FWP Core + Satellite Moderate - Dec 2018 (merged)

MODERATE

4th Quarter 2018

Level 1, 176 Main Street
Osborne Park, WA 6017
PO Box 1483,
Subiaco, WA 6904
P 08 9207 3844
W www.fwplanners.com.au
E [email protected]

Economic update- Quarter ending 31 December 2018

2017 was a great year for well diversified investors – returns were solid and volatility was
low. So, optimism was high going into 2018 but it turned out to be anything but great for
investors who saw poor returns and volatile markets. As a result, and in contrast to a year
ago, there is much trepidation about the year ahead.

Here is a summary of key insights and views on the investment outlook in simple point form.
In other words, a list of lists.

Five key things that went wrong in 2018
In 2018 global growth was good, profits were up, inflation was benign and monetary
conditions were relatively easy. It should have been good for markets. There were five
reasons it wasn’t:

1. In the U.S. investors became increasingly concerned that their central bank would
increase interest rates by too much and too soon. This peaked in December.

2. US dollar strength – when the US dollar rises the world tends to slow down. This
affected emerging countries particularly in Asia and South America.

3. Geopolitics – President Trump’s trade war affected confidence from March and
morphed into fears of a broader Cold War with China. Other worries around Trump
(with ongoing turmoil in his team, fears of impeachment as the Mueller inquiry
progresses and a return to a divided government) along with the populist government
in Italy also weighed heavily.

4. The economic growth of countries became increasingly disconnected with the America.
US growth was strong, but it slowed everywhere else.

5. In Australia, interest rates started to rise (with fears of a credit crunch due to the Royal
Commission) and falling house prices weighed growth expectations.

Five lessons from 2018
1. Global growth remains fragile with echoes of the 2008 GFC ringing in some people’s
ears. This and technological change are helping to keep inflation down. Trade war fears
didn’t help. Amongst other things this means that the central banks of the world need
to be extremely carefully with their plans to increase interest rates.
2. Investors continue to find it easy to fear the worst – this has been evident in three
major share-market declines since the GFC – in 2011, 2015-16 & now 2018.
3. Geopolitics remains a significant driver of markets and economic conditions.
4. Government bonds remain a great diversifier – they rallied when shares plunged.
5. Stuff happens – history tells us markets have periodic setbacks. 2018 was just another
example.

Financial Planning services are provided by Future Wealth Planners Pty Ltd ATF the B & G Business Trust is a Corporate Authorised Representative of Sentry Advice Pty Ltd. Australian Financial Services License No. 227748 ABN: 77 103 642 888

Five big picture themes for 2019
1. Interest rate increases - the turmoil in markets and threat to global growth is likely to
result in the US central bank pausing its interest rate increase plans with China
providing more stimulus and the European Central Bank providing cheap bank
financing. There remains some possibility of interest rate decreases in Europe.
2. While global growth is likely to weaken a bit further in the coming months, it’s likely
to stabilise and re-synchronise as the year progresses with interest rates decreasing.
3. Global inflation is likely to remain benign helped by the 2018 growth slowdown and
fall in energy costs. In this sense the malaise of 2018 by forestalling inflation and
hence interest rate increases has arguably helped extend the economic cycle. The US
remains most at risk on the inflation front though given its still tight labour market.
4. Unfortunately we have to expect volatility to remain high given the lower level of spare
capacity in the US and ongoing political risk.
5. Australian growth is expected to be sub-par as the housing price downturn continues
and wipes 1%-1.5% or so off our national growth forecast for 2019.

8 Key views on markets for 2019
1. Global shares could still make new lows early in 2019 (as much as occurred in 2016)
and volatility is likely to remain high but valuations are now improved and reasonable
growth and profits should see a recovery through 2019 as interest rates decrease.
2. Economies from Asia and South America can outperform if the $US rises.
3. After a low early in the year, Australian shares are likely to do okay, with the Australian
share-market recovering as the year progresses.
4. Low yields are likely to see low returns from bonds, but they continue to provide an
excellent portfolio diversifier.
5. Unlisted commercial property and infrastructure could see slower returns over the year
ahead. This is likely to be particularly the case for Australian retail property.
6. National capital city house prices are likely to fall roughly 5% led again by 10% or so
price falls in Sydney and Melbourne off the back of tight lending conditions, rising
supply, reduced foreign demand & possible tax changes under a Labor Government.
7. Cash and bank deposits are likely to provide poor returns as the Australian Reserve
Bank cuts the official cash rate to 1% by end 2019.
8. Assuming the US markets stay about where they are now then the US central bank
will have a case to pause increasing rates meaning that the $A is likely to fall as low
as $US0.60’s as the gap between the Australian cash rate and US interest rates likely
pushes further into negative territory.

Five things to watch
1. The US trade war – while it may now be on hold thanks to negotiations with China,
Europe and Japan, these could go wrong and see it flare up again. US/China tensions
generally pose a significant risk for markets.
2. US inflation and the US central bank – If US inflation remains around 2% then the
US central bank would have a good case to pause increasing interest rates, but if it
accelerates then the opposite will occur and a stronger $US would be bad for emerging
markets. Global growth indicators need to stabilise in the next six months.

Financial Planning services are provided by Future Wealth Planners Pty Ltd ATF the B & G Business Trust is a Corporate Authorised Representative of Sentry Advice Pty Ltd. Australian Financial Services License No. 227748 ABN: 77 103 642 888

3. Chinese growth – a continued slowing in China would be a major concern for global
growth and commodity prices.

4. Politics – political risks abound in the US with the Mueller inquiry getting ever closer
to President Trump and a return to divided government leading to risks around raising
the debt ceiling and Trump adopting more populist policies. In Europe the main risks
are around Brexit, Italy and the EU parliamentary elections in May. Australia’s election
risks are more interventionist government policy and tax changes.

5. The property price downturn in Australia – how deep it gets and whether non-
mining investment, infrastructure spending and export earnings are able to offset the
drag from housing construction and consumer spending.

Three reasons why global growth is likely to be okay
Global growth indicators are likely to weaken further in the next few months but then stabilise,
resulting in okay global growth of around 3.5% this year:

1. Global lending conditions are still relatively easy and likely remain so.
2. Market volatility and associated uncertainty are likely to result in the US central bank

pausing its interest rates increases, with a possible fiscal stimulus in Europe.
3. We still have not seen the excesses – massive debt growth, overinvestment, capacity

constraints or excessive inflation – that normally precede recessions.

Three reasons why Chinese growth won’t slow much
1. Historically speaking, the Chinese Government’s tolerance for a sharp slowing in
growth is low given the risk of social instability it may bring.
2. Interest rates are on hold or decreasing.
3. In the absence of much lower savings (the main driver of debt growth), a rapid
movement to loan repayments would be dangerous, and the Chinese Government
knows this.

Five reasons Australia still won't have a recession
1. The current downturn in the housing cycle and its flow on to consumer spending will
detract around 1%-1.5% from our national growth. Growth is likely to be constrained
to around 2.5%-3%, but recession still seems unlikely.
2. The growth drag from falling mining investment (which was up to 2%) has faded.
3. Non-mining investment & infrastructure spending are rising.
4. Interest rates can still fall further, and the RBA is expected to cut the cash rate to 1%.
5. The $A will likely fall further, providing a support to growth.

Three reasons why the Reserve Bank of Australia will cut rates this year
1. The housing downturn will constrain growth to at or below potential.
2. This will keep underemployment high, wages growth weak and inflation low.
3. The RBA may ultimately want to prevent the decline in house prices getting so deep it
threatens financial instability.

Financial Planning services are provided by Future Wealth Planners Pty Ltd ATF the B & G Business Trust is a Corporate Authorised Representative of Sentry Advice Pty Ltd. Australian Financial Services License No. 227748 ABN: 77 103 642 888

Four reasons why a deep and long fall in our share-market is unlikely
1. Shares could still fall further in the short term given various uncertainties resulting in
a brief bear market before recovering. But a deep bear market (where shares fall 20%
and a year after are a lot lower again) is unlikely
2. A recession is unlikely. Most deep bear markets are associated with recession.
3. Measures of investor sentiment suggest investors are cautious, which is positive from
a contrarian perspective.
4. The liquidity backdrop for shares is still positive. For example, bank term deposit rates
in Australia are around 2% (and likely to fall) compared to a grossed-up dividend yield
for Australian shares of around 6% making shares relatively attractive.

Seven things investors should allow for in rough times
Times like the present are stressful for investors. No one likes to see their wealth fall and
uncertainty seems very high. I don’t have a perfect crystal ball, so from the point of sensible
long-term investing the following points are worth bearing in mind:

1. First, periodic sharp setbacks in share markets are healthy and normal. Shares
literally climb a wall of worry over many years with periodic setbacks, but with the
long-term trend providing higher returns than more stable assets. The setbacks are
the price we pay for the higher long-term return from shares.

2. Second, selling shares or switching to a more conservative strategy after a major fall
just locks in a loss. The best way to guard against selling on the basis of emotion is to
adopt a well thought out, long-term investment strategy.

3. Third, when growth assets fall they are cheaper and offer higher long-term return
prospects. So, the key is to look for opportunities that pullbacks provide.

4. Fourth, while shares may have fallen in value, the dividends from the market haven’t.
The income flow you are receiving from a diversified portfolio of shares remains
attractive.

5. Fifth, shares often bottom at the point of maximum negative sentiment. So, when
everyone is negative and cautious it’s often time to buy.

6. Sixth, turn down the noise on financial news. In periods of market turmoil, the flow
of negative news reaches fever pitch, which makes it very hard to stick to a well-
considered, long-term strategy let alone see the opportunities.

Finally, accept that it’s a low nominal return world – low nominal growth and low bond yields
and earnings yields mean lower long-term returns. This means that periods of relative high
returns like in 2017 are often followed by weaker years.

As always, if you have any questions about what you read in this report please always feel
welcome to call at any time.

Yours sincerely,

Brenton Jones
Chief Investment Officer
Superannuation |Retirement | Investment
Authorised Representative No. 224479

Financial Planning services are provided by Future Wealth Planners Pty Ltd ATF the B & G Business Trust is a Corporate Authorised Representative of Sentry Advice Pty Ltd. Australian Financial Services License No. 227748 ABN: 77 103 642 888

CORE+SATELLITE Portfolio Returns

Investment Growth The charts and tables on this page
compare the returns of the FWP Moderate
Time Period: 01-Jan-14 to 31-Dec-18 risk profile portfolio against the returns of
140.0 what Morningstar Research considers is
the average equivalent portfolio in
135.0 Australia. In each case FWP's fees have
been included.
130.0
Although the FWP Moderate risk portfolio has
125.0 underperformed the average portfolio over the last
year, it is pleasing to note that it has outperformed the
120.0 average portfolio on a cumulative basis over the last 5
years.
115.0
Please note that performance results are reported net
110.0 of investment management and adviser fees.
Individual portfolio results will vary depending on
105.0 how much is held in the cash account.

100.0 2018

95.0

2014 2016

FWP Core+Satellite Moderate Morningstar Aus Msec Balanced

Performance Return Best Month Worst Month Alpha Beta Up Capture Ratio Down Capture Ratio
0.88 0.82
Time Period: 01-Jan-14 to 31-Dec-18 5.53 2.54 -2.50 0.00 1.00 90.13 71.70
5.13 3.02 -2.90 100.00 100.00
FWP Core+Satellite Moderate
Morningstar Aus Msec Balanced

Notes:
-Alpha is a measure of a portfolio's investment performance on a risk-adjusted basis. A positive alpha of 1.0 means the portfolio has outperformed its
benchmark index by 1%.

-Beta is a measure of volatility, or systematic risk, of a portfolio in comparison to the market as a whole. By definition, the market has a beta of 1.0. A beta of
less than 1.0 indicates that the investment will be less volatile than the market, so for example if a fund's beta is 1.2, it's theoretically 20% more volatile than
the market.

-Upside/downside capture ratio show you whether a given fund has outperformed-gained more or lost less than-a broad market benchmark during periods of
market strength and weakness, and if so, by how much. An upside capture ratio over 100 indicates a fund has generally outperformed the benchmark during
periods of positive returns for the benchmark. Meanwhile, a downside capture ratio of less than 100 indicates that a fund has lost less than its benchmark in
periods when the benchmark has been in the red.

Trailing ReturnsReturn 6 Months YTD 1 Year 3 Years 5 Years 01-Jan-14 - 31-Dec-18
(Cumulative)
As of Date: 31-Dec-18
Morningstar Aus Msec Balanced
35.0
30.0
25.0
20.0
15.0
10.0
5.0
0.0
-5.0
-10.0
-15.0
-20.0

3 Months

FWP Core+Satellite Moderate

Trailing Returns

Data Point: Return

FWP Core+Satellite Moderate 3 Months 6 Months YTD 1 Year 3 Years 5 Years
Morningstar Aus Msec Balanced -13.26 -4.33 -0.76 -0.76 4.61 5.53
-16.43 -4.61 0.33 0.33 4.15 5.13

Page 6 of 44

CORE+SATELLITE Portfolio Returns

Rolling Returns

Time Period: 01-Jan-14 to 31-Dec-18
6.0

5.0

4.0

3.0

2.0

1.0

0.0

-1.0

-2.0

-3.0

-4.0

Return -5.0

06 09 12 03 06 09 12 03 06 09 12 03 06 09 12 03 06 09 12

2015 2016 2017 2018

FWP Core+Satellite Moderate CPI + 2.5% Morningstar Aus Msec Balanced

* Please note that the December 2018 quarter returns for the ABS Australian CPI are yet to be published.

The chart called ‘Rolling Returns’ illustrates what is arguably a more realistic review of the past
performance of this portfolio.

If you download and read our booklet titled ‘A guide to investing in the FWP CORE+SATELLITE Portfolios’ and go
to the section called ‘CORE+SATELLITE Portfolios at a glance’ you will note that the performance objective of the
Moderate Risk Profile Portfolio is 2.5% above inflation over a rolling 5 year period. What is being shown in the above
chart is the past performance of the FWP CORE+SATELLITE Portfolio for a Moderate risk profile (the green line) at the
end of every quarter on a rolling five year basis, compared to the rate of inflation (the light blue line), and also
compared to the average similar risk portfolio in Australia (the black line).

The FWP portfolio see-sawed between exceeding the returns of the average funds in some quarters, and lagging in
others. Despite considerable short term volatility we are pleased with the FWP portfolio's long term performance and
still expect it to achieve its portfolio objectives.

The chart on the top left corner called 'Investment Growth' serves to illustrate what the value of $100 would be for a
client who had invested in the FWP CORE+SATELLITE Portfolio for a Moderate risk profile since January 2014.

In simple terms, what we are looking to achieve for this portfolio is a performance result that exceeds the average
return of other portfolios with very similar investment risk profiles. For those of you who are more technically minded,
there is an additional analysis in the section called 'Performance'.

For first time readers, you may need to read the explanatory notes a couple of times to have it make sense, but these
figures are very important measures that we take to gain a better insight into how each of the FWP portfolios are
performing.

The section called 'Trailing Returns' is more about reporting how the FWP Portfolio (in green) has done over the last
3, 6 and 12 months, stretching out to 5 years. These results are compared against the average similar risk profiles in
Australia.

Page 7 of 44

Portfolio Holdings CORE+SATELLITE Portfolio Composition

Portfolio Date: 31-Dec-18 Surveyed Asset Class (AUS)

Portfolio Date: 31-Dec-18

Vanguard International Crdt Secs Idx Hdg % Cash (AUS) %
Vanguard Australian Shares Index 16.8 Domestic Equity (AUS) 1.8
Vanguard Australian Fixed Interest Index 12.8 Domestic Fixed Interest (AUS) 16.5
Fidelity Global Equities 12.0 Domestic Listed Property (AUS) 15.1
AUI Healthcare Property Trust A 10.1 International Equity (AUS) 0.4
PIMCO Global Credit W International Fixed Interest (AUS) 22.2
PIMCO Income Wholesale 8.1 Other (AUS) 34.6
Vanguard International Fxd Intr Idx Hdg 7.0 Unlisted Property (AUS) 1.1
Vanguard International Shares Index 7.0 Total 8.3
Magellan Infrastructure 4.2 100.0
Other 3.5
Total 3.4
15.3
Equity Sectors 100.0

Alphinity Fidelity Investors Magellan NovaPort Platinum Spire Vanguard Vanguard Vanguard Vanguard Vanguard Vanguard
WS Aust Global Mutual Infr WS Asia Copper Aust Emerging Gbl Int Intl Intl
Equities WS Infr
Share Future Microcap Rock Shares Mkts Idx Shares Shrs Small
Glbl Idx Shares Idx Idx Co Idx
Leaders Small Hdg
Idx Hgd
Co

Portfolio Date 31-Oct-18 31-Dec-18 31-Dec-18 30-Sep-18 31-Oct-18 30-Nov-18 31-Dec-18 31-Dec-18 31-Dec-18 30-Nov-18 31-Dec-18 31-Dec-18 31-Dec-18

Basic Materials % 18.12 4.26 5.31 0.00 10.84 3.76 6.79 17.27 7.88 0.00 4.30 4.30 7.22

Consumer Cyclical % 0.00 9.50 26.35 0.00 18.09 10.98 9.98 5.22 10.86 0.42 11.86 11.86 13.69

Financial Services % 38.95 21.47 17.55 0.00 11.47 24.24 10.57 32.35 24.78 0.00 17.09 17.10 13.85

Real Estate % 7.09 1.96 3.85 6.50 4.28 8.88 7.36 7.65 3.17 2.57 2.92 2.92 11.87

Consumer Defensive % 9.36 7.18 3.19 0.00 9.25 6.67 8.42 7.55 6.78 0.00 9.11 9.11 5.14

Healthcare % 7.14 14.34 13.16 0.00 7.23 4.54 10.57 8.79 2.67 0.00 13.41 13.42 10.28

Utilities % 1.47 1.24 4.88 35.80 0.00 1.46 6.08 1.99 2.61 52.93 3.45 3.39 2.74

Communication Services % 1.18 4.03 0.00 4.25 0.00 2.34 1.14 2.66 4.78 5.42 3.87 3.87 1.29

Energy % 7.03 8.54 4.56 4.92 7.08 8.21 4.49 4.95 7.72 11.10 5.99 5.99 3.54

Industrials % 5.13 9.10 13.45 48.53 21.20 6.50 16.23 7.69 5.05 27.34 11.03 11.04 16.32

Technology % 4.52 18.37 7.71 0.00 10.57 22.41 18.37 3.89 23.72 0.21 16.97 16.98 14.05

*please note that the following funds do not invest in the above equity sectors: AQR, AUI and Charter Hall.

Fixed Interest Breakdown

Macquarie PIMCO PIMCO Vanguard Vanguard Vanguard
Income Global Income Australian International International
Credit W Wholesale
Opportunities Fixed Crdt Fxd
Interest Secs Intr
Idx
Index Idx Hdg
Hdg

Portfolio Date 30-Sep-18 30-Sep-18 30-Sep-18 31-Dec-18 31-Dec-18 31-Dec-18
Cash & Equivalents % 5.17 -32.06 -0.05 0.74 0.11 0.11
Municipal Taxable % 0.00 0.00 0.00 0.00 0.86 0.00
Government % 5.14 0.84 0.00 4.01
Government Related % 37.20 0.00 51.60 99.88
Corporate % 33.89 17.37 0.00 37.83 28.83 0.00
Securitized % 45.69 40.10 0.00 65.50 0.00
15.05 9.11 0.00
0.72 0.68
Page 8 of 44

CORE+SATELLITE Portfolio Composition

Leading Contributors Rescaled Return Contribution
Weight
Time Period: 01-Oct-18 to 31-Dec-18 -1.63 -0.03
1.95 -5.19 -0.05
Vanguard Global Infrastructure Index 1.00 -2.09 -0.16
Vanguard Emerging Markets Shares Index 8.40 -10.79 -0.17
Magellan Infrastructure 1.60 -18.00 -0.18
Investors Mutual WS Future Leaders 1.00 -15.11 -0.25
Vanguard Intl Small Companies Index Hgd 1.60 -6.30 -0.26
NovaPort Microcap 4.20 -11.05 -0.53
Platinum Asia 4.80 -16.72 -0.72
Alphinity Australian Share 4.20 -13.58 -0.73
Spire Copper Rock Glbl Smaller Companies 5.40
Vanguard International Shrs Idx Hdg AUD

Leading Detractors Rescaled Return Contribution
Weight
Time Period: 01-Oct-18 to 31-Dec-18 -8.43 -2.70
32.00 -10.12 -2.55
Vanguard Australian Shares Index 25.20 -11.08 -0.96
Fidelity Global Equities -13.58 -0.73
Vanguard International Shares Index 8.65 -16.72 -0.72
Vanguard International Shrs Idx Hdg AUD 5.40 -11.05 -0.53
Spire Copper Rock Glbl Smaller Companies 4.20 -0.26
Alphinity Australian Share 4.80 -6.30 -0.25
Platinum Asia 4.20 -15.11 -0.18
NovaPort Microcap 1.60 -18.00 -0.17
Vanguard Intl Small Companies Index Hgd 1.00 -10.79
Investors Mutual WS Future Leaders 1.60

These pages contain a good deal of information about the FWP CORE+SATELLITE Portfolio for a Moderate
risk profile. The pie chart on the top left lists each of the funds that your portfolio currently invests in and in
what proportion. The other pie chart shows you how much of your portfolio is invested in each asset class.

As you would expect with a Moderate risk profile portfolio, there is a balanced diversification between defensive and
growth asset classes.

The table on the left called 'Equity Sectors' provides an X-ray of sorts of the various funds to reveal how much of
each fund is invested in the various sectors of the Australian and International share markets. The same concept also
applies to the table called 'Fixed Interest Breakdown' where you can see what type of fixed interest investments
your portfolio is currently invested in.

