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Legal & GeneralUK Smaller Companies Trust
Interim Manager’s Reportfor the period ended18 December 2010(Unaudited)
Distribution Number 12
1
Page Number
Manager’s Investment Report 2
Authorised Status 5
Directors’ Statement 5
Portfolio Statement 6
Statement of Total Return 12
Statement of Change in Net Assetsattributable to Unitholders 12
Balance Sheet 13
Notes to the Financial Statements 14
Trust Facts 15
Performance Record 16
General Information 18
Contents
2
Investment Objective and PolicyThe investment objective of this Trust is to maximise capitalgrowth from a portfolio of UK securities, which will largelyconsist of smaller companies, and which may be selected fromall economic sectors.
The Manager’s policy for putting this into effect will be to investprimarily in those companies that comprise the lowest 10% bycapitalisation of the main UK equity markets.
Manager’s Investment ReportDuring the period under review the bid price of the Trust’sR-Class distribution units rose by 26.4%. This compares to a risein the RBS Hoare Govett Small Companies ex Investment TrustPrice Index (HGSCxIT) of 18.0% and the FTSE All-Share PriceIndex of 12.3% (Source: Bloomberg).
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Market/Economic ReviewThis has been a very strong period for the UK stock marketwith the low for the review period on 1 July 2010, steadilyincreasing thereafter with an acceleration into the year end.
The economic and political news has not always been asstraightforward as the market. The coalition government hasemphasised the need for fiscal prudence, culminating in theComprehensive Spending Review in October 2010. Despite thisrepresenting one of the most severe fiscal squeezes in livingmemory, the pain is largely being deferred until the next financialyear. Consequently perhaps, the economy has faired well withGross Domestic Product in the third quarter growing at anannualised rate of 2.7%. Unemployment is high but there are signsthat the private sector may take over as the driver of employmentgrowth.
One of the key supports has been low interest rates with the Bank of England Monetary Policy sticking to 0.5% and leaving itsQuantitative Easing programme unchanged. The concern is thepersistent level of inflation with the latest Retail Price Indexreading being 4.5%. As a result Sterling has remained weak withthe trade weighted index little moved from its post Lehman crisislevel, continuing to boost the export part of the economy.
Not surprisingly these issues come through strongly in the relativesector performance of the market. The strongest performers havebeen those with overseas earnings and growth exposures. Thistranslates to the Basic Materials and Industrial sectors includingChemicals, Electronic & Electrical Equipment, IndustrialMetals & Mining and Industrial Engineering. The underperformers,though still generally showing a positive return, have been theConsumer Goods, Consumer Services and Financials sectorsincluding Home Construction, Retail and Real Estate.
Manager’s Investment Report
3
Trust ReviewActivity was relatively low during the review period withapproximately 20% of the portfolio being bought or sold. Thispartly reflected a consistent view on which parts of the marketoffered the best exposure and also a high level of comfort withthe quality of the businesses owned.
However the Trust has taken advantage of several equity fundraisings, mainly in the resources area. As commodity prices havehardened, an increasing number of prospects have becomepotentially profitable. With the prospect of an ongoing positivedemand profile stretching into the future, these are aninteresting way of playing the upside. The most significant ofthese was Circle Oil, a North African producer with significantdevelopment potential.
There have also been sales within the Industrials sector. On theback of strong upward share price moves, profits have beentaken in several stocks, most notably Premier Oil. This hasensured that the Trust does not become too dependent on thesector.
The biggest new position is Northgate, the van hire company.Despite being a UK exposed stock it has a dominant marketposition and, with a new management team, may be anexcellent turnaround story. The risks were compensated by thestock price at purchase. It also provides a balance to theresources and industrial exposure of the portfolio.
The Trust has added significantly to existing positions onsetbacks. The biotechnology company Vectura saw its shareprice suffer earlier in the year. Following a period of improvednews flow, the Trust added aggressively to its position and,following share price appreciation, has aided the Trust’sperformance. Hampson Industries, the aerospace company is asimilar story. A profit warning early in the review period led tothe appointment of a new chief executive and the Trust has alsoadded significantly to this stock in anticipation of potentialfuture performance.
Elsewhere, the Trust added to its position in CPP Group, a newissue earlier in the year and a specialist in credit cardprotection. It has a strong market share in the UK and ismoving into the interesting and high growth area of identityprotection. Increasing public awareness of these matters shouldprovide a useful growth avenue for CPP Group.
