LIONTRUST FTSE 100 TRACKER FUND. Manager's Long Final Report and Financial Statements for the year ended 31 May 2012 LIONTRUST FUND PARTNERS LLP

Manager's Long Final Report and Financial Statements

for the year ended 31 May 2012

Authorised and regulated by the Financial Services Authority. Website www.liontrust.co.uk

Authorised and regulated by the Financial Services Authority.

State Street Trustees Limited

Administration and Dealing facsimile 0844 892 0560 Email info@liontrust.co.uk 2 Savoy Court WC2R OEZ 20 Churchill Place E14 5HJ

Manager

Authorised and regulated by the Financial Services Authority.

Auditors

Investment Adviser

State Street Global Advisors Limited

Trustee

London London

Liontrust Fund Partners LLP

Authorised and regulated by the Financial Services Authority. Administration and Dealing enquiries 0844 892 1007

International Financial Data Services Limited*

Essex IFDS House

SS15 5FS St. Nicholas Lane Basildon

* On 30 January 2012 the Manager delegated the function of Registrar from Bank of New York Mellon (International) Limited to International Financial Data Services Limited.

Registrar

London

20 Churchill Place E14 5HJ

Contents

Manager’s Investment Report 3

Performance Record 7

Authorised Status 8

Statement of the Manager’s Responsibilities 8

Statement of the Trustee’s Responsibilities 8

Trustee’s Report 8

Certification of Accounts by Directors of the Manager 9

Independent Auditors’ Report 10

Portfolio Statement 12

Financial Statements:

Statement of Total Return 15

Statement of Change in Net Assets Attributable to Unitholders 15

Balance Sheet 16

Notes to the Financial Statements 17

Distribution Table 24

Information for Corporate Unitholders 24

Additional Information 25

Liontrust FTSE 100 Tracker Fund tracks the famous ‘Footsie’ (FTSE 100) Index, which comprises the UK’s one hundred largest companies, many of which are well known household names. The Footsie Index accounts for over 80% of the whole UK stock market by size and is thus a good barometer of the market’s fortunes. There is no initial charge, no exit fee and an annual management fee of just 0.295%. Currently the difference between the bid (sell) and offer (buy) prices is just 0.6%.

MANAGER’S INVESTMENT REPORT

Investment Objective

The investment objective of Liontrust FTSE 100 Tracker Fund is to match the capital performance of the FTSE 100 Index, which comprises the UK’s one hundred largest companies. It will be achieved principally by replicating the constituents of the FTSE 100 Index. However, in managing the short-term liquidity of the Fund and its income, the Manager may, from time to time, invest in FTSE 100 Index futures in accordance with the rules of the COLL Sourcebook regarding hedging.

Liontrust Asset Management PLC

Liontrust provides portfolio management services in UK, European, Asian and Emerging Markets equities. These are

managed on a long-only, long/short and absolute return basis through unit trusts, individual savings accounts (ISAs), offshore funds, pooled pension funds and segregated institutional accounts. The Group currently manages £2.2 billion (as at 17th _July

2012).

We market our investment products to professional investors, predominantly in the UK and Continental Europe. These include pension funds and other institutional investors, family offices, private banks, private client managers, multi-managers, stockbrokers and financial advisers. Some private clients, to whom no advice has been given, have chosen independently to invest with us.

Liontrust Asset Management PLC is the parent company of Liontrust Fund Partners LLP and Liontrust Investment Partners LLP, which are authorised and regulated by the Financial Services Authority. All members of the Liontrust Group sell only Liontrust Group products.

State Street Global Advisors Limited

Liontrust Fund Partners LLP outsources the quantitative (passive) investment management of the Fund to State Street Global Advisors Limited, which is one of the world’s largest fund managers. State Street currently manages around £2.0 trillion in assets across a network of 10 investment centres spanning the world’s financial markets.

Performance of the Fund

In the year to 31st _{May 2012 an investment in the Fund fell by -7.7% compared with a fall of -7.7% in the FTSE 100 Index.*}

A dividend distribution of 5.62 pence per unit will be paid on 31st _{July 2012.}

*Source: Financial Express, total return, bid-to-bid basis, past performance is not a guide to the future.

Performance of the FTSE 100 Index

The FTSE 100 Index ended the 12 months to 31 May 2012 in negative territory, falling 10.25% as the Eurozone crisis continued to cause volatility in the market.

The UK market’s performance was not only affected by global news events and the on-going drama in Europe but its own economic woes. The UK officially dipped back into recession in early 2012 following two consecutive quarters of negative growth.

Throughout the 12-month period under review economic news dominated headlines, particularly sovereign debt issues. The term ‘bailout’ became an everyday feature as we moved into 2012 and banks and financials continued their rocky

progression.

Outside of economics there were several other tumultuous news events that created worry. Middle Eastern conflicts escalated, first in Libya in the latter part of 2011 and then more recently, Syria. The UK meanwhile contended with street riots, an attack on its embassy in Tehran plus the fallout from the phone hacking scandal, leading to the Leveson inquiry. Highlighting the volatile summer period in the UK was the FTSE 100 Index’s 12-month high in July 2011 of 6054 and its 52-week low just 52-weeks later on 9 August, reaching a level of 4791.

Despite the rocky and ultimately negative year, there were some companies that fared well. Over the full 12-month period the best performer in the FTSE 100 Index was retailer Next, with gains of 33.55%, followed by specialist distribution group Bunzl and Intertek Group, a provider of quality and safety solutions. However, their gains were more than offset by the biggest losers in the Index over that time frame, withVedanta Resource posting the largest losses of 56.38%. Financial companies Royal Bank of Scotland and Lloyds Banking Group rounded out the bottom performers with returns of -52.26% and -49.25%

MANAGER’S INVESTMENT REPORT

The highlights of each month follow, noting the strong and weak relative performances as well as anycompanies, which joined or left the FTSE 100 Index over the period under review.

June

Perhaps reflecting the relative quietness of global news in June, the month was a flat beginning to the summer period, with the FTSE 100 Index returning 0.35%. The top performance over the month came from luxury brand Burberry as well as engineering company Weir Group. At the bottom of the performance table was Essar Energy.

Following the quarterly review of the FTSE 100 Index it was announced there was just one constituent change to the make-up of the UK blue chip Index. Global ingredients and food solutions provider Tate & Lyle entered the Index while exiting the top 100 was international travel company TUI Travel.

