width":369,"height":11}},{"id":"c682f33f-e943-4a22-b572-236e06859ca0","block_type":"box","text":"behind the 3.3% pa returned by the index in the five","page_number":183,"box":{"x":72,"y":561,"width":377,"height":10}},{"id":"10de81d3-e2ef-464a-b735-b290ab58fb73","block_type":"box","text":"years to 30 June 2026.","page_number":183,"box":{"x":71,"y":578,"width":165,"height":10}},{"id":"654d97f1-7649-46a5-8e56-ccce27bae64b","block_type":"box","text":"For the performance of each share class, please refer","page_number":183,"box":{"x":72,"y":601,"width":391,"height":10}},{"id":"61782be3-0ec5-47c3-9c39-afa8e9f7a643","block_type":"box","text":"to the ‘Long-term performance by share class’ table in","page_number":183,"box":{"x":71,"y":617,"width":395,"height":11}},{"id":"d66b4472-da96-4f3a-920b-f33c3be32816","block_type":"box","text":"the ‘Financial highlights’ section of this report.","page_number":183,"box":{"x":71,"y":634,"width":337,"height":10}},{"id":"872c31e4-8d0a-4b8b-8c42-daff16cb286e","block_type":"box","text":"Performance review","page_number":183,"box":{"x":72,"y":657,"width":150,"height":9}},{"id":"ff40f10e-dc0d-4aac-834b-a4f89895aad0","block_type":"box","text":"The UK stockmarket generally rose over the 12 months","page_number":183,"box":{"x":71,"y":674,"width":398,"height":10}},{"id":"c8171c70-4182-4eb5-af53-170dfaaa1965","block_type":"box","text":"under review. 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Larger UK","page_number":183,"box":{"x":71,"y":741,"width":342,"height":10}},{"id":"1692b503-e4e5-467d-ab7a-f678c33deff7","block_type":"box","text":"companies performed best, while mid-sized and","page_number":183,"box":{"x":71,"y":757,"width":353,"height":10}},{"id":"ff2f5d30-40b7-44ce-b72b-8431a6d1cd75","block_type":"box","text":"smaller companies made more modest gains.","page_number":183,"box":{"x":71,"y":774,"width":330,"height":10}},{"id":"859458f7-7a53-4f9e-b126-8ff39f1c7a15","block_type":"box","text":"UK inflation’s overall trend was lower over the period,","page_number":183,"box":{"x":72,"y":797,"width":387,"height":10}},{"id":"0d799cae-cea4-4528-ac07-15c2e474eb99","block_type":"box","text":"although it rose temporarily in March 2026 as tensions","page_number":183,"box":{"x":71,"y":814,"width":397,"height":10}},{"id":"68bbff03-85f7-4fce-b320-01c79423518d","block_type":"box","text":"in the Middle East pushed up energy prices. 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1967.","page_number":190,"box":{"x":71,"y":213,"width":389,"height":10}},{"id":"e6e611e3-803e-4983-9278-e591b3227777","block_type":"box","text":"for the year to 30 June 2026 2025 2024","page_number":190,"box":{"x":80,"y":237,"width":392,"height":8}},{"id":"a78f5b98-f5af-48fc-9263-637ee78b2dcc","block_type":"box","text":"Change in NAV per share UK p UK p UK p","page_number":190,"box":{"x":80,"y":249,"width":392,"height":8}},{"id":"2b690fd5-2cf6-4f26-be96-d7ca1f45b924","block_type":"box","text":"Opening NAV 341.27 357.70 314.83","page_number":190,"box":{"x":81,"y":269,"width":390,"height":9}},{"id":"df543ced-6dab-4fd0-826b-61434695604b","block_type":"box","text":"Return before