Legal&General GlobalGrowthTrust Interim Manager’sReport forthe … · 2012-09-13 · United...

Legal & General Global Growth Trust

Interim Manager’s Reportfor the period ended15 July 2011(Unaudited)

1

Page Number

Manager’s Investment Report 2

Authorised Status 5

Directors’ Statement 5

Portfolio Statement 6

Statement of Total Return 12

Statement of Change in Net Assetsattributable to Unitholders 12

Balance Sheet 13

Notes to the Financial Statements 14

Trust Facts 15

Performance Record 16

General Information 18

Contents

2

Investment Objective and PolicyThe investment objective of this Trust is to maximise the totalreturn, primarily from capital growth, by investing in securitiesworldwide, including the United Kingdom, which may beselected from all economic sectors.

The Manager will vary the proportion of equity and capitalmarket securities, as well as their distribution by geographicalarea, to meet this aim.

Manager’s Investment ReportDuring the period under review, the bid price of the Trust’sR-Class accumulation units fell by 1.65%.

Past performance is not a guide to future performance.

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

Exchange rate changes may cause the value of any overseasinvestments to rise or fall.

Market/Economic ReviewThe global economy has faced significant headwinds in recentmonths, as growth has been weighed down by the impact ofthe Japanese earthquake and the sharp rise in energy prices.The devastating tsunami which hit Japan in March 2011 heavilydisrupted the global supply of goods while political unrest inthe Middle East and North Africa drove up energy prices. As aresult, surveys that measure global industrial confidence fellquite sharply during the second quarter of 2011, althoughadmittedly from elevated levels. Significantly, confidence in thesustainability of the recovery in the US has remained fragile.

The emerging economies continue to be the principal drivingforce of global economic growth, as countries such as China,India and Brazil are growing far more rapidly than the majordeveloped economies. Increasing competition for resources hasbeen the principal driving force behind the strength ofcommodity markets, which has triggered a rise in inflationarypressures in these economies, most particularly in China, whererapid growth has fuelled rising wages and a massive expansionin credit.

As the period drew to a close, the principal concern for bothequity and bond investors became the European sovereign(government) debt crisis, focused on the southern Europeanmembers of the single currency bloc. There has been a markeddisparity in the performance of Northern Europe, led byGermany and France, where the recovery shows clear signs ofbecoming sustainable, triggering an increase in interest ratesfrom the European Central Bank and Southern Europe, whichappears to be mired in a self-sustaining slump. This has meantthat government debt levels in these latter economies havecome under harsh scrutiny by financial markets, with the periodculminating in a further austerity package being forced throughby the Greek parliament to stave off default as investors becameincreasingly preoccupied with contagion risk.

Manager’s Investment Report

3

Trust ReviewOver the period, at asset allocation level, the Trust increasedexposure to North American equities, which remains the largestallocation in the Trust and reduced exposure to UK equities.The allocation to Japanese and Asia Pacific ex Japan equitiesremained broadly unchanged.

Within the allocation to North American equities, the Oil & Gassegment is favoured. Buoyed by the strong oil price, NorthAmerican operations have been more robust than anticipatedplus there are signs of improved pricing in the internationalarena. This provides the potential for a long cycle of improvingearnings. National Oilwell Varco and Transocean were bothadded during the period. Given the significant macro events sofar this year for example the Japanese tsunami, the Europeandebt crisis and the deadline for the US debt ceiling, it wasdeemed prudent to reduce the underweight exposure to themore defensive parts of the market. In Health Care stocks,Baxter International, Covidien,Thermo Fisher Scientific andUnited Health Group were purchased. The Trust retains anunderweight exposure to Financials. The lack of regulatoryclarity means that within the Banking sector there is lowvisibility regarding earnings growth plus the return of cash toshareholders in the form of dividends and share repurchases hasbeen delayed. Positions in Bank of America and Goldman Sachswere sold during the period under review.

