Half Yearly Report

RNS Number : 2646N

Aberdeen Smaller Co's High Inc Tst

30 August 2011

 



30 August 2011

Aberdeen Smaller Companies High Income Trust PLC

Interim Results for the

Six months to 30 June 2011

Aberdeen Smaller Companies High Income Trust PLC aims to provide a high and growing dividend and capital growth from a portfolio invested principally in the ordinary shares of smaller UK companies and UK fixed income securities.

	30 June 2011	31 December 2010	% change
Equity shareholders' funds (£'000)	35,936	34,545	+4.0
Net asset value per share	162.53p	156.24p	+4.0
Share price (mid-market)	134.00p	134.50p	-0.4
Discount to net asset value{A}	16.8%	13.1%
Dividend yield	4.5%	4.5%
{A} Based on IFRS net asset value excluding dividend adjustment of 1.50p (31 December 2010 - 1.50p).

Performance (total return)	Six month ended 30 June 2011	1 year ended 30 June 2011	3 years ended 30 June 2011
Share price	+1.9%	+36.6%	+21.1%
Net asset value per share	+6.0%	+37.4%	+25.7%
FTSE SmallCap Index (ex Investment Companies)	+2.8%	+24.6%	+18.5%
FTSE All-Share Index	+3.0%	+25.6%	+21.0%
All figures are for total return and assume re-investment of net dividends excluding transaction costs.

For further information, please contact:-

Kenneth Harper

Manager, Investment Trust Investor Relations

Aberdeen Asset Management Limited

Telephone [phone]

INTERIM BOARD REPORT

Investment returns

As your new Chairman I am pleased to report that Aberdeen Smaller Companies High Income Trust has delivered a good set of interim results. In the six months to 30 June 2011, the total return on net assets was 6%.  Over the same period the total return on the FTSE Small Cap (ex Investment Trust) index was 2.8%. The Trust's discount increased slightly by 3%, broadly in line with moves seen across the peer group of other smaller companies investment trusts shares as investors require an additional risk premium to invest in the shares of smaller companies when stock markets go through periods of turbulence.

Since June 30^th there have been sharp falls in world stock markets and the NAV has fallen 13.7% compared to a fall in the benchmark of 10.6%. 

Background

The shares of smaller companies started 2011 in buoyant spirits continuing their very strong performance from December. Stock markets were reacting to a reduction in worries about sovereign debt but this was short-lived as the plight of Europe's peripheral countries soon regained the headlines. The second major talking point of the period was the political events in North Africa and the Middle East. The immediate impact from this turmoil was a spike in the oil price to $110 as supply concerns arose although this was fleeting as prices soon retreated towards pre crisis levels. It's too early to foresee what resolution will come to pass but any semblance of political stability in this region will be taken positively by markets.

In contrast to the turbulence in global stock markets the U.K. equity market had a fairly benign first half. The shares of smaller companies did initially react sharply to the concerns in the Middle East but this proved temporary and recent months have generally seen the shares of smaller companies drift. However shares in companies with good growth prospects have beaten this trend and continued to rise. What has been apparent is the considerable volatility at a stock level. The consumer sector has been particularly hard hit with a number of profit warnings across the retail and electronics sector. Construction is the other area where we have seen some weakness resulting from poor housing market data and reduced government spending. Much of this has been well flagged but in some cases the slowdown has been particularly swift, surprising both management and the market. In contrast to this the shares of companies whose earnings are influenced by economic growth in emerging markets where economic growth remains strong, have continued to perform well. We have seen a considerable rerating of these shares and valuations are now looking less attractive. As we have now started to witness some signs of Asian economies growing more slowly and as it is unclear whether this is a temporary phenomenon or something more fundamental the Manager remains cautious and has therefore continued to take profits in this area in shares where he feels price valuations are expensive.

Performance Breakdown

The Trust delivered positive returns across the three asset classes. Including dividends reinvested equities returned 6.2%, Fixed Interest 4.9%, and Preference shares 3.9%. The Trust has been almost fully invested throughout the period. Within the equity portfolio Retail and Media were the two worst performing sectors with Mothercare and Wilmington poor stock contributors. In contrast Electrical and Electronic Equipment and Industrials were very strong, driven by Fenner, Melrose, XP Power and Oxford Instruments which all significantly outperformed the index. 

