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Capstone Recommended List Users Guide – February 2011Please 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 DefinitionsLonsec’s Rating CategoriesHighly 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 CategoriesFive 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 clarificationSell A manager with significant issues that have the potential to adversely impact performance. Existing investors should consider obtaining advice regarding switching or redemption.FUNDLONSECRATINGSTANDARD & POOR’S RATINGProperty Direct - Healthcare?Australian Unity Healthcare Property TrustHighly Recommended****Australian Unity Healthcare Property Trust - Class A UnitsHighly Recommended****Australian Equities Resources?EIM Emerging Resources Company Share FundHighly RecommendedNRDiversified - Objective Based?Schroder Real Return FundHighly RecommendedNREquity Australasia?Mint Australia New Zealand Active Equity TrustInvestment GradeNRProperty Direct - Other?Centro Direct Property FundHoldNRCentro Direct Property Fund InternationalHoldNRProperty Direct - Retail?Charter Hall Direct Retail FundRecommended (Upper End)NRProperty Direct - Diversified?Charter Hall Direct Property FundHoldNRMortgage?Aust Unity Mortgage Income TrustHoldNRBalmain (MMT) Mortgage TrustHold181737082550NRBalmain AQUA Income FundHoldNRChallenger Howard Mortgage FundHoldHoldING Monthly Income TrustHoldNRING Mortgage Trust No. 2HoldHoldPerpetual's Monthly Income FundHold***AXA Australian Monthly Income FundCeased CoverageHoldMortgage High Yield?Balmain AQUA High Income FundHoldNRMirvac AQUA Enhanced Income FundClosed-Wind UpNRAustralian Unity High Yield Mortgage TrustCeased CoverageNRAustralian Fixed Interest?Vanguard Australian Fixed Interest IndexHighly Recommended****Aberdeen Australian Fixed Income FundRecommended***BlackRock Indexed Australian Bond FundRecommended****Colonial First State Wholesale Australian Bond FundRecommended****Perennial Fixed Interest Wholesale TrustRecommendedNRUBS Australian Bond FundRecommended****Tyndall Australian Bond FundInvestment Grade*****Alternative Investments Direct Agribusiness?RFM Diversified Agricultural FundFund WatchNRAlternative Income?Colonial First State Global Credit Income FundHighly Recommended****Macquarie Income Opportunities FundHighly Recommended****Acadian Quant Yield FundRecommended****AMP Capital Corporate Bond FundRecommended****AMP Enhanced CashRecommendedNRAUI Vianova Strategic Fixed Interest TrustRecommended****BT Institutional Enhanced Cash FundRecommendedHoldEQT PIMCO Wholesale Australian Focus FdRecommended*****Kapstream Absolute Return Income FundRecommended***Perennial Cash Enhanced Wholesale TrustRecommendedNRVanguard International Credit Securities Index (Hedged)Recommended****BlackRock Monthly Income FundHold****Colonial First State Income FundHoldHoldCFS MIF - Income FundClosed-Wind UpNRAlternative Income (High)?Bentham Global Income FundRecommended****Franklin Templeton Multisector Bond Fund (I Class)RecommendedNRGoldman Sachs Enhanced Income Wholesale FundRecommended***P.M. Capital Enhanced Yield FundRecommended***Perpetual's Diversified Income FundRecommended****Principal Global Strategic Income FundRecommended****Goldman Sachs Income Plus FundInvestment Grade***UBS Diversified Credit FundInvestment Grade***AMP Capital Investors-Enhanced Yield Fund-Class AHoldNRBasis Capital Yield FundClosed-Wind UpNREQT High Income FundClosed-Wind UpNRMulti Manager - Alternative Income?Mercer Income Plus FundHighly RecommendedNRMLC Diversified Debt FundRecommended****Diversified Fixed Interest?Schroder Fixed Income Fund W ClassHighly Recommended1152525011525252305050115252523050501152525230505011525252505075115252525050751152525250507511525252924175115252529241751152525292417511525253133725115252531337251152525313372511525253352800115252533528001152525355282511525253552825****Goldman Sachs Core Plus Australian Fixed Interest FundRecommended****Macquarie Master Diversified Fixed Interest FundRecommended****Aviva Investors Premier Fixed Income FundInvestment Grade***ING Diversified Fixed InterestInvestment Grade***UBS Diversified Fixed Income FundInvestment Grade***Global Fixed Interest?EQT Pimco Global Bond FundHighly Recommended*****Aberdeen Global Government Bond FundRecommended***BlackRock Indexed Global Bond FundRecommended****BlackRock Wholesale International Bond FundRecommended***Vanguard Hedged International Fixed Interest FundRecommended****Amundi Global Diversified Fixed Interest FundInvestment GradeNRDiversified - Capital Stable