operating","page_number":190,"box":{"x":81,"y":290,"width":137,"height":8}},{"id":"5990de0f-9a50-4a89-861a-4bbefb726792","block_type":"box","text":"charges*","page_number":190,"box":{"x":81,"y":302,"width":49,"height":8}},{"id":"8544437b-4516-4b2b-afbf-51530b3bc25c","block_type":"box","text":"17.47 (2.26) 57.30","page_number":190,"box":{"x":287,"y":289,"width":184,"height":8}},{"id":"63b6f980-6ba2-40ab-a60e-bed32c61e0a4","block_type":"box","text":"Operating charges (4.25) (4.32) (4.10)","page_number":190,"box":{"x":81,"y":321,"width":394,"height":9}},{"id":"9340692d-23c3-4f82-adb0-464f8be9e28a","block_type":"box","text":"Return after operating","page_number":190,"box":{"x":81,"y":342,"width":127,"height":9}},{"id":"f966346f-b0b6-4c6b-b134-d25b24d55393","block_type":"box","text":"charges*","page_number":190,"box":{"x":81,"y":354,"width":49,"height":8}},{"id":"9e85e870-1455-450a-992d-5ee2e5fd91af","block_type":"box","text":"13.22 (6.58) 53.20","page_number":190,"box":{"x":285,"y":342,"width":186,"height":8}},{"id":"c725a8e8-136f-4b76-92f7-d42e4be38966","block_type":"box","text":"Distributions (10.24) (9.85) (10.33)","page_number":190,"box":{"x":81,"y":375,"width":394,"height":8}},{"id":"a3c67938-f234-4f14-8376-e7041e342991","block_type":"box","text":"Closing NAV 344.25 341.27 357.70","page_number":190,"box":{"x":81,"y":396,"width":390,"height":8}},{"id":"3d481275-86b2-44d7-86b0-f031911f5d38","block_type":"box","text":"*after direct transaction cost of 0.79 0.63 0.54","page_number":190,"box":{"x":80,"y":416,"width":392,"height":7}},{"id":"ecc3c24b-1f7e-435b-a47b-e2e612e34bde","block_type":"box","text":"Performance","page_number":190,"box":{"x":81,"y":437,"width":76,"height":6}},{"id":"4cf821de-a049-4dfe-95bf-71b86698efbb","block_type":"box","text":"Return after charges (%) 3.87 (1.84) 16.90","page_number":190,"box":{"x":81,"y":456,"width":390,"height":9}},{"id":"be253aaa-4746-405c-949d-2f5530881009","block_type":"box","text":"Other information","page_number":190,"box":{"x":80,"y":477,"width":107,"height":7}},{"id":"32263035-f30a-4ab1-bc5c-cf7e2d1d4b72","block_type":"box","text":"Closing NAV (£’000) 68,851 73,043 80,885","page_number":190,"box":{"x":81,"y":497,"width":391,"height":8}},{"id":"a40f51c5-65ff-41c6-a4dc-8a448568a8a0","block_type":"box","text":"Number of shares 20,000,443 21,403,227 22,612,094","page_number":190,"box":{"x":81,"y":517,"width":391,"height":8}},{"id":"7a4d54b2-b241-4410-8a04-386f2b6ef480","block_type":"box","text":"Operating charges (%) 1.25 1.25 1.26","page_number":190,"box":{"x":81,"y":537,"width":390,"height":9}},{"id":"7cddd785-2bc2-498a-8c8e-04800af3f99b","block_type":"box","text":"Direct transaction costs (%) 0.23 0.19 0.17","page_number":190,"box":{"x":81,"y":557,"width":391,"height":8}},{"id":"a29d8fad-cdfd-4ab5-9de9-cecf2ebc4149","block_type":"box","text":"Prices","page_number":190,"box":{"x":81,"y":578,"width":36,"height":6}},{"id":"59addf27-a2af-42be-b911-72c1a7a5ffda","block_type":"box","text":"Highest share price (UK p) 353.50 386.85 376.76","page_number":190,"box":{"x":81,"y":597,"width":391,"height":9}},{"id":"699cb440-621d-48e8-bd12-b030c31d8e44","block_type":"box","text":"Lowest