Liontrust

A UK equity unit trust aiming for a rising dividend for investors every year and capital
growth in excess the FTSE All-Share Index over five years

Liontrust First Income Fund is managed by Jeremy Lang in
accordance with his UK equity income investment process,
The Value Dynamic.

It invests in a portfolio of 50-80 stocks from throughout the FTSE
All-Share Index with unusually high dividend yields on account of
over-pessimism by other investors.

Jeremy aims to:
• produce a yield 25% higher than the FTSE All-Share Index
• grow the dividend every year

Download the Fund’s latest fact sheet, Value Added (PDF) or view the Fund literature archive.

Investment objective: to provide a high level of income with capital values keeping pace with inflation.

Although the Fund may invest in all economic sectors in all parts of the world, it is intended that it will currently invest primarily in securities in companies listed on the International Stock Exchange of the
UK and Ireland. The Fund may also invest in shares issued by companies incorporated in any
European Economic Area (“EEA”) Member State other than the UK which are listed on a recognised stock exchange of an EEA Member State.

Initial charge	5%
Annual management fee	1.5% (charged to capital)
MINIMUM INVESTMENTS
Unit trust	Initial: £2,500 Additional: £1,000
PEP & ISA	Initial: £1,000 Additional: £1,000
Regular savings (ISA only)	From £50 per month
Ex-dividend date	1 January (interim) 1 July (final)
Payment date	End February (interim) 31 August (final)
Launch date	02.07.90
Fund Manager	Jeremy Lang (since 01.08.96)
Benchmark	FTSE All-Share Index
IMA sector	UK Equity Income

Click here for the Fund’s
latest prices, yield and size.

Latest fact sheet
Value Added

Latest Manager's
Short Report

Latest Manager's
Long Report & Accounts

Click here to view Fund fact sheets and Manager's Reports

Full details on how to invest can be found in the Simplified Prospectus.

To buy units in the Fund, send us a completed unit trust application form together
with a cheque for your investment.

Existing investors and authorised intermediaries can place investment deals by
telephone with our dealers on 020-7964 4774.

Liontrust PEP & ISA investments
Hard copies can be ordered via our on-line order form or by calling the Liontrust Broker
Services team on 020-7412 1766 (8:30 am - 6:00 pm) and by e-mail at info@liontrust.co.uk.

Liontrust's standard terms of business apply.

Jeremy Lang -
10 year special report

Investment Adviser
'A basic philosophy
is key to Liontrust '

Investment Week
The boring, ugly
and unfashionable

"I came pretty late to rebellion" says Jeremy Lang

Read the full article in

- the Liontrust magazine