The table above lists which of the funds in your portfolio contributed most of the return for the last quarter and, on the
flip side, which funds contributed the least to the portfolio's overall return. What you can expect to see over time is
different funds contributing to this list as the different asset classes increase and decrease in values. For example, if
the Australian sharemarket experiences strong return over the quarter, then the funds that invest primarily in
Australian shares will appear on this list. By way of contrast, if the international markets experience a poor quarter,
then those funds that invest in international shares will also appear as funds that caused your portfolio to have muted
returns.

Page 9 of 44

CORE +SATELLITE Portfolios Comparison
Review

Investment Growth

Time Period: 01-Jan-14 to 31-Dec-18
160.0

152.5

145.0

137.5

130.0

122.5

115.0

107.5

100.0

92.5

2014 2015 2016 2017 2018

FWP Core+Satellite Conservative FWP Core+Satellite Moderate FWP Core+Satellite Moderately Aggressive
FWP Core+Satellite Moderately Conservative FWP Core-Satellite Aggressive

The above chart serves to illustrate the growth of $100 from January 2014 through to the end of
December 2018. Charts like this one provide an excellent insight into how the FWP Moderate portfolio's
growth compares against the other risk profiles.

There can be no doubt that the relationship between risk and return is alive and well. Whilst it might be seem by some
that the Aggressive risk profile has outperformed the other portfolios, the substantial difference is the level of volatility.
The further up the risk list you go, the more volatile the portfolio's valuation becomes.

It is plain to see that when markets move positively, the more aggressive portfolios perform better, but conversely,
when markets experience a period of poor performance, the less aggressive portfolios do not report such a heavy
decline.

Risk

Time Period: 01-Jan-14 to 31-Dec-18

FWP FWP FWP FWP FWP
Core+Satellite Core+Satellite Core+Satellite Core+Satellite Core-Satellite

Conservative Moderately Moderate Moderately Aggressive
Conservative Aggressive
Return 4.22 5.53 7.18
Std Dev 2.51 4.91 4.11 6.17 6.55
Downside Deviation 2.30 3.33 1.19 5.09 1.86
Alpha 0.17 1.65 0.06 1.10 -0.16
Beta 0.47 0.11 0.82 -0.07 1.29
Best Quarter 3.31 0.66 5.44 1.02 8.25
Worst Quarter -1.52 4.49 -3.49 6.44 -7.98
R2 81.00 -2.29 91.76 -5.76 89.39
Sharpe Ratio 0.83 89.60 0.82 91.71 0.77
Tracking Error 2.75 0.83 1.45 0.80 2.55
Information Ratio (geo) -0.68 1.96 -0.43 1.46 0.36
-0.61 -0.01

Page 10 of 44

Risk-Reward CORE +SATELLITE Portfolios Comparison
Review
10.0
FWP Core+Satellite Conservative
8.0 FWP Core+Satellite Moderate
FWP Core+Satellite Moderately Aggressive
6.0 FWP Core+Satellite Moderately Conservative
FWP Core-Satellite Aggressive

4.0

2.0

0.0Return
0.0
Std Dev 2.0 4.0 6.0 8.0

ReturnReturns

10.0 1 Year 3 Years 5 Years

5.0

0.0

-5.0

-10.0

-15.0

-20.0

-25.0

-30.0
3 Months

FWP Core+Satellite Conservative FWP Core+Satellite Moderately Conservative FWP Core+Satellite Moderate
FWP Core+Satellite Moderately Aggressive FWP Core-Satellite Aggressive

The charts on this page and the 'Risk' table on the left compare risk and return characteristics of the
other FWP portfolios against each other. These charts have been provided to further illustrate how risk and
return are strongly linked. If you refer to the 'Risk' table on the previous page, you can see how this has
played out.

Perhaps the easiest measure to understand is 'Standard Deviation' (Std Dev), which in simple terms is a measure of
how far each portfolio swings positively and negatively from the mean. The higher the number, the greater the
deviation of the portfolio away from the mean, which indicates a more volatile investment.

You can also see how the difference between the 'Best Quarter' and the 'Worst Quarter' becomes greater as the risk
profile of each portfolio increases.

As we all know, hindsight is a wonderful thing but human nature often overrides sticking to long-term objectives and
history has shown that a great many people will consider changing risk profiles if they feel like they can't endure the
sometimes rapid changes in portfolio valuations of the higher risk profiles. The core message these charts serve to
illustrate is the need to "stay the course". Your choice of agreed risk profile was made with a purpose and outcome in
mind which often only becomes clear over the long term.

Page 11 of 44

CORE+SATELLITE Competitor Analysis

FWP Core+Satellite Moderate - Multi Lens Peer Group Performance

YTD 1 Year 3 Years 5 Years
-0.76 4.61 5.53
FWP Core+Satellite Moderate 8.25
136 of 282 112 of 271
Peer group rank of peer group count 208 of 370 866 of 1,058 4.56 4.76
Median 10.19 2.35

We are always very keen to see how all of our portfolios are performing against similar risk profile funds
in Australia.

The above table is pretty self-explanatory. For example, if you take the 5 Year performance result, you can see that the
FWP CORE+SATELLITE Portfolio for a Moderate risk profile was rated number 112 out of 271 competitors. Similarly, the
3 Year performance result shows that our portfolio was rated 136 out of 282 competitors.

To see the FWP place so high after five years is a very pleasing result.

The chart below segregates all of the competitor funds into top 25% (Top Quartile - the yellow band), then the next
25% (2nd Quartile - red band), then the following 25% (3rd Quartile - grey band), and finally the Bottom Quartile
(blue band).

The result we are working to achieve is for the Moderate Portfolio to be placed in the second or Top Quartile, which is
the yellow section. We are pleased to report this objective has been achieved.

Performance Relative to Peer Group

Peer Group (5-95%): Open End Funds - Australia - Multisector Balanced

Top Quartile 2nd Quartile 3rd Quartile Bottom Quartile

32.5

30.0

27.5

25.0

22.5

20.0

17.5

15.0

12.5

10.0

7.5

5.0

2.5

0.0

Return -2.5

-5.0 2018 2017 2016 2015 2014 01-Jan-14 - 31-
YTD Dec-18 Cumulative

FWP Core+Satellite Moderate Morningstar Aus Msec Balanced Page 12 of 44

Fund Commentaries- CORE Funds

The following pages contain the most recent research from Morningstar about each of the funds in your portfolio,
including detailed explanations from the Morningstar Australia Investment Analysts about each of the underlying funds
from Vanguard (your “Core” funds) and the remaining “satellite” funds.
We are very pleased to be working with Morningstar Australia. Having access to the extremely capable analysts and
the amazing technology available to us is a collaboration that allows us to provide you information and insight to the
various investments in your portfolio at a level that is very hard to find in Australia.
For many people, this level of detailed information might be a little much, but for others I know it is more than
welcome and highly valued

Why we exclusively employ Vanguard funds at the CORE of your portfolio
What is a (CORE) Fund?

Vanguard is Australia’s and the worlds’ largest provider of ultra-low fee index funds. An index fund is a type
of managed fund with a portfolio constructed to match or track the components of a market index, such as the
Australian Stock Exchange’s 300 largest companies called the S&P/ASX 300 which is what the Vanguard Australian
Share Index Funds in in. An index fund provides a very broad market exposure, low operating expenses and low
portfolio turnover. These funds adhere to specific rules or standards (e.g. efficient tax management or reducing
tracking errors) that stay in place no matter the state of the markets.

"Indexing" is a passive form of fund management that has a long history of successfully outperforming most actively
managed funds in Australia and around the world. While the most popular index fund in Australia tracks the S&P/ASX
300 (via the Vanguard Australian Share Index Fund, a number of other indexes, including the S&P/ASX 100 comprised
of the top 100 largest companies listed on the Stock Exchange, the S&P/ASX 300 A-REIT comprised of all the listed
property companies on the Stock Exchange (via the Vanguard Australian Property Index Fund), the MSCI World Ex-
Australia Index comprising large and mid-sized companies across 22 of 23 Developed Markets countries excluding
Australia (via the Vanguard International Share Fund) as well as the Barclays Capital Aggregate Bond Index total bond
market (via the Vanguard Fixed Interest Funds) are widely used for index funds.

Investing in an index fund from Vanguard is a form of investing. The primary advantage to such a strategy is the much
lower management expense ratio on an index fund and as such are widely recognised as being considered ideal core
portfolio holdings for investment portfolios. Investing via an index fund is an investment strategy that aims to
maximise returns over the long run by keeping the amount of buying and selling to a minimum. The idea is to avoid
the fees and the drag on performance that potentially occur from frequent trading. Index fund investing is not aimed
at making quick gains or at getting rich with one great bet, but rather on building slow, steady wealth over time.
Also known as a buy-and-hold strategy, index fund investing involves buying a security with the intention of owning it
for many years. Unlike active traders, index fund investors are not attempting to profit from short-term price
fluctuations, or otherwise "time the market." The basic assumption that underpins an index fund investment strategy
is that the market generally posts positive returns given enough time. The most difficult skill for index fund investors
to master is emotional control. Resisting the urge to sell when the market experiences a downturn requires patience
and a strong stomach. Index Fund investors must have the presence of mind to weather these storms and trust that
the market will correct itself with time.

Page 13 of 44

Investment Detail | Print Date: 19 January 2019 Page 1 of 11

Vanguard International Fxd Intr Idx Hdg

....................................................................................................................................................................................................................................................................................

Morningstar Category Product Type Legal Type Fund Status Morningstar Rating
Bonds - Global Wholesale Investment Trusts Open QQQ

Out of 53 funds as at 31 Dec 2018

Manager's Quarterly Comments 30 Sep 2018 Performance 31 Dec 2018

The Vanguard International Fixed Interest Index Fund 13.0 Growth of $10,000
(Hedged) returned -0.45% gross of fees over the Fund
September quarter compared to the benchmark return of 12.25 $12,378
-0.44%. The yield to maturity increased by 0.22% to
1.56%. Returns were impacted by rising bond yields late in 11.5 Market Index
the quarter, particularly in the US. 10.75 $12,443
10K
PDS Objective Category
$12,101
The Fund seeks to track the return (income and capital
appreciation) of the Barclays Capital Global Treasury Index 2014 2015 2016 2017 2018 YTD Annual
hedged into Australian dollars before taking into account
fees, expenses, and tax. 10.59 3.40 4.95 2.52 2.39 NAv Total Return %
0.00 1.81 1.72 9.21 2.89 NAv Income Return %
10.59 1.52 3.18 -6.47 -0.49 NAv Growth Return %
10.59 3.13 NAv NAv NAv NAv Tax-Adj Return %

Fund Investment Strategy Trailing 6 Mth 1 Yr 3 Yr 5 Yr 10 Yr

The Barclays Global Treasury Index is a value-weighted .Q..u..a..r.t.i.l.e...R..a..n..k............................................&...........................&............................*............................&............................(....
index of approximately 1,300 securities (bonds) issued by Total Return % 1.64 2.39 3.28 4.73 5.55
the governments of approximately 34 countries. Bond
indices change far more quickly than share indices Income Return % 1.84 2.89 4.56 3.08 4.16
because bonds have a finite life (maturity). Every maturity
and inclusion of new issues changes the composition of Growth Return % -0.20 -0.49 -1.34 1.52 1.14
the index and requires Vanguard to modify the portfolio.
Tax Adjusted Return % NAv NAv NAv NAv NAv
...................................................................................................................................................................................
Market Index % 1.59 1.65 3.51 4.82 6.35

Category % 1.08 1.05 3.06 4.16 6.13

Market Index: BBgBarc Global Aggregate TR Hdg AUD

Asset Allocation Risk Measures

Composition (31 Dec 2018) % Assets 3-Year Risk Measures Fund Category Index
Domestic Equity 0.00 Standard Deviation 2.81 2.96 2.46
Int'l Equity 0.00 Sharpe Ratio 0.50 0.40 0.66
Listed Property 0.00 R-Squared 92.22
Unlisted Property 0.00 Beta 1.10 70.88 --
Dom Fixed Interest 1.07 Alpha -0.37 0.89 --
Intl Fixed Interest -0.28 --
Cash 98.93
Other 0.00
0.00

Operations Fees

Investment Details One-time

Ticker 6428 Entry Fee/Contribution Fee 0.00%

APIR Code VAN0103AU Exit Fee/Withdrawal Fee 0.00%

Fund Inception 27 Jul 1999 .B..u..y./.S...e..ll..S..p..r.e..a..d......................................................0....1..1..%..
Annual
Net Assets (Mil) 31 Dec 2018 $1506.36

Entry Price 17 Jan 2019 $1.1795 ICR pa (30 Jun 2018) 0.26%

.E.x..i.t..P..r.i.c..e...1..7...J..a..n..2..0..1..9.........................................$..1....1..7..7..5. Performance Fee pa (30 Jun 2018) NAv
Purchase Information
Management Fee pa 0.26%
Minimum Initial Investment $500,000
Admin Fee pa 0.00%
Minimum Additional Investment $5,000
Distribution
Minimum Withdrawal $1,000 Year Ended 30 June 2015 2016 2017 2018
2.21 2.22 8.53 3.86
Switching Allowed Yes Distributed CPU

.D..i.s.t..r.i.b.u..t..io..n..s...F..r.e..q..u..e.n..c..y......................................Q...u.a..r.t..e..r.l.y
Manager Info

Responsible Entity(RE) Vanguard Investments

Australia Ltd

RE Telephone +61 1300655101

RE Website www.vanguard.com.au

Fund Manager Vanguard Investments

Australia Ltd

© 2019 Morningstar, Inc. All rights reserved. Neither Morningstar, its affiliates, nor the content providers guarantee the data or content contained herein to be accurate, complete or timely nor will they have any liability for its use or
distribution. Any Morningstar ratings/recommendations contained in this report are based on the full research report available from Morningstar or your adviser. Any general advice or ‘class service’ have been prepared by Morningstar
Australasia Pty Ltd (ABN: 95 090 665 544, AFSL: 240892) and/or Morningstar Research Ltd, subsidiaries of Morningstar, Inc, without reference to your objectives, financial situation or needs. Refer to our Financial Services Guide (FSG) for more
information at www.morningstar.com.au/s/fsg.pdf. You should consider the advice in light of these matters and if applicable, the relevant Product Disclosure Statement before making any decision to invest. Our publications, ratings and
products should be viewed as an additional investment resource, not as your sole source of information. Past performance does not necessarily indicate a financial product’s future performance. To obtain advice tailored to your situation,
contact a professional financial adviser. Some material is copyright and published under licence from ASX Operations Pty Ltd ACN 004 523 782.

Investment Detail | Print Date: 19 January 2019 Page 2 of 11

Vanguard Global Infrastructure Index

....................................................................................................................................................................................................................................................................................

Morningstar Category Product Type Legal Type Fund Status Morningstar Rating
Infrastructure - Global Wholesale Investment Trusts Open QQQ

Out of 43 funds as at 31 Dec 2018

Manager's Quarterly Comments 30 Sep 2018 Performance 31 Dec 2018

The Vanguard Global Infrastructure Index Fund returned 17.2 Growth of $10,000
4.69% gross of fees over the September quarter compared Fund
to the benchmark return of 4.57% with the Fund benefiting 15.4 $16,220
from lower withholding tax than the benchmark. At a
country level, the US (+6.46%) with an average weight of 13.6 Market Index
62.4% made the largest positive contribution of 4.0% to $13,887
returns. Canada (+3.07%) and Hong Kong (+6.56%) also
made sizeable contributions, adding 0.4% and 0.2% 11.8 Category
respectively. From a sector perspective, Railroads 10K $15,041
(+16.44%) and Conventional Electricity (+4.27%) had the
most meaningful impact on performance, adding 2.8% and 2014 2015 2016 2017 2018 YTD Annual
1.4% respectively. Pipelines (-2.17%) and Transport
Services (-5.94%) both detracted somewhat from returns, 25.99 -0.29 12.72 6.70 9.68 NAv Total Return %
subtracting -0.3% each. This quarter, the AUD mostly 8.61 3.82 3.82 6.57 6.05 NAv Income Return %
depreciated against the major currencies with a decline of 15.86 -4.11 8.59 -0.35 3.43 NAv Growth Return %
-2.1% against the US dollar, -1.6% against the Euro and NAv NAv NAv NAv NAv NAv Tax-Adj Return %
-0.9% against the British Pound. However, it appreciated
against the Japanese Yen, with a rise of 0.4%. The Trailing 6 Mth 1 Yr 3 Yr 5 Yr 10 Yr
depreciation of the AUD led to the Fund outperforming the
hedged Fund by 1.98%. Q...u..a..r.t.i.l.e...R..a..n..k............................................&...........................&............................&............................*............................)....
Total Return % 2.86 9.68 9.67 10.63 6.04
PDS Objective
Income Return % 1.33 6.05 5.47 5.76 4.65
The Fund seeks to track the return of the FTSE Developed
Core Infrastructure Hedged into Australian Dollars Index Growth Return % 1.48 3.43 3.83 4.45 1.25
(with net dividends reinvested), before taking into account
fees, expenses and tax. Tax Adjusted Return % NAv NAv NAv NAv NAv
...................................................................................................................................................................................
Fund Investment Strategy Market Index % -5.62 -6.71 6.78 6.91 9.51

The index comprises securities in developed countries, Category % -2.33 -1.24 7.00 8.71 11.16
which provide exposure to transportation, energy and
telecommunications infrastructure. Market Index: S&P Global Infrastructure NR Hdg AUD

Asset Allocation Risk Measures

Composition (31 Dec 2018) % Assets 3-Year Risk Measures Fund Category Index
Domestic Equity 0.00 Standard Deviation 9.25 8.51 8.12
Int'l Equity Sharpe Ratio 0.84 0.59 0.62
Listed Property 100.00 R-Squared 24.13
Unlisted Property 0.00 Beta 0.56 63.08 --
Dom Fixed Interest 0.00 Alpha 5.00 0.80 --
Intl Fixed Interest 0.00 0.92 --
Cash 0.00
Other 0.00
0.00

Operations Fees

Investment Details One-time

Ticker 16241 Entry Fee/Contribution Fee 0.00%

APIR Code VAN0023AU Exit Fee/Withdrawal Fee 0.00%

Fund Inception 30 Nov 2007 .B..u..y./.S...e..ll..S..p..r.e..a..d......................................................0....1..8..%..
Annual
Net Assets (Mil) 31 Dec 2018 $484.08

Entry Price 17 Jan 2019 $1.1615 ICR pa (30 Jun 2018) 0.49%

.E.x..i.t..P..r.i.c..e...1..7...J..a..n..2..0..1..9.........................................$..1....1..5..9..5. Performance Fee pa (30 Jun 2018) NAv
Purchase Information
Management Fee pa 0.49%
Minimum Initial Investment $500,000
Admin Fee pa 0.00%
Minimum Additional Investment $5,000
Distribution
Minimum Withdrawal $1,000 Year Ended 30 June 2015 2016 2017 2018
8.59 4.13 7.58 6.22
Switching Allowed Yes Distributed CPU

.D..i.s.t..r.i.b.u..t..io..n..s...F..r.e..q..u..e.n..c..y......................................Q...u.a..r.t..e..r.l.y
Manager Info

Responsible Entity(RE) Vanguard Investments

Australia Ltd

RE Telephone +61 1300655101

RE Website www.vanguard.com.au

Fund Manager Vanguard Investments

Australia Ltd

© 2019 Morningstar, Inc. All rights reserved. Neither Morningstar, its affiliates, nor the content providers guarantee the data or content contained herein to be accurate, complete or timely nor will they have any liability for its use or
distribution. Any Morningstar ratings/recommendations contained in this report are based on the full research report available from Morningstar or your adviser. Any general advice or ‘class service’ have been prepared by Morningstar
Australasia Pty Ltd (ABN: 95 090 665 544, AFSL: 240892) and/or Morningstar Research Ltd, subsidiaries of Morningstar, Inc, without reference to your objectives, financial situation or needs. Refer to our Financial Services Guide (FSG) for more
information at www.morningstar.com.au/s/fsg.pdf. You should consider the advice in light of these matters and if applicable, the relevant Product Disclosure Statement before making any decision to invest. Our publications, ratings and
products should be viewed as an additional investment resource, not as your sole source of information. Past performance does not necessarily indicate a financial product’s future performance. To obtain advice tailored to your situation,
contact a professional financial adviser. Some material is copyright and published under licence from ASX Operations Pty Ltd ACN 004 523 782.

Investment Detail | Print Date: 19 January 2019 Page 3 of 11

Vanguard Intl Small Companies Index Hgd

....................................................................................................................................................................................................................................................................................

