Allenbridge Group plc - Tax Shelter Report


VCT PERFORMANCE


Table of Internal Rates of Return for current VCTs based on latest published Net Asset Values (figures only relate to investors who purchased the first issue of shares)


We are publishing these tables as a contribution from an independent source to the debate on how VCT fund managers have performed. To this end we compare the amount invested in a share against the distribution stream plus the latest net asset value. Dividends up to the end of the 1999/00 tax year are gross. As we are measuring fund manager performance the tax breaks are not relevant. However, because of the issues mentioned in the note following the table, we do not believe that conclusions can yet be drawn from the data to judge the performance of fund managers. GENERALIST FUNDS STARTED IN TAX YEARS 95/96 AND 96/97 GENERALIST FUNDS STARTED IN TAX YEARS 97/98 AND 98/99 AIM BASED STARTED IN TAX YEARS 95/96 AND 96/97 AIM BASED STARTED IN TAX YEARS 97/98 AND 98/99 GENERALIST AND HYBRID STARTED IN TAX YEAR 99/00 GENERALIST AND HYBRID STARTED IN TAX YEARS 00/01 AIM BASED STARTED IN TAX YEARS 00/01 GENERALIST FUNDS STARTED IN TAX YEARS 01/02 AIM BASED FUNDS STARTED IN TAX YEARS 01/02 GENERALIST FUNDS STARTED IN 02/03 AIM BASED FUNDS STARTED IN 02/03 GENERALIST FUNDS STARTED IN 03/04 AIM BASED FUNDS STARTED IN 03/04 GENERALIST FUNDS STARTED IN 04/05 AIM BASED FUNDS STARTED IN 04/05 GENERALISTS AND SPECIALISTS STARTED 05/06 AIM BASED FUNDS STARTED IN 05/06 GENERALISTS AND SPECIALISTS STARTED 06/07 AIM BASED FUNDS STARTED IN 06/07 GENERALISTS AND SPECIALISTS STARTED 07/08 AIM BASED FUNDS STARTED IN 06/07 VCT OLDER THAN SEVEN YEARS Last Updated: 3 March 2008

GENERALIST FUNDS STARTED IN TAX YEARS 95/96 AND 96/97
Venture Capital Trust	Funds Raised (£m)	Net Asset Value (pence)	Issue Price (pence)	Total Return (Net Asset Value plus dividends) (pence)	First trading day	Date of last published NAV figure	Total Return Internal Rate of Return (%)
Close Brothers VCT Plc	24.20	112.20	100	207.00	04/04/96	31/12/07	8.4
Baronsmead VCT plc	10.80	90.00	100	180.10	13/11/95	31/10/07	6.4
Northern VCT plc	43.30	81.60	100	152.50	01/11/95	30/09/07	4.4
British Small Cos VCT plc	16.20	100.70	100	140.70	04/04/96	31/12/07	3.4
Close Brothers Protected plc	27.90	96.90	100	131.90	04/04/97	30/09/07	3.1
Quester VCT plc	32.90	30.50	100	81.30	04/04/96	30/11/07	(2.6)
Oxford Technology VCT plc	32.10	46.00	100	73.80	04/04/97	31/08/07	(3.1)
Guinness Flight VCT plc	4.90	50.00	100	63.50	04/04/96	30/11/07	(4.3)

GENERALIST FUNDS STARTED IN TAX YEARS 97/98 AND 98/99
Venture Capital Trust	Funds Raised (£m)	Net Asset Value (pence)	Issue Price (pence)	Total Return (Net Asset Value plus dividends) (pence)	First trading day	Date of last published NAV figure	Total Return Internal Rate of Return (%)
Baronsmead 2 VCT plc	45.20	107.50	100	168.40	02/04/98	31/01/08	6.5
Downing Protected VCT 1 plc	9.80	108.90	100	157.10	19/05/97	30/06/07	5.2
Close Brothers Development VCT plc	14.60	97.40	100	131.20	27/01/99	30/09/07	3.6
Elderstreet VCT plc	15.10	80.40	100	116.90	18/05/98	30/06/07	2.1
Noble VCT plc	6.50	71.22	100	117.87	09/12/96	31/01/08	1.9
Crown Place VCT plc	40.00	42.60	100	73.10	08/04/98	30/09/07	(4.1)

