silverfox,
Thanks. Correct on both assumptions: media files (which contain copies of sources downloaded from Ancestry in my case) and FTM 2011.
That's a shame! I have created a new tree and FTM has created a folder ..../Documents/Family Tree Maker/'Name of Tree' with a corresponding 'Name of Tree Media' folder.
I would have preferred it to have been located elsewhere on my HDD.
I suspected that there was no ability to move the Tree and Media files without breaking all the links.
Will have to live with it, but dislike it!
Ta.