The biggest divestment was Mothercare. The companymanagement has improved UK operations and expandedoverseas, however the valuation became expensive and the Trust exited the position. The period under review also saw the selling of the position in Mouchel. After a long period ofgrowth, the company has recently run into problems following a poorly executed acquisition, and the issues seemsomewhat intractable.
Manager’s Investment Report continued
4
Manager’s Investment Report continued
Significant money was also raised from the Investec holdingwhich resulted from their acquisition of Rensburg Sheppards.This was beneficial, but left a holding in a FTSE 100 Index stockwhich is incompatible with the investment strategy of the Trust.The Trust also realised its position in Melorio when thepreviously announced bid was completed.
OutlookThe stock market, and small companies in particular, have had agreat 18 month run from March 2009. However, over the periodunder review, the returns were driven by earnings growth ratherthan a re-rating.
There are undoubtedly risks to both the UK economy and theglobal economy, although these are skewed to the developedworld and mainly revolve around the sovereign (government)debt situation in Europe. However, emerging economies andChina in particular do look well placed and, if their ownconsumer markets can develop, should support a reasonablelevel of global growth.
Overall it looks as if the market will continue to concentrate onthose companies exposed to growth in emerging markets andaway from the UK domestic economy. If the current forecastgrowth in earnings can be maintained then the prospects lookreasonable.
Legal & General Investment Management Limited(Investment Adviser)19 January 2011
Authorised StatusThis Trust is an Authorised Unit Trust Scheme as defined insection 243 of the Financial Services and Markets Act 2000 andis a UCITS Retail Scheme within the meaning of the FSACollective Investment Schemes sourcebook.
Directors’ StatementWe hereby certify that this Manager’s Report has been preparedin accordance with the requirements of the FSA CollectiveInvestment Schemes sourcebook.
M. B. Boardman S. D. Thomas
(Director) (Director)
Legal & General (Unit Trust Managers) Limited7 February 2011
Authorised Status
5
6
Holding/ Market % ofNominal Value Net
Value Investment £ Assets
UNITED KINGDOM— 83.03% (83.99%)
Oil & Gas Producers— 4.50 (3.92%)
643,466 Aurelian Oil & Gas† 369,993 0.221,721,383 Cove Energy† 1,681,791 0.98480,000 Gulf Keystone Petroleum† 816,000 0.48
1,189,969 Iofina† 285,593 0.17233,122 Premier Oil 4,536,554 2.65
7,689,931 4.50
Alternative Energy— 0.36% (0.52%)
1,222,577 PV Crystalox Solar 611,289 0.36
Chemicals — 3.57% (3.75%)405,296 Victrex 6,103,758 3.57
Industrial Metals & Mining— 0.32% (0.29%)
225,000 Kalahari Minerals† 541,575 0.32
Construction & Materials— 1.69% (1.85%)
100,000 Costain Group 200,700 0.12237,667 Keller 1,428,379 0.8491,294 Kier Group 1,256,205 0.73
2,885,284 1.69
Aerospace & Defence— 4.79% (5.58%)
4,005,562 Hampson Industries 1,181,641 0.692,509,153 Senior 3,650,818 2.14203,466 Ultra Electronics Holdings 3,357,189 1.96
8,189,648 4.79
General Industrials— 2.48% (2.79%)
1,350,000 RPC Group 4,232,250 2.48
Electronic & Electrical Equipment — 12.37% (10.48%)
641,595 Acal 1,700,227 0.99880,623 Andor Technology† 3,400,966 1.99829,275 Domino Printing Sciences 4,983,943 2.91
1,494,692 E2V Holdings 1,315,329 0.77598,049 Novae Group 2,034,563 1.19
Portfolio Statement as at 18 December 2010
All investments are in ordinary shares unless otherwise stated.The percentages in brackets show the equivalent sector holdingsat 18 June 2010.
Portfolio Statement
7
Electronic & Electrical Equipment— (cont.)
