Fund Objective

To achieve capital growth.

View on Past Performance

In the 12 months to 1st June 2004, the UK equity market, as measured by the FTSE All-Share Index (Total Return), appreciated by 15.30%. Over the same period the UK government securities market, as measured by the FTA British Government All Stocks Index (Total Return), produced a return of -1.77%. The offer price of accumulation units in the Trust rose by 9.49% from 48.79p to 53.42p during the same period.

Future Expectations

The improved economic outlook has driven global bond yields significantly higher. The market now expects the interest rate increases in the US and this has helped to drive 10-year US Treasury yields about 1.5% points higher from their June 2003 lows, to a peak of 4.75%.

Fund Details