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Murray Inc Trust PLC (MUT)

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Tuesday 28 February, 2006

Murray Inc Trust PLC

Interim Results

Murray Income Trust PLC
28 February 2006


Murray Income Trust PLC
Results for the six months ended 31 December 2005


The Directors of Murray Income Trust PLC report the unaudited interim results
for the six months ended 31 December 2005.


Key Facts
     
•    Murray Income's Net Asset Value total return for the six months to 31
     December 2005 was 13.2%.

•    Share price rose by 11.9% from 545.5p to 610.5p

•    Second and third interim dividends of 4.7p each will be paid on 13 April 
     2006 and 14 July 2006 respectively.


Performance

The six months to 31 December 2005 was another good period for the UK stock
market, with the Net Asset Value Total Return for the Company rising 13.2%. This
compares favourably against the benchmark, the FTSE All-Share Index, which rose
by 12.8%.


Economic and Market Background

The market continued to push higher during the first six months of the Company's
financial year against a backdrop of muted economic growth.

Responding to slowing economic activity, the Monetary Policy Committee of the
Bank of England decided in August to cut UK base rates from 4.75% to 4.5%.
Despite this move, however, the UK economy weakened further during the second
half of 2005 as lower house price inflation and gently rising unemployment took
their toll on consumer confidence and expenditure. For 2005 as a whole the
economy grew at 1.7%, the lowest pace of growth for ten years.

To compound matters, the lacklustre performance of the economy was accompanied
by a year on year rise in the Consumer Price Index by 2.5% in September. This
figure was well above the Bank of England's inflation target and represented a
ten year high for the CPI.  When viewed in this light, it is perhaps
understandable why interest rates were not cut further in the face of weakening
economic activity.

When this sluggish economic background is considered alongside certain other
unexpected events, such as the terrible terrorist incidents in London during
July, devastating hurricanes in the United States, and the ongoing rise in
commodity prices, the market's performance during the period seems all the more
impressive.

This can largely be put down to events at the individual company level, where
respectable profit growth and corporate activity have been very much in
evidence. Indeed, the latter has been a key theme over the past eighteen months
and shows little sign of slowing. Since July, Deutsche Post has bought the
logistics company, Exel; Saint Gobain of France bought the plasterboard
manufacturer, BPB; and Spain's Telefonica bought the mobile phone operator O2.
There has been consolidation in the house-building sector; P&O was the subject
of a takeover battle which was subsequently won by DPW; and Hilton Group  sold
its hotel business to Hilton Corp. of the United States. There was also strong
takeover speculation surrounding numerous other companies including Scottish
Power, Centrica and BOC.


Portfolio Activity

During the six months a number of new positions were introduced to the
portfolio. An initial stake was taken in William Morrison Supermarkets. The
company's problems are well documented post the acquisition of Safeway, but the
Manager believes the shares are well supported by solid asset backing and offer
an attractive risk/reward trade-off.  A holding in BAA was also purchased, which
offers an attractive yield and steady dividend growth. The pub operator
Mitchells & Butlers and life insurer Resolution were added to the portfolio. The
former is regarded as one of the best operators in its sector since its
de-merger from Six Continents in April 2003. Again, the business has solid asset
backing and financial flexibility to undertake earnings-enhancing acquisitions
or share buy-backs. Resolution is the holding company for the Britannic group of
companies. While the shares have performed well, the Manager believes
consolidation of closed life funds is in its infancy and Resolution will be a
major beneficiary of this trend. Additionally, management has committed to
dividend growth of at least 11% per annum over the next few years.

A holding in HMV was introduced and while the shares have not yet performed as
expected, recent private equity interest in the company has highlighted
potential value in the shares.

Bunzl and Smiths Industries were sold during the period due to stretched
valuations. Proceeds from the sale of HBOS were redistributed across the
remaining holdings in the banking sector that offer, in our view, more
compelling long term investments and Boots was sold due to  a lack of growth
opportunities for the business. Pleasingly, a substantial profit was booked on
the sale of P&O following a bid approach for the company.

In recognition of the strong gains in the market and the backdrop of slowing
economic growth, it was felt prudent to introduce an element of protection into
the portfolio.  This was done through the purchase of a 12 month put option
which will increase in value should the market decline.  Although the position
is small it will protect around 16% of the portfolio in the event of a
significant market correction.


