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<span style="display: none; font-family: Arial; font-size: 1px; max-height: 0px; max-width: 0px; mso-hide: all; opacity: 0; overflow: hidden">Read in-depth analysis on the M&amp;G fund range as well as thought-provoking and topical articles
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<p style="color: #ffffff; font-family: Helvetica, sans-serif; font-size: 14px; margin-bottom: 6px; margin-top: 0"><strong>Q1 2024</strong></p>
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<p style="color: #ffffff; font-family: Helvetica, sans-serif; font-size: 14px; margin-bottom: 6px; margin-top: 0"><strong>Q1 2024</strong></p>
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"color: #ffffff; display: block; font-family: Arial, Helvetica, sans-serif; font-size: 16px; text-decoration: none">M&amp;G Markets Wrap</a></td>
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<p style="color: #ffffff; font-family: Helvetica, sans-serif; font-size: 14px; margin-bottom: 6px; margin-top: 0"><strong>March 2024</strong></p>
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<p style="font-family: Helvetica, sans-serif; font-size: 1rem; line-height: 150%; mso-line-height-rule: exactly">Dear Petrus,<br>
<br>
The first quarter of 2024 (Q1) brought a continuation of the relatively bullish investor sentiment towards global equities seen in the last months of 2023, as prospects for growth in the US were buoyed by positive company earnings reports and
supportive economic data that increased the likelihood of a “soft landing” for the economy. On the other hand, global bonds were weaker as inflation proved higher than expected and major central banks kept interest rates on hold, prompting pundits
to move out their rate cut expectations to the second half of the year. Still, as of the end of March they and the US Federal Reserve were roughly aligned in their forecasts of a 25bp interest rate cut in each of Q2, Q3 and Q4, starting at the Fed’s
11-12 June FOMC meeting.<br>
<br>
<br>
<span style="color: #0097a9; font-size: 22px">Tactically speaking</span><br>
<br>
Given that there were no meaningful changes in asset class valuations over the quarter, apart from the rally in global equities, we did not make any shorter-term (tactical) adjustments to our asset class allocations in our house view portfolios. In
response to the rally, we did lower our exposure to global equities slightly, taking profits and putting the proceeds largely in cash. We are still relatively concerned about the likelihood of a soft landing for the US economy later this year, and
also about the stubbornness of inflation that could further delay interest rate cuts globally. Markets continue to push back their projections for rate cuts. Our global experts offer their in-depth commentary across most global assets in the
recently released <a href="https://mandg.9.evlink.net/servlet/link/24367/790986/50317633/3546551" target="_blank"
style="color: #0097a9; text-decoration: underline">Q2 2024 Equities and Multi-Asset Outlook: Bulls, bears and Ballot boxes</a>, with an insightful introduction from M&amp;G Investments (UK) CIO for Equities, Multi Asset and Sustainability, Fabiana
Fedeli.<br>
<br>
<br>
<span style="color: #0097a9; font-size: 22px">Working with Chic Mamas for vital pre-school facilities</span><br>
<br>
While their name may not indicate it, Chic Mamas is a Volunteer-Based Social Enterprise and NPO that we admire for their dedication to supporting educational initiatives in the Early Childhood Development (ECD) sector. This aligns closely with our
corporate social investment focus on children’s education at all levels, as well as our commitment to promoting global Social Development Goal (SDG) #5, “Achieving inclusive and quality education for all”. We started partnering with Chic Mamas for
the first time earlier this year, supporting two impactful construction projects aimed at providing vital pre-school educational facilities in underprivileged areas in KwaZulu Natal and the Western Cape. Since its founding more than a decade ago,
the group has contributed over R11 million to these initiatives in underprivileged areas around South Africa. Read more about our <a href=
