Moderate

Investment strategy

To invest in a diversified range of investments with approximately 50% in shares, growth property and alternative investments, and approximately 50% in cash, fixed income and defensive property.

Investment objective

To achieve a return (net of tax and investment expenses) that exceeds the increase in the CPI by at least 3% p.a. over moving 5 year periods, and to limit the probability of acheiving a negative return to approximately 1 year in 7

Risk of short-term negative return

Low to moderate - The return obtained each year will fluctuate and will be negative from time to time. There is a low to moderate chance that the return in any 1 year will be negative.

Strategic asset allocation	Asset class	As at 1st Sept 2012	Ranges
	Australian shares	16.7%	10% to 22%
	International shares	15.8%	8% to 23%
	Property	5.9%	3% to 12%
	Alternatives	19.8%	6% to 28%
	Fixed interest	26.7%	13% to 41%
	Cash	15.1%	10% to 20%

Criterion	Metric
Suggested minimum investment timeframe	4 years
Expected frequency of negative annual returns	Approx. 2.6 out of every 20 years
Risk band	4
Risk label	Medium
Type of investor	Moderate
Investment fee #	0.60%

#The investment fee is a measure of the fees deducted from investments. These fees include the cost of the Fund’s investment managers, custodian and investment advisor and certain other costs of the Fund. The investment fee is the total of these costs, divided by the net asset value of the Fund. These fees are deducted directly from the investment earnings before they are allocated to member accounts. They are therefore not deducted from your super account directly.