Financial Statements for the six months ended 31 December 2005

Rather than adopting International Financial Reporting Standards ('IFRS'), the
Board has decided to continue to adopt UK Generally Accepted Accounting
Principles ('UK GAAP') and therefore to comply with the new Financial Reporting
Standards issued as part of the programme to converge UK GAAP with IFRS. Figures
for the 6 months ended 31 December 2004 and the year ended 30 June 2005 have
been restated accordingly. Full details of the changes are provided in the
Supplementary Information at the end of the Financial Statements.


Gearing

At the end of the interim period the Company's gearing stood at 5%, broadly
unchanged from the level at the end of the last financial year.


Dividend

A first interim dividend of 4.7p was paid on 18 January 2006 to Shareholders on
the register at close of business on 14 December 2005. A second interim dividend
of 4.7p will be paid on 13 April 2006 to Shareholders on the register as at the
close of business on 17 March 2006. The third interim dividend of 4.7p will be
paid on 14 July 2006 to Shareholders on the register as at the close of business
on 16 June 2006.

The interim dividends show an increase of 4.4% on those paid during the last
financial year and as the key reporting season for UK companies approaches, the
outlook for dividend growth remains solid.


Treasury Shares

At the Annual General Meeting in October 2005, shareholders approved the
authority for the company to hold shares bought back, as Treasury shares rather
than cancel them immediately.  As of 27 February 2006 the number of ordinary
shares bought back and held in Treasury was 230,000.  To date, no shares have
been reissued from treasury.


Outlook

The outlook for the economy is mixed. Unemployment continues to trend up, but
thankfully CPI inflation has fallen back to 2% and should ensure UK base rates
remain around current levels for the foreseeable future. There are also signs
that the housing market has stabilised with the prospect for modest low to
mid-single digit house price inflation this year. If this transpires, it is
likely that the worst of the UK consumer's retrenchment is over and economic
growth should improve slightly on last year's out-turn.

Since the market's lows in March 2003, we have enjoyed a period of strong profit
growth, which in recent months has been especially impressive in light of rising
input costs. While most companies have, thus far, been successful in absorbing
those costs, we are now seeing evidence that the ongoing rise in the price of
oil and other commodities is beginning to impact corporate profitability. As a
result, we expect company earnings to grow more slowly in the coming year.

After healthy gains in the second half of 2005 and a good start to 2006, a
period of consolidation in the market seems likely. The market remains
reasonably well underpinned, however, by low absolute levels of interest rates
and the corporate activity that such rates help to facilitate.




MURRAY INCOME TRUST PLC
INCOME STATEMENT
(FORMERLY THE STATEMENT OF TOTAL RETURN)

                                                                        Six months to 31 December 2005
                                                                                 (unaudited)
                                                                       Revenue        Capital          Total
                                                                         £'000          £'000          £'000

Gains on investments                                                         -         45,525         45,525
Investment income                                                        6,662              -          6,662
Other income                                                                54              -             54
Management fees                                                          (672)          (672)        (1,344)
Other expenses                                                           (433)              -          (433)
                                                                       _______        _______        _______
Net return before finance costs and taxation                             5,611         44,853         50,464

Finance costs of borrowing                                               (279)          (278)          (557)
                                                                       _______        _______        _______
Return attributable to equity shareholders                               5,332         44,575         49,907
                                                                       _______        _______        _______
Return per ordinary share (pence)                                          8.0           67.1           75.1
                                                                       _______        _______        _______



Notes:

The total column of this statement represents the profit and loss of the Company

The financial statements have been restated to reflect the change to accounting
policies as set out in the accompanying notes.

All items in the above statement derive from continuing operations.



Ordinary dividends on equity shares (£'000)     6,881                    -               6,881
                                              _______              _______             _______



MURRAY INCOME TRUST PLC
INCOME STATEMENT
(FORMERLY THE STATEMENT OF TOTAL RETURN)

                                                                      Six months ended 31 December 2004
                                                                       Revenue         Capital          Total
                                                                               (restated - see
                                                                                       note 3)
                                                                                   (unaudited)
                                                                         £'000           £'000          £'000
Gains on investments                                                         -          40,197         40,197
Investment income                                                        6,329               -          6,329
Other income                                                                98               -             98
Management fees                                                          (634)           (634)        (1,268)
Other expenses                                                           (404)               -          (404)
                                                                       _______         _______        _______
Net return before finance costs and taxation                             5,389          39,563         44,952