share price (UK p) 303.59 282.07 284.92","page_number":190,"box":{"x":81,"y":618,"width":390,"height":8}},{"id":"4787b456-443a-432d-8fde-6e9bc406521d","block_type":"box","text":"Sterling Class ‘A’ Accumulation shares","page_number":190,"box":{"x":518,"y":194,"width":363,"height":13}},{"id":"fc18e41e-8381-4a69-8a4b-ef82247e0b25","block_type":"box","text":"The share class was launched on 27 September 1967.","page_number":190,"box":{"x":518,"y":213,"width":389,"height":10}},{"id":"dae24418-488b-472f-b17f-e4f5f91f18d4","block_type":"box","text":"for the year to 30 June 2026 2025 2024","page_number":190,"box":{"x":527,"y":237,"width":392,"height":8}},{"id":"1bc9eac4-ee6d-416d-a10c-88e777f7f61c","block_type":"box","text":"Change in NAV per share UK p UK p UK 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2,439,873","page_number":190,"box":{"x":528,"y":537,"width":390,"height":8}},{"id":"5c91d0d2-0238-4256-9fa3-e54b1d9b406a","block_type":"box","text":"Operating charges (%) 1.25 1.25 1.26","page_number":190,"box":{"x":528,"y":557,"width":390,"height":9}},{"id":"6ed6fbe5-7151-4946-a196-5d467355b585","block_type":"box","text":"Direct transaction costs (%) 0.23 0.19 0.17","page_number":190,"box":{"x":528,"y":577,"width":391,"height":9}},{"id":"354832cd-b73d-4a10-8e25-1d0a640bf656","block_type":"box","text":"Prices","page_number":190,"box":{"x":528,"y":598,"width":36,"height":6}},{"id":"e795b3f0-0042-412a-8ff4-f305569c06da","block_type":"box","text":"Highest share price (UK p) 1,094.23 1,145.82 1,099.48","page_number":190,"box":{"x":528,"y":618,"width":391,"height":8}},{"id":"0b451fab-456f-44fb-98ee-b9865f0d2ed2","block_type":"box","text":"Lowest share price (UK p) 939.77 845.66 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386.31","page_number":192,"box":{"x":752,"y":353,"width":165,"height":8}},{"id":"dc558f6d-338b-441e-a05f-f8d98d9ffab4","block_type":"box","text":"Distributions (55.56) (50.55) (53.48)","page_number":192,"box":{"x":528,"y":385,"width":394,"height":8}},{"id":"7959f0b5-fde1-4007-8879-3d0ebfecadb1","block_type":"box","text":"Retained distributions 55.56 50.55 53.48","page_number":192,"box":{"x":528,"y":406,"width":390,"height":6}},{"id":"31b5642d-2152-49a6-8806-1c8d679ae159","block_type":"box","text":"Closing NAV 2,667.68 2,555.69 2,592.74","page_number":192,"box":{"x":528,"y":427,"width":391,"height":8}},{"id":"d3637e2d-67f6-4a2e-bb8f-d37fe0612d08","block_type":"box","text":"*after direct transaction cost of 5.95 4.59 3.80","page_number":192,"box":{"x":527,"y":447,"width":391,"height":7}},{"id":"426fa77f-03fd-4895-9368-2bf3c98f0f67","block_type":"box","text":"Performance","page_number":192,"box":{"x":528,"y":467,"width":76,"height":7}},{"id":"5e1d8dbc-fc71-4b68-b83a-c14b7fbd029d","block_type":"box","text":"Return after charges (%) 4.38 (1.43) 17.51","page_number":192,"box":{"x":528,"y":487,"width":389,"height":9}},{"id":"22e2aaee-1d91-4814-aa77-6f6af8cc4ba5","block_type":"box","text":"Other information","page_number":192,"box":{"x":527,"y":508,"width":107,"height":6}},{"id":"a1f60231-6c13-49d5-ad55-f47b687702b2","block_type":"box","text":"Closing