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Fund factsheet BT Tax Effective Income Fund - NEF

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Fund factsheet BT Tax Effective Income Fund - NEF Powered By Docstoc
					BT Tax Effective Income   Fund Overview
                          Product Name                                                     BT Classic Investment Funds
Fund - NEF                APIR                                                             RFA0023AU
                          Inception Date                                                   November 1993
                          Fund Status                                                      Closed
                          Distribution Frequency                                           Monthly
Fact Sheet                Fund Size                                                        $114.48 million
December 2009             ICR (Management Fee)                                             2.08%    As at 30/06/2009
                          Asset Class                                                     Diversified Shares
                          Recommended Investment Timeframe                                5 years+
                          Risk Category                                                   Moderate

                          Latest unit prices (entry/exit) information is available at www.bt.com.au




Fund Management           The Fund is managed by BT Investment Management Limited (BTIM).


Investment Objective      The Fund aims to provide a regular tax effective income as well as some capital
                          growth over the long term to keep pace with inflation.

Investment Strategy       The Fund is an actively managed diversified portfolio that invests in Australian
                          shares, Australian property securities, Australian fixed interest, convertible
                          preference shares, cash and alternative investments that offer attractive income
                          streams. The tax effectiveness arises from dividend imputation from Australian
                          shares and tax deferred income from Australian property securities.

Investment Performance
                                                               Growth of $10,000 invested
                                                           Since inception (net of ongoing fees)


                                        40,000



                                        30,000
                            Value ($)




                                        20,000



                                        10,000



                                            0
                                                 19 9    19 9     19 9           19 9       20 0     20 0     20 0            20 0        20 0
                                                     3       5        7              9          1        3        5               7           9
                                                                                     Month Ended

                                                            BT Tax Effective Income Fund - NEF                    Benchmark




                          Performance (%)                                                1 year     3 years      5 years                Since
                                                                    3 months
                          (as at 31/12/2009)                                              (pa)        (pa)         (pa)               Incep.(pa)
                          Income Return                                   0.66            4.96       10.44            12.49              8.39
                          Growth Return                                   0.22           11.42      -12.17            -7.06              -0.47
                          Total Return                                    0.88           16.38        -1.73            5.43              7.92
                          Benchmark Return                                0.76           16.35        -1.24            4.93              5.23


                           Performance returns are calculated net of ICR (Management Fees) and pre tax.
                           Past performance is not a reliable indicator of future performance, the value of your
                           investment can go down as well as up.
Asset Allocation                                               Strategic Asset Allocation                          Neutral                  Ranges
                                                               Australian shares                                        35                   20-50
                                                               Australian property                                      20                   10-30
                                                               Australian fixed interest                                23                   10-35
                                                               Convertible preference shares (hybrid
                                                                                                                           7                     0-15
                                                               securities)
                                                               Alternative investments                                     0                      0-5
                                                               Cash                                                       15                     5-50

                                                              By Sector Allocation (as at 31/12/2009)



                                                                      Australian Equities                                                                40.9%




                                                               Australian Listed Property                          17.4%




                                                                Australian Fixed Interest                                 21.1%




                                                                           Cash & Other                                20.6%



                                                                                            0%   5%   10%    15%    20%        25%   30%   35%     40%      45%


                                                             The market exposure (asset allocation) and holdings of the fund may change significantly
                                                             each day.



Progress of the Portfolio                                    Fund Performance
Investment                                                   The BT Tax Effective Income Fund outperformed its benchmark during the
                                                             December quarter after strong gains from our Australian shares and fixed
                                                             interest portfolios overweighed underperformance from our listed property
                                                             portfolio. During the period, the Reserve Bank raised the official cash rate three
                                                             times (to 3.75%). At the same time, the yield on Australian 3-year bonds fell 17
                                                             basis points (to 4.66%) while the yield on 10-year bonds gained 28 basis points
                                                             (to 5.64%).

                                                             Strategy & Outlook
                                                             Our view is that the market continues to be in a consolidation phase, driven
                                                             mainly by a lack of clarity with regards to the success of developed economies in
                                                             weaning themselves off government stimulus. We believe earnings growth will
                                                             be the key to determining whether or not companies have gotten too far ahead
                                                             of themselves and we remain cautious about those companies whose first half
                                                             earnings may disappoint. We also remain cautious about the outlook for the
                                                             listed property sector given the lack of earnings growth and relatively
                                                             unattractive valuations. In terms of fixed interest, the supply of global and
                                                             domestic bonds remains a concern and we expect that yields will continue to
                                                             rise.

Other Features                                               This fund is open to existing investors with a current holding. There is no
                                                             minimum amount for additional investments or Regular Investment Plans.

                                                             Existing investors can manage their investment using BT Online or our
                                                             automated telephone service BT Link.

                                                             BT Margin Lending will loan against this Fund via a BT Margin Loan. The Loan
                                                             to Value Ratio (LVR) for this Fund is 75%. Lending ratios are subject to change
                                                             without notice.


                 More information?
                     Speak to your financial adviser                 Visit www.bt.com.au                 Contact BT Customer Relations 132 135

                 BT Funds Management Limited ABN 63 002 916 458, AFSL 233724 and BT Funds Management No. 2 Limited ABN 22 000 727 659,
                 AFSL 233720 are the Responsible Entities of the BT Classic Investment Funds Product Disclosure Statement (PDS). BT Funds
                 Management No. 2 Limited ABN 22 000 727 659, AFSL 233720 is the issuer of units in, the BT Tax Effective Income Fund - NEF.
                 These funds are open to additional investments only.

                 The PDS is available by calling BT on 132 135 or visit www.bt.com.au. You should consider the PDS in deciding whether to acquire, or
                 continue to hold, the Fund and consider whether the fund is appropriate for you. This document (Fact Sheet) does not take into account
                 of your objectives, financial situation and needs. Because of this, you should, before acting on information in this document, consider its
                 appropriateness, having regard to your objectives, financial situation or needs and were commend you consult a financial adviser.

                 Performance figures are calculated in accordance with the Investment and Financial Services Association (IFSA) standards. Total
                 returns are calculated to the last day of each month (unless otherwise indicated) using exit prices and assuming reinvestment of
                 distributions (which may include net realised capital gains from the sale of fund assets).

				
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Description: Fund factsheet BT Tax Effective Income Fund - NEF