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Investments held

The fund's investments at 31 May 2008 were approximately $3.0 billion.

The Balanced option held approximately $2.2 billion of this amount, with the remaining $0.8 billion being invested by members across our other 11 investment options.

The investment managers currently used by the fund in each of the sectors in which we invest are as follows.

Investment Sector

Investment Managers

Australian shares

Ausbil Dexia
GMO
Macquarie
Maple-Brown Abbott
State Street Global Advisors

Private equity

IFBT
Industry Funds Management
Macquarie
Quay Partners
Northgate
Siguler Guff
Wilshire

Infrastructure

Industry Funds Management
Lazard

International shares

Alliance Capital
Bernstein
State Street Global Advisors
Walter Scott
Wellington Management Company

Property

AEW
BGI
Deutsche
Fiduciary
Fortius
Industry Superannuation Property Trust

Absolute Return strategies

GMO
BlackRock
Warakirri

Alternative strategies

Bridgewater

Fixed Interest

BGI
Hastings Funds Management
Members Equity Bank
PIMCO

Cash

BNP 11am account
Macquarie

Foreign currency hedging

Overlay Asset Management


Consideration of social, ethical, environmental and labour issues in our investment policy

Our investment policy does not directly take these issues into account.

All our investments are managed by professional investment managers on our behalf, as noted above. They take many factors into account when they make an investment. These factors may include social, ethical, environmental and labour issues, to the extent that those issues affect the profitability of those investments.




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