130,924 Renishaw 1,637,859 0.961,342,623 TT Electronics 2,251,579 1.32
1,645,133 Xaar 3,833,160 2.24
21,157,626 12.37
Industrial Engineering— 5.03% (4.57%)
599,401 Fenner 2,127,874 1.24458,541 Hamworthy† 1,719,529 1.01967,791 Melrose 2,939,181 1.72103,264 Rotork 1,808,153 1.06
8,594,737 5.03
Industrial Transportation— 1.05% (1.04%)
230,000 Hargreaves Services† 1,799,750 1.05
Support Services— 6.00% (7.57%)
896,984 Brammer 2,046,917 1.201,617,387 Camco International† 210,260 0.12496,197 Mears Group 1,424,085 0.83231,614 Menzies (John) 1,030,682 0.60725,590 Nationwide Accident Repair
Services† 682,055 0.40463,435 PayPoint 1,608,119 0.94498,732 Ricardo 1,421,386 0.83534,386 SThree 1,838,822 1.08
10,262,326 6.00
Food Producers — 1.50% (2.32%)299,815 Cranswick 2,563,418 1.50
Household Goods & Home Construction — 0.52% (0.62%)
673,212 Redrow Group 880,561 0.52
Leisure Goods — 0.86% (0.93%)356,172 Games Workshop Group 1,478,114 0.86
Health Care Equipment & Services — 3.52% (2.68%)
3,673,706 Advanced Medical Solutions† 2,516,489 1.471,318,439 Corin Group 593,298 0.355,000,000 EKF Diagnostics Holdings† 1,275,000 0.75182,000 Synergy Healthcare 1,619,800 0.95
6,004,587 3.52
Pharmaceuticals & Biotechnology — 5.87% (5.54%)
742,257 Axis-Shield 1,992,960 1.17458,641 Dechra Pharmaceuticals 2,323,017 1.36
Portfolio Statement continued
Holding/ Market % ofNominal Value Net
Value Investment £ Assets
8
Portfolio Statement continued
Holding/ Market % ofNominal Value Net
Value Investment £ Assets
Pharmaceuticals & Biotechnology — (cont.)
109,042 Epistem Holdings† 425,264 0.25182,709 Genus 1,545,718 0.90
5,624,599 Vectura 3,740,358 2.19
10,027,317 5.87
Food & Drug Retailers — 0.38% (0.59%)
49,000 SuperGroup 653,660 0.38
General Retailers— 2.36% (3.32%)
22,164,835 Expansys† 1,374,220 0.80289,033 Ted Baker 1,890,276 1.11
2,758,933 Vertu Motors† 772,501 0.45
4,036,997 2.36
Media — 3.95% (3.37%)1,829,396 Centaur Holdings 1,262,283 0.74362,514 Euromoney Institutional Investor 2,515,847 1.47
1,032,187 ITE Group 2,428,736 1.42288,225 Mecom Group 554,833 0.32
6,761,699 3.95
Travel & Leisure — 3.06% (1.81%)694,600 Fish* — — 869,525 Holidaybreak 2,917,256 1.71834,542 Northgate 2,311,681 1.35
5,228,937 3.06
Mobile Telecommunications— 1.04% (0.98%)
260,022 Avanti Communication Group† 1,773,350 1.04
Nonlife Insurance — 1.22% (0.33%)
705,348 CPP Group 2,089,946 1.22
Real Estate Investment & Services — 1.55% (2.03%)
757,143 Conygar Investment Company† 817,714 0.48467,351 Development Securities Capital 1,025,835 0.60
1,078,969 Hansteen 811,385 0.47
2,654,934 1.55
Real Estate Investment Trusts— 1.73% (1.75%)
316,755 Shaftesbury 1,446,620 0.856,337,169 Workspace Group 1,501,909 0.88
2,948,529 1.73
9
Portfolio Statement continued
Holding/ Market % ofNominal Value Net
Value Investment £ Assets
Financial Services— 4.60% (5.66%)
11,256 Brooks MacDonald Group† 107,157 0.061,728,021 Collins Stewart Tullett 1,382,417 0.81160,000 Critical Information Group† 112,000 0.07758,068 London Capital Group† 803,552 0.47
1,846,319 Paragon Group 3,351,069 1.963,675,594 RSM Tenon Group 2,102,440 1.23
7,858,635 4.60
Software & Computer Services— 6.36% (7.34%)
394,667 Endace† 1,408,961 0.81124,228 Fidessa Group 1,901,931 1.11175,000 Group NBT† 612,850 0.36
2,100,000 iomart† 1,869,000 1.09471,579 NCC Group 2,546,527 1.49962,599 Phoenix IT Group 2,572,065 1.50
10,911,334 6.36
Technology Hardware & Equipment — 2.35% (2.36%)
3,338,400 Celoxica* — — 344,675 CSR 1,102,271 0.64
1,227,517 Filtronic 478,732 0.28350,000 Promethean World 201,250 0.12769,892 Wolfson Microelectronics 2,234,227 1.31
4,016,480 2.35
CHANNEL ISLANDS— 2.76% (2.47%)
Alternative Energy— 0.03% (0.11%)
