JUNE 2020 IOOF MULTISERIES IOOF MULTIMIX IOOF CASH MANAGEMENT IOOF BALANCED INVESTOR

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JUNE 2020 IOOF MULTISERIES IOOF MULTIMIX IOOF CASH MANAGEMENT IOOF BALANCED INVESTOR
IOOF                     INVESTMENTS SNAPSHOT

June 2020
IOOF MultiSeries
IOOF MultiMix
IOOF Cash Management
IOOF Balanced Investor
IOOF Investments Snapshot | June 2020

    IOOF Investments
    Investment management team enhanced
    Our impressive investment results are driven by an experienced team and we have enhanced
    our capabilities by integrating with the recently acquired ANZ Wealth investment team.
    The acquisition has enabled us to expand our portfolio management function, adding further depth and focus across each asset class.
    Further, we have a new dedicated asset allocation capability which will support us with additional insights and play an important
    role in the development of both our strategic and dynamic asset allocation views. Two new portfolio managers will also add further
    support to the consideration of Environmental, Social and Governance (ESG) factors for the team as we look to further integrate
    Responsible Investing across all aspects of our investment process.

    The performance and analytics function has also been boosted and portfolio managers will be further supported in their investment
    decision-making process by increased risk and performance analytics and reporting. We have also expanded our implementation
    team giving us increased capability across portfolio execution, currency management, risk mitigation strategies and derivatives.
    In addition, we now have a dedicated governance area.

       Dan Farmer                      Stanley Yeo                      Manish Utreja
       Chief Investment Officer        Deputy Chief Investment          Head of Alternatives
                                       Officer & Head of Equities

       Osvaldo Acosta                  Kerry Duce                       Rhodri Payne
       Head of Fixed                   Head of Asset Allocation         Head of Investment
       Interest Assets                                                  Execution

       Simon Gross                     David Djukanovic                 Michele Streight
       Head of Property                Head of Portfolio                Head of Investment
                                       Implementation                   Governance

    Investment Specialist team

       Charles Kneale                  Tim Casey                        Neil Armistead                   Jennifer McLean
       Investment Specialist           Investment Specialist            Investment Specialist,           Client Engagement
       (VIC, SA, WA and TAS)           (NSW, ACT and QLD)               IOOF Practice                    Specialist
                                                                        Management
2
IOOF Investments Snapshot | June 2020

Contents
Market insight                                   IOOF Trust
 Market and economic snapshot               4     IOOF Cash Management                                14

Strategic tilting update                         MultiMix wholesale single sector trusts
 Cash and fixed interest                    5     Property                                            15
 Currency                                   5     Alternatives and Defensive Equities                 16

IOOF MultiSeries                                 IOOF MultiMix diversified trusts
 Summary                                    6     IOOF MultiMix Capital Stable                        17
 Underlying investment managers             7     IOOF MultiMix Conservative                          17

IOOF MultiSeries diversified trusts               IOOF MultiMix Moderate                              18
                                                  IOOF MultiMix Balanced Growth                       18
 IOOF MultiSeries 30                        8
                                                  IOOF MultiMix Growth                                19
 IOOF MultiSeries 50                        8
 IOOF MultiSeries 70                        9    MySuper fund
 IOOF MultiSeries 90                        9     IOOF Balanced Investor                              19

IOOF MultiMix
 Summary                                    10
 Underlying investment managers             11

IOOF MultiMix single sector trusts
 IOOF MultiMix Australian Shares            12
 IOOF MultiMix International Shares         12
 IOOF MultiMix Diversified Fixed Interest   13
 IOOF MultiMix Cash Enhanced                13

                                                                                                             3
IOOF Investments Snapshot | June 2020

    Market and economic snapshot
    The COVID-19 health crisis is, first and foremost, a human tragedy but lockdown and
    isolation measures designed to control the spread have had destructive economic
    consequences at home and abroad.
    The negative effect on share markets has been swift and                        possibly because reopening started before a sharp downtrend
    substantial. Large share market falls across most regions were                 in new cases. Australia has also seen an outbreak centred
    seen in March, as supply chains were disrupted, and business                   in Victoria that is a meaningful second wave and has resulted
    activity was restricted to try and contain the pandemic.                       in lockdown and further economic damage.
    Shutdown measures squeezed companies’ turnover and
    profits, and damaged consumer confidence.                                      Economic damage
                                                                                   If countries need to delay reopening efforts to slow an
    Governments and central banks reacted swiftly to prop up
                                                                                   escalation of infections, bankruptcies may surge, and
    economies with enormous fiscal and monetary responses.
                                                                                   unemployment could go even higher. That said, governments
    These response measures, along with some considerable
                                                                                   and central banks are still applying large fiscal and monetary
    success in flattening infection curves, have seen share markets
                                                                                   support in meaningful amounts which should provide some
    in most major countries claw back some of their significant
                                                                                   offset to the economic impacts of the pandemic.
    losses in recent months, as you can see in the graphs below:

    The Australian Share Market (ASX 300)                                          Escalation of US-China tensions
    7500
                                                                                   Tensions between the global superpowers have been rising
    7000
                                                                                   for some time but have been exacerbated across a swathe
    6500
                                                                                   of issues, backdropped by the World Health Organisation’s
    6000                                                                           agreement to run a COVID-19 inquiry. China’s move to
    5500                                                                           introduce a controversial security law tightening control of
    5000                                                                           Hong Kong has also added to frictions. And with an election
    4500                                                                           nearing, US/China tensions may escalate further posing even
    4000                                                                           more risks for markets. A ‘technology cold war’ between the US
         19

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                                                                                   and China that has been with us for some time has intensified.
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    The US Share Market (S&P 500)                                                  Vaccine
    3600                                                                           Meaningful progress is being made to develop and bring
    3400                                                                           to market a number of vaccines around mid-2021. At this
    3200
                                                                                   stage greater clarity regarding the effectiveness of current
    3000
                                                                                   front runners should emerge by late 2020, most likely across
    2800
                                                                                   multiple vaccines. However, time will still be required to
    2600

    2400
                                                                                   ensure lingering side effects do not develop, the length
    2200                                                                           of time immunity lasts and for manufacturing to ramp up.
    2000                                                                           This suggests mid-2021 as a possible launch date.
    07 2/19
    14 1/20
    21 1/20
    28 1/20
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    28 4/20
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                                                                                   Investing in highly uncertain times
    31

    The graphs above show the performance of the S&P 500 Price Index and ASX
    Price Index from 1 January 2020 to 30 June 2020.
                                                                                   While there are clearly substantial risks still at play on the
    Source: FactSet, IOOF
                                                                                   health, political, economic and geopolitical fronts, we are
    What may be ahead?                                                             seeing considerable signs of improvement across key lead
                                                                                   economic indicators that the worst of the initial decline in
    While the share market has been buoyed by the promise of
                                                                                   growth is now passing. However, it remains uncertain what
    additional fiscal support and the fact that a return to work is
                                                                                   growth will look like after the initial bounce and fiscal support
    already beginning to happen, we’re not ‘out of the woods’
                                                                                   starts to unwind.
    just yet. Three key risks remain, leaving the market vulnerable
    to possible setbacks:

