Final Results

Polar Capital Technology Trust PLC
14 June 2005     


                       POLAR CAPITAL TECHNOLOGY TRUST PLC
                         Unaudited Preliminary Results
                        for the year ended 30 April 2005

                                                                    14 JUNE 2005
HIGHLIGHTS

   • NAV per share fall of 1.2% contrasts favourably with a 9.9% drop in the
    Dow Jones World Technology Index


   • Heavy redemptions of specialist technology funds suggest a technology
    bear market that is close to a bottom


   • Share buy-backs materially enhance NAV by more than 10p per share


   • Continuing consolidation in the sector, corporate management and the
    emergence of strong growth areas (such as LCDs and broadband applications)
    represent very encouraging developments


   • Evidence from past cycles suggest the approach of a longer term positive
    turning point for the sector

Financial Highlights          30 April 2005      30 April 2004        Change %
----------------------       ----------------       ------------    ------------


Net assets per share

Undiluted                            205.72p            208.13p           (1.2)
Diluted                              190.36p            193.71p           (1.7)

Price

per ordinary share                   165.50p            164.75p            0.5
per warrant                           65.00p             64.75p            0.4


Total net assets               £237,237,000       £306,636,000           (22.6)


Shares in issue at year end     115,320,162        147,328,288


For further information please contact:
Brian Ashford-Russell                         Jacqui Graves / Peter Binns
Polar Capital Technology Trust PLC            Binns & Co. PR Ltd.
Director and fund manager                     Tel: [phone]
Tel: [phone]                            E.mail: [e-mail]
www.polarcapitaltechnologytrust.co.uk         [e-mail]


Chairman's Statement:
Good returns proved elusive for most investors over the past year with most of
the rich pickings to be found in Asia and the natural resource markets, both of
which benefited from China's growth. In contrast, the technology sector failed
to generate any really positive momentum and gave up about half of the relative
outperformance enjoyed the previous year. Your Company's net assets per share
fell by 1.2% over the twelve months to 30 April 2005. While this figure
contrasts favourably with a fall in the Dow Jones World Technology Index of 9.9%
(in sterling terms) over the same period, the absolute result was disappointing.

For most of the year, the bulls and bears struggled to gain the upper hand with
the US economy alternating between periods of robust growth and patches of
softness. Both interest rates and oil prices acted as dampeners on domestic
demand while the same factors operating in reverse helped to prevent downside
economic momentum becoming too established. Asian growth and the robust
performance of real estate markets have been two of the major props to the
global economy supported by the continuation - until recently - of very
accommodative monetary policies. Growth in the USA has defied but not
necessarily converted the sceptics while there have been grounds for greater
optimism in Japan if not in much of Europe.

While the macroeconomic picture has been mixed, the microeconomic environment
has been very supportive for equity markets. Corporate earnings growth has been
strongly positive, cash flows outstanding and balance sheets a picture of
health. Even in those countries where macroeconomic change has been most
hesitant, developments at a corporate level have suggested the possibility of
positive change being driven from below. Japan is an obvious case in point but
there have also been encouraging signs in both Germany and France.

On balance, developments in the technology industry have also been favourable.
Companies continue to trim their costs and improve their capital efficiency
while most have been restrained in adding capacity. Earnings growth for the
industry has been good but it has been insufficient to attract the attention of
generalist investors. Consequently, the relative valuations of technology shares
have shrunk. European and Asian technology shares were particularly poor
relative performers while, in the USA, smaller technology companies and
semiconductor shares were hardest hit.

Your Company's relative outperformance was generated by a number of factors. The
positive impact of share buy backs accounted for half the outperformance. We
also benefited from adopting a relatively cautious stance ahead of the sharp
sell-off in technology shares last summer and from our partial hedging of both
the dollar and the yen. Finally, we materially outperformed our benchmark in
Europe.

To date, our share and warrant buy backs have resulted in the repurchase and
cancellation of 33,730,000 shares and 1,345,000 warrants over the financial
year, equivalent to 22.9% of our shares and 5.9% of our warrants in issue at 30
April 2004. The board intends to continue with such purchases thus removing
excess shares and unwanted warrants especially as there may be an over supply of
shares when the warrants reach their final exercise date of 30 September 2005.
Undoubtedly, our ability to buy back shares has been made easier by the
understandable frustration and even disillusionment felt by many investors whose
only experience of our investment specialisation has been during an
exceptionally difficult bear market over the last five years. Such frustration
is only too evident across the entire technology investment space and has been
reflected in heavy redemptions of technology mutual funds in both Europe and in
the USA. Selling of this magnitude is almost always the sign of a mature bear
market and a lead indicator of an impending directional change in that market.
To the extent that this is so, we are encouraged by this development and we will
continue to be buyers of our stock.