Tax Effective Income?Aberdeen Multi-Asset Income FundRecommended***BlackRock Wholesale Managed Income FundRecommended****ING Income Plus TrustRecommendedNRBT Monthly Income FundFund WatchNRDiversified - Balanced Tax Effective Income?ING Tax Effective Income TrustRecommended***Divrsified - Capital Stable (max 40% growth)?ING Capital Stable TrustRecommended***MLC Index Plus Conservative Growth PortfolioRecommendedNRPerpetual Investment Choice Conservative GrowthRecommended****UBS Defensive Investment FundRecommended***Vanguard Wholesale Conservative Index FundRecommended****Aust Unity Wholesale Conservative GrowthInvestment GradeNRCFS Managed Investment Conservative FundInvestment Grade***Zurich Managed Investment Capital Stable FundInvestment GradeNRBT Split Income FundFund WatchNRBT Wholesale Conservative Outlook FundFund WatchNRMulti Manager - Capital Stable?Advance Defensive Multi-Blend FundHighly Recommended***BT Multi-Manager Conservative FundHighly Recommended***Optimix Conservative FundHighly RecommendedNRRussell Conservative FundHighly Recommended***Russell Ventura Capital Stable FundHighly Recommended***AMP Future Directions Conservative FundRecommendedNRAXA Defensive Fund Multi ManagerRecommendedNRIbbotson Conservative Growth TrustRecommendedNRIPAC Diversified Investment Strategy No 1RecommendedNRipac Income GeneratorRecommendedNRMLC Horizon 1 Bond PortfolioRecommended****MLC Horizon 2 Capital Stable PortfolioRecommended****United Sector Leaders Capital Secure FundRecommendedNRUnited Sector Leaders Capital Stable FundRecommendedNRColonial First State FirstChoice Conservative FundInvestment Grade***Colonial First State FirstChoice Defensive FundInvestment Grade***Pre-Select Conservative FundInvestment Grade***Custom Choice Conservative PortfolioClosed-Wind UpNRDiversified - Balanced (41-60 % growth)?ING Balanced FundRecommended***MLC Index Plus Balanced PortfolioRecommendedNRPerpetual Diversified Growth FundRecommended****Vanguard Balanced Index FundRecommended****Colonial First State Balanced FundInvestment Grade***Zurich Investment Series Balanced FundInvestment GradeNRMulti Manager - Balanced?Advance Moderate Multi-Blend FundHighly Recommended***Optimix Moderate FundHighly RecommendedNRRussell Balanced Opportunities PortfolioHighly RecommendedNRRussell Diversified 50 FundHighly Recommended***Russell Foundation II PortfolioHighly RecommendedNRAMP Future Directions Moderately Conservative FundRecommendedNRAXA Alternative Balanced Multi ManagerRecommendedNRAXA Moderately Defensive Fund Multi ManagerRecommendedNRIbbotson Balanced Growth TrustRecommendedNRIPAC Diversified Investment Strategy No.5RecommendedNRMLC Horizon 3 Conservative Growth PortfolioRecommended****Summit Select Income GeneratorRecommendedNRUnited Sector Leaders Capital Balanced FundRecommendedNRColonial First State FirstChoice Balanced FundInvestment Grade***Colonial First State FirstChoice Moderate FundInvestment Grade***Pre-Select Balanced FundInvestment Grade***Custom Choice Moderately Conservative PortfolioClosed-Wind UpNRDiversified - Growth (61-80% growth)?BlackRock Balanced FundHighly Recommended*****Schroder Balanced Fund W ClassHighly RecommendedNRING Active GrowthRecommended***ING Managed Growth FundRecommended***Maple-Brown Abbott Diversified InvestmentRecommendedNRMLC Index Plus Growth PortfolioRecommendedNRPerpetual's Investor Choice Balanced Growth FundRecommended****UBS Balanced Investment FundRecommended***Vanguard Wholesale Growth Index FundRecommended****Aust Unity Wholesale Balanced GrowthInvestment GradeNRColonial First State Managed Investment Diversified FundInvestment Grade***Goldman Sachs Diversified Growth FundInvestment GradeNRZurich Managed Investment Managed Growth FundInvestment GradeNRBT Active Balanced FundFund WatchHoldBT Future Goals FundFund WatchHoldMulti Manager - Growth?Advance Balanced Multi-Blend FundHighly Recommended***BT Multi-Manager Balanced FundHighly Recommended***Mercer Growth Plus FundHighly RecommendedNROptimix Balanced FundHighly RecommendedNRRussell Balanced FundHighly Recommended***Russell Foundation IV PortfolioHighly RecommendedNRRussell Ventura Growth 70 FundHighly Recommended***AMP Future Directions Balanced FundRecommendedNRAXA Balanced Fund Multi ManagerRecommendedNRIbbotson Growth TrustRecommendedNRIPAC Diversified Investment Strategy No 2RecommendedNRMLC Horizon 4 Balanced PortfolioRecommended****United Sector Leaders Capital Growth FundRecommendedNRColonial First State FirstChoice Growth FundInvestment Grade***Pre-Select Growth FundInvestment Grade***Custom Choice