Distribution
The fund paid its first quarterly distribution of 9.5834 cents per unit in September 2004.

Future Income
The fund is currently yielding 4.3% (gross), which compares favourably with the 2.5% yield generated by the average of the S&P 500 dividend yield and the yield on the JP Morgan Global Government Bond Index. The equity and listed real estate components of the fund are expected to generate income growth in excess of US consumer inflation over the next 3 to 5 years.

Capital
The fund manager's will look for value opportunities in the US, UK and European equity markets to ensure the fund not only produces a distributable income stream, but also provides capital growth in excess of US consumer inflation. Securities will be included on the basis of the relative relationship between their current dividend yields and their future dividend growth prospects. The fund's bond holdings are limited to investment grade sovereign and corporate issues and while producing a known level of income may be subject to capital fluctuations. In the short-term there may be capital declines if central banks globally raise interest rates this year. The funds exposure to equities is 60%, bonds is 21% and real estate is 15%.