Financial Express (Holdings) Limited (“we”, “our”, “us” and derivatives) are committed to protecting and respecting your privacy. This Privacy Policy, together with our Terms of Use, sets out the basis on which any personal data that we collect from you, or that you provide to us, will be processed by us relating to your use of any of the below websites (“sites”).


For the purposes of the Data Protection Act 1998, the data controller is Trustnet Limited of 2nd Floor, Golden House, 30 Great Pulteney Street, London, W1F 9NN. Our nominated representative for the purpose of this Act is Kirsty Witter.


We collect information about you when you register with us or use any of our websites / services. Part of the registration process may include entering personal details & details of your investments.

We may collect information about your computer, including where available your operating system, browser version, domain name and IP address and details of the website that you came from, in order to improve this site.

You confirm that all information you supply is accurate.


In order to provide personalised services to and analyse site traffic, we may use a cookie file which is stored on your browser or the hard drive of your computer. Some of the cookies we use are essential for the sites to operate and may be used to deliver you different content, depending on the type of investor you are.

You can block cookies by activating the setting on your browser which allows you to refuse the setting of all or some cookies. However, if you use your browser settings to block all cookies (including essential cookies) you may not be able to access all or part of our sites. Unless you have adjusted your browser setting so that it will refuse cookies, our system will issue cookies as soon as you visit our sites.


We store and use information you provide as follows:

  • to present content effectively;
  • to provide you with information, products or services that you request from us or which may interest you, tailored to your specific interests, where you have consented to be contacted for such purposes;
  • to carry out our obligations arising from any contracts between you and us;
  • to enable you to participate in interactive features of our service, when you choose to do so;
  • to notify you about changes to our service;
  • to improve our content by tracking group information that describes the habits, usage, patterns and demographics of our customers.

We may also send you emails to provide information and keep you up to date with developments on our sites. It is our policy to have instructions on how to unsubscribe so that you will not receive any future e-mails. You can change your e-mail address at any time.

In order to provide support on the usage of our tools, our support team need access to all information provided in relation to the tool.

We will not disclose your name, email address or postal address or any data that could identify you to any third party without first receiving your permission.

However, you agree that we may disclose to any regulatory authority to which we are subject and to any investment exchange on which we may deal or to its related clearing house (or to investigators, inspectors or agents appointed by them), or to any person empowered to require such information by or under any legal enactment, any information they may request or require relating to you, or if relevant, any of your clients.

You agree that we may pass on information obtained under Money Laundering legislation as we consider necessary to comply with reporting requirements under such legislation.


We want to ensure that the personal information we hold about you is accurate and up to date. You may ask us to correct or remove information that is inaccurate.

You have the right under data protection legislation to access information held about you. If you wish to receive a copy of any personal information we hold, please write to us at 3rd Floor, Hollywood House, Church Street East, Woking, GU21 6HJ. Any access request may be subject to a fee of £10 to meet our costs in providing you with details of the information we hold about you.


The data that we collect from you may be transferred to, and stored at, a destination outside the European Economic Area (“EEA”). It may be processed by staff operating outside the EEA who work for us or for one of our suppliers. Such staff may be engaged in, amongst other things, the provision of support services. By submitting your personal data, you agree to this transfer, storing and processing. We will take all steps reasonably necessary, including the use of encryption, to ensure that your data is treated securely and in accordance with this privacy policy.

Unfortunately, the transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our sites; any transmission is at your own risk. You will not hold us responsible for any breach of security unless we have been negligent or in wilful default.


Any changes we make to our privacy policy in the future will be posted on this page and, where appropriate, notified to you by e-mail.


Our sites contain links to other websites. If you follow a link to any of these websites, please note that these websites have their own privacy policies and that we do not accept any responsibility or liability for these policies. Please check these policies before you submit any personal data to these websites.


If you want more information or have any questions or comments relating to our privacy policy please email [email protected] in the first instance.

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BFS Income & Growth (BFS)

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Thursday 15 January, 2004

BFS Income & Growth

Additional Monthly Information



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.


ASSETS                                     £'000    Pence per      Pence per
                                                    ZCP share     Ordinary &
                                                                Income share
Total Assets excluding current period     31,158                            
Current period revenue to 31 October         682                            
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
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          
Cash                                                                     1.0

INVESTMENT TRUST PORTFOLIO -                Class of Share     % Total Assets
Holdings representing > 0% of total                         excluding current
assets excluding current period                                period 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
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

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


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