244,902 Indian Energy† 48,980 0.0328,125 Indian Energy Warrants‡ — —
48,980 0.03
Media — 0.50% (0.86%)213,507 Informa 862,141 0.50
Nonlife Insurance— 0.69% (0.96%)
1,040,174 Beazley 1,179,557 0.69
Real Estate Investment & Services — 0.00% (0.05%)
Financial Services — 0.66% (0.49%)
650,000 Sherborne Investors 650,000 0.38500,000 Trading Emissions† 472,500 0.28
1,122,500 0.66
10
Portfolio Statement continued
Holding/ Market % ofNominal Value Net
Value Investment £ Assets
Mining — 0.30% (0.00%)1,866,667 Shanta Gold† 507,733 0.30
Support Services — 0.58% (0.00%)
18,400,000 AEA Technology 993,600 0.58
GERMANY — 0.35% (0.39%)
Software & Computer Services— 0.35% (0.39%)
284,020 SQS† 590,762 0.35
IRELAND — 0.62% (0.00%)
Oil & Gas Producers — 0.62% (0.00%)
3,080,000 Circle Oil† 1,062,600 0.62
ISLE OF MAN — 1.19% (0.76%)
Oil & Gas Producers — 0.51% (0.32%)
5,400,000 BPC 864,000 0.51
Electricity — 0.68% (0.44%)1,500,000 OPG Power Ventures† 1,158,000 0.68
LUXEMBOURG — 1.44% (1.73%)
Financial Services— 1.44% (1.73%)
806,824 GlobeOp 2,468,881 1.44
BERMUDA — 1.45% (1.81%)
Oil & Gas Producers — 0.00% (0.49%)
Oil Equipment, Services & Distribution — 0.00% (0.28%)
Nonlife Insurance — 0.91% (1.04%)
569,409 Hardy Underwriting Bermuda 1,565,875 0.91
Support Services — 0.54% (0.00%)
1,159,980 Capital Drilling 927,984 0.54
CANADA — 2.95% (1.79%)
Media — 0.48% (0.00%)730,000 Entertainment One 821,250 0.48
Mining — 2.47% (1.79%)488,688 European Goldfields† 4,227,151 2.47
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Portfolio Statement continued
Holding/ Market % ofNominal Value Net
Value Investment £ Assets
*
†
‡
CAYMAN ISLANDS — 0.00% (0.42%)
Media — 0.00% (0.42%)
AUSTRALIA — 0.55% (1.07%)
Industrial Metals & Mining— 0.00% (0.58%)
Software & Computer Services — 0.55% (0.49%)
2,451,720 eServgobal† 943,912 0.55
Portfolio of investments 161,301,598 94.34
Net other assets 9,674,643 5.66
Net assets £170,976,241 100.00%
These are delisted securities and have been valued at the Manager’s bestassessment of their fair value.
These securities are quoted on the Alternative Investment Market andcomprise 20.12% of the net assets of the Trust.
This is an unlisted security and has been valued at the Manager’s bestassessment of its fair value.
Total purchases for the period: £17,974,521.
Total sales for the period: £16,240,019.
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Statement of Total Returnfor the period ended 18 December 2010
18/12/10 18/12/09£ £ £ £
Income
Net capital gains 36,053,153 20,898,162
Revenue 1,408,494 1,303,703
Expenses (1,241,996) (913,398)
Finance costs: Interest — —
Net revenue before taxation 166,498 390,305
Taxation (1,110) —
Net revenue after taxation for the period 165,388 390,305
Total return before distributions 36,218,541 21,288,467
Finance costs: Distributions (165,389) (390,305)
Change in net assets attributable to Unitholders from investment activities £36,053,152 £20,898,162
Statement of Change in Net Assets attributable toUnitholders for the period ended 18 December 2010
18/12/10 18/12/09£ £ £ £
Opening net assetsattributable to Unitholders 130,810,399 92,684,700
Amounts received on creation of units 5,563,064 9,306,833
Amounts paid on cancellation of units (1,457,640) (3,478,029)
4,105,424 5,828,804
Stamp Duty Reserve Tax (8,175) (24,054)
Change in net assets attributable to Unitholders from investment activities 36,053,152 20,898,162
Retained distribution on accumulation units 15,419 39,108
Unclaimed distributions 22 218
Closing net assets attributable to Unitholders £170,976,241 £119,426,938
The difference between the opening net assets and the comparativeclosing net assets is the movement in the second half of the year.
