BIF Barc.Gbl.End.Ii

    RNS Number : 0058K
  BarclaysGlbl Inv Endowment Fd II Ld
  11 December 2008
   
      
The following replaces the 'Interim Management Statement' announcement released
on 10 December 2008 at 15:21 under RNS No 9020J.
 
As the previously released announcement contained elements of draft text and
draft figures.

    Barclays Global Investors Endowment Fund II Limited

    Interim Management Statement


    Investment objective

    Barclays Global Investors Endowment Fund II Limited (BGIEF II), launched in December 1996, is a Jersey-registered closed-ended
investment company, which invests in a range of traded with-profits endowment policies. The policies, which are written by a variety of life
offices, have a diverse range of policy terms and maturity dates, thereby seeking to achieve for shareholders a strategic objective of an
attractive level of capital growth coupled with low investment risk. It is the Company's policy not to invest in other UK listed investment
companies. It is the intention of the Directors to wind up the Company after 1 September 2009.


    Review for the period 1 September 2008 to 30 November 2008

    The Company began the period with the redemption of one half of its ordinary shares on 3 September at 133.0p per share, following which
the number of shares in issue fell to 5,000,017. The effect of the redemption was to increase the Company's NAV by 1.10p per share. The
redemption was in part financed by a draw down of �1.0 million on the loan facility. 

    During the period 92 policies matured raising �2.01 million. These monies, together with receipts of amounts due in respect of
maturities prior to the 31 August year-end, enabled us to repay all outstanding borrowings in October. We also invested in BGI's Sterling
Liquidity First Fund and the Company's holding at 30 November was �1.94 million. 

    At 30 November the Company held 187 policies. The sums assured and attaching bonuses, which represent the life offices guaranteed sums
payable at maturity, were �3.37 million. 

    We have made no changes to the pricing discount rate used to value policies since the 31 August 2008 year end. This is currently 6.0%
per annum. However, as highlighted in the annual report, due to the prospect of a worldwide recession and expectations of cuts in maturity
payouts for TEPs, from end September the Board has applied a precautionary deduction in its valuation of the TEP portfolio. 

    The Company's NAV fell from 134.10p per share at 31 August 2008 to 124.37p at 30 October, the latest available.  


    Peter Bailey, Chairman
    10 December 2008



    For further information please contact:

    Barclays Global Investors Endowment Fund II Limited
    Peter Bailey                                                                                       01534 855908

    Barclays Global Investors Limited
    Glenn Houchell                                                                                  0207 668 8089

This information is provided by RNS
The company news service from the London Stock Exchange
 
  END 
 
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