Bond markets also reacted to the political tensions in North Africa and the Middle East early in the year, which were swiftly followed by the tragic earthquake in Japan. Concerns also began to surface around the US debt profile which was best evidenced by S&P's downgrading of the US debt outlook to negative. Against this backdrop credit markets remained volatile with financial names modestly outperforming corporate names.

Activity

The increased level of volatility across the stock market has brought both opportunities and challenges. The Manager takes a long term view of the prospects of the companies which they invest in and despite the turbulent market conditions portfolio turnover has been focused around top slicing and topping up names where they are comfortable with the business model. The Manager exited only one name, British Polythene Industries which was more related to a preference for RPC. British Polythene had recovered well and the Manager felt the latter offered a more attractive structural opportunity. This came to the fore as RPC did a rights issue to fund the acquisition of Superfos. The acquisition has so far delivered ahead of management expectations in trading and cost synergies. The Manager has reduced the position in recent months on the back of this strong performance and the high absolute weight in the portfolio rather than on valuation grounds. 

In terms of recycling profits there have been a number of reductions of XP Power which rose by more than 50% in the first half. The Manager also reduced our positions in Oxford Instruments and TT Electronics and completed the exit of Forth Ports which had received a board approved bid. Here the Manager engaged with the Forth Ports management team in respect of the takeout multiple for what is a unique asset. The valuation differential surrounded the build out potential ascribed to developable land in Leith Docks, Edinburgh. It is always difficult to put a price on this future potential but as long term shareholders the Manager was willing to wait to see this value extracted. Whilst the outcome of this didn't result in an increased offer the engagement with management is a core part of the Manager's process and extracting value for shareholders.

Mothercare and Wilmington issued profit warnings. Mothercare saw a sharp slowdown in UK like for like sales, in particular in Toys, which was exacerbated by the extreme Christmas weather conditions. The management have been active in reducing the high street footprint in recent years as leases have come to an end but the speed of the decline was faster than expected. Following a review of the UK operations they have decided to close around 130 stores, the majority of which are Early Learning Centres. This will help stabilise the UK operations and leave the business with a profit focus on the faster growing international franchise. Prior to adding to the Trust's position, the Manager had three meetings with the company and was comfortable with the actions they were taking to put the UK operations on a firmer footing. Media group Wilmington Group also warned that 2012 profits would be only marginally ahead of 2011 with the recovery taking longer to materialise. The business, in part, provides legal professional development courses which are mandatory in retaining professional status. Whilst this provides a relatively defensive core to the business, the recovery hasn't materialised as swiftly as management were expecting which forced the downgrade of next year's expectations. As with Mothercare, post a meeting the Manager added to the Trust's position on what is now a very attractive 6% yield. As we have progressed through the first half of the year we are seeing an increasing number of earning downgrades as economic growth falters and future earnings are being compared against a strong level of earnings last year. 

Structure/Gearing

The shape and structure of the portfolio has remained very similar over the last six months. The Manager has been making small reductions in the Trust's exposure to bonds where the yields on equities looked more attractive. This opportunity arose with the recovery in the utility and property bonds, Northumbrian Water and Land Securities. The Trust had been slightly underweight equity although with the recent switches this position has now been neutralised. The Board had instructed the Manager to make this type of transition when the Manager felt this was appropriate and could improve the dividend paying capability of the Trust.

The £10m debt that the Board put in place last year has been fully drawn throughout the period. The loan interest is payable at a variable rate above LIBOR which the Board and Manager review at each meeting. Domestic economic data remains mixed and with demand growth subdued, leading indicators are guiding to below trend GDP growth. The recent minutes from the Monetary Policy Committee confirmed this trend as they voted 7 to 2 to keep the base rate on hold at 0.5%. They also highlighted market expectations of the first rate rise being pushed out to Spring 2012. Whilst the Board and Manager will review this matter each meeting they remain comfortable with our gearing position which is currently costing 2.64188%. This gearing supports the high level of income the Trust distributes.

Dividends

The data from Capita on UK dividend growth shows more increases than decreases. However, despite the growth in earnings in the reporting period to date, management teams have remained cautious on increasing their interim dividends especially with visibility on the second half limited. The Trust has had no dividend cuts even when companies have had a tough half year of trading which is testament to the focus that the Manager places on examining balance sheets and the ability of the companies to support dividends through tougher periods.

