Legal&GeneralEthicalTrust Interim Manager’sReport forthe … · 2012. 8. 11. · Balance Sheet 14...

Legal & General Ethical Trust

Interim Manager’s Reportfor the period ended12 June 2011(Unaudited)

Distribution Number 12

1

Page Number

Manager’s Investment Report 2

Authorised Status 5

Directors’ Statement 5

Portfolio Statement 6

Statement of Total Return 13

Statement of Change in Net Assetsattributable to Unitholders 13

Balance Sheet 14

Notes to the Financial Statements 15

Trust Facts 16

Performance Record 17

General Information 19

Contents

2

Investment Objective and PolicyThe investment objective of this Trust is to secure capitalgrowth from a portfolio of securities from companies whosebusiness conforms to a range of ethical and environmentalguidelines.

Securities representing all such companies in theFTSE 350 Index (excluding Investment Companies) will be heldwith weightings generally proportionate to their marketcapitalisation (adjusted for free-float weighting).

Companies have been excluded if they are substantially involvedin or cause:

Animal testing PornographyCountries with poor Processing, use or sale ofhuman rights records non-sustainable timberGambling Production of ozoneHealth and safety convictions depleting chemicalsIntensive farming Production or sale of tobaccoMajor arms exporter Production or sale ofto oppressive regimes weapons systemsNuclear power Provision of nuclear weaponsSupply of strategic services Water pollutionto nuclear bases

Independent monitoring of companies is carried out byEthical Investment Research Services (EIRIS) based on thecriteria above.

Manager’s Investment ReportDuring the period under review, the bid price of theTrust’s R-Classdistribution units rose by 2.33% from 44.20p to 45.23p. Althoughthere is no published Index for those companies assessed aseligible by EIRIS, for comparison,over the review period theFTSE 350 Index fell by -0.12%; similarly, the broader basedFTSE All Share Index rose by 0.01% (Source:Bloomberg). TheTrustmarkedly outperformed the broader based FTSE 350 Index duringthe period. This was primarily due to theTrust’s ethical stockselection process,which meant that theTrust was significantlyunderweight in some of the major sectors included in theFTSE 350 Index, such as Banks and Mining,which performed verypoorly during the period.

Past performance is not a guide to future performance.

The value of investments and any income from them may godown as well as up.

Market/Economic ReviewThe market was flat for the period as a whole, although a steepfall in mid March 2011 caused by the devastating earthquakeand tsunami that struck Japan was mirrored by an instantrebound during the rest of the month.

Manager’s Investment Report

3

The Trust’s selection process excludes the Tobacco and Defenseindustries, while the Oil & Gas, Banks and Health Care sectorsare markedly underweight. Such exclusions are compensatedfor by an increased presence in Telecommunications, LifeInsurance and General Retailers.

There are three principal reasons for changes to the distributionof investments in the Trust: firstly, changes in the list ofcompanies which meet the ethical criteria; secondly, changes inthe FTSE 350 Index at its quarterly reviews; and finally, changesdue to corporate activity and takeovers.

There were no companies that became unacceptable under theethical criteria screening.

The FTSE committee reviews the top 350 companies of theIndex every quarter. There were two reviews during the period.At the quarterly review in December 2010,Exillon Energy was promoted from the FTSE SmallCap Indexand was therefore added to the Trust’s holdings, whileXchanging,Yell Group, Melrose Resources andRobert Wiseman Dairies were demoted to the FTSE SmallCapIndex and were sold. At the quarterly review in March 2011Hansteen Holdings, Kofax and Northgate were purchased afterbeing added to the Index, while Hansen Transmissions, Mcbrideand Sportingbet were sold after being demoted to theFTSE SmallCap Index.

Companies which were acquired and therefore removed from theIndex included;Brit Insurance Holdings,Wellstream Holdings,Gartmore Group,BluebayAsset Management and BSS Group. Thesewere replaced by RPC Group,Gem Diamonds,Anglo Pacific Group,Brewin Dolphin Holdings and F&CAsset Management respectively.TheTrust’s portfolio of investments was altered to reflect each ofthese changes.

Other corporate activity included British Airways merging withthe Spanish airliner Iberia creating International ConsolidatedAirlines Group. In addition, the Utilities companyInternational Power made a capital repayment of £1.4 billion asa result of its restructure with the International Unit of France’sGDF Suez Energy.

