As at 31 July 2010

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Investment Funds
Fund Last Distribution Performance
CPU %
Franked
Period
End
1 Month % 3 Month % 1
Year Total
1 Year Growth
%
1 Year Income
%
3 Years
% pa
5 Years
% pa
Since
Inception
% pa
Managed Income Fund Gross 0.4000 16.70% Jul 10 2.13 -0.70 11.60 -4.40 1.38
Fund Inception Date: Net 1.97 -1.29 9.22 4.15 5.07 -6.23 -0.50 7.25
31/12/1985 Benchmark 1.05 0.37 6.72 2.95 5.45
Outperformance 1.08 -1.07 4.88 -7.35 -4.07
Balanced Fund Gross 0.9742 180.05% Jun 10 2.21 -3.54 7.09 -1.98 5.00
Fund Inception Date: Net 2.03 -4.04 5.08 4.36 0.72 -3.86 3.04 6.20
30/04/1992 Benchmark 2.44 -2.45 8.58 -3.43 3.15
Outperformance -0.23 -1.09 -1.49 1.45 1.85
Australian Share Fund Gross 1.2000 63.75% Jun 10 4.41 -7.69 8.36 -3.24 7.12
Fund Inception Date: Net 4.27 -8.12 6.39 4.28 2.11 -5.02 5.23 11.33
31/05/1988 Benchmark 4.47 -5.87 10.14 -5.84 4.90
Outperformance -0.06 -1.82 -1.78 2.60 2.22
Australian Share Fund Plus Gross 0.8740 78.65% Jun 10 4.39 -8.00 8.17 -4.56 7.45
Fund Inception Date: Net 4.27 -8.21 6.78 4.67 2.11 -5.84 6.06 11.56
31/10/1983 Benchmark 4.48 -5.96 10.04 -6.05 4.86
Outperformance -0.09 -2.04 -1.87 1.49 2.59
Global High Conviction Fund Gross 0.0000 0.00% Jun 10 -1.84 -0.05 -6.70 0.12
Fund Inception Date: Net 1.65 -2.43 -2.19 -2.19 0.00 -8.61 -1.84 4.79
30/11/1985 Benchmark 0.73 -2.80 0.53 -10.28 -2.75
Outperformance 0.96 -0.58 3.58 2.87

Class A Units
Fund Last Distribution Performance
CPU %
Franked
Period
End
1 Month % 3 Month % 1
Year Total
1 Year Growth
%
1 Year Income
%
3 Years
% pa
5 Years
% pa
Since
Inception
% pa
Direct Real Estate Fund Gross 0.6807 Jun 10 0.21 2.52 3.59 -3.84 -1.86
Fund Inception Date: Net -0.03 1.78 0.59 -3.35 3.94 -6.50 -4.56
1/06/2007 Benchmark 0.56 2.32 4.33 1.59 3.20
Outperformance -0.35 0.20 -0.74 -5.43 -5.06
Global High Conviction Fund - Hedged Gross 0.0000 0.00% Jun 10 7.06 -5.29 12.09
Fund Inception Date: Net 6.92 -5.76 9.85 9.85 0.00 -8.60 0.17 1.42
5/04/2001 Benchmark 5.97 -6.18 12.38 -8.36 0.85
Outperformance 1.09 0.89 -0.29
Hedged Global Small Cap Fund Gross 0.0000 0.00% Jun 10 #VALUE! -2.16 5.20 7.41
Fund Inception Date: Net 5.41 -4.71 19.75 19.75 0.00 -4.09 3.32 5.45
5/04/2001 Benchmark 5.73 -5.23 20.78 -8.04 2.36 7.55
Outperformance #VALUE! 5.88 2.84 -0.14
Global High Conviction Fund - Unhedged Gross 0.0000 0.00% Jun 10 1.85 -1.65 -0.18 -6.90 -0.56 -2.75
Fund Inception Date: Net 1.69 -2.20 -2.07 -2.07 0.00 -8.65 -2.13 -4.36
10/04/2001 Benchmark 0.73 -2.80 0.53 -10.28 -2.75 -4.31