In UK equities, among Industrials, a new holding in SmithsGroup was established during February. This reflected the viewthat the airport scanner and medical devices firm could be thetarget of merger and acquisition (M&A) activity and that the totalvalue of the group’s divisions could exceed the value reflectedby the existing share price,with the company recently rejectinga £2.45 billion bid for its medical division. Engineering groupIMI was also added, taking the view that the valuation did notadequately reflect the prospect of further demand growth as thecompany expands its international reach. On the sell side,engineering firm Charter International was sold, on the basis thatthe trading outlook in its core European markets is deteriorating.The holding in defence equipment maker Cobham was trimmed,taking advantage of a rally triggered by news of a new Boeingcontract win. Among Mining companies, holdings in AngloAmerican and Rio Tinto were trimmed, following both stocks’strong performances over recent months.

Within European equities, holdings in the Pharmaceutical sectorwere trimmed, on the belief that the short-term growthprospects are less attractive.

In Asia Pacific (ex Japan) equities, the weighting to India wasreduced, given its vulnerability to an exodus of foreign money,worried about high oil prices and the impact of policytightening on economic growth and earnings. This was

Manager’s Investment Report continued

4

Manager’s Investment Report continued

achieved by selling out of IVRCL Infrastructure and Projects,Apollo Tyres and Unitech, and reducing Infosys Technologies.In Taiwan, Synnex Technology International, an IT distributorexecuting well in China and a beneficiary of any currencyappreciation was added. High Tech Computer was alsopurchased as it benefited from the boom in ‘Android’smartphone sales. Hong Kong Exchanges & Clearing was alsosold, given lower expected trading volumes and a stretchedvaluation. The proceeds were reinvested into Lenovo Group,the PC maker, which is the best positioned in China, growing atthree times the market.

OutlookWhile recent US data releases have disappointed, we believethat growth should pick up over the second half of this year.Though we believe that US inflationary pressures are building,we take the view that the Federal Reserve is unlikely to increaseinterest rates until late next year given the potential impact ofausterity measures as the government attempts to cut the deficitand preserve its credit rating.

Although the UK economy returned to growth in the firstquarter, it faces significant near-term headwinds as governmentspending cuts take effect and consumers continue to adjust tohousehold budgets squeezed by rising food and energy bills. Webelieve that UK inflation is close to peaking, though we expectpricing pressures to remain elevated in the medium term. UKeconomic growth is likely to remain sluggish and we areparticularly concerned about government spending, as manygovernment departments have had their budgets cut. Recentdata suggest unemployment is rising again, and this could wellreflect redundancies in the public sector. High unemploymentshould restrain wages and constrain consumer spendinggrowth, although exports and business investment should rise ata solid pace. Although small businesses continue to face creditconstraints, the corporate sector as a whole appears profitable.Overall, we do not believe that the Bank of England’s MonetaryPolicy Committee needs to tighten monetary policy until 2012as there is a real risk that premature rate hikes may tip a fragileeconomy back into recession. The official base rate is unlikelyto move higher than 1% during 2012.

Legal & General Investment Management Limited(Investment Adviser)12 August 2011

5

Authorised StatusThis Trust is an Authorised Unit Trust Scheme as defined insection 243 of the Financial Services and Markets Act 2000 andis 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) Limited1 September 2011

Authorised Status

6

Portfolio Statement as at 15 July 2011All investments are in ordinary shares or common stocks unlessotherwise stated. The percentages in brackets show theequivalent country holdings as at 15 January 2011.

EQUITIES — 93.08% (90.22%)

UNITED KINGDOM— 13.15% (17.51%)

9,301 Amlin 36,916 0.115,273 Anglo American 156,819 0.481,990 AstraZeneca 61,461 0.197,925 Babcock International Group 55,237 0.1721,117 Barclays 47,260 0.1514,706 BG Group 204,266 0.638,697 BHP Billiton 203,466 0.6340,409 BP 183,821 0.574,189 British American Tobacco 117,187 0.365,310 Burberry Group 81,774 0.2514,255 Cairn Energy 54,953 0.172,138 Carnival 47,399 0.1533,703 Cobham 70,709 0.2215,160 Compass Group 89,444 0.284,749 Croda International 95,597 0.306,513 Diageo 81,413 0.259,952 GlaxoSmithKline 133,705 0.414,900 Hargreaves Lansdown 29,621 0.092,283 Horizon Acquistion 21,574 0.0737,376 HSBC Holdings 224,929 0.704,700 IMI 50,713 0.164,634 Imperial Tobacco 100,187 0.315,900 Inchcape 23,989 0.073,132 Inmarsat 17,132 0.0516,107 Invensys 49,948 0.1694,366 Lloyds Banking Group 42,748 0.137,573 London Stock Exchange 75,427 0.238,303 Mecom Group 19,387 0.0619,101 Morrison (Wm) Supermarkets 56,081 0.17

