THE ECLECTICA FUND – SEPTEMBER 2007

Religion is the opiate of the people. Karl Marx, 1844

Inflation, not religion, is the opiate of the people. James Dines, 1971

The new share classes we proposed in our August monthly have started this month. The legacy 1% management fee 'A' Shares remain open to existing investors; 2%, monthly dealing 'B' Shares will be open to investment by new investors.

In September we beat our index by 0.8%, returning 1.8% for the month. As you will see, the portfolio has grown as we will now explain our current -

Portfolio Construction