Outperformance 1.12 1.15 -0.71 3.38 2.19 1.56
Global Small Cap Fund Gross 0.0000 0.00% Jun 10 0.57 -1.16 #VALUE! -2.89 2.46 0.70
Fund Inception Date: Net 0.41 -1.76 7.65 7.65 0.00 -4.67 0.63 -1.23
24/04/2001 Benchmark 0.72 -2.34 9.20 -9.09 -0.56 0.79
Outperformance -0.15 1.18 #VALUE! 6.20 3.02 -0.09

Closed Funds
Fund Last Distribution Performance
CPU %
Franked
Period
End
1 Month % 3 Month % 1
Year Total
1 Year Growth
%
1 Year Income
%
3 Years
% pa
5 Years
% pa
Since
Inception
% pa
Income Fund Gross 5.1212 11.81% Jun 10 2.21 -3.54 7.09 -1.98 5.00
Fund Inception Date: Net 2.05 -3.97 5.45 1.43 4.02 -3.55 3.39 9.15
30/11/1983 Benchmark 2.44 -2.45 8.58 -3.43 3.15
Outperformance -0.23 -1.09 -1.49 1.45 1.85
Equity Fund Gross 0.7862 199.61% Jun 10 4.39 -8.00 8.17 -4.56 7.44
Fund Inception Date: Net 4.25 -8.32 6.45 4.67 1.78 -6.10 5.77
30/11/1983 Benchmark 4.48 -5.96 10.04 -6.05 4.86
Outperformance -0.09 -2.04 -1.87 1.49 2.58

Professional Investor
Fund Last Distribution Performance
CPU %
Franked
Period
End
1 Month % 3 Month % 1
Year Total
1 Year Growth
%
1 Year Income
%
3 Years
% pa
5 Years
% pa
Since
Inception
% pa
Managed Income Fund Gross 0.3800 20.67% Jul 10 2.13 -0.70 11.60 -4.40 1.38 4.35
Fund Inception Date: Net 2.03 -1.02 10.07 4.33 5.74 -5.70 0.02 2.96
16/09/1999 Benchmark 1.05 0.37 6.72 2.95 5.45 6.40
Outperformance 1.08 -1.07 4.88 -7.35 -4.07 -2.05
Balanced Fund Gross 1.0065 43.17% Jun 10 2.21 -3.54 7.09 -1.98 5.00 5.48
Fund Inception Date: Net 2.12 -3.87 5.71 4.37 1.34 -3.28 3.65 4.22
9/09/1999 Benchmark 2.44 -2.45 8.58 -3.43 3.15 5.37
Outperformance -0.23 -1.09 -1.49 1.45 1.85 0.11
Australian Share Fund Gross 2.3921 32.85% Jun 10 4.42 -7.64 8.43 -3.19 7.13 8.65
Fund Inception Date: Net 4.31 -7.99 7.01 2.88 4.13 -4.45 5.84 7.61
13/09/1999 Benchmark 4.47 -5.87 10.14 -5.84 4.90 8.12
Outperformance -0.05 -1.77 -1.71 2.65 2.23 0.53
Global High Conviction Fund Gross 0.0000 0.00% Jun 10 #VALUE! -1.84
Fund Inception Date: Net 1.69 -2.14 -1.43 -1.43 0.00 -8.09 -1.31 -2.08
22/09/1999 Benchmark 0.73 -2.80 0.53 -10.28 -2.75
Outperformance #VALUE! 0.96

Class C Units
Fund Last Distribution Performance
CPU %
Franked
Period
End
1 Month % 3 Month % 1
Year Total
1 Year Growth
%
1 Year Income
%
3 Years
% pa
5 Years
% pa
Since
Inception
% pa
Monthly Income Fund Gross 0.2856 Jul 10 4.04 -1.28 22.14 -4.27
Fund Inception Date: Net 3.96 -1.45 21.25 15.59 5.66 -4.91 -0.29 0.64
4/10/2004 Benchmark 0.42 1.20 4.05 5.52 5.76
Outperformance 3.62 -2.48 18.09 -9.79