July

July dipped into negative territory, falling 2.85% on the back of global events, particularly the UK’s phone hacking scandal.

BSkyB was the worst performer in July falling 16.14%.

There were positive notes as the month progressed with the FTSE 100 Index spiking above 6000 at one point only to drop back down. Continued uncertainty over Europe as well as Middle East tensions saw investors return to safety assets and the price of gold hit record highs, breaching a record $1,600 an ounce. Unsurprisingly gold companies fared best in July with

Fresnillo leading the way with its share price advancing 25.80%. Healthcare company Shire was the second best performer

but some distance away from Fresnillo with gains of 8.83% while another gold company, Randgold Resources, rounded out the top three top performers.

August

It was a riotous month for both the market and the UK itself, with the FTSE 100 Index ending the month down 5.94%. The Index hit a 52-week low, dropping to a level of 4791 on 9 August before recovering some of its losses by the end of the month and closing at 5394.53.

The market was hit by concerns over the downgrading of the US’s debt for the first time in 70 years and no sooner was that situation over when worries over Europe escalated once more. Closer to home, the UK saw days of extensive riots on the streets in London and other major cities. Meanwhile banks began reporting profit hits springing from mis-selling claims and exposure to Greek debt.

Gold companies Fresnillo and Randgold continued to advance while Indian power company Essar endured the worst falls. Also hit over the month were financial companies with Royal Bank of Scotland and Hargreaves Landsdown among the worst performers.

September

September marked the 10th anniversary of the 2001 US terrorist attacks but it was the on-going Libyan conflict as well as Europe that ruled headlines. Europe’s debt crisis spread as concerns over contagion to even more economies grew. The FTSE 100 Index fell 5.16% over the month to close at a level of 5128.

It was a mixed group posting the best returns in the market with top gains coming from energy company Tullow Oil, retailer

Next and food solutions provider Tate & Lyle. A more dominant theme was seen in the FTSE 100 Index losers with resource

companies feeling some strife. The share price of copper miner Antofagasta fell by 31.22% in September while Kazakhmys returned -26.3%.

Following the latest review, investment management firm Ashmore Group and specialised distribution company Bunzl joined the UK’s Large Cap Index. Leaving the FTSE 100 Index were Wood Group and 3i.

October

Following two negative months, October came as a relief and with it a rally in the FTSE 100 Index to a level of 5544 and an overall gain of 8.20%. Although Europe continued to pose risks and concerns, progress was seen with Germany and France agreeing to a bailout package. The UK announced it would engage in another round of quantitative easing to help support its economy. Libya’s Colonel Muammar Gaddafi was killed.

From the bottom in the previous month to the top in October, miners bounced back. The top FTSE 100 Index performer was

MANAGER’S INVESTMENT REPORT

November

Continuing October’s relief rally, November bucked bad news both at home and abroad to finish the month in positive territory, up 2.26%. News continued to weigh on investors as expectations of a European recession mounted, protests returned to Egypt, tension between the UK and Iran grew and the UK announced further austerity measures. Italy’s Prime Minister Silvio Berlusconi resigned.

Building materials company CRH, engineers Weir Group and specialist power company Aggreko led the FTSE 100 Index up in November, with each posting double digit gains. Essar Energy continued to feel the effects of India being out of favour, posting the worst return at -21.49%. During the month Lloyds Banking Group reported substantial losses over the first nine months of 2011, chiefly related to compensation being paid in relation to payment protection mis-selling claims. The financial group was the second worst performer in November, falling 18.77%.

December

The holiday period did not lead to buoyant market performance but the month did end in positive territory with returns of 1.21%. Europe was once more the focal point for headlines as the UK’s Prime Minister David Cameron vetoed EU-wide treaty changes at December’s EU summit. Elsewhere the death of Kim Jong-il prompted discussion over the future path for North Korea.

It was a mixed bag of companies that progressed strongest over the month. Oil, tobacco, pharmaceutical and insurance companies were also among the best performers while miners, retailers, property and select financial companies made up the worst. Old Mutual led the way on gains of 19.49% while Fresnillo posted the largest fall of the month, down 10.91%. Following FTSE 100 Index’s regular quarterly review, a number of changes were made to the constituents of the top 100 index. Building materials group CRH, steel and mining company, Evraz, and precious metals producers, Polymetal

International joined the Index while exiting were Inmarsat, Investec and Lonmin.

January

The year started somewhat quietly and the FTSE 100 Index remained in positive territory with a gain of 1.96%. Over the course of the month protests intensified in Syria, the US’s presidential race began to heat up with Republican presidential primaries and Greece continued to create concern as doubts were cast over the success of the latest bailout plans. Also in January an Italian cruise ship ran aground while UK bank bosses were criticised over bonuses.

Despite the pressure being felt by banks, Royal Bank of Scotland, Barclays and Lloyds Banking Group were among the top 10 best performing companies in January. Resource stocks also fared well with Kazakhmys, Rio Tinto, Vedanta Resource and new FTSE 100 Index participant, Evraz, also gaining the most over the month. Meanwhile Tesco and WM Morrison were the worst two performers, falling 20.78% and 12.32% respectively.

February

February was another marginally positive month for the FTSE 100 Index, returning 1.40% and ending at a level of 5871. Greece was once more centre stage of news events in February as Greek politicians approved further austerity cuts and rioting broke out across the country. Elsewhere, making the news was a veto by Russia and China on UN efforts to quell unrest in Syria. In the UK, the Leveson inquiry rolled on and James Murdoch announced he was stepping down as executive chairman of News International.

Capita, Admiral Group, Vedanta Resource and ITV helped lead the Index into positive territory for February. The double-digit

gains in their share prices helped to offset losses posted by the likes of International Consolidated Airlines and Aztrazeneca. Overall mining and resource companies struggled in February with four such companies featuring among the bottom 10 performers.

March

The FTSE 100 Index came close to breaking through the 6000 level over March, reaching a mid-month high of 5965. However, falls in the share prices of resource companies weighed down any advancement and the Index ended the month down 2.74%.

Eight of the 10 worst performers in the FTSE 100 Index over March were resource companies. Falling the most was

Randgold Resources. At the top, the best performing company in the Index was Petrofac.

The news was not all negative in March: UK inflation was reported as falling, a cease-fire in Syria was agreed and the EU’s Fiscal pact agreed to in December was signed, except by the UK. Meanwhile Vladimir Putin won the presidential election in Russia.

