Distribution
The September 2005 distribution amounted to 5.5095 cents per unit.

Future Income
The fund is currently yielding 4.2% (gross), which compares favourably with the 2.4% yield generated by the average of the S&P 500 dividend yield and the yield of 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 (currently approximately 3%) over the next 3 to 5 years.

Capital
We will continue to look for companies (whether industrial, financial or real estate) and industries in the US, UK and Europe where the current dividend yield and future income growth prospects will ensure the fund not only produces a distributable income stream, but also provides capital growth in excess of US consumer inflation. Average market dividend yields have risen significantly over the past 2 years allowing investors the opportunity to lock in good dividend yields from some of the world's leading companies. As an example, the fund's 25% exposure to UK financial and industrial companies is yielding in excess of 4.3%, with income growth expected to average around 5% per annum over the next 5 years. For diversification, the fund holds bonds that are limited to investment grade sovereign and corporate issues. While producing a known level of income, these bonds may be subject to capital fluctuations, particularly if central banks raise interest rates further. The fund's exposure to equities is 74%, while bond exposure is 14% and real estate exposure has been reduced to under 10%. Based on the current income yield of 4.2% (pre-tax), an expected yield in 5 years time of between 3.8% and 4.2%, and income growth in US dollars of between 4% and 6% per annum, we are forecasting total returns of between 9% and 13% per annum.

Distribution
The June 2005 distribution amounted to 9.6112 cents per unit.

Future Income
The fund is currently yielding 4.1% (gross), which compares favourably with the 2.3% yield generated by the average of the S&P 500 dividend yield and the yield of 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 (currently approximately 3%) over the next 3 to 5 years.

Capital
We will continue to look for companies (whether industrial, financial or real estate) and industries in the US, UK and Europe where the current dividend yield and future income growth prospects will ensure the fund not only produces a distributable income stream, but also provides capital growth in excess of US consumer inflation. Average market dividend yields have risen significantly over the past 2 years allowing investors the opportunity to lock in good dividend yields from some of the world's leading companies. As an example, the fund's 23% exposure to UK financial and industrial companies is yielding in excess of 4.5%, with income growth expected to average around 5% per annum over the next 5 years. For diversification, the fund holds bonds that are limited to investment grade sovereign and corporate issues. While producing a known level of income, these bonds may be subject to capital fluctuations, particularly if central banks raise interest rates further. The fund's exposure to equities is 68%, while bond exposure has reduced to 14% and real estate exposure has been reduced further to 10%. Based on the current income yield of 4.1% (pre-tax), an expected yield in 5 years time of between 3.8% and 4.2%, and income growth in US dollars of between 4% and 6% per annum, we are forecasting total returns of between 9% and 13% per annum.

Distribution
The March 2005 distribution amounted to 2.9647 cents per unit.
Future Income
The fund is currently yielding 4.2% (gross), which compares favourably with the 2.4% yield generated by the average of the S&P 500 dividend yield and the yield of 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
We will continue to look for companies (whether industrial, financial or real estate) and industries in the US, UK and Europe where the current dividend yield and future income growth prospects will ensure the fund not only produces a distributable income stream, but also provides capital growth in excess of US consumer inflation. While average market dividend yields remain low (although they have risen significantly over the past 2 years) we believe there is currently an opportunity to lock in good dividend yields from some of the world's leading companies. As an example, the fund's 26% exposure to UK financial and industrial companies is yielding close to 6%, with income growth is expected to average around 6% per annum over the next 5 years. For diversification, the fund holds bonds which are limited to investment grade sovereign and corporate issues. While producing a known level of income, these may be subject to capital fluctuations, particularly if central banks raise interest rates further. The fund's exposure to equities is 70%, while bond exposure has been maintained at 13% and real estate exposure has been reduced further to 10%. Based on the current income yield of 4.2% (pre-tax), an expected yield in 5 years time of between 3.8% and 4.2%, and income growth in US dollars of between 4% and 6% per annum, we are forecasting total returns of between 9% and 13% per annum.

Distribution
The December 2004 distribution amounted to 4.4046 cents per unit.

Future Income
The fund is currently yielding 4.2% (gross), which compares favourably with the 2.4% 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
We will continue to look for companies (whether industrial, financial or real estate) and industries in the US, UK and Europe where the current dividend yield and future income growth prospects will ensure the fund not only produces a distributable income stream, but also provides capital growth in excess of US consumer inflation. While average market dividend yields remain low (although they have risen significantly over the past 2 years) we believe there is currently an opportunity to lock in good dividend yields from some of the world's leading companies. As an example, the fund's 25% exposure to UK financial and industrial companies is yielding close to 6%, with income growth expected to average around 6% per annum over the next 5 years. For diversification, the fund holds bonds which are limited to investment grade sovereign and corporate issues. While producing a known level of income, these may be subject to capital fluctuations, particularly if central banks raise interest rates further this year and next. The fund's exposure to equities is 69%, bonds is 13% and real estate is 13%.