Finance costs of borrowing                                               (342)           (342)          (684)
                                                                       _______         _______        _______
Return attributable to equity shareholders                               5,047          39,221         44,268
                                                                       _______         _______        _______
Return per ordinary share (pence)                                          7.3            56.8           64.1
                                                                       _______         _______        _______



Ordinary dividends on equity shares (£'000)                              6,366               -          6,366
                                                                       _______         _______        _______




MURRAY INCOME TRUST PLC
INCOME STATEMENT
(FORMERLY THE STATEMENT OF TOTAL RETURN)

                                                                          Year ended 30 June 2005
                                                                        Revenue       Capital         Total
                                                                                  (restated -
                                                                                  see note 3)
                                                                                    (audited)
                                                                          £'000         £'000         £'000
Gains on investments                                                          -        66,145        66,145
Investment income                                                        16,333             -        16,333
Other income                                                                200             -           200
Management fees                                                         (1,287)       (1,287)       (2,574)
Other expenses                                                            (881)             -         (881)
                                                                        _______       _______       _______
Net return before finance costs and taxation                             14,365        64,858        79,223

Finance costs                                                             (654)         (654)       (1,308)
                                                                        _______       _______       _______
Return attributable to equity shareholders                               13,711        64,204        77,915
                                                                        _______       _______       _______
Return per ordinary share (pence)                                          20.0          93.7         113.7
                                                                        _______       _______       _______




Ordinary dividends on equity shares (£'000)                              12,473             -        12,473
                                                                        _______       _______       _______





MURRAY INCOME TRUST PLC
BALANCE SHEET

                                                      31 December 2005    31 December 2004             30 June
                                                                                                          2005
                                                                           (restated - see     (restated - see
                                                                                   note 2)             note 2)
                                                           (unaudited)         (unaudited)           (audited)
                                                                 £'000               £'000               £'000
Fixed assets
Investments designated as held at fair value                   462,453             401,942             417,552

Current assets
Debtors                                                          1,162                 959               1,455
Cash                                                             3,639               3,399               2,700
                                                            __________          __________          __________
                                                                 4,801               4,358               4,155

Creditors
Amounts falling due within one year                            (3,524)             (3,422)             (4,144)
                                                            __________          __________          __________
Net current assets                                               1,277                 936                  11
                                                            __________          __________          __________
Total assets less current liabilities                          463,730             402,878             417,563
                                                            __________          __________          __________
Creditors
Amounts falling due after more than one year                  (23,000)            (20,000)            (16,000)
                                                            __________          __________          __________
Net assets                                                     440,730             382,878             401,563
                                                            __________          __________          __________
Capital and reserves
Called-up share capital                                         16,593              17,192              16,765
Share premium account                                            7,955               7,955               7,955
Capital redemption reserve                                       5,008               4,410               4,836
Capital reserve - realised                                     272,528             266,093             262,455
Capital reserve - unrealised                                   123,364              72,954              92,721
Revenue reserve                                                 15,282              14,274              16,831
                                                            __________          __________          __________
Equity Shareholders' funds                                     440,730             382,878             401,563
                                                            __________          __________          __________
Net asset value per Ordinary share (pence)                       664.0               556.8               598.8
                                                            __________          __________          __________


The financial statements have been restated to reflect the change to accounting
policies as set out in the accompanying notes.