As we enter our new financial year, many of the issues confronting investors are
the same as those encountered a year ago. The Federal Reserve continues its move
towards a more neutral monetary policy, trying to balance the need for greater
monetary discipline with the risks inherent in America's massive fiscal and
trade deficits and the still ebullient US housing market. Consumer spending has
thus far proved remarkably resilient but, with some evidence of greater
inflationary pressure, together with the recessionary impact of oil prices,
there is a risk that the Fed may fail to sustain its delicate balancing act.
Recent signs of a slowdown in retail sales not just in the USA, but also in
other countries such as the UK and Australia which were early to raise interest
rates, suggest caution. Hopefully, the recent data simply reflects a soft patch
which may give way to a reacceleration in the economy later this year. However,
it seems important to reflect in our investment stance the possibility of a
recession.

Recession risks aside, the outlook for markets is for more of the same - modest
returns from immodest effort. The health of the corporate sector is an
encouragement but margins must be at or very close to a peak. Earnings growth is
however still reasonable and, relative to bonds, equities look cheap and
liquidity is still plentiful. Our secular preference remains for Asian markets
although they are unlikely in the event of any economic weakness to decouple
from the USA. In both Japan and in Europe there have been positive microeconomic
developments which should ensure plenty of opportunities at a corporate level.

In the technology industry, spending growth continues at a similar pace to last
year which should allow solid rather than spectacular earnings growth. However,
there have been a number of encouraging developments over the last year, in
particular the continuing consolidation in the sector, the emergence of a number
of strong growth areas, the accelerating roll out of new applications to take
advantage of broadband communications and the general improvement in corporate
management. These developments together with the level of investor
disenchantment with the sector provide increasing support for our view that we
are within 18 months of a turning point for the industry, one which we believe
will see the technology bear market being replaced by an extended period of
technology sector outperformance.

Over the eight and a half years since your Company was launched as a successor
to TR Technology, net assets per share have grown by 111%. This compares with
the Company's original benchmark (the FTSE World Index) rising by 44.2%. In
November 1998, the first of a number of global technology indices was launched
and since then, our net assets have risen by 41% against a decline of 18% in the
Dow Jones World Technology Index. Relative to the vast majority of our peer
group, performance has been highly satisfactory and has fully vindicated the
Board's decision to move the management contract to Polar in 2001. Over the last
twenty years, Polar's technology management team have built an outstanding
record first at TR, then at Henderson and more recently at Polar. Clearly the
technology investing environment has been very difficult over the last five
years and the inevitable result has been absolute losses despite sound relative
performance. However, we believe that we are within sight of an important
turning point for the sector and that our management team are well resourced to
exploit the opportunities ahead. Consequently, the Board strongly recommends to
shareholders to vote in favour of resolution 7. This resolution, if passed, will
remove the requirement for a winding-up resolution to be put at our annual
general meeting in 2006, a point when we think investors ought to be overweight
in an industry which should be due for an extended upturn in its cycle. The
Directors intent to vote their shares in favour of the resolution and are
encouraged by the indications of support from a significant number of our
shareholders.


Richard Wakeling
13 June 2005

Extracts from the Manager's Report:

Technology Cycles and Performance
The last five years have been a truly horrible experience for technology
investors and particularly so for those who only first invested in the industry
in the latter part of 1999 or in 2000. In absolute terms, the damage done to
investors' portfolios by the bursting of the technology bubble in March 2000 and
the subsequent collapse bears comparison with that which followed the technology
boom in the late 1960s and greatly exceeds that experienced in the aftermath of
the PC boom in the early 1980s. In relative terms, however, the pattern followed
by the sector during this cycle has been very similar to that of previous 'booms
and busts' both in the technology sector and other areas of the financial
markets over the last forty years.

Evidence suggests that sectors that experience a boom rarely provide a sustained
period of outperformance for at least five years following the peak of that
boom. The current cycle in technology fits the pattern remarkably neatly. Given
that the NASDAQ market peaked on 10 March 2000, just over five years ago, it is
appropriate to consider what previous cycles would suggest about the likely
behavior of the technology sector over the next 5-10 years.