178 National Express 445 —7,100 Pearson 82,289 0.252,566 Petrofac 37,720 0.126,540 Premier Oil 26,644 0.0815,880 Prudential 108,857 0.3410,800 Reed Elsevier 59,238 0.1812,225 Rio Tinto 534,844 1.6510,985 Rockhopper Exploration 25,233 0.085,841 Royal Dutch Shell (A) 129,407 0.406,236 Royal Dutch Shell (B) 138,876 0.439,472 Smith & Nephew 62,514 0.195,584 Smiths Group 65,109 0.209,184 Standard Chartered 148,689 0.4616,100 SVG Capital 42,649 0.1311,470 Telecity 59,816 0.183,849 Tullow Oil 49,498 0.15

113,942 Vodafone Group 181,510 0.563,412 Weir Group 73,222 0.23

4,259,723 13.15

Portfolio Statement

Holding/ Market % ofNominal Value NetValue Investment £ Assets

7

Portfolio Statement continued

CHANNEL ISLANDS— 0.22% (0.38%)

Jersey — 0.22% (0.38%)13,778 Informa 58,474 0.182,542 Kentz 12,329 0.04

70,803 0.22

IRELAND — 1.34% (1.24%)4,000 Covidien 130,525 0.41

101,869 Ryanair 301,857 0.93

432,382 1.34

NORTH AMERICA— 38.36% (32.64%)

Bermuda — 0.13% (0.13%)6,076 Lancashire Holdings 41,195 0.13

Canada — 1.96% (1.02%)3,400 Agrium 187,807 0.584,600 Barrick Gold 137,023 0.4228,400 Bombardier 118,777 0.374,600 Magna International 148,399 0.465,900 SouthGobi Resources 43,548 0.13

635,554 1.96

Cayman Islands — 0.87% (1.07%)91,000 Belle International 116,509 0.36138,000 Boer Power Holdings 50,654 0.15432,000 PCD Stores 60,538 0.1989,500 Yingde Gases 55,513 0.17

283,214 0.87

United States — 35.40% (30.42%)9,100 Adobe Systems 165,608 0.511,750 Amazon.com 228,353 0.705,100 AMETEK 139,173 0.434,000 Amphenol (A) 124,990 0.391,800 Apple 399,727 1.234,200 Baxter International 158,941 0.495,400 BE Aerospace 136,839 0.42975 Blackrock 110,201 0.34

3,350 Boeing 147,935 0.466,250 Cameron International 190,217 0.598,300 CBS (B) 140,904 0.433,200 Chevron 207,787 0.648,570 Citigroup 207,596 0.648,390 Coca-Cola 352,123 1.095,200 Crown Castle International 135,449 0.429,200 Danaher 299,579 0.924,900 Dick’s Sporting Goods 120,854 0.373,100 Dover 126,027 0.399,050 Dow Chemical 194,067 0.605,800 Eaton 183,683 0.576,100 Ecolab 209,875 0.6511,800 EMC 196,221 0.613,200 Estee Lauder 208,542 0.646,650 Express Scripts 216,461 0.676,930 Exxon Mobil 353,498 1.09


8


United States — (cont.)3,550 Fedex 204,962 0.632,400 FMC 128,961 0.4014,770 General Electric 169,819 0.52

