Performance

Fund performance report - 30 July 2010

	Income	Growth	Total Return	Benchmark*	Alpha
1 Month	0.00%	6.96%	6.96%	0.73%	6.23%
3 Month	2.95%	-6.76%	-3.81%	-2.80%	-1.01%
6 Month	3.11%	-1.77%	1.34%	-0.17%	1.51%
1 Year	3.31%	4.48%	7.79%	0.53%	7.26%
2 Year	3.34%	-9.37%	-6.03%	-5.64%	-0.39%
3 Year	9.34%	-22.82%	-13.48%	-10.28%	-3.20%

The Alpha Global Opportunities Fund's returns are calculated after fees have been deducted, assuming reinvestment of distributions. No allowance is made for tax. Past performance is not a reliable indicator of future performance. *Benchmark - MSCI World ex-Australia Index

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Investment managers

BlackRock Investment Management (Australia) Limited ('BlackRock') undertake active currency management in the portfolio - modifying the Fund's currency exposure to take advantage of expected movements in currency markets. Currency is actively managed in the Fund around a fully-hedged Australian dollar benchmark.

Global Value Investors Limited ('GVI') aims to remove the effect of foreign currency fluctuations on the performance of the Fund, whenever it is possible and prudent to do so. To achieve this, the Fund aims to be predominantly hedged back to Australian dollars. GVI may use options, futures and other derivatives to manage foreign currency risk.

Pengana Capital

Pengana Capital ('Pengana') is a diversified funds management business focussed on delivering exceptional long term returns to its investors. Pengana's carefully constructed strategies are each run by teams of highly skilled and experienced fund managers.

Pengana is headquartered in Sydney Australia with additional offices in Melbourne, Singapore, Edinburgh, Chicago and Lakeville (Connecticut). Pengana has over 50 staff members including more than 35 investment professionals.

DWS Investments

Established over 50 years ago in Germany, DWS Investments - which literally means 'German Company for Security Savings' - is the leading mutual fund company in Germany and a top ten global player, with €267 billion assets worldwide, (as of 30 June 2007).

The DWS thematic investment philosophy is based on the belief that there is one global economy and the best investment ideas know no national boundaries. Our thematic investment team believes that as the relevance of national boundaries to corporate strategy, activity and profitability diminishes, it makes sense to structure an investment portfolio that emphasises global themes and relationships as opposed to geographic regions.