NAV (£’000) 17,931 19,380 21,900","page_number":192,"box":{"x":528,"y":527,"width":390,"height":9}},{"id":"c1781fa8-5dc4-4c97-9ca5-ca3a3149ce51","block_type":"box","text":"Number of shares 672,174 758,306 844,664","page_number":192,"box":{"x":528,"y":548,"width":391,"height":8}},{"id":"7533bd44-a17f-4c0d-ab91-14302d674316","block_type":"box","text":"Operating charges (%) 0.85 0.85 0.86","page_number":192,"box":{"x":528,"y":568,"width":390,"height":8}},{"id":"607cc95c-4506-464d-9c58-a1a02353db0b","block_type":"box","text":"Direct transaction costs (%) 0.23 0.19 0.17","page_number":192,"box":{"x":528,"y":588,"width":391,"height":8}},{"id":"1bf25a9d-836f-48d4-b8d1-a5e3416609b3","block_type":"box","text":"Prices","page_number":192,"box":{"x":528,"y":609,"width":36,"height":6}},{"id":"ee44169d-11cb-4f83-9f49-a0e0cf1c8e06","block_type":"box","text":"Highest share price (UK p) 2,697.47 2,804.86 2,689.70","page_number":192,"box":{"x":528,"y":628,"width":390,"height":9}},{"id":"76341058-d37e-41fa-9811-d8ddcc934a49","block_type":"box","text":"Lowest share price (UK p) 2,315.34 2,075.65 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This includes single","page_number":203,"box":{"x":71,"y":210,"width":848,"height":11}},{"id":"ed121488-7038-4a33-bd8d-d4a887652225","block_type":"box","text":"broker-priced instruments, suspended/unquoted securities, private equity, unlisted closed-ended funds and","page_number":203,"box":{"x":72,"y":226,"width":790,"height":11}},{"id":"c550addf-1d3f-4f9a-a588-558ffb286e33","block_type":"box","text":"open-ended funds with restrictions on redemption rights.","page_number":203,"box":{"x":71,"y":244,"width":420,"height":10}},{"id":"603cc5f4-428e-402f-87f6-322518ea0031","block_type":"box","text":"as at 30 June Assets","page_number":203,"box":{"x":80,"y":273,"width":381,"height":6}},{"id":"0781979a-04b9-49a9-99d6-592056bafb5c","block_type":"box","text":"2026","page_number":203,"box":{"x":431,"y":285,"width":30,"height":6}},{"id":"fbb5d941-a56a-49cc-a135-995ea430969d","block_type":"box","text":"Liabilities","page_number":203,"box":{"x":558,"y":273,"width":56,"height":6}},{"id":"425cccbe-7428-453d-b2f4-98ca0ba76719","block_type":"box","text":"2026","page_number":203,"box":{"x":584,"y":285,"width":30,"height":6}},{"id":"d7cf7829-87c0-41b9-b073-21cf7f0fbb3d","block_type":"box","text":"Assets","page_number":203,"box":{"x":725,"y":273,"width":41,"height":6}},{"id":"06dbe43e-0e4a-48df-a4cb-bc0d763e69ac","block_type":"box","text":"2025","page_number":203,"box":{"x":737,"y":285,"width":29,"height":6}},{"id":"985db63a-be17-4f72-90a6-3bba48a75e01","block_type":"box","text":"Liabilities","page_number":203,"box":{"x":863,"y":273,"width":56,"height":6}},{"id":"9b39a892-5e4d-4ec9-aa0b-abff4c90f074","block_type":"box","text":"2025","page_number":203,"box":{"x":889,"y":285,"width":30,"height":6}},{"id":"b5ef482f-49af-4c07-9156-1f49511a8fc1","block_type":"box","text":"Basis of valuation £’000 £’000 £’000 £’000","page_number":203,"box":{"x":81,"y":297,"width":838,"height":6}},{"id":"5be3e860-fca6-4f80-92ba-f32e24d1a5ad","block_type":"box","text":"Level 