Investment objective*

Achieve a net return of at least 3% p.a. above inflation (measured by the Australian Consumer Price Index, CPI) over a rolling four-year period. Within that timeframe you will usually experience some years that are better than others, and may even experience negative returns in some years.

Strategy

Provides an even distribution between growth and defensive assets. The aim is to provide a balance of capital growth with reduced volatility.

Benchmark Allocations

The asset allocation for each asset may vary from time to time within the permitted ranges in the table below:

Asset class	Benchmark allocation	Permitted range
Australian equities	20%	15-25%
Overseas equities	15%	10-20%
Property	10%	5-15%
Growth alternatives	5%	0-10%
Defensive alternatives	5%	0-10%
Diversified Fixed Interest	30%	25-35%
Cash	15%	10-20%

10-Year Performance - Balanced

This is how the Balanced option performed against its objectives and other funds over the past few years to 30 June 2011. The Balanced investment option was introduced on 2 October 2006. There were therefore no five or ten-year returns to 30 June 2011.

Compound average rate of net annual earnings for periods ending 30 June 2011.

Net annual returns#	Superannuation	Pensions
30 June 2011	8.0%	9.2%
30 June 2010	7.9%	9.6%
30 June 2009	-2.9%	-3.5%
30 June 2008	-1.5%	-2.0%
30 June 2007	-	-
30 June 2006	-	-
30 June 2005	-	-