"https://mandg.9.evlink.net/servlet/link/24367/790986/50317633/3546552" target="_blank" style=
"color: #0097a9; text-decoration: underline">projects</a>.<br>
<br>
In conclusion, although more volatile conditions are ahead of us in the run up to and aftermath of the National Elections, It’s important to remember that at M&amp;G we build our portfolios firmly on fundamental asset valuations rather than trying
to forecast any economic data or events that may or may not arise. We take care to include many different investment ideas and diversify across assets as widely as possible, while also strictly limiting our exposure to issuers and being very
cognisant of the risks involved. This highly risk-cognisant approach is why we did not have any exposure at all, in any of our funds, to the defaults that occurred on debt issues from companies exposed to the SA taxi industry during the quarter. In
our view, in this case it is more important to protect our clients’ savings by limiting the downside than to reach for extra, but riskier, returns.<br>
<br>
Thank you for your ongoing support. We hope you enjoy the read, and please feel free to <a href="mailto:info@mandg.co.za" target="_blank" style="color: #0097a9; text-decoration: underline">contact us</a> with any questions you may have.</p>
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<p style="color: #ffffff; font-family: Helvetica, sans-serif; font-size: 1rem; line-height: 150%; mso-line-height-rule: exactly"><!--Market Observations-->
 <span style="color: #ffb81c; font-size: 22px">Market Observations</span><br>
<br>
For more analysis on market developments and our latest investment views, please read <a href=
"https://mandg.9.evlink.net/servlet/link/24367/790986/50317633/3546553" target="_blank" style=
"color: #ffb81c; text-decoration: underline">Q1 2024 Market Observations commentary</a>.<br>
<br></p>
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<h2 style="color: #ffffff; font-family: Helvetica, sans-serif; font-size: 37px; margin: 0"><strong>Quarterly Standouts</strong></h2>
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<p style="color: #ffffff; font-family: Helvetica, sans-serif; font-size: 37px; line-height: 1.5; margin-top: 9px"><strong>01.</strong></p>
</td>
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<p style="color: #ffffff; font-family: Helvetica, sans-serif; font-size: 17px; line-height: 150%; mso-line-height-rule: exactly"><a href=
"https://mandg.9.evlink.net/servlet/link/24367/790986/50317633/3546555" target="_blank" style=
"color: #ffb81c; text-decoration: none"><strong>M&amp;G Property Fund</strong> <img width="17" style="vertical-align: text-top" src=
"https://cdn9.mailercdn.net/users/assets/1314/images/M%26G/Mailer_Structural_Elements/icn-arrow-yellow.png?v=1698243463489"></a><br>
"Prevailing headwinds such as rapidly rising property costs and higher interest rates are reflected in earnings expectations that show limited short- to medium-term growth. Therefore, our preferred South African stocks are high-yielding mid-caps
where prospective returns exceed that of the SA government bond yield."</p>
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<p style="color: #ffffff; font-family: Helvetica, sans-serif; font-size: 37px; line-height: 1.5; margin-top: 9px"><strong>02.</strong></p>
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<p style="color: #ffffff; font-family: Helvetica, sans-serif; font-size: 17px; line-height: 150%; mso-line-height-rule: exactly"><a href=
"https://mandg.9.evlink.net/servlet/link/24367/790986/50317633/3546556" target="_blank" style=
"color: #ffb81c; text-decoration: none"><strong>M&amp;G Enhanced Income Fund</strong> <img width="17" style="vertical-align: text-top" src=
"https://cdn9.mailercdn.net/users/assets/1314/images/M%26G/Mailer_Structural_Elements/icn-arrow-yellow.png?v=1698243463489"></a><br>
"Duration risk was managed tactically over the quarter,<br>
but the preference was to maintain a small amount of risk. This proved to be beneficial considering the bond selloff<br>
that ensued."</p>
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<p style="color: #ffffff; font-family: Helvetica, sans-serif; font-size: 37px; line-height: 1.5; margin-top: 9px"><strong>03.</strong></p>
