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Your guide to

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Property offers the potential for capital growth and a regular income

and can help to diversify an existing equity portfolio. It is however a

more specialist asset and can be more risky.

Our investment trusts

Our range of 11 investment trusts have different aims and strategies

covering the UK and Europe as well as trusts with a global remit. We

also offer more specialist trusts investing in smaller companies, private

equity and property.

To help make things a little easier we’ve categorised our trusts by

where they invest in the world. We’ve also added some helpful icons to

help you identify what each trust can offer as part of your investment

portfolio.

Global Trusts

UK and European Trust

Property Trusts

F&C cannot give advice on the suitability of investing in our investment trusts or savings plans. If you have any doubt as to the

suitability of an investment please contact a financial adviser. The value of investments can go down as well as up and you may not

get back your original investment.

Growth trusts - these trusts

offer the potential for capital

returns and may appeal to

those investors looking for their

investment to grow over time.

Income trusts - these trusts

aim to provide the potential for

a regular income normally in the

form of dividends, often paid

quarterly. Some of our trusts offer

the possibility of growth as well as

a regular income.

Specialist trusts - these trusts

invest in a specific type of

investment or sector for example

property, private equity or smaller

companies. Their more targeted

investment approach can provide

the potential for strong growth,

however this can come with a

greater level of risk. These trusts

can act as a complement to a

broader investment portfolio.

Core trusts - these trusts invest

in a wide range of companies

across different asset classes,

markets and sectors. This level

of diversification helps to reduce

risk. Their broad approach can

make them appealing as the

base of your investment portfolio

to which you can add more

specialist trusts.

The UK and Europe offer a wealth of investment opportunities and our

trusts provide access to large blue chip companies through to some

smaller companies positioned for future growth.

Our global investment trusts draw on the best ideas across the globe.

A global trust can form the foundation of your investment portfolio to

which you can add more targeted investment strategies that only invest

in one market or asset class.

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F&C investment trusts at a glance

Please refer to page 15 for a full explanation of the risks of investing in the trusts. The following pages provide detailed information on our

investment trusts’ portfolio holdings and performance. The most up to date information on our investment trusts can be obtained from our website

fandc.co.uk

Trust

Growth

Income

Core

Specialist

Emerging

Markets

Foreign

currency

Invests in

unlisted

funds

Property

Payments

from

capital

Smaller

companies

UK and European

European Assets

F&C Capital

and Income

ICG Enterprise Trust

Investors Capital

Global

F&C Global Smaller

Companies

F&C Managed

Portfolio

F&C Private Equity

Foreign & Colonial

Investment

Property

F&C Commercial

Property

F&C UK Real Estate

Investments Limited

TR Property Trust

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Key attractions:

This equity based trust invests in small and medium-sized companies listed on the

stock exchanges in Europe excluding the UK. Recent economic issues in the Eurozone

mean that disciplined investors can take advantage of attractive prices to achieve good

long-term returns. The fund manager, Sam Cosh aims to uncover under-researched

companies that the wider investment community has overlooked, which offer the

potential for significant growth. The manager only invests in companies that he believes

can truly deliver, not because they are a large part of a benchmark or index.

The trust offers the attractive potential for capital growth and income and over the past

five years has outperformed the benchmark index.

Highlights:

Growth potential offered by small and medium company focus

Under-researched market provides wealth of stock picking opportunities

Attractive income of 6.0% p.a. of net assets

European Assets Trust NV

(as at 29 Feb 2016)

UK and European Trust

Investment objective:

To achieve growth of capital through

investment in quoted small and

medium-sized companies in Europe,

excluding the UK. A high distribution

policy has been adopted and dividends

have been paid from a mix of income

and capital reserves.

This trust could be appealing for

investors seeking:

Growth

Income

Specialist

Key facts:

Trust aims: To achieve growth of capital through investment in quoted small and medium-sized companies in Europe, excluding the United Kingdom. A high distribution policy has been adopted and dividends are paid from a mix of income and capital reserves.

Trust highlights: Diversified portfolio of small to mid-cap growth businesses across Continental Europe. This area of the market is less well researched, allowing value to be added from stock selection.

Benchmark: Euromoney Smaller European Companies (ex UK) Index†

Fund type: Investment Trust

Launch date: 1972

Total assets: £343.8 million

Share price: 1030.00p

NAV £2: 1040.84p

NAV €2: 13.35

Discount/premium(-/+): -1.04%

Dividend payment dates: Jan, May, Aug

Projected yield††: 5.74%

Net gearing/Net cash*: 1.16%/0%

Management fee rate**: 0.80%

Ongoing charges**: 1.41%

Year end: 31 December

Sector: European Smaller Companies

Currency: Euros

Website: www.europeanassets.eu

Formerly known as HSBC Europe (ex UK) Smaller Companies

Index.

††The projected yield is calculated using the actual dividends

declared for the company’s current financial year and the closing share price and exchange rate as at the end of the relevant month. *Net gearing is total assets less cash and cash equivalents divided by shareholders’ funds and expressed as a percentage. Net cash is net exposure to cash and cash equivalents expressed as a percentage of shareholders funds after any offset against gearing. See page 15 for definition of gearing.

**Ongoing charges calculated in accordance with AIC recommendations, and management fee rate as at the end of December 2015.

3

Fund performance

Source: Lipper and F&C. Basis: Percentage growth, total return, bid to bid price with net income reinvested in sterling. Basis in accordance with the regulations of the Financial Conduct Authority. Past performance is not a guide to future performance. Stock market movements may cause the value of investments and the income from them to fall as well as rise and investors may not get back the amount originally invested. Changes in rates of exchange may have an adverse effect on the value, price or income of investments. Smaller companies carry a higher degree of risk and their value can be more sensitive to market movement; their shares may be less liquid and performance may be more volatile. Fund charges may be applied in whole or in part to capital, which may result in capital erosion. If markets fall, gearing can magnify the negative impact on performance. The discrete annual performance table refers to 12 month periods, ending at the date shown. 1 The date the current investment strategy was adopted by the fund. 2 See page 15 for a definition of NAV.

Top ten holdings (%)

Irish Continental Group 3.8

Amer Sports OYJ 3.7

Gerresheimer 3.7

Cerved Information Solutions 3.6

Plastic Omnium 3.5 Origin Enterprises 3.5 Glanbia 3.5 Forbo Holding 3.4 Grafton Group 3.2 CTT Correios de Portugal 2.9

Cumulative performance (%)

1 Month YTD 1 Year 3 Years 5 Years

NAV2 -0.52 -5.01 5.75 45.87 90.10

Share price -0.77 -6.55 4.16 48.84 116.18

Benchmark 1.38 -3.18 4.58 32.42 34.11

Discrete annual performance (%)

2016/2015 2015/2014 2014/2013 2013/2012 2012/2011

NAV2 5.75 10.09 25.30 31.09 -0.59

Share price 4.16 12.42 27.12 47.48 -1.51

Benchmark 4.58 -0.45 27.19 18.30 -14.39

1 year 3 years 5 years

0 20 40 60 80 100 120 % NAV Share price Benchmark

Sector breakdown (%)

Industrials 26.0 Financials 25.3 Consumer Goods 22.2 Consumer Services 14.9 Health Care 5.8 Basic Materials 3.2 Technology 2.6

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Key attractions:

This equity focused trust invests in companies listed on the FTSE All-Share Index^,

predominantly in large well known UK blue chip companies. The trust has some holdings

in smaller UK companies and quality blue chip European companies. The trust aims to

provide investors with long-term capital growth and a regular and growing income that

can be paid quarterly.