Balanced PortfolioClosed-Wind UpNRDiversified - High Growth (>80% growth)?ING High Growth TrustRecommendedNRPerpetual Split Trust Growth FundRecommended****Vanguard Wholesale High Growth Index FundRecommended****Aust Unity Wholesale High GrowthInvestment GradeNRColonial First State Managed Investment High Growth FundInvestment Grade***Zurich Investment Series Managed Share FundInvestment GradeNRBT Split Growth FundFund WatchNRMulti Manager - High Growth?Advance Growth Multi-Blend FundHighly Recommended***Advance High Growth Multi-Blend FundHighly Recommended***BT Multi-Manager Growth FundHighly Recommended***BT Multi-Manager High Growth FundHighly Recommended***Mercer High Growth Plus FundHighly RecommendedNRMercer Shares Plus FundHighly RecommendedNROptimix Growth FundHighly RecommendedNROptimix High Growth FundHighly RecommendedNRRussell Foundation VI PortfolioHighly RecommendedNRRussell Growth FundHighly Recommended***Russell High Growth FundHighly Recommended***AMP Future Directions Growth FundRecommendedNRAMP Future Directions High Growth FundRecommendedNRAXA Growth Fund Multi ManagerRecommendedNRAXA High Growth Fund Multi ManagerRecommendedNRFiducian Ultra Growth FundRecommendedNRIbbotson High Growth Plus TrustRecommendedNRIbbotson High Growth TrustRecommendedNRIPAC Diversified Investment Strategy No 3RecommendedNRIPAC Diversified Investment Strategy No 4RecommendedNRMLC Horizon 5 Growth PortfolioRecommended****MLC Horizon 6 Share PortfolioRecommended****MLC Horizon 7 Accelerated Growth PortfolioRecommended****United Sector Leaders Capital High GrowthRecommendedNRUnited Sector Leaders Diversified AggressiveRecommendedNRColonial First State FirstChoice High Growth FundInvestment Grade***Pre-Select High Growth FundInvestment Grade***Custom Choice Growth PortfolioClosed-Wind UpNRCustom Choice High Growth PortfolioClosed-Wind UpNRAustralian Equities - Large Cap?Arnhem Core Australian Equity FundHighly Recommended1152525418147511525254181475115252541814751152525440055011525254400550115252544005501152525460057511525254600575115252546005751152525481012511525254810125115252548101251152525502920011525255029200115252550292001152525522922511525255229225115252552292251152525544830011525255448300115252554483001152525564832511525255648325115252556483251152525585787511525255857875115252558578751152525607695011525256076950115252560769501152525627697511525256276975115252562769751152525648652511525256486525115252564865251152525670560011525256705600115252567056001152525690562511525256905625115252571247001152525712470011525257124700115252573247251152525732472511525257324725115252575342751152525753427511525257534275115252577533501152525775335011525257753350115252579533751152525795337511525257953375115252581629251152525816292511525258162925115252583820001152525838200011525258382000****Ausbil Australian Active Equity FundHighly Recommended*****BT Australian Share FundHighly RecommendedNRBT Core Australian Share FundHighly Recommended*****Fidelity Australian Equities FundHighly Recommended*****Integrity Australian Share FundHighly Recommended****Integrity Wholesale Australian Share - No. 2Highly Recommended****Perennial Growth Shares FundHighly Recommended*****Perennial Value Shares FundHighly Recommended*****Schroder Australian Equity Fund W ClassHighly Recommended****Solaris Core Australian Equity FundHighly Recommended****Solaris Core Australian Equity Fund (Perf Option)Highly Recommended****Acadian Australian Equity FundRecommended****Alphinity Australian Share FundRecommended***Aviva Investors Australian Equities FundRecommended****AXA Wholesale Australian Equity Value FundRecommended****BlackRock Indexed Australian Equity FundRecommended****BlackRock Wholesale Australian Share FundRecommended***BT Imputation FundRecommended*****BT Lifetime - Personal Super - Colonial First State Australian ShRecommended***CFS Australian Share - CoreRecommended****CFS Australian Share FundRecommended****CFS Imputation FundRecommended***CFS Realindex RAFI Australian Share - Class ARecommended***Concord Australian Equity FundRecommendedNRGoldman Sachs Australian Equities FundRecommended****Goldman Sachs Leaders FundRecommendedNRGreencape Wholesale Broadcap FundRecommended****Ironbark Karara Australian Share FundRecommended****Northward Capital Australian Equity TrustRecommended***Perpetual Australian Share FundRecommended****Perpetual`s Industrial Share FundRecommended*****UBS Australian Share FundRecommended****Zurich Super Colonial First State PST Australian SharesRecommendedNRCFS FirstChoice Investment PM Capital Aus ShareInvestment