New range of funds

Calamatta Cuschieri & Co. Ltd. has introduced Brewin Dolphin Portfolios Ltd - The Income Funds to Malta. These are a new fund range that were recently granted a licence for distribution to Maltese resident investors and a listing by the Malta Financial Services Authority and Listing Authority, respectively.

Calamatta Cuschieri & Co. Ltd has been appointed Maltese representative for the funds and has been instrumental in bringing the funds to the island and obtaining regulatory approval.

The Income Funds have three currency classes: euro, sterling and US dollars. Their express purpose is to provide income at a relatively high level to investors. They achieve this by investing in a highly diversified portfolio of sub-investment grade corporate bonds. The funds employ the services of some of the best fixed income managers in both Europe and New York.

The funds theme - "Three funds, Three Currencies, Three Bond Markets, One Investment Strategy", was outlined to investors at a recent seminar timed to coincide with the launch. Peter Smart of Brewin Dolphin Securities Ltd, the strategist for the funds, provided a presentation that focused on the importance of income for investors.

The income funds are currently quoting net annualised yields (after all charges) of 6.3% in US dollars, 7.6% in sterling and 7.1% in euro, calculated on the current quarter's November 2003 payment.

The prospectus and addendum to Maltese investors may be obtained by contacting Calamatta Cuschieri & Co. Ltd on tel: 2568-8688.