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BFS Income & Growth (BFS)

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Thursday 15 January, 2004

BFS Income & Growth

Additional Monthly Information


BFS INCOME & GROWTH TRUST PLC

MONTHLY INFORMATION DISCLOSURE

As referred to in the Company's announcement of its quarterly results on 3 June
2003, following the Company's resignation from the Association of Investment
Trust Companies (AITC), unaudited monthly information is now released to the
Stock Exchange.

AS AT 31 DECEMBER 2003

ASSETS                                     £'000    Pence per      Pence per
                                                                            
                                                    ZCP share     Ordinary &
                                                                Income share
                                                                            
Total Assets excluding current period     31,158                            
revenue                                                                     
                                                                            
Current period revenue to 31 October         682                            
2003                                                                        
                                                                            
Total Assets including current period     31,840                            
revenue to 31 October 2003                                                  
                                                                            
Less Bank Loans                            6,500                            
                                                                            
Shareholders' funds excluding current     25,340        29.32               
period revenue                                                              
                                                                            
Less Revenue reserves at 31 October       12,978                       10.05
2003                                                                        
                                                                            
Shareholders' funds excluding all         12,362        14.30               
revenue reserves                                                            
                                                                            
Estimated current period revenue to 31     1,203                            
December 2003                                                               

Number of shares in issue                                                   
                                                                            
Ordinary                                                          64,543,969
                                                                            
Income                                                            64,543,969
                                                                            
Zero Coupon Preference                                            86,437,938
                                                                            
Last year end                                                   31 July 2003
                                                                            
Planned wind up date                                          31 August 2005

PORTFOLIO INFORMATION                                         % Total Assets
                                                           excluding current
                                                              period revenue
                                                                            
UK Equities                                                             38.4
                                                                            
Split Capital Trust Income shares                             12.2          
                                                                            
Split Capital Trust Ordinary Income shares                    42.7          
                                                                            
Other Split Capital Trust & Investment Company                 5.7          
Securities                                                                  
                                                                            
                                                                        60.6
                                                                            
Cash                                                                     1.0

INVESTMENT TRUST PORTFOLIO -                Class of Share     % Total Assets
                                                                             
Holdings representing > 0% of total                         excluding current
assets excluding current period                                period revenue
revenue.                                                                     
                                                                             
Acorn Income                        Ordinary Income                      4.99
                                                                             
Jupiter Enhanced Income             Ordinary Income                      4.52
                                                                             
Small Companies Dividend            Ordinary Income                      3.96
                                                                             
Jupiter Split                       Income                               3.57
                                                                             
ACM Euro Enhanced Income            Ordinary Income                      3.39
                                                                             
Premier Pacific Income              Ordinary Income                      3.38
                                                                             
BFS Managed Properties              Ordinary Income                      3.00
                                                                             
JP Morgan Fleming Income & Capital  Ordinary Income                      2.38
                                                                             
Exeter Financials Fund              Ordinary Income                      2.17
                                                                             
City of Oxford Geared Income        Income                               2.16
                                                                             
Ecofin Water & Power Opportunities  Income                               2.09
                                                                             
BFS US Special Opportunities Units  Ordinary Income                      1.75
                                                                             
Edinburgh High Income               Ordinary Income                      1.66
                                                                             
Real Estate Opportunities           ULS                                  1.59
                                                                             
Investors Capital Trust             Ordinary Income Unit                 1.53
                                                                             
JP Morgan Fleming Worldwide         Ordinary Income                      1.42
                                                                             
Investec High Income                Ordinary Income                      1.16
                                                                             
Progressive Geared Income           Ordinary Income                      1.16
                                                                             
Premium Trust                       Income                               1.10
                                                                             
Gartmore SNT                        Income                               1.03
                                                                             
BFS Asian Assets Units              Ordinary Income                      0.90
                                                                             
Murray Extra Return                 Income                               0.81
                                                                             
New Fulcrum                         Zero Preference                      0.76
                                                                             
Invesco Geared Opps                 CULS                                 0.70
                                                                             
Martin Currie Enhanced              Ordinary Income                      0.69
                                                                             
Edinburgh Income & Value            Ordinary Income                      0.67
                                                                             
Govett Enhanced Income              Ordinary Income                      0.61
                                                                             
Income & Growth Trust               Income                               0.60
                                                                             
Gartmore High Income                Ordinary Income                      0.58
                                                                             
Blue Chip                           Zero Preference                      0.55
                                                                             
BFS Absolute Return                 Ordinary Income Unit                 0.55
                                                                             
Recovery Trust                      Zero Preference                      0.47
                                                                             
Jersey Phoenix                      Zero Preference                      0.46
                                                                             
Jupiter Enhanced Income             Zero Preference                      0.46
                                                                             
Jupiter Dividend & Growth           Ordinary Income                      0.44
                                                                             
Murray Global Return                Zero Preference                      0.43
                                                                             
Gartmore SNT                        Zero Preference                      0.42
                                                                             
BFS Absolute Return                 Income                               0.41
                                                                             
BFS UK Dual Return                  Income                               0.40
                                                                             
Premier High Income                 Ordinary Income                      0.39
                                                                             
Govett European Securities          Zero Preference                      0.37
                                                                             
Premium Trust                       Zero Preference                      0.36

INVESTMENT TRUST PORTFOLIO -                Class of Share     % Total Assets
                                                                             
Holdings representing > 0% of total                         excluding current
assets excluding current period                                period revenue
revenue.                                                                     
                                                                             
