FUND OVERVIEW

Perennial Aust Listed Property Securities Trust

Inception Date

March 2006

Fund Size as at 31/12/2011

$9.32 million

Asset Allocation
As at 31/12/2011

Asset allocation pie chart
ASSET CLASS % ALLOCATION
Diversified REITs 35.1
Industrial REITS 6.9
Mortgage REITS 0.0
Office REITS 3.2
Residential REITS 0.0
Retail REITS 50.5
Specialised REITS 0.0
Other REITS 0.0
RE Mgmt & Development 0.0
Non Real Estate 0.0
Cash 4.3


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 200 Property Accumulation Index is a recognised marketing index (or benchmark) that the performance of the Trust is measured against.



Australian Property

The Trust provides an actively managed exposure to a portfolio of Australian listed property securities.

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 31/12/11 0.3925 0.9000 0.3607 0.0000
Half Yearly 30/06/11 0.4218 0.7947 0.1364 0.0000
Half Yearly 31/12/10 0.4159 1.3500 0.0000 0.0000
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 -- --

* 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 31/12/2011                 Entry Fee (%) NIL
GROSS PERFORMANCE -2.6 3.4 -4.5 -1.0 -0.3 2.5 -14.0 -8.0 Exit Fee (%) NIL
BENCHMARK (S&P/ASX 200 A-REIT Accum.) -2.7 3.7 -4.6 -1.5 -0.9 1.9 -14.9 -8.8 Management Fee (% pa) 0.92
VALUE ADDED 0.1 -0.3 0.1 0.5 0.6 0.6 0.9 0.8 Performance Fee NIL
NET PERFORMANCE -2.7 3.2 -4.8 -1.6 -0.9 2.1 -14.5 -8.4 Buy/Sell Spread (%) 0.60
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 -5.6 4.0 -1.6 -1.5
3 Years -7.8 9.9 2.1 1.9
5 Years -21.3 6.8 -14.5 -14.9
Since Inception -15.0 6.6 -8.4 -8.8

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 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.