The fund�s objective is to achieve the best possible growth mainly by investing in shares or fixed-interest investments in Europe. There is no restriction on the economic sectors the investments can be made in, but geographically the investments are restricted to Europe. The Managers will regard company prospects as the primary consideration, with sector and market weightings being of secondary importance. In addition, a minimum of 50% of the portfolio will be invested in the top 100 companies by market capitalization across Europe. This leaves sufficient scope for investment in higher growth medium sized companies, while limiting the volatility of the overall performance. Emphasis will be placed on companies with quality management and leading market positions in their business.

Asset manager:
Ian Ormiston (Started: Jan 1, 2007)

Advisor Company:
Ignis Investment Services Ltd

	1 year	3 years	5 years	10 years
Alpha*	2.45	-0.05	0.75	-1.18
Beta*	0.90	1.09	1.02	1.03
Mean annual return	1.76	0.65	0.22	0.60
R-squared*	83.16	88.89	91.24	91.85
Standard deviation	10.30	16.43	20.24	16.67
Sharpe ratio	2.04	0.43	0.07	0.30
* Against standard index

Security	Net Assets
Nestle SA (NSRGF)	3.49%
Ignis European Smlr Coms I Acc	3.04%
Novartis AG (NVSEF)	2.82%
Vinci (DG)	2.62%
Volkswagen AG (VOW3)	2.53%
LVMH Moet Hennessy Louis Vuitton SA (MC)	2.50%
Sanofi (SAN)	2.47%
Total SA (FP)	2.45%
BNP Paribas (BNP)	2.37%
ING Groep N.V. (INGA)	2.34%