Institutional Investors

Global Bonds

The Trust provides an actively managed exposure to a portfolio of international fixed interest securities.

Trust Objective

To provide a total return (after fees) that exceeds the Lehman Brothers Global Aggregate Index - hedged measured on a rolling three-year basis.

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Suitable Investor Profile

This Trust may be suitable for investors with an investment horizon of three years or more, who are seeking exposure to a portfolio of international fixed interest investment products and who require a high level of capital protection.

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Fund Facts

Investment Approach

Perennial Fixed Interest focuses on valuing the medium term economic outlook and market fundamentals using a disciplined decision-making framework. The process involves constantly assessing new information to refine Perennial Fixed Interest's view of value and compare that to current market prices. The degree to which market prices diverge from fair value, determines the level of conviction and the degree to which the portfolios deviate from benchmark. Perennial Fixed Interest employs multiple strategies to add value including modified duration and yield curve management, sector allocation and security selection.

Investment Strategy

The Trust is an actively managed portfolio of interest-bearing securities of varying maturity dates. Western Asset Management is responsible for the management of the portfolio covering country and sector allocation, security selection and currency.

Investments of the Trust include government and corporate bonds, mortgage and other asset-backed securities and agency debt.

A maximum of 10% of the portfolio may be invested in securities rated sub-investment grade by a recognised ratings agency. Western Asset Management is authorised to hold up to a maximum of 20% of the currency exposure unhedged.

The Trust is authorised to utilise derivative instruments for risk management purposes, subject to the specific restriction that they cannot be used to gear portfolio exposure.

Investment Manager

Western Asset Management has been appointed by Perennial to manage the assets of the Trust. Western Asset Management is a specialist international manager with offices in Pasadena, California, London and Singapore. They seek to add value through the application of an investment discipline employing multiple strategies and positions with a style best characterised as value-driven sector rotation.

Further details can be found on their website at www.westernasset.com.

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Investment Summary

Perennial Western Asset Management Global Bond Trust
Minimum Investment $100,000
Minimum Added Investment $5,000
Risk/Return Profile Moderate
Returns achieved mainly through Income
Income Distribution Half Yearly
Minimum Recommended Investment Period 3 Years

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Unit Prices

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Distribution

Perennial Western Asset Management Global Bond Trust
Frequency As at Reinvested
NAV Price($)		 CPU Fund Payment CPU * Discounted Capital Gain CPU
Half Yearly 30/06/10 1.0122 0.0000 0.0000 0.0000
Half Yearly 31/12/09 0.9406 0.0000 0.0000 0.0000
Half Yearly 30/06/09 0.8489 0.0000 0.0000 0.0000
Half Yearly 31/12/08 0.7937 0.0000 0.0000 0.0000
Half Yearly 30/06/08 0.8743 5.3416 -- --
Half Yearly 31/12/07 0.9587 3.3000 -- --
Half Yearly 30/06/07 0.9761 3.9150 -- --
Half Yearly 31/12/06 1.0161 2.0000 -- --
Half Yearly 30/06/06 0.9879 3.8353 -- --
Half Yearly 31/12/05 1.0305 0.9000 -- --
Half Yearly 30/06/05 1.0236 5.7836 -- --

* A fund payment is a payment made by a Managed Investment Trust that represents a distribution of its Australian sourced income (other than dividends, interest and royalties).

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Performance and Fees

Perennial Western Asset Management Global Bond Trust
PERFORMANCE TABLE 1 MONTH % P.A. QUARTER % P.A. FIN. YEAR TO DATE % P.A. 1 YEAR % P.A. 2 YEARS % P.A. 3 YEARS % P.A. 5 YEARS % P.A. SINCE INCEPT. % P.A. FEES  
As at 31/7/2010                 Entry Fee (%) NIL
GROSS PERFORMANCE 1.9 2.5 1.9 17.3 9.6 5.6 4.9 7.3 Exit Fee (%) NIL
BENCHMARK (Barclays Global Aggregate - $A) 1.1 3.6 1.1 11.1 10.7 9.8 7.5 8.1 Management Fee (% pa) 0.55
VALUE ADDED 0.8 -1.1 0.8 6.2 -1.1 -4.2 -2.6 -0.8 Performance Fee NIL
NET PERFORMANCE 1.8 2.3 1.8 16.6 8.9 5.0 4.3 6.7 Buy/Sell Spread (%) Nil
Average Annual Compound Rate of Return
As at 31/7/2010 GROWTH RETURN % P.A INCOME DISTRIBUTION RETURN % P.A. TOTAL RETURN % P.A BENCHMARK % P.A *
1 Year 16.6 0.0 16.6 11.1
3 Years 1.8 3.2 5.0 9.8
5 Years 0.2 4.1 4.3 7.5
Since Inception 0.2 6.5 6.7 8.1

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Publications

Perennial Western Asset Management Global Bond Trust

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We are Perennial

Copyright © Perennial Investment Partners Limited 2007, Version 3.30.00

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Investment Manager: Perennial Investment Partners Ltd ABN 59 087 901 620, AFSL No. 238763. Sub Manager: Perennial Value Management Limited ABN 22 090 879 904, AFSL No. 247293. Perennial Fixed Interest Partners Pty Limited ABN 35 099 336 357, Perennial International Equities Management Pty Limited ACN 099 336 375, Perennial Growth Management Pty Limited ABN 41 099 336 384 and Perennial Real Estate Investments Pty Limited ABN 35 117 913 685 are Subsidiaries and Authorised Representatives of Perennial Investment Partners Limited.