AIM BASED STARTED IN TAX YEARS 95/96 AND 96/97
Venture Capital Trust	Funds Raised (£m)	Net Asset Value (pence)	Issue Price (pence)	Total Return (Net Asset Value plus dividends) (pence)	First trading day	Date of last published NAV figure	Total Return Internal Rate of Return (%)
Pennine AIM VCT plc	4.60	62.20	100	147.30	04/04/96	31/12/07	5.0
AIM Distribution Trust plc (the)	17.60	55.70	100	111.50	03/05/96	31/01/08	1.4

AIM BASED STARTED IN TAX YEARS 97/98 AND 98/99
Venture Capital Trust	Funds Raised (£m)	Net Asset Value (pence)	Issue Price (pence)	Total Return (Net Asset Value plus dividends) (pence)	First trading day	Date of last published NAV figure	Total Return Internal Rate of Return (%)
Close Brothers AIM VCT plc	10.10	59.40	100	123.80	17/03/98	31/01/08	3.4
Rensburg AIM VCT plc	23.50	70.70	100	95.70	10/06/99	31/12/07	(0.6)
Pennine Downing AIM VCT plc	10.20	71.00	100	91.00	18/05/98	31/12/07	(1.1)
Bluehone AIM VCT plc	17.00	52.00	100	84.90	09/12/98	31/01/08	(2.2)

GENERALIST AND HYBRID STARTED IN TAX YEAR 99/00
Venture Capital Trust	Funds Raised (£m)	Net Asset Value (pence)	Issue Price (pence)	Total Return (Net Asset Value plus dividends) (pence)	First trading day	Date of last published NAV figure	Total Return Internal Rate of Return (%)
Matrix Income & Growth 4 VCT plc	33.00	120.40	200	131.90	08/03/99	31/10/07	3.4
Northern 2 VCT plc	24.30	89.10	100	124.50	21/04/99	31/10/07	2.9
Foresight VCT plc	24.30	64.80	81	69.80	02/11/99	30/09/07	(4.4)
Talisman First VCT plc	5.30	53.30	100	53.30	04/04/00	31/03/07	(8.6)

GENERALIST AND HYBRID STARTED IN TAX YEARS 00/01
Venture Capital Trust	Funds Raised (£m)	Net Asset Value (pence)	Issue Price (pence)	Total Return (Net Asset Value plus dividends) (pence)	First trading day	Date of last published NAV figure	Total Return Internal Rate of Return (%)
ProVen VCT plc	22.00	104.70	100	181.40	10/04/00	31/01/08	8.8
Baronsmead 3 VCT	21.90	120.80	100	154.10	30/01/01	30/11/07	7.1
Close Technology and General VCT plc	13.20	112.40	100	149.40	17/01/01	30/09/07	6.7
Matrix Income & Growth 2 VCT plc	13.10	104.70	100	125.50	11/07/00	31/10/07	3.3
Income & Growth VCT plc (the)	41.70	100.40	100	116.90	15/11/00	31/12/07	2.3
Aberdeen Income and Growth VCT plc	21.90	77.50	100	106.30	11/04/00	30/11/07	0.9
Chrysalis VCT plc	6.00	88.00	100	105.00	04/04/01	31/10/07	0.8
Noble Health Fund VCT plc	7.60	79.30	100	92.80	26/03/01	31/12/07	(1.1)
Oxford Tech 2 VCT plc	7.60	68.00	100	74.00	05/04/00	31/08/07	(4.1)
Quester VCT 4 plc	53.00	45.70	100	51.60	10/11/00	31/10/07	(9.5)
Gateway VCT plc	10.70	41.90	100	42.90	30/06/00	30/09/07	(11.1)

AIM BASED STARTED IN TAX YEARS 00/01
Venture Capital Trust	Funds Raised (£m)	Net Asset Value (pence)	Issue Price (pence)	Total Return (Net Asset Value plus dividends) (pence)	First trading day	Date of last published NAV figure	Total Return Internal Rate of Return (%)
Singer & Friedlander AIM 3 VCT plc	33.00	78.50	100	85.80	30/01/01	31/01/08	(2.2)
Artemis AIM VCT	33.00	72.60	100	82.50	20/02/01	31/01/08	(2.8)
Bluehone AIM VCT 2 plc	41.80	67.90	100	81.90	04/12/00	31/01/08	(3.0)
Northern AIM VCT plc	22.00	57.40	100	73.70	11/01/01	31/12/07	(4.6)
Ethical AIM VCT plc (the)	17.00	53.50	100	61.30	10/04/00	31/08/07	(6.7)

