Performance

Returns

Net fund performance* – as at 31 December 2024 (% p.a.)

Bentham Asset Backed Securities Fund	3 months	6 months	1 Year	2 Year p.a.	3 Year p.a.	Since Inception p.a.
Bentham Asset Backed Securities Fund (%)	0.09	3.91	5.62	7.57	4.63	3.60
Bloomberg AusBond Bank Bill Index	1.12	2.24	4.47	4.17	3.19	1.88

Bentham Defensive Income Fund	3 months	6 months	1 Year	Since Inception p.a.
Bentham Defensive Income Fund (%)	-0.97	3.63	4.69	2.64
Bloomberg AusBond Bank Bill Index	0.43	2.50	3.72	2.68

Bentham Global Income Fund	1 Year	3 Year p.a.	5 Year p.a.	10 Year p.a.	15 Year p.a.	Since Inception p.a.
Bentham Global Income Fund (% p.a.)	4.95	4.04	4.39	4.42	6.56	6.28
50% Bloomberg AusBond Composite Index / 50% Bloomberg AusBond Bank Bill Index	3.72	1.22	0.92	1.98	3.17	3.94

Bentham Syndicated Loan Fund	1 Year	3 Year p.a.	5 Year p.a.	7 Year p.a.	10 Year p.a.	Since Inception p.a.
Bentham Syndicated Loan Fund (% p.a.)	8.42	5.32	4.22	3.93	4.77	6.64
Credit Suisse Leveraged Loans Index (hedged into AUD)	8.16	5.78	4.71	4.51	4.89	6.09

Bentham High Yield Fund	1 Year	3 Year p.a.	5 Year p.a.	7 Year p.a.	10 Year p.a.	15 Year p.a.	20 Year p.a.	Since Inception p.a.
Bentham High Yield Fund (% p.a.)	6.63	2.50	2.70	3.32	4.66	7.27	7.05	7.21
ML High Yield Cash Pay Constrained Index (hedged into AUD)	6.91	1.32	2.58	3.25	4.55	7.00	7.03	7.42

Gross fund performance* – as at 31 December 2024 (%)

Bentham Global Opportunities Fund	3 months	6 months	1 Year	2 year p.a.	3 year p.a.	Since Inception p.a.
Bentham Global Opportunities Fund (%)	0.19	6.73	7.24	9.33	7.18	6.06
Bloomberg AusBond Bank Bill Index	1.12	2.24	4.47	4.17	3.19	1.89

*Returns are calculated after fees and using pre-distribution month end withdrawal unit prices, and assumes all income is reinvested in additional units. Past performance is not necessarily indicative of future performance. Returns may be volatile and may vary from year to year. Source: Fidante Partners Services Limited, State Street. Fund inception dates: Bentham Global Income Fund – 16 September 2003, Bentham Syndicated Loan Fund – 16 August 2004, Bentham High Yield Fund – 15 October 1998, Bentham Asset Backed Securities Fund – 31 October 2016, Bentham Global Opportunities Fund – 8 June 2017.

Net fund performance^ – as at 31 December 2024 (% p.a.)

Bentham Global Income Fund NZD	3 Months	6 Months	1 Year	3 Year p.a.	5 Year p.a.	Since Inception p.a.
Bentham Global Income Fund NZD (%)	-0.26	4.10	5.90	5.01	5.16	5.35
50% Bloomberg AusBond Composite Index / 50% Bloomberg AusBond Bank Bill index (hedged in NZD)	0.50	2.86	4.72	2.37	1.72	2.90

Bentham Syndicated Loan Fund NZD	3 Months	6 Months	1 Year	3 Year p.a.	5 Year p.a.	Since Inception p.a.
Bentham Syndicated Loan Fund NZD (%)	3.22	4.36	9.14	6.05	4.93	5.36
Credit Suisse Leveraged Loans Index (hedged into NZD)	2.40	4.53	9.27	7.01	5.61	5.60

^Returns are calculated after fees and using pre-distribution month end withdrawal unit prices, and assumes all income is reinvested in additional units. Past performance is not necessarily indicative of future performance. Returns may be volatile and may vary from year to year. Source: Fidante Partners Limited, State Street. Fund inception dates: Bentham Global Income Fund NZD – 30 September 2013, Bentham Syndicated Loan Fund NZD – 30 September 2013, Bentham Asset Backed Securities Fund – 31 October 2016, Bentham Global Opportunities Fund – 8 June 2017.