The latest review of the FTSE 100 Index members led to two new entrants, Aberdeen Asset Management and chemical company, Croda International. Exiting the Index were energy companies Essar and Cairn.

MANAGER’S INVESTMENT REPORT

April

The FTSE 100 remained somewhat resilient in April, despite the announcement the country had officially re-entered recession. The Index fell marginally in April, 0.53%, ending the month at 5737. Spain was also announced as being in recession and during the month the country, along with Italy, was also the centre of fresh Eurozone sovereign debt concerns. A 10.31% rise in the share price of new entrant Aberdeen Asset Management gave it top spot over the month, followed by

Xstrata and Severn Trent. Financials were once again under pressure as evidenced by seven of the 10 worst performers in

April coming from this market sector. The worst performer over the month was Old Mutual with a share price fall of 18.46%.

May

May was an eventful and tempestuous month and lent considerable weight to the overall negative 12-month period. The FTSE 100 Index ended the month at a level of 5320, a return of -8.45%.

During the month a Greek general election culminated in a win for parties rejecting the bailout agreement with the IMF and EU but failure to form a coalition government led to the announcement of new elections in June. Spain’s largest bank sought bailout funds while Francois Hollande defeated Nicolas Sarkozy to become president of France. Concerns over Syria grew when an attack led to the deaths of numerous children, sparking international outrage. In other world news in May, popular social networking site Facebook had its IPO, valuing the company at over $100bn.

Share price gains of 4.70% meant United Utilities was the best performer in the FTSE 100 Index in May, followed by retailer

Next. Resources and banks were once again at the bottom of the performance rankings with Eurasian Natural Resources

and Vedanta Resources featuring the highest losses over the month, while Lloyds Banking Group ranked third.

Liontrust Fund Partners LLP July 2012

Note: FTSE 100 Index constituents, past and present, are italicised. Performance on a capital return basis only.

The transactions of the Fund during the year have reflected changes in the composition of the FTSE 100 Index during the year and flows of investors’ money to and from the Fund.

The manager's investment report, together with information on the authorised status of the Fund, the objectives of the Fund and the information on page 1, comprise the Manager's Report.

Units in issue

Net asset value of Fund (£)

Net asset value per unit (p) *Total expense ratio (%) Retail 31/05/10 33,819,389 51,176,812 151.32 0.42 31/05/11 32,158,698 55,884,395 173.78 0.44 31/05/12 29,735,345 46,022,050 154.77 0.46 Year Highest offer (buying) price (p)

Lowest bid (selling) price (p)

Net income per unit (p)

Net income per £1,000 invested at 02/01/07 (£) 2007 198.90 170.20 5.56 30.00 2008 192.12 110.00 6.12 33.03 2009 160.89 104.84 5.46 29.46 2010 176.87 140.16 4.66 25.15 2011 181.25 144.71 4.61 24.88 2012 (to 31.05) 178.33 158.95 5.62 30.33

The Fund distributes income once per annum, on 31st July. The ex-dividend date is 1st June each year.

Net Asset Value and Total Expense Ratio

Performance Record

Income can be reinvested to purchase units at no initial charge.

The table below shows the number of income units in issue, the total net asset value of the property of the Fund, the net asset value per unit and the total expense ratio:

The calculation of the net asset value for the current year uses bid prices in line with the requirements of the Statement of Recommended Practice (SORP) for Authorised Funds issued by the IMA in October 2010.

* The Total Expense Ratio ('TER') is the total expenses paid by the Fund in the year against its average net asset value.

The table below shows the highest buying price, the lowest selling price of units and the net income distributions made by the Fund for the last five years.

Unit price history and revenue record

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The Trustee’s report is included below.

Trustee's Report

State Street Trustees Limited 20 Churchill Place

London E14 5HJ

31 July 2012

The Fund is an authorised unit trust scheme (“the Scheme”) under Section 243 of the Financial Services and Markets Act 2000 (authorisation orders) and the Financial Services Authority’s Collective Investment Schemes Sourcebook and is categorised as a UCITS scheme.

The Financial Services Authority’s Collective Investment Scheme Sourcebook (‘the Regulations’) require the Manager to prepare financial statements for each annual accounting period which give a true and fair view of the financial position of the Scheme and of its net income/expenses and the net gains/losses on the property of the Scheme for the period. In preparing the financial statements the Manager is required to:

select suitable accounting policies and then apply them consistently;

to the unitholders of the Liontrust FTSE 100 Tracker Fund ("the Fund")

Having carried out such procedures as we considered necessary to discharge our responsibilities as Trustees of the Scheme it is our opinion, based on the information available to us and the explanations provided, that the Manager has in all material respects managed the Scheme during the period in accordance with the investment and borrowing powers and restrictions applicable to the Scheme, and otherwise in accordance with the provisions of the Trust Deed and the rules in the Financial Services Authority’s Collective Investment Schemes Sourcebook.

comply with the requirements of the Statement of Recommended Practice for Authorised Funds issued by the Investment Management Association (IMA) in October 2010;

follow generally accepted accounting principles and applicable accounting standards;

keep proper accounting records which enable it to demonstrate that the financial statements, as prepared, comply with the above requirements; and

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Scheme will continue in operation.

Statement of Trustee's Responsibilities

The Trustee is under a duty of care to take into its custody or under its control all of the property of the Scheme and to hold it in trust for the holders of units. Under the rules in the Financial Services Authority’s Collective Investment Schemes Sourcebook relating to Reports, it is also the duty of the Trustee to enquire into the conduct of the Manager in the management of the Scheme in each annual accounting period and report thereon to unitholders in a report which shall contain the matters prescribed by the rules.

Authorised Status

Statement of the Manager's Responsibilities

The Manager is responsible for the management of the Scheme in accordance with its Trust Deed, Prospectus and the Regulations, and has taken all reasonable steps for the prevention and detection of fraud and other irregularities.

31 July 2012

Antony Morrison

Partner, Head of Finance Liontrust Fund Partners LLP

John Ions

Chief Executive

We certify that this Manager’s Report has been prepared in accordance with the Financial Services Authority’s Collective Investment Schemes Sourcebook.

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have been properly prepared in accordance with the Statement of Recommended Practice for Authorised Funds, the Collective Investment Schemes Sourcebook and the Trust Deed.