    A second wave
    The global daily COVID-19 case count remains stubbornly high
    and trends are also up in emerging countries such as Brazil,
                                                                                                             Dan Farmer
    India, Bangladesh, Indonesia and Saudi Arabia. The US has seen
                                                                                                             Chief Investment Officer
    a surge in infections as lockdown restrictions were relaxed,
4
IOOF Investments Snapshot | June 2020

Strategic tilting update
Cash and fixed interest                                          Currency
Position                                                         Position
For both MultiMix and MultiSeries, there is an overweight to     For MultiMix, the hedged benchmark remains at 10% of the
cash/short duration strategies, underweight to fixed interest.   developed equities portfolio versus the strategic benchmark
                                                                 of 25%. For MultiSeries, the hedged benchmark remains at
Rationale                                                        20% versus the strategic benchmark of 25%.
Our view is that Australian and US Government bond yields
are very expensive. The US 10-year Government bond yield
                                                                 Rationale
as at end of June was 0.65%, down from 0.70% at the end          The key reason for this continued underweight position is
of March.                                                        because unhedged international equities provides a natural
                                                                 hedge in the event of an equity market correction. If equity
Current status                                                   markets fall, the Australian dollar tends to fall with it (as
Since inception, the tilt to cash has underperformed as          it is considered a risk asset), thus protecting the value for
global bonds continue to produce positive returns. However,      unhedged investors.
the underperformance is somewhat mitigated by strong
performance from the underlying cash managers, and
                                                                 Current status
strong returns from the IOOF Income Trust.                       For the June quarter, the unhedged developed
                                                                 international shares benchmark underperformed the
For MultiMix over the June quarter, the IOOF Income Trust
                                                                 hedged developed international shares benchmark by
returned 2.49% versus the diversified fixed interest strategic
                                                                 -11.88% (5.94% versus 17.82%).
benchmark return of 1.39%.

For MultiSeries over the June quarter, the Metrics Credit
Partners Diversified Australian Senior Loan Fund returned
1.10% and the Janus Henderson Income Fund returned
4.64% versus the MultiSeries Fixed Income strategic
benchmark return of 1.39%.

                                                                                                                                  5
IOOF Investments Snapshot | June 2020

    IOOF MultiSeries
    Summary
    Full details of the investment strategy, objectives and underlying managers for each Trust are
    provided in the trust profile which can be downloaded from www.ioof.com.au/investment-central

        Trust                         APIR code                          Risk/return profile               Estimated                         Growth / Defensive
                                                                                                           management costs
                                                                                                           % pa*

        MultiSeries diversified
        IOOF MultiSeries 30           IOF0253AU                          Low to medium                     0.40
                                                                                                                                                               Growth 30%
                                                                                                                                                               Defensive 70%

        IOOF MultiSeries 50           IOF0254AU                          Medium                            0.45
                                                                                                                                                               Growth 50%
                                                                                                                                                               Defensive 50%

        IOOF MultiSeries 70           IOF0090AU                          Medium to high                    0.50
                                                                                                                                                               Growth 70%
                                                                                                                                                               Defensive 30%

        IOOF MultiSeries 90           IOF0255AU                          High                              0.55
                                                                                                                                                               Growth 90%
                                                                                                                                                               Defensive 10%

    *    The estimated management costs are based on the actual full financial year 2020 figures. The estimated management cost includes the investment management fee
         and indirect costs. See pages 16 to 20 of the IOOF MultiSeries PDS for full details on fees and costs. The management costs are subject to change from time to time.

6
IOOF Investments Snapshot | June 2020

Underlying investment managers
Over the last quarter the following changes were made to our underlying investment manager line-up.

New inclusion in the trusts: Challenger Enhanced (international shares), Western Asset Management MAC (international fixed interest).

Removal from the trusts: Goldman Sachs (international shares).

                                      Manager                                                     Style

                                      IOOF Investment Services Ltd                                Short-term money market securities

                                                                                                                                                              short-term
                                                                                                                                                               securities
                                                                                                                                                               Cash and
                                      Janus Henderson Investors (Australia) Funds Management      Active Australian fixed interest
                                      Limited

                                                                                                                                                                 Diversified fixed interest
                                      Ardea Investment Management                                 Diversified fixed income and total return Australian
                                                                                                  fixed income

                                      Metrics Credit Partners Pty Limited                         Australian corporate loans

                                      Western Asset Management Company                            Australian bonds and global high-grade multi-asset credit

                                      Stone Harbor Investment Partners LP                         Emerging market debt

                                      Brandywine Global Investment Management, LLC                Top-down, value-driven
 IOOF MultiSeries 30, 50, 70 and 90

                                      Invesco Australia Limited                                   International core fixed income

                                                                                                                                                                 Property
                                      IOOF Investment Services Ltd                                Core

                                      Macquarie Investment Management Limited                     Passive listed Australian and global property securities

                                      Acadian Asset Management (Australia) Limited                Small companies

                                      AllianceBernstein Investment Management Australia Limited   Concentrated value

                                                                                                                                                                 Australian shares
                                      The Northern Trust Company of Hong Kong Limited             Quantitative quality and momentum

                                      Yarra Funds Management Limited                              Style neutral

                                      Invesco Australia Limited                                   Quantitative 130/30

                                      IOOF QuantPlus                                              Enhanced passive

                                      State Street Global Advisors, Australia, Limited            Enhanced passive

                                      Alphinity Investment Management Pty Ltd                     Quality with earnings leadership
                                                                                                                                                                 International shares

                                      Brown Advisory Limited                                      Global equities

                                      Challenger Limited                                          Index plus a margin of up to 1.4%pa

                                      Neuberger Berman Australia Pty Limited                      Emerging markets

                                      TT International                                            Emerging and developed markets

                                      Invesco Australia Limited                                   Global targeted return
                                                                                                                                                                 Alternatives

                                      AllianceBernstein Investment Management Australia Limited   Diversified alpha

                                      Macquarie Investment Management Limited                     Passive listed global infrastructure

                                      Metrics Credit Partners Pty Limited                         Secured Australian private debt and real estate debt

For more information about the changes, please visit Investment Central.