Capital raisings were completed in the following companies forgrowth reasons;Yule Catto (£225 million), BBA Aviation(£89 million), Shaftesbury (£100 million), Exillon Energy(£94 million), Hansteen (£150 million), Lamprell (£140 million)and Capital & Counties Properties (£100 million).

The top three stocks in the Trust at the end of the period wereVodafone Group, BG Group and Tesco.

Manager’s Investment Report continued

4

Manager’s Investment Report continued

OutlookWhilst the Greek parliament supports a European bailout, theEuro seems to be strengthening and should continue to do so ifthe European Union manages to put together a viable plan tosupport its financially weaker and indebted members. This willboost UK company earnings, especially for the companies thatare net exporters within Europe. The US has recently publishedweaker than expected growth and everyone is keeping an eyeon inflation as interest rates are still kept low, even though foodand energy prices are putting pressure on inflation. In anenvironment of low mortgage lending and high unemploymentit is difficult to see any positive movement in the US housingmarket. UK companies relying on US consumer spending mightface difficulties in the short-term.

The UK economy faces even higher consumer price inflationand high unemployment in the middle of a public spending cutdebate that is currently unfolding. In this public spending cutenvironment the majority of the public sector workers are likelyto oppose these measures but the market will see them as astep in the right direction. As a result of these cuts, privatecompanies that service the public sector will see their marginsand overall revenues moderately lower in the medium-term.However a much needed pension reform and more sustainablepublic spending will highlight that the UK is trying to tackle itsdebt earlier than most European economies without it gettingout of hand, and this could be key in the quarters ahead. Thegovernment is also considering selling its stake in the UK bankswhich is a good sign that the banking sector is healthier than ithas been post the 2008 credit crisis.

Legal & General Investment Management Limited(Investment Adviser)4 July 2011

5

Authorised StatusThis Trust is an Authorised Unit Trust Scheme as defined insection 243 of the Financial Services and Markets Act 2000and is a UCITS Retail Scheme within the meaning of theFSA Collective Investment Schemes sourcebook.

Directors’ StatementWe hereby certify that this Manager’s Report has been preparedin accordance with the requirements of the FSA CollectiveInvestment Schemes sourcebook.

M. B. Boardman S. D.Thomas

(Director) (Director)

Legal & General (Unit Trust Managers) Limited2 August 2011

Authorised Status

6

Portfolio Statement as at 12 June 2011All investments are in ordinary shares unless otherwise stated.The percentages in brackets show the equivalent sector holdingsat 12 December 2010.

Holding/ Market % ofNominal Value NetValue Investment £ Assets

Oil & Gas Producers— 8.88% (8.84%)

237,700 Afren 404,090 0.23849,286 BG Group 11,643,710 6.66352,904 Cairn Energy 1,490,667 0.85155,700 Enquest 200,853 0.1197,300 Essar Energy 420,531 0.2426,700 Exillon Energy 117,987 0.0757,000 Heritage Oil 136,059 0.0835,656 JKX Oil & Gas 104,116 0.06118,940 Premier Oil 575,551 0.3334,815 Salamander Energy 93,861 0.0588,500 SOCO International 341,787 0.20

15,529,212 8.88

Oil Equipment, Services &Distribution — 0.60% (0.60%)

33,058 Hunting 244,960 0.1442,900 Lamprell 162,934 0.09100,086 Wood Group (John) 647,556 0.37

1,055,450 0.60

Chemicals — 0.89% (0.83%)54,075 Johnson Matthey 1,100,426 0.6321,426 Victrex 315,819 0.1866,433 Yule Catto 147,813 0.08

1,564,058 0.89

Forestry & Paper— 0.34% (0.27%)

94,700 Mondi (UK) 590,455 0.34

Industrial Metals & Mining— 0.12% (0.15%)