Opinion on financial statements

In our opinion the financial statements:

In our opinion:

the information given in the Authorised Fund Manager’s Report for the financial year for which the financial statements are prepared is consistent with the financial statements.

Opinion on other matters prescribed by the Collective Investment Schemes

sourcebook

we have obtained all the information and explanations we consider necessary for the purposes of the audit; and

to the unitholders of the Liontrust FTSE 100 Tracker Fund ("the Fund")

We have audited the financial statements of the Liontrust FTSE 100 Tracker Fund for the year ended 31 May 2012 which comprise the Statement Of Total Return, the Statement Of Change In Net Assets Attributable To Unitholders, the Balance Sheet, the related notes and the Distribution Table. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and the Statement of Recommended Practice 'Financial Statements of Authorised Funds' issued by the

Investment Management Association (the "Statement of Recommended Practice for Authorised Funds").

Respective responsibilities of the Manager and Auditors

give a true and fair view of the financial position of the Trust at 31 May 2012 and of the net revenue and the net losses of the property of the Trust for the year then ended; and

As explained more fully in the Authorised Fund Manager's Responsibilities Statement the Authorised Fund Manager is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board's Ethical Standards for Auditors.

This report, including the opinions, has been prepared for and only for the Trust's unitholders as a body in accordance with paragraph 4.5.12 of the Collective Investment Schemes sourcebook and for no other purpose. We do not, in giving these opinions, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing.

Scope of the audit and the financial statements

An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error. This includes an assessment of: whether the accounting policies are appropriate to the Trust's circumstances and have been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates made by the Authorised Fund Manager; and the overall presentation of the financial statements. In addition, we read all the financial and non-financial information in the Liontrust FTSE 100 Tracker Fund Long Final Report to identify material inconsistencies with the audited financial statements. If we become aware of any apparent material misstatements or inconsistencies we consider the implications for our report.

Independent Auditors' Report

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(a)

(b)

Matters on which we are required to report by exception

the financial statements are not in agreement with the accounting records and returns.

Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

31 July 2012

PricewaterhouseCoopers LLP

Chartered Accountants & Statutory Auditors

We have nothing to report in respect of the following matters where the Collective Investment Schemes sourcebook requires us to report to you if, in our opinion:

proper accounting records for the Trust have not been kept; or

Edinburgh

The maintenance and integrity of the Liontrust website is the responsibility of the Manager; the work carried out by the Auditors does not involve consideration of these matters and, accordingly, the Auditors accept no responsibility for any changes that may have occurred to the financial statements since they were initially presented on the website.

Holding Market Value £'000 Percentage of total net assets % EQUITIES (99.81%*) 45,847 99.62 BASIC MATERIALS (14.34%*) 5,158 11.20 Anglo American 43,759 870 1.89 Antofagasta 13,575 139 0.30 BHP Billiton 69,821 1,190 2.59 Croda International 4,529 97 0.21

Eurasian Natural Resources 13,012 56 0.12

EVRAZ 13,647 42 0.09 Fresnillo 7,194 96 0.21 Glencore 47,126 165 0.36 Johnson Matthey 7,241 158 0.34 Kazakhmys 7,391 51 0.11 Polymetal International 9,854 78 0.17 Randgold Resources 3,095 160 0.35 Rio Tinto 46,909 1,321 2.87 Vedanta Resources 4,590 43 0.09 Xstrata 73,011 692 1.50 CONSUMER GOODS (12.79%*) 7,242 15.74

Associated British Foods 13,021 154 0.33

British American Tobacco 65,222 1,988 4.33

Burberry 14,760 206 0.45 Diageo 83,253 1,281 2.78 GKN 54,435 101 0.22 Imperial Tobacco 32,985 775 1.68 Reckitt Benckiser 24,140 832 1.81 SABMiller 39,129 939 2.04

Tate & Lyle 15,582 106 0.23

Unilever 42,343 860 1.87

CONSUMER SERVICES (8.53%*) 3,890 8.45

British Sky Broadcasting 43,039 296 0.64

Carnival 7,195 150 0.33

Compass 62,181 395 0.86

Intercontinental Hotels 9,697 145 0.31

International Consolidated Airlines 64,026 90 0.20

ITV 125,245 92 0.20

Kingfisher 77,549 218 0.47

Marks & Spencer 53,976 179 0.39

Next 5,627 169 0.37 Pearson 26,324 300 0.65 Reed Elsevier 41,088 198 0.43 Sainsbury (J) 62,857 182 0.40 Tesco 264,846 804 1.75 Whitbread 5,990 111 0.24

Portfolio Statement

Holding Market Value £'000 Percentage of total net assets %

Portfolio Statement

as at 31 May 2012 (Ordinary shares except where otherwise stated)

FINANCIALS (20.05%*) 7,832 17.03

Aberdeen Asset Management 38,437 90 0.20

Admiral 6,735 73 0.16

Ashmore ** 12,606 42 0.09

Aviva 95,174 252 0.55

Barclays 401,582 721 1.57

British Land ** 30,007 148 0.32

Capital Shopping Centres ** 20,930 65 0.14

Hammerson ** 23,025 97 0.21

Hargreaves Lansdown 8,501 41 0.09

HSBC 600,900 3,058 6.64

ICAP 21,604 74 0.16

Land Securities ** 24,397 174 0.38

Legal & General 187,780 207 0.45

Lloyds Banking Group 1,339,316 343 0.75

Man 60,794 45 0.10

Old Mutual 163,352 232 0.50

Prudential 81,161 552 1.20

Resolution 48,785 96 0.21

Royal Bank of Scotland 594,137 119 0.26

RSA Insurance 117,859 117 0.25

Schroders 6,003 72 0.16

Schroders Non Voting 2,244 22 0.05

Standard Chartered 78,239 1,030 2.24 Standard Life 78,967 162 0.35 HEALTH CARE (8.26%*) 4,024 8.74 AstraZeneca 42,037 1,101 2.39 GlaxoSmithKline 168,356 2,405 5.23 Shire 18,390 337 0.73

Smith & Nephew 29,829 181 0.39

INDUSTRIALS (4.67%*) 2,915 6.34 Aggreko 8,940 196 0.43 BAE Systems 107,517 295 0.64 Bunzl 9,818 101 0.22 Capita 20,073 126 0.27 CRH 21,807 240 0.52 Experian 33,437 302 0.66 G4S 48,495 135 0.29 IMI 10,555 92 0.20 Intertek 5,367 141 0.31 Meggitt 25,304 96 0.21 Rexam 29,485 119 0.26 Rolls Royce 6,597,546 7 0.02 Rolls-Royce 'C' Shares 62,241 517 1.12 Serco 17,613 93 0.20 Smiths 13,109 132 0.29 Weir 7,099 112 0.24 Wolseley 9,567 211 0.46