There appears to be a pattern of technology cycles with peaks separated by
periods of 12-15 years and normally associated with major product cycles such as
reprographics (late 1960s), PCs (early 1980s) and the internet (late 1990s).
Looking at the last two cycles and using an unweighted technology index from
Piper Jaffray, a US securities firm, suggests that the sector's relative low
normally occurs 6 - 6.5 years after the previous boom. This would point to a
bottom on this cycle sometime in the second or third quarter of 2006. Further
analysis of the PJ index suggested very strong relative performance over both
three and five year periods following the fifth anniversary of the previous
boom's peak. This implies that, even from the point that we have reached today,
technology investors should now be able to look forward to a period of good
medium term performance relative to the overall stock market.

We have also noticed a pattern of four year cycles in technology shares,
possibly the consequence of a broader capital spending cycle. This 'medium term'
cycle shows a pattern of alternating 'larger' and 'smaller' cycles. If this four
year pattern were to repeat itself going forward then this also would point to a
turning point in the second half of 2006 and imply a strong period for
technology shares in 2006-7.

While one needs to be cautious about history repeating itself too exactly, we
take some comfort from both the evidence of earlier cycles and also from the way
in which the excesses of the late 1990s technology boom have been largely
expunged over the last 5 years. These factors, together with a number of other
normally late cycle developments such as heavy technology mutual fund
redemptions, suggest the end of the downturn may not be too far away and a new
upturn is likely to follow close behind. Against that backdrop, we will be
looking at the best way in which to position the Company's portfolio for the
better times that we think lie ahead.

Notwithstanding the pain that we have all experienced over the period since
March 2000, we believe that the technology industry's proven ability to grow
considerably faster than global economic growth and to reinvent itself with each
new cycle will continue to allow it to generate significant excess returns over
the long term. Over the last 20 years, a period which encompasses 11 years of
technology bear markets and 9 years of bull markets, the Polar Capital
management team have delivered appreciation of 1,918%* which compares to an
appreciation in the MSCI World Index of 451.9%. With what we believe is the
greatest part of the current technology bear market now behind us, we are
hopeful that returns over the next 5-7 years can return to the levels delivered
historically and that your Company can resume its historic position in the upper
reaches of the investment performance tables.

Brian Ashford-Russell

*Source Polar Capital Partners based on figures from 30 April 1985 to 30 April
2005 and using Henderson Global Technology Unit Trust for the period prior to
the Company's launch on 16 December 1996 and based on the undiluted NAV for the
Company.

GROUP STATEMENT OF TOTAL RETURN for the year ended 30 April 2005 (INCORPORATING
THE REVENUE ACCOUNT)
                              Unaudited                      Audited
                      Year ended 30 April 2005      Year ended 30 April 2004
                     Revenue   Capital     Total   Revenue   Capital*   Total*
                       £'000     £'000     £'000     £'000      £'000    £'000

Total capital
(losses)/ gains
from investments           -   (13,778)  (13,778)        -     90,434   90,434

Income from fixed
asset investments      2,501         -     2,501     1,828          -    1,828

Other interest
receivable and
similar income           793         -       793       888          -      888

Gross revenue and
gains/(losses) on
investments            3,294   (13,778)  (10,484)    2,716     90,434   93,150

Investment
management fee        (3,224)        -    (3,224)   (2,098)         -   (2,098)

Other
administrative
expenses                (609)        -      (609)     (586)         -     (586)

Net (loss)/return
on ordinary
activities before
interest payable,
cost of warrant
repurchases and
taxation                (539)  (13,778)  (14,317)       32     90,434   90,466

Repurchase of
warrants                   -      (438)     (438)        -         (8)      (8)

Interest payable
and similar
charges                 (501)        -      (501)     (569)         -     (569)

Net (loss)/return
on ordinary
activities before
taxation              (1,040)  (14,216)  (15,256)     (537)    90,426   89,889

Taxation on
ordinary
activities              (154)        -      (154)     (143)         -     (143)

Net (loss)/return
on ordinary
activities after
taxation              (1,194)  (14,216)  (15,410)     (680)    90,426   89,746

(Loss)/return per
ordinary share (p)
Basic                  (0.91p)  (10.84p)  (11.75p)   (0.45)p    60.44p   59.99p

Diluted                (0.85p)  (10.13p)  (10.98p)   (0.43)p    57.14p   56.71p

The revenue columns of this statement represent the Profit and Loss account of
the Group.
* Restated - see note 1


GROUP BALANCE SHEET at 30 April 2005

                                                    Unaudited         Audited
                                                30 April 2005   30 April 2004
                                                        £'000           £'000
Fixed asset investments

