the super advantage - anz personal

The Super Advantage

Autumn 2005

Choice of SuperannuationFund Special Edition

TheSuper

Advantage

–A

utumn

2005

Contents1. The changing investment landscape 1

2. Market update 2

3. Choice of Superannuation Fund Update 3

4. Fidelity Perpetual International Shares– change of investment manager 8

5. Asset allocation & fund performance 9

Important notes/disclaimerIn May 2002 the global ING Group formed a joint venturewith Australia and New Zealand Banking Group Limited ABN 11 005 357 522 (ANZ) for the provision of certainfinancial products and services in the areas ofsuperannuation and investment products and life insurancepolicies. The joint venture company is ING Australia LimitedABN 60 000 000 779 (ING Australia).

ANZMI is a wholly owned subsidiary of ING Australia. ANZMI is responsible for the contents of this publication.

An investment in ANZ Super Advantage is neither a depositnor a liability of:

> ANZ or any of its related corporations; or

> ING Australia, ING Bank (Australia) Limited ABN 24 000 893 292, ING Investment ManagementLimited ABN 23 003 731 959 or any other company in the ING Group, other than ANZ Life Assurance CompanyABN 63 008 425 652 (ANZ Life).

This information is current as at the date of its publication in May 2005 but may be subject to change. Past performanceis not a reliable indicator of future performance. The value of investments may rise or fall and repayment of thesubscribed capital is not guaranteed. This publication is notintended to constitute personal or professional advice andhas been prepared without taking into account an investor’sobjectives, financial situation and needs. Before making adecision based on this publication an investor shouldconsider the appropriateness of the advice, having regard to their objectives, financial situation and needs.

Although we consider the source of this material reliable andwe have prepared it with care and in good faith, no warranty isgiven and no liability is accepted by ANZ Managed InvestmentsLimited or any affiliated companies for any statement oropinion or any error or omission (including negligence).

Full product information including fees, charges, commissions,terms and conditions is available in the ANZ Super AdvantageProduct Disclosure Statement dated 10 March 2004,available at www.anz.com or by calling 13 38 63.

We value your feedbackPlease direct any comments on this edition to:

ANZ Super Advantage NewsletterGPO Box 4028Sydney NSW 2001

For more information on ANZ Super Advantage

Telephone 13 38 63 between 8am and 8pm EST Monday to Friday (excluding public holidays)

Website www.anz.com/wealth/superEmail [email protected] 02 9234 8286

The TrusteeThe Trustee and issuer of ANZ Super Advantage (ASA) isANZ Managed Investments Limited (ANZMI) ABN 61 004 392 269 AFSL 238344, 347 Kent Street Sydney NSW 2000.

Telephone 13 38 63 Fax 02 9234 8286

Welcome to the latest edition of The Super AdvantageThis newsletter is produced specifically for members of ANZ SuperAdvantage and is distributed to you quarterly. This edition contains a specialfeature article on the newly released Choice of Fund regulations, and howthese will affect ANZ Super Advantage members from 1 July 2005.

1The

SuperA

dvantage–

Autum

n2005

The changing investment landscapeThroughout the 1990s, share and bond market returns notablyoutperformed their respective historical averages and domesticeconomic growth. These unusually high returns reflected (amongother things) the impact of falling interest rates as well as strongeconomic and profit growth.

However, the impact of declining interest rates has run its course.Accordingly, it may be increasingly difficult for share and bondmarkets to consistently outpace domestic economic growth by a widemargin in the period ahead. However, this may not prohibit assetclasses from ever recording high double-digit returns in any one year.For example, the Australian sharemarket returned 28% in 2004.

The increased importance of dividendsin total share returnsThe long-run average rise in share prices is dependent on theexpected growth rate of discounted corporate earnings, which is closely associated with economic growth for most industrialcompanies. ING Investment Management (INGIM) believes thatlong-run sharemarket returns, on average, are likely to be lowerthan those experienced during the 1990s. This reflects ourassessment that interest rates are unlikely to experience a furthersustained decline in the period ahead. In this new environment,dividends are expected to contribute a larger proportion of totalreturn than was evident in the previous decade.

The increased importance of yield in total bond returnsInvestors seeking lower risk relative to shares have typicallyinvested in managed funds with a high exposure to governmentbonds. INGIM views that over the long-run, bonds have lower riskthan growth investments such as Australian and internationalshares and provide stable investment income.