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<p style="color: #ffffff; font-family: Helvetica, sans-serif; font-size: 17px; line-height: 150%; mso-line-height-rule: exactly"><a href=
"https://mandg.9.evlink.net/servlet/link/24367/790986/50317633/3546557" target="_blank" style=
"color: #ffb81c; text-decoration: none"><strong>M&amp;G Global Bond Fund</strong> <img width="17" style="vertical-align: text-top" src=
"https://cdn9.mailercdn.net/users/assets/1314/images/M%26G/Mailer_Structural_Elements/icn-arrow-yellow.png?v=1698243463489"></a><br>
“The fund’s long duration positioning aided performance over the quarter given the broad rally in government bonds from the US, UK, and Europe. This was further supported by gains from emerging market sovereign bonds and corporate bonds.”</p>
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<h3 style="font-size: 20px; font-weight: normal; margin: 0">M&amp;G UK</h3>
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<h3 style="color: #055a60; font-family: Helvetica, sans-serif; font-size: 32px; font-weight: normal; margin-bottom: 0; margin-top: 25px; text-align: left" align="left"><a href=
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"color: #055a60; text-decoration: none">M&amp;G Q1 outlook update: Bulls, bears and ballot boxes</a></h3>
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<p style="font-family: Helvetica, sans-serif; font-size: 17px; line-height: 150%; margin: 0; mso-line-height-rule: exactly">In 2024, more voters than ever-before in history are expected to head to the polls. While the media and industry pundits have
much discussed the ensuing ‘heightened’ geopolitical risk, we don’t believe this is the case everywhere, and certainly not uniformly. As always, the devil is in the detail: some of the elections could impact specific areas of the market and be less
meaningful for others. In the US, the most exciting opportunities to emerge are likely to be in areas that neither presidential candidate seems to be talking about. This in-depth report covers outlooks across different investments including: Global,
sustainable, multi-asset, global research, thematic technology and region such as emerging markets, Asia Pacific ex-Japan, and the UK.</p>
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<h3 style="font-size: 20px; font-weight: normal; margin: 0">Sandile Malinga</h3>
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<h3 style="color: #055a60; font-family: Helvetica, sans-serif; font-size: 32px; font-weight: normal; margin-bottom: 0; margin-top: 25px; text-align: left" align="left"><a href=
"https://mandg.9.evlink.net/servlet/link/24367/790986/50317633/3546562" style=
"color: #055a60; text-decoration: none">Navigating fluid global markets for solid returns</a></h3>
<a href="https://mandg.9.evlink.net/servlet/link/24367/790986/50317633/3546562" style=
"color: #055a60; text-decoration: none"></a></td>
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<td><a href="https://mandg.9.evlink.net/servlet/link/24367/790986/50317633/3546563"><img src=
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<p style="font-family: Helvetica, sans-serif; font-size: 17px; line-height: 150%; margin: 0; mso-line-height-rule: exactly">With the first quarter of the year behind us, and an important local election ahead of us, South African investors are
thinking about global investments and pressing advisers for solutions. In the face of the continuous, unpredictable fluidity of financial markets, Sandile answers questions such as: what does this fluidity look like at the moment? How are we at
M&amp;G Investments viewing it and investing for the best outcomes in our global balanced portfolios?</p>
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"color: #ffffff; text-decoration: none">Read more <img style="vertical-align: middle" width="17" src="https://cdn9.mailercdn.net/users/assets/1314/images/M%26G/Mailer_Structural_Elements/icn-arrow-white.png?v=1698241432832"></a></span></td>
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<td valign="top"><a href="https://mandg.9.evlink.net/servlet/link/24367/790986/50317633/3546565"><img src=