Morningstar Category Product Type Legal Type Fund Status Morningstar Rating
Equity World - Currency Hedged Wholesale Investment Trusts Open QQQQ

Out of 80 funds as at 31 Dec 2018

Manager's Quarterly Comments 30 Sep 2018 Performance 31 Dec 2018

The Vanguard International Small Companies Index Fund 18.0 Growth of $10,000
(Hedged) returned 2.72% gross of fees over the Fund
September quarter compared to the benchmark return of 16.0 $13,801
2.67% with the Fund benefiting from lower withholding tax
than the benchmark. This quarter, the AUD mostly 14.0 Market Index
depreciated against the major currencies with a decline of $14,767
-2.1% against the US dollar, -1.6% against the Euro and
-0.9% against the British Pound. However, it appreciated 12.0 Category
against the Japanese Yen, with a rise of 0.4%. The 10K $14,038
depreciation of the AUD led to the Fund underperforming
the unhedged Fund by -1.54%. 2014 2015 2016 2017 2018 YTD Annual

PDS Objective 8.77 3.70 15.28 19.92 -12.70 NAv Total Return %
NAv Income Return %
The Fund seeks to track the return (income and capital 0.00 0.00 33.13 13.10 3.59 NAv Growth Return %
appreciation) of the MSCI World ex-Australia Small Cap NAv Tax-Adj Return %
Index (with net dividends reinvested) hedged into 8.77 3.70 -23.77 5.62 -15.81
Australian dollars before taking into account fees,
expenses, and tax. 8.77 3.70 NAv NAv NAv

Fund Investment Strategy Trailing 6 Mth 1 Yr 3 Yr 5 Yr 10 Yr

The MSCI World ex-Australia Small Cap Index comprises Q...u..a..r.t.i.l.e...R..a..n..k............................................)...........................)............................*............................*............................&....
approximately 4,200 securities (shares) listed on the Total Return % -15.85 -12.70 6.47 6.36 14.30
exchanges of approximately 23 of the world’s major
developed economies. The Fund meets its investment Income Return % 0.00 3.59 15.97 9.30 6.83
strategy by investing in the Vanguard International Small
Companies Index Fund, securities in the index, and forward Growth Return % -15.85 -15.81 -12.16 -5.23 5.35
foreign exchange contracts.
Tax Adjusted Return % NAv NAv NAv NAv NAv
...................................................................................................................................................................................
Market Index % -8.93 -7.69 7.01 7.46 NAv

Category % -8.67 -7.84 6.34 6.35 10.98

Market Index: Morningstar DM xAus Large-Mid NR Hdg AUD

Asset Allocation Risk Measures

Composition (31 Dec 2018) % Assets 3-Year Risk Measures Fund Category Index
Domestic Equity 0.00 Standard Deviation 12.49 10.08 10.02
Int'l Equity Sharpe Ratio 0.49
Listed Property 100.00 R-Squared 0.42 89.35 0.54
Unlisted Property 0.00 Beta 88.48 0.95 --
Dom Fixed Interest 0.00 Alpha 1.17 -0.24 --
Intl Fixed Interest 0.00 -1.16 --
Cash 0.00
Other 0.00
0.00

Operations Fees

Investment Details One-time

Ticker 15898 Entry Fee/Contribution Fee 0.00%

APIR Code VAN0022AU Exit Fee/Withdrawal Fee 0.00%

Fund Inception 31 Oct 2007 .B..u..y./.S...e..ll..S..p..r.e..a..d......................................................0....3..5..%..
Annual
Net Assets (Mil) 31 Dec 2018 $78.94

Entry Price 17 Jan 2019 $0.9181 ICR pa (30 Jun 2018) 0.42%

.E.x..i.t..P..r.i.c..e...1..7...J..a..n..2..0..1..9.........................................$..0....9..1..4..9. Performance Fee pa (30 Jun 2018) NAv
Purchase Information
Management Fee pa 0.42%
Minimum Initial Investment $500,000
Admin Fee pa 0.00%
Minimum Additional Investment $5,000
Distribution
Minimum Withdrawal $1,000 Year Ended 30 June 2014 2015 2016 2017
0 0 42.99 9.62
Switching Allowed Yes Distributed CPU

.D..i.s.t..r.i.b.u..t..io..n..s...F..r.e..q..u..e.n..c..y......................................Q...u.a..r.t..e..r.l.y
Manager Info

Responsible Entity(RE) Vanguard Investments

Australia Ltd

RE Telephone +61 1300655101

RE Website www.vanguard.com.au

Fund Manager Vanguard Investments

Australia Ltd

© 2019 Morningstar, Inc. All rights reserved. Neither Morningstar, its affiliates, nor the content providers guarantee the data or content contained herein to be accurate, complete or timely nor will they have any liability for its use or
distribution. Any Morningstar ratings/recommendations contained in this report are based on the full research report available from Morningstar or your adviser. Any general advice or ‘class service’ have been prepared by Morningstar
Australasia Pty Ltd (ABN: 95 090 665 544, AFSL: 240892) and/or Morningstar Research Ltd, subsidiaries of Morningstar, Inc, without reference to your objectives, financial situation or needs. Refer to our Financial Services Guide (FSG) for more
information at www.morningstar.com.au/s/fsg.pdf. You should consider the advice in light of these matters and if applicable, the relevant Product Disclosure Statement before making any decision to invest. Our publications, ratings and
products should be viewed as an additional investment resource, not as your sole source of information. Past performance does not necessarily indicate a financial product’s future performance. To obtain advice tailored to your situation,
contact a professional financial adviser. Some material is copyright and published under licence from ASX Operations Pty Ltd ACN 004 523 782.

Investment Detail | Print Date: 19 January 2019 Page 4 of 11

Vanguard International Shrs Idx Hdg AUD

....................................................................................................................................................................................................................................................................................

Morningstar Category Product Type Legal Type Fund Status Morningstar Rating
Equity World - Currency Hedged Wholesale Investment Trusts Open QQQQ

Out of 80 funds as at 31 Dec 2018

Manager's Quarterly Comments 30 Sep 2018 Performance 31 Dec 2018

The Vanguard Index Hedged International Shares Fund 18.0 Growth of $10,000
returned 5.69% gross of fees over the September quarter Fund
compared to the benchmark return of 5.56% with the Fund 16.0 $14,791
benefiting from lower withholding tax than the benchmark.
This quarter, the AUD mostly depreciated against the 14.0 Market Index
major currencies with a decline of -2.1% against the US $14,767
dollar, -1.6% against the Euro and -0.9% against the British
Pound. However, it appreciated against the Japanese Yen, 12.0 Category
with a rise of 0.4%. The depreciation of the AUD led to the 10K $14,038
Fund underperforming the unhedged Fund by --1.73%.
2014 2015 2016 2017 2018 YTD Annual
PDS Objective
12.80 3.92 10.31 20.16 -7.58 NAv Total Return %
The Fund seeks to track the return (income and capital 0.50 NAv Income Return %
appreciation) of the MSCI World ex-Australia Index (with 12.25 0.00 8.65 21.56 3.70 NAv Growth Return %
net dividends reinvested) hedged into Australian dollars 12.97 NAv Tax-Adj Return %
before taking into account fees, expenses, and tax. 3.92 0.66 -2.91 -10.98

Fund Investment Strategy 3.92 NAv NAv NAv

The Vanguard Index Hedged International Shares Fund Trailing 6 Mth 1 Yr 3 Yr 5 Yr 10 Yr
gains its exposure to securities in the index by investing in
the Vanguard International Shares Index Fund (Hedged) Q...u..a..r.t.i.l.e...R..a..n..k............................................*...........................*............................*............................&............................&....
(the underlying fund). The fund is exposed to forward Total Return % -8.70 -7.58 7.00 7.50 12.16
foreign exchange contracts and all of the securities in the
index most of time, allowing for individual security Income Return % 0.11 3.70 11.05 6.60 5.89
weightings to vary marginally from the index from time to
time. The fund may be exposed to securities that have Growth Return % -8.80 -10.98 -4.54 0.29 5.38
been removed from or are expected to be included in the
index. Tax Adjusted Return % NAv NAv NAv NAv NAv
...................................................................................................................................................................................
Market Index % -8.93 -7.69 7.01 7.46 NAv

Category % -8.67 -7.84 6.34 6.35 10.98

Market Index: Morningstar DM xAus Large-Mid NR Hdg AUD

Asset Allocation Risk Measures

Composition (31 Dec 2018) % Assets 3-Year Risk Measures Fund Category Index
Domestic Equity 0.00 Standard Deviation 10.04 10.08 10.02
Int'l Equity Sharpe Ratio 0.49
Listed Property 100.00 R-Squared 0.54 89.35 0.54
Unlisted Property 0.00 Beta 99.87 0.95 --
Dom Fixed Interest 0.00 Alpha 1.00 -0.24 --
Intl Fixed Interest 0.00 -0.01 --
Cash 0.00
Other 0.00
0.00

Operations Fees

Investment Details One-time

Ticker 6430 Entry Fee/Contribution Fee 0.00%

APIR Code VAN0105AU Exit Fee/Withdrawal Fee 0.00%

Fund Inception 02 Aug 2000 .B..u..y./.S...e..ll..S..p..r.e..a..d......................................................0....0..4..%..
Annual
Net Assets (Mil) 31 Dec 2018 $4010.77

Entry Price 17 Jan 2019 $0.7735 ICR pa (30 Jun 2018) 0.21%

.E.x..i.t..P..r.i.c..e...1..7...J..a..n..2..0..1..9.........................................$..0....7..7..3..4. Performance Fee pa (30 Jun 2018) NAv
Purchase Information
Management Fee pa 0.21%
Minimum Initial Investment $500,000
Admin Fee pa 0.00%
Minimum Additional Investment $5,000
Distribution
Minimum Withdrawal $1,000 Year Ended 30 June 2015 2016 2017 2018
0 7.42 15.65 5.24
Switching Allowed Yes Distributed CPU

.D..i.s.t..r.i.b.u..t..io..n..s...F..r.e..q..u..e.n..c..y......................................Q...u.a..r.t..e..r.l.y
Manager Info

Responsible Entity(RE) Vanguard Investments

Australia Ltd

RE Telephone +61 1300655101

RE Website www.vanguard.com.au

Fund Manager Vanguard Investments

Australia Ltd

© 2019 Morningstar, Inc. All rights reserved. Neither Morningstar, its affiliates, nor the content providers guarantee the data or content contained herein to be accurate, complete or timely nor will they have any liability for its use or
distribution. Any Morningstar ratings/recommendations contained in this report are based on the full research report available from Morningstar or your adviser. Any general advice or ‘class service’ have been prepared by Morningstar
Australasia Pty Ltd (ABN: 95 090 665 544, AFSL: 240892) and/or Morningstar Research Ltd, subsidiaries of Morningstar, Inc, without reference to your objectives, financial situation or needs. Refer to our Financial Services Guide (FSG) for more
information at www.morningstar.com.au/s/fsg.pdf. You should consider the advice in light of these matters and if applicable, the relevant Product Disclosure Statement before making any decision to invest. Our publications, ratings and
products should be viewed as an additional investment resource, not as your sole source of information. Past performance does not necessarily indicate a financial product’s future performance. To obtain advice tailored to your situation,
contact a professional financial adviser. Some material is copyright and published under licence from ASX Operations Pty Ltd ACN 004 523 782.

Investment Detail | Print Date: 19 January 2019 Page 5 of 11

Vanguard Australian Fixed Interest Index

....................................................................................................................................................................................................................................................................................

Morningstar Category Product Type Legal Type Fund Status Morningstar Rating
Bonds - Australia Wholesale Investment Trusts Open QQQ

Out of 92 funds as at 31 Dec 2018

Manager's Quarterly Comments 30 Sep 2018 Performance 31 Dec 2018 13.0 Growth of $10,000
Fund
The Vanguard Australian Fixed Interest Index Fund returned 2014 2015 2016 2017 2018 12.25 $12,306
0.55% gross of fees over the September quarter compared 9.70 2.26 2.84 3.37 4.38
to the benchmark return of 0.54%. The yield to maturity 4.50 3.84 4.32 2.85 2.74 11.5 Market Index
increased by 0.03% to 2.59%. Returns were impacted by 4.96 -1.56 -1.45 0.47 1.60 10.75 $12,427
rising bond yields late in the quarter. 8.98 NAv NAv NAv NAv 10K
Category
PDS Objective $11,925

The Fund seeks to track the return (income and capital YTD Annual
appreciation) of the UBS Australian Composite Bond Index
before taking into account fees, expenses, and tax. NAv Total Return %
NAv Income Return %
Fund Investment Strategy NAv Growth Return %
NAv Tax-Adj Return %
The UBS Australian Composite Bond Index is a value
weighted index of approximately 360 securities (bonds) Trailing 6 Mth 1 Yr 3 Yr 5 Yr 10 Yr
issued by the Commonwealth Government of Australia,
State Government authorities and treasury corporations, as Q...u..a..r.t.i.l.e...R..a..n..k............................................&...........................&............................*............................*............................(....
well as investment-grade corporate issuers. Total Return % 2.77 4.38 3.53 4.48 5.03
Investment-grade issuers are defined as those rated BBB-
or higher by Standard & Poor¡¯s or Baa3 or higher by Income Return % 1.27 2.74 3.30 3.65 4.74
Moody¡¯s. Bond indices change far more quickly than share
indices because bonds have a finite life (maturity). Growth Return % 1.48 1.60 0.20 0.77 0.23

Tax Adjusted Return % NAv NAv NAv NAv NAv
...................................................................................................................................................................................
Market Index % 2.80 4.54 3.70 4.67 5.19

Category % 2.17 3.50 3.02 3.79 4.84

Market Index: Bloomberg AusBond Composite 0+Y TR AUD

Asset Allocation Risk Measures

Composition (31 Dec 2018) % Assets 3-Year Risk Measures Fund Category Index
Domestic Equity 0.00 Standard Deviation 2.51 2.28 2.48
Int'l Equity 0.00 Sharpe Ratio 0.65 0.59 0.73
Listed Property 0.00 R-Squared 99.60
Unlisted Property 0.00 Beta 1.01 86.68 --
Dom Fixed Interest Alpha -0.18 0.87 --
Intl Fixed Interest 100.00 -0.34 --
Cash 0.00
Other 0.00
0.00

Operations Fees

Investment Details One-time

Ticker 4487 Entry Fee/Contribution Fee 0.00%

APIR Code VAN0001AU Exit Fee/Withdrawal Fee 0.00%

Fund Inception 06 Jun 1997 .B..u..y./.S...e..ll..S..p..r.e..a..d......................................................0....0..4..%..
Annual
Net Assets (Mil) 31 Dec 2018 $5263.98

Entry Price 17 Jan 2019 $1.1384 ICR pa (30 Jun 2018) 0.24%

.E.x..i.t..P..r.i.c..e...1..7...J..a..n..2..0..1..9.........................................$..1....1..3..7..7. Performance Fee pa (30 Jun 2018) NAv
Purchase Information
Management Fee pa 0.24%
Minimum Initial Investment $500,000
Admin Fee pa 0.00%
Minimum Additional Investment $5,000
Distribution
Minimum Withdrawal $1,000 Year Ended 30 June 2015 2016 2017 2018
4.53 5.38 3.4 3.23
Switching Allowed Yes Distributed CPU

.D..i.s.t..r.i.b.u..t..io..n..s...F..r.e..q..u..e.n..c..y......................................Q...u.a..r.t..e..r.l.y
Manager Info

Responsible Entity(RE) Vanguard Investments

Australia Ltd

RE Telephone +61 1300655101

RE Website www.vanguard.com.au

Fund Manager Vanguard Investments

Australia Ltd

© 2019 Morningstar, Inc. All rights reserved. Neither Morningstar, its affiliates, nor the content providers guarantee the data or content contained herein to be accurate, complete or timely nor will they have any liability for its use or
distribution. Any Morningstar ratings/recommendations contained in this report are based on the full research report available from Morningstar or your adviser. Any general advice or ‘class service’ have been prepared by Morningstar
Australasia Pty Ltd (ABN: 95 090 665 544, AFSL: 240892) and/or Morningstar Research Ltd, subsidiaries of Morningstar, Inc, without reference to your objectives, financial situation or needs. Refer to our Financial Services Guide (FSG) for more
information at www.morningstar.com.au/s/fsg.pdf. You should consider the advice in light of these matters and if applicable, the relevant Product Disclosure Statement before making any decision to invest. Our publications, ratings and
products should be viewed as an additional investment resource, not as your sole source of information. Past performance does not necessarily indicate a financial product’s future performance. To obtain advice tailored to your situation,
contact a professional financial adviser. Some material is copyright and published under licence from ASX Operations Pty Ltd ACN 004 523 782.

Investment Detail | Print Date: 19 January 2019 Page 6 of 11

Vanguard Australian Shares Index

....................................................................................................................................................................................................................................................................................

Morningstar Category Product Type Legal Type Fund Status Morningstar Rating
Equity Australia Large Blend Wholesale Investment Trusts Open QQQQ

Out of 277 funds as at 31 Dec 2018

Manager's Quarterly Comments 30 Sep 2018 Performance 31 Dec 2018

The Vanguard Index Australian Shares Fund returned 15.2 Growth of $10,000
1.48% gross of fees over the September quarter compared Fund
to the benchmark return of 1.50%. At a sector level the 13.9 $13,424
largest contributors were Communication Services
(+16.92%) and Health Care (+4.56%) which contributed 12.6 Market Index
0.6% and 0.4% respectively. Meanwhile, Materials $13,564
(-1.27%) were the largest detractor, negatively impacting
the Fund’s performance by -0.2%. From an individual 11.3 Category
security perspective, Telstra Corporation (+26.05%) was 10K $12,829
the largest contributor, while Westpac Banking Corporation
(-4.68%) detracted the most, subtracting -0.3%. 2014 2015 2016 2017 2018 YTD Annual

PDS Objective 5.16 2.62 11.44 11.82 -3.17 NAv Total Return %
NAv Income Return %
The Fund seeks to track the return (income and capital 3.96 4.53 5.16 4.98 4.68 NAv Growth Return %
appreciation) of the S&P/ASX 300 Index before taking into NAv Tax-Adj Return %
account fees, expenses, and tax. 1.05 -1.93 6.01 6.49 -7.57

Fund Investment Strategy 5.60 15.00 12.03 NAv NAv

The Vanguard Index Australian Shares Fund gains its Trailing 6 Mth 1 Yr 3 Yr 5 Yr 10 Yr
exposure to securities in the index by investing in the
Vanguard Australian Shares Index Fund (the underlying .Q..u..a..r.t.i.l.e...R..a..n..k............................................&...........................&............................&............................*............................*....
fund). The fund is exposed to all of the securities in the Total Return % -7.06 -3.17 6.46 5.42 8.69
index most of time, allowing for individual security
weightings to vary marginally from the index from time to Income Return % 2.43 4.68 4.94 4.66 4.50
time. The fund may be exposed to securities that have
been removed from or are expected to be included in the Growth Return % -9.32 -7.57 1.43 0.67 3.99
index.
Tax Adjusted Return % NAv NAv NAv NAv NAv
...................................................................................................................................................................................
Market Index % -6.83 -2.84 6.69 5.63 9.00

Category % -8.88 -5.44 4.88 4.43 7.95

Market Index: S&P/ASX 200 TR AUD

Asset Allocation Risk Measures

Composition (31 Dec 2018) % Assets 3-Year Risk Measures Fund Category Index
Domestic Equity 100.00 Standard Deviation 9.75 10.07 9.83
Int'l Equity Sharpe Ratio 0.50 0.34 0.52
Listed Property 0.00 R-Squared 99.93 89.87
Unlisted Property 0.00 Beta 0.99 0.97 --
Dom Fixed Interest 0.00 Alpha -0.18 -1.51 --
Intl Fixed Interest 0.00 --
Cash 0.00
Other 0.00
0.00

Operations Fees

Investment Details One-time

Ticker 4488 Entry Fee/Contribution Fee 0.00%

APIR Code VAN0002AU Exit Fee/Withdrawal Fee 0.00%

Fund Inception 30 Jun 1997 .B..u..y./.S...e..ll..S..p..r.e..a..d......................................................0....0..3..%..
Annual
Net Assets (Mil) 31 Dec 2018 $9729.24

Entry Price 17 Jan 2019 $2.0905 ICR pa (30 Jun 2018) 0.18%

.E.x..i.t..P..r.i.c..e...1..7...J..a..n..2..0..1..9.........................................$..2....0..9..0..1. Performance Fee pa (30 Jun 2018) NAv
Purchase Information
Management Fee pa 0.18%
Minimum Initial Investment $500,000
Admin Fee pa 0.00%
Minimum Additional Investment $5,000
Distribution
Minimum Withdrawal $1,000 Year Ended 30 June 2015 2016 2017 2018
8.46 9.71 10.67 9.91
Switching Allowed Yes Distributed CPU

.D..i.s.t..r.i.b.u..t..io..n..s...F..r.e..q..u..e.n..c..y......................................Q...u.a..r.t..e..r.l.y
Manager Info

Responsible Entity(RE) Vanguard Investments

Australia Ltd

RE Telephone +61 1300655101

RE Website www.vanguard.com.au

Fund Manager Vanguard Investments

Australia Ltd

© 2019 Morningstar, Inc. All rights reserved. Neither Morningstar, its affiliates, nor the content providers guarantee the data or content contained herein to be accurate, complete or timely nor will they have any liability for its use or
distribution. Any Morningstar ratings/recommendations contained in this report are based on the full research report available from Morningstar or your adviser. Any general advice or ‘class service’ have been prepared by Morningstar
Australasia Pty Ltd (ABN: 95 090 665 544, AFSL: 240892) and/or Morningstar Research Ltd, subsidiaries of Morningstar, Inc, without reference to your objectives, financial situation or needs. Refer to our Financial Services Guide (FSG) for more
information at www.morningstar.com.au/s/fsg.pdf. You should consider the advice in light of these matters and if applicable, the relevant Product Disclosure Statement before making any decision to invest. Our publications, ratings and
products should be viewed as an additional investment resource, not as your sole source of information. Past performance does not necessarily indicate a financial product’s future performance. To obtain advice tailored to your situation,
contact a professional financial adviser. Some material is copyright and published under licence from ASX Operations Pty Ltd ACN 004 523 782.

Investment Detail | Print Date: 19 January 2019 Page 7 of 11

Vanguard International Shares Index

....................................................................................................................................................................................................................................................................................