In line with the statement made in the Annual Report to shareholders, we have declared and paid the first two interim dividends of 1.5p each. The Board anticipates paying two further interim dividends of 1.5p each per share, giving a total of 6.0p for the year to 31 December 2011. This produces a dividend yield of 5% currently, considerably ahead of the smaller companies' investment trust peer group which yields 1.9% at the time of writing.

Outlook

Given the current uncertainty surrounding sovereign debt, austerity packages, and the potential for GDP growth to falter we remain cautious. The Manager has continued to pare positions where valuations are looking expensive and has reviewed exposure to the consumer and government sectors where trading conditions are likely to remain poor in the short to medium term. Whilst the UK and global macroeconomic outlook is difficult, at a company level balance sheets are in good shape, companies are generating cash and there are attractive pockets of value. With this in mind we believe the Trust is well placed to deliver its objective.  

Carolan Dobson

Chairman                                                                                                                               30 August 2011

Principal Risks and Uncertainties

The principal risks and uncertainties faced by the Company and its subsidiaries fall into three broad categories: (i) market risk, comprising interest rate risk and other price risk, (ii) liquidity risk and (iii) credit risk. Information on each of these areas is given within the Annual Report and Accounts for the year ended 31 December 2010.

Directors' Responsibility Statement

The Directors are responsible for preparing this Half-Yearly Financial Report in accordance with applicable law and regulations. The Directors confirm that to the best of their knowledge:

-     the condensed set of interim financial statements contained within the Half Yearly Financial Report has been prepared in accordance with IAS34; and

-     the Chairman's Statement (constituting the interim management statement) includes a fair review of the information required by rules 4.2.7R of the Disclosure and Transparency Rules (being an indication of important events that have occurred during the first six months of the financial year and their impact on the condensed set of financial statements and a description of the principal risks for the remaining six months of the financial year) and 4.2.8R (being related party transactions that have taken place during the first six months of the financial year and that have materially affected the financial position of the Company and its subsidiary during that period; and any changes in the related party transactions described in the last annual report that could so do).

The half yearly report for the six months to 30 June 2011 comprises the Interim Board Report, the Directors' Responsibility Statement and a condensed set of financial statements.

For and on behalf of the Board

of Aberdeen Smaller Companies High Income Trust PLC

Carolan Dobson

Chairman

30 August 2011

Condensed Consolidated Statement of Comprehensive Income  

for the half year ended 30 June 2011

		Six months ended
		30 June 2011
		(unaudited)
		Revenue	Capital	Total
	Notes	£'000	£'000	£'000
Dividend income		888	-	888
Interest income from investments		202	(32)	170
Deposit interest		-	-	-
Other income		4	-	4
Gains on investments held at fair value		-	1,457	1,457
Fair value movement in zero coupon finance derivatives		-	-	-
		_________	_________	_________
Total income		1,094	1,425	2,519
		_________	_________	_________
Expenses
Investment management fees		(85)	(85)	(170)
VAT recoverable on investment management fees		-	-	-
Other administrative expenses		(157)	-	(157)
Finance costs of borrowing		(69)	(69)	(138)
		_________	_________	_________
Profit before taxation		783	1,271	2,054
		_________	_________	_________
Taxation	2	-	-	-
		_________	_________	_________
Profit attributable to equity holders of the Group	3	783	1,271	2,054
		_________	_________	_________
Earnings per Ordinary share (pence)	4	3.54	5.75	9.29
		_________	_________	_________

The total column of this statement represents the Group's Statement of Comprehensive Income, prepared in accordance with IFRS. The supplementary revenue and capital columns are both prepared under guidance published by the Association of Investment Companies.

The Company does not have any income or expense that is not included in profit for the period, and therefore the "Profit attributable to equity holders of the Group" is also the "Total comprehensive income attributable to equity holders of the Group" as defined in IAS 1 (revised).

All of the profit and comprehensive income are attributable to the equity holders of the parent Company. There are no minority interests.

All items in the above statement derive from continuing operations.