GENERALIST FUNDS STARTED IN TAX YEARS 01/02
Venture Capital Trust	Funds Raised (£m)	Net Asset Value (pence)	Issue Price (pence)	Total Return (Net Asset Value plus dividends) (pence)	First trading day	Date of last published NAV figure	Total Return Internal Rate of Return (%)
ProVen Growth and Income VCT plc	7.10	132.90	100	233.30	31/05/01	31/01/08	14.9
Baronsmead VCT 4 plc	18.40	118.10	100	142.10	20/12/02	31/12/07	6.3
Aberdeen Growth Opportunities VCT plc	10.00	100.90	100	115.10	12/12/01	30/11/07	2.4
Northern 3 VCT plc	13.90	96.90	100	113.80	17/12/01	31/12/07	2.3
Leisure and Media VCT	8.90	90.20	100	110.00	08/06/01	30/06/07	1.7
Oxford Technology 3	4.00	95.00	100	95.00	04/04/02	31/08/07	(0.9)
British Smaller Technology Companies VCT 2 plc	6.80	81.20	100	91.70	12/04/01	30/09/07	(1.4)
Electra Kingsway	15.10	78.70	100	90.90	25/01/02	30/09/07	(1.8)
Aberdeen Growth VCT I	24.40	74.60	100	84.50	10/04/01	31/07/07	(2.7)
Noble Income & Growth VCT plc	2.70	78.70	100	78.70	27/03/02	31/12/07	(4.1)
Quester VCT 5	18.40	70.70	100	74.20	24/12/01	31/10/07	(5.1)
Hygea VCT plc	7.00	60.20	100	61.50	19/04/02	30/06/07	(9.0)

AIM BASED FUNDS STARTED IN TAX YEARS 01/02
Venture Capital Trust	Funds Raised (£m)	Net Asset Value (pence)	Issue Price (pence)	Total Return (Net Asset Value plus dividends) (pence)	First trading day	Date of last published NAV figure	Total Return Internal Rate of Return (%)
Unicorn AIM VCT plc	35.00	71.70	100	110.70	05/11/01	31/01/08	1.9
Pennine Downing AIM VCT 2 plc	7.00	57.20	100	70.70	31/05/01	31/01/08	(5.5)
Close Second AIM VCT plc	8.90	40.00	100	60.60	05/04/01	31/01/08	(7.4)

AIM BASED FUNDS STARTED IN 02/03
Venture Capital Trust	Funds Raised (£m)	Net Asset Value (pence)	Issue Price (pence)	Total Return (Net Asset Value plus dividends) (pence)	First trading day	Date of last published NAV figure	Total Return Internal Rate of Return (%)
Phoenix AIM VCT	10.50	87.90	100	110.90	08/01/03	31/12/07	2.2

AIM BASED FUNDS STARTED IN 03/04
Venture Capital Trust	Funds Raised (£m)	Net Asset Value (pence)	Issue Price (pence)	Total Return (Net Asset Value plus dividends) (pence)	First trading day	Date of last published NAV figure	Total Return Internal Rate of Return (%)
Close Brothers AIM VCT plc 'D' Shares	15.00	108.40	100	120.50	16/03/04	31/01/08	5.1
Unicorn AIM VCT plc Series 2	15.60	89.50	100	106.30	05/02/04	31/01/08	1.6