46,559 Talvivaara Mining 210,726 0.12

Mining — 9.01% (10.10%)32,530 African Barrick Gold 135,553 0.0826,000 Anglo Pacific Group 80,444 0.05100,850 Antofagasta 1,264,659 0.72114,554 Aquarius Platinum 385,703 0.22254,100 Centamin Egypt 305,428 0.1898,300 Eurasian Natural Resources 768,705 0.4445,000 Ferrexpo 212,580 0.1254,800 Fresnillo 766,652 0.4437,400 Gem Diamonds 99,596 0.0644,683 Hochschild Mining 217,874 0.1254,482 Kazakhmys 677,756 0.39608,600 Kenmare Resources 282,512 0.1651,418 Lonmin 788,752 0.4546,527 Petropavlovsk 339,182 0.1922,918 Randgold Resources 1,115,648 0.6433,496 Vedanta Resources 680,304 0.39561,395 Xstrata 7,632,165 4.36

15,753,513 9.01

Portfolio Statement

7

Portfolio Statement continued


Construction & Materials— 0.05% (0.05%)

17,300 Keller 90,047 0.05

Aerospace & Defence— 0.09% (0.08%)

104,500 Senior 162,393 0.09

General Industrials— 1.80% (1.74%)

41,401 Charter International 310,922 0.1870,659 Cookson Group 468,822 0.27225,790 Rexam 882,162 0.5039,000 RPC Group 131,040 0.08108,180 Smith (David S) Holdings 234,210 0.1398,342 Smiths Group 1,123,066 0.64

3,150,222 1.80

Electronic & ElectricalEquipment — 0.72% (0.62%)

29,245 Domino Printing Sciences 195,357 0.1193,550 Halma 366,529 0.2175,500 Laird Group 101,850 0.068,750 Renishaw 150,675 0.0928,580 Spectris 437,846 0.25

1,252,257 0.72

Industrial Engineering— 1.97% (1.85%)

49,826 Bodycote 185,054 0.1049,418 Fenner 188,777 0.1182,400 IMI 842,128 0.48123,300 Melrose 412,069 0.2422,642 Rotork 374,272 0.2119,049 Spirax-Sarco Engineering 364,979 0.2152,700 Weir Group 1,085,620 0.62

3,452,899 1.97

Industrial Transportation— 0.18% (0.20%)

103,088 BBA Aviation 215,763 0.1273,100 Stobart Group 101,609 0.06

317,372 0.18

Support Services— 5.26% (5.17%)

69,900 Aggreko 1,363,050 0.7884,329 Bunzl 653,128 0.37156,444 Capita Group 1,156,121 0.6625,200 De La Rue 199,710 0.11106,451 Electrocomponents 307,750 0.18252,474 Experian Group 2,012,218 1.15345,800 Hays 379,343 0.2281,095 Homeserve 428,182 0.2440,588 Intertek Group 799,584 0.4677,166 Michael Page International 411,295 0.2395,700 Mitie Group 222,981 0.1392,336 Premier Farnell 259,741 0.15450,300 Rentokil Initial 435,890 0.25

8



Support Services — (cont.)55,500 RPS Group 135,087 0.0894,600 Shanks Group 122,885 0.07153,800 SIG 221,318 0.1321,000 SThree 82,950 0.05

9,191,233 5.26

Beverages — 0.22% (0.23%)10,222 Barr (AG) 137,690 0.0861,412 Britvic 252,281 0.14

389,971 0.22

Food Producers— 0.21% (0.21%)

12,577 Cranswick 95,397 0.0542,200 Devro 117,358 0.0728,630 Greggs 150,451 0.09

363,206 0.21

Household Goods & HomeConstruction — 0.80% (0.75%)

242,225 Barratt Developments 255,790 0.1531,100 Bellway 225,631 0.1332,520 Berkeley Group 367,476 0.2138,101 Bovis Homes Group 161,967 0.0976,371 Redrow Group 90,041 0.05818,392 Taylor Wimpey 293,803 0.17

1,394,708 0.80

Leisure Goods — 0.04% (0.08%)70,700 Pace 76,639 0.04

Personal Goods— 0.94% (0.87%)

110,390 Burberry Group 1,448,317 0.8353,560 PZ Cussons 200,207 0.11

1,648,524 0.94

Health Care Equipment &Services — 0.92% (0.90%)

226,072 Smith & Nephew 1,492,075 0.8513,200 Synergy Healthcare 120,780 0.07

1,612,855 0.92

Pharmaceuticals &Biotechnology — 1.92% (1.58%)

70,700 BTG 193,859 0.1116,400 Genus 166,296 0.1038,857 Hikma Pharmaceuticals 321,153 0.18141,674 Shire 2,673,388 1.53

