1. Review of IOOF MultiMix Trusts December Quarter 2011
Presented by:
<IOOF Investment Team>
IOOF Investment Management Limited
Date: <Enter Date>

2. Disclaimer
This presentation is issued by IOOF Investment Management Limited (IIML) ABN AFSL  IIML is a company within the IOOF group of companies, consisting of IOOF Holdings Limited ABN and it's related bodies corporate.
This presentation is of a general nature only and is not intended to represent or be a substitute for specific financial or investment advice. The information presented does not take into account any investor's objectives, financial situation or investment needs. You should obtain and consider a copy of the Product Disclosure Statement available from our website before you acquire a financial product.
To the extent permitted by law, no liability is accepted for any loss or damage as a result of any reliance on this information. Neither IIML 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 indicative of future performance.
The Lonsec Limited (‘Lonsec’) ABN ratings (assigned as follows: IOF0092AU – November 2011; IOF0098AU – November 2011; IOF0094AU – November 2011; IOF0095AU – November 2011; UFM0051AU – November 2011; IOF0093AU – November 2011; IOF0097AU – November 2011; IOF0090AU – November 2011) presented in this document are limited to ‘General Advice’ and based solely on consideration of the investment merits of the financial products. They are not a recommendation to purchase, sell or hold the relevant products, and you should seek independent financial advice before investing in these products. The ratings are subject to change without notice and Lonsec assumes no obligation to update the relevant documents following publication. Lonsec receives a fee from the Fund Manager for researching the products using comprehensive and objective criteria.
Review of IOOF MultiMix Funds Dec 2011

3. Agenda Financial markets review – December 2011 Market outlook
MultiMix sector trusts review – December 2011
MultiMix diversified trusts review – December 2011
Strategic tilting
Appendices
Review of IOOF MultiMix Funds Dec 2011

4. Financial markets review – December 2011

5. Investment returns for major asset classes
Total return
major listed asset classes
Year to 31 December 2009 %
Year to 31 December 2010
Year to 31 December 2011
Quarter to
31 December 2011
Month to 31 December 2011
Australian shares
37.59
1.90
-10.98
2.05
-1.44
International shares (in A$ - unhedged)
-0.30
-2.04
-5.34
2.00
0.21
International shares (hedged)
26.71
13.13
-1.91
8.69
0.98
Australian bonds
1.73
6.04
11.37
1.94
0.78
International bonds (hedged into $A)
8.03
9.28
10.51
2.04
Australian listed property trusts
9.56
-0.68
-1.56
3.81
-2.55
International listed property trusts (hedged)
27.41
22.54
1.43
8.31
2.15
Source IRESS
Review of IOOF MultiMix Funds Dec 2011

6. Financial markets – quarter in review
All major asset classes posted positive returns for December 2011 quarter
Australian dollar rebounded in December quarter from US$0.97 to US$1.03
Hedged international shares returned 8.7% while unhedged returned 2.0%
Developed markets outperformed emerging markets
Best performing asset class was hedged international listed property with a return of 8.3%
Solid returns from fixed interest as a result of softer global growth expectations and two interest rate cuts from 4.75% to 4.25%
Review of IOOF MultiMix Funds Dec 2011 6

7. Market outlook
European crisis: some positive signs emerging though structural issues still persist
United States: some positive economic signs emerging
China: continuing to grow but some concerns emerging
Australia: further rates cuts anticipated
Equity Markets: positive start to 2012, remain cheap but susceptible to shocks
Global fixed income: an expensive safe haven
Currency markets remain volatile and are hostage to macroeconomic events
Review of IOOF MultiMix Funds Dec 2011 7

8. MultiMix sector trusts review – December 20118

9. MultiMix Australian Shares Trust
December 2011
Vinva 16.4%
Alliance Bernstein 16.2%
Solaris 18.4%
Integrity
15.8%
Perennial 16.4%
Legg Mason
8.7%
Merlon 8.1%
Total Returns for period ending 31 December 2011
3 Months %
1 Year
3 Years
% pa
MultiMix Australian Shares Trust
1.05
-13.01
6.32
S&P ASX 300 Accumulation Index
2.05
-10.98
7.67
Excess return
-1.00
-2.03
-1.35
Performance is net of management costs and expenses. Past performance is not a reliable indication of future performance. Source: IOOF
Review of IOOF MultiMix Funds Dec 2011 9