                                                                                                                                                                                              7
IOOF Investments Snapshot | June 2020

    IOOF MultiSeries diversified trusts
    IOOF MultiSeries 30                                                                            IOOF MultiSeries 50
    Performance2                                                                                   Performance2
                         3    6    1    2                             3             5    7                             3    6    1                               2         3             5    7
                        mths mths year year                          year          year year                          mths mths year                            year      year          year year
                         %    %    %    %                             %             %    %                             %    %    %                               %         %             %    %
                                        pa                            pa            pa   pa                                                                      pa        pa            pa   pa
    Distribution         3.88          3.76    6.04       4.60       4.26          na        na    Distribution        4.00           3.76          6.13         4.84     4.84          na         na
    Growth              -0.09 -3.09 -2.64                 0.71       0.98          na        na    Growth              1.09           -4.96     -3.79            0.36      1.12         na         na
    Total                3.79          0.67    3.40       5.31       5.24          na        na    Total               5.09           -1.20     2.34             5.20     5.95          na         na
    Benchmark            2.78          0.12    2.30       4.79       4.84          na        na    Benchmark           4.66           -1.69         1.53         4.98     5.71          na         na

    Comments                                                                                       Comments
    Western Asset Management was appointed to the fixed                                            Western Asset Management was appointed to the fixed
    interest portfolio in May 2020 to manage a multi-asset credit                                  interest portfolio in May 2020 to manage a multi-asset credit
    fund. Goldman Sachs multi-factor strategy was replaced with                                    fund. Goldman Sachs multi-factor strategy was replaced with
    Challenger Index Plus in the international equities portfolio                                  Challenger Index Plus in the international equities portfolio
    in June 2020.                                                                                  in June 2020.

    Contributors and Detractors                                                                    Contributors and Detractors
    Contributors to performance                                                                    Contributors to performance
    • Diversified fixed interest portfolio outperformed, with all                                  • Diversified fixed interest portfolio outperformed, with all
         underlying managers outperforming their benchmarks.                                            underlying managers outperforming their benchmarks.
         Brandywine, Invesco and Janus Henderson performed                                              Brandywine, Invesco and Janus Henderson performed
         particularly well. Of note, Stone Harbor emerging market                                       particularly well. Of note, Stone Harbor emerging market
         debt strategy returned in excess of 16%.                                                       debt strategy returned in excess of 16%.
    • Alternatives portfolio also outperformed, with solid                                         • Alternatives portfolio also outperformed, with solid
         performance from private debt manager, Metrics.                                                performance from private debt manager, Metrics.

    Detractors from performance                                                                    Detractors from performance
    • International equities portfolio underperformed its                                          • International equities portfolio underperformed its
         benchmark as a result of underperformance from TT                                              benchmark as a result of underperformance from TT
         International, Alphinity and Goldman Sachs multi-                                              International, Alphinity and Goldman Sachs multi-factor
         factor strategy.                                                                               strategy.

    Actual versus target allocation                                                                Actual versus target allocation
    50                                                                                             40

                                                                                                   35
    40
                                                                                                   30

    30                                                                                             25

                                                                                                   20
    20                                                                                             15

                                                                                                   10
    10
                                                                                                    5

     0                                                                                              0
          Australian   International    Property      Alternatives   Diversified      Cash and           Australian   International      Property          Alternatives   Diversified     Cash and
           Shares         shares                                        fixed        short-term           Shares         shares                                              fixed       short-term
                                                                      interest        securities                                                                           interest       securities

8            Actual allocation                Target allocation                                             Actual allocation                  Target allocation
IOOF Investments Snapshot | June 2020

IOOF MultiSeries 70                                                                               IOOF MultiSeries 90
Performance2                                                                                      Performance2
                     3    6    1    2                              3          5    7                                  3    6    1                          2          3    5    7
                    mths mths year year                           year       year year                               mths mths year                       year       year year year
                     %    %    %    %                              %          %    %                                  %    %    %                          %          %    %    %
                                    pa                             pa         pa   pa                                                                      pa         pa   pa   pa
Distribution         3.62          3.30     5.63      4.93        5.34           7.87     7.48    Distribution 3.25                  2.85      4.87        4.73      5.45          na       na
Growth               3.04          -6.15 -4.36 0.08               1.18       -1.66        0.49    Growth              4.50       -8.35        -5.72       -0.77      0.97          na       na
Total                6.66          -2.85 1.26         5.01        6.52       6.21         7.97    Total               7.75       -5.50        -0.86        3.96      6.42          na       na
Benchmark            6.81          -3.32 0.65         4.84        6.34       6.60         8.28    Benchmark           8.35           -5.45    -0.70        4.33      6.56          na       na

Comments                                                                                          Comments
Western Asset Management was appointed to the fixed                                               Western Asset Management was appointed to the fixed
interest portfolio in May 2020 to manage a multi-asset credit                                     interest portfolio in May 2020 to manage a multi-asset credit
fund. Goldman Sachs multi-factor strategy was replaced with                                       fund. Goldman Sachs multi-factor strategy was replaced with
Challenger Index Plus in the international equities portfolio                                     Challenger Index Plus in the International equities portfolio
in June 2020.                                                                                     in June 2020.

Contributors and Detractors                                                                       Contributors and Detractors
Contributors to performance                                                                       Contributors to performance
• Diversified fixed interest portfolio outperformed, with all                                     • Diversified fixed interest portfolio outperformed, with all
     underlying managers outperforming their benchmarks.                                               underlying managers outperforming their benchmarks.
     Brandywine, Invesco and Janus Henderson performed                                                 Brandywine, Invesco and Janus Henderson performed
     particularly well. Of note, Stone Harbor emerging market                                          particularly well. Of note, Stone Harbor emerging market
     debt strategy returned in excess of 16%.                                                          debt strategy returned in excess of 16%.
• Alternatives portfolio also outperformed, with solid                                            • Alternatives portfolio also outperformed, with solid
     performance from private debt manager, Metrics.                                                   performance from private debt manager, Metrics.

Detractors from performance                                                                       Detractors from performance
• International equities portfolio underperformed its                                             • International equities portfolio underperformed its
     benchmark as a result of underperformance from TT                                                 benchmark as a result of underperformance from TT
     International, Alphinity and Goldman Sachs multi-                                                 International, Alphinity and Goldman Sachs multi-
     factor strategy.                                                                                  factor strategy.

Actual versus target allocation                                                                   Actual versus target allocation
30                                                                                                40

                                                                                                  35
25
                                                                                                  30
20
                                                                                                  25

15                                                                                                20

                                                                                                  15
10
                                                                                                  10
 5
                                                                                                   5

 0                                                                                                 0
      Australian   International     Property      Alternatives    Diversified       Cash and           Australian   International      Property      Alternatives   Diversified     Cash and
       Shares         shares                                          fixed         short-term           Shares         shares                                          fixed       short-term
                                                                    interest         securities                                                                       interest       securities

         Actual allocation                 Target allocation                                               Actual allocation                  Target allocation                                   9
IOOF Investments Snapshot | June 2020

     IOOF MultiMix
     Summary
     Full details of the investment strategy, objectives and underlying managers for each Trust is
     provided in the trust profile which can be downloaded from www.ioof.com.au/investment-central

      Trust                        APIR code         Risk/return           Estimated                      Estimated                       Total estimated
                                                     profile               management fees                performance-                    management
                                                                           %pa                            related fees                    costs (including
                                                                                                          %pa^                            performance-
                                                                                                                                          related fees) % pa*1