GENERALIST FUNDS STARTED IN 04/05(2)
Venture Capital Trust	Funds Raised (£m)	Net Asset Value (pence)	Issue Price (pence)	Total Return (Net Asset Value plus dividends) (pence)	First trading day	Date of last published NAV figure	Total Return Internal Rate of Return (%)
Aberdeen Growth Opportunities VCT2 plc	7.70	109.50	100	117.50	17/02/05	30/06/06	0.0
Arc Growth Company VCT plc	1.10	131.10	100	131.50	30/06/05	30/11/07	0.0
Close Income & Growth VCT plc	45.40	89.20	100	97.70	07/10/04	31/12/07	0.0
Core VCT 1 plc	11.00	96.80	100	99.90	04/04/05	30/09/07	0.0
Downing Protected VCT II plc	10.20	95.90	100	98.40	05/04/05	31/10/07	0.0
Downing Protected VCT III plc	10.20	95.90	100	98.40	13/04/05	31/10/07	0.0
Eclipse VCT 2 plc	18.60	120.30	100	125.60	21/03/05	31/10/07	0.0
Eclipse VCT plc	31.30	115.90	100	129.60	04/08/04	30/11/07	0.0
Elderstreet VCT plc 'C' Shares	1.50	95.10	100	99.60	05/04/05	31/12/06	0.0
Electra Kingsway VCT 2 plc	34.20	99.80	100	103.30	03/12/04	30/09/07	0.0
Foresight 2 VCT plc	19.50	100.20	100	105.80	24/12/04	30/09/07	0.0
Foresight 3 VCT plc	31.50	94.00	100	106.00	04/04/96	30/09/07	0.0
Foresight 4 VCT plc	35.00	102.40	91	114.90	30/07/04	30/11/07	0.0
Ingenious Music VCT plc	15.10	91.00	100	91.00	05/04/05	30/11/07	0.0
Keydata Income VCT 1 plc	4.10	97.30	100	98.60	23/06/05	30/11/07	0.0
Keydata Income VCT 2 plc	4.10	97.30	100	98.60	23/06/05	30/11/07	0.0
Matrix Income & Growth VCT plc	22.10	110.80	100	115.00	08/10/04	30/09/07	0.0
Neptune Calculus Income & Growth VCT plc	3.80	102.20	100	107.20	07/02/05	14/09/07	0.0
Oxford Technology 4 VCT plc	7.10	111.00	100	111.00	08/09/04	31/08/07	0.0
Puma VCT 2 plc	8.30	108.30	100	109.20	09/06/05	30/11/07	0.0
Puma VCT plc	12.10	108.10	100	109.00	29/04/05	30/11/07	0.0
Triple Point VCT plc	3.30	94.40	100	96.70	30/06/05	30/09/07	0.0
Ventus VCT plc	15.00	94.30	100	99.70	15/03/05	31/12/07	0.0

AIM BASED FUNDS STARTED IN 04/05(2)
Venture Capital Trust	Funds Raised (£m)	Net Asset Value (pence)	Issue Price (pence)	Total Return (Net Asset Value plus dividends) (pence)	First trading day	Date of last published NAV figure	Total Return Internal Rate of Return (%)
Artemis AIM VCT 2 plc	40.00	80.10	100	84.10	14/12/04	31/01/08	0.0
Framlington AIM VCT plc	24.60	74.90	100	87.90	02/12/04	31/12/07	0.0
Invesco Perpetual AIM VCT plc	24.80	80.40	100	92.40	03/08/04	31/12/07	0.0
Keydata AIM VCT plc	14.30	89.90	100	99.90	29/10/04	31/01/08	0.0
New Century AIM VCT plc	8.50	142.30	100	144.50	24/03/05	31/08/07	0.0
Noble AIM VCT plc	11.00	97.30	100	106.80	29/03/05	31/01/08	0.0
Pennine AIM VCT 5 plc	22.70	78.70	100	82.20	11/02/05	31/01/08	0.0
Phoenix VCT plc 'C' Shares	5.20	97.50	100	104.50	08/01/05	31/12/07	0.0
Unicorn AIM VCT II plc	22.80	101.10	100	102.10	07/01/05	31/01/08	0.0