Since 1990, total government bond returns have been trendinglower, with ‘yields’ contributing a progressively larger share oftotal returns as ‘price gains’ contribution declines. If inflation andthe government demands on debt markets continue to remain low,the bond yield’s contribution to total returns may remain high.

Investment managers have responded to lower total bond returnsby diversifying the risk in their bond portfolios and increasing theirexposure to higher-yielding securities such as corporate securities,asset and mortgage-backed securities, hybrid securities andinternational bonds. Investment managers with large global bondresources and highly experienced credit teams have benefited in this environment.

ConclusionLong-run average returns in share andbond markets are expected to decline fromthe high levels experienced in the 1990s.Accordingly, it may be increasingly difficultfor share and bond market returns toconsistently outpace domestic economicgrowth by a wide margin. In addition,dividend and bond yields appear set tocontribute a larger share to total share andbond market returns than was evident inthe 1990s.

Source: ING Investment Management, March 2005.

1960 1970 19801940

Post 1939 average

1950 1990 2000 2005*

Dividend yields as a percentage of total return per decade

70%

60%

50%

40%

30%

20%

Source: Australian Bureau of Statistics, Reserve Bank of Australia and ING Investment Management.

* The bar ‘2005’ represents the dividend yields’ share of total returns for the years to 2005.

Since 1940, the Australian sharemarket dividend yield has contributed around 40% of the total return in Australian shares. However, in the decade to 2000, which is represented on theabove graph as the bar labelled 2000, the dividend yield contributed less than half of thishistoric average as share price rises dominated the total return.

The above graph indicates that dividends have made a larger contribution to Australianshares’ total return in the current decade than in the decade to 2000 (represented on thegraph as the bar labelled 2000). If this trend continues, companies with high dividendyields and strong corporate earnings growth prospects may be expected to perform well.

2The

SuperA

dvantage–

Autum

n2005

Asset ClassRisk (volatility) and potential return

6 monthreturn

1 year return Factors that have driven performance

Cash Low 1.33% 5.56% The Reserve Bank of Australia (RBA) increased the targetCash Rate by 0.25% in March to 5.50% and it is likely rateswill increase again in the future.

Australian fixedinterest

Low–Medium –0.03% 4.80% Fixed interest yields rose during the period, reflecting theinterest rate increase by the RBA. Accordingly, yield movementswere greatest amongst short dated bonds.

International fixedinterest

Medium 1.68% 7.52% Official interest rates in the US were increased during theperiod and are expected to continue to rise. In Europe andJapan, bond yields appear likely to follow trends in the US,albeit at a lagged pace.

Listed property Medium–High –3.17% 19.76% The listed property trust market continues to provide anattractive average yield. However, new stock issues and rising interest rates may result in more moderate returns.

Australian shares High 2.62% 25.40% The latest profit reporting season continued to highlight thestrength of Australian company profits and balance sheets.Conditions remain favourable for Australian shares, highlightedby continued takeover activity. Some sectors will be impactedby rising interest rates, while resources companies shouldbenefit from rising commodity prices.

International shares High 0.25% 9.29% International sharemarkets have come under pressure lately, as high oil prices have raised fears of a slowdown in economicgrowth, which has dampened investment sentiment.

Market Summary

Market Update

Source: ING Investment Management

Data: UBS Australia Bank Bill Index

UBS Australia Composite Bond Index (All Maturities)

Citigroup World (ex Aus) Gov’t Bond (Hedged) Index

S&P / AXA 200 Property Trusts Accumulation Index

S&P / AXA 300 Accumulation Index

MSCI World (ex Aus) Index I $A (unhedged)

3The

SuperA

dvantage–

Autum

n2005

Choice of SuperannuationFund UpdateOn 14 March 2005, the Governmentreleased the Choice of Superannuation Fund regulations. In the last issue of SuperAdvantage we informed you about Choice of Fund and what it will mean to ANZ SuperAdvantage members.

In this edition we recap on this information for your reference and update you on the newinformation which has come to light with therelease of the regulations on 14 March.

What is Choice of Superannuation Fundand why has it been introduced? Choice of Superannuation Fund legislation has been passed by the Federal Government which will allow employees (with some exceptions), to choose an eligible superannuation fund intowhich their employer Superannuation Guarantee contributions willbe paid. Choice of Superannuation Fund encourages employees totake control of their superannuation, which for many will be theirlargest source of retirement savings. The ability to choose aneligible choice fund commences on 1 July 2005.