Financial Statements
13
Balance Sheet as at 18 December 2010
18/12/10 18/06/10£ £ £ £
ASSETS
Investment assets 161,301,598 123,521,228
Debtors 379,806 829,232
Cash and bank balances 9,605,454 7,170,175
Total other assets 9,985,260 7,999,407
Total assets 171,286,858 131,520,635
LIABILITIES
Investment liabilities — —
Creditors (157,986) (154,088)
Distribution payable on distribution units (152,631) (566,148)
Total other liabilities (310,617) (710,236)
Total liabilities (310,617) (710,236)
Net assets attributable to Unitholders £170,976,241 £130,810,399
Financial Statements continued
14
Notes to the Financial Statementsas at 18 December 20101. Accounting policies
(a) Changes to accounting policiesThe financial statements have been prepared under thehistorical cost convention, as modified by the revaluation ofinvestments, and in accordance with the Statement ofRecommended Practice for Authorised Funds issued by theIMA in October 2010 (‘the IMA SORP 2010’).
Previously the financial statements were prepared inaccordance with the Statement of Recommended Practice for Authorised Funds issued by the IMA in November 2008.
There has been no impact on the financial statements or ondisclosure for the period.
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Distribution InformationE-ClassThe distribution payable on 18 February 2011 is 0.4524p netper unit for distribution units and 0.4880p net per unit foraccumulation units.
R-ClassThe distribution payable on 18 February 2011 is 0.4524p netper unit for distribution units and 0.4880p net per unit foraccumulation units.
Total Expense Ratios
18 Dec 10 18 Jun 10E-Class 1.67% 1.64%R-Class 1.67% 1.64%
The Total Expense Ratio is the ratio of the Trust’s operatingcosts (excluding overdraft interest) to the average net assets ofthe Trust.
Trust Facts
16
Performance Record
Net Asset Values
Net Asset Net Asset Number OfAccounting Value Of Value Per UnitsDate Trust Unit In Issue
18 Jun 08
E-Class
Distribution Units £217,610,438 380.78p 57,148,492
Accumulation Units £6,389,687 400.93p 1,593,711
R-Class
Distribution Units £3,845,695 380.78p 1,009,950
Accumulation Units £10,399,380 400.93p 2,593,804
18 Jun 09
E-Class
Distribution Units £78,772,661 272.35p 28,923,523
Accumulation Units £4,334,480 291.49p 1,487,029
R-Class
Distribution Units £3,206,907 272.35p 1,177,503
Accumulation Units £6,370,652 291.49p 2,185,577
18 Jun 10
E-Class
Distribution Units £114,042,063 361.82p 31,518,941
Accumulation Units £5,275,238 390.31p 1,351,558
R-Class
Distribution Units £4,384,858 361.82p 1,211,887
Accumulation Units £7,108,240 390.31p 1,821,187
18 Dec 10
E-Class
Distribution Units £150,027,631 460.31p 32,592,446
Accumulation Units £6,504,888 497.01p 1,308,816
R-Class
Distribution Units £5,247,774 460.31p 1,140,042
Accumulation Units £9,195,948 497.01p 1,850,270
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Performance Record continued
17
Unit Price Range and Net Revenue
E-Class Units
Highest Lowest NetYear Offer Bid Revenue
Distribution Units2005 347.00p 275.40p 1.0977p
2006 443.80p 349.00p 0.4767p
2007 480.70p 365.20p 0.6838p
2008 400.30p 234.30p 1.7456p
2009 368.40p 231.90p 4.4072p
2010(1) 471.80p 339.90p 2.8212p
2011(2) — — 0.4524p
Accumulation Units2005 362.70p 287.20p 1.1441p
2006 464.60p 364.80p 0.4983p
2007 503.20p 383.00p 0.7159p
2008 419.80p 246.70p 1.8303p
2009 394.30p 245.80p 4.6592p
2010(1) 508.90p 364.90p 3.0254p
2011(2) — — 0.4880p
R-Class Units
Highest Lowest NetYear Offer Bid Revenue
Distribution Units2005 364.40p 275.40p 0.7116p
2006 466.00p 349.00p 0.4767p
2007 504.70p 365.20p 0.6838p
2008 420.40p 234.30p 1.7456p
2009 386.90p 231.90p 4.4072p
2010(1) 495.40p 339.90p 2.8212p
2011(2) — — 0.4524p
Accumulation Units2005 380.90p 287.20p 0.7420p
2006 487.80p 364.80p 0.4983p
2007 528.40p 383.00p 0.7159p
2008 440.80p 246.70p 1.8303p
2009 414.10p 245.80p 4.6592p
2010(1) 534.40p 364.90p 3.0254p
2011(2) — — 0.4880p
(1) The above tables show highest offer and lowest bid prices to 18 December 2010.