RECONCILIATION OF MOVEMENT IN SHAREHOLDERS' FUNDS

Six months ended 31 December 2005
                                                   Share     Capital    Capital       Capital
                                        Share    premium  redemption    reserve       reserve    Revenue
                                      capital    account     reserve  -realised   -unrealised    reserve      Total
                                        £'000      £'000       £'000      £'000         £'000      £'000      £'000
Balance at 30 June 2005 (restated)     16,765      7,955       4,836    262,455        92,721     16,831    401,563
Repurchase of shares                    (172)          -         172    (3,859)             -          -    (3,859)
Net return on ordinary activities           -          -           -     13,932        30,643      5,332     49,907
after taxation
Dividends paid                              -          -           -          -             -    (6,881)    (6,881)
                                    _________  _________   _________  _________     _________  _________  _________
Balance at 31 December 2005            16,593      7,955       5,008    272,528       123,364     15,282    440,730
                                    _________  _________   _________  _________     _________  _________  _________
Six months ended 31 December 2004
                                                   Share     Capital    Capital       Capital
                                        Share    premium  redemption    reserve       reserve    Revenue
                                      capital    account     reserve  -realised   -unrealised    reserve      Total
                                        £'000      £'000       £'000      £'000         £'000      £'000      £'000
Balance at 30 June 2004 (restated)     17,391      7,955       4,210    262,238        41,050     15,593    348,437
Repurchase of shares                    (199)          -         200    (3,461)             -          -    (3,460)
Net return on ordinary activities           -          -           -      7,316                    5,047     44,267
after taxation                                                                         31,904
Dividends paid                              -          -           -          -             -               (6,366)
                                                                                                 (6,366)
                                    _________  _________   _________  _________     _________  _________  _________
Balance at 31 December 2004            17,192      7,955       4,410    266,093        72,954     14,274    382,878
                                    _________  _________   _________  _________     _________  _________  _________
Year ended 30 June 2005
                                                   Share     Capital    Capital       Capital
                                        Share    premium  redemption    reserve       reserve    Revenue
                                      capital    account     reserve  -realised   -unrealised    reserve      Total
                                        £'000      £'000       £'000      £'000         £'000      £'000      £'000
Balance at 30 June 2004 (restated)     17,391      7,955       4,210    262,238        41,050     15,593    348,437
Repurchase of shares                    (626)          -         626   (12,316)             -          -   (12,316)
Net return on ordinary activities           -          -           -     12,533                   13,711     77,915
after taxation                                                                         51,671
Dividends paid                              -          -           -          -             -   (12,473)   (12,473)
                                    _________  _________   _________  _________     _________  _________  _________
Balance at 30 June 2005                16,765      7,955       4,836    262,455        92,721     16,831    401,563
                                    _________  _________   _________  _________     _________  _________  _________




MURRAY INCOME TRUST PLC
CASH FLOW STATEMENT
                                                             Six months ended  Six months ended            Year
                                                                                                          ended
                                                             31 December 2005  31 December 2004    30 June 2005
                                                                  (unaudited)       (unaudited)       (audited)
                                                                        £'000             £'000           £'000
Investment income received                                              6,971             7,110          16,601
Interest received                                                          53                99             198
Investment management fees paid                                       (1,331)           (1,264)         (2,568)
Cash paid to and on behalf of Directors                                  (35)              (39)            (72)
Other cash payments                                                     (377)             (400)           (789)
                                                                   __________        __________      __________
Net cash inflow from operating activities                               5,281             5,506          13,370

Servicing of finance
Interest paid                                                           (552)             (708)         (1,351)
                                                                   __________        __________      __________
Net cash outflow from servicing of finance                              (552)             (708)         (1,351)

Financial investment
Purchase of fair value investments                                   (54,024)          (59,227)        (93,962)
Sales of fair value investments                                        54,293            87,458         132,887
                                                                   __________        __________      __________
Net cash inflow from financial investment                                 269            28,231          38,925

Management of liquid resources
Cash drawn/(placed) on short-term deposit                                   -           (3,045)           (104)
                                                                   __________        __________      __________
Net cash outflow from management of liquid resources                        -           (3,045)           (104)
                                                                   __________        __________      __________
Net cash inflow before financing                                        4,998            29,984          50,840

Equity dividends paid                                                 (6,797)           (6,408)        (12,570)

Financing
Drawdown/(Repayment of loans)                                           7,000          (20,000)        (24,000)
Repurchase of shares                                                  (4,262)           (3,461)        (11,913)
                                                                   __________        __________      __________
Net cash inflow/(outflow) from financing                                2,738          (23,461)        (35,913)
                                                                   __________        __________      __________
Net increase in cash                                                      939               115           2,357
                                                                   __________        __________      __________



Notes to the Financial Statements


Note 1  Accounting policies

The accounts have been prepared under the historical cost convention, as
modified to include the revaluation of investments and in accordance with
applicable Accounting Standards and with the Statement of Recommended Practice
for 'Financial Statements of Investment Trust Companies'.

For the accounting period beginning on 1 July 2005 the Company had the option to
prepare its financial statements in accordance with International Financial
Reporting Standards ('IFRS'), as adopted by the International Accounting
Standards Board ('IASB').  The Board has elected to continue to adopt UK
Generally Accepted Accounting Principles ('UK GAAP') and therefore with the new
Financial Reporting Standards issued as part of the programme to converge UK
GAAP with IFRS.  Figures for the period ended 31 December 2004 and year ended 30
June 2005 have been restated accordingly.