Who will Choice of Superannuation Fundlegislation apply to? The Federal Government has estimated that Choice ofSuperannuation Fund legislation will affect 4.82 million employeesand 654,000 employers in the Australian workforce. Source: The Association of Superannuation Funds of Australia – ASFA

This legislation will only apply to those people making or receivingSuperannuation Guarantee contributions after 1 July 2005. The legislation does not apply to contributions made before 1 July 2005, nor does it apply to contributions made above theSuper Guarantee. Although your employer may also choose to paythese to your chosen fund.

Who will Choice of Superannuation FundNOT apply to? Generally, Choice of Superannuation Fund may not apply to:

> some public sector employees

> employees whose contributions are made under or inaccordance with, Certified Agreements or Australian WorkplaceAgreements under either the Industrial Relations Act 1988 orthe Workplace Relations Act 1996

> employees subjectto certain Victoriangovernmentemploymentagreements in force

under the Employee

Relations Act 1992

of Victoria and which

continues to be in

operation under section

515 of the Workplace

Relations Act 1996

> employees whocurrently have allor part of theircontributions madeunder, or in accordancewith, a State industrial award. However, the Government

intends to use the Corporations Act to override state laws and

give choice to employees working for a corporation and on a

state award, from 1 July 2006

> some employees who are receiving defined benefits. This

includes: employees who have reached their maximum benefit

in their scheme and whose employers no longer need to make

further superannuation guarantee contributions on their behalf;

employees who, on termination of their employment would be

entitled to the same amount of benefit from the defined benefit

scheme, whether or not they chose a new fund; or where the

defined benefit scheme is in surplus

> employees whose contributions are made under a law of theCommonwealth, of a State or of a Territory.

It is important to note that all employees on Federal Awards haveChoice of Fund, whether the Award states that super contributionsmust be made to a specified fund or not.

To find out if Choice of Superannuation Fund will apply to you, speak

to your employer or your ANZ Financial Planner or financial adviser, or

download a copy of the Governments’ Super Choices Guide at

www.superchoice.gov.au for more information.

Recap on the facts

Even though these new regulationshave been released, please note that the information in our Choice of Fund Member Guide, released in December last year, is still relevant.The guide is also available onwww.anz.com/wealth/super

A guide for members toChoice of Superannuation Fund legislation

December 2004

What do you need to do under Choice? If you are eligible for Choice of Superannuation Fund, you can do one of two things:

> do nothing and stay in your employer’s default eligible choicesuperannuation fund or

> choose an alternative eligible choice superannuation fund (the‘chosen fund’) to which your employer will need to contributeSuperannuation Guarantee contributions for your benefit.

If you do not exercise a choice, then your employer can choose a complying superannuation fund/scheme or a Retirement SavingsAccount (RSA) to contribute your Superannuation Guaranteecontributions to. It is expected that initially this default fund willbe the existing employer sponsored superannuation fund that youremployer is using as at 30 June 2005 (eg ANZ Super Advantage).

If you choose your own superannuation fund on or after 1 July 2005,you will have to provide written notice to your employer. YourSuper Guarantee contributions should be directed to your chosenfund after two months of you informing your employer of yournominated choice of eligible superannuation fund.

Employees can obtain information on comparing funds in SuperChoices, which is available from www.superchoice.gov.au or byphoning 13 28 64. Of course, this is in addition to the informationthat can be gained by seeking financial advice from your ANZFinancial Planner or financial adviser.

Choice of SuperannuationFund updateWhat information do you need to provide to your employer to make a new fund choice?

The Choice of Superannuation Fund regulations released on 14 March 2005 specify that if you wish to choose an alternativeeligible choice superannuation fund into which yoursuperannuation contributions will be paid, you must supply youremployer with the following details in writing;

> your account or membership number or other unique identifier(if any) that the fund uses to refer to your account in the fund (if applicable)

> your account name in the fund

> the fund’s ABN (if it has one)

> the method your employer uses to make superannuationcontributions to the fund and any necessary details to enablethe payment to be made

> the unique identifier or number (if any) your employer usesto refer to you (such as payroll number)

> if the fund uses a number or other unique identifier (Such as aSPIN – Superannuation Product Identification Number) to referto its superannuation products, the number or identifier thatrelates to the product

> a written statement, provided by or on behalf of the trustee of the fund stating that the fund is a regulated superannuationfund and can accept your contributions, and

> if the fund is a self managed superannuation fund, evidencefrom the Australian Tax Office (ATO) that the fund is a regulatedsuperannuation fund.