GENERALISTS AND SPECIALISTS STARTED 05/06(2)
Venture Capital Trust	Funds Raised (£m)	Net Asset Value (pence)	Issue Price (pence)	Total Return (Net Asset Value plus dividends) (pence)	First trading day	Date of last published NAV figure	Total Return Internal Rate of Return (%)
Aberdeen Growth Opportunities VCT plc 'C' Shares	15.00	95.00	100	99.20	15/02/06	30/11/07	0.0
Baronsmead VCT 4 plc 'C' Shares	20.00	98.30	100	103.30	10/03/06	31/12/07	0.0
Chrysalis VCT plc 'D' Shares	0.50	104.10	100	107.40	28/03/06	31/10/07	0.0
Chrysalis VCT plc 'E' Shares	0.60	93.30	100	96.60	28/03/06	31/10/07	0.0
Close Technology & General VCT plc 'C' Shares	35.50	92.60	100	95.60	04/01/06	30/09/07	0.0
Core VCT II plc	16.50	97.90	100	99.40	12/01/06	30/09/07	0.0
Core VCT III plc	16.50	97.80	100	99.30	10/03/06	30/09/07	0.0
Downing Protected VCT IV plc	21.70	95.60	100	96.60	31/01/06	31/05/07	0.0
Downing Protected VCT V plc	21.70	95.60	100	96.60	08/02/06	31/05/07	0.0
Eclipse VCT 3 plc	29.50	96.70	100	98.90	14/10/05	31/12/07	0.0
Eclipse VCT 4 plc	29.50	96.70	100	98.90	14/10/05	31/12/07	0.0
Edge Performance VCT plc	6.40	86.10	100	92.10	11/04/06	31/08/07	0.0
Electra Kingsway VCT 3 plc	35.10	100.00	100	102.50	01/12/05	30/09/07	0.0
IBIS Media VCT 1 plc	4.70	95.00	100	95.00	05/04/06	31/10/07	0.0
Ingenious Music VCT 2 plc	26.50	94.50	100	94.50	14/02/06	30/11/07	0.0
Limelight VCT plc	5.60	92.30	100	92.90	05/04/06	30/09/07	0.0
Matrix Income & Growth 2 VCT plc 'C' Shares	9.20	98.50	100	100.00	16/12/05	31/10/07	0.0
Matrix Income & Growth 3 VCT plc	20.00	96.90	100	99.20	26/01/06	30/09/07	0.0
Neptune-Calculus Income & Growth VCT plc 'C' Shares	8.40	94.50	100	95.50	14/02/06	14/09/07	0.0
Northern VCT plc 'C' Shares	20.70	92.50	100	94.50	06/01/06	30/06/07	0.0
ProVen Growth and Income VCT plc 'C' Shares	25.00	91.80	100	96.80	12/01/06	31/01/08	0.0
Puma VCT III plc	19.50	98.80	100	98.80	19/05/06	30/11/07	0.0
Puma VCT IV plc	19.50	97.50	100	97.50	19/05/06	30/11/07	0.0
Ventus 2 VCT plc	10.30	94.70	100	97.20	17/03/06	31/12/07	0.0
Ventus 3 VCT plc	10.30	94.70	100	97.20	17/03/06	31/12/07	0.0

AIM BASED FUNDS STARTED IN 05/06(2)
Venture Capital Trust	Funds Raised (£m)	Net Asset Value (pence)	Issue Price (pence)	Total Return (Net Asset Value plus dividends) (pence)	First trading day	Date of last published NAV figure	Total Return Internal Rate of Return (%)
Baronsmead AIM VCT plc	16.80	94.80	100	98.50	13/03/06	31/01/08	0.0
Bluehone AIM VCT 2 plc 'C' Shares	3.00	88.60	100	90.60	14/02/06	31/01/08	0.0
Close IHT AIM VCT plc 'A' Shares	7.30	87.10	100	90.50	25/01/06	31/01/08	0.0
Close IHT AIM VCT plc 'B' Shares	17.70	87.10	100	90.50	25/01/06	31/01/08	0.0
Close Second AIM VCT plc 'C' Shares	8.20	88.10	100	91.00	02/03/06	31/08/08	0.0
Close Second AIM VCT plc 'D' Shares	12.00	88.10	100	91.00	02/03/06	31/01/08	0.0
Framlington AIM VCT 2 plc	30.90	79.90	100	85.90	21/12/05	28/12/07	0.0
Keydata AIM VCT plc 'C' Shares	17.90	88.50	100	91.00	18/01/06	31/01/08	0.0
Pennine AIM VCT 6 plc	26.70	85.60	100	87.70	29/12/05	31/01/08	0.0
Unicorn AIM VCT II plc 'C' Shares	12.50	87.30	100	88.30	04/01/06	31/01/08	0.0