Morningstar Category Product Type Legal Type Fund Status Morningstar Rating
Equity World Large Blend Wholesale Investment Trusts Open QQQ

Out of 193 funds as at 31 Dec 2018

Manager's Quarterly Comments 30 Sep 2018 Performance 31 Dec 2018

The Vanguard Index International Shares Fund returned 19.2 Growth of $10,000
7.42% gross of fees over the September quarter compared Fund
to the benchmark return of 7.35% with the Fund benefiting 16.9 $16,242
from lower withholding tax than the benchmark. From a
country perspective, the US (+9.62%) again made the 14.6 Market Index
largest positive contribution by adding 6.0% to the Fund’s $16,164
return. Also, Japan (+5.91%) and Switzerland (+9.57%)
both contributed, adding 0.5% and 0.3% respectively. 12.3 Category
There were no significant detracting countries. At a sector 10K $15,176
level, Information Technology (+12.98%) and Health Care
(+14.06%) were the largest contributors adding 2.0% and 2014 2015 2016 2017 2018 YTD Annual
1.7% respectively, and no one sector detracted overall.
This quarter, the AUD mostly depreciated against most 15.25 11.97 7.93 13.55 1.52 NAv Total Return %
major currencies with a decline of -2.1% against the US 2.97 4.69 NAv Income Return %
dollar, -1.6% against the Euro and -0.9% against the British 11.90 6.71 3.40 6.22 4.39 NAv Growth Return %
Pound. However, it appreciated against the 14.91 NAv NAv Tax-Adj Return %
4.27 6.52 -2.82
PDS Objective
NAv NAv NAv
The fund seeks to track the return (income and capital
appreciation) of the MSCI World (ex-Australia) Index (net Trailing 6 Mth 1 Yr 3 Yr 5 Yr 10 Yr
dividends reinvested), in Australian dollars, before taking
into account Fund fees, expenses and tax. .Q..u..a..r.t.i.l.e...R..a..n..k............................................*...........................*............................*............................&............................*....
Total Return % -4.52 1.52 7.55 9.93 9.62

Income Return % 1.67 4.39 4.67 4.33 3.13

Growth Return % -6.15 -2.82 2.58 5.21 6.20

Tax Adjusted Return % NAv NAv NAv NAv NAv
...................................................................................................................................................................................
Market Index % -4.56 1.52 7.49 9.81 9.57

Category % -5.67 -0.70 6.37 8.42 8.97

Fund Investment Strategy Market Index: MSCI World Ex Australia NR AUD

The Fund will hold most of the securities in the Index, Asset Allocation Risk Measures
allowing for individual security weightings to vary from the
Index from time to time. The Fund will be fully exposed to Composition (31 Dec 2018) % Assets 3-Year Risk Measures Fund Category Index
the fluctuating values of foreign currencies, as there will Domestic Equity 0.00 Standard Deviation 9.78 9.90 9.83
not be any hedging of foreign currencies to the Australian Int'l Equity Sharpe Ratio 0.60 0.53 0.59
dollar. Listed Property 100.00 R-Squared 99.95
Unlisted Property 0.00 Beta 1.00 86.12 --
Dom Fixed Interest 0.00 Alpha 0.08 0.93 --
Intl Fixed Interest 0.00 -0.22 --
Cash 0.00
Other 0.00
0.00

Operations Fees

Investment Details One-time

Ticker 4489 Entry Fee/Contribution Fee 0.00%

APIR Code VAN0003AU Exit Fee/Withdrawal Fee 0.00%

Fund Inception 06 Jun 1997 .B..u..y./.S...e..ll..S..p..r.e..a..d......................................................0....0..4..%..
Annual
Net Assets (Mil) 31 Dec 2018 $12467.28

Entry Price 17 Jan 2019 $2.098 ICR pa (30 Jun 2018) 0.18%

.E.x..i.t..P..r.i.c..e...1..7...J..a..n..2..0..1..9.........................................$..2....0..9..7..2. Performance Fee pa (30 Jun 2018) NAv
Purchase Information
Management Fee pa 0.18%
Minimum Initial Investment $500,000
Admin Fee pa 0.00%
Minimum Additional Investment $1,000
Distribution
Minimum Withdrawal $1,000 Year Ended 30 June 2015 2016 2017 2018
8.7 6.19 12.81 7.74
Switching Allowed Yes Distributed CPU

.D..i.s.t..r.i.b.u..t..io..n..s...F..r.e..q..u..e.n..c..y......................................Q...u.a..r.t..e..r.l.y
Manager Info

Responsible Entity(RE) Vanguard Investments

Australia Ltd

RE Telephone +61 1300655101

RE Website www.vanguard.com.au

Fund Manager Vanguard Investments

Australia Ltd

© 2019 Morningstar, Inc. All rights reserved. Neither Morningstar, its affiliates, nor the content providers guarantee the data or content contained herein to be accurate, complete or timely nor will they have any liability for its use or
distribution. Any Morningstar ratings/recommendations contained in this report are based on the full research report available from Morningstar or your adviser. Any general advice or ‘class service’ have been prepared by Morningstar
Australasia Pty Ltd (ABN: 95 090 665 544, AFSL: 240892) and/or Morningstar Research Ltd, subsidiaries of Morningstar, Inc, without reference to your objectives, financial situation or needs. Refer to our Financial Services Guide (FSG) for more
information at www.morningstar.com.au/s/fsg.pdf. You should consider the advice in light of these matters and if applicable, the relevant Product Disclosure Statement before making any decision to invest. Our publications, ratings and
products should be viewed as an additional investment resource, not as your sole source of information. Past performance does not necessarily indicate a financial product’s future performance. To obtain advice tailored to your situation,
contact a professional financial adviser. Some material is copyright and published under licence from ASX Operations Pty Ltd ACN 004 523 782.

Investment Detail | Print Date: 19 January 2019 Page 8 of 11

Vanguard Cash Plus

....................................................................................................................................................................................................................................................................................

Morningstar Category Product Type Legal Type Fund Status Morningstar Rating
Australian Cash Wholesale Investment Trusts Open

Manager's Quarterly Comments 30 Sep 2018 Performance 31 Dec 2018 12.0 Growth of $10,000
Fund
The Vanguard Cash Plus Fund returned 0.63% gross of fees 2014 2015 2016 2017 2018 11.5 $11,152
over the September quarter compared to the benchmark 2.65 2.24 2.39 2.07 1.93
return of 0.52%. The yield to maturity decreased by 0.09% 2.63 2.38 2.31 2.00 2.11 11.0 Market Index
to 2.26%. 0.02 -0.13 0.08 0.07 -0.17 $11,082
NAv NAv NAv NAv NAv
PDS Objective 10.5 Category
10K $10,950
The Fund aims to deliver regular income and a total return
that exceeds that of the UBS Australian Bank Bill Index in YTD Annual
two out of every three years, before taking into account
fees, expenses and tax. NAv Total Return %
NAv Income Return %
Fund Investment Strategy NAv Growth Return %
NAv Tax-Adj Return %
The Fund invests in high-quality, short-term money market
and debt securities. The Fund will maintain a modified Trailing 6 Mth 1 Yr 3 Yr 5 Yr 10 Yr
duration of nine months or less. Futures can be used to
manage the duration of the portfolio in line with the index. .Q..u..a..r.t.i.l.e...R..a..n..k............................................&...........................&............................&............................*............................*....
Total Return % 1.06 1.93 2.13 2.26 3.12

Income Return % 1.07 2.11 2.14 2.28 3.33

Growth Return % -0.01 -0.17 -0.01 -0.03 -0.21

Tax Adjusted Return % NAv NAv NAv NAv NAv
...................................................................................................................................................................................
Market Index % 0.99 1.95 1.89 2.12 3.00

Category % 0.86 1.60 1.65 1.87 2.73

Market Index: RBA Bank accepted Bills 90 Days

Asset Allocation Risk Measures

Composition (31 Dec 2018) % Assets 3-Year Risk Measures Fund Category Index
Domestic Equity 0.00 Standard Deviation 0.21 0.20 0.05
Int'l Equity 0.00 Sharpe Ratio 1.18 -3.30
Listed Property 0.00 R-Squared --
Unlisted Property 0.00 Beta -- -- --
Dom Fixed Interest Alpha -- -- --
Intl Fixed Interest 68.95 -- -- --
Cash 0.00
Other 31.05
0.00

Operations Fees

Investment Details One-time

Ticker 6427 Entry Fee/Contribution Fee 0.00%

APIR Code VAN0102AU Exit Fee/Withdrawal Fee 0.00%

Fund Inception 26 Aug 1998 .B..u..y./.S...e..ll..S..p..r.e..a..d......................................................0....0..5..%..
Annual
Net Assets (Mil) 31 Dec 2018 $1224.58

Entry Price 17 Jan 2019 $1.0194 ICR pa (30 Jun 2018) 0.29%

.E.x..i.t..P..r.i.c..e...1..7...J..a..n..2..0..1..9.........................................$..1....0..1..8..8. Performance Fee pa (30 Jun 2018) NAv
Purchase Information
Management Fee pa 0.29%
Minimum Initial Investment $500,000
Admin Fee pa 0.00%
Minimum Additional Investment $5,000
Distribution
Minimum Withdrawal $1,000 Year Ended 30 June 2015 2016 2017 2018
2.58 2.34 2.14 2.01
Switching Allowed Yes Distributed CPU

.D..i.s.t..r.i.b.u..t..io..n..s...F..r.e..q..u..e.n..c..y.......................................M....o..n..t.h..l.y
Manager Info

Responsible Entity(RE) Vanguard Investments

Australia Ltd

RE Telephone +61 1300655101

RE Website www.vanguard.com.au

Fund Manager Vanguard Investments

Australia Ltd

© 2019 Morningstar, Inc. All rights reserved. Neither Morningstar, its affiliates, nor the content providers guarantee the data or content contained herein to be accurate, complete or timely nor will they have any liability for its use or
distribution. Any Morningstar ratings/recommendations contained in this report are based on the full research report available from Morningstar or your adviser. Any general advice or ‘class service’ have been prepared by Morningstar
Australasia Pty Ltd (ABN: 95 090 665 544, AFSL: 240892) and/or Morningstar Research Ltd, subsidiaries of Morningstar, Inc, without reference to your objectives, financial situation or needs. Refer to our Financial Services Guide (FSG) for more
information at www.morningstar.com.au/s/fsg.pdf. You should consider the advice in light of these matters and if applicable, the relevant Product Disclosure Statement before making any decision to invest. Our publications, ratings and
products should be viewed as an additional investment resource, not as your sole source of information. Past performance does not necessarily indicate a financial product’s future performance. To obtain advice tailored to your situation,
contact a professional financial adviser. Some material is copyright and published under licence from ASX Operations Pty Ltd ACN 004 523 782.

Investment Detail | Print Date: 19 January 2019 Page 9 of 11

Vanguard International Crdt Secs Idx Hdg

....................................................................................................................................................................................................................................................................................

Morningstar Category Product Type Legal Type Fund Status Morningstar Rating
Diversified Credit Wholesale Investment Trusts Open QQQQ

Out of 55 funds as at 31 Dec 2018

Manager's Quarterly Comments 30 Sep 2018 Performance 31 Dec 2018 13.0 Growth of $10,000
Fund
The Vanguard International Credit Securities Index Fund 2014 2015 12.25 $12,243
(Hedged) returned 0.63% gross of fees over the 9.46 2.13
September quarter compared to the benchmark return of 2.14 0.00 11.5 Market Index
0.56%. The yield to maturity increased by 0.06% to 2.78%. 7.13 2.13 10.75 $12,475
The income return offset the impact of rising bond yields. 9.12 2.13 10K
Category
PDS Objective $11,740

The Fund seeks to track the return (income and capital 2016 2017 2018 YTD Annual
appreciation) of the Barclays Capital Global Aggregate
Government-Related and Corporate Index hedged into 6.02 5.24 -0.21 NAv Total Return %
Australian dollars before taking into account fees, 4.17 9.43 3.63 NAv Income Return %
expenses, and tax. 1.67 -4.09 -3.73 NAv Growth Return %
NAv NAv NAv NAv Tax-Adj Return %

Fund Investment Strategy Trailing 6 Mth 1 Yr 3 Yr 5 Yr 10 Yr

The Fund aims to hold an appropriate number of securities .Q..u..a..r.t.i.l.e...R..a..n..k............................................*...........................)............................*............................&............................&....
so as to produce a portfolio risk exposure profile consistent Total Return % 1.03 -0.21 3.65 4.48 6.50
with that of the index. The Fund may hold non-index
securities that were index securities at the time of Income Return % 1.14 3.63 5.71 3.83 4.62
purchase, or had the risk characteristics of index securities
at the time of purchase. Growth Return % -0.11 -3.73 -2.08 0.54 1.55

Tax Adjusted Return % NAv NAv NAv NAv NAv
...................................................................................................................................................................................
Market Index % 0.77 -1.17 4.10 4.90 8.13

Category % 0.73 1.10 3.39 3.37 6.04

Market Index: BBgBarc Global Agg Corp TR Hdg AUD

Asset Allocation Risk Measures

Composition (31 Dec 2018) % Assets 3-Year Risk Measures Fund Category Index
Domestic Equity 0.00 Standard Deviation 2.58 1.48 3.02
Int'l Equity 0.00 Sharpe Ratio 0.68 1.37 0.73
Listed Property 0.00 R-Squared 96.19
Unlisted Property 0.00 Beta 0.84 25.83 --
Dom Fixed Interest 2.63 Alpha -0.10 0.27 --
Intl Fixed Interest 0.85 --
Cash 97.37
Other 0.00
0.00

Operations Fees

Investment Details One-time

Ticker 9152 Entry Fee/Contribution Fee 0.00%

APIR Code VAN0106AU Exit Fee/Withdrawal Fee 0.00%

Fund Inception 23 Feb 2001 .B..u..y./.S...e..ll..S..p..r.e..a..d......................................................0....4..1..%..
Annual
Net Assets (Mil) 31 Dec 2018 $667.65

Entry Price 17 Jan 2019 $1.1352 ICR pa (30 Jun 2018) 0.32%

.E.x..i.t..P..r.i.c..e...1..7...J..a..n..2..0..1..9.........................................$..1....1..3..0..6. Performance Fee pa (30 Jun 2018) NAv
Purchase Information
Management Fee pa 0.32%
Minimum Initial Investment $500,000
Admin Fee pa 0.00%
Minimum Additional Investment $5,000
Distribution
Minimum Withdrawal $1,000 Year Ended 30 June 2015 2016 2017 2018
0 5.24 7.93 5.98
Switching Allowed Yes Distributed CPU

.D..i.s.t..r.i.b.u..t..io..n..s...F..r.e..q..u..e.n..c..y......................................Q...u.a..r.t..e..r.l.y
Manager Info

Responsible Entity(RE) Vanguard Investments

Australia Ltd

RE Telephone +61 1300655101

RE Website www.vanguard.com.au

Fund Manager Vanguard Investments

Australia Ltd

© 2019 Morningstar, Inc. All rights reserved. Neither Morningstar, its affiliates, nor the content providers guarantee the data or content contained herein to be accurate, complete or timely nor will they have any liability for its use or
distribution. Any Morningstar ratings/recommendations contained in this report are based on the full research report available from Morningstar or your adviser. Any general advice or ‘class service’ have been prepared by Morningstar
Australasia Pty Ltd (ABN: 95 090 665 544, AFSL: 240892) and/or Morningstar Research Ltd, subsidiaries of Morningstar, Inc, without reference to your objectives, financial situation or needs. Refer to our Financial Services Guide (FSG) for more
information at www.morningstar.com.au/s/fsg.pdf. You should consider the advice in light of these matters and if applicable, the relevant Product Disclosure Statement before making any decision to invest. Our publications, ratings and
products should be viewed as an additional investment resource, not as your sole source of information. Past performance does not necessarily indicate a financial product’s future performance. To obtain advice tailored to your situation,
contact a professional financial adviser. Some material is copyright and published under licence from ASX Operations Pty Ltd ACN 004 523 782.

Investment Detail | Print Date: 19 January 2019 Page 10 of 11

Vanguard Emerging Markets Shares Index

....................................................................................................................................................................................................................................................................................

Morningstar Category Product Type Legal Type Fund Status Morningstar Rating
Equity Emerging Markets Wholesale Investment Trusts Open QQQ

Out of 50 funds as at 31 Dec 2018

Manager's Quarterly Comments 30 Sep 2018 Performance 31 Dec 2018

The Vanguard Emerging Markets Shares Index Fund 16.0 Growth of $10,000
returned 1.04% gross of fees over the September quarter Fund
compared to the benchmark return of 1.00% with the Fund 14.5 $14,149
benefiting from lower withholding tax than the benchmark.
At a country level, Taiwan (+9.34%) and Brazil (+8.54%) 13.0 Market Index
were the largest contributors to the portfolio’s return $14,382
adding 1.1% and 0.5% respectively, while China (-5.43%)
and South Africa (-5.26%) were the largest detractors, 11.5 Category
subtracting -0.3% and -1.8%. From a sector perspective, 10K $13,748
Energy (+16.68%) and Financials (+4.11%) were the
most material contributors adding +1.0% and 0.9% 2014 2015 2016 2017 2018 YTD Annual
respectively, and Consumer Services (-7.51%) and
Consumer Discretionary (-8.05%) were the most notable 5.96 -4.63 11.68 26.53 -5.69 NAv Total Return %
detractors, subtracting -1.1% and -0.9% respectively. NAv Income Return %
2.39 2.14 5.42 3.98 2.01 NAv Growth Return %
PDS Objective NAv Tax-Adj Return %
3.47 -6.69 5.82 21.54 -7.58
The Fund seeks to track the return (income and capital
appreciation) of the MSCI Emerging Markets Index (with NAv NAv NAv NAv NAv
net dividends reinvested) in Australian dollars before taking
into account fees, expenses, and tax. Trailing 6 Mth 1 Yr 3 Yr 5 Yr 10 Yr

Fund Investment Strategy Q...u..a..r.t.i.l.e...R..a..n..k............................................(...........................(............................*............................*............................*....
Total Return % -4.63 -5.69 10.04 6.13 7.61
The MSCI Emerging Markets Index comprises
approximately 800 securities (shares) from approximately Income Return % 1.16 2.01 3.79 3.18 2.62
21 of the world’s emerging economies. The Fund will hold
most of the securities in the index, allowing for individual Growth Return % -5.74 -7.58 5.93 2.79 4.82
security weightings to vary marginally from the index from
time to time. The Fund may invest in securities that have Tax Adjusted Return % NAv NAv NAv NAv NAv
been removed from or are expected to be included in the ...................................................................................................................................................................................
index. Market Index % -3.96 -5.10 10.45 6.64 7.92

Category % -3.84 -5.21 8.79 5.71 6.74

Market Index: MSCI EM NR AUD

Asset Allocation Risk Measures

Composition (31 Dec 2018) % Assets 3-Year Risk Measures Fund Category Index
Domestic Equity 0.00 Standard Deviation 8.88 9.09 9.09
Int'l Equity Sharpe Ratio 0.91 0.78 0.94
Listed Property 100.00 R-Squared 99.17
Unlisted Property 0.00 Beta 0.97 79.98 --
Dom Fixed Interest 0.00 Alpha -0.16 0.89 --
Intl Fixed Interest 0.00 -0.49 --
Cash 0.00
Other 0.00
0.00

Operations Fees

Investment Details One-time

Ticker 4743 Entry Fee/Contribution Fee 0.00%

APIR Code VAN0005AU Exit Fee/Withdrawal Fee 0.00%

Fund Inception 31 Dec 1997 .B..u..y./.S...e..ll..S..p..r.e..a..d......................................................0....5..1..%..
Annual
Net Assets (Mil) 31 Dec 2018 $1123.30

Entry Price 17 Jan 2019 $2.0511 ICR pa (30 Jun 2018) 0.56%

.E.x..i.t..P..r.i.c..e...1..7...J..a..n..2..0..1..9.........................................$..2....0..4..0..7. Performance Fee pa (30 Jun 2018) NAv
Purchase Information
Management Fee pa 0.56%
Minimum Initial Investment $500,000
Admin Fee pa 0.00%
Minimum Additional Investment $5,000
Distribution
Minimum Withdrawal $1,000 Year Ended 30 June 2015 2016 2017 2018
3.96 9.09 7.67 4.42
Switching Allowed Yes Distributed CPU

.D..i.s.t..r.i.b.u..t..io..n..s...F..r.e..q..u..e.n..c..y......................................Q...u.a..r.t..e..r.l.y
Manager Info

Responsible Entity(RE) Vanguard Investments

Australia Ltd

RE Telephone +61 1300655101

RE Website www.vanguard.com.au

Fund Manager Vanguard Investments

Australia Ltd

© 2019 Morningstar, Inc. All rights reserved. Neither Morningstar, its affiliates, nor the content providers guarantee the data or content contained herein to be accurate, complete or timely nor will they have any liability for its use or
distribution. Any Morningstar ratings/recommendations contained in this report are based on the full research report available from Morningstar or your adviser. Any general advice or ‘class service’ have been prepared by Morningstar
Australasia Pty Ltd (ABN: 95 090 665 544, AFSL: 240892) and/or Morningstar Research Ltd, subsidiaries of Morningstar, Inc, without reference to your objectives, financial situation or needs. Refer to our Financial Services Guide (FSG) for more
information at www.morningstar.com.au/s/fsg.pdf. You should consider the advice in light of these matters and if applicable, the relevant Product Disclosure Statement before making any decision to invest. Our publications, ratings and
products should be viewed as an additional investment resource, not as your sole source of information. Past performance does not necessarily indicate a financial product’s future performance. To obtain advice tailored to your situation,
contact a professional financial adviser. Some material is copyright and published under licence from ASX Operations Pty Ltd ACN 004 523 782.

Fund Commentaries- SATELLITE Funds

Why we employ a variety of non-Vanguard funds as satellites of your portfolio
What is a (Satellite) Fund?

A fund that acts as a ‘satellite’ fund to the Vanguard index fund is a type of managed fund that is constructed to beat the various market
indexes that the Vanguard funds are specifically built to track. Depending on what sector the satellite fund invests will determine how
broad its exposure is to the market. Compared to index funds these funds will usually have higher operating expenses and generally
higher portfolio turnover. These funds will typically be less mindful of the tax management or tracking errors in their search for a
performance result that is better than the index.