Highlights:

Dividends increased annually since launch in 1992, paid quarterly and grown

significantly faster than inflation

Diversified portfolio focusing on well-established UK companies

Targets long-term capital and income growth

Investment objective:

To generate long-term capital and

income growth from a portfolio

consisting mainly of FTSE All-Share

Index^ companies.

This trust could be appealing for

investors seeking:

Growth

Income

Core

Key facts:

Trust aims: To generate long-term capital and income growth from a portfolio consisting mainly of FTSE All-Share companies.

Trust highlights: Dividends increased annually since launch in 1992, paid quarterly and grown significantly faster than inflation. Diversified portfolio focusing on well-established UK companies. Targets long-term capital and income growth.

Benchmark: FTSE All-Share Index

Fund type: Investment Trust

Launch date: 1992

Total assets: £263.3m

Share price: 245.00p

NAV2: 249.42p

Discount/Premium(-/+): -1.77%

Dividend payment dates: Mar, Jun, Sep, Dec

Net dividend yield†: 4.10%

Net gearing/Net cash*: 10%/0%

Management fee rate**: 0.40%

Ongoing charges**: 0.64%

Year end: 30 September

Sector: UK Equity Income

Currency: Sterling

Website: www.fandccit.com

**Ongoing charges calculated in accord ance with AIC recommendations.

The yield is calculated on an historic basis using the actual

dividends paid during the last twelve months and the closing share price as at the end of the relevant month.

*Net gearing is total assets less cash and cash equivalents divided by shareholders’ funds and expressed as a percentage. Net cash is net exposure to cash and cash equivalents expressed as a percentage of shareholders funds after any offset against gearing. See page 15 for definition of gearing.

**Ongoing charges and management fee rate as at the end of 30 September 2015 and calculated in accordance with AIC recommendations.

F&C Capital and Income Investment Trust plc

(as at 29 February 2016)

4

Fund performance

Source: Datastream, Lipper and F&C. Basis: Percentage growth, total return, bid to bid price with net income reinvested in sterling. Basis in accordance with the regulations of the Financial Conduct Authority. Past performance is not a guide to future performance. Stock market movements may cause the value of investments and the income from them to fall as well as rise and investors may not get back the amount originally invested. A fund investing in a specific country carries a greater risk than a fund diversified across a range of countries. Changes in rates of exchange may have an adverse effect on the value, price or income of investments. If markets fall, gearing can magnify the negative impact on performance. The discrete annual performance table refers to 12 month periods, ending at the date shown. 2 See page 15 for a definition of NAV.

Top ten holdings (%)

HSBC 4.5

GlaxoSmithKline 4.4

Royal Dutch Shell 3.4

Diageo 3.2

Unilever 3.2

Lloyds 2.9

British American Tobacco 2.7

WPP 2.7 AstraZeneca 2.6 BAE Systems 2.5

Sector breakdown (%)

Financials 28.1 Consumer Services 17.4 Industrials 15.7 Consumer Goods 14.1 Healthcare 7.0

Oil and Gas 5.8

Telecommunications 3.3

Basic Materials 3.0

Technology 2.9

Utilities 2.8

Cumulative performance (%)

1 Month Year to date 1 Year 3 Years 5 Years

NAV2 0.72 -2.52 -2.06 14.42 37.00

Share price -0.64 -6.20 -5.94 14.17 32.54

Benchmark 0.80 -2.30 -7.32 10.83 28.35

Discrete annual performance (%)

2016 2015 2014 2013 2012

NAV2 -2.06 3.66 12.70 16.07 3.16

Share price -5.94 4.69 15.95 14.38 1.49

Benchmark -7.32 5.56 13.29 14.06 1.53

UK and European Trust

-10 -5 0 5 10 15 20 25 30 35 40 % NAV Share price Benchmark

1 year 3 years 5 years

(6)

5

ICG Enterprise Trust plc (formerly Graphite

Enterprise Trust)

‘Ordinary’ shares (as at 31 July 2015)

UK and European Trust

Key attractions:

ICG Enterprise Trust plc is an investment trust listed on the London Stock Exchange with

a diversified portfolio of private equity assets.

The Company was listed in 1981 and has invested exclusively in private equity and was

managed by Graphite Capital until January 2016 when the same management team moved

with the Trust to ICG plc, a specialist asset manager of private debt, credit and equity.

The Trust has been investing in private equity for more than 30 years. It applies the

skills and disciplines of direct investment in unquoted companies to the selection and

management of its portfolio of funds.

ICG Enterprise Trust provides investors with a diverse portfolio of mature, profitable

private companies across established European private equity markets where the

success of individual investments can have a noticeable impact on overall performance.

Highlights:

Access to investments by top European private equity managers

Offers the potential for long-term capital growth

ICG Enterprise is a highly experienced investor in unquoted assets

Diversified portfolio of mature, profitable companies

Investment objective:

To provide shareholders with long-term

capital growth through investment in

unquoted companies mostly through

specialist private equity funds but also

directly.

This trust could be appealing for

investors seeking:

Growth

Specialist

Key facts:

Trust aims: To provide shareholders with long term capital growth through investment in unquoted companies both through private equity funds and directly.

Trust highlights: Provides access to a diverse portfolio of mature companies in established European private equity markets with nearly 400 underlying companies in the portfolio.

Benchmark: FTSE All-Share Index

Fund type: Investment Trust

Launch date: 1981

Total equity: £506 million

Share price: 584.0p1

NAV2: 700.3p

Discount/Premium(-/+): -16.6%1

Dividend payment dates: June

Net dividend yield†: 2.7%

Management fee rate*: 1.50%/0.50%

Ongoing charges**: 1.8%

Year end: 31 January

Sector: Private Equity

Currency: Sterling

Website: www.icg-enterprise.co.uk 1At close of 01.10.15. Discount is to the NAV per share at

31.07.15.

The yield is calculated on an historic basis using the actual

dividends paid during the company’s last financial year and the closing share price as at the end of the relevant month. *1.50% of invested assets plus 0.50% of commitments (in both cases excluding ICG Enterprise Trust).

