Important Notice

Please note that Ausbil's new PDS is now available as of the 27th April, 2007. It replaces PDS Issue No 3 dated the 2nd January, 2006.

IMPORTANT UNIT PRICE INFORMATION

Please note that all unit prices are cum distribution excluding prices for the 31st December and 30th June which are ex distribution.

Please note that effective on the 26th June 2008, as a consequence of receiving notice of a large redemption the Trustees of the Dexia Sustainable Global Equity Fund declared a special distribution and the unit prices quoted for the 26th of June are ex-distribution.

Distribution Breakdown as at the 30th June 2008

Our investment philosophy

We believe that the Australian equity market is relatively efficient, but not perfect. The basic premise of our philosophy is that stock prices ultimately follow earnings and earnings revisions. We believe that the market places excessive emphasis on the current situation and does not sufficiently take into account the likelihood of future changes to the earnings profile of individual companies and sectors. Our process seeks to identify earnings and earnings revisions at an early stage, and hence to pre-empt stock price movements.

Ausbil’s broad investment philosophy is that active management of our portfolios facilitates consistent and risk controlled outperformance. Rather than focusing only on growth or value investing, our investment processes allow us to exploit the inefficiencies across the entire market, at all stages of the cycle and across all market conditions.

Style Neutral Investment Process

We classify our investment style as core “style neutral”; wherein at certain stages of the cycle the portfolio may have a value or growth tilt as markets provide opportunities for particular types of stocks to enjoy earnings growth.

Stage 1

Seeks to assess the current market conditions impacting on the Australian equities market to determine Ausbil’s view of the macro framework and thus set an overall portfolio strategy.

Stage 2

The application of Stage 1 conclusions to each sector to identify at an early stage, sectors subject to earnings revisions - both upward and downward over the coming 12 month period.

Stage 3

Identification of those stocks we believe will achieve the greatest 12 month outperformance within the investment universe. Given our belief that earnings and earnings revisions lead stock prices, the analyst’s primary objective is to investigate and assess all facets impacting on each company’s earnings profile. Analysts undertake fundamental analysis, a program of company visitations and utilise our proprietary quantitative ranking model.

Stage 4

Portfolio construction team creates a robust, appropriate and risk aware portfolio which conforms to (and optimises) the conclusions of the previous three stages of the process.