Distribution History (% of NAV*)

Bentham Asset Backed Securities Fund

Financial Year	Jul	Aug	Sep	Oct	Nov	Dec	Jan	Feb	Mar	Apr	May	Jun	YTD
FY2024	0.48	0.46	0.46	0.47	0.47	0.48	0.48	0.47	0.48	0.48	0.49	2.77	8.33
FY2023	0.26	0.29	0.34	0.40	0.40	0.41	0.41	0.43	0.45	0.46	0.47	0.49	4.89
FY2022	0.14	0.15	0.14	0.14	0.14	0.14	0.15	0.14	0.15	0.14	0.16	0.69	2.21
FY2021	0.17	0.17	0.17	0.17	0.17	0.17	0.17	1.83	0.17	0.17	0.17	-	3.64
FY2020	0.24	0.23	0.23	0.23	0.22	0.21	0.22	0.21	0.21	0.17	0.15	0.15	2.45
FY2019	0.31	0.30	0.30	0.30	0.30	0.30	0.32	0.31	0.29	0.30	0.28	0.41	3.75
FY2018	0.28	0.29	0.29	0.28	0.28	0.29	0.29	0.29	0.29	0.30	0.31	0.14	3.38
FY2017				0.28	0.28	0.28	0.28	0.28	0.28	0.28	0.28	0.29

*Calculated as the CPU distribution at month end divided by the ex-distribution NAV at the start of the month. Past distributions are no indication of future distributions. Source: Fidante Partners Services Limited.

Bentham Defensive Income Fund

Financial Year	Jul	Aug	Sep	Oct	Nov	Dec	Jan	Feb	Mar	Apr	May	Jun	YTD
FY2024	0.42	0.43	0.42	0.42	0.41	0.42	0.42	0.42	0.42	0.42	0.41	0.42	5.29
FY2023	0.42	0.42	0.42	0.41	0.42	0.40	0.42	0.42	0.40	0.41	0.40	0.46	4.96
FY2022	0.13	0.13	0.12	0.11	0.10	0.11	0.10	0.10	0.10	0.11	0.12	5.09	6.09
FY2021												0.09

Bentham Global Income Fund

Financial Year	Jul	Aug	Sep	Oct	Nov	Dec	Jan	Feb	Mar	Apr	May	Jun	YTD
FY2024	0.51	0.52	0.52	0.52	0.52	0.52	0.53	0.53	0.52	0.52	0.52	0.52	6.58
FY2023	0.54	0.54	0.54	0.55	0.54	0.54	0.55	0.54	0.54	0.54	0.55	0.54	6.40
FY2022	0.25	0.25	0.26	0.26	0.25	0.26	0.25	0.25	0.23	0.25	0.25	0.39	3.05
FY2021	0.29	0.28	0.28	0.29	0.29	0.30	0.29	0.30	0.83	0.85	0.85	1.07	6.39
FY2020	0.29	0.30	0.30	0.29	0.29	0.29	0.30	0.29	0.34	0.33	0.33	0.73	3.95
FY2019	0.33	0.33	0.32	0.33	0.33	0.34	0.33	0.34	0.34	0.34	0.33	0.33	3.97
FY2018	0.37	0.33	0.34	0.33	0.33	0.33	0.34	0.33	0.33	0.34	0.54	0.90	4.96
FY2017	0.37	0.37	0.37	0.37	0.37	0.37	0.38	0.37	0.37	0.37	0.37	0.36	4.88
FY2016	0.36	0.38	0.36	0.37	0.37	0.37	0.38	0.38	0.38	0.36	0.38	0.37	4.32
FY2015	0.44	0.43	0.44	0.44	0.44	0.42	0.44	0.44	0.43	0.43	0.43	0.77	5.58
FY2014	0.50	0.49	0.50	0.49	0.50	0.49	0.50	0.50	0.50	0.50	0.50	0.07	5.94
FY2013	0.68	0.64	0.64	0.64	0.64	0.62	0.65	0.62	0.61	0.61	0.62	1.05	9.09
FY2012	0.78	0.77	0.77	0.63	0.60	0.62	0.69	0.68	0.68	0.67	0.66	1.05	8.39
FY2011	0.64	0.63	0.64	0.65	0.64	0.64	0.64	0.82	0.80	0.79	0.80	1.08	9.87
FY2010	0.66	0.66	0.66	0.65	0.66	0.63	0.64	0.62	0.61	0.61	0.62	0.62	9.81
FY2009	0.64	0.66	0.84	0.58	0.48	0.36	0.37	0.32	0.26	0.28	0.26	0.28	4.52
FY2008	0.52	0.50	0.54	0.58	0.57	0.57	0.59	0.59	0.60	0.66	0.67	4.45	10.13
FY2007	0.50	0.48	0.50	0.50	0.50	0.50	0.54	0.54	0.46	0.53	0.53	0.62	6.34