**Ongoing charges and management fee information as at end of July 2015.

Fund performance

Source: Lipper and F&C. Basis: Percentage growth, total return, bid to bid price with net income reinvested in sterling. Basis in accordance with the regulations of the Financial Conduct Authority. Past performance is not a guide to future performance. Stock market and currency movements may cause the values to fall as well as rise and investors may not get back the full amount invested. Income from investments may fluctuate. Income payments may constitute a return of capital in whole or in part. Income may be achieved by foregoing future capital growth. Changes in rates of exchange may have an adverse effect on the value, price or income of investments.This fund invests in unlisted securities and their potential volatility may increase the risk to the value of, and the income, from the investment. If markets fall, gearing can magnify the negative impact on performance. 2 See page 15 for definition of NAV.

Cumulative performance (%)

1 Month Year to date 1 Year 3 Years 5 Years

NAV2 - 3.0 5.1 27.7 59.0

Share price 1.0 5.4 4.3 63.0 129.7

Benchmark 2.4 2.8 5.4 38.3 59.6

Top ten holdings (%)

Micheldever Tyre Services 5.6 City & County Healthcare Group 3.4

ICR Group 3.2

Education Personnel 2.7

Human Capital Investment Group 2.1

Skillsoft 2.1

Spheros 1.9

Standard Brands 1.7

David Lloyd Leisure 1.7

U-POL 1.6

Sector breakdown (%)

Business services 21.2

Industrials 18.4

Healthcare and education 14.2 Consumer goods and services 13.5

Leisure 9.1

Financials 8.6

Automotive supplies 8.1

Technology and telecommunications 3.5

Media 2.2

Chemicals 1.2

Discrete annual performance (%)

2015/2014 2014/2013 2013/2012 2012/2011 2011/2010 NAV2 5.1 2.1 19.0 0.4 24.0 Share price 4.3 21.8 28.3 -0.5 41.6 Benchmark 5.4 5.6 24.3 0.4 14.9 -10 10 30 50 70 90 110 130

Year to date 3 years 5 years

NAV Share price Benchmark

%

(7)

6

Investors Capital Trust plc

A Shares (as at 29 February 2016)

UK and European Trust

Key attractions:

Investors Capital aims to provide shareholders with an attractive level of income together

with the opportunity for capital growth. The majority of the trust’s assets are invested in

an equities portfolio comprising large and mid size UK companies.

The trust has two classes of share – A shares and B shares – which pay the same

level of quarterly cash distributions. The cash distributions on the A share are paid

as dividends while those on the B shares are paid by way of capital distributions and

therefore taxed under capital gains tax (CGT) rules, which can provide tax benefits to

certain types of investors. Each unit consists of three A shares and one B share.

Highlights:

Offers potential for long-time capital growth and/or an attractive income

Predominantly equity based portfolio with a small proportion in bonds

Innovative trust structure allows investors to take income from dividends or from

capital returns

Focuses on UK large and mid-sized companies

Investment objective:

To provide an attractive return to

shareholders each year in the form

of dividends and/or capital returns,

together with prospects for capital

growth. The trust’s portfolio is managed

in two parts. The first part comprises

investments in UK equities and

equity-related securities of large and

mid-sized companies (the equities portfolio)

and the second part comprises

investments in fixed interest and other

higher yielding stocks and securities

(the higher yielding portfolio).

This trust could be appealing for

investors seeking:

Growth

Income

Core

Key facts:

Trust aims: To provide an attractive return to shareholders each year in the form of dividends and/or capital returns, together with prospects for capital growth. The Company’s portfolio is managed in two parts. The first part comprises investments in UK equities and equity related securities of large and mid-sized companies (the Equities portfolio) and the second part comprises investments in fixed interest and other higher yielding stocks and securities (the Higher Yielding Portfolio).

Benchmark: FTSE All-Share Capped 5% Index

Fund type: Investment Trust

Launch date: 1 March 2007

Total assets: £134.8 million

Share price: 85.50p

NAV2: 95.28p

Discount/Premium(-/+): -10.3%

Dividend payment dates: Feb, May, Aug, Nov

Net dividend yield†: 5.35%

Net gearing/Net cash*: 8.75%/0%

Management fee rate**: 0.75%

Ongoing charges**: 1.05%

Year end: 31 March

Sector: UK Equity & Bond Income

Currency: Sterling

Website: www.investorscapital.co.uk

The yield is calculated using the actual dividends declared for the

company’s current financial year and the closing share price and exchange rate as at the end of the relevant month.

*Net gearing is total assets less cash and cash equivalents divided by shareholders’ funds and expressed as a percentage. Net cash is net exposure to cash and cash equivalents expressed as a percentage of shareholders funds after any offset against gearing. See page 15 for definition of gearing.

**Ongoing charges and management fee as at the end of 31 March 2015. Please refer to the latest annual report as to how the fee is structured.

Fund performance

Source: Lipper and F&C. Basis: Percentage growth, total return, bid to bid price with net income reinvested in sterling. Basis in accordance with the regulations of the Financial Conduct Authority. Past performance is not a guide to future performance. Stock market movements may cause the value of investments and the income from them to fall as well as rise and investors may not get back the amount originally invested. A fund investing in a specific country carries a greater risk than a fund diversified across a range of countries. Changes in rates of exchange may have an adverse effect on the value, price or income of investments. If markets fall, gearing can magnify the negative impact on performance. The discrete annual performance table refers to 12 month periods, ending at the date shown. 2 See page 15 for definition of NAV.

Top ten equities holdings (%)

British American Tobacco 6.11

HSBC Holdings 5.24

GlaxoSmithKline 5.21

BT Group 4.10

Royal Dutch Shell 3.83

Vodafone Group 3.21 Astrazeneca 2.99 Diageo 2.98 Compass Group 2.97 BP 2.85

Portfolio breakdown (%)

FTSE 100 67.28 FTSE 250 16.65 Fixed Interest 10.13 Cash 5.94

Cumulative performance (%)

1 Month Year to date 1 Year 3 Years 5 Years

NAV2 0.38 -1.67 -6.08 13.58 39.47

Share price -0.58 -5.87 -6.43 10.79 34.65

Benchmark 0.80 -2.30 -7.13 11.87 30.21

Discrete annual performance (%)

2016/2015 2015/2014 2014/2013 2013/2012 2012/2011

NAV2 -6.08 5.33 14.81 16.67 5.25

Share price -6.43 4.79 12.99 12.99 7.57

Benchmark -7.13 5.79 13.86 14.45 1.70

Year to date 3 years 5 years

NAV Share price Benchmark % 1 year -10 -5 0 5 10 15 20 25 30 35 40

(8)

7

Global Trust

Key attractions:

This trust invests in smaller companies listed on global equity markets. Fund manager

Peter Ewins and the smaller company investment team aim to identify those companies

whose value has been overlooked by the wider market. Smaller companies typically

grow faster than more mature larger companies and are often under researched

companies offering the opportunity to invest in what could be tomorrow’s leading

companies at an early stage.

The trust provides exposure to the UK, US and Europe via investment directly in shares.

Exposure to Japan, Latin American and wider emerging markets is achieved through

investment in third party funds.

The primary focus of the trust is delivering capital growth and the trust has strongly

outperformed its benchmark index over the last five years. The trust has also benefitted

from a dividend that has risen 44 years in a row.