Condensed Consolidated Statement of Comprehensive Income 

(Continued)

		Six months ended			Year ended
		30 June 2010			31 December 2010
		(unaudited)			(audited)
		Revenue	Capital	Total	Revenue	Capital	Total
	Notes	£'000	£'000	£'000	£'000	£'000	£'000
Dividend income		802	-	802	1,367	-	1,367
Interest income from investments		241	(12)	229	486	(27)	459
Deposit interest		7	-	7	19	-	19
Other income		-	-	-	1	-	1
Gains on investments held at fair value		-	2,116	2,116	-	9,763	9,763
Fair value movement in zero coupon finance derivatives		-	(50)	(50)	-	(58)	(58)
		_______	_______	_______	_______	_______	_______
Total income		1,050	2,054	3,104	1,873	9,678	11,551
Expenses
Investment management fees		(73)	(73)	(146)	(151)	(151)	(302)
VAT recoverable on investment management fees		-	-	-	16	16	32
Other administrative expenses		(121)	-	(121)	(231)	-	(231)
Finance costs of borrowing		(96)	(96)	(192)	(171)	(279)	(450)
		_______	_______	_______	_______	_______	_______
Profit before taxation		760	1,885	2,645	1,336	9,264	10,600
Taxation	2	-	-	-	-	-	-
		_______	_______	_______	_______	_______	_______
Profit attributable to equity holders of the Group	3	760	1,885	2,645	1,336	9,264	10,600
		_______	_______	_______	_______	_______	_______
Earnings per Ordinary share (pence)	4	3.44	8.52	11.96	6.04	41.90	47.94
		_______	_______	_______	_______	_______	_______

Condensed Consolidated Balance Sheet

as at 30 June 2011

		As at	As at	As at
		30 June	30 June	31 December
		2011	2010	2010
		(unaudited)	(unaudited)	(audited)
	Notes	£'000	£'000	£'000
Non-current assets
Ordinary shares		35,935	25,676	32,900
Convertibles		1,193	1,112	1,161
Corporate bonds		5,255	6,069	6,081
Other fixed interest		2,678	3,684	2,672
		____________	____________	____________
Securities at fair value		45,061	36,541	42,814
		____________	____________	____________
Current assets
Other receivables		568	800	330
Cash and cash equivalents		564	2,425	1,552
Zero coupon finance derivatives at fair value		-	472	-
		____________	____________	____________
Total current assets		1,132	3,697	1,882
		____________	____________	____________
Total assets		46,193	40,238	44,696
Current liabilities
Trade and other payables		(257)	(215)	(151)
Short-term loan		-	(7,000)	-
Zero coupon finance derivatives at fair value		-	(5,769)	-
		____________	____________	____________
Total current liabilities		(257)	(12,984)	(151)
		____________	____________	____________
Non-current liabilities
Long-term loan		(10,000)	-	(10,000)
		____________	____________	____________
Total liabilities		(10,257)	(12,984)	(10,151)
		____________	____________	____________
Net assets		35,936	27,254	34,545
		____________	____________	____________
Issued capital and reserves attributable to equity holders of the parent
Called-up share capital		11,055	11,055	11,055
Share premium account		11,892	11,892	11,892
Capital redemption reserve		2,032	2,032	2,032
Capital reserve	5	8,842	192	7,571
Revenue reserve		2,115	2,083	1,995
		____________	____________	____________
		35,936	27,254	34,545
		____________	____________	____________
Net asset value per Ordinary share (pence)		162.53	123.27	156.24
		____________	____________	____________

Condensed Consolidated Statement of Changes in Equity

Six months ended 30 June 2011 (unaudited)
			Share	Capital
		Share	premium	redemption	Capital	Revenue
		capital	account	reserve	reserve	reserve	Total
	Notes	£'000	£'000	£'000	£'000	£'000	£'000
Balance at 31 December 2010		11,055	11,892	2,032	7,571	1,995	34,545
Revenue profits for the period		-	-	-	-	783	783
Capital profits for the period		-	-	-	1,271	-	1,271
Equity dividends	3	-	-	-	-	(663)	(663)
		______	______	______	______	______	______
Balance at 30 June 2011		11,055	11,892	2,032	8,842	2,115	35,936
		______	______	______	______	______	______
Six months ended 30 June 2010 (unaudited)
			Share	Capital
		Share	premium	redemption	Capital	Reveue
		capital	account	reserve	reserve	reserve	Total
		£'000	£'000	£'000	£'000	£'000	£'000
Balance at 31 December 2009		11,055	11,892	2,032	(1,693)	2,041	25,327
Revenue profits for the period		-	-	-	-	760	760
Capital losses for the period		-	-	-	1,885	-	1,885
Equity dividends	3	-	-	-	-	(718)	(718)
		______	______	______	______	______	______
Balance at 30 June 2010		11,055	11,892	2,032	192	2,083	27,254
		______	______	______	______	______	______
Year ended 31 December 2010 (audited)
			Share	Capital
		Share	premium	redemption	Capital	Revenue
		capital	account	reserve	reserve	reserve	Total
		£'000	£'000	£'000	£'000	£'000	£'000
Balance at 31 December 2009		11,055	11,892	2,032	(1,693)	2,041	25,327
Revenue profits for the year		-	-	-	-	1,336	1,336
Capital profits for the period		-	-	-	9,264	-	9,264
Equity dividends	3	-	-	-	-	(1,382)	(1,382)
		______	______	______	______	______	______
Balance at 31 December 2010		11,055	11,892	2,032	7,571	1,995	34,545
		______	______	______	______	______	______

