FIDUCIAN PROPERTY SECURITIES FUND

The Fiducian Property Securities Fund invests in a diversified group of specialist property managers. These fund managers invest in property trusts and other property securities listed on the Australian Stock Exchange. Property investments are capable of providing attractive levels of income with a small amount of growth in the value of capital invested. Listed property trusts have generally been found to deliver returns that are on average below the returns from shares, but which also tend to exhibit lower variance in price during share market declines. Property sectors include commercial, retail, tourism and residential property. Companies include property investment, development, contracting, tourism and leisure activities.

Fund Commencement
February 1997.

Benchmark and Objective
For this Fund, the relevant market index is the S&P/ASX 200 Property Accumulation Index. The objective is to exceed the benchmark (after fees) over rolling 3-year periods.

Asset Allocation