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Capstone Recommended List Users Guide – February 2011

Please Note: The Lonsec Recommended List continues to be Capstone’s Recommended List the Standard & Poor’s ratings are for comparison purposes only.

The following recommended list is to be used as a guide to compare the product ratings of Lonsec with the ratings Standard & Poor’s have assigned to the same product.

These ratings will be updated at the beginning of each month. No ratings on this document will be updated throughout the month, therefore we suggest you access the Lonsec website for the latest Lonsec ratings.

When a fund is not rated by Standard & Poor’s there will be an NR assigned in the Standard & Poor’s ratings column.

If you would like a copy of the Standard & Poor’s research for any of the products please email Carolyn Coverdale.

Ratings Definitions

Lonsec’s Rating Categories

Highly RecommendedThe Highly Recommended rating indicates that Lonsec has high conviction that the fund or product can achieve its objectives and, if applicable, outperform peers over an appropriate investment timeframe. The manager or product has strong competitive advantages in people, process and product design and has no areas of material weakness. The investment is a preferred entry point to access this asset class or strategy.

RecommendedThe Recommended rating indicates that Lonsec has conviction that the fund or product can achieve its objectives and, if applicable, outperform peers over an appropriate investment timeframe. The manager or product has a number of competitive advantages in people, process and product design. The investment is a recommended entry point to access this asset class or strategy.

Investment GradeThe Investment Grade rating indicates that Lonsec believes that the fund or product can achieve its objectives and, if applicable, outperform some of its peers over an appropriate investment timeframe. However, compared to higher rated managers / funds, this manager has fewer competitive advantages (and / or has a number of weaknesses) in people, process or product design. If available, higher rated funds or products giving access to this asset class or strategy are expected to provide better long term investment outcomes.

HoldThe Hold rating indicates that Lonsec has low conviction that the fund or product can achieve its objectives and, if applicable, outperform peers over an appropriate investment timeframe compared to higher rated funds. The manager or product has no competitive advantages (and / or has a significant number of weaknesses) in people, process or product design. It is not recommended that any new or additional investment be made into this product. If available, higher rated funds or products giving access to this asset class or strategy are expected to provide better long term investment outcomes.

Fund WatchThe Fund Watch rating indicates that it is not recommended that any new or additional investment be made into this fund or product. A significant change has occurred with the management of the Fund and a detailed assessment of


the change is required and / or a series of rectifying actions are required from the manager before this rating can be changed. A Fund Watch rating may be a precursor to a ratings change and will normally be short term in nature.

RedeemThe Redeem rating indicates the Fund is no longer considered worthy of investment for any time period, and redemption (sale of units) should be made as soon as possible. An adverse development has taken place that is considered detrimental to the interests of investors.

Standard & Poor's Rating Categories

Five StarStandard & Poor’s has very high conviction that the manager will consistently generate risk-adjusted fund returns in excess of relevant investment objectives and relative to peers.

Four Star Standard & Poor’s has high conviction that the manager will consistently generate risk adjusted fund returns in excess of relevant investment objectives and relative peers.

Three Star Standard &Poor’s has conviction that the manager can generate risk-adjusted fund returns in line with relevant investment objectives and relative to peers.

Two Star Standard & Poor’s has conviction that the manager will not generate risk-adjusted fund returns in line with relevant investment objectives and relative to peers.

One StarStandard & Poor’s has high conviction that the manager will not generate risk-adjusted fund returns in line with relevant investment objectives and relative to peers.

On Hold Issues potentially affecting the management of the fund have emerged, and the fund rating is temporarily suspended, pending clarification

Sell A manager with significant issues that have the potential to adversely impact performance. Existing investors should consider obtaining advice regarding switching or redemption.


FUND LONSECRATING

STANDARD & POOR’S RATING

Property Direct - Healthcare Australian Unity Healthcare Property Trust Highly Recommended ****Australian Unity Healthcare Property Trust - Class A Units Highly Recommended ****Australian Equities Resources EIM Emerging Resources Company Share Fund Highly Recommended NRDiversified - Objective Based Schroder Real Return Fund Highly Recommended NREquity Australasia Mint Australia New Zealand Active Equity Trust Investment Grade NRProperty Direct - Other Centro Direct Property Fund Hold NRCentro Direct Property Fund International Hold NRProperty Direct - Retail Charter Hall Direct Retail Fund Recommended (Upper End) NRProperty Direct - Diversified Charter Hall Direct Property Fund Hold NRMortgage Aust Unity Mortgage Income Trust Hold NRBalmain (MMT) Mortgage Trust Hold NR

Balmain AQUA Income Fund Hold NRChallenger Howard Mortgage Fund Hold HoldING Monthly Income Trust Hold NRING Mortgage Trust No. 2 Hold HoldPerpetual's Monthly Income Fund Hold ***AXA Australian Monthly Income Fund Ceased Coverage HoldMortgage High Yield Balmain AQUA High Income Fund Hold NRMirvac AQUA Enhanced Income Fund Closed-Wind Up NRAustralian Unity High Yield Mortgage Trust Ceased Coverage NRAustralian Fixed Interest Vanguard Australian Fixed Interest Index Highly Recommended ****Aberdeen Australian Fixed Income Fund Recommended ***BlackRock Indexed Australian Bond Fund Recommended ****Colonial First State Wholesale Australian Bond Fund Recommended ****Perennial Fixed Interest Wholesale Trust Recommended NR