Combined Property Income Fund Gross 1.1320 0.00% Jun 10 #VALUE! 3.75
Fund Inception Date: Net 0.38 -0.27 5.77 0.54 5.23 -13.17 -2.41 3.60
24/09/2003 Benchmark 0.83 -0.96 11.84 -10.11 0.27 4.71
Outperformance #VALUE! -0.96
Direct Property Fund Gross 2.2686 0.00% Jun 10 0.21 2.52 3.59 -3.84 1.59
Fund Inception Date: Net 0.05 2.02 1.52 -4.99 6.51 -5.66 -0.19
2/08/2006 Benchmark 0.56 2.32 4.33 1.59 5.70
Outperformance -0.35 0.20 -0.74 -5.43 -4.11
Global High Conviction Fund - Hedged Gross 0.0000 0.00% Jun 10 7.06 -5.29 12.09 -6.67 1.78 3.55
Fund Inception Date: Net 6.96 -5.53 10.58 10.58 0.00 -8.09 0.66 2.31
4/04/2001 Benchmark 5.97 -6.18 12.38 -8.36 0.85 2.62
Outperformance 1.09 0.89 -0.29 1.69 0.93 0.93
Hedged Global Small Cap Fund Gross 0.0000 0.00% Jun 10 5.54 -4.34 #VALUE! -2.16 5.20 7.85
Fund Inception Date: Net 5.44 -4.67 20.06 20.06 0.00 -3.72 3.74 6.44
4/04/2001 Benchmark 5.73 -5.23 20.78 -8.04 2.36 7.90
Outperformance -0.19 0.89 #VALUE! 5.88 2.84 -0.05
Global High Conviction Fund - Unhedged Gross 0.0000 0.00% Jun 10 1.85 -1.65 -0.18 -6.90 -0.56 -3.18
Fund Inception Date: Net 1.71 -2.10 -1.66 -1.66 0.00 -8.19 -1.61 -3.98
1/05/2001 Benchmark 0.73 -2.80 0.53 -10.28 -2.75 -4.64
Outperformance 1.12 1.15 -0.71 3.38 2.19 1.46
Global Small Cap Fund Gross 0.0000 0.00% Jun 10 0.57 -1.16 -2.89 2.46 1.32
Fund Inception Date: Net 0.46 -1.63 8.12 8.12 0.00 -4.04 1.22 -0.02
6/04/2001 Benchmark 0.72 -2.34 9.20 -9.09 -0.56 1.29
Outperformance -0.15 1.18 6.20 3.02 0.03
International Gold Fund Gross 0.0000 0.00% Jun 10 -9.73 -0.73 19.53 0.96 9.97
Fund Inception Date: Net -9.97 -1.36 17.06 17.06 0.00 -0.97 8.24
29/09/2005 Benchmark -13.31 -2.22 7.92 7.88 6.58
Outperformance 3.58 1.49 11.61 -6.92 3.39
Asset Allocation Alpha Fund Gross 0.3700 0.00% Jun 10 -0.86 -1.54 -2.32 17.27
Fund Inception Date: Net -0.96 -1.86 -3.67 -4.06 0.39 12.33
12/05/2008 Benchmark 0.42 1.20 4.05 4.89
Outperformance -1.28 -2.74 -6.37 12.38
Global Allocation Fund (Aust) Gross 2.4104 0.47% Jun 10 3.16 -2.83 13.19 1.90 7.76 8.16
Fund Inception Date: Net 3.11 -3.00 12.51 9.84 2.67 0.99 6.18 6.54
27/06/2005 Benchmark 4.28 -1.44 13.20 0.80 5.05 5.46
Outperformance -1.12 -1.39 -0.01 1.10 2.71 2.70

Wholesale
Fund Last Distribution Performance
CPU %
Franked
Period
End
1 Month % 3 Month % 1
Year Total
1 Year Growth
%
1 Year Income
%
3 Years
% pa
5 Years
% pa
Since
Inception
% pa
Managed Income Fund Gross 0.2318 41.00% Jul 10 2.13 -0.70 11.60 -4.40 1.38
Fund Inception Date: Net 2.07 -0.89 10.73 5.04 5.69 -5.15 0.58 5.61