Please note that it is not necessary to use the Standard ChoiceForm to advise your employer of your new fund choice, as long asall of the above information is provided to your employer in writing.

If you are eligible to make a new fund choice and you areemployed at 1 July 2005, your employer must provide you with a Standard Choice Form before 29 July 2005. The Standard ChoiceForm is pictured over page:

4The

SuperA

dvantage–

Autum

n2005

The easiest way to ensure you provide youremployer with all of the relevant information isto use the Standard Choice Form (pictured overpage). This form will prompt you for all therequired information as detailed above.

5The

SuperA

dvantage–

Autum

n2005

If your employer makesadditional contributions inexcess of the SG, this sectionadvises whether they willcontinue to make theseadditional contributions to thechosen fund of the employee.

Options for employees to donothing or to choose a fund.

A section for the employee todetail their chosen fund or toelect to remain in their previousemployer default fund.

Steps to assist the employee in making a choice.

A section for the employer todetail which superannuationfund they will contribute to if the employee does notchoose a fund (the employerdefault fund).

Tips for comparing funds

When does your employer NOT need to provide you with Standard choice form?The Government legislated that after 1 July 2005, a StandardChoice Form may not need to be provided to you by your employer where:

> you are not eligible for Choice of Superannuation Fund

> after 1 July 2005 you had requested a Standard Choice Form in writing, but you had already received a Standard Choice Formwithin the previous 12 months. In this instance, however, youremployer can provide a form at their discretion, or

> you have already chosen a fund in writing and in accordancewith the Choice of superannuation fund legislation before 1 July 2005.

The Government also indicated that a standard choice form maynot need to be provided to you by your employer where:

> you are required to choose a superannuation fund as acondition of your employment. Legislation governing this hasnot yet been passed. Therefore we will provide furtherclarification on this matter once this has been finalised.

For further information on the circumstances when youremployer does need to issue you with a Standard ChoiceForm, please refer to the ASA Choice of Fund Member Guidewhich was released December last year, which can bedownloaded from www.anz.com/wealth/super, or SuperChoice by visiting www.superchoice.gov.au

To download a copy of the Standard Choice Form go to www.superchoice.gov.au

6The

SuperA

dvantage–

Autum

n2005

Exceptions: There are a number of circumstances where youremployer’s default fund is not required to offer minimum levelsof life insurance cover. These circumstances include:

> where your employer is contributing to a fund before 1 July 2005that does not meet the above insurance requirements, youremployer may continue to make contributions to that fund (or asuccessor fund) for you until 30 June 2008

From 1 July 2008, your employer will be required to begin payingto a fund which meets the minimum insurance requirements

> where your employer is contributing to a fund under a Federal Award

> where your employer is contributing to a Retirement SavingsAccount (RSA) or a capital guaranteed fund

> where your employer arranges for at least an equivalent levelof life insurance cover for you outside of the employer’s defaultfund, which does not provide a potential benefit to youremployer on your death

> where your employer is contributing to a fund that does not offerlife insurance cover to you because of health, occupation (forexample, a high risk occupation), hours worked (for examplecasual employment) or other circumstances determined bythe insurer

> where your employer is contributing to a fund on 11 March 2005and the rules of the fund determined that at least $50,000 willbe payable on death, and your employer continues to contributeto the fund, or a successor fund.

Most plans have some level of DeathOnly, Death and Total PermanentDisablement and/or SalaryContinuance cover, all of which areimportant to protect you and yourfamily from unforseen circumstances.The availability of cover, evidence ofhealth requirements, and cost of covershould all be carefully considered byemployees when considering makinga new fund choice.

Minimum levels of insurance coverin default fundsThe Choice of Superannuation Fund regulations state that thedefault fund must provide one of the following two options withregard to minimum level of life insurance cover (death only) foremployee members of that fund:

> a minimum level of life insurance cover based on a premium of at least $0.50 per week (or an equivalent e.g. $1.00 perfortnight) for employees less than 56 years of age; or

> a prescribed minimum benefit amount for members withincertain age groups (as detailed in the table below):

Age of employee memberMinimum levelof life insurance

20–34 $50,000

35–39 $35,000

40–44 $20,000

45–49 $14,000

50–55 $7,000

Eligible choice superannuation funds will be able to offer higherlevels of cover than the specified minimums.