650 Google 212,949 0.669,500 Home Depot 211,851 0.654,700 Honeywell International 166,227 0.512,300 IBM 248,645 0.7711,700 Interpublic Group 86,535 0.278,450 JPMorgan Chase & Co 211,558 0.654,500 Marriott International (A) 96,805 0.307,500 Marvell Technology Group 68,315 0.215,300 McDonald's 282,059 0.873,150 Metlife 81,679 0.259,700 MGM Mirage 88,535 0.272,800 National Oilwell Varco 132,786 0.411,700 NetApp 52,351 0.164,200 Nordstrom 130,093 0.404,100 Occidental Petroleum 263,047 0.8116,000 Oracle 318,283 0.986,175 PepsiCo 262,724 0.8125,650 Pfizer 316,557 0.986,570 Philip Morris International 270,766 0.843,250 PNC Financial Services 115,428 0.365,560 Procter & Gamble 222,759 0.692,800 Roper Industries 140,830 0.441,400 Salesforce.com 130,762 0.405,800 Schlumberger 309,173 0.952,900 Starwood Hotels & Resorts 100,190 0.314,300 T Rowe Price Group 155,922 0.483,700 Thermo Fisher Scientific 143,142 0.443,000 Union Pacific 187,392 0.582,800 United Health Group 90,811 0.285,110 United Technologies 278,384 0.866,400 US Bancorp 97,967 0.308,500 Verizon Communications 194,509 0.603,303 Virgin Media 57,208 0.186,100 Walgreen 159,535 0.497,600 Wells Fargo & Co 128,690 0.40

11,472,859 35.40

CONTINENTAL EUROPE— 24.11% (22.81%)

Belgium — 0.97% (0.00%)9,166 Anheuser-Busch InBev 315,626 0.97

Denmark — 0.00% (0.93%)

France — 3.80% (3.60%)12,483 Faurecia 319,480 0.995,272 Pernod-Ricard 309,615 0.959,102 Société Générale 279,859 0.865,130 Technip 323,841 1.00

1,232,795 3.80

Germany — 8.82% (7.27%)3,901 Allianz 304,517 0.945,504 BASF 328,314 1.01


9


Germany — (cont.)

7,353 Fresenius Medical Care 339,575 1.058,318 HeidelbergCement 301,215 0.937,504 Henkel (Preferred) 317,066 0.98

109,194 Premiere 315,701 0.978,892 SAP 316,614 0.983,894 Siemens 316,484 0.982,713 Volkswagen (Preferred) 317,310 0.98

2,856,796 8.82

Italy — 1.15% (0.87%)24,400 Prada 88,493 0.27261,585 Unicredito Italiano 285,017 0.88

373,510 1.15

Luxembourg — 1.36% (1.16%)16,215 ArcelorMittal 321,389 0.9913,122 AZ Electronic Materials 36,007 0.1151,000 L’Occitane International 83,448 0.26

440,844 1.36

Netherlands — 0.94% (0.87%)45,484 ING Group 305,935 0.94

Norway — 0.00% (0.61%)

Spain — 0.00% (0.98%)

Sweden — 1.83% (1.79%)126,300 Swedish Orphan Biovitrum 277,809 0.8631,165 Volvo (B) 313,670 0.97

591,479 1.83

Switzerland — 5.24% (3.49%)9,462 Aryzta 312,938 0.9713,593 Credit Suisse Group 310,663 0.962,197 Geberit 317,206 0.988,411 Novartis 321,344 0.991,072 Swatch Group (B) 345,089 1.062,400 Transocean 90,198 0.28

1,697,438 5.24

ASIA — 13.51% (13.69%)

China — 1.36% (1.45%)37,500 Anhui Conch Cement 117,940 0.37112,058 China Construction Bank 53,088 0.16339,750 Industrial & Commerical

Bank of China 151,759 0.4779,000 Wumart Stores 117,751 0.36

440,538 1.36

Hong Kong — 3.72% (4.25%)45,000 BOC Hong Kong 80,617 0.2548,000 China Everbright 55,111 0.1717,500 China Mobile 100,463 0.3170,000 China Overseas Land

& Investment 89,511 0.2844,000 China Resources Enterprise 114,560 0.35159,000 CNOOC 227,372 0.70


10


Hong Kong — (cont.)72,000 Dah Sing Banking Group 60,080 0.1961,586 Hong Kong & China Gas 88,755 0.27244,000 Lenovo Group 94,225 0.2921,500 Ping An Insurance Group 135,409 0.4258,500 Sun Art Retail Group 33,537 0.1013,787 Sun Hung Kai Properties 125,692 0.39

