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LMI Income & Growth (LIG)

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Tuesday 22 May, 2001

LMI Income & Growth

Final Results

Leggmason Inv Inc & Grwth Tst PLC
22 May 2001



I am pleased in this first annual report to shareholders to review the
activities of your Company over the period since the successful offer of
shares slightly more than a year ago.

The first period of your Company's life has proven to be highly challenging,
encompassing one of the largest market falls on record. Despite this, your
Company has achieved its objective of investing in a portfolio of income
producing shares thus securing the dividend paying capacity of the Trust. The
requirement to produce a high yield necessitates the investment in geared
investment trust shares. In rising markets these investments have produced
excellent returns, but the opposite is often true in times of market decline.
This has indeed been the case over the past year. Although the value of the
growth assets have fallen by 0.6% they have performed relatively well
exceeding the FTSE 100 by 5.4%.

At the year end, the total assets of your Company were £103.4m including £4.4m
received through a further placing of shares on 30 March 2000. This compares
with £125.7m at launch. After including dividends, the return on total assets
to initial shareholders was -15.6%. The net asset value per share after the
deduction of the bank loan and other prior charges was 60.0p.


In line with the expectations outlined in the prospectus, shareholders have
received three interim dividends of 2.25p, along with a special dividend of
0.4p. The Directors propose that a fourth interim dividend of 2.25p be paid on
29 June 2001 to all shareholders on the register on 1 June 2001.

Placing of shares

On 30 March 2001, following a sharp fall in the equity markets, the Company
placed 7.7m shares at 57.25p which represented a small premium to the then net
asset value per share. This gave the Trust the ability to invest further funds
at a level the Board considered attractive. It also strengthened your
Company's balance sheet, which in a period of market turbulence was strongly
welcomed. The Directors will continue to consider opportunities to develop the
Trust further.


The US economy remains the key determinant of the UK market. It became clear
towards the end of last year that the anticipated US slowdown was actually
happening. The question then was whether interest rate cuts by the Federal
Reserve would catch the problem in time to prevent a hard landing. It is too
early to say either way for sure, but certainly the Federal Reserve did act
very decisively and pro-actively. Profit warnings in certain
technology-related areas are likely to continue, due to over-optimistic
forecasts in the market, rather than a seriously deteriorating environment.
This may mean that markets continue to be volatile until the direction of the
economy becomes clear.

Whilst volatility in the US economy will continue over the coming months, we
would expect to see some improvement in the outlook in the second half of the
year as the interest rate cuts begin to work through into the economy.
Tax-cuts and interest rate cuts should allow the US consumer to remain
confident and as corporate profitability starts to bottom, we would expect the
US stockmarket to pick-up.

Any further signs of a slowdown in the UK should prompt the Monetary Policy
Committee to make more interest rate cuts, which should be beneficial to the
equity market. The UK market is now at its most attractive valuation for over
two years, and real areas of value are beginning to appear. Institutional cash
balances are high and interest rate cuts in the UK could provide the stimulus
that investors are waiting for. The stockmarket looks well underpinned at
current levels and investors are well placed to see satisfactory returns from
the UK equity markets over the remainder of the year if sentiment improves.

Ken Greatbatch


22 May 2001


(incorporating the revenue account) (unaudited)

for the period from incorporation on 15 February 2000 to 30 April 2001

                                                     For the period ended 30

                                                    Revenue  Capital     Total
                                                      £'000    £'000     £'000

Total capital losses on investments                       - (23,193)  (23,193)
Income from fixed asset investments
                                                      9,051        -     9,051
Other interest receivable and similar income
                                                        605        -       605
                                                   ________ ________ _________

Gross revenue and capital losses                      9,656 (23,193)  (13,537)

Management fee                                        (375)    (876)   (1,251)
Other administrative expenses                         (309)        -     (309)
                                                   ________ ________ _________
Net return/(loss) on ordinary activities before
interest payable and taxation

                                                      8,972 (24,069)  (15,097)

Interest payable                                    (1,225)  (2,857)   (4,082)
                                                   ________ ________ _________
Net return/(loss) on ordinary activities before
taxation                                              7,747 (26,926)  (19,179)

Tax on net return on ordinary activities
                                                       (17)        -      (17)
                                                   ________ ________ _________
Net return/(loss) on ordinary activities after
taxation                                              7,730 (26,926)  (19,196)

