Alternative Investment Trust : Full Year Statutory Accounts - Appendix 4E

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Appendix 4E

Annual Report

APPENDIX 4E

Annual Report

For the year ended 31 December 2021

Name of entity: Alternative Investment Trust ARSN 112 129 218 ("AIQ" or the "Trust")

• Reporting Period and Previous Corresponding Period

Current Reporting Period:	12 months to 31 December 2021
Previous Corresponding Period:	12 months to 31 December 2020

• Results for Announcement to the Market

							Year ended	Year ended
							31 December	31 December
						2021	2020
						($'000)	($'000)
		2.1 Revenue from ordinary activities				Down 11% to 7,583	8,489
		2.2 Profit (loss) from ordinary activities after tax attributable to		Down 10% to 7,219	8,002
		unitholders*
		2.3 Net profit (loss) for the period attributable to unitholders*		Down 10% to 7,219	8,002
		* excludes loss attributable to minority interest
					2021			2020
			Amount per		Return of		Amount per	Return of
			security		Capital		security	Capital
		2.4 Distributions:	$0.0065		$0.0065		$0.0054	$0.0054
		July distribution of capital	$0.0034		$0.0034	$0.0028	$0.0028
		January distribution of capital	$0.0031		$0.0031		$0.0026	$0.0026

2.5 Record date for determining entitlements to the distribution of capital:

• July 2021 - 20 July 2021
• January 2021 - 20 January 2021

No distribution of income was declared or paid for the year ended 31 December 2021 (31 December 2020: $nil).

2.6 An explanation of results is indicated on page 1 of the annual financial report and also included in the Investment Manager's report included in the annual financial report.

• Details of Individual and Total Dividends or Distributions and Dividend or Distribution Payments The distribution table above relates to the distribution of capital $1,815,457 (2020: $1,420,876).
  No Distribution of income was declared or paid for the year ended 31 December 2021 (31 December 2020: $nil).

• Details of Any Dividend or Distribution Reinvestment Plans in Operation
  Distribution Reinvestment Plan Rules dated 25 July 2019 and replaced by Distribution Reinvestment Plan Rules dated 14 November 2019.

	On 18 November 2021, the Distribution Reinvestment Plan was suspended.
5	Net Tangible Assets per Security
	Net tangible assets per security as at 31 December 2021 (Ex distribution)	$0.15
	Net tangible assets per security as at 31 December 2020 (Ex distribution)	$0.13

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Appendix 4E

Annual Report

APPENDIX 4E

• Details of Entities over which Control has been Gained or Lost during the Year
  The Trust did not gain or lose control over any entities during the year ended 31 December 2021.

• Details of Associates and Joint Venture Entities Not applicable.

• Any Other Significant Information needed by an Investor to Make an Informed Assessment of the Entity's Financial Performance and Financial Position
  Refer to the annual financial report and notes attached to them.

• For Foreign Entities, which Set of Accounting Standards is used in Compiling the Report Not applicable.

10 Commentary on Results

An explanation of results is indicated in the directors' report and also included in the Investment Manager's report included in the annual financial report.

Additional Appendix 4E disclosure requirements can be found in the notes to the financial report for the year ended 31 December 2021.

This report is based on the annual report of the Trust which has been subject to an audit by Crowe Sydney.

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Alternative Investment Trust

ARSN 112 129 218

Annual report for the financial year ended 31 December 2021

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Index to the Financial Statements

	Page
Directors' Report	1
Corporate Governance - Responsible Entity	4
Investment Manager's Report	5
Auditor's Independence Declaration	10
Independent Auditor's Report	11
Statement of Profit or Loss and Other Comprehensive Income for the year ended 31 December 2021	15
Statement of Financial Position as at 31 December 2021	16
Statement of Changes in Equity for the year ended 31 December 2021	17
Statement of Cash Flows for the year ended 31 December 2021	18
Notes to the Financial Statements	19
Directors' Declaration	35
Unitholder Information	36
Other Information	38

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Alternative Investment Trust

Directors' Report

The directors of Columbus Investment Services Ltd (ABN 69 095 162 931; AFSL 221183) ("CISL" or the "Responsible Entity"), the responsible entity of Alternative Investment Trust (ARSN 112 129 218) ("AIQ" or the "Trust"), present their report together with the financial report of the Trust for the year ended 31 December 2021.

Responsible Entity

The responsible entity of the Trust is CISL. The registered office and principal place of business of the Responsible Entity is Level 16, Governor Macquarie Tower, 1 Farrer Place, Sydney NSW 2000.

Investment Manager

The investment manager of the Trust is Warana Capital Pty Limited (ACN 611 063 579; AFSL 493579) ("Warana" or the "Investment Manager").

Information about the Directors and Senior Management

The names of the directors and company secretaries of the Responsible Entity in office during the year and to the date of this report are:

Name	Title
Frank Tearle	Executive Director and Company Secretary
Sarah Wiesener	Executive Director and Company Secretary
Michael Sutherland	Executive Director

Principal Activities

The Trust is a registered managed investment scheme domiciled and registered in Australia and quoted on the Australian Securities Exchange ("ASX") (ASX code "AIQ"). The Trust has exposure to a portfolio of absolute return funds.

The Trust did not have any employees during the year.

Review of Operations

Results

The results of the operations of the Trust are disclosed in the Statement of Profit or Loss and Other Comprehensive Income of the financial statements. The gain attributable to unitholders for the year ended 31 December 2021 was $7,219,000 (2020 gain: $8,002,000).

Distributions of income and capital

In respect of the financial year ended 31 December 2021, a distribution of income $nil (2020: $nil) was paid to unitholders.

In respect of the financial year ended 31 December 2021, distributions by way of returns of capital of $1,815,457 (2020: $1,420,876) were paid to unitholders.

Value of Assets and Units Issued

The total value of the Trust's assets at 31 December 2021 is $42,860,000 (2020: $41,048,000). The total number of units on

issue as at 31 December 2021 is 281,274,730 (2020: 278,427,581).

Fees Paid and Payable to the Responsible Entity and Investment Manager

Responsible Entity Fees

The Responsible Entity charged 0.07% per annum (excluding GST) of gross portfolio value, subject to a minimum of $66,000 per annum.

For the year ended 31 December 2021, the responsible entity fee expense incurred by the Trust was $68,970 (2020: $68,970).

The responsible entity fee payable as at 31 December 2021 was $6,050 (2020: $6,050).

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