GradeNRIML (Sandhurst) Industrial Share FundInvestment Grade***IML Australian Share FundInvestment Grade***ING Australian Share FundInvestment Grade***Legg Mason Australian Value Equity Trust (Class A)Investment Grade****Zurich Investment Series Australian Value ShareInvestment Grade***BlackRock Scientific Australian Share FundHold***Australian Equities - Concentrated?BT Wholesale Focus Australian Share FundHighly Recommended*****Hyperion Australian Growth Companies FundHighly Recommended****Solaris High Alpha Australian Equity Fund (Retail)Highly RecommendedNRTyndall Australian Share PortfolioHighly Recommended*****Alphinity Concentrated Australian Share FundRecommended***Aviva Investors Elite Opportunities FundRecommended****Goldman Sachs Premier Equity FundRecommendedNRGreencape Wholesale High Conviction FundRecommended****ING Alpha Plus Australian Share FundRecommended***ING Select Leaders TrustRecommended***Macquarie High Conviction FundRecommended***UBS-HALO Australian Share FundRecommended****Bennelong ex-20 Australian Equities FundInvestment Grade****Australian Equities Sector Funds SRI Ethical?ING Sustainable Investment Wholesale Australian Share TrustHighly RecommendedNRAlphinity Socially Responsive Investment FundRecommendedNRAMP Capital Sustainable Share FundRecommended***Australian Ethical Smaller Companies TrustRecommended***Perpetual?€?s Ethical SRI FundRecommended****Australian Ethical Larger Companies TrustInvestment GradeNRBT Wholesale Ethical Share TrustFund Watch****Australian Equities - Geared?Ausbil Australian Geared Equity FundHighly Recommended****BT Geared Imputation FundRecommended*****CFS Wholesale Geared Australian - CoreRecommended****Col First State Managed Inv. - Geared Share FundRecommended***Perpetual Geared Australian FundRecommended****Multi Manager - Geared Australian Equities?Optimix Geared Australian ShareHighly RecommendedNRAMP FLI-Future Directions Geared Australian ShareRecommendedNRColonial First State FirstChoice Geared Growth PlusInvestment Grade***Australian Equities - Income Focused?Colonial First State Wholesale Equity Income FundHighly Recommended115252548101251152525481012511525254810125115252550292001152525502920011525255029200115252552292251152525543877511525255438775115252554387751152525565785011525255657850115252558578751152525585787511525255857875115252560674251152525606742511525256286500*****Zurich Investments Equity Income FundHighly Recommended****Macquarie Australian Equity Income FundRecommended****Merlon Wholesale Australian Share Income FundRecommendedNRPerennial Value Shares for Income TrustRecommended****Tyndall Australian Share Income FundRecommended****Aviva Investors Dividend BuilderInvestment Grade****MLC IncomeBuilderInvestment Grade***Vanguard High Yield Australian Shares FundInvestment Grade****Australian Equities - Index?Vanguard Australian Share Index FundRecommended****Multi Manager - Australian Equities?Advance Australian Shares Multi-Blend FundHighly Recommended***BT Multi-Manager Australian Share FundHighly Recommended***Mercer Australian Shares Plus FundHighly RecommendedNROptimix Australian Share TrustHighly RecommendedNRRussell Australian Opportunities FundHighly RecommendedNRRussell Australian Share FundHighly RecommendedNRRussell Ventura Australian Opportunities FundHighly RecommendedNRRussell Ventura Australian Shares FundHighly RecommendedNRAMP Future Directions Australian Share FundRecommendedNRAXA Australian Equities Fund Multi ManagerRecommendedNRIbbotson Australian Shares Active TrustRecommendedNRIbbotson Australian Shares High Alpha TrustRecommendedNRMLC Australian Share FundRecommended***United Sector Leaders Australian Equities FundRecommendedNRColonial First State FirstChoice Australian Share FundInvestment Grade***IOOF Australian SharesInvestment GradeNRPre-Select Australian Equity FundInvestment Grade***Custom Choice Australian Share PortfolioClosed-Wind UpNRCustom Choice Boutique Australian Share Portfolio IDPSClosed-Wind UpNRAustralian Equities - Small and Micro Cap?Ausbil Australian Emerging Leaders FundHighly Recommended****Pengana Emerging Companies FundHighly Recommended****Schroders Australian Smaller Companies FundHighly Recommended****UBS Australian Small Companies FundHighly Recommended****Aberdeen Classic Series Aust Small Companies FundRecommended***Aviva Investors Small Companies FundRecommended****BT Smaller Companies TrustRecommended****Celeste Australian Small Companies FundRecommended****Colonial First State Small Companies Fund - CoreRecommended****Concise Mid Cap FundRecommended***Eley