Holding Market Value £'000 Percentage of total net assets %

Portfolio Statement

as at 31 May 2012 (Ordinary shares except where otherwise stated)

OIL & GAS (19.26%*) 8,868 19.27

AMEC 11,381 111 0.24

BG 111,462 1,390 3.02

BP 624,461 2,504 5.44

Petrofac 8,695 136 0.30

Royal Dutch Shell 'A' Shares 120,653 2,431 5.28

Royal Dutch Shell 'B' Shares 88,950 1,855 4.03

Tullow Oil 30,224 441 0.96 TECHNOLOGY (1.00%*) 322 0.70 ARM 40,381 208 0.45 Sage 44,471 114 0.25 TELECOMMUNICATIONS (6.80%*) 3,403 7.40 BT 257,741 533 1.16 Vodafone 1,652,055 2,870 6.24 UTILITIES (4.11%*) 2,193 4.75 Centrica 171,982 534 1.16 International Power 50,784 210 0.46 National Grid 116,849 765 1.66 Severn Trent 7,370 125 0.27 SSE 30,826 411 0.89 United Utilities 22,798 148 0.31 DERIVATIVES (0.00%*) (3) (0.01)

FTSE 100 Index Futures June 2012 2 (3) (0.01)

IRELAND (1.77%*) - -CASH DEPOSITS (1.77%*) -

-Portfolio of investments 45,844 99.61

Net other assets 178 0.39

Total net assets 46,022 100.00

** Real Estate Investment Trust (REIT).

All securities are approved securities traded on eligible securities markets, as defined by the Collective Investment Scheme sourcebook, unless otherwise stated.

Notes

£'000 £'000 £'000 £'000

Income

Net capital (losses)/gains 4 (5,938) 7,536

Revenue 5 1,989 1,788

Expenses 6 (238) (244)

Finance costs: Interest 8 - -

Net revenue before taxation 1,751 1,544

Taxation 7 (3) (13)

Net revenue after taxation 1,748 1,531

Total return before distribution (4,190) 9,067

Finance costs: Distribution 8 (1,747) (1,530)

(5,937) 7,537

£'000 £'000 £'000 £'000 Opening net assets attributable to unitholders 55,884 51,177

Amounts receivable on issue of units 1,809 1,661

Amounts payable on cancellation of units (5,725) (4,483)

(3,916) (2,822)

Stamp duty reserve tax (9) (9)

Change in net assets attributable to unitholders from

investment activities (5,937) 7,537

Unclaimed distributions - 1

Closing net assets attributable to unitholders 46,022 55,884

01/06/11 to 31/05/12 01/06/10 to 31/05/11 Change in net assets attributable to unitholders from

investment activities

for the year ended 31 May 2012 for the year ended 31 May 2012

Statement of Change in Net Assets Attributable to Unitholders

Statement of Total Return

Notes

£'000 £'000 £'000 £'000 Assets

45,847 56,767

Debtors 9 390 513

Cash and bank balances 10 1,521 351

Total other assets 1,911 864

47,758 57,631

Derivative liabilities 3

-Creditors 11 62 264

Distribution payable on income units 1,671 1,483

Total other liabilities 1,733 1,747

Total liabilities 1,736 1,747

46,022 55,884

as at 31 May 2012

31/05/2012 31/05/2011

Net assets attributable to unitholders

Balance Sheet

Liabilities

Total assets Investment assets

1. Accounting and distribution policies (a) Basis of preparation

(b) Recognition of revenue (i) (ii) (iii) (iv) (v) (vi) (c) Expenses (d) Distribution

(e) Basis of valuation of investments

(f) Taxation

(g)

(h) Foreign exchange

(i) Equalisation

Special dividends are treated as income or capital according to the nature of the event giving rise to the payment. The financial statements have been prepared under the historical cost convention, as modified by the revaluation of investments, and in accordance with the Statement of Recommended Practice (SORP) for Financial Statements of Authorised Funds issued by the IMA in October 2010.

Stock lending revenue is recognised on an accruals basis.

Dividends received from UK REITs are split into PID (Property Income Distributions) and Non-PID components for tax purposes. Revenue arising from UK REITs tax-exempt rental business is colloquially known as PID revenue and is taxable in the hands of the Fund. A UK REIT may also carry out other activities that give rise to taxable profits and gains, it is from these that the REIT will make a Non-PID distribution, these are treated for tax purposes in the same way as dividends from normal UK companies.

Notes to the Financial Statements

UK dividends classified as franked investment income are shown net of attributable tax credits when the securities are quoted ex-dividend.

Deferred tax assets are recognised only to the extent that it is more likely than not that there will be taxable profits from which the future reversal of the underlying timing differences can be deducted.

Equalisation is the accrued income included in the price of units purchased during the distribution period (Group 2 Units) which is refunded as a part of a unitholder's first distribution, so as to provide the same distribution for all units of the same type. As a repayment of capital it is not liable to Income Tax and should be deducted from the cost of units for Capital Gains Tax purposes.

Bank interest is recognised on an accruals basis.

Overseas revenue that is received after the deduction of witholding tax is shown gross of taxation.

All transactions in foreign currencies are translated into sterling at the rate of exchange ruling on the date of such transactions. Foreign currency assets and liabilities at the end of the accounting period are translated at the exchange rates applicable at the end of the accounting period at the appropriate valuation point.

Deferred tax is provided for in respect of all timing differences that have originated but not reversed by the Balance Sheet date. Deferred tax is not recognised on permanent differences.

Dealing charges and stamp duty reserve tax are deducted from capital. All other expenses are charged against income. All expenses are accounted for on an accruals basis.

Provision is made for taxation at current rates on the excess of investment income over expenses, with relief taken for overseas taxation where appropriate.

All investments have been valued at 12 midday, on 31 May 2012. Listed investments have been valued at bid-market value, net of any accrued income.

Income produced by the Fund's investments accumulates during each accounting period. If at the end of the accounting period income exceeds expenses, the net income of the Fund is available to be distributed to unitholders. The Manager will seek to distribute this income in a manner that will maximise the total returns to holders of the majority of units.

