Institutional Investors

Capital Stable

The Trust provides an actively managed exposure to a mix of international and Australian shares and fixed interest and Australian and international listed property securities and cash.

Trust Objective

To provide a relatively low risk of capital loss and a total return (after fees) that exceeds the return of its benchmark 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 two years or more, who are seeking a risk-averse portfolio of diversified investments.

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Fund Facts

Investment Approach

Investors in the Trust are able to access exposures to a range of actively managed income and growth asset classes designed to significantly grow the value of an investment over the medium to long term.

Investment Strategy

The Trust invests in a broad range of investments including Australian and international equities and fixed interest securities, Australian and international listed property securities and cash. Within the Australian equities allocation of the Trust, the management is usually split equally between the growth style and value style of investing.

The growth orientation of this Trust means it has a higher weighting towards traditional growth assets such as shares and property and a lesser weighting towards the lower risk asset classes such as cash and fixed interest.

Perennial's approach to asset allocation focuses on the macro-economic environment and how it will affect asset class returns. Using this background, Perennial actively varies the weighting given to Australian equities, Australian fixed interest and cash. Exposure to other asset classes is maintained at or close to their neutral allocation.

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

This Trust is authorised to utilise approved derivative instruments for risk management purposes, subject to the specific restriction that derivative instruments cannot be used to establish asset allocation positions outside the approved ranges.

The Trust does not hedge against foreign exchange movements, however the underlying IOOF Group unit trusts may do so.

The current asset ranges and neutral allocations for the Trust are shown in the following table. The Trust will generally be managed within these ranges and specified percentages. The asset ranges and specified percentages may be revised, without notice to investors, in response to factors affecting the underlying investments such as changes in economic conditions and market movements. Where a material alteration impacts the nature of the Trust, investors will be given prior written notice.

Asset Class Asset Range# Neutral Allocation
Australian shares 25 - 45% 35%
Australian fixed interest 12.5 - 32.5% 22.5%
Cash 0 - 22.5% 2.5%
International shares 22.5% 22.5%
Australian property securities 2.5% 2.5%
International fixed interest 7.5% 7.5%
International property securities 7.5% 7.5%

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Investment Summary

Perennial Capital Stable Wholesale Trust
Minimum Investment $25,000
Minimum Added Investment $5,000
Risk/Return Profile Low to Moderate
Returns achieved mainly through Growth & Income
Income Distribution Half Yearly
Minimum Recommended Investment Period 2 Years

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Unit Prices

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Distribution

Perennial Capital Stable Wholesale Trust
Frequency As at Reinvested
NAV Price($)		 CPU Fund Payment CPU * Discounted Capital Gain CPU
Half Yearly 30/06/10 0.9616 2.2799 0.5282 0.0000
Half Yearly 31/12/09 0.9819 1.6000 0.2218 0.0000
Half Yearly 30/06/09 0.8934 3.0465 0.9644 0.0000
Half Yearly 31/12/08 0.8818 1.5000 0.0113 0.0000
Half Yearly 30/06/08 0.9561 8.1793 -- --
Half Yearly 31/12/07 1.0853 3.0000 -- --
Half Yearly 30/06/07 1.1041 8.5620 -- --
Half Yearly 31/12/06 1.1405 2.3500 -- --
Half Yearly 30/06/06 1.0915 8.2491 -- --
Half Yearly 31/12/05 1.1352 2.9000 -- --
Half Yearly 30/06/05 1.1032 4.0429 -- --

* 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 Capital Stable Wholesale 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
NET PERFORMANCE 1.5 -0.5 1.5 10.0 5.7 2.7 5.3 6.4 Exit Fee (%) NIL
Management Fee (% pa) 0.72
Performance Fee 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 5.7 4.3 10.0
3 Years -3.9 6.6 2.7
5 Years -2.6 8.0 5.3
Since Inception -0.2 6.6 6.4

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Publications

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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.