Highlights:

Focuses on identifying undervalued companies with strong growth potential

Can complement an existing core holding

Broad exposure to global regions can help to reduce risk and offers the scope for

added value through geographic asset allocation moves

Dividend has risen every year for 44 years

Investment objective:

To secure a high total return by

investing in smaller companies

worldwide.

This trust could be appealing for

investors seeking:

Growth

Specialist

Key facts:

Trust aims: To secure a high total return by invest ing in smaller companies worldwide.

Trust highlights: The largest specialist global smaller companies investment trust. Greater inherent growth potential in smaller companies. Strong dedicated small company investment team. The dividend has risen in each of the last 45 years.

Benchmark: 30% Numis UK Smaller Companies (ex investment companies) Index / 70% MSCI All Country World ex UK Small Cap Index

Fund type: Investment Trust

Launch date: 1889

Total assets: £565.0m

Share price: 921.00p

NAV2 (diluted): 951.93p

Discount/Premium(-/+): -3.25%

Dividend payment dates: Aug, Jan

Net dividend yield†: 1.07%

Net gearing/Net cash*: 5.53%

Management fee rate**: 0.40%

Ongoing charges**: 0.79%

Year end: 30 April

Sector: Global

Currency: Sterling

Website: www.fandcglobalsmallers.com †The yield is calculated on an historic basis using the actual

dividends paid during the company’s last financial year and the closing share price as at the end of the relevant month. *Net gearing is total assets less cash and cash equivalents divided by shareholders’ funds and expressed as a percentage. Net cash is net exposure to cash and cash equivalents expressed as a percentage of shareholders funds after any offset against gearing. See page 15 for definition of gearing.

**Ongoing charges and management fee information calculated in accordance with AIC recommendations as at end of 30 April 2015, and excludes performance fees.

Fund performance

Source: Lipper and F&C. Basis: Percentage growth, total return, bid to bid price with net income reinvested in sterling. Basis in accordance with the regulations of the Financial Conduct Authority. Past performance is not a guide to future performance. Values may fall as well as rise and investors may not get back the full amount invested. Income from investments may fluctuate. Income payments may constitute a return of capital in whole or in part. Income may be achieved by foregoing future capital growth. Changes in rates of exchange may have an adverse effect on the value, price or income of investments. Where investments are made in emerging markets, or smaller companies, their potential volatility may increase the risk to the value of, and the income from the investment. If markets fall, gearing can magnify the negative impact on performance. The discrete annual performance table refers to 12 month periods, ending at the date shown. 2 See page 15 for definition of NAV.

Top ten holdings (%)

Eastspring Investments Japan Smaller Companies 3.7 Aberdeen Global Japanese Smaller Companies 3.7 Scottish Oriental Smaller Cos Inv Trust 2.7 Manulife Global Asian Smaller Companies 2.2 Aberdeen Global Asian Smaller Companies 1.8 Utilico Emerging Markets 1.6

Alleghany 1.1

Wellcare Health Plans 1.0

Sterling Bancorp 1.0 LKQ 1.0

Geographical breakdown (%)

North America 41.6 UK 28.1 Continental Europe 11.9 Rest of World 9.3 Japan 7.4

Cash & Fixed Interest 1.7

Cumulative performance (%)

1 Month Year to date 1 Year 3 Years 5 Years NAV2 (diluted) 0.8 -3.1 1.7 31.8 70.7

Share price -0.5 -7.2 -2.7 25.9 68.5

Benchmark 1.8 -2.8 -2.0 25.3 49.4

Discrete annual performance (%)

2016 2015 2014 2013 2012

NAV2 (diluted) 1.7 12.3 15.4 25.7 3.1

Share price -2.7 12.5 15.1 29.2 3.6

Benchmark -2.0 8.2 18.1 18.7 0.4

F&C Global Smaller Companies plc

(as at 29 February 2016)

Year to date 1 year 3 years 5 years

-10 0 10 20 30 40 50 60 70 80 % NAV Share price Benchmark

(9)

8

Global Trust

Key attractions:

This trust invests in other investment companies offering investors a globally diversified

investment. The trust has two portfolios; an Income Portfolio and a Growth Portfolio.

The Growth Portfolio aims to provide long-term capital returns. Its investments in

investment companies provide good levels of diversification by underlying management

style, geography, sector and company. Both portfolios work in tandem to enhance the

other’s potential. Any net income generated by the Growth Portfolio is transferred to the

Income Portfolio in exchange for a capital contribution of the same amount in the other

direction. This benefits the income prospects for income shareholders and the capital

growth prospects for growth shareholders.

Highlights:

Broadly diversified portfolio across investment companies and thereby the underlying

stocks they invest in

One-stop access to an expertly managed ready made portfolio of investment trusts

Potential for long-term capital returns

Investment objective:

The objective for the Growth Portfolio

is to provide growth shareholders

with capital growth from a diversified

portfolio of investment companies. The

Growth Portfolio invests in a diversified

portfolio of at least 25 investment

companies that have underlying

investment exposures across a range

of geographic regions and sectors

and the focus of which is to maximise

total returns principally through capital

growth.

This trust could be appealing for

investors seeking:

Growth

Core

Key facts:

Trust aims: The objective for the Growth Portfolio is to provide growth shareholders with capital growth from a diversified portfolio of investment companies. The Growth Portfolio invests in a diversified portfolio of at least 25 investment companies that have underlying investment exposures across a range of geographic regions and sectors and the focus of which is to maximise total returns, principally through capital growth.

Benchmark: FTSE All-Share Index

Fund type: Investment Trust

Launch date: April 2008

Total assets – portfolio: £47.8 million

Total assets – company: £94.6 million

Share price: 142.50p

NAV2: 141.59p

Discount/Premium(-/+): 0.64%

Net gearing/Net cash*: 0.0%/5.6%

Management fee rate**: 0.65%

Total expenses ratio**: 1.15%

Year end: 31 May

Sector: Global

Currency: Sterling

*Net gearing is total assets less cash and cash equivalents divided by shareholders’ funds and expressed as a percentage. Net cash is net exposure to cash and cash equivalents expressed as a percentage of shareholders funds after any offset against gearing. See page 15 for defnition of gearing.

**Total expenses and management fee information as at the end of May 2015.

Fund performance

Source: Lipper and F&C. Basis: Percentage growth, total return, bid to bid price with net income reinvested in sterling. Basis in accordance with the regulations of the Financial Conduct Authority. Past performance is not a guide to future performance. Stock market movements may cause the value of investments and the income from them to fall as well as rise and investors may not get back the amount originally invested. Changes in rates of exchange may have an adverse effect on the value, price or income of investments. If markets fall, gearing can magnify the negative impact on performance. The discrete annual performance table refers to 12 month periods, ending at the date shown. 2 See page 15 for definition of NAV.