Ivory & Sime Optimum Income         Zero Preference                      0.35
                                                                             
Edinburgh Pacific & Income          Ordinary Income                      0.29
                                                                             
Second Scottish National            Zero Preference                      0.28
                                                                             
Premier Utilities                   Ordinary Income                      0.27
                                                                             
BFS Absolute Return                 Zero Preference                      0.26
                                                                             
Morley Absolute Growth              Ordinary Income                      0.21
                                                                             
Zero Preference Growth              Zero Preference                      0.20
                                                                             
Jove Investment                     Ordinary Income Unit                 0.20
                                                                             
Govett Enhanced Income              Zero Preference                      0.18
                                                                             
Murray Extra Return                 Zero Preference                      0.17
                                                                             
Jupiter Financial                   Ordinary Income                      0.10
                                                                             
Royal London UK Equity & Income     Ordinary Income                      0.09
                                                                             
Govett Euro Enhanced                Ordinary Income                      0.08
                                                                             
Income & Growth                     Ordinary Income                      0.06
                                                                             
European Growth & Income            Ordinary Income Unit                 0.04

EQUITY PORTFOLIO                                      % Total Assets excluding
                                                        current period revenue
TOP TWENTY HOLDINGS                                                           
                                                                              
HSBC Holdings                                                            3.51%
                                                                              
Vodafone                                                                 2.95%
                                                                              
BP                                                                       2.88%
                                                                              
Royal Bank Of Scotland                                                   1.74%
                                                                              
Glaxosmithkline                                                          1.59%
                                                                              
Astrazeneca                                                              1.29%
                                                                              
Shell Transport & Trading                                                1.28%
                                                                              
Barclays                                                                 1.20%
                                                                              
Xstrata                                                                  1.03%
                                                                              
HBOS                                                                     0.81%
                                                                              
Tesco                                                                    0.74%
                                                                              
Imperial Tobacco Group                                                   0.64%
                                                                              
Premier Farnell                                                          0.56%
                                                                              
ICAP                                                                     0.45%
                                                                              
Aviva                                                                    0.45%
                                                                              
Centrica                                                                 0.44%
                                                                              
Hilton Group                                                             0.43%
                                                                              
Aegis Group                                                              0.43%
                                                                              
Unilever                                                                 0.42%
                                                                              
Carphone Warehouse Group                                                 0.40%

INVESTMENT TRUST PORTFOLIO                                    % Market Value
                                                                            
EXPOSURE TO OTHER SPLITS ABN AMRO RATINGS *               at 31 October 2003
                                                                            
AAA = 0% in splits and high yield funds                                 50.3
                                                                            
AA = up to 5% in splits and high yield funds                            21.9
                                                                            
A = 5%- 10% in splits and high yield funds                              17.9
                                                                            
B = 10%- 25% in splits and high yield funds                              5.3
                                                                            
C = more than 25% in splits and high yield                               4.6
funds                                                                       

INVESTMENT TRUST PORTFOLIO                                    % Market Value
                                                                            
DEBT RATINGS                                              at 31 October 2003
                                                                            
0 = No debt                                                             21.5
                                                                            
1 = less than 10% debt to total assets                                   0.7
                                                                            
2 = 10%- 20% debt to total assets                                       15.3
                                                                            
3 = 20%- 30% debt to total assets                                        6.9
                                                                            
4 = 30%- 40% debt to total assets                                       31.6
                                                                            
5 = 40%- 50% debt to total assets                                       18.4
                                                                            
6 = 50%- 60% debt to total assets                                        1.1
                                                                            
7 = 60%- 70% debt to total assets                                        4.1
                                                                            
8 = 70%- 80% debt to total assets                                        0.4
                                                                            
9 = more than 80% debt to total assets                                     0

The ratings statistics are stated as at 31 October 2003 and it is intended that
these will be updated on a quarterly basis.

* ABN AMRO ratings. ABN AMRO makes no representation or warranty as to the
accuracy or correctness of these statistics and accepts no liability whatsoever
for any direct or consequential loss arising from their use. ABN AMRO is not
acting for any persons and will not be responsible to any persons for providing
the protections afforded to clients of ABN AMRO in relation to the information
reproduced herein.

15 January 2004