This approach to investing is a form of fund management that has not always been successful in outperforming the various indexes in
Australia and around the world. While the most popular active funds in Australia seek to out-perform the Australian Stock Exchange
index or the other indexes in Australia and the world they regularly struggle to do so. This is less so in the fixed interest markets.
Investing in these types of funds from the many hundreds that are available in the different asset classes is a form of investing based on
the simple preface that the higher fees charged by these funds will translate into a performance result that is greater than the equivalent
Vanguard index fund. As such, active funds are widely recognised as being considered ideal satellite portfolio holdings for investment
portfolios.
Generally speaking, buy-and-hold strategies are not seen in non-index funds, these types of funds involves buying a security with the
intention of owning it for as long as it is deemed appropriate for the underlying investment strategy of the fund. Unlike index funds, these
types of funds are continually attempting to profit from short-term price fluctuations, or otherwise "time the market." The basic
assumption that underpins this form of investment strategy is that the market provides buying and selling opportunities that will see this
type of fund produce a performance result that is greater than the equivalent index fund. Like index funds investors, the most difficult
skill for active investors to master is emotional control. Resisting the urge to sell when the market experiences a downturn requires
patience and a strong stomach. Investors in these types of funds must have the presence of mind to weather these storms and trust that
the market will correct itself with time.

Commentary on each of your satellite funds

Charter Hall Direct Office Fund
The Charter Hall Direct Office Fund is a relatively new fund in your portfolio. It is an unlisted property fund investing in
a diversified portfolio of high-quality Australian CBD office properties as a way of producing sustainable and stable,
tax-advantaged income with the potential for capital growth. The property portfolio is independently valued every 12
months with individual property valuations spread across quarters. Morningstar currently does not provide a research
rating. Looking at the comparative performance charts indicates that this fund has rewarded its investors very well,
especially since September 2016 when the fund began to report excellent performance results. Looking at the
comparative performance charts indicates that this fund has a second quartile ranking over a six-month period and a
first quartile ranking over a one- and three-year time period. These performance rankings may not necessarily
represent the full picture because Morningstar use listed property as the comparative market index against a fund that
predominantly invested in unlisted property.

Page 24 of 44

Fund Commentaries- SATELLITE Funds

Commentary on each of your satellite funds (cont)

NovaPort Australian Microcap Fund
The NovaPort Australian Microcap Fund is currently included in your portfolio of funds primarily to invest in companies
listed on the Australian Stock Exchange that have a valuation of less than $250 million. Investing is this part of the
stock exchange requires a combination of deep research and high conviction. The research report from Morningstar
that compares this fund against 69 of its competitors resulted in a 4-star rating. Looking at the comparative
performance charts indicates that in the last six and twelve months this fund has struggled to produce satisfactory
returns and has fallen to a fourth quartile ranking in both periods. However, this fund has managed to retain is first
quartile ranking over a three-year time frame and is in the second quartile over a five-year time frame and over ten
years is in the first quartile. The NovaPort Australian Microcap Fund also serves to illustrate what is a text book study
about the difficulties that many funds have in producing a net result that is consistently in excess of the market. Whilst
this fund has managed to be a standout in terms of producing returns in excess of the market the last six months have
been particularly challenging. The decision to pay higher fees for the active management of this fund appear to be
worth it because this fund has consistently outperformed the index and as such, we are retaining this fund in your
portfolio as a ‘best-of-breed’ example of investing in this part of the market, but returns are likely to be difficult for the
foreseeable future. Having said that, we are currently keeping a close watch on this fund because this part of the
market will likely remain volatile for most of 2019/20.

Alphinity Australian Share Fund
The Alphinity Australian Share Fund is currently included in your portfolio of funds after a decision was made to employ
a fund to deliver returns that would benefit from changes in the cyclical nature of economies both here in Australia and
internationally. The research report from Morningstar that compares this fund against 277 of its competitors resulted
in a 4-star rating. Looking at the comparative performance charts indicates that whilst almost all Australian share
funds produced a negative return over the last six and twelve months some funds have struggled more than others.
This outcome has seen this fund fall to a third quartile ranking of all large blend share funds in Australia over the last
six months however it is pleasing to note that this fund has managed to retain is first quartile ranking over a one year
time frame and is in the second quartile over a three-and five-year time frame and over ten years is in the first
quartile. Having said that, the decision to pay higher fees for the active investment management of this fund are only
worth paying if the fund can consistently outperform the index result of the Vanguard Australian Share Index fund. We
are currently keeping a close watch on this fund because performance results appear to be closely matching the
Vanguard Australian Share Index Fund which is not what we are expecting from a satellite share fund.

Platinum Asia Fund
This fund is in your portfolio based mainly on the view that we cannot ignore the industrial and demographic
powerhouse of our Asian neighbours to the north. The economic emergence of China and the Asian region in general is
a story that has a long way to go. The research report from Morningstar that compares this fund against 28 of its
competitors has resulted in a 3-star rating. Looking at the comparative performance charts indicates that this fund
appears to be struggling to maintain a position as a first or second quartile ranked fund over any of the standard time
periods. We are expecting to see a performance result that is consistently better than the index – this fund has done
that, but the outperformance is often only minimal. We are currently keeping a close watch on this fund as volatile
markets persist into 2019/20. Clearly, successfully investing in Asia is a challenging prospect. We are currently
keeping a close watch on this fund as volatile markets persist, and external economic influences continue into
2019/20.

Page 25 of 44

Fund Commentaries- SATELLITE Funds

Commentary on each of your satellite funds (cont)

Australian Unity Healthcare Property Trust
The Australian Unity Healthcare Property Trust was brought into your portfolio as a way of capturing the property
investment returns of the healthcare sector in Australia. This is achieved with the fund predominantly being the
landlord of 14 hospitals and aged care facilities around Australia as well as being an active investor in other types of
healthcare related assets. Morningstar currently does not provide a research rating. Looking at the comparative
performance charts indicates that this fund has rewarded its investors very well. Looking at the comparative
performance charts indicates that this fund has a second quartile ranking over a six-month period and a first quartile
ranking over a one- and three-year time period. These performance rankings may not necessarily represent the full
picture because Morningstar use listed property as the comparative market index against a fund that predominantly
invested in unlisted property.

AQR Managed Futures Fund
The AQR Managed Futures fund was introduced into your portfolio as a way of diversifying away from funds that will
move up and down with the stock markets. The research report from Morningstar that compares this fund against 10
of its competitors resulted in a 1-star rating. Looking at the comparative performance charts indicates that this fund
has struggled more than others. This outcome has seen this fund fall to a fourth quartile ranking in all time periods
except for the last six months. The decision to invest in managed futures is a long-term strategic position. We are
currently reviewing the future of continuing to invest in managed futures and what this means with regards the
ongoing retention of this fund in your portfolio.

Spire Copper Rock Global Smaller Companies Fund
The Spire Copper Rock Global Smaller Companies Fund is a relative newcomer to the portfolio. This fund focuses on
providing retail access to global investment opportunities, which have previously only been available to institutional
investors. Spire Capital are thematic in their selection of asset classes and opportunities; looking for ideas and
strategies which they believe can add significant outperformance and diversification to a portfolio. The research report
from Morningstar that compares this fund against 24 of its competitors resulted in a 1-star rating. Looking at the
comparative performance charts indicates that this fund has struggled more than others. This outcome has seen this
fund fall to a fourth quartile ranking in all time periods. The decision to invest in global small companies is a long-term
strategic position. We are currently reviewing the future of continuing to invest in global small companies and what
this means with regards the ongoing retention of this fund in your portfolio.

Magellan Infrastructure Fund
The Magellan Infrastructure Fund is in your portfolio to invest mainly in companies around the world that either
directly own or manage infrastructure assets. This fund was also brought into your portfolio on the premise of seeking
returns that would be less directly affected by the returns and volatility of Australian and international share markets.
The research report from Morningstar that compares this fund against 43 of its competitors has resulted in a 4-star
rating. Looking at the comparative performance charts indicates that this fund has rewarded its investors very well,
especially since March 2015 when the fund really seemed to take off. Looking at the comparative performance charts
indicates that this fund appears to be successfully maintaining a first or second quartile ranking over a six-month, one
year and three time periods and a first quartile ranking over a five- and ten-year time period. This is a fund that we
believe is well placed to capitalise on the long-term benefits of being invested in the infrastructure sector.

Page 26 of 44

Fund Commentaries- SATELLITE Funds

Commentary on each of your satellite funds (cont)

Macquarie Income Opportunities Fund
The Macquarie Income Opportunities fund occupies a place in your portfolio to capture the returns of corporate bonds
mainly in Australia. The research report from Morningstar that compares this fund against 55 of its competitors has
resulted in a 3-star rating. Looking at the comparative performance charts indicates that this fund experienced ‘heavy
weather’ for most of 2018 as Australian and international fixed interest markets reacted to local and global changes to
interest rates. Looking at the comparative performance charts indicates that this fund did well in 2018 to deliver the
returns it did. Having said that, this fund appears to have a long-term history of struggling to lift its returns into the
second or first quartile over a six-month, or one, three, five- or ten-year time period. We are currently reviewing the
future of continuing to invest in Australian and/or international fixed interest markets and what that means with
regards the retention of this fund.

Fidelity Global Equities Fund
The Fidelity Global Equities fund was brought into your portfolio to invest mainly in the large companies around the
world. The historical results of this fund represent another text book example of the difficulties that large funds have in
producing a net result that is consistently in excess of the market. The research report from Morningstar that
compares this fund against 76 of its competitors resulted in a 4-star rating. Looking at the comparative performance
charts indicates that this fund has managed to retain is first quartile ranking over a three-year time frame and is in the
second quartile over a five-year time frame and over ten years is in the first quartile. Because this fund is a satellite
fund, we are expecting to see a performance result that is consistently better than the index – this fund has done that,
but the outperformance is often only minimal. We retain a firm view that the higher fees applicable to this fund are
only worth paying if the fund can consistently outperform the index result of Vanguard International Shares Index
fund. We are currently keeping a close watch on this fund as volatile markets persist into 2019/20.

Investors Mutual Future Leaders Fund
The Investors Mutual Future Leaders fund is currently included in your portfolio of funds as a way of capturing the
returns of the mid-sized companies on the Australian stock exchange. The research report from Morningstar that
compares this fund against 16 of its competitors resulted in a 4-star rating. Looking at the comparative performance
charts indicates that this fund has managed to retain is first quartile ranking over a one-year time frame and is in the
second quartile over a three-and five-year time frame and over ten years is in the first quartile. The Investors Mutual
Future Leaders Fund has managed to be a standout in terms of producing one of the ‘best’ negative return results. This
outcome has resulted in this fund being rated in the top quartile over a one, three, five and ten-year time frame when
compared against other funds that also invest in companies outside of the 50 largest companies in the Australian Stock
Exchange. The decision to pay higher fees for the active management of this fund appear to be well worth it because
this fund has consistently out perform the index.

PIMCO Income Fund
The PIMCO Income Fund is relatively new comer to your portfolio. The investment objective of this fund is to seek high
income, consistent with prudent investment management. Long-term capital appreciation is a secondary objective.
This fund invests primarily in higher income-providing assets from across the globe, which in PIMCO’s view also
demonstrate capital preservation attributes. The research report from Morningstar that compares this fund against 48
of its competitors resulted in a comparatively rare 5-star rating. Looking at the comparative performance charts
indicates that this fund has managed to climb to a second quartile ranking over the last six months although it
currently shows a third quartile ranking over the last year. Pleasingly, the three-year ranking is first quartile. Although
2018 produced a marginal negative result this was not indicative of poor investment decisions but rather a change in
the book value of the valuation of the income producing assets. ...

Page 27 of 44

Fund Commentaries- SATELLITE Funds

Commentary on each of your satellite funds (cont)
PIMCO Global Credit Fund
As with the PIMCO Income Fund, the PIMCO Global Credit fund is a relative newcomer to your portfolio and was placed
in your portfolio to participate in the interest rates that large companies and countries are paying for bonds and other
asset backed securities. The research report from Morningstar that compares this fund against 5 of its competitors
resulted in a 4-star rating. Looking at the comparative performance charts indicates that this fund has managed to
climb to a second quartile ranking over the last six months although it currently shows a third quartile ranking over the
last year but then returns to a second quartile ranking over three years. Pleasingly, the five year and ten-year ranking
are both first quartile. As with other funds in this portfolio, this fund is another example of the difficulties that large
funds have in producing a net result that is consistently in excess of the market. Whilst returns were acceptable over
the different time periods the fund did not achieve a performance result that consistently exceeded the market index.
Although 2018 produced a marginal positive result this is not indicative of how well the fund did against the index for
the year.

Page 28 of 44

Investment Detail | Print Date: 29 January 2019 Page 1 of 14

Charter Hall Direct Office Wholesale A

....................................................................................................................................................................................................................................................................................

Morningstar Category Product Type Legal Type Fund Status Morningstar Rating
Unlisted and Direct Property Retail Investment Trusts Open

Manager's Quarterly Comments 30 Jun 2018 Performance 31 Dec 2018

DOF Wholesale A units were priced at $1.4132 as at 30 20.0 Growth of $10,000
June 2018. DOF’s portfolio value increased by $40.7 million Fund
this quarter due to revaluations. This contributed to a 17.5 $19,093
$0.04 unit price increase. In June 2018, DOF was 99%
occupied with an average lease term of 8.4 years. 15.0 Market Index
Distributions for the quarter ended 30 June 2018 were $14,709
$2.0000 cents per unit for the Wholesale A unit class. The
major liquidity event for the fund will occur at the end of 12.5 Category
the current investment term which is scheduled for 10K $15,073
December 2019. At the end of the current investment
term, all investors will be offered the opportunity to NAv 2015 2016 2017 2018 YTD Annual
redeem their investment if they elect to do so. Following
the conclusion of the current investment term, the fund NAv 20.45 15.90 17.55 11.88 NAv Total Return %
will have rolling five year terms. Subject to the fund having NAv Income Return %
available liquid assets, investors in DOF may also NAv 7.45 6.76 6.29 5.91 NAv Growth Return %
participate in semi-annual withdrawal offers. For updated NAv Tax-Adj Return %
fund metrics, including current unit price, income yield, NAv 12.23 8.65 10.66 5.66
occupancy and WALE figures, please visit the DOF section
of the Charter Hall Group website at NAv NAv NAv NAv NAv
www.charterhall.com.au/dof.
Trailing 6 Mth 1 Yr 3 Yr 5 Yr 10 Yr
PDS Objective
Q...u..a..r.t.i.l.e...R..a..n..k............................................*...........................&............................&...........................N..A..v.......................N...A..v.
The Fund aims to provide Investors with sustainable and Total Return % 5.57 11.88 15.09 NAv NAv
stable, tax-advantaged income and the potential for capital
growth through an investment a diversified portfolio of high Income Return % 2.91 5.91 6.32 NAv NAv
quality Australian office properties.
Growth Return % 2.59 5.66 8.31 NAv NAv
Fund Investment Strategy
Tax Adjusted Return % NAv NAv NAv NAv NAv
Invest in quality properties for the medium to long term ...................................................................................................................................................................................
and actively manage them to increase their values and Market Index % -0.08 2.91 7.18 NAv NAv
income growth prospects; grow the rental income of the
Fund by attracting and retaining quality corporate tenants Category % 2.72 8.34 9.88 NAv NAv
on long leases with structured rental increases, that are
well located within established Australian markets; acquire Market Index: S&P/ASX 200 A-REIT TR
additional properties in accordance with the clear
investment criteria; source investment opportunities; and Asset Allocation Risk Measures
regularly review and rebalance the portfolio.
Composition (31 Dec 2018) % Assets 3-Year Risk Measures Fund Category Index
Domestic Equity 0.00 Standard Deviation 6.03 4.74 11.41
Int'l Equity 0.00 Sharpe Ratio 2.06 1.69
Listed Property 0.00 R-Squared 3.71 0.50
Unlisted Property Beta 0.10 35.60 --
Dom Fixed Interest 100.00 Alpha 11.84 0.18 --
Intl Fixed Interest 0.00 6.63 --
Cash 0.00
Other 0.00
0.00

Operations Fees

Investment Details One-time

Ticker 40526 Entry Fee/Contribution Fee 0.00%

APIR Code MAQ0842AU Exit Fee/Withdrawal Fee 0.00%

Fund Inception 01 Oct 2014 .B..u..y./.S...e..ll..S..p..r.e..a..d......................................................0....0..0..%..
Annual
Net Assets (Mil) 31 Dec 2018 $1082.40

Entry Price 25 Jan 2019 $1.4742 ICR pa (30 Jun 2018) 0.76%

.E.x..i.t..P..r.i.c..e...2..5...J..a..n..2..0..1..9.........................................$..1....4..7..4..2. Performance Fee pa (30 Jun 2018) 0.15%
Purchase Information
Management Fee pa 0.50%
Minimum Initial Investment $20,000
Admin Fee pa 0.00%
Minimum Additional Investment $1,000
Distribution
Minimum Withdrawal $0 Year Ended 30 June 2015 2016 2017 2018
3.75 7.5 7.75 8
Switching Allowed No Distributed CPU

.D..i.s.t..r.i.b.u..t..io..n..s...F..r.e..q..u..e.n..c..y......................................Q...u.a..r.t..e..r.l.y
Manager Info

Responsible Entity(RE) Charter Hall Direct Property

Mgmt Ltd

RE Telephone 1300 137 895

RE Website www.charterhall.com.au

Fund Manager Charter Hall Holdings Pty Ltd

© 2019 Morningstar, Inc. All rights reserved. Neither Morningstar, its affiliates, nor the content providers guarantee the data or content contained herein to be accurate, complete or timely nor will they have any liability for its use or
distribution. Any Morningstar ratings/recommendations contained in this report are based on the full research report available from Morningstar or your adviser. Any general advice or ‘class service’ have been prepared by Morningstar
Australasia Pty Ltd (ABN: 95 090 665 544, AFSL: 240892) and/or Morningstar Research Ltd, subsidiaries of Morningstar, Inc, without reference to your objectives, financial situation or needs. Refer to our Financial Services Guide (FSG) for more
information at www.morningstar.com.au/s/fsg.pdf. You should consider the advice in light of these matters and if applicable, the relevant Product Disclosure Statement before making any decision to invest. Our publications, ratings and
products should be viewed as an additional investment resource, not as your sole source of information. Past performance does not necessarily indicate a financial product’s future performance. To obtain advice tailored to your situation,
contact a professional financial adviser. Some material is copyright and published under licence from ASX Operations Pty Ltd ACN 004 523 782.

Investment Detail | Print Date: 29 January 2019 Page 2 of 14

NovaPort Microcap

....................................................................................................................................................................................................................................................................................

Morningstar Category Product Type Legal Type Fund Status Morningstar Rating
Equity Australia Mid/Small Blend Retail Investment Trusts Open QQQQ

Out of 69 funds as at 31 Dec 2018

Manager's Quarterly Comments 30 Sep 2018 Performance 31 Dec 2018

The S&P/ASX Small Ordinaries Accumulation Index 17.2 Growth of $10,000
returned +1.10% for the quarter. The fund outperformed Fund
the market and delivered a +1.50% return over the 15.4 $14,182
quarter.
13.6 Market Index
PDS Objective $13,518

The Fund aims to outperform its benchmark over rolling 11.8 Category
seven-year periods through the investment in a diversified 10K $14,373
portfolio of micro-cap Australian companies.
2014 2015 2016 2017 2018 YTD Annual
Fund Investment Strategy
5.65 4.90 23.86 18.20 -11.28 NAv Total Return %
The Fund invests in a diversified portfolio of shares, NAv Income Return %
primarily listed Australian companies with a market 0.82 1.46 1.59 0.22 1.04 NAv Growth Return %
capitalisation of generally less than A$250 million at the NAv Tax-Adj Return %
time they are first acquired on behalf of the Fund 4.78 3.37 21.95 17.95 -12.21
(‘microcap companies’). Up to 10% of the Fund can be
invested in unlisted companies, usually those that intend to NAv NAv NAv NAv NAv
list within 18 months. The Fund may also invest in listed
New Zealand microcap companies and a proportion can be Trailing 6 Mth 1 Yr 3 Yr 5 Yr 10 Yr
held in cash.
.Q..u..a..r.t.i.l.e...R..a..n..k............................................(...........................)............................&............................*............................&....
Total Return % -13.83 -11.28 9.11 7.56 13.56

Income Return % 0.66 1.04 0.95 1.02 1.14

Growth Return % -14.43 -12.21 8.09 6.46 12.29

Tax Adjusted Return % NAv NAv NAv NAv NAv
...................................................................................................................................................................................
Market Index % -12.75 -8.67 7.45 5.62 6.87

Category % -11.67 -8.21 5.48 7.07 11.90

Market Index: S&P/ASX Small Ordinaries TR AUD

Asset Allocation Risk Measures

Composition (31 Dec 2018) % Assets 3-Year Risk Measures Fund Category Index
Domestic Equity 81.89 Standard Deviation 9.99 11.68 12.04
Int'l Equity 0.00 Sharpe Ratio 0.74 0.40
Listed Property 0.00 R-Squared 42.13 72.65 0.50
Unlisted Property 0.00 Beta 0.54 0.82 --
Dom Fixed Interest 0.00 Alpha 4.11 -0.40 --
Intl Fixed Interest 0.00 --
Cash 18.11
Other 0.00

Operations Fees

Investment Details One-time

Ticker 12350 Entry Fee/Contribution Fee 0.00%

APIR Code HOW0027AU Exit Fee/Withdrawal Fee 0.00%

Fund Inception 21 Mar 2005 .B..u..y./.S...e..ll..S..p..r.e..a..d......................................................0....6..0..%..
Annual
Net Assets (Mil) 31 Dec 2018 $91.14

Entry Price 24 Jan 2019 $2.0258 ICR pa (30 Jun 2018) 2.00%

.E.x..i.t..P..r.i.c..e...2..4...J..a..n..2..0..1..9.........................................$..2....0..1..3..6. Performance Fee pa (30 Jun 2018) 0.14%
Purchase Information
Management Fee pa 1.50%
Minimum Initial Investment $10,000
Admin Fee pa 0.00%
Minimum Additional Investment $1,000
Distribution
Minimum Withdrawal $1,000 Year Ended 30 June 2015 2016 2017 2018
1.99 2.66 1.23 1.31
Switching Allowed Yes Distributed CPU

.D..i.s.t..r.i.b.u..t..io..n..s...F..r.e..q..u..e.n..c..y......................................Q...u.a..r.t..e..r.l.y
Manager Info

Responsible Entity(RE) Fidante Partners Limited

RE Telephone +61 13 51 53

RE Website www.fidante.com.au

Fund Manager NovaPort Capital Pty Limited

© 2019 Morningstar, Inc. All rights reserved. Neither Morningstar, its affiliates, nor the content providers guarantee the data or content contained herein to be accurate, complete or timely nor will they have any liability for its use or
distribution. Any Morningstar ratings/recommendations contained in this report are based on the full research report available from Morningstar or your adviser. Any general advice or ‘class service’ have been prepared by Morningstar
Australasia Pty Ltd (ABN: 95 090 665 544, AFSL: 240892) and/or Morningstar Research Ltd, subsidiaries of Morningstar, Inc, without reference to your objectives, financial situation or needs. Refer to our Financial Services Guide (FSG) for more
information at www.morningstar.com.au/s/fsg.pdf. You should consider the advice in light of these matters and if applicable, the relevant Product Disclosure Statement before making any decision to invest. Our publications, ratings and
products should be viewed as an additional investment resource, not as your sole source of information. Past performance does not necessarily indicate a financial product’s future performance. To obtain advice tailored to your situation,
contact a professional financial adviser. Some material is copyright and published under licence from ASX Operations Pty Ltd ACN 004 523 782.

