Update to ACOF Sell Spread
In response to the volatility in investment markets following the uncertainty surrounding COVID-19, as at June 5th we have adjusted the Sell Spread for ACOF to 0.50%, consistent with the process outlined in the PDS.  This increase reflects the cost of purchasing and selling assets in the current environment. Alexander Funds Management does not profit from these spreads. This will be monitored on a daily basis.

The Alexander Credit Opportunities Fund is a diversified portfolio of fixed interest opportunities with a proven track record*

Please note this fund is closed to new investors.

ACOF aims to provide investors with:

Regular income - annual distributions historically exceeding 5%*

Capital stability - historically stable unit price*

Diversification - within a fixed income portfolio and overall asset allocation

* Returns displayed are net of all fees and transaction costs. Past performance is not a reliable indicator of future performance.

ˆnet of hedges

ACOF at a glance:

Availability - Closed to new investors

Investment Grade Allocationˆ - Target of 50% investment grade credit

Benchmark - Ausbond Bank Bill Index + 2%

Management Fee - 1.33% p.a.

Performance Fee - 20% above the Benchmark¨

Credit Duration - +5 years to 0 years

Interest Rate Duration - +1 years to 0 years

Minimum Application - $25,000

Distributions - Quarterly***

Applications/Redemptions - Weekly

Current Buy/Sell Spread - +0.25% (Buy)/-0.50% (Sell)

ˆ portfolio holdings may drop below this target on occasion

¨ Performance Fees are subject to a high watermark. Consult PDS for further details.

*** Distributions are not guaranteed