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• Trust Objective
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• Investment Summary
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Trust Objective

To grow the value of your investment over the long term via a combination of capital growth and tax effective income by investing in a diversified portfolio of "growth oriented" Australian shares and to provide a total return (after fees) that exceeds the S&P/ASX 300 Accumulation Index measured on a rolling three-year basis.

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Suitable Investor Profile

The Trust may be suitable for investors with an investment horizon of five or more years, who are seeking exposure to a portfolio of Australian "growth oriented" companies.

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Fund Facts

Investment Approach

Perennial Growth invests using a "growth" investment style. Perennial Growth believes that growing companies generate the most value for shareholders and that these companies attract management interested in building businesses rather than merely managing them. Perennial Growth seeks companies that offer profitable growth prospects.

Investment Strategy

The Trust invests in companies listed (or soon to be listed) on the ASX, whilst applying a "growth" investment style to investing.

Perennial Growth, the investment manager, seeks to invest in companies that offer sustainable and profitable growth prospects at attractive prices. Perennial Growth believe that growing companies generate the most value for shareholders and that these companies attract management interested in building businesses rather than merely managing them. Perennial Growth's investment process also takes into account the effect that competitive forces have on a company's growth prospects in its proprietary Lifecycle Valuation Analysis.

The Trust will attempt to be fully invested at all times, with a cash exposure not exceeding 10% for any length of time.

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.

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Investment Summary

Perennial Growth Australian Shares Trust

Minimum Investment	$25,000
Minimum Added Investment	$5,000
Risk/Return Profile	High
Returns achieved mainly through	Growth & Income
Income Distribution	Half Yearly
Minimum Recommended Investment Period	5 Years

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Unit Prices

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Distribution

Perennial Growth Australian Shares Trust

Frequency	As at	Reinvested NAV Price($)	CPU	Fund Payment CPU *	Discounted Capital Gain CPU
Half Yearly	30/06/10	1.1994	1.3364	0.0000	0.0000
Half Yearly	31/12/09	1.3679	2.0000	0.0000	0.0000
Half Yearly	30/06/09	1.1085	0.8532	0.0000	0.0000
Half Yearly	31/12/08	0.9726	3.2500	0.1368	0.0000
Half Yearly	30/06/08	1.4503	13.9696	--	--
Half Yearly	31/12/07	1.9170	4.3000	--	--
Half Yearly	30/06/07	1.8778	10.7515	--	--
Half Yearly	31/12/06	1.7100	3.1000	--	--
Half Yearly	30/06/06	1.5467	7.3281	--	--
Half Yearly	31/12/05	1.4448	4.1000	--	--
Half Yearly	30/06/05	1.2864	5.7203	--	--

* 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 Growth Australian Shares 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	3.9	-7.6	3.9	8.0	-1.9	-6.0	6.4	8.7	Exit Fee (%)	NIL
BENCHMARK (S&P/ASX 300 Accum.)	4.5	-6.0	4.5	10.0	-0.6	-6.1	4.9	8.3	Management Fee (% pa)	0.92
VALUE ADDED	-0.6	-1.6	-0.6	-2.0	-1.3	0.1	1.5	0.4	Performance Fee	NIL
NET PERFORMANCE	3.8	-7.8	3.8	7.0	-2.7	-6.7	5.5	8.0	Buy/Sell Spread (%)	0.60

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	4.3	2.7	7.0	10.0
3 Years	-12.2	5.5	-6.7	-6.1
5 Years	-1.2	6.7	5.5	4.9
Since Inception	2.9	5.1	8.0	8.3
Performance is net of fees and charges and is based on exit price to exit price for the period and assumes that all distributions are reinvested. Investment management fees and other fees and expenses are accounted for in the exit prices. Past performance is not a reliable indicator of future performance. Unit prices may rise and fall in line with the value of the underlying assets. S&P/ASX 300 Accumulation Index is a recognised marketing index (or benchmark) that the performance of the Trust is measured against.

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Publications

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