3,354,696 1.92

Food & Drug Retailers— 6.95% (7.30%)

673,900 Morrison (Wm) Supermarkets 2,006,200 1.1597,161 Ocado Group 219,195 0.12475,183 Sainsbury (J) 1,551,473 0.897,700 SuperGroup 72,919 0.04

2,010,640 Tesco 8,301,933 4.75

12,151,720 6.95

9



General Retailers— 3.62% (3.76%)

48,704 Brown (N) Group 132,426 0.0812,050 Carpetright 87,001 0.05331,675 Debenhams 227,529 0.1312,685 Dignity 98,182 0.06943,488 DSG International 167,941 0.1020,521 Dunelm Group 90,333 0.05161,700 Galiform Furniture 175,445 0.1054,616 Halfords Group 214,368 0.12206,195 Home Retail Group 344,964 0.205,600 JD Sports Fashion 49,280 0.03

137,819 Kesa Electricals 193,774 0.11599,100 Kingfisher 1,618,768 0.92405,129 Marks & Spencer Group 1,478,721 0.8421,300 Mothercare 85,988 0.0545,796 Next 1,024,457 0.5867,985 Sports Direct International 150,587 0.0941,077 WH Smith 197,868 0.11

6,337,632 3.62

Media — 4.31% (4.20%)320,000 Aegis Group 488,640 0.28335,416 BSkyB 2,800,724 1.6067,460 Daily Mail & General Trust (A) 294,395 0.178,015 Euromoney Institutional Investor 53,821 0.03

150,784 Informa 650,482 0.3771,000 ITE Group 174,234 0.10996,220 ITV 653,520 0.3854,500 Moneysupermarket.com 58,097 0.03310,916 Reed Elsevier 1,696,047 0.9727,280 Rightmove 298,989 0.1764,860 United Business Media 359,973 0.21

7,528,922 4.31

Travel & Leisure— 4.24% (4.54%)

22,000 Avis Europe 42,548 0.0254,215 Carnival 1,267,005 0.7232,300 Domino's Pizza UK & Ireland 125,227 0.0779,089 easyJet 277,998 0.16117,472 Enterprise Inns 87,634 0.05124,700 FirstGroup 419,616 0.2411,400 Go-Ahead Group 169,176 0.1052,437 Greene King 253,428 0.1572,289 InterContinental Hotels 870,360 0.50474,232 International Consolidated

Airlines Group 1,067,970 0.61158,271 Marston's 163,177 0.0942,741 Millennium & Copthorne Hotels 212,166 0.12100,856 Mitchells & Butlers 327,984 0.19125,900 National Express 318,527 0.1831,700 Northgate 101,408 0.06149,900 Punch Taverns 108,977 0.0653,300 Restaurant Group 157,288 0.09228,473 Thomas Cook 315,978 0.18138,530 Tui Travel 299,086 0.1731,229 Wetherspoon (JD) 135,159 0.0845,100 Whitbread 692,736 0.40

7,413,448 4.24

10



Fixed Line Telecommunications— 2.62% (2.53%)

1,969,201 BT Group 3,863,572 2.21666,289 Cable & Wireless Worldwide 341,806 0.1980,103 Colt Telecom 118,472 0.07170,000 TalkTalk Telecom Group 254,830 0.15

4,578,680 2.62

Mobile Telecommunications— 9.42% (9.56%)

117,305 Inmarsat 700,311 0.409,813,070 Vodafone Group 15,779,417 9.02

16,479,728 9.42

Electricity — 2.86% (2.70%)90,444 Drax Group 438,020 0.25385,840 International Power 1,233,530 0.71238,319 Scottish & Southern Energy 3,331,700 1.90

5,003,250 2.86

Gas, Water & Multiutilities— 3.23% (3.01%)

880,896 National Grid 5,276,567 3.0296,450 Northumbrian Water Group 370,368 0.21

5,646,935 3.23

Banks — 3.79% (5.19%)10,187,602 Lloyds Banking Group 4,808,548 2.754,406,038 Royal Bank of Scotland 1,810,882 1.04

6,619,430 3.79

Nonlife Insurance— 2.35% (2.32%)