Griffiths Group Small Companies FundRecommended*****Fairview Emerging Companies FundRecommended****Goldman Sachs Emerging Leaders TrustRecommended***Hyperion Small Growth Companies FundRecommendedNRINVESCO Australian Smaller Companies FundRecommended*****Ironbark Karara Australian Small Companies FundRecommended***Kinetic Small Companies FundRecommended***Legg Mason Australian Small Companies TrustRecommended****Macquarie Australian Small Companies FundRecommended***Perennial Value Smaller Companies TrustRecommended***Perpetual Investor Choice Smaller Companies ShareRecommended****Aust Unity Wholesale Acorn Capital Microcap TrustInvestment Grade****CFS FC Inv - Realindex RAFI Aust Small CompInvestment GradeNRCFS Managed Inv Developing Companies FundInvestment Grade***CFS Managed Inv Future Leaders TrustInvestment Grade***Equity Trustees Small CompaniesInvestment GradeNROC Funds Management Premium Equity FundInvestment GradeNRPre Select Australian Small Companies FundInvestment GradeHoldChallenger Microcap FundFund WatchHoldChallenger Small Companies FundFund WatchHoldING Emerging Companies TrustRedeemNRMulti Manager - Australian Smaller Companies?Advance Australian Smaller Companies Multi BlendHighly RecommendedNRAMP Future Directions Australian Small CoRecommendedNRGlobal Equities - Large Cap?Aberdeen Actively Hedged International Equities FundHighly Recommended****Aberdeen Fully Hedged International Shares FundHighly Recommended****Aberdeen International Equity FundHighly Recommended****Arrowstreet Global Equity FundHighly Recommended*****Arrowstreet Global Equity Fund (Hedged)Highly Recommended*****Goldman Sachs International FundHighly Recommended****IFP Global Franchise FundHighly Recommended****IFP Global Franchise Fund (Hedged)Highly Recommended****MFS Fully Hedged Global Equity TrustHighly Recommended*****MFS Global Equity TrustHighly Recommended*****T Rowe Price Global Equity FundHighly Recommended****Templeton Global Equity FundHighly Recommended****Walter Scott Global Equity FundHighly Recommended*****Walter Scott Global Equity Fund (Hedged)Highly Recommended*****Zurich Inv Global Thematic Share FundHighly Recommended*****Zurich Inv Hedged Global Thematic Share FundHighly Recommended*****Acadian Global Equity FundRecommended****Advance Tradewinds Global Equities Fund W UnitsRecommended****BlackRock Global High Conviction Fund HedgedRecommendedNRBlackRock Indexed Hedged International Equity FundRecommended****BlackRock Indexed International EquityRecommended****BlackRock Scientific Hedged International Equity FundRecommended****BlackRock Scientific International Equity FundRecommended****BlackRock Wholesale Global High Conviction FundRecommendedNRCapital International Global Equities FundRecommended*****Capital International Global Equities Fund (Hedged)Recommended*****CFS Realindex RAFI Global Share - Class ARecommended****CFS Realindex RAFI Global Share Hedged - Class ARecommended****Franklin Global Growth FundRecommendedNRGeneration Global Share FundRecommended****Grant Samuel Epoch Global Yield Fund (Hedged)Recommended****Grant Samuel Global Equity Yield FundRecommended****ING OA Capital International Global Equities (Hdg)RecommendedNRMagellan Global FundRecommended****Martin Currie Global Alpha FundRecommendedNRMartin Currie Global Alpha Fund (Hedged)RecommendedNRSchroders Global Active Value FundRecommended****Schroders Global Active Value Fund (Hedged)Recommended****UBS International Share FundRecommended***Vanguard International Shares Index FundRecommended****Vanguard International Shares Index Fund (Hedged)Recommended****Wellington Management Global Value Equity FundRecommended****AXA Global Equity Value FundInvestment Grade****AXA NMFM Wholesale Global Equity Growth FundInvestment Grade****BT Global Core Hedged Share FundInvestment GradeNRBT Global Core Share FundInvestment GradeNRBT International Share FundInvestment Grade****Colonial First State Global Share FundInvestment GradeHoldDWS Global Equity Thematic FundInvestment Grade****DWS Global Equity Thematic Fund (Fully Hedged)Investment Grade****Fidelity Global Equities FundInvestment GradeHoldFidelity Global Equities Fund (Hedged)Investment Grade****GVI (Sandhurst) Global Industrial FundInvestment GradeNRGVI Global Industrial Share FundInvestment Grade***GVI Global Industrial Share Fund UnhedgedInvestment GradeNRING Global High Dividend FundInvestment GradeNRINVESCO Global Matrix Fund - HedgedInvestment Grade****INVESCO Global Matrix Fund UnhedgedInvestment Grade****Perpetual International Shares FundInvestment Grade****Global