      IOOF MultiMix single sector
      IOOF MultiMix Cash           IOF0091AU         Low                   0.36                           Nil                             0.36
      Enhanced

      IOOF MultiMix                IOF0096AU         Low/Medium            0.50                           0.05                            0.55
      Diversified Fixed
      Interest

      IOOF MultiMix                IOF0092AU         High                  0.80                           0.36                            1.16
      Australian Shares

      IOOF MultiMix                IOF0098AU         High                  0.90                           0.00                            0.90
      International
      Shares

      IOOF MultiMix diversified
      IOOF MultiMix                IOF0094AU         Low                   0.52                           0.03                            0.55
      Capital Stable

      IOOF MultiMix                IOF0095AU         Low/Medium            0.73                           0.04                            0.77
      Conservative

      IOOF MultiMix                UFM0051AU         Medium                0.79                           0.05                            0.84
      Moderate

      IOOF MultiMix                IOF0093AU         Medium/High           0.92                           0.11                            1.03
      Balanced Growth

      IOOF MultiMix                IOF0097AU         High                  0.96                           0.13                            1.09
      Growth

      IOOF Cash Management and Balanced Investor
      IOOF Cash                    PIM0002AU         Low                   0.30                           N/A                             0.30
      Management
      (Class A)

      IOOF Balanced                IOF0232AU         Medium/High           0.50                           N/A                             0.50
      Investor

     * 	The estimated management costs are based on the actual full financial year 2020 figures. Total estimated management costs include the management fee and any
         applicable performance-related fees, and are subject to change from time to time. Refer to the applicable PDS for full details on fees and costs.
     ^ 	Performance-related fees may be charged by underlying investment managers of the IOOF MultiMix Trusts from time to time and may vary.

10
IOOF Investments Snapshot | June 2020

Underlying investment managers
Over the last quarter the following changes were made to our underlying investment manager line-up.

New inclusions in the trusts: Western Asset MAC (international fixed interest), Infrastructure Capital Group (alternatives defensive).

Removal from the trusts: None.

                                                                                                                                                                                                                                                                                                                   Manager                                           Style
                                                                                                                                                                                                                                                                                                                   Janus Henderson Investors (Australia) Funds       Active

                                                                                                                                                                                                                                                                                                                                                                                                            Cash and short-
                                                                                                                                                                                                                                                                                                  Enhanced Trust

                                                                                                                                                                                                                                                                                                                                                                                                            term securities
                                                                                                                                                                                                                                                                                                   MultiMix Cash
                                                                                                                                                                                                                                                                                                                   Management Limited

                                                                                                                                                                                                                                                                                                       IOOF
                                                                                                                                                                                                                                                                                                                   Pendal Institutional Limited                      Relative value credit
                                                                                                                                                                                                                                                 IOOF MultiMix Diversified Fixed Interest Trust
                                                                                                                                                                                                                                                                                                                   IOOF Investment Services Ltd                      Short-term money market
                                                                                                                                                                                                                                                                                                                                                                     securities
                                                                                                                                                                                                                                                                                                                   Janus Henderson Investors (Australia) Funds      Active Australian fixed interest
                                                                                                                                                                                                                                                                                                                   Management Limited
                                                                                                                                      IOOF MultiMix Capital Stable Trust

                                                                                                                                                                                                                                                                                                                   Ardea Investment Management                      Total return Australian fixed income
                                                                                                   IOOF MultiMix Conservative Trust

                                                                                                                                                                                                                                                                                                                   Metrics Credit Partners Pty Limited              Australian corporate loans
                                                                                                                                                                                                                                                                                                                   Stone Harbor Investment Partners LP              Emerging market debt

                                                                                                                                                                                                                                                                                                                                                                                                            fixed interest
                                                                                                                                                                                                                                                                                                                                                                                                              Diversified
                                                                                                                                                                                                                                                                                                                   Brandywine Global Investment Management,         Top-down, value-driven
                                                                                                                                                                                                                                                                                                                   LLC
                              IOOF MultiMix Balanced Growth Trust

                                                                                                                                                                                                                                                                                                                   PIMCO Australia Pty Ltd                          Global bonds
                                                                                                                                                                                                                                                                                                                   T. Rowe Price                                    International core fixed income
 IOOF MultiMix Growth Trust

                                                                                                                                                                                                                                                                                                                   Bentham Asset Management Pty Ltd                 Syndicated loans
                                                                    IOOF MultiMix Moderate Trust

                                                                                                                                                                                                                                                                                                                   Western Asset Management Company                 Australian bonds, Global Total
                                                                                                                                                                                                                                                                                                                                                                    Return and global high-grade
                                                                                                                                                                                                                                                                                                                                                                    multi-asset credit
                                                                                                                                                                                                                                                                                                                   Fidante Partners Limited                         Broad cap core
                                                                                                                                                                                                                                                                                                                   IOOF Investment Services Ltd                     Core
                                                                                                                                                                                                                                                                                                                   Legg Mason Martin Currie Australia Limited       Small cap

                                                                                                                                                                                                                                                                                                                                                                                                               Property
                                                                                                                                                                                                                                                                                                                   Pendal Institutional Limited                     Active, value-driven, risk-controlled
                                                                                                                                                                                                                                                                                                                   Cohen & Steers Capital Management, Inc.          Active, core, bottom-up
                                                                                                                                                                                                                                                                                                                   Resolution Capital Limited                       High conviction, benchmark-
                                                                                                                                                                                                                                                                                                                                                                    unaware
                                                                                                                                                                                                                                                                                                                   AllianceBernstein Investment Management           Managed volatility and
                                                                                                                                                                                                         IOOF MultiMix Australian Shares Trust

                                                                                                                                                                                                                                                                                                                   Australia Limited                                 concentrated value
                                                                                                                                                                                                                                                                                                                   Acorn Capital Limited                             Micro-caps, active long only
                                                                                                                                                                                                                                                                                                                   Invesco Australia Limited                         Quantitative, bottom-up,

                                                                                                                                                                                                                                                                                                                                                                                                               Australian shares
                                                                                                                                                                                                                                                                                                                                                                     multi‑factor approach
                                                                                                                                                                                                                                                                                                                   Quest Asset Partners Pty Limited                  Fundamental quality and growth
                                                                                                                                                                                                                                                                                                                   Vinva Investment Management Limited               Quantitative
                                                                                                                                                                                                                                                                                                                   Legg Mason Martin Currie Australia Limited        Dynamic value
                                                                                                                                                                                                                                                                                                                   OC Funds Management Limited                       Small cap and micro-cap

                                                                                                                                                                                                                                                                                                                   Northcape Capital Pty Ltd                        Quality
                                                                                                                                                                                                                                                                                                                   Boutique Manager Portfolio                       Diversified Australian shares
                                                                                                                                                                                                                                                                                                                   Defensive Equities Trust                         Defensive equities
                                                                                                                                                                                                                                                                                                                   EAM Global Investors LLC                         Emerging markets small caps
                                                                                                                                                                           IOOF MultiMix International