"https://cdn9.mailercdn.net/users/assets/1314/images/Articles/25042024_listedproperty.jpg?v=1714137933183" alt="renewables" width="270" style="display: block; max-width: 100%"></a></td>
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<img src="https://cdn9.mailercdn.net/users/assets/1314/images/Authors/authors_rahgib_g.png?v=1714138497682" height="56" width="56" style="display: block"></td>
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<h3 style="font-size: 20px; font-weight: normal; margin: 0">Rahgib Davids</h3>
</td>
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<!-- Author Job Title -->
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<h4 style="font-size: 14px; font-weight: normal; margin: 0">Portfolio Manager</h4>
</td>
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<!--Article Heading-->
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<td width="240" valign="top"><a href="https://mandg.9.evlink.net/servlet/link/24367/790986/50317633/3546566" style=
"color: #055a60; text-decoration: none"></a>
<h3 style="color: #055a60; font-family: Helvetica, sans-serif; font-size: 32px; font-weight: normal; margin-bottom: 0; margin-top: 25px; text-align: left" align="left"><a href=
"https://mandg.9.evlink.net/servlet/link/24367/790986/50317633/3546566" style=
"color: #055a60; text-decoration: none">Opportunities to invest in SA listed property</a></h3>
<a href="https://mandg.9.evlink.net/servlet/link/24367/790986/50317633/3546566" style=
"color: #055a60; text-decoration: none"></a></td>
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<td style="padding-bottom: 60px; padding-top: 0"><!-- Insight Blurb -->
<p style="font-family: Helvetica, sans-serif; font-size: 17px; line-height: 150%; margin: 0; mso-line-height-rule: exactly">With property fundamentals improving and former headwinds changing to tailwinds amid prospects of lower interest rates,
Rahgib explains our views on South Africa’s listed property sector and how our award-winning M&amp;G Property Fund is positioned to get the best out of the complex market conditions.</p>
<p></p>
<p></p>
<br>
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"color: #ffffff; text-decoration: none">Read more <img style="vertical-align: middle" width="17" src="https://cdn9.mailercdn.net/users/assets/1314/images/M%26G/Mailer_Structural_Elements/icn-arrow-white.png?v=1698241432832"></a></span></td>
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<!-- Insights Block B -->
<table class="container" align="center" bgcolor="#FFFFFF" width="600" cellpadding="30" cellspacing="0" style="border-collapse: collapse; border-spacing: 0; border: none; line-height: initial; max-width: 600px" border="0" role="presentation">
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<h3 style="font-size: 20px; font-weight: normal; margin: 0">M&amp;G Investments</h3>
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                                                                                                                <h4
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                                                                                                                        ESG Specialist
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<!--Article Heading-->
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<td width="240" valign="top"><a href="https://mandg.9.evlink.net/servlet/link/24367/790986/50317633/3546568" style=
"color: #055a60; text-decoration: none"></a>
<h3 style="color: #055a60; font-family: Helvetica, sans-serif; font-size: 32px; font-weight: normal; margin-bottom: 0; margin-top: 25px; text-align: left" align="left"><a href=
"https://mandg.9.evlink.net/servlet/link/24367/790986/50317633/3546568" style=
"color: #055a60; text-decoration: none">Compelling reasons to add global listed infrastructure to a portfolio</a></h3>
<a href="https://mandg.9.evlink.net/servlet/link/24367/790986/50317633/3546568" style=
"color: #055a60; text-decoration: none"></a></td>
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<!--Image Block-->
<td><a href="https://mandg.9.evlink.net/servlet/link/24367/790986/50317633/3546569"><img src=
"https://cdn9.mailercdn.net/users/assets/1314/images/Articles/25042024_glif.jpg?v=1714146860316" width="270" style="display: block; max-width: 100%"></a></td>