UBS Australian Bond Fund Recommended ****Tyndall Australian Bond Fund Investment Grade *****

Alternative Investments Direct Agribusiness RFM Diversified Agricultural Fund Fund Watch NRAlternative Income Colonial First State Global Credit Income Fund Highly Recommended ****Macquarie Income Opportunities Fund Highly Recommended ****Acadian Quant Yield Fund Recommended ****AMP Capital Corporate Bond Fund Recommended ****AMP Enhanced Cash Recommended NRAUI Vianova Strategic Fixed Interest Trust Recommended ****BT Institutional Enhanced Cash Fund Recommended HoldEQT PIMCO Wholesale Australian Focus Fd Recommended *****Kapstream Absolute Return Income Fund Recommended ***Perennial Cash Enhanced Wholesale Trust Recommended NRVanguard International Credit Securities Index (Hedged) Recommended ****BlackRock Monthly Income Fund Hold ****Colonial First State Income Fund Hold HoldCFS MIF - Income Fund Closed-Wind Up NRAlternative Income (High) Bentham Global Income Fund Recommended ****Franklin Templeton Multisector Bond Fund (I Class) Recommended NRGoldman Sachs Enhanced Income Wholesale Fund Recommended ***P.M. Capital Enhanced Yield Fund Recommended ***Perpetual's Diversified Income Fund Recommended ****Principal Global Strategic Income Fund Recommended ****Goldman Sachs Income Plus Fund Investment Grade ***UBS Diversified Credit Fund Investment Grade ***AMP Capital Investors-Enhanced Yield Fund-Class A Hold NRBasis Capital Yield Fund Closed-Wind Up NREQT High Income Fund Closed-Wind Up NRMulti Manager - Alternative Income Mercer Income Plus Fund Highly Recommended NRMLC Diversified Debt Fund Recommended ****Diversified Fixed Interest Schroder Fixed Income Fund W Class Highly Recommended ****


Goldman Sachs Core Plus Australian Fixed Interest Fund Recommended ****Macquarie Master Diversified Fixed Interest Fund Recommended ****Aviva Investors Premier Fixed Income Fund Investment Grade ***ING Diversified Fixed Interest Investment Grade ***UBS Diversified Fixed Income Fund Investment Grade ***Global Fixed Interest EQT Pimco Global Bond Fund Highly Recommended *****Aberdeen Global Government Bond Fund Recommended ***BlackRock Indexed Global Bond Fund Recommended ****BlackRock Wholesale International Bond Fund Recommended ***Vanguard Hedged International Fixed Interest Fund Recommended ****Amundi Global Diversified Fixed Interest Fund Investment Grade NRDiversified - Capital Stable Tax Effective Income Aberdeen Multi-Asset Income Fund Recommended ***BlackRock Wholesale Managed Income Fund Recommended ****ING Income Plus Trust Recommended NRBT Monthly Income Fund Fund Watch NRDiversified - Balanced Tax Effective Income ING Tax Effective Income Trust Recommended ***Divrsified - Capital Stable (max 40% growth) ING Capital Stable Trust Recommended ***MLC Index Plus Conservative Growth Portfolio Recommended NRPerpetual Investment Choice Conservative Growth Recommended ****UBS Defensive Investment Fund Recommended ***Vanguard Wholesale Conservative Index Fund Recommended ****Aust Unity Wholesale Conservative Growth Investment Grade NRCFS Managed Investment Conservative Fund Investment Grade ***Zurich Managed Investment Capital Stable Fund Investment Grade NRBT Split Income Fund Fund Watch NRBT Wholesale Conservative Outlook Fund Fund Watch NRMulti Manager - Capital Stable Advance Defensive Multi-Blend Fund Highly Recommended ***BT Multi-Manager Conservative Fund Highly Recommended ***Optimix Conservative Fund Highly Recommended NRRussell Conservative Fund Highly Recommended ***Russell Ventura Capital Stable Fund Highly Recommended ***AMP Future Directions Conservative Fund Recommended NRAXA Defensive Fund Multi Manager Recommended NR