1 146,347 0 158,259 0","page_number":203,"box":{"x":81,"y":317,"width":837,"height":8}},{"id":"7b75e001-f413-4a0f-8dca-ddeab34a5155","block_type":"box","text":"Level 2 0 0 0 0","page_number":203,"box":{"x":81,"y":337,"width":837,"height":7}},{"id":"48dd6918-b44a-4824-a197-ce464f69cd1c","block_type":"box","text":"Level 3 0 0 0 0","page_number":203,"box":{"x":81,"y":357,"width":837,"height":7}},{"id":"38da27f6-188c-4ddd-b4e1-9f4b25433cbd","block_type":"box","text":"146,347 0 158,259 0","page_number":203,"box":{"x":415,"y":378,"width":504,"height":8}},{"id":"89c6ff86-3f43-4736-b2fd-d3e611c26633","block_type":"box","text":"18 Risk management policies","page_number":203,"box":{"x":72,"y":413,"width":279,"height":13}},{"id":"b511ef64-2c39-4d46-9edb-2076d9f9e564","block_type":"box","text":"The general risk management policies for the fund are set out in note 3 to the financial statements on pages 12 to 15.","page_number":203,"box":{"x":71,"y":432,"width":853,"height":10}},{"id":"1c8a7068-4420-4319-9c2c-3c60577a34f0","block_type":"box","text":"19 Market risk sensitivity","page_number":203,"box":{"x":72,"y":459,"width":242,"height":13}},{"id":"cfaa23db-7095-42d5-89fd-4fa0363ce9e9","block_type":"box","text":"A five per cent increase in the value of the fund’s investment portfolio would have the effect of increasing the return","page_number":203,"box":{"x":71,"y":478,"width":849,"height":10}},{"id":"dcd5abfa-cf9c-47c8-90be-10738a8d2e15","block_type":"box","text":"and net assets by £7,317,000 (2025: £7,913,000). A five per cent decrease would have an equal and opposite effect.","page_number":203,"box":{"x":71,"y":494,"width":843,"height":11}},{"id":"5e1c3a43-cabe-410d-9582-841c0fb0aba4","block_type":"box","text":"20 Currency risk sensitivity and exposure","page_number":203,"box":{"x":71,"y":521,"width":399,"height":13}},{"id":"ca1a8c54-ab12-4767-96ff-5e40220b1434","block_type":"box","text":"Currency risk is not considered significant for the fund and is therefore not disclosed.","page_number":203,"box":{"x":71,"y":540,"width":625,"height":10}},{"id":"0f8fcc8b-0159-440b-94b3-4dec9141204b","block_type":"box","text":"21 Interest rate risk sensitivity and exposure","page_number":203,"box":{"x":71,"y":567,"width":424,"height":13}},{"id":"08aab2e6-3496-435f-9c7f-b6cfcb43274d","block_type":"box","text":"As the majority of the fund’s financial assets are non-interest bearing, the risk is not considered significant and is","page_number":203,"box":{"x":71,"y":586,"width":827,"height":10}},{"id":"7b907133-ec38-4f5f-a256-2118f76a58f6","block_type":"box","text":"therefore not disclosed.","page_number":203,"box":{"x":71,"y":602,"width":173,"height":9}},{"id":"ed1bd4f9-4e64-416c-8a84-1b3c6f4a26e3","block_type":"box","text":"22 Credit risk","page_number":203,"box":{"x":71,"y":629,"width":133,"height":11}},{"id":"4862366d-840f-4fab-89c3-22d15dcd5a59","block_type":"box","text":"Credit risk with regard to derivative balances is not considered significant and is therefore not disclosed.","page_number":203,"box":{"x":71,"y":648,"width":764,"height":10}},{"id":"1f402321-b775-49c5-8847-74e50ea70714","block_type":"box","text":"23 