Listed at market value:

United Kingdom                                         27,248          36,280
Overseas                                              190,560         235,562
                                                      217,808         271,842

Unlisted at Directors' valuation:
United Kingdom                                            930             842
                                                      218,738         272,684

Current assets
Investments                                             1,603           1,563
Debtors                                                29,408          34,569
Cash                                                   58,222          74,254
                                                       89,233         110,386

Creditors: amounts falling due within one year        (40,242)        (41,840)

Net current assets                                     48,991          68,546

Total assets less current liabilities                 267,729         341,230
Creditors: amounts falling due after more than
one year                                              (30,492)        (34,594)

Total net assets                                      237,237         306,636

Capital and reserves
Called up share capital                                28,830          36,832
Capital redemption reserve                              9,145             713
Share premium                                          90,134          88,842
Warrant reserve                                         6,179           7,147
Warrant exercise reserve                                1,483             940
Other capital reserves                                157,002         226,504
Revenue reserve                                       (55,536)        (54,342)
Equity shareholders' funds                            237,237         306,636

Net asset value per ordinary share
Undiluted                                              205.72p         208.13p

Diluted                                                190.36p         193.71p


GROUP CASH FLOW STATEMENT for the year ended 30 April 2005
                                    Unaudited   Unaudited    Audited   Audited
                                         2005        2005       2004      2004
                                        £'000       £'000      £'000     £'000
Net cash outflow from operating
activities                                         (1,507)              (2,521)
Servicing of finance

Bank and loan interest paid              (506)                  (634)

Net cash outflow from servicing of
finance                                              (506)                (634)

Taxation
Overseas withholding tax recovered         42                      -

Net tax recovered                                      42                    -

Financial investment
Purchase of investments              (271,719)              (306,715)
Sale of investments                   308,327                332,899
Settlement of forward foreign
currency contracts                      4,555                  6,879
Settlement of spot FX contracts             3                      -
Settlement of derivative
contracts                                 420                      -
Liquidation proceeds                       66                      -

Net cash inflow from financial
investment                                         41,652               33,063

Net cash inflow before financing                   39,681               29,908

Financing
Proceeds from exercise of warrants      1,722                  1,178
Repurchase of warrants                   (734)                  (559)
Repurchase of shares                  (55,269)                (4,759)
Loans taken out                        10,396                 45,410
Loans matured                         (10,396)               (31,196)

Net cash (outflow)/inflow from
financing                                         (54,281)              10,074

(Decrease)/increase in cash                       (14,600)              39,982

Reconciliation of net cash flow to movement in net funds

(Decrease)/increase in cash as above                      (14,600)      39,982
Movement in long term loans                                     -      (14,214)
Change in net funds resulting from cash flows             (14,600)      25,768
Exchange movements                                           (373)      (1,544)
Net movement in the year                                  (14,973)      24,224
Net funds at 1 May                                         28,929        4,705
Net funds at 30 April                                      13,956       28,929



Notes:
1.    (Loss)/return per ordinary 

share Basic revenue loss per ordinary share is based on the net loss after
taxation attributable to the ordinary shares of £1,194,000 (2004:£680,000) and
on 131,110,198 (2004:149,607,557) ordinary shares, being the weighted average
number of shares in issue during the year. Basic capital (loss)/return per
ordinary share is based on net capital losses of £14,216,000 (2004:gains
of:£90,426,000) and the weighted average number of shares in issue during the
year as shown above.
The calculations of the diluted revenue and capital returns per ordinary share
are carried out in accordance with Financial Reporting Standard No.14 Earnings
per Share (FRS 14). For the purposes of calculating diluted revenue and capital
returns per share, the number of shares is the weighted average used in the
basic calculation plus a number of shares deemed to be issued for no
consideration on exercise of all warrants, by reference to the average price of
the ordinary shares during the year. The calculations indicate that the exercise
of warrants would result in an additional weighted average number of shares of
9,208,806 (2004:8,636,006) resulting in a total weighted average number of
shares of 140,319,004 (2004:158,243,563).

The total capital gains/(losses) from investments figure for the year ended 30
April 2004 has been restated from £85,675,000 to £90,434,000. This restatement
was necessary as the cost of the company purchasing its own shares had been
included in the Statement of Total Return for the year ended 30 April 2004.
These costs are now shown in the Group reconciliation of movements in equity
shareholders funds. This restatement has no impact on the net asset value of the
company.