Ibbotson Conservative Growth Trust Recommended NRIPAC Diversified Investment Strategy No 1 Recommended NRipac Income Generator Recommended NRMLC Horizon 1 Bond Portfolio Recommended ****MLC Horizon 2 Capital Stable Portfolio Recommended ****United Sector Leaders Capital Secure Fund Recommended NRUnited Sector Leaders Capital Stable Fund Recommended NRColonial First State FirstChoice Conservative Fund Investment Grade ***Colonial First State FirstChoice Defensive Fund Investment Grade ***Pre-Select Conservative Fund Investment Grade ***Custom Choice Conservative Portfolio Closed-Wind Up NRDiversified - Balanced (41-60 % growth) ING Balanced Fund Recommended ***MLC Index Plus Balanced Portfolio Recommended NRPerpetual Diversified Growth Fund Recommended ****Vanguard Balanced Index Fund Recommended ****Colonial First State Balanced Fund Investment Grade ***Zurich Investment Series Balanced Fund Investment Grade NRMulti Manager - Balanced Advance Moderate Multi-Blend Fund Highly Recommended ***Optimix Moderate Fund Highly Recommended NRRussell Balanced Opportunities Portfolio Highly Recommended NRRussell Diversified 50 Fund Highly Recommended ***Russell Foundation II Portfolio Highly Recommended NRAMP Future Directions Moderately Conservative Fund Recommended NRAXA Alternative Balanced Multi Manager Recommended NRAXA Moderately Defensive Fund Multi Manager Recommended NRIbbotson Balanced Growth Trust Recommended NRIPAC Diversified Investment Strategy No.5 Recommended NRMLC Horizon 3 Conservative Growth Portfolio Recommended ****Summit Select Income Generator Recommended NRUnited Sector Leaders Capital Balanced Fund Recommended NRColonial First State FirstChoice Balanced Fund Investment Grade ***Colonial First State FirstChoice Moderate Fund Investment Grade ***Pre-Select Balanced Fund Investment Grade ***Custom Choice Moderately Conservative Portfolio Closed-Wind Up NRDiversified - Growth (61-80% growth) BlackRock Balanced Fund Highly Recommended *****


Schroder Balanced Fund W Class Highly Recommended NRING Active Growth Recommended ***ING Managed Growth Fund Recommended ***Maple-Brown Abbott Diversified Investment Recommended NRMLC Index Plus Growth Portfolio Recommended NRPerpetual's Investor Choice Balanced Growth Fund Recommended ****UBS Balanced Investment Fund Recommended ***Vanguard Wholesale Growth Index Fund Recommended ****Aust Unity Wholesale Balanced Growth Investment Grade NRColonial First State Managed Investment Diversified Fund Investment Grade ***Goldman Sachs Diversified Growth Fund Investment Grade NRZurich Managed Investment Managed Growth Fund Investment Grade NRBT Active Balanced Fund Fund Watch HoldBT Future Goals Fund Fund Watch HoldMulti Manager - Growth Advance Balanced Multi-Blend Fund Highly Recommended ***BT Multi-Manager Balanced Fund Highly Recommended ***Mercer Growth Plus Fund Highly Recommended NROptimix Balanced Fund Highly Recommended NRRussell Balanced Fund Highly Recommended ***Russell Foundation IV Portfolio Highly Recommended NRRussell Ventura Growth 70 Fund Highly Recommended ***AMP Future Directions Balanced Fund Recommended NRAXA Balanced Fund Multi Manager Recommended NRIbbotson Growth Trust Recommended NRIPAC Diversified Investment Strategy No 2 Recommended NRMLC Horizon 4 Balanced Portfolio Recommended ****United Sector Leaders Capital Growth Fund Recommended NRColonial First State FirstChoice Growth Fund Investment Grade ***Pre-Select Growth Fund Investment Grade ***Custom Choice Balanced Portfolio Closed-Wind Up NRDiversified - High Growth (>80% growth) ING High Growth Trust Recommended NRPerpetual Split Trust Growth Fund Recommended ****Vanguard Wholesale High Growth Index Fund Recommended ****Aust Unity Wholesale High Growth Investment Grade NRColonial First State Managed Investment High Growth Fund Investment Grade ***Zurich Investment Series Managed Share Fund Investment Grade NR


BT Split Growth Fund Fund Watch NRMulti Manager - High Growth Advance Growth Multi-Blend Fund Highly Recommended ***Advance High Growth Multi-Blend Fund Highly Recommended ***BT Multi-Manager Growth Fund Highly Recommended ***BT Multi-Manager High Growth Fund Highly Recommended ***Mercer High Growth Plus Fund Highly Recommended NRMercer Shares Plus Fund Highly Recommended NROptimix Growth Fund Highly Recommended NROptimix High Growth Fund Highly Recommended NRRussell Foundation VI Portfolio Highly Recommended NRRussell Growth Fund Highly Recommended ***Russell High Growth Fund Highly Recommended ***AMP Future Directions Growth Fund Recommended NRAMP Future Directions High Growth Fund Recommended NRAXA Growth Fund Multi Manager Recommended NRAXA High Growth Fund Multi Manager Recommended NRFiducian Ultra Growth Fund Recommended NRIbbotson High Growth Plus Trust Recommended NRIbbotson High Growth Trust Recommended NRIPAC Diversified Investment Strategy No 3 Recommended NRIPAC Diversified Investment Strategy No 4 Recommended NRMLC Horizon 5 Growth Portfolio Recommended ****MLC Horizon 6 Share Portfolio Recommended ****MLC Horizon 7 Accelerated Growth Portfolio Recommended ****United Sector Leaders Capital High Growth Recommended NRUnited Sector Leaders Diversified Aggressive Recommended NRColonial First State FirstChoice High Growth Fund Investment Grade ***Pre-Select High Growth Fund Investment Grade ***Custom Choice Growth Portfolio Closed-Wind Up NRCustom Choice High Growth Portfolio Closed-Wind Up NRAustralian Equities - Large Cap Arnhem Core Australian Equity Fund Highly Recommended ****