Top ten holdings (%)

Perpetual Income & Growth Investment Trust 4.1 Jupiter European Opportunities Trust 3.5

Diverse Income Trust 3.2

TR Property Investment Trust 3.0 Lowland Investment Company 3.0 Finsbury Growth & Income Trust 2.9 Henderson European Focus Trust 2.8 Polar Capital Technology Trust 2.7 Mid Wynd International Investment Trust 2.7

Personal Assets Trust 2.6

Geographical breakdown (%)

UK 38.0

North America 20.0

Europe 17.0

Cash 10.0

Far East & Pacific 5.0

Japan 4.0 Fixed Interest 2.0 South America 1.0 Africa 1.0 China 1.0 Other 1.0

Cumulative performance (%)

1 Month Year to date 1 Year 3 Years 5 Years

NAV2 -0.6 -6.7 -3.9 18.9 38.0

Share price -0.3 -6.3 -4.7 21.8 37.0

Benchmark 0.8 -2.3 -7.3 10.8 28.4

Discrete annual performance (%)

2016/2015 2015/2014 2014/2013 2013/2012 2012/2011

NAV2 -3.9 4.9 17.9 17.6 -1.2

Share price -4.7 7.0 19.4 17.0 -3.9

Benchmark -7.3 5.6 13.3 14.1 1.5

F&C Managed Portfolio Trust plc – Growth

(as at 29 February 2016)

Year to date 3 years 5 years

% 1 year NAV Share price Benchmark -10 -5 0 5 10 15 20 25 30 35 40

(10)

9

Global Trust

Key attractions:

This trust invests in other investment companies offering investors a globally diversified

investment. The trust has two portfolios; an Income Portfolio and a Growth Portfolio.

The Income Portfolio aims to provide an attractive level of income paid quarterly with

the potential for income and capital growth. Its investments in investment companies

provide good levels of diversification by underlying management style, geography,

sector and company. Both portfolios work in tandem to enhance the other’s potential.

Any net income generated by the Growth Portfolio is transferred to the Income Portfolio

in exchange for a capital contribution of the same amount in the other direction. This

benefits the income prospects for income shareholders and the capital growth prospects

for growth shareholders.

Highlights:

Broadly diversified portfolio across investment companies and thereby the underlying

stocks they invest in

One-stop access to an expertly managed ready made portfolio of investment trusts

Investment objective:

Income Portfolio:

The objective

for the Income Portfolio is to provide

income shareholders with an attractive

level of income, with the potential

for income and capital growth from

a diversified portfolio of investment

companies. The Income Portfolio

invests in a diversified portfolio of at

least 25 investment companies that

have underlying investment exposures

across a range of geographic regions

and sectors that focus on offering an

income yield above that of the FTSE

All-Share Index^.

This trust could be appealing for

investors seeking:

Income

Core

Key facts:

Trust aims: The objective for the Income Portfolio is to provide income shareholders with an attractive level of income, with the potential for income and capital growth from a diversified portfolio of investment companies. The Income Portfolio invests in a diversified portfolio of at least 25 investment companies that have underlying investment exposures across a range of geographic regions and sectors and that focus on offering an income yield above that of the FTSE All-Share Index^.

Benchmark: FTSE All-Share Index^

Fund type: Investment Trust

Launch date: April 2008

Total assets – portfolio: £46.8 million

Total assets – company: £94.6 million

Share price: 110.75p

NAV2: 110.73p

Discount/Premium(-/+): 0.02%

Dividend payment dates: Jan, Apr, Jul, Oct

Net dividend yield†: 4.5%

Net gearing/Net cash*: 0.0%/3.6%

Management fee rate**: 0.65%

Total expenses ratio**: 1.16%

Year end: 31 May

Sector: Global Equity Income

Currency: Sterling

The yield is calculated on an historic basis using the actual

dividends paid during the company’s last financial year and the closing share price as at the end of the relevant month. *Net gearing is total assets less cash and cash equivalents divided by shareholders’ funds and expressed as a percentage. Net cash is net exposure to cash and cash equivalents expressed as a percentage of shareholders funds after any offset against gearing. See page 15 for definition of gearing.

**Total expenses and management fee information as at the end of May 2015.

Fund performance

Source: Lipper and F&C. Basis: Percentage growth, total return, bid to bid price with net income reinvested in sterling. Basis in accordance with the regulations of the Financial Conduct Authority. Past performance is not a guide to future performance. Stock market movements may cause the value of investments and the income from them to fall as well as rise and investors may not get back the amount originally invested. Changes in rates of exchange may have an adverse effect on the value, price or income of investments. If markets fall, gearing can magnify the negative impact on performance.The discrete annual performance table refers to 12 month periods, ending at the date shown. 2 See page 15 for definition of NAV.

Top ten holdings (%)

Perpetual Income & Growth Investment Trust 4.5

European Assets Trust 3.5

Law Debenture Corporation 3.3 City of London Investment Trust 3.3 Troy Income & Growth Trust 3.2 Schroder Real Estate Investment Trust 3.1 Lowland Investment Company 3.0 Edinburgh Investment Trust 2.9 Investco Perpetual UK Smaller Companies

Investment Trust 2.8 Majedie Investments 2.8

Geographical breakdown (%)

UK 47.0 North America 12.0 Europe 11.0 Cash 9.0

Far East & Pacific 9.0

Fixed Interest 7.0

Japan 3.0

South America 1.0

China 1.0

Cumulative performance (%)

1 Month Year to date 1 Year 3 Years 5 Years

NAV2 -0.3 -5.0 -6.1 11.4 39.8

Share price -1.6 -6.5 -8.0 13.5 33.2

Benchmark 0.8 -2.3 -7.3 10.8 28.4

Discrete annual performance (%)

2016/2015 2015/2014 2014/2013 2013/2012 2012/2011

NAV2 -6.1 7.4 10.4 19.8 4.8

Share price -8.0 8.7 13.6 18.7 -1.1

Benchmark -7.3 5.6 13.3 14.1 1.5

F&C Managed Portfolio Trust plc – Income

(as at 29 February 2016)

Year to date 3 years 5 years

% 1 year NAV Share price Benchmark -10 -5 0 5 10 15 20 25 30 35 40

(11)

10

Global Trust

Key attractions:

This trust provides investors with the opportunity to access private equity investment.

This specialist investment can complement a more broadly based investment strategy

offering the opportunity for strong returns.

The trust invests in specialist private equity funds and individual companies across the

globe, but with a bias to UK and European assets. To help manage risk the trust is

broadly diversified across strategies and geographies.

The manager Hamish Mair looks to identify those funds and companies with an ability to

make excellent returns over the medium to long term.

Highlights:

Potential for strong returns relative to traditional equity investment

Tap into up and coming funds and companies

Access to a well diversified portfolio

Route to alternative assets not typically available to private investors

Managed by a well established, and experienced asset manager

Attractive income potential

Investment objective:

To achieve long-term capital growth

through investment in private equity

assets, whilst providing shareholders

with a predictable and above average

level of dividend funded from a

combination of the trust’s revenue and

realised capital profits.