Investment Detail | Print Date: 29 January 2019 Page 3 of 14

Alphinity Australian Share

....................................................................................................................................................................................................................................................................................

Morningstar Category Product Type Legal Type Fund Status Morningstar Rating
Equity Australia Large Blend Retail Investment Trusts Open QQQQ

Out of 277 funds as at 31 Dec 2018

Manager's Quarterly Comments 30 Sep 2018 Performance 31 Dec 2018 16.0 Growth of $10,000
Fund
The portfolio provided a slightly lower-than-market return 2014 2015 2016 2017 2018 14.5 $13,350
in the September quarter. The best returns came from 4.55 3.69 8.79 12.72 -2.96
global registry Computershare, Caterpillar dealer Seven 3.48 3.42 3.32 3.35 2.79 13.0 Market Index
Group and gas producers Beach Energy and Woodside 0.95 0.18 5.30 9.06 -5.63 $13,564
Petroleum. Offsetting these however was the position in NAv NAv NAv NAv NAv
global gaming company Aristocrat, and being underweight 11.5 Category
or not owning global pallet renter Brambles, domestic 10K $12,829
incumbent telco Telstra or gas producer Origin Energy, all
of which outperformed the market during the quarter. YTD Annual

PDS Objective NAv Total Return %
NAv Income Return %
The Fund seeks to outperform the benchmark S&P/ASX NAv Growth Return %
300 Accumulation Index after costs and over rolling NAv Tax-Adj Return %
five-year periods.
Trailing 6 Mth 1 Yr 3 Yr 5 Yr 10 Yr
Fund Investment Strategy
Q...u..a..r.t.i.l.e...R..a..n..k............................................(...........................&............................*............................*............................&....
Alphinity believes that a company’s earnings growth and Total Return % -10.13 -2.96 5.97 5.22 9.49
expected earnings growth ultimately drives its share price
performance and that there is a systematic mispricing of Income Return % 1.80 2.79 3.16 3.27 3.76
individual shares over the short to medium term due to
under-or-over estimation of a company’s earnings ability. Growth Return % -11.76 -5.63 2.72 1.85 5.51
Alphinity believe that investing in companies with
underestimated forward earnings expectations provides Tax Adjusted Return % NAv NAv NAv NAv NAv
superior long term returns as the true earnings potential ...................................................................................................................................................................................
inevitably becomes apparent to the market. Market Index % -6.83 -2.84 6.69 5.63 9.00

Category % -8.88 -5.44 4.88 4.43 7.95

Market Index: S&P/ASX 200 TR AUD

Asset Allocation Risk Measures

Composition (31 Dec 2018) % Assets 3-Year Risk Measures Fund Category Index
Domestic Equity 93.56 Standard Deviation 10.27 10.07 9.83
Int'l Equity 0.00 Sharpe Ratio 0.34 0.52
Listed Property 0.00 R-Squared 0.43 89.87
Unlisted Property 0.00 Beta 95.92 0.97 --
Dom Fixed Interest 0.00 Alpha 1.02 -1.51 --
Intl Fixed Interest 0.00 -0.75 --
Cash 6.44
Other 0.00

Operations Fees

Investment Details One-time

Ticker 3566 Entry Fee/Contribution Fee 0.00%

APIR Code PAM0001AU Exit Fee/Withdrawal Fee 0.00%

Fund Inception 31 Oct 1994 .B..u..y./.S...e..ll..S..p..r.e..a..d......................................................0....4..0..%..
Annual
Net Assets (Mil) 31 Dec 2018 $137.12

Entry Price 24 Jan 2019 $2.9302 ICR pa (30 Jun 2018) 1.10%

.E.x..i.t..P..r.i.c..e...2..4...J..a..n..2..0..1..9.........................................$..2....9..1..8..6. Performance Fee pa (30 Jun 2018) NAv
Purchase Information
Management Fee pa 0.90%
Minimum Initial Investment $10,000
Admin Fee pa 0.00%
Minimum Additional Investment $1,000
Distribution
Minimum Withdrawal $1,000 Year Ended 30 June 2015 2016 2017 2018
9.22 8.53 8.62 9.42
Switching Allowed Yes Distributed CPU

.D..i.s.t..r.i.b.u..t..io..n..s...F..r.e..q..u..e.n..c..y......................................Q...u.a..r.t..e..r.l.y
Manager Info

Responsible Entity(RE) Fidante Partners Limited

RE Telephone +61 13 51 53

RE Website www.fidante.com.au

Fund Manager Alphinity Investment

Management Pty Ltd

© 2019 Morningstar, Inc. All rights reserved. Neither Morningstar, its affiliates, nor the content providers guarantee the data or content contained herein to be accurate, complete or timely nor will they have any liability for its use or
distribution. Any Morningstar ratings/recommendations contained in this report are based on the full research report available from Morningstar or your adviser. Any general advice or ‘class service’ have been prepared by Morningstar
Australasia Pty Ltd (ABN: 95 090 665 544, AFSL: 240892) and/or Morningstar Research Ltd, subsidiaries of Morningstar, Inc, without reference to your objectives, financial situation or needs. Refer to our Financial Services Guide (FSG) for more
information at www.morningstar.com.au/s/fsg.pdf. You should consider the advice in light of these matters and if applicable, the relevant Product Disclosure Statement before making any decision to invest. Our publications, ratings and
products should be viewed as an additional investment resource, not as your sole source of information. Past performance does not necessarily indicate a financial product’s future performance. To obtain advice tailored to your situation,
contact a professional financial adviser. Some material is copyright and published under licence from ASX Operations Pty Ltd ACN 004 523 782.

Investment Detail | Print Date: 29 January 2019 Page 4 of 14

Platinum Asia

....................................................................................................................................................................................................................................................................................

Morningstar Category Product Type Legal Type Fund Status Morningstar Rating
Equity Asia Pacific w/o Japan Retail Investment Trusts Open QQQ

Out of 28 funds as at 31 Dec 2018

Manager's Quarterly Comments 30 Sep 2018 Performance 31 Dec 2018

The Fund (C Class) achieved -2.8% for the quarter and 19.2 Growth of $10,000
4.9% for the year. The MSCI AC Asia ex Japan Net Index Fund
(A$) returns over these respective periods were 0.5% and 16.9 $15,678
10.0%. The Asia ex-Japan markets have faced a perfect
storm over the last six months. A strong US Dollar and 14.6 Market Index
rising US interest rates have put pressure on emerging $15,891
markets. Signs of a consumption slowdown in China and
the growing trade tension with the US have led to a sharp 12.3 Category
sell-off in Chinese stocks. The upshot is that some 10K $14,932
companies with strong earnings potential are now on
extremely attractive valuations. The Fund has been booking 2014 2015 2016 2017 2018 YTD Annual
profits and raising cash over the year while repositioning
the portfolio towards domestically-focused champions. The 22.03 2.00 0.31 35.31 -10.16 NAv Total Return %
Manager added to Reliance Industries, Geely Auto, AIA 6.20 14.33 6.01 10.29 18.14 NAv Income Return %
Group and 3SBio. The fund’s managers may see market 14.57 -13.24 -5.80 21.22 -27.08 NAv Growth Return %
volatility persist in the near term, as no imminent NAv NAv NAv Tax-Adj Return %
resolution to the trade war is in sight while oil prices and NAv NAv NAv
US interest rates are likely to keep rising. However, the
Manager is encouraged by the number of attractive Trailing 6 Mth 1 Yr 3 Yr 5 Yr 10 Yr
investments that they are finding and will continue to
deploy the Fund's capital with a view to capture those Q...u..a..r.t.i.l.e...R..a..n..k............................................(...........................(............................(............................*............................*....
potential long-term winners. Total Return % -8.90 -10.16 6.84 8.70 10.91

Income Return % 0.00 18.14 11.37 10.90 6.82

Growth Return % -8.90 -27.08 -5.92 -3.71 2.84

Tax Adjusted Return % NAv NAv NAv NAv NAv
...................................................................................................................................................................................
Market Index % -5.64 -4.87 9.76 9.13 9.98

Category % -7.18 -7.57 7.16 7.80 9.01

PDS Objective Market Index: MSCI AC Asia Ex Japan NR AUD

To provide capital growth over the long-term by investing Asset Allocation Risk Measures
in undervalued companies in the Asian region excluding
Japan. Composition (31 Dec 2018) % Assets 3-Year Risk Measures Fund Category Index
Domestic Equity 0.00 Standard Deviation 11.13 11.09 --
Fund Investment Strategy Int'l Equity Sharpe Ratio 0.52 --
Listed Property 74.27 R-Squared 0.48 81.58 --
The fund primarily invests in the listed securities of Asian Unlisted Property 0.00 Beta 88.82 0.97 --
companies. The fund will ideally consist of 50 to 100 Dom Fixed Interest 0.00 Alpha 1.02 -2.09 --
securities that Platinum believes to be undervalued by the Intl Fixed Interest 0.00 -2.80
market. Cash may be held when undervalued securities Cash 0.00
cannot be found. Platinum may short sell securities that it Other 25.73
considers overvalued. The Portfolio will typically have 50% 0.00
or more net equity exposure.

Operations Fees

Investment Details One-time

Ticker 9894 Entry Fee/Contribution Fee 0.00%

APIR Code PLA0004AU Exit Fee/Withdrawal Fee 0.00%

Fund Inception 04 Mar 2003 .B..u..y./.S...e..ll..S..p..r.e..a..d......................................................0....5..0..%..
Annual
Net Assets (Mil) 31 Dec 2018 $4150.03

Entry Price 24 Jan 2019 $2.4033 ICR pa (30 Jun 2018) 1.35%

.E.x..i.t..P..r.i.c..e...2..4...J..a..n..2..0..1..9.........................................$..2....3..9..1..3. Performance Fee pa (30 Jun 2018) 0.00%
Purchase Information
Management Fee pa 1.35%
Minimum Initial Investment $10,000
Admin Fee pa 0.00%
Minimum Additional Investment $0
Distribution
Minimum Withdrawal $10,000 Year Ended 30 June 2015 2016 2017 2018
53.16 16.55 31.79 60.06
Switching Allowed Yes Distributed CPU

.D..i.s.t..r.i.b.u..t..io..n..s...F..r.e..q..u..e.n..c..y.......................................A..n..n..u..a..l.l.y
Manager Info

Responsible Entity(RE) Platinum Investment

Management Ltd

RE Telephone +61 2 92557500

RE Website www.platinum.com.au

Fund Manager Platinum Investment

Management Ltd

© 2019 Morningstar, Inc. All rights reserved. Neither Morningstar, its affiliates, nor the content providers guarantee the data or content contained herein to be accurate, complete or timely nor will they have any liability for its use or
distribution. Any Morningstar ratings/recommendations contained in this report are based on the full research report available from Morningstar or your adviser. Any general advice or ‘class service’ have been prepared by Morningstar
Australasia Pty Ltd (ABN: 95 090 665 544, AFSL: 240892) and/or Morningstar Research Ltd, subsidiaries of Morningstar, Inc, without reference to your objectives, financial situation or needs. Refer to our Financial Services Guide (FSG) for more
information at www.morningstar.com.au/s/fsg.pdf. You should consider the advice in light of these matters and if applicable, the relevant Product Disclosure Statement before making any decision to invest. Our publications, ratings and
products should be viewed as an additional investment resource, not as your sole source of information. Past performance does not necessarily indicate a financial product’s future performance. To obtain advice tailored to your situation,
contact a professional financial adviser. Some material is copyright and published under licence from ASX Operations Pty Ltd ACN 004 523 782.

Investment Detail | Print Date: 29 January 2019 Page 5 of 14

AUI Healthcare Property Trust A

....................................................................................................................................................................................................................................................................................

Morningstar Category Product Type Legal Type Fund Status Morningstar Rating
Unlisted and Direct Property Retail Investment Trusts Closed

Manager's Quarterly Comments 30 Sep 2018 Performance 31 Dec 2018

The Australian Unity Healthcare Property Trust Class A 19.2 Growth of $10,000
produced a return of 2.25% over the quarter. 14 of the Fund
Trust's properties were independently re-valued, resulting 16.9 $16,421
in a net increase of $14.01 million from the properties book
value prior to valuation. The Trust continues to be very 14.6 Market Index
active in developing new and existing property assets to $17,797
improve healthcare services to patients and grow returns
for investors. Significant developments underway include: 12.3 Category
Build the Herston Specialist Rehabilitation Service, 10K $16,188
Herston, QLD; Tuggerah Lakes Private Hospital, Kanwal,
NSW;The Valley Private Hospital, Mulgrave, VIC;Peninsula 2014 2015 2016 2017 2018 YTD Annual
Private Hospital, Langwarrin, VIC; Primary Imaging Centre,
Port Macquarie, NSW 8.27 10.47 10.33 17.06 6.81 NAv Total Return %
6.79 5.96 5.59 6.55 4.83 NAv Income Return %
PDS Objective 1.32 4.21 4.46 9.79 1.84 NAv Growth Return %
NAv NAv NAv NAv NAv NAv Tax-Adj Return %
The fund invests in a diversified portfolio of healthcare
property and related assets, including direct property, Trailing 6 Mth 1 Yr 3 Yr 5 Yr 10 Yr
unlisted managed funds, Listed REITs, property syndicates
or companies that mainly hold healthcare property. .Q..u..a..r.t.i.l.e...R..a..n..k............................................*...........................(............................*............................(..........................N...A..v.
Total Return % 3.71 6.81 11.32 10.53 NAv
Fund Investment Strategy
Income Return % 2.14 4.83 5.66 5.94 NAv
The Fund may also invest in similar international healthcare
related assets in countries with healthcare systems and Growth Return % 1.52 1.84 5.31 4.28 NAv
property markets with key attributes similar to Australia.
Tax Adjusted Return % NAv NAv NAv NAv NAv
...................................................................................................................................................................................
Market Index % -0.08 2.91 7.18 12.33 NAv

Category % 2.72 8.34 9.88 10.27 NAv

Market Index: S&P/ASX 200 A-REIT TR

Asset Allocation Risk Measures

Composition (31 Dec 2018) % Assets 3-Year Risk Measures Fund Category Index
Domestic Equity 0.00 Standard Deviation 3.67 4.74 11.41
Int'l Equity 0.00 Sharpe Ratio 2.44 1.69
Listed Property 5.16 R-Squared 14.76 0.50
Unlisted Property Beta 0.12 35.60 --
Dom Fixed Interest 92.59 Alpha 8.25 0.18 --
Intl Fixed Interest 0.00 6.63 --
Cash 0.00
Other 2.25
0.00

Operations Fees

Investment Details One-time

Ticker 17144 Entry Fee/Contribution Fee 0.00%

APIR Code AUS0037AU Exit Fee/Withdrawal Fee 0.00%

Fund Inception 25 Feb 2009 .B..u..y./.S...e..ll..S..p..r.e..a..d......................................................2....8..1..%..
Annual
Net Assets (Mil) 31 Dec 2018 $235.84

Entry Price 25 Jan 2019 $1.1777 ICR pa (30 Jun 2018) 1.03%

.E.x..i.t..P..r.i.c..e...2..5...J..a..n..2..0..1..9.........................................$..1....1..4..5..5. Performance Fee pa (30 Jun 2018) 0.00%

Purchase Information Management Fee pa 0.84%

Minimum Initial Investment $5,000 Admin Fee pa 0.00%

Minimum Additional Investment $1,000 Distribution
Year Ended 30 June
Minimum Withdrawal $1,000 2015 2016 2017 2018

Switching Allowed Yes

.D..i.s.t..r.i.b.u..t..io..n..s...F..r.e..q..u..e.n..c..y......................................Q...u.a..r.t..e..r.l.y Distributed CPU 5.86 5.27 7.25 5.7
Manager Info

Responsible Entity(RE) Australian Unity Funds

Management Ltd

RE Telephone 132 939

RE Website www.australianunity.com.au/au/contact/default.asp

Fund Manager Australian Unity Funds

Management Ltd

© 2019 Morningstar, Inc. All rights reserved. Neither Morningstar, its affiliates, nor the content providers guarantee the data or content contained herein to be accurate, complete or timely nor will they have any liability for its use or
distribution. Any Morningstar ratings/recommendations contained in this report are based on the full research report available from Morningstar or your adviser. Any general advice or ‘class service’ have been prepared by Morningstar
Australasia Pty Ltd (ABN: 95 090 665 544, AFSL: 240892) and/or Morningstar Research Ltd, subsidiaries of Morningstar, Inc, without reference to your objectives, financial situation or needs. Refer to our Financial Services Guide (FSG) for more
information at www.morningstar.com.au/s/fsg.pdf. You should consider the advice in light of these matters and if applicable, the relevant Product Disclosure Statement before making any decision to invest. Our publications, ratings and
products should be viewed as an additional investment resource, not as your sole source of information. Past performance does not necessarily indicate a financial product’s future performance. To obtain advice tailored to your situation,
contact a professional financial adviser. Some material is copyright and published under licence from ASX Operations Pty Ltd ACN 004 523 782.

Investment Detail | Print Date: 29 January 2019 Page 6 of 14

AQR Wholesale Managed Futures 1P

....................................................................................................................................................................................................................................................................................