1,205,332 3.72

India — 0.83% (1.44%)4,037 ICICI Bank (ADR) 118,181 0.36853 Infosys Technologies 32,450 0.10

1,938 Infosys Technologies (ADR) 73,533 0.233,170 Tata Motors 45,710 0.14

269,874 0.83

Indonesia — 0.25% (0.15%)140,000 Bank Mandiri 80,334 0.25

Malaysia — 0.36% (0.00%)88,000 IJM Corporation Berhad 115,163 0.36

Philippines — 0.20% (0.17%)1,396,000 Vista Land & Lifescapes 64,129 0.20

Singapore — 1.38% (1.07%)26,526 DBS Holdings 199,121 0.6282,375 Goodpack 75,880 0.2419,675 Goodpack (Warrant-Expiry

30/11/2012) 11,014 0.039,000 Singapore Airlines 65,682 0.20

127,500 Wing Tai Holdings 94,737 0.29

446,434 1.38

South Korea — 2.90% (2.69%)7,490 Doosan Infracore 109,028 0.341,025 Hyundai Department Store 108,376 0.332,638 Hyundai Motor Company 121,768 0.383,660 KB Financial Group 111,699 0.341,390 Kia Motors 61,230 0.19400 LG Chemical 114,578 0.35357 POSCO 96,405 0.30319 Samsung Electronics 155,469 0.48477 SK Energy 61,890 0.19

940,443 2.90

Taiwan — 2.16% (2.34%)131,008 China Life Insurance 119,452 0.37150,786 Chinatrust Financial 85,180 0.2628,196 Chunghwa Telecom 63,591 0.203,090 High Tech Computer 60,198 0.1953,646 Hon Hai Precision Industry 106,125 0.3339,000 Synnex Technology

International 59,811 0.1849,802 Taiwan Cement 48,672 0.15104,900 Taiwan Semiconductor

Manufacturing 157,272 0.48

700,301 2.16



Thailand — 0.35% (0.13%)860,000 Land & Houses 114,441 0.35

PACIFIC — 2.39% (3.19%)

Australia — 2.39% (3.19%)33,870 AMP 104,533 0.32101,650 Asciano Group 108,157 0.3313,000 Australia & New Zealand

Banking Group 178,529 0.5519,052 Centamin Egypt 25,492 0.084,060 Macquarie 77,811 0.2459,500 Myer Holdings 95,159 0.291,190 Newcrest Mining 31,670 0.1098,000 Qantas Airways 119,169 0.37

650 Rio Tinto 34,950 0.11

775,470 2.39

COLLECTIVE INVESTMENTSCHEMES — 4.54% (4.49%)

4,647,921 Legal & General JapanIndex Trust† 1,471,532 4.54

FUTURES — 0.10% (0.03%)12 DJ Stoxx Future Expiry

September 2011 11,800 0.0412 FTSE 100 Index Future Expiry

September 2011 21,214 0.06

33,014 0.10

Portfolio of investments 31,667,158 97.72

Net other assets 740,465 2.28

Net assets £32,407,623 100.00%

This is an unlisted security and has been valued at the Manager's bestassessment of its fair value.

Total Purchases for the period: £15,359,396.

Total Sales for the period: £15,602,536.

11


†

12

Statement of Total Returnfor the period ended 15 July 2011

15/07/11 15/07/10

£ £ £ £

Income

Net capital losses (628,192) (1,321,649)

Revenue 401,692 493,240

Expenses (280,686) (281,859)

Finance costs: Interest (418) (262)

Net revenuebefore taxation 120,588 211,119

Taxation (41,832) (57,398)

Net revenue aftertaxation for the period 78,756 153,721

Total returnbefore distributions (549,436) (1,167,928)

Finance costs: Distributions (830) (1,630)

Change in net assetsattributable to Unitholdersfrom investment activities £(550,266) £(1,169,558)

Statement of Change in Net Assets attributable toUnitholders for the period ended 15 July 2011

15/07/11 15/07/10

£ £ £ £

Opening net assetsattributable to Unitholders 34,339,939 33,666,265

Amounts receivedon creation of units 475,254 1,202,187

Amounts paid oncancellation of units (1,857,164) (1,844,423)