Notes to the Financial Statements

● ● ● ●

Market price risk

Interest rate risk

Foreign currency risk

● ● ●

Credit and counter-party risk

Movements in exchange rates affect the value of investments;

The main risks arising from the Fund's financial instruments are market price risk, interest rate risk, foreign currency risk, liquidity risk and credit and counterparty risk. The Manager's policies for managing these risks are summarised below. These policies have remained unchanged since the beginning of the year to which these financial statements relate and during the prior year.

In accordance with the investment objectives and policies the Fund holds certain financial instruments. These comprise: units in SSgA Management Fund; and

unitholders’ funds which represent investors’ monies which are invested on their behalf.

In accordance with the requirements of the rules in the Financial Services Authority's Collective Investment Schemes Sourcebook, the Fund is not permitted to trade in other financial instruments. The Fund's use of financial instruments during the year satisfies these regulatory requirements.

The Manager has identified three principle areas where foreign currency risk could impact the Fund

Interest receivable on bank deposits and short term deposits or payable on bank overdraft positions will be affected by fluctuations in interest rates. The interest rates earned on sterling deposits are earned at a rate linked to LIBOR.

The Fund's assets mainly comprise securities that can be readily sold. The main liability of the Fund is the redemption of any units that investors wish to sell.

Interest receivable on bank deposits or payable on bank overdraft positions will be affected by fluctuations in interest rates.

The Fund may be subject to short-term exposure to exchange rate movements, for instance where there is a difference between the date an investment purchase or sale is entered into and the date when settlement of the proceeds occurs. The Fund may receive income in currencies other than sterling and the sterling values of this income can be affected by movements in exchange rates. The Fund converts all receipts of income into sterling on or near the date of receipt; it does not, however, hedge or otherwise seek to avoid exchange rate risk on income accrued but not received.

However, in line with the Fund's objectives of investing primarily in the UK and Ireland, the Fund is expected to have only minimal foreign currency exposures.

The majority of the Fund's financial assets are equity shares and other investments which neither pay interest nor have a maturity date. The floating rate financial assets and liabilities comprise sterling denominated bank balances and overdrafts that bear interest based on LIBOR.

The floating rate financial assets and liabilities comprise bank balances and overdrafts that bear interest based on LIBOR (sterling denominated).

Liquidity risk

In general, the Investment Adviser manages the Fund's cash to ensure it can meet its liabilities. Where investments cannot be realised in time to meet any potential liability, the fund may borrow up to 10% of its value to ensure settlement.

cash and short-term debtors and creditors that arise directly from its operations; equity shares;

Movements in exchange rates affect short term timing differences; and, Movements in exchange rates affect the income received.

Market price risk arises mainly from uncertainty about future prices of financial instruments held. It represents the potential loss the Fund might suffer through holding market positions in the face of price movements. The Manager reviews the portfolio in order to consider the asset allocation implications and to minimise the risk associated with particular countries or industry sectors whilst continuing to follow the Fund’s investment objective. An individual fund manager has

responsibility for monitoring the existing portfolio, in accordance with the overall asset allocation parameters described above and seeks to ensure that individual stocks also meet an acceptable risk reward profile.

Notes to the Financial Statements

4. Net capital (losses)/gains

01/06/11 to 31/05/12 01/06/10 to 31/05/11 £'000 £'000 Non-derivative securities (5,948) 7,445 20 89 Currency gains - 5 (10) (3)

Net capital (losses)/gains (5,938) 7,536

5. Revenue 01/06/11 to 31/05/12 01/06/10 to 31/05/11 £'000 £'000 3 1

Overseas non-taxable revenue 87 72

Overseas scrip dividends 110 96

UK dividends 1,633 1,333

UK scrip dividends 122 266

Property revenue from UK REITs - PID 22 15

Property revenue from UK REITs - Non PID 4 -

Offshore investment revenue* 3 5

2 - Stocklending income 3 - 1,989 1,788 6. Expenses 01/06/11 to 31/05/12 01/06/10 to 31/05/11 £'000 £'000

Manager's periodic charge 153 164

Registration fees 41 40

194 204

Payable to the Trustee, associates of the Trustee and agents of either of them:

18 20

Wire charges 2 1

7 4

27 25

6 6

Other professional fees 2 -

9 9 17 15 238 244 Other expenses Audit fee Total expenses Printing fee Transaction charges

The net asset value of the unit class, the net asset value per unit and the number of units in issue are given in the Performance Record on page 7.

Overseas dividends Derivative securities

Safe custody fees

Payable to the Manager, associates of the Manager and agents of either of them:

Trustee's fees

*This is revenue received from investment in the SSgA Cash Management Fund as disclosed in note 15. Bank interest

Notes to the Financial Statements

(i) Analysis of charge for the year:

Irrecoverable overseas tax 3 13

(ii)

1,751 1,544

350 309

(327) (323)

(18) (33)

Other non taxable revenue (46) (2)

41 49

Irrecoverable overseas tax 3 13

(347) (296)

Current tax charge for the year (see note 7(i)) 3 13

(iii) Deferred tax

8. Finance costs Distributions and interest

01/06/11 to 31/05/12 01/06/10 to 31/05/11 £'000 £'000 1,671 1,483

Amounts deducted on cancellation of units 99 (16)

Amounts received on issue of units (23) 63

1,747 1,530

- -

1,747 1,530

Corporation tax at 20%

Movement in excess management expenses Overseas non taxable revenue*

The following takes account of income received on the creation of units and income deducted on the cancellation of units, and comprises:

Net distribution for the year

The tax assessed for the year is lower than the standard rate of corporation tax in the UK for authorised unit trusts of 20% (2011: 20%). The differences are explained below:

Finance costs: Interest

* As an authorised Unit Trust, these items are not subject to corporation tax.

Authorised Unit Trusts are exempt from tax on capital gains. Therefore, any capital return is not included in the above reconciliation.

UK dividends*

Factors affecting current tax charge for the year:

At the year end, there is a potential deferred tax asset of £337,563 (31/05/11: £295,383) in relation to excess management expenses. It is unlikely that the Fund will generate sufficient taxable profits in the future to utilise these expenses and therefore no deferred tax asset has been recognised in the year or the prior year.