We are committed to keeping you informedAs a member of ANZ Super Advantage we will continue to update you on Choice of Fund, what itmeans to you and inform you of the features and benefits of your existing arrangement.

On 14 March 2005, the Government confirmed its commitment to conduct acomprehensive community education campaign. The campaign commenced from mid April2005 and will cost $19.7M over a two year period. The campaign will focus on helpingemployers and employees understand Choice of Fund and how to meet their obligations.

For assistance with Choice of Fund, you can call 13 28 64 or visit www.superchoice.gov.auas outlined in the ‘more information’ section of the Standard Choice Form or visitwww.fido.gov.au

7The

SuperA

dvantage–

Autum

n2005

What should you be asking of your current Super Fund?Where you invest your superannuation and with whom you invest it are critical indetermining the quality of your lifestyle after you finish working full-time.

To ensure you are investing your employer superannuation contributions in the right fund,you may wish to ask 10 key questions of your existing fund and any others you areconsidering under the Choice of Fund regime.

Questions to askANZ SuperAdvantage Other fund

1. Is your superannuation with a strong, stable and experienced provider with a long termcommitment to the Australian marketplace?

3

2. Does your Superannuation plan incorporate a range of additional member benefits into the onecomprehensive package?

3

3. Does your superannuation plan offer you a wide choice of investment options with varying levelsof risk, across all major investment markets and asset classes and with access to a large number of investment managers? Does your superannuation plan help to achieve your investment goals?

3

4. Can you conveniently switch your investment between different investment options at any time? 3

5. Does your superannuation plan offer you a choice of flexible and competitively priced insurancealternatives enabling you to tailor a life insurance plan to ensure you and your loved ones areprotected in the case of your death, illness or injury?

3

6. Is your superannuation plan competitively priced? 3

7. Can you access a full suite of financial educational support enabling you to learn aboutinvesting, superannuation, retirement and other key financial topics in a variety of forms rangingfrom workplace seminars to self paced online learning?

3

8. Will your provider make it easy for you to rollover your existing superannuation benefits into asingle superannuation account enabling you to consolidate and have the opportunity to reduceunnecessary fees?

3

9. Do you have access to premium financial planning services through your superannuation plan? 3

10. Should you leave your current employer, can you maintain the existing benefits that youcurrently enjoy as an employed member?

3

ANZ Super Advantage answers ‘Yes’to each of these key questions. For an expertly managed, totalsuperannuation solution ANZ SuperAdvantage can provide you with apremium employer super solution.

8The

SuperA

dvantage–

Autum

n2005

Perpetual has recently brought the management of itsinternational shares in-house by establishing its own internationalshares capability, known as PI Investment Management Limited.Previously, the Fidelity Perpetual International Shares fund wasmanaged by Fidelity International Investments Limited.

The management of the international funds was transitioned fromFidelity to PI Investment Management on 18 March 2005.

The change in investment manager has resulted in a change ofname of the underlying fund, from Fidelity Perpetual WholesaleInternational Fund to Perpetual’s Wholesale International ShareFund. Also, the description of the investment objective andstrategy has been adjusted slightly.

Members invested in this fund were notified in March 2005 of theabove changes, and were not required to take any action as a result.

If you require further information, or if you have any questions, pleasespeak with your ANZ Financial Planner or your financial adviser.

ANZ’s existing online and seminar-based member education is alreadyworking to support you.ANZ Super Advantage provides you with access to acomprehensive member education program to assist you inmaking the most of your superannuation. Our member educationcovers key investment topics and is relevant to all membersregardless of age, risk tolerance, existing wealth or current level ofinvestment knowledge. The material includes superannuationfundamentals and key financial topics like household budgeting,personal cash flow and other investment concepts like gearingand compounding.

Member education can be accessed in two ways:> Online

The online education site is simple to use and easy to navigatewith information on savings tips and strategies and key themes offinancial investment. There are also other tools like calculatorsthat can assist you in modelling scenarios based on your own orhypothetical situations. To review this program, log on towww.anz.com.au/australia/anzatwork/learning/home.asp?

> Workplace seminars

Workplace seminars allow you to access additional financialinformation. Seminars are organised through your employer orANZ Financial Planner and comprise presentations and supporttools to help you understand your superannuation and the processof investing.

