The Fund has delivered a steady return to investors since it was launched shown by the independent data provided below.

Price Data — 1st October 2008

Net Asset Value incl. 5% initial fee: £56.312

Net Asset Value: £53.630

To download the latest factsheet click here

The risk of an investment can be defined in terms of volatility, and Commercial Property is akin to fixed rate assets in its volatility profile. On top of this Commercial Property has very little correlation with either equities or bonds, making it a very good alternative asset within a well diversified portfolio.

Glanmore Property NAV Over 10 Years with Gross Income Reinvested 31/08/2008

Source: Lipper Hindsight

Outlook

Our five-year view of property as an asset class has not weakened and again we take the opportunity to emphasize that it should neither be considered as a short term investment, nor for either capital growth or income play alone. The value of an investment in UK commercial property, with its low correlation to equities and low volatility, is its total return over time.

Despite considerable comment in the press, during the last six months, concerning capital values that cannot be substantiated, Cardales, Glanmore's property advisers/managers, have continued to identify and purchase sound investments for the fund which will prove their worth over time.

Robert Court, FRICS ACI Arb

Executive Director, Glanmore Property Fund