Benefits of investing in the Bentham Syndicated Loan Fund

• Diversification: The Fund provides investors with a diversified exposure to the global syndicated loan market that individual investors usually cannot achieve on their own.

• Experienced investment team: The Fund offers access to investment professionals who specialise in syndicated loans.

• Seeks to add value: Primarily invested in the U.S syndicated loan market, the Fund seeks to add value through loan selection and industry rotation.

• Regular and reliable income: The Fund aims to provide reliable and consistent monthly income.

• Capital growth: Potential for capital growth over the medium to long-term through the Fund's exposure to global credit markets.

Risk level

Medium

Investor suitability

The Fund is intended to be suitable for investors seeking to invest for at least three years, with a preference for stable income with minimised risk of capital loss.

This product is likely to be appropriate for a consumer seeking some capital preservation and some 
stable income to be used as a small allocation within a portfolio where the consumer has a medium investment 
timeframe and a medium risk/return profile.

About the Fund

The Bentham Syndicated Loan Fund is actively managed and focused on generating stable investment income. The Fund aims to provide investors with exposure to high-yielding investments primarily through the US syndicated loan market, with an active allocation to investments in different industries, issuers and geographies.

A syndicated loan is a senior loan that is made to a company, whose credit rating is generally below investment grade. Loans generally pay a floating rate of interest, have a maturity date and can be redeemed early. A loan is protected from the borrower's failure to repay the interest or principal by taking security over assets. This security is generally in the form of a fixed and floating charge over the company's assets. Security enhances recovery levels in the event of default (i.e. the secured debt holders get paid before all other debt and equity). In addition, loans generally have covenants which allow the lender to take action to protect their investment.

The Fund will be as close to fully currency hedged into AUD as is practicable. A NZD hedged equivalent of the Fund is also available.

About Credit Suisse Asset Management
(CSAM LLC)

CSAM LLC, an SEC Registered Investment Advisor that
is an indirectly wholly owned subsidiary of Credit Suisse
AG, a UBS Group company and one of the largest and
mostexperiencednon-investmentgradecredit managers
in the United States and Western Europe. It has been
appointed as sub-adviser of the Fund and is responsible
for security selection

About Issuer

Fidante is the Responsible Entity of the Fund. As
Responsible Entity of the Fund, we issue units in the
Fund and are legally responsible to the unitholders of
the Fund for its operation.

Investment approach

The Fund seeks to add value through loan selection and industry rotation, while maintaining a highly diversified portfolio.

The Fund uses bottom-up analysis to select individual investments and employs a conservative approach to credit selection, emphasising preservation of principal. Investments are made in different industries and geographies and with different issuers. Loans are managed on the belief that returns above benchmark are driven by a strong credit culture and a systematic investment process. Security selection is based on value relative to the capital structure of comparable companies and industries. The preservation of principal and protection against downside risk plays an important role in the investment process. The Fund has a high level of industry and issuer diversification.

Fund Features

• Access to senior secured syndicated loans which are not generally available to direct retail investors

• Monthly income distributions

• High running yield with low interest rate risk

• Australian domiciled trust with more than 14 year's track record

• Loans are valued to market prices daily - with daily unit pricing

• Access to a global investment universe.

How we invest your money

Investment universe and portfolio construction

The Fund typically invests in the senior secured syndicated loan market but may have limited exposure to other credit investments including, but not limited to, senior loans, second lien loans, high yield bonds, credit default swaps and collateralised debt obligations.

The Fund's investments are typically denominated in United States dollars but may also be denominated in other currencies including Australian dollars, Euros and Pounds. The Fund may also use derivatives as a risk management tool, which include, but are not limited to, currency swaps, interest rate swaps and credit default swaps. The final portfolio reflects a rigorous fundamental approach to credit portfolio management.

CSAM LLC has been appointed as sub-adviser of the Fund and is responsible for security selection.

Portfolio construction guidelines promote diversification by limiting the:

• maximum portfolio exposure to any single issuer to 2% of the net asset value of the Fund (for non-investment grade securities);
• maximum portfolio exposure to any single industry sector will generally be 10% of the Fund's investments but will allow two industries to be up to 15% and one industry up to 13.5%; and
• minimum number of issuer exposures to 60.

Strategic asset allocation ranges

• Syndicated loan: 60%-100%

• High yield bonds: 0%-15%

• Non-rated debt securities: 0%-10%

• Collateralised debt obligations: 0%-10%