Services and Fees

Fund Manager Fee

Walsh & Company Asset Management Pty Ltd is the Fund Manager of the Fund (Fund Manager).

The Fund Manager provides investment management services to the Fund, including investing in a portfolio of fixed income securities, managing the cash position of the fund, monitoring the portfolio of underling investments and making any necessary changes to the underlying portfolio of fixed income securities.

For these services, the Investment Manager charges 0.59% per annum (exclusive of GST) of gross assets of the Fund.

Administrative Services

Australian Fund Accounting Services Pty Limited (a subsidiary of E&P Financial Group Limited) provides administration and accounting services to the Fund. Time spent by staff is charged to the Fund at agreed rates under a Services Agreement.

Under the Fund’s Constitution and the Investment Management Agreement a number of the above fees and charges may be changed within certain parameters. Where a fee or change specified in the Constitution or the Investment Management Agreement was proposed to be changed the Responsible Entity would announce the change before it was implemented.