Dividend distribution tables","page_number":203,"box":{"x":71,"y":675,"width":298,"height":10}},{"id":"d0fb7528-b904-4125-8c5e-85722001d6da","block_type":"box","text":"This fund pays semi-annual ordinary distributions and the following table sets out the distribution periods.","page_number":203,"box":{"x":71,"y":694,"width":776,"height":10}},{"id":"d12a36f8-10d2-485a-a12b-0c7104c95be3","block_type":"box","text":"Semi-annual distribution periods","page_number":203,"box":{"x":71,"y":732,"width":217,"height":9}},{"id":"2be5a976-d36a-4c7b-a591-b403983a7c86","block_type":"box","text":"Start End Xd Payment","page_number":203,"box":{"x":431,"y":761,"width":488,"height":9}},{"id":"fb8ddd82-02d0-4537-8e79-31b0f69e4dfd","block_type":"box","text":"Interim 01.07.25 31.12.25 02.01.26 28.02.26","page_number":203,"box":{"x":81,"y":782,"width":837,"height":6}},{"id":"8284b922-74fd-4489-841a-6ed1d42b99d8","block_type":"box","text":"Final 01.01.26 30.06.26 01.07.26 31.08.26","page_number":203,"box":{"x":81,"y":802,"width":837,"height":6}},{"id":"98fcd80e-574f-413f-80b2-805e0af6f353","block_type":"box","text":"The following tables set out for each distribution the rates per share for both Group 1 and Group 2 shares.","page_number":203,"box":{"x":71,"y":828,"width":773,"height":10}},{"id":"1bd3e856-f27b-4b89-9e72-fdd788b628f2","block_type":"box","text":"Group 1 shares are those purchased prior to a distribution period and therefore their income rate is the same as the","page_number":203,"box":{"x":71,"y":851,"width":844,"height":10}},{"id":"f996926a-1de6-4712-913b-90c7de5c3dac","block_type":"box","text":"distribution rate.","page_number":203,"box":{"x":71,"y":868,"width":119,"height":8}},{"id":"8fb10594-482b-432e-bc31-30f306339db9","block_type":"box","text":"Group 2 shares are those purchased during a distribution period and therefore their distribution rate is made up of","page_number":203,"box":{"x":71,"y":891,"width":837,"height":10}},{"id":"d45d9078-2d2a-4de1-a24c-efaf842c26cd","block_type":"box","text":"income and equalisation. Equalisation is the average amount of income included in the purchase price of all Group 2","page_number":203,"box":{"x":72,"y":908,"width":847,"height":10}},{"id":"ccb595bc-686e-45f3-9f81-f1de2b3cacec","block_type":"box","text":"shares and is refunded to the holders of these shares as a return of capital. Being capital it is not liable to Income","page_number":203,"box":{"x":71,"y":924,"width":826,"height":10}},{"id":"66cb08e0-f066-47cf-8d2b-65634fad1852","block_type":"box","text":"M&G Smaller Companies Fund","page_number":203,"box":{"x":72,"y":49,"width":287,"height":13}},{"id":"63689ee5-e99b-4d67-ad45-6756c8bb405a","block_type":"box","text":"Financial statements and notes","page_number":203,"box":{"x":74,"y":79,"width":614,"height":22}},{"id":"e3ce192e-8e46-4a70-86b6-571a73f634ae","block_type":"box","text":"Annual report and audited financial statements","page_number":203,"box":{"x":554,"y":968,"width":289,"height":8}},{"id":"1b427931-f496-4be3-8919-ada51978eaa7","block_type":"box","text":"•","page_number":203,"box":{"x":852,"y":970,"width":3,"height":2}},{"id":"2ee7ece9-d5ce-4a0e-8b93-ac885dc79646","block_type":"box","text":"June 