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• Trust Objective
• Suitable Investor Profile
• Fund Facts
• Investment Summary
• Unit Prices
• Distribution
• Performance and Fees
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Trust Objective

To grow the value of your investment over the long-term through a combination of capital growth and income by investing in a broad selection of Australian property investments. The Trust aims to provide a total return (after fees) that exceeds the S&P/ASX 200 A-REIT Accumulation Index measured over a rolling three-year period.

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Suitable Investor Profile

The Trust may be suitable for investors with an investment horizon of five years or more, who are seeking exposure to Australian property markets.

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Fund Facts

Investment Approach

Perennial Real Estate seeks to buy listed, or soon to be listed, Australian property securities that offer good cashflow growth and consistent income characteristics. Perennial Real Estate has the underlying belief that these securities will offer investors the best long-term total return investment outcomes.

Investment Strategy

The Trust will invest in listed (or soon to be listed) property securities from Australian property markets, including but not exclusive to commercial and retail markets, which Perennial Real Estate, the investment manager, believes can offer superior capital growth and income characteristics.

Perennial Real Estate places great emphasis on bottom-up property securities research.

The portfolio will typically hold approximately 15 securities, with a minimum of 10 and a maximum of 20.

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.

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

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Investment Summary

Perennial Aust Listed Property Securities Trust

Minimum Investment	$25,000
Minimum Added Investment	$5,000
Risk/Return Profile	Moderate to 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 Aust Listed Property Securities Trust

Frequency	As at	Reinvested NAV Price($)	CPU	Fund Payment CPU *	Discounted Capital Gain CPU
Half Yearly	30/06/10	0.4206	5.6778	1.4465	0.0000
Half Yearly	31/12/09	0.4884	1.2000	0.2587	0.0000
Half Yearly	30/06/09	0.3964	3.2719	1.6157	0.2002
Half Yearly	31/12/08	0.5001	0.6500	0.2547	0.0000
Half Yearly	30/06/08	0.7029	2.5912	--	--
Half Yearly	31/12/07	1.0182	0.8000	--	--
Half Yearly	30/06/07	1.1979	6.3837	--	--
Half Yearly	31/12/06	1.2959	0.5700	--	--
Half Yearly	30/06/06	1.0281	1.1578	--	--

* 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 Aust Listed Property Securities 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	1.3	-3.3	1.3	21.0	-9.0	-20.2		-10.5	Exit Fee (%)	NIL
BENCHMARK (S&P/ASX 200 A-REIT Accum.)	1.0	-3.9	1.0	18.8	-14.0	-22.3		-11.5	Management Fee (% pa)	0.92
VALUE ADDED	0.3	0.6	0.3	2.2	5.0	2.1		1.0	Performance Fee	NIL
NET PERFORMANCE	1.2	-3.4	1.2	20.2	-9.4	-20.6		-10.8	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	3.4	16.9	20.2	18.8
3 Years	-27.9	7.3	-20.6	-22.3
5 Years
Since Inception	-17.8	7.0	-10.8	-11.5

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 200 Property 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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