2.    2004 Accounts
Other than the restatement referred to above, the figures and financial
information for the period ended 30 April 2004 are an extract of the latest
published accounts of the Group and do not constitute the statutory accounts for
that year. Those accounts have been delivered to the Registrar of Companies and
included the report of the auditors which was unqualified and did not contain a
statement under either section 237(2) or section 237(3) of the Companies Act
1985.

3.    2005 Accounts
The preliminary figures for the year ended 30 April 2005 are an extract from the
Group's accounts for that period and do not constitute the statutory accounts
for that year. These accounts have not yet been delivered to the Registrar of
Companies, nor have the Auditors yet reported on them.

4.   Reconciliation of operating revenue to net cash outflow
from operating activities

                                                    Unaudited         Audited
                                                30 April 2005   30 April 2004
                                                        £'000           £'000

Net (loss)/gain before interest payable and
taxation                                                 (539)             32
Increase in current asset investments                     (40)         (1,563)
Decrease/(increase) in accrued income                      75             (90)
Decrease/(increase) in other debtors                       43             (33)
Decrease in other creditors                              (123)           (335)
Capital dividends                                           -              19
Overseas withholding tax suffered                        (187)           (145)
Script dividends included in investment income            (71)           (133)
Interest accumulations included in investment
income                                                   (665)           (273)
Net cash outflow from operating activities             (1,507)         (2,521)

5.   Basis of consolidation
The Group accounts consolidate the accounts of the Company and its wholly owned
subsidiary undertaking, PCT Finance Limited.

6.                    Copies of Report and Accounts
The full annual report and accounts will be posted to shareholders in late June
2005 and copies will be available thereafter from the Company Secretary at the
Company's Registered Office, 4 Matthew Parker Street, London SW1H 9NP (020 7227
2700)

7.   Annual General Meeting
The Annual General Meeting will be held at 12.30 pm on Friday 22 July 2005 at
the offices of UBS Investment Bank, Finsbury Avenue, London EC2M 2PP.

Portfolio Review

Equity Investments over 0.75% of net assets at 30 April 2005
          North America
 _________________________
  £'000   Stock                       Activity                  % of net assets
 _______________________________________________________________________
  3,250   Genentech                   Biotechnology                         1.4%
  3,096   Medtronic                   Medical technology                    1.3%
  2,804   Amgen                       Biotechnology                         1.2%
  2,797   Dell Computer               Computing                             1.2%
  2,650   Yahoo                       Internet advertising                  1.1%
  2,484   Analog Devices              Analog IC's                           1.0%
  2,476   Linear Technologies         Analog IC's                           1.0%
  2,437   KLA Tencor                  Semiconductor capital                 1.0%
                                      equipment
  2,432   Lockheed Martin             Aerospace/Defence                     1.0%
  2,403   International Business      IT services                           1.0%
          Machines
  2,172   Electronic Arts             Gaming software                       0.9%
  2,077   Juniper Networks            Telecom equipment                     0.9%
  2,044   DST Systems                 IT services                           0.9%
  2,004   Genzyme Transgenics         Biotechnology                         0.8%
  1,985   Applied Materials           Semiconductor capital                 0.8%
                                      equipment
  1,911   Corning                     Telecom equipment                     0.8%
  1,862   Apple Computers             Computing                             0.8%
  1,837   CMP Sciences                Services                              0.8%
  1,825   Microsoft                   Software                              0.8%
  1,802   Network Appliance           Storage hardware                      0.8%
  1,781   Maxim Integrated Products   Analog IC's                           0.8%
 _______________________________________________________________________
 48,129   Total investments over                                           20.3%
          0.75%
 57,917   Other investments                                                24.4%
 _________                                                             _________
                                                                       _________
106,046   Total North American investments                                 44.7%
 _________________________________________                             _________                                   
          Europe
 _________________________________________

  £'000   Stock                          Activity               % of net assets
 _______________________________________________________________________________
  3,054   Wincor Nixdorf                 ATM/Pos hardware                   1.3%
  2,687   Atos Origin                    IT services                        1.1%
  2,498   Synthes                        Medical technology                 1.1%
  2,364   SES Global                     Satellite                          1.0%
                                         communications
  2,269   Aveva Group                    Software                           1.0%
  2,221   SAP                            Enterprise software                0.9%
  2,092   Sage                           Payroll software                   0.9%
  2,050   Austriamicrosystems            Semiconductors                     0.8%
  _______________________________________________________________________________
 19,235   Total investments over 0.75%                                      8.1%
 32,445   Other investments                                                13.7%
_______                                                               __________
 51,680   Total European investments                                       21.8%
  _______________________________________________________________________________
          Asia
  _________________________________