(1,381,910) (642,236)

Stamp Duty Reserve Tax (426) (615)

Change in net assetsattributable to Unitholdersfrom investment activities (550,266) (1,169,558)

Unclaimed distributions 286 420

Closing net assetsattributable to Unitholders £32,407,623 £31,854,276

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

Financial Statements

13

Balance Sheet as at 15 July 2011

15/07/11 15/01/11£ £ £ £

ASSETS

Investment assets 31,667,158 32,533,660

Debtors 282,185 259,580

Cash and bankbalances 594,296 1,871,083

Amounts held at futuresclearing houses 184,113 84,164

Total other assets 1,060,594 2,214,827

Total assets 32,727,752 34,748,487

LIABILITIES

Investment liabilities — —

Creditors (320,129) (280,654)

Bank overdrafts — (34,202)

Distribution payableon distribution units — (93,692)

Total other liabilities (320,129) (408,548)

Total liabilities (320,129) (408,548)

Net assets attributableto Unitholders £32,407,623 £34,339,939

Financial Statements continued

14

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 (15 January 2011).

As at 15 July 2010, the financial statements were prepared inaccordance with the Statement of Recommended Practice forAuthorised Funds issued by the IMA in November 2008.

There has been no impact on the financial statements or ondisclosure for the period.

(b) Recognition of revenueEqualisation on distributions received from CollectiveInvestment Schemes is treated as capital property ofthe Trust.

(c) Basis of valuation of investmentsThe fair value for units in Collective Investment Schemes isthe cancellation price or bid price for dual priced funds andsingle price for single priced funds.

Notes to the Financial Statements

15

Trust Facts

Distribution InformationThe policy is to distribute, on an annual basis, all availablerevenue, after deduction of those expenses which arechargeable in calculating the distribution. This being the case,there is no interim distribution.

Total Expense Ratios

15 Jul 11 15 Jan 11

E-Class 1.72% E-Class 1.71%R-Class 1.72% R-Class 1.71%

The Total Expense Ratio is the ratio of the Trust’s operatingcosts (excluding overdraft interest) and all costs sufferedthrough holdings in underlying Collective Investment Schemes,to the average net assets of the Trust.

16

Performance Record

Net Asset Values

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

15 Jan 09

E-Class

Distribution Units £22,177,993 87.14p 25,450,199

Accumulation Units £2,853,035 90.67p 3,146,776

R-Class

Distribution Units £293,460 87.14p 336,758


15 Jan 10

E-Class



R-Class



15 Jan 11

E-Class



R-Class



15 Jul 11

E-Class



R-Class




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


Unit Price Range and Net Revenue

E-Class Units

Highest Lowest NetYear Offer Bid Revenue

Distribution Units

2006 113.40p 96.86p 0.4417p2007 127.20p 110.10p 0.3974p2008 123.70p 79.13p 0.6305p2009 113.20p 75.94p 1.2102p2010 123.60p 102.00p 0.7924p2011(1) 125.50p 113.30p 0.3945p

Accumulation Units


R-Class Units

Highest Lowest NetYear Offer Bid Revenue

Distribution Units


Accumulation Units


(1) The above tables show highest offer and lowest bid prices to15 July 2011.


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


17

Performance Record continued

18

General Information

ConstitutionLaunch date: 8 October 1986

Period end date for distribution: 15 JanuaryDistribution date: 15 MarchMinimum initial lumpsum investment: E-Class £100,000

R-Class £500Minimum monthlycontribution: E-Class N/A

R-Class £50Valuation point: 12 noonManagement charges: Annual 1.5%Initial charges: E-Class Nil

R-Class 5%

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 Manageror through a financial adviser by telephoning, completingan application 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.

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

Stamp Duty Reserve TaxStamp Duty Reserve Tax suffered on the surrender of unitswhere applicable, has been charged against the capital assetsof the Trust.

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 telephoning 0370 050 0955or 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 monitor and record 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

19

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

Legal&General GlobalGrowthTrust Interim Manager’sReport forthe … · 2012-09-13 · United...

Documents

Transcript of Legal&General GlobalGrowthTrust Interim Manager’sReport forthe … · 2012-09-13 · United...