The Dynamic Equity Fund has been reviewed by the following
 Research House:

Standard and Poor's
Click here to view the Research Report-
OPIS Capital Dynamic Equity Fund – November 2007

Standard and Poor's Disclaimer Statement

Investment Strategy

The investment strategy is to build long term investments in a broad range of ASX listed companies with a focus on smaller to mid-capitalisation companies due to their relative simplicity, potential for growth and inefficiencies in market pricing. Further value is sought to be added on a small proportion of the Dynamic Fund through the exploitation of shorter term trading opportunities in ASX listed securities.

All of the portfolio’s long term positions are subject to intensive research and constant investment reviews.

Portfolio structure

Typically:
• The Dynamic Fund will hold between 25 and 65 listed securities
• The Dynamic Fund will not invest more than 11% of the total portfolio in any one individual position
• The Dynamic Fund will not own more than 7.5% of the capital in one company
• The Dynamic Fund will only invest securities listed, or about to be listed on the Australian Stock Exchange (‘ASX’)
• The Dynamic Fund will not short sell securities
• The Dynamic Fund will not use derivatives
• The Dynamic Fund will let the cash levels build up if it cannot find attractive equity investments. If appropriate, the Dynamic Fund may be 100% invested in cash.

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Inception Date
20th Dec 2000

Recommended Investment Time
3 - 5 years +

Application / Redemption
Daily

Buy / Sell Spread
0.30%

Performance Fee
20.5% subject to a high watermark

Performance Hurdle
15% annualised return (within a financial year)

MER 2008
1.72%

Distribution
Yearly –  June

Minimum Investment
$25,000

Minimum Additional Investment
$1,000

Savings Plan
Yes (minimum $100 per month)

Reporting to
Unit Holders
Quarterly

Entry/ Exit fees
Nil