  £'000   Stock                          Activity               % of net assets
 _______________________________________________________________________________
  4,304   Motech                         Solar cells                        1.8%
  3,711   Kumho Electric                 LCD components                     1.6%
  3,477   Aplix                          Mobile phone                       1.5%
                                         software
  3,460   Nitto Denko                    Polarisers                         1.5%
  3,401   CKD                            Factory automation                 1.4%
  3,174   JSR                            LCD materials                      1.3%
  2,907   Zeon                           LCD materials                      1.2%
  2,635   Kiryung Electronics            Satellite radio                    1.1%
  2,527   Kuroda                         Components                         1.1%
  2,219   Aruze                          Gaming equipment                   0.9%
  2,109   LG Philips                     LCD panels                         0.9%
  2,079   Connect Technologies           Software/services                  0.9%
 _______________________________________________________________________________
 36,003   Total investments over 0.75%                                     15.2%
  4,695   Other investments                                                 2.0%
 _______                                                                ________
 40,698   Total Asian investments                                          17.2%
________________________________________________________________________________

Portfolio
Review

Classification of Investments -
at 30 April 2005
                                                                TOTAL               TOTAL
               North America   Europe        Asia       30 April 2005       30 April 2004
                           %        %           %                   %                   %
                      ______________________________________________________________________
Computing                9.5      1.3           -                10.8                 8.4
Components              10.5      2.9         8.9                22.3                27.8
Software                 7.7      8.5         2.3                18.5                19.0
Services                 1.2      1.3           -                 2.5                 5.5
Communications           1.9      1.0         1.1                 4.0                 5.5
Life                     9.5      3.1           -                12.6                13.2
Sciences
Consumer,
Media and
Internet                 2.0      2.8         1.8                 6.6                 4.2
Other
Technology               2.4      0.5         3.1                 6.0                 5.2
Unquoted
Investments                -      0.4           -                 0.4                 0.3
                     _______________________________________________________________________
EQUITY
INVESTMENTS             44.7     21.8        17.2                83.7                89.1
                     _______________________________________________________________________
Money Market
Funds                      -      7.9           -                 7.9                   -
Corporate
Bonds                      -        -         0.6                 0.6                   -
Forward
Currency
Contracts               (8.3)     8.3           -                   -                 0.4
Net Current
Assets                   5.4      6.5        14.6                26.5                25.3
Loans                      -        -       (18.7)              (18.7)              (14.8)
                      _______________________________________________________________________
OTHER NET
ASSETS                  (2.9)    22.7        (3.5)               16.3                10.9
                      _______________________________________________________________________
GRAND TOTAL             41.8     44.5        13.7               100.0                   -
(net assets of
£237,237,000)         _______________________________________________________________________

At 30 April
2004                    34.3     58.0         7.7                   -               100.0
(net assets of
£ 306,636,000)       _______________________________________________________________________





INDEX CHANGES (total return) over the year to 30 April 2005
                          Local Currency                      Sterling
                                                            Adjusted
                                      %                            %
Benchmark                             -                         (7.8)

Technology Indices:
Dow Jones World                    (3.0)                        (9.9)
Technology
Pacific SE (USA)                    2.2                         (5.1)
Technology
MS Eurotec (based in US            (4.7)                       (11.5)
dollars)
FTSE Techmark 100                     -                         (6.2)
Tecdax                            (14.5)                       (14.5)
Tokyo SE Electronics              (13.5)                       (15.5)
DS Asia ex Japan                    9.7                          1.8
Electronics

Market Indices:
FTSE World                            -                          3.6
S&P 500 Composite                   6.3                         (1.3)
FTSE All-Share                        -                         10.7
FTSE World Europe (ex                 -                         10.4
UK)
Tokyo SE (Topix)                   (3.6)                        (5.9)
FTSE World Pacific Basin              -                         13.6
(ex Japan)

EXCHANGE RATES            30 April 2005                30 April 2004

US$ to £                         1.9099                       1.7733

Japanese Yen to £                200.38                       195.70

Euro to £                        1.4794                       1.4792


Fund Distribution by Market Capitalisation as at 30 April 2005
Market Capitalisation                                              % of invested
                                                                        assets

< $2bn                                                                    38.3%
$2bn-$10bn                                                                25.4%
> $10bn                                                                   36.3%




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