Effects of:

Net revenue before taxation

Final

Notes to the Financial Statements

Amounts receivable on creation of units 11 7

Overseas tax recoverable 6 5

390 513

10. Cash and Bank Balances

31/05/12 31/05/11 £'000 £'000

Cash at bank 1,509 351

Amounts held at clearing houses brokers 12 -

1,521 351

11. Creditors

31/05/12 31/05/11 £'000 £'000

35 38

Accrued stamp duty reserve tax - 1

Accrued transaction charges - 1

7 6

20 218

62 264

12. Capital commitments and contingent liabilities

13. Securities on loan

14. Post balance sheet events

15. Related parties

Sales awaiting settlement

The Fund Manager and Trustee are related to the Fund as defined by Financial Reporting Standard 8, Related Party Disclosures, and are named on page 1.

SSgA (State Street Global Advisors) are the investment management arm of State Street Corporation. The SSgA Cash Management Fund, an investment company with variable capital incorporated with limited liability in Ireland, listed on the Dublin stock exchange, invests in at least A-rated rated sterling denominated securities. The investment strategy of the fund is primarily capital preservation and liquidity while maximising current income.

The gross earnings and fees paid for the year are £5,301 (31/05/11: £nil) and £2,120 (31/05/11 : £nil).

On 31 May 2012, the Fund had no capital commitments (31/05/11: £nil) and no contingent liabilities (31/05/11: £nil). The aggregate value of securities on loan at 31 May 2012 is £2,080,082 (31/05/11: £nil). Securities on loan are included in the Portfolio Statement and no account is taken of any collateral held. The aggregate value of collateral held at 31 May 2012 is £2,184,843. This collateral is in the form of equities, bonds and cash.

By virtue of the Regulations governing authorised unit trusts, the Manager is party to every transaction in respect of units of the Fund, which are summarised in the Statement of Change in Net Assets Attributable to Unitholders.

Purchases awaiting settlement

Amounts payable on cancellation of units

The stock lending is done by SSgA which is a related party.

At 31 May 2012 there were creation monies due from the Manager of £11,774 (31/05/11: £7,563). There were cancellation monies due to the Manager of £19,669 at 31 May 2012 (31/05/11: £218,161).

There are no post balance sheet events which have a bearing on the interpretation of the financial statements.

The charges made by the Manager, Trustee and the Registrar during the period are disclosed in note 6. At 31 May 2012 £13,519, £1,496 and £3,324 were due to the Manager, Trustee and Registrar respectively (31/05/11: £14,353, £4,843 & £3,735). These amounts are included under 'Accrued expenses' in note 11.

Accrued expenses

Notes to the Financial Statements

Interest rate risk

Foreign currency risk

Monetary exposures Non-monetary exposures Total Monetary exposures Non-monetary exposures Total Currency £'000 £'000 £'000 £'000 £'000 £'000 Euro 69 - 69 65 - 65 Swiss franc 1 - 1 5 - 5 US dollar 149 - 149 242 - 242 219 - 219 312 - 312

The comparative figures in this note have been restated to correct the classification of certain monetary assets and liabilities in the prior year.

The Fund receives revenue from holdings in equities. The cashflow from these investments may fluctuate depending upon the particular decisions made by each company. Given that the Fund's objective is to seek capital growth, these cashflows are considered to be of secondary importance and are not actively managed.

Net foreign currency assets

Maturity profile of financial liabilities

31/05/12

Net foreign currency assets

Securities held by the Fund are valued at bid-price. The difference between this value and the fair value of the securities is immaterial. There is also no material difference between the value of other financial assets and liabilities of the Fund included in the balance sheet and their fair value.

Fair value of financial assets and liabilities

All financial liabilities of the Fund at the year end are due to settle in one year or less, or on demand.

Securities are valued at bid and offer prices for calculating the cancellation and creation prices at the Fund's daily valuation point.

31/05/11

The Fund's net cash holding of £1,509,637 (31/05/11: holding £350,763) is held in a floating rate deposit account whose rate is determined by reference to rates supplied by the Depositary.

The Fund holds net cash at futures brokers of £11,999 (31/05/11: cash £nil), whose rates are determined by reference to rates supplied by the broker.

The Fund did not have any long term financial liabilities.

The Portfolio Statement on pages 12 to 14 shows the countries in which the Fund is invested. The securities in the portfolio are priced in local currency. An analysis of monetary assets and liabilities in foreign currencies at the period end (including cash and outstanding income) is shown below.

Notes to the Financial Statements

£'000 £'000 £'000 £'000

Non-derivative securities 2,763 1,851

Futures contracts* 2,760 4,623

Purchases excluding transaction costs 5,523 6,474

Commissions 1

-Taxes 12 4

Total purchase transaction costs 13 4

Purchases including transaction costs 5,536 6,478

£'000 £'000 £'000 £'000

Non-derivative securities 6,550 3,935

Futures contracts* 2,673 5,286

Sales excluding transaction costs 9,223 9,221

Commissions (2) (1)

Total sales transaction costs (2) (1)

Sales net of transaction costs 9,221 9,220

* Purchases and/or sales of derivatives contracts do not incur transaction costs.

01/06/11 to 31/05/12 01/06/10 to 31/05/11

01/06/11 to 31/05/12 01/06/10 to 31/05/11 Purchases, sales and transaction costs

Group 1: Group 2:

Net revenue Equalisation

31/05/12 31/05/12 31/05/12 31/05/11 Income units - Retail Pence Pence Pence Pence

per unit per unit per unit per unit

Group 1 5.62 - 5.62 4.61

Group 2 3.38 2.24 5.62 4.61

Units purchased between 1 June 2011 and 31 May 2012 Units purchased prior to 1 June 2011

Distribution Table

for the year ended 31 May 2012:

Information for Corporate Unitholders

Distribution paid/payable

0.00% of the dividend is received as an annual payment (foreign element) received after the deduction of income tax at the lower rate and is liable to corporation tax. It is treated as foreign income in the hands of the corporate investor and is liable to corporation tax. The associated deemed tax is treated as foreign tax in the hands of the investor, who may be able to claim double tax relief. Investors cannot reclaim any of this deemed tax on the foreign element from HM Revenue and Customs.

0.00% of the income distribution is received as an annual payment (non-foreign element) received after the deduction of income tax at the lower rate and is liable to corporation tax. It is unfranked investment income.

The Fund’s net liability to corporation tax is £nil.