10. MultiMix International Shares Trust
December 2011
Credit Suisse Asset Management
5.8%
Perennial
4.3%
Neuberger Berman
19.9%
Wellington 9.3%
SSGA
36.6%
LSV Asset Management
24.1%
Total Returns for period ending 31 December 2011
3 Months %
1 Year
3 Years
% pa
MultiMix International Shares Trust
0.86
-7.57
-2.70
MSCI All Countries World ex Australia $A Index *
1.60
-5.71
-2.71
Excess return
-0.74
-1.86
0.01
* International shares benchmark changed from MSCI World ex Australia $A Index (unhedged) from October Figures shown here are a composite of both indexes
Performance is net of management costs and expenses. Past performance is not a reliable indication of future performance. Source: IOOF
Review of IOOF MultiMix Funds Dec 2011 10

11. MultiMix Diversified Fixed Interest Trust
December 2011
Perennial Enhanced 9.4%
Loomis Sayles 11.7%
IIML Income 7.0%
PIMCO
(Aust fixed interest)
11.3%
IIML CMT 11.3%
Cash 1.7%
PIMCO
(Intl fixed interest)
26.5%
Perennial Australian
Fixed Interest 21.1%
Total Returns for period ending 31 December 2011
3 Months %
1 Year
3 Years
% pa
MultiMix Diversified Fixed Interest Trust
1.94
8.32
9.22
50% UBS Comp Bond Index /
50% Barclays Capital Global Agg Index
2.00
10.95
7.79
Excess return
-0.06
-2.63
1.43
Performance is net of management costs and expenses. Past performance is not a reliable indication of future performance. Source: IOOF
Review of IOOF MultiMix Funds Dec 2011 11

12. MultiMix Cash Enhanced Trust
December 2011
Cash 1.1%
IIML
66.8%
Perennial 32.1%
Total Returns for period ending 31 December 2011
3 Months %
1 Year
3 Years
% pa
MultiMix Cash Enhanced Trust
1.33
5.45
5.99
UBSA Bank Bill Index
1.22
5.00
4.38
Excess return
0.11
0.45
1.61
Performance is net of management costs and expenses Past performance is not a reliable indication of future performance. Source: IOOF
Review of IOOF MultiMix Funds Dec 2011 12

13. IOOF Wholesale Income Trust
December 2011
Cash
0.9%
Perennial Income Fund
99.1%
Total Returns for period ending 31 December 2011
3 Months %
1 Year %
3 Years
% pa
IOOF Wholesale Income Trust
2.14
7.18
13.13
UBS Credit FRN Index (from 31/12/10)
1.15
5.13
4.42*
Excess return
0.99
2.05
8.71
Performance is net of management costs and expenses Past performance is not a reliable indication of future performance. Source: IOOF
*Performance figure is a composite of UBSA bank bill index and the UBS Credit FRN Index.
Review of IOOF MultiMix Funds Dec 2011 13

14. IOOF Cash Management Trust
FUM: $1.5b
Weighted average duration: 60 days
Term deposits: 50%
Maximum exposure: CBA 33%
A1+ exposure: 84%
A1 exposure: 16%
Total Returns for period ending 31 December 2011
1 Month %
3 Months %
1 Year %
3 Years
% pa
5 Years % pa
IOOF Cash Management Trust
0.39
1.20
5.12
4.30
5.28
UBSA Bank Bill Index
1.21
4.99
4.37
5.48
Excess return
0.00
-0.01
0.13
-0.07
-0.20
Performance is net of management costs and expenses. Past performance is not a reliable indication of future performance. Source: IOOF
Review of IOOF MultiMix Funds Dec 2011

