CSUZ Close Ast.UK.Zd

RNS Number:4143L
Close UK Index Growth Fund 2006
02 November 2006

CLOSE ASSETS FUNDS LIMITED (the "Company")

- CLOSE UK INDEX GROWTH FUND 2006 (the "Fund")

MATURITY AND ROLL-OVER PROPOSALS

The Close UK Index Growth Fund 2006 (the "Fund") is due to reach maturity on 15
November 2006 and is likely to repay investors the maximum capital entitlement
of 148.64p for each Zero Dividend Share (a "Share") held in the Fund until 15
November 2006 (a return of 8.25% per annum).  This return would represent a
significant out performance of the FTSE 100 Index plus dividends (36.6%**).

As a result of this excellent outcome, the Board is delighted to be able to
recommend proposals to extend the investment term of the Fund as detailed in the
Circular published on 20 October 2006, copies of which are available from the
Manager, Close Fund Management (Investments) Limited and the Company Secretary,
Anson Fund Managers Limited, whose contact details are shown at the end of this
announcement.

The investment objective and policy of the Fund for the new investment term will
have similar attributes to its investment objective and policy for the current
investment term.  These include:

* A potential return of up to 8.6% per annum or 64% over the 6 year term
of the shares.  This will be achieved if the FTSE 100 Index rises by just 2.5%
per annum or 16% over the 6 years.

* Initial capital investment fully preserved* providing the FTSE 100
Index does not fall by 50% at any time during the new investment period and the
value of the FTSE 100 Index at the end of the new investment period is not lower
than its value at the start of the new investment period.  Even if these
requirements are not met, the return will track the FTSE 100 Index.*

* London Stock Exchange traded, allowing investors to buy or sell shares
and see the price on a daily basis.

The proposals will enable Shareholders to retain market exposure in the form
offered by the Company without triggering an immediate liability to capital
gains tax.

The proposals are set out in the Circular which Shareholders should read
carefully.  The Circular contains notices of a class meeting and extraordinary
general meeting at which Shareholders are being asked to vote on the proposals.
Shareholders who wish to have their Shares redeemed on 15 November 2006 in
accordance with their existing rights will be able to make an election to have
their Shares redeemed in cash at that time.

The Board, which has received financial advice from Ernst & Young LLP, considers
the proposals set out in the Circular to be in the best interests of
Shareholders as a whole and accordingly recommends that Shareholders vote in
favour of the Resolutions set out in the notices of meetings.



* subject to there being no counterparty default or any other unexpected
circumstance and subject to the terms and conditions and risk factors set out in
the Circular.

** Bloomberg, as at 11 October 2006


For further information contact:

Marc Gordon / Richard Bolchover
Close Fund Management (Investments) Limited

Tel: 020 7426 4023

Anson Fund Managers Limited
Company Secretary

Tel: 01481 722260

2 November 2006

                              END OF ANNOUNCEMENT

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