51,480 Admiral Group 890,604 0.51122,452 Amlin 509,768 0.29129,536 Beazley 162,179 0.0988,930 Catlin Group 371,015 0.2198,521 Hiscox 415,562 0.2443,150 Jardine Lloyd Thompson Group 295,146 0.1738,400 Lancashire Holdings 250,944 0.14887,821 RSA Insurance Group 1,219,866 0.70

4,115,084 2.35

Life Insurance — 7.42% (6.86%)736,398 Aviva 3,156,202 1.801,482,414 Legal & General Group 1,712,188 0.981,391,249 Old Mutual 1,784,972 1.0245,100 Phoenix Group 294,729 0.17635,470 Prudential 4,610,335 2.6452,404 St. James's Place Capital 177,964 0.10601,657 Standard Life 1,246,032 0.71

12,982,422 7.42

Real Estate Investment &Services — 0.48% (0.41%)

167,659 Capital & Counties Properties 302,457 0.171,293 Daejan Holdings 35,958 0.02

11



Real Estate Investment &Services — (cont.)

70,500 Grainger Trust 89,535 0.05153,181 Hansteen 131,429 0.0829,736 Savills 122,304 0.0735,200 St. Modwen Properties 66,915 0.0443,800 Unite Group 96,491 0.05

845,089 0.48

Real Estate Investment Trusts— 3.65% (3.18%)

29,066 Big Yellow Group 94,290 0.05227,213 British Land 1,343,965 0.77164,559 Capital Shopping Centres 634,045 0.3624,917 Derwent London 465,200 0.2777,490 Great Portland Estates 336,384 0.19179,876 Hammerson 861,426 0.4929,400 Helical Bar 76,087 0.05196,650 Land Securities Group 1,664,642 0.95181,982 SEGRO 588,530 0.3458,495 Shaftesbury 312,948 0.18

6,377,517 3.65

Financial Services— 5.48% (5.37%)

246,471 3i Group 671,141 0.38293,100 Aberdeen Asset Management 669,440 0.3876,900 Ashmore Group 294,219 0.1757,000 Brewin Dolphin 88,635 0.0535,700 Close Brothers Group 280,245 0.16125,000 F&C Asset Management 97,375 0.0658,700 Hargreaves Lansdown 370,397 0.21254,436 Henderson Group 360,027 0.21169,523 ICAP 805,743 0.46100,938 Intermediate Capital Group 325,020 0.1960,400 International Personal Finance 222,997 0.13137,555 Investec 689,151 0.3960,200 Jupiter Fund Management 165,791 0.1050,722 London Stock Exchange 483,381 0.28484,401 Man Group 1,177,579 0.6777,267 Paragon Group 155,384 0.0933,947 Provident Financial 329,286 0.1911,955 Rathbone Brothers 139,993 0.08381,178 Resolution 1,207,572 0.6944,400 Schroders 688,200 0.3912,700 Schroders (Non-voting) 165,100 0.0951,977 Tullett Prebon 189,872 0.11

9,576,548 5.48

Equity Investment Instruments— 0.23% (0.21%)

154,676 3i Infrastructure 189,323 0.1179,600 SVG Capital 207,597 0.12

396,920 0.23

12



Software & Computer Services— 2.41% (2.22%)

62,483 Autonomy 1,122,195 0.6416,700 Aveva Group 283,399 0.1626,900 Computacenter 119,490 0.0720,600 Dicom Group 102,897 0.069,700 Fidessa Group 185,658 0.11

399,672 LogicaCMG 515,177 0.2955,681 Micro Focus International 209,862 0.1274,356 Misys 292,070 0.17333,493 Sage Group 963,128 0.5520,400 SDL 144,432 0.0851,609 Telecity 278,431 0.16

4,216,739 2.41

Technology Hardware &Equipment — 1.53% (1.14%)

334,635 ARM Holdings 1,934,190 1.1147,006 CSR 147,881 0.0869,500 Imagination Technologies 337,145 0.19176,400 Spirent Communications 261,425 0.15

2,680,641 1.53

Portfolio of investments 174,111,141 99.55

Net other assets 790,546 0.45

Net assets £174,901,687 100.00%

Total purchases for the period: £8,822,324.Total sales for the period: £4,148,086.