Equities SRI Ethical?AMP Capital RIL International Share FundRecommended***Hunter Hall Global Ethical TrustRecommended***Hunter Hall Value Growth TrustRecommended***Global Equities Resources?Colonial First State Global Resource Long/Short FundHighly Recommended***Colonial First State Managed Investment Global Resources FundHighly Recommended****Global Mining Investments Limited (GMI)RecommendedNRPerpetual Global Resources FundRecommendedNRPerpetual WS Global Resources Fund - Class ARecommended***Perpetual WS Global Resources Fund - Class BRecommended***Global Equities - Geared?Acadian Wholesale Geared Global EquityRecommended****Multi Manager - Global Equities?BT Multi-Manager International Share FundHighly Recommended***Mercer Overseas Shares Plus FundHighly RecommendedNROptimix Global Shares FundHighly RecommendedNRRussell Global Opportunities FundHighly Recommended****Russell International Share FundHighly Recommended****Russell Ventura International Shares FundHighly Recommended****AMP Future Directions International Share FundRecommendedNRAMP International Share FundRecommendedNRAXA International Equities Fund Multi ManagerRecommendedNRIbbotson International Shares Active (Unhedged) TrustRecommendedNRIbbotson International Shares HOT TrustRecommendedNRMLC Global Share FundRecommendedHoldUnited Sector Leaders International Equity FundRecommendedNRColonial First State FirstChoice Global Share FundInvestment Grade***Pre-Select International Equity FundInvestment GradeHoldChallenger FM MTM International Share PortfolioClosed-Wind UpNRCustom Choice Challenger International Share FundClosed-Wind UpNRGlobal Equities Agribusiness?CFS Global Soft Commodity Share FundRecommendedNRDWS Global Equity Agribusiness FundRecommended****Global Equities - Regional - Europe?BT European Share FundCeased CoverageNRGlobal Equities - Regional - Asia?T. Rowe Price Asia Ex-Japan Equity FundHighly Recommended115252550292001152525502920011525255029200115252554387751152525543877511525255438775115252556578501152525565785011525255657850NRTAAM New Asia FundHighly RecommendedNRAberdeen Asian Opportunities FundRecommended****AMP Capital Asian Equity Growth FundRecommended***BT Asian Share FundRecommended****Invesco Asian Share FundRecommended***Premium Asia FundRecommended***HSBC Asia Select Equity FundInvestment Grade***Global Equities - Regional - Emerging Markets?Aberdeen Emerging Opportunities FundHighly Recommended****Templeton Emerging Markets FundHighly Recommended****Fidelity India FundRecommended***Fiducian India FundRecommendedNRSchroder Global Emerging Markets FundRecommended*****HSBC Global Emerging Markets Equity FundInvestment Grade***Macquarie BRIC Advantage Fund (Unhedged)Investment GradeNRMacquarie-Globalis BRIC Adv Fund HInvestment Grade***Marvin & Palmer Global Emerging Markets TrustInvestment Grade****Principal Emerging Markets Equity FundInvestment Grade***Global Equities - Smaller Companies?BlackRock Global Small Cap FundRecommended****BlackRock Global Small Cap Fund (Hedged)Recommended****Schroder Global Smaller Companies FundRecommended****Zurich Investments Global Smaller Co's Share FundRecommendedNRGoldman Sachs Global Small CompaniesInvestment Grade****Multi Manager - Global Small Companies?Optimix Global Smaller CompaniesHighly RecommendedNRAMP Future Direc Extended Markets International Share FundRecommendedNRHedge Funds - Long/Short Australian Equities?Aviva Investors High Growth Shares FundHighly Recommended1152525543877511525255438775115252554387751152525565785011525255657850115252556578501152525585787511525255857875***Aviva Investors Long/Short Equity FundHighly RecommendedNRAcadian Wholesale Australian Equity Long/ShortRecommended***ING Extended Alpha Australian Share FundRecommended****K2 Australian Absolute Return FundRecommended*****Perpetual's SHARE-PLUS FundRecommended***Smallco Investment FundRecommendedNRWavestone Australian Equity Long/Short FundRecommendedNREQT SGH Absolute Return TrustInvestment Grade***Lodestar Australian Strategic Share FundInvestment Grade****P.M. Capital Australian Opportunities FundInvestment GradeNRJANA Australian Share Long/Short TrustFund WatchNRHedge Funds - Long/Short Global Equities?Five Oceans World FundHighly Recommended****MLC Platinum FundHighly RecommendedNRPlatinum Asia FundHighly Recommended*****Platinum International FundHighly Recommended*****Platinum International Technology FundHighly Recommended****Acadian Wholesale Global Equity Long/Short FundRecommendedNRGoldman Sachs Global Flex FundRecommended***Goldman Sachs Hedged Global Flex FundRecommended***HFA