2026","page_number":203,"box":{"x":864,"y":968,"width":64,"height":7}},{"id":"5b69d23c-80a7-4062-910e-45407af1539f","block_type":"box","text":"201","page_number":203,"box":{"x":940,"y":967,"width":22,"height":8}},{"id":"b2e01a98-3f00-4f68-ba91-ca7834bbc246","block_type":"box","text":"Tax. Instead, it must be deducted from the cost of shares for Capital Gains Tax purposes. The tables below show the","page_number":204,"box":{"x":71,"y":194,"width":849,"height":10}},{"id":"4d8fb5ec-1cd2-4562-881c-d02107010899","block_type":"box","text":"split of the Group 2 rates into the income and equalisation components.","page_number":204,"box":{"x":71,"y":210,"width":523,"height":11}},{"id":"c8bdd435-aa52-4264-89c9-c9646e1495ba","block_type":"box","text":"Sterling Class ‘A’ Income shares","page_number":204,"box":{"x":71,"y":242,"width":211,"height":9}},{"id":"7ba7576f-b681-476b-8fb1-725d19214854","block_type":"box","text":"Ordinary distributions","page_number":204,"box":{"x":80,"y":271,"width":132,"height":9}},{"id":"a54c87e7-27a2-4c73-9c88-33bd2e86a29f","block_type":"box","text":"Group 2 Group 1 & 2","page_number":204,"box":{"x":632,"y":271,"width":249,"height":9}},{"id":"53c49a3b-4f15-4055-b8b4-60c58d6457b4","block_type":"box","text":"for the 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4.1331","page_number":204,"box":{"x":584,"y":328,"width":333,"height":7}},{"id":"156ac2c8-dd05-4629-b819-8ee046491751","block_type":"box","text":"Final","page_number":204,"box":{"x":81,"y":348,"width":25,"height":7}},{"id":"83e76422-750f-4b38-b2a8-c2d1cd7ce931","block_type":"box","text":"3.7918 1.3885 5.1803 5.7133","page_number":204,"box":{"x":581,"y":348,"width":337,"height":7}},{"id":"144c87b5-f124-4040-9522-5ed9eae6eeec","block_type":"box","text":"Sterling Class ‘A’ Accumulation shares","page_number":204,"box":{"x":71,"y":382,"width":253,"height":10}},{"id":"60d321aa-16e6-4257-8c11-50bd4556fb2c","block_type":"box","text":"Ordinary distributions","page_number":204,"box":{"x":80,"y":412,"width":132,"height":8}},{"id":"3917a7b3-7f28-4cf0-ba51-e514b07469d7","block_type":"box","text":"Group 2 Group 1 & 2","page_number":204,"box":{"x":632,"y":412,"width":249,"height":8}},{"id":"eeef1db1-d790-4c97-a47e-50c956cdf7a2","block_type":"box","text":"for the year","page_number":204,"box":{"x":80,"y":424,"width":69,"height":8}},{"id":"f9ba0518-7007-4a45-9504-1fb1a5c5418a","block_type":"box","text":"Income Equalisation Distribution","page_number":204,"box":{"x":574,"y":424,"width":309,"height":8}},{"id":"e15ff937-7002-4ece-8cfc-29a8a68878ce","block_type":"box","text":"to 30 June","page_number":204,"box":{"x":80,"y":436,"width":63,"height":7}},{"id":"5538b14a-ae18-480a-8971-26c1555691d2","block_type":"box","text":"2026 2026 2026 2025","page_number":204,"box":{"x":587,"y":437,"width":332,"height":6}},{"id":"f0071054-82ea-4313-a89f-8c7b288b11db","block_type":"box","text":"UK p UK p UK p UK