Investments

Investment return (after tax and fees)

Investment return (after tax and fees)

Investment return (after tax and fees)

Before the payment of tax, to at least match the return from the UBS Warburg Australian Bank Bill Return Index.

The funds investment manager holds a diversified portfolio of cash investments including bank deposits, Australian dollar denominated money market securities and interest rate futures and options traded on the Sydney Futures Exchange. This allows the fund to capture the returns generated by the Australian cash market.

The Cash investment option returned 3.4% after tax and fees in 2009/10. During the same period, the benchmark return before tax and fees was 3.9%.

Investment return (after tax and fees)

Government Bonds (previously Bonds/Fixed Interest)

Before the payment of tax, to at least match the return of the hedged World Government Bond Index.

The funds investment managers hold diversified portfolios of fixed and floating interest rate securities issued in the worlds major capital markets. This allows the fund to capture the returns generated by debt instruments in those markets.

The Government Bonds investment option returned 7.5% after tax and fees in 2009/10. During the same period, the benchmark return before tax and fees was 9.2%.

Investment return (after tax and fees)

International Shares (unhedged)

Before the payment of tax, to at least match the return of the MSCI World (excluding Australia) Index.

The Funds investment managers hold diversified portfolios of international equities. The foreign currency exposure associated with those holdings is not hedged back into Australian dollars. This allows the fund to capture the returns generated by equity instruments in those markets and also the returns (both positive and negative) that come from movements in exchange rates.

The International Shares (Unhedged) investment option returned 6.7% after tax and fees in 2009/10. During the same period, the benchmark return before tax and fees was 6.5%.

Investment return (after tax and fees)

Before the payment of tax, to at least match the return of the MSCI World (excluding Australia) Index with a hedging ratio determined by the Trustee.

The Funds investment managers hold diversified portfolios of international equities. The foreign currency exposure associated with those holdings is usually hedged back into Australian dollars. This allows the fund to capture the returns generated by equity instruments in those markets while minimising the impact of exchange rate movements on Fund return.

The International Shares investment option returned 11.1% after tax and fees in 2009/10. During the same period, the benchmark return before tax and fees was 12.1%.

Investment return (after tax and fees)

Before the payment of tax, to at least match the performance of the ASX 300 Index.

The funds investment managers hold diversified portfolios of Australian equities. This allows the fund to capture the returns generated by Australian equity instruments in those markets.

The Australian Shares investment option returned 13.1% after tax and fees in 2009/10. During the same period, the benchmark return before tax and fees was 13.1%.

Investment return (after tax and fees)

Before the payment of tax, to at least match the return from the Mercer IPD unlisted Property Index.

The funds investment managers hold diversified portfolios of primarily industrial, office and retail properties in Australia. This allows the fund to capture the returns generated by the Australian property market.

The Property investment option returned 1.6% after tax and fees in 2009/10.
During the same period, the benchmark return before tax and fees was 1.8%.

Investment return (after tax and fees)

Before the payment of tax, to at least match the performance of the S&P ASX 200 Index.

The fund’s investment manager holds a diversified portfolio of Australian ‘industries of the future’ which are providing solutions to social and environmental challenges, as well as ‘leaders within traditional sectors’ that exhibit high levels of corporate social responsibility. Companies in which this option is invested are subjected to in-depth financial analysis, in order to identify those offering the potential for superior investment performance.

The Sustainable investment option returned 11.3% after tax and fees in 2009/10.
During the same period, the benchmark return before tax and fees was 13.1%.

Investment return (after tax and fees)