ASHBURTON MONEY MARKET FUNDS LIMITED

When interest rates are at depressed levels and extreme volatility is being experienced in the equity, bond and currency markets, many private clients will be unhappy with the level of return they can achieve from simple cash deposits but unwilling to take the risk of stock market investment. The Ashburton Money Market Funds have therefore been created to deliver to private investors similar levels of return to those available to institutional investors in global money markets, with the same level of capital security. There are three Funds:

• Sterling Money Market Fund
• Dollar Money Market Fund
• Euro Money Market Fund

Investment Objective

The stated investment objective of each of the Ashburton Money Market Funds is to achieve a constant increase in its value with minimal volatility and risk, through a portfolio exclusively exposed to cash or cash equivalent instruments traded on the global capital markets.

Investment Methodology

The secret to generating institutional levels of return for private investors lies in two key ingredients. Firstly, the application of professional investment management skills which can seek out the best returns for clients and secondly, having the size of assets necessary to demand the rates of return that institutions benefit from.

Investments will include	Key Investment Restrictions
Bank Deposits	Not more than 20% exposure to one couterparty
Bills of Exchange	Not more than 10% exposure to one instrument
Floating Rate Notes	All instruments rated at least - A - (LT) A-1 (ST) Standard & Poors - A3 (LT) Prime 1 (ST) Moodys
Certificates of Deposit	Portfolio average credit rating of AA2 - Bloomberg Composite
Bonds <1 Year to Maturity	Portfolio maximum average duration of 6 months

Risk Control Measures

The primary risk inherent in money market investment is that the issuing entity or the counterparty dealing with you defaults on either the interest or capital repayment. The secondary risk is that future interest rates increase more than expected resulting in a reduction of the price of money market instruments. In both cases, diversification is the means employed to mitigate that risk. In addition, only making deposits with, or investing in securities issued by institutions with a high credit rating as assessed by the major rating agencies such as Moody's or Standard & Poors makes the likelihood of default negligible, will be applied by the Directors whatever the investment medium used.

Pricing & Charges

• There is no initial charge
• There is no bid / offer spread
• Ashburton levy management fees of 0.5% pa in aggregate

Weekly Dealing - Friday

Cut-off Point for dealing will be 10.00am each Friday for applications and subscription monies to be received.

Money Market Fund Prospectus
Money Market Fund Application Form
Money Market Fund Fact Sheet

Fund Details
Fund Currency	Sterling, US Dollar and Euro
Prices Published	In the Financial Times
Dealing Day	Weekly Dealing will be on a Friday. Cut-off point for dealing will be 10:00am each Friday for applications and subscription monies to be received.
Manager	Ashburton (Jersey) Limited
Custodian	Royal Bank of Canada (Channel Islands) Limited
Auditors	Price Waterhouse Coopers
Further Information	Please write to or telephone Tom Zambon at: Ashburton (Jersey) Limited, PO Box 239, 17 Hilary Street, St Helier, Jersey JE4 8SJ Telephone: +44 (0) 1534 512222 Facsimile: +44 (0) 1534 512277 E-mail: enquiries@ashburton.com