Suits investors looking to access the growth potential of the full spectrum of companies in the UK, while enjoying some income. Long-term investors prepared to accept some short-term volatility from companies outside the main market in return for the prospect of higher growth, may also find it of interest.

The Trust aims to provide a higher-than-average return for investors, with growth of both capital and income over the medium-to-long term. It invests in a broad range of mainly UK companies, from blue chips to small and medium-sized companies, with not more than 50% of the portfolio comprised of FTSE100 companies.

• The Trust invests in a broad range of mainly UK companies, from blue chips to small and medium sized companies, with not more than 50% of the portfolio comprised of FTSE 100 companies.
• The Trust has an outstanding long term track record of income growth, with 39 consecutive years of increasing dividends until 2009, when the dividend was held. It has a current dividend yield of 2.75% (Source: Morningstar as at 28/03/2013). Please remember that past performance is not a guide to future performance.
• The Trust can blend growth opportunities from the largest UK corporations with those from well run, family-owned companies.

• Some of the investments in this portfolio are in smaller companies shares. They may be more difficult to buy and sell and their share price may fluctuate more than that of larger companies.
• If a fund is a specialist country-specific or geographic regional fund, the investment carries greater risk than a more internationally diversified portfolio. Full details of risks.

Many of the major economic issues have not been resolved but the global economy continues to grow and companies in general are producing good returns. It is the strong corporate fundamentals that investors are increasingly focusing on. This is leading to the strongest share price performance coming from stocks that are growing well even if they have a relatively high valuation. It is therefore important not to take profits too early. The rerating of genuine growth companies in a dull economic climate could go considerably further.

Corporate cash generation is strong and this should lead to lower company debt as well as growing dividends. Dividends from the underlying companies are expected to grow strongly.

James Henderson
April 2013