30/09/1992 Benchmark 1.05 0.37 6.72 2.95 5.45
Outperformance 1.08 -1.07 4.88 -7.35 -4.07
Balanced Fund Gross 1.9098 34.87% Jun 10 2.21 -3.54 7.09 -1.98 5.00
Fund Inception Date: Net 2.13 -3.79 6.16 4.35 1.81 -2.88 4.12 7.59
30/09/1992 Benchmark 2.44 -2.45 8.58 -3.43 3.15
Outperformance -0.23 -1.09 -1.49 1.45 1.85
Australian Share Fund Gross 1.5779 42.41% Jun 10 4.42 -7.64 8.43 -3.19 7.13 10.18
Fund Inception Date: Net 4.35 -7.86 7.50 4.48 3.02 -4.04 6.33 9.51
31/12/1993 Benchmark 4.47 -5.87 10.14 -5.84 4.90 8.71
Outperformance -0.05 -1.77 -1.71 2.65 2.23 1.47
Wholesale Global High Conviction Fund Gross 1.1548 0.00% Jun 10 1.81 -1.84 -0.05 -6.70 0.12 5.65
Fund Inception Date: Net 1.74 -2.00 -0.88 -2.31 1.43 -7.56 -0.75 4.77
30/06/1992 Benchmark 0.73 -2.80 0.53 -10.28 -2.75 5.16
Outperformance 1.08 0.96 -0.58 3.58 2.87 0.49
International Bond Fund Gross 5.4045 Jun 10 0.96 3.47 11.45 8.57 6.39 7.06
Fund Inception Date: Net 0.91 3.39 11.00 4.82 6.18 8.05 5.85 6.25
30/09/1992 Benchmark 1.14 3.63 10.89 9.87 7.56 7.31
Outperformance -0.18 -0.16 0.56 -1.30 -1.17 -0.25

Class D Units
Fund Last Distribution Performance
CPU %
Franked
Period
End
1 Month % 3 Month % 1
Year Total
1 Year Growth
%
1 Year Income
%
3 Years
% pa
5 Years
% pa
Since
Inception
% pa
Australian Share Fund Plus Gross 0.7581 91.43% Jun 10 4.52 -8.06 7.70 -4.30 6.46
Fund Inception Date: Net 4.45 -8.16 7.26 3.89 3.37 -5.28 5.68
16/09/2005 Benchmark 4.48 -5.96 10.04 -6.05 3.98
Outperformance 0.04 -2.10 -2.34 1.75 2.48
Australian Quant Strategies Fund Gross 2.3389 87.78% Jun 10 4.68 -5.75 8.19 -6.16 6.50 8.05
Fund Inception Date: Net 4.76 -5.65 6.41 -0.74 7.15 -8.34 2.88 4.30
26/04/2005 Benchmark 4.48 -5.77 11.41 -4.75 6.28 7.89
Outperformance 0.20 0.02 -3.22 -1.41 0.22 0.16
Monthly Income Fund Gross 0.3005 Jul 10 4.04 -1.28 22.14 -4.27 0.40 1.72
Fund Inception Date: Net 3.98 -1.42 21.50 15.60 5.90 -4.69 -0.06 1.26
5/07/2004 Benchmark 0.42 1.20 4.05 5.52 5.76 5.74
Outperformance 3.62 -2.48 18.09 -9.79 -5.36 -4.02
Comb. Prop Income Fund Gross 1.1467 0.00% Jun 10 0.53 0.22 7.84 -11.58 -1.09 3.50
Fund Inception Date: Net 0.45 -0.05 6.66 0.70 5.96 -12.36 -1.54 4.22
25/08/2003 Benchmark 0.83 -0.96 11.84 -10.11 0.27 4.52
Outperformance -0.30 1.18 -4.00 -1.47 -1.36 -1.02
Property Securities Fund Gross Jun 10 0.00 16.17 43.73 -17.33 -4.86 2.41
Fund Inception Date: Net
15/11/2002 Benchmark 1.02 -3.91 18.76 -22.28 -8.27 -0.07
Outperformance -1.02 20.08 24.97 4.95 3.41 2.48
Global High Conviction Fund - Hedged Gross 0.0000 0.00% Jun 10 7.06 -5.29 12.09 -6.67 1.78 3.20