                                                                                                                                                                                                                                                                                                                   Alphinity Investment Management Pty Ltd          Quality with earnings leadership
                                                                                                                                                                                                                                                                                                                                                                                                               International shares

                                                                                                                                                                                                                                                                                                                   Wellington International Management              Growth
                                                                                                                                                                                                                                                                                                                   Company Pte Ltd
                                                                                                                                                                                 Shares Trust

                                                                                                                                                                                                                                                                                                                   The Northern Trust Company of                    Multi-factor
                                                                                                                                                                                                                                                                                                                   Hong Kong Limited
                                                                                                                                                                                                                                                                                                                   Antipodes Partners                               Pragmatic value, absolute return
                                                                                                                                                                                                                                                                                                                   TT International                                 Growth at reasonable price and
                                                                                                                                                                                                                                                                                                                                                                    concentrated quality
                                                                                                                                                                                                                                                                                                                   Thomson Horstmann & Bryant, Inc.                 Micro-caps
                                                                                                                                                                                                                                                                                                                                                                                                               Alternatives

                                                                                                                                                                                                                                                                                                                   We have a large number of underlying managers for our exposure to alternative
                                                                                                                                                                                                                                                                                                                   assets. These managers are not listed separately due to the size of the list and the
                                                                                                                                                                                                                                                                                                                   fact that the allocation to each manager is small.

For more information about the changes, please visit Investment Central.

                                                                                                                                                                                                                                                                                                                                                                                                                            11
IOOF Investments Snapshot | June 2020

     IOOF MultiMix single sector trusts
     IOOF MultiMix Australian Shares                                                      IOOF MultiMix International Shares
     Performance2                                                                         Performance2
                           3    6    1    2                  3         5    7                                     3    6    1    2            3         5    7
                          mths mths year year               year      year year                                  mths mths year year         year      year year
                           %    %    %    %                  %         %    %                                     %    %    %    %            %         %    %
                                          pa                 pa        pa   pa                                                   pa           pa        pa   pa
      Distribution        10.01       7.65     9.13 10.27 11.30       8.83       7.40      Distribution          5.46   5.04   5.78   6.91   13.37 17.23 13.34

      Growth               7.33     -18.00 -11.60 -7.03     -3.89     -1.28     1.27       Growth                0.04   -7.70 -1.40 -0.60 -4.58 -8.31            -1.13

      Total               17.34      -10.35 -2.46 3.23       7.41     7.55      8.67       Total                 5.50   -2.66 4.39    6.31   8.79      8.92      12.21

      Benchmark           16.79      -10.55 -7.61   1.45    5.24      6.00       7.48      Benchmark             5.83   -4.13 4.37    7.78   10.13     8.89      12.41

     Comments                                                                             Comments
     There were no changes over the quarter.                                              There were no changes over the quarter.

     Contributors and Detractors                                                          Contributors and Detractors

     Contributors to performance                                                          Contributors to performance
     • Overweight to small- and micro-caps which outperformed                             • Growth manager Wellington continues to perform
         the broader market.                                                                  well as the growth factor continues to significantly
     • Outperformance from small- and micro-cap managers,                                     outperform value.
         Acorn and OC.                                                                    • In a reversal from the previous quarter, small caps
     • Vinva outperformed due to positive contribution from their                             outperformed, particularly in emerging markets, with EAM
         behavioural and segmentation signals.                                                emerging market small caps returning in excess of 15% and
                                                                                              THB international micro caps returning in excess of 14%.
     Detractors from performance
                                                                                          Detractors from performance
     • Strategies managed by Bioscience underperformed the
         broader market.                                                                  • Antipodes was the largest detractor as the low market
                                                                                              exposure was a headwind in a strong market.
     • Exposure to cash held back returns as the market rallied
         strongly.                                                                        • Alphinity, TT International’s global concentrated portfolio,
                                                                                              and Northern Trust’s value portfolio all underperformed over
     • AB managed volatility underperformed due to an
                                                                                              the quarter.
         overweight to cash, an underweight to IT and challenging
         stock selection in Financials.

     Investment manager allocation#,3                                                     Investment manager allocation#,3

     Quest Asset Partners Pty Limited 12.19%           Northcape Capital Pty Ltd 11.37%   The Northern Trust Company                            TT International 24.26%
                                                                                          of Hong Kong Limited 15.16%
     IOOF Investment
     Services Ltd 4.69%                                             Legg Mason Martin     Alphinity Investment
                                                                       Currie Australia   Management Pty Ltd
     AllianceBernstein Investment                                      Limited 12.71%     15.25%                                                              EAM Global
     Management Australia Limited                                                                                                                    Investors LLC 6.35%
     13.45%                                                                  OC Funds     Thomson Horstmann
                                                                          Management      & Bryant, Inc. 5.18%
     Acorn Capital Limited 6.16%                                                                                                                      Antipodes Partners
                                                                         Limited 9.86%
                                                                                                                                                                16.07%
     Vinva Investment                                                                     IOOF Investment
     Management Limited 14.72%                                                            Services Ltd 0.86%                                    Wellington International
                                                                     Boutique Manager
                                                                       Portfolio 13.98%                                                         Management Company
     Invesco 0.86%                                                                                                                                      Pte Ltd 16.88%

     #   Please note the data is based on the actual underlying investment.
12
IOOF Investments Snapshot | June 2020

IOOF MultiMix Diversified Fixed Interest                                                      IOOF MultiMix Cash Enhanced
Performance2                                                                                  Performance2
                      3    6    1    2                     3          5    7                                           3    6    1    2            3      5    7
                     mths mths year year                  year       year year                                        mths mths year year         year   year year
                      %    %    %    %                     %          %    %                                           %    %    %    %            %      %    %
                                     pa                    pa         pa   pa                                                         pa           pa     pa   pa
    Distribution      5.58      5.61        6.63   5.55   4.68        5.57       5.46         Distribution            0.21   0.40   1.12   1.47   1.75   2.10      2.40
    Growth            -1.17     -2.64 -2.02        0.19   -0.16      -1.01      -0.65         Growth                  0.65   0.28   0.23   0.30   0.16   0.02      0.04
    Total             4.41      2.98        4.61   5.74   4.52        4.55       4.82         Total                   0.87   0.68   1.35   1.77   1.90   2.11      2.44
    Benchmark         1.39      3.56        4.69   6.52   5.15        4.77       5.19         Benchmark               0.06   0.32   0.85   1.41   1.53   1.73      1.99

Comments                                                                                      Comments
Strong performance for the quarter from credit sectors and                                    Outperformance was driven by active strategies with
active duration managers. The portfolio was rebalanced from                                   overweight interest rate duration, yield curve flattening bias,
Ardea and duration managers into credit strategies including a                                credit spread contraction and the strong performance of
new opportunistic mandate with Western Asset global high-                                     high quality corporate floating rate notes. An overweight
grade multi-asset credit. These strategies generated between                                  allocation to inflation-linked bonds and semi-governments
8-16% returns, reversing most of the losses experienced in March.                             also contributed to performance.