The following is a list of reference points that can provide answersto any further questions you have regarding Choice of Fund or thefeatures and benefits of ANZ Super Advantage:

> www.superchoice.gov.au

> ATO Superchoice Infoline on 13 28 64

> Super Choices booklet available from www.superchoice.gov.auor by contacting 13 28 64

> ASA Choice of Fund Member Guide – available fromwww.anz.com/wealth/super

> ASA Product Disclosure Statement – available fromwww.anz.com/wealth/super

> Choice module on www.anz.com.au/australia/anzatwork/learning/home.asp? available in June this year

> Your ANZ Financial Planner or financial adviser

– change of investment manager

Fidelity Perpetual International Shares

Member Education

This material is current as at May 2005 and may be subject to change. The trustee and issuer of ANZ Super Advantage is ANZ Managed Investments Limited

ABN 61 004 392 269 AFSL 238344 (ANZMI), 347 Kent Street, Sydney NSW 2000. ANZMI is a subsidiary of ING Australia Limited ABN 60 000 000 779 (INGA).

While we believe the information contained in this document is correct at the date of publication, no warranty of accuracy or reliability is given and no

responsibility is accepted for errors or omissions (including negligence).

9The

SuperA

dvantage–

Autum

n2005

• Cash 0.50%

• Australian Shares 99.50%

3 months 1.31%6 months 10.16%1 year 18.90%2 years –3 years –5 years –

ASA size $m 0.48Manager size $m 967.60

3 months 0.99%6 months 2.03%1 year 4.31%2 years 3.66%3 years 3.11%5 years 3.00%


• Cash 100.00%



• Cash 29.90%

• Australian Fixed Interest 70.10%

ING CashING Capital Guaranteed

Credit Suisse International Shares

Fidelity PerpetualInternational Shares

3 months 1.49%6 months 5.39%1 year 9.32%2 years 7.99%3 years 5.28%5 years –


• Cash 36.70%

• Property 1.80%


• International Fixed Interest 7.60%


• International Shares 2.50%

ING Capital Stable

Advance Imputation



BT Putnam Core Hedged Global Colonial First State ImputationColonial First State Diversified

ING Balanced

• Cash 0.50%


ING Australian Shares

ING Blue Chip Imputation

• Cash 14.40%

• Australian Shares 85.60%• Cash 2.10%

• International Shares 97.90% • Cash 9.80%

• Property 7.00%






ASA size $m 0.21Manager size $m 4,363.45

• Cash 0.80%

• Property 0.50%




• Cash 1.70%


3 months -1.50%6 months 1.22%1 year 3.62%2 years –3 years –5 years –


• Cash 1.80%




3 months 0.00%6 months 4.12%1 year 7.66%2 years 10.58%3 years -6.85%5 years -8.66%


• Cash 13.90%

• Property 4.30%









Asset allocation and fund performanceOpen funds – as at 31 March 2005

10The

SuperA

dvantage–

Autum

n2005



• Cash 1.90%


ING Global Emerging Markets Shares



• Cash 0.70%


ING Global Sector



• Cash 17.10%

• Property 8.70%





ING Managed Growth



• Cash 0.20%



ING High Growth



• Cash 0.70%


ING European Shares



• Cash 0.50%


3 months -2.81%6 months 6.78%1 year 18.79%2 years 15.07%3 years 12.83%5 years –


• Cash 0.50%

• Property 99.50%

ING Select Leaders



• Cash 0.60%


ING Sustainable Investments– Australian Shares




OptiMix Australian Fixed Interest

ING Property Securities



• Cash 0.40%



ING Diversified Fixed Interest



• Cash 3.00%


ING Global Shares



• Cash 1.30%

• Property 98.70%

OptiMix Australian Property Securities

11The

SuperA

dvantage–

Autum

n2005



• Cash 4.00%


OptiMix Australian Shares

• Cash 13.70%

• Property 11.00%





• Cash 2.70%


OptiMix Balanced OptiMix Global Shares

• Cash 26.60%

• Property 3.40%





OptiMix Conservative









• Cash 2.90%


Perpetual Australian Shares



• Cash 2.10%


OptiMix Global SmallerCompanies Shares



• Cash 11.40%

• Property 11.00%





OptiMix Growth



• Cash 0.70%



OptiMix High Growth



• Cash 19.70%

• Property 8.90%





OptiMix Moderate



• Cash 39.90%

• Property 4.60%




Perpetual Conservative Growth



• Cash 2.00%

• Property 8.00%





Russell Balanced



• Cash 16.10%

• Property 4.80%




Perpetual Balanced Growth

12The

SuperA

dvantage–

Autum

n2005



• Property 8.00%




Russell Growth



• Cash 6.50%

• Property 7.80%





UBS Balanced




Vanguard Australian Shares Index



• Cash 19.00%



UBS Diversified Fixed Income



• Cash 15.00%

• Property 10.00%





Russell Diversified 50




Vanguard InternationalShares Index



• Cash 30.00%

• Property 5.00%





Russell Capital Stable



• Cash 23.60%

• Property 2.90%





UBS Defensive Investment

Notes:

