We have taken the decision to remove the M&G Property Portfolio from the Academy of funds. The fund's performance has continued to be very poor this year, in large part because of its exposure to the retail sector. The combination of this, wider trends facing the sector and the UK property market in general has contributed to outflows from the fund and a cash balance that is needing to be actively managed. Although the fund's rating is currently suspended, we are now removing the fund from the Academy.