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<td style="padding-bottom: 60px; padding-top: 0"><!-- Insight Blurb -->
<p style="font-family: Helvetica, sans-serif; font-size: 17px; line-height: 150%; margin: 0; mso-line-height-rule: exactly">In the wake of the increase in the investment limit for infrastructure to 45%, we have compiled a list of this underused
asset class’ attractions for investors, which are enhanced further through being able to access global infrastructure in the listed market.</p>
<br>
<br>
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"color: #ffffff; text-decoration: none">Read more <img style="vertical-align: middle" width="17" src="https://cdn9.mailercdn.net/users/assets/1314/images/M%26G/Mailer_Structural_Elements/icn-arrow-white.png?v=1698241432832"></a></span></td>
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<tr><!--Image Block-->
<td valign="top"><a href="https://mandg.9.evlink.net/servlet/link/24367/790986/50317633/3546571"><img src=
"https://cdn9.mailercdn.net/users/assets/1314/images/Articles/bond-vigilantes.jpg?v=1705928008559" width="270" style="display: block; max-width: 100%"></a></td>
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<h3 style="font-size: 20px; font-weight: normal; margin: 0">By Robert Burrows</h3>
</td>
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<h4 style="font-size: 14px; font-weight: normal; margin: 0">Fund Manager, M&amp;G UK</h4>
</td>
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</table>
<!--Article Heading-->
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<td width="240" valign="top"><a href="https://mandg.9.evlink.net/servlet/link/24367/790986/50317633/3546572" style=
"color: #055a60; text-decoration: none"></a>
<h3 style="color: #055a60; font-family: Helvetica, sans-serif; font-size: 32px; font-weight: normal; margin-bottom: 0; margin-top: 25px; text-align: left" align="left"><a href=
"https://mandg.9.evlink.net/servlet/link/24367/790986/50317633/3546572" style=
"color: #055a60; text-decoration: none">Why it's time to position into countries with low outstanding debt</a></h3>
<a href="https://mandg.9.evlink.net/servlet/link/24367/790986/50317633/3546572" style=
"color: #055a60; text-decoration: none"></a></td>
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</table>
</td>
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<td style="padding-bottom: 60px; padding-top: 0"><!-- Insight Blurb -->
<p style="font-family: Helvetica, sans-serif; font-size: 17px; line-height: 150%; margin: 0; mso-line-height-rule: exactly">In 2024, more voters than ever in history are expected to head to the polls in national (or transnational, in the case of the
EU Parliament) elections. A total of 91 countries and close to half of the world's population.</p>
<p></p>
<p></p>
<br>
<!--Button-->
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"https://mandg.9.evlink.net/servlet/link/24367/790986/50317633/3546573" target="_blank" style=
"color: #ffffff; text-decoration: none">Read more <img style="vertical-align: middle" width="17" src="https://cdn9.mailercdn.net/users/assets/1314/images/M%26G/Mailer_Structural_Elements/icn-arrow-white.png?v=1698241432832"></a></span></td>
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<!-- Investment Focus -->
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<td width="20"></td>
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<h2 style="color: #ffffff; font-family: Helvetica, sans-serif; font-size: 37px; margin: 0"><strong>Investment Focus</strong></h2>
</td>
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</td>
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<td style="border-bottom-color: #ffffff; border-bottom-style: solid; border-bottom-width: 2px; border-top-color: #ffffff; border-top-style: solid; border-top-width: 2px">
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<h3 style="color: #ffffff; font-family: Helvetica, sans-serif; font-size: 32px; font-weight: normal; margin-bottom: 10px; margin-top: 20px; text-align: left" align="left">M&amp;G Balanced Fund gets the best of uncertain markets</h3>
<p style="color: #ffffff; font-family: Helvetica, sans-serif; font-size: 17px; line-height: 150%; mso-line-height-rule: exactly">In the nearly 25 years since its launch, the <a style=