15. MultiMix Wholesale Australian Property Trust
December 2011
Colonial First State
22.4%
Challenger 77.6%
Total Returns for periods ending 31 December 2011
3 Months %
1 Year
3 Years
% pa
MultiMix Wholesale Australian Property Trust
4.95
-0.51
5.52
S&P ASX 300 Property Trust Accum Index
3.81
-1.56
2.32
Excess return
1.14
1.05
3.20
In CW we were 6 out of 10 managers surveyed and median
We have moved up in survey and are now No1 over the past year
REIT Mkt steady recovery. The sector has outperformed the broader equity market. Reduced gearing and focused on core property competency. Also reduction in international exposure
No manager changes both beat benchmark
Challenger who are the core manager 6.7% vs index 5.8%
CFS small to medium coy 16% V good return
Performance is net of management costs and expenses. Past performance is not a reliable indication of future performance. Source: IOOF
Review of IOOF MultiMix Funds Dec 2011 15

16. MultiMix Wholesale International Property Trust
December 2011
Cash
1.6%
Cohen & Steers
30.8%
Perennial 67.6%
Total Returns for periods ending 31 December 2011
3 Months %
1 Year
3 Years
% pa
MultiMix Wholesale International Property Trust
7.25
-5.18
11.37
UBS Global Investors ex Aust AUD hedged net TR
8.86
1.94
18.82
Excess return
-1.61
-7.12
-7.45
In the CW survey we were not included in the survey
The absolute return for the fund was very positive
Index did 36% but this as explained previously is not the index that this fund is measured against . We use the FTSE index and this index has an exposure to developers. Out exposure with managers is up to 25%. Developers have been hit hard in past 12 months largely due to limited access to capital
Perennial did 25%
Cohen and Steers 28%
This sector is currently under review and we have Russell working with us on this exercise
Performance is net of management costs and expenses Past performance is not a reliable indication of future performance. Source: IOOF
Review of IOOF MultiMix Funds Dec 2011 16

17. MultiMix Wholesale Alternatives Trust
December 2011
Alternative
Debt
Strategy
Weight %
Infrastructure
22.7
Subordinated Debt
14.7
Credit Opportunities
11.3
Cash
51.3
Alternative
Equity
Strategy
Weight %
Private Equity
15.3
Special Situations
2.3
Discretionary Hedge Funds
10.2
Systematic Hedge Funds
43.6
Cash
28.6
Review of IOOF MultiMix Funds Dec 2011 17

18. MultiMix diversified trusts review – December 201118

19. MultiMix Balanced Growth Trust
December 2011
Alternatives 10.4%
Cash 6.8%
Australian shares
29.1%
Fixed interest 16.6%
Property
7.1%
International shares
30.0%
Total Returns for period ending 31 December 2011
3 Months %
1 Year
3 Years
% pa
MultiMix Balanced Growth Trust
1.32
-3.89
4.70
Strategic benchmark*
2.18
-2.62
5.26
Excess return
-0.86
-1.27
-0.56
Performance is net of management costs and expenses. Past performance is not a reliable indication of future performance. Source: IOOF
*For further information on the strategic benchmark, please refer to a copy of the IOOF MultiMix Trust Product Disclosure Statement available from our website
Review of IOOF MultiMix Funds Dec 2011 19

20. IOOF MultiMix Balanced Growth Trust detractions (Quarter to December 2011)
Zero hedged benchmark
Zero hedged benchmark detracted from performance (US $0.97 to $1.03)
Hedged international shares returned 8.7% while unhedged returned 2.0%
Trust had unhedged stance over the December quarter and past 12 months
Rationale for continued zero hedged benchmark
Our view:
AUD remains overvalued
Commodity prices may be weaker
Australian interest rates are likely to fall
AUD classified as a risk asset
Historically, markets fall, so too does A$
AUD a natural hedge
Review of IOOF MultiMix Funds Dec 2011 20

21. IOOF MultiMix Balanced Growth Trust detractions (Quarter to December 2011)
Fixed income
Tilt away from global bonds to cash hurt as US Treasuries rallied
US 10 year government bond yield unsustainably low at 1.88% at end of
December, so we are maintaining tilt
Underperformance of sector trusts
Australian equities
International equities
International listed property
Alternatives – growth
Property Plus Fund
Review of IOOF MultiMix Funds Dec 2011 21

22. IOOF MultiMix Balanced Growth Trust detractions (Quarter to December 2011)
Overweight international versus Australian equities
Australian equities outperformed unhedged international equities for the quarter
However, over the 12 month period, unhedged international equities has outperformed Australian equities
Review of IOOF MultiMix Funds Dec 2011 22 22