The same accounting policies used for the year ended 30 June 2005 have been
applied with the following exceptions:
     
(a)  Investments are measured initially at cost and are recognised at trade
date.  For financial assets acquired, the cost is the fair value of the
consideration, with changes in fair value going to the profit and loss account.
Subsequent to initial recognition investments are valued at fair value.  For
listed investments this is assumed to be bid market prices.
     
(b)  Under FRS 21 'Events after the Balance Sheet Date', dividends should
only be accrued in the accounts if they are a liability at the Balance Sheet
date.  No provision has been made for the second interim dividend for the period
ended 31 December 2005. As the final dividend for the year is approved by the
Shareholders at the AGM each year, no provision has been made for the final
dividend for the year ended 30 June 2005.

The impact of these changes are shown in notes 2 and 3.



Note 2 Reconciliation of Balance Sheets
                                                                As at           As at           As at
                                                              30 June     31 December         30 June
                                                                 2005            2004            2004
                                                            (audited)     (unaudited)       (audited)
                                                                £'000           £'000           £'000
Net assets previously reported                                397,812         379,791         345,138
Restatement of investments at bid value                           (8)             (8)             (5)
Reversal of provision of interim dividend                           -           3,095               -
Reversal of provision of 2004 final dividend                        -               -           3,304
Reversal of provision of 2005 final dividend                    3,759               -
                                                            _________       _________       _________
Restated net assets                                           401,563         382,878         348,437
                                                            _________       _________       _________




Note 3 Reconciliation of the Income Statements
                                                                       Six months          Year
                                                                            ended         ended
                                                                      31 December       30 June
                                                                             2004          2005
                                                                      (unaudited)     (audited)
                                                                            £'000         £'000
Total Transfer to reserves per original reported Statement
of Total Return                                                            38,114        64,990
Change from mid to bid basis at 30 June 2004                                    5             5
Change from mid to bid basis at 31 December 2004                              (8)             -
Change from mid to bid basis at 30 June 2005                                    -           (8)
Add interim dividends on Ordinary shares                                    6,157             -
Add 2005 dividends on Ordinary shares                                           -        12,928
Restated transfer to reserves                                              44,268        77,915




Ordinary dividends on equity shares deducted from reserves:

                                           Six months ended     Six months           Year
                                                                     ended          ended
                                           31 December 2005    31 December        30 June
                                                                      2004           2005
                                                (unaudited)    (unaudited)      (audited)
                                                      £'000          £'000          £'000
2004 final dividend paid - 4.75p                          -          3,271          3,271
2005 first interim dividend paid - 4.50p                  -          3,095          3,095
2005 second interim dividend paid -                       -              -          3,070
4.50p
2005 third interim dividend paid - 4.50p                  -              -          3,037
2005 final dividend paid - 5.65p                      3,759              -              -
2006 first interim dividend paid - 4.70p              3,122              -              -
                                                      6,881          6,366         12,473



Note 4 Return per share


                                                    Six months     Six months           Year
                                                         ended          ended          ended
                                                   31 December    31 December        30 June
                                                          2005           2004           2005
                                                                   (restated)     (restated)
                                                             p              p              p
Revenue return                                             8.0            7.3           20.0
Capital return                                            67.1           56.9           93.7
Total return                                              75.1           64.2          113.7




The figures are based on the following attributable assets:

                                            Six months ended      Six months ended          Year ended
                                            31 December 2005      31 December 2004        30 June 2005
                                                                        (restated)          (restated)
                                                       £'000                 £'000               £'000
Revenue return                                         5,332                 5,047              13,711
Capital return                                        44,575                39,221              64,204
Total return                                          49,907                44,268              77,915

Weighted average number of Ordinary               66,468,871            68,992,331          68,511,130
shares in issue




Note 5 Net  asset value per share
                                                         As at                 As at              As at
                                              31 December 2005      31 December 2004       30 June 2005
                                                                          (restated)         (restated)
Attributable net assets (£'000)                        440,730               382,878            401,563
Number of Ordinary shares in issue                  66,371,458            68,767,046         67,057,458
NAV per Ordinary share (p)                               664.0                 556.8              598.8



Note 6 Transaction costs

The following transaction costs were incurred during the period:

                                               Six months ended    Six months ended        Year ended
                                               31 December 2005    31 December 2004      30 June 2005
                                                          £'000               £'000             £'000
Purchases                                                   346                 410               655
Sales                                                        96                 160               249
                                                            442                 570               904



Note 7

The share capital of the Company as at 31 December 2005 was 66,371,458 Ordinary
Shares and 45,000 Treasury shares.  Since 31 December 2005, a further 185,000
Ordinary Shares have been bought back into Treasury and the share capital at 27
February 2006 is therefore 66,231,458 Ordinary shares and 230,000 Treasury
shares.


