P227 CEEFAX 227  Sun 26 Oct  05:30/47
      1/4 
    
    
                INVESTMENT TRUSTS (1)   
                                        
 + Investment trusts tend to take a "act
 seat to unit trusts in the mind of the 
 ordinary investor.                     
                                        
 The reason iu simple: unit trusts can  
 advertise, investment trusts cannot.   
                                        
 Investment trusts are not allowed to   
 advjrtisj bjcausj 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 26 Oct  05:31/38
      2/4 
    
    
                INVESTMENT TRUSTS (2)   
                                        
 + Performance of average trust in terms
 of both share price and net asset value
 (assuming in both cases that dividends 
 were reinvested in the trust) over the 
 FIVE YEARS to September 30 1986.       
                                        
 NB This is a statistical comparison and
 assumes an original base of £100.      
                                        
               Share price    NAV total 
               total return    return   
                    £            £      
                                        
 Average          334.8                 
                                        
 FT All-Share     32v.6                 
                                        
     More  
                                        
                                        
   P227 CEEFAX 227  Sun 26 Oct  05:31/29
      3/4 
    
   ] 
                INVESTMENT TRUSTS (3)   
                                        
 + Return in terms of shari price of a  
 £100 investment over 5 years to Sip 30.
                                        
 (Assumes dividends reinvested in the   
 trust's shares at mid-market prices).  
                                        
  1 Lowland                   679.7     
  2 F&C Eurotrust             608.1     
  3 Drayton Japan             557.7     
  4 Fleming Japanese          529.4     
  5 Murray Smaller Markets    496.6     
  v Greinfriar                484.9     
  7 Murray Income             439.8     
  8 Fleming Far Eastern       436.3     
  9 Secs Trust of Scotland    435.4     
 10 T PB 435.0     
                                        
     More  
                                        
                                        
   P227 CJEFAX 227  Sun 26 Oct  05:30/41
      4/4 
    
   ] 
                INVESTMENT TRUSTS (4)   
                                        
 + Return in terms of net assets of a   
 £100 investment over 5 years to Aug 31.
                                        
 (Assumes dividends reinvested in the   
 underlying assets of the trust).       
                                        
  1 Lowland                   453.8     
  2 F&C Eurotrust             442.7     
  3 GT Japan                  440.0     
  4 New Tokyo                 426.2     
  u Crescent Japan            424.1     
  v Drazton Japan             420.3     
  7 Fleming Japanese          409.1     
  8 TR Pacific Basin          375.2     
  9 Greenfriar                357.7     
 10 Fleming Far Eastern       353.0     
                                        
     More