FUND OVERVIEW

Perennial International Equities Trust

Inception Date

July 2001

Fund Size as at 31/12/2011

$38.44 million

Asset Allocation
As at 31/12/2011

Asset allocation pie chart
ASSET CLASS % ALLOCATION
North America 50.6
Europe 28.2
Japan 6.4
Asia (ex-Japan) 6.2
Latin America 4.9
Cash 3.8

Top Stock Holdings
As at 31/12/2011

STOCK % OF TRUST VALUE
PETROFAC LTD 2.2
BRITISH AMER TOBACCO 2.2
PHILIP MORRIS INTL 2.2
BG GROUP ORD GBP0-10 2.1
GENERAL ELECTRIC CO 2.1


The composition of the Trust's investments is subject to constant change. The holding of securities may vary or be disposed of at any time.

International Shares

The Trust provides an actively managed exposure to a diversified portfolio of international shares.

Trust Objective

To grow the value of your investment over the long term by investing in a diversified portfolio of international shares and to provide a total return (after fees) that exceeds the return of the MSCI World Accumulation Index (ex-Australia) - unhedged measured in Australian Dollar terms 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 five years or more, who are seeking capital growth via a diversified exposure to investments listed on overseas stock exchanges and who can accept the short term fluctuation in price typically associated with such investments.

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Fund Facts

Investment Approach

Perennial International seeks to identify quality companies with sustainable long-term growth at reasonable valuations with the underlying belief that these companies will show consistent earnings growth and be eventually positively re-valued by the market.

Investment Strategy

The Trust invests in a range of shares listed on overseas sharemarkets predominantly drawn from countries represented in the MSCI World Accumulation Index (ex-Australia) - unhedged.

Perennial International, the investment manager, aims to add value by focusing on what it considers to be well managed companies, with quality earnings potential and long term growth prospects, which have been ignored by investors because of short term concerns about market direction.

Currency exposure is generally left unhedged. However, currency hedging may be taken in periods of extreme currency volatility i.e. currency risk may be hedged in circumstances where it is considered that the Australian dollar is trading at significantly undervalued levels. The maximum level of currency hedging is 50% of the portfolio's currency exposure.

The Trust will attempt to be fully invested at all times, with 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.

For reasons of investment efficiency, the Trust may gain its exposure by holding units in other IOOF Group unit trusts.

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Investment Summary

Perennial International Equities 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 International Equities Trust
Frequency As at Reinvested
NAV Price($)		 CPU Fund Payment CPU * Discounted Capital Gain CPU
Half Yearly 31/12/11 0.4942 0.0000 0.0000 0.0000
Half Yearly 30/06/11 0.5603 0.0002 0.0002 0.0000
Half Yearly 31/12/10 0.5807 0.0000 0.0000 0.0000
Half Yearly 30/06/10 0.5611 0.0005 0.0005 0.0000
Half Yearly 31/12/09 0.5754 0.0000 0.0000 0.0000
Half Yearly 30/06/09 0.5192 0.7429 0.3037 0.0000
Half Yearly 31/12/08 0.5537 0.5000 0.1873 0.0000
Half Yearly 30/06/08 0.7360 0.3957 -- --
Half Yearly 31/12/07 0.8268 0.1200 -- --
Half Yearly 30/06/07 0.8384 0.2785 -- --

* 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 International Equities 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 31/12/2011                 Entry Fee (%) NIL
GROSS PERFORMANCE -1.9 2.0 -11.3 -13.7 -6.1 -2.0 -8.4 -4.4 Exit Fee (%) NIL
BENCHMARK (MSCI World ex Australia Net Divs in AUD) 0.2 2.0 -6.2 -5.3 -3.7 -2.6 -7.5 -4.0 Management Fee (% pa) 1.23
VALUE ADDED -2.1 0.0 -5.1 -8.4 -2.4 0.6 -0.9 -0.4 Performance Fee NIL
NET PERFORMANCE -2.0 1.7 -11.8 -14.9 -7.3 -3.3 -9.5 -5.4 Buy/Sell Spread (%) 0.80
Average Annual Compound Rate of Return
As at 31/12/2011 GROWTH RETURN % P.A INCOME DISTRIBUTION RETURN % P.A. TOTAL RETURN % P.A BENCHMARK % P.A *
1 Year -14.9 0.0 -14.9 -5.3
3 Years -3.7 0.5 -3.3 -2.6
5 Years -10.1 0.6 -9.5 -7.5
Since Inception -6.6 1.2 -5.4 -4.0

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Publications and Monthly Commentaries

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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.