To provide a competitive money market yield without compromising security of capital. To achieve this objective, the property of the Fund will consist principally of call deposits with UK clearing banks or other eligible institutions having at least an equivalent credit rating. Up to 20% of the Fund's property may consist of term deposits of up to one month with the foregoing. From time to time, investment may be made in those short-term instruments in which investment is permissible for a money market fund in accordance with the Financial Services Authority's Collective Investment Schemes Sourcebook, as amended. The manager's current policy is to invest solely in sterling denominated deposits.

Asset manager:
Steven Hay (Started: Jun 30, 2011)

Advisor Company:
Baillie Gifford & Co Limited.

	1 year	3 years	5 years	10 years
Alpha*	-0.03	-0.14	-0.36	-
Beta*	-1.14	-0.88	0.09	-
Mean annual return	0.03	0.03	0.07	-
R-squared*	71.41	26.35	0.46	-
Standard deviation	0.02	0.02	0.40	-
Sharpe ratio	-3.45	-6.28	-2.80	-
* Against standard index