p","page_number":204,"box":{"x":590,"y":449,"width":329,"height":8}},{"id":"60e3aa82-f7e8-43be-b376-e3ad1931cdfe","block_type":"box","text":"Interim","page_number":204,"box":{"x":81,"y":469,"width":39,"height":6}},{"id":"11f8629c-5ff8-4843-ba34-893fa70bf802","block_type":"box","text":"3.0597 5.8618 8.9215 5.5343","page_number":204,"box":{"x":579,"y":469,"width":339,"height":6}},{"id":"3fb20a28-f3f5-4dd8-872e-241066201df0","block_type":"box","text":"Final","page_number":204,"box":{"x":81,"y":489,"width":25,"height":6}},{"id":"7f02bfbd-93e2-4188-b94c-b10cee633368","block_type":"box","text":"2.8247 6.7618 9.5865 11.0936","page_number":204,"box":{"x":579,"y":489,"width":339,"height":6}},{"id":"683ace6b-56ce-4418-802a-415cf16fb7c4","block_type":"box","text":"Sterling Class ‘C’ Income shares","page_number":204,"box":{"x":71,"y":523,"width":213,"height":9}},{"id":"8c1f737a-d56d-4a55-9fc5-f829730adfd0","block_type":"box","text":"Ordinary distributions","page_number":204,"box":{"x":80,"y":553,"width":132,"height":8}},{"id":"7d34b4c2-01eb-46cc-bee5-ac0aeff11059","block_type":"box","text":"Group 2 Group 1 & 2","page_number":204,"box":{"x":632,"y":553,"width":249,"height":8}},{"id":"80171cfc-2ad1-49cf-b2f1-5fa7a26d9980","block_type":"box","text":"for the year","page_number":204,"box":{"x":80,"y":565,"width":69,"height":8}},{"id":"f45867da-de41-41cf-a5f6-b1a6a15fc0cc","block_type":"box","text":"Income Equalisation Distribution","page_number":204,"box":{"x":574,"y":565,"width":309,"height":8}},{"id":"8a2e0a90-3ec4-468d-a9c7-efdcf21d4167","block_type":"box","text":"to 30 June","page_number":204,"box":{"x":80,"y":577,"width":63,"height":7}},{"id":"535b7ffc-4bc3-4cd3-829d-9d637b896cb9","block_type":"box","text":"2026 2026 2026 2025","page_number":204,"box":{"x":587,"y":577,"width":332,"height":7}},{"id":"d6be571a-982d-4a1b-b9a7-cc721b5da479","block_type":"box","text":"UK p UK p UK p UK p","page_number":204,"box":{"x":590,"y":589,"width":329,"height":8}},{"id":"37e0b217-6f07-4ad3-bc9d-e6f1cc87f0c2","block_type":"box","text":"Interim","page_number":204,"box":{"x":81,"y":609,"width":39,"height":7}},{"id":"69fbe17e-842e-4b62-b4c8-479f0083ac0a","block_type":"box","text":"3.4553 2.3367 5.7920 4.6439","page_number":204,"box":{"x":579,"y":609,"width":339,"height":7}},{"id":"eea0583c-48b2-497f-91d8-37173c9a4f2f","block_type":"box","text":"Final","page_number":204,"box":{"x":81,"y":629,"width":25,"height":7}},{"id":"8d310c8e-2f72-4f4c-a357-b2035ec5477c","block_type":"box","text":"4.9305 0.9977 5.9282 6.5314","page_number":204,"box":{"x":578,"y":630,"width":341,"height":6}},{"id":"c01406ea-24bf-4a41-91d2-9a5a1e0b11ad","block_type":"box","text":"Sterling Class ‘I’ Income shares","page_number":204,"box":{"x":71,"y":664,"width":206,"height":9}},{"id":"d767a20a-da82-4dd3-a34a-18307e09e0fc","block_type":"box","text":"Ordinary distributions","page_number":204,"box":{"x":80,"y":693,"width":132,"height":8}},{"id":"7961f61b-4bfa-4555-9925-99a502fc5e55","block_type":"box","text":"Group 2 Group 1 & 2","page_number":204,"box":{"x":630,"y":693,"width":251,"height":8}},{"id":"c885bb35-e78c-47f9-a95e-373ad3ace40b","block_type":"box","text":"for the 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