Ausbil Australian Active Equity Fund Highly Recommended *****BT Australian Share Fund Highly Recommended NRBT Core Australian Share Fund Highly Recommended *****Fidelity Australian Equities Fund Highly Recommended *****Integrity Australian Share Fund Highly Recommended ****Integrity Wholesale Australian Share - No. 2 Highly Recommended ****Perennial Growth Shares Fund Highly Recommended *****Perennial Value Shares Fund Highly Recommended *****Schroder Australian Equity Fund W Class Highly Recommended ****Solaris Core Australian Equity Fund Highly Recommended ****Solaris Core Australian Equity Fund (Perf Option) Highly Recommended ****Acadian Australian Equity Fund Recommended ****Alphinity Australian Share Fund Recommended ***Aviva Investors Australian Equities Fund Recommended ****AXA Wholesale Australian Equity Value Fund Recommended ****BlackRock Indexed Australian Equity Fund Recommended ****BlackRock Wholesale Australian Share Fund Recommended ***BT Imputation Fund Recommended *****BT Lifetime - Personal Super - Colonial First State Australian Sh Recommended ***CFS Australian Share - Core Recommended ****CFS Australian Share Fund Recommended ****CFS Imputation Fund Recommended ***CFS Realindex RAFI Australian Share - Class A Recommended ***Concord Australian Equity Fund Recommended NRGoldman Sachs Australian Equities Fund Recommended ****Goldman Sachs Leaders Fund Recommended NRGreencape Wholesale Broadcap Fund Recommended ****Ironbark Karara Australian Share Fund Recommended ****Northward Capital Australian Equity Trust Recommended ***Perpetual Australian Share Fund Recommended ****Perpetual`s Industrial Share Fund Recommended *****UBS Australian Share Fund Recommended ****Zurich Super Colonial First State PST Australian Shares Recommended NRCFS FirstChoice Investment PM Capital Aus Share Investment Grade NRIML (Sandhurst) Industrial Share Fund Investment Grade ***IML Australian Share Fund Investment Grade ***ING Australian Share Fund Investment Grade ***Legg Mason Australian Value Equity Trust (Class A) Investment Grade ****


Zurich Investment Series Australian Value Share Investment Grade ***BlackRock Scientific Australian Share Fund Hold ***Australian Equities - Concentrated BT Wholesale Focus Australian Share Fund Highly Recommended *****Hyperion Australian Growth Companies Fund Highly Recommended ****Solaris High Alpha Australian Equity Fund (Retail) Highly Recommended NRTyndall Australian Share Portfolio Highly Recommended *****Alphinity Concentrated Australian Share Fund Recommended ***Aviva Investors Elite Opportunities Fund Recommended ****Goldman Sachs Premier Equity Fund Recommended NRGreencape Wholesale High Conviction Fund Recommended ****ING Alpha Plus Australian Share Fund Recommended ***ING Select Leaders Trust Recommended ***Macquarie High Conviction Fund Recommended ***UBS-HALO Australian Share Fund Recommended ****Bennelong ex-20 Australian Equities Fund Investment Grade ****Australian Equities Sector Funds SRI Ethical ING Sustainable Investment Wholesale Australian Share Trust Highly Recommended NRAlphinity Socially Responsive Investment Fund Recommended NRAMP Capital Sustainable Share Fund Recommended ***Australian Ethical Smaller Companies Trust Recommended ***Perpetualâ€™s Ethical SRI Fund Recommended ****Australian Ethical Larger Companies Trust Investment Grade NRBT Wholesale Ethical Share Trust Fund Watch ****Australian Equities - Geared Ausbil Australian Geared Equity Fund Highly Recommended ****BT Geared Imputation Fund Recommended *****CFS Wholesale Geared Australian - Core Recommended ****Col First State Managed Inv. - Geared Share Fund Recommended ***Perpetual Geared Australian Fund Recommended ****Multi Manager - Geared Australian Equities Optimix Geared Australian Share Highly Recommended NRAMP FLI-Future Directions Geared Australian Share Recommended NRColonial First State FirstChoice Geared Growth Plus Investment Grade ***Australian Equities - Income Focused Colonial First State Wholesale Equity Income Fund Highly Recommended *****


Zurich Investments Equity Income Fund Highly Recommended ****Macquarie Australian Equity Income Fund Recommended ****Merlon Wholesale Australian Share Income Fund Recommended NRPerennial Value Shares for Income Trust Recommended ****Tyndall Australian Share Income Fund Recommended ****Aviva Investors Dividend Builder Investment Grade ****MLC IncomeBuilder Investment Grade ***Vanguard High Yield Australian Shares Fund Investment Grade ****Australian Equities - Index Vanguard Australian Share Index Fund Recommended ****Multi Manager - Australian Equities Advance Australian Shares Multi-Blend Fund Highly Recommended ***BT Multi-Manager Australian Share Fund Highly Recommended ***Mercer Australian Shares Plus Fund Highly Recommended NROptimix Australian Share Trust Highly Recommended NRRussell Australian Opportunities Fund Highly Recommended NRRussell Australian Share Fund Highly Recommended NRRussell Ventura Australian Opportunities Fund Highly Recommended NRRussell Ventura Australian Shares Fund Highly Recommended NRAMP Future Directions Australian Share Fund Recommended NRAXA Australian Equities Fund Multi Manager Recommended NRIbbotson Australian Shares Active Trust Recommended NRIbbotson Australian Shares High Alpha Trust Recommended NRMLC Australian Share Fund Recommended ***United Sector Leaders Australian Equities Fund Recommended NRColonial First State FirstChoice Australian Share Fund Investment Grade ***IOOF Australian Shares Investment Grade NRPre-Select Australian Equity Fund Investment Grade ***Custom Choice Australian Share Portfolio Closed-Wind Up NRCustom Choice Boutique Australian Share Portfolio IDPS Closed-Wind Up NRAustralian Equities - Small and Micro Cap Ausbil Australian Emerging Leaders Fund Highly Recommended ****Pengana Emerging Companies Fund Highly Recommended ****Schroders Australian Smaller Companies Fund Highly Recommended ****UBS Australian Small Companies Fund Highly Recommended ****Aberdeen Classic Series Aust Small Companies Fund Recommended ***Aviva Investors Small Companies Fund Recommended ****BT Smaller Companies Trust Recommended ****