"color: #e58ebb; font-family: Helvetica, sans-serif; text-decoration: underline" href=
"https://mandg.9.evlink.net/servlet/link/24367/790986/50317633/3546574" target="_blank">M&amp;G Balanced Fund</a>
has proved to be an excellent example of what a “Balanced Fund” should be: it has produced equity-like returns for investors without the higher volatility associated with equity investments.<br>
<br>
The graph, seen when clicking <a style="color: #e58ebb; font-family: Helvetica, sans-serif; text-decoration: underline" href=
"https://mandg.9.evlink.net/servlet/link/24367/790986/50317633/3546575" target="_blank">Read more</a>, shows how the
Fund has returned 11.3% p.a. from October 1999 to 31 March 2024, almost beating the FTSE/JSE All Share Index’s equity return of 11.5% p.a., and with a standard deviation (a measure of volatility (or risk) much lower than the JSE. It also solidly
outperformed the All Bond Index’s 8.7% p.a. return over the same period, but with higher risk.</p>
</td>
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</td>
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<td></td>
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<td height="20"></td>
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<td><a href="https://mandg.9.evlink.net/servlet/link/24367/790986/50317633/3546576" target="_blank" style=
"color: #e58ebb; display: inline-block; font-family: Helvetica, sans-serif; font-size: 22px; text-decoration: none"><strong>Read more</strong> <img width="22" style="vertical-align: middle" src=
"https://cdn9.mailercdn.net/users/assets/1314/images/M%26G/Mailer_Structural_Elements/icn-arrow-pink.png?v=1698296082091"></a></td>
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</table>
</td>
</tr>
</table>
<!-- Flagship Funds -->
<table id="flagshipfunds" name="flagshipfunds" class="container" align="center" bgcolor="#17B0AD" width="600" cellpadding="30" cellspacing="0" style="border-collapse: collapse; border-spacing: 0; max-width: 600px" border="0" role="presentation">
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<td width="20"></td>
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<h2 style="color: #ffffff; font-family: Helvetica, sans-serif; font-size: 37px; margin: 0"><strong>Flagship Funds</strong></h2>
</td>
</tr>
</table>
</td>
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<td height="20"></td>
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<td style="border-bottom-color: #ffffff; border-bottom-style: solid; border-bottom-width: 2px; border-top-color: #ffffff; border-top-style: solid; border-top-width: 2px">
<table cellpadding="0" cellspacing="0">
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<td valign="top" width="255">
<h3 style="color: #055a60; font-family: Helvetica, sans-serif; font-size: 32px; font-weight: normal; margin-top: 25px; text-align: left" align="left">Local</h3>
<p style="color: #055a60; font-family: Helvetica, sans-serif; font-size: 15px; line-height: 150%; margin-bottom: 20px; mso-line-height-rule: exactly"><a href=
"https://mandg.9.evlink.net/servlet/link/24367/790986/50317633/3546577" target="_blank" style=
"color: #ffffff; font-size: 17px; font-weight: bold; text-decoration: none">M&amp;G Equity Fund <img style="margin-bottom: 10px; vertical-align: text-top" width="17" height="17" src=
"https://cdn9.mailercdn.net/users/assets/1314/images/M%26G/Mailer_Structural_Elements/icn-arrow-white.png?v=1699971323155"></a><br>
<a href="https://mandg.9.evlink.net/servlet/link/24367/790986/50317633/3546578" target="_blank" style=
"color: #055a60; text-decoration: underline">MDD <img width="17" height="17" style="padding-right: 10px" src="https://cdn9.mailercdn.net/users/assets/1314/images/M%26G/Mailer_Structural_Elements/icn-pdf-teal.png?v=1698305499786"></a> <a href=
"https://mandg.9.evlink.net/servlet/link/24367/790986/50317633/3546579" target="_blank" style=
"color: #055a60; text-decoration: underline">Commentary <img width="17" height="17" src="https://cdn9.mailercdn.net/users/assets/1314/images/M%26G/Mailer_Structural_Elements/icn-pdf-teal.png?v=1698305499786"></a></p>