(2) The above tables show the net revenue per unit to 18 February 2011.
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18
General Information
ConstitutionLaunch date: 9 September 1985Period end dates for distributions: 18 December, 18 JuneDistribution dates: 18 February, 18 AugustMinimum initial lumpsum investment: E-Class £100,000
R-Class £500Minimum monthly contribution: E-Class N/A
R-Class £50Valuation point: 12 noonManagement charges: Annual 1.5%Initial charges: E-Class Nil
R-Class 5%
Pricing and DealingThe prices are published on the internet atwww.legalandgeneral.com/investments/daily-prices.htmlimmediately after they become available.
Dealing in units takes place on a forward pricing basis, from8:30am to 6:00pm, Monday to Friday.
Buying and Selling UnitsUnits may be bought on any business day from the Manager orthrough a financial adviser by telephoning, completing anapplication form or on the internet at www.legalandgeneral.com.Units may normally be sold back to the Manager on anybusiness day at the bid price calculated at the followingvaluation point.
ISA StatusThis Trust may be held within this tax advantaged savingsarrangement. The favourable tax treatment of ISAs may not bemaintained. For full written information please contact yourusual financial adviser or ring 0370 050 0955.
Call charges will vary. We may record and monitor calls.
Stamp Duty Reserve TaxStamp Duty Reserve Tax suffered on the surrender of unitswhere applicable, has been charged against the capital assets ofthe Trust.
General Information continued
Prospectus and Manager’s ReportsThe Manager will send to all persons on the Unitholder Registerannual and interim short form reports.
Copies of the Prospectus and the most recent annual or interimreports are available free of charge by telephoning 0370 050 0955 or by writing to the Manager.
Do you have difficulty in reading information in print becauseof a disability? If so, we can help. We are able to produceinformation for our clients in large print and braille. If youwould like to discuss your particular requirements, pleasecontact us on 0370 050 0955.
Call charges will vary. We may record and monitor calls.
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ManagerLegal & General (Unit Trust Managers) LimitedRegistered in England No. 01009418 Registered office:One Coleman Street, London EC2R 5AATelephone: 0370 050 3350Authorised and regulated by the Financial Services Authority
Directors of the ManagerM. B. BoardmanS. C. EllisM. J. GregoryS. R. PistellS. D. Thomas
SecretaryA. Fairhurst
RegistrarLegal & General (Portfolio Management Services) LimitedP. O. Box 6080Wolverhampton WV1 9RBAuthorised and regulated by the Financial Services Authority
Dealing: 0370 050 0956Enquiries: 0370 050 0955Registration: 0370 050 0955
Call charges will vary. We may record and monitor calls.
TrusteeThe Royal Bank of Scotland PlcTrustee and Depositary ServicesGogarburn P.O. Box 1000 Edinburgh EH12 1HQ Authorised and regulated by the Financial Services Authority
Independent AuditorsPricewaterhouseCoopers LLPHay’s Galleria1 Hay’s LaneLondon SE1 2RD
Investment AdviserLegal & General Investment Management LimitedOne Coleman Street, London EC2R 5AAAuthorised and regulated by the Financial Services Authority
General Information continued
Authorised and regulated by the Financial Services Authority
Legal & General (Unit Trust Managers) LimitedRegistered in England No. 01009418Registered office:One Coleman Street, London EC2R 5AAwww.legalandgeneral.com