P227 CEEFAX 227  Sun 22 Dec  22:45/29
      1/5 
    
    
                INVESTMENT TRUSTS (1)   
                                        
 + Investment trusts tend to take a back
 seat to unit trusts in the mind of the 
 ordinary investor.                     
                                        
 The reason is simple: unit trusts can  
 advertise, investment trusts cannot.   
                                        
 Investment trusts are not allowed to   
 advertise because they are companies   
 with a fixed share capital.            
                                        
 While unit trusts are open-ended - the 
 managers can create extra units at will
 - investment trusts are closed-ended   
 and, as such, fall under the Prevention
 of Fraud (Investments) Act.            
                                        
     More  
                                        
                                        
   P227 CEEFAX 227  Sun 22 Dec  22:49/21
      2/5 
    
    -,, -,,% 
                INVESTMENT TRUSTS (2)   
                                        
 + Because investment trusts are limited
 companies, investing in one is simply a
 matter of buying some shares.          
                                        
 Like unit trusts they offer an expertly
 guided route into world stock markets. 
                                        
 Unlike unit trusts, however, they may  
 invest in unlisted companies, propjut8,
 gold or whatever.                      
                                        
 Another attraction is the fact that an 
 investment trust's shares usually stand
 at a sizeable discount to the value of 
 its investments. And, too, there is    
 always the possibility of a bid.       
                                        
     More  
                                        
                                        
   P227 CEEFAX 227  Sun 22 Dec  22:45/23
      3/5 
    
    -,,* 
                INVESTMENT TRUSTS (3)   
                                        
 + Performance of average trust in terms
 of both the total return on net assets 
 and the total return to shareholders   
 over the five years to Oct 1985.       
                                        
 (This is a statistical comparison, and 
 assumes an original base of £100).     
                                        
                Return on    Return to  
                net assets  shareholders
                                        
                    £            £      
                                        
 Average          236.4        253.1    
                                        
 FT All-Share     262.1                 
                                        
     More  
                                        
                                        
   P227 CEEFAX 227  Sun 22 Dec  22:43/13
      4/5 
    
    
                INVESTMENT TRUSTS (4)   
                                        
 + Ranked by return to shareholders on a
 £100 investment over 5 years to Nov 30.
                                        
 (Assumes dividends reinvested in the   
 trust's shares at mid-market prices).  
                                        
  1 Lowland                   515.1     
  2 Murray Income             380.0     
  3 Greenfriar                363.9     
  4 Electra                   338.4     
  5 Crescent Japan            334.3     
  6 Murray Smaller Markets    329.8     
  7 F&C Eurotrust             323.9     
  8 Meldrum                   320.0     
  9 TR City of London         320.0     
 10 Murray International      315.1     
                                        
    More  
                                        
                                        
   P227 CEEFAX 227  Sun 22 Dec  22:41/37
      5/5 
    
    -,,% 
                INVESTMENT TRUSTS (5)   
                                        
 + Ranked by return on net assets of a  
 £100 investment over 5 years to Oct 31.
                                        
 (Assumes dividends reinvested in the   
 underlying assets of the trust).       
                                        
  1 Lowland                   408.6     
  2 Crescent Japan            389.9     
  3 GT Japan                  337.4     
  4 Greenfriar                319.0     
  5 Murray Income             306.2     
  6 Moorgate                  304.5     
  7 Scottish Mortgage         286.1     
  8 Throgmorton               285.7     
  9 Family                    283.5     
 10 Temple Bar                277.8     
                                        
     More