This trust could be appealing for

investors seeking:

Growth

Income

Specialist

Key facts:

Trust aims: The Ordinary shares’ objective is to achieve long-term capital growth through investment in private equity assets.

Trust highlights: Anticipated superior returns relative to the quoted markets. Access to a well diversified portfolio. Manager’s understanding and access to ‘up and coming’ funds.

Fund type: Investment Trust

Launch date1: 2001

Total assets: £242 million

Share price: 227p

NAV2 (diluted) – per IFRS: 298.47p

Discount/Premium(-/+): -23.9%

Dividend payment dates: May, Nov

Net dividend yield†: 5%

Net gearing/Net cash*: 4.3%

Management fee rate**: 0.9%

Ongoing charges***: 1.39%

Year end: 31 December

Sector: Private Equity

Currency: Sterling

Website: www.fcpet.co.uk

1The Ordinary Shares of F&C Private Equity Trust were created as

a share class in 2001.

The yield is calculated using the actual dividends declared for the

Company’s current financial year and the closing share price and exchange rate as at the end of the relevant month. *Borrowings/shareholders’ funds. See page 15 for definition of gearing.

**Management fee information as at end of December 2014 and expressed as a percentage of average shareholders funds. ***Ongoing charges calculated in accordance with AIC recommendations.

Fund performance

Source: Datastream and F&C. Basis: Percentage growth, total return, bid to bid price with net income reinvested in sterling. Basis in accordance with the regulations of the Financial Conduct Authority. Past performance is not a guide to future performance. Stock market movements may cause the value of investments and the income from them to fall as well as rise and investors may not get back the amount originally invested. Changes in rates of exchange may have an adverse effect on the value, price or income of investments. Smaller companies carry a higher degree of risk and their value can be more sensitive to market movement; their shares may be less liquid and performance may be more volatile. The fund may invest in hedge funds or private equity funds which are not normally available to individual investors, exposing the fund to the performance, liquidity and valuation issues of these funds. Such funds typically have high minimum investment levels and may restrict or suspend redemptions or repayment to investors. The asset value of these shares and its prospects may be more difficult to assess. If markets fall, gearing can magnify the negative impact on performance. 2 See page 15 for definition of NAV.

Top ten holdings (%)

SEP III 6.8

Stirling Square Capital Partners II 3.5

TDR Capital II 3.1

Inflexion 2010 Fund 3.0

Argan Capital 2.8

Inflexion 2012 Co-Investment Fund 2.8 August Equity Partners II 2.6

Park Holidays UK 2.5

N+1 Private Equity Fund II 2.5

RJD Partners ll 2.2

Geographical breakdown (%)

UK 47.8 Europe 34.5 US 13.6 Global 3.0 Emerging 1.1

Cumulative performance (%)

1 Month Year to date 1 Year 3 Years 5 Years

NAV2 N/A 9.6 15.6 33.5 61.9

Share price 3.4 6.7 9.6 58.9 116.5

Standardised annual performance (%)

2015/2014 2014/2013 2013/2012 2012/2011 2011/2010

NAV2 15.6 5.7 9.3 4.5 16.0

Share price 9.6 9.6 32.3 4.9 29.9

F&C Private Equity Trust plc

Ordinary shares (as at 30 Sept 2015)

%

NAV2 total return Share price total return

-20 0 20 40 60 80 100 120

-

-

%

Sep-10 Sep-11 Sep-12 Sep-13 Sep-14 Sep-15

Sep-10 Sep-11 Sep-12 Sep-13 Sep-14 Sep-15

120

100

80

60

40

20

0

-20

(12)

11

Global Trust

Key attractions:

Our flagship investment trust was launched back in 1868 and was the first ever

investment trust. Now one of the largest and most reputable trusts in the UK, the Foreign

& Colonial Investment Trust has continued to deliver solid long-term performance.

Managed by Paul Niven, this equity trust is broadly diversified and cautiously managed

with exposure to around 500 individual companies across the globe. This level of

diversification helps to reduce the overall risk a single stock’s poor performance has on

the performance of the portfolio.

The trust has appointed specialist fund management companies to manage the US large

cap and private equity portfolios meaning you benefit from the expert market knowledge

and experience of more than one management company in a single fund.

The trust’s primary focus is to provide long-term growth of capital and income. The

trust has increased its dividend every year for the past 44 years with plans for a 45th

consecutive annual increase.

Highlights:

Heritage – the first ever investment trust, launched in 1868

Solid long-term performance

Exposure to global markets including Europe, US, Japan and Emerging Markets

Quarterly dividend payments and reassurance that the Trust has a proven strategy for

dividend growth

Investment objective:

To secure long-term growth in capital

and income from an international

investment portfolio.

This trust could be appealing for

investors seeking:

Growth

Income

Core

Key facts:

Trust aims: The objective of the trust is to secure long-term growth in capital and income through a policy of investing primarily in an internationally diversified portfolio of publicly listed equities, as well as unlisted securities and private equity, with the use of gearing.

Trust highlights: The first ever investment trust, launched in 1868. A diversified portfolio gives exposure to most of the world markets. Invests in more than 500 companies in 35 countries. Among the largest investment trusts in its sector.

Benchmark: FTSE All World TR Index (Pre 01/01/2013 60% FTSE World ex UK TR Index/40% FTSE All Share TR Index)^.

Fund type: Investment Trust

Launch date: 1868

Total assets: £2.9 billion

Share price: 430.50p

NAV2: 468.49p

Discount/Premium(-/+): -8.11%

Dividend payment dates: Feb, May, Aug, Nov

Net dividend yield: 2.2%

Net gearing/Net cash*: 10%/0%

Management fee rate**: 0.365% p.a. based on Market Capitalisation

Ongoing charges**: 0.87%

Year end: 31 December

Sector: Global

Currency: Sterling

Website: www.foreignandcolonial.com †The yield is calculated on an historic basis using the actual

dividends paid during the last twelve months and the closing share price as at the end of the relevant month.

*Net gearing is total assets less cash and cash equivalents divided by shareholders’ funds and expressed as a percentage. Net cash is net exposure to cash and cash equivalents expressed as a percentage of shareholders funds after any offset against gearing. See pag 15 for definition of gearing.

**Ongoing charges and management fee information calculated in accordance with AIC recommendations as at the end of 31 December 2015.

Source: Lipper and F&C. Basis: Percentage growth, Total return, net income reinvested. Past performance is not a guide to future performance. Stock market movements may cause the value of investments and the income from them to fall as well as rise and investors may not get back the amount originally invested. Changes in rates of exchange may have an adverse effect on the value, price or income of investments. Where investments are made in emerging markets their potential volatility may increase the risks to the value of and the income from the investment. Political or economic change may be more likely to occur and have a greater effect on the economies and markets of the emerging countries. Smaller companies carry a higher degree of risk and their value can be more sensitive to market movement; their shares may be less liquid and performance may be more volatile. The fund may invest in private equity funds which are not normally available to individual investors, exposing the fund to the performance, liquidity and valuation issues of these funds. Such funds typically have high minimum investment levels and may restrict or suspend redemptions or repayment to investors. The asset value of these private equity funds and prospects may be more difficult to assess. If markets fall, gearing can magnify the negative impact on performance. The discrete annual performance table refers to 12 month periods, ending at the date shown. 2 See page 15 for definition of NAV.