Condensed Consolidated Cash Flow Statement

for the half year ended 30 June 2011

	Six months ended	Six months ended	Year ended
	30 June 2011	30 June 2010	31 December 2010
	(unaudited)	(unaudited)	(audited)
	£'000	£'000	£'000
Cash flows from operating activities
Investment income received	963	959	1,922
Other income	1	-	-
Deposit interest received	-	7	20
Investment management fees paid	(164)	(142)	(291)
VAT recovered	-	-	32
Other cash expenses	(134)	(123)	(240)
	___________	___________	___________
Cash generated from operations	666	701	1,443
Interest paid	(161)	(192)	(428)
	___________	___________	___________
Net cash inflows from operating activities	505	509	1,015
	___________	___________	___________
Cash flows from investing activities
Purchases of investments	(3,783)	(5,173)	(11,401)
Sales of investments	2,953	5,453	13,276
	___________	___________	___________
Net cash (outflows)/inflows from investing activities	(830)	280	1,875
	___________	___________	___________
Cash flows from financing activities
Equity dividends paid	(663)	(718)	(1,382)
Repayment of loan	-	-	(7,000)
Drawdown of loan	-	-	10,000
ZCF financing fees	-	(27)	-
Repayment of July 2010 ZCF position	-	-	(5,337)
	___________	___________	___________
Net cash outflows from financing activities	(663)	(745)	(3,719)
	___________	___________	___________
Net (decrease)/increase in cash and cash equivalents	(988)	44	(829)
Cash and cash equivalents at the start of the period	1,552	2,381	2,381
	___________	___________	___________
Cash and cash equivalents at the end of the period	564	2,425	1,552
	___________	___________	___________
Cash and cash equivalents comprise:
Cash and cash equivalents	564	2,425	1,552
	___________	___________	___________

Distribution of Assets and Liabilities

	Valuation at		Movement during the period				Valuation at
	31 December						30 June
	2010		Purchases	Sales	Other{A}	Gains	2011
	£'000	%	£'000	£'000	£'000	£'000	£'000	%
Listed investments
Ordinary shares	32,900	95.2	3,893	(2,133)	-	1,275	35,935	100.0
Convertibles	1,161	3.4	-	-	-	32	1,193	3.3
Corporate Bonds	6,081	17.6	-	(938)	(32)	144	5,255	14.6
Other fixed interest	2,672	7.7	-	-	-	6	2,678	7.5
	_______	_______	_______	_______	_______	_______	_______	_______
	42,814	123.9	3,893	(3,071)	(32)	1,457	45,061	125.4
	_______	_______	_______	_______	_______	_______	_______	_______
Current assets	1,882	5.4					1,132	3.1
Current liabilities	(151)	(0.4)					(257)	(0.7)
Long-term loan	(10,000)	(28.9)					(10,000)	(27.8)
	_______	_______					_______	_______
Net assets	34,545	100.0					35,936	100.0
	_______	_______					_______	_______
Net asset value per Ordinary share	156.2p						162.5p
	_______						_______
{A} Represents amortisation costs on debt securities of £32,000

1.	Accounting policies
	(a)	Basis of accounting
		The Group's financial statements have been prepared in accordance with International Financial Reporting Standards ('IFRS') 34 - 'Interim Financial Reporting', as adopted by the International Accounting Standards Board ('IASB'), and interpretations issued by the International Financial Reporting Interpretations Committee ('IFRIC') of the IASB. They have also been prepared using the same accounting policies applied for the year ended 31 December 2010 financial statements, which received an unqualified audit report.
	(b)	Dividends payable
		Dividends are recognised in the period in which they are paid.