13

Statement of Total Returnfor the period ended 12 June 2011

12/06/11 12/06/10

£ £ £ £

Income

Net capital gains 2,966,123 2,912,344

Revenue 3,057,257 2,579,769

Expenses (970,918) (804,046)

Finance costs: Interest (1) (9)

Net revenue beforetaxation 2,086,338 1,775,714

Taxation (6,677) (13,286)

Net revenue after taxationfor the period 2,079,661 1,762,428

Total return beforedistributions 5,045,784 4,674,772

Finance costs: Distributions (2,079,661) (1,762,428)

Change in net assetsattributable to Unitholdersfrom investment activities £2,966,123 £2,912,344

Statement of Change in Net Assets attributable toUnitholders for the period ended 12 June 2011

12/06/11 12/06/10

£ £ £ £

Opening net assetsattributable to Unitholders 167,105,368 140,584,793

Amounts receivedon creation of units 8,753,674 8,241,278

Amounts paid oncancellation of units (4,718,426) (9,400,103)

4,035,248 (1,158,825)

Change in net assetsattributable to Unitholdersfrom investment activities 2,966,123 2,912,344

Retained distributionon accumulation units 794,948 684,232

Closing net assetsattributable to Unitholders £174,901,687 £143,022,544

The difference between the opening net assets and thecomparative closing net assets is the movement in the secondhalf of the year.

Financial Statements

14

Balance Sheet as at 12 June 2011

12/06/11 12/12/10

£ £ £ £

ASSETS

Investment assets 174,111,141 166,470,780

Debtors 1,594,448 935,495

Cash and bank balances 977,347 751,252

Total other assets 2,571,795 1,686,747

Total assets 176,682,936 168,157,527

LIABILITIES

Investment liabilities — —

Creditors (489,438) (345,520)

Distribution payable ondistribution units (1,291,811) (706,639)

Total other liabilities (1,781,249) (1,052,159)

Total liabilities (1,781,249) (1,052,159)

Net assets attributableto Unitholders £174,901,687 £167,105,368

Financial Statements continued

15

Notes to the Financial Statements

1. Accounting policies

(a) Changes to accounting policiesThe financial statements have been prepared under thehistorical cost convention, as modified by the revaluation ofinvestments, and in accordance with the Statement ofRecommended Practice for Authorised Funds issued by theIMA in October 2010 (‘the IMA SORP 2010’).

The financial statements have been prepared on the basis ofthe accounting policies set out in the most recent annualfinancial statements (12 December 2010).

As at 12 June 2010, the financial statements were preparedin accordance with the Statement of RecommendedPractice for Authorised Funds issued by the IMA inNovember 2008.

There has been no impact on the financial statementsdisclosure for the period.

16

Trust Facts

Distribution Information

R-ClassThe distribution payable on 12 August 2011 is 0.5256p net perunit for distribution units and 0.6677p net per unit foraccumulation units.

I-ClassThe distribution payable on 12 August 2011 is 0.7140p net perunit for distribution units and 0.9403p net per unit foraccumulation units.

Total Expense Ratio

12 Jun 11 12 Dec 10R-Class 1.15% R-Class 1.15%I-Class 0.33% I-Class 0.33%

The Total Expense Ratio is the ratio of the Trust’s operatingcosts (excluding overdraft interest) to the average net assets ofthe Trust.

17

Performance Record

Net Asset Values

Net Asset Net Asset Number OfAccounting Value Of Value Per UnitsDate Trust Unit In Issue

12 Dec 08R-ClassDistribution Units £53,250,909 28.62p 186,038,278Accumulation Units £32,444,353 34.81p 93,199,628I-ClassDistribution Units £10,074,261 28.59p 35,233,811Accumulation Units £510,335 35.56p 1,435,314

12 Dec 09R-ClassDistribution Units £77,807,574 37.08p 209,824,939Accumulation Units £52,257,078 46.23p 113,044,813I-ClassDistribution Units £10,121,580 37.06p 27,313,764Accumulation Units £398,561 47.53p 838,463

12 Dec 10R-ClassDistribution Units £95,309,195 43.95p 216,839,755Accumulation Units £64,679,417 55.83p 115,853,318I-ClassDistribution Units £6,194,044 43.93p 14,098,376Accumulation Units £922,712 57.89p 1,593,836

12 Jun 11R-ClassDistribution Units £97,257,164 44.77p 217,248,523Accumulation Units £67,579,663 57.53p 117,474,122I-ClassDistribution Units £9,392,221 44.75p 20,990,242Accumulation Units £672,639 59.88p 1,123,218


The price of units and any income from them may go down aswell as up.