Foreign & Colonial Investment Trust plc

(as at 29 February 2016)

Fund performance

Top ten holdings (%)

Pantheon Europe Fund V 1.5

Utilico Emerging Markets 1.1 HarbourVest Partners Ventures VIII Fund 0.9 HarbourVest Partners VIII Buyout Fund 0.9

Pantheon Asia Fund V 0.8

Dover Street VII 0.8

HarbourVest Partners VII Buyout Fund 0.7 Pantheon Europe Fund III 0.7

Dover Street VI 0.6

HarbourVest V Direct Fund 0.6

Geographical breakdown (%)

Cumulative performance (%)

1 Month Year to date 1 Year 3 Years 5 Years

NAV2 0.69 -2.53 -0.53 26.30 50.79

Share price 1.75 -3.65 -3.48 30.63 56.31

Benchmark 1.11 -1.28 -2.13 23.52 43.28

Discrete annual performance (%)

2016/2015 2015/2014 2014/2013 2013/2012 2012/2011

NAV2 -0.53 16.64 8.85 16.80 2.22

Share price -3.48 22.41 10.57 17.38 1.94

Benchmark -2.13 17.47 7.44 16.55 -0.47

Year to date 3 years 5 years

% 1 year NAV Share price Benchmark -10 0 10 20 30 40 50 60 UK Equity 10.1 Europe ex UK Equity 22.3

North America Equity 43.3

Japan Equity 10.0

Developed Pacifc Equity 3.1 Emerging Markets Equity 10.5

Liquidity 0.7

(13)

12

Property Trust

Key attractions:

This trust provides investors with the opportunity to invest in commercial property

through a diversified portfolio of prime UK property.

The trust aim to pay an attractive monthly dividend as well as the opportunity for capital

growth by investing in high quality UK commercial property with a current geographical

bias to Central London and the South East where returns are still proving strong.

Highlights:

Attractive monthly income, currently a dividend yield of 4.5%

Access to a widely diversified portfolio of quality prime UK commercial property

Complement to a broadly based equity or bond portfolio

Investment objective:

To provide ordinary shareholders with

an attractive level of income together

with the potential for capital and

income growth from investing in a

diversified UK commercial property

portfolio.

This trust could be appealing for

investors seeking:

Growth

Income

Specialist

Key facts:

Trust aims: To provide ordinary shareholders with an attractive level of income with the potential for capital and income growth from investing in a diversified UK commercial property portfolio.

Fund Type: Investment Trust

Launch Date: 18 March 2005

Total assets: £1,390.1 million

Share price: 134.4p

NAV**: 135.3p

Discount/Premium(-/+): -0.7%

Dividend payment dates: Monthly

Net dividend yield†: 4.5%

Actual gearing*: 19.0%

Vacant property: 4.5%

Weighted average lease length: 6.9 years

Management fee rate***: 0.5%

Ongoing charges***: 0.89%

Year end: 31 December

Sector: Property Direct - UK

Currency: Sterling

Website: www.fccpt.co.uk

The yield is calculated on an historic basis using the actual

dividends paid during the company’s last financial year and the closing share price as at the end of the relevant month. *(Borrowings - cash)/total assets (less trade and other payables and cash). See page 15 for definition of gearing.

**The NAV is calculated under International Financial Reporting Standards. See page 15 for definition NAV.

***Ongoing charges and management fee rate as at the end of 31 December 2015.

Fund performance

Source: Datastream and F&C. Basis: Percentage growth, total return, bid to bid price with net income reinvested in sterling. Basis in accordance with the regulations of the Financial Conduct Authority. Past performance is not a guide to future performance. Values may fall as well as rise and investors may not get back the full amount invested. Income from investments may fluctuate. Income payments may constitute a return of capital in whole or in part. Income may be achieved by foregoing future capital growth. Changes in rates of exchange may have an adverse effect on the value, price or income of investments. 2 See page 15 for definition of NAV.

Top ten property investments

Properties valued in excess of £200 million

London W1, St. Christopher’s Place Estate

Properties valued between £70 million and £100 million

Newbury, Newbury Retail Park

London SW1, Cassini House, St. James’s Street Solihull, Sears Retail Park

Properties valued between £50 million and £70 million

London SW19, Wimbledon Broadway London W1, 25 Great Pulteney Street

Properties valued between £40 million and £50 million

Uxbridge, 3 The Square, Stockley Park Crawley, Leonardo House, Manor Royal

Aberdeen, Unit 2 Prime Four Business Park, Kingswells Aberdeen, Unit 1 Prime Four Business Park, Kingswells

Geographical breakdown (%)

London - West End 35.7

South East 26.6 Scotland 13.1 Midlands 11.3 North West 10.6 Eastern 1.5 Rest of London 1.2

Sector breakdown (%)

Offices 39.9 Retail 26.4 Retail Warehouse 16.9 Industrial 14.3 Other 2.5

Cumulative performance (%)

3 Months Year to date 1 Year 3 Years 5 Years

Share price -1.7 2.8 2.8 49.9 65.4

NAV2 3.8 16.0 16.0 60.0 85.3

Discrete annual performance (%)

2015 2014 2013 2012 2011

Share price 2.8 18.8 22.7 8.2 2.0

NAV2 16.0 22.1 13.0 4.4 10.9

F&C Commercial Property Trust Limited

(as at 31 December 2015)

NAV2 Share price

Year to date 3 years 5 years

% 1 year 0 10 20 30 40 50 60 70 80 90 100

(14)

13

Property Trust

Key attractions:

The trust aims to deliver an attractive level of income together with the potential for

capital growth from investment in a diversified UK commercial property portfolio. It offers

investors exposure to commercial property assets often not available to private investors.

This portfolio offers regional diversification while retaining a significant exposure to

property in the South East. The trust invests in office and retail property, but has a bias

towards good quality distribution and industrial property that provides a higher yield.

Income is paid quarterly.

On 11 April 2013, IRP Property Investment Limited acquired the assets of ISIS

Property Trust Limited through a scheme of reconstruction and was renamed F&C UK

Real Estate Investments Limited. All data reflects the new portfolio as at the date of

acquisition.

Highlights:

Attractive income paid quarterly

Access to a widely diversified portfolio of quality UK commercial property

Complement to a broadly based equity or bond portfolio

Investment objective:

To provide ordinary shareholders with

an attractive level of income together

with the potential for income and

capital growth from investing in a

diversified UK commercial property

portfolio.

This trust could be appealing for

investors seeking:

Growth

Income

Specialist

Key facts:

Trust aims: To provide ordinary shareholders with an attractive level of income with the potential for income and capital growth from investing in a diversified UK commercial property portfolio.