For corporate unitholders, of the distribution payable on 31 July 2012:

% %

0.00 0.29

%

3.50

Annual Management Charge

Yield

Additional Information

Trust Deed: The Fund was established by a Trust Deed made between the Manager and the Trustee dated 6th July 1995

and amended by Supplemental Trust Deeds dated 1 July 1999, 9 July 1999, 19 July 2002, 14 February 2003 and 19 August 2005.

Prospectus: Copies of the Fund’s Prospectus are available free of charge from the Manager upon request, and from our

website, www.liontrust.co.uk.

Unit type: The Fund issues income units only. Investors can elect at any time to have any income either paid out or

automatically reinvested to purchase units at no initial charge.

Pricing and dealing: A buying price (the price at which you have bought the units in the Fund and being the higher) and a

selling price (the price at which you can sell the units back to the Manager and being the lower) are always quoted for the Fund. The buying price includes the Manager’s initial charge.

Initial Charge

Retail class

Retail class

The net estimated yields on the classes are shown below, these are calculated and published daily. Retail class

Management charges, spreads and yields: The initial charge and annual management fees per unit class are detailed

below. The difference between the bid and the offer prices is currently 0.6% which includes the initial charge.

Dealing in all unit trusts operated by Liontrust Fund Partners LLP may be carried out between 08.30 and 17.00 hours on any business day. Professional investors and advisers may buy and sell units over the telephone; private investors are required to instruct the Manager in writing for initial purchases, but can deal over the telephone thereafter. Prices are quoted on a ‘forward’ basis. This means that all deals are based on a price that is calculated at the next valuation point (which is 12.00 hours on each business day) following receipt of instructions. Instructions received before 12.00 hours will be priced at 12.00 hours that day, whilst those deals taken later in the day will receive the next dealing price which is fixed at 12.00 hours on the following business day.

In the case of large deals of £15,000 and over, the Manager has the discretion to quote a special price within limits laid down under the Regulations.

The minimum initial lump sum investment in the Fund is £1,000, the minimum additional investment is £1,000 and the amount you may sell back to the Manager at any one time is £500, providing you maintain a balance of £2,500. At its absolute discretion, the Manager may accept a lower minimum amount for the purchase and sale of units.

A contract note in respect of any purchase will be issued the day following the dealing date. Unit certificates will not be issued. Instructions to sell your units may be required to be given by telephone and then confirmed in writing to Liontrust Customer Services Team, PO Box 11061, Chelmsford CM99 2YA. A contract note confirming the instruction to sell will be issued the day following the dealing day. Following receipt of a correctly completed Form of Renunciation, a cheque in settlement will be sent directly to you or your bank/building society, if proof of ownership of the account has been received by us, in four business days. Liontrust does not make or accept payments to or from third parties unauthorised by the Financial Services Authority.

Stamp Duty Reserve Tax: Stamp Duty Reserve Tax (“SDRT”) is a 0.5% tax that is payable by the Trustee of a unit trust

when unitholders sell their units in that unit trust. This may have an affect on you as the unitholder depending on how the unit trust manager treats this particular charge. Any SDRT liability incurred by the Trustee on Liontrust FTSE 100 Tracker Fund is charged to the Fund, which could mean that less of your money will be invested for potential capital and income growth.

Commission: Commission is payable to authorised intermediaries on purchases of units in the Fund at a rate of up to 3%.

A discount is available when switching between Liontrust’s range of unit trusts.

Certain other expenses are met by the Fund, all of which are detailed in the Prospectus.

Publication of prices: The price of units in the Fund is quoted on our website, www.liontrust.co.uk, other industry websites

such as www.trustnet.com, and the website of the Investment Management Association (the industry trade body),

www.investmentuk.org. Daily and historic Fund prices are available from our Dealing and Administration team on 0844 892 1007.

Capital Gains Tax: As an authorised unit trust, the Fund is exempt from UK Capital Gains Tax. An individual’s first £10,600

of net gains on disposals in the 2012-2013 tax year are exempt from tax.

Income Tax: UK tax resident individuals are entitled to tax credits in respect of dividend distributions received and are

subject to income tax on the aggregate of the distribution and the tax credit. In the case of a distribution the current value of the tax credit is equal to one ninth of the net dividend received and the distribution plus tax credits are treated as the top slice of an individual’s income.

Additional Information

Liontrust Customer Services Team PO Box 11061, Chelmsford, CM99 2YA Tel 0844 892 1007 Facsimile 0844 892 0560 Web address www.liontrust.co.uk

FTSE™, "FT-SE®" and "Footsie®" are trade marks jointly owned by the London Stock Exchange Plc and The Financial Times Limited and are used by FTSE International Limited under licence. "All-Share" is a trade mark of FTSE International Limited."

UK resident individuals who are not liable to tax are not able to reclaim the tax credits from the HM Revenue and Customs. In the case of UK resident individuals who are liable to starting or basic rate tax only, the tax credit will match his or her liability on the distribution and there will be no further tax to pay and no right to claim repayments to the HM Revenue and Customs. In the case of a higher rate tax payer, the tax credit will be set against, but not fully match, his or her tax liability on the distribution. Such people will have an additional tax liability to pay.

Corporate Unitholders: Ordinary dividends distributed by the Fund to corporate unitholders will be treated as part-franked

investment income and part unfranked investment income, in the corporate unitholders’ hands. The precise split will be calculated by the Manager and will be detailed on the distribution vouchers accompanying the distribution.

For unitholders chargeable to UK corporation tax, income allocations representing the UK dividends received by the Fund will not be subject to corporation tax in the unitholders’ hands. Income allocations representing other types of income received by the Fund will be taxable as if they were annual payments received after the deduction of tax at the rate of 20 per cent of the gross distribution.

Important information: It is important to remember that the price of units, and the income from them, can fall as well as

rise and is not guaranteed and that investors may not get back the amount originally invested. Past performance is not a guide to future performance. The issue of units may be subject to an initial charge and this is likely to have an impact on the realisable value of your investment, particularly in the short term. You should always regard unit trust investment as long term.

Email admin@liontrust.co.uk Liontrust Fund Partners LLP is authorised and regulated by the Financial Services Authority.

The FTSE 100 Index is calculated by FTSE International Limited. FTSE International Limited does not sponsor, endorse or promote this product.

All copyright in the index values and constituent list vests in FTSE International Limited. Liontrust Fund Partners has obtained full licence from FTSE International Limited to use such copyright in the creation of this product.