Australian Banc Capital Securities Trust

The Fund’s investment objectives are to (i) provide Unitholders with quarterly, tax-advantaged distributions consisting primarily of returns of capital and (ii) provide exposure to a portfolio consisting primarily of Capital Securities issued by the Big Four Australian Banks (Australia and New Zealand Banking Group, Commonwealth Bank of Australia, National Australia Bank, and Westpac Banking Corporation).

The Fund was established to provide investors with high levels of tax-advantaged distributions through exposure, on a low-cost basis, to Capital Securities issued by the Big Four Australian Banks.

The Fund will not have a fixed distribution, but intends to make quarterly distributions based on the actual and expected distributions on the Capital Securities less the Fund’s estimated expenses.

Performance Update

Australian Banc Capital Securities Trust Performance Update — First Quarter 2012
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