Celeste Australian Small Companies Fund Recommended ****Colonial First State Small Companies Fund - Core Recommended ****Concise Mid Cap Fund Recommended ***Eley Griffiths Group Small Companies Fund Recommended *****Fairview Emerging Companies Fund Recommended ****Goldman Sachs Emerging Leaders Trust Recommended ***Hyperion Small Growth Companies Fund Recommended NRINVESCO Australian Smaller Companies Fund Recommended *****Ironbark Karara Australian Small Companies Fund Recommended ***Kinetic Small Companies Fund Recommended ***Legg Mason Australian Small Companies Trust Recommended ****Macquarie Australian Small Companies Fund Recommended ***Perennial Value Smaller Companies Trust Recommended ***Perpetual Investor Choice Smaller Companies Share Recommended ****Aust Unity Wholesale Acorn Capital Microcap Trust Investment Grade ****CFS FC Inv - Realindex RAFI Aust Small Comp Investment Grade NRCFS Managed Inv Developing Companies Fund Investment Grade ***CFS Managed Inv Future Leaders Trust Investment Grade ***Equity Trustees Small Companies Investment Grade NROC Funds Management Premium Equity Fund Investment Grade NRPre Select Australian Small Companies Fund Investment Grade HoldChallenger Microcap Fund Fund Watch HoldChallenger Small Companies Fund Fund Watch HoldING Emerging Companies Trust Redeem NRMulti Manager - Australian Smaller Companies Advance Australian Smaller Companies Multi Blend Highly Recommended NRAMP Future Directions Australian Small Co Recommended NRGlobal Equities - Large Cap Aberdeen Actively Hedged International Equities Fund Highly Recommended ****Aberdeen Fully Hedged International Shares Fund Highly Recommended ****Aberdeen International Equity Fund Highly Recommended ****Arrowstreet Global Equity Fund Highly Recommended *****Arrowstreet Global Equity Fund (Hedged) Highly Recommended *****Goldman Sachs International Fund Highly Recommended ****IFP Global Franchise Fund Highly Recommended ****IFP Global Franchise Fund (Hedged) Highly Recommended ****MFS Fully Hedged Global Equity Trust Highly Recommended *****MFS Global Equity Trust Highly Recommended *****


T Rowe Price Global Equity Fund Highly Recommended ****Templeton Global Equity Fund Highly Recommended ****Walter Scott Global Equity Fund Highly Recommended *****Walter Scott Global Equity Fund (Hedged) Highly Recommended *****Zurich Inv Global Thematic Share Fund Highly Recommended *****Zurich Inv Hedged Global Thematic Share Fund Highly Recommended *****Acadian Global Equity Fund Recommended ****Advance Tradewinds Global Equities Fund W Units Recommended ****BlackRock Global High Conviction Fund Hedged Recommended NRBlackRock Indexed Hedged International Equity Fund Recommended ****BlackRock Indexed International Equity Recommended ****BlackRock Scientific Hedged International Equity Fund Recommended ****BlackRock Scientific International Equity Fund Recommended ****BlackRock Wholesale Global High Conviction Fund Recommended NRCapital International Global Equities Fund Recommended *****Capital International Global Equities Fund (Hedged) Recommended *****CFS Realindex RAFI Global Share - Class A Recommended ****CFS Realindex RAFI Global Share Hedged - Class A Recommended ****Franklin Global Growth Fund Recommended NRGeneration Global Share Fund Recommended ****Grant Samuel Epoch Global Yield Fund (Hedged) Recommended ****Grant Samuel Global Equity Yield Fund Recommended ****ING OA Capital International Global Equities (Hdg) Recommended NRMagellan Global Fund Recommended ****Martin Currie Global Alpha Fund Recommended NRMartin Currie Global Alpha Fund (Hedged) Recommended NRSchroders Global Active Value Fund Recommended ****Schroders Global Active Value Fund (Hedged) Recommended ****UBS International Share Fund Recommended ***Vanguard International Shares Index Fund Recommended ****Vanguard International Shares Index Fund (Hedged) Recommended ****Wellington Management Global Value Equity Fund Recommended ****AXA Global Equity Value Fund Investment Grade ****AXA NMFM Wholesale Global Equity Growth Fund Investment Grade ****BT Global Core Hedged Share Fund Investment Grade NRBT Global Core Share Fund Investment Grade NRBT International Share Fund Investment Grade ****Colonial First State Global Share Fund Investment Grade Hold