23. IOOF MultiMix Balanced Growth Trust positive contributions (Quarter to December 2011)
Outperformance of Australian Listed Property sector
Outperformance of Alternative – Debt Trust
Fixed interest managers generally outperformed
Review of IOOF MultiMix Funds Dec 2011 23 23

24. Asset allocation update
IOOF MultiMix Balanced Growth Trust
Asset class
Target allocation
(%)
Range (%)
Actual as at
December 2011
Cash & short-term securities 3
0-15
6.8
Diversified fixed interest 22
10-35
16.6
Alternative – defensive
3.3
Property 10
0-20
7.1
Australian shares 30
20-40
29.1
International shares 25
15-35
30.0
Alternative – growth 7
100
Review of IOOF MultiMix Funds Dec 2011 24

25. MultiMix Moderate Growth Trust
December 2011
Alternatives 10.0%
Australian shares
17.4%
Cash 25.4%
International shares
14.9%
Property
7.0%
Fixed interest 25.3%
Total Returns for period ending 31 December 2011
3 Months %
1 Year
3 Years
% pa
MultiMix Moderate Growth Trust
1.76
-1.35
5.42
Strategic benchmark*
2.41
-0.18
5.76
Excess return
-0.65
-1.17
-0.34
Performance is net of management costs and expenses. Past performance is not a reliable indication of future performance. Source: IOOF
*For further information on the strategic benchmark, please refer to a copy of the IOOF MultiMix Trust Product Disclosure Statement available from our website
Review of IOOF MultiMix Funds Dec 2011 25

26. IOOF MultiMix Moderate Growth Trust detractions (Quarter to December 2011
Zero hedged benchmark
Zero hedged benchmark detracted from performance ($A0.97 to $1.03)
Hedged international shares returned 8.7% while unhedged returned 2.0%
Trust had unhedged stance over the December quarter and past 12 months
Rationale for continued zero hedged benchmark
Our view:
AUD remains overvalued
Commodity prices may be weaker
Australian interest rates are likely to fall
AUD classified as a risk asset
Historically, markets fall, so too does A$
AUD a natural hedge
Review of IOOF MultiMix Funds Dec 2011 26 26

27. IOOF MultiMix Moderate Growth Trust detractions (Quarter to December 2011)
Fixed income
Tilt away from global bonds to cash hurt as US Treasuries rallied
US 10 year government bond yield unsustainably low at 1.88% at end of
December, so we are maintaining tilt
Underperformance of sector trusts
Australian equities
International equities
International listed property
Alternatives – growth
Property Plus Fund
Review of IOOF MultiMix Funds Dec 2011 27 27

28. IOOF MultiMix Moderate Growth Trust positive contributions (Quarter to December 2011)
Underweight equities (early December)
Australian and international equities underperformed cash for the month
of December
Outperformance of some sector funds
Outperformance of Australian Listed Property sector
Outperformance of Alternative – Debt Trust
Fixed interest managers generally outperformed
Review of IOOF MultiMix Funds Dec 2011 28 28

29. Asset allocation update
IOOF MultiMix Moderate Growth Trust
Asset class
Target allocation (%)
Range (%)
Actual as at
December 2011
(%)
Cash & short-term securities 5
0-25
25.4
Diversified fixed interest 35
25-45
25.3
Alternative – defensive
0-15
5.0
Property 10
0-20
6.9
Australian shares 22
10-35
17.4
International shares 18
5-30
14.9
Alternative – growth
5.1
100
Review of IOOF MultiMix Funds Dec 2011 29

30. MultiMix Capital Enhanced Trust
December 2011
Australian shares 9.1%
Cash and short term securities 46.7%
Property 5.1%
Diversified
fixed
interest
39.1%
Total Returns for period ending 31 December 2011
3 Months %
1 Year
3 Years
% pa
MultiMix Capital Enhanced Trust
1.67
4.96
7.82
Strategic benchmark*
1.89
6.27
6.67
Excess return
-0.22
-1.31
1.15
Performance is net of management costs and expenses. Past performance is not a reliable indication of future performance. Source: IOOF
*For further information on the strategic benchmark, please refer to a copy of the IOOF MultiMix Trust Product Disclosure Statement available from our website
Review of IOOF MultiMix Funds Dec 2011 30

