The Company's principal activity is that of an Investment Trust. The objective of the Company is to achieve capital growth from North American investments by out-performance of the Company's benchmark. The Company is an Investment Company within the meaning of Section 266 of the Companies Act 1985. The Company has been approved by the HM Revenue and Customs as an Investment Trust for the purposes of Section 842 of the Income and Corporation Taxes Act 1988 for the year ended 31-Dec-2006. Investment management services are provided by JPMorgan Asset Management (UK) Ltd for a fee calculated monthly at a rate of 0.5% per annum of the Company's assets less current liabilities. The agreement is terminable by six months' notice.