Note 8

A summary of investment changes during the period and the twenty largest
investments at 31 December 2005 are attached.


Note 9

The financial information for the six months ended 31 December 2005 and 31
December 2004 comprises non-statutory accounts within the meaning of Section 240
of the Companies Act 1985.  The financial information for the year ended 30 June
2005 has been abridged from published accounts that have been delivered to the
Registrar of Companies and on which the report of the Auditors was unqualified.
The interim accounts have been prepared on the same basis as the Annual Report
with the exception of the disclosures in Note 1.



By order of the Board

ABERDEEN ASSET MANAGEMENT PLC, SECRETARY

28 February 2006



Copies of this announcement will be printed and issued to shareholders and will
be available to the public at the registered office of the Company, 123 St
Vincent Street, Glasgow.




MURRAY INCOME TRUST PLC
SUMMARY OF INVESTMENT CHANGES
FOR THE SIX MONTHS TO 31 DECEMBER 2005


                              Valuation                              Appreciation/        Valuation
                            30 June 2005            Transactions      Depreciation    31 December 2005
                               £'000         %             £'000             £'000      £'000            %
United Kingdom
Equities                     417,552     100.0             (624)            45,525    462,453         99.7
                              ______    ______            ______            ______     ______       ______
Total Investments            417,552     100.0             (624)            45,525    462,453         99.7

Net current assets                11         -             1,266                 -      1,277          0.3
                              ______    ______            ______            ______     ______       ______
Total assets                 417,563     100.0               642            45,525    463,730        100.0
                              ______    ______            ______            ______     ______       ______

Note: Opening positions have been restated to reflect changes in accounting policies


SUMMARY OF NET ASSETS
                                                                                          Valuation
                                                                                      31 December 2005
                                                                                        £'000            %
Equities                                                                              462,453        104.9
Net current assets                                                                      1,277          0.3
Borrowings                                                                           (23,000)        (5.2)
                                                                                       ______       ______
Equity Shareholders' interest                                                         440,730        100.0
                                                                                       ______       ______



SHARE CAPITAL
As at 31 December 2005

Ordinary shares of 25p each                                                                     66,371,458
                                                                                                  ________
Treasury shares of 25p each                                                                         45,000
                                                                                                  ________



TWENTY LARGEST INVESTMENTS
AS AT 31 DECEMBER 2005
                                                                                 Valuation Total Assets
Investment                              Sector                                       £'000            %

Royal Dutch Shell                       Oil & Gas                                   31,712          6.8
BP Amoco                                Oil & Gas                                   29,248          6.3
HSBC Holdings                           Banks                                       25,424          5.5
Barclays                                Banks                                       20,242          4.4
Royal Bank of Scotland Group            Banks                                       19,375          4.2
GlaxoSmithKline                         Pharmaceuticals                             17,799          3.8
British American Tobacco                Tobacco                                     14,895          3.2
Aviva                                   Life Assurance                              14,558          3.1
Anglo American                          Mining                                      12,884          2.8
Diageo                                  Beverages                                   12,638          2.7
Lloyds TSB Group                        Banks                                       12,359          2.7
Slough Estates                          Real Estate                                 11,910          2.6
Centrica                                Utilities - Other                           11,033          2.4
Rio Tinto                               Mining                                       9,558          2.1
BOC Group                               Chemicals                                    8,923          1.9
BBA Group                               Engineering and Machinery                    8,790          1.9
BT Group                                Telecommunication Services                   8,705          1.9
Vodafone Group                          Telecommunication Services                   8,660          1.9
Unilever                                Food Producers & Processors                  8,534          1.8
Scottish Power                          Electricity                                  8,098          1.7
                                                                                  ________     ________
Top Twenty Investments                                                             295,345         63.7
                                                                                  ________     ________





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