P227 CEEFAX 227 Mon 10 Nov 21:12/44 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 is simple: unit trusts can advjrtisj, 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. MoreP227 CEEFAX 227 Mon 10 Nov 21:13/08 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-Shari 32v.v MoreP227 CJEFAX 227 Mon 10 Nov 21:22/27 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 6 Greinfriar 484.9 7 Murray Income 439.8 8 Fleming Far Eastern 436.3 9 Secs Trust of Scotland 435.4 10 TR Pacific Basin 43u.0 MoreP227 CEEFA( 227 Mon 10 Nov 21:11/21 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 undjrlyjng 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 6 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