1st interim dividend (including special 0.4p) -     (2,067)        -   (2,067)
2nd interim dividend - 2.25p                        (1,755)        -   (1,755)
3rd interim dividend - 2.25p                        (1,755)        -   (1,755)
4th interim dividend - 2.25p                        (1,928)        -   (1,928)
                                                   ________ ________ _________

                                                    (7,505)        -   (7,505)
                                                   ________ ________ _________

Transfer to/(from) reserves                             225 (26,926)  (26,701)
                                                   ________ ________ _________

                                                      pence    pence     pence
Return per ordinary share                             10.02  (34.89)   (24.87)

The revenue column of this statement represent the revenue account of the

All revenue and capital items in the above statement derive from continuing
operations. No operations were acquired or discontinued in the period.


at 30th April 2001 (unaudited)

                                                           As at 30 April 2001

Fixed asset investments
Listed in the United Kingdom                               103,629

Current assets
Debtors and prepayments                                    1,487
Cash at bank                                               890

Current liabilities
Creditors: amounts falling due within one year             (2,558)

Net current liabilities                                    (181)

Total assets less current liabilities                      103,448

Creditors: amounts falling due after more than one year    (52,000)


Capital and reserves
Called-up share capital                                    21,425
Share premium account                                      39,174
Special reserve                                            17,550
Capital reserves (realised)                                (4,910)
Capital reserves (unrealised)                              (22,016)
Revenue reserve                                            225

Equity shareholders' funds                                 51,448

Net asset value per ordinary share                         pence

Approved by the Board of Directors on 22 May 2001.

Cash Flow Statement

for the period ended 30th April 2001 (unaudited)
                                                        2001        2001
                                                        £'000       £'000

Net cash inflow from operating activities                           7,348

Returns on investment and servicing of finance
Interest paid                                                       (4,070)

Capital expenditure financial investment
Acquisition of investments                              (185,257)
Sales of investments                                    58,283
Net cash outflow from financial investment                          (126,974)

Equity dividends paid                                               (5,577)

Net cash outflow before financing                                   (129,273)

Gross proceeds from issue of ordinary shares            82,409
Issue expenses paid                                     (4,246)
Loan drawn down                                         52,000
Net cash outflow from financing                                     130,163

Increase in cash                                                    890

Reconciliation of net cash flow to movement in net debt
Increase in cash as above                                           890
Cash inflow from loan drawn down                                    (52,000)

Net debt at 30th April                                              (51,110)

Notes to the Accounts

 1. Return per ordinary share

        Revenue return per ordinary share is calculated by dividing the net
        revenue return on ordinary activities after taxation for the period of
        £7,730,000 by the weighted average number of ordinary shares in issue
        during the period of 77,172,947

        Capital return per ordinary share is calculated by dividing the net
        capital loss on ordinary activities after taxation for the period of £
        26,926,000 by the weighted average number of ordinary shares in issue
        during the period of 77,172,947.

 2. Net asset value per ordinary share

        The net asset value per ordinary share is based on net assets
        attributable to ordinary shares of £51,448,000 and on 85,700,000
        ordinary shares in issue at 30th April 2001.

        The movement during the period of the assets attributable to the
        ordinary shares were as follows:

Net proceeds from issue of shares                                        78,149

Total net return on ordinary activities after taxation for the
period                                                                 (19,196)
Dividends                                                               (7,505)
Net assets attributable to ordinary shareholders at 30th April
2001                                                                     51,448

 3. Accounts for the period ended 30th April 2001

    The above financial information for the period ended 30th April 2001 does
    not constitute statutory accounts as defined in Section 240 of the
    Companies Act 1985. Statutory accounts for the period ended 30th April
    2001 will be delivered to the Registrar of Companies in due course.

 4. Income from fixed asset investments


Dividends - listed                                                        5,266
Unfranked:                                                                3,492
Dividends - listed                                                          293
Other interest receivable and similar income
Bank interest                                                               570
Underwriting commission                                                      35

The annual report will be sent to shareholders in June 2001 and will be
available to members of the public from the Company's registered office at 3,
Finsbury Avenue, London, EC2M 2NB

For further information, please contact :

Susan Venables

Cogent Secretarial Services Limited

Tel: 020 7477 5971


a d v e r t i s e m e n t