Contributors and Detractors                                                                   Contributors and Detractors
Contributors to performance                                                                   Contributors to performance
• Managers with credit like Western Asset, Stone Harbor and                                   • Allocation to Term Deposits, NCDs and cash notice
      Bentham, and active duration managers like Brandywine                                       accounts has contributed to the performance over
      and T. Rowe Price were strong contributors.                                                 the quarter.
                                                                                              • Overweight interest rate duration, credit spread contraction
Detractors from performance                                                                       and an allocation to inflation-linked bonds also contributed
• No negative detractors.                                                                         to performance.
                                                                                              • In the credit sector financials, infrastructure, industrials
                                                                                                  drove the performance.

                                                                                              Detractors from performance
                                                                                              • There were no significant detractors from performance.

Investment manager allocation#,3                                                              Investment manager allocation#,3

Stone Harbor Investment Partners LP 6.60%                               Janus Henderson
                                                                      Investors (Australia)
Ardea Investment                                                     Funds Management
                                                                                              IOOF Investment
Management 18.53%                                                        Limited 12.56%
                                                                                              Services Ltd 18.31%
                                                                             T.Rowe Price
Bentham Asset                                                     International Ltd 6.92%                                                                Pendal Institutional
Management                                                                                                                                                 Limited 44.03%
Pty Ltd 6.42%                                                            PIMCO Australia
                                                                           Pty Ltd 6.66%
                                                                                              Janus Henderson
IOOF Investment
                                                                      Brandywine Global       Investors (Australia)
Services Ltd
                                                                 Investment Management,       Funds Management
7.40%
                                                                             LCC 16.63%       Limited 37.66%
Western Asset Management
Company 18.26%

#     Please note the data is based on the actual underlying investment.
                                                                                                                                                                                13
IOOF Investments Snapshot | June 2020

     IOOF Trust
     IOOF Cash Management
     Performance2
                          3    6    1    2            3      5    7
                         mths mths year year         year   year year
                          %    %    %    %            %      %    %
                                         pa           pa     pa   pa
     Total               0.13   0.41   1.07   1.57   1.68   1.88      2.15
     Benchmark           0.06   0.32   0.85   1.41   1.53   1.73      1.99

     Comments
     The trust continued its outperformance of the Bank Bill Index.
     Money market yields dropped during the quarter. RBA left the
     interest rate at 0.25%. 3-month bank bill rates fell by 27 bps to
     0.10% and 6-month bank bill rates declined by 38 bps to 0.16%.
     Bank bill rates reflected liquidity expansion provided by the
     RBA since March 2020.

     The trust remains well-exposed to improvements in short-term
     funding markets.

     Contributors and Detractors
     Contributors to performance
     • Allocation to Term Deposits, NCDs and cash notice
         accounts has contributed to the performance over
         the quarter.

     Detractors from performance
     • There were no significant detractors from performance.

     Allocation by Standards & Poors ratings3

     TOTAL "A-2" 15.9%

                                                            TOTAL "A-1+" 50.9%

     TOTAL "A-1" 33.2%

14
IOOF Investments Snapshot | June 2020

MultiMix wholesale single sector trusts
Property
Property – Australian                                              Investment manager allocation3
Comments                                                           IOOF Investment
                                                                   Services Ltd 0.98%
The COVID-19 emergency is still very much the prime
concern for investors, however the AREIT portfolio and sector                                                              Fidante Partners
                                                                                                                           Limited 49.10%
rebounded in the June quarter generating a very strong return.     Legg Mason Martin
                                                                   Currie Australia Limited
Contributors to performance                                        49.92%

• Underweight allocations to Dexus commercial office
    added value.
•   Some overweight to the retail sector that recovered strongly
    relative to other asset classes also added value.
Detractors from performance
• Underweight allocations to the Goodman Industrial Group
    detracted value.

Property – International                                           Investment manager allocation3
Comments                                                           IOOF Investment
                                                                   Services Ltd 1.20%
The GREIT sector continues to be volatile but generated a                                                               Pendal Institutional
                                                                                                                           Limited 15.42%
positive return as the market recovered from a very poor
COVID-19 related start to the calendar year. The retail sector
enjoyed a strong recovery as many investors considered it to
be oversold. In addition, it became apparent that early market     Resolution Capital                               Cohen & Steers Capital
                                                                   Limited 57.28%                                 Management, Inc. 26.09%
concerns relating to tenants’ ability to honour their rental
obligations may have been overestimated and most sectors
received payment from the vast majority of the lessees.
Contributors to performance
• Appropriate allocations to retail in all geographies
    added value.
• Overweight allocations to the outperforming US market
    added value.

Detractors from performance
• Unhedged currency allocations were detrimental due to
    the strengthening of the AUD v USD dollar exchange rate.

Property – Direct^                                                 Allocation by property type3
Comments                                                           SA Commercial Core 3.1%
                                                                                                                       VIC Industrial 15.0%
The Australian direct property portfolio performed reasonably
well and generated a positive return due to its high occupancy     NSW Commercial
                                                                   Core Plus 32.7%                                    VIC Commercial Core
rate, resilient rental income stream and minimal exposure to                                                                      28.7%

the retail sector.
                                                                                                                  VIC Commercial Core Plus
Contributors to performance                                        NSW Commercial Core                                              4.1%
                                                                   9.1%
• The numerous COVID-19 related rental relief requests                                                                NSW Industrial 7.3%
    have been well managed, resulting in strong cash flow
    in comparison to the broader market.

Detractors from performance
• Minor vacancies detracted value.
                                                                                                                                               15
^   Exposure via the IOOF MIM Property Plus Fund
IOOF Investments Snapshot | June 2020

     MultiMix wholesale single sector trusts
     Alternatives and Defensive Equities
     Alternative – Growth                                               Investment manager allocation3
     Comments                                                           Cash and short-term securities
                                                                        6.4%
     Performance was weak in global unlisted markets reflecting
     the valuation lags of 3 to 6 months. In addition, the currency     Hedge Fund 15.5%
                                                                                                                         Private Equity
     appreciated by slightly over 11%. The benchmark still performed                                                            78.1%

     well despite this, with the very strong rebound in global share
     markets. A complicated picture to dissect.

     Contributors to performance
     • Several private equity managers, including MLC, had good
        results with asset sales completed.

     Detractors from performance
     • Energy private equity managers were hurt by the influences
        mentioned above but also declining oil prices this half year.
     • Hedge funds continue to disappoint.

     Alternative – Defensive                                            Investment manager allocation3
     Comments                                                           Cash and short-term securities 3.0%

     Currency appreciation hurt a number of our US-based managers                                                     Hedge Fund 3.8%

     and overall performance.