GENERALISTS AND SPECIALISTS STARTED 06/07(2)
Venture Capital Trust	Funds Raised (£m)	Net Asset Value (pence)	Issue Price (pence)	Total Return (Net Asset Value plus dividends) (pence)	First trading day	Date of last published NAV figure	Total Return Internal Rate of Return (%)
Aberdeen Growth Opportunities VCT 2 plc 'S' Shares	4.90	95.30	100	95.30	05/04/07	30/06/07	0.0
Apollo VCT 1 plc	8.90	94.50	100	94.50	17/10/06	31/10/07	0.0
Apollo VCT 2 plc	8.90	94.50	100	94.50	17/10/06	31/10/07	0.0
Close Enterprise VCT plc	20.00	94.50	100	95.20	05/04/07	30/09/07	0.0
Core VCT IV plc	11.10	92.80	100	92.80	12/03/07	30/09/07	0.0
Core VCT V plc	11.10	93.00	100	93.00	24/04/07	30/09/07	0.0
Downing Protected VCT VI plc	9.10	95.10	100	95.10	15/03/07	31/07/07	0.0
Downing Protected VCT VII plc	9.10	95.10	100	95.10	17/04/07	31/07/07	0.0
Edge Performance VCT plc 'C' Shares	13.30	94.70	100	94.70	11/04/07	31/08/07	0.0
Electra Kingsway VCT plc 'C' Shares	8.30	92.30	100	92.30	14/03/07	30/09/07	0.0
Foresight 2 VCT plc 'C' Shares	14.00	94.20	100	94.20	08/01/07	30/09/07	0.0
Ingenious Live VCT 1 plc	8.20	95.60	100	95.60	20/04/07	31/12/07	0.0
Ingenious Live VCT 2 plc	8.20	95.60	100	95.60	20/04/07	31/12/07	0.0
Octopus Protected VCT plc	27.40	95.00	100	95.00	17/10/06	31/10/07	0.0
ProVen VCT plc 'C' Shares	14.80	90.60	100	91.60	13/03/07	31/01/08	0.0
TP70 VCT plc	32.00	95.80	100	95.80	26/03/07	30/09/07	0.0

AIM BASED FUNDS STARTED IN 06/07(2)
Venture Capital Trust	Funds Raised (£m)	Net Asset Value (pence)	Issue Price (pence)	Total Return (Net Asset Value plus dividends) (pence)	First trading day	Date of last published NAV figure	Total Return Internal Rate of Return (%)
Keydata AIM VCT 2 plc	4.60	93.00	100	93.00	16/04/07	31/01/08	0.0
New Century AIM VCT 2 plc	5.70	99.00	100	99.00	03/04/07	30/09/07	0.0
Pennine AIM VCT plc 'D' Shares	2.70	94.50	100	94.50	09/03/07	31/12/07	0.0
Unicorn AIM VCT plc Series 3	5.00	85.60	100	85.60	11/04/07	31/01/08	0.0

GENERALISTS AND SPECIALISTS STARTED 07/08(2)
Venture Capital Trust	Funds Raised (£m)	Net Asset Value (pence)	Issue Price (pence)	Total Return (Net Asset Value plus dividends) (pence)	First trading day	Date of last published NAV figure	Total Return Internal Rate of Return (%)
Downing Protected VCT VIII plc	0.00	94.50	100	94.50	11/12/07	11/12/07	0.0
Octopus Titan VCT 1 plc	0.00	94.50	100	94.50	28/12/07	28/12/07	0.0
Octopus Titan VCT 2 plc	0.00	94.50	100	94.50	28/12/07	28/07/07	0.0

1 no recent NAV
2 Internal rates of return on these recent VCTs are not shown as they convey little meaning - VCTs are ranked alphabetically.

Source: Tax Shelter Report

Important notes:

Allenbridge believe that the only way to compare funds properly is to incorporate the time value of money through a discounting technique such as the Internal Rate of Return. Adding dividends paid to Net Asset Value does not do the job.

There is only a limited value in this table as you cannot compare AIM funds with general funds nor can a new fund be compared to one that has been running a few years. In general, any fund that holds AIM stocks will look good compared to one whose unquoted holdings are valued conservatively according to British Venture Capital Association guidelines.

As Allenbridge repeat frequently in Tax Shelter Report, the share price is no indicator of value as there is virtually no market for second hand VCT shares- purchasers do not receive full tax reliefs and sellers lose their tax reliefs if they sell within the first three years.

There are many timing and investment valuation issues which inhibit direct comparison of rates of return between VCTs: AIM stocks can be valued at mid-market or at a discount to reflect illiquidity; unquoted investments are valued according to guidelines that are open to interpretation; most VCTs have immature portfolios; VCTs have net asset values declared on different dates