Types of Open-End Fund (continued)

UK Equity and Bond · at least 80% of their assets invested in the UK

· between 20% and 80% in UK fixed interest securities

· between 20% and 80% in UK equities

· aim for yield of up to 120% of the FTSE All-Share Index

Cautious Managed · invest in a range of assets

· not more than 60% in equities

· must invest at least 50% of assets in Sterling / Euro

· convertibles are regarded as equities

Balanced Managed · invest in a range of assets

· not more than 85% in equities

· at least 10% of assets must be held in non-UK equities

· must invest at least 50% of assets in Sterling / Euro

· convertibles are regarded as equities

Active Managed · invest in a range of assets including non-equity assets

· may invest 100% in equities

· at least 10% of assets must be held in non-UK equities

· convertibles regarded as equities

Global Equity and Bond · at least 80% of their assets invested in equities and fixed interest securities

· not more than 80% in UK assets

· between 20% and 80% in fixed interest securities

· between 20% and 80% in equities

Global Growth

· at least 80% of their assets invested in equities

· not more than 80% in UK assets

· prime objective achieving capital growth

Global Emerging Markets · at least 80% of their assets invested directly or indirectly in emerging markets · indirect investment (e.g. China shares listed in Hong Kong) not to exceed 50% of assets

Property · at least 80% of their assets invested in property securities or property itself

NOTE

All the above classifications also require broad diversification within the defined sector. Funds which concentrate solely on a specialist theme or a single country within a multi-currency region must be classified in the appropriate specialist sector (see "Specialist funds" ).