<p style="color: #055a60; font-family: Helvetica, sans-serif; font-size: 15px; line-height: 150%; margin-bottom: 20px; mso-line-height-rule: exactly"><a href=
"https://mandg.9.evlink.net/servlet/link/24367/790986/50317633/3546580" target="_blank" style=
"color: #ffffff; font-size: 17px; font-weight: bold; text-decoration: none">M&amp;G Property Fund <img style="margin-bottom: 10px; vertical-align: text-top" width="17" height="17" src=
"https://cdn9.mailercdn.net/users/assets/1314/images/M%26G/Mailer_Structural_Elements/icn-arrow-white.png?v=1699971323155"></a><br>
<a href="https://mandg.9.evlink.net/servlet/link/24367/790986/50317633/3546581" target="_blank" style=
"color: #055a60; text-decoration: underline">MDD <img width="17" height="17" style="padding-right: 10px" src="https://cdn9.mailercdn.net/users/assets/1314/images/M%26G/Mailer_Structural_Elements/icn-pdf-teal.png?v=1698305499786"></a> <a href=
"https://mandg.9.evlink.net/servlet/link/24367/790986/50317633/3546582" target="_blank" style=
"color: #055a60; text-decoration: underline">Commentary <img width="17" height="17" src="https://cdn9.mailercdn.net/users/assets/1314/images/M%26G/Mailer_Structural_Elements/icn-pdf-teal.png?v=1698305499786"></a></p>
<p style="color: #055a60; font-family: Helvetica, sans-serif; font-size: 15px; line-height: 150%; margin-bottom: 20px; mso-line-height-rule: exactly"><a href=
"https://mandg.9.evlink.net/servlet/link/24367/790986/50317633/3546583" target="_blank" style=
"color: #ffffff; font-size: 17px; font-weight: bold; text-decoration: none">M&amp;G Balanced Fund <img style="margin-bottom: 10px; vertical-align: text-top" width="17" height="17" src=
"https://cdn9.mailercdn.net/users/assets/1314/images/M%26G/Mailer_Structural_Elements/icn-arrow-white.png?v=1699971323155"></a><br>
<a href="https://mandg.9.evlink.net/servlet/link/24367/790986/50317633/3546584" target="_blank" style=
"color: #055a60; text-decoration: underline">MDD <img width="17" height="17" style="padding-right: 10px" src="https://cdn9.mailercdn.net/users/assets/1314/images/M%26G/Mailer_Structural_Elements/icn-pdf-teal.png?v=1698305499786"></a> <a href=
"https://mandg.9.evlink.net/servlet/link/24367/790986/50317633/3546585" target="_blank" style=
"color: #055a60; text-decoration: underline">Commentary <img width="17" height="17" src="https://cdn9.mailercdn.net/users/assets/1314/images/M%26G/Mailer_Structural_Elements/icn-pdf-teal.png?v=1698305499786"></a></p>
<p style="color: #055a60; font-family: Helvetica, sans-serif; font-size: 15px; line-height: 150%; margin-bottom: 20px; mso-line-height-rule: exactly"><a href=
"https://mandg.9.evlink.net/servlet/link/24367/790986/50317633/3546586" target="_blank" style=
"color: #ffffff; font-size: 17px; font-weight: bold; text-decoration: none">M&amp;G Inflation<br>
Plus Fund <img style="margin-bottom: 10px; vertical-align: text-top" width="17" height="17" src="https://cdn9.mailercdn.net/users/assets/1314/images/M%26G/Mailer_Structural_Elements/icn-arrow-white.png?v=1699971323155"></a><br>
<a href="https://mandg.9.evlink.net/servlet/link/24367/790986/50317633/3546587" target="_blank" style=
"color: #055a60; text-decoration: underline">MDD <img width="17" height="17" style="padding-right: 10px" src="https://cdn9.mailercdn.net/users/assets/1314/images/M%26G/Mailer_Structural_Elements/icn-pdf-teal.png?v=1698305499786"></a> <a href=
"https://mandg.9.evlink.net/servlet/link/24367/790986/50317633/3546588" target="_blank" style=
"color: #055a60; text-decoration: underline">Commentary <img width="17" height="17" src="https://cdn9.mailercdn.net/users/assets/1314/images/M%26G/Mailer_Structural_Elements/icn-pdf-teal.png?v=1698305499786"></a></p>
<p style="color: #055a60; font-family: Helvetica, sans-serif; font-size: 15px; line-height: 150%; margin-bottom: 20px; mso-line-height-rule: exactly"><a href=
"https://mandg.9.evlink.net/servlet/link/24367/790986/50317633/3546589" target="_blank" style=
"color: #ffffff; font-size: 17px; font-weight: bold; text-decoration: none">M&amp;G Enhanced<br>
Income Fund <img style="margin-bottom: 10px; vertical-align: text-top" width="17" height="17" src="https://cdn9.mailercdn.net/users/assets/1314/images/M%26G/Mailer_Structural_Elements/icn-arrow-white.png?v=1699971323155"></a><br>
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