International Shares FundRecommended***K2 Asian Absolute Return FundRecommended****K2 Select International Absolute Return FundRecommended***Platinum European FundRecommended****Platinum Japan FundRecommended****P.M. Capital Absolute Performance FundInvestment GradeNRPengana Asian Equities Long Short FundInvestment Grade****JANA Global Share Long/Short TrustFund WatchNRProperty Securities - Australian?Vanguard Property Securities Index FundHighly Recommended1152525200025****APN A-REIT FundRecommended****Aviva Investors Listed PropertyRecommended***BlackRock Indexed Australian Listed PropertyRecommended****BT Property Securities TrustRecommended****Cromwell Phoenix Property Securities FundRecommendedNREQT SGH Wholesale Property Income FundRecommended****Legg Mason Property Securities TrustRecommended***MLC Property Securities TrustRecommendedHoldPrincipal Property Securities FundRecommended***RREEF Paladin Property Securities FundRecommended****UBS Property Securities FundRecommendedHoldZurich Managed Investment Property Securities FundRecommended****CFS Wholesale Property Securities FundInvestment Grade***ING Wholesale Property Securities TrustInvestment GradeNRPerpetual Property Securities FundInvestment GradeNRChallenger FM Property Securities FundInvestment GradeHoldChallenger Property FundInvestment GradeHoldMacquarie Ws Property Securities FundFund WatchNRMacquarie Master Property Securities TrustRedeemNRSpecialised - Open Ended?KeyInvest Funeral BondUnder ReviewNRMacquarie Private Capital Group (MPCG)(ASX: MPG)Closed-Wind UpNRProperty Securities - Australian?Resolution Capital Core-Plus Property Securities FundCeased CoverageNRMulti Manager - Property Securities - Australian?Colonial First State FirstChoice Property SecuritiesInvestment Grade***Property Securities - Global?AMP Capital Global Property Securities FundHighly Recommended*****ING Global Property Securities FundHighly Recommended*****RREEF Global (ex Aust) Property Securities FundHighly Recommended***RREEF Global Property Securities FundHighly Recommended***Advance Global Property Fund WS UnitsRecommended****EII Global Property FundRecommended***EQT SGH LaSalle Global Listed Property SecuritiesRecommended****Perennial Global Property Wholesale TrustRecommendedNRVanguard Intl Property Securities Index Fund (Hedged)Recommended****Zurich Investments Global Property Securities FundRecommended****BT Global Property Securities FundInvestment Grade****CFS Colliers Intl Property Securities FundInvestment Grade***Invesco Wholesale Global Property Securities FundInvestment Grade****Principal Global Property Securities FundInvestment Grade***Resolution Capital Global Property Securities FundInvestment Grade****Macquarie Global Property Security Fund - HedgedRedeemNRUBS Global Property Securities FundRedeem***AXA Global Property Secs FundCeased CoverageNRFidelity Global Property Securities FundCeased CoverageNRMulti Manager - Property Securities - Global?Russell International Property Sec Fund (Hedged)Highly RecommendedNRMLC Global Property FundRecommendedHoldProperty Securities - Global Unhedged?Vanguard International Property Secs IndexRecommended****Invesco Wholesale Global Property Seccurities Fund - UnhedgedInvestment Grade****AXA Global Property Secs Fund (Unhedged)Ceased CoverageNRProperty Securities - Hybrid?AMP Capital Core Property FundRecommended*****Australian Unity Wholesale Property Income FundRecommended***Perpetual Property for Income FundRecommendedNRAPN Property For Income FundInvestment GradeNRAPN Property for Income Fund No. 2Investment GradeNRBlackRock Combined Property Inc Fund (Aust) (D)Investment GradeNRTankstream Property Investments FundFund WatchNRAXA Wholesale Australian Property FundHoldNRChallenger Hybrid Property FundHoldNRCharter Hall Umbrella FundHoldNROrchard Hybrid Property FundHoldNRReal Estate Capital Partners (RECAP) Enhanced Income FundHoldNRAPN Diversified Property FundClosed-Wind UpNRStructured Products - Closed Ended?Man OM-IP AHL 2010Highly RecommendedNRCapital Series Cornerstone Series 2RecommendedNRHSBC 100+ Series Emerging Markets OutperformanceRecommendedNRMacquarie Flexi 100 Trust - March 2011RecommendedNRto dbaccess Pro: S&P/ASX 200 Series 1A 2011 & Series 1B 2011RecommendedNRCapital Series CornerstoneInvestment GradeNRInstreet Link ARC Series 5Investment GradeNRInstreet Mast ARC Series 3Investment GradeNRStructured Products - Closed Ended?Aviva Investors Core Opportunities Model PortfolioRecommendedNRAXA North - Personal Super, Personal Pension & InvRecommendedNRAXA North - Protected Retirement