     Contributors to performance                                        Real Assets 37.3%

     • Private debt managers achieved performance at benchmark
        levels.                                                                                                      Private Debt 55.8%

     Detractors from performance
     • As mentioned, US managers particularly those with energy
        exposure were significant underperformers.
     • Infrastructure was slightly below benchmark.

     Defensive Equities                                                 Investment manager allocation3
     Comments
     There were no changes to the portfolio.
                                                                        IOOF Investment
                                                                        Services Ltd 3.11%
     Contributors to performance                                                                                     AllianceBernstein
                                                                                                              Investment Management
     • Plato outperformed due to positive stock selection in            Lazard Asset
                                                                        Management
                                                                                                                      Australia Limited
                                                                                                                                37.24%
                                                                        Pacific Co 30.36%
        Financials and Healthcare.
                                                                        Plato Investment
     Detractors from performance                                        Management
                                                                        Limited 27.32%
     • Invesco income fund underperformed the broader equity                                                            Invesco 1.96%

        index primarily due to challenging stock selection in the
        Financials and IT sectors.

16
IOOF Investments Snapshot | June 2020

IOOF MultiMix diversified trusts
IOOF MultiMix Capital Stable                                                                    IOOF MultiMix Conservative
Performance2                                                                                    Performance2
                      3    6    1    2                            3             5    7                                 3    6    1    2                              3           5    7
                     mths mths year year                         year          year year                              mths mths year year                           year        year year
                      %    %    %    %                            %             %    %                                 %    %    %    %                              %           %    %
                                     pa                           pa            pa   pa                                               pa                             pa          pa   pa
Distribution          3.29         3.19     4.18      4.30       4.03          4.59      4.82   Distribution            4.00       3.88       4.90       4.97        5.16        6.14        6.33
Growth                0.32         -2.61 -1.71 -0.15             0.11          -0.13     0.02   Growth                  -1.15      -3.97 -2.59 -0.85 -0.60                      -1.33 -0.77

Total                 3.61         0.58     2.47      4.15       4.14          4.46     4.84    Total                   2.85       -0.08 2.31            4.12        4.56        4.81        5.56

Benchmark             2.30         0.95     2.51      4.42       4.19          4.18      4.65   Benchmark               3.61       -0.22 2.20            4.80        4.98        5.05        5.82

Comments                                                                                        Comments
Western Asset Management was appointed to the fixed                                             Western Asset Management was appointed to the fixed
interest portfolio in June 2020 to manage a multi-asset credit                                  interest portfolio in June 2020 to manage a multi-asset credit
fund. Infrastructure Capital Group was appointed to the                                         fund. Infrastructure Capital Group was appointed to the
Alternative Defensive portfolio in May 2020.                                                    Alternative Defensive portfolio in May 2020.

Contributors and Detractors                                                                     Contributors and Detractors
Contributors to performance                                                                     Contributors to performance
• Diversified fixed interest portfolio outperformed, with all                                   • Diversified fixed interest portfolio was the main
     underlying managers outperforming their benchmarks.                                             contributor to performance, with all underlying managers
     Managers with credit exposure like Western Asset, Stone                                         outperforming their respective benchmarks. Managers
     Harbor and Bentham, and active duration managers like                                           with credit exposure like Western Asset, Stone Harbor and
     Brandywine and T. Rowe Price were strong contributors.                                          Bentham, and active duration managers like Brandywine
                                                                                                     and T. Rowe Price were strong contributors.
• An overweight to Australian equities contributed.
                                                                                                Detractors from performance
Detractors from performance
                                                                                                • Alternative Defensive portfolio underperformed its fixed
• Alternative Defensive portfolio underperformed its fixed                                           interest benchmark due to the rise of the Australian dollar,
     interest benchmark due to the rise of the Australian dollar,                                    as the portfolio is predominantly unhedged.
     as the portfolio is predominantly unhedged.                                                • Defensive equities portfolio underperformed in a
• Defensive equities portfolio underperformed in a                                                   strong market.
     strong market.

Actual versus target allocation                                                                 Actual versus target allocation
60                                                                                              50

50
                                                                                                40

40
                                                                                                30
30
                                                                                                20
20

                                                                                                10
10

 0                                                                                               0
      Australian   International     Property    Alternative –   Diversified      Cash and           Australian   International   Property   Alternative – Alternative – Diversified    Cash and
       shares         shares                       defensive        fixed        short-term           shares          shares                    growth      defensive       fixed      short-term
                                                                  interest        securities                                                                              interest      securities

         Actual allocation                 Target allocation               Defensive                     Actual allocation                   Target allocation                 Defensive
                                                                                                                                                                                                     17
IOOF Investments Snapshot | June 2020

     IOOF MultiMix diversified trusts
     IOOF MultiMix Moderate                                                                               IOOF MultiMix Balanced Growth
     Performance2                                                                                         Performance2
                            3    6    1    2                              3           5    7                                     3    6    1    2                              3           5    7
                           mths mths year year                           year        year year                                  mths mths year year                           year        year year
                            %    %    %    %                              %           %    %                                     %    %    %    %                              %           %    %
                                           pa                             pa          pa   pa                                                   pa                             pa          pa   pa
     Distribution            4.14        3.89      4.99       5.51        6.09        7.29        6.25    Distribution            5.57        5.12      6.41       7.09        8.89       11.43        9.32
     Growth                  0.01       -6.14 -3.69 -1.43                -0.64       -1.62        0.55    Growth                 -0.18 -8.17 -4.29 -2.19                      -2.01       -4.60 -0.94
     Total                   4.15       -2.25 1.30            4.08        5.45        5.67        6.80    Total                   5.39       -3.05 2.12            4.90        6.88        6.84        8.38
     Benchmark               6.36       -2.48 1.27            5.16        6.18        6.28        7.60    Benchmark               8.08       -4.22 0.37            4.90        6.63        6.79        8.45

     Comments                                                                                             Comments
     Western Asset Management was appointed to the fixed                                                  Western Asset Management was appointed to the fixed
     interest portfolio in June 2020 to manage a multi-asset credit                                       interest portfolio in June 2020 to manage a multi-asset credit
     fund. Infrastructure Capital Group was appointed to the                                              fund. Infrastructure Capital Group was appointed to the
     Alternative Defensive portfolio in May 2020.                                                         Alternative Defensive portfolio in May 2020.

     Contributors and Detractors                                                                          Contributors and Detractors
     Contributors to performance                                                                          Contributors to performance
     • Diversified fixed interest portfolio outperformed, with all                                        • Diversified fixed interest portfolio outperformed, with all
          underlying managers outperforming their benchmarks.                                                  underlying managers outperforming their benchmarks.
          Managers with credit exposure like Western Asset, Stone                                              Managers with credit exposure like Western Asset, Stone
          Harbor and Bentham, and active duration managers like                                                Harbor and Bentham and active duration managers like
          Brandywine and T. Rowe Price were strong contributors.                                               Brandywine and T. Rowe Price were strong contributors.