Bentham Syndicated Loan Fund

Financial Year	Jul	Aug	Sep	Oct	Nov	Dec	Jan	Feb	Mar	Apr	May	Jun	YTD
FY2024	0.72	0.72	0.71	0.70	0.71	0.73	0.73	0.72	0.72	0.72	0.71	0.81	9.11
FY2023	0.51	0.54	0.59	0.63	0.65	0.67	0.67	0.68	0.68	0.72	0.70	0.72	8.00
FY2022	0.29	0.30	0.29	0.30	0.30	0.29	0.30	0.29	0.29	0.29	0.31	0.33	3.38
FY2021	0.39	0.38	0.38	0.37	0.38	0.37	0.38	0.37	1.86	1.50	1.50	2.10	10.69
FY2020	0.37	0.35	0.35	0.36	0.34	0.33	0.34	0.33	0.33	0.29	0.28	0.28	3.70
FY2019	0.41	0.41	0.40	0.41	0.40	0.41	0.42	0.41	0.41	0.39	0.38	0.37	4.83
FY2018	0.45	0.41	0.40	0.41	0.40	0.41	0.42	0.42	0.42	0.42	0.43	0.45	5.16
FY2017	0.45	0.47	0.44	0.45	0.45	0.45	0.44	0.45	0.45	0.44	0.45	0.45	5.79
FY2016	0.40	0.40	0.40	0.40	0.40	0.40	0.40	0.40	0.41	0.39	0.39	0.29	4.65
FY2015	0.47	0.48	0.47	0.47	0.47	0.49	0.48	0.45	0.43	0.44	0.43	1.33	6.53
FY2014	0.54	0.53	0.52	0.52	0.52	0.52	0.53	0.52	0.52	0.53	0.54	2.31	8.47
FY2013	0.64	0.70	0.67	0.66	0.66	0.64	0.63	0.56	0.61	0.62	0.61	0.59	8.17
FY2012	1.01	0.97	1.00	0.72	0.69	0.68	0.72	0.71	0.71	0.68	0.63	1.92	10.61
FY2011	0.74	0.73	0.74	0.74	0.75	0.75	0.74	0.92	0.92	0.92	0.92	4.15	14.12
FY2010	0.62	0.62	0.63	0.65	0.67	0.70	0.70	0.69	0.68	0.68	0.72	1.24	10.09
FY2009	0.65	0.66	0.65	0.56	0.46	0.36	0.38	0.32	0.26	0.29	0.27	0.28	4.85
FY2008	0.49	0.50	0.54	0.58	0.57	0.58	0.59	0.59	0.59	0.64	0.66	5.26	11.17
FY2007	0.50	0.48	0.50	0.50	0.50	0.50	0.54	0.54	0.52	0.47	0.54	1.33	7.31

*Calculated as the CPU distribution at month end divided by the ex-distribution NAV at the start of the month. Past distributions are no indication of future distributons. Source: Fidante Partners Services Limited.

Bentham High Yield Fund

Financial Year	Sep	Dec	Mar	Jun	YTD
FY2024	1.74	1.74	1.75	1.75	7.36
FY2023	2.04	2.04	2.06	2.05	8.69
FY2022	1.12	1.13	1.11	1.10	3.91
FY2021	1.36	1.35	1.32	-	10.78
FY2020	1.22	1.22	1.85	2.08	6.20
FY2019	1.36	1.40	1.37	1.63	5.99
FY2018	1.25	1.24	1.25	4.22	7.90
FY2017	1.20	1.21	1.15	1.03	5.11
FY2016	1.22	1.24	1.29	2.43	6.14
FY2015	1.76	1.62	0.00	3.10	6.67
FY2014	2.43	2.91	2.41	1.94	10.43
FY2013	1.53	2.32	2.57	3.07	10.37
FY2012	2.77	0.78	3.20	4.38	11.82
FY2011	0.96	4.26	2.64	6.69	16.39
FY2010	0.24	0.00	1.72	5.87	9.65
FY2009	1.96	0.00	0.00	1.95	3.64
FY2008	0.85	1.16	0.41	14.34	16.91
FY2007	1.40	0.99	1.10	1.63	5.54