DWS Global Equity Thematic Fund Investment Grade ****DWS Global Equity Thematic Fund (Fully Hedged) Investment Grade ****Fidelity Global Equities Fund Investment Grade HoldFidelity Global Equities Fund (Hedged) Investment Grade ****GVI (Sandhurst) Global Industrial Fund Investment Grade NRGVI Global Industrial Share Fund Investment Grade ***GVI Global Industrial Share Fund Unhedged Investment Grade NRING Global High Dividend Fund Investment Grade NRINVESCO Global Matrix Fund - Hedged Investment Grade ****INVESCO Global Matrix Fund Unhedged Investment Grade ****Perpetual International Shares Fund Investment Grade ****Global Equities SRI Ethical AMP Capital RIL International Share Fund Recommended ***Hunter Hall Global Ethical Trust Recommended ***Hunter Hall Value Growth Trust Recommended ***Global Equities Resources Colonial First State Global Resource Long/Short Fund Highly Recommended ***Colonial First State Managed Investment Global Resources Fund Highly Recommended ****Global Mining Investments Limited (GMI) Recommended NRPerpetual Global Resources Fund Recommended NRPerpetual WS Global Resources Fund - Class A Recommended ***Perpetual WS Global Resources Fund - Class B Recommended ***Global Equities - Geared Acadian Wholesale Geared Global Equity Recommended ****Multi Manager - Global Equities BT Multi-Manager International Share Fund Highly Recommended ***Mercer Overseas Shares Plus Fund Highly Recommended NROptimix Global Shares Fund Highly Recommended NRRussell Global Opportunities Fund Highly Recommended ****Russell International Share Fund Highly Recommended ****Russell Ventura International Shares Fund Highly Recommended ****AMP Future Directions International Share Fund Recommended NRAMP International Share Fund Recommended NRAXA International Equities Fund Multi Manager Recommended NRIbbotson International Shares Active (Unhedged) Trust Recommended NRIbbotson International Shares HOT Trust Recommended NRMLC Global Share Fund Recommended HoldUnited Sector Leaders International Equity Fund Recommended NR


Colonial First State FirstChoice Global Share Fund Investment Grade ***Pre-Select International Equity Fund Investment Grade HoldChallenger FM MTM International Share Portfolio Closed-Wind Up NRCustom Choice Challenger International Share Fund Closed-Wind Up NRGlobal Equities Agribusiness CFS Global Soft Commodity Share Fund Recommended NRDWS Global Equity Agribusiness Fund Recommended ****Global Equities - Regional - Europe BT European Share Fund Ceased Coverage NRGlobal Equities - Regional - Asia


T. Rowe Price Asia Ex-Japan Equity Fund Highly Recommended NR

TAAM New Asia Fund Highly Recommended NRAberdeen Asian Opportunities Fund Recommended ****AMP Capital Asian Equity Growth Fund Recommended ***BT Asian Share Fund Recommended ****Invesco Asian Share Fund Recommended ***Premium Asia Fund Recommended ***HSBC Asia Select Equity Fund Investment Grade ***Global Equities - Regional - Emerging Markets Aberdeen Emerging Opportunities Fund Highly Recommended ****


Templeton Emerging Markets Fund Highly Recommended ****Fidelity India Fund Recommended ***Fiducian India Fund Recommended NRSchroder Global Emerging Markets Fund Recommended *****HSBC Global Emerging Markets Equity Fund Investment Grade ***Macquarie BRIC Advantage Fund (Unhedged) Investment Grade NRMacquarie-Globalis BRIC Adv Fund H Investment Grade ***Marvin & Palmer Global Emerging Markets Trust Investment Grade ****Principal Emerging Markets Equity Fund Investment Grade ***Global Equities - Smaller Companies BlackRock Global Small Cap Fund Recommended ****BlackRock Global Small Cap Fund (Hedged) Recommended ****Schroder Global Smaller Companies Fund Recommended ****Zurich Investments Global Smaller Co's Share Fund Recommended NRGoldman Sachs Global Small Companies Investment Grade ****Multi Manager - Global Small Companies Optimix Global Smaller Companies Highly Recommended NRAMP Future Direc Extended Markets International Share Fund Recommended NRHedge Funds - Long/Short Australian Equities Aviva Investors High Growth Shares Fund Highly Recommended ***