Fund Inception Date: Net 6.98 -5.59 10.85 10.85 0.00 -7.70 1.08 2.39
29/03/2001 Benchmark 5.97 -6.18 12.38 -8.36 0.85 2.33
Outperformance 1.09 0.89 -0.29 1.69 0.93 0.87
Hedged Global Small Cap Fund Gross 0.0000 0.00% Jun 10 5.54 -4.34 22.06 -2.16 5.20 7.11
Fund Inception Date: Net 5.49 -4.57 20.79 20.79 0.00 -3.18 4.32 6.22
29/03/2001 Benchmark 5.73 -5.23 20.78 -8.04 2.36 7.52
Outperformance -0.19 0.89 1.28 5.88 2.84 -0.41
Global High Conviction Fund - Unhedged Gross 0.4720 0.00% Jun 10 1.85 -1.65 -0.18 -6.90 -0.56 -2.63
Fund Inception Date: Net 1.76 -2.01 -1.26 -2.20 0.94 -7.82 -1.21 -3.38
29/03/2001 Benchmark 0.73 -2.80 0.53 -10.28 -2.75 -4.19
Outperformance 1.12 1.15 -0.71 3.38 2.19 1.56
Global Small Cap Fund Gross 0.0000 0.00% Jun 10 0.57 -1.16 9.72 -2.89 2.46 0.90
Fund Inception Date: Net 0.48 -1.54 8.51 8.51 0.00 -3.81 1.53 0.01
29/03/2001 Benchmark 0.72 -2.34 9.20 -9.09 -0.56 1.09
Outperformance -0.15 1.18 0.52 6.20 3.02 -0.19
Global Equity Enhanced Index Fund Gross 0.7108 0.00% Jun 10 0.53 -2.46 2.04 -9.69 -2.30 -4.06
Fund Inception Date: Net 0.45 -2.45 1.75 0.52 1.23 -9.88 -2.59 -4.27
16/05/2001 Benchmark 0.73 -2.80 0.53 -10.28 -2.75 -4.53
Outperformance -0.20 0.34 1.51 0.59 0.45 0.47
International Gold Fund Gross 0.0000 0.00% Jun 10 -9.73 -0.73 19.53 0.96 14.40 12.49
Fund Inception Date: Net -9.84 -1.02 18.22 18.22 0.00 0.01 13.74 11.75
8/12/2004 Benchmark -13.31 -2.22 7.92 7.88 11.51 8.43
Outperformance 3.58 1.49 11.61 -6.92 2.89 4.06
Global Allocation Fund (Aust) Gross 2.1114 0.38% Jun 10 3.16 -2.83 13.19 1.90 7.76 8.02
Fund Inception Date: Net 3.14 -2.88 12.90 10.03 2.87 1.54 6.67 6.90
4/07/2005 Benchmark 4.28 -1.44 13.20 0.80 5.05 5.39
Outperformance -1.12 -1.39 -0.01 1.10 2.71 2.63
Asset Allocation Alpha Fund Gross 0.9960 0.00% Jun 10 -0.86 -1.54 -2.32 20.66 18.63
Fund Inception Date: Net -0.93 -1.75 -3.23 -4.09 0.86 15.85 14.91
29/05/2006 Benchmark 0.42 1.20 4.05 5.52 5.76
Outperformance -1.28 -2.74 -6.37 15.14 12.87

Miscellanious Classes
Fund Last Distribution Performance
CPU %
Franked
Period
End
1 Month % 3 Month % 1
Year Total
1 Year Growth
%
1 Year Income
%
3 Years
% pa
5 Years
% pa
Since
Inception
% pa
Monthly Income Fund – R Class Gross 0.2942 Jul 10 4.04 -1.28 22.14 -4.27 0.40 1.34
Fund Inception Date: Net 3.97 -1.39 21.51 15.61 5.90 -4.70 -0.09 0.86
28/09/2004 Benchmark 0.42 1.20 4.05 5.52 5.76 5.75
Outperformance 3.62 -2.48 18.09 -9.79 -5.36 -4.41
Direct Property Fund - W Class Gross 2.6870 Jun 10 0.21 2.52 3.59 -3.84 3.99 6.13