Bentham Global Opportunities Fund

Financial Year	Sep	Dec	Mar	Jun	YTD
FY2024	1.74	1.74	1.73	6.57	12.31
FY2023	1.93	1.93	1.94	1.92	7.85
FY2022	0.87	0.87	0.88	0.86	3.46
FY2021	0.95	0.93	0.90	6.39	10.26
FY2020	1.26	0.93	1.19	1.26	4.60
FY2019	1.12	1.12	1.14	0.60	4.03
FY2018	0.30	0.55	0.49	0.98	2.41
FY2017				0.15

Bentham Global Income Fund – NZD

Financial Year	Jul	Aug	Sep	Oct	Nov	Dec	Jan	Feb	Mar	Apr	May	Jun	YTD
FY2024	0.62	0.63	0.62	0.63	0.63	0.62	0.63	0.63	0.63	0.62	0.61	0.63	7.92
FY2023	0.63	0.63	0.63	0.63	0.61	0.62	0.62	0.62	0.62	0.62	0.62	1.40	8.19
FY2022	0.25	0.25	0.25	0.25	0.25	0.25	0.25	0.24	0.25	0.24	0.26	0.28	2.96
FY2021	0.28	0.28	0.28	0.29	0.29	0.29	0.29	0.28	0.30	0.85	0.84	1.12	5.83
FY2020	0.30	0.31	0.31	0.31	0.30	0.31	0.31	0.31	1.33	0.34	0.32	0.32	4.80
FY2019	0.37	0.37	0.37	0.37	0.38	0.37	0.37	0.38	0.38	0.38	0.37	3.20	7.18
FY2018	0.41	0.37	0.38	0.37	0.38	0.37	0.37	0.37	0.38	0.38	0.38	0.37	4.67
FY2017	0.42	0.41	0.41	0.42	0.41	0.42	0.40	0.42	0.41	0.41	0.41	2.39	7.56
FY2016	0.46	0.45	0.46	0.46	0.46	0.46	0.46	0.46	0.47	0.45	0.46	0.48	5.38
FY2015	0.52	0.51	0.53	0.52	0.48	0.52	0.51	0.53	0.52	0.52	0.52	0.43	6.20
FY2014				0.49	0.47	0.44	0.47	0.47	0.46	0.47	0.48	1.16	5.22

Bentham Syndicated Loan Fund – NZD

Financial Year	Jul	Aug	Sep	Oct	Nov	Dec	Jan	Feb	Mar	Apr	May	Jun	YTD
FY2024	0.84	0.84	0.84	0.83	0.84	0.84	0.84	0.85	0.85	0.85	0.84	0.85	10.57
FY2023	0.60	0.65	0.67	0.70	0.71	0.78	0.77	0.79	0.81	0.84	0.85	1.11	9.57
FY2022	0.31	0.31	0.31	0.33	0.33	0.35	0.36	0.37	0.38	0.39	0.43	0.51	4.20
FY2021	0.40	0.39	0.40	0.39	0.40	0.40	0.40	0.40	0.39	1.49	1.51	2.46	9.70
FY2020	0.41	0.41	0.36	0.36	0.37	0.36	0.36	0.37	0.36	0.29	0.30	0.29	3.99
FY2019	0.41	0.40	0.41	0.40	0.40	0.41	0.41	0.40	0.41	0.40	0.41	4.42	8.76
FY2018	0.46	0.41	0.42	0.43	0.42	0.42	0.42	0.42	0.42	0.42	0.43	0.42	5.21
FY2017	0.51	0.50	0.49	0.50	0.48	0.41	0.46	0.47	0.45	0.47	0.46	2.91	8.63
FY2016	0.51	0.48	0.47	0.48	0.48	0.46	0.46	0.43	0.45	0.43	0.42	1.14	6.14
FY2015	0.54	0.55	0.54	0.54	0.57	0.55	0.55	0.54	0.53	0.55	0.56	0.00	6.19
FY2014				0.51	0.51	0.51	0.51	0.51	0.51	0.52	0.52	5.62	10.04