Morley G7 Fixed Income Fund (EUR) - July 2008

The G7 fund, launched in February 2003, has its shares quoted on the Irish and Channel Islands Stock Exchanges. The principal investment objective and policy of the G7 Fund is to deliver an absolute return to investors by taking long positions and short positions in fixed income securities and their derivatives, investing predominantly in G8 countries (excluding Russia).

To achieve excess return the fund manager draws on a range of diversified return opportunities such as the choice of market, currency duration, basis differential, yield curve, stock selection and credit and combines these to construct risk profiles that will produce superior risk-return outcomes and be robust in all economic and market conditions.

The aim of the fund is to build a performance profile that is largely independent of the direction of the market and adds value consistently over