Australian Infrastructure Fund

Hastings Diversified Utilities Fund

Hastings Infrastructure Fund

The Infrastructure Fund

Utilities Trust of Australia

Hastings Hancock International Timberland Fund

Price & Performance

Hastings High Yield Fund

Hastings Yield Fund

Hastings Income Trust

Hastings Private Equity

Westpac Essential Services Trust

Price & Performance

Return analysis for the 12 month period to 30 June 2011

	Starting Valuation $m	Ending Valuation $m	Total Cash Return $m	Total Franking Return $m	Total Capital Return $m	Total Return $m	IRR for 12 months % on Asset	Contribution to Fund Return %
HVP	57.8	58.9	2.3	-	0.6	2.9	5.0	3.0
Tiaki	38.7	32	2.9	0.1	-6.7	-3.7	-10.0	-3.9
Grand Asset Total	96.5	90.9	5.2	0.1	-6.1	-0.9		-0.9
Expenses/ fees						-0.6		-0.6
Final Return						-1.5		-1.5

Note: Numbers may not add up due to rounding.

Last Updated: 23/12/2011