guaranteeRecommendedNRBarclays DYNAMIC80 International Share FundRecommendedNRBlackRock Capital Protected Top 20RecommendedNRChallenger Guaranteed Income FundRecommendedNRStructured Products - Open Ended?Macquarie Lifetime Income Guarantee PolicyRecommendedNROnePath MoneyForLifeRecommendedNROnePath Protected AUS 50 FundRecommendedNROnePath Protected Growth Fund IIRecommendedNRAviva Investors Dividend Builder Model PortfolioInvestment GradeNRAviva Investors Direct Separately Managed Accounts PlatformApprovedNRCBA Protected LoanApprovedNRCiti InstalmentsApprovedNRCredit Suisse Tailored Return Facility Investment AcceleratorsApprovedNRMacquarie High Yield Equity NotesApprovedNRMacquarie Self-funding InstalmentsApprovedNRMason Stevens Index Magnifier InstalmentsApprovedNRNext Financial Instalments NF330 SeriesApprovedNRNext Financial NF900 InstalmentsApprovedNRRBS Fund Linked Instalment WarrantsApprovedNRRBS Global Access Series (GAS) InstalmentsApprovedNRShareInvestApprovedNRUBS Rolling Self Funding InstalmentsApprovedNRLinear Continuously Protected SMAUnder ReviewNRMacquarie Equity LeverUnder ReviewNRMacquarie Managed Fund InstalmentsUnder ReviewNRRBS Self Funding InstalmentsUnder ReviewNRInfrastructure Securities - Global?Macquarie International Infrastructure Securities FundHighly Recommended***Infrastructure Securities - Australian?Goldman Sachs Aust. Infra. Ws FundRecommended***Multi Manager - Emerging Markets?Optimix Global Emerging Markets ShareHighly Recommended11525250NRRussell Emerging Markets FundHighly RecommendedNRAMP FLTP-Future Directions Emerging MarketsRecommendedNRInfrastructure Securities - Global?Lazard Global Listed Infrastructure FundRecommendedNRMacquarie Emerging Markets Infrastructure Sec. FundRecommended***Magellan Infrastructure FundRecommendedNRRARE Infrastructure Value FundRecommended****Vanguard Global Infrastructure FundRecommended****Vanguard Global Infrastructure Fund (Hedged)Recommended****CFS Ws Global Listed Infrastructure Securities FundInvestment Grade***Multi Manager - Emerging Markets?Colonial First State FirstChoice Emerging MarketsInvestment Grade***Infrastructure Securities - Hybrid?AMP Capital Core Infrastructure FundRecommendedNRChallenger Global Infrastructure FundClosed-Wind UpNRMulti Manager - Diversified Fixed Income?Colonial First State FirstChoice Fixed InterestInvestment GradeNRMulti Manager - Global Equities (Hedged)Russell Global Opportunities Fund (Hedged)Highly Recommended****Russell International Share Fund $A HedgedHighly RecommendedNRAXA International Equities Fund Multi Manager (Hedged)RecommendedNRIbbotson International Shares Active Hedged TrustRecommendedNRIbbotson International Shares HOT (Hedged)RecommendedNRMLC Hedged Global Share FundRecommendedHoldGlobal Equities - Regional - China?Premium China FundRecommended***Global Equities - Regional - China?All Star Nomura China Fund - OrdinaryInvestment GradeNRAlternatives - Single Strategy?Aspect Diversified Futures FundHighly Recommended****BlackRock Scientific Global Markets FundHighly Recommended****Man AHL AlphaHighly RecommendedNRWinton Global Alpha FundHighly Recommended*****Ascalon H3 Commodities FundRecommended****Ashton-Paulson Credit Opportunities FundRecommendedNRAshton-Paulson Event Driven FundRecommendedNRAshton-Paulson Recovery FundRecommendedNRBlackRock Asset Allocation Alpha FundRecommended*****CORALS Commodities FundRecommendedNRMM&E Capital Investment Trust No.2RecommendedNRAdvance Global Alpha FundInvestment GradeNRBT Global Macro FundInvestment Grade****Credit Suisse Enhanced Commodity FundInvestment Grade***Basis Australian Rim Opportunity FundFund WatchNRMorgan Stanley FX Alpha FundClosed-Wind UpNRMorgan Stanley FX Alpha Plus FundClosed-Wind UpNRAlternatives - Multi-Asset/Multi-Manager?Fauchier Partners Absolute Return TrustHighly RecommendedNRAQR Wholesale DELTA FundRecommended****BlackRock Global Allocation FundRecommended****DWS Strategic Value FundRecommended****FRM Sigma FundRecommendedNRHSBC GH Diversified StrategyRecommendedNRJANA Triplepoint FundRecommended***Man RMF Dynamic FundRecommendedNRMLC Long Term Absolute Return PortfolioRecommended****Select Alternatives PortfolioRecommended***Certitude Asian Opportunities FundInvestment Grade***HFA Diversified Units (Hedged)Investment Grade***BT Global Returns FundClosed-Wind UpNRColonial First State Global Diversified StrategiesClosed-Wind UpNRCredit Suisse/Tremont Index Strategies FundClosed-Wind UpNRGoldman Sachs Multi Strategy FundClosed-Wind UpNR ................
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