Morningstar Category Product Type Legal Type Fund Status Morningstar Rating
Alternative Strategies – Managed Futures Retail Investment Trusts Open Q

Out of 10 funds as at 31 Dec 2018

Manager's Quarterly Comments 30 Sep 2018 Performance 31 Dec 2018

The AQR Wholesale Managed Futures Fund - Class 1P 16.0 Growth of $10,000
outperformed its benchmark (Bloomberg AusBond Bank Bill Fund
Index) over the September 2018 quarter. Trend in both 14.5 $9,680
commodities and equities contributed positively to
performance while fixed income was flat and trend in 13.0 Market Index
currencies detracted from performance. Sustained bullish $11,082
trends in U.S. equity markets were a significant contributor
to overall positive performance for the asset class. In 11.5 Category
contrast, several factors weighed on European markets 10K $12,471
toward the second half of the quarter, including changing
risk sentiment stemming from Eurozone politics and 2014 2015 2016 2017 2018 YTD Annual
trade-related concerns, which whipsawed short-term
signals. Trend following in commodities contributed 24.38 7.49 -15.41 -1.46 -16.73 NAv Total Return %
positively for the quarter, with gains across signal types. 2.03 28.83 0.00 0.00 0.00 NAv Income Return %
Sustained bearish trends in precious metals, supported by 21.93 -26.02 -1.46 NAv Growth Return %
rising interest rates and a stronger U.S. dollar, drove NAv -15.41 NAv -16.73 NAv Tax-Adj Return %
positive performance. Energies also contributed positively NAv NAv NAv
as they sustained their bullish long-term trend. Trend
following in currencies was roughly flat for the third Trailing 6 Mth 1 Yr 3 Yr 5 Yr 10 Yr
quarter. Currency markets were directionless during the
quarter after significant reversals in the U.S. dollar, euro Q...u..a..r.t.i.l.e...R..a..n..k............................................(...........................)............................)............................)..........................N...A..v.
and yen during the first half of the year. Fixed income had a Total Return % -6.54 -16.73 -11.46 -1.48 NAv
relatively modest impact on performance for the quarter.
U.S. markets sustained their long-term bearish trends Income Return % 0.00 0.00 0.00 5.62 NAv
overall, supported by strong U.S. economic data and rising
interest rates. Gains were driven by net short exposures to Growth Return % -6.54 -16.73 -11.46 -8.94 NAv
U.S. fixed income, while net long exposures to European
fixed income detracted from performance. As at quarter Tax Adjusted Return % NAv NAv NAv NAv NAv
end, the Fund was operating near its long-term risk target: ...................................................................................................................................................................................
with underweights to equity and currency markets offset Market Index % 0.99 1.95 1.89 2.12 NAv
by overweights to fixed income and commodity markets.
Category % -1.59 -6.99 -4.11 3.95 NAv
PDS Objective
Market Index: RBA Bank accepted Bills 90 Days
The investment objective of the Fund is to produce high
risk-adjusted returns while targeting a low long term Asset Allocation Risk Measures
average correlation to traditional markets. The Fund will
seek to achieve returns from a managed futures trading Composition (31 Dec 2018) % Assets 3-Year Risk Measures Fund Category Index
strategy in excess of the Benchmark, over the medium to Domestic Equity 0.00 Standard Deviation 14.70 11.92 0.05
long-term (5-7+ years). Int'l Equity 0.00 Sharpe Ratio -0.88 -0.40
Listed Property 0.00 R-Squared -- --
Fund Investment Strategy Unlisted Property 0.00 Beta -- -- --
Dom Fixed Interest 0.00 Alpha -- -- --
To pursue its investment objective, the Fund will be Intl Fixed Interest 0.00 -- --
actively managed and will primarily invest in a portfolio of Cash 0.00
futures contracts and futures-related instruments Other
including, but not limited to, global developed and 100.00
emerging market equity index futures, global developed
and emerging market currency forwards, commodity Operations Fees
futures, swaps on commodity futures, global developed
and emerging market fixed income futures, bond futures Investment Details One-time
and swaps on bond futures as well as cash and cash
equivalents (collectively, the “Instruments”). Ticker 19089 Entry Fee/Contribution Fee 0.00%

APIR Code PER0634AU Exit Fee/Withdrawal Fee 0.00%

Fund Inception 01 Apr 2011 .B..u..y./.S...e..ll..S..p..r.e..a..d......................................................0....1..0..%..
Annual
Net Assets (Mil) 31 Dec 2018 $88.09

Entry Price 24 Jan 2019 $0.6711 ICR pa (30 Jun 2018) 2.06%

.E.x..i.t..P..r.i.c..e...2..4...J..a..n..2..0..1..9.........................................$..0....6..7..0..4. Performance Fee pa (30 Jun 2018) 0.70%
Purchase Information
Management Fee pa 1.20%
Minimum Initial Investment $25,000
Admin Fee pa 0.00%
Minimum Additional Investment $5,000
Distribution
Minimum Withdrawal $10,000 Year Ended 30 June 2013 2014 2015 2016
9.99 2.06 42.57 0
Switching Allowed Yes Distributed CPU

.D..i.s.t..r.i.b.u..t..io..n..s...F..r.e..q..u..e.n..c..y.......................................A..n..n..u..a..l.l.y
Manager Info

Responsible Entity(RE) Perpetual Trust Services

Limited

RE Telephone +61 02 8239 3351

RE Website www.perpetual.com.au

Fund Manager AQR Capital Management LLC

© 2019 Morningstar, Inc. All rights reserved. Neither Morningstar, its affiliates, nor the content providers guarantee the data or content contained herein to be accurate, complete or timely nor will they have any liability for its use or
distribution. Any Morningstar ratings/recommendations contained in this report are based on the full research report available from Morningstar or your adviser. Any general advice or ‘class service’ have been prepared by Morningstar
Australasia Pty Ltd (ABN: 95 090 665 544, AFSL: 240892) and/or Morningstar Research Ltd, subsidiaries of Morningstar, Inc, without reference to your objectives, financial situation or needs. Refer to our Financial Services Guide (FSG) for more
information at www.morningstar.com.au/s/fsg.pdf. You should consider the advice in light of these matters and if applicable, the relevant Product Disclosure Statement before making any decision to invest. Our publications, ratings and
products should be viewed as an additional investment resource, not as your sole source of information. Past performance does not necessarily indicate a financial product’s future performance. To obtain advice tailored to your situation,
contact a professional financial adviser. Some material is copyright and published under licence from ASX Operations Pty Ltd ACN 004 523 782.

Investment Detail | Print Date: 29 January 2019 Page 7 of 14

Spire Copper Rock Glbl Smaller Companies

....................................................................................................................................................................................................................................................................................

Morningstar Category Product Type Legal Type Fund Status Morningstar Rating
Equity World Mid/Small Retail Investment Trusts Open Q

Out of 24 funds as at 31 Dec 2018

PDS Objective Performance 31 Dec 2018 19.2 Growth of $10,000
Fund
The Fund aims to outperform the MSCI World Small Cap NAv 2015 16.9 $13,172
Index by 2% to 3% p.a. gross over a full market cycle (e.g. NAv 10.28
5 to 7 years). NAv 10.83 14.6 Market Index
NAv -1.88 $15,669
Fund Investment Strategy NAv NAv
12.3 Category
The Fund will invest primarily in equity securities of US and 10K $14,389
non-US issuers listed on globally recognised exchanges of
developed markets. The Fund will generally hold between 2016 2017 2018 YTD Annual
80 and 120 securities.
5.23 9.29 -10.27 NAv Total Return %
11.78 5.42 6.41 NAv Income Return %
-7.95 3.29 -16.03 NAv Growth Return %
NAv NAv NAv Tax-Adj Return %
NAv

Trailing 6 Mth 1 Yr 3 Yr 5 Yr 10 Yr

.Q..u..a..r.t.i.l.e...R..a..n..k............................................(...........................)............................)...........................N..A..v.......................N...A..v.
Total Return % -13.17 -10.27 1.05 NAv NAv

Income Return % 0.00 6.41 7.84 NAv NAv

Growth Return % -13.17 -16.03 -7.23 NAv NAv

Tax Adjusted Return % NAv NAv NAv NAv NAv
...................................................................................................................................................................................
Market Index % -11.97 -4.29 7.17 NAv NAv

Category % -11.38 -6.83 4.06 NAv NAv

Market Index: MSCI World Small Cap NR AUD

Asset Allocation Risk Measures

Composition (31 Dec 2018) % Assets 3-Year Risk Measures Fund Category Index
Domestic Equity 2.10 Standard Deviation 12.93 12.62 --
Int'l Equity Sharpe Ratio 0.31 --
Listed Property 96.73 R-Squared -- 76.39 --
Unlisted Property 0.00 Beta 93.60 0.86 --
Dom Fixed Interest 0.00 Alpha 1.04 -0.85 --
Intl Fixed Interest 0.00 -6.03
Cash 0.00
Other 1.17
0.00

Operations Fees

Investment Details One-time

Ticker 40761 Entry Fee/Contribution Fee 0.00%

APIR Code ETL0410AU Exit Fee/Withdrawal Fee 0.00%

Fund Inception 01 Jul 2014 .B..u..y./.S...e..ll..S..p..r.e..a..d......................................................0....4..1..%..
Annual
Net Assets (Mil) 24 Jan 2019 $84.51

Entry Price 24 Jan 2019 $0.9329 ICR pa (30 Jun 2018) 1.38%

.E.x..i.t..P..r.i.c..e...2..4...J..a..n..2..0..1..9.........................................$..0....9..2..9..1. Performance Fee pa (30 Jun 2018) 0.00%
Purchase Information
Management Fee pa 1.38%
Minimum Initial Investment $10,000
Admin Fee pa 0.00%
Minimum Additional Investment $5,000
Distribution
Minimum Withdrawal NAv Year Ended 30 June 2014 2015 2016 2017
NAv 13.94 13.16 5.69
Switching Allowed No Distributed CPU

.D..i.s.t..r.i.b.u..t..io..n..s...F..r.e..q..u..e.n..c..y.......................................A..n..n..u..a..l.l.y
Manager Info

Responsible Entity(RE) Equity Trustees Ltd

RE Telephone +61 3 8623 5290

RE Website www.eqt.com.au

Fund Manager Spire Capital Pty Ltd

© 2019 Morningstar, Inc. All rights reserved. Neither Morningstar, its affiliates, nor the content providers guarantee the data or content contained herein to be accurate, complete or timely nor will they have any liability for its use or
distribution. Any Morningstar ratings/recommendations contained in this report are based on the full research report available from Morningstar or your adviser. Any general advice or ‘class service’ have been prepared by Morningstar
Australasia Pty Ltd (ABN: 95 090 665 544, AFSL: 240892) and/or Morningstar Research Ltd, subsidiaries of Morningstar, Inc, without reference to your objectives, financial situation or needs. Refer to our Financial Services Guide (FSG) for more
information at www.morningstar.com.au/s/fsg.pdf. You should consider the advice in light of these matters and if applicable, the relevant Product Disclosure Statement before making any decision to invest. Our publications, ratings and
products should be viewed as an additional investment resource, not as your sole source of information. Past performance does not necessarily indicate a financial product’s future performance. To obtain advice tailored to your situation,
contact a professional financial adviser. Some material is copyright and published under licence from ASX Operations Pty Ltd ACN 004 523 782.

Investment Detail | Print Date: 29 January 2019 Page 8 of 14

Magellan Infrastructure

....................................................................................................................................................................................................................................................................................

Morningstar Category Product Type Legal Type Fund Status Morningstar Rating
Infrastructure - Global Retail Investment Trusts Open QQQQ

Out of 43 funds as at 31 Dec 2018

Manager's Quarterly Comments 30 Sep 2018 Performance 31 Dec 2018

The portfolio recorded a positive return over the quarter. 18.0 Growth of $10,000
The stocks that contributed the most included the Fund
investments in Canadian Pacific Railway and Atlas Arteria. 16.0 $16,599
Canadian Pacific added 13% thanks to its
better-than-expected result and operating outlook and on 14.0 Market Index
higher traffic numbers for North American railways. Atlas, $13,887
which is listed in Australia but manages toll roads in
France, Germany and the US, gained 10% as the Australian 12.0 Category
dollar weakened. The biggest detractor was Atlantia 10K $15,041
following the collapse of a bridge on a tolled road in Genoa.
The bridge that collapsed was a tolled section of the A10 2014 2015 2016 2017 2018 YTD Annual
motorway that was operated under a concession contract
by Autostrade per l’Italia, an 88% owned subsidiary of 22.40 10.63 6.71 17.43 -0.44 NAv Total Return %
Atlantia of Italy. The newly formed left-right populist Italian 2.73 2.68 7.23 8.50 4.54 NAv Income Return %
government blamed Atlantia for being derelict in its duties 19.12 7.63 -0.72 7.40 -4.84 NAv Growth Return %
to maintain the bridge. The government appears to have NAv NAv NAv NAv NAv NAv Tax-Adj Return %
commenced a process that could lead to it revoking the
single concession that governs Autostrade per l’Italia’s Trailing 6 Mth 1 Yr 3 Yr 5 Yr 10 Yr
toll-road network in Italy. The fund’s managers have
removed Atlantia from the portfolio following internal Q...u..a..r.t.i.l.e...R..a..n..k............................................*...........................*............................*............................&............................&....
analysis, including meetings with Italian legal and political Total Return % -2.25 -0.44 7.65 11.06 13.46
experts, that led us to conclude that the range of financial
outcomes that Atlantia faces is wide. Other stocks that Income Return % 1.22 4.54 6.75 5.11 5.94
lagged on a contributions basis included the investments in
Transurban and Enbridge of Canada. Transurban shed 6.3% Growth Return % -3.48 -4.84 0.49 5.40 6.68
as it completed a capital raising to fund its acquisition of
Westconnex. Enbridge lost 10% over a quarter during Tax Adjusted Return % NAv NAv NAv NAv NAv
which the pipeline operator said it would issue c.US$7.1 ...................................................................................................................................................................................
billion of equity to buy shares it does not own in three Market Index % -5.62 -6.71 6.78 6.91 9.51
North American units so as to simplify its corporate
structure. Movements in stocks are in local currency. Category % -2.33 -1.24 7.00 8.71 11.16

PDS Objective Market Index: S&P Global Infrastructure NR Hdg AUD

The primary objective of the Fund is to achieve attractive Asset Allocation Risk Measures
risk adjusted returns over the medium to long term, while
reducing the risk of permanent capital loss. Composition (31 Dec 2018) % Assets 3-Year Risk Measures Fund Category Index
Domestic Equity 21.98 Standard Deviation 8.00 8.51 8.12
Int'l Equity 70.85 Sharpe Ratio 0.73 0.59 0.62
Listed Property 0.00 R-Squared 80.65
Unlisted Property 0.00 Beta 0.88 63.08 --
Dom Fixed Interest 0.00 Alpha 1.38 0.80 --
Intl Fixed Interest 0.00 0.92 --
Cash 7.17
Other 0.00

Fund Investment Strategy Operations Fees

The Fund primarily invests in the securities of companies Investment Details One-time
listed on stock exchanges around the world, but will also
have some exposure to cash. The Fund can use foreign Ticker 15700 Entry Fee/Contribution Fee 0.00%
exchange contracts to facilitate settlement of stock
purchases and to mitigate currency risk on specific APIR Code MGE0002AU Exit Fee/Withdrawal Fee 0.00%
investments within the portfolio.
Fund Inception 29 Jun 2007 .B..u..y./.S...e..ll..S..p..r.e..a..d......................................................0....3..0..%..
Annual
Net Assets (Mil) 31 Dec 2018 $1566.98

Entry Price 24 Jan 2019 $1.2817 ICR pa (30 Jun 2018) 1.31%

.E.x..i.t..P..r.i.c..e...2..4...J..a..n..2..0..1..9.........................................$..1....2..7..7..9. Performance Fee pa (30 Jun 2018) 0.26%
Purchase Information
Management Fee pa 1.05%
Minimum Initial Investment $10,000
Admin Fee pa 0.10%
Minimum Additional Investment $5,000
Distribution
Minimum Withdrawal $5,000 Year Ended 30 June 2015 2016 2017 2018
2.94 9.29 11.28 5.37
Switching Allowed Yes Distributed CPU

.D..i.s.t..r.i.b.u..t..io..n..s...F..r.e..q..u..e.n..c..y..............................S..e..m...i.-.A..n..n..u..a..l.l.y
Manager Info

Responsible Entity(RE) Magellan Asset Management

Limited

RE Telephone 612 9235 4888

RE Website www.magellangroup.com.au

Fund Manager Magellan Asset Management

Limited

© 2019 Morningstar, Inc. All rights reserved. Neither Morningstar, its affiliates, nor the content providers guarantee the data or content contained herein to be accurate, complete or timely nor will they have any liability for its use or
distribution. Any Morningstar ratings/recommendations contained in this report are based on the full research report available from Morningstar or your adviser. Any general advice or ‘class service’ have been prepared by Morningstar
Australasia Pty Ltd (ABN: 95 090 665 544, AFSL: 240892) and/or Morningstar Research Ltd, subsidiaries of Morningstar, Inc, without reference to your objectives, financial situation or needs. Refer to our Financial Services Guide (FSG) for more
information at www.morningstar.com.au/s/fsg.pdf. You should consider the advice in light of these matters and if applicable, the relevant Product Disclosure Statement before making any decision to invest. Our publications, ratings and
products should be viewed as an additional investment resource, not as your sole source of information. Past performance does not necessarily indicate a financial product’s future performance. To obtain advice tailored to your situation,
contact a professional financial adviser. Some material is copyright and published under licence from ASX Operations Pty Ltd ACN 004 523 782.

Investment Detail | Print Date: 29 January 2019 Page 9 of 14

Macquarie Income Opportunities

....................................................................................................................................................................................................................................................................................

Morningstar Category Product Type Legal Type Fund Status Morningstar Rating
Diversified Credit Retail Investment Trusts Open QQQ

Out of 55 funds as at 31 Dec 2018

Manager's Quarterly Comments 30 Sep 2018 Performance 31 Dec 2018

The Fund outperformed the benchmark over the quarter. 13.0 Growth of $10,000
Investment grade credit sector allocations were the most Fund
significant drivers of the result, with security selection also 12.25 $11,510
adding value. Holdings of Australian major bank
subordinated debt (which has been very well supported 11.5 Market Index
despite the weak equity market performance of the banks) 10.75 $12,475
was a large positive contributor, as were holdings of longer 10K
dated (>10yr to maturity) offshore corporate and financial Category
issuers, as credit curves flattened. Duration positioning $11,740
detracted slightly, with a negative from the overweight to
duration somewhat offset by positive regional selection, 2014 2015 2016 2017 2018 YTD Annual
minimising the overall drawdown.
3.62 1.57 4.05 4.52 0.85 NAv Total Return %
3.15 2.11 2.89 4.02 2.78 NAv Income Return %
0.46 -0.53 1.12 0.46 -1.88 NAv Growth Return %
NAv NAv NAv NAv NAv NAv Tax-Adj Return %

PDS Objective Trailing 6 Mth 1 Yr 3 Yr 5 Yr 10 Yr

The Fund aims to outperform the Bloomberg AusBond .Q..u..a..r.t.i.l.e...R..a..n..k............................................(...........................(............................(............................(............................(....
Bank Bill Index over the medium term (before fees). It aims Total Return % 0.70 0.85 3.13 2.91 5.10
to provide higher income returns than traditional cash
investments at all stages of interest rate and economic Income Return % 1.00 2.78 3.23 2.99 4.17
cycles.
Growth Return % -0.30 -1.88 -0.11 -0.08 0.88
Fund Investment Strategy
Tax Adjusted Return % NAv NAv NAv NAv NAv
The Fund provides exposure to a wide range of Australian ...................................................................................................................................................................................
credit-based securities (predominantly floating and fixed Market Index % 0.77 -1.17 4.10 4.90 8.13
rate corporate bonds, and asset-backed securities) and
cash. The Fund may also have exposure to global Category % 0.73 1.10 3.39 3.37 6.04
investment grade credit securities, global high yield credit
securities, emerging market debt, hybrid securities and a Market Index: BBgBarc Global Agg Corp TR Hdg AUD
range of other credit opportunities when they are expected
to outperform and reduce exposure to these sectors when Asset Allocation Risk Measures
they are expected to underperform.
Composition (31 Dec 2018) % Assets 3-Year Risk Measures Fund Category Index
Domestic Equity 0.00 Standard Deviation 1.30 1.48 3.02
Int'l Equity 0.00 Sharpe Ratio 0.93 1.37 0.73
Listed Property 0.00 R-Squared 26.85
Unlisted Property 0.00 Beta 0.22 25.83 --
Dom Fixed Interest Alpha 0.72 0.27 --
Intl Fixed Interest 42.80 0.85 --
Cash 47.20
Other 10.00
0.00

Operations Fees

Investment Details One-time

Ticker 10715 Entry Fee/Contribution Fee 0.00%

APIR Code MAQ0277AU Exit Fee/Withdrawal Fee 0.00%

Fund Inception 19 Sep 2003 .B..u..y./.S...e..ll..S..p..r.e..a..d......................................................0....3..0..%..
Annual
Net Assets (Mil) 31 Dec 2018 $3285.70

Entry Price 23 Jan 2019 $1.0103 ICR pa (30 Jun 2017) 0.49%

.E.x..i.t..P..r.i.c..e...2..3...J..a..n..2..0..1..9.........................................$..1....0..0..7..3. Performance Fee pa (30 Jun 2017) NAv
Purchase Information
Management Fee pa 0.49%
Minimum Initial Investment $20,000
Admin Fee pa 0.00%
Minimum Additional Investment $500
Distribution
Minimum Withdrawal $0 Year Ended 30 June 2015 2016 2017 2018
2.72 2.49 4.16 2.98
Switching Allowed Yes Distributed CPU

.D..i.s.t..r.i.b.u..t..io..n..s...F..r.e..q..u..e.n..c..y.......................................M....o..n..t.h..l.y
Manager Info

Responsible Entity(RE) Macquarie Investment

Management Aus Ltd.

RE Telephone +61 2 82323333

RE Website NAv

Fund Manager Macquarie Investment

Management Aus Ltd.

© 2019 Morningstar, Inc. All rights reserved. Neither Morningstar, its affiliates, nor the content providers guarantee the data or content contained herein to be accurate, complete or timely nor will they have any liability for its use or
distribution. Any Morningstar ratings/recommendations contained in this report are based on the full research report available from Morningstar or your adviser. Any general advice or ‘class service’ have been prepared by Morningstar
Australasia Pty Ltd (ABN: 95 090 665 544, AFSL: 240892) and/or Morningstar Research Ltd, subsidiaries of Morningstar, Inc, without reference to your objectives, financial situation or needs. Refer to our Financial Services Guide (FSG) for more
information at www.morningstar.com.au/s/fsg.pdf. You should consider the advice in light of these matters and if applicable, the relevant Product Disclosure Statement before making any decision to invest. Our publications, ratings and
products should be viewed as an additional investment resource, not as your sole source of information. Past performance does not necessarily indicate a financial product’s future performance. To obtain advice tailored to your situation,
contact a professional financial adviser. Some material is copyright and published under licence from ASX Operations Pty Ltd ACN 004 523 782.

Investment Detail | Print Date: 29 January 2019 Page 10 of 14

Fidelity Global Equities

....................................................................................................................................................................................................................................................................................

