Fund details
Launch date	Friday 1 July 2005
Benefits	Competitive yield Quarterly income payable 15 January, April, July and October Low risk to capital Available in two currencies – sterling and US dollar Daily access to funds Regular reporting Adaptable investment approach
Minimum Investment	£10,000 or currency equivalent
Fees	3.5% Initial Charge 1% Annual Management Fee
Target Yield	An annualised target return will be set periodically by the Directors, based on the prevailing interest rate and other market conditions, which the Investment Manager will aim to achieve on average over 3 year rolling periods. Currently, this is set at Base Rate +1% for the Sterling Fund and Fed Funds Rate +1% for the US Dollar Fund
Dealing Frequency	Daily Dealing

The Funds’ Objective

The Ashburton Managed Income Funds are designed to generate both income and capital profits that can be paid to investors by way of a regular distribution, without exposing their capital to the risks of the equity markets. Whilst there may still be some fluctuations in the capital value of the Funds, the Directors will seek to maintain the capital value over the long-term.

Management Approach

Through an international portfolio of fixed interest securities, cash deposits and related derivative instruments, the Investment Manager will seek to generate the target return whilst suppressing volatility and capital risk to the extent commensurate with that level of return.

An active management approach is utilised to identify opportunities across the geographic and credit rating spectrum, with cash seen as a specific asset class at times of bond market weakness.

Individual securities are predominantly AAA rated with a maximum of 20% allowed in investment grade securities less than A rated and a maximum of 10% allowed in sub investment grade securities. No more than 50% of the portfolio may be exposed to non-base currencies after hedging.

Sterling Managed Income - Fund Fact Sheet
Dollar Managed Income - Fund Fund Fact Sheet
Client Information and Key Features Document
Prospectus
Application Form
Bank Instruction Letter

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