     Detractors from performance                                                                          Detractors from performance
     • Alternative portfolios underperformed their respective                                             • Alternative portfolios underperformed their respective
          benchmarks due to the rise of the Australian dollar, as the                                          benchmarks due to the rise of the Australian dollar, as the
          portfolios are predominantly unhedged.                                                               portfolios are predominantly unhedged.
     • Defensive equities portfolio underperformed in a                                                   • A lower hedge ratio compared to benchmark detracted
          strong market.                                                                                       from performance as the Australian dollar strengthened
                                                                                                               over the quarter.

     Actual versus target allocation                                                                      Actual versus target allocation
     35                                                                                                   30

     30                                                                                                   25

     25
                                                                                                          20
     20
                                                                                                          15
     15
                                                                                                          10
     10

      5                                                                                                    5

      0                                                                                                    0
          Australian   International   Property   Alternative – Alternative – Diversified    Cash and          Australian   International   Property   Alternative – Alternative – Diversified    Cash and
           shares          shares                    growth      defensive       fixed      short-term          shares          shares                    growth      defensive       fixed      short-term
                                                                               interest      securities                                                                             interest      securities

18            Actual allocation                   Target allocation               Defensive                        Actual allocation                   Target allocation
IOOF Investments Snapshot | June 2020

                                                                                                     MySuper fund
IOOF MultiMix Growth                                                                                 IOOF Balanced Investor
Performance2                                                                                         Performance2

                       3    6    1    2                               3           5    7                                   3    6    1    2                           3             5    7
                      mths mths year year                            year        year year                                mths mths year year                        year          year year
                       %    %    %    %                               %           %    %                                   %    %    %    %                           %             %    %
                                      pa                              pa          pa   pa                                                 pa                          pa            pa   pa

Distribution            5.91        5.27      6.57        7.71       10.02 12.31 10.35                Distribution         0.00         0.00     0.00     0.00       0.00          1.73       na

Growth                  0.80        -9.98 -5.16 -3.07                -2.67       -4.82 -0.88          Growth               6.68         -3.57 0.62        4.60       6.34          4.79       na

Total                   6.71        -4.70 1.41           4.64         7.35        7.48        9.46    Total                6.68         -3.57 0.62        4.60       6.34          6.51       na

Benchmark               9.74       -6.00 -0.54 4.58                   7.06        7.29        9.30    Benchmark            6.81         -3.32 0.63        4.83       6.33          6.54       na

Comments                                                                                             Comments
Western Asset Management was appointed to the fixed                                                  Western Asset Management was appointed to the fixed
interest portfolio in June 2020 to manage a multi-asset credit                                       interest portfolio in May 2020 to manage a multi-asset credit
fund. Infrastructure Capital Group was appointed to the                                              fund. Goldman Sachs multi-factor strategy was replaced with
Alternative Defensive portfolio in May 2020.                                                         Challenger Index Plus in the international equities portfolio in
                                                                                                     June 2020.
Contributors and Detractors
Contributors to performance                                                                          Contributors and Detractors
• Australian equities portfolio performed well due to an                                             Contributors to performance
     overweight to small- and micro-caps which outperformed                                          • Diversified fixed interest portfolio outperformed, with all
     the broader market.                                                                                  underlying managers outperforming their benchmarks.
• Diversified fixed interest portfolio also contributed to                                                Brandywine, Invesco and Janus Henderson performed
     performance, with all underlying managers outperforming                                              particular well. Of note, Stone Harbor emerging market
     their benchmarks.                                                                                    debt strategy returned in excess of 16%.

Detractors from performance                                                                          • Alternatives portfolio also outperformed, with solid
                                                                                                          performance from private debt manager, Metrics.
• Alternative portfolios underperformed their respective
     benchmarks due to the rise of the Australian dollar, as the
                                                                                                     Detractors from performance
     portfolios are predominantly unhedged.
• A lower hedge ratio compared to benchmark detracted                                                • International equities portfolio underperformed as a result
                                                                                                          of underperformance from TT International, Alphinity and
     from performance as the Australian dollar strengthened
                                                                                                          Goldman Sachs multi-factor strategy.
     over the quarter.

Actual versus target allocation                                                                      Actual versus target allocation
40                                                                                                   30

35
                                                                                                     25
30
                                                                                                     20
25

20                                                                                                   15

15
                                                                                                     10
10
                                                                                                      5
 5

 0                                                                                                    0
     Australian   International   Property   Alternative – Alternative – Diversified    Cash and           Australian   International     Property    Alternatives   Diversified      Cash and
      shares          shares                    growth      defensive       fixed      short-term           shares          shares                                      fixed        short-term
                                                                          interest      securities                                                                    interest        securities

         Actual allocation                   Target allocation                                                Actual allocation                 Target allocation                                  19
Notes to the Snapshot
1.	The actual management costs (and total management costs) are subject to change from time to time and may vary from the estimated management costs detailed
    in the applicable PDS’ depending on changes to the Trusts’ underlying assets, changes to underlying investment managers and their fees, if any performance-related
    fees are incurred (where applicable) and where any unusual or non-recurrent expenses are incurred or changes to other related expenses.
2. 	Performance is net of management costs and expenses. Performance is based on exit price to exit price for the period and assumes that all distributions are
     reinvested. Management costs and other expenses are accounted for in the exit price. Past performance is not a reliable indicator of future performance.
     Full details of the benchmarks used are provided in the relevant Trusts’ PDS.
3. Allocations may not sum to 100% due to rounding.

Important information
This document is issued by IOOF Investment Services Ltd (IISL) ABN 80 007 350 405, AFSL 230703, as Responsible Entity of the IOOF MultiSeries, IOOF MultiMix Trusts, IOOF
Balanced Investor Trust, IOOF Cash Management Trust and the MultiMix Wholesale Trusts. IISL is a company within the IOOF group which consists of IOOF Holdings Ltd
ABN 49 100 103 722 and its related bodies corporate. The information provided is of a general nature and is not tailored to any particular investor’s personal circumstances.
Accordingly, reliance should not be placed by anyone on the information in this document as the basis for making any investment decision. Before acting on the information
                                                                                                                                                                                      WMA-21427 (50596) 0720

in this document, investors should consider the appropriateness of the information having regard to their personal objectives, financial situation and needs and should
consult their financial adviser.
Before you acquire a financial product, you should obtain and consider the Product Disclosure Statement available from us at www.ioof.com.au, by calling 1800 002 217 or from
your financial adviser. The information in this document is current as at 6 August 2020. While this information is believed to be accurate and reliable at the time of publication,
to the extent permitted by law, no liability is accepted for any loss or damage as a result of reliance upon it. Neither IISL nor any company in the IOOF group guarantees the
performance of any fund or the return of an investor’s capital. Past performance is not an indicator of future performance.
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