31. MultiMix Conservative Growth Trust
December 2011
Australian shares 9.8%
Alternative 7.9%
International shares 7.1%
Cash and
Short term securities 33.3%
Property
8.6%
Diversified
fixed interest
33.3%
Total Returns for period ending 31 December 2011
3 Months %
1 Year
3 Years
% pa
MultiMix Conservative Growth Trust
1.83
3.16
7.11
Strategic benchmark*
2.08
4.45
6.41
Excess return
-0.25
-1.29
0.70
Performance is net of management costs and expenses. Past performance is not a reliable indication of future performance. Source: IOOF
*For further information on the strategic benchmark, please refer to a copy of the IOOF MultiMix Trust Product Disclosure Statement available from our website
Review of IOOF MultiMix Funds Dec 2011 31

32. MultiMix Hi Growth Trust
December 2011
Cash and short term securities 2.9%
Alternatives 8.1%
Property 5.5%
Diversified fixed
Interest 4.7%
Australian shares 39.5%
International shares 39.3%
Total Returns for period ending 31 December 2011
3 Months %
1 Year
3 Years
% pa
MultiMix Hi Growth Trust
1.02
-6.55
3.74
Strategic benchmark*
2.16
-5.83
4.14
Excess return
-1.14
-0.72
-0.40
Performance is net of management costs and expenses. Past performance is not a reliable indication of future performance. Source: IOOF
*For further information on the strategic benchmark, please refer to a copy of the IOOF MultiMix Trust Product Disclosure Statement available from our website
Review of IOOF MultiMix Funds Dec 2011 32

33. Multi Series Balanced Trust
December 2011
Cash and short term securities 5.5%
Australian shares
33.9%
International shares
30.2%
Diversified
fixed interest 25.3%
Australian listed property 5.1%
Total Returns for period ending 31 December 2011
3 Months %
1 Year
3 Years
% pa
Multi Series Balanced Trust
1.52
-4.20
4.49
Strategic benchmark*
2.14
-2.64
4.44
Excess return
-0.62
-1.56
0.05
Performance is net of management costs and expenses. Past performance is not a reliable indication of future performance. Source: IOOF
*For further information on the strategic benchmark, please refer to a copy of the IOOF MultiMix Trust Product Disclosure Statement available from our website
Review of IOOF MultiMix Funds Dec 2011 33

34. Strategic tilting update34

35. Currency/overseas assets
Asset allocation committee decided to put more money offshore (Australian Equities to International Equities) for the Balanced Growth and Hi Growth Trusts (November 2010). All funds maintain a zero hedge target benchmark.
The AUD is trading at historically high levels
We see the following three main catalysts for Australian dollar weakness:
increased risk aversion from the ongoing debt crisis in Europe
RBA easing
decline in commodity prices prompted by the economic slowdown in China
Valuation on overseas shares was attractive – especially in the US
The natural hedge – if markets fall, AUD falls – GFC example
Tilt has outperformed by 4.3% as at 31 December 2011
Review of IOOF MultiMix Funds Dec 2011

36. AUD/USD
Source: Datastream
Review of IOOF MultiMix Funds Dec 2011

37. Global fixed interest/cash tilt
August 2010, 20% allocated to cash funded from global bonds within IOOF’s MultiMix Diversified Fixed Interest Trust
Rationale
US Gov’t bonds yields unsustainably low at 1.88%
Cash and term deposits currently have a high running yield with no duration risk
Status/Outcome
Since implemented, global bonds outperformed cash
Tilt has underperformed by approximately 2% as at 31 December 2011
Review of IOOF MultiMix Funds Dec 2011 37

38. US 10 year government bond yield
Source: IRESS
Review of IOOF MultiMix Funds Dec 2011 38

39. United diversiAAppendices

40. News update MultiMix sector funds review – September 2011
Chant West ratings confirmed January 2012
Multi Series Balanced Trust Enhancements and Research House Feedback
Review of IOOF MultiMix Funds Dec 2011 40