Aviva Investors Long/Short Equity Fund Highly Recommended NRAcadian Wholesale Australian Equity Long/Short Recommended ***ING Extended Alpha Australian Share Fund Recommended ****K2 Australian Absolute Return Fund Recommended *****Perpetual's SHARE-PLUS Fund Recommended ***Smallco Investment Fund Recommended NRWavestone Australian Equity Long/Short Fund Recommended NREQT SGH Absolute Return Trust Investment Grade ***Lodestar Australian Strategic Share Fund Investment Grade ****P.M. Capital Australian Opportunities Fund Investment Grade NRJANA Australian Share Long/Short Trust Fund Watch NRHedge Funds - Long/Short Global Equities Five Oceans World Fund Highly Recommended ****MLC Platinum Fund Highly Recommended NRPlatinum Asia Fund Highly Recommended *****Platinum International Fund Highly Recommended *****Platinum International Technology Fund Highly Recommended ****Acadian Wholesale Global Equity Long/Short Fund Recommended NRGoldman Sachs Global Flex Fund Recommended ***Goldman Sachs Hedged Global Flex Fund Recommended ***HFA International Shares Fund Recommended ***K2 Asian Absolute Return Fund Recommended ****K2 Select International Absolute Return Fund Recommended ***Platinum European Fund Recommended ****Platinum Japan Fund Recommended ****P.M. Capital Absolute Performance Fund Investment Grade NRPengana Asian Equities Long Short Fund Investment Grade ****JANA Global Share Long/Short Trust Fund Watch NRProperty Securities - Australian Vanguard Property Securities Index Fund Highly Recommended ****

APN A-REIT Fund Recommended ****Aviva Investors Listed Property Recommended ***BlackRock Indexed Australian Listed Property Recommended ****BT Property Securities Trust Recommended ****Cromwell Phoenix Property Securities Fund Recommended NREQT SGH Wholesale Property Income Fund Recommended ****


Legg Mason Property Securities Trust Recommended ***MLC Property Securities Trust Recommended HoldPrincipal Property Securities Fund Recommended ***RREEF Paladin Property Securities Fund Recommended ****UBS Property Securities Fund Recommended HoldZurich Managed Investment Property Securities Fund Recommended ****CFS Wholesale Property Securities Fund Investment Grade ***ING Wholesale Property Securities Trust Investment Grade NRPerpetual Property Securities Fund Investment Grade NRChallenger FM Property Securities Fund Investment Grade HoldChallenger Property Fund Investment Grade HoldMacquarie Ws Property Securities Fund Fund Watch NRMacquarie Master Property Securities Trust Redeem NRSpecialised - Open Ended KeyInvest Funeral Bond Under Review NRMacquarie Private Capital Group (MPCG)(ASX: MPG) Closed-Wind Up NRProperty Securities - Australian Resolution Capital Core-Plus Property Securities Fund Ceased Coverage NRMulti Manager - Property Securities - Australian Colonial First State FirstChoice Property Securities Investment Grade ***Property Securities - Global AMP Capital Global Property Securities Fund Highly Recommended *****ING Global Property Securities Fund Highly Recommended *****RREEF Global (ex Aust) Property Securities Fund Highly Recommended ***RREEF Global Property Securities Fund Highly Recommended ***Advance Global Property Fund WS Units Recommended ****EII Global Property Fund Recommended ***EQT SGH LaSalle Global Listed Property Securities Recommended ****Perennial Global Property Wholesale Trust Recommended NRVanguard Intl Property Securities Index Fund (Hedged) Recommended ****Zurich Investments Global Property Securities Fund Recommended ****BT Global Property Securities Fund Investment Grade ****CFS Colliers Intl Property Securities Fund Investment Grade ***Invesco Wholesale Global Property Securities Fund Investment Grade ****Principal Global Property Securities Fund Investment Grade ***Resolution Capital Global Property Securities Fund Investment Grade ****Macquarie Global Property Security Fund - Hedged Redeem NRUBS Global Property Securities Fund Redeem ***


AXA Global Property Secs Fund Ceased Coverage NRFidelity Global Property Securities Fund Ceased Coverage NRMulti Manager - Property Securities - Global Russell International Property Sec Fund (Hedged) Highly Recommended NRMLC Global Property Fund Recommended HoldProperty Securities - Global Unhedged Vanguard International Property Secs Index Recommended ****Invesco Wholesale Global Property Seccurities Fund - Unhedged Investment Grade ****AXA Global Property Secs Fund (Unhedged) Ceased Coverage NRProperty Securities - Hybrid AMP Capital Core Property Fund Recommended *****Australian Unity Wholesale Property Income Fund Recommended ***Perpetual Property for Income Fund Recommended NRAPN Property For Income Fund Investment Grade NRAPN Property for Income Fund No. 2 Investment Grade NRBlackRock Combined Property Inc Fund (Aust) (D) Investment Grade NRTankstream Property Investments Fund Fund Watch NRAXA Wholesale Australian Property Fund Hold NRChallenger Hybrid Property Fund Hold NRCharter Hall Umbrella Fund Hold NROrchard Hybrid Property Fund Hold NRReal Estate Capital Partners (RECAP) Enhanced Income Fund Hold NRAPN Diversified Property Fund Closed-Wind Up NRStructured Products - Closed Ended Man OM-IP AHL 2010 Highly Recommended NRCapital Series Cornerstone Series 2 Recommended NRHSBC 100+ Series Emerging Markets Outperformance Recommended NRMacquarie Flexi 100 Trust - March 2011 Recommended NRto dbaccess Pro: S&P/ASX 200 Series 1A 2011 & Series 1B 2011 Recommended NRCapital Series Cornerstone Investment Grade NRInstreet Link ARC Series 5 Investment Grade NRInstreet Mast ARC Series 3 Investment Grade NRStructured Products - Closed Ended Aviva Investors Core Opportunities Model Portfolio Recommended NRAXA North - Personal Super, Personal Pension & Inv Recommended NRAXA North - Protected Retirement guarantee Recommended NRBarclays DYNAMIC80 International Share Fund Recommended NRBlackRock Capital Protected Top 20 Recommended NR