18

Performance Record continued

Unit Price Range and Net RevenueR-Class

Highest Lowest NetYear Offer Bid Revenue

Distribution Units

2006 52.77p 42.50p 1.0059p2007 57.22p 49.19p 1.1087p2008 51.92p 25.58p 1.3016p2009 38.38p 24.52p 1.0406p2010 45.53p 35.79p 0.7534p2011(1) 47.14p 43.38p 0.8212p

Accumulation Units


I-ClassHighest Lowest Net

Year Offer Bid Revenue

Distribution Units


Accumulation Units


(1) The above tables show highest offer and lowest bid prices to12 June 2011, and the net revenue per unit to 12 August 2011.


The price of units and any income from them may go down aswell as up.

19

General Information

ConstitutionLaunch date: 5 July 1999Period end dates for distribution: 12 June, 12 DecemberDistribution dates: 12 August, 12 FebruaryMinimum initial lumpsum investment: R-Class £500

I-Class £100,000Minimum monthly contribution: R-Class £50

I-Class N/AValuation point: 12 noonManagement charges: R-Class 1%

I-Class 0.3%Initial charges: Nil

Pricing and DealingThe prices are published on the internet atwww.legalandgeneral.com/investments/fund-information/daily-fund-prices immediately after they become available.

Dealing in units takes place on a forward pricing basis, from8:30am to 6:00pm, Monday to Friday.

Buying and Selling UnitsUnits may be bought on any business day from the Manager orthrough a financial adviser by telephoning, completing anapplication form or on the internet at www.legalandgeneral.com.Units may normally be sold back to the Manager on any businessday at the bid price calculated at the following valuation point.

ISA StatusThis Trust may be held within this tax advantaged savingsarrangement. The favourable tax treatment of ISAs may not bemaintained. For full written information please contact yourusual financial adviser or ring 0370 050 0955.

Stamp Duty Reserve TaxStamp Duty Reserve Tax suffered on the surrender of unitswhere applicable, has been borne by the Manager.

Prospectus and Manager’s ReportsThe Manager will send to all persons on the Unitholder Registerannual and interim short form reports.

Copies of the Prospectus and the most recent annual or interimreports are available free of charge by telephoning0370 050 0955 or by writing to the Manager.

Do you have difficulty in reading information in print becauseof a disability? If so, we can help. We are able to produceinformation for our clients in large print and braille. If youwould like to discuss your particular requirements, pleasecontact us on 0370 050 0955.

Call charges will vary. We may record and monitor calls.

ManagerLegal & General (Unit Trust Managers) LimitedRegistered in England No. 01009418Registered office:One Coleman Street,London EC2R 5AATelephone: 0370 050 3350Authorised and regulated by the Financial Services Authority

Directors of the ManagerM. B. BoardmanS. C. EllisM. J. GregoryS. R. PistellS. D.Thomas

SecretaryA. Fairhurst

RegistrarLegal & General (Portfolio Management Services) LimitedP.O. Box 6080Wolverhampton WV1 9RBAuthorised and regulated by the Financial Services Authority

Dealing: 0370 050 0956Enquiries: 0370 050 0955Registration: 0370 050 0955Call charges will vary. We may record and monitor calls.

TrusteeThe Royal Bank of Scotland PlcTrustee and Depositary ServicesGogarburnP.O. Box 1000Edinburgh EH12 1HQAuthorised and regulated by the Financial Services Authority

Independent AuditorsPricewaterhouseCoopers LLP7 More London RiversideLondon SE1 2RT

Investment AdviserLegal & General Investment Management LimitedOne Coleman Street,London EC2R 5AAAuthorised and regulated by the Financial Services Authority

General Information continued

20

Authorised and regulated by theFinancial Services Authority

Legal & General(Unit Trust Managers) LimitedRegistered in England No. 01009418Registered office:One Coleman Street,London EC2R 5AAwww.legalandgeneral.com

Date post:	25-Apr-2021
Category:	Documents
Upload:	others
View:	1 times
Download:	0 times

Legal&GeneralEthicalTrust Interim Manager’sReport forthe … · 2012. 8. 11. · Balance Sheet 14...

Documents