Performance figures are calculated using redemption prices and are net oftaxes and maximum management fees, but exclude entry, exit or switchingfees where appropriate. Any ongoing fees that have a finite life may beexcluded; such as the Administration fee. Returns for periods greater thanone year are annualised.

Past performance is not a reliable indicator of future performance. Sincethe value of the investment funds are directly linked to the market value ofthe investments, the unit price can rise and fall.

The ANZ Super Advantage fund size quoted reflects the fund assets in theANZ Super Advantage component of the underlying investment fund.

The manager fund size quoted reflects the total assets of the underlyinginvestment pool including ANZ Super Advantage.

NB. Investments made in the ING Capital Guaranteed Fund form part ofANZ Life’s No. 1 Statutory Fund. ANZ Life guarantees that the unit price ofthe ING Capital Guaranteed Fund, which includes past gains, will never fall.Neither ANZ, ING nor any related corporation other than ANZ Lifeguarantees the Fund.

Investments made in all other investment funds in ANZ Super Advantage form part of the ANZ Life No. 3 Statutory Fund.

Telephone: 13 38 63

Visit: www.anz.com

Email: [email protected]

GPO Box 4028Sydney NSW 2001

Facsimile: (02) 9216 2550

Telephone: 13 38 63

Visit: www.anz.com



Facsimile: (02) 9216 2550

Telephone: 13 38 63

Visit: www.anz.com



Facsimile: (02) 9216 2550

Telephone: 13 38 63

Visit: www.anz.com



Facsimile: (02) 9216 2550

Telephone: 13 38 63

Visit: www.anz.com



Facsimile: (02) 9216 2550

For more informationTelephone: 13 38 63 between 8am and 8pm EST

Monday to Friday (excl. publicholidays)

Visit: www.anz.com/wealth/super


Address: GPO Box 4028, Sydney NSW 2001

Fax: (02) 9234 8286

13The

SuperA

dvantage–

Autum

n2005

ANZ Australian Fixed Interest Fund ANZ Diversified Stable Fund2 ANZ Wholesale Global

Technology FundANZ Diversified Stable Fund1



• Cash 69.10%

• Property 3.60%




ANZ Wholesale Income Fund

3 months 2.73%6 months 6.34%1 year 7.87%2 years 17.63%3 years 0.36%5 years –2.76%


• Cash 0.30%


BT Wholesale Asian Share Fund

3 months -0.62%6 months 9.53%1 year 27.36%2 years 29.59%3 years 18.07%5 years 18.79%


• Cash 2.80%

• Property 2.90%





• Cash 3.5%


Perpetual’s Wholesale Smaller Companies Fund

Rothschild Smaller Companies Wholesale Trust



• Cash 24.60%

• Property 4.20%





ANZ Superannuation PoolDiversified Stable Fund



• Cash 0.40%


ING Wholesale Australian Share Trust

• Cash 0.40%

• Australian Fixed Interest 99.60%• Cash 24.60%

• Property 4.20%





• Cash 0.60%

• International Shares 99.40% • Cash 24.70%

• Property 4.20%





3 months -0.07%6 months 1.42%1 year 3.74%2 years 2.58%3 years 3.89%5 years 3.76%






3 months -6.33%6 months –0.10%1 year –9.00%2 years 7.96%3 years –15.64%5 years –


Closed funds – as at 31 March 2005

Funds closed to new members.These funds remain open formembers who invested in them prior to 1 October 2003, or wherethese investment funds formed part of an employer defaultinvestment strategy establishedprior to 1 October 2003.

1. Investment Fund code: 1020

2. Investment Fund code: 1012 –ANZ Superannuation PoolDiversified Stable Fund



• Cash 1.00%


Russell International BondFund $A Hedged

Item

No:

MA0

055,

Vers

ion:

05/2

005

the super advantage - anz personal

Documents