
Ordinary Shares

Price (p)	149.00
Published NAV	170.30
Yield	3.89
Discount	-13.91

Prices correct as of close 2010-09-06. Last Published NAV is as at the previous business day. Source: Trustnet

Sigma Shares

Price (p)	66.70
Published NAV	88.10
Yield	3.00
Discount	-24.69

Prices correct as of close 2010-09-06. Last Published NAV is as at the previous business day. Source: Trustnet

For Ordinary Shares

July 2004
The defensive qualities of property shares helped them outperform general markets across Europe in July. The Trust's NAV rose 1.1% in the month while the benchmark rose 0.55% and the share price climbed 5.5%. These movements compare with a 1.6% decline in the All Share Index. During the month the Board announced that it was engaging Thames River Capital as manager of the Trust from the end of September 2004 and that Chris Turner and Marcus Phayre-Mudge, the fund manager and his deputy would be joining the staff of Thames River at the same date. The major portfolio change in July was the sale of the Trust's long leasehold property in Piccadilly SW1 to Standard Life. The proceeds of £23m were received during the month and used to repay debt. As a result the Trust's gearing has fallen from 20% to 16%. Commercial property investment markets remain very strong both in the UK and Europe. Yields are falling and this is leading to increases in the asset values of property company shares. We expect this trend to continue through the autumn despite the increase in short term interest rates.

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