Fund Inception Date: Net 0.10 2.16 2.08 -5.00 7.08 -5.16 2.73 4.91
2/04/2004 Benchmark 0.56 2.32 4.33 1.59 7.92 8.83
Outperformance -0.35 0.20 -0.74 -5.43 -3.93 -2.70
Global Allocation Fund (Aust) – S Class Gross 2.0934 0.43% Jun 10 3.16 -2.83 13.19 1.90 5.14
Fund Inception Date: Net 3.13 -2.95 12.72 9.96 2.76 1.22 4.07
3/04/2006 Benchmark 4.28 -1.44 13.20 0.80 3.70
Outperformance -1.12 -1.39 -0.01 1.10 1.44
Long Short Active Capital Fund Gross Jun 10 0.67 -6.40 8.18 -2.45
Fund Inception Date: Net 0.67 22.64 40.10 34.48 5.62 10.27
1/08/2008 Benchmark 4.48 -5.77 11.41 1.55
Outperformance -3.81 -0.63 -3.23 -4.00
Direct Real Estate K Class Gross 1.1293 Jun 10 0.21 2.52 3.59 -7.81
Fund Inception Date: Net 0.20 2.46 3.30 -3.37 6.67 -8.11
24/04/2008 Benchmark 0.56 2.32 4.33 -3.09
Outperformance -0.35 0.20 -0.74 -4.72
Direct Real Estate W Class Gross 0.8532 Jun 10 0.21 2.52 3.59 -5.20
Fund Inception Date: Net 0.07 2.07 1.72 -3.36 5.08 -6.95
6/11/2007 Benchmark 0.56 2.32 4.33 0.14
Outperformance -0.35 0.20 -0.74 -5.34

Pooled Super Funds/Trusts
Fund Last Distribution Performance
CPU %
Franked
Period
End
1 Month % 3 Month % 1
Year Total
1 Year Growth
%
1 Year Income
%
3 Years
% pa
5 Years
% pa
Since
Inception
% pa
Balanced PST Gross N/a N/a N/a 2.20 -3.41 7.11 -1.68 5.15
Fund Inception Date: Net 1.89 -3.14 5.32 -2.22 4.09 9.17
31/01/1987 Benchmark 2.44 -2.45 8.58 -3.43 3.15
Outperformance -0.24 -0.96 -1.47 1.75 2.00
Corporate PST Gross N/a N/a N/a 2.20 -3.41 7.11 -1.68 5.15
Fund Inception Date: Net 1.85 -3.27 4.78 -2.75 3.52 6.77
31/07/1988 Benchmark 2.44 -2.45 8.58 -3.43 3.15
Outperformance -0.24 -0.96 -1.47 1.75 2.00
Australian Equities PST Gross N/a N/a N/a 4.37 -7.49 9.59 -2.15 7.77 10.58
Fund Inception Date: Net 3.95 -6.93 7.34 -2.33 7.53 9.97
31/08/1996 Benchmark 4.47 -5.68 11.53 -5.09 5.40 9.50
Outperformance -0.10 -1.81 -1.94 2.94 2.37 1.08
Non-Tax Paying Balanced Fund Gross N/a N/a N/a 2.21 -3.54 7.09 -1.98 5.00 6.43
Fund Inception Date: Net 2.30 -3.58 6.64 -2.32 4.77 6.14
31/12/1997 Benchmark 2.44 -2.45 8.58 -3.43 3.15 6.23
Outperformance -0.23 -1.09 -1.49 1.45 1.85 0.20

Fund gross performance figures and benchmark returns make no allowance for expenses, fee or taxes.  Net performance has been based on an exit-to-exit price basis (Ie. taking fees into account) with all income reinvested and no allowance for tax on income.  Past performance is not necessarily a guide to future performance. Long term performance returns show the potential volatility of returns over time.