Fund type: Investment Trust

Launch date: 1 June 2004

Total assets: £354.30 million

Share price: 101.75p

NAV*: 99.90p

Discount/Premium (-/+): 1.85%

Dividend payment dates: Mar, Jun, Sep, Dec

Net dividend yield †: 4.91%

Net gearing**: 29.08%

Vacant property: 4.54%

Weighted average lease length: 7.32 years

Management fee rate***: 0.60%

Ongoing charges****: 1.40%

Year end: 30 June

Sector: Property Direct - UK

Currency: Sterling

Website: www.fcre.co.uk www.fcre.gg

*The NAV is calculated under International Financial Reporting Standards. † Calculated with reference to projected annual

dividends of 5.0 pence per share.

**Bank Debt (less net current assets)/Fair value of investment properties. See page 15 for definition of gearing. ***Please refer to the latest annual report as to how the fee is structured.

****Ongoing charges are total expenses (excluding direct property expenses) at June 2015 as a percentage of net assets.

Source: Lipper and F&C. Basis: Percentage growth, total return, bid to bid price with net income reinvested in sterling. Basis in accordance with the regulations of the Financial Conduct Authority. Past performance is not a guide to future performance. Values may fall as well as rise and investors may not get back the full amount invested. Income from investments may fluctuate. Income payments may constitute a return of capital in whole or in part. Income may be achieved by foregoing future capital growth. Changes in rates of exchange may have an adverse effect on the value, price or income of investments. 2 See page 15 for definition of NAV.

Fund performance

Geographical breakdown (%)

Top ten property investments (%)

South East 45.0

West Midlands 7.6

Scotland 6.0

Yorkshire and Humberside 10.3

East Midlands 4.8

Others 6.3

North West 4.2

London - West End 9.6

Eastern 6.2

London W1, 14 Berkeley Street 7.6 Banbury, 3663 Unit, Echo Park 6.5 Colnbrook, Units 1-8 Lakeside Road 4.9 Eastleigh, Southampton International Park 4.1 Hemel Hempstead, Hemel Gateway 3.7 Rotherham, Northfields Retail Park 3.5

York, Clifton Moor Gate 3.5

Leamington Spa, 30-40 The Parade & 47/59a Warwick Street 3.2 Bracknell, 1-2 Network, Eastern Road 3.0 Chelmsford, County House, County Square 2.9

Total 42.9

Sector breakdown (%)

Industrial 28.0

Retail 20.5

Offices 28.4

Out of Town Retail 23.1

Cumulative performance (%)

3 Months Year to date 1 Year 3 Years 5 Years

NAV2 3.1 5.6 15.9 68.3 67.4

Share price 3.0 4.8 13.7 105.9 82.3

Discrete annual performance (%)

2015 2014 2013 2012 2011

NAV2 15.9 24.9 16.3 -0.9 0.4

Share price 13.7 19.2 51.8 -3.1 -8.6

F&C UK Real Estate Investments Limited

(as at 31 December 2015 - Quarter 4 2015)

% 0 20 40 60 80 100 120

Year to date 3 years 5 years

Share price NAV

(15)

14

Property Trust

Key attractions:

The trust has a total return objective and aims to deliver long-term capital growth

accompanying a progressive dividend policy from a diversified portfolio of predominantly

property related securities and commercial property. The UK direct property portfolio

is mainly invested in the South East with a strong London focus. The equity portfolio

is diversified geographically primarily across Northern and Western Europe. Marcus

Phayre-Mudge seeks to identify well managed, well financed companies of all sizes,

especially those with a focus on a particular type of real estate business.

Highlights:

Equity based portfolio that provides exposure to property related companies

Complement to a ‘bricks and mortar’ property investment or equity or bond portfolio

Progressive dividend.

Potential for long-term capital growth and an attractive income

Exposure to both direct commercial property and indirect property shares

Investment objective:

The trust’s objective is to maximise

shareholders’ total returns by investing

in property shares and property

on an international basis. Although

the investment objective allows for

investment on an international basis the

benchmark is a Pan European index.

The majority of investments will be

located in the Pan-Europe region and

direct property investments are located

in the UK only.

This trust could be appealing for

investors seeking:

Growth

Income

Specialist

Key facts:

Fund objective: The investment objective of the trust is to maximise total returns by investing in Pan European equities and UK direct property, focusing on long term capital and income growth.

Fund manager(s): Marcus Phayre-Mudge

Fund type: UK Investment Trust

Sector: AIC Property Securities

Benchmark: FTSE EPRA/NAREIT Developed Europe Capped TR Net GBP Fund currency: GBP Fund size: £1065.0m Share price: 297.5p Net gearing: 12.5% Initial charge: 0.00% Ongoing charge: 0.76%

Ann. Mgmt fee: £3.325m plus 0.20% of net assets p.a.

Ann. Return 5 Years: 13.43%

Price frequency: Daily

Performance fee: 15% of outperformance of benchmark plus 1% hurdle

Distribution policy: January, July

Share currency: GBP

Payment date(s): January, July

Year end: 31 March

ISIN: GB0009064097

FATCA: ML6PKQ.99999.SL.826

Administrator: BNP Paribas

Fund performance

Past performance is not a guide to future performance. Values may fall as well as rise and investors may not get back the full amount invested. Income from investments may fluctuate. Income payments may constitute a return of capital in whole or in part. Income may be achieved by foregoing future capital growth. Changes in rates of exchange may have an adverse effect on the value, price or income of investments. The Fund may invest in warrants; small movements in the price of the asset to which the warrant relates may result in a disproportionately large movement in the price of the warrant which may cause volatility. All fund performance data is net of management fees. See page 15 for definition of gearing.

Cumulative performance (%)

1 Month 3 Months 6 Months Year to date 1 Year 3 Years 5 Years

Fund 8.42 4.45 7.54 4.45 8.28 70.23 87.92

Benchmark 7.73 4.53 7.49 4.53 5.39 49.39 60.30

Discrete annual performance (%)

2012 2013 2014 2015 2016

Fund -8.97 21.28 22.10 28.75 8.28

Benchmark -8.89 17.78 14.93 23.34 5.39

TR Property Investment Trust

(as at 31 March 2016)

Top ten holdings (%)

Unibail-Rodamco 9.9

Land Securities Group plc 8.3

Vonovia Se 7.9

Leg Immobilien Ag 6.1

Klepierre 5.7

Deutsche Wohnen Ag-Br 3.9

Great Portland Estates plc 2.7

Derwent London plc 2.7 Unite Group plc 2.3 British Land Co plc 2.3

Sector allocation (%)

Industrial 10.6 Offices 29.5 Other 9.2 Residential 27.4 Retail 38.5 %

The discrete performance periods are to the end of the respective month each year. Source: BMO Global Asset Management, Lipper

1 month 3 months 6 months YTD 1 Year 3 years 5 years Fund Benchmark 0 20 40 60 80 100

References

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