Morningstar Category Product Type Legal Type Fund Status Morningstar Rating
Equity World Large Growth Retail Investment Trusts Open QQQQ

Out of 76 funds as at 31 Dec 2018

Manager's Quarterly Comments 30 Sep 2018 Performance 31 Dec 2018

The fund underperformed the index by -1.8% over the 19.2 Growth of $10,000
quarter. Investor sentiment was hurt by a broad sell-off in Fund
the financial sector on concerns related to liquidity 16.9 $16,375
problems at some of India’s non-banking financial
companies. At a stock level, Kotak Mahindra Bank 14.6 Market Index
delivered weaker-than-expected results due to higher $16,164
provisions for treasury losses, even as its bad loan ratio
improved. ICICI Prudential Life Insurance came under 12.3 Category
pressure due to concerns related to monthly volume 10K $15,843
declines. Nonetheless, the company has one of the best
retail franchises, and continues to close its margin-gap 2014 2015 2016 2017 2018 YTD Annual
with competitors via product mix enhancements. The
company posted mixed second quarter results and 12.33 15.57 5.55 17.72 1.00 NAv Total Return %
lowered its third quarter 2018 guidance. Its shares also 0.40 1.10 0.49 0.76 0.36 NAv Income Return %
came under pressure following the termination of its $44 11.89 14.27 5.02 16.79 0.65 NAv Growth Return %
billion merger deal with US chip maker Qualcomm due to NAv NAv NAv NAv NAv NAv Tax-Adj Return %
Chinese regulatory opposition. It also received a break-up
fee of $2 billion from Qualcomm and announced a $5 billion Trailing 6 Mth 1 Yr 3 Yr 5 Yr 10 Yr
stock repurchase programme. Sartorius Stedim Biotech’s
quarterly results beat expectations in light of its large order .Q..u..a..r.t.i.l.e...R..a..n..k............................................(...........................(............................&............................*............................&....
intake. Lenovo Group continued to execute well, with Total Return % -5.94 1.00 7.86 10.25 10.94
profitability across its PC, smartphone and data centre
product lines. Flowserve, which offers a comprehensive Income Return % 0.00 0.36 0.53 0.62 0.46
suite of flow control products and services with attractive
long-term exposure to the global oil & gas, chemical and Growth Return % -5.94 0.65 7.27 9.56 10.42
general industrial verticals, reported impressive second
quarter results with better bookings and organic growth. Tax Adjusted Return % NAv NAv NAv NAv NAv
Shares in SoftBank Group, a leading technology investor, ...................................................................................................................................................................................
rose after hedge fund Tiger Global Management invested Market Index % -4.56 1.52 7.49 9.81 9.57
more than $1 billion in the company, citing its
undervaluation. The lack of exposure to Facebook and Category % -5.13 1.95 7.63 9.26 9.00
Tencent Holdings also added relative value.
Market Index: MSCI World Ex Australia NR AUD
PDS Objective
Asset Allocation Risk Measures
The fund seeks to achieve returns in excess of the MSCI
ACWI (All Country World Index) Index over the suggested Composition (31 Dec 2018) % Assets 3-Year Risk Measures Fund Category Index
minimum investment time period of five to seven years. Domestic Equity 0.00 Standard Deviation 9.59 10.04 9.83
Int'l Equity Sharpe Ratio 0.64 0.55 0.59
Listed Property 96.60 R-Squared 94.37 78.80
Unlisted Property 0.00 Beta 0.95 0.90 --
Dom Fixed Interest 0.00 Alpha 0.63 0.25 --
Intl Fixed Interest 0.00 --
Cash 0.00
Other 3.40
0.00

Fund Investment Strategy Operations Fees

The Fund invests in a diversified selection of international Investment Details One-time
securities. Fidelity believes that markets are semi-efficient
and share prices don’t always reflect inherent value. Ticker 4897 Entry Fee/Contribution Fee 0.00%
Through in-house, bottom-up company research, Fidelity
aims to uncover the opportunities that it believes offer the APIR Code FID0007AU Exit Fee/Withdrawal Fee 0.00%
greatest scope for outperformance.
Fund Inception 15 Apr 1998 .B..u..y./.S...e..ll..S..p..r.e..a..d......................................................0....6..0..%..
Annual
Net Assets (Mil) 31 Dec 2018 $274.69

Entry Price 24 Jan 2019 $23.6015 ICR pa (30 Jun 2018) 0.99%

.E.x..i.t..P..r.i.c..e...2..4...J..a..n..2..0..1..9.......................................$..2..3....4..6..0..3. Performance Fee pa (30 Jun 2018) 0.00%
Purchase Information
Management Fee pa 0.99%
Minimum Initial Investment $25,000
Admin Fee pa 0.00%
Minimum Additional Investment NAv
Distribution
Minimum Withdrawal NAv Year Ended 30 June 2014 2015 2016 2017
5.59 20.31 8.86 16.03
Switching Allowed Yes Distributed CPU

.D..i.s.t..r.i.b.u..t..io..n..s...F..r.e..q..u..e.n..c..y.......................................A..n..n..u..a..l.l.y
Manager Info

Responsible Entity(RE) FIL Responsible Entity

(Australia) Ltd

RE Telephone NAv

RE Website NAv

Fund Manager FIL Limited

© 2019 Morningstar, Inc. All rights reserved. Neither Morningstar, its affiliates, nor the content providers guarantee the data or content contained herein to be accurate, complete or timely nor will they have any liability for its use or
distribution. Any Morningstar ratings/recommendations contained in this report are based on the full research report available from Morningstar or your adviser. Any general advice or ‘class service’ have been prepared by Morningstar
Australasia Pty Ltd (ABN: 95 090 665 544, AFSL: 240892) and/or Morningstar Research Ltd, subsidiaries of Morningstar, Inc, without reference to your objectives, financial situation or needs. Refer to our Financial Services Guide (FSG) for more
information at www.morningstar.com.au/s/fsg.pdf. You should consider the advice in light of these matters and if applicable, the relevant Product Disclosure Statement before making any decision to invest. Our publications, ratings and
products should be viewed as an additional investment resource, not as your sole source of information. Past performance does not necessarily indicate a financial product’s future performance. To obtain advice tailored to your situation,
contact a professional financial adviser. Some material is copyright and published under licence from ASX Operations Pty Ltd ACN 004 523 782.

Investment Detail | Print Date: 29 January 2019 Page 11 of 14

Investors Mutual WS Future Leaders

....................................................................................................................................................................................................................................................................................

Morningstar Category Product Type Legal Type Fund Status Morningstar Rating
Equity Australia Mid/Small Value Wholesale Investment Trusts Open QQQQ

Out of 16 funds as at 31 Dec 2018

Manager's Quarterly Comments 30 Sep 2018 Performance 31 Dec 2018

The Investors Mutual Future Leaders Fund had a solid 19.2 Growth of $10,000
quarter gaining +2.7%, which compares favourably to the Fund
benchmark’s gain of +2.4%. The Fund was helped by solid 16.9 $16,054
performances from many of the fund’s core holdings
including Mayne Pharma, Here, There & Everywhere, 14.6 Market Index
Clydesdale Bank, IPH, EQT Holdings and Bravura Solutions. $13,518
Furthermore, the fund’s caution and very low holding to the
ever volatile small Resources sector benefited relative 12.3 Category
performance. With bond yields now rising sharply led by 10K $15,190
the US, investors’ focus on valuations has intensified as
higher bond yields generally leads to a reduction in PE 2014 2015 2016 2017 2018 YTD Annual
ratios which means that many of the higher PE stocks are
now correcting to more realistic levels. The portfolio 13.73 16.43 17.28 5.66 -2.97 NAv Total Return %
remains well positioned in this regard with a decent cash 8.95 13.30 10.50 9.16 10.85 NAv Income Return %
weighting and a strong focus on owning reasonably priced 3.95 1.64 5.49 -3.38 -12.93 NAv Growth Return %
stocks. NAv NAv NAv Tax-Adj Return %
NAv NAv NAv
PDS Objective
Trailing 6 Mth 1 Yr 3 Yr 5 Yr 10 Yr
To provide a rate of return (after fees and expenses and
before taxes) which exceeds the return of the relevant Q...u..a..r.t.i.l.e...R..a..n..k............................................&...........................&............................*............................&............................*....
Benchmark of the Fund on a rolling four year basis. Total Return % -8.34 -2.97 6.34 9.75 11.57

Fund Investment Strategy Income Return % 3.20 10.85 10.17 10.54 8.88

The Fund will invest in a diversified portfolio of quality ASX Growth Return % -11.33 -12.93 -3.90 -1.28 1.98
listed Australian and New Zealand shares outside the Top
50 shares listed on the ASX, where these shares are Tax Adjusted Return % NAv NAv NAv NAv NAv
identified by our investment team as being undervalued. ...................................................................................................................................................................................
Market Index % -12.75 -8.67 7.45 5.62 6.87

Category % -5.69 -4.03 7.98 8.55 11.97

Market Index: S&P/ASX Small Ordinaries TR AUD

Asset Allocation Risk Measures

Composition (31 Dec 2018) % Assets 3-Year Risk Measures Fund Category Index
Domestic Equity 100.00 Standard Deviation 8.61 10.56 12.04
Int'l Equity Sharpe Ratio 0.54 0.43
Listed Property 0.00 R-Squared 58.74 55.50 0.50
Unlisted Property 0.00 Beta 0.55 0.65 --
Dom Fixed Interest 0.00 Alpha 1.34 0.53 --
Intl Fixed Interest 0.00 --
Cash 0.00
Other 0.00
0.00

Operations Fees

Investment Details One-time

Ticker 8741 Entry Fee/Contribution Fee 0.00%

APIR Code IML0003AU Exit Fee/Withdrawal Fee 0.00%

Fund Inception 01 May 2002 .B..u..y./.S...e..ll..S..p..r.e..a..d......................................................0....5..0..%..
Annual
Net Assets (Mil) 31 Dec 2018 $569.01

Entry Price 24 Jan 2019 $1.0745 ICR pa (30 Jun 2018) 0.99%

.E.x..i.t..P..r.i.c..e...2..4...J..a..n..2..0..1..9.........................................$..1....0..6..9..1. Performance Fee pa (30 Jun 2018) 0.50%
Purchase Information
Management Fee pa 0.99%
Minimum Initial Investment $50,000
Admin Fee pa 0.00%
Minimum Additional Investment $5,000
Distribution
Minimum Withdrawal $5,000 Year Ended 30 June 2015 2016 2017 2018
12.71 15.22 10.81 12.62
Switching Allowed Yes Distributed CPU

.D..i.s.t..r.i.b.u..t..io..n..s...F..r.e..q..u..e.n..c..y..............................S..e..m...i.-.A..n..n..u..a..l.l.y
Manager Info

Responsible Entity(RE) Investors Mutual Limited

RE Telephone 02 92327500

RE Website www.iml.com.au

Fund Manager Investors Mutual Limited

© 2019 Morningstar, Inc. All rights reserved. Neither Morningstar, its affiliates, nor the content providers guarantee the data or content contained herein to be accurate, complete or timely nor will they have any liability for its use or
distribution. Any Morningstar ratings/recommendations contained in this report are based on the full research report available from Morningstar or your adviser. Any general advice or ‘class service’ have been prepared by Morningstar
Australasia Pty Ltd (ABN: 95 090 665 544, AFSL: 240892) and/or Morningstar Research Ltd, subsidiaries of Morningstar, Inc, without reference to your objectives, financial situation or needs. Refer to our Financial Services Guide (FSG) for more
information at www.morningstar.com.au/s/fsg.pdf. You should consider the advice in light of these matters and if applicable, the relevant Product Disclosure Statement before making any decision to invest. Our publications, ratings and
products should be viewed as an additional investment resource, not as your sole source of information. Past performance does not necessarily indicate a financial product’s future performance. To obtain advice tailored to your situation,
contact a professional financial adviser. Some material is copyright and published under licence from ASX Operations Pty Ltd ACN 004 523 782.

Investment Detail | Print Date: 29 January 2019 Page 12 of 14

PIMCO Income Wholesale

....................................................................................................................................................................................................................................................................................

Morningstar Category Product Type Legal Type Fund Status Morningstar Rating
Multi-Strategy Income Retail Investment Trusts Open QQQQQ

Out of 48 funds as at 31 Dec 2018

Manager's Quarterly Comments 31 Dec 2018 Performance 31 Dec 2018 12.0 Growth of $10,000
Fund
Over the quarter, the Income strategy generated positive NAv NAv 2016 2017 2018 11.5 $11,672
returns as the higher quality portion and currency NAv NAv 9.19 7.61 -0.11
positioning contributed. The higher yielding portion NAv NAv 4.54 4.70 3.90 11.0 Market Index
detracted over the quarter. Contributing to performance NAv NAv 4.46 2.78 -3.87 $11,091
are U.S. interest rate exposure, exposure to a basket of NAv NAv NAv NAv NAv
emerging market currencies, exposure to Australian 10.5 Category
duration, and exposure to the U.S. cash rate. Detracting 10K $11,083
from performance are exposure to high yield and
investment grade corporate credit, holdings of securitized YTD Annual
credit, primarily non-Agency MBS, exposure to local and
U.S. dollar denominated emerging market debt, hedge NAv Total Return %
against Japanese duration. Steady U.S. growth should be NAv Income Return %
supportive of select credit sectors. High quality securitized NAv Growth Return %
debt and select corporate credits offer attractive income NAv Tax-Adj Return %
generating opportunities. The fund’s managers continue to
find select opportunities within emerging markets. Trailing 6 Mth 1 Yr 3 Yr 5 Yr 10 Yr
Cautious on overall duration favoring U.S. and Australian
rates, while underweight U.K. and Japanese rates. The .Q..u..a..r.t.i.l.e...R..a..n..k............................................*...........................(............................&...........................N..A..v.......................N...A..v.
fund hold modest long exposure to a basket of high carry Total Return % 0.84 -0.11 5.48 NAv NAv
EM currencies for additional diversification.
Income Return % 1.95 3.90 4.38 NAv NAv
PDS Objective
Growth Return % -1.10 -3.87 1.06 NAv NAv
The primary objective of the Fund is to seek high current
income, consistent with prudent investment management. Tax Adjusted Return % NAv NAv NAv NAv NAv
Long-term capital appreciation is a secondary objective. ...................................................................................................................................................................................
Market Index % 2.80 4.54 3.70 NAv NAv
Fund Investment Strategy
Category % 0.63 0.85 3.57 NAv NAv
In pursuing the Fund’s investment objective, PIMCO applies
a wide range of diverse strategies including Duration Market Index: Bloomberg AusBond Composite 0+Y TR AUD
analysis, Credit analysis, Relative Value analysis, Sector
Allocation and Rotation and individual security selection. Asset Allocation Risk Measures
PIMCO’s investment strategy emphasises active decision
making with a long-term focus. A number of these terms Composition (31 Dec 2018) % Assets 3-Year Risk Measures Fund Category Index
are explained in the Glossary section of the Reference Domestic Equity 0.00 Standard Deviation 2.12 3.23 2.48
Guide. Int'l Equity 0.00 Sharpe Ratio 1.65 0.71 0.73
Listed Property 0.00 R-Squared 0.68 10.15
Unlisted Property 0.00 Beta 0.07 -0.04 --
Dom Fixed Interest Alpha 3.37 0.97 --
Intl Fixed Interest 18.42 --
Cash 81.58
Other 0.00
0.00

Operations Fees

Investment Details One-time

Ticker 41334 Entry Fee/Contribution Fee 0.00%

APIR Code ETL0458AU Exit Fee/Withdrawal Fee 0.00%

Fund Inception 28 Oct 2015 .B..u..y./.S...e..ll..S..p..r.e..a..d......................................................0....0..0..%..
Annual
Net Assets (Mil) 25 Jan 2019 $447.04

Entry Price 25 Jan 2019 $1.0408 ICR pa (30 Jun 2018) 0.78%

.E.x..i.t..P..r.i.c..e...2..5...J..a..n..2..0..1..9.........................................$..1....0..4..0..8. Performance Fee pa (30 Jun 2018) NAv
Purchase Information
Management Fee pa 0.78%
Minimum Initial Investment $20,000
Admin Fee pa 0.00%
Minimum Additional Investment $5,000
Distribution
Minimum Withdrawal $0 Year Ended 30 June 2015 2016 2017 2018
NAv 2.56 4.88 4
Switching Allowed No Distributed CPU

.D..i.s.t..r.i.b.u..t..io..n..s...F..r.e..q..u..e.n..c..y.......................................M....o..n..t.h..l.y
Manager Info

Responsible Entity(RE) PIMCO Australia Management

Limited

RE Telephone NAv

RE Website NAv

Fund Manager PIMCO Australia Pty Limited

© 2019 Morningstar, Inc. All rights reserved. Neither Morningstar, its affiliates, nor the content providers guarantee the data or content contained herein to be accurate, complete or timely nor will they have any liability for its use or
distribution. Any Morningstar ratings/recommendations contained in this report are based on the full research report available from Morningstar or your adviser. Any general advice or ‘class service’ have been prepared by Morningstar
Australasia Pty Ltd (ABN: 95 090 665 544, AFSL: 240892) and/or Morningstar Research Ltd, subsidiaries of Morningstar, Inc, without reference to your objectives, financial situation or needs. Refer to our Financial Services Guide (FSG) for more
information at www.morningstar.com.au/s/fsg.pdf. You should consider the advice in light of these matters and if applicable, the relevant Product Disclosure Statement before making any decision to invest. Our publications, ratings and
products should be viewed as an additional investment resource, not as your sole source of information. Past performance does not necessarily indicate a financial product’s future performance. To obtain advice tailored to your situation,
contact a professional financial adviser. Some material is copyright and published under licence from ASX Operations Pty Ltd ACN 004 523 782.

Investment Detail | Print Date: 29 January 2019 Page 13 of 14

PIMCO Global Credit W

....................................................................................................................................................................................................................................................................................

Morningstar Category Product Type Legal Type Fund Status Morningstar Rating
Diversified Credit Retail Investment Trusts Open QQQQ

Out of 55 funds as at 31 Dec 2018

Manager's Quarterly Comments 31 Dec 2018 Performance 31 Dec 2018

The portfolio underperformed its index for the quarter as 13.0 Growth of $10,000
duration and currency positioning detracted while spread Fund
positioning contributed. Contributing to performance are 12.25 $12,382
underweight to EM external debt as spreads widened, and
underweight to government related securities. Detracting 11.5 Market Index
from performance are duration positioning, including a yield 10.75 $12,475
curve positioning in Australia and an underweight to 10K
Japanese duration, security selection in the banking Category
sector, as select European subordinated financials $11,740
underperformed amid heightened political uncertainty,
exposure to mortgage credit and housing related sectors, 2014 2015 2016 2017 2018 YTD Annual
as spreads widened alongside slowing house price growth.
Security selection within financials, particularly within 9.34 3.50 5.57 5.21 0.13 NAv Total Return %
subordinated bank debt, detracted from performance. 7.72 4.88 6.66 3.12 0.50 NAv Income Return %
Select positions in AT1 bonds and T2 CoCos, 1.33 -1.40 -1.15 1.99 -0.37 NAv Growth Return %
predominantly from UK and Swiss banks, detracted NAv NAv NAv NAv NAv NAv Tax-Adj Return %
alongside risk-off market sentiment and heightened
political uncertainty. The exposure to select finance Trailing 6 Mth 1 Yr 3 Yr 5 Yr 10 Yr
companies specialized in consumer and mortgage lending,
as well as aircraft leasing, detracted from performance. .Q..u..a..r.t.i.l.e...R..a..n..k............................................*...........................(............................*............................&............................&....
The Fund was exposed to lower rated bonds in the sector Total Return % 1.09 0.13 3.61 4.71 7.67
which underperformed amid increased volatility during the
quarter. The Fund's underweight to electric utility Income Return % 0.45 0.50 3.40 4.54 6.64
companies contributed to performance, as the sector
underperformed. Utility companies tend to issue longer Growth Return % 0.64 -0.37 0.15 0.07 0.77
dated bonds, which underperformed during the period. In
addition, select issuers in the US underperformed due to Tax Adjusted Return % NAv NAv NAv NAv NAv
potential liabilities in relation to the recent wildfires in ...................................................................................................................................................................................
California. Market Index % 0.77 -1.17 4.10 4.90 8.13

PDS Objective Category % 0.73 1.10 3.39 3.37 6.04

To achieve maximum total return by investing in global Market Index: BBgBarc Global Agg Corp TR Hdg AUD
non-treasury fixed interest securities, and to seek to
preserve capital through prudent investment management. Asset Allocation Risk Measures

Fund Investment Strategy Composition (31 Dec 2018) % Assets 3-Year Risk Measures Fund Category Index
Domestic Equity 0.00 Standard Deviation 2.35 1.48 3.02
The Fund invests in a diversified portfolio of predominantly Sharpe Ratio 0.73 1.37 0.73
investment grade bonds including corporate, mortgage and Int'l Equity 0.00 R-Squared 92.12
asset-backed securites. The Fund may invest a portion of Beta 0.75 25.83 --
its assets in below investment grade and emerging market Listed Property 0.00 Alpha 0.06 0.27 --
securities. 0.85 --
Unlisted Property 0.00

Dom Fixed Interest -0.10

Intl Fixed Interest 100.10

Cash 0.00

Other 0.00

-25 0 25 50 75 100 125

Operations Fees

Investment Details One-time

Ticker 10884 Entry Fee/Contribution Fee 0.00%

APIR Code ETL0019AU Exit Fee/Withdrawal Fee 0.00%

Fund Inception 04 Dec 2001 .B..u..y./.S...e..ll..S..p..r.e..a..d......................................................0....2..0..%..

Net Assets (Mil) 31 Dec 2018 $976.69 Annual

Entry Price 25 Jan 2019 $0.9955 ICR pa (30 Jun 2018) 0.61%

.E.x..i.t..P..r.i.c..e...2..5...J..a..n..2..0..1..9.........................................$..0....9..9..3..5. Performance Fee pa (30 Jun 2018) NAv
Purchase Information
Management Fee pa 0.61%
Minimum Initial Investment $20,000
Admin Fee pa 0.00%
Minimum Additional Investment $5,000
Distribution
Minimum Withdrawal $0 Year Ended 30 June 2015 2016 2017 2018
5.1 6.96 2.93 1.05
Switching Allowed Yes Distributed CPU

.D..i.s.t..r.i.b.u..t..io..n..s...F..r.e..q..u..e.n..c..y......................................Q...u.a..r.t..e..r.l.y

Manager Info

Responsible Entity(RE) PIMCO Australia Management

Limited

RE Telephone NAv

RE Website NAv

Fund Manager PIMCO Australia Pty Limited

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