Morley G7 Fixed Income Fund (EUR) - July 2008

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