2.	Taxation
	The taxation expense reflected in the Condensed Consolidated Statement of Comprehensive Income is based on management's best estimate of the weighted average annual income tax rate expected for the full financial year. The estimated average annual tax rate used for the year to 31 December 2011 is 26.5%.

3.	Dividends
	The following table shows the revenue for each period less the dividends declared in respect of the financial period to which they relate.
		Six months ended	Six months ended	Year ended
		30 June 2011	30 June 2010	31 December 2010
		£'000	£'000	£'000
	Revenue	783	760	1,336
	Dividends declared	(663){A}	(663){B}	(1,327){C}
		___________	___________	___________
		120	97	9
		___________	___________	___________
	{A} Dividends declared relate to first two interim dividends (both 1.50p each) declared in respect of the financial year 2011.
	{B} Dividends declared relate to first two interim dividends (both 1.50p each) declared in respect of the financial year 2010.
	{C} Dividends declared relate to the four interim dividends declared in respect of the financial year 2010 totalling 6.00p.

		Six months ended	Six months ended	Year ended
		30 June 2011	30 June 2010	31 December 2010
4.	Return and net asset value per share	p	p	p
	Revenue return	3.54	3.44	6.04
	Capital return	5.75	8.52	41.90
		___________	___________	___________
	Total return	9.29	11.96	47.94
		___________	___________	___________
	The figures above are based on the following attributable assets:
		£'000	£'000	£'000
	Revenue return	783	760	1,336
	Capital return	1,271	1,885	9,264
		___________	___________	___________
	Total return	2,054	2,645	10,600
		___________	___________	___________
	Weighted average number of Ordinary shares in issue	22,109,765	22,109,765	22,109,765
		___________	___________	___________
	The net asset value per share is based on net assets attributable to shareholders of £35,936,000 (30 June 2010 - £27,254,000; 31 December 2010 - £34,545,000) and on 22,109,765 (30 June 2010 - 22,109,765; 31 December 2010 - 22,109,765) Ordinary shares in issue at each period end.

5.	Capital reserves
	The capital reserve reflected in the Balance Sheet at 30 June 2011 includes gains of £8,031,000 (30 June 2010 - gains of £241,000; 31 December 2010 - gains of £6,611,000) which relate to the revaluation of investments held at the reporting date.

6.	Transaction costs
	During the period expenses were incurred in acquiring or disposing of investments classified as fair value though profit or loss. These have been expensed through capital and are included within gains on held-at-fair-value investments in the Consolidated Statement of Comprehensive Income. The total costs were as follows:
		Six months ended	Six months ended	Year ended
		30 June 2011	30 June 2010	31 December 2010
		£'000	£'000	£'000
	Purchases	22	27	59
	Sales	3	4	11
		___________	___________	___________
		25	31	70
		___________	___________	___________

7.	Events after the reporting period
	Since the period end, global equity markets have fallen, with share prices in UK smaller companies being particularly affected. The NAV has fallen by 13.7% and the FTSE SmallCap Index (excluding Investment Companies) has fallen by 10.6% in the period 30 June to 25 August 2011 respectively.

8.	Publication of non-statutory accounts
	The financial information contained in this Half-Yearly Financial Report does not constitute statutory accounts as defined in Sections 434 - 436 of the Companies Act 2006. The financial information for the six months ended 30 June 2011 and 30 June 2010 has not been audited.
	The information for the year ended 31 December 2010 has been extracted from the latest published audited financial statements which have been filed with the Registrar of Companies. The report of the auditors on those accounts contained no qualification or statement under Section 498 (2), (3) or (4) of the Companies Act 2006.

9.	This Half-Yearly Financial Report was approved by the Board on 30 August 2011.

10.      The half yearly financial report is available on the Company's website, www.aberdeensmallercompanies.co.uk, and the Interim Report will be posted to shareholders in September 2011 and copies will be available from the investment manager.

Please note that past performance is not necessarily a guide to the future and that the value of investments and the income from them may fall as well as rise.  Investors may not get back the amount they originally invested

 

END

 

 

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