Challenger Guaranteed Income Fund Recommended NRStructured Products - Open Ended Macquarie Lifetime Income Guarantee Policy Recommended NROnePath MoneyForLife Recommended NROnePath Protected AUS 50 Fund Recommended NROnePath Protected Growth Fund II Recommended NRAviva Investors Dividend Builder Model Portfolio Investment Grade NRAviva Investors Direct Separately Managed Accounts Platform Approved NRCBA Protected Loan Approved NRCiti Instalments Approved NRCredit Suisse Tailored Return Facility Investment Accelerators Approved NRMacquarie High Yield Equity Notes Approved NRMacquarie Self-funding Instalments Approved NRMason Stevens Index Magnifier Instalments Approved NRNext Financial Instalments NF330 Series Approved NRNext Financial NF900 Instalments Approved NRRBS Fund Linked Instalment Warrants Approved NRRBS Global Access Series (GAS) Instalments Approved NRShareInvest Approved NRUBS Rolling Self Funding Instalments Approved NRLinear Continuously Protected SMA Under Review NRMacquarie Equity Lever Under Review NRMacquarie Managed Fund Instalments Under Review NRRBS Self Funding Instalments Under Review NRInfrastructure Securities - Global Macquarie International Infrastructure Securities Fund Highly Recommended ***Infrastructure Securities - Australian Goldman Sachs Aust. Infra. Ws Fund Recommended ***Multi Manager - Emerging Markets Optimix Global Emerging Markets Share Highly Recommended NR

Russell Emerging Markets Fund Highly Recommended NRAMP FLTP-Future Directions Emerging Markets Recommended NRInfrastructure Securities - Global Lazard Global Listed Infrastructure Fund Recommended NRMacquarie Emerging Markets Infrastructure Sec. Fund Recommended ***Magellan Infrastructure Fund Recommended NRRARE Infrastructure Value Fund Recommended ****


Vanguard Global Infrastructure Fund Recommended ****Vanguard Global Infrastructure Fund (Hedged) Recommended ****CFS Ws Global Listed Infrastructure Securities Fund Investment Grade ***Multi Manager - Emerging Markets Colonial First State FirstChoice Emerging Markets Investment Grade ***Infrastructure Securities - Hybrid AMP Capital Core Infrastructure Fund Recommended NRChallenger Global Infrastructure Fund Closed-Wind Up NRMulti Manager - Diversified Fixed Income Colonial First State FirstChoice Fixed Interest Investment Grade NRMulti Manager - Global Equities (Hedged)Russell Global Opportunities Fund (Hedged) Highly Recommended ****Russell International Share Fund $A Hedged Highly Recommended NRAXA International Equities Fund Multi Manager (Hedged) Recommended NRIbbotson International Shares Active Hedged Trust Recommended NRIbbotson International Shares HOT (Hedged) Recommended NRMLC Hedged Global Share Fund Recommended HoldGlobal Equities - Regional - China Premium China Fund Recommended ***Global Equities - Regional - China All Star Nomura China Fund - Ordinary Investment Grade NRAlternatives - Single Strategy Aspect Diversified Futures Fund Highly Recommended ****BlackRock Scientific Global Markets Fund Highly Recommended ****Man AHL Alpha Highly Recommended NRWinton Global Alpha Fund Highly Recommended *****Ascalon H3 Commodities Fund Recommended ****Ashton-Paulson Credit Opportunities Fund Recommended NRAshton-Paulson Event Driven Fund Recommended NRAshton-Paulson Recovery Fund Recommended NRBlackRock Asset Allocation Alpha Fund Recommended *****CORALS Commodities Fund Recommended NRMM&E Capital Investment Trust No.2 Recommended NRAdvance Global Alpha Fund Investment Grade NRBT Global Macro Fund Investment Grade ****Credit Suisse Enhanced Commodity Fund Investment Grade ***Basis Australian Rim Opportunity Fund Fund Watch NRMorgan Stanley FX Alpha Fund Closed-Wind Up NR


Morgan Stanley FX Alpha Plus Fund Closed-Wind Up NRAlternatives - Multi-Asset/Multi-Manager Fauchier Partners Absolute Return Trust Highly Recommended NRAQR Wholesale DELTA Fund Recommended ****BlackRock Global Allocation Fund Recommended ****DWS Strategic Value Fund Recommended ****FRM Sigma Fund Recommended NRHSBC GH Diversified Strategy Recommended NRJANA Triplepoint Fund Recommended ***Man RMF Dynamic Fund Recommended NRMLC Long Term Absolute Return Portfolio Recommended ****Select Alternatives Portfolio Recommended ***Certitude Asian Opportunities Fund Investment Grade ***HFA Diversified Units (Hedged) Investment Grade ***BT Global Returns Fund Closed-Wind Up NRColonial First State Global Diversified Strategies Closed-Wind Up NRCredit Suisse/Tremont Index Strategies Fund Closed-Wind Up NRGoldman Sachs Multi Strategy Fund Closed-Wind Up NR


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